Glass Lewis advises Cannae shareholders to support Carronade candidates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2025
0mins
Should l Buy CNNE?
Carronade Capital's Shareholder Proposal: Carronade Capital Master, owning about 3.2 million shares of Cannae Holdings, is urging shareholders to vote for its nominees at the upcoming 2025 Annual Meeting.
Glass Lewis Recommendation: Glass, Lewis & Co. recommends that Cannae shareholders support Carronade's nominees while withholding votes for Cannae's current nominees, citing concerns over governance and value creation.
Concerns Over Cannae's Governance: The recommendation highlights issues such as a lack of effective governance, misaligned incentives, and a history of poor capital allocation that have negatively impacted shareholder value.
Call for Fresh Oversight: Glass Lewis emphasizes the need for new oversight at Cannae to address long-standing deficiencies and improve the company's performance and shareholder returns.
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Analyst Views on CNNE
Wall Street analysts forecast CNNE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CNNE is 19.00 USD with a low forecast of 19.00 USD and a high forecast of 19.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 14.180
Low
19.00
Averages
19.00
High
19.00
Current: 14.180
Low
19.00
Averages
19.00
High
19.00
About CNNE
Cannae Holdings, Inc. primarily acquires interests in operating companies and is actively engaged in managing and operating a core group of those companies. The Company's segments include Restaurant Group, Alight, Black Knight Football and JANA. Restaurant Group segment consists primarily of the operations of O'Charley's and 99 Restaurants. Alight segment is a technology-enabled services company delivering human capital management solutions to various organizations. Black Knight Football segment includes multi-club ownership strategy, which consists of AFC Bournemouth (England), FC Lorient (France) and Moreirense FC (Portugal). AFC Bournemouth is an English professional association football club based in Kings Park, Boscombe, a suburb of Bournemouth, Dorset, England. FC Lorient is a French professional football club based in Lorient, Brittany, France. JANA segment invests in undervalued public companies and engages with management teams and boards to enhance value for shareholders.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Executive Collaboration: By optimizing each club's strengths and performance in training, recruitment, and player development, BKFC aims to significantly improve FC Lorient's overall competitive level, enhancing its position in Ligue 1.
- International Network: FC Lorient joins BKFC's international club network, including AFC Bournemouth in the Premier League and Moreirense FC in Portugal, gaining access to broader resources and expertise for development opportunities.
- Strategic Development: BKFC's acquisition represents a commitment to FC Lorient's future, as BKFC will continue to collaborate with the FC Lorient management team to ensure the club's success during its upcoming centennial celebration.
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- Say on Pay Rejection: Shareholders voted against the company's 'Say on Pay' proposal, sending a clear message of dissatisfaction with management compensation, which may compel the company to reassess its pay policies to enhance transparency and accountability.
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- Poor Board Performance: Cannae's board has delivered a total shareholder return of -60% over the past five years, with current directors showing cumulative total shareholder returns ranging from -112% to -148%, indicating a critical need for governance reform.
- Governance Reform: Carronade believes its nominees can restore shareholder confidence and drive long-term value by introducing independent voices, improving asset disclosure, and reducing costs, which will enhance overall governance.
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- Shareholder Voting Appeal: Carronade Capital, owning approximately 3.2 million shares of Cannae, urges shareholders to support its four independent nominees at the December 12, 2025, annual meeting to enhance corporate governance and increase shareholder value.
- Poor Board Performance: Cannae's board has delivered a total return of -60% over the past five years, with current directors like Meinhardt, Stallings, and Willey showing a staggering -148% return, indicating a critical need for governance reform.
- Support from Independent Proxy Firms: Leading proxy firms ISS, Glass Lewis, and Egan-Jones unanimously recommend shareholders vote for Carronade's nominees, highlighting the necessity for greater independence and oversight on Cannae's board.
- Management Incentive Issues: Cannae has paid over $650 million to directors and management since 2017 despite poor performance, and Carronade believes that introducing independent directors can restore shareholder confidence and drive value creation.
See More
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- Full Ownership: BKFC has acquired the remaining 60% equity interest in FC Lorient, becoming its sole shareholder, which enhances FC Lorient's financial strength and strategic resources globally, facilitating deeper integration into BKFC's multi-club model.
- Executive Collaboration: By optimizing each club's strengths and performance in training, recruitment, and player development, BKFC aims to significantly improve FC Lorient's overall competitive level, enhancing its position in Ligue 1.
- International Network: FC Lorient joins BKFC's international club network, including AFC Bournemouth in the Premier League and Moreirense FC in Portugal, gaining access to broader resources and expertise for development opportunities.
- Strategic Development: BKFC's acquisition represents a commitment to FC Lorient's future, as BKFC will continue to collaborate with the FC Lorient management team to ensure the club's success during its upcoming centennial celebration.
See More
Ex-Dividend Alert: Corebridge Financial, F&G Annuities & Life, and Cannae Holdings
Upcoming Ex-Dividend Dates: Corebridge Financial Inc (CRBG), F&G Annuities & Life Inc (FG), and Cannae Holdings Inc (CNNE) will trade ex-dividend on 12/17/25, with respective dividends of $0.24, $0.25, and $0.15 payable on 12/31/25.
Expected Price Adjustments: Following the ex-dividend date, shares of CRBG, FG, and CNNE are anticipated to open lower by approximately 0.76%, 0.73%, and 0.89%, respectively, based on their recent stock prices.
Dividend Yield Estimates: The estimated annualized yields for the upcoming dividends are 3.04% for Corebridge Financial Inc, 2.90% for F&G Annuities & Life Inc, and 3.56% for Cannae Holdings Inc, indicating potential stability in dividend payments.
Current Trading Performance: As of Monday trading, shares of Corebridge Financial Inc, F&G Annuities & Life Inc, and Cannae Holdings Inc are down approximately 0.4%, 1.4%, and 1.5%, respectively.
See More
Cannae Elects Independent Directors, Enhancing Shareholder Returns
- Successful Shareholder Election: At Cannae's 2025 Annual Meeting, nominees from Carronade Capital received more votes than the company's nominees, reflecting shareholders' strong desire for meaningful change and prompting improvements in corporate governance structures.
- Rejection of Pay Proposal: Shareholders voted against the company's 'Say on Pay' proposal, sending a clear message of dissatisfaction with the continued unjust enrichment of management, which may lead to a reevaluation of compensation policies to enhance transparency and accountability.
- Commitment to Strategic Change: Carronade Capital announced that Cannae is committed to increasing capital returns, de-staggering the board, and reallocating its portfolio, measures that are expected to enhance company value and strengthen shareholder trust.
- Willingness for Collaborative Efforts: Newly elected directors Mona Aboelnaga and Chérie Schaible are eager to work closely with incumbent directors and management to improve corporate governance and capital allocation, thereby creating greater value for shareholders.
See More
Cannae Elects Independent Directors, Shareholders Back Change
- Election Outcome: At Cannae's 2025 Annual Meeting, shareholders elected independent nominees Mona Aboelnaga and Chérie Schaible, reflecting a strong mandate for change and highlighting the need for improved corporate governance structures within the company.
- Say on Pay Rejection: Shareholders voted against the company's 'Say on Pay' proposal, sending a clear message of dissatisfaction with management compensation, which may compel the company to reassess its pay policies to enhance transparency and accountability.
- Capital Return Commitment: Cannae has committed to increasing capital returns to shareholders and plans to de-stagger the Board, which will help restore shareholder trust and potentially attract more investor interest.
- Strategic Collaboration Intent: The newly elected directors are prepared to work collaboratively with incumbent directors and management to enhance corporate governance and improve capital allocation priorities, thereby laying the groundwork for long-term value creation at Cannae.
See More
Carronade Urges Cannae Shareholders to Vote for Independent Nominees
- Shareholder Voting Call: Carronade Capital, owning approximately 3.2 million shares of Cannae, urges shareholders to vote for its four independent nominees at the December 12, 2025 Annual Meeting to enhance board independence and accountability, thereby increasing shareholder value.
- Poor Board Performance: Cannae's board has delivered a total shareholder return of -60% over the past five years, with current directors showing cumulative total shareholder returns ranging from -112% to -148%, indicating a critical need for governance reform.
- Governance Reform: Carronade believes its nominees can restore shareholder confidence and drive long-term value by introducing independent voices, improving asset disclosure, and reducing costs, which will enhance overall governance.
- Proxy Voting Recommendations: Three leading proxy firms unanimously recommend shareholders support Carronade's nominees while opposing Cannae's current slate, highlighting the urgent need for improved governance and oversight within the company.
See More
Carronade Urges Cannae Shareholders to Vote for Independent Nominees
- Shareholder Voting Appeal: Carronade Capital, owning approximately 3.2 million shares of Cannae, urges shareholders to support its four independent nominees at the December 12, 2025, annual meeting to enhance corporate governance and increase shareholder value.
- Poor Board Performance: Cannae's board has delivered a total return of -60% over the past five years, with current directors like Meinhardt, Stallings, and Willey showing a staggering -148% return, indicating a critical need for governance reform.
- Support from Independent Proxy Firms: Leading proxy firms ISS, Glass Lewis, and Egan-Jones unanimously recommend shareholders vote for Carronade's nominees, highlighting the necessity for greater independence and oversight on Cannae's board.
- Management Incentive Issues: Cannae has paid over $650 million to directors and management since 2017 despite poor performance, and Carronade believes that introducing independent directors can restore shareholder confidence and drive value creation.
See More
