Carronade Capital Targets Cannae Holdings (CNNE) With Campaign for Board Refresh and Strategic Shift to Unlock NAV Discount

Carronade argues that Cannae has suffered years of severe underperformance, conflicted governance tied to Bill Foley, opaque private-asset valuations, and excessive management compensation. The presentation claims over $1 billion in value destruction, a deep and persistent NAV discount, and a board dominated by long-tenured Foley affiliates. Carronade proposes a full board refresh, lower costs and aligned incentives, greater transparency, and spinning out public holdings to collapse the NAV discount—asserting this plan could unlock more than 50% upside for shareholders.