Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 54 this week
A running index of shareholder activist campaigns covered in the Special Situations Digest: recent 13D filings, proxy contests, board nominations, and stake disclosures from activist investors across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 9 countries. Earlier coverage includes 1137+ additional situations from prior issues.
Shareholder activism is one of the largest categories of special situations tracked weekly. When an activist crosses the 5% threshold and files a 13D in the U.S., or an equivalent large-shareholding report in Europe or Asia, the disclosure often catalyzes corporate change: board refreshes, strategic reviews, sales of non-core assets, or going-private transactions. The Special Situations Digest tracks these campaigns from initial disclosure through proxy outcomes.
The full weekly digest covers 500 to 700 situations across 25+ markets every Sunday (608 in Digest #29), with Excel/PDF/JSON exports, Copy-for-LLM and a searchable database of 9,500+ situations. Subscribe for full access.
Related: Japan activist campaigns tracker: every Japanese target, by company.
United States 38 situations
GEE Group Inc. (JOB) entered into a cooperation agreement with Star Equity Fund, LP on August 21, 2026, to settle a board challenge.
Kaos Capital is pushing for a board overhaul and the creation of an M&A and Strategic Alternatives Committee at Capricor Therapeutics (CAPR).
Redwood Capital Management holds an 18% stake in Office Properties Income Trust (OPI) following the company's June 17, 2026, emergence from Chapter 11.
Conifer Management, L.L.C. has shifted to an active position in Group 1 Automotive, Inc. (GPI) by disclosing a 9.7% stake.
Wheeler Real Estate Investment Trust, Inc. (WHLR) extended a standstill agreement with Stilwell Holders to December 7, 2028, to prevent a change in control.
Better Home & Finance adopted a limited-duration shareholder rights plan on August 20, 2026, effective immediately and expiring at the 2027 annual meeting.
D.E. Shaw has taken a stake exceeding $1 billion in Sysco Corporation (SYY), signaling a cooperative engagement to support the company's AI transformation and the acquisition of Jetro Restaurant Depot.
Zevia PBC ZVIA (US) · $1.29 · MCAP $93M · EV $54M
Kanen Wealth Management is pushing Zevia PBC (ZVIA) to explore strategic alternatives and find credible buyers for the company.
Erez REIT Opportunities LP is pressing UMH Properties, Inc. (UMH) to conduct a strategic review or sale, citing a persistent discount to net asset value.
Bob Gene Gower disclosed a 6.1% stake in Ensysce Biosciences, Inc. (ENSC) via a Schedule 13D/A.
Mavik took a 5.4% stake in KKR Real Estate Finance Trust (KREF) to capitalize on a strategic review of the company.
Alexander Merk challenged the governance of ASA Gold and Precious Metals Limited (ASA) via an SEC exempt solicitation filed August 14, 2026.
Yakira Capital is pushing People Incorporated (PPLI) to abandon its remaining acquisition of MGM Resorts International in favor of increased share repurchases.
AJB group took a 13.27% stake in Jewett-Cameron Trading Co Ltd (JCTC) and is signaling a potential push for changes to strategy and board composition.
Kotarba Partners Fund I, LP acquired a 20.98% deemed beneficial stake in Jewett-Cameron Trading Company Ltd (JCTC) and secured a board seat for Scott Kotarba effective August 10, 2026.
PVG Asset Management Corporation is challenging the board of Anavex Life Sciences Corp. (AVXL) by nominating six director candidates for the 2026 annual meeting.
DGB Investment, Douglas G. Bergeron, and other participants intend to file a preliminary proxy statement and WHITE universal proxy card to solicit votes for their slate of director nominees at the 2026 annual meeting.
Vishal Garg and affiliates are soliciting written consents to remove five of eight incumbent directors.
Garg Group is attempting to remove five of eight directors from Better Home & Finance Holding Company (BETRW) via a consent solicitation.
ATG Capital Opportunities Fund LP and affiliates beneficially own 4,500,000 shares, approximately 16.0% of Empery Digital Inc. outstanding Common Stock.
Zevia PBC ZVIA (US) · $1.32 · MCAP $95M · EV $56M
Kanen Wealth Management LLC owns approximately 4% of Zevia's outstanding shares and urges the Board to initiate a formal strategic review including a sale.
CAS Investment Partners, LLC is pushing for board changes at Hilton Grand Vacations Inc. (HGV) after converting its passive stake to an active position.
Steven Sarracino and Activant have reported an 8.9% stake in Better Home & Finance Holding Company (BETR) and are engaging with the board and management regarding CEO succession and board composition.
SoundThinking, Inc. SSTI (US) · $6.20 · MCAP $80M · EV $79M
SoundThinking (SSTI) is facing an activist campaign by a substantial shareholder that has pushed for board changes and strategic alternatives.
Mithaq Capital SPC and related reporting persons beneficially own 13,593,236 common shares of The Children's Place, approximately 61.1% of outstanding shares.
Erez Asset Management is pressing UMH Properties, Inc. (UMH) to conduct a strategic review to unlock value.
Former CEO Bryan Scott Ganz is pushing for board changes and a strategic review at Byrna Technologies Inc. (BYRN).
A shareholder group including 3i, LP and Tumim Stone Capital has launched an activist campaign for Valion Bio, Inc. (VBIO) by proposing a $9 million investment in Series B or Series C preferred stock.
H.B. Fuller FUL (US) · $60.15 · MCAP $3.2B · EV $5.3B
Ancora Holdings proposed to buy the Building Adhesive Solutions business of H.B.
Anavex Life Sciences Corp. (AVXL) faces a contested director election at its September 24, 2026, annual meeting involving Executive Committee and PVG nominees.
Jana Partners is pressuring Fiserv (FI) to conduct a comprehensive review and consider divestitures to unlock untapped value.
Reporting Persons reached a cooperation agreement with Wearable Devices Ltd. (WLDS) to reconstitute the board and resolve a special-meeting demand.
Team Inc TISI (US) · $22.12 · MCAP $101M
The 13D reports InspectionTech beneficially owns 1,604,326 shares, representing 35.1% of Team Inc common stock.
TOMS Capital Investment Management LP is pushing Voya Financial, Inc. (VOYA) to review strategic alternatives and engage with interested parties through a no-confidence proxy campaign.
Maran Partners Fund, LP nominated five director candidates to the board of Pure Cycle Corporation (PCYO), signaling a potential board contest.
ADW Capital Management publicly challenged Driven Brands' Board and major shareholder Roark Capital Group in early August 2026.
The Wendy's Company (WEN) cut its annual dividend to $0.28 per share and withdrew full-year guidance, citing shrinking franchisee profits and declining customer traffic.
Hallador Investment Advisors has secured board representation at American Outdoor Brands, Inc. (AOUT) through a 9.45% stake.
Japan 33 situations
Oasis Management Company Ltd. increased its stake in Infomart Corporation (2492.T) to 12.13% to push for structural changes.
City Index Eleventh Co., Ltd. and three co-filers increased their joint stake in Yamada Holdings (9831.T) to 7.33% to push for capital policy changes, asset divestitures, industry reorganization, or a go-private…
EN Co., Ltd. 4849.T (JP) · ¥1,586.00 · MCAP $377M · EV $235M
Oasis Management Company Ltd. increased its stake in EN Co., Ltd. (4849.T) to 12.41% to push for a change in control and corporate governance.
Senjin Capital Pty Ltd and James Halse hold a 9.19% stake in Iwabuchi Corporation (5983.T) and intend to propose changes to board composition, capital policy, dividends, and M&A.
H.a.N Group, led by shareholder Lian Yih Hann, submitted a revised proposal, replacing its July 16, 2026 proposal.
Silchester International Investors LLP disclosed a 5.07% stake in Hakuhodo DY Holdings Inc. (2433.T) in a large shareholding report.
MI2 Co., Ltd., Takateru Murakami, and MI5 Co., Ltd. increased their joint stake in TOW Co., Ltd. (4767.T) to 6.41% to push for capital policy and corporate governance changes.
Nippon Active Value Fund PLC holds a 7.06% stake in Ebara Jitsugyo Co., Ltd. (6328).
Oasis Management Company Ltd. increased its stake in SMS Co., Ltd. (2175.T) to 21.34% to push for structural changes and potential delisting.
FIRST PLUS FINANCIAL HOLDINGS PTE. LTD. reported a 54.41% stake in DataSection Corporation (3905.T) as of 2026-08-14.
Strategic Capital Inc. reduced its stake in Sanyo Electric Co., Ltd. (6516.T) to 12.15% as of 2026-08-12, down from 13.18%.
Be Brave Co., Ltd. increased its stake in Univance Corporation (7254.T) to 7.09% and is pushing for capital returns.
Oasis Management Company Ltd. increased its stake in Nichirei Corporation (2871.T) to 7.27% to influence management.
Hiroyuki Maki filed a large shareholding report for Art Vivant Co., Ltd. (TSE Standard, code 7523) dated 2026-08-18.
M3, Inc. 2413.T (JP) · ¥1,708.00 · MCAP $7.2B · EV $6.8B
Oasis Management Company Ltd. increased its stake in M3, Inc. (2413.T) to 6.26% and intends to propose changes to the board and dividend policy.
Charon Finance GmbH increased its stake in IWAKI CO., LTD. (6237.T) to 18.95% to push for changes to board composition and capital policy.
Nippon Active Value Fund PLC, NAVF Select (Master) Fund LP, and Dalton Investments, Inc. increased their joint stake in Nasu Electric Machinery & Iron Works Co., Ltd. (5922.T) to 12.68% through market purchases between…
Asset Value Investors Limited took a 6.08% stake in Taki Chemical Co., Ltd. (4025.T) to potentially push for corporate value improvements.
Oasis plans to increase its stake by more than 5 percentage points within three months of the reporting obligation date, subject to market conditions and regulatory approval.
Dalton Investments, Inc. reduced its stake in IWAKI CO., LTD. (6237.T) to 4.96% from 6.62%.
Unbanked, Inc. (8746) is facing shareholder proposals to reduce its board size and audit committee membership, which the board opposes in principle due to governance and operational risks, although it supports two of…
TADANO LTD. 6395.T (JP) · JPY 1,431 · MCAP $1.1B · EV $1.5B
Silchester International Investors LLP is pushing for capital policy changes and business restructuring at Tadano Ltd. (6395.T).
Rangeley also proposes disclosure of a management plan with explicit capital cost assumptions and addition of at least one outside director with capital markets experience.
MI2 Co., Ltd., Takaki Murakami, and MI5 Co., Ltd. took a combined 5.37% stake in TOW Co., Ltd. (4767.T) to push for capital policy and corporate governance changes.
Takaki Murakami and MI2 Co., Ltd. increased their combined stake in Metalart Corporation (5644.T) to 26.74% to push for capital policy changes and evaluate going-private terms.
C&I Holdings Co., Ltd. and City Index Elevenths Co., Ltd. hold an 8.06% stake in Nippon Chemical Industrial Co., Ltd. (4092.T), down from a prior 9.11%.
Nippon Active Value Fund PLC increased its stake in Meisei Industry Co., Ltd. to 8.39%.
Oasis Management Company Ltd. increased its stake in AEON Financial Service Co., Ltd. (8570.T) to 10.8% to push for management and capital policy changes.
A shareholder is pushing EF-ON Inc. (9514.T) to increase dividends and shift dividend authority from the board to shareholders.
One individual shareholder submitted a proposal for the September 28, 2026 AGM to amend the articles of incorporation.
Oasis Management Company Ltd. filed an initial 5%+ large shareholding report on Tokuyama Corporation (4043.T) dated 2026-08-12.
Asset Value Investors took a 6.4% stake in DTS Corporation (9682.T).
Silchester International Investors LLP is pushing for capital policy and governance changes at Sumitomo Heavy Industries, Ltd. (6302.T).
South Korea 10 situations
Dream On No.2 New Technology Partnership has become the largest shareholder of Intromedic (150840).
Kolon TissueGene Inc. 950160.KQ (KR) · ₩20,750.00 · MCAP $1.3B · EV $1.2B
Kolon TissueGene Inc. (950160.KQ) faces 147.5 billion won ($100 million) in convertible bond redemption risk next year following a share price collapse.
Korea Zinc 010130.KS (KR) · ₩1,237,000.00 · MCAP $18.2B · EV $22.8B
Young Poong and MBK Partners are contesting a separately elected audit committee seat at Korea Zinc (010130.KS) to challenge existing board control.
DaelimPaper 017650.KQ (KR) · ₩10,400.00 · MCAP $61M · EV $14M
Shareholder Han Byeong-woo filed a proxy solicitation for Daerim Paper's extraordinary general meeting on September 4, 2026.
Unique Enertech Minority Shareholders' Alliance increased its stake in Sungwon Ener Tech Co., Ltd. (340930.KQ) to 7.57% to influence management rights.
Jung Phil Moon increased a stake in Seoul Food Industrial.Co., Ltd. (004410.KS) to 9.52%.
Young Poong Corporation is contesting board composition at Korea Zinc Company, Ltd. (010130.KS) via a proxy solicitation for an extraordinary general meeting on September 9, 2026.
Shareholder Lee Sang-in is attempting to replace the board and auditor of Daeho Al Co., Ltd. (069460.KS) to normalize corporate governance and enhance shareholder value.
SH Investment and special related party Kim Byung-jun hold 10,735,871 shares of Seohan, a 10.64% stake, up from 10.07%.
Koramco Life Infrastructure REIT filed proxy voting reference materials.
Canada 7 situations
Kyma Capital Limited is forcing a special meeting of Sherritt International Corporation (S.TO) common shareholders via section 143(4) of the Canada Business Corporations Act.
PM Super Fund owns 11,620,000 common shares of Emerita Resources Corp., approximately 3.9% of issued and outstanding shares.
Jon Christian Evensen and Alicia Cauteruccio Evensen have nominated a dissident slate of directors to the board of TNR Gold Corp. (TNR.V) to contest the September 22, 2026 annual general and special meeting.
A shareholder is attempting to install four new directors on the board of TNR Gold Corp. (TNR.V) at the September 22, 2026, annual general meeting.
Emerita filed its Statement of Claim, naming former executives David Gower, Lawrence Guy, Damian Lopez, Greg Duras, and Hélio Diniz, along with Falcon Metais Ltda., MGLIT Empreendimentos Ltda., and Lithium Ionic Corp.…
PM Super Fund recommends shareholders withhold votes from Marilia Bento, Catherine Stretch, and David Patterson at the August 25, 2026 meeting.
The board states Ms. Mascarenhas' ongoing litigation against Questor seeks more than $26 million in damages.
United Kingdom 5 situations
DL Invest Group S.A. is pressuring abrdn European Logistics Income plc (ASLI.L) to accelerate its managed wind-down and return capital to shareholders.
The Works WRKS.L (UK) · GBp 87.80 · MCAP $75M · EV $182M
The investor is demanding its own nominee on the board and has pushed the company for greater transparency.
Granicus Holdings OÜ, wholly owned by Karol Oleksa and the Oleksa family, holds 42,800,000 Ordinary Shares, approximately 10.7% of issued Ordinary Shares as at 14 August 2026.
The Works WRKS.L (UK) · GBp 85.00 · MCAP $72M · EV $178M
Kelso Group is pushing for the appointment of former PE executive Graeme Coulthard to the board of TheWorks.co.uk plc (WRKS.L).
Bradley L. Radoff and affiliates are demanding immediate share buybacks from Marston's PLC (MARS.L) to address a persistent discount to NAV of over 50%.
Australia 4 situations
Market Forces is pressuring Whitehaven Coal (WHC.AX) to disclose the viability of expansion projects under lower coal price and weaker demand scenarios.
Elliott Investment Management has nominated six director candidates to the board of Northern Star Resources Limited (NST.AX) after private talks failed to reach an agreement.
Tanarra Capital CEO John Wylie owns a 9% stake in Cleanaway.
Acumentis Group Limited sent a letter to shareholders on August 12, 2026 regarding its notice of meeting announced July 31, 2026.
South Africa 1 situation
The General Meeting was found not to be validly requisitioned because the Requisitionist was not found to be a member of Trustco Group Holdings Limited.
Italy 1 situation
Giovanni Andrea Farina & Co. S.r.l. is seeking board-level influence at Itway S.p.A.
Israel 1 situation
Director Leon Recanati increased his stake in Evogene Ltd. (EVGN) to 5.7% to support the incumbent board against a dissident slate.
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