Updated October 4, 2026 · through Special Situations Digest #35 (Oct 4, 2026) · 58 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 10 countries. Earlier coverage includes 1449+ 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.
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Related: Japan activist campaigns tracker: every Japanese target, by company.
United States 42 situations
Authentic Brands Group approached Mattel Inc. (MAT) about a potential acquisition at more than $20 per share, reportedly valuing the company at roughly $6 billion or more.
Advent International, L.P. signed a confidentiality agreement with Definitive Healthcare Corp. (DH) on September 29, 2026, to evaluate a potential transaction (Schedule 13D/A).
DPY Stockholders took control of the board of Hub Group, Inc. (HUBG) by replacing seven directors and rewriting company bylaws on October 1, 2026.
Nokia Solutions and Networks Oy now owns 14.2% of Inseego Corp. (INSG) following a $10 million equity investment and asset purchase (Schedule 13D).
Ocho Investments LLC acquired 3.7 million shares of Digimarc common stock in a registered direct offering at $4.04 per share for an aggregate price of $14.8 million.
Equinox Partners Investment Management LLC, Equinox Partners, L.P., and Sean M.
Fund 1 Investments, LLC reports 4,160,610 Xponential Fitness shares (9.9%).
Solidion Technology made an unsolicited cash acquisition proposal for Flux Power Holdings (FLUX) via an open letter dated October 1, 2026.
Lululemon Athletica Inc. (LULU) and Chip Wilson agreed to extend an October 1 deadline for naming a new board member.
Ancora Holdings Group raised its cash offer for the Building Adhesive Solutions business of H.B.
Jonathan Honig, largest unaffiliated shareholder of MoneyHero Limited with approximately 9.0% beneficial ownership of Class A Ordinary Shares, issued an open letter to the Board on September 29, 2026.
Irenic announced it will vote against Independence Realty Trust's (IRT) proposed $8.1 billion acquisition of Centerspace.
Saba Capital Management, Saba Capital Management GP, and Boaz R.
CWRE SSF Securities Holding, LP reports 10,982,257 BrightSpire Capital Class A shares, approximately 8.7%, acquired for about $62.4 million including commissions.
Erez Asset Management LLC reports approximately 5.0% ownership of UMH Properties.
HighSage Ventures LLC and Jennifer Stier now own 7.9% of People Incorporated (PPLI) after purchasing shares for $226.2 million (Schedule 13D).
Oasis Management Co. Ltd. and Seth Fischer report beneficial ownership of approximately 3.2 million Vail Resorts shares with shared voting and dispositive power.
Jana Partners built its stake in Cooper roughly a year ago and in mid-September 2026 began pushing to replace CEO Albert White and the board chair.
Genco Shipping & Trading (GNK) extended its shareholder rights plan expiry to September 30, 2027 (poison pill extension).
Fermi Inc. FRMI (US) · $4.03 · MCAP $2.6B · EV $3.1B
Former CEO Toby Neugebauer is running a proxy contest to take control of the board at Fermi Inc. (FRMI).
Vishal Garg's group announced it secured written consents representing over 51% of Better Home & Finance Holding Company's voting shares.
ATG Capital reported ownership of 4.5 million shares, or more than 16%, of Empery Digital (EMPD) and seeks four seats on its nine-member board at the October 14, 2026 annual meeting.
DGB Investment, Douglas G. Bergeron and affiliates collectively own 1.3 million Ethan Allen shares, approximately 5.2%, and nominated five directors.
TOMS Capital Investment Management launched a no-confidence campaign against Voya Financial leadership and filed definitive proxy materials.
Activist investor Jana Partners is pressuring Six Flags Entertainment's board to pursue a sale.
Starboard Value disclosed a position in Knife River Corporation (KNF) and sent a letter to management demanding a plan to deliver at least 22% adjusted EBITDA by fiscal 2029.
PepsiCo PEP (US) · $128.63 · MCAP $175.6B · EV $218.2B
Elliott now owns a stake worth roughly $4 billion in PepsiCo (PEP) and is pushing the company to divest non-core units and strengthen its carbonated soft drink business.
PRF Technologies Ltd. PRFX (US) · $0.98 · MCAP $3M · EV -$7M (negative EV reflects cash in excess of market value)
S.H.N. Financial Investments Ltd. now owns 5.716% of PRF Technologies Ltd. (PRFX) and is seeking to replace the majority of the board (Schedule 13D).
Saba Capital Management, L.P. increased its stake in Japan Smaller Capitalization Fund, Inc. (JOF) to 8.8% after paying $21.7 million for 2.5 million common shares (Schedule 13D amendment).
Cevian Capital II GP Ltd now owns 19.4% of Pearson plc (PSO) and will appoint Alexander Svensson to the board effective October 1, 2026 (Schedule 13D/A).
Toms Capital Management, a hedge fund managing over $4 billion, urged Devon Energy on September 23, 2026 to explore strategic options including a complete sale.
KLX Energy Services Holdings (KLXE) adopted a shareholder rights plan (poison pill) on September 23 to block an investor from acquiring control without paying a premium to all shareholders.
Fund 1 Investments, LLC beneficially owns 5.5 million Funko Class A shares, approximately 9.8% of the 56.0 million shares outstanding as of August 4, 2026.
Group 1 Automotive, Inc. (GPI) entered into a stockholder agreement with Conifer Management, L.L.C. effective September 21, 2026.
Microsoft (MSFT) agreed to maintain current shareholder proposal eligibility thresholds for one year following a request from activist Paul Chesser.
Jana Partners is escalating its campaign against Cooper Companies (COO) by demanding the replacement of the CEO, the appointment of a new board chair, and new directors.
Third Point acquired a new stake in TTM Technologies (TTMI), and Bank of America established a new position, according to TipRanks.
Nant Capital, LLC now owns 19.9% of PDS Biotechnology Corporation (PDSB) following a PIPE purchase (Schedule 13D).
Steel Partners Holdings L.P. and affiliated entities report aggregate beneficial ownership of 3.4 million shares of Spruce Power Holding Corp, approximately 17.8% of shares outstanding.
GreenWood Investors LLC and Steven Wood extended their cooperation agreement with Jack In The Box Inc (JACK) for one year (Schedule 13D/A).
Takeover Time 2026 LLC acquired a 62.45% stake in Cheetah Net Supply Chain Service Inc. (CTNT) (Schedule 13D).
Shareholder Nick Nemeth called on the board and management of Groupon, Inc. (GRPN) to accelerate share repurchases on September 21, 2026.
Japan 30 situations
Daniel J. Edelman, Inc. acquired a 20% stake in PRAP Japan, Inc. (2449.T) for ¥1.3 billion (~$8.2M) through an off-market purchase (large shareholding report).
Strategic Capital Inc. holds 10.1 million shares, or 11.73%, of Yellow Hat Ltd. The previous reported shareholding ratio was 12.74%.
City Index Elevenths Co., Ltd. and three joint holders now own 29.9% of Sankei Real Estate Investment Corporation (2972.T) and proposed the delisting of the investment units on July 31, 2026 (large shareholding report).
Strategic Capital Inc. filed an initial 5%+ large shareholding report.
Silchester International Investors LLP now owns 6.07% of MIURA Co., Ltd. (6005.T), increasing its stake from 5.06% through market and off-market purchases between 2026-08-04 and 2026-09-29 (large shareholding report).
Old Peak Group Ltd. increased its stake in Digital Garage, Inc. (4819.T) to 8.33% (large shareholding report).
MIRI Capital Management LLC now owns 9.16% of Syuppin Co., Ltd. (3179.T) and intends to propose changes to capital policy, dividends, board composition, and share buybacks.
Oasis Management Company Ltd. increased its stake in Shibaura Machine Co., Ltd. (6104.T) to 10.14% through the purchase of 2.5 million shares.
LIM Advisors Limited may make significant proposals to Sugimura Warehouse Co., Ltd. (9307) (filed a large shareholding report).
LIM Advisors Limited now owns 7% of NPC Incorporated (6255.T) and is pushing for a 6% dividend on equity (DOE) policy (large shareholding report).
Hikari Tsushin now owns 18.2% of Taihei Dengyo Kaisha, Ltd. (1968.T).
Hikari Tsushin, Inc. filed an initial 5%+ large shareholding report.
Flashlight Capital Partners, a shareholder of SECOM, released a letter to SECOM's board calling for an overhaul of its overseas strategy.
Nidec shares fell 20% this week amid accounting crisis.
Silchester International Investors LLP now holds 6.1 million shares of Sumitomo Heavy Industries, Ltd., equal to 4.96% of issued shares as of Sept 25, 2026, down from 5.97% in its previous report (now below the 5%…
Strategic Capital reports 7,824,900 Keihanshin Building shares, or 8.02%, as of September 17, 2026, down from 9.17% in its previous report.
Oasis Management Company Ltd. holds 57.1 million shares of Infomart Corporation, a 21.36% stake.
Hikari Tsushin, Inc. filed an initial 5%+ large shareholding report.
Silchester International Investors LLP now owns 6.85% of Sawai Group Holdings Co., Ltd. (4887.T) and intends to propose changes to capital policy and corporate governance (large shareholding report).
Nippon Active Value Fund PLC, NAVF Select (Master) Fund LP, and Dalton Investments, Inc. jointly hold 3.3 million shares, a 12.69% stake in Ebara Jitsugyo.
The shareholder-return proposal has been revised from 'share buybacks or dividend increases' to 'implementation of dividends with a payout ratio of 100%'.
MI2 Co., Ltd. and Takaki Murakami now own 12.35% of Primo Global Holdings Co., Ltd. (367A.T), increasing their combined stake from 11.35% (large shareholding report).
The filer has proposed that Wacom set a dividend payout ratio target of 65%.
A June 24, 2026 agreement with Mitsubishi UFJ Morgan Stanley Securities consigns the sale of up to 5.0 million shares through May 31, 2028.
Oasis is in dialogue with the issuer regarding governance flaws and intends to make proposals within 12 months concerning the removal of the representative director, board changes, asset disposal, and dividend policy.
M3, Inc. 2413.T (JP) · ¥1,767.50 · MCAP $7.5B · EV $6.9B
Oasis Management Company Ltd. now owns 8.46% of M3, Inc. (2413.T), having increased its stake from 7.40% as of 2026-09-15 (large shareholding report).
Wade Investment Limited now owns 9.98% of INTRANCE Co., Ltd. (3237.T) and is seeking to change the company's officer composition and appoint or dismiss representative directors.
Asset Value Investors Limited reports holding 25.9 million shares, or 19.16% of Wacom Co., Ltd. The filer has proposed that Wacom Co., Ltd. set a dividend payout ratio target of 65%.
Asset Value Investors Limited disclosed a stake in Aoyama Zaisan Networks Company Limited (8929.T).
en Inc. 4849.T (JP) · ¥1,727.00 · MCAP $415M · EV $272M
Oasis Management Company Ltd. increased its stake in en Inc. (4849.T) to 14.54% as of September 14, 2026, and is proposing delisting and significant capital policy changes (large shareholding report).
South Korea 12 situations
Daewon EnvyPol Co., Ltd. took a 5.00% stake in SH Energy & Chemical Co., Ltd. (002360.KS) to influence management (large shareholding report).
Hanmi Pharmaceutical (128940.KS) agreed to a special audit of its 73.68%-owned Chinese subsidiary, Beijing Hanmi, following a demand from Life Asset Management.
The MBK-Young Poong alliance demanded the ouster of Korea Zinc Chairman Choi.
Flashlight Capital urges five Samsung affiliates to sell their combined 20.6% stake in S-1 Corporation via open auction.
REFINE Co., Ltd. (377450.KQ) will hold an extraordinary general meeting on November 17, 2026, to vote on two shareholder proposals.
Gabia Inc. 079940.KQ (KR) · ₩38,850.00 · MCAP $373M · EV $583M
Align Partners Asset Management Co., Ltd. is soliciting proxies for Gabia Inc. (079940.KQ) to expand the board from 5 to 7 directors and elect new independent and non-executive candidates.
Gabia 079940.KQ (KR) · ₩39,300.00 · MCAP $383M · EV $596M
ISS recommended support for all Align Partners proposals at Gabia, while Glass Lewis supported independent director candidates Kwak Jun-ho and Cho Sung-moon and expanding the board from five to seven, but opposed…
RN2 Technologies filed a proxy solicitation reference document.
Law Firm Chaebi is soliciting proxies for Woojin I&S Co., Ltd. (010400.KS) to push for a KRW 7.5 billion (~$5.5M) treasury share buyback, the cancellation of 517,530 treasury shares, and a KRW 10 billion (~$7.4M)…
DB Insurance 005830.KS (KR) · ₩184,600.00 · MCAP $8.2B · EV $11.6B
Align Partners now owns 1.9% of DB Insurance (005830.KS) and is pushing for the use of share buybacks and cancellations as standing capital allocation tools.
closes Dec 30, 2026
In a large shareholding report on ENEX Co., Ltd. (011090.KS), the filer's total acquisition funding is KRW 11.5 billion (~$8.5M), consisting of KRW 10.5 billion (~$7.8M) in self-funds and a KRW 1.0 billion (~$738.3K)…
Jindo Co., Ltd. filed amended proxy materials for its October 8, 2026 extraordinary shareholders' meeting in Geumcheon-gu, Seoul.
United Kingdom 5 situations
Sun Mountain Partners LLC manages funds that are shareholders of Ashtead Technology Holdings PLC (AIM: AT.).
The buyer believes Whitbread could double its share price in three to five years and has requested a fact-based review of the company's German business.
Saba Capital Management, L.P. and General Atlantic SD (Bermuda), L.P. are seeking board representation at SDCL Efficiency Income Trust plc (SEIT.L) to oversee the trust's wind-down.
Sachem Head now owns 6% of Rightmove plc (RMV.L) after acquiring a stake worth hundreds of millions of pounds.
Somero Enterprises Inc (SOM.L) entered a stockholder agreement with a group representing 44% of issued share capital on September 21.
Australia 3 situations
Elliott Investment Management now owns 6.24% of Northern Star Resources (NST.AX) and has secured two board seats.
Southern Cross Media Group Limited SXL.AX (AU) · A$0.55 · MCAP $183M · EV $634M
Stephen Mayne has nominated himself for election as a director of Southern Cross Media Group Limited (SXL.AX).
Shareholders forced Goodman Group (GMG) to table a resolution for its November annual general meeting regarding environmental and community risks from its data centre business.
Germany 2 situations
Frasers Group is consolidating leadership at Hugo Boss AG (BOSS.DE) following the departure of CFO Yves Müller for personal reasons.
Elliott Investment Management has built a sizable stake in Deutsche Telekom.
New Zealand 2 situations
Comvita CVT.NZ (NZ) · NZ$0.80 · MCAP $59M · EV $69M
Comvita co-founder Alan Bougen, former chair Neil Craig, and former director Robert Tait are seeking the removal of chair Bridget Coates from Comvita (CVT.NZ).
Comvita CVT.NZ (NZ) · NZ$0.77 · MCAP $56M · EV $66M
PHC Investments Ltd proposed the removal of two directors, Robert Major and Gregor, from Comvita (CVT.NZ) via a notice to the NZX.
Canada 2 situations
Gazexport Limited is seeking to place two directors on the board of Tethys Petroleum Limited (TPL.V).
FG Limited ("Fincraft"), an indirect wholly owned subsidiary of Fincraft Group LLP, holds approximately 26.95% of Tethys Petroleum Limited.
Italy 1 situation
D&C Governance Technologies S.r.l. holds a stake exceeding 2.5% of Webuild's (WBD.MI) savings share capital class.
Other markets 1 situation
Hans Thomas now owns 38.9% of Host Digital Inc. (HOST) through 10X MASTER LLC (Schedule 13D).
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