A running index of shareholder activist campaigns covered in the Special Situations Digest. Below are 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 11 countries. Earlier coverage includes 482+ 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 30+ countries and 250-500 situations per issue across all categories, with Excel/PDF/JSON exports and an LLM-ready format. Subscribe for full access.
Jump to country
Japan 37 situations
Chubu Suisan Co., Ltd. 8145.T (JP) · ¥3,180 · MCAP $33M · EV $1M
Chubu Suisan Co., Ltd. is a seafood wholesaler listed on the Nagoya Stock Exchange Main Market, sourcing and distributing marine products where long-term supply relationships are critical. The company also holds a portfolio of cross-shareholdings and real estate investments that generate a material share of profits.
Chubu Suisan Co.,Ltd. (8145.T) has received five shareholder proposals for its June 26, 2026, annual general meeting, which the board unanimously opposed on June 1. An individual shareholder is seeking to establish an independent third-party committee, dismiss statutory auditor Naro Sei, mandate individual director compensation disclosure, ban cross-shareholdings, and set a 3% dividend-on-equity target. The dissident alleges a 2024 investigation into an ¥800M circular trading loss was compromised because the sole independent committee member was the spouse of auditor Naro Sei, who also served as the company's legal advisor. These proposals follow a lawsuit loss related to the trading scheme involving a subsidiary of the company's largest shareholder and allegations that CEO Wakizaka’s estimated ¥50M annual compensation represents 15% of the prior year's net income. The June 26 AGM serves as a forced public referendum on board integrity, where a dissident vote exceeding 20% would pressure the auditor to resign or prompt regulatory scrutiny even if the proposals fail.
Featured in Issue #18 ·
Bitcoin Japan Inc. 8105.T (JP) · MCAP $95M · EV $77M
Fwd P/E: 7.5x · EV/GP: 3.9x
Bitcoin Japan Inc. is a Tokyo Stock Exchange Standard-listed company whose name suggests involvement in digital-asset or cryptocurrency-related business in Japan.
Bakkt Opco Holdings, LLC disclosed a 24.86% stake in Bitcoin Japan Corporation (8105.T) through a Japanese large shareholding report on June 5, 2026. The US-based digital-asset platform stated its purpose is to participate in management, maximize value through new ventures, and potentially propose significant changes to board composition. The reported stake follows a 3.42 percentage point decrease from a prior 28.28% position, and the filing includes a stock lending arrangement for 1,350,000 shares with Macquarie Bank Limited. This filing is the Japanese equivalent of a US 13D, clearing Bakkt to push for board changes at the digital-asset issuer while its 24.86% stake sits just below the one-third blocking-rights threshold.
Featured in Issue #18 ·
ISB Corporation 9702.T (JP) · MCAP $167M · EV $117M
ISB Corporation is a Tokyo Stock Exchange Prime-listed IT services company providing software development, systems integration, and engineering solutions, primarily in Japan.
Axium Capital Pte. Ltd. disclosed an 11.34% stake in ISB Corporation (9702.T) through a Japanese large shareholding report filed on June 4, 2026. The Singapore-based investment manager accumulated 1,302,000 shares via on-market purchases from March to May 2026, crossing the 10% mandatory disclosure threshold from a previously reported 10.01% stake. Axium declared an intent to pursue important proposals including a business portfolio review, governance improvements, board changes, capital policy revisions, and a potential take-private or sale of control. The filing signals an activist campaign at the TSE Prime-listed IT services firm with demands mirroring a US 13D filing; key to monitor is whether Axium escalates to formal shareholder proposals or a proxy contest ahead of the next annual general meeting.
Featured in Issue #18 ·
Japan Pure Chemical Co., Ltd. 4973.T (JP) · MCAP $199M · EV $151M
Fwd P/E: 20.4x · EV/EBITDA: 19.7x · EV/Sales: 1.4x · EV/GP: 13.3x (FY2027)
Japan Pure Chemical Co., Ltd. is a Tokyo Stock Exchange-listed developer and manufacturer of high-purity chemicals for electronics and industrial applications, with an R&D-driven, high-ROIC business model.
Japan Pure Chemical Co.,Ltd. (4973.T) is the subject of an amended large shareholding filing by Cayman Islands-based Hibiki Path Advisors SPC disclosing a combined 16.23% stake. The position includes a 12.66% holding by Hibiki Path Advisors SPC and a 3.56% stake by Hibiki Path Advisors 2 SPC, which reduced its previous 4.69% interest by selling 68,400 shares between April 24 and May 26. The filers stated their intent to provide management advice and potentially make significant proposals to improve capital efficiency and reflect the company's high-ROIC R&D business. This Japanese large shareholding report with a management-influence purpose serves as the local equivalent of a US 13D, granting Hibiki Path leverage at an issuer with 6.07M shares outstanding to push for capital policy changes, though recent selling by one vehicle introduces ambiguity regarding conviction.
Featured in Issue #18 ·
Shinko Shoji Co., Ltd. 8141.T (JP) · MCAP $281M · EV $130M
Fwd P/E: 61.2x
Shinko Shoji Co., Ltd. (Tokyo: 8141) is a Japanese trading company specializing in electronic components, semiconductors, and IT system integration, listed on the Tokyo Stock Exchange.
Shinko Shoji Co., Ltd. (8141.T) is the target of a take-private proposal from City Index First Co., Ltd. and individual investor Nomura Aya, who disclosed a combined 8.24% stake in a June 2 EDINET filing. The group’s position decreased from a previously reported 9.94% after Nomura Aya sold approximately 2.3 million shares between May 18 and May 26. City Index First is funded by a ¥2.14 billion loan from Nomura Aya, and the entity has pledged 1,828,800 shares as margin collateral at SBI Securities. The filing identifies the investment purpose as providing governance and capital policy proposals, specifically advocating for the privatization of the electronic components and semiconductor trading firm. This Japanese large shareholding report serves as the functional equivalent of a U.S. 13D filing demanding a going-private transaction, though the recent sell-down and heavy margin collateral raise questions regarding the group's staying power and the credibility of the take-private push.
Featured in Issue #18 ·
Global Security Experts Inc. 4417.T (JP) · MCAP $298M · EV $298M
Fwd P/E: 26.5x · EV/EBITDA: 10.8x · EV/Sales: 3.4x · EV/GP: 9.4x (FY2027)
Global Security Experts Inc. is a Tokyo-listed cybersecurity services company providing security consulting, vulnerability assessment, and managed security services to Japanese enterprises.
Global Security Experts Inc. (4417.T) is the subject of a new activist disclosure by Old Peak Group Ltd., which reported a 6.16% stake totaling 943,600 shares. The filing follows 30 market purchases and five partial sales over the 60-day period ending May 27, 2026, at a self-funded acquisition cost of approximately ¥2.54 billion and an average price around ¥2,690 per share. Old Peak amended its holding purpose to include "important proposal actions to improve and preserve shareholder value," the first such disclosure of activist intent at the issuer under Japan's large-shareholding regime. This filing serves as the Japanese equivalent of a 13D, clearing the filer to push for board engagement, capital restructuring, or M&A without triggering a mandatory tender offer while signaling potential public letters or shareholder proposals in the coming weeks.
Featured in Issue #18 ·
Fujikura Composite Inc. 5121.T (JP) · MCAP $298M · EV $245M
Fwd P/E: 11.5x · EV/EBITDA: 6.6x · EV/Sales: 0.9x · EV/GP: 3.0x (FY2027)
Fujikura Composite Inc. manufactures industrial rubber and resin components including high-pressure hoses, precision molded parts, and vibration-control products, primarily serving Japanese automotive and industrial clients. Ticker 5121 is listed on the Tokyo Stock Exchange.
Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC filed a large shareholding report disclosing a combined 10.76% stake in FUJIKURA COMPOSITES Inc. (5121.T). The Cayman Islands-based entities accumulated the position between March 30 and May 27, 2026, including 1,853,600 shares held by the first SPC and 307,000 shares by the second. The filers state their purpose includes pure investment and providing management advice or making significant proposals, citing a 2025 letter demanding ROE targets, higher shareholder returns, and business portfolio restructuring. This filing formalizes a campaign that had been publicly previewed but not previously reflected in a 10% or greater EDINET ownership report. This Japanese large shareholding report is the local equivalent of a US 13D filing and confirms Hibiki Path has crossed the 10% threshold to formally push for ROE improvement, capital allocation changes, and potential divestitures at the ¥21B market-cap manufacturer.
Featured in Issue #18 ·
Hirakawa Hewtech Corporation 5821.T (JP) · MCAP $393M · EV $321M
Fwd P/E: 17.0x · EV/EBITDA: 9.9x · EV/Sales: 1.2x · EV/GP: 4.6x (FY2027)
Hirakawa Hewtech Corporation manufactures industrial cables, wire harnesses, and electronic components, primarily for factory automation and infrastructure applications. Listed on the Tokyo Stock Exchange Prime Market.
Axium Capital Pte. Ltd. filed a Japanese large shareholding report disclosing an 8.65% stake in Hirakawa Hewtech Corp. (5821.T) with a stated purpose of influencing management. The Singapore-based fund increased its position from 8.16% through market purchases in May 2026 and is demanding ¥3-5 billion in immediate share buybacks along with doubling the dividend payout ratio to 60% or more. Axium also intends to vote against the reappointment of Chairman Kazuo Sumida at the 85th Ordinary General Meeting of Shareholders, alleging governance failures and the hoarding of excessive financial reserves. The filing identifies further potential actions including portfolio restructuring, board changes, and the possibility of taking the company private. This disclosure serves as the domestic equivalent of a US 13D and clears the fund to wage a public campaign leveraging a significant stake against a long-tenured chairman in the Tokyo Prime market.
Featured in Issue #18 ·
Sekisui Jushi Corporation 4212.T (JP) · MCAP $400M · EV $386M
Fwd P/E: 14.5x
Sekisui Jushi Corporation manufactures and sells plastic products, including construction materials, civil engineering products, and packaging materials. It is listed on the Tokyo Stock Exchange Prime Market.
Nippon Active Value Fund, NAVF Select (Master) Fund, and Dalton Investments disclosed an increased combined 8.17% stake in Sekisui Jushi Corporation (4212.T), rising from a previous 7.09% position. The activist group submitted four formal shareholder proposals on April 14 for the June 2026 AGM, seeking a share buyback, a board-size bylaw change, restricted stock compensation approval, and a record-date bylaw revision. The group stated that the current share price does not reflect the company's financial health and previously issued a public letter in December 2025 urging portfolio companies to evaluate strategic options including going-private transactions or spin-offs. The 8.17% aggregate stake and formal shareholder proposals targeting buybacks and governance reforms set up a contested vote at the June 2026 AGM; watch for the company's board response and AGM date announcement to gauge the timeline for a potential settlement or full proxy fight.
Featured in Issue #18 ·
Meisei Industrial Co., Ltd. 1976.T (JP) · MCAP $483M · EV $261M
EV/GP: 3.5x
Meisei Industrial Co., Ltd. (明星工業株式会社) is a Tokyo Stock Exchange Prime-listed company engaged in the manufacture and sale of thermal insulation materials, refractory products, and engineering work for industrial plants.
Nippon Active Value Fund PLC, acting in concert with NAVF Select (Master) Fund LP and Dalton Investments, Inc., increased its aggregate stake in MEISEI INDUSTRIAL Co.,Ltd. (1976.T) to 12.60% from 11.59%. On April 14, 2026, the group submitted formal proposals for the June 2026 AGM including a share buyback and articles of incorporation amendments regarding outside director counts and record dates. Stated purposes for the 6,942,400-share holding include providing management advice and making significant proposals, following a December 2025 letter from the group urging portfolio companies to explore going-private transactions and spin-offs. This large shareholding report functions as the Japanese equivalent of a US 13D with an activist agenda, pressuring management to evaluate strategic-review catalysts at a TSE Prime-listed industrial ahead of the June meeting.
Featured in Issue #18 ·
Keihanshin Building Co., Ltd. 8818.T (JP) · MCAP $654M · EV $1.1B
Fwd P/E: 22.1x · EV/EBITDA: 14.1x · EV/Sales: 8.5x · EV/GP: NM (FY2027)
Keihanshin Building Co., Ltd. is a Tokyo-listed real estate company that owns and operates office buildings and commercial properties primarily in the Keihanshin (Osaka-Kobe-Kyoto) metropolitan area.
Strategic Capital Inc. filed an amended large shareholding report on Keihanshin Building Co., Ltd. (8818.T), disclosing a reduced stake of 10.66% from 11.99%. The activist sold 1,016,500 shares between May 14 and May 26, 2026, including a 939,200-share block trade at ¥2,267. Strategic Capital is proposing a program of real estate asset disposals, share buybacks from stable shareholders, and a third-party acquisition to take the company private. The shares are held under a discretionary investment management agreement with Intertrust Trustees (Cayman) Limited, with 500,000 shares pledged as substitute collateral to Tachibana Securities. This Japanese equivalent of a US 13D amendment carries explicit activist intent, where the unusual inclusion of a take-private demand and the recent 1.33-percentage-point stake reduction raise questions regarding potential campaign repositioning.
Featured in Issue #18 ·
Nippon Paper Industries Co., Ltd. 3863.T (JP) · ¥1,220 · MCAP $880M · EV $5.3B
EV/EBITDA: 8.6x · EV/GP: 4.4x
Nippon Paper Industries is a leading Japanese paper and pulp manufacturer listed on the Tokyo Stock Exchange. It also operates in packaging, chemicals, wood products, and renewable energy generation.
Nippon Paper Industries Co., Ltd. (3863.T) is the subject of a Japanese large-shareholding report filed by City Index Elevens Co., Ltd., M Holdings Co., Ltd., and individual Aya Nomura. The group disclosed a 6.44% stake, increased from a previous 5.11%, and indicated it may further increase the position within three months if the stock remains undervalued. Proposals communicated to the company include capital policy reforms regarding dividends and buybacks, asset sales, industry consolidation, and a potential management buyout. M Holdings Co., Ltd. financed its position via a ¥6.86 billion loan from Nomura, pledging its entire 5,002,200-share stake as collateral to SBI Securities. This filing serves as the Japanese equivalent of a US 13D activist filing, establishing a catalyst vector through demands for an MBO and divestitures while introducing a margin-loan overhang via the shares pledged to SBI Securities.
Featured in Issue #18 ·
Sanyo Electric Co., Ltd. 6516.T (JP) · ¥6,740 · MCAP $1.5B · EV $1.4B
Fwd P/E: 22.6x · EV/EBITDA: 11.5x · EV/GP: 7.8x
Sanyo Electric Co., Ltd. manufactures cooling fans, power supplies, servo motors, and thermal management equipment for industrial, commercial, and medical applications. Listed on the Tokyo Stock Exchange.
Strategic Capital Inc. filed an amended large shareholding report disclosing a 14.84% stake in Sanyo Electric Co., Ltd. (6516.T), down from 15.89% in the prior filing. The activist stated the purpose of its 5,775,100-share investment includes making proposals for capital policy changes and increased shareholder returns through buybacks or dividend hikes. Of the total stake, 5,774,800 shares are held via a discretionary investment contract with Intertrust Trustees (Cayman) Limited, with 3,220,000 shares pledged as collateral. Transaction logs show only disposals since April 22, 2026, with no purchases recorded after April 3, 2026. This Japanese large shareholding report with an "important proposals" purpose serves as the local equivalent of a US 13D with an activist agenda targeting capital structure, though the net-selling trend may signal a partial exit that tempers near-term escalation risk.
Featured in Issue #18 ·
Noritake Co., Ltd. 5331.T (JP) · MCAP $1.5B · EV $1.5B
Fwd P/E: 17.3x · EV/EBITDA: 12.7x · EV/Sales: 1.7x · EV/GP: 5.8x (FY2027)
Noritake Co., Ltd. is a Japanese manufacturer of tableware (fine china), industrial ceramics, and abrasives. It also holds a portfolio of investment securities and real estate assets.
Strategic Capital Inc. filed an amended large shareholding report for Noritake Co., Limited (5331.T), disclosing a reduced equity stake of 8.14% down from a previous 9.22%. The activist holds 4,573,300 shares after selling over 600,000 shares through on-exchange and off-exchange transactions between late April and late May 2026. Strategic Capital is demanding a dividend policy set at the greater of an 8% dividend-on-equity floor or a 100% payout ratio alongside balance-sheet releveraging through debt. The investor also called for the sale of policy-held shares and real estate assets and the divestiture or restructuring of the tableware business. Currently, 700,000 shares are pledged as collateral to Tachibana Securities and 300,000 shares are lent under a share consumption agreement. This EDINET filing serves as the Japanese equivalent of a US 13D with a public campaign agenda seeking a capital return overhaul, though the activist's stake reduction may signal waning conviction or a tactical move ahead of engagement.
Featured in Issue #18 ·
MIRAIT ONE Corporation 1417.T (JP) · MCAP $2.2B · EV $2.7B
Fwd P/E: 13.4x · EV/EBITDA: 9.3x · EV/Sales: 0.7x · EV/GP: 4.3x (FY2027)
MIRAIT ONE Corporation provides telecommunications construction, electrical construction, civil engineering, and architectural services in Japan. The company is an established dividend payer with a sound balance sheet.
Oasis Japan Strategic Fund Y Ltd filed a shareholder proposal to appoint Kazuhide Hayakawa as an outside director at MIRAIT ONE's June 24, 2026 AGM. The activist cites improved corporate governance and faster business growth as objectives for the board change. MIRAIT ONE trades at ¥3,890 with a 14.8x P/E, above the JP Construction industry average of 10.9x, suggesting the activist may target capital allocation or valuation improvement. The stock has delivered a 140.27% 3-year total shareholder return despite more recent cooling in year-to-date performance.
Featured in Issue #18 ·
Alfresa Holdings Corporation 2784.T (JP) · MCAP $2.5B · EV $1.5B
Fwd P/E: 15.6x · EV/EBITDA: 4.4x · EV/Sales: 0.1x · EV/GP: 1.1x (FY2027)
Alfresa Holdings Corporation is a leading Japanese pharmaceutical wholesale group, distributing prescription drugs, medical equipment, and over-the-counter products through subsidiaries including Alfresa Corporation and Alfresa Pharma.
Silchester International Investors LLP filed a Japanese large shareholding report disclosing an increased 13.17% stake in Alfresa Holdings Corporation (2784.T). The holding of 25,201,900 shares rose from a previously reported 12.11% following acquisitions between April 21 and June 4, 2026, at prices ranging from roughly ¥2,151 to ¥2,410. Silchester, advised by Morrison Foerster, stated its intent to propose dividend increases, share buybacks or cancellations, business structure reviews, and changes to board composition. This EDINET filing is Japan's equivalent of a US activist 13D, signaling a shift to active engagement and a campaign for capital efficiency at a pharmaceutical wholesaler with a market cap exceeding ¥420 billion.
Featured in Issue #18 ·
Alps Alpine Co., Ltd. 6770.T (JP) · MCAP $2.6B · EV $2.2B
Fwd P/E: 14.6x · EV/EBITDA: 4.3x · EV/Sales: 0.3x · EV/GP: 1.9x (FY2027)
Alps Alpine Co., Ltd. manufactures electronic components, automotive infotainment systems, and sensors, including touch panels, switches, and connectivity modules, listed on the Tokyo Stock Exchange.
S Grant Corporation and co-filer Minami-Aoyama Real Estate disclosed an aggregate 8.67% stake in Alps Alpine Co., Ltd. (6770.T) via a large shareholding report filed June 4, 2026. The 18,037,500-share holding represents a decrease from a previous 9.77% stake. S Grant funded its ¥20.9B position through ¥15.8B in debt from ATRA Inc. and ¥4.5B in corporate bonds, with 804,600 shares pledged as collateral at SBI Securities. The filing outlines demands for increased dividends, share buybacks, and the divestiture of assets and subsidiaries that do not contribute to shareholder value. This local equivalent of a US 13D puts a governance activist play on the Prime-listed electronics manufacturer where heavy leverage creates pressure to deliver returns and increases the odds of escalation.
Featured in Issue #18 ·
Dowa Holdings Co., Ltd. 5714.T (JP) · MCAP $3.7B · EV $4.4B
Fwd P/E: 11.2x · EV/EBITDA: 9.5x · EV/Sales: 0.9x · EV/GP: 7.1x (FY2027)
Dowa Holdings is a Japanese non-ferrous metals group operating across smelting, recycling, metal processing, electronic materials, and thermal treatment. It is listed on the Tokyo Stock Exchange Prime Market.
Silchester International Investors LLP filed an amended large shareholding report for Dowa Holdings Co., Ltd. (5714.T) disclosing a stake reduction from 6.98% to 5.80%. The 3,594,200 share position was reduced via market sales between March 31 and May 29, 2026. For the first time, the filing includes an activist holding purpose seeking changes to capital policy, capital efficiency, business structure, and corporate governance, including dividend increases and share buybacks. This shift from a passive posture to an explicit activist agenda serves as the Japanese equivalent of a 13D conversion, clearing the way for formal capital-return demands while raising questions on whether Silchester is pruning shares to fund its campaign or de-risking.
Featured in Issue #18 ·
Mitsubishi Materials Corporation 5711.T (JP) · MCAP $4.0B · EV $7.5B
Fwd P/E: 11.2x · EV/EBITDA: 11.2x · EV/Sales: 0.6x · EV/GP: 5.7x (FY2027)
Mitsubishi Materials Corporation is a major Japanese diversified materials company operating cement, metals, advanced materials, and energy-related businesses, listed on the Tokyo Stock Exchange Prime Market.
Silchester International Investors LLP filed a Japanese EDINET Large Shareholding Report disclosing a 5.64% stake in Mitsubishi Materials Corporation (5711.T), representing 7,415,100 shares. The filing declares a specific intent to make proposals regarding dividend increases, share buybacks or cancellations, capital efficiency improvements, business structure reviews, and corporate governance enhancements. While Silchester was previously reported at 6.81%, the filing reveals active selling during the past 60 days that reduced the position. This disclosure serves as the functional equivalent of an activist 13D filing and formalizes a plan to make corporate value and capital policy proposals. The filing clears the path for private engagement or public pressure on capital allocation at the ¥600B+ market cap materials conglomerate, though the recent sell-down suggests profit-taking may moderate the pace of activist escalation.
Featured in Issue #18 ·
Seibu Holdings Inc. 9024.T (JP) · MCAP $4.2B · EV $8.1B
Fwd P/E: 20.6x · EV/EBITDA: 10.9x · EV/Sales: 2.4x · EV/GP: 12.8x (FY2027)
Seibu Holdings Inc. operates railways, hotels, and real estate centered on the Seibu Group's railway network in the Tokyo metropolitan area; it also runs the Prince Hotels chain and develops residential and commercial properties along its rail lines.
3D Investment Partners Pte. Ltd. disclosed an increased 7.97% stake in Seibu Holdings Inc. (9024.T), up from 6.92%. The fund accumulated shares on nearly every trading day between May 1 and May 29, 2026, with total acquisition costs exceeding ¥52 billion. In an amended large shareholding report filed on EDINET, the fund stated its intent to potentially make important proposals involving board changes, capital policy shifts, and business portfolio restructuring. The filer also indicated it may increase its stake by more than 5 percentage points within the next three months, which could bring the position above 13%. This filing represents the Japanese equivalent of a US 13D where the fund has explicitly reserved rights to push for board changes and capital allocation; crossing the 10% threshold would unlock additional shareholder rights under Japanese corporate law.
Featured in Issue #18 ·
Kawasaki Kisen Kaisha, Ltd. 9107.T (JP) · MCAP $10.6B · EV $10.6B
Fwd P/E: 14.6x · EV/EBITDA: 17.5x · EV/Sales: 1.6x · EV/GP: 9.9x (FY2027)
Kawasaki Kisen Kaisha (K-Line) is a major Japanese shipping company operating container ships, bulk carriers, car carriers, and LNG tankers globally. The company is listed on the Tokyo Stock Exchange Prime Market.
Effissimo Capital Management disclosed a 38.52% stake in Kawasaki Kisen Kaisha, Ltd. (9107.T) and shifted its filing status to a formal activist agenda. The agenda includes pursuing capital structure optimization, divesting non-core assets, and changing board composition and representation. Effissimo committed to participating in K-Line’s ¥130B self-tender for up to 44.4M shares proportionally, while noting its engagement may qualify as material proposals under FEFTA. Security arrangements with Goldman Sachs, Citigroup, Merrill Lynch, and J.P. Morgan cover 145.5M shares, representing 59% of Effissimo’s position. This filing functions as the Japanese equivalent of a US 13D with activist intent, signaling Effissimo’s plan to recycle capital through the tender while preserving its 38% blocking stake to leverage changes without triggering a mandatory bid.
Featured in Issue #18 ·
Izutsuya Co., Ltd. 8260.T (JP) · MCAP $27M · EV $101M
Izutsuya Co., Ltd. is a department store operator listed on the Tokyo and Fukuoka stock exchanges. The company operates retail department stores in Japan.
Governance Partners and JAIC filed a large shareholding report disclosing a combined 15.44% stake in Izutsuya Co., Ltd. (8260.T), an increase from their previous 12.47% aggregate position. On May 20, JAIC acquired 340,000 shares off-market at ¥727, following a May 15 business alliance agreement between JAIC and the target. The filers cited a purpose of dialogue regarding corporate governance, board composition, and capital policy, stating they may make material proposals to enhance shareholder value. Governance Partners holds 300,000 of its shares via margin trading with Matsui Securities. This disclosure represents the Japanese equivalent of a US 13D activist filing, granting the 15.44% bloc standing to requisition shareholder proposals and demand board engagement while introducing a structural overhang via the margin-trade component.
Featured in Issue #17 ·
Tokyo Radiator Mfg. Co., Ltd. 7235.T (JP) · ¥1,511 · MCAP $90M · EV $50M
Fwd P/E: 56.9x · EV/GP: 1.2x
Manufactures radiators, heat exchangers, and automotive thermal components for OEM and aftermarket customers. Listed on the Tokyo Stock Exchange (Standard Market).
(7235.T) received a shareholder proposal from Flue LLC on February 12, to which the board issued a formal resolution of opposition today. Flue LLC holds 316,000 shares and is seeking the election of representative Yuki Furue as an outside director. The activist demands the immediate cessation of Super GT sponsorship and the return of allocated funds as dividends, citing a price-to-book ratio below 1x and capital inefficiency. The board defended the sponsorship as a long-term brand investment and argued that current governance is sufficient. This escalation locks in a contested AGM on June 25 as a single-issue campaigner targets a below-1x-PBR company with a demand to kill Super GT spending and redirect it all to dividends in a textbook Japanese governance arbitrage setup.
Featured in Issue #17 ·
NCD Co., Ltd. 4783.T (JP) · MCAP $122M · EV $95M
Fwd P/E: 11.4x · EV/EBITDA: 3.0x · EV/Sales: 0.5x · EV/GP: 2.1x (FY2027)
NCD Co., Ltd. is a Tokyo-listed company providing IT solutions, including systems development, infrastructure services, and payment processing systems.
Ascender Capital Limited filed a large shareholding report on NCD Co., Ltd. (4783.T), a Tokyo-listed IT solutions provider. The Hong Kong-based investment advisory firm disclosed a 5.38% stake consisting of 446,300 shares, a reduction from its previous holding of 7.02% following market sales between May 7 and May 18, 2026. Ascender indicates the purpose of the holding is to make material proposals. This filing is the Japanese equivalent of a US 13D, and the stated intent to make material proposals signals an activist campaign to push for corporate changes at this small-cap IT services firm.
Featured in Issue #17 ·
Hanshin Diesel Works, Ltd. 6018.T (JP) · MCAP $128M · EV $86M
EV/EBITDA: 7.6x
Hanshin Diesel Works, Ltd. manufactures marine and land-use diesel engines, engine components, and industrial machinery. The company is listed on the Tokyo Stock Exchange Standard Market (Ticker 6018).
Hong Kong-domiciled investment management firm Old Peak Group Ltd. and co-filer Old Peak Limited disclosed a combined 16.00% stake in Hanshin Diesel Works (6018.T) as of May 22, 2026. The position, increased from 14.98% through on-market purchases totaling ¥2.19 billion, crossed the 15% threshold with a stated purpose of "making important proposals for the improvement and preservation of shareholder value." This Japanese equivalent of a US 13D activist filing signals intent to press for board-level changes, with the 16% stake providing meaningful blocking power and a platform for shareholder proposals at the next AGM.
Featured in Issue #17 ·
AD Works Group Co., Ltd. 2982.T (JP) · MCAP $131M · EV $341M
EV/GP: 4.4x
AD Works Group Co., Ltd. is a Tokyo-listed company engaged in real estate income-generating businesses, including rental property ownership and management, as well as real estate consulting.
An investment group led by MI2 Corp. and Takahiro Murakami filed an amended large shareholding report disclosing an 8.11% stake in AD Works Group Co., Ltd. (2982.T), an increase from 7.08%. The group added 518,100 shares between May 14 and May 18, 2026, including a 573,500-share purchase by Murakami on May 15. Stated purposes for the holding include making proposals on capital policy changes, specifically dividend increases and share buybacks. The group may acquire more than 5% in additional shares within three months if the stock is deemed undervalued. This Japanese equivalent to a US 13D puts the small-cap real estate stock in play via an explicit demand agenda for higher dividends and buybacks while creating a potential accumulation overhang.
Featured in Issue #17 ·
Takihyo Co., Ltd. 9982.T (JP) · MCAP $156M · EV $119M
EV/GP: 1.8x
Takihyo Co., Ltd. is a Japanese textile and apparel wholesaler, providing product planning, manufacturing, and logistics services for apparel brands, department stores, and specialty retailers.
UGS Asset Management Co., Ltd. filed a large shareholding report disclosing a 6.13% stake in Takihyo Co., Ltd. (9982.T), an increase from the previously reported 5.03% position. The filing specifies an intent to make significant proposals regarding capital efficiency, shareholder returns, and achieving a price-to-book ratio of 1x. UGS Asset Management plans to initiate immediate constructive dialogue with management and reserves the right to submit shareholder proposals depending on the progress of that engagement. The filer also indicated intentions to acquire an additional 5% stake within three months if the share price remains at levels it considers undervalued. This filing serves as the Japanese equivalent of a US 13D, and the explicit PBR 1x target suggests the activist will push for buybacks, higher dividends, or asset sales to re-rate a deeply undervalued stock.
Featured in Issue #17 ·
Gunei Chemical Industry Co., Ltd. 4229.T (JP) · MCAP $187M · EV $159M
Fwd P/E: 50.2x · EV/GP: 3.9x
Gunei Chemical Industry Co., Ltd. manufactures and sells synthetic resins, chemicals, and industrial materials, with key products including phenolic resins, textile chemicals, and paper-processing agents. Listed on the Tokyo Stock Exchange, it serves automotive, electronics, and construction end markets.
A five-party concert group led by DOE5 Percent Co., Ltd. disclosed a combined 7.10% stake in Gunei Chemical Industry (4229.T), an increase from 6.16% representing 638,500 shares. The group updated its filing purpose to include constructive engagement and the potential for significant proposals to improve medium-to-long-term corporate value. Naturali Co., Ltd. holds 3.27% of the total stake, while individual member Mikuro Ueshima remains a 2.64% holder despite serving as a net seller in May. Substantial margin financing exists across the group, including ¥1,097.2M for Naturali and ¥241.9M for DOE5, creating a potential forced-selling overhang. This Japanese large shareholding report amendment functions as the equivalent of a US 13D with activist intent, clearing the group to pursue board-level changes while making Matsui Securities collateral calls a critical risk signal.
Featured in Issue #17 ·
Japan Pure Chemical Co., Ltd. 4973.T (JP) · MCAP $210M · EV $119M
Fwd P/E: 21.4x · EV/EBITDA: 15.4x · EV/Sales: 1.1x · EV/GP: 10.4x (FY2027)
Japan Pure Chemical Co., Ltd. is a Tokyo Stock Exchange-listed developer and manufacturer of high-purity chemicals, including precious metal plating solutions for electronics applications like semiconductors and connectors.
Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC disclosed a combined 17.36% stake in Japan Pure Chemical Co., Ltd. (4973.T), according to an EDINET large shareholding report. The holding decreased from a prior 18.40% interest after Hibiki Path Advisors 2 SPC reduced its position from 5.73% to 4.69% through open-market and off-market sales between late April and mid-May 2026. Hibiki Path Advisors 1 SPC maintained an unchanged 12.66% stake during the reporting period. The Cayman Islands-incorporated filers indicated an intent to provide management advice or make significant proposals, specifically pushing for capital policy improvements aimed at the core R&D strengths of the high-purity chemicals manufacturer. This large shareholding report acts as the Japanese equivalent of a US 13D filing, establishing a 17.36% block with substantial voting leverage to engage management on capital allocation and potentially release trapped value at the JPY-listed small-cap name.
Featured in Issue #17 ·
Nagahori Corporation 8139.T (JP) · MCAP $228M · EV $258M
Fwd P/E: 95.0x
Nagahori Corporation is a Tokyo-based jewelry company operating luxury brands including NADIA and DAVID MORRIS, with a mid-term plan targeting expansion into ASEAN and Middle Eastern markets alongside direct-to-consumer and high-net-worth channels.
Nagahori Corporation (8139.T) resolved to extend its anti-takeover defense policy for one year, subject to shareholder approval at the June 2026 AGM. The decision follows the continued 11.56% stake held by Re-Generation Inc., which Nagahori suspects is coordinating with other shareholders to control a combined interest exceeding 20%. The board cited previous board-seat proposals, litigation, and the backgrounds of individuals associated with the activist’s representative as grounds for the renewal. If approved, the policy would remain in effect until the June 2027 AGM. The June 2026 AGM vote on the defense is the next flashpoint, as rejection would leave the company unprotected against an unsolicited control push while approval entrenches the board for another year.
Featured in Issue #17 ·
INES Corporation 9742.T (JP) · MCAP $275M · EV $223M
EV/GP: 6.7x
INES Corporation provides IT services and system integration in Japan, including software development, data processing, and IT infrastructure outsourcing for corporate and government clients.
Asset Value Investors Limited filed an amended large shareholding report disclosing an 8.05% stake in INES Corporation (9742.T), an increase from the previously reported 7.03%. The filing specifies a management-control purpose and enumerates potential proposals regarding board composition, the appointment or dismissal of the representative director, material asset disposals or acquisitions, and dividend and capital policy changes. The UK-domiciled investment manager holds 1,683,000 shares and has been accumulating the position through on-market and off-market purchases since March 2026. This marks the first filing to articulate an activist agenda at the company, which provides IT services and system integration in Japan. The report is the Japanese equivalent of a US 13D with an active agenda and indicates an escalation as the 8.05% stake approaches the 10% threshold often used to convene a shareholder meeting in Japan.
Featured in Issue #17 ·
Shinko Shoji Co., Ltd. 8141.T (JP) · MCAP $282M · EV $72M
Fwd P/E: 63.7x
Shinko Shoji Co., Ltd. is a Japanese trading company specializing in the distribution of semiconductors, electronic components, and related equipment. It is listed on the Tokyo Stock Exchange (8141.T).
Jun Nomura and City Index Eleventh filed a Japanese large shareholding report amendment disclosing a 13.36% stake in Shinko Shoji (8141.T) and an explicit proposal to take the company private. The group reduced its combined position from 15.66% after selling 711,700 shares on the market between May 18 and May 20, 2026. The filers disclosed that oral proposals regarding the privatization plan have already been made to the company as part of a broader push for capital policy and governance improvements. Of the remaining stake, 1,828,800 shares or 5.9% of outstanding stock are pledged as margin collateral with SBI Securities. This filing is the local equivalent of a US 13D, marking a transition from an unreported purpose to an explicit take-private demand where the group retains a 13.36% base to pressure the board for a response or potential defensive measures.
Featured in Issue #17 ·
Meito Co., Ltd. 2207.T (JP) · MCAP $307M · EV $402M
Fwd P/E: 24.3x · EV/EBITDA: 16.5x · EV/Sales: 2.1x · EV/GP: 7.5x (FY2027)
Meito Co., Ltd. is a Tokyo Stock Exchange-listed company. Based on its TSE listing, it operates in its primary industry sector in Japan.
UGS Asset Management Co., Ltd. filed a Japanese large shareholding report disclosing a 9.75% stake in Meito Co., Ltd. (2207.T), representing 1,622,900 shares and an increase from its previous 8.36% position. Following private engagement since March 2026, the activist outlined a four-point plan to sell cross-shareholdings, return proceeds via buybacks and dividends, achieve a price-to-book ratio above 1x, and strengthen board composition. UGS stated it may acquire an additional 5% or more of outstanding shares within three months if the stock remains undervalued and is prepared to submit formal shareholder proposals if engagement does not progress. This filing is the Japanese equivalent of a 13D with explicit "important proposal acts" purposes, signaling an escalation to a public campaign where UGS's current stake and affiliated partnerships may already provide blocking-minority influence.
Featured in Issue #17 ·
Sankei Real Estate Investment Corporation 2972.T (JP) · MCAP $355M · EV $528M
Sankei Real Estate Investment Corporation is a Tokyo-listed J-REIT (TSE: 2972) that invests in office buildings, residential properties, and other real estate assets primarily in the Greater Tokyo area.
A group of four co-filing entities led by City Index Elevens increased its stake in Sankei Real Estate Investment Corporation (2972.T) to 26.83% from 25.31%. The filers disclosed an intent to provide advice and proposals on capital policy and governance to enhance unitholder value, though no specific proposal has been finalized. Nomura Aya is the largest holder in the group at 9.89%, and 9.46% of the group’s total units are currently pledged as SBI Securities margin collateral. This Japanese large shareholding report serves as the local functional equivalent of a 13D. At 26.83%, the group can block special resolutions at unitholders' meetings, providing substantial leverage in governance negotiations while the SBI margin collateral adds a structural overhang.
Featured in Issue #17 ·
Daiho Corporation 1822.T (JP) · MCAP $411M · EV $323M
Fwd P/E: 15.2x · EV/EBITDA: 7.7x · EV/Sales: 0.3x · EV/GP: 3.0x (FY2027)
Daiho Corporation is a Tokyo-listed general construction contractor specializing in civil engineering, building construction, and real estate development across Japan.
Minami Aoyama Real Estate and concert parties ATRA and M Holdings filed a large shareholding report disclosing an 8.65% stake in Daiho Corporation (1822.T). Controlled by Ikeda Tatsuya, the group declared an activist objective to propose capital policy changes including share buybacks and increased dividends. The filing follows a reduction in the collective position from 13.41% after ATRA executed a 4.05 million share off-market block sale at ¥741 per share on May 21. ATRA and M Holdings have pledged 1,111,100 shares as margin collateral with SBI Securities and carry ¥5.7 billion in borrowings from a Singapore-based individual lender. This Japanese 13D equivalent establishes a ¥741 price floor reference while the group’s lender exposure and margin pledges create a catalyst where a buyback announcement would validate the thesis but equity weakness could force unwinds that supply stock into any rally.
Featured in Issue #17 ·
A&D Holon Holdings Co., Ltd. 7745.T (JP) · MCAP $482M · EV $424M
Fwd P/E: 13.1x · EV/EBITDA: 5.3x · EV/Sales: 1.0x · EV/GP: 2.1x (FY2027)
A&D Holon Holdings manufactures and sells precision measuring and weighing instruments, medical scales, and semiconductor inspection equipment. Listed on the Tokyo Stock Exchange.
Strategic Capital Inc. filed a large shareholding report disclosing a 12.91% stake in A&D Holon Holdings (7745.T), an increase from its prior 11.87% position. The filer accumulated 3,596,100 shares primarily through on-market purchases between March 23 and May 20, 2026, using capital from client assets under an agreement with Intertrust Trustees (Cayman). The filing documents a purpose of "constructive dialogue" and "important proposals" regarding a demand for capital-policy changes to increase interest-bearing debt and reduce shareholder equity. Current share positioning includes 401,300 shares pledged as collateral to Tachibana Securities and 400,000 shares on-loan under a stock-lending contract. This Japanese large shareholding report is the local equivalent of a US 13D with a public agenda, introducing a levered recap proposal that targets the balance sheet and could directly affect per-share metrics.
Featured in Issue #17 ·
Hosokawa Micron Corporation 6277.T (JP) · MCAP $485M · EV $349M
Fwd P/E: 12.2x · EV/EBITDA: 5.7x · EV/Sales: 0.7x · EV/GP: 2.0x (FY2026)
Hosokawa Micron Corporation is a Japanese industrial manufacturer specializing in powder processing equipment and systems used in chemicals, pharmaceuticals, foods, and electronics.
Hosokawa Micron Corporation (6277.T) is the subject of a Japanese large shareholding report filed by Hong Kong-based investment manager Acion Partners Limited, disclosing a 7.34% stake representing 1,155,000 shares. Acion Partners increased its holding from a previous 6.33% through acquisitions between April 24 and May 22, 2026, at average prices ranging from ¥5,395 to ¥6,174. The amended filing updated the holding purpose to include the aim of improving corporate and shareholder value through constructive dialogue and the potential for making material proposals. This large shareholding filing with explicit "material proposal" language is the local equivalent of a US 13D activist filing and represents the first activist signal on this industrial name.
Featured in Issue #17 ·
United States 36 situations
GEE Group Inc. JOB (US) · $0.23 · MCAP $26M · EV $9M
EV/GP: 0.3x
GEE Group Inc. provides staffing and placement services, primarily in the United States, with trailing-twelve-month revenue of $86 million as of March 2026.
Star Equity Fund, LP, a 5.4% shareholder of GEE Group Inc. (JOB), filed formal DFAN14A proxy materials on June 3, 2026, to nominate Rick Coleman for election and seek the removal of directors Peter Tanous and Thomas Vetrano at the 2026 annual meeting. The activist alleges targeted incumbents approved executive employment agreements with change-in-control severance provisions that were never submitted for shareholder approval, while revenue declined from $165 million in FY2022 to $86 million in the latest twelve-month period. Following ignored private proposals for merger discussions since January 2026, Star Equity seeks to restore board accountability without triggering change-in-control provisions. This formal proxy solicitation at a micro-cap with a 58% five-year share-price decline creates a control-bid dynamic where the activist explicitly seeks a sale process ahead of the pending 2026 annual meeting vote.
Featured in Issue #18 ·
Seer, Inc. SEER (US) · $1.88 · MCAP $106M · EV -$45M
EV/EBITDA: 1.7x
Seer, Inc. is a life sciences company that develops proteomics platforms for unbiased, deep, large-scale protein analysis. Its Proteograph Product Suite enables researchers to interrogate the proteome with high sensitivity and throughput.
Seer, Inc. (SEER) is facing a formal proxy contest from Bradley L. Radoff and Michael Torok (the Radoff-JEC Group), who filed a definitive proxy statement and mailed WHITE universal proxy cards on June 1, 2026. The group beneficially owns 4,277,528 shares, representing a 7.8% stake in Seer Class A Common Stock, and is advised by Saratoga Proxy Consulting LLC. The dissident slate seeks to elect three nominees—Howard H. Berman, Joshua S. Horowitz, and Luis E. Rinaldini—to replace three incumbents on Seer’s seven-member board. While the group supports four of the company's nominees. Seer has not yet established a meeting or record date for the 2026 Annual Meeting. The dissident is running a three-person slate seeking minority board representation at this small-cap biotech tools company, the standard playbook for a settlement or a contested vote. The key near-term catalyst is the company's filing of its own definitive proxy, which will set the meeting and record dates and trigger the vote timeline.
Featured in Issue #18 ·
Vaxart, Inc. VXRT (US) · $0.63 · MCAP $152M · EV $104M
EV/Sales: 11.6x · EV/GP: 11.6x (FY2026)
Vaxart is a clinical-stage biotechnology company developing oral pill vaccines for coronavirus, norovirus, influenza, and HPV using a proprietary adenovirus delivery platform. Its lead COVID-19 program is backed by a BARDA-funded Phase 2b trial valued at up to $453 million.
Vaxart, Inc. (VXRT) filed definitive proxy materials on June 1, 2026, following a proxy contest launched by an unnamed dissident shareholder group seeking to seat three nominees on the company's six-member board. The contest is scheduled for the July 16, 2026, Annual Meeting, occurring as Vaxart executes clinical programs including a BARDA-funded Phase 2b COVID-19 trial valued at up to $453 million and a partnership with Sanofi. Management notes that the current board has an average tenure of 2.3 years and that CEO Steve Lo has never sold a share of company stock. Campaign Management, LLC is acting as the company's proxy solicitor. The July 16 vote presents a binary outcome for board control at a micro-cap biotech where the $453 million BARDA funding and Sanofi partnership create an unusually high-stakes activist defense.
Featured in Issue #18 ·
Braemar Hotels & Resorts Inc. BHR (US) · $2.50 · MCAP $172M · EV $1.6B
EV/EBITDA: 7.4x · EV/Sales: 2.5x (FY2026)
Braemar Hotels & Resorts is a publicly traded real estate investment trust (REIT) that owns and operates a portfolio of luxury hotels and resorts in the United States.
Al Shams Investments Limited, the largest shareholder of Braemar Hotels & Resorts Inc. (BHR), has moved toward a proxy contest by revealing a slate of director candidates and urging the company to call its 2026 annual meeting. Al Shams and Wafic Rida Said hold 6,513,000 shares and intend to file a definitive proxy statement and WHITE universal proxy card. The activist criticizes a board where Ashford Inc. employees now occupy over 40% of seats and objects to a strategic review process that could trigger $480 million in payments to Ashford. Al Shams specifically noted potential conflicts of interest involving Ashford’s controlling shareholders Archie and Monty Bennett. Board independence is the central question of the contest, as a successful proxy fight would likely halt asset sales and reshape the strategic-review outcome.
Featured in Issue #18 ·
Citizens Community Bancorp Inc. CZWI (US) · $20.55 · MCAP $198M · EV $327M
Fwd P/E: 11.3x (FY2026)
Citizens Community Bancorp is the holding company for Citizens Community Federal Bank, a community bank serving Wisconsin, Minnesota, and Michigan with deposit and lending products.
Gale Hoese and affiliated family investors disclosed a 6.3% activist stake in Citizens Community Bancorp, Inc. (CZWI) via a Schedule 13D filing on June 4, 2026. The group characterizes the shares as undervalued and intends to engage management regarding strategy, governance, capitalization, and board composition. Gale Hoese, the CEO of Security Bank & Trust Company, leads the investor group and emphasizes their collective experience as community banking operators. The filing explicitly reserves the right to propose extraordinary transactions, including a merger, business combination, recapitalization, or restructuring. This activism by a community-bank CEO creates a consolidation catalyst, as small-cap bank activism often leads to a sale process that puts the company’s $198M market cap in play for regional acquirers.
Featured in Issue #18 ·
Medallion Financial Corp. MFIN (US) · $9.56 · MCAP $221M · EV $2.6B
Fwd P/E: 8.8x (FY2026)
Medallion Financial Corp. is a specialty finance company that originates and services loans, primarily medallion taxi loans and commercial consumer loans. It also operates a bank subsidiary and manages a portfolio of equity investments.
Medallion Financial Corp. (MFIN) issued a June 1, 2026, regulatory filing rebutting May 27 recommendations from Glass Lewis & Co. to vote against two company board nominees. Glass Lewis cited concerns regarding oversight and a settled SEC litigation that became effective May 30, 2025, while the company noted the advisor previously supported its nominees in four consecutive elections. Medallion argued that Glass Lewis mischaracterized a court opinion that only assumed allegations were true for procedural purposes and highlighted that the SEC settlement included no admissions of wrongdoing. The company also attacked dissident nominee Eric Kelly, citing a wrongful-termination lawsuit alleging Kelly engaged in GAAP deviations and internal-control violations with a trial scheduled for December 14, 2026. The proxy advisor flip after four years of management support represents a material escalation in the contested election, creating a binary governance risk given the accounting-misconduct allegations against a key dissident candidate.
Featured in Issue #18 ·
Diana Shipping Inc. DSX (US) · $2.36 · MCAP $280M · EV $632M
Fwd P/E: 6.0x · EV/EBITDA: 5.3x · EV/Sales: 2.5x · EV/GP: 4.5x (FY2026)
Diana Shipping Inc. is a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that transport iron ore, coal, grain and other materials worldwide.
Diana Shipping Inc. (DSX), a dry bulk vessel owner, filed definitive additional proxy materials on June 4, 2026, to elect six independent nominees to the board of Genco Shipping & Trading Limited at the June 18 annual meeting. Concurrently, Diana is running an all-cash, fully financed $24.80 per share tender offer for Genco expiring June 26. The activist challenges Genco’s transition from VesselsValue broker data to sell-side analyst ranges for NAV calculations and argues that a recently amended poison pill makes a qualifying offer impossible. Diana is advised by Okapi Partners and Gasthalter & Co. A successful slate election would likely force Genco to remove the poison pill and negotiate on NAV methodology, providing shareholders a board-seat vote on June 18 and a liquidity exit two weeks later.
Featured in Issue #18 ·
Repay Holdings Corp RPAY (US) · $3.65 · MCAP $302M · EV $656M
Fwd P/E: 4.0x (FY2026)
Repay Holdings Corp provides integrated payment processing solutions to consumer-facing businesses, primarily through payment gateway and software integration for loans and receivables.
Forager Fund, L.P. and its affiliates, holding an 11,106,648-share stake in Repay Holdings Corporation (RPAY), announced they will withhold votes from all directors at the June 10, 2026, Annual Meeting. Representing 12.4% of outstanding Class A Common Stock, the activist cited the board's refusal of substantive engagement and governance paths that left stockholders with no meaningful voice. Forager stated that a transaction involving the provider of integrated payment processing solutions may be in the best interests of stockholders and remains willing to engage in discussions regarding a potential deal. This public withhold campaign against the full board one week before the annual meeting escalates the situation to a near-term proxy fight. The explicit push for a sale process signals a willingness to run a full proxy contest if governance changes are not made. Monitor the June 10 vote results for a possible board spill or settlement.
Featured in Issue #18 ·
Genesco Inc. GCO (US) · $38.91 · MCAP $422M · EV $971M
Fwd P/E: 17.3x · EV/EBITDA: 9.4x · EV/Sales: 0.4x · EV/GP: 0.9x (FY2027)
Genesco operates approximately 1,230 retail stores across the U.S., Puerto Rico, Canada, the U.K., and Ireland, primarily selling footwear and accessories under banners including Journeys and Johnston & Murphy.
Bradley L. Radoff and Jumana Capital Investments LLC disclosed an 8.06% collective stake in Genesco Inc. (GCO) and nominated four director candidates for the company's 2026 virtual Annual Meeting. Genesco filed preliminary proxy materials on June 3, 2026, recommending a vote for all nine of its own nominees on the WHITE proxy card. The activist group initiated engagement on March 16, 2026, and the board declined to add any of the four nominees after conducting interviews and a special meeting. This formal proxy contest uses a universal proxy card where a partial slate win could reshape the board, making the vote tally the primary near-term catalyst.
Featured in Issue #18 ·
Compass Diversified Holdings CODI (US) · $10.64 · MCAP $800M · EV $3.4B
Fwd P/E: 37.7x (FY2026)
Compass Diversified Holdings (CODI) is a publicly traded partnership that owns and manages a diversified portfolio of middle-market businesses across industrial, branded consumer, and niche services sectors.
ADW Capital Partners, L.P. reported a 19.3% beneficial stake in Compass Diversified (CODI), totaling 14.5 million shares. The position includes 10.75 million shares via call options exercisable within 60 days. On May 29, 2026, ADW established a $10/$20 call spread expiring January 15, 2027, by purchasing $10-strike calls on 1 million shares for approximately $3.66M and selling $20-strike calls for approximately $722k. This follows the activist’s initial 13D filing and public letter to the board on February 25, 2026. The call spread increases ADW's economic exposure while capping upside at $20, signaling conviction that CODI is undervalued below $10 but utilizing unusual position sizing through options that warrants monitoring for margin-call risk or expiration-driven forced selling.
Featured in Issue #18 ·
UWM Holdings Corp. UWMC (US) · $2.62 · MCAP $889M · EV $18.4B
Fwd P/E: 6.6x (FY2026)
UWM Holdings Corp. is the parent of United Wholesale Mortgage, a leading US wholesale mortgage originator.
UWM Holdings Corporation (UWMC) reaffirmed its unsolicited proposal to acquire Two Harbors Investment Corp. for $12.50 per share in cash with a stock election option. The company indicated it is open to modifying deal terms, signaling flexibility in negotiations. The proposal remains unilaterally announced, and the Two Harbors board has not publicly agreed to a transaction or recommended the offer. This public reaffirmation and signal of deal-term flexibility represents hostile-M&A posturing as UWMC escalates its public pressure campaign on the target.
Featured in Issue #18 ·
Pacira BioSciences, Inc. PCRX (US) · $22.75 · MCAP $895M · EV $1.1B
Fwd P/E: 7.9x · EV/EBITDA: 8.3x · EV/Sales: 1.4x · EV/GP: 1.8x (FY2026)
Pacira BioSciences develops non-opioid pain management therapies. Its commercial portfolio includes EXPAREL (post-surgical local analgesic), ZILRETTA (knee osteoarthritis), and iovera (cryoanalgesia), with pipeline candidates in Phase 2 and Phase 3 trials.
Pacira BioSciences, Inc. (PCRX) is facing a formal proxy contest from DOMA Perpetual Capital Management, which holds a 7.5% stake and has nominated three director candidates for the June 9 annual meeting. Both ISS and Glass Lewis have recommended shareholders vote for Pacira’s management slate—consisting of nominees Christie, Hirawat, and Wiggans—and reject the dissident candidates. DOMA argues the company suffers from ongoing economic underperformance, while management is defending its "5×30" growth plan targeting more than 3 million patients annually by 2030. The company reported Q1 2026 revenue of $177.4M, representing a 5% increase over the prior year. The June 9 vote is a contest for three board seats at the $895M pharmaceutical developer, where a dissident win would open the door to a strategic review or sale process that the current board has resisted in favor of its organic growth plan.
Featured in Issue #18 ·
Willis Lease Finance Corporation WLFC (US) · $174.53 · MCAP $1.2B · EV $3.5B
Fwd P/E: 12.3x · EV/EBITDA: 8.5x · EV/Sales: 4.8x · EV/GP: 7.3x (FY2026)
Willis Lease Finance Corporation is a lessor of commercial aircraft engines and related equipment to airlines and MRO providers globally, also providing aircraft leasing and spare parts sales.
Willis Lease Finance Corporation (WLFC) faces a "vote no" campaign from top-10 shareholder Four Tree Island Advisory LLC ahead of a reconvened annual meeting on June 23. The activist filed a PX14A6G exempt solicitation urging shareholders to reject a proposal to triple authorized shares after the company failed to secure support and adjourned the original meeting to solicit more votes. Four Tree Island Advisory demands the rescission of a 300,000-share option grant to Executive Chairman Charles Willis, the sale of a corporate yacht and aircraft, and a 10-year family equity-compensation ban before it will support the share increase. At the original 2026 Annual Meeting, 84% of unaffiliated shares opposed the re-election of director Stephen Jones and 92% opposed executive compensation. The June 23 reconvened meeting is a flashpoint because prior vote tallies signal the insurgent already commands a majority of the unaffiliated float, suggesting the board faces a binding governance mandate if it cannot flip the vote.
Featured in Issue #18 ·
Two Harbors Investment Corp. TWO (US) · $12.36 · MCAP $1.3B
Fwd P/E: 10.8x (FY2026)
Two Harbors Investment Corp. is a real estate investment trust (REIT) focused on investing in, financing, and managing residential mortgage-backed securities, mortgage servicing rights, and other financial assets.
UWM Holdings Corporation is soliciting Two Harbors Investment Corp. (TWO) stockholders to vote against a proposed merger with CCM at an adjourned June 11 special meeting. The TWO board has adjourned the CCM vote twice after failing to secure stockholder approval, and proxy advisors ISS, Glass Lewis, and Egan-Jones have recommended voting against the transaction. UWM reaffirmed its May 11 proposal of $12.50 cash or 2.3328 UWM shares, which exceeds CCM's $12.00 cash offer. UWM is utilizing a BLUE proxy card for its solicitation and is advised by Okapi Partners. The June 11 vote is a binary catalyst where the defeat of CCM could unlock engagement with UWM's cash/stock proposal which is $0.50 per share higher and includes a stock election.
Featured in Issue #18 ·
BlackRock ESG Capital Allocation Term Trust ECAT (US) · $15.81 · MCAP $1.6B
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) is a closed-end fund managed by BlackRock Advisors that invests in a global multi-asset portfolio with an ESG mandate. The fund operates under a term structure with a managed distribution plan and has a predominantly retail, income-oriented shareholder base.
BlackRock ESG Capital Allocation Term Trust (ECAT) is defending against a full-slate proxy contest from Saba Capital Management at its June 9, 2026, annual meeting. Proxy advisors ISS, Egan-Jones, and Glass Lewis have all recommended against the dissident nominees, with ISS backing seven incumbents and the other two firms supporting the full management slate. The fund has generated a +92.7% total return since January 2023, outperforming the peer median of +58.8%. Unanimous advisor support for management materially reduces the probability of a board flip and raises the prospect of Saba Capital exiting the position if defeated, potentially narrowing the discount to NAV as the overhang clears.
Featured in Issue #18 ·
The Gabelli Dividend & Income Trust GDV (US) · $28.57 · MCAP $2.5B · EV $3.0B
The Gabelli Dividend & Income Trust is a closed-end management investment company that invests primarily in dividend-paying equities, seeking a high level of total return with an emphasis on income.
Saba Capital Management, an activist hedge fund, is running a proxy contest to place its nominee on GDV's board. The annual meeting is scheduled for June 29, 2026, with a voting deadline of June 28, 2026, at 11:59 PM ET. GDV management is soliciting votes via a WHITE proxy card and warns that voting the GOLD card from Saba cancels the WHITE submission. GDV's discount to NAV has narrowed from 15.4% at end-2023 to 10.1%, and the monthly distribution has been increased 36% since end-2023.
Featured in Issue #18 ·
H.B. Fuller Company FUL (US) · $62.61 · MCAP $3.4B · EV $5.5B
Fwd P/E: 13.3x · EV/EBITDA: 8.8x · EV/Sales: 1.5x · EV/GP: 4.8x (FY2026)
H.B. Fuller Company formulates, manufactures, and markets adhesives, sealants, coatings, polymers, tapes, encapsulants, additives, and other specialty chemical products globally.
Ancora Holdings publicly called on H.B. Fuller Company (FUL) to abandon its pursuit of UK-based Advanced Medical Solutions Group (AMS.L) and initiate a full strategic review. The activist push follows reported inbound acquisition interest in the adhesives maker and highlights concerns regarding higher leverage, valuation pressure, and management’s cross-border integration capabilities. H.B. Fuller recently raised its FY2026 guidance to mid-single-digit net revenue growth following its Q1 2026 earnings report. This demand for a strategic review introduces a potential sale-of-company catalyst or M&A pivot and directly challenges management's capital allocation, putting the company in play as a potential target.
Featured in Issue #18 ·
Fermi Inc. FRMI (US) · $5.78 · MCAP $3.7B · EV $3.9B
Fwd P/E: 98.8x · EV/Sales: NM (FY2026)
Fermi Inc. is a Texas-incorporated company; operations not detailed in this filing beyond references to a Chief Power Officer and third-party transaction discussions.
Fermi Inc. (FRMI) filed preliminary consent revocation materials on June 3, 2026, formally launching its defense against a solicitation from former CEO Toby Neugebauer and the Neugebauer Group to call a special meeting. Neugebauer, who holds a 23% stake following his April 30 termination for cause, is seeking agent designations to elect seven director nominees and repeal a supermajority bylaw amendment adopted on May 13, 2026. Management has engaged Innisfree M&A Incorporated to oppose the effort, which the independent committee claims would grant Neugebauer control without a premium. Under the corporate charter, the Neugebauer Group must obtain support from 50% of outstanding shares to call the meeting. The consent battle itself serves as the near-term catalyst, as every revocation card returned to management's solicitor directly reduces the activist's path to the 50% threshold required to force a meeting.
Featured in Issue #18 ·
Victoria's Secret & Co. VSCO (US) · $54.30 · MCAP $4.3B · EV $8.8B
Fwd P/E: 12.1x · EV/EBITDA: 12.1x · EV/Sales: 1.2x · EV/GP: 3.4x (FY2027)
Specialty retailer of women's intimate apparel, lingerie, beauty, and accessories operating globally through Victoria's Secret and PINK brands.
Victorias Secret & Co. (VSCO) is facing a proxy contest from major shareholder BBRC International PTE Limited, which is urging stockholders to vote against Chair Donna James at the June 11 annual meeting. The challenge arrives as the specialty retailer of women's intimate apparel defends its board composition and "Path to Potential" turnaround strategy. On June 2, the company plans to change its NYSE ticker to VSXY, coinciding with Q1 earnings and a branding refresh. This contested director vote serves as a referendum on board oversight and turnaround credibility, where a BBRC victory could accelerate leadership changes and a strategic review.
Featured in Issue #18 ·
Chemed Corporation CHE (US) · $426.86 · MCAP $5.6B · EV $5.9B
Fwd P/E: 17.5x · EV/EBITDA: 11.9x · EV/Sales: 2.2x · EV/GP: 7.3x (FY2026)
Chemed Corporation operates in healthcare and residential services through its VITAS segment (hospice and palliative care) and Roto-Rooter segment (plumbing and drain cleaning).
Barington Capital has acquired a stake in Chemed Corporation (CHE) and is in discussions with management regarding operational enhancements and a board proposal. The activist proposed the appointment of former CEO Chan Galbato to the board of directors. Chemed operates the VITAS hospice and Roto-Rooter plumbing segments and maintains a market capitalization of $5.6B. Shares rose 2% to $426.86 on the June 3, 2026 announcement, following a 27% decline over the past year. Barington’s emergence with a former-CEO director nominee and an operational-improvement agenda at an underperforming $5.65B company suggests a potential settlement or board refresh as the near-term catalyst.
Featured in Issue #18 ·
Voya Financial Inc. VOYA (US) · $86.69 · MCAP $7.9B · EV $13.5B
Fwd P/E: 9.1x (FY2026)
Voya Financial is a US-based retirement, investment, and employee-benefits company serving employers, institutions, and individuals.
TOMS Capital Investment Management published a letter to the board of Voya Financial, Inc. (VOYA) on June 1, 2026, calling for an immediate strategic review and sale of the $7.9 billion market-cap company. The activist cited "strategic indecisiveness" and "diminished credibility" of leadership as the rationale for the public campaign launch, with the stock last trading at $86.69. Voya is a US-based retirement, investment, and employee-benefits business with a total enterprise value of $13.5 billion. The initial escalation introduces M&A optionality and a re-rating opportunity for the firm, with the next catalyst centered on whether the board initiates a formal strategic review or rejects the demand, potentially leading to a proxy fight.
Featured in Issue #18 ·
GameStop Corp. GME (US) · $22.27 · MCAP $10.0B · EV $6.0B
Fwd P/E: 20.4x · EV/EBITDA: NM · EV/Sales: 1.4x · EV/GP: 4.3x (FY2027)
GameStop Corp. is a brick-and-mortar and online retailer of video games, consumer electronics, and collectibles (primarily trading cards) that repositioned under CEO Ryan Cohen after a meme-stock squeeze in 2021. eBay Inc. is a global e-commerce marketplace with a growing focus on collectibles, memorabilia, and high-growth enthusiast categories.
GameStop Corp. (GME) launched an unsolicited $56 billion bid for eBay Inc. at $125.00 per share in a half-cash, half-stock proposal that eBay's board rejected as neither credible nor attractive. GameStop disclosed a 6.6% economic exposure to eBay primarily via derivative positions, with only 25,000 shares owned outright carrying voting rights. To fund potential eBay share purchases, GameStop is seeking shareholder authorization to increase its total authorized shares from 1 billion to 2.5 billion. Ticker GME is working with TD Securities, and some analysts suggest the campaign may escalate to a tender offer or public-pressure campaign. The pending share-authorization vote serves as a binary catalyst for whether the company can secure the necessary equity ammunition to bridge the gap between its current voting power and the capital required for a hostile takeover.
Featured in Issue #18 ·
McCormick & Company, Incorporated MKC (US) · $47.24 · MCAP $12.7B · EV $18.0B
Fwd P/E: 15.3x · EV/EBITDA: 12.0x · EV/Sales: 2.3x · EV/GP: 6.0x (FY2026)
McCormick & Company develops, manufactures, and distributes spices, seasonings, and flavor solutions to retail, industrial, and foodservice customers worldwide. It operates through its Consumer and Flavor Solutions segments.
McCormick & Company, Incorporated (MKC) has seen a significant stake buildup by activist investor Toms Capital as the company navigates its pending acquisition of Unilever's food and condiments portfolio. The transaction is expected to close by mid-2027, subject to regulatory approval and a shareholder vote. Toms Capital is reportedly working on a deal involving the Unilever food business, suggesting a strategic link to McCormick's pending portfolio reshuffling. The entry of a governance and capital-allocation activist adds pressure as McCormick executes a large-scale acquisition, introducing a possible push for deal optimization, portfolio reshaping, or return-of-capital measures.
Featured in Issue #18 ·
MGM Resorts International MGM (US) · $50.69 · MCAP $13.0B · EV $43.1B
Fwd P/E: 28.9x · EV/EBITDA: 10.9x · EV/Sales: 2.4x · EV/GP: 5.5x (FY2026)
MGM Resorts International is a global hospitality and entertainment company operating integrated casino, hotel, and entertainment resorts, primarily on the Las Vegas Strip and in regional US and Macau markets.
IAC Inc. filed a Schedule 13D/A on June 1, 2026, disclosing a non-binding proposal to acquire all outstanding shares of MGM Resorts International (MGM) not already owned by IAC for $48.30 per share in cash. The proposal contemplates an extraordinary corporate transaction that would result in a merger and the delisting of MGM from the NYSE. IAC has held its 26.1% stake in the company since at least August 2020 and reserves the right to modify or withdraw the proposal at any time. This public proposal represents an activist escalation from IAC’s existing stake that puts MGM in play, though the non-binding nature and explicit reservation to withdraw the offer without further disclosure set a low floor for deal certainty.
Featured in Issue #18 ·
Lululemon Athletica Inc. LULU (US) · $131.18 · MCAP $15.0B · EV $15.0B
Fwd P/E: 10.7x · EV/EBITDA: 5.2x · EV/Sales: 1.3x · EV/GP: 2.3x (FY2027)
Designs and retails premium athletic apparel, footwear, and accessories globally, best known for its yoga-inspired technical clothing and direct-to-consumer model.
lululemon athletica inc. (LULU) is reportedly nearing a settlement with founder Chip Wilson to resolve an active proxy contest over board control as of June 1. Proposed terms include the appointment of two Wilson nominees to the board, a third mutually agreed director to be named later, and CEO access for Wilson. Wilson, who holds an 8.6% stake, would agree to a two-year non-disparagement pact and an ownership cap near 10%. These talks follow the collapse of previous negotiations last week in which the board characterized Wilson’s perspectives as outdated and cited conflicts of interest. Although no deal is finalized, a settlement would neutralize the proxy fight and remove the overhang of a contested vote, while a repeat collapse resets the path to a costly proxy battle at the $15.0B company following a 39% YTD share decline.
Featured in Issue #18 ·
eBay Inc. EBAY (US) · $109.35 · MCAP $48.6B · EV $51.9B
Fwd P/E: 17.9x · EV/EBITDA: 21.6x · EV/Sales: 4.3x · EV/GP: 6.0x (FY2026)
eBay Inc. operates a global online marketplace connecting buyers and sellers of new and used goods across multiple channels, including its core marketplace, StubHub, and classifieds platforms.
GameStop filed Amendment No. 3 to its 13D, disclosing 9.0% total economic exposure (39,874,306 shares) via 827,648 directly owned shares and 39,046,658 shares underlying cash-settleable put/call pairs. On June 3, 2026, the HSR Act Condition was satisfied, giving GameStop the right to physically settle the derivatives for common stock with full voting power at its election. GameStop previously submitted a non-binding proposal on May 3, 2026 to acquire all outstanding eBay shares at $125 per share in cash and stock. Toronto-Dominion Bank is the counterparty on the put/call pairs; strike prices range from $84.74 to $118.28; total net premium for the latest 4.5M-share increment was $1,239,167.53.
Featured in Issue #18 ·
Sempra SRE (US) · $91.42 · MCAP $59.8B · EV $105.9B
Fwd P/E: 17.9x · EV/EBITDA: 20.5x · EV/Sales: 7.7x · EV/GP: 26.4x (FY2026)
Sempra is a North American energy infrastructure company that owns regulated utilities and energy infrastructure assets, including a majority stake in Texas-based Oncor Electric Delivery.
Voss Capital has publicly urged Sempra (SRE) to spin off its Oncor electricity unit into a standalone Texas utility. The proposed separation would decouple Sempra's Texas operations from its other regulated and infrastructure segments to simplify the corporate structure and allow the market to value each business independently. Sempra is a North American energy infrastructure company with a $59.8B market capitalization and a majority stake in Oncor Electric Delivery. This activist spin-off demand at a large-cap regulated utility ($89/share) puts a sum-of-the-parts catalyst on the table, with the key question being whether Voss escalates to a proxy fight or builds a larger stake.
Featured in Issue #18 ·
Synopsys, Inc. SNPS (US) · $508.35 · MCAP $97.3B · EV $105.7B
Fwd P/E: 34.4x · EV/EBITDA: 37.0x · EV/Sales: 10.9x · EV/GP: 14.2x (FY2026)
Synopsys provides electronic design automation (EDA) software and semiconductor IP used to design and verify advanced chips, from AI accelerators to 3DIC packages.
Elliott Management partner Jesse Cohn was appointed to the board of Synopsys, Inc. (SNPS) in late May 2026, formalizing activist representation at the electronic design automation software firm. Synopsys recently reported Q2 revenue of $2.276B and net income of $17.1M, which was significantly down, though the company raised full-year sales and EPS guidance. The firm also expanded its AI-driven EDA and semiconductor IP collaboration with Samsung Foundry into advanced 2nm and 3DIC nodes. Synopsys projects 2029 revenue of $12.1B and profit of $1.9B, implying a 14.7% annual revenue growth rate and roughly $800M in incremental profit. Elliott’s board seat during the active Ansys integration creates an efficiency play focused on margin improvement, making the tension between IP-heavy custom delivery costs and margin targets the key spread to monitor.
Featured in Issue #18 ·
BioRestorative Therapies Inc. BRTX (US) · MCAP $12M · EV $9M
EV/Sales: 6.5x · EV/GP: 6.9x (FY2026)
BioRestorative Therapies is a micro-cap biotechnology company focused on regenerative therapies. It trades on the OTC market under the symbol BRTX.
Kaos Capital disclosed a 4.9% stake in BioRestorative Therapies (BRTX) acquired through open market purchases on May 27, 2026. The activist is demanding an immediate board meeting to discuss strategic alternatives, including a pivot from regenerative therapies into artificial intelligence opportunities. Shares of the micro-cap biotechnology company surged 53.5% in premarket trading following the disclosure. While current holdings remain below the Schedule 13D filing threshold, the demand for a meeting signals escalation risk with any future 13D filing serving as a follow-on catalyst.
Featured in Issue #17 ·
Investcorp Credit Management BDC ICMB (US) · $1.38 · MCAP $20M · EV $125M
Fwd P/E: 9.9x (FY2026)
Investcorp Credit Management BDC (ICMB) is a listed business development company that provides debt financing to middle-market companies, externally managed by Investcorp.
Bulldog Investors issued a public letter urging Investcorp to buy out public shareholders of Investcorp Credit Management BDC (ICMB) for $5.04 per share. Bulldog, which holds 596,780 shares, noted that NAV fell from $10.51 in 2019 to a current share price of ~$1.40 while management fees totaled ~$43.5 million, more than double the company's $20 million market capitalization. The activist also cited a November 2025 related-party loan at an interest rate exceeding 9% that added $2.8 million in annual interest expense. These demands follow ICMB’s March 31, 2026, formation of a Special Committee and the engagement of Houlihan Lokey to review strategic alternatives. This push for a buyout at $5.04—the last pre-dilution NAV—sets a benchmark floor for the strategic review and frames the downside for Investcorp if it refuses to close the gap from the ~$1.40 share price.
Featured in Issue #17 ·
Braemar Hotels & Resorts Inc. BHR (US) · $2.46 · MCAP $169M · EV $1.6B
EV/EBITDA: 7.4x · EV/Sales: 2.5x (FY2026)
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
ASIL and Wafic Rida Said announced a formal proxy solicitation for the upcoming Annual Meeting of Braemar Hotels (BHR), a real estate investment trust focused on luxury hotels and resorts. The participants filed Amendment No. 7 to their Schedule 13D and a DFAN14A on May 22, 2026, detailing their intent to file a definitive proxy statement on Schedule 14A. ASIL and Said will utilize a WHITE Universal Proxy Card to solicit votes regarding board composition and other matters. Shareholders are directed to the forthcoming definitive proxy materials for details on the proposed director slate. This filing signals a formal, non-settlement proxy contest for board seats at the upcoming Annual Meeting, setting up a direct shareholder vote on control.
Featured in Issue #17 ·
James River Group Holdings, Ltd. JRVR (US) · $3.91 · MCAP $181M · EV $361M
Fwd P/E: 4.7x (FY2026)
James River Group Holdings is a specialty insurer and reinsurer focused on excess and surplus lines, workers' compensation, and niche commercial auto markets.
Zimmer Partners, the third-largest holder in James River Group Holdings (JRVR) with a 10% stake, converted its passive 13G position to an activist 13D filing on Monday. Zimmer demands the elimination of the common dividend, the suspension of the preferred dividend, debt repayment using excess cash, and the exploration of a private placement of equity. The activist is pushing for a strategic transaction after a 2023 review ended without a deal in 2024, despite interest from Everest, Arch Capital, and Global Indemnity. James River currently trades at approximately 0.5x tangible book value per Wedbush analyst Michael Piccolo. The 13G-to-13D conversion by a top-three holder with 10% puts a concrete activist agenda on the table, making a forced sale or capital restructuring the central arbitrage.
Featured in Issue #17 ·
Medallion Financial Corp. MFIN (US) · $9.73 · MCAP $232M · EV $349M
Fwd P/E: 8.7x (FY2026)
Medallion Financial Corp. is a specialty finance company that has transformed from a legacy taxi medallion lender into a consumer and commercial lending platform, operating primarily through its Medallion Bank subsidiary with a $2.5 billion core consumer loan portfolio.
Medallion Financial Corp. (MFIN) issued a shareholder letter urging votes for incumbent nominees John Everets, Cynthia A. Hallenbeck, and Alvin Murstein on its WHITE universal proxy card, formally commencing a third consecutive proxy contest with ZimCal. Leading into the June 9, 2026 Annual Meeting, ZimCal seeks to replace three directors with its own slate. The company alleges ZimCal’s primary interest is $15 million in trust preferred securities maturing in 2037 and that the activist intends to force a repurchase of this debt at a $5.25 million to $6.5 million premium. ZimCal recently accumulated its equity position after holding approximately 3,000 common shares as of March 2026. Medallion management highlights a 452 percent total shareholder return since its business transformation began and $68.5 million returned to shareholders since 2022. The June 9 vote is a litmus test for whether ZimCal's recently-acquired equity stake can pressure the board into buying out its TruPS at a premium, creating a zero-sum transfer from common shareholders to a single creditor.
Featured in Issue #17 ·
Repay Holdings Corp RPAY (US) · $3.88 · MCAP $342M · EV $633M
Fwd P/E: 4.2x · EV/EBITDA: 15.1x · EV/Sales: 1.9x · EV/GP: 2.5x (FY2026)
Repay Holdings provides payment processing solutions, specializing in integrated payment technologies for personal and business loans, automotive loans, and accounts payable automation.
Forager Fund, L.P. issued a public letter to Repay Holdings Corp (RPAY) stockholders on May 27, escalating its non-binding proposal to acquire the company for $4.80 per share in cash. The 12.4% stakeholder moved to an active public campaign following the board's response to its initial acquisition approach. Repay Holdings provides payment processing solutions specializing in integrated technologies for personal, business, and automotive loans and accounts payable automation. Forager stated it remains willing to engage in discussions though there is no assurance of a definitive agreement. The $4.80 cash offer establishes a floor valuation for the small-cap fintech as investors monitor whether Forager proceeds to a tender offer or proxy contest following the board's rebuff.
Featured in Issue #17 ·
STARZ Entertainment STRZ (US) · MCAP $393M · EV $1.1B
STARZ Entertainment is a premium cable and streaming network offering original series and movies, with a programming strategy focused on underserved and diverse audiences.
Byron Allen confirmed that Allen Media Group acquired a 10.7% stake in STARZ (STRZ) for $25 million, making him the second-largest shareholder. Allen stated his intention to acquire at least 51% control or the entire company, citing the network's focus on underserved audiences. The STARZ board adopted a poison pill shareholder rights plan to cap Allen's ownership at 17.5% without board approval. Allen’s strategy involves either keeping the company public with a majority stake or taking it private to replace the board and eventually re-list. This near-11% stake and public control agenda set up a hostile campaign where the arb angle is whether Allen escalates to a tender offer or proxy fight to bypass the 17.5% poison pill cap.
Featured in Issue #17 ·
Kelly Services, Inc. KELYA (US) · $11.62 · MCAP $403M · EV $431M
Fwd P/E: 12.9x · EV/EBITDA: 5.8x · EV/Sales: 0.1x · EV/GP: 0.5x (FY2026)
Kelly Services provides workforce solutions including temporary staffing, professional recruiting, and managed service provider (MSP) outsourcing through its KellyOCG division. It operates across multiple sectors including technology and education.
Hunt Equity Opportunities filed a share-ownership notice disclosing control of 3,039,940 Kelly Services (KELYA) Class B shares, representing approximately 92.2% of the high-vote stock. The Hunt group is urging the board to establish a special committee of independent directors to evaluate possible transactions involving Hunt affiliates. Kelly Services provides workforce solutions including temporary staffing, professional recruiting, and managed service provider outsourcing through its KellyOCG division. Johnson Fistel has initiated an investigation into whether directors breached fiduciary duties related to potential Hunt-linked deals. The one-year standstill is the key timing element, as it caps near-term squeeze-out risk while the board evaluates a request intended to clear the path for a take-private or related-party transaction despite the limited blocking power of Class A shareholders.
Featured in Issue #17 ·
South Korea 13 situations
EMB Co., Ltd. 278990.KS (KR) · MCAP $8M
EMB Co., Ltd. is a KONEX-listed South Korean company. Its related party FineMtech is a manufacturer based in Anyang, Gyeonggi Province.
Hong Sung-chun and 12 related parties filed a large-shareholding report for Emb Co.,Ltd. (278990.KS) disclosing an 83.7% stake consisting of 8,189,582 shares. The group identified the purpose of the holding as "management control influence" and controls voting rights of 80.22%. Related entity FineMtech increased its position by 38,427 shares through an off-market purchase on June 1, 2026, at KRW 6,340 per share. The disclosure follows South Korean rules triggered by a management-control declaration, which often precedes board or capital-structure changes. This filing serves as the local equivalent of a US 13D and signals consolidation or a potential squeeze-out rather than a hostile build given the controlling bloc already holds over 83% of the company.
Featured in Issue #18 ·
Barunson E&A Corp. 035620.KQ (KR) · MCAP $13M · EV $33M
Barunson E&A Corp. is a KOSDAQ-listed entertainment and content company engaged in film production, distribution, and artist management.
Controlling shareholder Moon Yang Kwon and six related parties disclosed a 30.82% stake in Barunson Entertainment & Arts Corporation (035620.KQ), an increase from 28.17% in their prior 2024 filing. This update follows an April 2026 4-for-1 gratuitous capital reduction that decreased total issued shares from approximately 74.4 million to 18.6 million. Between May 22 and May 29, 2026, related party MI Company utilized a KRW 1.1 billion loan from Moon to acquire a 5.02% stake through market purchases. The group designated the holding purpose as influencing management control under Article 154 of Korea's Capital Markets Act. This is the Korean equivalent of a 13D filing with a management-control purpose, signaling that the group is actively consolidating control through ongoing accumulation following a 75% share-count reduction.
Featured in Issue #18 ·
CQV Co., Ltd. 101240.KQ (KR) · MCAP $20M · EV $18M
CQV Co., Ltd. is a KOSDAQ-listed manufacturer of pearlescent pigments and specialty effect materials used in cosmetics, automotive coatings, plastics, and printing inks.
Star Cheer Corporation Limited and related parties increased their stake in CQV Co., Ltd. (101240.KQ) to 50.73% from 49.84% through open-market purchases of 100,621 shares at prices between KRW 3,630 and KRW 3,707. The group spent KRW 371 million in cash on the additional shares, which are held across Star Cheer, Global New Material International Holdings Ltd (10.56%), and registered executive Jung Sung-ki (0.12%). The filing declares a "management influence" holding purpose citing nine permitted activist grounds under Article 154 of the Capital Markets Act, including director appointment and charter changes. Star Cheer is a Hong Kong intermediate holding company ultimately controlled by Global New Material International Holdings Ltd with SU Ertian serving as the common representative. This Korean large shareholding report with a management-control purpose is the local equivalent of a US 13D activist filing and signals the group may now push for active operational influence, board changes, or M&A after crossing the 50% ownership threshold without triggering a mandatory tender offer.
Featured in Issue #18 ·
Gritee Inc. 204020.KQ (KR) · MCAP $24M · EV $42M
Gritee Inc. (204020.KQ) is a KOSDAQ-listed apparel manufacturer and retailer, primarily producing and selling golf wear and casual clothing under its own brands in South Korea.
CEO Moon Young-woo and six special affiliates of GRITEE, Inc. (204020.KQ) filed a large shareholding report declaring a management-control purpose under Article 147 of the Capital Markets Act. The group increased its combined stake to 42.44% from 41.23% through on-market purchases between May 26 and May 29. Affiliate Son Moon Myung-ki acquired 208,267 shares using KRW 474M borrowed from a related party under a 10-year loan term. The group explicitly asserts influence over board composition, charter amendments, capital changes, and M&A activity. This Korean management-control filing is the local equivalent of a US 13D with an activist agenda, formally clearing the CEO-led group to push for structural changes or capital restructuring without triggering a mandatory tender at the 50% threshold.
Featured in Issue #18 ·
Daeho AL Co., Ltd. 069460.KS (KR) · MCAP $31M · EV $63M
Daeho AL Co., Ltd. is a KOSPI-listed company; its shares are currently under a trading suspension. Specific operating business details are limited from this filing alone.
Lee Sang In and a coalition of 107 co-holders filed a large-shareholding disclosure for a 5.74% stake in Daeho Al Co.,Ltd. (069460.KS). The group holds 999,555 shares via a joint-holding agreement and designated the filing for management-control purposes under Korea's Capital Markets Act. Led by a retail shareholder alliance representative, the coalition intends to normalize management and resume trading for the currently suspended KOSPI-listed shares. The group reserves rights to propose director appointments or removals, bylaw changes, and capital actions. This Korean large-shareholding report allows the 5.74% bloc to push for board changes without triggering a mandatory tender offer and clears the 3% threshold required to call an extraordinary shareholder meeting.
Featured in Issue #18 ·
TS Investment Inc. 246690.KQ (KR) · MCAP $40M
TS Investment is a KOSDAQ-listed venture capital and investment firm based in Seoul, South Korea. It focuses on early-stage and growth equity investments in Korean SMEs.
T.S. Investment Corporation (246690.KQ) CEO and chairman Kim Wung filed a large shareholding report on June 1, 2026, reclassifying his group’s 32.87% stake for the purpose of influencing management control. The filing marks a shift from passive to active intent under Article 147 of the Capital Markets Act and follows the addition of director Byeon Gi-su as a new special-relationship party. The group, which includes TS Investment Holdings (14.91%) and Kim Wung personally (17.75%), currently holds 15,629,508 shares, down from 34.76% due to dilution from a approximately 6.5% increase in the total share count. While the group reported no immediate plans for specific control actions, it reserves the right to exert influence on management matters in the future. This designation serves as the Korean equivalent of a US 13D filing, clearing the group to push for board changes or capital restructuring with a 32.87% block that sits just above the one-third threshold to block special resolutions under Korean commercial law.
Featured in Issue #18 ·
Enzychem Lifesciences Corporation 183490.KQ (KR) · MCAP $54M · EV -$13M
Enzychem Lifesciences is a KOSDAQ-listed biotechnology company developing small-molecule immunomodulators and new drugs. Its shares are currently suspended from trading on the KOSDAQ exchange.
Nam Yun-hee and an alliance of 133 co-filers disclosed a 5.98% stake, or 5,065,345 shares, in Enzychem Lifesciences (183490.KQ) through a June 1, 2026, DART large-shareholding report. The group primary designated the filing under the 'management-control purpose' category, the Korean equivalent of a US 13D, to signal intent to influence board composition and corporate policy. Declared activist objectives include influencing board and auditor appointments or dismissals, bylaw amendments, and capital changes to normalize management and restore trading in the company's currently suspended KOSDAQ shares. This filing is a rare escalation for a suspended biotech that clears the group to pursue shareholder proposals and litigation to force trading resumption and governance overhaul.
Featured in Issue #18 ·
Sungho Electronics Co., Ltd. 043260.KQ (KR) · MCAP $2.2B · EV $2.5B
Sungho Electronics (KOSDAQ: 043260) manufactures and distributes electronic components, including power supplies and industrial equipment, operating primarily in South Korea.
Seoryong Electronics Co., Ltd. and 17 related parties reported a 66.11% stake in Sungho Electronics Corp. (043260.KQ) as of May 29, 2026, designating a "management influence" purpose. This filing reserves the right to pursue board changes, capital restructuring, dividends, and M&A, supported by a January 2026 shareholder agreement governing board composition and disposal restrictions. Currently, 56.9% of the company's total shares are pledged as collateral for loans exceeding KRW 400 billion, with additional convertible and warrant bonds carrying asset sale call rights exercisable after December 8, 2026. This Korean filing is the local equivalent of a US 13D with control intent, allowing the group to pursue board changes or a take-private without triggering a mandatory tender offer, though the pledged stake at vehicles with negative equity introduces structural margin-call risk.
Featured in Issue #18 ·
Blue Industrial Development Co., Ltd. 006740.KS (KR) · MCAP $20M · EV $69M
Blue Industrial Development Co., Ltd. is a KOSPI-listed company. Based on the capital reduction and financial structure of its controlling entities, it appears to be engaged in industrial development or manufacturing operations in South Korea.
Blue Industrial Development Co., Ltd. (006740.KS) disclosed a large shareholding report from PMA Association and related parties reporting a 33.63% stake following a 12:1 capital reduction on May 8, 2026. The group’s voting rights are restricted to 23.38% due to pledged shares, though economic ownership includes 733,627 shares held via convertible bonds. The filing specifies a purpose of influencing management, listing board composition changes, capital structure decisions, and M&A as intended actions. Special related party has 403,710 shares pledged as collateral for a KRW 1.5B loan from Orient-Western maturing June 11, 2026. This Korean large shareholding report with management-control purpose is the local equivalent of a US 13D, and the 23.38% voting power versus 33.63% economic ownership gap creates a concentrated control vector while the June 11 loan maturity adds near-term forced-sale risk.
Featured in Issue #17 ·
Seoul Electronics & Telecom Co., Ltd. 027040.KQ (KR) · MCAP $21M · EV $24M
EV/GP: 10.0x
Seoul Electronics & Telecom is a KOSDAQ-listed Korean manufacturer of electronic components and telecommunications equipment.
Daon International disclosed a 14.9% stake in Seoul Electronics & Telecom (027040.KQ), becoming the largest shareholder following the off-market acquisition of 2,073,196 shares on May 21, 2026. The position was established at an average price of KRW 1,864 per share using KRW 3.87B in borrowings from Kratos Inc. and Song Jin-young. Under the 'management control' purpose filing, Daon International expressed intent to influence director appointments, bylaw changes, capital structure, and M&A strategy. This large shareholding report is the Korean equivalent of a 13D, although the entire 14.9% stake is pledged as collateral for acquisition loans, creating a structural overhang if the share price weakens relative to the 160% collateral maintenance ratio.
Featured in Issue #17 ·
Optrontec Inc. 082210.KQ (KR) · MCAP $35M · EV $107M
Fwd P/E: 9.5x · EV/EBITDA: 8.9x · EV/Sales: 0.6x · EV/GP: 5.2x (FY2026)
Optrontec Inc. is a KOSDAQ-listed manufacturer of precision optical components, including filters, lenses, and optical modules used in mobile devices, automotive sensors, and industrial inspection systems.
Green ESG Growth No.1 PEF disclosed a 34.02% stake in Optrontec Inc. (082210.KQ), an increase from its previous 12.22% holding. On May 27, the fund acquired KRW 25B of convertible bonds and sold common shares, causing its common stock voting rights to fall from 4.88% to 4.21%. The report was filed with a management-influence purpose under Korean Capital Markets Act Article 147. Ultimate control of the fund traces to Woori Financial Group, which owns 100% of the GP, Woori Private Equity Asset Management. This filing is the Korean equivalent of a US 13D activist filing, clearing the filer to push for board changes and corporate restructuring while the acquisition of deeply in-the-money convertible bonds concentrates economic exposure ahead of a potential control squeeze.
Featured in Issue #17 ·
LabGenomics Co., Ltd. 084650.KQ (KR) · MCAP $44M · EV $121M
EV/GP: 3.4x
LabGenomics is a KOSDAQ-listed molecular diagnostics company offering genetic testing services and clinical laboratory solutions in South Korea.
STIC Litmus LLC reported an 18.38% stake in LabGenomics (084650.KQ) following the KRW 20 billion acquisition of convertible bonds on May 20, 2026. The 13,642,564-share position was established at a conversion price of KRW 1,466 per share using self-funded capital. STIC Litmus is an investment vehicle managed by STIC Investments Inc., a Korean private equity firm with over KRW 305B in total assets. The May 28 DART disclosure cites a management control influence purpose under Article 147 of the Capital Markets Act. This large shareholding report is the local equivalent of a US 13D, clearing the filer to push for board changes or capital restructuring as the entry via convertible bonds at a deep discount signals a structured activist play.
Featured in Issue #17 ·
ENZYCHEM Lifesciences Corporation 183490.KQ (KR) · MCAP $51M · EV $84M
ENZYCHEM Lifesciences (183490.KQ) is a KOSDAQ-listed biopharmaceutical company focused on developing and commercializing novel drug candidates, including synthetic compounds targeting inflammatory and oncological pathways.
Nam Yun-hui and an alliance of 124 minority shareholders filed a large shareholding report disclosing a combined 5.95% stake in ENZYCHEM Lifesciences (183490.KQ). The group utilized the 'general' format under Article 147 of the Capital Markets Act with the explicit purpose of influencing management control. Stated intentions include exercising shareholder rights concerning director appointments and removals, auditor actions, bylaw changes, capital restructuring, and M&A proposals. The reporting obligation for the 5,035,780-share position arose on May 26, 2026, representing a new bloc formation with no disclosed interests in derivatives or convertible instruments. This control-purpose declaration is the Korean equivalent of a coordinated US 13D filing and clears the 124-person grassroots alliance to seek board seats or agitate for a sale without triggering a mandatory tender offer.
Featured in Issue #17 ·
Australia 3 situations
Kingsland Minerals Ltd KNG.AX (AU) · MCAP $4M · EV $3M
Kingsland Minerals Ltd is an ASX-listed mineral exploration company with assets located in the Northern Territory and Western Australia.
Quinbrook Asset Management Pty Ltd, a 19.22% shareholder in Kingsland Minerals Ltd (KNG.AX), filed an application with the Australian Takeovers Panel alleging an undisclosed association between the company’s directors and shareholder Bacchus Resources. Quinbrook claims Kingsland, a mineral exploration company with assets in the Northern Territory and Western Australia, breached a subscription agreement by failing to consult the firm before entering a March 2026 term sheet to acquire exploration licenses from Bacchus. Kingsland Minerals maintains that no consultation obligation arose because the term sheet was preliminary and non-binding. The application seeks interim orders to suspend the term sheet and final orders to terminate the deal or mandate a shareholder vote excluding certain directors. The Australian Takeovers Panel can void share arrangements and cap voting rights if it finds an undisclosed association, potentially disrupting the Bacchus transaction and shifting board dynamics with a ruling typically expected within weeks.
Featured in Issue #18 ·
Northern Star Resources Ltd NST.AX (AU) · MCAP $21.1B · EV $21.9B
Fwd P/E: 10.7x · EV/EBITDA: 5.5x · EV/Sales: 3.0x · EV/GP: 5.3x (FY2027)
Northern Star Resources is a large-cap Australian gold producer with a portfolio of assets in Western Australia, including the world-class Hemi gold discovery in the Paterson Province. The company has experienced repeated operational setbacks and production guidance cuts in 2026.
Elliott Investment Management disclosed a 4% stake in Northern Star Resources Limited (NST.AX) valued at over A$1 billion, marking its largest ASX activist position since 2017. Elliott concurrently published a 39-page thesis demanding a formal strategic review, exploration of a full company sale, independent director appointments, and a search for a new CEO to replace the outgoing Stuart Tonkin. This engagement follows several 2026 production guidance cuts and the delay of first gold at the Hemi gold discovery until 2030. Elliott asserts the producer trades at a 55% price-to-NAV discount versus peers, precipitating a 13.75% intraday share price increase upon the disclosure. The Northern Star board indicated openness to constructive dialogue and has not rejected the activist’s core demands. This long-conviction engagement leverages the 55% P/NAV gap and CEO transition to target a strategic-review scenario with a path toward a full-company takeout or asset-level value unlock.
Featured in Issue #18 ·
Skin Elements Limited SKN.AX (AU) · MCAP $5M · EV $2M
Fwd P/E: 18.1x
Skin Elements Limited is an ASX-listed research and development company focused on natural alternatives to chemical products, operating in Western Australia.
Skin Elements Limited (SKN.AX) filed an application with the Australian Takeovers Panel alleging that 62 Capital Pty Ltd and a group of placement investors constitute an undisclosed associate group controlling 43.14% of the company's shares. The filing claims that voting and disposal restriction agreements exist between 62 Capital and each placement investor. These proceedings precede two extraordinary general meetings (EGMs) scheduled for June 2 and June 23, 2026, regarding director removal resolutions under sections 203D and 249D. Skin Elements seeks interim orders to adjourn the June 2 meeting and final orders capping the group's collective voting rights at 20%. If the Panel finds association, the group's voting power would be capped at 20%, neutralizing the requisitionists' ability to remove the board at the upcoming EGM and potentially unwinding the underlying Voting & Disposal Restriction Agreements.
Featured in Issue #17 ·
United Kingdom 3 situations
Alternative Income REIT Plc AIRE.L (UK) · MCAP $77M · EV $122M
Alternative Income REIT is a small UK real estate investment trust that owns a diversified portfolio of commercial properties. Its shares trade at a 19% discount to reported net asset value.
Glenstone REIT holds a 24% stake in Alternative Income REIT Plc (AIRE.L) and is pushing for asset sales to narrow a 19% discount to reported net asset value. The activist proposes moving the REIT to a smaller exchange followed by a wind-down, though it has not yet named a price for a potential offer. Under UK Takeover Code rules, Glenstone faces a June 12 "put up or shut up" deadline to either announce a firm offer or withdraw. Alternative Income REIT shares fell approximately 7% in May as the market weighed concerns over a potential delisting and reduced liquidity. This creates a binary event window where the activist's preference for moving to an illiquid exchange and winding down presents downside risk for event-driven longs if retail brokers cannot trade the new venue.
Featured in Issue #18 ·
Advanced Medical Solutions Group plc AMS.L (UK) · MCAP $626M · EV $713M
Fwd P/E: 16.9x · EV/EBITDA: 9.2x · EV/Sales: 2.2x · EV/GP: 4.6x (FY2026)
Advanced Medical Solutions Group plc manufactures wound-care and surgical products including adhesive bandages, tissue adhesives, sutures, and hemostats. Headquartered in the UK and listed on the London Stock Exchange.
Activist Ancora Holdings (2% holder of H.B. Fuller) publicly opposes Fuller's unsolicited $800M+ bid for Advanced Medical Solutions. Ancora demands H.B. Fuller halt the AMS acquisition and instead launch a comprehensive strategic review. AMS confirmed last month it received an unsolicited approach from H.B. Fuller; the company has been entertaining bids for over a year. Ancora was told H.B. Fuller was pausing M&A on its March 26 Q1 earnings call, and opposes the apparent reversal.
Featured in Issue #18 ·
Workspace Group plc WKP.L (UK) · MCAP $860M · EV $2.0B
Fwd P/E: NM · EV/Sales: 11.3x · EV/GP: 17.2x (FY2027)
Workspace Group plc is a UK REIT that owns and manages flexible office and light-industrial space across London, leasing to SMEs and entrepreneurs.
Saba Capital founder Boaz Weinstein is publicly urging Workspace Group plc (WKP.L) to sell its portfolio of London property sites. This demand for asset sales marks an escalation in Saba Capital’s activist campaign against the UK REIT, which owns and manages flexible office and light-industrial space. The activist thesis centers on a potential break-up or sale of the company’s London commercial property holdings. Workspace Group currently has a market capitalization of $860M and an enterprise value of $2.0B. This public call to sell the core London portfolio creates a clear catalyst around asset divestiture optionality, signaling a need to monitor for further investor pressure, strategic review initiation, or a formal break-up proposal.
Featured in Issue #18 ·
Canada 2 situations
Groupe Dynacor inc. DNG.TO (CA) · MCAP $199M · EV $169M
Fwd P/E: 11.5x · EV/EBITDA: 3.9x · EV/Sales: 0.4x · EV/GP: 3.8x (FY2026)
Dynacor Group is a Canadian gold-ore processing company that operates the Veta Dorada plant in Peru, sourcing from artisanal miners through a traceable, responsible supply chain. It also holds a gold exploration property in Peru.
Dynacor Group Inc. (DNG.TO) is facing a withhold campaign from iolite Partners Ltd. targeting five director nominees at the annual meeting scheduled for June 19, 2026. This represents iolite's second campaign in under twelve months, following a failed effort at the 2025 annual meeting and an unsuccessful call for a special meeting in April 2025. Dynacor’s board unanimously recommends voting for all nominees and asserts iolite’s proposals were excluded from the proxy circular for non-compliance with the Canada Business Corporations Act. Laurel Hill Advisory Group is advising on the proxy contest. This campaign at a micro-cap TSX issuer tests whether the dissident can flip the vote after 18 months of failed activism to force board changes or extract concessions despite the board's unified defense.
Featured in Issue #18 ·
Pivotree Inc. PVT.V (CA) · MCAP $29M · EV $25M
Fwd P/E: 77.0x · EV/Sales: 0.6x · EV/GP: 1.6x (FY2026)
Pivotree provides data and AI-enabled IT services and solutions, with a reported pivot from legacy commerce/managed services toward data and AI offerings still in progress. FY 2025 revenue was C$66.8M with C$6.7M Adjusted EBITDA.
Shen Capital Partners (SCP) filed two shareholder proposals and an open letter to Pivotree (PVT) disclosing a 9.1% stake and nominating SCP founder Francis Shen to the board. SCP is demanding a non-binding advisory resolution for the company to retain an independent investment bank by September 30, 2026, to conduct a formal strategic review including a comprehensive sale process. The activist, advised by Goodmans LLP, argues that AI disruption and compressed sector multiples favor an immediate sale over the company’s ongoing transformation of its legacy IT services business. These proposals target the June 23, 2026 annual general meeting. This 9.1% holder’s specific, time-bound resolution and board seat nomination create a pre-vote catalyst at a sub-scale IT services name, framing an M&A upside arbitrage argument based on a C$1.65 reference price versus peer and precedent multiples.
Featured in Issue #17 ·
Germany 2 situations
Evotec SE EVO (DE) · €2.80 · MCAP $1.0B · EV $440M
EV/EBITDA: 9.3x · EV/Sales: 0.6x · EV/GP: 7.1x (FY2026)
Evotec SE is a German drug-discovery and development services company, operating through a global network of sites. Its US subsidiary Just – Evotec Biologics focuses on biomanufacturing.
MAK Capital has disclosed a 7% stake in Evotec SE (EVO) and is advocating for a separate listing of the company's US subsidiary, Just – Evotec Biologics. Evotec has engaged Morgan Stanley and Moelis & Company to conduct a strategic review of its portfolio and ownership structure while executing a restructuring plan targeting €75M in annual savings by end-2027. The company expects to close the sale of its Tubulis stake to Gilead in the second quarter for ~$100M upfront plus up to $58M in milestones. Upcoming governance items for the June 11 AGM include a board expansion to seven members and a new performance share plan covering up to 5.6% of shares outstanding. MAK Capital's public push for a subsidiary listing adds external pressure atop the board's own strategic review, creating a dual-track dynamic monitorable via the June 11 AGM Q&A and advisor updates.
Featured in Issue #18 ·
Delivery Hero SE DHER.DE (DE) · MCAP $13.5B · EV $16.6B
EV/EBITDA: 4.3x · EV/Sales: 0.9x · EV/GP: 4.3x (FY2026)
Delivery Hero SE is a German-based global online food delivery platform operating in over 40 countries across Asia, Europe, Latin America, and the Middle East, connecting restaurants with customers through its delivery network and logistics infrastructure.
Prosus is canvassing Delivery Hero SE (DHER.DE) shareholders to gauge the price at which they would sell shares as it seeks to block consolidation attempts by Uber. Uber holds a 24.99% stake in the company following the board's rejection of its $10B/€11.5B takeover offer, while Prosus maintains a 16.83% position. Concurrently, 14.6% shareholder Aspex Management is pushing for the removal of CEO Niklas Östberg, and the company is evaluating the sale or spin-off of its Middle East and Korea business units. Uber is also weighing derivative purchases that would increase its indirect ownership above 30%, a level that triggers a mandatory offer under German law. This creates a two-front battle as Prosus pursues a blocking stake while Aspex demands leadership and structural changes, shifting the scenario to a stake-accumulation race with potential mandatory offer implications at the 30% threshold.
Featured in Issue #18 ·
Italy 1 situations
Pirelli & C. S.p.A. PIRC.MI (IT) · MCAP $7.7B · EV $10.5B
Fwd P/E: 11.7x · EV/EBITDA: 5.4x · EV/Sales: 1.3x · EV/GP: 4.1x (FY2026)
Pirelli & C. S.p.A. is a Milan-listed global tire manufacturer specializing in high-end and premium tires for consumer and industrial vehicles, with a particular focus on the prestige and luxury automotive segments.
Pirelli & C. S.p.A. (PIRC.MI) received competing board slates on June 1 ahead of the council renewal vote scheduled for the June 25, 2026, shareholder meeting. Camfin S.p.A. and its affiliates, holding a 26.18% stake, submitted a 15-member slate nominating Marco Tronchetti Provera for Chairman and Andrea Casaluci for CEO, advised by Crisci&Partners. Marco Polo International Italy S.r.l., which holds a 34.1% stake, submitted a rival 3-member slate led by Zhang Haitao. Camfin’s slate includes 11 candidates designated as independent under Italian law, while the Marco Polo list includes two. Under the Italian slate-voting mechanism, board seats are allocated proportionally to slates passing a threshold. This contest between the Camfin/Tronchetti faction and Sinochem-linked Marco Polo will determine which bloc gains the majority on the 15-member board, dictating the CEO appointment and strategic control of the company.
Featured in Issue #18 ·
Netherlands 1 situations
Universal Music Group NV UMG.AS (NL) · MCAP $38.4B · EV $41.8B
Fwd P/E: 17.7x · EV/EBITDA: 8.7x · EV/Sales: 2.7x · EV/GP: 6.8x (FY2026)
Universal Music Group is the world's largest music label, representing artists including Taylor Swift and Drake. Listed in the Netherlands, it generates revenue from recorded music, publishing, and licensing.
Universal Music Group (UMG.AS) rejected an unsolicited €56B offer from Pershing Square Capital Management, characterizing the proposal as "fundamentally and materially undervalued" following a review with outside advisers. The proposal valued the music label at an implied €30.40 per share through €9.4B in cash and 0.77 shares of a new New York-listed acquisition vehicle. Controlling shareholder Vincent Bolloré, who holds a stake exceeding 18%, and Cyrille Bolloré publicly opposed the bid earlier this week. UMG has already addressed certain activist critiques by selling half of its Spotify stake and increasing its share buyback program. This formal rejection sets a floor under UMG shares and establishes management alignment with the Bolloré control bloc, leaving the stock's trajectory dependent on whether Pershing Square chooses to increase the bid, launch a hostile tender, or walk away.
Featured in Issue #18 ·
United Kingdom 1 situations
Physiomics plc PYC.L (GB) · MCAP $3M · EV ~$869.5K
EV/Sales: 0.6x (FY2026)
Physiomics is a UK-based mathematical modelling, data science, and biometrics company that supports drug development and personalised medicine for biotech and pharma clients.
Physiomics (PYC.L) has completed a wholesale board replacement following a shareholder vote where over 75% of investors removed former chair Dr. Jim Millen. Activist Mike Whitlow was appointed executive director, while CEO Dr. Peter Sargent was retained to provide management continuity. Following the board overhaul, the company announced multiple contract wins totaling over £345,000 from international and UK-based biotech and oncology organizations. These follow-on contracts signal the new board's operational focus and confirm the leadership change is translating into commercial momentum. This commercial traction so soon after the coup de-risks the activist thesis that board change would unlock value and serves as a material revenue signal for the AIM-listed micro-cap firm.
Featured in Issue #17 ·
Israel 1 situations
Nano Dimension Ltd. NNDM (IL) · $1.75 · MCAP $366M · EV $137M
Nano Dimension delivers advanced digital manufacturing technologies to the defense, aerospace, automotive, electronics, and medical device industries, enabling rapid high-mix, low-volume production.
Nano Dimension Ltd. (NNDM) filed DEFA14A soliciting materials on May 26, 2026, initiating a proxy defense ahead of an extraordinary general meeting to replace three of five board seats. Murchinson Ltd. is seeking to replace those three directors, including the CEO and two directors it nominated in prior proxy contests, according to an amended Schedule 13D. The board is currently conducting a strategic alternatives review with financial advisors that is expected to conclude in the near future. Director Phillip Borenstein publicly dissented from the company’s shareholder letter, and director Andy Sriubas informed the board he will not serve if Murchinson gains control. This escalation to a formal proxy contest at a company with a large cash balance and an active strategic review suggests a fractured board where a control shift could accelerate or derail the strategic review depending on which slate prevails.
Featured in Issue #17 ·
Get the full Special Situations Digest weekly
300+ situations across 30+ countries every Sunday. Excel/PDF/JSON exports. 14-day free trial.
Start 14-day free trial →