Special Situations Digest #26

Jana Partners Management LP owns 4.4 million shares, almost 1% of Fiserv equity. Jana's open letter urges a review of Fiserv's entire product portfolio and appointment of more board members. Jana supports a potential sale of Fiserv's debit networks (Star and Accel), which a bank consortium including JPMorgan Chase, Bank of America, Wells Fargo, and PNC has held tentative discussions about. Fiserv stock traded at $52.92 early Friday, down nearly 80% from 2025 highs, after exceeding $100 last fall. The campaign follows a period in which Fiserv lost more than half its value over 12 months, closing at $55.63 on Wednesday.

Endeavor Blockchain, LLC and Joshua Kilgore took a 6.5% stake in Sphere 3D Corp. (ANY) to push for value creation. The group acquired 500,000 common shares in open-market transactions between July 22 and July 30, 2026, for an aggregate purchase price of $988,384 at prices between $1.54 and $2.45 per share. The reporting persons filed a Schedule 13D on July 31, 2026, stating their intent to engage with management and the board of directors. The filer's focus on digital asset mining and AI/HPC aligns with the issuer's operations, suggesting industry-informed engagement.

Appaloosa Management is pushing Whirlpool Corporation (WHR) to pursue strategic alternatives, including mergers or partnerships, following a public letter criticizing management for destroying shareholder value. The fund held a ~$282 million position as of Q4 2025, marking its eighth-largest holding. Tepper cited dilutive equity issuance at a cost exceeding 10% and a 60.87% decline in shares over the past year as drivers for the campaign. This follows the company's suspension of its common dividend and a Q1 2026 North America EBIT drop of 96% to $6 million. The board is now under explicit pressure from a well-capitalized investor while the business is in peak distress, creating a catalyst for corporate action.

Legion Partners has increased its engagement with NN Inc (NNBR) through an amended 13D disclosing a 6.5% stake. On July 29, 2026, the parties entered into a Letter Agreement accelerating the vesting of 49,079 restricted shares granted to director Raymond T. White. Legion irrevocably waived replacement rights under a prior Cooperation Agreement and acknowledged the termination of NN Inc's obligations under Section 1 of that agreement. This shift in the activist relationship and the termination of prior cooperation obligations could precede board changes or operational demands.

Endeavor United Co., Ltd. is seeking to participate in management and improve corporate value at Kodama Chemical Industry (4222.T) through a 48.53% stake. The filer disclosed this intent in a Japanese large shareholding report, though its position declined from 49.57% due to daily disposals between June 29 and July 24, 2026. Endeavor United also entered an entrusted sale agreement with Mitsubishi UFJ Morgan Stanley for 4,956,712 shares running from June 29, 2026, to May 31, 2028.

SilverCape Investments Limited increased its stake in Broadband Tower Co., Ltd. (3776.T) to 26.80% to pursue corporate and shareholder value enhancements. Its July 31, 2026 large shareholding report states that it may make important proposals concerning board composition, dividends, M&A/business restructuring, delisting, capital policy, or third-party control. The holding is a substantial minority stake and engagement platform, but at 26.80% it is below the roughly one-third level generally associated with blocking Japanese special resolutions.

Ding Shao Ying, CEO and largest shareholder of Deep Commerce Limited (900110.KQ), increased her group stake to 14.66% through on-market purchases on July 30-31, 2026. The group, which includes three executives and one relative, acquired 44,592 shares for KRW 48.5 million (~$33.8K). Ding filed a Korean large shareholding report stating the purpose of the holding is to exert influence over management rights. This filing formalizes existing control rather than signaling a new outside activist campaign, though the report's purpose clears the filer to push for board changes, capital policy, or M&A.

Prime Value Investment Association took an 18.28% stake in Agent AI Co., Ltd. (060900.KQ) to influence management rights. The group acquired 892,857 shares via a third-party allotment paid-in capital increase on July 23 at KRW 3,920 per share. The reporting group, which includes partner Jang Tae-ho and Daeyang Metal Co., Ltd., intends to become the largest shareholder and exert influence over board composition, capital policy, dividends, M&A, and dissolution. This filing under Korea's Financial Investment Services and Capital Markets Act clears the filer to push for board changes, capital restructuring, or M&A.

Sherritt International Corp (S.TO) faces activist pressure from Kyma following a shareholder requisition. The board determined the requisition is ineffective under the Canada Business Corporations Act, yet it will include Kyma's proposals at the combined annual and special meeting. The inclusion of these proposals keeps activist pressure live and creates a near-term catalyst.

Astaris Capital Management LLP reported an 8.1% stake in KNOT Offshore Partners LP (KNOP), representing 2,741,926 common units, and delivered a July 28, 2026 letter regarding additional independent directors. The filing references a non-binding cash offer delivered by Knutsen NYK Offshore Tankers AS on October 31, 2025 to acquire common units not already owned by it. Astaris may discuss that offer, capital allocation, and governance with management, the board, and other unitholders. The filing does not establish that the non-binding proposal remains outstanding or provide an offer price.