The buyer believes Whitbread could double its share price in three to five years and has requested a fact-based review of the company's German business. Whitbread has publicly defended its German expansion, which involved investing £1.1 billion (~$1.5B) into 11,500 rooms over eight years. This UK activist campaign targets strategy and capital allocation at a FTSE 100 hospitality group, with Corvex shifting from calling for a sale to demanding board representation.

Saba Capital Management, L.P. and General Atlantic SD (Bermuda), L.P. are seeking board representation at SDCL Efficiency Income Trust plc (SEIT.L) to oversee the trust's wind-down. Shareholders will vote on these appointments at a General Meeting on 15 October 2026. The board unanimously recommends voting in favor of both resolutions. The two largest shareholders are placing representatives on the board to gain direct input into the pace and value of asset disposals and capital returns.

The shareholder-return proposal has been revised from 'share buybacks or dividend increases' to 'implementation of dividends with a payout ratio of 100%'. The revised proposal is planned to be communicated to KH Neochem during September 2026. Other proposals include major changes to capital policy using interest-bearing debt and transfer, suspension, or discontinuation of all or part of the basic chemicals business. 6.8 million shares are held as client asset management under an investment discretionary agreement with Intertrust Trustees (Cayman) Limited.

Activist investor Jana Partners is pressuring Six Flags Entertainment's board to pursue a sale. Six Flags reported a loss of $203 million last month, compared to $100 million a year ago. Revenue dropped 9% to $864.92 million. Jana Partners announced last October it was teaming up with other investors, including Travis Kelce, to push for changes at Six Flags. Six Flags hired John Reilly as its new CEO in November, a move Jana applauded. In March, Six Flags announced a deal to sell seven parks to EPR Properties.

Starboard Value disclosed a position in Knife River Corporation (KNF) and sent a letter to management demanding a plan to deliver at least 22% adjusted EBITDA by fiscal 2029. The buyer stated the board should consider strategic alternatives if the company cannot meet this target. Knife River defended its management and strategy but said it would engage with Starboard. Shares closed up 3.8% on the news. The entry creates a strategic-alternatives overhang, as Starboard will push for a sale if the company cannot credibly commit to the EBITDA target.

Elliott now owns a stake worth roughly $4 billion in PepsiCo (PEP) and is pushing the company to divest non-core units and strengthen its carbonated soft drink business. After February price cuts of up to 15%, PepsiCo will raise prices on select snack and soft drink packages by low-to-mid single-digit percentages in late 2026 or early 2027; the new list prices will remain below pre-cut levels. Joaquin Duato will join the board as an independent director effective December 1, 2026. The company reports third-quarter results on October 8. Elliott's push for divestitures and the pricing response to margin pressure make the October 8 earnings print the next hard data point.

S.H.N. Financial Investments Ltd. now owns 5.716% of PRF Technologies Ltd. (PRFX) and is seeking to replace the majority of the board (Schedule 13D). The buyer owns 200,000 ordinary shares and delivered a letter, demanding a special general meeting to remove all board members except Dr. Ellen S. Baron and Augustine Lawlor. S.H.N. intends to elect its own nominees to improve oversight and enhance shareholder value. This is an early-stage activist board contest at a micro-cap issuer.

Hans Thomas now owns 38.9% of Host Digital Inc. (HOST) through 10X MASTER LLC (Schedule 13D). The stake dates to September 17, 2026, when Host Digital completed its merger with Host Digital Infrastructure LLC. Thomas intends to communicate with the board, management, and other shareholders regarding governance, control, business, and operations. A 38.9% holder filing a 13D with stated intent to engage on governance and control is a de facto activist position following the post-merger share issuance.

MI2 Co., Ltd. and Takaki Murakami now own 12.35% of Primo Global Holdings Co., Ltd. (367A.T), increasing their combined stake from 11.35% (large shareholding report). The filers hold 1.1 million shares and intend to propose capital policy and corporate governance changes, specifically dividend increases, share buybacks, and take-private measures. The filing indicates possible additional purchases exceeding 5% of the holding ratio within three months if the stock is judged undervalued. 124,300 of MI2's shares are pledged as collateral substitute securities with SBI Securities. This filing clears the holders to push for buybacks, dividends, or a going-private transaction.

The filer has proposed that Wacom set a dividend payout ratio target of 65%. The filer states its holding purpose is pure investment, but it may make significant proposals including changes to dividend and capital policies, officer composition, and business disposition. The filer acquired shares both on-market and off-market between 2026-07-21 and 2026-09-14 at prices ranging from 742 to 854 yen per share.