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6/29/2026

Fortune Brands Innovations Appoints Former AZEK Chief Jesse Singh as CEO

Business Standard (06/29/26)

Fortune Brands Innovations (NYSE: FBIN) has appointed Jesse Singh as its next chief executive officer (CEO), people familiar with the matter told Reuters on Monday. Singh assumes the role on Monday. Most recently, he served as CEO of outdoor living products maker The AZEK Company (NYSE: AZEK) from 2016 to 2025. Investor Ed Garden had built a stake in Fortune Brands and was seeking to replace its incoming CEO, among other changes. Garden, the founding partner and CEO of Garden Investments, joined the company's board in March. Fortune Brands is a home, security and digital products company whose brands include Master Lock, Moen, and SpringWell. Fortune Brands' interim CEO, David Barry, has been appointed chief operating officer and executive vice-president.

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6/27/2026

Ocado Major Shareholders Mount Rearguard Action to Save CEO Tim Steiner

Financial Times (06/27/26) Gray, Alistair

A group of major Ocado (LON: OCDO) shareholders is mounting a rearguard action to convince the board to abandon its plan to oust chief executive Tim Steiner, as investor views diverge over the merits of retaining the co-founder of the grocery technology company. Multiple top 10 investors have in recent days written to Ocado’s board expressing their support for Steiner, according to people familiar with the matter. Earlier this week Ocado confirmed that its board was working on plans to find a successor to replace Steiner, who co-founded the business with two former Goldman Sachs (NYSE: GS) colleagues 26 years ago. The move to accelerate succession planning has been driven by the company’s chair Adam Warby and Tetra Pak billionaire Jörn Rausing, an Ocado board member and major shareholder, according to people close to the situation. Warby, a former software executive, took over as chair in November 2024. Rausing is a long-term shareholder with a 10.4% stake. Ocado had intended to announce Steiner’s exit in recent days but the opposition to the plans from some investors has caused the board to have further deliberations, some of the people said. Discussions are ongoing, with some people close to the talks saying that Steiner’s exit would always be difficult, no matter when it happened. In its statement to the stock market on Monday Ocado said the long-term succession planning had been done by the “CEO and the board.” But efforts to identify a candidate who could take over imminently had been driven by Warby and Rausing, according to people familiar with the matter. Steiner has been the driving force behind Ocado, developing a deep knowledge of the company’s technology. Under his leadership the company helped to pioneer online grocery shopping in the UK and licensed its technology to retailers around the world. But its share price has slumped by about 90% over the past six years as the pandemic-era online shopping boom unwound and international clients scaled back their agreements with Ocado. Steiner’s prominent role at Ocado has always been considered a “key man risk” from governance experts. If he is removed, shareholders have the option to call an extraordinary general meeting to hold a vote over reinstating Steiner and potentially removing Warby as chair. UK company law requires shareholders to hold 5% of voting capital to be able to demand such a meeting. “We back Tim,” one significant investor said. Julian Dunkerton, founder of fashion brand Superdry, successfully used this tool to take back control of the company when he became disillusioned with its strategic direction after departing in 2018. However, several Ocado shareholders told the FT their preference was for the situation to be resolved amicably, so that the company could avoid the distraction and drama of a public battle. One Ocado investor described the board’s plan for an abrupt removal of Steiner as an “act of self-harm” and said that the process should have been managed more carefully and in collaboration with the chief executive. If removed, Steiner could also take legal action against the company if he believes he has been unfairly dismissed. Investor confidence in Ocado has been shaken after its key client Kroger announced plans to close three Ocado-powered facilities due to disappointing financial performance. However, the company did recently announce a software licensing deal with UK supermarket chain Asda. Ocado is also now providing “store-based automation” as an alternative to its highly automated warehouses, as the slowdown in growth of online shopping has meant many retailers prefer to fulfill orders from their stores. Ocado declined to comment other than to highlight its previous statement that the “CEO and the Board continually engage in long-term succession planning.” Rausing could not be immediately reached for comment.

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6/27/2026

Shareholders in Japan Push Back Against Poor Earnings, Weak Governance

Nikkei Asia (06/27/26) Hosoda, Takuro; Shimizu, Ataru

Shareholders at listed Japanese companies raised pressure on managers over earnings and corporate governance failures, as the annual general meeting season peaked on Friday. More than 600, or about 30%, of all publicly traded companies with fiscal years ending in March held general shareholder meetings Friday. Honda Motor (TYO: 7267) President Toshihiro Mibe apologized after the automaker posted its first net loss as a publicly traded company, following a shift in its electric vehicle strategy. Shareholders called for more management accountability. Approval rates for director appointments were notably low at companies seen as having weak governance. At electronics maker Ricoh (TYO: 7752), CEO Akira Oyama received 55.69% approval. Kinya Seto, CEO of housing equipment maker Lixil (TYO: 5938), garnered 68.21% of votes in support. Approval below 80% is generally considered low. Return on equity at both companies has been stagnant in recent years. Companies hit by scandals also drew opposition to board nominations. At telecommunications group KDDI (TYO: 9433), where deceptive round-trip transactions came to light at a subsidiary, only 62.34% of shareholders voted in support of reappointing Chairman Makoto Takahashi. At Nissan Motor's (TYO: 7201) meeting, one candidate for outside director, Motoo Nagai, was rejected. Nagai appears to have elicited concerns at French automaker Renault (EPA: RNO) -- a major Nissan shareholder -- over his background at Mizuho Financial Group (Mizuho Financial Group), Nissan's primary bank. Japan's corporate governance reforms have helped reduce cross-shareholdings among companies, which makes it easier for other shareholders to hold management accountable. But reforms are still in progress, even more than a decade after the introduction of a governance code for public companies. Meanwhile, activist investors are gaining momentum. Last year, activist investments in Japanese stocks reached 13.2 trillion yen ($81.6 billion), climbing nearly 40% from the year before, consulting company IR Japan reports. A record of more than 50 companies received proposals from such shareholders for their June meetings. Some were approved, including one at Synchro Food (TYO: 3963), a company that operates a website for restaurant operators. Shareholder LIM Japan Event Master Fund succeeded with its candidate for an outside director role. Asset managers in Japan are tightening voting standards at target companies and raising the minimum for ROE to 8% from 5%. Listed Japanese companies have an average ROE of 9%-10%, far behind European peers, typically in the low teens, and American corporations, which are closer to 20%. "Cross-shareholding reductions and ROE improvements have become quite widespread," said Hidenori Yoshikawa, a senior consultant at Daiwa Institute of Research. "Governance aimed at enhancing growth, which is central to increasing corporate value, will become even more crucial than before."

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6/26/2026

GameStop Pledges to Pursue Takeover Offer for eBay Despite Rejection

Reuters (06/26/26) Herbst-Bayliss, Svea; Singh, Jaspreet

GameStop (GME.N) pledged on Friday to pursue its proposed takeover of eBay (EBAY.O), even after the e-commerce firm rejected an unsolicited cash-and-stock offer of about $56 billion from the video game retailer. The company also said in a short regulatory filing that this year's earnings will be strong, helping push up its stock price more than 2% in after-hours trading. GameStop CEO Ryan Cohen surprised Wall Street with the offer to buy eBay in May, arguing a combined company would be a bigger competitor to Amazon (NASDAQ: AMZN) and saying he would run it. eBay rejected it the same month. The company said it was holding firm on plans to buy eBay, a company roughly five times its size, but did not provide the details on Friday about its rationale and next steps. GameStop said on Tuesday it would release additional materials regarding its plans for eBay this week, including a detailed presentation of the strategic rationale and operational plan for the combined company. On Friday, GameStop said, "additional materials regarding the proposed transaction are forthcoming." An eBay spokesperson could not be immediately reached for comment. The company said it expects to generate adjusted earnings before interest, taxes, depreciation and amortization of more than $600 million in fiscal 2026, compared with $345.4 million reported in fiscal 2025.

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6/26/2026

Nano Dimension and 4 More Stocks See Action From Investors

Barron's (06/26/26)

Murchinson raised its stake in additive manufacturing company Nano Dimension (NASDAQ: NNDM) to 20,285,450 shares. Murchinson did so through the purchase of 4,735,450 Nano Dimension shares from June 15 through June 22 at per share prices ranging from $1.26 to $1.39. The purchases came roughly a month after Murchinson demanded a special meeting of shareholders, seeking to declassify Nano Dimension’s board, replace three directors, and require shareholder approval for any major transaction or new shareholder rights plan. Following the latest purchases, Murchinson continues to own a 9.6% stake in Nano Dimension’s outstanding stock. Shares of Nano Dimension have lost approximately 15.7% of their value since the beginning of this year. Lynrock Lake lowered its stake in data analytics and cloud software company Teradata (NYSE: TDC) to 7,189,401 shares. Lynrock Lake did so through the sale of 2,165,275 Teradata shares from June 10 through June 17 at per share prices ranging from $32.13 to $33.59. Following the latest sales, Lynrock Lake continues to own a 7.6% stake in Teradata’s outstanding stock. Shares of Teradata have gained 7.2% in value since the beginning of this year. Paulson & Co. lowered its stake in asset management firm Acadian Asset Management (NYSE: AAMI) to 5,843,282 shares. Paulson did so through the sale of 1.9 million Acadian Asset Management shares through a block sale on June 17 at a price of $77.25 per share. Following the latest sale, Paulson continues to own a 16.4% stake in Acadian Asset Management’s outstanding stock. Shares of Acadian Asset Management have gained approximately 48.3% in value since the beginning of this year. Oaktree Capital Management reduced its stake in shipping company Torm (NASDAQ: TRMD) to 20,329,874 shares. Oaktree Capital did so through the sale of 3,509,701 Torm shares through a block sale on June 22 at a price of $29.08 per share. Following the latest sale, Oaktree Capital Management continues to own a 19.9% stake in Torm’s outstanding stock. Shares of Torm have gained roughly 48.4% in value since the beginning of this year. Finally, Fund 1 Investments reduced its stake in pop-culture collectibles maker Funko (NASDAQ: FNKO) to 5,257,086 shares. Fund 1 Investments did so through the sale of 1,169,796 Funko shares from May 7 through June 10 at per share prices ranging from $4.53 to $5.73, and substantially offset those sales through the purchase of 1,011,084 shares from May 7 through June 17 at $4.79 to $5.76. Following the latest activity, Fund 1 Investments continues to own a 9.4% stake in Funko’s outstanding stock. Shares of Funko have gained approximately 71.4% in value since the beginning of this year.

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6/26/2026

Lululemon Shareholders Back Board Slate After Truce With Founder

Reuters (06/26/26) Mishra, Savyata

Lululemon (LULU.O) shareholders have elected three management-backed directors, including former Levi Strauss (NYSE: LEVI) chief Chip Bergh, cementing the settlement of a bruising proxy battle with its founder and paving the way for the incoming CEO to focus on reviving the athleisure brand. The company also disclosed on Friday that two of founder Chip Wilson's nominees, Marc Maurer and Laura Gentile, have been appointed as independent directors, taking the board strength to 11. A third mutually agreed director will join by October 1, as part of the truce struck last month. Thursday's closed-door vote installed Bergh alongside Unilever (ULVR.L) marketing executive Esi Eggleston Bracey and veteran finance leader Teri List, bolstering the board with directors experienced in brand-building and corporate governance as the Vancouver-based company prepares for a broader reset. Wilson, who owns roughly 8.6% of the company, has publicly sparred with the company's management since December, weighing on the stock and exposing deep tensions over strategy, leadership and the brand's direction. Under the agreement, Wilson has also agreed to an 18-month standstill on public criticism. The settlement and voting outcome give former Nike (NYSE: NKE) executive Heidi O'Neill some room to maneuver as she takes over in September. Lululemon, associated with its sophisticated leggings and yoga pants, is trying a reboot when competition from upstarts, including Alo Yoga and Vuori, has intensified. The company earlier this month forecast the first drop in sales since the pandemic in the current quarter, as well as a squeeze on margins from heavier discounting and tariff-driven cost pressures. The stock has halved in value over the past 12 months. Last year, Elliott Investment Management built a stake worth $1 billion, and was pushing for leadership and strategic changes, including backing former Ralph Lauren executive Jane Nielsen as a potential CEO candidate. It has not publicly commented on Lululemon's agreement with Wilson. Analysts have said the company must win back core customers with fresher products and sharper brand positioning as competitors chip away at market share. Meanwhile, attention is also on Lululemon's $1.8 billion net cash treasure chest and how it would be deployed. It is widely expected that the company could invest it in new categories, upgrade stores or accelerate international expansion.

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6/25/2026

CoStar Stockholders Back Directors, Approve Pay Plan

HousingWire (06/25/26) Han, Brooklee

CoStar Group (NASDAQ: CSGP) stockholders approved all proposals at the company’s annual meeting on Tuesday, including the reelection of eight director nominees and an advisory vote on a redesigned executive compensation plan, the company said in an announcement on Thursday. The vote gives CoStar leadership a governance green light as it pursues a strategy that pairs revenue growth with a renewed focus on EBITDA margin expansion. Additionally, the vote came after an investor campaign called for a complete overhaul of the board and the possible removal of Andy Florance as CEO. According to preliminary results disclosed by CoStar, investors supported each director candidate with more than 93% of votes cast. The directors returning to the board include Florance, Louise Sams, John Berisford, Angelique Brunner, Rachel Glaser, John Hill, Christine McCarthy, and Robert Musslewhite. Earlier this year, CoStar’s board, which includes three new directors, unanimously approved a plan to “deliver revenue growth and prioritize EBITDA margin expansion,” CEO Andy Florance said in the announcement. The company then held in-person meetings with more than 500 stockholders to outline its strategy and long-term objectives. “The overwhelming stockholder support for our directors reflects their confidence in our strategy and the considerable opportunities ahead for CoStar Group,” Florance said in a statement. Stockholders also approved the nonbinding advisory vote on pay for CoStar’s named executive officers, with 71.38% of votes cast in favor, the company reported. That approval follows a multi-year engagement campaign targeting the company’s largest investors. In 2025, the board chair and compensation committee chair met with the firm’s top 50 stockholders, representing 77% of outstanding shares, to discuss governance and executive compensation. These discussions resulted in a board approved, redesigned 2026 executive compensation program that CoStar said includes things like more rigorous, quantitative performance goals, greater transparency around metrics and payouts and a simplified structure intended to align pay more tightly with long-term stockholder value. In January, CoStar provided investors with an update on financial and corporate governance initiatives for 2026, much of which they said was the result of a “robust review” of the company by the Capital Allocation Committee. While the update painted a fairly rosy picture for the firm as a whole in 2026, with estimated 18% year-over-year revenue growth to between $3.78 and $3.82 billion and a net income of $175 million to $215 million for the year, things did not look quite as strong for CoStar’s Homes.com. Although Homes.com has recorded a 337% increase in subscribers since Q1 2024, according to CoStar, the firm said it does not expect Homes.com to attain positive adjusted EBITDA until 2030. In late January and early February, investors D.E. Shaw and Third Point pushed back on CoStar’s Homes.com timeline calling on CoStar to divest or shutdown Homes.com. In April, Third Point sold its shares of CoStar ending its investor push. CoStar has indicated that it is firmly against divesting or shutting down Homes.com. During Q1 2026, CoStar reported a 23% annual jump in revenue to $897 million and a 49% increase in adjusted net income to $94 million. Additionally, the company said Homes.com revenue grew 58% to $26 million in the first quarter, with agent subscribers surging to 35,175. Overall residential revenue for the quarter reached $425 million, up 32% year-over-year.

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6/25/2026

Kadokawa CEO's Support Falls to 60% at AGM After Oasis Management Campaign

Reuters (06/25/26) Bridge, Anton; Nussey, Sam

Kadokawa's (9468.T) CEO Takeshi Natsuno suffered a sharp drop in shareholder support at the Japanese anime and gaming giant's annual general meeting after an Oasis Management campaign to unseat him. While he retained his board seat at Wednesday's AGM, shareholders voted only 59.68% in favor of his re-election, compared with 90% last year, the company said on Thursday. Activists are increasingly seeking to eject top executives in Japan as they bet shareholders will vote to express their frustrations with corporate underperformance. Hong Kong-based Oasis Management has been pushing for Natsuno to be replaced, citing falling profitability during his tenure, with proxy advisers also recommending shareholders oppose his re-election. The chairman of Japanese electronics manufacturer Kyocera (6971.T) was re-elected on Thursday after a separate campaign by Oasis calling for his removal. U.S.-based Kaname Capital also fell short in its campaign to remove the president of drugstore chain Cawachi (2664.T). Oasis scored a win last year when the CEO of chemical firm Taiyo Holdings (4626.T) was removed from its board. Kadokawa said after the AGM it would examine its management structure, executive compensation and progress of its medium-term business plan. Its board said earlier this month that removing Natsuno would create uncertainty, given the lack of a specific successor or alternative management plan. "There's strong impetus for Kadokawa to proactively make changes," said analyst Travis Lundy, who publishes on Smartkarma. Kadokawa has said its problems include its reliance on the isekai subgenre, where characters find themselves transported to a fantasy world, at its publishing business and rising costs for anime productions. It reported a return on equity of 0.5% last year compared with 9.4% in the year ended March 2022. It has said it is targeting ROE of at least 12%. "Seeing what has happened at Kadokawa, other companies' managers will be wary. The best defense against activists is a high stock price so they will do what they can to make their shares more expensive," said Lundy.

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6/25/2026

Merck to Acquire Twin Cities-Based Bio-Techne in $11.3 Billion Deal

Minnesota Star Tribune (06/25/26) Viswanathan, Giri; Stefanescu, Victor; Roberts, Catherine

Merck KgaA (NYSE: MRK) will buy Minneapolis-based Bio-Techne Corp. (NASDAQ: TECH) in a deal worth $11.3 billion that will further consolidate Minnesota’s life sciences industry. Bio-Techne, which makes lab materials and equipment used to develop drugs, was facing investor pressure, as its stock price has fallen by nearly 50% since September 2021. Merck – one of Germany’s largest pharmaceutical companies – is looking to grow under a new CEO who’s interested in making acquisitions. “This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda,” Merck CEO Kai Beckmann said in a statement. “Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain — from lab customers to those manufacturing in the biotech and pharmaceutical industries.“ The 11-figure transaction will reshape the Minnesota economy, which will lose a billion-dollar company as a result. The deal comes a few months after Allegiant (NASDAQ: ALGT) completed a $1.5 billion deal to buy Minnesota's Sun Country Airlines: another high-dollar deal reducing the number of local headquarters located in the state. Bio-Techne did not immediately respond to questions inquiring if the deal may lead to layoffs or a relocation. The deal, which would pay $73 a share, is subject to shareholder and regulatory approvals. The stock prices of both companies spiked after the announcement, with shares of Bio-Techne up nearly 20% in pre-market trading. Darmstadt, Germany-based Merck makes life science tools and drugs treating maladies such as cancer. It is separate from an American company that shares the same name, which broke off more than 100 years ago after the United States seized its U.S. assets during World War I. Kim Kelderman, CEO of Bio-Techne, said in the statement that the deal is a “testament to the remarkable company our team has built and to the enduring value we create for our customers and stakeholders.” The announced transaction comes less than two weeks after Bloomberg reported that Ananym Capital Management built up a stake in Bio-Techne and called on the company's board to consider a sale. “While we are a new investor, shareholders have suffered for years as the company has continued to destroy value,” Ananym said in the letter, according to Bloomberg. “A failure to act now risks further value destruction and even permanent capital impairment, which the board has a duty to avoid by exploring all potential paths to preserving and enhancing value.” Bio-Techne was founded as R&D Systems in 1976, and innovation in inflammation research and development drove the company's 50-year history. The company makes recombinant proteins, antibodies and immunoassay kits used to develop drugs. It has more than 3,000 employees, with 2,300 of them in the United States, and has 15 manufacturing facilities. Last year, its revenue was $1.2 billion. The company has underperformed the S&P life sciences index in recent years, with it reporting declining revenue and adjusted profits for the third fiscal quarter, which ended on March 31. The company said low spending on emerging biotechnology research was pulling down its fiscal results. “While biotech funding remains healthy, it has not yet translated into broad-based demand across our portfolio,” Kelderman said in a news release. Bio-Techne's board chairman, Robert Baumgartner said in a news release the transaction is “an excellent opportunity” and will quickly generate value for the company's shareholders and allow for further expansion. The German drugmaker is one of the world's oldest chemical and pharmaceutical company. Its healthcare portfolio includes the cancer therapy Erbitux (cetuximab), the multiple sclerosis treatment Mavenclad (cladribine) and prescription fertility treatments. The company also generates revenue from supplying equipment, filtration systems, and chemical compounds used in drug development and scientific research laboratories. Merck also has a foothold in the electronics business, where it provides materials used in digital displays and semiconductor chips. In 2025, Merck also completed a $3.4 billion acquisition of U.S.-based SpringWorks Therapeutics, giving the company rights to SpringWorks' portfolio of rare tumor therapies. Its recent acquisition of Bio-Techne is one of the largest acquisitions in Merck's history. It also marks the first major acquisition for the firm after company veteran Kai Beckmann was appointed as its chief executive in May. The board gave him a mandate to grow the company, and a huge purchase is one way to achieve this. Bio-Techne is attractive to Merck because its product portfolio includes several proteins, antibodies, lab test kits, diagnostic materials, and tools that are critical to modern biological research. In a presentation, Merck said the transaction promotes a “highly innovative” portfolio led by “consumables” — a term used in science industries to describe products that need frequent replacement. This replenishment helps companies pull in ongoing revenue. Consumables make up more than 80% of Bio-Techne sales. Merck's CEO said during an investor call that the U.S. is one of the company's largest global hubs because of the development and research of many blockbuster drugs. “We remain committed to strengthening our U.S. presence because it is an essential innovation and manufacturing market,” Beckmann said to investors.

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