8/21/2036

Kaos Capital Demands Board Overhaul at Capricor Ahead of FDA Decision on DMD Therapy

BigGo Finance (08/21/36)

Capricor Therapeutics Inc. (CAPR) is facing an activist campaign from shareholder Kaos Capital, which is demanding immediate board changes, a cash-preservation plan, and the creation of an M&A committee just one day before the U.S. Food and Drug Administration (FDA) is scheduled to act on the company's experimental Duchenne muscular dystrophy therapy. Kaos Capital, a Miami-based investment firm that describes itself as a "significant and growing shareholder," issued a letter to fellow shareholders on August 21 calling for a meeting with the board within 15 business days. The firm said it intends to nominate two independent directors and push for a board-led M&A and Strategic Alternatives Committee chaired by a shareholder-backed director. The activist campaign lands at a precarious moment for Capricor. The FDA's action date on deramiocel, the company's cell therapy for DMD-related cardiomyopathy, is August 22. In June, an FDA advisory panel voted 9-3 against the drug's use for that indication, casting significant doubt over its approval prospects. Capricor shares were down approximately 2% at the time of the letter's release. In the letter signed by CEO Adam Arviv, Kaos argued that Capricor has become overly dependent on a single regulatory outcome and must take immediate steps to preserve capital while exploring acquisitions, licensing deals, and partnerships that could broaden its pipeline. The company reported $237.9 million in cash, cash equivalents, and marketable securities as of June 30, down roughly $80.2 million from year-end 2025. First-half 2026 operating expenses totaled $79.7 million, including $23.5 million in general and administrative costs — approximately double the comparable 2025 figure, according to the letter. Kaos called for a formal Cash Preservation Plan that would include: a near-term freeze on nonessential spending; a zero-based review of G&A expenses; enhanced approval requirements for material commitments; and quarterly reporting on cost reductions, cash runway, and capital use. The firm also urged the board to retain independent legal advisers and commission a review of oversight, disclosure controls, contracting, compensation, and capital-allocation processes. Kaos cited "numerous legal matters and shareholder demands" disclosed in Capricor's public filings, including securities and derivative actions, a Section 220 books-and-records demand, a patent action, a distribution dispute, and employment-related claims. A further securities class action was filed against the company and certain officers in 2026. "This legal overhang carries cost, distraction, reputational risk, and governance consequences," the letter stated. Kaos emphasized it is not asking Capricor to abandon deramiocel, which it believes "may still have meaningful value for patients." Instead, the firm wants the company to use its cash and public-company platform to build a broader, multi-modality biotechnology enterprise. The proposed M&A committee should evaluate assets in inflammation, fibrosis, tissue repair, targeted delivery, and regenerative medicine, the letter said. Kaos specifically pointed to advanced small-molecule pharmacology targeting the NLRP3/inflammasome signaling pathway as one area of interest. "Conviction in a lead program is not a license for a Board to concentrate all of a public company's capital, risk, and future in a single regulatory outcome," Arviv wrote. The activist push comes as Capricor awaits the FDA's decision on deramiocel. The agency's action date is August 22, though the timeline has grown complicated. After the advisory committee's negative vote in June, Capricor said the FDA was willing to review an amendment containing 24-month Hope-3 data focused on upper-limb function. A new target date has not been formally announced. Roth Capital expects the FDA review could be extended by approximately three months to accommodate the additional data. Kaos said it is prepared to work constructively with the board but warned of escalation if its demands are not met. If the board does not confirm and convene the requested meeting within the specified timeframe, Kaos said it will begin seeking shareholder support to elect its two independent nominees, replace directors, and potentially pursue removal of senior management. "We do not take that step lightly, but continued inaction would leave shareholders no reasonable alternative," the letter read.

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10/26/2026

Fitzwalter Capital Revives Auction Technology Campaign

City AM (10/26/26) Lyon, Ali

Fitzwalter Capital, Auction Technology Group’s (LON: ATG) largest shareholder, has revived its campaign to overhaul the online auction platform’s leadership, calling for chairman Scott Forbes to be removed and replaced by its nominee, Richard Campbell-Breeden. Fitzwalter wants the new chair to launch an independent strategic review examining options including a share buyback or a potential sale. Shareholders will vote on the proposals at a general meeting. The move comes six months after Fitzwalter abandoned its attempt to acquire ATG following nearly a dozen rejected bids. ATG previously argued that Fitzwalter’s final offer, which implied a 33% premium, significantly undervalued the business. Fitzwalter now says Forbes has overseen five years of value destruction and argues shareholders should determine the company’s future. ATG shares have fallen more than 65% over five years, amid difficulties integrating loss-making U.S. rival Chairish. Fitzwalter says it would not bid for ATG itself if the strategic review led to a sale, but would support any offer the board recommends. The investor also says it would not pursue a sale unless proposals delivered appropriate value. Campbell-Breeden, a former investment banker at Goldman Sachs (NYSE: GS) and Julius Baer, says he would act independently and ensure the review remains rigorous, open-minded and focused on achieving the best outcome for ATG and all shareholders.

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10/26/2026

Vail Resorts Raises Conflict-of-Interest Questions Over Matthew Prince’s Links to Oasis Board Nominees

Snow Brains (10/26/26) Smith, Luke

The ongoing Vail Resorts (NYSE: MTN) proxy battle has pulled Park City billionaire and Cloudflare Founder/CEO Matthew Prince directly into the fight once again. Vail filed its PREC14A with the U.S. Securities and Exchange Commission in which it suggested Prince was helping Oasis Management identify two of its four board nominees in order to form a board aligned with his goal of buying Park City Mountain. The report specifically mentions Olympic skier and Park City resident Picabo Street and Utah businessman Bryce Roberts. Both nominees disclosed the contact they had with Prince. Street consulted with Prince about her nomination. Roberts said that Prince introduced him to Oasis. Vail’s proxy filing explicitly asks shareholders to vote against the Oasis nominees, and vote for its nine incumbent directors at the December meeting. Prince acknowledges suggesting the potential candidates to Oasis via email, but denies having influence over the nominees. The dispute is significant as Prince has spent more than a year mounting a public pressure campaign to attempt to acquire Park City Mountain from Vail Resorts. Vail’s board recommended that shareholders reject all four Oasis nominees. As of today, Oasis currently owns 9.6% of Vail Shares, which is a major escalation from the 6.2% stake it disclosed when it launched the proxy fight in September. Prince is one of the voices expressing support for major changes at Vail Resorts. Vail has defended its strategy and argued that its initiatives are improving the company’s performance. A decision will be made when Vail holds its 2026 annual meeting, where shareholders will vote on board members for the next year. As of now, the meeting date has not been finalized. The outcome of the proxy battle could shape Vail Resorts’ leadership and its response to growing pressure from investors and critics of its resort strategy. However, even if Oasis secures board representation, the vote will not determine whether Park City Mountain is sold to Prince. That would require a separate decision by Vail Resorts. For now, shareholders will decide whether Oasis’s proposed directors offer a better path forward than the company’s incumbent leadership, with the annual meeting date still to be announced.

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10/26/2026

Tata Motors Stands Firm on €14.40 Offer for Iveco Group

Retail News Asia (10/26/26) Boonmee, Somchai

Tata Motors (NSE: TMCV) will not raise its €14.40 per share buyout offer for Italian commercial vehicle manufacturer Iveco Group (BIT: IVG) before the tender offer closes on October 26. The revised bid values the transaction at up to €3.91 billion, or approximately 41,591 crore. Speaking after the company reported September quarter financial results on October 23, Tata Motors managing director and chief executive officer Girish Wagh reaffirmed that the price represents the final terms. Investor resistance surfaced ahead of the deadline. Petrus Advisers, an investment firm holding a 3.8% stake in Iveco, pushed shareholders to reject the terms. The investor presented figures on September 29 arguing that Tata Motors’ initial €14.10 per share bid priced Iveco at roughly two times its estimated 2028 earnings before interest and tax. Global competitors such as Volvo (OTCMKTS: VLVLY), Daimler Truck (XETR: DTG), Traton (ETR: 8TRA), and Paccar (NASDAQ: PCAR) trade at an average multiple near seven times EBIT. Petrus Advisers argued that existing shareholders should capture higher synergies from the combination alongside extra payment for procedural delays. Tata Motors countered by raising the cash offer on October 9 by €0.30 per share, equivalent to about 31.91 at prevailing foreign exchange rates. Wagh described the increase as a goodwill gesture following a four-month transaction delay. Buying Iveco gives Tata Motors an industrial manufacturing footprint across continental Europe. The arrangement carves out Iveco’s defense vehicle division, combining purely commercial truck and bus operations across global markets. Indian commercial vehicle builders face cyclical domestic demand alongside strict capital requirements for alternative-fuel powertrains. Securing Iveco brings engineering centers, established European fleet customer networks and heavy-duty truck platforms that would require years to develop organically. European commercial vehicle operators maintain strict procurement ties, making cross-border acquisitions the fastest route to scale. Integration execution carries clear operational risks. Heavy truck operations face slowing European freight demand, high energy costs and capital spending requirements for battery and hydrogen propulsion systems. Merging procurement channels and factory tooling will determine whether the expected cost savings materialize. Iveco shareholders cleared all procedural resolutions during an extraordinary general meeting on October 16. That vote cleared the board-level pathway for the takeover to proceed under local market regulations. Acceptance tallies stood at 35% of eligible shares entering the final weekend of the tender. Tata Motors executives expect total tendering to exceed the 80% threshold before the acceptance window shuts on October 26, noting that institutional holdings typically tender within the final 48 hours. Financial settlement is set for October 30 if the transaction crosses the ownership threshold, with operational consolidation scheduled to start in the following quarter.

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10/26/2026

Whitbread Welcomes ISS and PIRC Support, but Glass Lewis Backs Corvex

London South East (10/26/26) Cutler, Jeremy

Whitbread PLC (LSE: WTB) on Monday said two independent proxy advisers have recommended that shareholders vote against proposals from Corvex Management LP, although another has backed the New York-backed firm. The Dunstable, England-based operator of Premier Inn and other hospitality chains said Institutional Shareholder Services and Pensions & Investment Research Consultants recommendations reinforce its view that Corvex's proposal is "unnecessary" and risks disrupting Whitbread's Five-Year Plan "at a time when the strategy is already delivering early results." However, fellow proxy advisor Glass Lewis has recommended in favor of Corvex's proposal, although Whitbread noted it also agreed with most of its "key" arguments. "Whitbread continues to engage extensively with shareholders and is encouraged by the support it is receiving," the FTSE 100 listing said in a statement. Corvex, a 6.4% shareholder in Whitbread, said it welcomed Glass Lewis's recommendation. "Glass Lewis's recommendation is a clear endorsement of the need for shareholder representation on the Whitbread board and the valuable experience and alignment James Gemmel would bring to its existing composition," Corvex said in a statement. Corvex, back in September requisitioned a general meeting to elect a Corvex partner, James Gemmel, to the Whitbread board. At the time, Corvex said Whitbread shares have underperformed peers and the wider market over multiple time horizons. The investor claimed that Whitbread's recent strategy review "failed to address Whitbread's underlying challenges and was poorly received by the market." The meeting is scheduled for November 9. Shares in Whitbread were up 0.2% at 2,607.00 pence each in London on Monday.

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10/23/2026

Ex-Murakami Fund Affiliate Takes 5.06% Stake in Japan's TV Asahi Holdings, Proposes Dividend Hike and Take-Private

BigGo Finance (10/23/26)

City Index Eleventh, an investment firm affiliated with the former Murakami Fund, holds 5.06% of TV Asahi Holdings (TYO: 9409) shares, according to a Large Shareholding Report filed with the Kanto Local Finance Bureau on Oct. 22. The stake is held jointly with Aya Nomura, the eldest daughter of Yoshiaki Murakami and a co-holder, with the reporting obligation arising as of Oct. 15. The firm has already made concrete proposals to TV Asahi Holdings, including changes to its capital policy and a take-private of its shares. According to the report, most of the shares are held by Nomura, and the stated purpose of holding is "advice and proposals on capital policy and other matters contributing to the enhancement of shareholder value." The proposals include expanding shareholder return measures such as a dividend increase and share buybacks, as well as the sale of businesses and assets, including subsidiaries, and a take-private of the shares through an MBO (management buyout). City Index Eleventh said it may acquire more than an additional 5% of the shares within three months if it judges the stock to be undervalued. In the notice of its ordinary general meeting of shareholders published by TV Asahi Holdings in June this year, Nomura's ownership ratio was 1.86%, making her the eighth-largest shareholder. The composition of major shareholders is as follows: The Asahi Shimbun Company 20.21%; T?ei 17.70%; Aya Nomura (as of June) 1.86%; Aya Nomura and others (newly disclosed) 5.06%. Regarding TV Asahi Holdings shares, the investment firm affiliated with the former Murakami Fund is believed to have been gradually increasing its purchases since last year, and crossing the 5% threshold this time triggered the obligation to file a Large Shareholding Report. The company has not disclosed proposals from shareholders seeking improved capital efficiency, and its future response is drawing attention. Among market participants, there is a view that TV Asahi Holdings' share price has been left undervalued relative to its net asset value, and it has been pointed out that pressure from the investor could prompt management to review its capital policy. Because the broadcasting industry is a regulated sector, a take-private or asset sale would come with high hurdles, including approval from Japan's Ministry of Internal Affairs and Communications. If the latest proposals are realized, they could affect not only TV Asahi Holdings' shareholder return policy and business portfolio but also serve as an opportunity for investor involvement to spread to other Japanese broadcaster stocks. Investors are watching closely for official comments from TV Asahi Holdings and the board's response to the proposals.

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10/23/2026

Tata Motors-Iveco Heads Towards a Crucial Deadline

The Week (India) (10/23/26) Thomas, Prince

Tata Motors (TMCV.NS) faces an October 26 deadline to secure sufficient shareholder support for its €3.8 billion takeover of Italian truckmaker Iveco (IVG.MI), its largest acquisition to date. Three institutional investors, hedge funds Davidson Kempner and Syquant Capital, and Petrus Advisers, remain dissatisfied with the offer, arguing that the original €14.10-per-share price undervalued Iveco and that Tata Motors has not adequately explained the deal’s long-term synergies. Tata raised its offer to €14.40, but Petrus values Iveco at approximately €18 per share. The three investors collectively hold 20.4% of Iveco, making their participation critical. Tata needs at least 80% of shares tendered, a threshold reduced from 95% on October 16. Although the company has secured the necessary regulatory approvals, it previously missed its September deadline and now hopes to complete the transaction by year-end. The investors could reportedly gain €350 million from selling their holdings, including €288 million in extraordinary dividends. The acquisition would expand Tata Motors’ limited European commercial-vehicle presence, strengthen its global operations, and support its transition to cleaner transport technologies. However, raising the offer further could increase debt and concern Indian investors, who initially reacted negatively to the deal’s announcement in 2025.

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10/22/2026

Southwest Airlines Cuts 2026 Profit Forecast as Rising Fuel Costs Squeeze Earnings

American Bazaar (10/22/26) Quasim, Rajwa

Southwest Airlines (NYSE: LUV) has lowered its annual profit forecast for 2026 as rising jet fuel prices threaten to offset gains from higher ticket prices and a major overhaul of its business, despite reporting record revenue in the third quarter. The Dallas-based carrier now expects adjusted earnings of $2.60 to $2.85 per share for the year, down from its previous forecast of $3.25 to $4.25 per share. The midpoint of the revised range is below analysts’ average estimate of $2.85 per share. Southwest shares rose 1% in extended trading. Although the airline’s revenue has improved, the gains have been accompanied by a sharp increase in operating costs. Southwest reported third-quarter revenue of $8.4 billion, its highest quarterly total on record. The airline’s average passenger fare reached $231.69 in the quarter, an increase of nearly 27% from the same period a year earlier. The company's adjusted earnings reached 66 cents per share, beating analysts' forecast of 58 cents and rising from 11 cents a year earlier. Meanwhile, Southwest's fuel bill rose by $821 million year over year. The airline expects jet fuel prices to climb further in the final three months of the year, averaging $4.55 per gallon. “With the transformation complete, our efforts have shifted to optimizing the business,” CEO Bob Jordan said in a statement. Southwest has been changing its traditional business model to encourage passengers to pay more for travel. In September, Southwest Airlines Co. announced the debut of its lounge service at four U.S. airports, partnering with Chase and drawing on the experience of Chase's Sapphire Reserve Lounge network. The airline has faced several challenges and significant changes over the past few years. In 2024, Elliott Investment Management acquired a $1.9 billion stake in Southwest, seeking to improve its market performance through leadership changes. That same year, Southwest ended its 50-year tradition of open-seat boarding, a practice that had become part of its brand identity. In 2025, the airline ended its free checked-baggage policy, which it had offered for about 60 years and promoted through the slogan “Bags Fly Free.” Southwest now charges passengers to check their first and second bags. “Demand remained strong as we lapped last year's bag fee and other commercial initiatives, reinforcing our belief that the earnings power we've built is durable, even with significantly higher fuel costs,” Jordan added. Southwest reported net income of $270 million for the third quarter, up from $54 million in the same period a year earlier. The airline plans to increase flight capacity by 3% to 4% in the fourth quarter. Rising fuel costs have been driven in part by geopolitical tensions linked to the U.S.-Iran war in the Middle East, adding uncertainty to the aviation industry. Other major U.S. airlines, including Delta Air Lines (NYSE: DAL), have indicated that carriers may need to limit flight growth next year to sustain higher fares.

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