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.

Read the article

11/2/2026

Veteran U.S. Proxy Solicitors Launch New Firm Senpoint Partners

Reuters (11/02/26) Herbst-Bayliss, Svea

Several advisers who have guided blue-chip companies including AT&T (T.N) and Procter & Gamble (PG.N) for more than two decades in boardroom fights with investors including Elliott Investment Management are launching a proxy solicitation and corporate governance firm. Senpoint Partners will reunite former top executives from prominent rivals Morrow & Co, Sodali & Co, D.F. King and MacKenzie Partners to advise companies and hedge funds on hot-button issues ranging from who sits on boards to corporate mergers, the four founders told Reuters. The New York-based firm could shake up the tight-knit proxy solicitation industry at a time when more pressure from investors and a booming dealmaking environment are requiring increased outreach to shareholders, modeling of vote projections and tracking of returns, bankers and lawyers said. Senpoint's founding partners are: Ron Knox, a former CEO at Morrow & Co; Ed McCarthy, the former head of M&A and Activism at D.F. King; Paul Schulman, the former co-head of M&A and Activism Advisory at Sodali & Co and a former managing director at MacKenzie Partners; and Geoffrey Weinberg, a trained lawyer who previously worked at law firm Weil Gotshal and is the former head of retail shareholder advisory at Sodali & Co. They said they will begin work on Monday as the next proxy season gets underway. Michael Verrechia, another leading adviser who was co-head with Schulman of M&A and Activism Advisory at Sodali, will join in January after his working restrictions end, two people familiar with the matter said. Verrechia did not immediately respond to a request for comment. Sam Geoffroy, also a MacKenzie alumnus, will lead Senpoint's stock surveillance operation, which tracks investors buying company shares and derivatives, often an early warning for a possible campaign. The new firm will compete with established solicitors Innisfree M&A, Okapi Partners and MacKenzie. "This is a proven team that combines experience in solicitation with legal and financial backgrounds," said Eduardo Gallardo, global co-chair of Mergers and Acquisitions at law firm Paul Hastings. "With so much activity going on, there is room for another top-notch firm to come in and compete." Knox, Schulman and McCarthy started their careers together in the 1980s, and the group, including Weinberg, became close when the men were involved in a bitter vote recount, called a "snake pit," after billionaire investor Nelson Peltz pushed for one board seat at Procter & Gamble in 2017. "We are able to learn from each other's experiences and have built a stock surveillance system from the ground up with the latest technologies, including AI," Schulman said in an interview. "So we're not relying on legacy systems and practices." Co-founder Ed McCarthy said Senpoint partners are known for their past activism and high-profile M&A work where many merger votes are now being challenged. At Senpoint, he said, the firm will work with companies of all sizes.

Read the article

11/2/2026

U.S. Fund Farallon Takes 5% Stake in Yamato Holdings, Demands Chairman Nagao's Resignation

BigGo Finance (11/02/26)

U.S. asset manager Farallon Capital Management holds a 5.02% stake in Yamato Holdings (9064.T), according to a Large Shareholding Report filed with the Kanto Local Finance Bureau on Monday (November 2). The reporting obligation date is October 28. Farallon has submitted a proposal to the company calling on Chairman Yuzuru Nagao to resign as representative director and director. Farallon is known as an investor. Its holding purpose is pure investment plus constructive dialogue aimed at enhancing corporate value over the medium to long term. The fund noted that Yamato Holdings' operating profit has fallen short of initial forecasts for five consecutive fiscal years, from the fiscal year ended March 2022 through the fiscal year ending March 2026. It said profitability "remains at a level markedly low compared with peer companies." The focus of the dispute is the management structure. In April, Yamato Holdings installed Toshiyuki Sakurai, who had served as managing executive officer at core subsidiary Yamato Transport, as president, while his predecessor Nagao became representative director and chairman. Farallon argues that for Sakurai to break free from the constraints of the past and carry out bold management reforms, Nagao must step down as representative director and director. Farallon also conveyed its view that all directors other than President Sakurai should become outside directors, according to the report. In effect, it is pushing into the composition of the board and seeking to strengthen the authority of the executive side. Yamato Holdings told Nikkei: "We will refrain from commenting on the investment decisions or moves of individual shareholders." Yamato Holdings has faced challenges in its core parcel delivery business, including responding to labor shortages and revising freight rates. With margin improvement still only halfway achieved even after the shift to a holding company structure, an overseas fund's public demand for a management shake-up is drawing attention to upcoming discussions at shareholder meetings and board meetings. Some in the market believe the investor's entry will create pressure for management reform and accelerate moves toward better capital efficiency and governance.

Read the article

11/1/2026

ATG Shareholders Denounce FitzWalter Capital’s Attempt to Oust Chairman

The Times (London) (11/01/26) Powell, Emma

Shareholders in Auction Technology Group (LON: ATG) have hit out at FitzWalter Capital’s attempt to oust the FTSE 250 group’s chairman as an “unnecessary and unwelcome distraction.” Two of the online auctioneer’s largest shareholders have signaled their intention to back the board over a spat with FitzWalter Capital, the British investment firm founded by the former Macquarie banker Ben Brazil that previously launched an acrimonious takeover pursuit of the company. Last week FitzWalter, which is the company’s largest shareholder, with a stake of more than 27%, requisitioned a general meeting to replace Scott Forbes with Richard Campbell-Breeden, a former Goldman Sachs (NYSE: GS) investment banker. The British investment firm said the new chairman should oversee a “comprehensive strategic review, including consideration of a full competitive sale process,” arguing that running the company from London “adds layers of cost” and “distances the board from its employees and customers,” given 80% of its revenue came from America. The business would probably “be more valuable to U.S. private equity and strategic buyers,” it said. “Why on earth would you agree to the business being sold until you can understand really what you think the potential is and when it’s going to be delivered?” Stuart Widdowson, a managing partner at Odyssean Capital, said. Odyssean has a stake of just over 5% in ATG, placing it among the company’s top five shareholders. “The requisition of a general meeting is in our view an unnecessary and unwelcome distraction at a time when the management team’s focus should remain firmly on executing the strategy and delivering for shareholders,” Widdowson added. ATG listed on the London stock market at 600p in 2021 but its shares came under pressure when it sounded a profit warning in August last year. It also rattled investors with an $85 million deal to acquire Chairish, a loss-making vintage furniture marketplace. However, the shares have staged a recovery since the start of this year, rising by just over 80% to 483½p. Columbia Threadneedle, another large shareholder, has also indicated its intention to vote against the proposal from FitzWalter, saying that ATG had the “right team and strategy to keep delivering and building long-term value in the interests of all shareholders.” ATG operates online marketplaces used by auction houses to sell everything from arts and antiques to equipment used in industry, construction and farming. In 2025 FitzWalter launched a takeover attempt of ATG, tabling 12 bids, the final of which valued the company at £491 million. However, it dropped its attempt in February after other large shareholders said they would not support its takeover. It is believed to have approached Campbell-Breeden about the chairmanship shortly after.

Read the article

10/30/2026

Vail Resorts Submits Proxy Statement, Opposes Oasis Management's Director Nominees Ahead of December 2026 Shareholder Vote

Kalkine Media (10/30/26) Lochav, Vinay

Vail Resorts (NYSE: MTN) filed its definitive proxy statement on October 30, 2026, urging shareholders to support its nine board nominees and reject five opposing candidates ahead of its December 14 annual meeting. Four candidates were nominated by Oasis Management in coordination with Matthew Prince, while Gregory Syvert Meyer nominated himself. The board argues the candidates lack relevant experience and strategic qualifications, alleging Prince favors breaking up Vail’s integrated resort network and selling Park City Mountain to himself. CEO Rob Katz returned in May 2025 after previously leading the company from 2006 to 2021, a period during which shareholders received approximately 12 times their investment, compared with four times the S&P 500’s return. Vail operates 42 resorts and highlights initiatives including individualized lift-ticket pricing, Epic Friend Tickets, and Super Advanced Lift Tickets. Its Epic Experience strategy, announced in July 2026, aims to personalize guest experiences through digital platforms, gear, ski school, and dining. Planned upgrades include expanding the My Epic app with in-app purchases and phone-based lift tickets. Despite challenging weather, Vail reported record guest satisfaction and stronger lift-ticket visitation than the industry in fiscal 2026. Major shareholder Baron Capital has pledged support for Vail’s nominees.

Read the article

10/30/2026

Premier Inn-Owner Whitbread Wins Investor Backing in Corvex Fight

Sky News (10/30/26) Kleinman, Mark

The FTSE-100 owner of the Premier Inn hotel chain has won public backing from a top-25 shareholder as it tries to thwart an investor's boardroom raid. Sky News has learned that Royal London Asset Management (RLAM), which holds roughly 1.2% of Whitbread (LON: WTB), has backed the company's calls to resist a demand from Corvex Management for a seat on its board. The investor wants to install James Gemmel, one of its partners, on the Whitbread board, saying it wants "a clear mandate for change" and accusing the company of pursuing a strategy which has repeatedly delivered negative shareholder returns. However, Richard Marwood, RLAM's head of UK and European equities, said he backed Whitbread's management, led by chief executive Dominic Paul. "In one respect we agree with Corvex - we also believe that the Whitbread share price does not reflect the true worth of the company," Mr Marwood said. "However, we do not think Whitbread's board needs to be changed. "The company has a credible and granular strategy for how it can generate value for all shareholders. "We believe the best course of action is to allow them the time and space to execute on that plan - the delivery of which we will be watching closely." Whitbread will put Corvex's campaign to a vote on November 9, with the two main proxy advisory firms - ISS and Glass Lewis - split on whether to support the investor. Corvex holds a roughly 6.5% stake in Whitbread. In the wake of this week's budget, the leisure group told investors that it would be hit less hard by changes to business rates than it had anticipated. It said it would face a rise in business rate payments of between £7.5 million and £12.5 million in the next financial year, against previous estimates of £35 million. City sources said that Aviva Investors, another top-25 investor in Whitbread, was also supportive of the company's management. On Friday morning, shares in Whitbread were trading at about £27.69, giving the company a market capitalization of about £4.6 billion.

Read the article