2/26/2026

Ancora Holdings Pushes Warner to Walk Away From Netflix Deal

Wall Street Journal (02/26/26) Thomas, Lauren

Ancora Holdings has built a roughly $200 million stake in Warner Bros. Discovery (WBD) and is planning to oppose Warner’s deal to sell its movie and television studios and HBO Max streaming service to Netflix (NFLX), according to people familiar with the matter. Ancora, which could announce its position as soon as Wednesday, believes that Warner failed to adequately engage with David Ellison’s Paramount Skydance (PSKY) after it made a rival all-cash offer for the entire business, including its cable-network group, at $30 a share, the people said. The arrival of an activist, even with a small stake in the company, will add yet another dose of uncertainty and drama to an already drawn-out fight for the Hollywood studio. Netflix has signed a $72 billion deal, but Paramount, which is bidding nearly $78 billion for the whole company, has gone straight to shareholders and threatened to wage a board fight at the same time. Ancora, a roughly $11 billion fund that has a history of lobbying in the middle of deals, emailed Warner Chief Executive Officer David Zaslav on Tuesday to say that it is considering launching its own proxy fight if Warner’s board doesn’t negotiate the best deal for shareholders with Paramount, the people added. Warner has a market value of roughly $69 billion as of Tuesday, making Ancora’s stake in the company less than 1%. But Ancora plans to continue buying Warner shares, the people familiar with the matter added, and, even with a small stake, it adds a voice that could help rally other investors around opposing the Netflix transaction. Many shareholders remain on the fence over which deal is better and are anticipating the offers could be revised further. A shareholder vote is expected next month. Netflix agreed in December to pay $27.75 a share in cash for Warner’s studios and HBO Max streaming service. That would leave investors also holding shares in Discovery Global, a new company housing Warner’s cable networks, which it plans to spin off later this year. Paramount’s hostile bid for all of Warner Discovery includes its cable-networks unit that includes CNN, TNT, Food Network, and other channels. Warner has consistently rebuffed Paramount’s offer, arguing Netflix’s deal has greater value, more secure financing and a cleaner path to regulatory approval. Paramount on Tuesday enhanced its hostile offer, including agreeing to pay the $2.8 billion termination fee Warner would owe Netflix should that deal collapse. Paramount also said it was adding a “ticking fee” of 25 cents a share, which it would pay to Warner shareholders for each quarter its deal hasn’t closed, starting in January 2027. If Ancora were to proceed with nominating director candidates, it would focus on replacing individuals with ties to Zaslav, the people familiar with the matter said. Ancora has privately questioned the Warner CEO about whether he favored the Netflix deal to obtain an executive role with the streaming company after the transaction closes, they added. Ancora has antitrust concerns about the Netflix deal it calls “uncertain and inferior.” And it questions the Discovery Global spinoff, which would put $17 billion in Warner debt on the company’s cable-TV networks, which have a declining number of viewers, according to a presentation from the investor seen by The Wall Street Journal. In that presentation, Ancora defends Paramount’s viability as a buyer, pointing to the record of Ellison and his father, the billionaire Oracle (NYSE: ORCL) co-founder Larry Ellison. It also said it expects Paramount to receive swift antitrust approval. Many investors and analysts still largely expect Paramount could increase its $30-a-share offer. Analysts at Raymond James said in a recent note to clients that “many WBD shareholders still expect PSKY has not made its best and final offer, and will raise its bid by ~$2-3 per share.” Cleveland-based Ancora has a history of pushing for deals, both publicly and behind the scenes. In 2024, it built a huge stake in Norfolk Southern (NYSE: NSC) and later won seats on the railroad operator’s board before the company agreed to be acquired by Union Pacific (NYSE: UNP) for almost $72 billion. It also recently privately pushed bubble-wrap maker Sealed Air to sell itself, before the business agreed to be bought by CD&R.

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2/26/2026

LSEG Plans $4.1 Billion Buyback Amid Investor Pressure

Reuters (02/26/26) Shabong, Yadarisa; Conchie, Charlie

London Stock Exchange Group (LSEG.L) said on Thursday it would buy back a further 3 billion pounds ($4.1 billion) of shares over the next 12 months, as the company faces engagement from Elliott Management and battles concerns AI will squeeze its business model. LSEG said its total income grew 7.1% in 2025 on an organic basis, excluding recoveries, in line with the rise expected by analysts in a company-compiled poll. Shares in LSEG rose as much as 4.7% in early London trading. The company expects 2026 total income to grow between 6.5% and 7.5% on an organic constant currency basis, excluding recoveries. Analysts had expected growth of about 6.7% on average, according to a company-compiled poll. LSEG shares had lost around 30% of their value in the past year as of Wednesday as the data and exchanges group finds itself caught up in a swirl of concerns its business along with rivals will be hit hard by the rise of AI. Elliott Management has emerged as a shareholder in recent weeks, upping the pressure on CEO David Schwimmer to improve the group's margins, which lag rivals, and more forcefully communicate its resilience against the threat of AI. Elliott has pressed LSEG for a $5 billion share buyback and a portfolio review, a person familiar with the matter told Reuters previously. LSEG reported 5.9% growth in annual subscription value (ASV), a closely-watched growth metric. The figure marks a slowdown from 6.3% in its results last year. Like many exchange groups, LSEG has pivoted towards provision of data business in the past few years, betting on demand for proprietary financial data as its traditional stock exchange business has suffered from a slowdown in new listings and the departure of some companies to exchanges overseas. Schwimmer has dismissed fears that its data business will be usurped by AI models and argued that LSEG data is proprietary. LSEG has also struck a number of deals with firms including OpenAI and Anthropic that will allow their users to access and interrogate LSEG data. Schwimmer said in a statement on Thursday LSEG was "very well positioned for continued growth."

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2/26/2026

Smucker Jumps After Pact With Elliott on Directors

Bloomberg (02/26/26) Peterson, Kristina; Carnevali, David

JM Smucker Co. (NYSE: SJM) said two new directors will be joining its board as part of an agreement reached with Elliott Investment Management. Woo-Sung Chung and David Singer will join the board in April. The deal also includes sharing information with the investor with the goal of boosting shareholder value. The company’s shares jumped as much as 12% at the open of New York trading, the most intraday since 2020. The stock had slipped about 5% in the last 12 months, trimming its market value to roughly $11 billion. Elliott’s involvement in Smucker came as a surprise Thursday morning. The investor said it was one of Smucker’s largest investors, but didn’t disclose the size of its stake in the maker of peanut butter, jams and coffee. Smucker Chief Executive Mark Smucker said in prepared remarks Thursday as part of releasing earnings that the appointment of two new board members followed “constructive engagement” with Elliott and that he was confident the company has “the right strategy and leaders in place to create value for our shareholders.” The company's engagement with Elliott was “recent,” Smucker said on a call with analysts. Both organizations are focused on operating improvements, “disciplined capital allocation” and bolstering the food company's governance, Smucker said. Smucker has “a strong portfolio of market-leading brands in categories that benefit from durable consumer demand,” Marc Steinberg, a partner at Elliott, said on Thursday. The additions to the board and the company’s strategic steps will help ensure it “reaches its full potential,” he said. Chung is the chief financial officer of NRG Energy, Inc. (NYSE: NRG), which owns and operates power-generating facilities. Singer is the former CEO of Snyder’s-Lance, Inc., which makes snack foods. Elliott, founded by billionaire Paul Singer, is one of Wall Street’s most prominent activist funds. Now headquartered in Florida, it managed about $80 billion in assets at the end of 2025, according to its website. The firm has launched an array of campaigns against consumer companies, this month taking on Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) over what Elliott called overspending on events, including a Katy Perry concert. In December, Bloomberg News reported that Elliott had built a stake of more than $1 billion in Lululemon Athletica Inc. (NASDAQ: LULU). as the struggling retailer faces a strategic overhaul. Also in December, PepsiCo Inc. (NASDAQ: PEP) reached an agreement with Elliott to reduce its U.S. product lineup by 20% and lower prices, while the company also pares its workforce. Earlier this month, Smucker announced some leadership changes, including the departure of its Chief Operating Officer, John Brase. The company also said last week that it wasn't pursuing acquisitions as part of its strategy during a presentation at the Consumer Analyst Group of New York conference in Orlando, Florida. Smucker, which makes the Folgers and Cafe Bustelo brands, has been weighed down by the cost of coffee and its November 2023 acquisition of Hostess. “The path to stabilization is taking longer than we expected but our focus remains on positioning the Hostess brand for eventual growth,” Smucker said last week at the conference. Smucker has seen more success with its Uncrustables line of frozen sandwiches, which it is launching in a new refrigerator-stable format. To cut costs, the company said last week it was reducing promotions on its sweet baked snacks from January through the end of its fiscal year, which runs through April. Smucker said the company is also trimming the number of individual products it has by 25%. On Thursday, the company also reported third-quarter adjusted earnings per share and revenue that topped analysts' expectations, boosted by higher coffee prices.

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2/26/2026

Janus Bidding War Begins as Victory Capital Tops Trian Offer

Bloomberg (02/26/26) Gyftopoulou, Loukia; Dickson, Steve

A bidding war for Janus Henderson Group Plc (NYSE: JHG) broke out Thursday as Victory Capital Holdings Inc. offered to buy the money manager for $57.04 a share, in a move that topped a previous offer from Nelson Peltz’s Trian Fund Management. Victory’s cash-and-stock proposal calls for Janus Henderson shareholders to own about 38% of the combined company, which would have an enterprise value of about $16 billion, according to a statement. The offer comes about two months after Peltz’s Trian and General Catalyst agreed to buy London-based Janus Henderson in a deal that valued the asset manager at about $7.4 billion and offered stockholders $49 a share in cash. “Our proposal is fully financed and provides Janus Henderson shareholders with meaningful long?term upside through ownership of a stronger, more competitive organization,” David Brown, chairman and chief executive officer of Victory Capital, said in the statement. The bidding war comes amid a broader wave of consolidation across the asset management industry, where firms have spent years grappling with clients dumping their mutual funds for cheaper, passive products. Janus Henderson, created through a 2017 transatlantic merger to combat these challenges, suffered years of outflows until recently. Victory said it would issue $4.1 billion of new debt as part of the effort to take over Janus Henderson, which manages almost 60% more assets than Victory. The company said it had financing commitments from two major investment banks. Shares of Janus Henderson rose as much as 7.2% as of 10 a.m. in New York. Victory Capital shares fell as much as 7.1%. Victory Capital said Thursday it first submitted a preliminary bid of as much as $52 a share for Janus on Nov. 24 — nearly a month before Janus announced it had agreed to the Trian deal. At the time, John Cassaday, chairman of Janus Henderson’s board, said the company had done a “careful review of the proposed transaction and its alternatives” and determined Peltz’s deal was in the best interest of the company’s shareholders. But Brown said Thursday his firm was repeatedly denied any chance at meaningful engagement with his counterparts at Janus. “Notwithstanding the fact that we were the only credible, unaffiliated party that expressed interest and indicated a valuation range in excess of Trian’s proposal, we were denied the opportunity to engage in any meaningful dialogue and not provided access to any information to refine our proposal,” Brown said, calling Peltz an insider given his role on Janus’ board since 2022. The new wave of acquisitions in the industry has included some unlikely names. Earlier this month, Schroders Plc (OTCMKTS: SHNWF) agreed to a takeover by Nuveen, shocking many in the City of London. For its part, San Antonio, Texas-based Victory Capital added more than $100 billion in assets under management in a deal last year to add Pioneer, the U.S. business of France’s Amundi SA (EPA: AMUN). And earlier this month, Brown predicted more to come. “We continue to be extremely busy from an acquisition standpoint,” the CEO said on the firm’s earnings conference call. “In fact, I would say the busiest we ever have been.”

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2/26/2026

Siemens Energy Should Not 'Squander' Wind Division, Top-20 Investor Says

Reuters (02/26/26) Steitz, Christoph

Siemens Energy (ENR1n.DE) should not sell its wind division below value, a top-20 shareholder said on Thursday at the group's annual general meeting, where the future of the struggling business will be a key topic after calls for a spin-off. The future of Siemens Gamesa, which has weighed on Siemens Energy's profits for years, has come into sharper focus after U.S. shareholder Ananym in December called for a review and spin-off, arguing it would boost shareholder value. Siemens Energy has been open in principle to the idea but wants to first stabilize the business, which made a 1.36 billion euro ($1.61 billion) operating loss last year and is expected to break even in 2026. Investors in Germany have backed the strategy of fixing the business before considering strategic steps. "To be clear: divesting Gamesa at this point in time would be equal to selling it below its value," Deka Investment's Ingo Speich said. "Do not squander away Gamesa." Ananym said in a statement it had recently held "very constructive direct discussions" with Siemens Energy's leadership, adding there largely was agreement in the thinking about Gamesa. "No one is calling for a fire sale, or a sale at all, we're talking about a spin-off. And we understand nothing can be done today," it said, adding the goal was to start thinking about the future and that management had done a "heroic job" on getting Gamesa closer to being able to stand on its own feet. Ananym said that even if Siemens Gamesa could be stabilized it was unlikely to reach the margin targets set by the parent and would continue to be a drag on its parent. Siemens Energy has said it wants all of its businesses to generate double-digit margins, far higher than the 3-5% profit margin targeted for Siemens Gamesa by 2028. Siemens Energy CEO Christian Bruch said there would have to be a clear path towards double-digit returns for the division by 2028.

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2/26/2026

Toyota Plans Around $19 Billion Share Sale by Financial Institutions, Sources Say

Reuters (02/26/26) Uranaka, Miho; Shiraki, Maki

Toyota (7203.T) plans a large-scale unwinding of strategic shareholdings that would involve banks and insurance firms selling around $19 billion of its shares, two sources said, in what would mark a watershed moment in Japan's corporate governance reform. The sale will likely total around 3 trillion yen ($19 billion) but could be larger depending on the willingness of shareholders to sell, the sources said. Toyota aims for the sale to happen as early as this year, although the timing and scale could change depending on shareholders - or the plan could be abandoned, one of the sources said. Toyota aims to acquire shares through buybacks, the sources said. A secondary sale to other investors has also emerged as an option, one of the sources said. The move by the world's largest automaker would be evidence of the scale of Japan's on-going corporate governance reform. Regulators and the Tokyo Stock Exchange have been encouraging Japanese companies to unwind their cross-shareholdings. The practice, which involves firms holding shares in each other to cement business ties, has long been criticized by governance experts and overseas investors as insulating management from shareholders. Although widespread in Japan for decades, it has been less common in the West. While Toyota has a policy to cut its cross-shareholdings, it has also come under fire over governance and has faced calls from investors to improve capital efficiency. Toyota wants to demonstrate its seriousness about governance reform by unwinding the strategic shares, one of the sources said. The automaker is in the midst of a tender offer for forklift maker Toyota Industries (6201.T). Investor Elliott opposes the deal, arguing it is underpriced and lacks transparency. Toyota has extended the tender offer to March 2 due to insufficient shareholder support. Toyota shareholders include banks such as Sumitomo Mitsui Financial Group (8316.T) and Mitsubishi UFJ Financial Group (8306.T) and insurers such as MS&AD Insurance Group (8725.T). Japanese banks and insurers have in recent years outlined policies to reduce their cross-shareholdings.

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2/25/2026

Italian Gunmaker Beretta Launches Proxy Fight for U.S. Firearms Giant Sturm, Ruger & Co.

New York Post (02/25/26) Franey, James

Italian gun manufacturer Beretta is launching a proxy fight to take control of Sturm, Ruger and Co. (NYSE: RGR), America’s largest firearms maker, sources familiar with the matter say. Insiders said the 500-year-old European firm, which has built a 10% stake in Hartford, Conn.-based Ruger, wants to nominate four executives to join the nine-member board — a move designed to gain more control over the main U.S. rival to Smith & Wesson (NASDAQ: SWBI). Sources said the nominees included William Franklin Detwiler, managing partner of Fernbrook Capital Management; Mark DeYoung, the founding CEO of Vista Outdoor; Frederick Disanto, CEO of Ancora Holdings; and Michael Christodolou, the founder of Inwood Capital Management. Any vote would likely take place at Ruger’s annual general meeting scheduled for May 29. The clash has erupted amid a sales slump and plunging profits at Ruger, with the price of its shares cratering by over 40% in the past five years. As of Wednesday’s close, Ruger’s market cap hovered at $581 million. When Beretta first revealed an initial 9% stake in an October filing, it said that it wanted to explore “potential areas of operational and strategic collaborations” with Ruger. The U.S. firm then adopted a one-year shareholder rights plan amid concerns about a growing ownership stake accumulated by the Italian giant. Beretta raked in $1.7 billion in revenue in 2024 and has been snapping up rivals like Switzerland’s RUAG Ammotec in 2022. Pietro Gussalli Beretta, a 15th-generation heir to founder Bartolomeo Beretta, steers the company.

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2/25/2026

Activist Investor Prompts Sale of Charles River CDMO Business, U.S. and European Sites

Boston Business Journal (02/25/26) Baratham-Green, Hannah

Driven by activist investor engagement, Charles River has secured deals to sell several businesses that it considers “underperforming or non-core.” Charles River Laboratories International Inc. (NYSE: CRL) is selling some European assets within its discovery services business to IQVIA Holdings Inc. (NYSE: IQV) The deal will give Charles River roughly $145 million in cash, plus potential payments of up to $10 million. Discovery and safety assessment is one of three business segments at Charles River; the other two are research models and services and manufacturing. The business sale includes letting go of five European sites in Cambridge, U.K.; Freiburg, Germany; Kuopio, Finland; Portishead, UK; and Leiden, Netherlands. The work done at these sites included in vitro drug discovery services and pharmacology services. The Wilmington-based contract research organization said it will keep other drug discovery capabilities that total about 40% of its discovery services revenue in 2025. Charles River is also divesting its contract development and manufacturing organization (CDMO) and cell solutions businesses to GI Partners. The CDMO business helps produce advanced therapies for gene-modified cell therapies and gene therapies including viral vectors and plasmid DNA. The cell solutions work provides human-derived cellular materials used in the development and production of cell therapies. As part of this deal, Charles River is selling its CDMO sites in Tennessee, Maryland, and the United Kingdom, as well as its cell solutions site in California. The company didn’t provide price specifics for this deal, noting that the sale was “primarily for future, contingent performance-based payments.” All of these transactions are supposed to close during the second quarter of 2026. These are the first details that Charles River has shared about its divestitures after announcing in November 2025 that it would sell off underperforming businesses and focus on areas with more growth potential. The sales came after Elliott Investment Management got involved in the company last year and pushed for a strategic review of the business and shake up of its board. Charles River remains one of the largest life sciences companies in the state, with about 2,200 employees based in Massachusetts out of its global workforce of nearly 20,000.

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2/25/2026

MarineMax Attracts More Buyout Interest After Donerail Offer, Sources Say

Reuters (02/25/26) Herbst-Bayliss, Svea

Private equity firms including Blackstone (BX.N) and Centerbridge Partners, strategic investors and wealthy individuals have expressed interest in buying recreational yacht retailer MarineMax (HZO.N) or pieces of it, three sources familiar with the matter told Reuters. The company, which also operates marinas and services superyachts, has sent out confidentiality agreements allowing the parties to review documents and receive other information to shape a potential bid, said the sources who are not permitted to discuss the private talks. Recreational vehicle retail company Blue Compass, investor Island Capital Group and private equity group TPG (TPG.O) have also expressed interest, the sources said. Representatives for the firms declined to comment or did not return calls and emails seeking comment. MarineMax did not immediately respond to a request for comment. There is no guarantee any deal will be reached, however, the sources cautioned. Demand for the marinas business is currently a hot investment area as interest rates have dropped and consumer demand for boats appears to be rising, industry analysts said. Earlier this week, MarineMax said that it remains committed to carefully evaluating any credible proposal that could improve shareholder value. The outreach to MarineMax and its bankers comes less than a month after Reuters reported that Donerail Group, which owns a 5% stake in the company, offered to buy all of it for just over $1 billion. MarineMax hired Wells Fargo (NYSE: WFC) bankers earlier this year after receiving the Donerail offer. Wells Fargo declined to comment. Headquartered in Clearwater, Florida, MarineMax caters to a wealthy clientele through its 65 marinas and storage locations and 70 dealerships, with megayachts listed for sale on its website in the millions of dollars. Pressure has been building on the company to take action ever since Donerail last year called on the board to make sweeping changes that ranged from selling the company to replacing its chief executive officer. While MarineMax has made some changes and replaced several directors, including removing the chief financial officer from the board last year, the moves failed to satisfy Donerail. Last week, Levin Capital Strategies, one of MarineMax's 10 largest shareholders, publicly called on the company to immediately begin a strategic review. The firm also urged the board to engage with Donerail after receiving its offer. Next week, shareholders will vote on who sits on the company's board at its annual meeting, deciding the fate of CEO Brett McGill, son of MarineMax founder Bill McGill, who is up for election. Since Brett McGill became CEO in 2018, the company's earnings per share have dropped 64% and in the last five years MarineMax's share price has dropped 43% while the broader Standard & Poor's 500 index returned 76%. This year, shares of the company, which is valued at $628 million, have climbed 18%. Donerail is trying to shake up the board and is urging investors to withhold votes from McGill. Pension fund the California Teachers' Retirement System, called CalSTRS, said it has voted against all three directors standing for election.

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