7/16/2026

Randian Capital Pushes LoanDepot to Consider a Sale

National Mortgage News (07/16/26) Sinnock, Bonnie

A minority shareholder at LoanDepot (NYSE: LDI) has called for the company to rethink its management and consider courting acquirers, citing concerns around a long period in which it has traded just above $1 per share. Randian Capital also specifically recommended a new approach to the company's mortgage servicing rights portfolio, which the company reported had an unpaid principal balance of more than $120 billion in the first quarter. That portfolio "may command a premium value in a strategic transaction," Randian suggested in a letter to LoanDepot's board while pointing to Rocket Mortgage's acquisition of Mr. Cooper last year as a sign of strong market interest in servicing. Randian's letter asks the board to reconsider LoanDepot's current strategies and top executive Anthony Hsieh's leadership. "While the mortgage industry has faced significant macroeconomic headwinds, those factors alone do not explain LoanDepot's prolonged underperformance," the investor wrote. "Many competitors have adapted their cost structures and strategic positioning. LoanDepot has yet to demonstrate a sustainable path." Randian Capital reports it has exposure to over 250,000 shares of LoanDepot. Hsieh holds far more at over 100 million shares, according to a Stock Titan report from earlier this year. A LoanDepot spokesperson declined to comment on the letter. LoanDepot's approach to its servicing portfolio, which the company has gradually grown from $117 billion in UPB during last year's first quarter, has been to use it for the recapture and retention of lending customers. "We have focused on fully leveraging our unique assets and strategy, including one of the most differentiated customer acquisition and retention business models in the marketplace," Hsieh said during the company's first-quarter earnings call. LoanDepot has reported relatively high recapture and retention rates of 73% and 75%, representing an uptrend from a year ago, when the company's respective numbers were 65% and 67%. (The company calculates consumer-direct recapture based on organic refinances of loans on the same property with full repayment in situations where the company is consistently the lender, divided by the servicing portfolio's UPB. Due to a lag in when external data is available the latest numbers were considered current as of April 20. The other metric is calculated based on the origination amount sold servicing retained during a quarter divided by the total sold volume.) In addition to learning on servicing for customer recapture and retention, company also plans to use its re-entry into wholesale, the hiring of 100 additional loan officers, and operational efficiencies obtained through automation to increase profit and recover from multiple quarters in the red. "We are now three quarters into the rebuild of our company and I believe that all of our hard work will soon be reflected in our financial performance," Hsieh said during the company's earnings call. "We spent the most recent quarter focused on a series of long-term growth initiatives that we expect will accelerate our momentum in coming months." Some other large nonbank mortgage companies also have shares trading in the single digits, including United Wholesale Mortgage (NYSE: UWMC), Fannie Mae (OTCMKTS: FNMA) and Freddie Mac (OTCMKTS: FMCC), the last two of which are government-sponsored enterprises held in conservatorship. Prolonged trading below $1 per share can jeopardize a company's listing on the New York Stock Exchange but generally the aforementioned stocks have been above that benchmark. Relatively lower stock prices can generate analyst and investor interest if there's confidence that a company's shares have upside potential. On a scale on which 1 is a buy and 5 is a sell, S&P Capital IQ's analyst consensus during midday trading was that LoanDepot's stock was at 3.75. There have been multiple servicing-related acquisitions due in part to market conditions that have increased recapture's importance, notably a recent bidding war between UWM and retail home mortgage giant CrossCountry over Roundpoint Mortgage Servicing's owner, Two Harbors. Shareholders voted for CrossCountry to buy Two Harbors.

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7/14/2026

CCC Intelligent Solutions Stock Rises Following Reports of Elliott Investment Management Stake

TIKR (07/14/26) Raghunath, Aditya

CCC Intelligent Solutions (NASDAQ: CCC) stock jumped over 10% after Bloomberg reported that Elliott Management has built a large stake in the company. Notably, Elliott took the position before CCC even began exploring a sale, which adds an extra layer of intrigue to the timing. Elliott’s involvement is reportedly being led by its private equity arm, Evergreen Coast Capital, rather than its more typical public activist playbook. That distinction matters. It suggests Elliott may be angling for a direct buyout rather than pushing for boardroom changes from the outside. Evergreen has bought software companies before, including Gigamon for $1.6 billion in 2017 and LogMeIn for $4.3 billion in 2019, so this wouldn’t be new territory. The timing lines up with something else. CCC has hired Morgan Stanley (NYSE: MS) to run a formal sale process and has already reached out to potential buyers. That combination, an activist stake plus an active sale process, is exactly the kind of setup that tends to draw serious buyer interest. CCC’s business model helps explain the appeal. The company sells cloud-based, AI-powered software that connects insurers, repair shops, parts suppliers, and automakers. Once a customer is plugged in, switching platforms is disruptive and costly, which creates sticky, subscription-like revenue. That’s the kind of predictable cash flow private equity firms love. CCC Intelligent Solutions stock had fallen significantly before this rally, with market cap dropping about 35% over the past year even as the underlying business continued to perform. Q1 2026 revenue grew 12% year over year to $281.3 million. Adjusted EBITDA jumped 21.3% to $120.2 million. That’s a case of a stock price falling faster than the fundamentals, exactly the kind of gap that draws in activist and private equity buyers. Not everything points to a clean outcome. CCC explored a sale back in 2023, and nothing came of it, so investors know a formal process doesn’t guarantee a deal. Slowing revenue growth and softer industry claims volumes remain real challenges. Still, with earnings due July 30, investors will get a fresh look at whether the fundamentals support the deal speculation building around CCC Intelligent Solutions stock.

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7/14/2026

Align Partners Proposes JB, BNK Financial Merger to Form Largest Regional Holding

The Chosun Daily (07/14/26) Joon-woo, Lee

Align Partners Capital Management has officially proposed to the boards of JB Financial Group (KRX: 175330) and BNK Financial Group (KRX: 138930) to review the feasibility of a merger between the two. If successful, the merger could create the largest single regional financial holding company in South Korea, with total assets of 234 trillion Korean won. Align Partners sent an open shareholder letter to the boards of JB Financial and BNK Financial on the 14th, requesting the establishment of a special committee composed solely of independent directors and the appointment of global investment banks (IBs) and strategic consulting firms as external advisors to assess the strategic and financial viability of a merger. The fund demanded that the decision on whether to initiate the review be disclosed by August 7, and if commenced, the results and future plans be publicly shared via the companies’ websites or electronic disclosures before the third-quarter earnings announcement. Align Partners diagnosed that regional banks are facing a structural survival crisis. Amid population decline and aging in the Yeongnam and Honam regions, along with deepening economic concentration in the capital area, regional banks’ market positions are weakening. As of 2025, regional banks’ share of won-denominated loans stood at 6.0%, while commercial banks held 55.5%, entrenching an oligopolistic structure. Independent survival or conversion into commercial banks is deemed unrealistic, and the integration of JB Financial and BNK Financial is presented as a solution to secure long-term competitiveness for regional finance. Lee Changhwan, representative of Align Partners, stated, “Only the integration of the two regional financial holding companies, whose business territories and portfolios are mutually complementary, can ensure the long-term viability of regional banks. This aligns with the domestic financial industry’s trajectory of growth through mergers and the adoption of financial holding company structures since the foreign exchange crisis.” Align Partners projected that a merger would result in the creation of the largest regional financial holding company in South Korea, with total assets of 234 trillion Korean won. Since JB Financial operates primarily in Honam and BNK Financial in Yeongnam, there is minimal overlap in branches and customers, reducing concerns about self-cannibalization. A “federated merger holding company” model, maintaining the corporations and brands of Jeonbuk, Gwangju, Busan, and Gyeongnam Banks, is also feasible. Financial synergies were also highlighted. If the merged entity’s risk-weighted asset return on capital (RoRWA) improves to JB Financial’s level (1.83%), reducing non-personnel costs by 10% could raise the return on equity (ROE) from 9.1% to 12.8% and lower the cost-to-income ratio (CIR) from 45.5% to 38.7%. Additional benefits include lower funding costs, reduced risk premiums, expanded research coverage, and potential inclusion in the MSCI Korea Index. Align Partners emphasized that integration could secure investment capacity amid intensifying AI transition competition. The combined intangible assets (software and development costs) of JB Financial and BNK Financial total 211.9 billion Korean won, just one-third of the average for the top four financial holding companies. Integration could enable efficient IT, data, and AI infrastructure development, matching the AI investment competitiveness of commercial banks. Lee stated, “This proposal is not to immediately push for a merger but to request an independent and professional review for the benefit of all shareholders. With AI competition accelerating and regional economic foundations weakening, now is the right time to explore integration possibilities.”

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7/14/2026

Lionsgate Studios Attracts Takeover Interest From Bollore, Banijay, Sources Say

Reuters (07/14/26) Crowley, Amy-Jo; Vinn, Milana

Lionsgate Studios (LION.N), the entertainment company behind the "Hunger Games" and "John Wick" franchises, is exploring a sale and has attracted takeover interest from France's Bollore Group (BOLL.PA), as consolidation accelerates across the media industry, three people familiar with the matter said. The company, which has a market value of about $3.8 billion, has been working with an investment bank to evaluate inbound approaches, the sources said, requesting anonymity because the discussions are confidential. Sources warn a deal is not certain, and Lionsgate could still remain independent. Banijay Group (BNJ.AS), the television production company behind hits such as "Big Brother" and "Survivor" that earlier this year completed its merger with All3Media, is among other suitors that have considered a bid for Lionsgate Studios, two of the people said. A bid from Banijay may take time as the company remains focused on integrating All3Media, another source added. Bollore wants to bolster the production capabilities of Canal+, the pay-TV company in which it holds a controlling interest. Lionsgate and Banijay declined to comment. Bollore did not respond to a request for comment made outside of business hours. Shares in Lionsgate jumped as much as 9% in after-hours trading following the report by Reuters on possible takeover interest. The interest reflects a broader push by European media companies to build scale and secure sought-after intellectual property as they compete with global streaming giants. Lionsgate Studios owns a catalog of films and television series that includes "The Twilight Saga" franchises and the recent Michael Jackson biopic "Michael," which grossed more than $1 billion at the box office. The discussions come as Lionsgate director and shareholder Mark Rachesky earlier this month transferred the roughly 10% stake he holds through his private equity fund into a newly created investment vehicle backed by RenWave Kore, according to a securities filing, opens new tab. RenWave Kore, founded in 2024 by Cody Kittle, a former portfolio manager at Elliott Investment Management, is backed by Sequoia Heritage. The valuation sought by shareholders could make it difficult for bidders to reach an agreement, two of the sources said. One of them added that previous interested parties walked away because of price expectations. Investors are paying 26 times expected pretax profit for shares in Lionsgate, according to LSEG data, a premium to peer companies.

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7/14/2026

Uber Is in Advanced Talks to Acquire Germany’s Delivery Hero

Bloomberg (07/14/26) Gould, Ryan; Henning, Eyk; Chan, Vinicy; et al.

Uber Technologies Inc. (NYSE: UBER) is in advanced negotiations to buy German food-delivery company Delivery Hero SE (DHER.DE), a deal that will allow the ride-hailing giant to better compete with rival DoorDash Inc. (NASDAQ: DASH) outside the United States. Berlin-based Delivery Hero confirmed it’s in advanced discussions with Uber about a potential takeover, according to a statement Tuesday that followed an earlier Bloomberg News report. Uber has been discussing a potential bid of around €40 per share for the German group, people familiar with the matter said. That would value Delivery Hero at more than €12 billion ($13.7 billion), according to data compiled by Bloomberg. Deliberations are ongoing and details of the possible offer could change, the people said, asking not to be identified because the information is private. Representatives for Uber and Delivery Hero declined to comment on the price. Shares of Delivery Hero rose as much as 6.8% on Tuesday. The stock closed at €39.10 in Frankfurt, giving the company a market value of €11.9 billion. Uber has already built a shareholding in Delivery Hero of 24.99%, plus derivatives that take its total interest to about 36.8%. Uber has previously approached Delivery Hero with an offer of €33 per share, but investors have been betting that a higher price will be required to seal the deal. Amsterdam-listed internet investment firm Prosus NV (PRX.AS) also holds a significant stake in Delivery Hero. Any deal is likely to attract scrutiny from antitrust regulators globally. Delivery Hero has a presence in more than 60 markets, and the company and Uber overlap in parts of Europe and the Middle East. San Francisco-based Uber has been making acquisitions overseas to strengthen its position internationally, where hometown rivals like DoorDash are making similar moves. Delivery Hero’s international presence would give Uber have a better view into markets where it’s behind DoorDash’s Europe-focused Wolt unit. Delivery Hero has been conducting a strategic review following pressure from shareholders, which include Aspex Management, the hedge fund that succeeded in ousting founder Niklas Östberg and has lobbied for more asset sales. This comes as the food delivery sector consolidates globally, driven by slowing growth and heavy competition. A number of Delivery Hero’s peers in Europe have been targeted. DoorDash agreed to buy the UK’s Deliveroo Plc last year, while Prosus acquired Just Eat Takeaway.com NV (OTCMKTS: JTKWY). Other suitors have been studying Delivery Hero or some of its assets. DoorDash and Saudi Arabian quick delivery startup Ninja have separately expressed interest in part or all of Delivery Hero’s Middle East business, people with knowledge of the matter have said. Business surged for food delivery providers during Covid-19 lockdowns, prompting rapid expansion and investment, only to slow dramatically when restaurants and grocery stores reopened. Increasing regulatory scrutiny of so-called gig workers, treated as independent contractors without the same rights and protections as full-time employees, has also made labor more expensive.

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7/10/2026

Independent Proxy Firm ISS Sides With Genesco in Proxy Fight

Yahoo! Finance (07/10/26) Young, Vicki

Genesco Inc. (NYSE: GCO) is in a good position to defend and win an investor's push for a revamping of the company's board ahead of this year's Annual Shareholders' Meeting on July 21. Bradley L. Radoff and Jumana Capital Investments pushed for a proxy battle after it said Genesco directors declined to "meaningfully consider" their suggestions to improve shareholder value. In addition, the Radoff-Jumana Group sought to replace board directors Joanna Barsh and Thurgood Marshall, Jr., on grounds they are over-tenured and unqualified. The Radoff-Jumana Group's offered replacement candidates former public company chief executive officer Westervelt T. Ballard, Jr., and experienced public company director Paula J. Poskon. Independent proxy advisory firm ISS in a report earlier this month recommended "support for all management nominees" and that shareholders should vote for all nine Genesco directors on the company's "White" proxy card. ISS reasoned that the "dissidents have not made a compelling case for change." The advisory firm also recommended that Genesco shareholders "withhold votes from the dissidents' nominees, Ballard and Poskon." ISS also said since chief executive officer Mimi Vaughn's appointment Nov. 4, 2019, the firm's total shareholder return over certain one-, three-, and five-year periods has "exceeded its peer median." Genesco, acknowledging that the ISS decision meant there was no need for a proxy contest, said: "Under the oversight of the company's highly qualified directors, our management team is successfully transforming the business and is executing a strategy that is working and delivering strong results." A decision from competing proxy advisory firm Glass Lewis & Co. could come through in a few days. If that decision is in Genesco's favor, that would bolster the shoe retailer's position even more. The Nashville-based shoe firm in May posted a first quarter net loss of $14.81 million on a net sales increase of 3% to $487.03 million. That was enough to beat analyst expectations. Last month, the owner of the Journeys chain named Jonathan Collins as its new senior vice president, finance and chief financial officer, starting Aug. 3. He will report to Vaughn, who also served as interim CFO since March 2026, following the departure of the former finance chief Cassandra "Sandra" Harris. The Radoff-Jumana fight is the second battle Vaughn has faced. In 2021, the company survived a fight with Legion Partners, which accused the retailer of both underperformance and that it needed to change the composition of its board. ISS also sided with Genesco, while competing proxy advisory firm Glass Lewis sided with Legion. In addition to the Journeys shoe chain, Genesco also owns the U.K.-based retail banner Schuh.

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7/10/2026

Hedge Fund Elliott Builds Stake in Software Firm CCC

Bloomberg (07/10/26) Tse, Crystal; Gould, Ryan; Sun, Mengqi

Elliott Investment Management has built a large stake in car-insurance software provider CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCC), which has been exploring a potential sale, according to people familiar with the matter. The engagement with the company is being led by investors from Elliott’s private equity business, said the people, asking to not be identified because the details aren’t public. The size of Elliott’s investment couldn’t be learned. Elliott took the stake before CCC decided to work with an adviser to explore a potential sale, the people said. CCC’s deliberations are early and there’s no certainty they’ll result in a sale, the people said. A representatives for CCC couldn’t immediately be reached for comment. A representative for Elliott declined to comment. CCC rose 10% to close at $5.92 in New York trading Friday, giving the company a market value of about $3.5 billion. The stock has fallen 39% in the past year. Reuters first reported on the sale process. It was worth about $7 billion when it went public in 2021 via a merger with a blank check company. Advent International had purchased the company in 2017 and sold its remaining stake last year. CCC makes software for the car insurance industry to help process auto claims and repairs. It weighed a sale in 2023 and attracted interest from private equity firms Bain Capital and TPG Inc., Bloomberg News reported at the time. Elliott is best known for being an investor that takes stakes in some of the world’s biggest companies and pushes for changes. The firm’s strategies also span credit, commodities, real estate, and private equity. It’s been involved in private equity buyouts for more than a decade. In 2023, it retired its Evergreen Coast brand for its private equity investment to avoid confusion and underscored how private equity is integrated with the rest of the firm. Some of its private equity investments include Cloud Software Group, Barnes & Noble Inc., Syneos Health, and Nielsen Holdings.

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7/10/2026

U.S. Activist Investors Must Disclose Clients in Filings, SEC Says

Reuters (07/10/26) Herbst-Bayliss, Svea

Activist investors in the United States must disclose the identities of their clients in regulatory filings, the Securities and Exchange Commission (SEC) said in a move that may rattle hedge funds by requesting information they have long fought to keep secret. The updated interpretations on 13D filings and proxy statements, issued by the main U.S. securities regulator on Thursday, had not been expected and have not been widely reported, according to lawyers who work on investor activism, who spoke on condition of anonymity to discuss the matter openly. The SEC's new guidance on its Corporate Finance Interpretations clarifies how the agency views its rules on critical filings after a busy six months of activist campaigns. The regulator did not respond to a request for comment on the changes or say what prompted it to issue the interpretation now. The changes signal increased interest in transparency about what investors pushing for boardroom changes or other matters must say about their clients, the legal advisers said. The changes come as special purpose vehicles called "sidecars" are increasingly used to finance activist campaigns. "The identities of the investors in an entity formed for the purpose of acquiring securities of a specific issuer and engaging in an activism campaign at that issuer must be disclosed," the SEC writes in answer to Question 110.09. The answer to Question 155.02, which asks whether clients are considered "participants" in a limited partnership that aims to solicit votes to change board directors, is "yes" if these clients invested more than $500. In the first half of 2026, investors including Elliott Investment Management, Ancora Alternatives, and TOMS Capital Investment Management have pushed companies ranging from media giant Warner Bros Discovery (WBD.O) to Devon Energy (DVN.N) to perform better. In a particularly competitive part of financial markets, hedge funds have long prized secrecy around the identity of their investors. They argue that identifying anything about their business, including who is funding them, could embolden copycats and limit their ability to make money. As hedge funds race to gather assets, more are relying on special purpose vehicles where potential investors are often told about the firm's strategy and the target company's name. It allows clients to make investments in specific companies, rather than be in a hedge fund's bigger pool of investments. But companies targeted by corporate activists say greater transparency, including knowing who is invested, is necessary information to defend themselves. The SEC's interpretation will remind companies and hedge funds of 2022, when medical device company Masimo Corp, facing a fight with Politan Capital, amended its bylaws to force any activist planning to nominate directors to disclose the identities of the fund's limited partners and reveal future plans to nominate candidates elsewhere. The Masimo bylaws sparked outrage among seasoned activist investors. And while few companies followed Masimo's lead, hundreds of corporations contacted their lawyers to ask whether they too should adopt such bylaws, attorneys said. In early 2023 Masimo reversed course and stopped requiring hedge funds to detail this information. In 2026 it was purchased by Danaher (DHR.N).

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7/9/2026

Kimmeridge Faults Pace of Devon Energy’s Asset-Sale Efforts

Bloomberg (07/09/26) Wethe, David; Mengqi, Sun

Kimmeridge Energy Management Co., an outspoken shale investor, criticized Devon Energy Corp.’s (NYSE: DVN) divestment program as too slow after the driller’s $25 billion takeover of Coterra Energy Inc. (NYSE: CTRA). It’s the latest sign of frustration from an investor that urged Devon in a May letter titled ‘Time for Action’ to shed assets outside of the Permian Basin, the most productive U.S. oil field. Kimmeridge voted against all of Devon’s directors and the compensation plan at its annual meeting, according to a person familiar with the information who asked not to be identified. “When we published our ‘time for action’ letter in May, we expected the board to respond with the urgency warranted by Devon’s persistent underperformance,” Mark Viviano, managing director at Kimmeridge, said in a statement Thursday. “Unfortunately, the board’s response to date has fallen well short of the urgency the situation demands. This is not what we envisioned when we voted in favor of the transaction.” Devon received an $8 billion offer from Stone Ridge Asset Management for its Marcellus Shale natural gas assets, Reuters reported in late May, citing four anonymous sources. Another investor, Toms Capital Investment Management shares the view that Devon should be moving to shed assets and has become increasingly impatient with the pace of management’s actions at Devon, according to a separate person familiar with the matter. Toms, which is a top five shareholder in the stock, is considering all options to spur action at Devon, the person added. A Devon spokesperson didn’t immediately respond to a request for comment for this article. Little more than two weeks ago, Devon Chief Executive Officer Clay Gaspar told investors in New York that the company is moving with haste to evaluate its portfolio, calling it a months-long rather than a years-long exercise. Outside of the Permian, Devon has oil and gas assets in the Rocky Mountains, the Anadarko Basin of Oklahoma, the Eagle Ford in South Texas and the Marcellus in Pennsylvania.

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