Media Center

Search

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

9/17/2026

South Korea Advances Mandatory Tender Offer Law to Require Control-seeking Buyers to Bid Majority

Chosun Biz (South Korea) (09/17/26) Geon, Lee

South Korea’s National Policy Committee approved an amendment to the Financial Investment Services and Capital Markets Act introducing a mandatory tender-offer system. The bill would require an acquirer that obtains at least 25% of a listed company’s shares and becomes its largest shareholder to make a tender offer for at least 50% plus one share of the outstanding shares. For example, an investor buying a 30% stake to take control would have to offer to purchase an additional 20% plus one share from other shareholders, including a control premium. The ruling Democratic Party and People Power Party agreed on the 50%+1 threshold after negotiations. Opponents raised concerns that the higher funding requirements could make mergers and acquisitions more difficult and favor large foreign investors over smaller domestic private-equity funds. They also warned that the system could push stock prices above companies’ intrinsic values. A Social Democratic Party lawmaker called for equal treatment of shareholders and suggested requiring buyers to purchase all remaining shares included in the tender offer. The bill will next go to the National Assembly’s Legislation and Judiciary Committee before a final plenary vote.

Read the article

9/17/2026

Big American Kick-Starts Sale of $1 Billion APAC Cold Storage Business

Australian Financial Review (09/17/26) Thompson, Sarah; Sood, Kanika; Bharadwaj, Angira

Atlanta-based Americold Realty Trust (NYSE: COLD) has fired the starting gun on a $2 billion sale of its operations in Asia Pacific and Europe, succumbing to pressure from investors keen to see the cold storage giant prioritize its North American business. Americold, capitalized on the New York Stock Exchange at $US4.1 billion ($5.8 billion) has mandated Bank of America (NYSE: BAC) and Eastdil Secures Savills for the auction – dubbed Project Alpine. The bankers are shopping 40 warehouse facilities across seven European countries, and Australia and New Zealand, according to confidential sale documents sent to interested parties this month. The Australia and New Zealand operations are expected to fetch at least $1 billion and comprise 17 sites, generating $83 million in annual net operating income and making well north of $100 million in earnings. There is also two other greenfield developments in the pipeline, the documents said. The European assets are worth around $1.5 billion. Investors are being told there is “demonstrated demand momentum across both regions,” backed by the renewal of long-term contracts and growing customer commitments. The “mission-critical” assets offer a “rare window to enter the international cold storage sector at scale … across two highly attractive geographies.” BofA and Eastil, which are running the deal out of California and London, are also highlighting a development pipeline of $1 billion that is directly tied to existing customers. This, the bankers are telling prospective buyers, would provide a new owner with a “clear, actionable path to platform growth beyond the seed assets.” Americold’s stock has struggled under high debt and broader real estate headwinds. Ancora has repeatedly lobbied the company to sell itself or look at exit options for its offshore non-core operations to become a purely North American business. The board last year fielded offers for both its European and Asia-Pacific units. Cold storage businesses provide specialist temperature-controlled facilities for the storage and distribution of fresh and frozen food as well as medicines. Before a slew of offshore buyers came onto the scene recently, the sector was largely the domain of a number of family-owned businesses such as Lago, Swire, Oxford and Montague. Americold’s auction follows a similar move by Michigan-based rival Lineage (NASDAQ: LINE). In April, it was revealed that Lineage, worth $US8.6 billion, had appointed Macquarie Capital to launch a strategic review of its local operations. That unit was expected to be worth at least $2.5 billion. Investors love the sector’s profile: infrastructure-like demand with returns comparable to industrial assets. Demand is non-discretionary and growing, given supply is constrained by construction costs. Both Americold and Lineage have been hoovering up Australian businesses to expand their regional footprint. In 2021, Americold struck a deal to buy Brisbane-based Lago Cold Stores for $106.4 million. The year before, Lineage bought global rival Emergent Cold, which had earlier snapped up Australian businesses Swire Cold Storage and Montague Cold Storage.

Read the article

9/16/2026

As Proxy Fight for Control of Vail Resorts Heats Up, Vail Mayor Vows to Put Town Interests First

Summit Daily (Colorado) (09/16/26) Williams, David

Vail Mayor Barry Davis on Wednesday said the town at the base of one of the nation’s most popular ski areas will be “ferociously protective” of its residents as a proxy fight amongst shareholders plays out for control of Vail Resorts (NYSE: MTN). “We’re so interconnected with Vail Resorts on so many levels, whether that’s the parent company, whether that’s our locals, the people that we see in City Market and the people that run our local mountain. That’s our livelihood, right?” Davis said in a phone interview. Davis was responding to a column in the Vail Daily on Wednesday by former Vail Town Council member, Wall Street investor and 60-year Vail resident Merv Lapin urging an aggressive stance by the town as competing Vail Resorts’ shareholders battle for control of the board of directors. “Parts of that relationship are harder than others,” Davis said of working with the Broomfield, Colorado-based ski company. “But the town and the local mountain are symbiotic, and there’s no relationship that we are going to monitor more closely. And when I say monitor, I’m the mayor of the town of Vail, and I’m going to look out for the town of Vail’s best interest first.” Lapin recommended forming a committee of bankers and other financially savvy individuals in town to advocate for more parking, employee housing, transportation contributions, water rights and property as competing investors seek support in their efforts to take over Vail Resorts. He would also push for lowering the limit for the number of snow riders at Vail to improve safety. “The most apparent areas where Vail Resorts has been deficient: Parking for customers and VR employees, housing for Vail Resorts’ employees, deeding to the town the land under the parking facilities, deeding to the town land under Vail Health, deeding to the Eagle Valley Land Trust streamside land for conservation protection, deeding to the water district water rights that affect the quality and quantity of our water supply,” Lapin wrote. Davis said the town and its advisors will be closely watching the proxy fight sparked by 6.2% shareholder Oasis Management, which filed to land four people on the Vail Resorts’ board, including Olympic gold medalist ski racer Picabo Street and former Disney (NYSE: DIS) CEO Bob Chapek. “Please trust me that, as a person, I’m ferociously protective of the town of Vail. There is nothing we’re going to pay more attention to,” Davis said, adding his phone has been ringing off the hook with calls from numerous financial experts and that the town would consider forming a committee on the issue. “It’s in play; it’s something that’s been discussed,” Davis said. “It’s a plan that if we think that it’s the right time, we’ll do. It’s not just me that’s paying attention to this. (Town Manager) Russ (Forrest), legal, we’re really fortunate that we have locals like Merv with a historical perspective. My phone's been ringing, and we have a high caliber of people that live in this town.” Lapin, in his column, pointed to the 1992 bankruptcy of former Vail owner George Gillett — a time when the town weighed condemning the U.S. Forest Service lease for the ski area and taking control. Ultimately, Leon Black and Apollo Partners acquired Vail. Asked if the town should be as aggressive as Lapin suggests, former Vail Mayor Rob Ford wrote in a text message: “I have grave doubts the present council has the mental bandwidth to deal with such a complicated issue. My suggestion would be to encourage the council to appoint Merv to deal with it.” Cloudflare (NYSE: NET) CEO Matthew Prince, a Park City, Utah, native who has been aggressively pushing Vail Resorts to shed some of its 42 resorts, in particular Park City Mountain Resort to him for $500 million, wrote in an email responding to Lapin's column: “Hiring bankers as a town seems like an odd and expensive suggestion.” Prince, who said he owns no Vail Resorts stock and is not part of the Oasis proxy fight, feels the ski company is cutting corners on maintenance and snowmaking. He's advocated for close cooperation with town officials in Park City if he is able to buy that resort. A deeply sourced expert on proxy fights and other financial matters who requested anonymity said of the Vail Daily's initial reporting on the takeover bid: “I think you missed the real story on Vail Resorts. The 'Robert Chapek of Florida' that you alluded to is Bob Chapek, the former CEO of Disney. He is a heavy-duty player. Picabo Street is not; she's window-dressing.” The source went on to describe how the proxy fight might play out leading up to Vail Resorts' upcoming annual shareholder meeting. “Proxy fights are very hard to win, and someone like Chapek probably doesn't have to do much prior to the vote — maybe an interview or two with the WSJ and/or NYT,” the source said. “The sponsor, Oasis, and the proxy solicitation firm will do all the heavy lifting. But it's curious why he lent his name to this thing. It will be an uphill climb to win those four seats because I assume Baron, which owns 18% of the stock, will vote with management.” Some clues as to how Oasis will proceed can be found in the company's Schedule 13D filing to the Securities and Exchange Commission, a report required of entities acquiring more than 5% of the stock of a public company, which can signal an imminent corporate takeover bid: “The Reporting Persons believe the Issuer controls an irreplaceable portfolio of 42 world-class mountain resorts — a collection of scarce, high-quality assets that, in the Reporting Persons' view, is not fully reflected in the Issuer's current valuation relative to its peers. The Reporting Persons believe that a reconstituted Board, bringing fresh perspective and relevant operating experience, would be well positioned to work with management to sharpen the Issuer's focus on guest experience, pricing strategy, marketing effectiveness, and the fuller utilization of its hospitality assets, and that doing so presents a meaningful opportunity to enhance long-term value for all shareholders. “The Reporting Persons further believe there is an opportunity to deepen the Issuer's connection to the guests and communities it serves, including through more accessible entry points to the sport, improved operational efficiency, enhanced food and beverage offerings, stronger partnerships with host mountain communities, and expanded year-round programming. “The Reporting Persons believe that a more engaged and accountable Board will help ensure that the Issuer's strategic and operating decisions appropriately reflect the interests of its guests, employees, local communities, and shareholders.” Oasis Management and Vail Resorts officials did not respond to requests for comments.

Read the article

9/16/2026

Oasis Management Raises Nidec Stake to 7.97%, May Add More Within 3 Months if Undervalued

BigGo Finance (09/16/26)

Oasis Management has increased its stake in Japanese motor manufacturer Nidec Corp. (TYO: 6594) to 7.97%, up from 6.78%, according to a large-shareholding report filed Sept. 16. The Hong Kong-based activist investor now holds about 95.06 million shares and said its investment is intended to support medium- to long-term corporate and shareholder value, while generating returns through share-price appreciation and dividends. Oasis said it may acquire more than 5% of Nidec within three months if it considers the stock undervalued and market conditions favorable, using on- and off-market transactions. The fund is also preparing additional proposals involving board composition, delisting, capital policy, asset transactions, business transfers, and the appointment or removal of Nidec’s representative director. The increased stake follows Oasis’s earlier efforts to nominate outside directors. Nidec has faced an accounting-fraud issue that emerged in 2025 and disclosures in 2026 involving quality and country-of-origin labeling practices. Its proposed director slate was approved at the June 2026 annual shareholders’ meeting.

Read the article

9/16/2026

SEC Moves to Scrap Shareholder Proxy Proposal Rules

Bloomberg (09/16/26) Beyoud, Lydia

The U.S. Securities and Exchange Commission (SEC) has proposed eliminating federal rules governing how shareholders of publicly traded companies submit corporate proposals, shifting authority to the state where a company is incorporated. The measure, released Wednesday, would replace the current framework if finalized and represents a significant change in the regulation of shareholder proposals. SEC Chairman Paul Atkins has criticized shareholders who use the proxy process to advance climate, social equity, and other policy-oriented agendas, arguing that the mechanism has been “weaponized.” The SEC also proposed changes to the proxy solicitation process, which governs how investors seek support for shareholder proposals and other corporate matters. Under the proposal, states would have greater authority over the rules governing shareholder proposals involving companies incorporated within their jurisdictions. The measure remains a proposal and would need to be finalized before taking effect. The SEC’s actions come amid broader debates over the role of shareholder activism and the federal government’s authority over corporate governance.

Read the article

9/16/2026

No Longer a Silent Shareholder, Oasis Goes Activist on Vail Resorts as Prince Waits in the Wings

TownLift (09/16/26)

An investment fund that owns a sizable piece of Vail Resorts (NYSE: MTN), the company that owns and runs Park City Mountain, made its campaign to change the company official Wednesday, Sept. 16. The move could shape how the resort is run and, eventually, who owns it. Oasis Management, a Hong Kong-based hedge fund, told federal regulators it is no longer just a passive investor in Vail Resorts. Oasis is a known investor, meaning it buys large stakes in companies and pushes for change, often by taking its case directly to shareholders. It now wants to put four people on the company’s board of directors, including Park City resident and Olympic ski champion Picabo Street. A company’s board oversees its top executives and signs off on major decisions, including whether to sell any of its resorts. Vail owns 42 mountain resorts worldwide. Frustration with Vail Resorts has built in Park City for years, with complaints about crowding, aging infrastructure and worker pay, and a ski patrol strike during the 2024-25 season. Oasis’ stated goals touch many of those same issues. In its filing on Wednesday, the fund said new board members could push Vail to improve the guest experience, pricing and food and beverage, offer easier ways for newcomers to start skiing, add year-round activities and build “stronger partnerships with host mountain communities.” Oasis also said the value of Vail’s resorts is not fully reflected in the company’s current market valuation compared with its peers. The fund said it may explore or propose a review or sale of the company or some of its resorts, including deals it could seek to take part in. “The Reporting Persons believe the Issuer controls an irreplaceable portfolio of 42 world-class mountain resorts – a collection of scarce, high-quality assets that, in the Reporting Persons’ view, is not fully reflected in the Issuer’s current valuation relative to its peers.” Investors who own more than 5% of a public company must report it to the U.S. Securities and Exchange Commission. Passive investors file a short form. Investors who want to influence how the company is run must file a longer one, called a Schedule 13D. Oasis had been filing as a passive investor. On Wednesday, it filed a 13D. The fund controls 6.2% of Vail’s stock, about 2.2 million shares it bought for roughly $314 million. That is far from control of the company, but large enough that other shareholders pay attention. Vail shareholders elect the full board each year at an annual meeting, which the company typically holds in early December. Vail has not announced a date for this year’s meeting. Vail’s board will recommend its own candidates. Oasis can ask shareholders to vote for its picks instead, a contest known as a proxy fight. Oasis has not formally started asking for votes. That step comes when it files a proxy statement with regulators. Street, an Olympic gold medalist who co-founded the Picabo Street Academy in Park City, is joined by former Walt Disney Co. (NYSE: DIS). CEO Robert Chapek, Florida investor M. Ashton Hudson and Salt Lake City venture capitalist Bryce Roberts. Oasis is paying its nominees. Street, Hudson and Roberts each receive $50,000 for being nominated and another $50,000 once Oasis formally launches its vote campaign. Each must use the after-tax amount to buy Vail stock. Street reported owning no Vail shares. Chapek receives $100,000 a month to advise Oasis on Vail, and would get a $500,000 forgivable loan to buy Vail stock if elected. The nominees agreed not to speak publicly about Vail or the campaign without Oasis’ permission. In a statement to The Park Record on Friday, Street said, “It’s time to make the most of these mountains that we all love so much.” In a statement to The Park Record on Friday, Street said, “It’s time to make the most of these mountains that we all love so much.” The pressure from Oasis adds to a campaign much closer to home. Park City billionaire Matthew Prince, co-founder of the internet company Cloudflare (NYSE: NET) and owner of The Park Record, has spent months publicly urging Vail to sell him Park City Mountain. In June, he told The Colorado Sun he would put roughly $500 million into the resort for new lifts and more snowmaking, share profits with employees and give the community a stake, saying “the town should own part of the resort.” Vail CEO Rob Katz has said the company has no plans to sell. Prince told the Vail Daily this summer that activist funds circling Vail had called him, because a local buyer willing to pay for a resort makes their campaigns cheaper to run.

Read the article

9/16/2026

Meet the Czech Investor Who Wants to Unjam Xerox

Bloomberg (09/16/26) Sun, Mengqi

Czech investor František Bostl and his Prague-based fund, Starteepo, have built a roughly 7.3% economic stake in Xerox (NASDAQ: XRX) and are pushing the struggling printer maker to review its financial services business. Bostl wants Xerox to consider a joint venture, capital partnership, or sale of the unit to simplify its balance sheet and reduce debt, potentially making the company more attractive to a buyer. He argues that printers remain important for hospitals, government agencies, and businesses, while Xerox could also have a role in business-to-business artificial intelligence. Xerox, now valued at about $435 million, said it had received Starteepo’s proposals and would review them. Bostl, 34, launched Starteepo in 2017 after working in brokerage and capital markets. The fund announced its Xerox stake in May, and Bostl met with Xerox executives in Prague in June. He wants his proposals implemented by the third quarter and said he would explore further options if they are not.

Read the article

9/15/2026

Essity Said to Prep for Tissue Exit With Sale, Listing on Table

Bloomberg (09/15/26) Chan, Vinicy; Lindeberg, Rafaela

Essity (STO: ESSITY-B) is preparing to launch a sales process for its consumer tissue business as soon as October, with industry buyers and private equity firms expected to participate. The division, which makes toilet paper, tissues, and napkins under brands including Lotus, Tempo, and Cushelle, could be valued at €2.5 billion to €3 billion. Morgan Stanley (NYSE: MS) is advising Essity on a dual-track process that could result in either a sale or a separate Swedish-listed company, with a decision expected in the first half of 2027. Consumer tissue is Essity’s largest business by sales, generating nearly 44 billion kronor, or about $4.5 billion, last year, but it has the company’s lowest margins. A separation would allow Essity to focus more heavily on health and hygiene products. The review follows Cevian Capital’s acquisition of a 5.6% stake and support for the strategic review. Essity is also considering potential lost synergies and one-time separation costs. The tissue division employs about 13,000 people across 29 production facilities.

Read the article
Next