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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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2/25/2026

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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2/25/2026

Elliott Assures UK Over Future of LSE

Financial Times (02/25/26) Armstrong, Ashley; Barnes, Oliver; Asgari, Nikou

Elliott Management has privately assured the UK government about its intentions for the future of the London Stock Exchange after building a significant stake in its parent group. There have been talks between the investor and government officials to assuage fears that Elliott might push for a break-up of the group or a spin-off of the LSE, according to people familiar with the discussions. They added that the hedge fund also dispelled concerns that it might push to shift the group to a New York listing, where rival venues trade at a higher valuation multiple. Elliott had taken a position in London Stock Exchange Group (LON: LSEG) and is engaging with the company to improve its performance, the FT reported earlier this month. LSEG shares have fallen by 31% over the past year. The hedge fund run by billionaire Paul Singer reached out proactively to the UK government, said one person familiar with the discussions. The investor also holds stakes in other London-listed companies, including BP (LON: BP) and Anglo American (LON: AAL). The Treasury is sensitive to the health and fortunes of the LSE and the news of Elliott’s investment immediately triggered discussions within the department, a second person close to the situation added. News of talks between the government and Elliott comes as LSEG prepares to unveil its annual results on Thursday, during which chief executive David Schwimmer is expected to publicly address the group’s engagement with Elliott for the first time. Investors will be scrutinizing whether LSEG will reveal further share buybacks, a move that Elliott is pushing for, according to people familiar with discussions between the company and the investor. Schwimmer is likely also to address concerns over the future of the business in the face of AI. The exchange group’s shares have dropped over the past year as shareholders worry about how disruptive AI will be to the business. The Treasury has made reviving the UK’s capital markets a priority and has worked with regulators and the LSE on slashing red tape to encourage more companies to list and raise money in London. Chancellor Rachel Reeves said last month that she believed the City was entering a “new golden age” amid hopes there could soon be a revival in London listings after they hit their lowest level in 30 years. Another person familiar with the discussions said it was “unsurprising” that the government had a dialogue with Elliott, given LSEG’s “national importance” to capital markets and the flow of money in the UK. Through its $27 billion acquisition of data group Refinitiv in 2019, LSEG has grown into a financial data giant, making most of its money by selling markets data to banks, brokers, and investors. The company made less than 5% of its revenues from equities in the third quarter of 2025. Previous takeover attempts of LSEG by Deutsche Börse (OTCMKTS: DBOEY) in 2016 and Hong Kong’s HKEX (0388.HK) in 2019 provoked concern among British politicians because of the stock exchange’s role at the heart of the UK financial markets. The UK’s national security regime was “sufficiently open to interpretation” that the government could review an overseas investor’s stake in the LSE, one City lawyer said. The National Security and Investment Act includes aspects of financial and data infrastructure, which it defines as “physical or virtualized infrastructure used for storing, processing or transmitting data in digital form or infrastructure” — which could capture LSEG. The City lawyer, who is not advising either Elliott or the company, said: “Elliott’s proactive approach could be a way of assuring the government there is no threat or need to trigger review.”

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2/25/2026

South Korea Passes Corporate Reform Bill

Financial Times (02/25/26) Jung-a, Song

South Korea has passed a crucial corporate reform bill aimed at improving shareholder returns, giving a further boost to the world’s best-performing stock market this year. The National Assembly on Wednesday passed a revision of the Commercial Act requiring Korean companies to cancel newly acquired treasury shares within a year. The law ends a practice that investors say has helped owner families maintain control over their conglomerates at the expense of minority shareholders. It is the latest step in the ruling party’s attempts to tackle poor corporate governance and the so-called Korea discount that has typically suppressed valuations for the country’s shares relative to other markets. The parliament in July passed a law making it a legal duty for directors to consider the interests of all shareholders rather than just the company, which, according to critics, often means the interests of ruling family members of chaebol, the family-run conglomerates that dominate the economy. It has also mandated cumulative voting, which allows minority shareholders to concentrate their votes on specific board candidates, and separate elections of auditors. The reform measures have helped the Kospi become the world’s best-performing major stock index for the second year running. It has jumped more than 40% since the start of the year to a record high above 6,000 after its world-beating 76% rally last year. Investors have long called for the mandatory cancellation of treasury shares. While many chaebol do buy back shares, they will often hold them for intragroup mergers or as ammunition against hostile takeover bids. Since these treasury shares are not canceled, buybacks often do not result in price increases. “Buying back their own shares is one of the best ways to boost shareholder returns, but Korean companies have used it for different purposes like protecting their control,” said HK Kim, executive director at Tcha Partners, a Seoul-based asset manager. “This is a step in the right direction.” President Lee Jae Myung, from the Democratic Party of Korea, won elections last year promising the country’s army of retail investors, commonly known as “ants”, that he would improve corporate governance and boost the stock market. Lee has already achieved a target for the Kospi to hit 5,000 during his term. His party, which controls parliament, is expected to speed up reform measures ahead of provincial elections in June. Many companies have already announced plans to cancel treasury shares even before the parliamentary move. “People were thirsty for the advancement of the capital market. We have achieved [our goal] earlier than expected,” said ruling party lawmaker Min Byung-duk on Wednesday. “Still, the discount issue has not been fully resolved...it is not too late [to do more] to become a premium market.” The ruling party is also pushing a bill to strengthen the fiduciary duty of institutional investors, including the state-run National Pension Service to encourage active shareholder engagement. “The next step for [the ruling party] will be to revise a stewardship code for institutional investors,” said Changhwan Lee, chief executive of Seoul-based fund Align Partners. “Despite the recent progress, the country still has a long way to go in terms of improving corporate governance compared with the United States and Japan.”

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2/24/2026

Japan's Top Business Lobby Put Off Private Meeting with Elliott

Reuters (02/24/26) Yamazaki, Makiko

Keidanren, Japan's biggest business lobby, has put off a private meeting scheduled for next month with Elliott Investment Management, an official from the lobby group said on Tuesday. The planned meeting on March 5 was meant to be an opportunity for an Elliott portfolio manager overseeing Japanese equity investments to outline the fund's investment strategy and approach to engagement with companies, followed by "a frank exchange of views," Reuters reported last month. An official at Keidanren said the meeting had been put off due to "various reasons," but declined to comment further. Elliott did not respond to a request for comment. Elliott has a growing presence in Japan, taking stakes in and pushing for changes at major companies, and is opposing Toyota's (NYSE: TM) attempt to buy out forklift maker Toyota Industries (6201.T). The Toyota deal is seen as a test case for corporate governance in Japan where regulators are encouraging companies to unwind cross-shareholding arrangements and improve capital efficiency. Elliott has criticized the deal as being underpriced and lacking transparency. Toyota, which is a member of the lobby group, has extended its tender offer to March 2 due to insufficient shareholder support. Elliott has offered to buy shares from investors who have agreed to the offer, which if successful would translate into reduced support for the buyout, Reuters reported on Tuesday. The investor has also taken stakes in other companies such as Tokyo Gas (9531.T), Kansai Electric Power (9503.T), and Sumitomo Realty & Development (8830.T), all members of the lobby group.

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2/24/2026

Activist Irenic Builds Stake in Ralliant, Pushes for Cost Cuts

Reuters (02/24/26) Herbst-Bayliss, Svea

Irenic Capital Management has built a sizable stake in Ralliant (RAL.N) and wants the precision technology maker to cut costs, buy back more stock at a faster pace and focus more on its defense and electronics business, two sources familiar with the matter said. Irenic owns roughly 2% of Ralliant and has met with management numerous times to discuss possible changes to help the $4.7 billion company perform better, according to the sources who are not permitted to discuss the private talks. A company representative was not immediately available for comment. Specifically, the New York-based hedge fund wants the Raleigh, North Carolina-headquartered company to commit to buying back more stock. The company had said again in early February, when it announced earnings, that the board's repurchase authorization of $200 million made last year "remains fully available." Irenic however feels the company could announce a larger buyback and an accelerated share repurchase program, a fast, contract-based method for a company to buy back a large volume of its own shares immediately, the sources said. Irenic is also pushing Ralliant to cut day-to-day operating expenses after the company surprised investors by twice increasing its forecast for costs, including merit increases and other employee expenses. And Irenic wants the company to concentrate more on its sensors and safety systems business, which contributes roughly 80% of the company's earnings, the sources said. Ralliant's test and measurement business makes up the rest. Industry analysts have noted that the volatility of the test and measurement business has hurt the company overall, helping push its stock price down 20.5% since Ralliant was spun out of industrial technology conglomerate Fortive (FTV.N) less than a year ago. In early February, Ralliant's stock price plunged roughly 30% as investors reacted negatively to indications that future costs would be higher than what shareholders had expected. Irenic, co-founded by Adam Katz and Andy Dodge, has told other investors and the company privately that its two businesses do not logically fit together, the sources said. Ralliant's test and measurement business might find a better home with competitors such as engineering services company Emerson Electric (EMR.N) which purchased National Instruments in 2023, industry analysts have said. At the same time, the sources noted that Irenic believes the sensors and safety systems business should be able to grow in the high single digits for many years, fueled by megatrends including the rebuilding and maintenance of the U.S. electrical grid and ramping up the country's missile defense system. Ralliant subsidiary Qualitrol makes sensor components to track the performance of utility electrical assets, including power plants, transformers and towers. Ralliant's Pacific Scientific EMC unit manufactures pyrotechnic components for missiles and space systems. Irenic has a history of investing in aerospace and defense companies and it has previously pushed some companies to separate into more focused businesses or to sell themselves. Barnes Group, where Irenic urged changes, sold itself to private equity firm Apollo in early 2025.

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2/24/2026

Palliser Capital Seeks Court Order to Force Shareholder Proposals onto LG Chem AGM Agenda

alphabiz.co.kr (02/24/26) Jisun, Kim

Palliser Capital, which has been pursuing engagement with LG Chem (KRX: 051910), has filed for a court injunction seeking to require the company to place shareholder proposals on the agenda of its upcoming annual general meeting (AGM). LG Chem disclosed on Sunday that Palliser Capital Master Fund filed an application with the Seoul Southern District Court for a provisional injunction to mandate the inclusion of shareholder-proposed items on the AGM agenda. A hearing has been scheduled for March 4. In its filing, Palliser requested that the court order LG Chem to: (i) include the shareholder-proposed items on the agenda of the AGM; (ii) notify shareholders of each proposed item at least two weeks prior to the AGM date through the official notice of convocation or an equivalent public announcement; and (iii) bear the legal costs associated with the application. The injunction request is widely seen as a preemptive legal move, as Palliser’s shareholder proposals—submitted to LG Chem on February 10—may not be adopted as formal AGM agenda items. Palliser is reported to have held more than a 1% stake in LG Chem on a long-term basis. Palliser has called for amendments to LG Chem’s articles of incorporation to allow for non-binding shareholder proposals, as well as the introduction of a lead independent director system. The fund has also urged the company to enhance management transparency and capital allocation by proposing measures including: regular disclosure of the net asset value (NAV) discount; the adoption of key performance indicators (KPIs) reflecting capital efficiency; and a review of equity-linked compensation schemes. In particular, Palliser has recommended that LG Chem reduce its ownership stake in LG Energy Solution to below 70% and use the proceeds to fund share buybacks as part of its value enhancement strategy. LG Chem currently holds approximately a 79% stake in LG Energy Solution (KRX: 373220). Palliser argues that LG Chem continues to trade at a significant discount to its net asset value, asserting that weaknesses in corporate governance and capital allocation policies are the primary drivers of the company’s undervaluation.

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2/24/2026

Elliott Woos Shareholders Backing Toyota Industries Buyout, Sources Say

Reuters (02/24/26) Nussey, Sam; Bridge, Anton

Elliott Management has offered to pay around market price to buy Toyota Industries (6201.T) shares from holders who have agreed to a tender offer that the activist said undervalues the forklift truck maker, two people familiar with the matter said. Elliott has approached shareholders including suppliers and financial institutions that have backed the Toyota group's take-private bid, the people said, declining to be identified as the information is not public. Elliott's success would translate into reduced support for the buyout, hampering Toyota's attempt to reshape the group. The deal is widely seen as a test case for governance in Japan where regulators are encouraging companies to unwind cross-shareholding arrangements and improve capital efficiency. Toyota Industries' share price closed at 20,200 yen ($130) on Friday. Markets were closed on Monday for a public holiday. That was roughly 7% above the 18,800 yen proposed by Toyota, which announced the plan in June and this month extended the offer due to insufficient shareholder support. Elliott has said Toyota Industries shares are worth more than 26,000 yen each. It owns around 7% of the company, showed a filing from early February, and must report to the stock exchange whenever its holding changes by 1% or more. Toyota sweetened its offer in January and has said its raised price reflects the intrinsic value of the company and that it has no intention of hiking again. As of mid-February, Toyota needed 9% of shareholders to agree to sell the group their holdings for it to reach the two-thirds majority needed to take control of the company. Shareholders that have agreed to sell include Ibiden (4062.T), Mitsui Sumitomo Insurance and Tokio Marine & Nichido Fire Insurance, filings from January showed. Ibiden has outlined plans to reduce cross-shareholding arrangements and in January said selling its Toyota Industries stock will improve its own corporate value and benefit shareholders.

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2/24/2026

UK Court Annuls ISDS Ruling Ordering South Korea to Pay Elliott $107 Million

Pulse - Maeil Business News Korea (02/24/2026) Young-sang, Ryu; Kim, Minu

The South Korean government has won its annulment suit in a UK court against an international investment dispute settlement (ISDS) ruling that ordered it to pay over 155 billion won ($106.9 million) to Elliott Investment Management. The Ministry of Justice said Monday that it prevailed in the lawsuit seeking to overturn the arbitration award in the Elliott ISDS case. In 2023, the Permanent Court of Arbitration ruled that the Korean government must pay Elliott about $107 million. The government argued that the tribunal lacked jurisdiction under the Korea-U.S. Free Trade Agreement and filed an annulment action with a British court, the seat of arbitration. With the latest ruling, the original arbitration award recognizing the government’s liability can no longer stand, and the case has been remitted for further arbitration proceedings. The dispute stems from the 2015 merger between Samsung C&T (KRX: 028260) and Cheil Industries during Samsung Electronics (KRX: 005930) Chairman Lee Jae-yong’s management succession process. Elliott, then a shareholder of Samsung C&T, claimed that the merger ratio was unfavorable to Samsung C&T and that the National Pension Service — a major shareholder and government-affiliated institution — supported the deal, causing losses to minority shareholders.

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