5/18/2026

Marston’s Investor Attacks ‘Lazy’ Bosses as Shares Slump

The Times (London) (05/18/26)

Bradley Radoff has urged the bosses of pub group Marston’s to sell off sites and use the proceeds to pay down debt and reward shareholders, following a rapid fall in its share price. Bradley Radoff, who owns about 3% of the shares in the Wolverhampton-based pub group, went on the attack last week amid a share slump that has wiped roughly £70 million from the company’s market value since the start of 2026. He said: “I’m asking the board to be its own ‘activist’ and solve the problem immediately. The board is lazy.” Marston’s is one of Britain’s biggest pub companies with about 1,300 pubs across the country and an annual turnover of almost £900 million. However, it is sitting on debts of £860 million as of late March. The company has cut net debt by more than £400 million since 2023 and has said it will not return funds to shareholders until debt has reached a certain threshold. Marston’s said last week that the net value of its assets per share was £1.28. But its shares closed last week at 45p. Radoff claimed the difference between the value of the company’s assets and its share price meant bosses were “getting an ‘F’ right now from the market.” He said: “The problem is, [they’re] asking us to wait another year, which I don’t accept. I’m saying you have to have an immediate plan when your stock’s trading at a 65% discount.” Radoff added that Marston’s could look at selling off everything from small packages of pubs to its entire estate of leased and tenanted pubs — sites that it leases to landlords rather than running them itself. This totals almost 140 sites. “There’s a bucket of stuff where they could say, ‘Over the next 12 to 24 months, we’re going to start selling these, and we’re going to accelerate the deleveraging, and we’re going to immediately start a buyback’,” he said. “If they came out and said … ‘Given the disconnect in our share price, we decided to go sell 20 pubs for £30 million, and we’re using half of that to do a buyback and half to pay down debt’ … the stock may go [up] 20%.” Based in Houston, Texas, Radoff is a serial investor known for buying up shares in companies that he believes are undervalued, and then pushing for change. He disclosed his stake in Marston’s last October. In January, he voted against the re-election of its non-executive directors at the company’s annual meeting. His comments come after Marston’s last week posted a 1.1% drop in revenues over the six months to March 28, to £422.7 million. However, pre-tax profits rose by 19.5% to £23.3 million and is on track to meet full-year targets. Justin Platt, the company’s chief executive, kicked off a turnaround plan after joining in January 2024. This has included introducing new Grandstand pubs, which are designed for sports fans, as well as Woodie’s, a new pub brand for families. Platt said last week that these were “delivering very attractive commercial returns.” Shares in Marston’s had risen to a 52-week high before mid-January, when they began to drop. Like other listed pubs groups, they have traded consistently below pre-pandemic levels. Many pub companies will be hoping for a boost later this year as Britons flock to bars to watch the World Cup. The pub sector has faced a barrage of costs and tax rises in recent years, while high living costs have hampered consumer spending. A Marston’s spokesman said: “We continuously engage with our shareholders and always welcome their views on capital allocation.”

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5/18/2026

UK's Capita Reaffirms Growth Forecast as Public Sector Revenue Climbs

Reuters (05/18/26) Bedi, Prerna

Capita (CPI.L) on Monday reaffirmed its forecast for annual revenue, as the UK-based outsourcing firm looks to measures aimed at offsetting contract losses and reshaping its business. The company, which provides support services to the UK public and private sectors, said it is focusing on streamlining its business and increasing its exposure to public sector work to support performance. Capita's update comes a week after Oasis Management swapped its over 15% exposure in the British firm to shares, becoming its largest shareholder. Here are some details: Capita still expects its public service business revenue to grow in low- to mid-single digit percentage for the year ending December 31. In the first four months of 2026, growth was 5.8%. The firm's order book was up 20% year-over-year to 750 million pounds ($1 billion) in the four-month period. Capita's Public Service unit, which contributes 81% of the group revenue, benefited from increased volumes in government contracts. The update was a sign of "encouraging progress both strategically and financially," RBC Capital Markets analysts said. Capita also retained its revenue forecast for its other major unit, pensions solutions and annual cost savings target across 2026 and 2027. In March, the company had announced plans to sell its private sector contact center business, following a profit margin warning. Shares in the London-listed firm were up 4.8% at 330 pence in early trade on Monday.

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5/18/2026

Corvex Management Pushes Premier Inn Owner to Put Itself Up for Sale

Financial Times (05/18/26) Barnes, Oliver; Stacey, Stephanie

Corvex Management is pushing for Premier Inn owner Whitbread (LSE: WTB) to put itself up for sale after the FTSE 100 hotel group refused to overhaul its spending plans to turn around its ailing share price. Corvex, which owns a 7% stake, making it a top-five shareholder, has told Whitbread's board that the “only credible path” to realizing value for shareholders is launching a sale of the whole company. “It is imperative that the board immediately retains an independent investment bank and makes a public commitment to conduct a rigorous and comprehensive sale process,” said Corvex’s managing partner Keith Meister in a letter to the board seen by the FT. If Whitbread did not commit to a sale process, Corvex threatened to nominate a fresh slate of directors to the company’s board. Shares in Whitbread rose 2.6% in early trading on Monday but have fallen 17% over the past 12 months. The intervention comes after Whitbread doubled down at a recent capital markets day on ambitious expansion plans to add 14,000 hotel rooms in the UK and Germany, funded by monetizing its valuable freehold property assets — a strategy opposed by Corvex. Whitbread said it is “focused on driving stronger returns for all our shareholders, and at our full year results two weeks ago we announced the launch of our new Five Year Plan.” The company added: “This plan, which followed a rigorous review of our options to maximize value creation, is designed to deliver profitable growth and £2 billion of free cash flow for shareholder returns by FY31. We have made good progress on our transformation to date, and this new plan will go further and faster to deliver for our shareholders." Corvex declined to comment. Pressure for a sale of Whitbread could set the stage for another high-profile exit from the UK’s marquee FTSE 100 index. FTSE 100-listed testing company Intertek and FTSE 250 ingredients maker Tate & Lyle (LSE: TATE) are both considering takeover bids. Corvex first went public with its stake in Whitbread last December, saying it wanted board representation and to work with the company on a strategic review, which would reassess Whitbread’s £3.5 billion five-year investment plan. Shares in Whitbread are trading at a 13-year low and are down 17% over the past year, compared with a 17% rise in the wider FTSE 100 index. Corvex called for Whitbread to suspend any non-essential capital expenditure and all proposed sale-leaseback transactions of its UK freehold properties during any potential sale process. Instead, it said the company should launch a share buyback to return cash to investors. The hedge fund noted in its letter that Whitbread was trading at a fraction of the value of the company’s vast freehold property portfolio, suggesting that “the market is ascribing zero value to Whitbread’s remaining leasehold business, its German hotel assets, and its development properties.” Whitbread runs more than 850 Premier Inn hotels across its home of the UK and Germany. Whitbread, along with other UK hospitality operators, faced margin pressure from the UK government’s increase in business rates in the recent Budget. Asked about activist pressure in April, Whitbread chief executive Dominic Paul told the FT that the company had spoken to “a lot of shareholders” and received a “clear message” endorsing its current business plan. Corvex said that it had raised “concerns directly and repeatedly with the board and management, yet rather than undertaking the substantive strategic change the situation demands, they have remained anchored to the status quo.” Corvex — which is run by Meister, a former lieutenant of Carl Icahn — is the latest U.S. hedge fund to agitate for changes at a struggling UK hospitality group. Corvex also previously engaged Ladbrokes owner Entain (LSE: ENT).

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5/17/2026

Elliott Investment Management Builds Big Stake in Life-Science Tools Supplier Bio-Rad

Wall Street Journal (05/17/26) Thomas, Lauren

Elliott Investment Management has built a sizable stake in Bio-Rad Laboratories (BIO) and plans to push the supplier of life-science tools and diagnostics products to boost its underperforming stock price, according to people familiar with the matter. Elliott is also a large investor in Sartorius (SRT), the German supplier of pharmaceutical and laboratory equipment that Bio-Rad has a strategic investment in, the people said. Sartorius serves makers of biologic drugs, which now dominate pharmaceuticals. Bio-Rad’s investment in Sartorius is worth around $5 billion, not far from the size of Bio-Rad’s roughly $6.6 billion market value. Elliott believes Sartorius is a high-quality business with strong growth prospects, the people familiar with the matter said. The exact size of Elliott’s stake in Bio-Rad as well as details of its plans couldn’t be learned. Bio-Rad’s stock has dropped over 70% since trading at peak levels of over $800 a share in late 2021, during the Covid-19 pandemic. Its sales and profit have fallen, and it has underperformed peers. The stock closed Friday at $247.53. Bio-Rad’s turnaround prospects and the value of its stake in Sartorius alone could make it an appealing target to potential buyers. The company’s management has been forecasting 2026 operating margins of between 10% and 12%, significantly lower than in recent years and below those of its peers, which can be more than 30%. Restructuring at some of the biggest pharmaceutical companies following the pandemic has challenged the industry for life-science tools and diagnostics products. Analysts see bright spots emerging, however, as biopharma companies spend more on research and development and dealmaking activity heats up. Bio-Rad’s peers, including Thermo Fisher Scientific (NYSE: TMO) and Danaher (NYSE: DHR), have spent tens of billions on acquisitions in recent years, while private-equity firms have also been more active. Blackstone (NYSE: BX) and TPG (NASDAQ: TPG) last year struck a deal to acquire medical-diagnostics company Hologic for over $18 billion. Hercules, Calif.-based Bio-Rad makes instruments and software used by hospitals, blood banks and medical laboratories. Its founding family holds majority voting power, which can make it harder for an activist to prompt change. However, Elliott has successfully taken on other controlled companies including Pinterest (NYSE: PINS) and data-center operator Switch. Elliott, which manages around $80 billion in assets, has been active in the healthcare sector, with other recent investments including Charles River Laboratories (NYSE: CRL)—where it won board seats and management agreed to launch a strategic review before the CEO resigned—and contract drugmaker Catalent (NYSE: CTLT), which was sold.

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5/15/2026

GFL-Secure Deal Gets Proxy Firms’ Backing Despite Abrams’ Opposition

Bloomberg (05/15/26) Sambo, Paula

Two major proxy advisory firms backed GFL Environmental Inc.’s (NYSE: GFL) proposed acquisition of Secure Waste Infrastructure Corp. (SES.TO), dealing a setback to Abrams Capital Management, the investor fighting the deal. Institutional Shareholder Services (ISS) and Glass Lewis recommended that Secure Waste investors vote for the transaction. GFL offered C$24.75 per share in cash and stock for the Calgary-based waste management firm last month, valuing it at around C$6.4 billion ($4.6 billion) including debt. Abrams, which says it owns about 10% of Secure, argues the company has more long-term potential as a standalone business and has been urging shareholders to reject it ahead of a May 27 special meeting. ISS said there was “insufficient evidence to conclude the valuation is not credible,” despite the absence of a formal auction process. Similarly, Glass Lewis wrote that the price appears to be close to Secure's “fully marketed control value” under current market conditions. Under the agreement, Secure shareholders can elect to receive C$24.75 a share in cash, 0.4195 of a GFL subordinate voting share, or a mix of cash and stock. Secure shareholders are expected to own about 16% of the combined company if the transaction proceeds. The deal needs majority approval of shares voted, excluding insiders. “We are pleased that ISS and Glass Lewis have recommended Secure shareholders vote for the proposed transaction with GFL,” Secure Chair Mick Dilger said in a statement Friday. The recommendations reinforced the board’s view that the merger delivers “compelling immediate value” while allowing shareholders to own a piece of a larger and more diversified company, he said.

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