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6/16/2026

Harwood Capital Pushing for M&C Saatchi Break-Up Builds Stake

City AM (06/16/26) Lyon, Ali

Harwood Capital has added to its stake in M&C Saatchi (LON: SAA) in a move that brings it a step closer to orchestrating a break-up of one of Britain’s best-known advertising companies. Harwood Capital now owns more than 8% of the eponymous agency founded by advertising tycoons Maurice and Charles in 1995, according to a stock exchange filing, and is understood to harbor ambitions to push through a mass disposal the media group’s constituent parts. The boutique investment firm began amassing a stake in the London-headquartered M&C Saatchi in 2020, but did not surpass the 5% threshold that forced it to declare its holding until last year. Since then, it has been steadily adding to its position, with its latest buying spree taking its stake above 8% for the first time. The fund is now pushing for the agency to kickstart a piecemeal sale of its various divisions – which range from lobbying and events management to traditional advertising and sports marketing – that it hopes will unlock significant value for shareholders. The approach resembles the playbook Harwood employed with Centaur Media, the former owner of trade media outlets like The Lawyer, that completed a fire sale of its portfolio companies earlier this year. Centaur now owns just one firm, having returned nearly £65 million to shareholders through the disposals under pressure from Harwood. The stripped back entity also quit the London Stock Exchange in April. Harwood’s offensive comes at a tumultuous period for M&C Saatchi, which has been forced to contend with a barrage of headwinds. The Aim-listed group’s shares have shed more than a more than a quarter of their valuation over the last 12 months, after the agency was swept up in a wider artificial intelligence-related sell-off of large advertising groups. Meanwhile, the Iran war has threatened to upend its industry-leading sport and entertainment division’s growth in the Middle East and further dent earnings in the already softening UK market. It has also faced several high-profile internal challenges, with former boss Zaid Al-Qassab standing down in April after less than two years at the helm. Major shareholder Vin Murria has simultaneously taken up a position on its board having previously spearheaded a £254 million hostile takeover approach for the agency. Any break-up would likely foreshadow the end of M&C Saatchi’s two-decade-long spell on London’s junior stock exchange, Aim, and mark the final chapter of one of Britain’s most recognized advertising agencies. It was founded in 1995 by Maurice and Charles Saatchi – along with several other senior colleagues – after the pair left their first agency Saatchi & Saatchi in an acrimonious boardroom spat.

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6/16/2026

Snap CEO Spiegel Defends Specs as Long-Term Bet, Pushes Back Against Irenic Capital Management Pressure

Reuters (06/16/26) Singh, Jaspreet; Soni, Aditya

Snap (SNAP.N) CEO Evan Spiegel told Reuters the company's new Specs augmented-reality glasses are part of its long-term strategy, pushing back on investor demands to shut down or spin off the cash-burning unit behind the device. The Snapchat parent launched the device, its first consumer AR glasses, on Tuesday at a price of $2,195 and pitched them as the future of how people interact with technology in the AI age. The launch comes months after Irenic Capital Management pushed Snap to consider options for Specs as part of a series of changes that the investor said could boost the social media company's worth by at least five times. Irenic has argued Specs should be funded on its own, noting Snap has already spent more than $3.5 billion on the unit. "While investors may want more short-term profitability, our job at Snap is to drive long-term profitability and the long-term success of the company," Spiegel said in an interview. "One of the things we've always been clear about as we've built Snap...was that we were committed to our long-term vision. And that includes staying independent rather than selling the company," he said. Spiegel said the company is expected to share "more later this year in terms of how we're thinking about partnerships over a longer period of time." The company carved out the unit as a standalone subsidiary in January, a structure that could let it raise outside funding.

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6/16/2026

Victoria’s Secret Investors Back Full Board After Proxy Battle

Retail Dive (06/16/26) James, Dani

Victoria’s Secret & Co. (NYSE: VSXY) shareholders voted to reelect all nine board director nominees the retailer put forward despite a proxy battle with BBRC International PTE Limited. Independent Chair Donna James was reelected with over 83% approval at the 2026 Annual Meeting of Shareholders, according to a company press release Thursday. The final voting results were filed with the U.S. Securities and Exchange Commission on Monday. “Today's outcome is a decisive statement of support for the current Board leadership from VS&Co's shareholders,” the intimates company said in a statement. “It also recognizes the substantial progress, outperformance and value creation delivered under the Path to Potential strategy and reaffirms shareholder confidence in our Board's continued oversight of that strategy.” BBRC filed a proxy statement to solicit votes against reelecting two independent Victoria’s Secret & Co. board directors — Donna James and Mariam Naficy — in May. The group, which is led by Brett Blundy, asserted James served an excessively long tenure and Naficy’s involvement in the acquisition of Adore Me was representative of poor capital allocation. Blundy partly achieved his goals in the proxy battle that ensued, with Naficy later deciding not to seek reelection. The company is conducting a search for a new director. Victoria’s Secret put forward a campaign to support the remaining directors, including James. The retailer also publicly released details of an extensive back-and-forth discussion with Blundy in the months leading up to the BBRC proxy battle wherein the company tried to find a solution to Blundy’s concerns. BBRC voted against all of the company’s board director nominees, except for CEO Hillary Super. Blundy previously said in a letter outlining the proxy fight that Super is “building a new” Victoria’s Secret and deserved a board suiting her goals. Victoria’s Secret previously dealt with BBRC in 2025 when the board adopted a poison pill in response to the “substantial accumulation” of Victoria’s Secret stock by BBRC.

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6/16/2026

GameStop Investor Brings Suit Over CEO’s $35 Billion Pay Package

Bloomberg (06/16/26) Willmer, Sabrina; Leonard, Michael

A GameStop Corp. (NYSE: GME) investor moved to halt a vote on a $35 billion pay package for the company’s chief executive officer until proper disclosures are made to shareholders. The lawsuit came in response to the board’s decision to grant CEO Ryan Cohen stock option awards that could lead to a multibillion-dollar windfall if certain aggressive milestones are met. Stockholders are set to vote on the pay package July 7. The proposed class action, filed in Delaware’s Chancery Court on Monday, says GameStop’s board repeatedly and illegally changed the procedures around the stockholder vote before issuing a misleading proxy statement aimed at suppressing the turnout by public investors. The changes included whether Cohen can vote his 9.3% stake and how to count abstentions. “GameStop’s audacious attempts to reduce the power of its disinterested shareholders — in contrast to its prior public statements and in disregard of its Certificate of Incorporation — must stop,” lawyers for the plaintiff wrote in the complaint. “Cohen may want $35 billion. That does not allow him and his board to disenfranchise stockholders and violate Delaware law along the way.” A GameStop spokesperson couldn’t immediately be reached for comment. Cohen initially invested in GameStop in 2020, producing one of the first “meme stocks.” He attracted attention for amassing a big stake in the struggling company and called it out for lagging behind the e-commerce trend. He joined the board in 2021 and later that year became chairman with a plan to turn around the company. Cohen then took the reins of the business in 2023 and is now the single largest stockholder. The proposed pay package would compensate Cohen with $35 billion if the company achieves a $100 billion market capitalization and $10 billion in earnings before interest, tax, depreciation and amortization. Cohen was asked in an interview with CNBC about whether the pay package motivated him to make a $56 billion offer this year for eBay Inc., an e-commerce company almost four times the size of GameStop. “I obviously want to build something much larger, but I don’t benefit unless shareholders benefit,” Cohen said in the interview. eBay last month rejected the unsolicited bid, describing it as “neither credible nor attractive.” Monday’s lawsuit says the company issued a press release stating the vote would exclude Cohen’s shares and that “unaffiliated stockholders” would decide the result. But the board allegedly reversed course and issued a proxy statement that mischaracterized what it had done. The moves will disenfranchise stockholders by allowing Cohen and other insiders to determine the outcome virtually on their own, with only about 15% support from public investors, according to the complaint. “The company is actively lowering the incentive” for unhappy shareholders to “bother with the cost and burden of blocking the Award,” attorneys for the plaintiff wrote.

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6/15/2026

Palliser Urges Taiwan Firm WUS to Privatize, Lift Value

Bloomberg (06/15/26) Du, Lisa; Lin, Miaojung

Palliser Capital is urging Taiwanese company WUS Printed Circuit Co. (TPE: 2316) to enhance shareholder value, including through a potential privatization, according to documents viewed by Bloomberg News. UK-based Palliser has built a 4.3% stake in WUS Printed Circuit and says the firm is trading at a more than 70% discount to its net asset value, according to a June 1 letter sent to the company’s board from Palliser. The hedge fund is asking the Kaohsiung, Taiwan-based firm to create an independent committee to evaluate options for boosting value — including going private or selling off its equity stake in another printed circuit board company, the letter said. WUS Printed Circuit, valued at about $900 million at Friday’s close in Taiwan, produces complex circuit boards that are in high demand amid the AI-driven expansion of data center infrastructure. The company also holds an 11.3% stake in WUS Printed Circuit Kunshan Co. (SHE: 002463), a supplier of boards to Nvidia Corp. (NASDAQ: NVDA). Palliser described the Kunshan stake in its letter as a “hidden jewel,” estimating it to be worth more than three times WUS Printed Circuit’s current market value. WUS also received another public letter from Singapore-based Metrica Partners Pte. about valuation issues. Mandy Lu, a spokesperson for WUS, confirmed the letter from Palliser. She said the company will liaise with both investors this week and pledged to strengthen communication with shareholders. WUS Printed Circuit currently has no plans to go private, as the purpose of such a move remains unclear, she said, adding that the firm is open to discussions. The company also has no plans to sell its shares in WUS Printed Circuit Kunshan, as the two entities are long-term strategic partners.

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6/15/2026

Elliott Said to Take Almost 5% Stake in UK Distributor Bunzl

Bloomberg (06/15/26) Gopinath, Swetha

Elliott Investment Management LP has taken an almost 5% stake in Bunzl Plc (LON: BNZL), according to people familiar with the matter, after a profit warning last year sent the UK distributor’s shares tumbling. Elliott is calling on London-based Bunzl to repurchase shares equivalent to as much as 10% of its total market capitalization over the next 12 months, said the people, who asked not to be identified discussing confidential information. The investment firm is also urging the company to conduct a strategic review, with a focus on its North American business, its largest market, the people said. A more than three-decade streak of continual dividend growth helped the under-the-radar FTSE 100 Index constituent build a base of mostly long-term oriented investors. But a sudden profit warning last year aggravated a descent in the stock that has pushed the company’s market value down to £8.23 billion ($11 billion) from £12.6 billion in September 2024. Elliott wants Bunzl to deploy more of its free cash flow to step-up repurchases, after a recent slowdown in dealmaking activity as well as buybacks despite the slide in share prices, the people said. Bunzl bought back £200 million of its own shares through 2025, after repurchasing about £250 million in late 2024. Bunzl’s pace of acquisitions has also slowed, with the company completing eight transactions in 2025, down from 15 the previous year, according to its annual reports. The company’s North American business was behind last year’s profit warning, which it attributed to operational challenges. Bunzl has since announced leadership changes at the unit to improve its performance. Elliott believes separating the business, which operates independently and shares few synergies with the rest of the company, could help lift Bunzl’s valuation to a level more comparable with its competitors, which trade about 40% to 50% higher on a forward price-to-earnings basis, the people said. The distribution market in North America has attracted private equity interest from the likes of Advent, Bain Capital, Clayton Dubilier & Rice, and Warburg Pincus.

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6/15/2026

Ananym Capital Management Urges Bio-Techne to Consider Selling

Bloomberg (06/15/26) Sun, Mengqi

Ananym Capital Management has built a stake in Bio-Techne Corp. (NASDAQ: TECH) and is pushing the board to conduct a strategic review that would include a potential sale. Ananym said in a letter dated Monday to Bio-Techne’s board that the company has underperformed its peers in life-science tools as well as the broader market. A sale to a larger industry player would give more value to Bio-Techne than it can create as a standalone entity, according to the letter, which was reviewed by Bloomberg News. “While we are a new investor, shareholders have suffered for years as the company has continued to destroy value,” Ananym said in the letter. “A failure to act now risks further value destruction and even permanent capital impairment, which the board has a duty to avoid by exploring all potential paths to preserving and enhancing value.” A representative for Bio-Techne didn’t immediately respond to a request for comment. Minneapolis-based Bio-Techne makes equipment for life-science research, diagnostics and bioprocessing. Shares of Bio-Techne have fallen 8.2% this year, giving the company a market value of $8.45 billion. Ananym said Bio-Techne has unique, high-quality assets and strong customer relationships, but its organic growth has trailed peers and its investments in adjacent areas have lowered its operating margins without adding to growth. The life science tools sector has faced consolidation for the past few years, and larger players have paid substantial amounts for the type of assets that Bio-Techne has, Ananym said in the letter. Ananym argued that a larger player would unlock synergies in cost, revenue and platform that aren’t available to Bio-Techne currently and provide resources and scale for growth. “Bio-Techne is one of the highest-quality assets remaining in the life sciences tools industry, with a portfolio highly complementary to the leading scaled platforms,” Ananym said in the letter. Ananym is also urging the Bio-Techne’s board to hire independent financial advisers and add new directors. New York-based Ananym was founded in 2024 by Chief Investment Officer Alex Silver, a former partner at P2 Capital Partners, and Head of Engagement Charlie Penner, a former partner at Jana Partners and a former head of shareholder activism at Engine No. 1. The fund currently manages about $350 million and Bio-Techne is one of its largest investments. The investor has launched campaigns against nuclear technology company BWX Technologies Inc. (NYSE: BWXT) in May, urging it to make commercial nuclear reactors, and German power equipment manufacturer Siemens Energy AG (ENR.DE) and energy technology company Baker Hughes Co. (NASDAQ: BKR).

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6/15/2026

Supreme Court Bars Activist Investors From Suing Funds Under Investor Law

InvestmentNews (06/15/26) Bongat, Carleen

Activist investors just lost a favorite tool. The Supreme Court says they cannot sue funds under one key piece of federal fund law. On June 11, 2026, the justices ruled that Section 47(b) of the Investment Company Act does not let private parties sue to undo contracts that allegedly break the Act. The fight pitted Saba, a prominent investor, against FS Credit Opportunities Corp. (NYSE: FSCO) and other closed-end fund managers. The ruling wiped out a win Saba had banked in the lower courts. Start with how we got here. Saba runs open-end funds and practices activist investing. It buys large stakes in underperforming closed-end funds, then pushes to reshape them or turn them into open-end funds. The FS funds are incorporated in Maryland, which has a law - the Maryland Control Share Acquisition Act - that lets funds curb the voting power of shareholders holding an outsized block of shares unless other shareholders approve. The FS funds opted into it. That choice takes the air out of an activist's leverage. In June 2023, Saba sued. It said the resolutions break the ICA's rule that every share carry equal voting rights. To get through the courthouse door, Saba relied on Section 47(b), which says a court "may not deny rescission" of a violating contract "at the instance of any party." Saba read that as a green light to sue. A District Court agreed and handed Saba summary judgment. The Second Circuit went along. The Supreme Court saw it differently. Justice Barrett, writing for the majority, said Section 47(b) talks to courts, not to people. It guides how a judge uses the power to unwind a deal once a party is already in front of the court asking for it. It does not, the Court held, create a right to sue from scratch. Justice Kagan and Justice Jackson dissented, with Justice Sotomayor joining Jackson. Structure backed that up. Congress made the Securities and Exchange Commission (SEC) the ICA's primary enforcer, with authority to investigate and bring cases. When Congress wanted private suits, it spelled them out - the Act carries two such rights already. A 1980 amendment that cut the old "shall be void" wording clinched the reading. What does this mean for the fund business? Enforcement of most ICA provisions flows through the SEC, not through private parties using Section 47(b). Closed-end funds fending off activist pressure gain a firmer defense. Activists lose a route they had used to attack takeover protections. Saba issued the following statement on the decision. Boaz Weinstein, founder and chief investment officer of Saba, said: "The Court did not rule that these closed-end fund managers followed the law. The Court ruled only that shareholders cannot sue fund managers for their illegal actions under one particular provision of the '40 Act. All today's opinion changes is that future legal challenges against entrenched fund managers will come in other forms. Saba will pursue every avenue available to defend shareholders' rights — including lawsuits under other provisions of the '40 Act and under state law. This decision puts the burden squarely on the SEC. Multiple federal and state courts have already ruled that investment managers violated the '40 Act by adopting control share provisions and vote-stripping bylaws. The SEC's own staff reached the same conclusion in its 2010 Boulder Letter. These are protections Congress wrote into law more than 80 years ago — they are not optional. The evidence of shareholder harm is overwhelming. The SEC has no excuse not to act." The case now heads back to the lower courts.

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6/12/2026

Uber Weighs Delivery Hero Asset Sales to Smooth Full Takeover

Bloomberg (06/12/26) Henning, Eyk; Prinsloo, Loni; Chan, Vinicy

Uber Technologies Inc. (NYSE: UBER) is reaching out to parties interested in Delivery Hero SE’s regional businesses as it works toward a takeover of the German food delivery company that would get regulatory approval, people with knowledge of the matter said. The U.S. technology group has been sounding out companies that could potentially buy Delivery Hero (DHER.DE) assets in overlapping regions within Latin America, Asia and Europe, according to one of the people. The deliberations show that Uber is making progress in its pursuit of a full takeover of Delivery Hero, having built its stake in the Frankfurt-listed group to around 36.8%, including instruments, in recent months. A transaction would likely require regulatory approvals in multiple jurisdictions and regional asset sales lined up in advance could help smooth the process. Any sales would come after any takeover of Delivery Hero was completed. Uber wants to acquire Delivery Hero to boost food delivery outside its U.S. home market and better compete with DoorDash Inc. (NASDAQ: DASH). It’s already made a €33 ($38)-a-share bid for the company but investors have been betting that a higher price will be required to seal a deal. Discussions are ongoing and no decisions on asset sales or a full takeover have been made, the people said, asking not to be identified discussing confidential information. Representatives for Uber and Delivery Hero declined to comment. Bloomberg News reported previously that DoorDash is interested in a deal for Delivery Hero’s operations in the Middle East, which include the listed Talabat Holding Plc (TALABAT.AE) business. Meanwhile, Riyadh-based quick delivery startup Ninja this week submitted an indicative offer for Delivery Hero’s Saudi Arabia unit, HungerStation, a person familiar with the matter said. Ninja has also expressed interest in parts of Talabat, the person said. A representative for Ninja didn't immediately respond to a request for comment outside regular Saudi business hours. Prosus NV (PRX.AS), the Amsterdam-listed Internet investment firm that holds roughly 16.8% of Delivery Hero, has been selling down its stake in the German company to resolve European antitrust concerns linked to its acquisition of Just Eat Takeaway last year. Prosus recently asked the EU to drop this requirement.

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