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6/25/2026

Shareholders Push Ocado Board to Oust CEO Tim Steiner

Financial Times (06/25/26) Massoudi, Arash; Chambers, Sam; Stafford, Philip

Ocado’s (LON: OCDO) board intensified its search for a new chief executive to replace Tim Steiner in response to agitation from shareholders, who are pushing for the removal of the co-founder and driving force behind the grocery technology company after a difficult few years. The London-listed company has approached potential candidates to replace Steiner, who co-founded the business with two former Goldman Sachs (NYSE: GS) colleagues 26 years ago. The discussions have been driven by Ocado’s shareholders, according to people familiar with the matter. Shareholders have suffered a 91% drop in the value of its shares since a pandemic-era boom five years ago. “He [Steiner] would not choose to go now, but he understands why it must happen,” said one of the people. Another person with knowledge of the talks around Steiner’s position said that he may remain with Ocado in a different role and that his deep knowledge of the business was highly valued by the board. The person added that Steiner retains the support of many investors. Ocado’s long-term backers include its two largest shareholders: Tetra Pak billionaire Jörn Rausing, a non-executive director on Ocado’s board, and hedge fund manager turned property developer Nick Roditi. Lingotto Investment Management, a fund backed by the Agnelli family, is Ocado’s third-largest shareholder with a near-10% stake, which was first disclosed in 2023. The board is chaired by Adam Warby, who joined in November 2024. After reports emerged over the weekend that Ocado was searching for a successor to Steiner, the company said in a statement on Monday that it “continually” engages in long-term succession planning and regularly engages with potential candidates. If Steiner were to be replaced it would herald a new era for a company that has had a turbulent time since listing in London in 2010. After struggling for years to convince the market it could generate meaningful profits out of its grocery retail business, Ocado successfully licensed its technology to retailers around the world. But Ocado’s recent struggles have been driven by its international customers scaling back their agreements. U.S. supermarket chain Kroger (NYSE: KR), its most important client, last year announced the closure of three underperforming facilities housing Ocado’s tech after demand failed to meet expectations. Ocado is seeking a new partner in the United States now that an exclusivity deal with Kroger has lapsed. Under Steiner, the company has also clashed with Marks and Spencer, which operates Ocado’s original UK grocery retail business through a joint-venture agreement, over the quantum of outstanding payments. The dispute remains unresolved. Steiner oversaw the development of Ocado’s proprietary system of conveyor belts and shuttles to ensure food stored at different temperatures — everything from melon to tinned tomatoes and ice cream — was picked, packed and delivered to customers within a one-hour window. In Ocado’s newer facilities, fridge-shaped robots transport groceries around on a vast grid system known as “the hive." “The technology that Tim, and Ocado, developed worked. The business cracked one of the biggest engineering challenges out there, which is how do you automate the process of selling food online,” said a former senior insider.

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6/25/2026

Palliser Capital Homes in on Japan's Ajinomoto as Chip-Related Stock

Nikkei Asia (06/25/26) Nakata, Chiaki

As Japanese food maker Ajinomoto (TYO: 2802) morphs into a chip stock, one investor is pushing it to charge more for a key material for semiconductor chip production amid artificial intelligence tailwinds. Palliser Capital in March urged Ajinomoto to raise prices for its Ajinomoto Build-up Film (ABF) used in chips, calling for prices of the material to be hiked more than 30%. The proposal is based on ABF's competitiveness. In 1999, the material was developed using byproducts from the process for Ajinomoto's MSG flavor enhancer, becoming the world's first film insulator. ABF remains essential for producing high-performance, multilayer semiconductor package substrates, and the company's global share for the material is over 95%. U.S. chip giant Nvidia (NASDAQ: NVDA) is among the buyers of ABF. Palliser's view is that Ajinomoto is not sufficiently capitalizing on its complete dominance of ABF, saying that as the material only accounts for less than 0.1% of the sales price of Nvidia chips, the price could easily be raised. "The price for ABF could be raised significantly," said Akira Minamikawa at U.S.-based research firm Omdia. Long considered a hidden chip stock, Ajinomoto is now seen by the market as a full-fledged player in that area. ABF is in high demand. As other chip and AI infrastructure stocks reach historic highs, Ajinomoto's shares are rising as well, at a rate on par with other companies in the sector including Mitsubishi Gas Chemical (TYO: 4182) and Sumitomo Bakelite (TYO: 4203). "The market valuation of Ajinomoto's semiconductor business is rising, which is reflected in the increase in its price-to-book ratio," said one analyst at Kyokuto Securities. P/B ratios have been stagnant across the food industry for the last decade, while Ajinomoto's has roughly tripled to around 7, more in line with those of Murata Manufacturing (TYO: 6981) and Taiyo Yuden (TYO: 6976). Both of those companies have seen their share prices soar for their multilayer ceramic capacitors, which are essential for AI servers. For the fiscal year ending March 2027, Ajinomoto forecasts 60.5 billion yen in operating profit for its functional materials business, which includes ABF, up 11% on the year. The category accounts for about 30% of the company's total operating profit, excluding companywide overhead costs. The operating profit margin for the category stands at 54%, higher than its core seasonings and food business at 15%. "The upward trend in revenue and profit margins will continue through at least the fiscal year ending March 2028," said Hiroya Tomioka at Marusan Securities. The portion of a P/B ratio over 1 reflects the valuation of intangible assets, according to Ryohei Yanagi, a visiting professor at Waseda University. This would mean that the valuation of Ajinomoto's intangible assets is around 4 trillion yen. According to the company, its intangible assets, including goodwill, come to just under 220 billion yen, mostly trademark rights and software. Ajinomoto's balance sheet does not reflect the potential value of intangible assets. Ajinomoto's strong research and development capabilities are likely a big intangible asset. The company works closely with customers to develop ABF products based on their needs, including reducing power loss and improving transmission speeds. It has developed thousands of variations. "Competitors can't easily catch up with the expertise we've accumulated in R&D, including sophisticated formulation technologies and reaction controls," said Takaaki Arashida, head of the division that handles ABF. Ajinomoto has opposed the across-the-board price hikes for ABF products Palliser is pushing for, but Ajinomoto President Shigeo Nakamura has indicated willingness to raise unit prices when shifting to new products with greater added value. Substrates utilized in AI servers use more than 10 times as much ABF as those for personal computers, and the volume of ABF is expected to continue growing. "With gross margins already high, there's no need to raise prices further," said Tetsuro Ii, president of Commons Asset Management.

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6/25/2026

Kadokawa CEO's Support Falls to 60% at AGM After Oasis Management Campaign

Reuters (06/25/26) Bridge, Anton; Nussey, Sam

Kadokawa's (9468.T) CEO Takeshi Natsuno suffered a sharp drop in shareholder support at the Japanese anime and gaming giant's annual general meeting after an Oasis Management campaign to unseat him. While he retained his board seat at Wednesday's AGM, shareholders voted only 59.68% in favor of his re-election, compared with 90% last year, the company said on Thursday. Activists are increasingly seeking to eject top executives in Japan as they bet shareholders will vote to express their frustrations with corporate underperformance. Hong Kong-based Oasis Management has been pushing for Natsuno to be replaced, citing falling profitability during his tenure, with proxy advisers also recommending shareholders oppose his re-election. The chairman of Japanese electronics manufacturer Kyocera (6971.T) was re-elected on Thursday after a separate campaign by Oasis calling for his removal. U.S.-based Kaname Capital also fell short in its campaign to remove the president of drugstore chain Cawachi (2664.T). Oasis scored a win last year when the CEO of chemical firm Taiyo Holdings (4626.T) was removed from its board. Kadokawa said after the AGM it would examine its management structure, executive compensation and progress of its medium-term business plan. Its board said earlier this month that removing Natsuno would create uncertainty, given the lack of a specific successor or alternative management plan. "There's strong impetus for Kadokawa to proactively make changes," said analyst Travis Lundy, who publishes on Smartkarma. Kadokawa has said its problems include its reliance on the isekai subgenre, where characters find themselves transported to a fantasy world, at its publishing business and rising costs for anime productions. It reported a return on equity of 0.5% last year compared with 9.4% in the year ended March 2022. It has said it is targeting ROE of at least 12%. "Seeing what has happened at Kadokawa, other companies' managers will be wary. The best defense against activists is a high stock price so they will do what they can to make their shares more expensive," said Lundy.

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6/25/2026

Merck to Acquire Twin Cities-Based Bio-Techne in $11.3 Billion Deal

Minnesota Star Tribune (06/25/26) Viswanathan, Giri; Stefanescu, Victor; Roberts, Catherine

Merck KgaA (NYSE: MRK) will buy Minneapolis-based Bio-Techne Corp. (NASDAQ: TECH) in a deal worth $11.3 billion that will further consolidate Minnesota’s life sciences industry. Bio-Techne, which makes lab materials and equipment used to develop drugs, was facing investor pressure, as its stock price has fallen by nearly 50% since September 2021. Merck – one of Germany’s largest pharmaceutical companies – is looking to grow under a new CEO who’s interested in making acquisitions. “This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda,” Merck CEO Kai Beckmann said in a statement. “Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain — from lab customers to those manufacturing in the biotech and pharmaceutical industries.“ The 11-figure transaction will reshape the Minnesota economy, which will lose a billion-dollar company as a result. The deal comes a few months after Allegiant (NASDAQ: ALGT) completed a $1.5 billion deal to buy Minnesota's Sun Country Airlines: another high-dollar deal reducing the number of local headquarters located in the state. Bio-Techne did not immediately respond to questions inquiring if the deal may lead to layoffs or a relocation. The deal, which would pay $73 a share, is subject to shareholder and regulatory approvals. The stock prices of both companies spiked after the announcement, with shares of Bio-Techne up nearly 20% in pre-market trading. Darmstadt, Germany-based Merck makes life science tools and drugs treating maladies such as cancer. It is separate from an American company that shares the same name, which broke off more than 100 years ago after the United States seized its U.S. assets during World War I. Kim Kelderman, CEO of Bio-Techne, said in the statement that the deal is a “testament to the remarkable company our team has built and to the enduring value we create for our customers and stakeholders.” The announced transaction comes less than two weeks after Bloomberg reported that Ananym Capital Management built up a stake in Bio-Techne and called on the company's board to consider a sale. “While we are a new investor, shareholders have suffered for years as the company has continued to destroy value,” Ananym said in the letter, according to Bloomberg. “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.” Bio-Techne was founded as R&D Systems in 1976, and innovation in inflammation research and development drove the company's 50-year history. The company makes recombinant proteins, antibodies and immunoassay kits used to develop drugs. It has more than 3,000 employees, with 2,300 of them in the United States, and has 15 manufacturing facilities. Last year, its revenue was $1.2 billion. The company has underperformed the S&P life sciences index in recent years, with it reporting declining revenue and adjusted profits for the third fiscal quarter, which ended on March 31. The company said low spending on emerging biotechnology research was pulling down its fiscal results. “While biotech funding remains healthy, it has not yet translated into broad-based demand across our portfolio,” Kelderman said in a news release. Bio-Techne's board chairman, Robert Baumgartner said in a news release the transaction is “an excellent opportunity” and will quickly generate value for the company's shareholders and allow for further expansion. The German drugmaker is one of the world's oldest chemical and pharmaceutical company. Its healthcare portfolio includes the cancer therapy Erbitux (cetuximab), the multiple sclerosis treatment Mavenclad (cladribine) and prescription fertility treatments. The company also generates revenue from supplying equipment, filtration systems, and chemical compounds used in drug development and scientific research laboratories. Merck also has a foothold in the electronics business, where it provides materials used in digital displays and semiconductor chips. In 2025, Merck also completed a $3.4 billion acquisition of U.S.-based SpringWorks Therapeutics, giving the company rights to SpringWorks' portfolio of rare tumor therapies. Its recent acquisition of Bio-Techne is one of the largest acquisitions in Merck's history. It also marks the first major acquisition for the firm after company veteran Kai Beckmann was appointed as its chief executive in May. The board gave him a mandate to grow the company, and a huge purchase is one way to achieve this. Bio-Techne is attractive to Merck because its product portfolio includes several proteins, antibodies, lab test kits, diagnostic materials, and tools that are critical to modern biological research. In a presentation, Merck said the transaction promotes a “highly innovative” portfolio led by “consumables” — a term used in science industries to describe products that need frequent replacement. This replenishment helps companies pull in ongoing revenue. Consumables make up more than 80% of Bio-Techne sales. Merck's CEO said during an investor call that the U.S. is one of the company's largest global hubs because of the development and research of many blockbuster drugs. “We remain committed to strengthening our U.S. presence because it is an essential innovation and manufacturing market,” Beckmann said to investors.

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6/24/2026

Shah Capital Blasts Novavax Annual Meeting Results

American Bazaar (06/24/26)

As Novavax (NASDAQ: NVAX) announced the results of its 2026 annual general meeting, its largest investor, Shah Capital, sharply criticized the outcome, pointing to significant opposition from shareholders on several proposals. Executive compensation faced particularly strong resistance, while approximately 38% to 41% of votes cast opposed each of the three Class I directors seeking re-election. “While the resolutions were ultimately passed, Shah Capital believes the results demonstrate an exceptional level of shareholder dissatisfaction with Novavax’s performance and its leadership,” the investor said in a statement. The results came despite recommendations from independent proxy advisory firms supporting the company’s proposals. “Today’s vote is truly a wake-up call for Novavax’s leadership. Shareholders are clearly infuriated by a leadership team that has overseen weak execution, excessive administrative and consulting costs, and the destruction of shareholder value,” Shah Capital Founder and CIO Himanshu Shah wrote in a statement emailed to The American Bazaar, commenting on the annual general meeting. “Shah Capital believes the 2026 AGM vote results are fully consistent with its repeated warnings and calls for change at Novavax, including a smaller board with greater accountability, a more pragmatic business strategy, a lower cost base, and the immediate repurchase of its extremely undervalued shares,” he added. Novavax, Inc. is a biotechnology company focused on developing and commercializing vaccines, with a primary emphasis on recombinant nanoparticle-based vaccines and adjuvants. The company targets infectious diseases and related public health threats, positioning itself within the global biopharmaceutical and vaccine markets. Novavax is relying on the rollout of a COVID-flu combination vaccine for future profitability.

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6/24/2026

CEO at Kadokawa, Japan's 'Elden Ring' Powerhouse, Survives Shareholder Vote

Reuters (06/24/26) Bridge, Anton

Japanese media powerhouse Kadokawa (9468.T) said on Wednesday that its CEO had secured enough support from shareholders to stay on as a board member despite a campaign from Oasis Management calling for him to step down. The exact level of support for Chief Executive Takeshi Natsuno at Kadokawa's annual general meeting was not disclosed. "Oasis expects that the voting results, which are expected to be announced in the coming days, will demonstrate a significant loss of shareholder trust in Mr. Natsuno," Oasis, Kadokawa's largest shareholder with a 15.25% stake, said in a statement. The Hong Kong-based hedge fund added that it will closely monitor the voting results and consider its next steps accordingly. While Kadokawa's "Elden Ring" video game franchise has been a smash hit, Natsuno — who garnered support of 90% at last year's AGM — has faced criticism for declining profitability over his tenure since 2021. In May, Oasis called upon shareholders to vote him out, gaining support from proxy advisors ISS and Glass Lewis. If it emerges that there was a sharp slide in support for Natsuno when the voting breakdown is revealed, that could increase pressure on him and help prompt changes that Oasis is seeking such as greater investment in big-name titles. Kadokawa's board had backed Natsuno, arguing his removal would disrupt the company's reform efforts. "We take both the results of today's vote very seriously as well as the opinions of all of our shareholders, including those who voted against the proposals or abstained," the company said in a statement. It added that Kadokawa's board would examine the company's management structure, executive compensation and progress of its medium-term business plan as well as how it interacts with shareholders. Japanese authorities have piled pressure on companies to improve returns and corporate governance, encouraging investors who have become more vocal and have scored some big wins. Last year, an Oasis campaign led to the ouster of Eiji Sato, who was CEO at chemicals firm Taiyo Holdings (4626.T). U.S.-based Elliott Investment Management also had big victory over Toyota (7203.T) against the terms of a buyout of a group firm — a campaign it waged through vocal public opposition. Moreover, domestic institutional investors are also becoming stricter in holding management at Japanese companies to account for failing to hit targets in profitability metrics such as return on equity.

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6/24/2026

Wendy's Jumps over 27% as Retail Traders Spark Meme-Like Rally

Reuters (06/24/26) Chauhan, Shashwat

Wendy's (WEN.O) highly shorted shares climbed 27.1% in early trading on Wednesday as retail traders flocked to the beaten-down stock, in the latest meme-like rally. The ticker was the #1 trending stock on retail investor forum Stocktwits on Wednesday morning. It also had the second-highest mentions over the last 24 hours on Reddit forum r/WallStreetBets, according to sentiment aggregator SwaggyStocks. Retail activity picked up earlier this week with no apparent trigger, with purchases hitting $2.2 million so far, compared to net buys of $109,600 last week, according to Vanda Research data. As of last close, Wendy's shares have fallen more than 78% from their June 2021 record highs, including a 24.9% drop so far this year, as it battles weak sales and pressure from an investor. It named a new CEO last month and a new finance chief on Tuesday. Short interest in Wendy's stock stood at 34% of its free float as of Wednesday, according to ORTEX. Bearish investors in the stock stare at $45 million in paper losses, if the gains hold. ORTEX co-founder Peter Hillerberg said the stock was primed for a "short squeeze," but was not in one yet as most short sellers were still near their entry price and not forced to cover their positions due to recent share weakness. "That only changes if the rally keeps running," he added. Wednesday's move mirrors the Reddit-driven meme stock frenzy of 2021, when amateur investors pushed up shares of video-game retailer GameStop (GME.N) and cinema chain AMC (AMC.N), burning hedge funds who were on the other side of the trade. Most recently, car-rental company Avis Budget (CAR.O) in April witnessed sharp share swings.

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6/23/2026

Bunzl Upgrades Growth Outlook Amid Pressure From Elliott

Bloomberg (06/23/26) Moon, Louise

Under-the-radar blue chip Bunzl (LON: BNZL) struck a defiant tone in its first update since coming under pressure from U.S. investor Elliott, prompting its shares to climb as much as 2% higher. The distributor of food packaging, safety equipment and cleaning supplies expects first-half revenue growth of about 4%, helped in part by price increases linked to the Iran conflict, and upgraded its full-year guidance. It also signaled a return to a faster pace of acquisitions after a recent slowdown. The update comes after Elliott built a 5% stake and called for share buybacks and a strategic review of Bunzl’s North American business. The investor's arrival followed a rare profit warning last year, when weakness in North America sent shares tumbling. This morning, however, North America was one of the stars of the show. Bunzl said the region is on firmer footing and should drive volume growth.

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6/23/2026

Kadokawa, Japan's 'Elden Ring' Powerhouse, Faces Battle Over CEO at Shareholder Meeting

Reuters (06/23/26) Nussey, Sam; Uranaka, Miho

Kadokawa (9468.T), the Japanese firm behind the dark epic "Elden Ring" video game franchise, is now facing a nightmare of its own: a shareholder who wants its CEO gone, wielding a big stake and proxy advisor support. The showdown will take place at Wednesday's annual general meeting and is being closely watched by investors in Japan, where shareholders have scored some significant wins as authorities pile pressure on companies to improve returns and corporate governance. In one camp, there is Takeshi Natsuno, 61 and chief executive since 2021 but under attack for declining profitability. He may have history on his side after garnering 90% of shareholder support at last year's AGM. Natsuno has also been backed by the company's board, which says removing him would create uncertainty while the company is trying to carry out reforms. Natsuno is facing off against Hong Kong-based Oasis Management, one of the most active investors in Japan. Oasis, which says it has been engaging with Kadokawa since 2020, is now the firm's largest shareholder with a 13.76% stake. While "Elden Ring" — a collaboration between veteran game director Hidetaka Miyazaki and "Game of Thrones" author George R. R. Martin — has been a massive success, Natsuno has been criticized for failing to capitalize on it. The 2022 action role-playing game is published by Kadokawa unit FromSoftware in Japan but by Bandai Namco (7832.T) overseas. That arrangement has led to "material profit leakage," says Oasis. Oasis is not alone in thinking it is time for a new person at the helm. "While it may take time to find a replacement for Natsuno, this is a challenge worth accepting," Institutional Shareholder Services said in its proxy report. Glass Lewis, another major proxy advisor, also recommends shareholders vote against the company's re-election proposal and in favor of the Oasis proposal, the investor said. Glass Lewis did not reply to a Reuters request for its report. Though a drop in shareholder support from 90% to below 50% would be extraordinary, some market participants say it could happen given the firm's poor performance. Kadokawa, a major force in manga, anime as well as video games, logged return on equity of just 0.5% last year compared to 9.4% in the year ended March 2022. In May, it reported annual operating profit that undershot its forecast despite an earlier downward revision. "Even without Oasis submitting a shareholder proposal, it has become a situation where institutional investors could easily make a no vote," said one market participant who was not authorized to speak to media and declined to be identified. And even if Natsuno retains his job, a sharp drop in support could increase pressure for changes sought by Oasis including more investment in big-name titles. Kadokawa has also been plagued with a raft of problems in recent years, including a data leak due to a ransomware attack and an admonishment from the Fair Trade Commission over its treatment of freelancers. Former chairman Tsuguhiko Kadokawa was convicted of Olympics-related corruption and given a suspended sentence. He is appealing and said last week he was bringing a lawsuit against Natsuno, seeking damages after Kadokawa released a report which the former chairman's lawyer says affects the case. Back in 2024, investors had big hopes for change at Kadokawa after it began talks with Sony (6758.T), but the entertainment giant ended up taking only a 10% stake. Sony declined to comment on how it might vote on Wednesday. Japanese companies are fielding a record number of proposals at this year's AGMs with proposals opposing company-nominated directors' appointments or nominating new candidates up almost threefold compared to 2024. Another highly watched vote will be at Kyocera (6971.T) on Thursday. Oasis, which has argued for the electronics manufacturer to divest unprofitable businesses, is now calling for Chairman Goro Yamaguchi's resignation.

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