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6/11/2026

Japan Governance Reforms Set to Prise Open $1.8 Trillion Cash Hoard

Reuters (06/11/26) Nussey, Sam; Uranaka, Miho; Bridge, Anton

Proposed revisions to Japan's governance code that stress the need for efficient use of cash have raised expectations among investors that corporate hoarders will start to mobilize their $1.8 trillion money mountain. The revisions, to be finalized in the summer, could see companies return more cash to shareholders or redeploy it for deal-making or growth investment, building on reforms over the past decade that have helped share prices reach record highs. Makita (6586.T) set out its cash allocation policy explicitly for the first time this year, saying it will hold cash and cash equivalents at two to three months of sales, with excess funds to be used for shareholder returns and investment. The tool maker pledged to return 50% or more of profit to shareholders and took into account the evolving governance code and requests from institutional investors, said Ryota Maruyama of Makita's general affairs department. "We recognize we are required to communicate with the market regarding the use of capital," he said. The governance reforms, from the Financial Services Agency and Tokyo Stock Exchange, come as firms have hoarded cash, a hangover from the bursting of the asset bubble in the early 1990s and the decades of deflation that followed. Now, higher inflation rates are eating into the value of corporate cash mountains. "Companies need to be more aggressive, and sitting on excessive cash is no longer acceptable," said CLSA Securities strategist Nicholas Smith. "If companies don't get their share prices up they are much more vulnerable than they used to be - not only to activists but also to acquisition by other companies," he also said. Companies still do not have sufficient discussions regarding capital allocation, said Kaz Sakai, head of Japan research at London-based Asset Value Investors. "Rather than a simple dichotomy of whether to hold cash or invest, strategic capital allocation is required," he said. Mizuki Suma, head of the legal and corporate governance team at Sumitomo Mitsui Trust Bank, said interviews of some 30 companies found growing recognition of the need for debate of capital allocation at board level. Bankers expect the governance changes to support strong M&A momentum in Japan. "As Japanese companies look to utilize their excess cash balances ... we expect companies to look at M&A with targets which are strategic and accretive," said Manoj Jain, co-founder of hedge fund Maso Capital. "We have definitely found the willingness recently for Japanese corporates to divest to be unprecedented," said Ellis Chu, head of Asia mergers and acquisitions at Jefferies. "It's having a seismic effect on sell side M&A activity," he said. Activists, which are increasingly prominent in Japan, are already using the revisions to increase pressure on companies to utilize cash. London-based Palliser Capital in April urged SMC Corp (6273.T) to buy back $3.8 billion worth of shares. "SMC would demonstrate leadership in disciplined excess cash deployment ahead of the anticipated revisions to Japan's corporate governance code," Palliser told the factory automation firm. Companies face a record number of activist proposals at shareholder meetings this year, while institutional investors are also more willing to vote against management than in the past. Still, before the revision is even finalized, war in the Middle East has upended businesses, disrupting supply chains and pushing up energy costs. Toilet maker Toto (5332.T) in April said it was postponing plans to use more cash for investment or to buy back shares. "We will keep funds readily available so we can move quickly and inject capital when needed," said President Shinya Tamura, at Toto, which also makes chip-making materials. Market watchers also emphasize the limitations of governance reforms alone. "There are limits to what you can do with moral suasion and soft law," said CLSA's Smith. "Unless you take away their tax breaks it's very difficult to force companies to do the right thing."

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6/11/2026

Northern Star Investor Steps Up Pressure for Major Changes

Australian Financial Review (06/11/26) Wembridge, Mark

Northern Star Resources’ (ASX: NST) under-fire board underestimates the scale of its troubles and must be open to all options, including a full sale, according to the hedge fund engaging the embattled gold miner. Elliott Investment Management said the miner’s board, led by Michael Chaney, “does not understand the magnitude of change required to win back shareholders’ trust,” and that a boardroom revamp was required. The Florida-based hedge fund said Northern Star’s admission that it had underperformed during a period of booming gold prices validated its decision to agitate for change. Elliott bought a 4% stake in Northern Star worth more than $1 billion, in a campaign to encourage the ASX’s largest Australian-based gold miner to lift its game. Northern Star’s shares have fallen by one-quarter this year, including a horror month when $17 billion of shareholder value was erased after it revealed the latest in a series of production downgrades. Managing Director Stuart Tonkin will leave the company later this year after being shown the door by the board, with Chaney’s leadership since coming under the spotlight. Meanwhile, rivals such as Evolution Mining (ASX: EVN), Greatland Resources (ASX: GGP), and Westgold Resources (ASX: WGX) are filling their coffers thanks to historically high gold prices. “The [Northern Star] board has formally acknowledged the company’s underperformance, disclosed it has received multiple inbound approaches from potential acquirers over the past year, and confirmed that its own financial advisers have modeled structural alternatives, including a spin-off of assets,” Elliott said. Given that backdrop, “the case for a strategic review is now more apparent than it was before the board published its letter,” Elliott said. “Whatever path Northern Star takes next, its board must be equipped to oversee the process, and the market must have confidence in its credibility and rigor.” The fund said Northern Star’s shares had underperformed VanEck’s Gold Miners ETF (NYSEARCA: GDX) by 70 percentage points in the 12 months to June 1, “starkly illustrating the value these strategic alternatives might have unlocked." The miner on Wednesday acknowledged that it was “happy to engage” with Elliott to counter its underperformance, which it attributed to mechanical failures at its flagship Super Pit in Kalgoorlie and operational headaches. But Chaney, who confirmed at last year’s shareholder meeting that he would quit as chairman in November, rejected Elliott’s calls to start a sale process for the company because the board did “not consider that this is the right time to do so." Other options tabled by Elliott include the sale of non-core assets thought to include Northern Star’s Yandal hub, which covers the Thunderbox, Bronzewing and Jundee mines. Chaney also rejected this suggestion, although the ASX boardroom veteran agreed with the fund that Northern Star needed more directors with hands-on mining experience. “I share the view of our shareholders, including Elliott, that Northern Star’s share price is discounted relative to our assessment of the company’s underlying value,” Chaney said. Northern Star shares fell 1.2% on Thursday to $18.31, giving the miner a market value of $26.2 billion – down from a peak of $44 billion in March. Gold dropped to its lowest level since November after falling below $US4,200 an ounce overnight. It peaked above $US5,500 in January. Northern Star has pinned its expansion hopes on the Hemi project in WA’s Pilbara, an undeveloped deposit that is thought to hold at least 5.5 million ounces of gold reserves. However, gold will not be extracted from Hemi until at least 2030.

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6/11/2026

LSEG Slowly Sheds 'AI Risk' Tag With Drive to Show Growth

Reuters (06/11/26) Indyk, Samuel

London Stock Exchange Group's (LSEG.L) public push to shed its tag as a likely loser to AI technology is starting to convince some shareholders and lift its share price. LSEG shares tumbled nearly 13% in one day in February as worries about the threat posed by large language artificial intelligence models like Anthropic's Claude triggered a sharp selloff in software stocks. The market is now coming around to the idea that the impact on pricing for LSEG's products and market share for its data business may be less severe than previously thought, five analysts and investors told Reuters. Since Elliott Management was reported in early February to have begun building what it has called a "significant stake" in the company, the share price has risen 27%, although it remains 23% below a peak hit in 2025. And while it's too early to call LSEG an AI winner, UBS (NYSE: UBS) last month removed it from a basket of companies it believed could be disrupted by the new technology. Reuters couldn't ascertain the reason for UBS' decision. LSEG will have to demonstrate that it can generate enough revenue from its own AI initiatives, UBS analyst Michael Werner said: "There is still a 'show me' story (for AI). It's one thing to have usage, it's another to start charging people." The share price rally could give LSEG CEO David Schwimmer more time and support to pursue his strategy for the financial data and analytics heavyweight and close a valuation gap. Some investors and analysts have called for "value-enhancing" actions, among them increasing a £3 billion ($4 billion) stock buyback program announced in February and even spinning off the London Stock Exchange, which LSEG operates. LSEG shares trade at about 18 times forward earnings, a discount to Moody's (MCO.N) of about 30% and MSCI (MSCI.N) of around 40%, although it trades at a premium to U.S.-listed data and analytics business FactSet (FDS.N). "It's actually pretty cheap compared to other data companies," Deutsche Bank analyst Benjamin Goy said. Of 20 analysts covering LSEG, 90% rate the stock either a 'buy' or a 'strong buy' and none have a 'sell' rating. On average, analysts expect LSEG's shares to rise by 35% over the next 12 months, based on their target prices. LSEG has outperformed Britain's blue-chip FTSE 100, which is little changed since Elliott called for more action, while London-listed software and data providers Experian (EXPN.L) and Sage (SGE.L) are up 5% and 2%, respectively. Asked for comment about its performance, LSEG pointed to previous statements that it has made "great strides" embedding AI into its Workspace news and data platform. Analysts said investor perceptions had changed after LSEG's full-year results on February 26, when it gave details about its Model Context Protocol (MCP) server, which feeds some proprietary datasets to third-party AI agents and LLMs. At its first-quarter trading update in April, LSEG continued to flag growth and revenue opportunities from the MCP server. It cited "strong uptake," with over 90 customers connected and a pipeline of 60 more, while its total first-quarter income was up 9.8%, its strongest performance in more than five years. "They have stepped up in their communication, their disclosure, in terms of how they are part of the AI ecosystem rather than competing against it," said Hubert Lam, head of European speciality finance equity research at BofA Global Research. Elliott, which Reuters previously reported had been pushing LSEG to improve its communication around the AI threat, declined to comment on its investment. Lindsell Train, a top-five LSEG shareholder, said in March that it had been adding to its position. Nick Train, who manages the group's UK equity portfolios, said in a note in May that the decline in shares of London-listed data, software and platform companies could offer a "once-in-a-decade opportunity to access exceptional growth assets at fundamentally the wrong price." Another top-30 shareholder, who also recently added to their position, said there was an opportunity for investors who believe the market is underpricing the value of intellectual property. Investors still see threats from AI technology. "I don't believe the risk (of disruption from AI) is minimal," said Stephen Yiu, chief investment officer of the Blue Whale Growth Fund, which holds a small stake in LSEG. He said that to become an AI winner, the company might need to slim down and focus on its core business. The rollout and delivery of LSEG's 10-year partnership with Microsoft (MSFT.O) has also disappointed some investors, Reuters previously reported. That partnership is now less likely to drive the equity story than when it was announced in December 2022, UBS's Werner said. Expectations of the tie-up have declined and investor focus has shifted to how LSEG will perform in an environment of increasing AI adoption among its client base, he said. Most recently LSEG has been caught up in a fight over UK plans for an equities "tape" that could threaten LSEG's data business, by publishing data that LSEG charges investors for.

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6/11/2026

Spire Healthcare Takeover Deadline for Toscafund Extended to June 25

Reuters (06/11/26) Srivastava, Roshni

Britain's Spire Healthcare (SPI.L) said on Thursday that a deadline for Toscafund Asset Management to confirm its £1 billion ($1.33 billion) buyout proposal for the private hospital operator has been extended to June 25. If agreed, the deal would hand the asset manager, also Spire's second-largest investor, control of Britain's largest provider of hip and knee operations, at a time when record NHS waiting lists have driven a surge in demand for private healthcare. Toscafund offered to buy Spire at 250 pence per share on May 14, a steep 66% premium to its close the day before. The asset manager built a near-11% stake in Spire while opposing Ramsay Health Care's 250 pence-per-share proposal for Spire in 2021; it now made its bid at the same price. In March, Spire said that its buyout talks with private equity firms Bridgepoint (BPTB.L) and Triton had ended. Shares in the hospital operator, which gained nearly 50% since Toscafund's proposal, were up 3.5% at 221.5 pence as of 1319 GMT on Thursday. Spire had launched a strategic review in September last year under pressure from investor Harwood Capital to consider a possible sale.

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6/11/2026

Victoria’s Secret & Co. Shareholders Decisively Re-Elect All Nine Company Director Nominees

Global News Wire (06/11/26)

Victoria’s Secret & Co. (NYSE: VSXY) today announced that, based on the preliminary voting results at the Company’s 2026 Annual Meeting of Shareholders, shareholders voted to re-elect all nine of Victoria's Secret director nominees, including Independent Chair Donna James, to the Company’s Board of Directors. The preliminary results indicate James received the approval of over 99% of the votes cast, excluding the votes cast by BBRC International Pte Limited (BBRC), which waged a proxy contest against the re-election of James and voted against all Company director nominees other than CEO Hillary Super. As a percentage of all votes cast, James was re-elected with over 83% approval. Each of the Company’s other director nominees received the approval of at least 96% of the votes cast excluding votes cast by BBRC, or at least 81% of all votes cast. Victoria's Secret issued the following statement: “We thank shareholders for their overwhelming support in electing all nine of the Company’s director nominees. Today’s outcome is a decisive statement of support for the current Board leadership from Victoria's Secret’s shareholders. 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. With strong momentum across the business, including recent first quarter 2026 results that significantly exceeded top- and bottom-line guidance, we are confident Victoria's Secret is well positioned for long-term success. We appreciate the engagement and support of our shareholders and remain focused on executing our Path to Potential strategy and building on the progress we have achieved to date.” The results announced today, as summarized in this press release, are considered preliminary and subject to change until the final voting results are tabulated and certified by the independent inspector of election. Victoria's Secret & Co. will report the final voting results on a Form 8-K that will be filed with the Securities and Exchange Commission.

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6/10/2026

Australian Billionaire Brett Blundy Wages High-Stakes Campaign to Oust Chair of Victoria’s Secret

The Guardian (06/10/26) Ittimani, Luca; Barrett, Jonathan

Australian billionaire Brett Blundy is waging a high-stakes campaign to oust the long-term chair of Victoria’s Secret & Co (NYSE: VSXY), setting the stage for a showdown at the company’s annual meeting in the United States on Thursday. Blundy’s investment firm, BBRC International, owns about 13% of the US-listed Victoria’s Secret lingerie brand, making it the second-biggest single shareholder and giving it a potential platform to launch a hostile takeover. The Monaco-based Australian is also chair of the Lovisa (ASX: LOV) jewellery brand, founder of the Léays lingerie stores and former owner of the Bras N Things and Honey Birdette brands. BBRC is seeking the removal of long-term chair Donna James from the board after a years-long battle over the company’s strategy and its decision not to appoint him as a director. Blundy, who has a net wealth of $4.5 billion according to the AFR’s rich list, has been pushing for changes at the company since about 2021 and has unsuccessfully sought a position on the board. He went public with his concerns in May, when he asked fellow Victoria’s Secret shareholders to get rid of the chair and another director, Mariam Naficy. Naficy has since decided not to stand for re-election. BBRC did not respond to questions from Guardian Australia. Blundy has previously said he was concerned the board was not focused on shareholders’ interest as directors were not heavily invested in the company, according to a letter filed with the U.S. Securities and Exchange Commission. He has argued shareholders have “suffered years of value destruction, misallocated capital and anti-stockholder governance.” Blundy has also claimed James’s long tenure has affected independent oversight. The vote will be held at the company’s annual general meeting at 8.30am eastern time, Thursday (10.30pm AEST). The board of the lingerie and beauty company said it rejected Blundy’s past requests to be on the board due to “significant reputational risk” threatened by his involvement in Lovisa and Honey Birdette. Lovisa is defending a class action alleging it directed staff to work overtime without compensation. In 2016, Honey Birdette described reports it demanded sexist dress codes and vulgar language from employees as “mistruths.” In a note to shareholders, Victoria’s Secret also alleged one of Blundy’s “most trusted advisors” at BBRC visited numerous stores and falsely claimed to work with the company so he could take confidential sales information. BBRC disputed the characterization of the man’s conduct but said it had destroyed any materials referenced in agreement with the company. Such is the acrimony between the parties, the lingerie company has used a “poison pill” to ward off any attempt by Blundy to launch a hostile takeover. Under the plan, existing shareholders would be given the opportunity to buy more shares if Blundy – or any other investor – acquired a stake in excess of 15%. The strategy is designed to dilute the shareholding of a hostile bidder building a large stake. Three proxy advisory firms, Institutional Shareholder Services (ISS), Glass Lewis & Co and Egan-Jones Proxy Services, have thrown their support behind the board, arguing they are in the best position to increase shareholder value. While ISS acknowledged Blundy’s concerns over the long tenure of James, and the business’s initial poor performance after being spun off from its former parent company, L Brands, in 2021, it has advised against voting out the chair. The proxy firm, which advises large shareholders, says while the lingerie company “stumbled out of the gate” after being spun off, performance has since turned around. “In light of these and other considerations, the dissident has not presented a compelling case for the chair to be removed,” ISS says. The company’s recent strong performance could prove to be a significant hurdle to Blundy’s attempt to change the board, given Victoria’s Secret shares are up more than 50% over the past month, quelling any investor angst. Analysts have attributed some of the recent strong performance to the company's decision to re-establish its brand as a high-end name for wealthy shoppers and luxury purchases by curbing discounting. Victoria's Secret is also leaning into its past by recently reinstating its well-known annual fashion show after a six-year break. On June 2, its U.S. stock market ticker changed from “VSCO” to “VSXY,” in a nod to the company's renewed focus on sexy branding.

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6/10/2026

Northern Star Admits to Takeover Bids Amid Elliott Investment Management Pressure

Australian Financial Review (06/10/26) Wembridge, Mark

Under fire gold miner Northern Star Resources (ASX: NST) has admitted that its dismal share price performance sparked multiple takeover or merger approaches over the past year, and agreed with Elliott Investment Management’s criticism that it needs to lift its game. However, the ASX’s biggest Australian-headquartered gold miner rejected the suggestion by hedge fund Elliott Investment Management that it should be sold, saying that retaining assets was the better option for shareholders. Northern Star Chairman Michael Chaney on Wednesday broke his silence following last week’s revelation that Elliott had built a 4% stake in the miner worth more than $1 billion and was agitating for change. In a scathing letter, United States-based Elliott noted the miner’s “worst-in-class total shareholder returns and a steep valuation discount, repeated guidance misses and operational failures, a lack of leadership credibility and talent exodus, and cost overruns." Elliott suggested selling underperforming assets, a fresh boardroom-led turnaround, or a full sale of the company to the likes of South Africa’s Gold Fields (NYSE: GFI), Canada’s Agnico Eagle (NYSE: AEM), or U.S. miners AngloGold Ashanti (NYSE: AU), and Newmont (NYSE: NEM). In response, Chaney acknowledged that Northern Star’s shares had “not met our expectations, and we recognize shareholders’ concern." “Shareholders we speak to agree with that and are expecting the value of the company to be reflected properly in the share price.” Northern Star’s stock has fallen by one-quarter this year, underperforming rivals amid soaring gold prices. Its shares fell 3.5% on Wednesday to $18.54. Chaney said the miner had acceded to Elliott’s demand to appoint directors with mining experience to its boardroom, noting that the company was “happy to engage” with the fund on any suggestions that could deliver value. The miner has engaged an international search firm to find a replacement for outgoing managing director Stuart Tonkin, who was shown the door without a solid succession plan in place. The miner said it had interviewed internal and external candidates. Regarding Elliott’s pressure to run a sale process for the entire company, Chaney said the board did “not consider that this is the right time to do so." “We are always open to serious approaches from outside parties, and you will not be surprised to learn that given our share price underperformance over the last year, Northern Star has been approached by several companies about considering various corporate combinations,” he said. “Those discussions did not proceed because they were not in shareholders’ best interests.” Chaney, who is also chairman of conglomerate Wesfarmers, confirmed the board had considered spinning off some mines but decided against any sale, adding that the assets would “remain under regular review." “I share the view of our shareholders, including Elliott, that Northern Star’s share price is discounted relative to our assessment of the company’s underlying value,” said Chaney, who will stand down as chairman at the miner’s annual meeting in November. Deputy Chairman Michael Ashforth, a former investment banker, is a possible replacement for Chaney. While most of its rivals have taken fuller advantage of the soaring bullion price, Northern Star has been dogged by mechanical problems at its flagship Super Pit in Kalgoorlie and a series of operational headaches. Investors rounded on Tonkin after he waited a month to report that a vital mechanical crusher was broken, and that gold production would be as much as one-fifth lower than earlier forecasts. The miner’s $1.7 billion project to double annual production at its Kalgoorlie mill has been hit by delays and blowouts, although Chaney said the cost overrun was “modest in comparison to other major Australian projects." Elliott has a record of encouraging companies to change direction, including its 2017 high-profile campaign that pushed mining giant BHP (NYSE: BHP) to collapse its dual-class share structure.

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6/10/2026

Biotech Company Shareholders Elect Chris Christie in Rejecting Doma Perpetual Capital Management LLC's Slate

San Francisco Business Times (06/10/26) Leuty, Ron

A Peninsula drug company's shareholders turned back Doma Perpetual Capital Management LLC's challenge Tuesday, voting to elect three company-supported directors, including Chris Christie, the former New Jersey governor and onetime Republican presidential candidate. Shareholders of Pacira BioSciences Inc. (Nasdaq: PCRX) elected Christie, longtime drug entrepreneur Thomas Wiggans and former Bristol-Myers Squibb Co (NYSE: BMY) Chief Medical Officer Dr. Samit Hirawat to the Brisbane pain-treatment company's board of directors, it said Tuesday. Leaders of Miami hedge fund Doma Perpetual Capital Management LLC had pushed shareholders to elect its trio to force Pacira management to halt acquisitions, sell the company, and return capital to shareholders. Pacira, which sells the injectable, long-acting, nonopioid local anesthetic Exparel, and Doma had exchanged volleys in a monthslong proxy battle. At stake were Pacira's cash, equivalents and investments totaling $202.2 million. DOMA owns about 7.5% of Pacira's outstanding shares. The hedge fund had nominated Doma Chief Financial Officer Eric de Armas, psychiatrist Christopher Dennis and Oliver "Ben" Curtis III, a former federal prosecutor who advises on regulatory enforcement and more. Two independent proxy advisory firms, Institutional Shareholder Services Inc. and Glass, Lewis & Co., recommended shareholders vote for Pacira's director nominees. Pacira, led since early 2024 by former Genentech Inc. and Forma Therapeutics executive Frank Lee, has beefed up its product lineup with osteoarthritis treatment Zilretta and the handheld device Iovera, which uses cold temperature to temporarily block nerve signals for up to three months, through acquisitions. The company's experimental gene therapy, PCRX-101, or enekinragene inzadenovec, is in a mid-stage clinical trial to treat osteoarthritis of the knee. The therapy is billed as a genetic fix for what's known as the IL-1 pathway, which triggers knee inflammation, joint degeneration and pain in response to bodily invaders and cellular stress. Pacira had 829 employees at the end of last year.

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6/9/2026

Jana Urges Fiserv to Sell More Assets, Refresh Board

Reuters (06/09/26) Herbst-Bayliss, Svea

Jana Partners wants payments company Fiserv (FISV.O) to sell additional assets and appoint new directors with banking software and payments experience, the investor said on Tuesday. After months of private discussions with the company, Jana is now for the first time sharing its plans for the company. Speaking at Wolfe Research's annual Activist Conference, Jana's managing partner Scott Ostfeld said he believes Fiserv should aggressively pursue non-core divestitures. "Fiserv is in the early innings of rehabilitating its credibility with customers and investors," Ostfeld said. "We believe further portfolio reshaping and expanding the board's refreshment process to add relevant experience would speed the credibility rebuilding process and lead to a re-rating of the stock." Fiserv's stock price has tumbled nearly 70% in the last 12 months and Tuesday marks the first time Ostfeld has discussed the investment publicly since buying in late last year. The New York-based hedge fund, one of the industry's most successful investors, first invested in the Milwaukee-headquartered company in late 2025 following a 60% drop in Fiserv's share price. The company, which provides fintech services to banks, credit unions and merchants, has seen its stock price drop nearly 20% in 2026 and it closed trading at $52.72 on Monday. During the first quarter, Jana nearly doubled its investment in Fiserv to own just under 1%, making the hedge fund one of the company's top 20 investors. Fiserv has a market valuation of $28 billion. Ostfeld stopped short of calling for a broader breakup of the company, but noted this might be an attractive option in the future if the company's valuation does not improve. Jana supports Chief Executive Mike Lyons, who was appointed to the top job in May 2025, and his efforts to rebuild the company's credibility. The firm also believes Fiserv is in a unique position to help banks and credit unions adopt artificial intelligence tools in their own businesses, including through a recently announced collaboration with OpenAI. Last month, Fiserv said it partnered with Bridgeport Partners to form a joint venture spinning off its ATM managed services, cash logistics and MoneyPass networks. It also sold its Education Solutions student loan servicing business to Infinite Computer Solutions. Jana has experience in the financial services sector and in 2023 successfully pushed Fiserv competitor Fidelity National Information Services (FIS) to separate its Worldpay payments business. Currently the hedge fund is pushing for a big share buyback and breakup at holding company Markel Group (MKL.N) and a sale of digital banking platform Alkami Technology (ALKT.O). Activist investors have increasingly called for companies to sell some of their businesses or the entire company in the last months, industry analysts have said, at a time the pace of mergers and acquisitions is picking up and bankers are preparing for more activity in the second half of the year.

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