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3/20/2026

Trian Opposes Victory's Sweetened Rival Bid for Janus Henderson

Reuters (03/20/26) Biswas, Pritam

Trian Fund Management on Friday said it has serious concerns about Victory Capital's sweetened offer for Janus Henderson (JHG.N) that rivals its own take-private deal with the asset manager. Janus had previously rejected an $8.6 billion cash-and-stock offer from Victory, saying the bid carried closing risk and was not superior to the existing $7.4 billion all-cash deal with Trian and venture ?capital firm General Catalyst. But Victory revised its offer earlier in the week to include a higher cash component. Janus Henderson declined to comment. Victory Capital did not immediately respond to Reuters requests for comment. Trian is Janus' largest shareholder with a 20.7% stake.

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3/20/2026

Move Over Sony? Oasis Management Company Who Urged Nintendo to Charge 99 Cents Just to Get Mario to Jump Higher Acquires Significant Stake in Parent Company of Elden Ring Dev FromSoftware

IGN (03/20/26) Townsend, Verity

Oasis Management Company has acquired a 8.86% in Japanese media powerhouse Kadokawa (9468.T), parent company of Elden Ring developer FromSoftware, according to Gamebiz and Automaton. This is a big enough stake to potentially enable the investor to influence Kadokawa’s operations. Back in 2014, Oasis encouraged Nintendo (7974.T) to pivot towards developing free-to-play mobile games, saying: “Just think of paying 99 cents just to get Mario to jump a little higher.” So what’s the attraction of Kadokawa? The Kadokawa Group contains a large number of subsidiaries dealing with publishing, anime, movies and games (plus other industries). These include Dark Souls and Elden Ring developer FromSoftware, as well as videogame publisher Spike Chunsoft, which is owned by its Dwango subsidiary. It’s also a major manga publisher, and popular anime produced by Kadokawa include Oshi no ko, Re: Zero, and Delicious in Dungeon, among many others. With so many IPs and diverse businesses, Kadokawa is a hot property. Back in late 2024, it was widely rumored that Sony (NYSE: SONY) would acquire Kadokawa. What ended up happening instead was that Sony became one of Kadokawa’s biggest shareholders, with a 10% stake. The two companies also entered a strategic partnership with the aim of strengthening the global value of both companies’ IPs (think anime co-productions and using Sony’s well-established international publishing channels to bring Kadokawa’s works to a wider audience). To put things into perspective, Oasis Management Company’s 8.86% stake in Kadokawa is not that much smaller than Sony’s. (As of March 2025, Kadokawa’s top three shareholders, including Sony, each had a 10% stake.) Oasis has yet to make any public demands to Kadokawa, so it is not currently clear how they may seek to influence the Japanese conglomerate. However, Oasis’s past moves have included attempts to sway Nintendo. Back in 2014, Oasis published an open letter to then Nintendo president Satoru Iwata, urging the Japanese company to enter the mobile games market and to focus on that instead of consoles. Using Netflix (NASDAQ: NFLX) and other companies' success as examples, the letter argued that accessibility was key, suggesting Nintendo sell mobile games featuring popular IPs like Mario and Zelda on Google Play and Apple (NASDAQ: AAPL) App store, instead of having their games behind the hurdle of purchasing a console. Oasis then suggested that Nintendo should release free-to-play mobile games with in-game purchases, with chief investment officer Seth Fischer issuing the immortal line: "We believe Nintendo can create very profitable games based on in-game revenue models with the right development team. Just think of paying 99 cents just to get Mario to jump a little higher." After this letter, Nintendo continued to develop consoles, releasing the highly successful Nintendo Switch and its successor, the Switch 2. However, it also entered the realm of smartphone offerings (although whether this had anything to do with Oasis's suggestions in 2013 and 2014 is unclear). Nintendo and The Pokémon Company released the global hit Pokémon Go in 2016, with Super Mario Run also hitting mobile platforms in the same year. Last month, it was reported that Bluepoint, the studio behind the successful Shadow of the Colossus and Demon's Souls remakes, pitched a Bloodborne remake last year that was rejected not by Sony, as many had thought, but by FromSoftware. FromSoftware is currently working on The Duskbloods, a similarly vampire-themed game exclusive to Nintendo Switch 2, and continues to update multiplayer game Elden Ring: Nightreign.

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3/20/2026

Medifast Reaches Cooperation Agreement With Steamboat Capital Partners

TipRanks (03/20/26)

On March 19, 2026, Medifast Inc. (NYSE: MED) entered into a cooperation agreement with Steamboat Capital Partners, which holds more than 5% of its shares, to reshape its board over the 2026 and 2027 annual meetings. Under the deal, Medifast will nominate Steamboat executives Parsa Kiai and Jeff Rose as independent director candidates at the 2026 shareholder meeting, while incumbent directors Jeffrey Brown and Michael Hoer will not stand for reelection. The agreement also provides that Kiai and Rose will be nominated again as Steamboat designees at the 2027 meeting, with Steamboat allowed to recommend substitutes if needed, and subjects Steamboat to customary standstill and voting commitments through three months after the 2027 meeting. Announced publicly on March 20, 2026, the pact signals a constructive settlement with an investor aimed at strengthening governance, supporting Medifast's strategic pivot toward metabolic health, and accelerating efforts to restore profitability and unlock long-term shareholder value.

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3/20/2026

JANA Partners Pushes Sale of Kings Island, Cedar Point Owner

Cincinnati Enquirer (03/20/26) Murphy, Chad

JANA Partners, who bought a stake in theme park operator Six Flags along with NFL star Travis Kelce, is pushing for the company that owns Cedar Point and Kings Island in Ohio to explore a sale. JANA Partners, which bought a 9% stake in Six Flags in October 2025, is also demanding Six Flags appoint a new head of its board of directors, according to a letter obtained by Reuters. It's not a new tactic for JANA, which has a history of activist investments. In 2017, the company took an 8.8% stake in Whole Foods Markets and pushed for board and operational improvements. JANA profited when Whole Foods sold to Amazon later that year, GuruFocus, via Yahoo Finance, reported. And in 2014, JANA bought a 10% stake in PetSmart and pushed for a sale. PetSmart was later acquired by BC Partners for $8.7 billion, also earning Jana a profit. In its letter, JANA suggests Six Flags could be an attractive acquisition option and cites concerns about the board's ability to "deliver" for shareholders, per Reuters. "It is now in the best interest of shareholders for the company to reverse course and engage with known buyer interest in Six Flags," JANA Managing Partner Scott Ostfeld wrote. JANA suggested new leadership was needed on the board of directors. Reuters reports that Marilyn Spiegel was named chair in January and has been a director since 2023. Shares of Six Flags had been down about 50% prior to JANA's investment amid a drop in attendance in 2025, but they rose about 18% following it. Kelce, tight end for the Kansas City Chiefs and former Cincinnati Bearcats player, joined with JANA in its Six Flags stake and was recently named a brand ambassador. "I am a lifelong Six Flags fan and grew up going to these parks with my family and friends," The Cleveland Heights native and fiance? of Taylor Swift said in an October 2025 statement. "The chance to help make Six Flags special for the next generation is one I couldn't pass up." Six Flags says that as brand ambassador, Kelce will bring "his signature hype, humor, and larger-than-life personality to parks across North America." Earlier in March 2026, Six Flags announced it was selling seven of its parks to EPR properties, including: Schlitterbahn Waterpark Galveston in Galveston, Texas; Six Flags Great Escape in Queensbury, New York; Six Flags La Ronde in Montreal; Six Flags St. Louis in St. Louis; Valleyfair in Minneapolis; and Worlds of Fun in Kansas City. Six Flags America and Hurricane Harbor in Maryland closed at the end of the 2025 season. Six Flags California's Great America is scheduled to close at the end of the 2027 season, though that timeline could change, according to USA TODAY. It was originally scheduled to shut down in 2033 by then-owner Cedar Fair. Ohio's two largest theme parks joined a much larger family in 2024 when Cedar Fair, their owner at the time, merged with Six Flags to form the new Six Flags Entertainment Corporation. The new company, worth an estimated $8 billion at the time, has 42 theme parks, water parks, and resort properties across the United States., as well as Canada and Mexico, including Cedar Point and Kings Island.

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3/19/2026

Korea Zinc Seeks $2 Billion Loan for U.S. Critical Minerals Plant

Bloomberg (03/19/26) Lindberg, Kari; Lim, Haram

Korea Zinc Co. (KRX: 010130) is seeking a $2.35 billion loan to fund the construction of a U.S. smelter, people familiar with the matter said, part of its efforts to help Washington boost its domestic manufacturing and metal-processing capacity. The funding plans by Korea Zinc, one of the world’s largest processors of metals, highlight the scale of debt required by U.S. allies to build up a local supply chain for industries reliant on critical minerals. These include rare earth elements, lithium and cobalt, among others — materials essential to sectors such as chip-making, aerospace and defense — as President Donald Trump pursues an America First policy. In December, Korea Zinc bought the Nyrstar plant in Tennessee with plans to convert it into a major critical minerals complex. The firm, the U.S. government, and other unnamed investors established a foreign joint venture called Crucible Metals LLC to oversee the $7.4 billion project. For the Seoul-based firm, the move comes as it grapples with a management dispute sparked in recent years after top shareholder Young Poong Corp. (KRX: 000670) and MBK Partners Ltd. launched an unsolicited takeover bid for the company.

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3/19/2026

ISS and Glass Lewis Recommend Shareholders Vote for Palliser Proposals at LG Chem’s AGM

Yahoo! Finance (03/19/26)

Palliser Capital welcomes the endorsements of independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co. (Glass Lewis) in favor of its proposals for the upcoming Ordinary General Meeting of Shareholders of LG Chem, Ltd. (KRX: 051910) on March 31, 2026. Palliser has engaged in continuous dialogue with LG CHEM on the root causes of its KRW 60 trillion (U.S.$41 billion) value gap; however, we believe that decision-making continues to be misaligned with the interests of minority shareholders. Palliser has put forth two amendments to LG Chem’s Articles of Incorporation (Articles) to establish mechanisms to amplify the minority shareholder voice in the boardroom: allowing advisory proposals, including three advisory sub-resolutions relating to core value-up principles; and (#2.8) appointing a Lead Independent Director. ISS recommended shareholders vote for both Articles amendments, as well as all three advisory proposals, including the proposal requiring LG Chem to disclose Discount to NAV as a key financial metric. Glass Lewis endorsed the Articles amendment allowing for advisory proposals, as well as two of the advisory sub-resolutions. With support from both leading independent proxy advisors and favorable votes already disclosed by several long-term institutional holders, Palliser encourages minority shareholders to vote FOR a stronger voice. James Smith, Founder and Chief Investment Officer of Palliser, said, "We are encouraged that both ISS and Glass Lewis have recognized LG Chem’s significant potential, and the urgent need to address governance shortcomings. It is clear the company has an opportunity to strengthen shareholder protections while leading efforts to eliminate the ‘Korea Discount.’"

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3/19/2026

Unilever in Talks to Separate Food Business and Combine It With McCormick

Wall Street Journal (03/19/26) Thomas, Lauren; Benoit, David; Dummett, Ben

Unilever (UL), the maker of Dove deodorant and Hellman’s mayonnaise, is in talks to separate its food business and combine it with spice maker McCormick (MKC). Both companies confirmed the talks Friday after The Wall Street Journal reported them a day earlier. The major strategy shift by Unilever would continue a trend of consumer conglomerates streamlining their businesses and would leave U.K.-based Unilever focused on beauty, personal-care products and home. McCormick has a market value of around $14.8 billion. Unilever’s is close to $140 billion and its food business, which also houses brands including Knorr bouillons and seasoning, could be worth tens of billions of dollars. An all-stock deal could come within weeks, assuming the talks don’t fall apart, people familiar with the matter said. The exact structure couldn’t be learned. Maryland-based McCormick, known by its red-capped bottled spices and rectangular tins, also owns brands including French’s yellow mustard, Old Bay seasoning and Cholula hot sauce. It is set to report its first-quarter results on March 31. Consumer companies were one of the last remaining sectors featuring sprawling conglomerates and many have unveiled plans to unwind those structures in recent years. Unilever has been exploring various deals in the past several years. It made unsolicited approaches for GlaxoSmithKline’s (NYSE: GSK) consumer-health unit in 2021, but backed off the idea the following year. It spun off its ice cream business, now known as Magnum Ice Cream (NYSE: MICC), last year. That company has a market value of around $8 billion and houses brands including Breyers, Ben & Jerry’s and Talenti gelato. Unilever Chief Executive Fernando Fernandez has signaled the company is focused on its beauty and personal-care unit, and said in December it was eyeing small “bolt-on” acquisitions in the space. “Transformational acquisitions are off the table. So we are not looking at that at this stage,” Fernandez said at the time. Trian Fund Management’s Nelson Peltz joined Unilever’s board in 2022 after the hedge fund took a big stake in the company. The investor was previously a director at Unilever rival Procter & Gamble (NYSE: PG). Peltz has a record of pushing for splits and reconfigurations of sprawling conglomerates.

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3/19/2026

Tripadvisor Board Chair Greg Maffei to Step Down with Starboard Value in the Wings

Skift (03/19/26) Schaal, Dennis

Greg Maffei, who has served as chairman of Tripadvisor’s (NASDAQ: TRIP) board since 2013, will not seek reelection at the company’s next annual shareholder meeting in June. Tripadvisor said Thursday that Maffei and fellow board member Albert Rosenthaler will both step down when their terms expire. Tripadvisor said their departures were not due to disagreements over policy or operations. The exits come as Starboard Value has taken a stake in Tripadvisor and sharply criticized the company’s board and strategy.

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3/18/2026

Lululemon Founder Wilson Backs Director Exit, Presses for Board Overhaul

Reuters (03/18/26) Venugopal, Aishwarya; Mishra, Savyata

Lululemon (LULU.O) founder Chip Wilson, who is in a proxy battle with the company, said on Wednesday lead director David Mussafer's decision to exit the board was "a step in the right direction," but reiterated the need for a "substantial" board refresh. The athleisure wear maker, which is still awaiting a permanent CEO, on Tuesday appointed Levi's (NYSE: LEVI) veteran Chip Bergh to its board and said he would stand for election at Lululemon's shareholder meeting in lieu of Mussafer, who is not standing for re-election at the conclusion of his current three-year term. Wilson had previously questioned Mussafer's re-election, citing a conflict of interest as he oversees ?the process to interview board nominees. "I want to be clear that while yesterday's announcement is a step in the right direction, glaring governance deficiencies remain," Wilson said in a statement, adding that Bergh's appointment was "underwhelming," as the board has said previously that other highly qualified candidates declined to join amid the proxy fight. Bergh helmed Levi Strauss for more than 12 years, overseeing its turnaround and its return to public markets in 2019. On Tuesday, Lululemon said his appointment reflects the board's "commitment to ongoing refreshment." Bergh joins Lululemon's 10?member board, which is set to shrink to nine after Mussafer said he would not seek re?election. Wilson is one of the biggest independent shareholders of Lululemon with a 4.27% stake and had last year ?nominated three independent directors — Marc Maurer, Laura Gentile and Eric Hirshberg — to the board and has pushed for several changes at the struggling apparel company. "Significant change is still needed at the board level before a new CEO can be selected," Wilson added. Lululemon did not respond to a request for comment following Wilson's statement. Shares of Lululemon were up about 2% on Wednesday, reversing premarket losses. Its shares have ?lost nearly two-thirds of their value in the past two years as design missteps and a lack of brand freshness led to market share losses and ultimately to CEO Calvin McDonald's exit earlier this year. At least nine brokerages cut their price targets on ?the stock after the company forecast muted annual sales and profit on Tuesday. "Until a credible CEO is in place to reset strategy, organizational design, and accountability (especially in North America) investors are left underwriting hope," Jefferies (NYSE: JEF) analyst Randal Konik said. Elliott Management has also been pressuring the company by putting forth former Ralph Lauren (NYSE: RL) CFO Jane Nielsen as its CEO candidate. Elliott did not respond to a Reuters request for comment.

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