Activist Activity Heats Up: Boardroom Battles, Stake Building, and Strategic Shifts Across Global Markets

Key Takeaways:

Energy Fuels (EFR) is set to gain a major new blockholder through a merger agreement that will also give that investor board representation rights, signaling a significant ownership shift.
Toho Holdings (8129) has adopted defensive poison pill measures specifically aimed at blocking further accumulation by activist investor 3D Investment Partners, which holds a substantial stake.
SPS Commerce (SPSC) is reportedly exploring a potential sale following private campaigns by activist shareholders, putting the cloud-based supply chain software provider in play.
CEA Industries (BNC) has settled its proxy contest with YZi Labs through a cooperation agreement that grants the activist multiple board seats and veto power over CEO appointment.
Vale (VALE3) is fighting a hostile ouster campaign from its largest pension fund shareholder, with the board recommending shareholders reject the effort to remove the chairman.
Kymera Therapeutics (KYMR) has appointed prominent biotech investor Felix Baker as Chairman, signaling intensified board-level engagement from a major active shareholder.
InMode (INMD) faces opposition from a newly disclosed activist investor that plans to vote against the proposed $16.20 per share buyout, arguing it undervalues the company.
Oportun Financial (OPRT) has entered a cooperation agreement with activist Bradley L. Radoff, resulting in board retirements and a standstill through the 2028 annual meeting.
Liontrust Asset Management (LIO) has seen a major shareholder build a 14% derivative position as the firm reports significant net outflows and prepares to close an acquisition.
HPSP Co. (A403870) has appointed the CEO of Crescendo Equity Partners as its new chief executive, bringing private equity leadership directly into the company.
Kadokawa (9468) and Seibu Holdings (9024) have both seen prominent activists increase their stakes, with Oasis Management and 3D Investment Partners respectively adding to positions.
Air Water (4088), Nippn Corporation (2001), and Tokyo Kiraboshi Financial Group (7173) have all attracted new activist or active value positions from well-known global funds.
GameStop (GME) is projecting strong EBITDA growth as it advances its active acquisition