GPP Secures Full Control of the North Fork in Blockbuster Retreat

Barron’s: Activist Wants This Construction Company to Make Serious Changes. Stock Returns Are ‘Unacceptable.’
Starboard Value has taken a significant stake in Knife River and is pushing the construction materials company to boost its adjusted EBITDA margin to at least 22% by fiscal 2029, warning that the board should consider a sale if shareholder returns, down 32% over the past year, don’t improve. Read More

JD Supra: Activism Update: Fewer Proxy Contests, More AI-Focused Themes
Skadden’s H1 2026 activism update found a record 71 new U.S. campaigns, with nearly 60% targeting tech and consumer/retail companies, while just four proxy contests went to a vote as activists secured 51 board seats mostly through negotiated settlements. It also notes that new SEC disclosure rules for activist SPVs, along with pressure on proxy advisers and rising AI-guided voting, could make activist fundraising and vote outcomes harder to predict. Read More

Reuters: Tokyo Court Blocks Toho Poison Pill in Test of Anti-Activist Defenses
The court blocked the drug wholesaler’s poison pill defense against activist investor 3D Investment Partners, a closely watched ruling that could make it harder for Japanese companies to use such warrant dilution tactics against activists seeking to raise stakes without pursuing outright control, even after Toho’s measure won 54.7% shareholder approval. Read More

Med Tech Dive: Activist Investor Urges Cooper Companies to Replace CEO, Sell Some Assets
Jana Partners is pushing Cooper Companies to replace its CEO and board chair, revise compensation metrics, and evaluate selling both its CooperSurgical and CooperVision assets, citing “chronic underperformance” after a failed strategic review and lowered 2026 guidance. Read More

Bloomberg: M&A Hit the Field in the Third Quarter as a Slew of Sports Deals Grabbed Headlines
From the Lakers to Liverpool, dealmakers had a busy 3 months of sales as sports M&A continues to be popular although many predict the trend will continue as the fourth quarter is “often one of the busiest times of the year for deals and also features some of the most exciting thrills in any game.” Read More

Paramount Clears its Last Big Megadeal Hurdle in States’s Antitrust Suit Settlement
In a move that clears the way for its merger with Warner Bros. Discovery, The Wall Street Journal reported on Paramount reaching a settlement with state attorneys general that includes a host of concessions and investments in the U.S. entertainment industry. Meanwhile, The Financial Times noted that Paramount will not have to divest assets and will pay financial penalties if it doesn’t distribute at least 30 films a year. Lastly, Bloomberg reported that part of the reason for the settlement was that AG Bonta was relatively alone in his fight as other California leaders were worried that Paramount would leave the state and pushed for a settlement.

Bloomberg: Goldman in Talks to Buy $37 Billion Credit Firm Palmer Square
While no deal has been finalized, Goldman Sachs emerged as the lead bidder to acquire the husband-and-wife-run credit management firm in a move that would scale Goldman’s presence in the CLO business. Read More

Reuters: Microsoft to Keep Shareholder Proposal Rights Through 2027, Even as SEC Reduces Oversight
Despite the recent change from the SEC, Microsoft confirmed that it will keep its current shareholder proposal eligibility thresholds for one year after an agreement with conservative activist Paul Chesser. Read More

The Wall Street Journal Opinion: Bring Back State-Led Corporate Governance
In a response letter, Senator Bill Hagerty (R., Tenn.) wrote that changes from the SEC along with states such as Texas could showcase the future of effective corporate governance. He goes on to argue that less federal oversight will allow individual states to set rules that “focus on business value over politicized initiatives.” Read More

ESG Dive: Businesses Sidestep AI Governance Policies as Concerns Mount
According to a recent EY report, nearly half of senior artificial intelligence leaders say their organizations have bypassed AI governance processes for urgent deployments, despite almost all having formal policies in place as companies deal with a widening gap between AI governance policies and their execution. Read More

Reuters: Smart Ring Maker Oura Eyes $15.6 Billion IPO Valuation in Fall Listings Demand Test
Amid a challenging start to the U.S. fall IPO, smart ring maker Oura has begun its roadshow with plans to list on the Nasdaq in a major test for market sentiment amid a volatile macroenvironment. Read More

The Wall Street Journal: Nvidia-Backed Cloud Startup Nscale Files for IPO
The U.K.-based data center operator, who is backed by Nvidia, Dell Technologies, Nokia, and Aker, filed for an IPO with plans to list on the NYSE. Read More

The International IPO Market Falls into Place for a Strong End of 2026
In a win for London’s stock market, Reuters reported that Airtel Money is planning to file for an IPO in what would be the market’s IPO since 2021. Meanwhile, Reuters reviewed a term sheet from Australian data center operator Firmus that could make the company the second-largest IPO in Australia’s history when it potentially launches in October. Finally, in India, CNBC reported on a successful IPO for India’s National Stock Exchange with total bids that would value the company at a higher price-to-earnings multiple than Nasdaq and ICE.

While every meal was a treat throughout our offsite, the highlight absolutely has to be our last dinner at the North Fork Table & Inn. A farm-to-table menu by restaurateur and chef John Fraser, this meal was a true testament to our fantastic hosts out on Long Island’s North Fork.

We began the meal with a cocktail hour that had the region’s fantastic wines on display. For this, our personal favorite was Lieb Cellars Sparkling Rose Estate that really got the team in a celebratory mood.

Appetizers were next as the family style dinner kicked off with the milk bread, two mile salad, beef tartare and yellowfin tuna tartare. We also enjoyed a delectable Long Island corn tempura that was served with a lemon aioli so much that we had to ask for seconds of the dish. We then moved on to the mains led by a perfect rigatoni cacio e pepe that might have led to some team members practically licking the bowl clean due to the black tellicherry peppercorns, aged parmesan and some freshly picked local corn. Our other entrees were a perfectly succulent slow smoked half chicken and a lovely swordfish Veracruz.

Lastly, just when we thought we could not eat another bite, the desserts came out with a mouthwatering chocolate brownie with pistachio ice cream and a fruit plate. There are many gems out on the North Fork and this restaurant shined to close out a great time.

• The Wall Street Journal: The High-Stakes Pursuit of Smuggling Butter Home From Paris
• The Atlantic: My Night at the Reindeer-Sausage Buffet
• The Associated Press: Fat Bear Week Opens for Alaska’s Heavyweight Crown. Can Chunk, the 1,200-Pound Champ, Win Again?
• Financial Times: Genetic Trove Aims to Unlock Bats’ Secrets to Long Life
• Financial Times: Ingestible Battery Offers Potential Relief for Stomach Condition

• September 30-October 2: Council of Institutional Investors Fall Conference, Boston, MA
• October 6: Sportico Invest London, London, UK
• October 13-14: Berkeley Fall Forum on Corporate Governance, San Francisco, CA
• October 20: 13D Monitor Active/Passive Investor Summit, New York, NY