No Summer Breaks for Shareholder Activists, While GPP Surveys its Elite Readers on AI and IR

Aug 7, 2026

August is usually designed for spending time with family, hosting barbecues, reading at the beach and if you are like us, checking emails incessantly.

This year, shareholder activists clearly did not get the memo and are offering further proof that activism defense needs to be on companies’ radar year-round.

Led by Starboard’s latest campaign against Shake Shack, companies are both announcing new positions and turning up the heat on current campaigns. Starboard’s new stake at Shake Shack urges the fast-casual restaurant chain to focus on franchising rather than opening company-owned locations. Jeff Smith, Starboard’s CEO, appeared on Bloomberg this week to discuss his thesis and noted that the activist fund is likely its largest active shareholder, and while the company does not need “massive operational changes,” the brand is “undervalued.”

Burgers have to be eaten on something, and DGB Investments founder Douglas Bergeron began his own campaign through a new stake in furniture company Ethan Allen. In a letter to fellow shareholders, Bergeron claims that Ethan Allen is trailing competitors due to a stagnant Board of Directors that he wants to fully replace.

This week wasn’t all about new campaigns, as Jana and TOMS Capital continued to push for change at banking software company Alkami and asset manager Voya Financial, respectively. In a letter from Jana Managing Partner Scott Ostfeld, the firm notes that the company isn’t running a true process and that it has spoken to potential suitors who would be interested once the valuation is “realistic.” TOMS Capital is running a similar campaign at Voya and is hoping that by directly appealing to shareholders on a potential sale, it can break through this stagnation.

Finally, we wanted to thank those of you who have already replied to our survey on the impact of AI on investor relations. For those of you who have not filled out this (very quick) survey, we would appreciate your insights and feedback: https://www.surveymonkey.com/r/W8XG5DV

Have a great weekend,

GPP Team

ACTIVISM

The Deal: Irenic Scores Twin M&A Wins
After Adam Katz’s Irenic scored settlements and board appointments at both Atkore and Integer Holdings in November and March, respectively, the activist scored a solid return on investment as both firms announced they would be acquired by Prysmian for $3.2 billion and to KKR for $4.3 billion, respectively. Read More

M&A

Reuters: Couche-Tard to Buy Poland’s Zabka for $8.7 Billion in Biggest-Ever Deal
Circle K parent company Alimentation Couche-Tard finalized a successful tender offer for Polish convenience-store operator Zabka. The move, which is poised to expand Couche-Tard’s European footprint, comes after the company abandoned its $46 billion pursuit of 7-Eleven’s Japanese parent Seven & I holdings. Read More

Bloomberg: KKR To Buy Device Maker Integer in $5.7 Billion Deal
In an all-cash deal that is expected to close by the end of the year, the PE giant has agreed to take the Texas-based medical device maker Integer private. This ends a months-long strategic review from the company in which they said in April 2026 that they would consider a sale or merger. Read More

CORPORATE GOVERNANCE

Reuters Breakingviews: Efficient Markets will Sustain Quarterly Reporting
Based on analysis that 99.5% of those who replied to the SEC’s plan to switch reporting financial results to semiannual were negative / against the move, Reuters’ Jeffrey Goldfarb takes a deeper dive into the responses while offering “more sensible ways to encourage initial public offerings and long-term boardroom ⁠thinking.” This would include “targeting other compliance burdens and executive-compensation plans would be better areas of focus than less rigorous and regular financial updates.”

Meanwhile, in The Financial Times’ Lex column, John Foley uses SpaceX’s first earnings this week as a case study that the shift away from quarterly earnings might be beneficial. He notes that due to the promised scale of “hoped-for growth” and long-term goals, “what has happened to SpaceX’s finances over the past three months is, though, pretty much irrelevant.” Read More

Fortune: Bill Ackman, Unfiltered: The Billionaire Hedge Fund Founder’s Take on AI, Investing, and why Socialism is a ‘Disaster’
Bill Ackman discusses betting on “cheap” mega-caps like Uber, Microsoft, Amazon, and Meta over chipmakers, his caution on trillion-dollar AI IPOs like OpenAI given cash burn, his relationship with Trump, his view that capitalism outperforms philanthropy, and more. Read Here

IPO

The Economist: Why Most IPOs are not Worth the Hype
Historical data show most newly listed stocks underperform the market by roughly 5.5 percentage points over their first three years – although larger, established tech companies with over $100 million in sales tend to outperform. The distinction is worth noting as OpenAI, Anthropic, Stripe, and Databricks head towards potential mega-IPOs. Read More

Reuters Breakingviews: SpaceX Overhang Threatens AI IPO Launch Window
Karen Kwok writes that SpaceX’s post-IPO stock slide, deepened by this week’s expiration of lock-up restrictions freeing roughly $100 billion in shares for sale, is straining the retail and hedge fund demand that OpenAI and Anthropic will likely need for their own eventual public listings. Read More

The Wall Street Journal: Alibaba-Backed AI Startup Vast Seeks Fresh Capital, Eyes IPO
The artificial intelligence unicorn is in talks to raise capital at a valuation near $2 billion while also exploring a potential Hong Kong IPO as soon as next year. Read More

FROM OUR DESK TO YOURS

Last week, we finally managed to snag a table at Tatiana by Kwame Onwuachi. We are pleased to report that the impossible-to-get reservation at the Lincoln Center hotspot is worth the wait.

The restaurant, named in honor of Chef Kwame’s older sister, who helped raise him while their mother worked as a chef in NYC, is a true love letter to great home-cooked food and being in great company. To start, we began with a lovely drink pairing that was centered around generous pours of Albariño champagne and various orange wines although the wine list is extensive.

Everything on the menu, from the fantastic starters like the Egusi Tortellini with Dungeness crab, Nigerian red stew and parsley and the Curried Goat Patties, to the shawarma roasted chicken with turmeric rice and lamb and the show-stopping braised oxtail, is designed to be shared with the entire table.

Meanwhile, for those looking for something this week while you are waiting for your Tatiana reservation, Andrea Strong dives into a few culinary “backyard bashes” that should be a part of your weekend agenda. On Saturday, she recommends heading on down to Bark Barbecue in Brooklyn for its Dominican Day Parade Party where you can enjoy their signature Texas-Dominican barbecue. We will be staying in Brooklyn on Sunday Low and Slow at Vato where we can’t wait to have the smoked beef Dino ribs as a part of the cookout.

Finally, we already have our tickets procured for Lox Fest Presented by Fulton Fish Market and we hope to see you there on September 19^th. This is an unforgettable experience and there is nothing more New York then “the ultimate celebration of all things lox and bagels.”