activistletters
Phillips 66 (PSX) Elliott Investment Management Demands Portfolio Streamlining and Stronger Oversight to Unlock Value
Summary
Elliott Investment Management nominated seven directors to Phillips 66’s board, citing poor operational execution, weak capital allocation, and
activistletters
Ingevity (NGVT) Vision One Capital Pushes Full Performance Chemicals Exit, Slams Board’s Capital Allocation Missteps
Summary
Vision One Fund urged Ingevity (NGVT) to explore strategic alternatives, including a potential sale, citing poor stock performance, weak
activistletters
Brookdale Senior Living (BKD): Ortelius Advisors Nominates Six Directors, Cites Years of Underperformance and Governance Failures
Summary
Ortelius Advisors (1.3% holder) is nominating six directors to Brookdale Senior Living’s board, citing seven years of
activistletters
U.S. Steel (X) Ancora Urges Board to Delay Annual Meeting, Citing Litigation Over Blocked Nippon Sale
Summary
Ancora urges U.S. Steel to delay its 2025 annual meeting until after there’s clarity on the blocked
activistletters
Signet Jewelers (SIG) Select Equity Urges Board to Explore Sale, Citing Strategic Missteps and Governance Failures
Summary
Select Equity Group (owns ~10% of Signet) is urging the board to explore a sale of the company due
activistletters
Ingevity (NGVT) Vision One Nominates Four Directors, Blasts Legacy Board for $872M in Value Destruction and Governance Failures
Summary
Vision One Fund, LP filed a Schedule 14A on February 25, 2025, nominating four candidates to Ingevity Corp’s
activistletters
Lands’ End (LE) Edward Lampert Pushes for Sale, Says Market Undervalues Company Despite Operational Gains
Summary
Edward Lampert, who owns ~55% of Lands’ End, urges the Board to pursue a sale of the company to
activistletters
BML Urges Aadi Biosciences (AADI) Shareholders to Reject Dilutive 60% Deal, Cites Kraken $5+ Takeover Offer Board Ignored
Board of Directors and Shareholders
Aadi Biosciences, Inc.
17383 Sunset Boulevard Suite A250
Pacific Palisades, CA 90272
Dear Board Members
activistletters
Dynavax Technologies (DVAX): Deep Track Capital (13.5% holder) Nominates Four Directors, Criticizes Acquisition Strategy and Governance
Summary
Deep Track Capital is nominating four directors to Dynavax’s board, criticizing the company’s acquisition strategy and governance.
activistletters
Barnwell Industries (BRN) — Ned Sherwood Nominates Five Directors, pushes O&G focus, NOL use, and overhead cuts after Q1 loss
Summary
Ned L. Sherwood nominated five directors for Barnwell Industries’ 2025 board, calling for a turnaround and criticizing current leadership
activistletters
U.S. Steel (X): Ancora Demands Books & Records, Challenges Nippon Deal Litigation and Flags CEO 10b5-1 Insider-Trading Concerns
Summary
Ancora is demanding access to U.S. Steel’s books and records to investigate potential misconduct. It alleges the
activistletters
Barington Capital Challenges Matthews (MATW) Board, Calls Governance Reforms Reactionary and Pushes for Shareholder-Focused Directors
Summary
Barington Capital urges Matthews International shareholders to vote “FOR” all three of its board nominees (Amicarella, Galbato, Mitarotonda), citing
activistletters
Quanterix (QTRX): Kent Lake Slams Akoya (AKYA) Stock Merger as a Shareholder “Bailout,” Urges Vote Against and Refocus on Alzheimer’s Diagnostics
Summary
Kent Lake, a top 5 shareholder of Quanterix, opposes the proposed merger with Akoya Biosciences, calling it a value-destructive
activistletters
Matthews International (MATW): Barington Capital Presses Shareholders to Back Its Board Nominees After ISS, Glass Lewis, and Egan-Jones Endorsements
Summary
Barington Capital urges Matthews International shareholders to vote the GOLD proxy card for its three board nominees, citing long-term
activistletters
Ancora Presses U.S. Steel (X) to End Nippon Deal Pursuit, Collect $565M Breakup Fee, and Replace CEO David Burritt with Alan Kestenbaum
Summary
Ancora asserts that President Trump’s February 7th comments make it clear the sale of U.S. Steel to
activistletters
Gate City Capital Pushes Intrepid Potash (IPI) to End Staggered Board, Urges Shareholders to Support Annual Director Elections
Summary
Gate City Capital, owning 5.97% of Intrepid Potash, has submitted a shareholder proposal for the 2025 annual meeting
activistletters
BML Investment Partners Demands Aadi Bioscience (AADI) Books & Records Over Rejected Sale, $100M FYARRO Divestiture and Dilutive $100M PIPE, Citing Governance Concerns
Summary
BML Investment Partners demands access to Aadi Bioscience’s records to investigate potential mismanagement and fiduciary breaches. They allege
activistletters
Beaver Hollow Wellness Challenges Servotronics (SVT) Board Over Excessive Executive Compensation and Governance Failures
Summary
Beaver Hollow Wellness, LLC has demanded an internal investigation at Servotronics, citing excessive executive and board compensation (over $3M)
