Small Cap Activist — April Newsletter

MarketWatch / Business Wire

The Radoff-JEC Group submitted an improved non-binding proposal on April 24 to acquire all outstanding Class A shares of Seer, Inc. for $2.35 in cash plus a contingent value right, sweetening an earlier $2.25 offer. Seer’s board unanimously rejected the revised bid on April 27, citing implied equity value materially below the company’s cash, cash equivalents, and investments, and refusing to credit Seer’s platform, technology leadership, and standalone growth. The rejection sets up a likely proxy fight: the Radoff-JEC Group has already nominated three director candidates for the 2026 Annual Meeting, and Seer’s Corporate Governance Committee will present its recommendation in the definitive proxy.

MoneyWeek

Activist investor Saba achieved its first successful takeover of a UK investment trust after launching campaigns targeting multiple trusts. The victory marks Saba’s initial breakthrough in the UK market following its activist strategy of pursuing underperforming investment trusts. Saba’s success establishes a new template for US activists targeting the £200B UK closed-end fund sector, where persistent discounts to NAV create systematic arbitrage opportunities.

Seeking Alpha

An activist investor has targeted Premium Brands Holdings (PBH:CA:TSX), projecting potential 75% upside for the stock. Premium Brands shares gained following the activist’s position disclosure and bullish assessment. The target represents another food sector play by activists who have increasingly focused on undervalued Canadian consumer companies trading at substantial discounts to intrinsic value.

Investing.com Australia

Elliott Management acquired a 5% stake in Nippon Express, sending shares surging on the news. The activist investor’s position in the Japanese logistics company marks another cross-border engagement for the hedge fund. Elliott’s entry into Nippon Express reflects growing activist appetite for undervalued Japanese corporates as governance reforms create openings for shareholder pressure campaigns.

Barclays Investment Bank

Barclays Investment Bank reported that US campaigns drove shareholder activism in the first quarter. The investment bank documented increased activist activity concentrated in American markets during the three-month period. The Q1 surge positions US markets as the primary battleground for activist investors seeking undervalued targets in a rising interest rate environment.

• M&A Investment Banking Analyst, Shareholder Activism & Takeover Defense — Wells Fargo, New York, NY

• Experienced Associate, Shareholder Advisory Group (Activism Defense) — Moelis & Company, New York, NY

• Associate, PJT Camberview (Shareholder Advisory, Strategic IR) — PJT Partners, New York, NY

• Mid-Level Associate, Shareholder Engagement & Activism Defense Practice — Cleary Gottlieb, New York, NY

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Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any security.

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