Activism: portfolio optimization as a driver of M&A activism. March 30, 2026 Alvarez & Marsal recently published the latest edition of its US Activist Alert, which highlights three market trends driving M&A-related activism. These trends are increasing M&A activity driven in part by rising foreign direct investment, an emphasis on portfolio optimization, and an enhanced focus on margin improvement and cost discipline. The article highlights Elliott Management's recent campaigns at Honeywell and Pepsico as examples of activists' focus on portfolio optimization, and sets forth the following considerations for boards and management's at companies that may be vulnerable to this type of activist campaign theme: Clear and compelling total equity story: Companies must articulate how each business unit, segment, or product line contributes to strategic coherence and capital efficiency. Not all segments warrant standalone status, and in many cases, assets are stronger together. Management teams and boards that effectively articulate this to the market can build investor conviction in the company's portfolio and longterm value creation narrative. Continuous business simplification: Investors are evaluating whether structural complexity, at the segment or even SKU level, obscures value or dilutes management focus. While activists may at times "overshoot" by ignoring or failing to recognize real synergies, companies should proactively assess and explain the rationale for their structures to stay ahead of external pressure. Disciplined product and segment rationalization: Defenses rooted in legacy synergies or historical strategic fit face heightened skepticism. Arguments for retaining certain assets or segments must be grounded in demonstrable strategic or operational advantages. Otherwise, such arguments may be interpreted as resistance to necessary portfolio discipline rather than evidence of structural advantage. A&M goes on to say that activists are willing to challenge complexity in a companies' portfolio of businesses without waiting for underperformance. Instead, they highlight "blurred strategic priorities" and capital misallocation. In this environment, companies need to simplify their business portfolios where appropriate in order to avoid having their strategic narrative coopted by an activist bent on "portfolio optimization" or - as Deal Lawyers geriatrics used to call it - a bust-up. - John Jenkins

US Postal Service could run out of money by October. By David Shepardson Updated March 17 2026 - 11:58pm, first published 11:53pm US Postal Service has reported net losses of $US118 billion since 2007. Photo: AP PHOTO The head of the US Postal Service has told Congress it could run out of money in October or November if the agency continues to make required retirement and other payments to the government. US Postmaster General David Steiner told a House Oversight subcommittee that USPS needs higher stamp prices, the ability to borrow more money as well as other reforms from Congress. "We're in a crisis," Steiner told lawmakers. Postmaster General David Steiner said cost-cutting options included closing post offices. (AP PHOTO) He said if the service defaults on some payments as it has in recent years, it will be out of money in less than a year. "If we stretch those out we're looking at more like February." He laid out options for the loss-making agency to cut costs: ending six-day-a-week deliveries, closing post offices or raising first-class mail stamp prices to $US1 or more, up from the current $US0.78. USPS is awaiting a report from consulting firm Alvarez & Marsal, which was hired to help with planning for all scenarios. "When you have less than 12 months of cash available, you have to look at everything," Steiner said. Reuters first reported in December that Steiner believed USPS will run out of money as soon as early 2027. The service has reported net losses of $US118 billion since 2007 as first-class mail, its most profitable product, has fallen to its lowest volume since the late 1960s. Steiner said reducing deliveries to five days a week would save USPS about $US3 billion a year, while closing small post offices in remote areas would save $US840 million. But those ideas "may not be palatable to Congress or the American public," he said. Republican Representative Pete Sessions, who chaired the hearing, said he would work with USPS to address concerns but said he does not support raising stamp prices. "We're going to have to make tough decisions," Sessions said. Representative Kweisi Mfume, the top Democrat on the subcommittee, said reforms were needed. "We cannot let the US Postal Service die," Mfume said, adding Congress cannot "do nothing and watch the Titanic sink." Australian Associated Press Most viewed

Black Bear Sports Group announces Kevin Kuby as CEO. Sports enthusiast and seasoned multi-unit operator to take the reins on March 21st. Sunrise, FL, March 16, 2026 (GLOBE NEWSWIRE) - Black Bear Sports Group today announced that seasoned operating executive and sports enthusiast Kevin Kuby will take over as Interim Chief Executive Officer, effective on March 21. Mr. Kuby replaces Murry N. Gunty, the Founder of Black Bear. Mr. Gunty will be departing from his role to focus on his family office activities as well as health related matters. Mr. Kuby shares a deep love of all sports, particularly hockey and his hometown team the Chicago Blackhawks, and he brings a wealth of multi-unit operating experience. Most recently, Mr. Kuby has been the CEO of a 200-unit pet supplies chain, a 140-unit general merchandise retail business as well as a 16-unit mall-based retail chain. A former partner with the nationally renowned performance improvement firm Alvarez and Marsal, Mr. Kuby has experience in a wide variety of industries and his expertise will help Black Bear take its mission of growing the sport of youth hockey to the next level. "Black Bear is my proudest professional achievement, having taken it from a concept and one ice rink to the leading youth hockey ecosystem in the United States and growing our participation levels by four times the national average," said Founder, Murry N. Gunty. "I leave knowing that the business is in its best shape since I created it 10 years ago and under Kevin's leadership, I know it is poised to achieve even greater levels of success and expand hockey participation to families all across the country." Black Bear has developed incredibly affordable and accessible starter programming to increase the number of children and adults who want to start playing the sport of hockey which has driven their outstanding growth and performance. Mr. Kuby is committed to expanding that effort. "I am honored to take over as Interim Chief Executive of Black Bear," said Kevin Kuby. "Black Bear continues to have industry leading growth of youth and adult hockey participation, and I expect to accelerate that growth and enhance all of our operations. I also look forward to working closely with USA Hockey, its affiliates and our NHL partner clubs to help grow the sport of hockey." As part of this leadership change, Tony Zasowski and Andrew Goldman have been appointed Co-Presidents of Hockey Operations for Black Bear, overseeing youth hockey, junior hockey, adult hockey, leagues, tournaments and broadcasting. "We would like to thank Mr. Gunty for his guidance, leadership and passion over the years in building Black Bear's highly successful hockey operations," said Tony Zasowski and Andrew Goldman. "We are honored to take over this position and will ensure that we continue Mr. Gunty's amazing legacy at Black Bear." About Black Bear Sports Group Founded in 2015 by lifelong hockey enthusiasts, Black Bear Sports Group is a premier owner and operator of ice arenas and youth hockey leagues across the United States. Dedicated to strengthening hockey communities and expanding access to the sport, Black Bear manages dozens of rinks, teams, and leagues, including the Atlantic Hockey Federation, the Atlantic Girls Hockey Federation, and the Tier 1 Hockey Federation. Black Bear also offers elite training programs, tournaments, and Black Bear TV, a dedicated streaming platform that increases visibility for athletes. By preserving community rinks and creating development opportunities, Black Bear ensures that hockey and other ice sports remain accessible, competitive, and positioned for long-term success. For more information, visit www.blackbearsportsgroup.com.