Daily Recap: LULU, ONDS, DHER/UBER, MRK, ADI

研报英文原文证据摘录

Daily Recap: LULU, ONDS, DHER/UBER, MRK, ADI

Quick Note

May 19, 2026 SPECIAL SITUATIONS

Analysts

Michael Piccolo

212-668-9863 Lululemon Athletica Inc. (LULU - $120.26)michael.piccolo@wedbush.com

Founder Chip Wilson Discloses Settlement Discussions with Board; Talks Collapse

Over Disputed Terms Ahead of Annual Meeting. Chip Wilson, Founder of LULU,

announced settlement discussions with the Board. In a May 13 email, Board Chair

Chip Bergh proposed eight principal terms: Wilson agreed to the Board's offer to

appoint two new directors from Wilson's nominees; a third new director appointed,

picked by LULU and approved by Wilson; two incumbent directors to not stand for

re-election at the '26 AGM, and another won't stand at the '27 AGM; the company

would establish an advisory council that includes the Wilson nominee who doesn't

get appointed to the Board. The Board also proposed recommending shareholders

vote "FOR" Wilson's declassification proposal and required a 2-year standstill with

non-disparagement and voting commitments. Wilson agreed on May 14 to the

eight terms in principle but added market-standard requests including replacement

rights, expense reimbursement, and quarterly meetings with incoming CEO Heidi

O'Neill. LULU rejected Wilson's counterproposal, calling it a significant departure

from what had been discussed, and settlement talks collapsed. LULU then issued its

first major public response, calling Wilson's perspectives outdated and his conflicts

of interest troubling, setting June 25 as the AGM date and urging shareholders

to reject Wilson's three nominees. Wilson nominated the three directors in

Dec'25, and the proxy campaign has escalated through multiple rounds of failed

negotiations since. (Press Release)