Spruce House's continued accumulation at declining prices (below $92) suggests they see material upside and may be building toward a more active engagement or a formal proposal. Watch for a potential follow-up 13D amendment with specific demands or a 13D/A disclosing further purchases.
Price Chart
Executive Summary
Spruce House Investment Management filed an amended Schedule 13D disclosing open-market purchases of 489,675 subordinate voting shares of Colliers International Group Inc. between September 23-28, 2026, at prices ranging from $89.68 to $92.16 per share. The group's aggregate beneficial ownership increased to approximately 6.5% (3,235,000 shares), up from the prior filing's position. This is an escalation signal — Spruce House is actively accumulating shares at declining prices, indicating conviction in their activist thesis.
Key Financial Metrics
Key Facts
- Spruce House purchased 489,675 shares in three open-market transactions: 200,000 at $91.35 (9/23), 264,675 at $92.16 (9/24), and 25,000 at $89.68 (9/28).
- Total beneficial ownership now stands at 3,235,000 shares, or approximately 6.5% of outstanding shares (based on 49,778,127 shares outstanding as of August 5, 2026).
- Benjamin Stein directly owns 47,012 shares (including options exercisable within 60 days), bringing his combined beneficial stake to approximately 6.6%.
- The filing does not disclose any new demands, strategic review requests, or changes in purpose from the initial Schedule 13D.
Financial Impact
Spruce House spent approximately $44.8 million on the three disclosed purchases (200,000 × $91.35 + 264,675 × $92.16 + 25,000 × $89.68).
Risk Factors
- The activist's intentions remain undisclosed — no demands or strategic review requests have been made public, creating uncertainty about the catalyst timeline.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001493152-26-044677 |
| Document: 0001493152-26-044677-index-headers.html | 0001493152-26-044677 |
| Document: 0001493152-26-044677-index.html | 0001493152-26-044677 |
| Document: 0001493152-26-044677.txt | 0001493152-26-044677 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 20d ago | Press Release | $89.04 | awaiting T+60 | — | $91.36 (+2.61%) |
Sep 28, 2026 27d ago | SC 13D/A | $90.04 | awaiting T+60 | — | $91.36 (+1.47%) |
Aug 21, 2026 9w ago | Institutional Cluster | $107.06 | awaiting T+60 | — | $91.36 (−14.66%) |
Jul 30, 2026 12w ago | 6-K | $99.38 $92.89 | ▼ −6.53% | ▼ −9.00% | $91.36 (−8.07%) |
Jul 6, 2026 15w ago | Press Release | $98.84 $90.04 | ▼ −8.90% | ▼ −10.81% | $91.36 (−7.57%) |
Jun 21, 2026 18w ago | Institutional Cluster | $89.61 $90.66 | ▲ +1.17% | ▼ −0.57% | $91.36 (+1.95%) |
May 28, 2026 21w ago | Press Release | $94.36 $107.86 | ▲ +14.31% | ▲ +13.12% | $91.36 (−3.18%) |
May 27, 2026 21w ago | 6-K | $96.22 $106.70 | ▲ +10.89% | ▲ +9.01% | $91.36 (−5.05%) |
May 27, 2026 21w ago | Press Release | $96.22 $106.70 | ▲ +10.89% | ▲ +9.01% | $91.36 (−5.05%) |
May 13, 2026 23w ago | 6-K | $98.72 $101.54 | ▲ +2.86% | ▼ −1.58% | $91.36 (−7.46%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers