Clark Square Capital's Ultimate Value

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Weekly Digest 2026 04 05

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Activist Campaigns

Vivos Therapeutics, Inc. · VVOS (US) · $8M · EV: $17M

Developer of mandibular advancement devices for sleep apnea treatment; non-invasive alternative to CPAP therapy.

Michael C. Skaff through SP Manager LLC disclosed a 19.9% stake in Vivos Therapeutics via a March 31 private financing that included shares at $1.34 and warrants at $1.09. V-Co Investors 3 purchased 1.35 million shares at $1.34, received Series A and B warrants for up to 1.78 million shares each at $1.09, plus pre-funded warrants for 430,000 shares at $0.0001. Structure includes 19.99% ownership blocker. Skaff explicitly plans to engage management on performance, strategy, operations, and governance, creating catalyst potential for operational improvements or strategic alternatives at the struggling medical device company. Monitor for additional 13D amendments or company announcements regarding strategic initiatives following management discussions.

EV/Sales: 0.3x · EV/GP: 0.5x (FY2027)

Medipharm Labs Corp · LABS.TO (CA) · $20M · EV: $9M

Cannabis producer and processor; licensed operator providing dried flower, oils, and extracts to Canadian medical and recreational markets.

Medipharm Labs Corp faces an ongoing proxy contest with an unidentified activist investor, disclosing related costs during its 2025 earnings call. Terms undisclosed. Cannabis extraction company trading at depressed valuation despite operational improvements — gross profit up 31% and adjusted operating expenses down 14% — creating potential catalyst for activist-driven value realization through strategic review or cost optimization. Cannabis sector remains under regulatory and financing pressure, limiting strategic options and potential acquirer appetite. Monitor for proxy circular filing on SEDAR+ disclosing activist identity and specific proposals.

Fwd P/E: NM · EV/Sales: 0.2x · EV/GP: 0.6x (FY2026)

Phunware, Inc. · PHUN (US) · $37M

Develops mobile cloud platform and app development tools; serves enterprise clients across retail, hospitality, and media sectors.

Goldenwise Capital Group and affiliated entities led by Huakun Ding have increased their stake in Phunware to 6.1% (1,233,811 shares) for approximately $2.35 million. Acquisition valued at approximately $2.35 million for 1,233,811 shares representing 6.1% ownership. Activist investor group intends to engage with board and management on governance, capital allocation, strategic direction, and overall performance, creating potential catalyst for strategic changes at the mobile technology platform company. Monitor for additional 13D/A amendments or proxy materials as activist engagement develops.

Previously: Goldenwise had built a 5.5% stake seeking board representation in early-stage activist position.

Kezar Life Sciences, Inc. · KZR (US) · $54M

Kezar develops small-molecule therapeutics for autoimmune and inflammatory diseases; early-stage clinical-stage biotech company.

Tang Capital Management filed an amended 13D/A disclosing a 9.0% stake in Kezar Life Sciences comprising 664,314 shares across affiliated entities. Terms undisclosed. Tang Capital’s 9% position in a cash-burning biotech conducting strategic review creates potential for activist pressure to accelerate sale process or maximize liquidation value given the company’s 12-month cash runway. Monitor for strategic review updates or potential counterparty disclosure.

Previously: Company conducted strategic review while reporting narrowed 2025 net loss with 12+ months cash runway.

PhenixFIN Corp · PFX (US) · $77M · EV: $237M

PhenixFIN Corporation is a business development company. The firm seeks to invest in privately negotiated debt and equity securities of small and middle market companies.

David Lorber filed an amended 13D disclosing he now beneficially owns 206,511 shares (10.3%) of PhenixFIN Corp following an in-kind distribution from FrontFour Master Fund. The Master Fund distributed its entire 81,662 share position to investors pro rata on March 31, 2026, with Lorber receiving 56,537 shares as an investor in the fund. Lorber maintains substantial influence with a 10.3% stake despite the fund’s distribution restructuring his ownership mechanism, preserving activist leverage at a small-cap alternative asset manager. Monitor for proxy filing ahead of 2026 annual meeting or further activist developments.

Fwd P/E: 18.1x (FY2027)

M&C Saatchi PLC · SAA.L (UK) · $181M · EV: $313M

Global advertising and marketing communications agency; independent creative firm serving major multinational clients.

Harwood Capital LLP increased its stake in M&C Saatchi PLC to 6.001% from 5.072%, crossing the 6% threshold on March 31. The position consists of 7.3 million voting rights held across two entities: Rockwood Strategic Plc (7.1 million direct shares) and Harwood Capital LLP (200,000 direct shares). Harwood’s stake increase reinforces its position as the lead activist pushing for breakup of the advertising group through piecemeal asset sales, with management already in flux following the CEO’s recent departure. Monitor for further activist pressure or management response to Harwood’s breakup proposals.

Fwd P/E: NM · EV/EBITDA: 10.8x · EV/Sales: 1.1x · EV/GP: 1.8x (FY2027)

Previously: Harwood Capital was pushing the board to break up the company through piecemeal sales, with the stock down 30% and a £50 million takeover offer pending for its media business.

OraSure Technologies, Inc. · OSUR (US) · $213M · EV: $191M

Develops rapid diagnostic tests and oral fluid collection devices; leader in point-of-care testing solutions.

OraSure Technologies released a defense presentation responding to Altai Capital’s proxy contest to replace two independent directors on the board. Terms undisclosed. Management’s defense highlights expected operating cash flow breakeven in 1H 2026 and near-term product launches including Colli-Pee urine collection device (~$0.5bn TAM) and Sherlock CT/NG molecular self-test (~$1.5bn TAM), positioning the company for value inflection over the next 6-12 months versus activist demands for strategic review. Public health funding environment remains unstable post-2025 disruption, and new product commercialization timelines face execution risk with FDA review still underway. Monitor for 2026 annual meeting date and proxy voting deadline.

Fwd P/E: NM · EV/Sales: 1.5x · EV/GP: 3.6x (FY2027)

Previously: Altai Capital launched activist campaign demanding board seats and strategic review including potential sale.

Ag Growth International Inc. · AFN.TO (CA) · $255M · EV: $1.0B

Designer and manufacturer of grain storage and handling equipment; leading provider to agricultural producers worldwide.

Tim Close and Plantro Ltd., collectively owning nearly 10% of AGI shares, are demanding immediate board changes and appointment of two new directors to oversee a strategic review and sales process of the entire company. The activists seek appointment of Tim Close and Neil Desai as directors and demand the board schedule the 2026 annual meeting to include their nominees for election. Activist campaign by substantial shareholders creates potential takeout catalyst for a company trading at significant discount to historical acquisition interest, though execution depends on board cooperation and buyer appetite for distressed industrial assets. Company faces operational headwinds including 38% EBITDA decline year-over-year, recent CFO departure, absence of permanent CEO, and prior regulatory cease-trade order that may deter strategic buyers. Monitor for board response to activist demands and scheduling of 2026 annual meeting.

Fwd P/E: 7.6x · EV/EBITDA: 4.1x · EV/Sales: 0.7x · EV/GP: 3.0x (FY2027)

Previously: Plantro (~5% stake) called for formal sale process following CEO departure and operational challenges.

Rapid7, Inc. · RPD (US) · $354M · EV: $1.8B

Cybersecurity software for vulnerability management and threat detection; leading cloud-based platform provider.

JANA Partners settled its campaign against Rapid7 through a nomination and support agreement executed March 26, granting the activist board representation and expanded ownership rights. JANA retains its 10.3% stake (6.76 million shares) and gains permission to acquire up to 19.9% ownership. The company will nominate JANA’s Kevin Galligan to the board at the 2026 annual meeting. Settlement provides JANA with meaningful board influence and potential runway to nearly double its position, suggesting continued pressure for strategic alternatives at the cybersecurity software company. Monitor for 2026 annual meeting date and Galligan’s formal nomination to the board.

Fwd P/E: 3.4x · EV/EBITDA: 5.5x · EV/Sales: 2.1x · EV/GP: 3.0x (FY2027)

Previously: JANA was urging Rapid7 to consider a sale as part of broader activist pressure on cybersecurity firms.

PayPoint plc · PAY.L (UK) · $475M · EV: $749M

Payment services and retail point-of-sale networks; leading UK cash and payments distributor.

Asteriscos Patrimonial SLU increased its stake in PayPoint to 33.11% from 32.00%, crossing the threshold on March 31. The Spanish entity now holds 20,123,071 voting rights representing 33.107228% of the company. Asteriscos has built a significant blocking minority position that could influence major corporate decisions requiring supermajority approval, including takeover defenses and capital structure changes. Monitor for further stake building above 40% or strategic announcements from Asteriscos regarding its intentions.

Fwd P/E: NM · EV/EBITDA: 12.2x · EV/Sales: 3.5x · EV/GP: 8.0x (FY2028)

First Foundation Inc. · FFWM (US) · $489M · EV: $487M

First Foundation Inc., through its subsidiaries, provides personal banking, business banking, and private wealth management services in the United States.

Canyon Partners filed Amendment No. 1 to its Schedule 13D for First Foundation on April 1, 2026. Terms undisclosed. Activist filing by established credit-focused investment firm with history of pushing for strategic changes could drive value realization at the regional bank holding company. Monitor for complete 13D filing disclosure revealing stake size and investment thesis.

Fwd P/E: 19.7x (FY2027)

Auction Technology Group PLC · ATG.L (UK) · $536M · EV: $760M

Online marketplace and auction technology platform; provides software connecting buyers and sellers across arts, antiques, industrial, and surplus sectors.

FitzWalter Capital Limited increased its stake in Auction Technology Group from 25.34% to 26.03%, now holding 31.5 million shares through indirect holdings across multiple subsidiary entities. FitzWalter crossed the threshold on March 27 with 26.030638% voting rights (31,525,295 shares) held entirely through indirect positions. Continued accumulation by FitzWalter strengthens its position following rejected takeover proposals, potentially building leverage for future bids or strategic influence over management decisions. Monitor for crossing 30% threshold which would trigger mandatory offer requirements under UK Takeover Code.

Fwd P/E: NM · EV/EBITDA: 12.4x · EV/Sales: 3.9x · EV/GP: 8.6x (FY2027)

Previously: FitzWalter had proposed acquiring remaining stake at £4.00 per share but offers were rejected by ATG’s board.

Bow Street Group PLC · BOW.L (UK) · $17M · EV: $15M

UK restaurant and hospitality operator; formerly Tasty plc, operating casual dining venues across Britain.

First Equity Limited crossed the 10% ownership threshold in Bow Street Group PLC, increasing its stake to 11.055722% (250 million shares) from a previous 9.950150% position. First Equity now holds 250 million shares representing 11.055722% of voting rights, up from 9.950150% previously. The threshold crossing above 10% may signal strategic interest in Bow Street Group, with First Equity now holding a significant blocking position that could influence corporate actions or board decisions. Monitor for additional stake increases above 15% or 13D filing revealing activist intentions.

Fwd P/E: 9.3x · EV/EBITDA: 3.3x · EV/Sales: 0.6x · EV/GP: 1.6x (FY2027)

EagleBank · EGBN (US) · $780M · EV: $783M

Community bank providing retail and commercial banking services; operates primarily in the Mid-Atlantic region.

EagleBank rejected Diligence Capital Management’s three board nominees and four proposals, claiming the activist’s notice violated amended bylaws and that Diligence lacks shareholder-of-record status. Diligence holds 27,500 shares (less than 0.1% stake). Eagle countered by nominating Trevor Montano (West Potomac Capital founder, former Treasury CIO) to its own board slate. Troubled Maryland lender with consecutive quarterly losses faces governance catalyst as activist pushes turnaround agenda despite minimal stake, creating potential for outsized influence if proxy mechanics favor change. Diligence’s sub-0.1% stake limits influence, while Eagle’s bylaw defense may preclude activist nominees from ballot entirely, forcing costly litigation that Diligence CEO Abbott indicated reluctance to pursue. Shareholder meeting May 14 will determine board composition, with Eagle’s proxy cards excluding Diligence nominees unless court intervention occurs.

Fwd P/E: 9.7x (FY2027)

Previously: Diligence launched board campaign proposing three turnaround directors to replace chairman at the loss-making lender, with Eagle formally rejecting nominations citing bylaw violations.

Whitestone REIT · WSR (US) · $852M · EV: $1.3B

Real estate investment trust owning neighborhood shopping centers; focuses on essential retail properties.

Former Chairman and CEO James C. Mastandrea filed a preliminary proxy statement nominating a slate of candidates for election to Whitestone REIT’s board at the 2026 Annual Meeting. Terms undisclosed. Proxy contest by a significant shareholder who previously led the company could unlock value through strategic alternatives, as Mastandrea cites prolonged share price underperformance and claims the board has disregarded multiple acquisition offers from credible buyers. Monitor for definitive proxy statement filing and announcement of annual meeting date.

Fwd P/E: 36.0x · EV/EBITDA: 8.7x · EV/Sales: 7.6x · EV/GP: 11.0x (FY2027)

Evotec SE · EVO.DE (DE) · $883M · EV: $1.6B

Drug discovery and development platform company; enables pharma clients to accelerate therapeutic programs through integrated services.

Michael A. Kaufman through MAK Capital Fund LP disclosed a 7.0% stake in Evotec SE and launched an activist campaign demanding governance changes and a potential spin-off of the Just-Evotec Biologics US subsidiary. Terms undisclosed. Concentrated activist with strong track record targets underperforming biotech platform for board refresh and value-unlocking IPO spin-off of US biologics unit, creating sum-of-parts upside if management capitulates. Management has not committed to any actions following initial discussions, and Evotec’s complex multi-platform structure may resist easy value extraction through spin-offs. Monitor for Evotec’s response to board nomination demand and spin-off proposal, plus any follow-up 13D amendments detailing escalation tactics.

Fwd P/E: NM · EV/EBITDA: 16.4x · EV/Sales: 1.8x · EV/GP: 12.4x (FY2027)

Impax Environmental Markets PLC · IEM.L (UK) · $1.0B · EV: $1.2B

Investment company focused on environmental and sustainability themes; manager of dedicated green capital funds.

Jefferies Financial Group disclosed a 4.32% stake in Impax Environmental Markets, down from 7.278% previously held. Current position comprises 0.155% direct shares and 4.165% through financial instruments including stock loan/repo arrangements and cash-settled swaps expiring May-June 2026. Jefferies’ reduced but still substantial position adds another institutional voice to the ongoing proxy contest between management and Saba Capital, potentially influencing the outcome of the exit tender offer requiring >50% approval. Monitor tender offer deadline April 17, 2026 and shareholder approval threshold.

Previously: planned continuation tender offer failed after Saba Capital blocked it, prompting management to launch new exit tender allowing shareholders to sell up to 100% at close to NAV.

Genco Shipping & Trading Limited · GNK (US) · $1.0B · EV: $944M

Operator of dry bulk cargo ships; provides maritime transportation services for commodities globally.

Diana Shipping launched a proxy fight against Genco Shipping & Trading Limited to replace the board with handpicked nominees after Genco’s board rejected Diana’s $23.50 per share acquisition proposal. Diana previously offered $23.50 per share (31% premium) with $1.433 billion committed financing and a Star Bulk agreement to purchase 16 Genco vessels for $470.5 million to address antitrust concerns. Proxy contest creates path for control change at potential discount, with Genco highlighting 213% five-year total returns versus Diana’s 37% and board arguing offer undervalues company relative to $25.1 mean analyst NAV. Diana’s 14.8% stake may not guarantee proxy success, and drybulk shipping remains cyclical with potential fleet oversupply pressures. Monitor for Genco’s 2026 annual meeting date announcement and proxy statement filing deadlines.

Fwd P/E: 14.7x · EV/EBITDA: 8.5x · EV/Sales: 2.9x · EV/GP: 21.3x (FY2027)

Previously: Diana increased hostile bid to $23.50 per share after initial $20.60 rejection, with board announcing proxy contest following second rejection on March 20.

Tokyo Steel Manufacturing Co., Ltd. · 5423.T (JP) · $1.2B · EV: $934M

Tokyo Steel Manufacturing Co., Ltd. manufactures and sells various steel products in Japan.

Hong Kong activist investor Oasis Management disclosed a 6.25% stake in Tokyo Steel Manufacturing Co., Ltd. through a filing with Japan’s Kanto Finance Bureau. Stake valued at approximately ¥13.1 billion based on April 2nd closing price, representing 6.25% of outstanding shares. Cash-rich electric arc furnace steelmaker holds ¥90 billion cash and securities against ¥210 billion market cap, creating significant capital allocation opportunity while founding family members control 35% and may seek exit. Monitor for Oasis’s formal shareholder proposals at the next annual meeting, typically held in June for Japanese fiscal year-end companies.

Fwd P/E: 24.4x · EV/EBITDA: 3.5x · EV/Sales: 0.5x · EV/GP: 2.9x (FY2028)

Precigen, Inc. · PGEN (US) · $1.2B · EV: $1.2B

Precigen develops precision gene editing and cell therapy technologies; focused on oncology and regenerative medicine applications.

Randal J. Kirk filed Amendment No. 22 to Schedule 13D, disclosing beneficial ownership of 35.9% of Precigen shares. Kirk’s 133,956,416 shares include 988,659 fully vested options and 16,666,667 fully vested warrants exercisable at his discretion. Kirk controls over one-third of the biotech’s equity with significant warrant position that creates potential dilution overhang for other shareholders if exercised. Monitor for warrant exercise timing or further position changes in subsequent 13D amendments.

Fwd P/E: 26.3x · EV/Sales: 6.0x · EV/GP: 16.1x (FY2027)

BlackRock ESG Capital Allocation Term Trust · ECAT (US) · $1.4B · EV: $1.6B

Closed-end fund providing diversified equity exposure with ESG-focused capital allocation; BlackRock’s specialized investment vehicle.

Saba Capital Management has nominated a slate of trustees for BlackRock ESG Capital Allocation Term Trust’s board in a proxy contest targeting the Fund’s discount to net asset value. Terms undisclosed. Closed-end fund trades at a persistent discount to NAV, creating arbitrage opportunity if activist succeeds in forcing NAV-closing measures like tender offers or conversion to open-end structure. Annual shareholder meeting June 9, 2026.

Driven Brands Holdings · DRVN (US) · $2.1B

Operates car wash and automotive services franchises; leading platform consolidating fragmented U.S. vehicle care market.

ADW Capital Management escalated its activist campaign against Driven Brands Holdings with an open letter on March 26 urging the board and controlling shareholder Roark Capital Group to launch an immediate strategic review. Terms undisclosed. The activist targets a multi-brand auto services platform trading at 8.2x forward P/E despite market-leading position, with ADW valuing shares above $30 versus current levels — mispricing driven by execution failures, delayed SEC filings, and governance concerns under Roark Capital’s control. Roark Capital’s controlling stake may block any forced strategic process, while ongoing class action litigation over financial reporting and the company’s inability to file its 10-K on time raise questions about data quality and internal controls. Monitor for board response to strategic review demand and 10-K filing timeline.

Fwd P/E: 7.9x · EV/EBITDA: 49.8x · EV/Sales: 2.9x · EV/GP: 5.5x (FY2027)

Previously: ADW Capital initiated campaign urging strategic review and potential sale, with shares rising 1.6% after-hours on the announcement.

Casio Computer Co., Ltd. · 6952.T (JP) · $2.2B · EV: $1.6B

Manufacturer of calculators, digital watches, keyboards, and consumer electronics; pioneer in affordable electronic devices.

3D Investment Partners disclosed a 5% stake in Casio Computer through a regulatory filing submitted April 2, listing purposes including pure investment, management advice, and important proposals. Terms undisclosed. The Singapore-based activist has a track record of demanding spinoffs at Japanese companies including forcing Sapporo Holdings to consider real estate division separation, presenting potential catalyst for unlocking value at the underperforming electronics maker. Previous activist Oasis Management exited its position earlier this year after failing to drive meaningful changes, suggesting management resistance to shareholder pressure. Monitor for 13D filing or shareholder proposal disclosure detailing 3D’s specific demands.

Fwd P/E: 16.5x · EV/EBITDA: 8.2x · EV/Sales: 0.9x · EV/GP: 2.2x (FY2028)

Previously: Oasis Management had sold nearly all of its 5.19% Casio stake, reducing holdings to 0.01% as activist campaign failed to gain traction.

Teleflex Incorporated · TFX (US) · $5.2B · EV: $7.8B

Medical device manufacturer; global leader in vascular access, respiratory care, and surgical instruments.

Teleflex issued a formal response rejecting Irenic Capital Management’s ultimatum to announce a strategic alternatives process within one week, denying the activist’s characterizations of board discussions and claims about rebuffing potential acquirers. Terms undisclosed. Irenic’s 2% stake and one-week ultimatum creates compressed timeline forcing board action, with activist claiming confirmed acquisition interest in RemainCo while management pivots to $1.8 billion asset sale program as alternative to full strategic review. Management’s defensive posture and rejection of activist demands reduces likelihood of immediate strategic alternatives process, requiring Irenic to execute public campaign and build broader institutional support to pressure board. Irenic’s one-week ultimatum expires April 3, 2026, triggering promised public campaign if Teleflex maintains refusal to announce strategic review.

Fwd P/E: 11.6x · EV/EBITDA: 14.5x · EV/Sales: 3.2x · EV/GP: 5.8x (FY2027)

WEX Inc. · WEX (US) · $5.3B · EV: $9.2B

Provides payment and expense management solutions for fleet, corporate and healthcare sectors; leading fuel and payment card issuer.

Impactive Capital LP filed an amended 13D disclosing a 4.9% stake in WEX Inc. and disclosed filing a preliminary proxy statement for the 2026 annual meeting. Impactive holds 1,707,253 shares purchased for approximately $271 million. The activist withdrew its nomination of Kenneth Cornick after WEX reduced board size from ten to nine directors. Board composition change creates potential pathway for Impactive to secure representation without full proxy contest, reducing shareholder friction while maintaining activist pressure on underperforming management. WEX’s proactive board reduction may have diluted Impactive’s influence, and the activist’s reduced stake (from 6.4% to 4.9%) suggests weaker conviction or capital constraints. Monitor for WEX’s 2026 annual meeting date announcement and Impactive’s definitive proxy filing.

Fwd P/E: 7.9x · EV/EBITDA: 6.6x · EV/Sales: 3.2x · EV/GP: 5.9x (FY2027)

Previously: Impactive held 6.4% and nominated four director candidates, launching proxy contest citing WEX’s underperformance versus Corpay and governance concerns.

Snap Inc. · SNAP (US) · $7.6B · EV: $17.5B

Developer of Snapchat messaging app; leader in visual communication platform for Gen Z users.

Activist investor Irenic has disclosed an economic interest in about 2.5% of Snap’s Class A shares and launched a campaign targeting improvements in AI capabilities, cost structure, and capital allocation. Irenic holds approximately 2.5% economic interest in Class A shares. The firm values Snap at least $26.37 per share versus current trading near $4.52. Campaign targets a company trading at 85% discount to activist’s fair value estimate, with potential catalysts including AI monetization improvements, cost optimization, and enhanced buyback programs across a platform with substantial user base and growing subscription revenue. Monitor for formal presentation of value creation plan and management’s response to activist demands.

Fwd P/E: NM · EV/Sales: 2.4x · EV/GP: 4.3x (FY2027)

Norwegian Cruise Line Holdings · NCLH (US) · $8.3B

Operates cruise ships serving leisure travelers; major global cruise operator with diverse brands and itineraries.

Elliott Investment Management escalated its campaign against Norwegian Cruise Line Holdings by securing board changes and the appointment of five new directors with expertise from airlines, theme parks, private equity and technology. Terms undisclosed. Elliott’s board refresh targets operational efficiency and guest experience improvements at a struggling cruise operator facing rising fuel costs and weakened 2026 outlook, with new leadership bringing cross-industry expertise to drive value creation. Rising fuel costs from geopolitical uncertainties and consumer discretionary spending pressure amid higher living expenses threaten profit recovery even with operational improvements. Monitor for proxy filing details and additional board composition announcements.

Fwd P/E: 6.9x · EV/Sales: 2.2x · EV/GP: 6.8x (FY2027)

Previously: Elliott built a stake and approached former Royal Caribbean executive Adam Goldstein as potential board nominee while pushing for operational changes.

Mitsui O.S.K. Lines Ltd. · 9104.T (JP) · $14.0B · EV: $22.0B

Global maritime shipping and logistics company; one of world’s largest container and bulk carrier operators.

Mitsui O.S.K. Lines announced a 2030 management plan targeting ¥170 billion in basic operating cash flow from stable businesses by 2025, up from ¥60 billion, while Elliott Management maintains its campaign for real estate subsidiary Daibiru re-listing. Terms undisclosed. Elliott’s activism against a 0.9x P/B shipping giant with undervalued fleet and real estate assets creates pressure for capital allocation optimization, while management’s alternative strategy of organic real estate expansion sets up competing value creation paths. Management’s plan to retain and expand real estate operations internally directly conflicts with Elliott’s spin-off proposal, potentially prolonging the activist standoff without immediate value realization. Monitor for Elliott’s next public response to the management plan or potential proxy campaign announcement ahead of the annual shareholder meeting.

Kao Corporation · 4452.T (JP) · $17.5B · EV: $17.6B

Manufacturer of consumer products in cosmetics, hygiene, and chemicals; leading position in Asian personal care markets.

Oasis Management’s extraordinary general meeting at Kao Corporation proceeds as scheduled for April 30, with shareholders voting on the activist’s proposal to establish an independent third-party investigation committee examining supply-chain risk management and internal controls. Terms undisclosed. Oasis (12.52% stake, largest shareholder) leverages whistleblower allegations of deforestation and human rights violations in Kao’s palm oil and paper supply chains to pressure management on governance reforms, with traditional shareholder-friendly corporate culture potentially limiting forced operational changes despite voting control dynamics. Japan’s management-deferential shareholder culture historically limits activist success even when proposals have merit, and Kao management has explicitly rejected the investigation proposal. Shareholder vote April 30 on Oasis’s investigation committee proposal.

lululemon athletica inc. · LULU (US) · $18.3B · EV: $21.3B

Designer and retailer of premium athletic apparel and accessories; leader in high-end yoga and lifestyle wear.

Founder Dennis Wilson’s group filed Amendment No. 17 to Schedule 13D maintaining their 16.3% beneficial ownership stake and filed preliminary proxy statement on March 27 to elect three director nominees to Lululemon’s board. Wilson group maintains 16.3% stake (9,904,856 shares). Proxy contest seeks to elect Laura Gentile, Eric Hirshberg, and Marc Maurer as directors. Wilson leverages founder credibility and substantial stake to reshape board composition amid quality issues, weak guidance, and CEO departure that drove 56% stock decline. Management may successfully defend against Wilson’s slate if shareholders view his nominees as lacking relevant retail/apparel experience or if operational improvements emerge before the vote. Shareholder vote scheduled for annual meeting date not yet announced.

Fwd P/E: 11.7x · EV/EBITDA: 7.0x · EV/Sales: 1.8x · EV/GP: 3.1x (FY2028)

Previously: Founder Dennis ‘Chip’ Wilson filed definitive proxy materials launching a board challenge with a slate including Marc Maurer, Laura Gentile, and Eric Hirshberg.

Alamos Gold Inc. · AGI.TO (CA) · $19.3B · EV: $11.4B

Gold mining company operating mines in Canada and Mexico; mid-tier producer with strong growth pipeline.

Alamos Gold has scheduled its annual general meeting for May 28, 2026, where a new board will be installed with a focus on restructuring and operational improvements. Terms undisclosed. New board composition following apparent activist pressure creates opportunity for operational restructuring and value realization at underperforming gold producer. AGM on May 28, 2026 for board installation and strategic direction.

Fwd P/E: 17.9x · EV/EBITDA: 10.8x · EV/Sales: 4.8x · EV/GP: 9.1x (FY2027)

Ford Motor Company · F (US) · $44.3B

Manufacturer of automobiles and commercial vehicles; major global automaker with brands including Ford and Lincoln.

John Chevedden and the New York State Common Retirement Fund filed shareholder proposals challenging Ford’s dual-class voting structure and demanding granular disclosure of voting results by share class ahead of the company’s May 14, 2026 annual meeting. Terms undisclosed. The proposals target the Ford family’s disproportionate voting control through Class B shares, potentially forcing greater accountability to ordinary shareholders on capital allocation and strategic decisions. Ford’s board opposes the proposals, and the Ford family’s concentrated voting power makes passage unlikely despite institutional support. Annual shareholder meeting May 14, 2026 — proxy votes determine proposal outcomes.

Fwd P/E: 6.1x · EV/EBITDA: 12.6x · EV/Sales: 1.0x · EV/GP: 8.4x (FY2027)

Synopsys Inc. · SNPS (US) · $75.2B · EV: $84.1B

Provider of semiconductor design and verification software; leading EDA (Electronic Design Automation) platform globally.

Elliott Investment Management has invested several billion dollars in Synopsys and is advocating for operational changes to improve the chip design software leader’s financial performance. Investment size several billion dollars. Elliott has not disclosed specific operational targets or timeline for improvements. Synopsys controls ~30% of the electronic design automation market but trades at a discount to its strategic value as AI chip complexity increases demand for sophisticated design software, creating opportunity for Elliott to drive margin expansion and strategic optimization. AI advancement could potentially automate traditional chip design processes, reducing demand for Synopsys’s software tools despite recent complementary AI product launches by competitors like Cadence. Monitor for formal engagement letters, board representation requests, or proxy materials as Elliott escalates its campaign beyond initial investment.

Fwd P/E: 23.0x · EV/EBITDA: 26.7x · EV/Sales: 7.9x · EV/GP: 10.2x (FY2027)

Previously: Elliott had built a multibillion-dollar stake targeting operational improvements and greater monetization of Synopsys’s software portfolio.

Ingles Markets · IMKTA (US)

Regional supermarket chain operating ~200 stores across the Southeast; focus on grocery retail and private-label products.

Ingles Markets faces a proxy fight over governance and executive compensation issues. Terms undisclosed. Grocery chain with dual-class structure and historically concentrated ownership creates opportunity for activist to pressure changes in governance practices and pay structures. Monitor for DEF 14A proxy filing detailing activist demands and shareholder meeting date.

Earnz PLC · EARN.L (UK)

UK-listed investment company focused on acquiring and growing businesses in fragmented markets.

Pentwater Capital Management LP increased its stake in Earnz PLC to 19.89% from 13.78%, crossing the threshold on March 31. The position comprises 14.996% in direct shares and 4.896% through cash-settled swaps, totaling 19.89% of shares outstanding. Pentwater’s significant stake increase to nearly 20% suggests the activist fund sees meaningful upside potential and positions the firm for potential board representation or strategic influence. Monitor for Pentwater’s next 13D filing or public statement outlining strategic intentions.

Cartesian Therapeutics, Inc. · RNAC (US)

Clinical-stage biotech developing mRNA-based cell therapies for autoimmune diseases.

Murat Kalayoglu resigned from Cartesian Therapeutics’ board on March 31, 2026, but maintains a 19.9% stake through various entities including the Seven One Eight Three Four Irrevocable Trust. On April 2, 2026, the Trust converted 22,740.030 shares of Series A Preferred Stock into 758,001 shares of common stock. Former board member retains significant equity position despite resignation, creating potential for continued influence or future governance activism given his substantial stake and previous board involvement. Monitor for additional 13D filings or proxy statements that could signal activist intentions from Kalayoglu or other shareholders.

YODOKO,Ltd. · 5451.T (JP)

Japanese manufacturer of steel storage buildings, shutters, and exterior construction materials.

Strategic Capital filed an initial 5%+ disclosure reporting a 13.3% stake in Yodoko. Terms undisclosed. Strategic Capital’s substantial first-time disclosure at 13.3% suggests accumulated position with potential activist intent at the Japanese building materials manufacturer. Monitor for amended filings revealing Strategic Capital’s intentions or further stake building.

Strategic Reviews

Quince Therapeutics, Inc. · QNCX (US) · $6M · EV: $89M

Quince Therapeutics, Inc., a biopharmaceutical company, focuses on advancing precision therapeutics for debilitating and rare diseases.

Quince Therapeutics settled $16.4 million of European Investment Bank debt for a $5.5 million payment on March 30, 2026. Settlement eliminates $16.4 million debt obligation for $5.5 million cash payment, representing 66% debt reduction. Debt settlement removes substantial overhang that was constraining the company’s ability to pursue strategic alternatives including merger, reverse merger, or asset sale. Monitor for announcement of strategic alternative transaction or restructuring plan.

Fwd P/E: NM · EV/Sales: 5.2x (FY2027)

Previously: Company engaged LifeSci Capital as financial advisor to explore strategic alternatives after halting development of its lead neurological drug candidate.

Nanoco Group · NANO.L (UK) · $11M · EV: $18M

Develops quantum dot technology for displays and medical imaging; leader in cadmium-free quantum dot solutions.

Nanoco Group completed a £33 million return of capital to shareholders with the final £1 million buyback finishing in October 2024, while conducting an ongoing strategic review that incurred £0.3 million in costs during the year. Strategic review terms undisclosed. Company returned £33 million to shareholders through capital return and buybacks, ending with £14 million cash and monthly operating costs of £0.5 million. Restructured company with low cash burn conducting strategic review creates optionality for sale or merger while maintaining financial runway with current cash covering nearly two years of operations. Monitor for strategic review outcome announcement or further corporate actions.

Fwd P/E: NM · EV/Sales: 1.2x · EV/GP: 1.3x (FY2026)

Origin Materials Inc · ORGN (US) · $19M

Carbon-negative materials company; produces sustainable wood-based alternatives to fossil fuel-derived plastics and chemicals.

Origin Materials announced significant job cuts and cost reduction measures to extend cash runway and achieve breakeven by 2026, as existing cash will sustain operations only into Q3 2026 without additional financing. Company secured $15 million convertible debt facility in November 2025 with options for up to $90 million total, but stock price declines have limited use of equity feature. $20 million equipment financing term sheet did not progress to definitive agreement due to valuation reductions by lender. Pre-revenue sustainable materials company with limited runway creates potential distressed sale opportunity as management races to achieve commercial traction with PET bottle caps before cash depletion. Customer qualification processes for new cap designs remain uncertain with varying timelines, and significant stock price decline has impaired access to convertible debt facility’s equity component. Q1 2026 earnings call for updated cash runway guidance and potential customer qualification announcements for new PET cap designs.

Investcorp Credit Management BDC, Inc. · ICMB (US) · $20M · EV: $165M

Provides credit and financing solutions to middle-market companies; specializes in direct lending and structured credit investments.

Investcorp Credit Management BDC’s board commenced a review of strategic alternatives led by a Special Committee of Independent Directors. Terms undisclosed. The BDC’s declining NAV (down $0.79 per share to $4.25 in Q4 2025) and suspension of quarterly dividends signal financial distress that could force a below-NAV sale or liquidation. The company’s deteriorating fundamentals — 15.65% quarterly NAV decline and dividend suspension — may limit strategic options and depress any transaction value. Monitor for updates on the Special Committee’s timeline and any potential bidder interest.

Fwd P/E: 10.1x (FY2026)

TherapeuticsMD · TXMD (US) · $23M · EV: $16M

Developer of hormone therapy and women’s health medications; focused on treating menopause, contraception, and fertility disorders.

TherapeuticsMD continues to evaluate strategic alternatives including potential acquisition, merger, business combination, asset sale or other strategic transactions while reporting improved 2025 financial results. Terms undisclosed. Royalty-focused pharmaceutical company with improving fundamentals — 2025 net loss narrowed to $0.7M from $2.3M while license revenues increased 72% to $3.0M — may attract acquirers seeking stable cash flows and established licensing agreements. Monitor for strategic review updates or transaction announcements — no established timetable disclosed.

Fwd P/E: 10.8x · EV/Sales: 1.7x (FY2027)

Previously: exploring strategic alternatives while reporting narrowed net losses and increased license revenue.

DynaResource Inc. · DYNR (OTC) · $38M · EV: $41M

DynaResource, Inc. acquires, invests in, explores, and develops precious and base metal properties in the United States. The company primarily explores for gold, silver, and other metals.

DynaResource Inc. transitions to production stage while facing going concern warnings that suggest potential liquidity constraints. Terms undisclosed. Going concern qualification creates strategic pressure for management to pursue financing, partnerships, or sale processes to address liquidity needs during critical production ramp phase. Production transition requires significant capital investment while going concern warnings signal potential funding shortfalls that could force distressed sale scenarios. Monitor for 10-Q filing with updated going concern disclosures and management’s liquidity assessment.

Skillz Inc. · SKLZ (US) · $41M · EV: $1M

Mobile esports platform enabling skill-based competitive gaming tournaments; largest youth-focused mobile gaming competition network.

Skillz Inc. is evaluating strategic alternatives to optimize its capital structure as $130 million of debt approaches maturity later this year. Terms undisclosed. Debt maturity pressure creates forcing function for management action while $195 million cash position and path to profitability provide negotiating leverage for refinancing or strategic transaction. Gaming sector headwinds and execution risk on profitability timeline could limit strategic options or force dilutive refinancing. Monitor for strategic update in 2026 earnings calls or formal strategic process announcement.

Purple Innovation Inc. · PRPL (US) · $75M · EV: $143M

Manufacturer of mattresses and sleep products; direct-to-consumer brand with innovative foam technology.

Purple Innovation’s board continues its strategic alternatives review, engaging with multiple parties across various opportunities including potential merger, sale, or other strategic transactions. Terms undisclosed. Management reports gross margins sustainably above 40% and expects meaningful earnings growth in 2026, suggesting the company is exploring alternatives from a position of operational strength rather than distress. Monitor for strategic alternatives updates in future earnings calls or SEC filings.

Fwd P/E: NM · EV/Sales: 0.1x · EV/GP: 0.2x (FY2027)

Health Catalyst · HCAT (US) · $90M

Healthcare data analytics and EHR software company; enables hospitals and health systems to improve clinical and financial outcomes.

Health Catalyst CEO Ben Albert declined to rule out a potential sale when asked during the company’s Q4 earnings call, as the strategic review enters its second month. Terms undisclosed. Software company trading at distressed valuation after mixed earnings creates strategic sale opportunity, with new CEO signaling openness to M&A after previously stating no current sale plan. $64.5 million of ARR remains at risk due to ongoing platform migration issues, creating operational uncertainty that complicates valuation. Monitor for further strategic review updates or formal process announcement.

Fwd P/E: 6.3x · EV/EBITDA: 2.4x · EV/Sales: 1.0x · EV/GP: 3.0x (FY2027)

Previously: New CEO announced strategic review in ‘assessment mode’ with no current sale plan while reporting $110.2 million impairment charges.

Waldencast plc · WALD (US) · $111M · EV: $332M

Waldencast plc is a beauty and personal care company; portfolio includes skincare, color cosmetics, and haircare brands.

Waldencast plc delayed its earnings release and initiated a strategic review process following its acquisition of Novaestiq. Terms undisclosed. Strategic review following acquisition integration challenges creates potential for sale or restructuring to unlock value from combined entity. Monitor for delayed earnings release and strategic review timeline updates.

Fwd P/E: NM · EV/Sales: 1.1x · EV/GP: 2.4x (FY2027)

Bally’s Corporation · BALY (US) · $393M

Operator of casinos and gaming properties; regional gaming and hospitality provider across North America.

Bally’s Corporation CEO disclosed the company is ‘active’ in M&A activity, citing a market with ‘very motivated sellers’. Terms undisclosed. Gaming industry consolidation opportunity as Bally’s positions as acquirer in distressed seller environment, potentially leveraging recent $1.8 billion refinancing for strategic transactions. No specific targets or timelines disclosed, leaving execution timeline and deal economics uncertain in competitive gaming M&A landscape. Monitor for specific acquisition announcements or strategic partnership filings.

Fwd P/E: NM · EV/EBITDA: 11.9x · EV/Sales: 1.9x · EV/GP: 4.5x (FY2027)

Previously: Completed $1.1 billion credit facility and $700 million Twin River Lincoln sale-leaseback to refinance debt.

Peet Limited · PPC.AX (AU) · $600M · EV: $750M

Peet Limited acquires, develops, and markets residential land in Australia. It operates through Funds Management, Company-Owned Projects, and Joint Arrangements segments.

Peet Limited reaffirmed there are no new developments in its ongoing strategic review process amid media speculation. Terms undisclosed. Strategic review by established property developer presents potential value realization opportunities through sale, merger, or other strategic alternatives in favorable Australian real estate market conditions. Monitor for strategic review outcome announcement or bidder emergence.

Fwd P/E: 9.3x · EV/EBITDA: 9.7x · EV/Sales: 1.5x · EV/GP: 5.6x (FY2027)

CSE Global Limited · 544.SI (SG) · $664M · EV: $751M

Provides industrial automation, IT solutions, and intelligent transport systems across Asia-Pacific and Americasents and subsystems; leading Asia-Pacific supplier to aerospace and defense sectors.

CSE Global Limited continues its strategic review with financial adviser appointed, reporting no further discussions have occurred regarding potential transaction alternatives. Terms undisclosed. Singapore-listed engineering services company exploring strategic alternatives at request of controlling shareholder Heliconia Capital Management following preliminary expression of interest, creating potential value realization opportunity. Review remains at early stage with no active discussions progressing, suggesting limited immediate buyer interest or valuation expectations misalignment. Monitor for strategic review completion targeted for April 2026.

Fwd P/E: 14.8x · EV/EBITDA: 8.2x · EV/Sales: 0.8x · EV/GP: 2.9x (FY2027)

Previously: CSE Global launched strategic review following controlling shareholder request and preliminary expression of interest for potential transaction involving shares or business assets.

Barrick Gold Corporation · GOLD (US) · $30.5B · EV: $31.9B

Produces gold and copper; world’s largest gold mining company by production volume.

Barrick Gold extended its strategic review of the Reko Diq copper-gold project in Pakistan until mid-2027, slowing development due to security concerns in Balochistan and rising capital costs. Phase 1 costs originally estimated at $5.6-6.0 billion with Phase 2 at $3.3-3.6 billion, though the company warned the extended review will result in significant budget increases and timeline delays from the original late-2028 production target. The delay forces Barrick to reassess capital allocation between its premium North American spin-off plans and copper diversification strategy, while one of the world’s largest undeveloped copper deposits (15 million tonnes) remains sidelined during peak electrification demand. Prolonged regional instability in Balochistan could make the project unviable despite its world-class scale, while rising costs may exceed Barrick’s capital discipline thresholds. Monitor for mid-2027 strategic review completion and any updates on regional security conditions in Balochistan.

Fwd P/E: 11.5x · EV/EBITDA: 7.2x · EV/Sales: 2.4x (FY2027)

Previously: Barrick was evaluating a spin-off of premium North American assets into ‘NewCo’ while focusing remaining entity on copper expansion in Zambia and Pakistan.

ASA Gold and Precious Metals Limited · ASA (US) · $1.2B · EV: $1.0B

ASA Gold and Precious Metals Limited is a publicly owned investment manager. The firm invests in the public equity markets across the globe.

ASA Gold and Precious Metals increased its distribution to $0.04 per share and extended its investment advisory agreement with Merk Investments for 90 days beginning April 1. Distribution up $0.01 from prior year, payable May 13. Advisory extension runs through June 30. The modest distribution increase paired with a short-term advisory extension suggests the board is buying time during its strategic review while facing activist pressure from Saba Capital to restructure the closed-end fund’s mandate and domicile. Governance uncertainty persists as the board evaluates potential mandate or domicile changes that could materially alter the fund’s investment approach. Monitor for strategic review results and board decisions on Saba Capital’s proposed structural changes.

Jubilant Foodworks · JUBLFOOD.NS (IN) · $3.0B

Operates Domino’s Pizza franchises across India; largest pizza delivery chain by store count in the country.

Jubilant Foodworks decided not to renew its Dunkin’ franchise rights in India and will shut down all Dunkin’ stores by December 2026 as part of portfolio rationalization. Terms undisclosed. Portfolio simplification eliminates underperforming operations and allows management to focus resources on core brands with better unit economics. Monitor for Q4 2026 earnings to assess impact of Dunkin’ exit on profitability and cash flow.

Fwd P/E: 58.6x · EV/EBITDA: 18.9x · EV/Sales: 4.5x · EV/GP: 14.8x (FY2027)

Golar LNG · GLNG (US) · $5.6B

Operator of LNG carrier vessels; provides floating liquefied natural gas transportation and regasification services globally.

Golar LNG launched a formal strategic review on March 25, 2026, with Goldman Sachs International as financial advisor. Terms undisclosed. LNG vessel operator with strong cash flows from FLNG assets trading below replacement cost could attract private equity or strategic buyers seeking exposure to floating LNG infrastructure. Monitor for formal sale process announcement or expressions of interest from strategic bidders.

Fwd P/E: 74.3x · EV/EBITDA: 26.9x · EV/Sales: 12.5x · EV/GP: 26.7x (FY2027)

ROHM Co., Ltd. · 6963.T (JP) · $8.7B · EV: $4.7B

Japanese semiconductor manufacturer; global leader in analog and power semiconductor devices.

ROHM’s president affirmed his intent to lead three-way power semiconductor integration discussions with Toshiba and Mitsubishi Electric, expressing wariness toward Denso’s competing takeover proposal. Terms undisclosed. ROHM seeks to avoid Denso’s approximately ¥1.3 trillion takeover by orchestrating alternative consolidation that preserves management control while achieving scale in power semiconductors for AI and EV applications. The three-way alliance faces execution complexity with potential leadership conflicts, while Denso’s existing ~5% stake and financial resources provide sustained acquisition pressure. Monitor for summer 2026 deadline when ROHM’s special committee targets conclusion on strategic direction between Denso acquisition and three-way integration.

Fwd P/E: 28.3x · EV/EBITDA: 6.5x · EV/Sales: 1.4x · EV/GP: 8.7x (FY2028)

Previously: Denso pursued ¥1.3 trillion acquisition while ROHM signed basic agreement for three-way integration with Toshiba and Mitsubishi Electric, with special committee assessing options.

SBA Communications Corp. · SBAC (US) · $21.6B · EV: $35.6B

Owns and operates wireless communication towers; largest independent tower company in North America.

SBA Communications is exploring strategic alternatives including a potential sale after receiving acquisition interest from undisclosed parties. Terms not disclosed. Cell tower REITs command premium valuations in M&A markets, with SBA’s portfolio of ~39,000 sites positioned to benefit from 5G infrastructure demand and recurring tenant revenue streams. Monitor for formal process announcement or bidder disclosure.

Fwd P/E: 24.5x · EV/EBITDA: 14.2x · EV/Sales: 12.2x · EV/GP: 29.4x (FY2027)

Valereum Plc · VLRM.L (UK)

Blockchain and digital asset infrastructure company; developing cryptocurrency exchange and tokenization platforms.

Valereum entered an exclusivity agreement with Quorium Global Photonics aimed at strategic integration through technology and asset combination to create a market-leading real-world asset tokenization platform. The companies expect to execute a definitive agreement within 30 days. Valereum will receive first coupon payment of $3.9 million in cash and VGOLD-CORE tokens on $200 million medium-term notes, with cash payable within 5 business days and tokens upon definitive agreement signing. Strategic integration targets enhanced scale and credibility in real-world asset tokenization market, with QGP pledging all Valereum shares/warrants as collateral until deal completion providing downside protection. Definitive agreement expected within 30 days (by April 30, 2026).

CKX Inc. · CKX (US)

Diversified holding company with interests in oil and gas and real estate in Louisiana.

CKX Inc. disclosed in its 2025 Annual Report that it is considering strategic alternatives. Terms undisclosed. Small Louisiana-based holding company evaluating strategic alternatives to unlock shareholder value; investors should verify the specific asset base and business operations. Monitor for proxy filing or special committee formation announcement.

Asante Gold Corporation · ASE.TO (CA)

Canadian gold mining company operating the Chirano and Bibiani mines in Ghana.

Asante Gold launched a strategic review of its Chirano and Bibiani mines in Ghana after production fell sharply in 2025. Terms undisclosed. The review positions Asante for potential asset sales or restructuring after production fell 23% to 146,571 ounces versus targets of 339,000 ounces, creating a valuation mismatch between operational reality and growth projections. Production remains well below capacity with operational challenges preventing consistent ramp-up at both mines, casting doubt on the company’s 500,000 ounce annual target by 2028. Company will present revised production guidance for 2026 and medium-term outlook in May 2026.

Sprout AI Inc. · BYFM (INTL)

Controlled environment agriculture technology company developing AI-powered growing systems.

Sprout AI Inc. and parent TheraCann International initiated a controlled wind-down of operations on April 3 after failed financing transactions, suspending most activities while preserving intellectual property and evaluating strategic alternatives. Terms undisclosed. Distressed technology company with intact controlled environment agriculture platform may present value recovery through asset sales or strategic partnerships at distressed pricing. Capital constraints have forced operational suspension and the company expects to miss its May 28, 2026 deadline for filing audited financial statements, creating potential delisting or compliance risks. Monitor for May 28, 2026 audited financial statement filing deadline.

Acquisitions

Impact BioMedical Inc. · IBO (US) · $7M · EV: $16M

Impact BioMedical Inc. engages in the discovery and development of products and treatment options in specialty biopharmaceuticals and consumer healthcare.

Impact BioMedical received a going concern qualification from auditors Grassi & Co. in its 2025 annual report while continuing strategic plans to merge with Dr. Ashley’s Ltd. Merger projected to complete by July 1, 2026. Deal terms undisclosed. Distressed biotech with auditor concerns provides asymmetric upside if pending merger closes successfully within three months, potentially resolving going concern issues through combination. Going concern qualification signals financial distress that could derail merger completion or force unfavorable deal modifications. Merger completion deadline July 1, 2026.

The Brand House Collective, Inc. · TBHC (US) · $21M · EV: $210M

The Brand House Collective, Inc. operates as a specialty retailer of home décor and furnishings in the United States.

Bed Bath & Beyond has acquired The Brand House Collective in an all-stock transaction. Terms undisclosed. Acquisition targets in stock deals often benefit from acquirer share price appreciation and potential deal premium beyond current trading levels. Monitor for 8-K filing with complete transaction details and closing timeline.

Fwd P/E: NM · EV/EBITDA: NM · EV/Sales: 0.6x · EV/GP: 2.1x (FY2027)

Cyclerion Therapeutics · CYCN (US) · $25M · EV: $5M

Develops small-molecule therapeutics targeting soluble guanylate cyclase; focused on cardiopulmonary diseases.

Cyclerion Therapeutics and Korsana Biosciences announced a merger agreement. Terms undisclosed. The company’s $20M net cash position (EV $5M vs market cap $25M) provides substantial downside protection in this biotech combination. Monitor for merger proxy filing with transaction details.

Fwd P/E: NM · EV/Sales: 9.6x · EV/GP: 9.6x (FY2027)

CyanConnode Holdings plc · CYAN.L (UK) · $36M · EV: $61M

CyanConnode manufactures smart metering infrastructure for utilities; leading provider of wireless AMI networks in Europe.

Esyasoft Holding Ltd raised its non-binding proposal for CyanConnode Holdings plc to £37.5 million from an initial £35 million approach. Revised offer values the company at 10.44 pence per share (£37.5 million total) compared to the initial 9.75 pence per share proposal. Board endorsement of the revised price increases transaction probability, with CyanConnode trading at a discount to the proposed 10.44p offer level. Monitor for firm offer announcement or withdrawal following extended PUSU deadline beyond March 31, 2026.

Fwd P/E: NM · EV/Sales: 1.1x · EV/GP: 3.3x (FY2027)

Zhong Ji Longevity Science Group Limited · 0767.HK (HK) · $40M · EV: $35M

Zhong Ji Longevity Science Group Limited, an investment holding company, engages in the money lending business in Hong Kong and Mainland China.

Zhong Ji Longevity Science Group is acquiring a 25% stake in Asian Integrated Cell Laboratory Limited via convertible notes. Terms undisclosed. The completion of intellectual property transfer removes a key execution risk and advances the acquisition toward closing. Monitor for final completion announcement of the acquisition.

Zhongzheng International Company Limited · 0943.HK (HK) · $42M · EV: $58M

Hong Kong-listed company engaged in money lending, health and beauty products, and trading operations.

Zhongzheng International extended the long stop date for its acquisition of 100% equity and shareholder’s loan of an unnamed target company from March 31, 2026 to June 30, 2026. Terms undisclosed. Consideration involves issuing shares pursuant to general mandate. Extension signals execution challenges but preserves deal optionality — three-month window allows time to address unspecified conditions while maintaining acquisition framework. Unnamed target and undisclosed conditions suggest complex transaction with potential regulatory or due diligence hurdles that could extend beyond June deadline. Extended long stop date June 30, 2026 — conditions must be satisfied or deal lapses.

Lisata Therapeutics, Inc. · LSTA (US) · $45M

Lisata Therapeutics, Inc.

Kuva Labs and Lisata Therapeutics executed a waiver extending the tender offer commencement deadline to 26 business days after the March 6 merger agreement date. Kuva Labs will acquire Lisata for $5.00 per share in cash plus one contingent value right worth up to $1.00 per share if certain regulatory milestones for certepetide are met within 7 years. Extension suggests potential execution complexity in launching the tender offer, though the waiver maintains all other terms of the definitive agreement and preserves deal certainty. Tender offer commencement now expected by April 13, 2026 under extended timeline.

Fwd P/E: NM · EV/EBITDA: 0.2x · EV/GP: 0.3x (FY2027)

Previously: The board unanimously approved the transaction with closing expected in Q2 2026.

Galantas Gold Corporation · GAL.L (UK) · $59M · EV: $17M

Gold mining and exploration company; developing the Omagh gold project in Northern Ireland.

Galantas Gold Corporation is acquiring all shares of Sol de Oro Mining Ltd. from Robert Sedgemore to obtain the Andacollo Oro Gold project in Chile. Terms undisclosed. Acquisition provides exposure to Chilean gold asset with potential for value creation upon regulatory approval and project restart in a proven mining jurisdiction. TSX Venture Exchange approval and minority shareholder approval required for Q2 2026 completion.

EV/Sales: 0.5x (FY2026)

Mediwelcome Healthcare Management & Technology Inc. · 2159.HK (HK) · $69M

Healthcare management and technology platform; enables clinics and hospitals to streamline patient engagement and operational efficiency.

Mediwelcome Healthcare Management & Technology announced acquisition of 100% of MEDIAI Technology Development Limited through its subsidiary for HK$139.8 million cash. Total consideration HK$139.8 million. Company simultaneously placing up to 65 million new shares at HK$1.86 per share to raise HK$115.1 million net proceeds to fund the cash portion. Acquisition expands Mediwelcome’s technology capabilities while concurrent equity placement at discount provides funding without debt, creating potential synergies if MEDIAI’s assets integrate successfully. Monitor for shareholder approval of the major transaction and completion of the share placing.

MINATO HOLDINGS INC. · 6862.T (JP) · $95M · EV: $88M

Manufactures memory modules, display solutions, and device programming equipment for electronics industryerty management; a mid-sized Japanese regional developer.

MINATO HOLDINGS acquired 100% of Fujidenko Co., Ltd., a specialized electrical components distributor established in 1951 that trades electrical wires, cables, harnesses, and network equipment with over 5,000 products. Terms undisclosed. Acquisition expands MINATO’s Digital Consortium strategy into stable electrical infrastructure distribution with established customer base and growth exposure to automotive and data center markets. Monitor for integration updates and revenue synergy disclosures.

Fwd P/E: 10.5x · EV/EBITDA: 5.6x · EV/Sales: 0.4x · EV/GP: 2.2x (FY2028)

Life Science REIT Plc · LABS.L (UK) · $186M · EV: $333M

Real estate investment trust owning and leasing life science properties; serves biotech and pharmaceutical tenants.

Rathbones Group disclosed a 2.40% stake in Life Science REIT through a Rule 8.3 takeover disclosure filing. Terms undisclosed. The regulatory filing signals active takeover interest around the REIT, with Rathbones positioned as a potential swing vote in any formal bid process given the 2.40% threshold requiring disclosure. Monitor for formal takeover approach or competing Rule 8.3 disclosures from other parties.

Fwd P/E: NM · EV/Sales: 14.5x · EV/GP: 25.7x (FY2027)

Brickability Group · BRCK.L (UK) · $223M · EV: $346M

Brickability Group Plc, together with its subsidiaries, supplies building products in the United Kingdom.

Brickability Group received an approach regarding a possible offer for the company. Terms undisclosed. UK building materials distributor becomes potential takeover target as construction sector consolidation accelerates. Monitor for formal bid announcement or Rule 2.8 statement.

Fwd P/E: NM · EV/EBITDA: 6.5x · EV/Sales: 0.5x · EV/GP: 2.5x (FY2028)

Dolly Varden Silver Corporation · DV.V (CA) · $245M · EV: $320M

Dolly Varden Silver Corporation engages in the acquisition, exploration, and development of mineral properties in Canada. The company explores for gold, silver, lead, zinc, and copper deposits.

Contango ORE filed an amending agreement to its Dolly Varden Silver acquisition, adding reference to the target’s Share Option Plan that was inadvertently omitted from the original December 7, 2025 arrangement agreement. Exchange ratio unchanged at 0.1652 Contango shares per Dolly Varden share under the plan of arrangement. Administrative amendment preserves original deal structure while addressing technical documentation gap that could have complicated closing mechanics. Monitor for final court approval following shareholder vote completion.

Fwd P/E: 2.4x · EV/Sales: 2.9x (FY2027)

Previously: Deal required two-thirds shareholder approval at March 17 vote and final court approval, with management and key shareholders controlling 22% supporting despite some investor opposition.

Blue Foundry Bancorp · BLFY (US) · $275M · EV: $215M

Blue Foundry Bancorp operates as a bank holding company for Blue Foundry Bank, a savings bank that offers various banking products and services for individuals and businesses.

Fulton Financial is acquiring Blue Foundry Bancorp in a merger transaction. Terms undisclosed. Stock conversion activity by the risk chief suggests the merger is advancing through operational integration phases, indicating progress toward completion. Monitor for definitive merger agreement filing or shareholder vote announcement.

Fwd P/E: 73.6x (FY2027)

CAB Payments Holdings Plc · CABP.L (UK) · $279M

CAB Payments provides payment processing and financial services solutions; a UK-based payments infrastructure provider.

A Form 8.5 disclosure has been filed regarding CAB Payments Holdings shares, though the filing provides no specific transaction details or counterparty information. Terms undisclosed. The regulatory filing indicates continued takeover activity following previous rejected bids from StoneX Group (95p per share) and Helios, with the Board previously noting multiple bidders remain engaged. Monitor for StoneX’s firm offer or withdrawal announcement by Panel-set deadline and potential new bidder disclosures.

Previously: CAB Payments rejected unsolicited proposals from StoneX Group at 95 pence and Helios at undisclosed terms while evaluating competing approaches.

Nippon Sheet Glass Co., Ltd. · 5202.T (JP) · $298M · EV: $3.1B

Manufacturer of flat glass and glazing products; leading global supplier for automotive, architectural and specialty applications.

Apollo Global Management is taking Nippon Sheet Glass private in a transaction valued at ¥590 billion enterprise value. Enterprise value ¥590 billion. Share price and financing structure not disclosed in current source. The take-private enables financial restructuring away from public market pressures for a company burdened by over ¥600 billion debt from its 2006 Pilkington acquisition and ¥67.5 billion in cartel fines. Monitor for definitive agreement filing and shareholder vote scheduling.

Oisix ra daichi Inc. · 3182.T (JP) · $311M · EV: $504M

Online organic food and vegetable delivery service; Japan’s leading direct-to-consumer fresh produce platform.

Sidax Food Service, a subsidiary of Oisix ra daichi, acquired the elderly care facility and hospital meal service business of Nano-hana Kyushu through absorption-type demerger effective April 1, 2026. Terms undisclosed. First M&A transaction since Sidax joined the Oisix group expands institutional food service operations in Kyushu from 46 to 78 locations, creating scale advantages in a consolidating industry facing labor shortages and rising food costs. Monitor for additional acquisitions through newly established M&A consultation window for food service operators.

McBride plc · MCB.L (UK) · $333M · EV: $494M

Manufacturer of household and personal care products; leading B2B supplier to retailers and distributors.

McBride’s Unit Dosing division made a binding offer to acquire Eurotab Group, a European specialist manufacturer of solid-format cleaning products. EUR 40 million cash consideration (£34.5 million) for 100% of Eurotab, subject to customary closing adjustments. Acquisition targets immediate EPS accretion and synergy opportunities while strengthening McBride’s Unit Dosing division position as leading EU producer of detergent tablets, supporting the company’s strategic aim of reaching 10% EBITDA margin. Monitor for completion conditions and closing timeline announcement.

Fwd P/E: NM · EV/EBITDA: 10.9x · EV/Sales: 0.5x · EV/GP: 1.4x (FY2027)

TKP Corp · 3479.T (JP) · $437M · EV: $644M

Rental meeting room and conference space operator; leading Japanese provider of flexible workspace solutions.

TKP Corp is acquiring Huurlic Biz from Huurlic, which operates the CROSSCOOP rental office business. Transaction closes March 31, 2026. Terms undisclosed. Meeting room operator TKP expands into complementary rental office segment, capturing structural shift toward flexible workspace solutions as post-COVID work patterns drive demand for on-demand office space. Transaction completes today.

GT Gold Holdings Limited · 8299.HK (HK) · $473M

Hong Kong-listed investment holding company focused on mining and natural resources projects in China.

GT Gold Holdings Limited entered into an acquisition agreement to purchase two project companies in Ningshan County, Shaanxi Province, which hold exploration and mining licenses for a gold mine with processing facilities. Total consideration HK$585 million, settled partly in cash and partly through share issuance under the company’s general mandate. The acquisition transforms GT Gold from holding company to 100% owner of operating gold mining assets with established exploration, mining and processing infrastructure. Shareholder approval required under GEM Listing Rules as this constitutes a major transaction.

Fwd P/E: NM · EV/EBITDA: 55.1x · EV/Sales: 18.7x · EV/GP: 26.8x (FY2028)

Religare Enterprises Limited · RELIGARE.NS (IN) · $579M · EV: $687M

Integrated financial services provider; offers insurance, broking, and wealth management across retail and corporate segments.

The Burman family increased its stake in Religare Enterprises to 30.3% through open market purchases of 1.3 crore shares in March, positioning ahead of the approved demerger of Care Health Insurance. Acquired 1.3 crore shares through multiple open market transactions. Warrants conversion will boost stake to ~34% by FY27. Demerger maintains 1:1 share distribution ratio for RFL spinoff. New controlling family consolidates grip before value-unlocking spinoff that separates insurance (Care Health) from financial services (lending/broking), creating two focused entities with distinct investor appeal. REL shares have declined 25% over five months despite restructuring catalyst, suggesting market skepticism about execution or underlying business fundamentals. Monitor for demerger completion timeline and RFL listing progress — previous guidance targeted Q1 FY28 listing subject to regulatory approvals.

Fwd P/E: NM · EV/EBITDA: 18.3x · EV/Sales: 7.7x · EV/GP: 12.1x (FY2027)

Previously: Religare’s board approved demerger to spin off financial services into separately listed RFL via 1:1.1 ratio, targeting Q1 FY28 completion.

Spire Healthcare Group PLC · SPI.L (UK) · $783M · EV: $2.6B

Private hospital operator; leading independent acute care provider across UK with specialist surgical and diagnostic services.

Dimensional Fund Advisors disclosed a 3.02% stake in Spire Healthcare Group through a Form 8.3 takeover disclosure filing as of March 31, 2026. Position represents 12,174,113 ordinary shares. Dimensional disclaims beneficial ownership and serves as investment advisor. Institutional staking during an active strategic review process typically signals confidence in either bid emergence or standalone value upside following portfolio optimization. Monitor for further Form 8.3 filings or strategic review outcome announcement.

Fwd P/E: NM · EV/EBITDA: 9.0x · EV/Sales: 1.5x · EV/GP: 4.0x (FY2027)

Previously: strategic review ongoing after Bridgepoint and Triton withdrew from buyout talks.

Heritage Commerce Corp · HTBK (US) · $784M · EV: $754M

Community bank providing commercial and retail banking services; serves Northern California markets.

Heritage Commerce Corp is merging with CVB Financial Corp under a definitive agreement signed December 17, 2025. Terms undisclosed. All regulatory approvals secured as of April 1, creating high-probability arbitrage opportunity with minimal execution risk ahead of scheduled close. Merger expected to close April 17, subject to remaining closing conditions.

Fwd P/E: 11.9x (FY2027)

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. · VLRS (US) · $800M · EV: $4.1B

Operates low-cost airline serving Mexico and Latin America; leading budget carrier in the region.

Volaris shareholders approved the business combination with Grupo Viva Aerobus during an extraordinary meeting on March 25, 2026, with 91.8% of outstanding shares voting in favor. Terms undisclosed. The combination creates an expanded airline group with stronger operational foundation for growth in Mexico and internationally, positioning shareholders to benefit from potential market consolidation and synergy realization. Monitor for regulatory approvals and other customary closing conditions.

Fwd P/E: 22.0x · EV/EBITDA: 3.2x · EV/Sales: 1.1x · EV/GP: 3.9x (FY2027)

Sun Country Airlines Holdings, Inc. · SNCY (US) · $897M · EV: $1.2B

Ultra-low-cost carrier operating scheduled flights; focus on leisure travel in North America.

Allegiant Travel Company is acquiring Sun Country Airlines through a two-step merger process under a definitive agreement dated January 11, 2026. Sun Country stockholders will receive 0.1557 shares of Allegiant stock per share in the merger. Stock-for-stock airline consolidation creates arbitrage spread with regulatory approval already secured and both boards unanimously approving the transaction. Monitor for Sun Country shareholder vote date announcement.

Fwd P/E: 7.8x · EV/EBITDA: 4.4x · EV/Sales: 0.9x · EV/GP: 1.4x (FY2027)

Previously: Hart-Scott-Rodino antitrust waiting period received early termination, clearing regulatory hurdle.

China Overseas Grand Oceans Group Limited · 0081.HK (HK) · $1.1B

Real estate developer focused on premium residential and commercial properties; major player in China’s luxury property market.

China Overseas Grand Oceans Group announced the acquisition of the remaining 40% equity stakes in two Hefei real estate project companies from connected party Shenzhen Chuanggu. Total consideration RMB104.1 million ($14.3 million). Upon completion, both project companies become wholly-owned subsidiaries. Connected transaction allows full consolidation of two Hefei development projects at modest cost, eliminating joint venture complexity and capturing 100% of future cash flows from the properties. Monitor for completion confirmation — no specific closing timeline disclosed.

Fwd P/E: 14.6x · EV/EBITDA: 5.6x · EV/Sales: 0.6x · EV/GP: 6.4x (FY2027)

Magellan Financial Group Limited · MFG.AX (AU) · $1.2B · EV: $940M

Magellan Financial Group Limited is a publicly owned investment manager. It invests in global equities and global listed infrastructure markets across the globe.

Barrenjoey Capital is acquiring control of Magellan Financial Group in what the source describes as a “casual reverse takeover.” Transaction structure and valuation not disclosed in source material. Reverse takeover structure allows Barrenjoey to gain public listing vehicle while Magellan shareholders retain exposure to combined entity’s investment banking operations. Shareholder vote April 10, 2026 at Magellan’s Sydney offices.

Fwd P/E: 12.2x (FY2027)

China Resources Cement Holdings Limited · 1313.HK (HK) · $1.4B · EV: $3.0B

Cement manufacturer and supplier; leading position in China’s cement and clinker production.

China Resources Cement Holdings announced a discloseable transaction to acquire interests and subscribe for shares in AfriSam Holdings Proprietary Limited, a South African cement company. Terms undisclosed. The acquisition expands China Resources Cement’s geographic footprint into Africa’s cement market, providing access to South Africa’s construction sector and potential regional growth opportunities. Monitor for detailed transaction announcement with financial terms and completion timeline.

Fwd P/E: 10.1x · EV/EBITDA: 0.7x · EV/Sales: 0.1x · EV/GP: 0.9x (FY2027)

SkyWater Technology, Inc. · SKYT (US) · $1.4B · EV: $1.1B

Semiconductor foundry offering advanced chip manufacturing services; U.S.-based provider serving defense, aerospace, and commercial sectors.

IonQ is acquiring SkyWater Technology through a two-step merger structure with SkyWater’s board unanimously approving the transaction and recommending stockholder approval. SkyWater stockholders receive $15.00 cash plus IonQ shares based on an exchange ratio of $20.00 divided by IonQ’s trading price, with a collar providing 0.3326 shares if IonQ trades above $60.13 and 0.5263 shares if below $37.99. The collar mechanism protects SkyWater shareholders from IonQ volatility while providing quantum computing exposure, with the stock component worth $6.67-$20.00 depending on IonQ’s performance at closing. IonQ’s stock trades near the collar floor at $37.99, meaning SkyWater holders face meaningful downside if IonQ weakens further before the vote. Monitor for SkyWater proxy filing with stockholder meeting date and timing details.

Fwd P/E: NM · EV/EBITDA: 6.1x · EV/Sales: 1.8x · EV/GP: 8.8x (FY2027)

Previously: Deal structure was all-cash and stock with variable component tied to VWAP but complete collar terms were undisclosed.

Allegiant Travel Company · ALGT (US) · $1.5B · EV: $3.2B

Ultra-low-cost airline operator; serves price-sensitive leisure travelers with point-to-point routes.

Allegiant Travel Company filed an S-4 registration statement with the SEC for a transaction involving Sun Country Airlines Holdings. Terms undisclosed. The filing suggests a stock-for-stock merger between two low-cost carriers, creating potential for operational synergies and route optimization in underserved markets. Monitor for the joint proxy statement/prospectus to be declared effective by the SEC.

Fwd P/E: 7.9x · EV/EBITDA: 7.4x · EV/Sales: 1.1x · EV/GP: 7.1x (FY2027)

Hope Bancorp, Inc. · HOPE (US) · $1.5B · EV: $1.2B

Community bank providing retail and commercial banking services; serves Korean American and Asian American communities.

Hope Bancorp’s subsidiary Bank of Hope entered into a definitive agreement to acquire the Commercial Banking Unit of SMBC MANUBANK, a subsidiary of SMBC Americas Holdings and Sumitomo Mitsui Banking Corporation. Terms undisclosed. The acquisition expands Hope Bancorp’s commercial banking capabilities and market presence, leveraging SMBC’s established client relationships and expertise in the U.S. commercial banking sector. Integration risks and regulatory approval timeline create execution uncertainty for realizing synergies and client retention. Monitor for regulatory filing submissions and approval timeline updates.

Fwd P/E: 8.6x (FY2027)

E-MART Inc. · 139480.KS (KR) · $1.6B · EV: $8.5B

E-MART Inc., together with its subsidiaries, operates as a hypermarket retail company in South Korea.

E-MART Inc. is conducting a stock exchange transaction with Shinsegae Food Inc. to become the complete parent company through a share swap arrangement. Exchange ratio 1:0.5031313 (E-MART:Shinsegae Food), with Shinsegae Food shareholders receiving 0.5031313 shares of E-MART treasury stock for each Shinsegae Food share held. Related-party consolidation eliminates minority interests in the food subsidiary while creating potential arbitrage around the exchange ratio calculation based on Korean market regulations. Shareholder meeting scheduled for April 30, 2026 (rescheduled from April 16).

Fwd P/E: 7.4x · EV/EBITDA: 5.2x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Enviri Corporation · NVRI (US) · $1.6B · EV: $3.1B

Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally.

Veolia has agreed to acquire Enviri Corporation for $3.04 billion. Final offer price is $16.50 per share in cash. Note: last traded price of $19.90 exceeds deal consideration — verify current deal status and trading price. The acquisition provides a clear exit value for shareholders in a company undergoing complex restructuring, with Veolia gaining control of Enviri’s environmental services portfolio including waste management and rail maintenance operations. Monitor for shareholder approval vote and regulatory clearance timeline for mid-2026 expected closing.

Fwd P/E: NM · EV/EBITDA: 18.4x · EV/Sales: 1.6x · EV/GP: 7.4x (FY2027)

Previously: Enviri received early HSR termination for Clean Earth division sale to Veolia, with simultaneous spin-off of Harsco Environmental and Harsco Rail planned for mid-2026.

Emami Limited · EMAMILTD.NS (IN) · $1.9B · EV: $2.7B

Manufacturer of personal care and healthcare products; leading Indian FMCG brand with heritage in ayurvedic formulations.

Emami Limited is acquiring the remaining 73.5% stake in Axiom Ayurveda to achieve 100% ownership of the ayurveda company. Terms undisclosed. The acquisition allows Emami to fully consolidate its ayurveda operations and capture synergies from integrating Axiom’s portfolio with its existing wellness brands. Monitor for regulatory approvals and completion timeline disclosure.

Fwd P/E: 17.5x (FY2028)

CVB Financial Corp. · CVBF (US) · $2.7B · EV: $3.4B

Community bank holding company providing retail and commercial banking services; regional California presence.

CVB Financial Corp. received all requisite regulatory approvals for its all-stock merger with Heritage Commerce Corp., with Heritage Commerce Corp. merging into CVBF and Heritage Bank of Commerce merging into Citizens Business Bank. All-stock transaction announced December 17, 2025; specific exchange ratio not disclosed in filing. Regulatory clearance removes the primary execution risk for this California community bank consolidation, leaving only shareholder approvals and routine closing conditions before completion. Monitor for shareholder meeting announcements and closing timeline.

Fwd P/E: 10.5x (FY2027)

IHS Holding Limited · IHS (US) · $2.8B · EV: $5.2B

Provider of cellular tower infrastructure and related services; largest independent tower company in the Middle East and Africa.

MTN Group has agreed to acquire IHS Holding Limited under a definitive merger agreement. $8.50 per share in cash. The merger offers arbitrage potential for investors if shares trade below the $8.50 acquisition price, while MTN gains full control of the Africa-focused tower infrastructure company. Monitor for SEC proxy filing with shareholder vote date and regulatory approval timeline.

Fwd P/E: 7.8x · EV/Sales: 2.8x · EV/GP: 5.1x (FY2027)

Previously: MTN and IHS announced a merger agreement to acquire remaining shares, advancing from non-binding discussions.

JTC Plc · JTC.L (UK) · $2.9B

Jersey-based financial services group providing trust, fund administration and corporate services to institutional clients globally.

Man Group increased its cash-settled derivatives position in JTC to 1.61% (2.78 million reference securities) through equity swaps, filing its fifth Form 8.3 disclosure since JTC entered takeover proceedings. Terms undisclosed. Man Group’s progressive stake buildup from 1.38% to 1.61% through derivatives demonstrates institutional conviction in pending takeover premium with leveraged upside exposure. Monitor for formal bid announcement or Rule 2.7 statement from potential acquirers.

Fwd P/E: NM · EV/EBITDA: 10.6x · EV/Sales: 2.8x · EV/GP: 4.9x (FY2027)

Previously: Man Group held 1.45% through cash-settled derivatives as of March 25.

Apellis Pharmaceuticals Inc. · APLS (US) · $5.2B · EV: $3.2B

Develops complement-based therapies for rare and systemic diseases; pioneering C3 and C5 inhibitor platform.

Biogen agreed to acquire Apellis Pharmaceuticals for $5.6 billion in cash under a definitive agreement. Apellis shareholders will receive $41.00 per share at closing plus a contingent value right worth up to $4.00 per share tied to Syfovre reaching annual global net sales thresholds of $1.5 billion and $2 billion between 2027 and 2031. The acquisition gives Biogen its first commercialized complement therapies while offering arbitrage spreads and additional upside through CVRs tied to Syfovre’s sales performance in the geographic atrophy market. Transaction expected to close in Q2 2026, subject to regulatory approvals and shareholder vote.

Fwd P/E: NM · EV/Sales: 3.1x · EV/GP: 3.5x (FY2027)

Previously: Biogen is acquiring Apellis Pharmaceuticals for $41 per share in cash plus contingent value rights that provide additional upside potential.

Black Hills Corporation · BKH (US) · $5.3B · EV: $9.6B

Provides electricity, natural gas, and water utilities; serves ~1.3M customers across multiple U.S. states.

Black Hills Corporation held a special shareholder meeting on April 2, 2026 to vote on its merger with NorthWestern Energy Group under an agreement signed August 18, 2025. The transaction involves Merger Sub merging into NorthWestern, with NorthWestern surviving as a subsidiary of Black Hills. Terms undisclosed. Utility sector consolidation play combining Black Hills’ integrated electric and gas operations with NorthWestern’s Montana and South Dakota utility assets, creating scale in the northern Great Plains energy market. Monitor for shareholder vote results and regulatory approvals required for closing.

Fwd P/E: 15.3x · EV/EBITDA: 11.6x · EV/Sales: 3.8x · EV/GP: 10.0x (FY2027)

Centessa Pharmaceuticals · CNTA (US) · $5.4B · EV: $1.7B

Clinical-stage biopharmaceutical company developing novel medicines; focused on advancing multiple programs through development.

Eli Lilly is acquiring Centessa Pharmaceuticals in an all-cash transaction. $47 per share cash. Close date not disclosed. Biotech acquisition creates immediate arbitrage spread — stock rallied 47% on announcement but trades below deal price, offering upside to $47 target with Lilly’s strong balance sheet backing completion. Monitor for HSR filing and shareholder meeting announcement.

LondonMetric Property Plc · LMP.L (UK) · $5.8B · EV: $7.7B

Operator of UK logistics and light industrial properties; leading logistics real estate portfolio with strong urban distribution focus.

Rathbones Group disclosed a 3.64% stake in LondonMetric Property and a 4.06% stake in Schroder Real Estate Investment Trust under UK Takeover Code Rule 8.3, confirming ongoing consortium takeover activity. Terms undisclosed. Institutional accumulation by multiple parties signals competitive bidding for LondonMetric’s £2.3 billion commercial property portfolio, with consortium structure potentially enabling larger-scale acquisitions. Monitor for formal bid announcement or Rule 2.7 announcement establishing firm intention to bid.

Fwd P/E: NM · EV/EBITDA: 16.4x · EV/Sales: 15.0x · EV/GP: 15.1x (FY2028)

Previously: Multiple institutional investors filed Form 8.3 disclosures with Rathbones revealing consortium formation between LondonMetric and Schroder REIT.

Paramount Global · PARA (US) · $7.0B · EV: $24.6B

Media and entertainment conglomerate producing films, TV shows, and streaming content; owner of iconic franchises and studios.

Warner Bros. Discovery has indicated that a raised bid from Skydance for Paramount Global may constitute a ‘superior’ offer, signaling potential competition for the existing transaction. Terms undisclosed. Multiple bidders could drive up Paramount’s valuation and create arbitrage opportunities as the auction process intensifies. Monitor for formal superior proposal determination and any revised offer terms from competing parties.

Fwd P/E: 8.7x · EV/EBITDA: 6.2x · EV/Sales: 0.9x · EV/GP: 3.0x (FY2027)

Previously: Paramount-Skydance had secured a definitive merger agreement with unanimous board approval to acquire Warner Bros. Discovery for $31.00 per share ($110 billion enterprise value).

Eldorado Gold Corporation · ELD.TO (CA) · $7.1B · EV: $5.5B

Gold and silver mining company; operates mines across Turkey, Canada, Greece, and Romania.

Eldorado Gold Corporation is acquiring all outstanding shares of Foran Mining Corporation through a plan of arrangement. Foran shareholders will receive 0.1128 Eldorado shares plus CAD$0.01 cash per Foran share. Transaction adds base metals exposure through Foran’s copper assets with ISS backing providing institutional validation for Eldorado’s diversification strategy. Eldorado shareholder meeting April 7, 2026 to approve share issuance resolution.

Fwd P/E: 7.6x · EV/EBITDA: 4.1x · EV/Sales: 1.9x · EV/GP: 4.2x (FY2027)

Axsome Therapeutics, Inc. · AXSM (US) · $8.9B · EV: $9.0B

Develops novel psychiatric and neurological medications; focused on treatment-resistant conditions with unmet needs.

Axsome Therapeutics entered into an asset purchase agreement to acquire exclusive global rights to balipodect (TAK-063), a selective phosphodiesterase 10A inhibitor, from Takeda. Terms undisclosed. The acquisition adds a potentially first-in-class mechanism with completed Phase 2 proof-of-concept data in schizophrenia to Axsome’s CNS portfolio, targeting two underserved neuropsychiatric markets. Phase 3 trial-enabling activities for schizophrenia begin in 2026.

Fwd P/E: 27.7x · EV/Sales: 5.8x · EV/GP: 6.3x (FY2027)

Globalstar Inc. · GSAT (US) · $10.0B · EV: $7.8B

Satellite communications provider; offers voice, data, and IoT services globally via LEO constellation.

Amazon is reportedly in discussions to acquire satellite communications company Globalstar for $9 billion according to Financial Times. Terms undisclosed. Acquisition would accelerate Amazon’s Project Kuiper LEO satellite constellation deployment, helping address rocket shortages and manufacturing delays that have hampered the company’s goal of launching 3,000+ satellites for global broadband coverage. Apple owns a 20% stake in Globalstar after investing $1.5 billion in 2024, potentially complicating deal structure and approval processes. Monitor for Amazon confirmation of deal discussions or formal bid announcement.

Essential Utilities, Inc. · WTRG (US) · $11.6B · EV: $19.0B

U.S. water, wastewater, and natural gas utility; serves approximately 5 million customers across multiple states.

Essential Utilities continues integration planning for its proposed merger with American Water Works as regulatory review progresses across multiple states. Terms undisclosed. State utility commission hearings provide visible milestones for regulatory approval timeline, with Pennsylvania representing Essential’s largest market and critical approval jurisdiction for deal completion. Pennsylvania PUC public input hearings April 12 through May 7, with North Carolina hearings May 4-5.

Fwd P/E: 17.1x · EV/EBITDA: 13.9x · EV/Sales: 7.2x · EV/GP: 17.7x (FY2027)

Penumbra, Inc. · PEN (US) · $13.0B · EV: $12.1B

Manufacturer of minimally invasive medical devices for stroke, vascular, and oncology interventions; leading position in neurovascular thrombectomy systems.

Boston Scientific has agreed to acquire Penumbra in a cash and stock transaction under a definitive merger agreement dated January 14, 2026. Offer price $374.00 per share. Other consideration terms not disclosed in proxy filing. Medical device consolidation play where Boston Scientific gains Penumbra’s neurovascular intervention portfolio and global distribution leverages existing catheter technologies. Shareholder vote on merger proposal (date not specified in proxy materials).

Fwd P/E: 52.2x · EV/EBITDA: NM · EV/Sales: 6.7x · EV/GP: 10.0x (FY2027)

McCormick & Company · MKC (US) · $13.6B · EV: $21.7B

Global spice, seasoning, and flavor manufacturer; leading supplier to food industry and consumers.

McCormick & Company is combining with Unilever’s foods business (excluding India) through a merger agreement announced March 31. Combined entity valued at $65.8 billion. McCormick secured $15.7 billion in committed bridge financing from Citigroup, Goldman Sachs, and Morgan Stanley to fund the cash component. McCormick CEO Brendan Foley will lead the combined company. Creates scale leader in global food ingredients with $600 million in projected annual cost synergies, combining McCormick’s spice expertise with Unilever’s established brands like Hellmann’s amid industry consolidation pressures. Unilever’s foods division faces declining developed markets and flat Food Solutions sales, while both companies must navigate sticky inflation pressure on margins and potential GLP-1 drug impact on food consumption. Monitor for regulatory filing with detailed transaction terms and shareholder vote timeline.

Fwd P/E: 15.1x · EV/EBITDA: 14.0x · EV/Sales: 2.7x · EV/GP: 7.0x (FY2027)

Warner Music Group Corp. · WMG (US) · $13.6B · EV: $21.8B

Records, publishes, and distributes music; one of three major global music conglomerates.

Warner Music Group has entered a definitive agreement to acquire Revelator, a B2B music platform specializing in digital distribution, rights management, and royalty accounting for independent artists and labels. Terms undisclosed. The acquisition expands WMG’s distribution and label services capabilities while adding cloud-based technology infrastructure to serve both existing WMG labels and Revelator’s hundreds of independent clients. Transaction closing expected next quarter, subject to customary conditions.

Fwd P/E: 15.4x · EV/EBITDA: 16.2x · EV/Sales: 2.9x · EV/GP: 6.3x (FY2027)

Grab Holdings · GRAB (US) · $14.3B

Southeast Asian ride-hailing and delivery platform; regional market leader across mobility, food, and logistics services.

Grab Holdings is acquiring Delivery Hero’s Taiwan delivery business, including Foodpanda operations, marking its first expansion outside Southeast Asia into its ninth market. $600 million cash on cash-free, debt-free basis, closing expected second half of 2026 subject to regulatory approvals. The acquisition adds operations across 21 cities generating $1.8 billion gross merchandise value with management projecting at least $60 million incremental adjusted EBITDA by 2028. Monitor for regulatory approval timeline and closing confirmation.

Fwd P/E: 22.8x · EV/Sales: 3.9x · EV/GP: 8.9x (FY2027)

Previously: Grab agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $600 million cash with closing expected in second half of 2026.

Sysco Corporation · SYY (US) · $34.1B · EV: $50.0B

Global foodservice distributor supplying restaurants, hospitals, and institutions; largest North American player by market share.

Sysco Corporation filed an 8-K documenting its definitive merger agreement to acquire Jetro Restaurant Depot through wholly owned subsidiary structures. Total enterprise value $29.1 billion consisting of $21.6 billion cash and 91.5 million Sysco shares at 14.6x Jetro’s operating income. The acquisition transforms Sysco into a multi-channel foodservice distribution platform, providing immediate access to the high-margin Cash & Carry segment serving smaller independent restaurants complementary to Sysco’s existing higher-volume delivery customers. Monitor for regulatory filings and shareholder approval processes.

Fwd P/E: 14.1x · EV/EBITDA: 9.5x · EV/Sales: 0.6x · EV/GP: 3.1x (FY2027)

Previously: Sysco entered into a definitive agreement to acquire Jetro Restaurant Depot, the nation’s premier Cash & Carry food wholesaler.

Otsuka Pharmaceutical · 4578.T (JP) · $36.6B · EV: $27.7B

Japanese pharmaceutical company; develops and markets pharmaceuticals, nutraceuticals, and medical foods globally.

Otsuka Pharmaceutical is acquiring Transcend Therapeutics through wholly owned subsidiary Otsuka America in a complete acquisition targeting breakthrough PTSD therapy TSND-201. $700 million upfront plus up to $525 million in sales-based milestones for total consideration up to $1.225 billion, with closing expected Q2 FY2026 subject to customary conditions. Acquisition provides exposure to TSND-201, a rapid-acting neuroplastogen targeting PTSD’s 13+ million annual U.S. patients with no new approved treatments in 25 years, creating substantial commercial opportunity if Phase 3 trials succeed. TSND-201 remains in Phase 3 enrollment with no guaranteed regulatory approval, and Transcend’s prodrug program requires separate IND filing and clinical development timeline. Monitor for Q2 FY2026 transaction closing and Phase 3 trial updates for TSND-201 following FDA breakthrough therapy designation in July 2025.

Constellation Energy Corporation · CEG (US) · $85.2B · EV: $115.8B

Nuclear and conventional power generation; largest U.S. nuclear fleet operator with substantial clean energy capacity.

Constellation Energy Corporation is acquiring Calpine Corporation in a transaction expected to create a pro forma combined company. Terms undisclosed. Consolidation in the utility sector targeting synergies and expected accretion to earnings per share and free cash flow through combining complementary operations. Monitor for definitive agreement filing with transaction details.

Fwd P/E: 19.6x · EV/EBITDA: 12.6x · EV/Sales: 3.6x · EV/GP: 4.7x (FY2027)

Hitachi, Ltd. · 6501.T (JP) · $135.9B · EV: $101.8B

Diversified conglomerate manufacturing industrial equipment, power systems, and infrastructure solutions; global leader across multiple industrial sectors.

Hitachi Ltd. is acquiring U.S.-based Clever Devices, a New York-based company specializing in digitalization systems for public transportation including buses and passenger services. Deal valued at several tens of billions of yen with completion expected within 2026 pending regulatory approval. Acquisition expands Hitachi’s mobility business beyond rail transportation to broader public transportation markets, leveraging Clever’s 600-employee operation and advanced AI technology for operational efficiency and greenhouse gas reduction initiatives. Monitor for regulatory approval completion expected within 2026.

Fwd P/E: 20.1x · EV/EBITDA: 9.7x · EV/Sales: 1.3x · EV/GP: 4.7x (FY2028)

SIIC Environment Holdings Ltd. · 807.HK (HK)

Environmental remediation and waste treatment services; leading provider of industrial pollution control solutions in China.

SIIC Environment Holdings’ subsidiary Longjiang Environmental signed an agreement to acquire 100% equity in two water utility companies — Anshan Qingchang Water and Anshan Qinglang Water — from Qingdao Qing’an Technology Investment. RMB 270 million total consideration (approximately HKD 305 million and SGD 50 million), structured with 10% deposit, 80% at closing backed by irrevocable bank guarantee, and 10% risk retention paid six months post-closing subject to no warranty breaches. Bolt-on acquisition expands SIIC’s water utility portfolio with two established operations valued at slight discount to June 2025 third-party appraisals, providing geographic diversification within China’s regulated water sector. Conditions precedent must be fulfilled by May 31, 2026, including completion of subsidiary deregistrations and debt guarantee arrangements.

Picton Property Income Limited · PCTN.L (UK)

UK property investor acquiring and managing commercial real estate; focuses on smaller regional properties undervalued by larger competitors.

Rathbones Group disclosed a 7.28% stake in Picton Property Income Limited under Rule 8.3, revealing institutional positioning during an ongoing takeover situation involving a consortium of LondonMetric Property and Schroder Real Estate Investment Trust. Rathbones holds 37,448,316 shares (7.28% stake) and has been selling at 74.8-75.4 pence per share. Consortium bid terms not disclosed in filing. Large institutional holder’s active selling near current levels suggests limited upside expectations from consortium bid, providing price discovery for arbitrageurs evaluating deal probability and premium adequacy. Monitor for consortium’s formal bid announcement and Rule 2.6 deadline for firm intention or withdrawal.

Fwd P/E: NM · EV/EBITDA: 31.3x · EV/Sales: 10.6x · EV/GP: 15.2x (FY2028)

Vireo Growth Inc · VREO (OTC)

Cannabis cultivator and retailer with operations across multiple U.S. states; vertically integrated producer.

Vireo Growth announced the Hawthorne acquisition from ScottsMiracle-Gro could close any time following five business days from March 30, with completion expected during Q2 2026. 206 million subordinate voting shares plus warrants for 80 million shares at $0.85 exercise price. Hawthorne comes with at least $35 million cash, ~$50 million net working capital, and ~$20 million inventory over two years. Share-based acquisition structure provides significant equity upside if Hawthorne’s North American indoor gardening market position generates returns exceeding the warrant exercise price, with minimal cash outlay required from Vireo. Transaction remains subject to definitive agreement execution and regulatory approvals, with massive share issuance creating potential dilution concerns for existing shareholders. Monitor for definitive agreement announcement — deal can close any time after April 7, 2026 (five business days from announcement).

Kering · KER.PA (FR)

Luxury fashion conglomerate owning Gucci, Saint Laurent, and Balenciaga; global leader in premium apparel and accessories.

Kering completed the first stage of acquiring Raselli Franco Group, one of Europe’s largest independent luxury jewelry manufacturers, taking a 20% stake. €115 million for 20% initial stake, with defined timeline for complete acquisition by 2032. Multi-stage acquisition provides Kering controlled entry into jewelry manufacturing while strengthening vertical integration of its luxury jewelry brands including Boucheron, Pomellato, and Qeelin. Monitor for disclosure of subsequent acquisition milestones and timeline details through 2032.

Fwd P/E: 25.6x · EV/EBITDA: 9.9x · EV/Sales: 3.1x · EV/GP: 5.7x (FY2027)

The Platform Group SE & Co. KGaA · TPG.DE (DE)

German e-commerce platform operator; aggregates and operates online marketplaces across fashion, automotive, and lifestyle verticals.

The Platform Group SE & Co. KGaA received German Federal Cartel Office clearance for its acquisition of AEP GmbH, Alzenau, fulfilling a key regulatory requirement from the purchase agreement. Terms undisclosed. Regulatory approval removes the primary hurdle for completion, with the company actively pursuing a diversified financing structure combining own funds and debt capital over a 3-5 year timeframe. Transaction close expected by end of May 2026 — seven weeks away.

Fwd P/E: 1.9x · EV/EBITDA: 2.6x · EV/Sales: 0.2x · EV/GP: 0.7x (FY2027)

엔젠바이오 · 354200.KQ (KR)

Korean biotech company specializing in genetic testing and precision medicine diagnostics.

엔젠바이오 filed a merger completion report with Korea’s DART system. Terms undisclosed. Korean biotech merger completion suggests consolidation in the sector, with potential for operational synergies and cost reduction driving value creation. Monitor for detailed merger terms and combined entity strategy disclosure.

케일럼 · 258610.KQ (KR)

Korean pharmaceutical company developing treatments for fibrotic and inflammatory diseases.

케일럼 completed a merger transaction according to DART filing 합병등종료보고서(합병). Terms undisclosed. Korean regulatory filing indicates completed merger structure, though specific strategic rationale and counterparty details require further disclosure review. Monitor for additional DART filings with merger details and business combination specifics.

모바일어플라이언스 · 087260.KQ (KR)

Korean mobile device and appliance technology company.

모바일어플라이언스 filed a material event correction report with DART regarding a decision to sell convertible bonds with share buyback rights. Terms undisclosed. Korean company’s convertible bond sale decision suggests potential capital restructuring or liquidity needs requiring regulatory disclosure correction. Monitor for detailed terms disclosure in follow-up DART filings.

휴먼테크놀로지 · 175140.KQ (KR)

Korean industrial technology company providing automation and engineering solutions.

휴먼테크놀로지 filed a material event report with Korea’s DART system regarding a merger decision. Terms undisclosed. Korean regulatory filing indicates formal merger approval, creating potential arbitrage opportunity pending disclosure of counterparty and exchange ratio. Monitor for detailed merger terms disclosure in follow-up DART filings.

엔에이치스팩29호 · 451700.KQ (KR)

NH Investment & Securities-sponsored special purpose acquisition company listed on KOSDAQ.

NH SPAC 29 filed a corrected material event report regarding a merger decision with Korea’s DART system. Terms undisclosed. Korean SPAC merger decisions typically involve target identification and shareholder approval processes that create definitive transaction timelines. Monitor for detailed merger terms and target company disclosure in subsequent DART filings.

PGC · PGC.AX (AU)

Healthcare equipment and devices distributor; supplies medical consumables and capital equipment to hospitals across Australia and New Zealand.

ParagonCare completed its acquisition of Haju Medical according to ASX filing. Terms undisclosed. Acquisition expands ParagonCare’s medical device distribution capabilities in strategic market segments. Monitor for integration updates and revenue impact in next quarterly filing.

Fwd P/E: 9.7x · EV/EBITDA: 4.6x · EV/Sales: 0.3x · EV/GP: 3.8x (FY2027)

Episurf Medical AB · ()

Swedish medical device company developing patient-specific implants for joint cartilage repair.

Episurf Medical agreed to acquire a 36-property portfolio of LSS housing facilities from Mofast AB through purchasing all shares in Bolaget XX22 AB and its subsidiaries. Property value SEK 697 million, preliminary purchase price SEK 77 million settled via promissory note and planned issuance of 1.7 billion class B shares at SEK 0.045 per share. Diversification into stable real estate cash flows — portfolio generates SEK 65.6 million annual rental income with guaranteed SEK 41.5 million net operating income for 2026 backed by municipal and regional tenants. Monitor for shareholder approval of the 1.7 billion share issuance required to complete the transaction.

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. · AEFES.IS (TR)

Brews beer and malt beverages; leading brewery company in Turkey and Eastern Europe.

Anadolu Efes signed a definitive agreement to acquire 60% of Tariş Üzüm, a grape-based alcoholic and non-alcoholic beverages company, through restructuring under parent Anadolu Grubu with Anadolu Etap Dış Ticaret A.Ş. as the acquiring entity. Purchase price $26 million subject to working capital adjustments. Strategic diversification for Turkey’s largest brewer expanding beyond beer into grape-based beverages market, broadening consumer reach and product portfolio. Monitor for regulatory approvals and closing conditions given the cooperative structure of the target entity.

Fwd P/E: 5.8x · EV/EBITDA: NM · EV/Sales: 17.4x · EV/GP: NM (FY2027)

Previously: Company announced initial strategic plans to diversify beyond beer categories.

EssilorLuxottica · EL.PA (FR)

Global leader in ophthalmic lenses, eyewear, and optical equipment; owns Ray-Ban, Oakley, and operates LensCrafters retail chain.

EssilorLuxottica has completed acquisition of a significant stake in Top Charoen, Thailand’s leading optical retail chain with over 2,000 stores. Terms undisclosed. Transaction establishes direct retail presence in Thailand for the Franco-Italian eyewear giant, providing consumer access and distribution scale in a strategic Asian hub where EssilorLuxottica already operates manufacturing facilities. Monitor for additional Asian market expansion announcements as part of broader retail strategy.

Fwd P/E: 22.9x · EV/EBITDA: 14.9x · EV/Sales: 2.3x · EV/GP: 3.1x (FY2027)

Ouro Medicines · N/A (INTL)

Clinical-stage biopharmaceutical company developing novel therapies.

Gilead Sciences has entered into a definitive agreement to acquire all outstanding equity interests of Ouro Medicines, a private biotech company developing T cell engager therapies for autoimmune diseases. Terms undisclosed. The acquisition adds gamgertamig (OM336), a clinical-stage BCMAxCD3 T cell engager with transformative efficacy in severe antibody-mediated orphan diseases, as Gilead expands its autoimmune portfolio beyond its core HIV and oncology franchise. Monitor for registrational study initiation as early as 2027.

JDE Peet’s N.V. · JDEP (INTL)

Coffee and tea producer; world’s largest pure-play coffee company by revenue.

Keurig Dr Pepper has acquired 96.22% of JDE Peet’s shares through a public cash tender offer by subsidiary Kodiak BidCo B.V. KDP plans to separate into two independent publicly traded companies after integration: Beverage Co. for North American refreshment beverages and Global Coffee Co. combining JDE Peet’s with KDP’s coffee business. The substantial ownership position creates potential squeeze-out opportunity for remaining 3.78% minority shareholders, while the planned spin-off of the combined coffee business provides exposure to a global coffee platform. Integration risks and execution challenges associated with combining two large coffee operations across different geographies could impact synergy realization. Monitor for mandatory squeeze-out procedure initiation and timeline for the planned separation into two public companies.

Previously: JDE Peet’s was conducting a strategic review process with no updates to report.

Boralex Inc · BLX.TO (CA) · $2.7B

Independent power producer operating renewable energy assets across North America and Europe; focused on wind, solar, and hydroelectric generation.

Boralex’s strategic review has concluded with a definitive all-cash acquisition agreement between Brookfield Asset Management and Boralex management, according to company announcements. Terms undisclosed. Potential going-private transaction could deliver premium to shareholders in a Canadian renewables market where pure-plays trade at discounts to infrastructure funds’ private market valuations. Monitor for definitive agreement terms disclosure and shareholder vote scheduling.

Fwd P/E: 39.3x · EV/EBITDA: 12.8x · EV/Sales: 7.4x · EV/GP: 19.5x (FY2027)

Divestitures

CVD Equipment Corporation · CVV (US) · $28M · EV: $13M

CVD Equipment manufactures chemical vapor deposition systems; leading supplier to semiconductor and materials processing industries.

CVD Equipment Corporation completed the sale of its SDC Division to Atlas Copco Group. $16.9 million in cash. Divestiture allows CVD to focus capital and management resources on its core chemical vapor deposition systems business while maintaining operational presence at the Saugerties facility under lease to the buyer. Monitor for Q1 2026 earnings release for deployment of proceeds and updated guidance.

Fwd P/E: NM · EV/EBITDA: 18.8x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2026)

Previously: CVD signed definitive Asset Purchase Agreement to sell SDC Division for $16.9 million with Q2 2026 closing expected.

Celularity Inc. · CELU (US) · $29M

Celularity Inc.; developer of cell and gene therapies derived from placental cells; clinical-stage biopharmaceutical company.

Celularity granted an exclusive license to its commercial-stage biomaterials portfolio and certain development-stage programs to an undisclosed strategic partner. Up to $35 million in upfront and milestone payments, plus royalties on future net sales. Transaction expected to close no later than April 15, 2026. Non-dilutive financing allows the company to focus capital on its longevity therapeutics pipeline while retaining exclusive manufacturing rights and ongoing revenue from biomaterials production. Transaction close by April 15, 2026.

Fwd P/E: 0.8x · EV/Sales: 0.4x · EV/GP: 0.5x (FY2027)

Commercial Vehicle Group, Inc. · CVGI (US) · $130M · EV: $160M

Manufacturer of commercial vehicle components and systems; supplier to heavy-duty truck and bus OEMs.

Commercial Vehicle Group completed a sale-leaseback transaction of its Vonore, Tennessee manufacturing property to Big Acquisitions LLC and 200 National LLC on March 27, 2026. Sale price $16 million with simultaneous long-term lease agreement allowing the company to continue operations at the facility. Sale-leaseback unlocks immediate liquidity from real estate while preserving operational control, strengthening balance sheet flexibility for a company in the cyclical commercial vehicle market. Monitor Q1 2026 earnings call for deployment of proceeds and impact on debt reduction or growth investments.

Fwd P/E: 46.4x · EV/EBITDA: 4.4x · EV/Sales: 0.2x · EV/GP: 2.0x (FY2027)

Playboy Inc · PLBY (US) · $147M

Publisher of men’s lifestyle magazine and entertainment brand; iconic symbol of adult entertainment and sexual liberation since 1953.

Playboy completed initial closing of its China business joint venture transaction, selling a 16.67% stake to UTG Brands Management Group for $15 million while retaining operational control through majority ownership. Initial closing: $15 million for 16.67% stake plus $4 million brand support payment. Second closing by January 2028: additional $30 million for 33.33% stake plus $6 million brand support. Total contracted payments $122 million including $62 million guaranteed distributions through 2033. Asset-light pivot monetizes China IP while retaining 50% upside in a high-growth market — UTG assumes operational burden while Playboy captures guaranteed cash flows exceeding current China net income plus debt paydown optionality. Second closing deadline January 2028 for remaining $30 million payment and transfer of additional 33.33% stake to UTG.

Fwd P/E: 14.6x · EV/Sales: 2.5x · EV/GP: 3.6x (FY2027)

One Stop Systems, Inc. · OSS (US) · $180M · EV: $131M

Designs and manufactures GPU computing systems for data centers; specialized in high-performance AI and analytics applications.

One Stop Systems completed the divestiture of a business unit for $22 million, driving record margins and enhanced profitability. Sale price $22 million. Buyer and specific unit divested not disclosed. The divestiture streamlines operations while defense contract wins provide dual catalysts for margin expansion and revenue growth in a concentrated portfolio. Monitor for Q1 2026 earnings release to quantify margin improvement and defense contract revenue contribution.

Fwd P/E: NM · EV/Sales: 2.8x · EV/GP: 6.0x (FY2027)

Fuji Pharma Co., Ltd. · 4554.T (JP) · $378M · EV: $385M

Fuji Pharma Co., Ltd. engages in the research and development, manufacture, and marketing of pharmaceutical products in Japan and internationally.

Fuji Pharma Co., Ltd. is transferring its Toyama No. 2 factory to Nippon Kayaku Co., Ltd. through a company division structure. Transaction completion scheduled for October 2026. Financial terms undisclosed. Factory specializes in contract development and manufacturing of injectable drugs, providing Nippon Kayaku with expanded CDMO capacity while allowing Fuji Pharma to streamline operations and focus on core pharmaceutical activities. Monitor for completion in October 2026 and any disclosed financial terms in regulatory filings.

First Real Estate Investment Trust · AW9U.SI (SG) · $404M · EV: $790M

Real estate investment trust owning and managing commercial properties; generates revenue through rental income and property appreciation.

First Real Estate Investment Trust announced the divestment of Indonesia hospital and non-core assets. Total consideration S$464 million. Acquirer and closing timeline not disclosed. Portfolio rationalization in a concentrated geography provides capital for debt reduction or higher-yielding acquisitions while simplifying the trust’s operational footprint. Monitor for extraordinary general meeting date and circular to unitholders.

Fwd P/E: 9.3x · EV/EBITDA: 9.5x · EV/Sales: 7.9x · EV/GP: 9.1x (FY2026)

Zevra Therapeutics · ZVRA (US) · $515M · EV: $496M

Develops rare disease therapeutics using transient zinc finger protein technology; targeting metabolic and genetic disorders.

Zevra Therapeutics completed the sale of its entire serdexmethylphenidate (SDX) portfolio, including AZSTARYS® and KP1077, to Commave Therapeutics SA. Total consideration $50 million cash. The divestiture eliminates litigation overhang while creating a debt-free balance sheet, allowing management to concentrate capital and resources on its rare disease pipeline including its lead NPC therapy. Monitor for Q1 earnings call to assess deployment of proceeds and pipeline prioritization.

Fwd P/E: 6.2x · EV/Sales: 2.3x · EV/GP: 2.7x (FY2027)

Previously: Delaware Chancery Court ruled Zevra’s lien grant constituted license “assignment,” triggering dispute over mandatory procedures.

Intrepid Potash, Inc. · IPI (US) · $587M · EV: $281M

Produces potash and langbeinite fertilizers; largest U.S. potash producer with Western Hemisphere operations.

Intrepid Potash completed the sale of its Intrepid South Ranch assets to HydroSource Logistics for $70 million on April 2. $70 million total consideration, including an $8 million deposit received in December 2025. Sale includes 21,782 acres of fee land, 26,529 acres of federal grazing leases, water rights, and related assets comprising the majority of the oilfield solutions segment operations. Divestiture allows Intrepid to concentrate capital on core potash production while accelerating cash flow generation from non-core Delaware Basin assets amid industry consolidation. Monitor for Q1 2026 earnings report for impact of proceeds on debt reduction and potash expansion investments.

Fwd P/E: 70.3x · EV/EBITDA: 6.3x · EV/Sales: 1.2x · EV/GP: 6.8x (FY2027)

Compass Diversified · CODI (US) · $646M · EV: $2.2B

Acquires and operates diverse consumer brands across home, garden, and specialty products; portfolio-based holding company model.

Compass Diversified has entered a definitive agreement to sell Sterno’s food service business to Archer Foodservice Partners, a Wynnchurch Capital portfolio company. Enterprise value $292.5 million, subject to customary working capital adjustments. Business generated $30.3 million subsidiary adjusted EBITDA in 2025. Deleveraging transaction addresses ADW Capital’s liquidation demands while preserving going-concern value — net proceeds will reduce senior secured leverage below 1.0x and eliminate excess leverage fees beyond June 2026. Monitor for transaction closing, expected in Q2 2026.

Fwd P/E: 24.4x · EV/EBITDA: NM · EV/Sales: 1.1x · EV/GP: 2.9x (FY2027)

Previously: ADW Capital demanded immediate strategic review and liquidation, estimating $26+ per share liquidation value versus $7.79 trading price.

Atos SE · ATO.PA (FR) · $787M · EV: $2.9B

Global IT services and digital transformation provider; leading European IT consulting and systems integration company.

Atos SE is pursuing a strategic divestiture. Terms undisclosed. French IT services company explores asset sale as potential value unlock mechanism amid ongoing financial restructuring efforts. Monitor for specific divestiture announcement or strategic review update.

Fwd P/E: 5.3x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Derwent London PLC · DLN.L (UK) · $2.4B · EV: $4.5B

Property developer and landlord of prime central London offices; major West End portfolio owner.

Derwent London exchanged contracts to sell Horseferry House SW1 for £131.8 million to an overseas investor. Sale price £131.8 million (before rental top-ups), completion scheduled June 2026. Capital recycling at 8.4% IRR over 21 years outperforms MSCI Central London Office Index by 240bp annually, supporting ongoing £1 billion three-year disposal program with £275 million already contracted year-to-date. Monitor for completion in June 2026.

Fwd P/E: NM · EV/EBITDA: NM · EV/Sales: 12.3x · EV/GP: 23.9x (FY2027)

SSR Mining Inc. · SSRM (US) · $6.4B · EV: $4.3B

SSR Mining Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal resource properties in Turkey and the Americas.

SSR Mining completed the $1.5 billion sale of its 80% stake in the Çöpler mine in Turkey to Cengiz Holding. Sale price $1.5 billion for 80% stake, closed ahead of previously expected Q3 2026 timeline. Strategic exit from Turkey eliminates geopolitical risk while generating substantial cash for Americas-focused growth and immediate shareholder returns through approved 10% share buyback program. Monitor for deployment timeline of remaining proceeds beyond the announced share repurchase program.

Fwd P/E: 6.1x · EV/EBITDA: 7.4x · EV/Sales: 1.6x · EV/GP: 4.5x (FY2027)

Previously: Sale expected to close in Q3 2026 with proceeds earmarked for Americas strategy and potential capital returns.

Guangzhou Automobile Group Co., Ltd. · 2238.HK (HK) · $9.3B · EV: $6.1B

Chinese automaker producing passenger vehicles and commercial vehicles; major domestic manufacturer with GAC Aion EV brand.

Guangzhou Automobile Group subsidiary UPOWER Energy is selling 12% equity interest in an undisclosed target company to parent company GAIG. Sale price RMB1.92 billion ($264 million). Transaction reduces GAC’s indirect stake from 20% to 8% while GAIG acquires 12% direct ownership. Connected transaction provides transparency into asset valuations within GAC group structure and suggests potential consolidation or restructuring of investment portfolio at parent level. Monitor for completion announcement and potential disclosure of target company identity in subsequent filings.

Fwd P/E: 11.8x · EV/EBITDA: 0.6x · (FY2027)

Accor S.A. · AC.PA (FR) · $11.5B · EV: $19.1B

Operates global hospitality portfolio across hotels, resorts, and accommodations; world’s largest hotel company by room count.

Accor signed a memorandum of understanding to sell its 30.56% stake in Essendi (formerly AccorInvest) to a consortium comprised of Blackstone and Colony IM. €975 million total consideration including €675 million at closing plus earn-out up to €300 million. Transaction expected to close Q3 2026 subject to regulatory approvals and finalization of shareholders’ agreement. Accor will return most disposal proceeds to shareholders through an additional €500 million share buyback program, providing immediate capital return while converting Essendi’s hotel portfolio to 20-year franchise agreements under Accor brands. Regulatory and antitrust approvals plus finalization of shareholders’ agreement required for Q3 2026 closing.

Fwd P/E: 15.8x · EV/EBITDA: 6.5x · EV/Sales: 2.6x · EV/GP: 5.0x (FY2027)

Omron Corp · 6645.T (JP) · $12.8B · EV: $11.9B

Global manufacturer of automation and healthcare devices; leading provider of industrial control and medical equipment solutions.

Omron Corporation will spin off its Device & Module Solutions business into new entity Aratas and sell 100% of shares to a Carlyle Group-backed fund. ¥81 billion purchase price for 100% equity. Absorption-type company split structure. Expected close October 2026. Divestiture of lower-margin hardware business unlocks ¥81 billion in capital for Omron to reinvest in higher-growth industrial automation and healthcare segments while eliminating earnings drag from commodity components. Monitor for shareholders’ meeting approval and regulatory clearance ahead of October 2026 close.

Fwd P/E: 23.9x · EV/EBITDA: 13.2x · EV/Sales: 2.1x · EV/GP: 3.8x (FY2027)

Previously: Carlyle acquiring majority stake with terms undisclosed.

DuPont de Nemours, Inc. · DD (US) · $19.0B · EV: $19.2B

Manufacturer of specialty chemicals, materials, and pigments; diversified portfolio serving agriculture, electronics, and industrial markets.

DuPont is divesting its Aramids business to Arclin in a transaction valued at $1.8 billion. Sale price $1.8 billion cash, with Goldman Sachs providing $3.75 billion financing package to Arclin. The divestiture advances DuPont’s portfolio optimization strategy while generating significant cash proceeds to strengthen the balance sheet and fund strategic investments in higher-growth segments. Regulatory approval timelines remain uncertain and could delay closing, while the divested Aramids business includes established brands like Kevlar that have historically contributed stable cash flows. Monitor for regulatory approval updates and specific closing timeline guidance.

Fwd P/E: 17.8x · EV/EBITDA: 12.5x · EV/Sales: 2.6x · EV/GP: 8.6x (FY2027)

Previously: DuPont entered definitive agreement to sell its Aramids division to Arclin for $1.8 billion with Goldman Sachs providing financing.

Vale S.A. · VALE (US) · $69.0B · EV: $67.6B

Global mining company producing iron ore, nickel, and other minerals; world’s largest iron ore producer.

Vale announced it will sell most of its Thompson Nickel Belt operations to a new consortium. Terms undisclosed. Divestiture continues Vale’s portfolio rationalization strategy while maintaining strategic nickel exposure through retained minority stake and offtake arrangements. Monitor for detailed transaction announcement with specific terms and closing timeline.

Fwd P/E: 8.2x · EV/EBITDA: 3.8x · EV/Sales: 1.7x · EV/GP: 4.8x (FY2027)

Previously: Vale formed a four-party consortium with Exiro Minerals, Orion Resources Partners and Canada Growth Fund to own and develop the Thompson Nickel Belt in Manitoba, retaining 18.9% ownership while the three new investors hold 81.1%.

Unilever · UL (US) · $122.9B · EV: $147.2B

Global consumer goods manufacturer; leading brands across home care, personal care, and food & beverages.

Unilever enters advanced discussions with McCormick & Company to carve out its global foods business through a combination transaction, explicitly excluding India operations. $15.7 billion transaction comprising cash and McCormick stock, structured as Reverse Morris Trust for tax efficiency, giving Unilever shareholders 65% controlling stake in combined entity. Portfolio restructuring unlocks value from non-core foods assets while maintaining control through majority stake, with tax-efficient structure maximizing shareholder returns amid CEO’s strategic pivot toward higher-growth beauty categories. India foods operations generating ₹15,000 crore annually (22% of HUL sales) remain excluded, limiting transaction scope and potential value realization from key growth market. Monitor for definitive agreement announcement as discussions remain ongoing with no certainty of completion.

Fwd P/E: 16.8x · EV/EBITDA: 13.7x · EV/Sales: 2.8x · EV/GP: 2.8x (FY2027)

Previously: Unilever was in discussions with McCormick & Company regarding the potential sale of its food division, with no agreement reached and terms undisclosed.

Accenture plc · ACN (US) · $123.9B · EV: $159.2B

Global IT consulting, technology services, and outsourcing; largest independent consulting firm worldwide.

Accenture is pursuing a strategic divestiture focused on AI-driven efficiency, though the company has not disclosed the specific business unit, counterparty, or transaction structure. Terms undisclosed. Portfolio rationalization following recent acquisitions could unlock value by allowing management to concentrate resources on higher-margin consulting segments while reducing operational complexity. Monitor for 8-K filing or press release detailing transaction specifics.

Fwd P/E: 13.4x · EV/EBITDA: 11.7x · EV/Sales: 2.0x · EV/GP: 6.4x (FY2027)

Previously: Accenture entered into an agreement to acquire Ookla, a global leader in network intelligence and competitive benchmarking.

Electromagnetic Geoservices ASA · EMGS.OL (NO)

Electromagnetic surveying services for oil and gas exploration; leading provider of seafloor EM technology for subsurface mapping.

Electromagnetic Geoservices ASA signed a binding agreement to sell its business operations and assets to P-2 Riggs Capital through a subsidiary transfer structure. $2.5 million total consideration: $1 million at closing plus $1.5 million conditional earn-out subject to future conditions. EMGS retains all historic liabilities including convertible bonds. Distressed marine geophysical services company achieves clean asset transfer while retaining debt obligations, providing modest liquidity as alternative to wind-down. Monitor for closing conditions and earn-out criteria disclosure.

Fwd P/E: NM · EV/EBITDA: 17.0x · EV/Sales: 7.0x (FY2027)

SM1 · SM1.AX (AU)

Synlait Milk Limited; New Zealand dairy processor manufacturing infant formula and nutritional products.

SM1 completed the sale of its North Island assets according to an ASX announcement. Terms undisclosed. Asset divestiture completion provides immediate cash proceeds and portfolio optimization for the company. Monitor for financial statements showing cash proceeds and asset disposal impact.

Fwd P/E: 30.1x · EV/EBITDA: 33.1x · EV/Sales: 0.7x · EV/GP: 11.3x (FY2027)

Tender Offers

Urgent.ly Inc. · ULY (US) · $7M · EV: $62M

Urgent.ly Inc. designs and develops a mobility assistance software platform for roadside assistance.

Agero is acquiring Urgent.ly through a cash tender offer by wholly owned subsidiary Medford Hawk at $5.50 per share. The offer expires April 25, 2026 at midnight EDT and is backed by a definitive merger agreement signed March 13, 2026. Binding merger agreement with Section 251(h) backend merger eliminates deal risk, creating straightforward arbitrage to the $5.50 offer price. Tender offer expires April 25, 2026 at midnight EDT.

Fwd P/E: 3.2x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Kezar Life Sciences · KZR (US) · $45M

Kezar develops small-molecule therapeutics for autoimmune and inflammatory diseases; early-stage clinical-stage biotech company.

Aurinia Pharmaceuticals is acquiring Kezar Life Sciences through a cash tender offer at $6.955 per share plus a contingent value right. Cash consideration $6.955 per share plus CVR for potential additional payments. Total transaction value and CVR milestone terms not disclosed. Tender offer provides immediate cash floor with upside optionality through CVR structure tied to undisclosed development milestones. Monitor for tender offer commencement announcement and CVR milestone disclosure.

Forian Inc. · FORA (US) · $65M · EV: $53M

Provides data analytics and software solutions for healthcare, cannabis, and government sectors.t business operations in my training data. I cannot provide an accurate one-sentence description without risking misinformation.

2025 Acquisition Company, LLC agreed to acquire Forian Inc. via cash tender offer through merger subsidiary Bravo Merger Sub, Inc. $2.17 per share in cash. Tender offer must commence within 10 business days and remain open for 20 business days. Cash tender offer at definitive price creates immediate arbitrage opportunity with merger agreement protection and short execution timeline. Tender offer commencement by April 16, 2026 (10 business days from agreement).

Fwd P/E: NM · EV/Sales: 1.6x · EV/GP: 3.1x (FY2026)

Tian Ge Interactive Holdings Limited · 1980.HK (HK) · $101M

Develops and publishes mobile games; leading independent game developer in Southeast Asia.

Sina Hong Kong Limited’s voluntary partial tender offer for 32.5 million shares in Tian Ge Interactive Holdings has closed its first period with valid acceptances for 10.77 million shares (0.97% of issued shares). Seeking 32.5 million shares through cash offer via advisor Yu Ming Investment Management. Offeror and concert parties already own 300 million shares (27.04%). Offer price not disclosed. Partial tender creates arbitrage opportunity if offer price trades above current market level, with offeror targeting modest 2.9% additional stake expansion from current 27% position. Monitor for offer extension terms and final acceptance levels as tender period continues.

Lemonsoft Oyj · LEMON.HE (FI) · $101M · EV: $134M

Lemonsoft Oyj designs, develops, and sells enterprise resource planning software solutions in Finland and internationally.

Rite Ventures launched a mandatory public tender offer for Lemonsoft Oyj, with the board of directors issuing a formal statement regarding the bid. Terms undisclosed. Mandatory tender offers typically indicate the acquirer has crossed ownership thresholds requiring a full bid, creating potential upside for remaining shareholders through regulatory premium requirements. Monitor for regulatory approval and detailed offer terms disclosure.

Fwd P/E: 11.6x · EV/EBITDA: 11.5x · EV/Sales: 4.0x · EV/GP: 12.6x (FY2027)

Maven Renovar VCT PLC · MRV.L (UK) · $99M

Venture capital trust providing growth funding to UK small and medium enterprises.

Maven Renovar VCT PLC announced a tender offer for its shares. Terms undisclosed. VCT tender offers typically provide liquidity for investors seeking exits from venture capital trust structures at discounts to net asset value. Monitor for full tender offer document with pricing and deadline details.

Most Kwai Chung Limited · 1716.HK (HK) · $165M · EV: $7M

Most Kwai Chung Limited, an investment holding company, provides integrated advertising and media services primarily in Hong Kong.

Brave Steed Legacy Limited is making a mandatory unconditional cash offer through Kingston Securities to acquire all remaining shares of Most Kwai Chung Limited that it does not already own. Terms undisclosed. Mandatory takeover creates arbitrage opportunity for shareholders who can tender shares at the offer price, with the company’s EV of $7M significantly below market cap of $165M implying a substantial net cash position of ~$158M. Monitor for offer price disclosure and tender deadline in the composite document.

Augmentum Fintech plc · AUGM.L (UK) · $241M · EV: $147M

Provides growth capital and support to fintech companies; specialized investor in financial technology sector.

Verdane-backed Frontier Bidco Limited continues its takeover offer for Augmentum Fintech plc under the UK Takeover Code. Terms undisclosed. Verdane targets the fintech investment specialist as private equity consolidates the asset management sector, with Augmentum’s portfolio of high-growth financial technology investments likely attractive to a long-term strategic buyer. Monitor for formal offer announcement or scheme of arrangement documentation with specific terms.

Previously: Augmentum was undergoing a going-private transaction with scheme document distributed to shareholders.

China Gas Industry Investment Holdings Co. Ltd. · 1940.HK (HK) · $242M · EV: $104M

China Gas Industry Investment Holdings Co., Ltd., an investment holding company, produces and sells industrial gas in the People’s Republic of China.

Tangde Gas Co., Limited is making a conditional mandatory cash offer through First Shanghai Securities to acquire all outstanding shares in China Gas Industry Investment Holdings Co. Ltd. that it does not already own. Terms undisclosed. The company trades at a significant discount to its net cash position (~$138M net cash vs $242M market cap), creating potential arbitrage value as the mandatory offer proceeds through regulatory approval. Monitor for composite document despatch following regulatory clearance.

Previously: China Gas Holdings announced plans to spin off its YPH U.S. subsidiary with a targeted IPO by March 2026.

Amedeo Air Four Plus Limited · AA4.L (UK) · $242M · EV: $205M

Amedeo Air Four Plus Limited specializes in acquiring, leasing and selling aircraft.

LAC 10 LLC, a wholly-owned subsidiary of Qatar-based Lesha Bank LLC, published and posted the scheme document for its recommended cash acquisition of Amedeo Air Four Plus Limited. The acquisition values AA4+ at 73 pence per share in cash, representing approximately £190 million total consideration, to be implemented via Court-sanctioned scheme of arrangement under Guernsey law. The aircraft leasing company trades at a discount to NAV, offering arbitrage opportunity as the deal progresses through regulatory approvals with unanimous board recommendation. Weiss Asset Management reduced its support from 5.4% to 2.4% of shares, potentially signaling concerns about deal completion or pricing adequacy. Monitor for Court hearing dates and shareholder meeting announcement following scheme document publication.

Fwd P/E: NM · EV/Sales: 1.3x · EV/GP: 1.3x (FY2028)

Previously: Amedeo Air Four Plus agreed to all-cash acquisition by LAC 10 LLC at 73 pence per share with unanimous board recommendation.

BioDlink International Company Limited · 1875.HK (HK) · $476M · EV: $215M

Develops infectious disease diagnostic platforms; specializes in rapid, point-of-care testing solutions.

Wuxi XDC Cayman completed voluntary conditional cash offers for BioDlink International Company Limited shares and share options, with acceptances received for 475,069,724 offer shares. Terms undisclosed. Tender offer closure creates settlement arbitrage opportunity and establishes final ownership structure following completion of the voluntary offer process. Monitor for settlement completion and public float announcement from Hong Kong Stock Exchange.

Fwd P/E: 28.1x · EV/Sales: 0.1x · EV/GP: 0.3x (FY2026)

Sturm, Ruger & Company, Inc. · RGR (US) · $654M · EV: $513M

Manufacturer of firearms and related products; leading independent U.S. gun maker with broad consumer and professional market reach.

Sturm Ruger’s board rejected Beretta Holding’s request for a poison pill exemption on March 28, formally blocking the Luxembourg gunmaker’s tender offer for up to 20.05% additional shares that would increase Beretta’s total ownership from 9.95% to 30%. Beretta offered $44.80 per share in cash for up to 20.05% of outstanding shares, representing a 20% premium to the 60-day volume-weighted average price ending March 24. Board entrenchment against strategic buyer creates asymmetric risk-reward with upside to offer price if poison pill is circumvented through proxy contest or litigation, while downside limited by Beretta’s existing 9.95% strategic stake providing valuation floor. Poison pill remains effective absent shareholder approval, and management may extract defensive concessions or seek white knight alternative that dilutes Beretta’s influence. In-person meeting between both companies April 9, followed by proxy contest at May 29 shareholder meeting where Beretta’s four director nominees face incumbent board.

Fwd P/E: 21.6x · EV/EBITDA: 5.6x · EV/Sales: 0.9x · EV/GP: 5.7x (FY2026)

Previously: Beretta launched proxy fight with four director nominees and partial tender offer explicitly requesting poison pill exemption to enable 30% ownership.

Great Lakes Dredge & Dock Corporation · GLDD (US) · $1.1B · EV: $1.3B

Dredging and marine construction services; largest U.S. dredging company serving ports and waterways.

Great Lakes Dredge & Dock filed an amended tender offer solicitation statement regarding Saltchuk Resources’ $17.00 per share cash acquisition. $17.00 per share cash offer representing $1.2 billion equity value and $1.5 billion total transaction value. Early tender deadline expired March 31, final expiration April 15, 2026. Maritime infrastructure consolidation at 19% premium to prior 60-day average, with concurrent debt tender creating full capital structure reset. Tender offer expires April 15, 2026.

Fwd P/E: 13.4x · EV/EBITDA: 9.8x · EV/Sales: 1.3x · EV/GP: 5.9x (FY2027)

Previously: Saltchuk agreed to acquire GLDD for $17.00 per share with tender offers for equity and debt both commencing March 4.

MCJ Co., Ltd. · 6670.T (JP) · $1.3B · EV: $562M

MCJ Co., Ltd. engages in the PC related and entertainment businesses in Japan.

BCPE Meta Cayman declared final tender offer terms at 2,200 yen per share for MCJ Co., Ltd. Final offer price 2,200 yen per share cash. Arbitrage opportunity if shares trade below the declared 2,200 yen final offer with BCPE having cleared major regulatory hurdles in prior months. Monitor for tender offer commencement date and expiration deadline.

Fwd P/E: 13.1x · EV/EBITDA: 4.2x · EV/Sales: 0.4x · EV/GP: 1.5x (FY2028)

Previously: BCPE Meta Cayman launched tender offer following European Commission and Australian Competition and Consumer Commission regulatory approvals.

Ferretti Group · 9638.HK (HK) · $1.7B · EV: $106M

Manufacturer of luxury motor yachts and superyachts; leading global producer across multiple premium nautical brands.

KKCG Maritime’s voluntary partial tender offer for Ferretti Group shares has attracted minimal interest, with only 28,036 shares tendered as of March 30 against a target of 52.1 million shares. Seeking 15.4% stake (52.1 million shares) at €3.90 per share, representing total consideration of approximately €203 million. Extremely low acceptance rate (0.05% of target) indicates shareholder rejection of the offer, creating potential failed deal scenario that could pressure KKCG Maritime to either withdraw or significantly increase bid terms. Board recommendation against the offer and negligible shareholder participation suggest deal failure is highly probable. Tender offer closes mid-April 2026 — two weeks remaining for KKCG Maritime to revise terms or face withdrawal.

Fwd P/E: 13.3x · EV/EBITDA: 0.6x · EV/Sales: 0.1x · EV/GP: 0.2x (FY2027)

Previously: KKCG launched tender at €3.50 per share, later raised to €3.90 with board recommending rejection.

Just Group plc · JUST.L (UK) · $3.0B · EV: $7.8B

Retirement income solutions and lifetime annuities provider; UK’s largest specialist in later-life financial products.

BWS Holdings Ltd., a wholly owned subsidiary of Brookfield Wealth Solutions Ltd., has launched a formal takeover offer for Just Group plc under the UK Takeover Code. Terms undisclosed. Brookfield’s insurance focus creates strategic value for Just Group’s defined benefit pension risk transfer and lifetime mortgage businesses, with regulatory capital expertise potentially unlocking operational efficiencies. Monitor for Rule 2.7 announcement with formal bid terms and price.

Fwd P/E: NM · EV/EBITDA: 22.8x · EV/Sales: 0.7x · EV/GP: 0.7x (FY2027)

Previously: Multiple institutional investors disclosed positions via Rule 8.3 filings with no specific offeror identified.

太陽HD · 4626.T (JP) · $3.5B · EV: $1.8B

Taiyoh Holdings; Japanese manufacturer of solder resist and other electronics materials for printed circuit boards.

KJ005 Corp announced plans to launch a tender offer for shares of Taiyo Holdings (4626.T). Terms undisclosed. Japanese tender offer announcement provides potential arbitrage opportunity once pricing and timing details are disclosed. Monitor for formal tender offer commencement filing with specific terms and timeline.

ArcellX, Inc. · ACLX (US) · $6.7B · EV: $3.7B

Develops engineered cell therapies for cancer treatment; pioneering off-the-shelf allogeneic CAR-T cell platform.

Gilead Sciences, through subsidiary Ravens Sub, filed Amendment No. 1 to its tender offer statement for ArcellX. $115.00 per share in cash plus one contingent value right worth up to $5.00 if anito-cel achieves cumulative worldwide sales exceeding $6.0 billion by December 31, 2029. CVR structure provides immediate liquidity while preserving meaningful upside exposure to commercial success of ArcellX’s lead CAR-T cell therapy program in multiple myeloma. Monitor for updated tender offer expiration date or final results filing.

Fwd P/E: NM · EV/Sales: 14.1x · EV/GP: 20.1x (FY2027)

Previously: Gilead announced definitive agreement with HSR clearance and tender offer extended to April 24.

Kuzugrup Gayrimenkul Yatırım Ortaklığı A.Ş. · N/A (TR)

Turkish real estate investment company; develops and manages residential and commercial properties.

Özen KUZU launched a mandatory tender offer for all B-group shares of Kuzugrup Gayrimenkul Yatırım Ortaklığı following his indirect acquisition of all A-group privileged shares that provide management control. Offer price 22.89 TL per share (1 TL nominal value). Tender period March 26-April 8, 2026. Minority shareholders face binary decision on fixed-price exit before control change becomes permanent — no market alternative once tender expires. Tender offer expires April 8, 2026 at 5:00 PM local time — nine days remaining.

Capricorn Energy plc · CNE.L (UK)

Oil and gas explorer and producer; operates assets in the North Sea and West Africa.

Alamadiyaf al-Masiyyah for Trading LLC, a Cafani Group member, initiated a takeover offer for Capricorn Energy under UK Takeover Code Rule 2.4. Terms undisclosed. Cafani Group’s pursuit of this North Sea oil and gas producer offers exposure to potential asset monetization or operational synergies within an established regional energy conglomerate. Rule 2.6 deadline April 8 at 17:00 BST — bidder must announce firm intention to make offer or withdraw.

Fwd P/E: NM · EV/EBITDA: 0.7x · EV/Sales: 0.3x · EV/GP: 1.2x (FY2027)

티케이지애강 · 022220.KQ (KR)

Korean steel processing and distribution company.

티케이지태광 filed tender offer documentation for 티케이지애강 with South Korea’s DART system. Terms undisclosed. Korean tender offers often involve parent companies consolidating subsidiary holdings or strategic buyers acquiring control positions at regulated pricing. Monitor for tender offer commencement announcement with specific pricing and acceptance period.

E’grand Co Ltd · 3294.T (JP)

Hotel and resort operator; develops and manages hospitality properties across Japan.

Seibu Holdings launched a tender offer for E’grand shares at a 150% premium to the last closing price. Offer price represents 2.5x E’grand’s last closing price. Specific offer price per share not disclosed. Massive 150% premium creates significant arbitrage opportunity if tender succeeds, with railway operator Seibu potentially seeking hospitality synergies. Monitor for tender offer acceptance period timeline and minimum acceptance conditions in formal offer documents.

Sankei Real Estate Investment Corporation · 2972.T (JP)

Japanese REIT focused on office and commercial properties in major metropolitan areas.

Sankei Real Estate Investment Corporation filed a corrected tender offer opinion statement with Japan’s EDINET disclosure system, indicating the REIT’s board has updated its formal response to a pending tender offer. Terms undisclosed. Japanese REITs typically trade at discounts to NAV, creating opportunities when sponsors or external parties launch tender offers to take them private at premiums to market prices. Monitor for disclosure of the tender offer terms and Sankei’s board recommendation through EDINET filings.

Going-Private

Farmer Bros. Co. · FARM (US) · $27M · EV: $76M

Supplier of coffee, tea, and related products; serves foodservice and retail channels.

Royal Cup, an affiliate of Braemont Capital Management, is acquiring Farmer Bros. through a merger agreement. $1.29 per share in cash. Board unanimously approved. Private equity buyout at definitive price with unanimous board support provides certainty for shareholders of specialty coffee distributor facing ongoing margin pressures. Special stockholder meeting May 1, 2026 to vote on merger agreement.

Fwd P/E: NM · EV/EBITDA: 5.3x · EV/Sales: 0.2x · EV/GP: 0.5x (FY2027)

KORE Group Holdings · KORE (US) · $159M

IoT connectivity and solutions provider; serves enterprise clients with wireless connectivity and device management platforms.

KORE Group Holdings has agreed to be acquired by an undisclosed counterparty in an all-cash transaction. $9.25 cash per share, expected close Q2-Q3 2026. Clear cash exit at $9.25 provides defined value realization with potential arbitrage opportunity given the disclosed timeline. Monitor for merger agreement filing disclosing acquirer identity and deal conditions.

Quipt Home Medical Corp. · QIPT (US) · $162M · EV: $219M

Supplier of home medical equipment and respiratory devices; serves Canadian patients and healthcare providers.

Kingswood Capital Management and Forager Capital Management are acquiring all outstanding shares of Quipt Home Medical Corp for $3.65 per share in cash under a plan of arrangement. $3.65 per share in cash, representing a 54% premium to 30-day VWAP as of December 12, 2025. Requires approval from 66⅔% of votes cast and a simple majority excluding interested parties. Premium buyout of respiratory care equipment provider offers arbitrage spread with deal completion dependent on shareholder approval at imminent meeting. Shareholder vote March 3, 2026 at 10:00 a.m. EST on arrangement resolution.

Fwd P/E: NM · EV/EBITDA: 3.0x · EV/Sales: 0.7x · EV/GP: 1.0x (FY2027)

Marine Products Corporation · MPX (US) · $253M · EV: $263M

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide.

Marine Products Corporation filed a DEFM 14A proxy statement regarding a merger transaction. Deal details not available in source material. Going-private transactions in recreational marine equipment sector offer potential premium to public market valuations amid industry consolidation trends. Monitor for full proxy statement details and shareholder meeting date.

Fwd P/E: 14.4x · EV/EBITDA: 8.5x · EV/Sales: 1.0x · EV/GP: 5.0x (FY2026)

European Wax Center, Inc. · EWCZ (US) · $317M · EV: $455M

Operator of waxing salons offering hair removal services; largest U.S. franchise-based waxing chain.

European Wax Center filed a definitive merger proxy statement (DEF 14A) for its going-private transaction. Terms undisclosed in available source material. The proxy filing marks progression toward shareholder vote on the previously announced $5.80 per share sponsor-led buyout backed by General Atlantic. Monitor for shareholder meeting date announcement in the proxy statement.

Fwd P/E: 7.8x · EV/EBITDA: 5.9x · EV/Sales: 2.1x · EV/GP: 2.8x (FY2028)

Previously: sponsor-led buyout announced at $5.80 per share with limited details available.

Yomeishu Seizo Co Ltd · 2540.T (JP) · $351M

Japanese herbal liqueur manufacturer; leading producer of traditional medicinal alcoholic beverages in Japan.

Yomeishu Seizo has set a record date for an extraordinary general meeting related to Reno Holdings’ tender offer and privatization plan. Terms undisclosed. Going private transaction offers minority shareholders potential exit at premium to current trading levels through formal tender offer mechanism. Monitor for extraordinary general meeting announcement and shareholder vote schedule following record date setting.

Enhabit, Inc. · EHAB (US) · $710M · EV: $925M

Enhabit, Inc. provides home health and hospice services in the United States.

Enhabit filed a preliminary proxy statement for stockholder vote on its acquisition by Kinderhook Industries-affiliated entities through merger subsidiary Anchor Parent. Terms undisclosed. Proxy filing advances previously announced $1.1 billion going-private transaction, creating arbitrage opportunity as deal moves toward stockholder approval. Monitor for definitive proxy with special meeting date and closing timeline details.

Fwd P/E: 21.9x · EV/EBITDA: 23.2x · EV/Sales: 0.8x · EV/GP: 1.7x (FY2027)

Previously: Kinderhook Industries agreed to acquire the home health services provider for $13.80 per share in cash.

Société de la Tour Eiffel · EIFF.PA (FR) · $1.2B · EV: $1.1B

Société de la Tour Eiffel is an integrated commercial real estate company with €1.9 bn in assets and a powerful service culture.

SMABTP Group has proposed a public tender offer to take private its subsidiary Société de la Tour Eiffel and delist the company. Tender offer at €8.2 per share cash. Parent company take-private offers arbitrage opportunity for shareholders holding below the fixed tender price of €8.2. Monitor for tender offer commencement date and regulatory filings.

Fwd P/E: 31.2x · EV/EBITDA: 27.0x · EV/Sales: 10.1x (FY2027)

OneStream Inc. · OS (US) · $5.9B · EV: $7.6B

Corporate performance management software platform; unified solution for financial planning, consolidation, and reporting.

OneStream Inc. is being taken private by Onward AcquireCo Inc. through a two-step merger structure completed April 1, 2026. Shareholders receive $24.00 per share in cash. Deal provides straightforward arbitrage opportunity for any shares trading below the $24 cash payout price. Transaction completed April 1, 2026.

Fwd P/E: 53.9x · EV/Sales: 8.9x · EV/GP: 13.0x (FY2027)

Clearwater Analytics Holdings, Inc. · CWAN (US) · $7.0B · EV: $7.3B

Provides cloud-based software for investment accounting and reporting; serves asset managers globally.

Clearwater Analytics filed an amended Schedule 13E-3 for its going-private transaction with GT Silver BidCo, a consortium led by Permira, Warburg Pincus, Francisco Partners, and Temasek. $24.55 per share in cash for Class A common stock. Standard going-private transaction with minimal spread, backed by established private equity consortium offering predictable closure timeline and regulatory process. Monitor for merger proxy statement and shareholder meeting announcement.

Fwd P/E: 27.0x · EV/EBITDA: NM · EV/Sales: 6.6x · EV/GP: 9.7x (FY2027)

Previously: Clearwater Analytics was being taken private by a Permira-led group at $24.55 per share.

Dillard’s, Inc. · DDS (US) · $8.9B · EV: $9.2B

Department store operator; traditional regional retail chain offering apparel, home goods, and accessories across the U.S.

Dillard’s and W.D. Company executed Amendment No. 1 to their merger agreement, modifying cost-sharing arrangements for proxy filing fees and performance compliance requirements. Terms undisclosed. Going-private transaction progresses toward closing with amended deal mechanics, creating potential arbitrage opportunity as shareholder approval process advances. Monitor for preliminary proxy statement filing with SEC.

Fwd P/E: 17.1x · EV/EBITDA: 8.3x · EV/Sales: 1.4x · EV/GP: 3.7x (FY2028)

Hudson’s Bay Company · HBC.TO (CA)

Canadian department store retailer operating flagship stores across major Canadian cities.

Hudson’s Bay Company chairman Richard Baker’s group (Rupert Acquisition) offered to take the retailer private at C$10.30 per share while activist Catalyst Capital filed a competing proposal and challenged the transaction before the Ontario Securities Commission. Baker’s group offers C$10.30 per share for total value of C$1.90 billion (US$1.45 billion), up from original June proposal of C$9.45 per share. Catalyst’s competing terms not disclosed. Contested privatization creates potential for bid escalation as Catalyst challenges deal structure and valuation while Baker’s group controls 57% stake, setting up regulatory showdown that could force higher pricing or block transaction entirely. Baker’s controlling 57% position gives his group significant leverage to reject competing proposals, while Catalyst’s ability to finance a superior offer remains unproven according to the special committee’s assessment. Ontario Securities Commission hearing on Catalyst’s challenge to determine if shareholder vote can proceed as scheduled.

Previously: Catalyst Capital launched competing bid of $10.11 per share to escalate opposition against Baker’s privatization offer.

Issuer Tenders

Sangoma Technologies Corporation · STC.TO (CA) · $131M · EV: $234M

Provider of cloud-based communications and customer engagement software; serves mid-market enterprises.

Sangoma Technologies renewed its normal course issuer bid program for 12 months beginning April 6, 2026. The company can repurchase up to 1,663,939 shares (5% of outstanding) at market price through April 5, 2027, with daily purchases limited to 6,211 shares (25% of average daily trading volume). Management signals confidence in undervalued shares while maintaining financial flexibility for strategic alternatives, with prior NCIB performance showing 710,435 shares repurchased at C$7.52 average price. Monitor for quarterly purchase updates and strategic alternative developments.

Fwd P/E: NM · EV/EBITDA: 17.2x · EV/Sales: 1.1x · EV/GP: 1.6x (FY2027)

Morgan Stanley China A Share Fund, Inc. · CAF (US) · $287M · EV: $290M

Closed-end fund investing in Chinese A-share equities; provides US investors access to mainland China’s stock market.

Morgan Stanley China A Share Fund filed an amended issuer tender offer document, modifying previously disclosed terms. Terms undisclosed. Closed-end fund tender offers typically trade at discounts to NAV, creating potential arbitrage if the offer price exceeds current market levels. Monitor for definitive tender offer document disclosing amended terms and pricing.

Getty Images Holdings, Inc. · GETY (US) · $329M · EV: $1.2B

Licensor of stock photos, videos, and creative content; largest visual content platform globally.

Getty Images Holdings has completed a tender offer to exchange certain outstanding employee stock options for new options. Terms undisclosed. Option exchanges typically extend vesting periods or adjust strike prices to retain talent while potentially reducing dilution from underwater options. Monitor for upcoming quarterly filing to assess impact on diluted share count and option-related expense.

Fwd P/E: 19.1x · EV/EBITDA: 4.4x · EV/Sales: 1.2x · EV/GP: 1.8x (FY2027)

Rocket Pharmaceuticals, Inc. · RCKT (US) · $385M · EV: $337M

Develops gene therapy treatments for rare genetic diseases; focused on ex vivo lentiviral vector therapies.

Rocket Pharmaceuticals filed a preliminary Schedule TO for a stock option exchange program allowing non-executive employees to exchange underwater options for new options on an approximately value-neutral basis. Terms undisclosed. Option exchanges can reduce employee dilution while realigning workforce incentives with current valuation levels, potentially improving operational performance without additional cash expense. Value-neutral exchanges may still dilute shareholders if new options have lower exercise prices, and program success depends on employee participation rates. Monitor for formal tender offer commencement and definitive Schedule TO filing with program details.

Fwd P/E: NM · EV/Sales: 17.0x (FY2027)

Scholastic Corporation · SCHL (US) · $985M · EV: $728M

Educational publisher and distributor of books, digital content, and classroom materials; leading supplier to U.S. schools.

Scholastic Corporation filed Amendment No. 1 to its Dutch auction tender offer to repurchase up to $200 million of common stock. Price range $36.00 to $40.00 per share, approximately 25% of outstanding shares, expires April 20, 2026 at 5:00 p.m. Self-tender near the top of price range creates limited-risk arbitrage opportunity for shareholders who tender at $40.00 ceiling while stock trades below that level. Tender offer expires April 20, 2026 at 5:00 p.m.

Fwd P/E: 14.0x · EV/EBITDA: 5.3x · EV/Sales: 0.4x · EV/GP: 0.8x (FY2027)

Previously: Company announced the modified Dutch auction tender with no minimum tender or financing conditions.

Wix.com Ltd. · WIX (US) · $4.7B · EV: $7.0B

Cloud-based website builder and hosting platform; leading DIY website creation tool for small businesses and individuals.

Wix.com announced preliminary results of its modified Dutch auction tender offer for share repurchases. Details were not available in the source text. Preliminary results indicate completion of the Dutch auction process for the $1.72 billion tender offer targeting 18.7 million shares, with final settlement likely reducing share count by nearly one-third. Monitor for final settlement announcement and actual shares repurchased.

Fwd P/E: 10.6x · EV/Sales: 2.7x · EV/GP: 4.0x (FY2027)

Previously: Wix announced a $1.72 billion modified Dutch auction tender offer to repurchase 18.7 million shares.

Deutsche Bank AG · DB (US) · $56.0B · EV: $163.8B

Global investment and commercial bank providing capital markets, wealth management, and corporate banking services; major European financial institution.

Deutsche Bank launched a public tender offer for eleven series of its Mortgage Pfandbriefe securities. Terms undisclosed. The self-tender indicates balance sheet optimization as the bank seeks to retire specific mortgage-backed bond series, potentially reducing funding costs or adjusting asset-liability matching. Monitor for tender offer documentation filing with specific terms and expiration date.

Fwd P/E: 7.6x (FY2027)

ACSO · ACSO.L (UK)

UK technology services company providing managed IT solutions and cybersecurity services.

ACSO completed a £20 million tender offer since year-end as part of ongoing share repurchase activity spanning the past 15 months. Terms undisclosed. The company maintains a strong balance sheet with £30.5 million net cash and has returned £56.1 million to shareholders through tenders and buybacks since its 2021 IPO at 155p per share. Consistent buyback activity at significant discount to intrinsic value provides ongoing price support while reducing share count, benefiting remaining shareholders. Monitor for additional tender offers or buyback announcements.

Fwd P/E: NM · EV/EBITDA: 40.0x · EV/Sales: 1.2x · EV/GP: 1.5x (FY2027)

Rights Offerings

Bloomia Holdings Inc. · TULP (US) · $7M · EV: $121M

Lendway, Inc. engages in the provision of in-store and digital advertising solutions.

Bloomia Holdings announced preliminary results of its rights offering. Terms not available in source text. Rights offering was structured to enable debt paydown and settlement of seller’s note at substantial discount, potentially improving capital structure for shareholders who participated. Monitor for final results filing with subscription totals and use of proceeds.

Previously: Company completed name change from Lendway and announced $15.5M rights offering with March 27 expiration to fund debt reduction and discounted seller’s note settlement.

Aptamer Group plc · APTA.L (UK) · $21M · EV: $9M

Develops aptamer-based diagnostic and therapeutic products; leader in aptamer technology platform for precision medicine applications.

Aptamer Group completed a £4.5 million capital raise through a Placing, Subscription and Retail Offer, with the Retail Offer portion raising £274,000 through 45.7 million shares at 0.6p per share. Total raise £4.5 million with £3.1 million conditional on shareholder approval at General Meeting April 13, 2026. Retail Offer: 45,665,573 shares at 0.6p per share for £274,000. Synthetic binder developer addresses funding needs but faces execution risk with 69% of proceeds contingent on shareholder approval, creating binary outcome for operational funding. General Meeting April 13, 2026 — two weeks away for shareholder approval of conditional £3.1 million.

Fwd P/E: 6.7x · EV/Sales: 0.4x · EV/GP: 1.3x (FY2026)

Mkango Resources Ltd · MKA.L (UK) · $179M · EV: $36M

Rare earth elements and minerals developer; advancing separation technology for critical materials processing.

Mkango Resources launched a conditional retail offering of new common shares via RetailBook platform at 33 pence per share. Issue price 33 pence per share represents 14.5% discount to AIM closing mid-price on March 31, 2026. Minimum subscription £250. Available to existing shareholders and new UK investors through RetailBook’s partner network. Capital raise at meaningful discount provides arbitrage opportunity for retail investors while company maintains dual listing strategy ahead of planned Nasdaq debut through SPAC transaction. Monitor for completion of retail offering and progress on Crown PropTech SPAC merger targeting September 2026 deadline.

Previously: Subsidiary filed confidential Form F-4 for Crown PropTech SPAC deal with $400M pro forma valuation and Nasdaq listing plans.

Optima Health plc · OPT.L (UK) · $212M · EV: $125M

UK occupational health services provider; delivers workplace health assessments and employee wellness programs.

Optima Health launched an underwritten open offer to raise £35 million at 175 pence per share, offering 1 new share for every 4.439 existing shares held. Issue price 175 pence per share, up to 19,999,149 new shares, 1-for-4.439 ratio to existing holders, excess application facility available. Dilutive equity raise creates arbitrage opportunity between current share price and 175p offer price, with underwritten structure providing execution certainty for the full £35 million. Monitor for open offer closing date and general meeting approval of the equity raise.

Fwd P/E: NM · EV/EBITDA: 6.7x · EV/Sales: 0.7x · EV/GP: 2.1x (FY2028)

Mutares SE & Co. KGaA · MUX.DE (DE) · $699M · EV: $1.7B

Acquires and operationally improves mid-market industrial and specialty businesses; buy-and-build platform focused on European SMEs.

Mutares SE & Co. KGaA launched a rights offering to issue up to 4.27 million new shares with pre-placement to institutional investors. Up to EUR 105 million gross proceeds from 20% capital increase, with subscription period April 8-21, 2026 and 16% discount to theoretical ex-rights price for institutional pre-placement. Rights offering at significant discount creates arbitrage opportunity for shareholders who can subscribe to new shares at below-market pricing while company funds U.S. acquisition strategy. Subscription period opens April 8, 2026.

Fwd P/E: NM · EV/EBITDA: 1.8x · EV/Sales: 0.2x · EV/GP: 4.8x (FY2027)

The Gabelli Equity Trust Inc. · GAB (US) · $1.7B · EV: $2.0B

Closed-end investment fund providing equity exposure; actively managed portfolio with value-oriented strategy.

The Gabelli Equity Trust reduced the subscription price for its rights offering from $5.50 to $5.00 per share and extended the expiration date to April 21, 2026. Ten rights enable shareholders to purchase one additional share at $5.00 per share, with over-subscription privileges available. Previous broker subscriptions cancelled and must be resubmitted at the new price. The price reduction to below current trading levels increases the likelihood of full subscription while creating potential arbitrage opportunities for rights holders who can capture the discount. Rights offering expires April 21, 2026 at 5:00 PM Eastern Time.

Lunit Inc. · 328130.KS (KR)

Develops AI-powered medical imaging software for cancer detection; leader in radiology AI diagnostics.

Lunit announced a rights offering to raise up to ₩250 billion ($165 million), with preliminary proceeds now estimated at ₩211.5 billion ($140 million) following shareholder approval at the annual meeting. Rights offering proceeds estimated at ₩211.5 billion ($140 million) with final pricing on April 17, 2026. Maximum offering size ₩250 billion ($165 million). The offering removes ₩197 billion ($130 million) put option risk from convertible bonds used to acquire Volpara Health, eliminating forced redemption pressure from short-duration bondholders and moving the company toward break-even. Shareholders expressed concerns about dilution and limited management participation in the offering, with convertible bond overhang creating additional equity valuation complexity. Final rights offering price set April 17, 2026.

PetroVietnam General Services Corporation · PET (INTL)

Vietnamese state-affiliated company providing technical services and equipment to the oil and gas industry.

PetroVietnam General Services Corporation announces plans to triple charter capital from VND1.07 trillion to VND2.6 trillion through 5% stock dividend, 40% bonus shares, and 1:1 rights offering. Rights offering of 106.7 million shares at VND10,000 per share raising VND1 trillion ($37.97 million). Total dilution of 45% from combined issuances. Bonus/dividend shares to be issued Q2-Q3 pending regulatory approval. Forced selling from non-participating shareholders creates downward pressure while company pivots from services into higher-margin infrastructure and real estate development requiring significant capital investment. Massive dilution and capital deployment into unfamiliar infrastructure sector risks destroying shareholder value if execution falters or real estate cycle turns. Monitor for regulatory approval of bonus/dividend issuance expected Q2-Q3 2026.

Clobot Co., Ltd. · 466100.KS (KR)

Korean robotics company developing autonomous mobile robots for commercial and industrial applications.

Clobot is preparing to complete a rights offering of 5.49 million common shares representing 22% of outstanding shares. Rights offering priced at ₩36,400 per share, a 29.3% discount to the ₩51,500 closing price. Total proceeds ₩200 billion. Rights offering at steep discount creates arbitrage opportunity as shares trade above offering price, with downward pressure likely as dilution approaches. Monitor for rights offering completion date and subscription results.

Restructuring

BioCorRx Inc. · BICX (OTC) · $8M · EV: $7M

BioCorRx Inc., through its subsidiaries, develops and provides treatment programs for substance abuse and related disorders in the United States.

BioCorRx Inc. entered into a stock exchange agreement to acquire control of subsidiary BioCorRx Pharmaceuticals through a tax-free reorganization under Section 368(a)(1)(B). Terms undisclosed. Parent seeks to simplify corporate structure by consolidating control of its majority-owned subsidiary through a tax-efficient internal reorganization that avoids cash outlays. Closing scheduled for March 26, 2026.

EV/Sales: 5.8x (FY2027)

Maxeon Solar Technologies, Ltd. · MAXN (US) · $12M · EV: $345M

Manufacturer of high-efficiency solar panels; premium residential and commercial solar solutions provider.

Maxeon Solar Technologies has applied to be placed under judicial management in Singapore following continued financial distress. Terms undisclosed. Judicial management represents a formal insolvency process that could lead to court-supervised restructuring or liquidation, with equity holders facing potential total loss in a liquidation scenario. The company faces over $70 million in customer legal claims due to U.S. Customs & Border Protection blocking product shipments, preventing cash flow generation and contract fulfillment. Monitor for Singapore court ruling on judicial management application.

Fwd P/E: NM · EV/Sales: 0.3x (FY2026)

Canacol Energy Ltd. · CNE.TO (CA) · $37M · EV: $531M

Explores and produces oil and natural gas in Colombia; independent upstream energy producer.

Canacol Energy filed for Chapter 15 bankruptcy protection in New York to recognize its Canadian CCAA proceeding, with KPMG Inc. serving as foreign representative. Terms undisclosed. Colombian natural gas producer entering formal restructuring process creates recovery scenario for distressed energy equity, with Chapter 15 protection preserving U.S. assets while company develops plan of arrangement. Restructuring plan could result in significant equity dilution or debt-to-equity conversion that substantially impairs existing shareholders. Recognition hearing scheduled December 11, 2025 at 11:00 a.m. ET in U.S. Bankruptcy Court for Southern District of New York.

Fwd P/E: 0.5x · EV/EBITDA: 3.7x · EV/Sales: 2.2x · EV/GP: 2.8x (FY2027)

New Fortress Energy Inc. · NFE (US) · $162M

Liquefied natural gas infrastructure and energy solutions provider; leading developer of small-scale LNG terminals globally.

New Fortress Energy has secured overwhelming creditor support for its UK Restructuring Plan covering approximately $5.8 billion of debt, with over 95% of lenders backing the consensual restructuring. Creditor support includes 93% of 2026 Legacy Notes holders, 87% of 2029 Legacy Notes holders, 98% of 2029 New Notes holders, 100% of Term Loan A lenders, 88% of Term Loan B lenders, and 100% of Revolving Credit Facility lenders. The exceptionally high creditor approval rate reduces execution risk and suggests potential equity value preservation in the restructuring compared to traditional Chapter 11 proceedings. Early consent deadline extended to April 8, 2026, with UK RP process launch expected in April and completion targeted for Q3 2026.

Fwd P/E: 0.9x · EV/EBITDA: 30.5x · EV/Sales: 3.8x · EV/GP: 8.2x (FY2027)

Previously: Company announced separation of Brazilian operations into standalone BrazilCo entity as part of broader recapitalization via UK Restructuring Plan.

HEG Limited · HEG.NS (IN) · $1.1B · EV: $1.1B

Graphite electrode manufacturer; leading producer serving global steel and foundry industries.

HEG Limited will convene shareholder and creditor meetings on May 5, 2026, to vote on a Composite Scheme of Arrangement that demerges graphite electrode operations into HEG Graphite Limited and merges power assets through Bhilwara Energy Limited. Terms undisclosed. The restructuring aims to create operational efficiencies by separating industrial and energy assets into distinct entities, potentially unlocking value through improved operational focus and creating multiple listed platforms. Success requires approval from multiple stakeholder classes and final NCLT sanction, with any rejection potentially derailing the entire restructuring timeline. Shareholder and creditor votes scheduled May 5, 2026, with remote e-voting available May 1-4, 2026.

Fwd P/E: 17.3x · EV/EBITDA: 10.9x · EV/Sales: 2.4x · EV/GP: 7.1x (FY2028)

Braskem SA · BAK (US) · $1.4B

Produces plastics and chemical products; largest petrochemical company in Latin America.

Braskem SA management disclosed on its Q4 2025 earnings call that subsidiary Braskem Idesa faces potential Chapter 11 filing after bond default and credit rating downgrade to D. Terms undisclosed. Parent company restructuring accelerates amid subsidiary distress — creates forced-seller dynamics that could unlock value through asset rationalization while subsidiary Chapter 11 would ring-fence liabilities and preserve operational control. Consolidated balance sheet exposure from subsidiary default could trigger cross-default provisions or covenant breaches at the parent level, potentially forcing broader Chapter 11 filing. Monitor for Braskem Idesa Chapter 11 filing decision and Q1 2026 earnings guidance on parent restructuring timeline.

Fwd P/E: NM · EV/EBITDA: 9.7x · EV/Sales: 0.8x · EV/GP: 36.3x (FY2027)

Previously: Braskem’s 2025 audit flagged going-concern risk amid heavy losses, with auditors questioning the company’s ability to continue operations without management intervention.

Polestar Automotive Holding UK PLC · PSNY (US) · $1.4B · EV: $6.5B

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.

Snita Holding B.V. agreed to convert approximately $339 million of outstanding debt owed by Polestar under its Term Loan Facility into equity. Debt-to-equity conversion of $339 million with extension of maturity on remaining $726 million loan principal under Third Facility Amendment. Debt reduction improves capital structure while diluting existing shareholders through new equity issuance, potentially stabilizing the EV manufacturer’s balance sheet amid industry headwinds. Conversion dilutes existing equity holders and signals continued financial stress requiring creditor accommodation. Monitor for completion of debt conversion and any additional facility amendments.

Fwd P/E: NM · EV/Sales: 1.1x (FY2027)

Brookfield Business Partners L.P. · BBU (US) · $2.8B

Operates diversified business services and infrastructure assets; global platform with focus on essential services.

Brookfield Business Partners announced completion of required approvals for corporate simplification to convert into one publicly traded Canadian corporation. Court-approved plan of arrangement becomes effective March 27, 2026, with all BBU units and BBUC shares exchanging one-for-one for new Class A shares of Brookfield Business Corporation. Corporate simplification eliminates dual-entity structure, with management expecting improved trading liquidity and broader index inclusion to expand institutional investor base. New Class A shares commence trading under BBUC symbol on NYSE and TSX March 31, 2026.

Fwd P/E: 13.2x · EV/EBITDA: 21.5x · EV/Sales: 3.3x · EV/GP: 16.8x (FY2027)

Weatherford International plc · WFRD (US) · $6.8B · EV: $6.4B

Oilfield equipment and services provider; global leader in well construction and production solutions.

Weatherford International filed preliminary proxy materials for a Court Meeting and Annual General Meeting scheduled for June 2026, seeking shareholder approval for a Scheme of Arrangement Implementation Proposal involving share issuance to affiliated entity Weatherford-US. The scheme includes capital reduction measures and authorization for the Board to issue shares to Weatherford-US through application of reserves, with specific financial terms undisclosed. The restructuring appears designed to streamline the corporate structure between Weatherford International and its US affiliate, potentially improving operational efficiency and capital allocation flexibility. Court Meeting and Annual General Meeting votes scheduled for June 2026, with advance voting deadline at 11:59 p.m. Eastern Time on an unspecified June date.

Fwd P/E: 13.8x · EV/EBITDA: 4.0x · EV/Sales: 1.3x · EV/GP: 5.8x (FY2027)

Centene Corporation · CNC (US) · $17.2B · EV: $21.1B

Managed healthcare and Medicaid services provider; largest U.S. Medicaid managed care company.

Centene Corporation’s North Carolina subsidiaries Carolina Complete Health and WellCare of North Carolina completed their merger after receiving regulatory approval, operating under the Carolina Complete Health brand. Terms undisclosed. Internal consolidation creates operational scale with over 980,000 members across Medicaid, Medicare and Marketplace programs plus 240,000 in Behavioral Health plans, potentially driving cost synergies and administrative efficiencies in Centene’s largest state market. Monitor for Q2 2026 earnings commentary on integration progress and cost savings realization.

Fwd P/E: 8.7x · EV/EBITDA: 5.2x · EV/Sales: 0.1x · EV/GP: 0.9x (FY2027)

QVC Group Inc. · QVCG (INTL)

Home shopping network operator; largest TV shopping platform in North America.

QVC Group has delayed filing its annual report amid going-concern risks that indicate potential financial distress. Terms undisclosed. Going-concern qualification signals distressed restructuring opportunity with potential bankruptcy filing creating equity value uncertainty and possible recovery play. Filing delays compound liquidity concerns and may trigger covenant violations or accelerate debt maturities. Monitor for 10-K filing or bankruptcy filing within required extensions.

TPI Composites, Inc. · TPICQ (OTC)

Manufacturer of composite wind turbine blades and structures; leading independent supplier to global wind energy industry.

TPI Composites filed for Chapter 11 bankruptcy in Texas to pursue comprehensive restructuring, with senior secured lender Oaktree Capital providing debtor-in-possession financing support. Oaktree agreed to provide up to $82.5 million in DIP financing including $27.5 million in new money and $55 million rolled from existing credit facility, plus approximately $50 million in cash collateral use. Wind blade manufacturer’s bankruptcy creates restructuring opportunity where equity recovery depends on plan of reorganization terms and asset valuations amid industry-wide pressures. Monitor for plan of reorganization filing and confirmation hearing schedule.

EV/Sales: 0.3x (FY2027)

Previously: Asset sales to Vestas totaling $24M plus liability transfers pending court approval.

Virtuix Holdings Inc. · VTX (INTL)

Developer of VR treadmill hardware and software; enables immersive omnidirectional locomotion in virtual reality experiences.

Virtuix Holdings entered into an Exchange Agreement with Streeterville Capital on March 31, 2026, restructuring $2.68 million in subordinated promissory notes. Streeterville acquired outstanding 2024 Subordinated Promissory Notes totaling $2,681,718.42 and exchanged them for a new promissory note bearing 6% interest compounded daily, maturing July 1, 2027. The restructuring reduces interest burden from 18% to 6% and extends maturity by 15 months, providing immediate liquidity relief though at the cost of diluting shareholders through the exchange mechanism. Monitor for additional debt restructuring filings as the company addresses its broader capital structure.

Borealis Foods Inc. · BRLS (US)

Develops and manufactures instant ramen and plant-based noodle products for North American retail and foodservice markets.

Borealis Foods entered a forbearance agreement with its lender on March 27, 2026, to avoid immediate enforcement of $16.1 million in outstanding obligations plus accrued interest. Outstanding debt of $16.1 million plus interest accruing at default rates since December 2025, forbearance fee of $50,000, $600,000 general reserve imposed, and increased applicable margin to 6.50%-6.75% per annum. Distressed credit situation with mandatory operational milestones creates near-term binary outcomes where missed deadlines trigger immediate lender remedies and potential insolvency proceedings. No new lending available during forbearance period limits financial flexibility, while default rate interest accumulation increases debt burden daily. Refinancing plan delivery deadline April 9, 2026, with forbearance period ending on unspecified outside date.

LeddarTech Holdings Inc. · LDTC (US) · $6M · EV: $95M

LeddarTech develops solid-state automotive LiDAR sensors; leading independent supplier for autonomous vehicle perception systems.

LeddarTech Holdings announced its intention to file for bankruptcy under Canada’s Bankruptcy and Insolvency Act after failing to find an acquirer during strategic review and receiving a default notice on its bridge financing. Terms undisclosed. Complete equity wipeout as the company explicitly warned shareholders they will receive little to no value in bankruptcy proceedings. The company has ceased operations and lacks sufficient capital to continue as a going concern. Monitor for formal bankruptcy filing with Raymond Chabot Inc. as expected trustee.

Fwd P/E: NM · EV/Sales: 2.9x · EV/GP: 2.9x (FY2027)

Liquidations

Allbirds, Inc. · BIRD (US) · $21M · EV: $46M

Makes sustainable footwear and apparel; known for eco-friendly materials and direct-to-consumer model.

Allbirds signed a definitive agreement to sell its intellectual property and select assets to American Exchange Group for $39 million. Purchase price $39 million. Transaction expected to close Q2 2026 subject to shareholder approval. Company dissolution and net proceeds distribution to shareholders planned Q3 2026. Complete liquidation provides shareholders with asset sale proceeds plus any remaining cash after wind-down expenses, representing full recovery of company value. Proxy statement seeking shareholder approval expected by April 24, 2026.

Fwd P/E: NM · EV/Sales: 0.3x · EV/GP: 0.6x (FY2027)

Previously: Allbirds agreed to sell substantially all assets to American Exchange Group with expected Q2 2026 closing pending shareholder approval.

Stratus Properties Inc. · STRS (US) · $249M

Real estate developer focused on master-planned communities; specializes in mixed-use residential and commercial projects.

Stratus Properties’ board unanimously approved a complete liquidation and dissolution plan following conclusion of a strategic review with external advisors. Terms subject to shareholder approval. Company will monetize assets and distribute proceeds to shareholders upon approval. Liquidation could unlock significant value from real estate portfolio, with recent Kingwood Place sale realizing $60.8 million in January 2026 providing precedent for asset monetization capability. Distribution timing and amounts depend on asset sale execution in potentially challenging commercial real estate environment. Shareholder vote on liquidation plan — date not yet announced.

Home REIT plc · HOME.L (UK) · $401M · EV: $493M

Acquires and lets residential properties to local housing authorities; specialist provider of supported housing in UK.

Home REIT completed disposal of 706 properties to Patron Capital and continues managed wind-down with plans for capital return through liquidation process. Gross purchase price £123 million with £94.2 million net proceeds received and additional £25 million deferred payment due April 1, 2027. Remaining 115 properties valued at £17.35 million expected to sell in first half 2026. REIT liquidation offers recovery play as asset disposal program advances with 80%+ of portfolio monetized at or near August 2025 valuations, though ultimate shareholder recovery depends on remaining property sales and litigation resolution. Monitor for completion of remaining property sales in H1 2026 and announcement of capital return mechanism timing.

Edinburgh Worldwide Investment Trust · EWI.L (UK) · $1.0B · EV: $1.0B

Global investment trust investing in smaller companies worldwide; long-established fund with international equity focus.

Edinburgh Worldwide Investment Trust unveiled its exit plan following an extended battle with activist shareholder Saba Capital Management. Terms undisclosed. Investment trust liquidation offers shareholders exit opportunity at asset value before potential activist takeover, with the board warning Saba’s voting stake has increased to 46.8% and positioned to seize control. Monitor for detailed liquidation terms and timeline disclosure.

Previously: Board offered 100% tender to wind up trust with April 16 deadline after Saba’s voting share jumped to 46.8%, despite shareholders previously rejecting activist’s proposals by over 90% margins.

Spin-Offs

Leoch International Technology Limited · 0842.HK (HK) · $101M · EV: $837M

Manufacturer of lead-acid and lithium batteries; global supplier for power backup and energy storage applications.

Leoch International Technology Limited provided an update on its proposed spin-off and distribution plan. Terms undisclosed. Spin-off could unlock value through sum-of-parts realization or allow management to focus resources on core operations versus diversified business segments. Monitor for detailed circular or scheme document filing with transaction structure and timeline.

Fwd P/E: 1.5x · EV/EBITDA: 0.4x · EV/GP: 0.2x (FY2026)

Fosun International Limited · 00656.HK (HK) · $3.5B · EV: $25.1B

Diversified conglomerate operating in insurance, pharmaceuticals, real estate, and retail; prominent Chinese multinational.

Fosun International received regulatory acceptance notices from China Securities Regulatory Commission and Shanghai Stock Exchange on March 30 for its proposed spin-off of Atlantis Sanya resort as a PRC commercial real estate REIT. Terms undisclosed. REIT structure would create a liquid, dividend-yielding vehicle for hospitality assets while allowing Fosun to retain operational control and redeploy capital from tourism real estate holdings. Monitor for formal prospectus filing and shareholder meeting announcement.

Fwd P/E: NM · EV/Sales: 1.2x (FY2027)

Narayana Hrudayalaya Limited · NH.NS (IN) · $3.6B · EV: $3.9B

Operates chain of multi-specialty cardiac and healthcare hospitals; pioneering affordable cardiac care in India.

Narayana Hrudayalaya completed stakeholder meetings on April 2, 2026 to approve a scheme of arrangement involving demerger with NH Integrated Care Private Limited. Terms undisclosed. Court-supervised demerger under NCLT oversight creates potential value unlock through business separation while maintaining regulatory compliance framework. Scrutinizer results due April 4, 2026 to determine stakeholder approval outcomes.

Fwd P/E: 25.6x · EV/EBITDA: 8.1x · EV/Sales: 3.1x · EV/GP: 8.1x (FY2028)

KBR Inc · KBR (US) · $4.6B

Engineering and construction services for energy, infrastructure, and government sectors; global leader in project delivery and technical solutions.

KBR announced plans to spin off its mission technology solutions unit as a separate publicly traded company. Terms undisclosed. Spinoff creates value unlock opportunity through sum-of-the-parts rerating as focused entities trade at higher multiples than conglomerate discount structures. Monitor for Form 10 registration statement filing with transaction timeline and structure details.

Fwd P/E: 8.7x · EV/EBITDA: 4.7x · EV/Sales: 0.9x · EV/GP: 6.3x (FY2028)

Applied Digital · APLD (US) · $6.6B

Designer and builder of AI infrastructure; leading provider of specialized data center compute for large language models.

Applied Digital will spin off its cloud computing business and merge it with EKSO Bionics Holdings to form ChronoScale, separating cloud assets from its digital infrastructure and high performance computing leasing operations. Terms undisclosed. The spinoff isolates the margin-dilutive cloud business while concentrating Applied Digital on higher-margin hyperscale data center leasing, potentially improving operating leverage on its contracted AI infrastructure projects. Execution risk on contracted lease projects increases with reduced revenue diversification, and the company loses optionality on cloud growth if AI demand shifts toward integrated cloud-infrastructure offerings. Monitor for definitive transaction documents and shareholder vote scheduling.

Fwd P/E: NM · EV/Sales: 3.6x · EV/GP: 34.3x (FY2027)

Previously: Proposed $2.15 billion senior secured notes offering to fund 200 megawatts of AI infrastructure development.

The Middleby Corporation · MIDD (US) · $6.7B · EV: $9.7B

Manufacturer of commercial food equipment and cooking systems; leading global provider to foodservice and bakery industries.

Middleby Corporation appointed Amy Campbell as CFO of its Food Processing business ahead of the unit’s spin-off into an independent public company in Q2 2026. Campbell joins immediately and will lead finance alongside previously announced CEO Mark Salman. Spin-off timing confirmed for Q2 2026. Final C-suite appointment completes management team for the Food Processing spin-off, which has grown from $3 million to over $800 million in revenue since 2005 and targets acquisition opportunities as an independent entity. Monitor for Form 10 registration statement filing for the Food Processing spin-off expected ahead of Q2 2026 distribution.

Fwd P/E: 12.6x · EV/EBITDA: 13.4x · EV/Sales: 2.8x · EV/GP: 7.2x (FY2028)

Previously: Middleby completed the tax-free spin-off announcement and sold 51% of its Residential Kitchen business to 26North Partners while retaining 49% ownership.

3SBio Inc. · 1530.HK (HK) · $7.6B · EV: $2.0B

Biopharmaceutical company developing innovative biologics and biosimilars; focused on oncology and immunology treatments.

3SBio Inc. has called an extraordinary shareholder meeting to approve a spin-off dividend of its Mandi business unit. Terms undisclosed. The company’s $5.6 billion net cash position provides flexibility for value-accretive transactions, while the spin-off creates separate trading entities with distinct valuations for the core pharmaceutical business and Mandi unit. Monitor for extraordinary shareholder meeting date announcement and voting results.

Fwd P/E: 18.1x · EV/EBITDA: 0.5x · EV/Sales: 0.2x · EV/GP: 0.2x (FY2027)

JSW Energy Limited · JSWENERGY.NS (IN) · $9.3B · EV: $14.9B

Independent power producer focused on thermal, hydro, and renewable energy generation across India.

JSW Energy Limited received stock exchange approvals from BSE and NSE for its demerger scheme with GE Power India Limited. Terms undisclosed. Stock exchange clearances remove key regulatory hurdle and enable NCLT filing within six months, bringing the demerger structure closer to shareholder value realization. NCLT filing deadline within six months from April 1, 2026 (by October 1, 2026).

Fwd P/E: 23.3x · EV/EBITDA: 10.7x · EV/Sales: 5.1x · EV/GP: 9.0x (FY2028)

Apollo Hospitals Enterprise Limited · APOLLOHOSP.NS (IN) · $11.3B · EV: $11.0B

Operates multi-specialty hospitals and healthcare services; India’s largest private healthcare chain by bed capacity.

Apollo Hospitals Enterprise received NCLT approval for a composite restructuring scheme creating Apollo HealthTech Limited through consolidation of Apollo Healthco and Keimed operations. NCLT approval received April 4, 2026. Apollo HealthTech targets INR 25,000 crore revenues by FY2027. The entity will be separately listed following required approvals. Separation isolates high-growth digital health platform Apollo 24|7 and pharmacy distribution network from traditional hospital operations, enabling focused scaling and potentially higher valuations for technology-driven assets. Monitor for shareholder and creditor approval meetings, followed by final NCLT sanction required before separate listing.

Fwd P/E: 34.7x · EV/EBITDA: 19.3x · EV/Sales: 2.9x · EV/GP: 8.7x (FY2028)

Honeywell International Inc. · HON (US) · $144.9B · EV: $146.8B

Diversified aerospace, building controls, and performance materials manufacturer; Fortune 500 industrial conglomerate with global scale.

Honeywell announced plans to hold investor days in 2026 for its Aerospace and Automation businesses ahead of the planned Q3 2026 separation into two independent public companies. Terms undisclosed. The investor days will provide detailed financials, operations, and long-term vision for each standalone entity, helping investors assess the value creation potential from the breakup of the industrial conglomerate. Monitor for announcement of specific investor day dates in Q2 2026.

Fwd P/E: 19.9x · EV/EBITDA: 14.5x · EV/Sales: 3.5x · EV/GP: 9.5x (FY2027)

Previously: Aerospace subsidiary priced $16 billion in senior notes with $10 billion distributed to Honeywell for debt redemptions.

ABB Ltd · ABBN.SW (CH) · $149.5B · EV: $175.5B

Electrification and automation technology provider; global leader in power and industrial solutions.

ABB appointed an automotive industry veteran to lead its robotics division ahead of a potential spin-off. Terms undisclosed. Leadership appointment signals ABB is preparing the robotics division for potential separation, which would allow investors to value the high-growth automation business independently from ABB’s traditional electrical equipment operations. Monitor for formal spin-off announcement or additional restructuring disclosures.

Fwd P/E: 20.0x · EV/EBITDA: 18.6x · EV/Sales: 3.6x · EV/GP: 8.5x (FY2027)

Vedanta Limited · VEDL.NS (IN)

Diversified natural resources company with operations in zinc, aluminum, oil & gas, iron ore, steel, and copper across India and internationally.

Vedanta Limited will demerge into five separately listed companies beginning in April, with tribunal approval secured in December 2025. The parent entity remains as Vedanta Limited focusing on base metals, while four new entities will be carved out: Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy. Chairman Anil Agarwal’s private holding company will retain roughly 50% ownership in each entity. The demerger targets unlocking value from the conglomerate discount, with combined market value expected to exceed the current $27 billion valuation while providing shareholders direct exposure to individual business verticals. Four new units expected to list on Indian exchanges by mid-May according to CFO guidance from January.

Fwd P/E: 8.7x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2028)

NTT Docomo Inc. · 9437.T (JP)

Japanese mobile telecommunications operator; largest cellular network provider in Japan.

NTT Docomo will spin off its financial services business into a new 100% subsidiary called NTT Docomo Financial Group through an absorption-type demerger. Effective July 1, 2026. The spinoff includes dCard and d-payment services plus subsidiaries including Sumishin SBI Net Bank, Docomo Insurance, Docomo Finance, and Docomo Monex Holdings. Total consideration not disclosed. Separation creates focused financial services entity under dedicated management, potentially improving governance and enabling faster response to regulatory changes in Japan’s evolving fintech landscape. Regulatory approvals and shareholder consent remain pending, and the restructuring may disrupt operational synergies between mobile and financial services. Effectiveness scheduled for July 1, 2026, subject to regulatory approvals and shareholder authorization.

Cementos Argos S.A. · CEMARGOS.BO (IN)

Produces cement and concrete products; leading cement manufacturer in Colombia and Central America.

Cementos Argos Board approved separation into two independent companies: Argos Materials (US operations) and Argos Latam (Latin America operations). Terms undisclosed. Structural separation follows the company’s successful US monetization playbook — spinning off Argos USA, preparing for NYSE listing, combining with Summit Materials, then selling Summit to Quikrete in 2025 — suggesting management’s proven ability to unlock regional value through focused entities. Monitor for detailed separation terms and timeline updates over the expected 24-month operational separation period.

New SpinCos

New Fortress Energy Inc. · NFE (US) · $168M

Liquefied natural gas infrastructure and energy solutions provider; leading developer of small-scale LNG terminals globally.

New Fortress Energy’s Brazil spin-off entity secured a lease agreement for an FSRU-based terminal. Terms undisclosed. The operational contract validates the standalone viability of the separated Brazilian business and demonstrates progress toward independent infrastructure capacity ahead of the mid-2026 spin completion. Monitor for mid-2026 spin-off completion and regulatory approval updates.

Fwd P/E: 1.0x · EV/EBITDA: 30.5x · EV/Sales: 3.8x · EV/GP: 8.2x (FY2027)

Previously: New Fortress Energy announced separation of Brazilian operations into standalone entity owned by institutional investor consortium as part of broader recapitalization transaction.

Versigent · VNT (INTL)

Manufacturer of electrical distribution systems and wiring harnesses for automotive applications; spun off from Aptiv.

Aptiv completed the spin-off of Versigent through a separation and distribution agreement, with the electrical distribution systems business now trading independently as a publicly traded entity. Shareholders received 1 Versigent share for every 3 Aptiv shares held as of March 17, 2026 record date. Distribution included $1.70 billion special dividend and $1.5 billion cash tender offer for outstanding notes. New spinco creates pure-play exposure to electrical distribution systems business with potential value discovery as market assesses standalone entity fundamentals separate from Aptiv’s core automotive technology operations. Monitor for Q1 2026 standalone financial results disclosure and initial analyst coverage initiation for Versigent.

Fwd P/E: 6.5x · EV/EBITDA: 7.6x · EV/Sales: 1.0x · EV/GP: 5.4x (FY2027)

Previously: Aptiv’s board approved spinning off its Electrical Distribution Systems business with when-issued trading expected to begin March 27, 2026.

First Tracks Biotherapeutics · TRAX (INTL)

Biopharmaceutical spinoff from AnaptysBio focused on developing antibody-based therapies for inflammatory diseases.

AnaptysBio completed the spinoff of First Tracks Biotherapeutics on April 1, 2026, separating its biopharma operations from royalty assets. The spinco trades under ticker TRAX with AnaptysBio retaining royalty streams including Jemperli royalties from GSK and ~$311 million in cash and investments. Creates a pure-play royalty company with minimal operating expenses benefiting from Jemperli’s 13% quarterly growth to $343 million Q4 revenue, while the spinco captures upside from pipeline assets including ANB033 in celiac disease trials. Monitor for First Tracks’ Phase 1b trial readouts in celiac disease and eosinophilic esophagitis for ANB033.

Previously: AnaptysBio planned to spin off biopharma operations with completion expected April 20, 2026.

Capital Returns

Vorwerk SE · VH2.DE (DE) · $1.6B · EV: $455M

German manufacturer of kitchen appliances and floor care products; leading European brand in built-in kitchen systems and robotic vacuum cleaners.

Vorwerk announced a dividend payout consisting of EUR 0.70 base dividend and EUR 0.40 special dividend to share the company’s success with shareholders. Total dividend EUR 1.10 per share (EUR 0.70 base + EUR 0.40 special). Payment timeline not disclosed. Special dividend represents 57% premium to base dividend, providing immediate cash return while the company maintains selective M&A approach focused on reasonable valuations. Monitor for shareholder meeting announcement and ex-dividend date confirmation.

Fwd P/E: 15.0x · EV/EBITDA: 3.6x · EV/Sales: 0.5x · EV/GP: 1.0x (FY2027)

Delistings

Solo Brands, Inc. · SBDS (US) · $6M · EV: $5M

Manufacturer of premium wood-fired ovens and outdoor cooking products; direct-to-consumer brand leader.

NYSE commenced delisting proceedings against Solo Brands after the company’s market capitalization fell below the $15 million minimum requirement over a consecutive 30-day trading period. Trading suspended immediately with shares transitioning to OTC markets. Forced delisting creates immediate liquidity constraints and institutional selling pressure as funds with NYSE-only mandates must exit positions. OTC trading typically involves wider bid-ask spreads and reduced analyst coverage, potentially accelerating share price decline. Company can appeal delisting decision to NYSE committee, though no deadline specified.

Trident Digital Tech Holdings Ltd · TDTH (US) · $21M · EV: $20M

Trident Digital Tech Holdings Ltd provides commercial and technological digital solutions in Singapore.

Trident Digital Tech Holdings received a Nasdaq deficiency notice for failing to maintain the minimum $35 million market value requirement over 34 consecutive business days from February 5 through March 20. The company has until September 22, 2026 to regain compliance by maintaining the minimum market value for ten consecutive business days or face delisting proceedings. Binary delisting scenario creates asymmetric risk/reward with significant downside if compliance fails versus potential recovery if the stock rallies above the $35 million threshold and sustains for ten days. No assurance the company will regain compliance, and failure triggers formal delisting proceedings that could force institutional selling and reduce liquidity. Compliance deadline September 22, 2026.

Hotel Fast SSE AB · HOTEL.ST (SE)

Swedish hotel technology and booking platform company listed on Nasdaq First North.

Nasdaq First North issued a delisting notice to Hotel Fast SSE AB for failing to meet operational requirements, with delisting set for May 23, 2026. The company can avoid delisting by presenting credible operational plans or submitting a new listing application by May 23, 2026. No financial terms disclosed. Delisting pressure creates urgency for strategic alternatives that could unlock value through asset sales, operational restructuring, or acquisition by hotel operators seeking Swedish market exposure. The company provides no guarantees that current strategic alternatives will satisfy Nasdaq’s requirements, risking forced delisting and reduced liquidity. Delisting deadline May 23, 2026.

EV/Sales: 3.1x · EV/GP: 3.1x (FY2027)

Relistings

ConnectM Technology Solutions, Inc. · CNTM (OTC) · $14M · EV: $38M

ConnectM Technology Solutions, Inc., a technology company, focuses on advancing the electrification economy by integrating electrified energy assets with its AI-driven technology solutions platform.

ConnectM Technology Solutions’ board approved a 1-for-5 to 1-for-50 reverse stock split to support its planned uplisting from OTC to a national exchange. Reverse split ratio between 1-for-5 to 1-for-50, with exact ratio to be determined by the board after stockholder approval. OTC energy/AI technology company seeks enhanced liquidity and visibility through major exchange listing, potentially creating value as it scales proprietary energy solutions through subsidiaries Keen Labs, Amperics, and Geo Impex. Monitor for proxy filing and stockholder meeting date announcement.

EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Bitfarms Ltd. · BITF (US) · $1.1B · EV: $1.4B

Bitcoin mining operator; operates multiple large-scale facilities across North America and Latin America.

Bitfarms completed its redomiciliation from Canada to the United States through a plan of arrangement, with the ultimate parent company now becoming Delaware corporation Keel Infrastructure Corp. Terms undisclosed. The redomiciliation transitions Bitfarms from foreign private issuer status to U.S. domestic issuer, potentially improving institutional accessibility and eliminating regulatory arbitrage concerns that can discount foreign-listed crypto miners. Monitor for first earnings filing as U.S. domestic issuer on Form 10-Q.

Fwd P/E: NM · EV/Sales: 3.3x (FY2027)

Previously: Company was seeking shareholder approval for U.S. redomiciliation at special meeting on March 20, 2026.

Centrais Elétricas Brasileiras S.A. - Eletrobrás · EBR (INTL)

Generates and distributes electricity; Brazil’s largest power utility company.

Eletrobrás shareholders approved conversion of Class A1 and B1 preferred shares into common shares on April 1, 2026, as part of the company’s migration to the Novo Mercado segment of B3. Terms undisclosed. Share conversion creates arbitrage opportunity between preferred and common shares ahead of Novo Mercado migration, with the restructuring enabling access to Brazil’s premium listing segment that requires unified share class. Monitor for completion of Novo Mercado migration and final conversion mechanics.

Fwd P/E: 1.6x · EV/EBITDA: 7.2x · EV/Sales: 2.8x · EV/GP: 6.4x (FY2027)

SK Hynix · 000660.KS (KR)

Manufacturer of memory semiconductors (DRAM, NAND flash); leading global supplier to data centers and consumer electronics.

SK Hynix confidentially filed Form F-1 for a U.S. dual listing while maintaining its KOSPI listing. Company targets $10-14 billion capital raise through 2% dilution in second half 2026. Clean AGM passage removes execution risk for the memory chip giant’s U.S. dual listing, potentially narrowing the valuation discount to American semiconductor peers despite SK Hynix’s dominant position in AI-critical high-bandwidth memory. U.S. listing expected second half 2026.

Fwd P/E: 3.6x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2027)

Previously: Confidentially filed Form F-1 targeting $10-14 billion capital raise through 2% dilution in second half 2026.

Other Situations

Ipsen S.A. · IPN (INTL)

French biopharmaceutical company specializing in oncology, rare diseases, and neuroscience therapeutics.

Beech Tree received French regulatory exemption from mandatory tender offer obligations despite holding 26.03% of Ipsen shares and 33.05% of voting rights, following transfer of Henri Beaufour’s stake to Alasol Foundation. Terms undisclosed. Exemption removes takeover pressure while consolidating control under 15-year governance agreement that commits to maintaining current strategic direction, potentially stabilizing the stock but constraining near-term M&A activity. Monitor for any changes to the 15-year governance agreement or future stake transfers that could trigger new tender offer obligations.

DSS, Inc. · DSS (US) · $8M · EV: $39M

DSS, Inc. operates across packaging, biotech, direct marketing, and digital transformation segments; a niche player in physical security technology.

DSS entered into a securities purchase agreement with related party Alset International Limited on March 26, 2026, for a $2.45 million convertible note and warrant package. The note converts at $0.74 per share with 3% annual interest and five-year maturity. Warrants allow purchase of 16.55 million shares at $0.93 per share, expiring in five years. The conversion price represents potential arbitrage if DSS trades below $0.74, while the warrant strike at $0.93 creates dilution overhang for existing shareholders if the stock appreciates. Shareholder approval vote required to close the transaction.

Fwd P/E: NM · EV/Sales: 1.9x (FY2026)

OSR Holdings, Inc. · OSRH (US) · $14M

Biotech holding company developing cancer immunotherapy through subsidiary Vaximm AG; advancing VXM01 oral cancer vaccine platform.

OSR Holdings entered a global license agreement with BCM Europe AG for VXM01 oral cancer immunotherapy, with BCM Europe providing up to $30 million in development financing and OSR receiving up to $815 million in milestone payments. BCM Europe will pay up to $815 million in milestones directly to OSRH and share royalties from ultimate licensing deals through a delta-recovery mechanism, while OSR provides up to $30 million development financing facility to subsidiary Vaximm AG. BCM Europe is OSR’s largest shareholder creating an aligned financing structure where the company receives substantial milestone commitments while maintaining control over development funding through its subsidiary. Monitor for Phase 2 trial initiation timeline and first milestone achievement triggers in subsequent filings.

Fwd P/E: NM · EV/Sales: 0.3x · EV/GP: 1.3x (FY2026)

Previously: OSR disclosed preliminary discussions to acquire a 16% stake in South Korean biopharmaceutical SillaJen and licensing negotiations for Pexa-Vec immunotherapy with no binding agreements.

Ekso Bionics Holdings Inc · EKSO (US) · $26M · EV: $22M

Ekso Bionics designs and manufactures exoskeleton robotic systems; enabling mobility for individuals with lower limb paralysis.

Applied Digital Corporation will contribute its wholly owned subsidiary Applied Digital Cloud Corporation to Ekso Bionics Holdings in exchange for 138,216,820 newly issued Ekso shares under a Contribution and Exchange Agreement dated February 15, 2026. Applied Digital receives 138,216,820 newly issued Ekso shares in exchange for Applied Digital Cloud Corporation subsidiary. Holders of 50.4% of Ekso’s outstanding capital stock approved via written consent February 20, 2026. Reverse merger structure transforms Ekso from medical robotics company into Applied Digital subsidiary vehicle, with Applied Digital becoming majority stockholder and controlling the combined entity’s direction. Monitor for definitive information statement filing and completion of subsidiary contribution transaction.

Fwd P/E: NM · EV/Sales: 0.9x · EV/GP: 1.7x (FY2027)

Felix Gold Limited · FXG.AX (AU) · $86M

Gold exploration company developing projects in Alaska; focused on the Treasure Creek and Fairbanks district gold deposits.

Felix Group Limited secured 100% ownership of the Treasure Creek Claims through an asset acquisition. Terms undisclosed. Full ownership of mining claims eliminates joint venture complexities and provides complete operational control over potential resource extraction at Treasure Creek. Monitor for drilling results or resource estimate updates from the consolidated property.

Cardiff Oncology, Inc. · CRDF (US) · $108M · EV: $171M

Develops oncology therapeutics targeting DNA damage response pathways; clinical-stage biotech company.

Cardiff Oncology formalized separation agreements with former CEO Dr. Mark Erlander and CFO James Levine, who stepped down in January 2026 during a strategic review. Dr. Erlander receives $635,000 base salary over 12 months, 2025 bonus of $122,238, pro-rated 2026 bonus, continued healthcare benefits, and stock options vesting through June 2026. Management departures during strategic review suggest potential sale process underway, with separation agreements providing clarity on executive exit costs. Monitor for strategic review outcome or formal sale process announcement.

Aldebaran Resources Inc. · ALDE.V (CA) · $185M · EV: $270M

Aldebaran Resources Inc. engages in the acquisition, exploration, and evaluation of mineral properties in Canada and Argentina.

Aldebaran Resources adopted a shareholder rights plan effective March 30, 2026, designed to prevent hostile takeovers and creeping bids above 20% ownership. Rights trigger at 20% beneficial ownership threshold, allowing existing shareholders to purchase additional shares at 50% discount to market price if activated. The poison pill provides takeover defense that could increase acquisition premiums for potential bidders while creating downside protection for current shareholders through discounted share purchase rights. Shareholder ratification vote at 2026 annual meeting planned for Q2 (specific date to be determined).

IG Group Holdings plc · IGG.L (UK) · $6.5B · EV: $4.7B

Online financial spread betting and CFD trading platform; leading independent leveraged trading provider.

IG Group Holdings commenced a £125 million share buyback programme on April 1, 2026, executed through Morgan Stanley. Programme comprises two tranches of £62.5 million each, with the first tranche running through September 30, 2026. Maximum 36,155,787 shares available for repurchase under existing board authority. Purchased shares held in treasury. Buyback should provide price support and enhance returns per share through capital reduction, particularly valuable if shares continue trading below intrinsic value. Monitor for announcement of second tranche timing, subject to share price performance and capital allocation priorities.

Fwd P/E: NM · EV/EBITDA: 3.3x · EV/Sales: 2.2x · EV/GP: 2.7x (FY2027)

Special Situations Digest #8 [March 29, 2026]

Clark Square Capital — Sun, 29 Mar 2026 21:32:57 GMT

Special Situations Digest

Hi Special Sits Digest readers,

Welcome to the 8th edition of our weekly Special Situations Digest.

Lots of new fixes/additions this week that should have improved the quality and signal of these ideas. And there’s a lot more coming next week, including new data sources.

This project is still a work in progress. If you see anything wrong (stale items, incorrect data, etc.), just reply. I fix everything that comes in.

If this is useful to you, please share it. That’s genuinely all I ask.

Happy hunting,

CSC

Thanks for reading Clark Square Capital's Ultimate Value! This post is public so feel free to share it.

First, a quick poll. Please answer this truthfully, and if you are not finding this very useful, I would love to understand why (just reply to this email). Also would love more suggestions on how to make this better. Thank you!

Here is a sortable Excel file for your convenience.

Weekly Digest 2026 03 29 (2)

48.3KB ∙ XLSX file

Burke & Herbert Financial Services Corp.

Activist Campaigns

Harvard Bioscience Inc

HBIO (US) · Last: $5.15 · Mkt Cap: $23M · Healthcare / Medical - Instruments & Supplies

Provider of life science tools and instruments; serves research, pharmaceutical, and biotech customers globally.

Fwd P/E: 6.4x · EV/EBITDA: 16.8x · EV/Sales: 0.7x · EV/GP: 1.3x (FY2027)

BroadOak Capital Partners and affiliated investment funds filed a Schedule 13D regarding Harvard Bioscience common stock, with BroadOak partner William Snider serving on the company’s board of directors. The funds state their principal business includes taking active roles in portfolio company management to enhance shareholder value. The filing formalizes BroadOak’s activist position at the micro-cap life sciences equipment provider, where the firm’s board seat provides direct influence over strategic direction. Cheaply valued with a 6.4x forward P/E multiple, Harvard Bioscience presents a clear value realization opportunity for an engaged activist. Monitor for proxy statements or additional board nominations as BroadOak pushes operational improvements or strategic alternatives.

Liontrust Asset Management PLC

LIO.L (UK) · Last: 245.00 GBp · Mkt Cap: $149M

Active investment manager offering equities, fixed income, and multi-asset funds; known for responsible and thematic investment strategies.

Fwd P/E: NM · EV/EBITDA: 5.0x · EV/Sales: 1.3x · EV/GP: 1.5x (FY2027)

GAM fund managers Albert Saporta and Randel Freeman, holding 3.6% of Liontrust shares, published an open letter calling for immediate strategic review to sell the company to the highest bidder. They cite significant undervaluation with share price down 85% from peak and AUM declining from £42.3bn to £22bn, valuing the company at only 0.68% of AUM. The activists argue current leadership has failed to articulate credible strategy for reversing decline and shareholders would benefit from sale process given rapid consolidation across UK asset management sector. Monitor for management response to activist demands.

Fox Factory Holding Corp

FOXF (US) · Last: $16.86 · Mkt Cap: $705M · Consumer Cyclical / Auto - Parts

Designer and manufacturer of high-performance suspension systems; serves premium automotive, powersports, and industrial vehicle markets.

Fwd P/E: 9.9x · EV/EBITDA: 15.8x · EV/Sales: 1.0x · EV/GP: 3.4x (FY2028)

Fox Factory appointed Douglas Grimm to its board as Engine Capital’s second nominee under their February cooperation agreement. Terms undisclosed. Engine Capital now has two board seats and representation on the Transformation Committee overseeing operational improvements, providing meaningful influence over Fox Factory’s strategic direction and capital allocation decisions. The Transformation Committee’s effectiveness depends on management’s willingness to implement potentially disruptive operational changes that could face internal resistance. Monitor for 2026 annual meeting where Grimm stands for formal election and potential disclosure of Transformation Committee’s initial recommendations.

TripAdvisor

TRIP (US) · Last: $10.11 · Mkt Cap: $1.2B · Consumer Cyclical / Travel Services

Online travel platform aggregating user reviews and bookings for hotels, restaurants, and attractions; world’s largest travel guidance website.

Fwd P/E: 5.9x · EV/EBITDA: 4.3x · EV/Sales: 1.0x · EV/GP: 1.6x (FY2027)

Starboard Value reached a cooperation agreement with TripAdvisor following its 9% stake acquisition in July. Two directors were immediately appointed to the board, with two additional Starboard nominees put forward for election at the 2026 annual meeting. Activist representation increases likelihood of strategic alternatives or asset monetization, with Viator and TheFork combined valued at over $2.5B vs. the flagship’s $1.3B EV. Monitor for special committee formation or process announcement.

Six Flags Entertainment Corporation

FUN (US) · Last: $17.27 · Mkt Cap: $1.8B

Operator of amusement parks and entertainment venues; largest regional theme park company in North America.

Fwd P/E: 49.2x · EV/EBITDA: 12.6x · EV/Sales: 2.1x · EV/GP: 3.6x (FY2027)

Jana Partners LLC publicly urged Six Flags Entertainment to explore a sale and replace the head of its board, criticizing crisis handling, delayed CEO announcement, and inconsistent financial guidance. The activist letter comes amid director Jennifer Mason’s decision not to seek re-election, adding governance pressure during the company’s Cedar Fair merger integration and leadership transition. Jana’s push for strategic alternatives could accelerate value realization through a sale process while the company manages heavy debt leverage and execution of merger synergies. The governance challenge adds uncertainty around leadership stability at a critical juncture for cost savings execution and integration timing. Monitor for upcoming board composition changes and management’s response to the activist demands.

Driven Brands Holdings Inc

DRVN (US) · Last: $12.76 · Mkt Cap: $2.1B

Operates car wash and automotive services franchises; leading platform consolidating fragmented U.S. vehicle care market.

Fwd P/E: 8.0x · EV/EBITDA: 49.8x · EV/Sales: 2.9x · EV/GP: 5.5x (FY2027)

ADW Capital Partners has initiated an activist campaign urging Driven Brands to conduct a strategic review and explore strategic alternatives. Terms and specific demands remain undisclosed beyond the general call for a review process. The campaign targets a franchise consolidator trading at a low forward P/E multiple despite its market-leading position in vehicle care services. Monitor for formal response from the company’s board or announcement of retained advisors.

Teleflex Incorporated

TFX (US) · Last: $116.25 · Mkt Cap: $5.1B · Healthcare / Medical - Instruments & Supplies

Medical device manufacturer; global leader in vascular access, respiratory care, and surgical instruments.

Fwd P/E: 10.9x · EV/EBITDA: 13.8x · EV/Sales: 3.1x · EV/GP: 5.5x (FY2027)

Irenic Capital Management publicly criticized Teleflex’s board for refusing to engage with multiple potential acquirors despite holding only 2% ownership. Terms undisclosed. The activist cites negative 73% five-year total shareholder return and lack of permanent CEO leadership as justification for demanding board changes and strategic review, with confirmed acquisition interest providing leverage for value realization. The 2% stake provides limited voting power to force board changes or strategic alternatives without broader shareholder support. Monitor for Irenic’s formal proxy filing or additional shareholder letters supporting the campaign.

Nidec Corporation

6594.T (JP) · Last: ¥2,171 · Mkt Cap: $15.7B · Industrials / Industrial - Machinery

Japanese manufacturer of electric motors and precision components; global leader in motors for hard disk drives and appliances.

Fwd P/E: 12.5x · EV/EBITDA: 9.1x · EV/Sales: 1.2x · EV/GP: 5.8x (FY2027)

Oasis Management has increased its stake in Nidec Corporation to 8.3%, becoming the second-largest shareholder after purchasing 22 million additional shares on March 4. The Hong Kong-based activist fund is pushing for strategic restructuring including scaling back underperforming M&A acquisitions, following a third-party investigation report published March 3 that revealed accounting irregularities and governance failures under founder Shigenobu Nagamori. Oasis CIO Seth Fischer argues the shares trade at a significant discount to intrinsic value given the strength of the core precision motor business, but believes the automotive division requires major restructuring after substantial impairments. The activist campaign targets governance reforms and portfolio optimization at a company Fischer describes as having failed basic public company requirements including accurate financial reporting and proper board oversight. Monitor for potential formal governance proposals or board nomination challenges as Oasis escalates its campaign.

Synopsys Inc

SNPS (US) · Last: $435.40 · Mkt Cap: $83.4B · EV: $84.1B · Technology / Software - Infrastructure

Provider of semiconductor design and verification software; leading EDA (Electronic Design Automation) platform globally.

Fwd P/E: 25.4x · EV/EBITDA: 26.7x · EV/Sales: 7.9x · EV/GP: 10.3x (FY2027)

Elliott Investment Management has built a multibillion-dollar stake in Synopsys, a chip-design software company with over $80 billion market capitalization. Elliott plans to engage with management to improve monetization of the company’s software and services portfolio and extract greater value from offerings used across semiconductor and technology industries. The activist engagement at the major EDA software provider could drive operational improvements and margin expansion from better monetization of critical chip design tools used by Intel, Alphabet, and Tesla. Monitor for specific operational proposals from Elliott.

KADOKAWA

9468.T (JP) · Last: ¥3,386 · Mkt Cap: $3.1B · EV: $2.6B · Communication Services / Publishing

Publisher of manga, light novels, and anime; Japan’s largest integrated media entertainment conglomerate.

NTM EV/EBITDA: 15.7x

Oasis Management disclosed ownership of 8.86% stake (13.197 million shares) in KADOKAWA through a large shareholding report filed on March 19. The disclosure caused KADOKAWA shares to rise against the broader market decline. International activist Oasis Management has accumulated significant stake that could lead to strategic proposals or corporate governance changes at the media entertainment conglomerate. Monitor for activist proposals or strategic engagement from Oasis Management.

Kao Corporation

4452.T (JP) · Last: ¥6,147 · Mkt Cap: $17.4B · Consumer Defensive / Household & Personal Products

Manufacturer of consumer products in cosmetics, hygiene, and chemicals; leading position in Asian personal care markets.

Fwd P/E: 18.7x · EV/EBITDA: 10.8x · EV/Sales: 1.5x · EV/GP: 4.1x (FY2027)

Kao Corporation scheduled an extraordinary shareholder meeting for April 30 where investors will vote on Oasis Management’s proposal to establish an independent investigation into supply chain practices related to forest destruction and human rights violations. Oasis demands appointment of independent investigators to examine palm oil and paper/pulp sourcing practices. Kao rejects the proposal, stating its supply chain management and internal controls function appropriately. Oasis has become the largest shareholder at 12.52% voting rights and escalated its governance campaign from board composition demands to forcing transparency on ESG practices that competitors like Unilever have already addressed through supplier blacklists. Kao’s management opposition and Japan’s traditionally shareholder-friendly corporate culture may limit Oasis’s ability to force operational changes even with largest shareholder status. Shareholder vote April 30 on independent investigation proposal. ⚡ Extraordinary shareholder meeting scheduled for April 30 will determine outcome of activist proposal.

Strategic Reviews

Aterian Inc

ATER (US) · Last: $0.58 · Mkt Cap: $6M

E-commerce software and services platform enabling third-party sellers on marketplaces like Amazon; focuses on consumer products optimization.

Aterian provided an update on its strategic alternatives process, continuing the review of potential sale, merger, or asset transactions. Terms and interested parties have not been disclosed. The ongoing strategic review maintains potential for premium exit transaction in e-commerce technology consolidation. The company previously indicated it would provide its next update in mid-April 2026.

Checkit plc

CKT.L (UK) · Last: 18.00 GBp · Mkt Cap: $26M · Technology / Software - Application

Digital compliance and food safety solutions provider; market leader in cloud-based hygiene and audit management for hospitality.

Fwd P/E: NM · EV/Sales: 0.9x · EV/GP: 1.5x (FY2027)

Checkit has commenced a formal sale process under Takeover Code Rule 2.6 following receipt of six unsolicited expressions of interest from international private equity sponsors and strategic acquirers over the past nine months. The Board believes there is a disparity between the company’s improving operational performance and its AIM valuation, prompting the decision to explore a sale to maximize shareholder value. With multiple credible parties already engaged and expressing interest, the process creates potential for an acquisition at a premium to the current £26M market capitalization. The formal process structure under UK takeover rules provides defined timelines and transparency for competing bids. Monitor for Rule 2.7 announcement of firm intention to make an offer or updates on bidding progress.

Exicure, Inc.

XCUR (US) · Last: $4.61 · Mkt Cap: $28.1M · Healthcare / Biotechnology · EV: $24.4M

Exicure develops immunotherapeutic drugs using spherical nucleic acid technology; pioneering nanoparticle-based therapeutic platform.

Exicure reported 2025 financial results showing cash declined to $3.7 million from $12.5 million at year-end 2024, with a net loss driven by $3.3 million in R&D expenses and $6.8 million in G&A costs. The company stated current liquidity may not be sufficient for the next 12 months and substantial additional financing is needed in the short term to continue exploring strategic alternatives. The severe cash burn creates immediate pressure for management to either secure emergency financing or accelerate a strategic transaction to avoid potential insolvency. The company’s acknowledgment that it is actively exploring strategic alternatives suggests buyers or partners may already be engaged, creating potential upside if a premium deal materializes before cash runs out. Monitor for strategic alternative updates or emergency financing announcements as cash position reaches critical levels.

Noodles & Company

NDLS (US) · Last: $6.06 · Mkt Cap: $35M

Fast-casual noodle and pasta restaurant chain; serves globally-inspired noodle dishes across North America.

Fwd P/E: NM · EV/EBITDA: 2.2x · EV/Sales: 0.1x · EV/GP: 0.2x (FY2026)

Noodles & Company’s Board of Directors is conducting a review of strategic alternatives to maximize shareholder value, including potential refinancing of existing debt or other strategic or financial transactions. Terms and timeline have not been disclosed, and no decisions have been made. The strategic review creates potential upside for shareholders if management pursues a sale or merger given the company’s modest $35M market cap. The company updated investors on the review during Q4 2025 earnings, confirming the process remains active. Monitor for updates on the strategic review process or specific transaction announcements.

Werewolf Therapeutics

HOWL (US) · Last: $0.79 · Mkt Cap: $37.9M · Healthcare / Biotechnology

Werewolf Therapeutics develops engineered immunotherapies leveraging its Venom platform technology for cancer treatment.

Werewolf Therapeutics confirmed its strategic review process remains active, exploring sale, merger, asset sale, or licensing arrangements with Piper Sandler as exclusive financial advisor. Terms undisclosed. Biotech with differentiated INDUKINE and INDUCER platforms faces cash runway pressure with $57.1 million funding operations only into Q4 2026, creating urgency for value-maximizing transaction. No defined timeline and management cannot confirm the process will result in any transaction, while cash runway creates time pressure. Monitor for strategic transaction announcement or Q1 2026 cash burn guidance in next quarterly report.

Kezar Life Sciences

KZR (US) · Last: $6.20 · Mkt Cap: $45.4M · Healthcare / Biotechnology

Kezar Life Sciences develops small-molecule therapeutics for autoimmune and inflammatory diseases; clinical-stage biotech company.

Kezar Life Sciences continues its strategic review to explore strategic alternatives while reporting 2025 annual results with a narrowed net loss of $56 million. Terms undisclosed. Biotech strategic review amid restructuring creates potential value realization catalyst for shareholders as management explores sale or other strategic options to unlock value from clinical pipeline. Monitor for updates on strategic review process or disclosure of potential counterparties.

Remgro Limited

REM.JO (ZA) · Last: 18,697 ZAR · Mkt Cap: $5.4B · Financial Services / Asset Management · EV: $5.4B

Diversified holding company with investments in beverages, financial services, and consumer goods; South African market leader across multiple sectors.

NTM P/E: 11.2x · NTM EV/EBITDA: 19.2x

Remgro declared a ZAR 2 per share special dividend funded by proceeds from its British American Tobacco share sale, alongside its regular dividend increase of 30.3% to ZAR 3.44 total for the year. The Q4 2025 earnings call referenced strategic review activities at investee Spire Healthcare Group plc (UK-listed) and restructuring efforts across portfolio companies including transaction-related costs and integration activities. The combination of portfolio monetization, enhanced distributions to shareholders, and active subsidiary restructuring suggests broader capital allocation optimization across the holding company structure. Monitor for additional asset sale announcements or formal strategic review disclosures from key subsidiaries.

Verde Clean Fuels

VGAS (US) · Last: $1.62 · Mkt Cap: $33.9M · EV: $6.2M · Utilities / Renewable Utilities

Verde Clean Fuels produces renewable diesel and sustainable aviation fuel; specializes in converting waste oils into high-quality, low-carbon fuels.

Verde Clean Fuels appointed CFO Burdette as new CEO and announced the company will evaluate strategic alternatives. Terms and timeline for the strategic review process have not been disclosed. The leadership change combined with formal strategic alternatives review positions the company for potential sale or merger in the renewable fuels consolidation environment. Monitor for appointment of financial advisors or formal sale process announcement.

Modiv Inc

MDV (US) · Last: $14.30 · Mkt Cap: $147.3M · EV: $433.7M

Modiv Industrial operates net-lease industrial properties; provides stable cash flows through long-term tenant leases.

Fwd P/E: 54.1x · EV/EBITDA: 4.5x · EV/Sales: 2.6x (FY2027)

Modiv Inc management is considering accelerating a strategic alternatives process ahead of their previously stated 24-month timeline following inbound acquisition interest after a January 2026 update. The company has received an unsolicited offer for one of its properties (Northrop) and is evaluating asset optimization opportunities. The increased acquirer interest suggests the market recognizes value in Modiv’s industrial portfolio that may not be reflected in current public market pricing. Monitor for formal strategic review announcement or updates on the Northrop property disposition process.

Pacific Lime and Cement Limited

PLA.AX (AU) · Last: $0.30 · Mkt Cap: $176M

Australian mining company focused on lime, cement, and mineral resources; operates projects in Papua New Guinea and Pacific region.

Fwd P/E: NM · EV/Sales: 14.1x (FY2027)

Pacific Lime and Cement has initiated a strategic review of its Star Mountains Project. The company has not disclosed specific terms or timeline for the review process. The review creates potential for asset divestiture or project restructuring that could unlock value from non-core holdings. Monitor for further announcements detailing the scope and expected completion of the strategic review.

Ag Growth International Inc.

AFN.TO (CA) · Last: C$17.74 · Mkt Cap: $241M · Industrials / Agricultural - Machinery

Designer and manufacturer of grain storage and handling equipment; leading provider to agricultural producers worldwide.

Fwd P/E: 4.9x · EV/EBITDA: 5.2x · EV/Sales: 1.0x · EV/GP: 3.9x (FY2027)

Plantro Ltd., a shareholder in Ag Growth International, publicly called on the board to commence a formal sale process to acquire the entire company. Plantro argues that management’s current turnaround plan focused on cost-cutting and piecemeal asset sales is unlikely to create meaningful shareholder value and that a full sale would provide more certain value realization. The activist believes AGI remains attractive to strategic or financial buyers despite operational challenges requiring balance sheet repair and restructuring. Plantro has identified qualified board candidates and stands ready to engage on appointments to lead a sale process. Monitor for management response or formal activist filing detailing specific board nominees.

TT Electronics plc

TTG.L (UK) · Last: 109.60 GBp · Mkt Cap: $261M

Electronic components and manufacturing solutions provider serving industrial, aerospace, and defense markets.

Fwd P/E: NM · EV/EBITDA: 12.4x · EV/Sales: 0.6x · EV/GP: 2.7x (FY2027)

TT Electronics has completed a strategic review concluding that its components business could be worth more under different ownership and is now evaluating a value-led disposal process. The Board has separated components business management to ensure focused oversight but has not committed to a sale, with no deal terms or timeline disclosed. The potential divestiture represents a sum-of-the-parts play where the market may be undervaluing the components division as part of the consolidated entity. The disposal evaluation remains preliminary with no identified buyers or formal sale process launched. Monitor for formal strategic process announcement or buyer engagement details.

Picton Property Income Limited

PCTN.L (UK) · Last: 77.30 GBp · Mkt Cap: $528M · Real Estate / REIT - Diversified

UK property investment company; owns and manages diversified commercial real estate portfolio.

Fwd P/E: NM · EV/EBITDA: 42.8x · EV/Sales: 14.5x · EV/GP: 20.8x (FY2027)

Picton Property Income confirms that a consortium comprising LondonMetric Property PLC and Schroder Real Estate Investment Trust Limited is among the shortlisted parties in its formal sale process. The Board received proposals from multiple interested parties following the March 19 strategic review announcement but no firm offer has been made and terms remain undisclosed. The UK commercial property REIT with £699 million portfolio offers clear takeover optionality as the formal sale process progresses through multiple bidders. The Takeover Panel has granted dispensations from standard timing requirements, allowing the consortium to extend beyond typical 28-day deadlines. Monitor for firm offer announcement or updates on competing bidders.

Theravance Biopharma

TBPH (US) · Last: $14.79 · Mkt Cap: $749M · EV: $816M · Healthcare / Biotechnology

Develops respiratory and cardiovascular medicines; focuses on novel inhaled therapies for chronic lung diseases.

Fwd P/E: 16.2x · EV/Sales: 9.2x (FY2027)

Theravance Biopharma’s 2025 annual report outlined YUPELRI commercialization progress alongside ongoing strategic review and organizational restructuring efforts. Terms and timeline for strategic alternatives remain undisclosed. The company maintains $400 million in cash and $60-70 million annualized YUPELRI cash flow, providing financial flexibility during the strategic review. Monitor for Strategic Review Committee updates or formal sale process announcement.

Ventyx Biosciences

VTYX (US) · Last: $14.00 · Mkt Cap: $1.0B · EV: $134M · Healthcare / Biotechnology

Develops targeted therapies for immune and inflammatory diseases; focuses on novel mechanisms for difficult-to-treat conditions.

Fwd P/E: NM · EV/Sales: 4.4x (FY2027)

Ventyx Biosciences is undergoing a strategic review following a pipeline setback, with the board evaluating strategic alternatives. Terms and potential counterparties have not been disclosed. The strategic review creates potential value realization opportunity for shareholders through sale or merger following clinical disappointment. Monitor for formal strategic review announcement or engagement of financial advisors.

JetBlue Airways

JBLU (US) · Last: $4.75 · Mkt Cap: $1.8B

Low-cost airline offering passenger flights; focus on customer service and point-to-point routes in the US and Caribbean.

Fwd P/E: NM · EV/EBITDA: 5.5x · EV/Sales: 0.9x · EV/GP: 2.7x (FY2027)

Semafor reported that JetBlue Airways has tapped advisers to explore a potential merger or sale, with Reuters subsequently confirming. JetBlue has not confirmed a formal process and continues to reference its JetForward plan. Monitor for any official statement or confirmed banker engagement.

FMC Corporation

FMC (US) · Last: $14.89 · Mkt Cap: $1.9B · Basic Materials / Agricultural Inputs

Chemical manufacturer producing agricultural inputs, lithium compounds, and specialty solutions; global leader in crop protection and lithium technologies.

Fwd P/E: 6.5x · EV/EBITDA: 8.9x · EV/Sales: 1.4x · EV/GP: 3.7x (FY2027)

FMC continues its board-authorized strategic review process amid ongoing pressures in the agricultural chemical sector. The company has not disclosed specific terms, counterparties, or timeline for any potential transaction. The agricultural inputs business faces headwinds from declining crop protection demand and pricing pressure, creating potential value dislocation for acquirers with complementary portfolios or operational synergies. The company’s $1B debt reduction target through asset sales could complicate timing and structure of any strategic transaction. Monitor for updates on the strategic review process and potential bidder interest.

Golar LNG Limited

GLNG (US) · Last: $53.09 · Mkt Cap: $5.4B

Operates floating LNG regasification vessels; leading independent provider of LNG import infrastructure globally.

Fwd P/E: 80.1x · EV/EBITDA: 26.9x · EV/Sales: 12.5x · EV/GP: 26.7x (FY2027)

Golar LNG Limited has initiated a strategic review to explore value-maximizing alternatives including a potential sale, with Goldman Sachs appointed as financial advisor. The company has not disclosed specific deal terms, potential buyers, or timeline for the review process. The engagement of a top-tier investment bank suggests management is seriously exploring monetization options in a favorable LNG infrastructure market. Monitor for updates on strategic alternatives or formal sale process launch.

IG Group Holdings plc

IGG.L (UK) · Last: 1,460.00 GBp · Mkt Cap: $6.6B

Online financial derivatives broker; leading provider of spread betting, CFDs and options trading globally.

Fwd P/E: NM · EV/EBITDA: 4.4x · EV/Sales: 2.9x · EV/GP: 3.6x (FY2027)

IG Group Holdings announced a strategic review following record full-year results while conducting ongoing share buybacks. Terms and timeline for the strategic review have not been disclosed, nor have potential counterparties or specific strategic alternatives been identified. The review creates potential for a sale, merger, or significant restructuring that could unlock value for shareholders in a consolidating financial services sector. Monitor for strategic review updates or formal process announcements.

LKQ Corporation

LKQ (US) · Last: $29.26 · Mkt Cap: $7.5B

Distributor of aftermarket vehicle parts and services; largest independent provider in North America and Europe.

Fwd P/E: 8.9x · EV/EBITDA: 7.0x · EV/Sales: 0.9x · EV/GP: 2.3x (FY2027)

LKQ Corporation is conducting a strategic review with an upcoming annual meeting that includes proxy voting facing scrutiny. The strategic review timeline and potential outcomes have not been disclosed. The combination of strategic alternatives exploration and proxy contest preparation suggests potential shareholder activism or governance pressure driving consideration of divestitures or sale processes. Monitor for proxy filing disclosures or strategic review updates.

ROHM Co., Ltd.

6963.T (JP) · Last: ¥3,373 · Mkt Cap: $8.2B

Japanese semiconductor manufacturer; global leader in analog and power semiconductor devices.

Fwd P/E: 39.8x · EV/EBITDA: 6.8x · EV/Sales: 1.5x · EV/GP: 9.1x (FY2027)

ROHM is in discussions with Toshiba about forming a chip business alliance. Terms, structure, and timeline for the potential partnership have not been disclosed. The combination of ROHM’s analog and power expertise with Toshiba’s semiconductor capabilities could create operational synergies and strengthen competitive positioning in key markets. The discussions appear to be in early stages with significant execution risk around reaching definitive terms. Monitor for announcement of formal framework or termination of talks.

Aegon N.V.

AEG (US) · Last: $6.86 · Mkt Cap: $10.4B · Financial Services / Insurance - Diversified

Dutch insurance company providing life, health, and property coverage; leading insurer in the Netherlands and Belgium.

Fwd P/E: 7.2x (FY2027)

Aegon N.V. confirmed its strategic review of Aegon U.K. operations announced at the 2025 Capital Markets Day remains ongoing. Terms undisclosed. Strategic review targets underperforming U.K. unit experiencing net outflows due to adviser market consolidation, potentially unlocking value through divestiture while EUR 800 million capital return program demonstrates disciplined capital allocation. Monitor for strategic review completion timeline or potential buyer emergence.

Delivery Hero SE

DHER.DE (DE) · Mkt Cap: $6.0B · EV: $7.0B

Online food delivery platform operating in 70+ countries; largest global pure-play food delivery company by coverage.

Fwd P/E: 22.7x · EV/EBITDA: 2.5x · EV/Sales: 0.5x · EV/GP: 2.5x (FY2027)

Delivery Hero agreed to sell its Taiwan food-delivery business to Grab for $600 million in cash, marking the first major milestone in its strategic review launched in December 2025. The Taiwan unit generated €1.5 billion in GMV during 2025 and the transaction is expected to close in the second half of 2026, subject to regulatory approvals. The sale will reduce net leverage from approximately 2.7x to 2.2x as proceeds are used for debt repayment, crystallizing value from what management calls a market-leading asset amid perceived public market undervaluation. CEO Niklas Östberg noted this represents the company’s fifth asset monetization as part of broader efforts to unlock fundamental value across its global operations. Transaction closing expected H2 2026 with transitional services extending up to 12 months post-completion.

Acquisitions

Actelis Networks

ASNS (US) · Last: $0.43 · Mkt Cap: $11.5M · EV: $8.5M

Actelis Networks develops broadband over power line (BPL) technology and networking solutions; serves utilities and telecom providers globally.

Actelis Networks has entered a binding term sheet to acquire 100% of Exaware Ltd., an Israel-based provider of high-throughput routing and switching platforms, in an all-stock transaction. Transaction terms were not disclosed, and the deal requires completion of definitive documentation and customary closing conditions. The acquisition targets entry into the AI-driven data center networking market by combining Actelis’ secure edge connectivity expertise with Exaware’s data center platforms. The strategic rationale hinges on accelerating AI infrastructure investment, though integration risk and market adoption remain key execution challenges. Monitor for definitive agreement announcement and closing timeline.

Capricorn Energy PLC

CNE.L (UK) · Last: 270.00 GBp · Mkt Cap: $247M

Oil and gas exploration and production company; operates assets in the North Sea and West Africa.

Fwd P/E: NM · EV/EBITDA: 2.9x · EV/Sales: 1.6x · EV/GP: 5.6x (FY2027)

Dimensional Fund Advisors disclosed a 3.79% stake in Capricorn Energy (2,673,876 shares) as of March 24, 2026, filing under Form 8.3 of the UK Takeover Code. Form 8.3 is mandatory for any person holding 1%+ of a company in an active offer period — the filing confirms Capricorn is in an active offer period under the Takeover Code. Monitor for named offeror announcement or formal offer document.

CAB Payments

CABP.L (UK) · Last: 83.20 GBp · Mkt Cap: $291M · Financial Services / Banks - Diversified

Cross-border payments provider specializing in emerging markets; enables international money transfers and foreign exchange services for individuals and businesses.

NTM P/E: 11.9x

CAB Payments received an unsolicited takeover offer from Helios, which the Board rejected as unrecommendable. Terms undisclosed. Multiple bidders pursuing the company after improved FY25 performance, with Board now evaluating competing approaches and potential for bidding war. Board rejection suggests offers remain below fair value, and multiple low-ball attempts could reflect weak fundamentals or limited synergy value. Monitor for Helios response to rejection and StoneX deadline under UK takeover rules.

SEALSQ Corp

LAES (US) · Last: $2.88 · Mkt Cap: $377M · Technology / Semiconductors

Provider of quantum-safe cryptography and post-quantum security solutions; emerging leader in enterprise cybersecurity infrastructure.

Fwd P/E: NM · EV/Sales: 2.8x · EV/GP: 8.4x (FY2027)

SEALSQ Corp signed a Letter of Intent to acquire 100% of Miraex SA, a Swiss developer of quantum photonic interconnection solutions based at EPFL Innovation Park. The LOI provides a 60-day exclusivity period for due diligence and definitive agreement negotiations, with transaction completion expected by end of June 2026 through SEALSQ’s Quantum Fund strategic investment program. The acquisition strengthens SEALSQ’s vertical integration in quantum technologies, adding Miraex’s thin-film lithium tantalate photonic integrated circuit platform that connects quantum processors to quantum networks. The transaction will be financed through SEALSQ’s existing Quantum Fund rather than dilutive equity issuance, providing strategic value through complementary technology integration. Monitor for definitive agreement announcement following the 60-day exclusivity period ending in late May.

IDOX PLC

IDOX.L (UK) · Last: 70.20 GBp · Mkt Cap: $424M · Technology / Software - Application

Software and services provider for planning, permitting, and environmental compliance; serves UK and international public sector and enterprises.

Fwd P/E: NM · EV/EBITDA: 11.6x · EV/Sales: 3.2x · EV/GP: 4.4x (FY2027)

Canaccord Genuity Wealth disclosed a 6.3385% position in IDOX pursuant to UK Takeover Code rules and sold shares during active takeover proceedings. Sales executed at 70.2-70.4p per share on March 26. Total disclosed position: 29.3M shares representing 6.34% ownership. Large institutional position disclosure during takeover provides transparency on significant shareholder activity and potential arbitrage positioning ahead of deal completion. The named offeror is Frankel UK Bidco Limited (backed by Long Path Capital funds), with the offer period running since October 28, 2025. Monitor for formal offer document and recommendation from the IDOX board.

Previously: Rathbones Group held 0.03% stake and sold 800 shares at 359.85p on March 19, 2026.

ES-CON JAPAN Ltd.

8892.T (JP) · Last: ¥1,120 · Mkt Cap: $730M · Consumer Cyclical / Residential Construction · EV: $2.9B

Japanese residential construction and real estate development company

ES-CON JAPAN signed a stock transfer agreement to acquire 100% of Arc Real Estate following a corporate spin-off, strengthening its stock-type business revenue base in the Kansai region. The acquisition is priced at approximately ¥11.031 billion ($110.31 million) for 1,800 shares, based on time-value net asset valuation of Arc’s real estate portfolio. The transaction supports the company’s 5th medium-term management plan goal of increasing recurring revenue from rental and asset management operations. Stock transfer execution is scheduled for October 30, 2026.

Spire Healthcare Group PLC

SPI.L (UK) · Last: 142.80 GBp · Mkt Cap: $761M · Healthcare / Medical - Care Facilities

Private hospital operator; leading independent acute care provider across UK with specialist surgical and diagnostic services.

Fwd P/E: NM · EV/EBITDA: 6.8x · EV/Sales: 1.1x · EV/GP: 3.0x (FY2027)

Dimensional Fund Advisors disclosed a 3.02% stake in Spire Healthcare Group, holding 12,182,283 ordinary shares under Takeover Code Rule 8.3. Terms undisclosed. The Rule 8.3 filing confirms an active takeover situation for the UK healthcare operator, with institutional ownership patterns now visible ahead of a potential transaction. Monitor for formal bid announcement or competing offers disclosure.

BHRB (US) · Last: $61.29 · Mkt Cap: $921M

Community bank providing retail and commercial banking services; regional presence in West Virginia and Kentucky.

Fwd P/E: 6.7x (FY2027)

Burke & Herbert Financial Services and LINK shareholders have approved the existing merger agreement between the two companies. Deal terms have not been disclosed publicly. The shareholder approvals remove a key closing condition and substantially reduce execution risk. Monitor for regulatory approval completion and closing announcement.

Genco Shipping & Trading Limited

GNK (US) · Last: $23.03 · Mkt Cap: $998M · Industrials / Marine Shipping

Operator of dry bulk cargo ships; provides maritime transportation services for commodities globally.

Fwd P/E: 14.0x · EV/EBITDA: 8.5x · EV/Sales: 2.9x · EV/GP: 21.3x (FY2027)

Diana Shipping Inc., which owns 14.8% of Genco Shipping & Trading, submitted a revised non-binding proposal on March 6, 2026 to acquire all remaining shares for $23.50 per share in cash. Genco’s Board rejected the revised proposal on March 19, and Diana issued a press release on March 20 responding to the rejection. The proposed price represents a modest 2% premium to the current stock price of $23.03, suggesting Diana may return with a higher bid to unlock shareholder support. The rejection sets up a potential proxy contest or extended negotiation period as Diana evaluates its options as a significant minority holder. Monitor for Diana’s next strategic move or potential competing bidders emerging given the low premium initially proposed.

Lucky Strike Entertainment Corporation

LUCK (US) · Last: $8.05 · Mkt Cap: $1.1B

Bowling and entertainment center operator

Fwd P/E: 31.8x · EV/EBITDA: 6.0x · EV/Sales: 2.9x · EV/GP: 7.7x (FY2027)

Lucky Strike Entertainment has earnout shares outstanding under its completed merger agreement with Bowlero Corp that vest if the stock price reaches $17.50 for 10 trading days within any 20-day period. The earnout consists of 1,196,000 shares that will be forfeited if vesting conditions are not met by the 5-year anniversary of the merger closing. The $17.50 threshold represents a 117% premium to the current $8.05 price, creating a clear binary catalyst for Atairos-affiliated entities holding the earnout rights. The earnout structure incentivizes sustained price appreciation above the threshold rather than temporary spikes, as the 10-out-of-20 trading day requirement prevents gaming through brief manipulation. Monitor for sustained moves above $17.50 or approaching the 5-year forfeiture deadline.

Two Harbors Investment Corp

TWO (US) · Last: $11.16 · Mkt Cap: $1.2B · Real Estate / REIT - Mortgage

Real estate investment trust investing in residential mortgage-backed securities and mortgage servicing rights; leading mortgage REIT with diversified agency portfolio.

Fwd P/E: 8.6x (FY2027)

Two Harbors Investment Corp terminated its acquisition agreement with UWM Holdings Corp and accepted a competing $10.80 per share cash offer from CrossCountry Mortgage. CrossCountry offers $10.80 per share in cash. UWM deal terms and termination fee not disclosed. Competitive bidding process delivers immediate premium to shareholders who benefit from the switch to higher cash consideration versus the original UWM transaction structure. Monitor for definitive agreement filing with CrossCountry and shareholder meeting announcement.

SkyWater Technology

SKYT (US) · Last: $27.00 · Mkt Cap: $1.3B · Technology / Semiconductors

Semiconductor foundry offering advanced chip manufacturing services; U.S.-based provider serving defense, aerospace, and commercial sectors.

Fwd P/E: NM · EV/EBITDA: 6.1x · EV/Sales: 1.8x · EV/GP: 8.8x (FY2027)

IonQ is acquiring SkyWater Technology in an all-cash and stock transaction. $15 per share in cash plus stock consideration linked to VWAP. Total deal value undisclosed. Acquisition creates quantum computing and semiconductor foundry combination with variable stock component tied to IonQ’s trading performance providing additional upside potential. Monitor for definitive merger agreement filing with complete terms and conditions.

Senior plc

SNR.L (UK) · Last: 283.00 GBp · Mkt Cap: $1.6B · Industrials / Aerospace & Defense

Aerospace and automotive engineer supplying components and assemblies; specialist in high-temperature and complex engineered parts.

Fwd P/E: NM · EV/EBITDA: 11.1x · EV/Sales: 1.2x · EV/GP: 5.1x (FY2027)

Advent International’s put up or shut up deadline for Senior plc has been extended from March 27 to April 17, 2026, as discussions continue following the Board’s rejection of the preliminary 272 pence per share offer. Advent’s preliminary offer valued Senior at 270 pence cash plus up to 2 pence dividend retention (272 pence total), which the Board unequivocally rejected. Extension indicates ongoing negotiations despite initial rejection, creating binary outcome by hard regulatory deadline with Advent required to either make firm offer or withdraw completely. Advent must announce firm intention to make offer or withdraw by 5:00 p.m. London time on April 17, 2026.

Braze, Inc.

BRZE (US) · Last: $18.48 · Mkt Cap: $1.9B · Technology / Software - Application

Customer engagement platform delivering personalized messaging across email, push, SMS, and in-app; leader in cross-channel marketing automation.

Fwd P/E: 18.6x · EV/Sales: 4.7x · EV/GP: 6.8x (FY2028)

Braze has entered into a definitive agreement to acquire OfferFit, an AI decisioning company that uses reinforcement learning technology for personalized customer engagement. The deal is valued at $325 million in cash and stock, though the specific breakdown and timeline are not disclosed. The acquisition strengthens Braze’s AI capabilities and supports its Project Catalyst initiative, which aims to deliver highly relevant personalized customer journeys. Monitor for SEC filing with detailed terms and expected closing timeline.

Skylark Holdings

3197.T (JP) · Last: ¥3,388 · Mkt Cap: $4.8B · Consumer Cyclical / Restaurants

Japanese restaurant operator running family dining chains including Gusto, Bamiyan, and Jonathan’s

Fwd P/E: 35.7x · EV/EBITDA: 9.2x · EV/Sales: 1.7x · EV/GP: 2.5x (FY2027)

Skylark Holdings is acquiring all shares of Shinpachi, operator of the Shinpachi Shokudo grilled fish set meal chain, from investment fund J-STAR for approximately ¥11 billion ($110 million) to make it a wholly-owned subsidiary. The transaction is scheduled to close April 30, 2026, following a stock purchase agreement signed March 24. The acquisition strengthens Skylark’s low-price segment portfolio and provides access to urban small-format locations, addressing the company’s geographic concentration in roadside properties (70% of current stores). Skylark plans to accelerate Shinpachi’s expansion from 108 stores currently to 300 stores by 2030. Monitor for completion confirmation by April 30.

Home BancShares, Inc

HOMB (US) · Last: $26.55 · Mkt Cap: $5.2B

Regional bank operating community-focused branches across the South; provides deposit, lending and financial services.

Fwd P/E: 10.1x (FY2027)

Home BancShares received regulatory approvals from the Federal Reserve and Arkansas State Bank Department to acquire Mountain Commerce Bancorp. The proposed merger is expected to close early in the second quarter of 2026, subject to remaining closing conditions in the merger agreement. The regulatory clearance removes a key hurdle for the transaction, positioning the combined entity for enhanced market presence across the acquirer’s Southern footprint. Monitor for definitive closing date announcement and satisfaction of remaining merger agreement conditions.

Cielo Waste Solutions Corp.

CMC.V (CA) · Mkt Cap: $9M · Basic Materials / Specialty Chemicals · EV: $10M

Converts waste into renewable energy and sustainable fuels; focuses on pyrolysis and gasification technology for circular economy.

NTM P/E: 1.7x · NTM EV/EBITDA: 4.5x

Cielo Waste Solutions amended its binding letter of intent with Canadian Discovery Ltd. for the acquisition of proprietary project development assets, extending the closing deadline from March 31 to April 15, 2026. The parties eliminated the escrow requirement for consideration shares, with all shares to be issued at closing subject to a 12-month hold period, while the deal remains subject to execution of a definitive asset purchase agreement and regulatory approvals. The amendment reflects positive due diligence progress and identified synergies, creating potential upside if the transaction closes by the extended deadline. Closing by April 15, 2026 remains the next key catalyst to monitor.

Paramount Global

PARA (US) · Last: $11.04 · Mkt Cap: $7.0B · Communication Services / Entertainment

Media and entertainment conglomerate producing films, TV shows, and streaming content; owner of iconic franchises and studios.

Fwd P/E: 8.7x · EV/EBITDA: 6.2x · EV/Sales: 0.9x · EV/GP: 3.0x (FY2027)

Paramount Global (now combined with Skydance Media) is acquiring Warner Bros. Discovery in a $31 per share deal, outbidding Netflix for WBD. The transaction represents one of the largest media consolidations in decades, combining CBS, Paramount+, HBO, CNN, and Warner Bros. studios. WBD shareholders are scheduled to vote April 23, 2026. Monitor for WBD shareholder vote outcome and any regulatory conditions.

ROHM Co., Ltd.

6963.T (JP) · Last: ¥3,170 · Mkt Cap: $7.7B · Technology / Semiconductors

Japanese semiconductor manufacturer; global leader in analog and power semiconductor devices.

Fwd P/E: 37.4x · EV/EBITDA: 6.8x · EV/Sales: 1.5x · EV/GP: 9.1x (FY2027)

Denso has made an acquisition proposal to acquire all shares of Rohm and make it a wholly-owned subsidiary, escalating from its current stake of just under 5% acquired by July 2025. Terms of the proposed buyout have not been disclosed, though Rohm’s market capitalization jumped from approximately ¥1.1 trillion to ¥1.4 trillion following news of the bid. The move positions Denso to secure critical analog and SiC power semiconductor supply for electric vehicle production, while Rohm faces pressure from Chinese competition that has weakened Japanese players in the power semiconductor space. Toshiba is preparing a counter-proposal involving a joint venture combining power semiconductor businesses from Toshiba, Rohm, and potentially Mitsubishi Electric, setting up a potential bidding contest. Monitor for formal bid terms from Denso and competing proposals from the Toshiba-led consortium.

Janus Henderson Group plc

JHG (US) · Last: $52.09 · Mkt Cap: $8.0B · Financial Services / Asset Management

Global investment manager overseeing ~$400B in assets; specializes in active fund management and wealth advisory.

Fwd P/E: 10.7x (FY2027)

Trian and General Catalyst have increased their merger offer for Janus Henderson Group to $52.00 per share in cash, representing approximately $8.0B in total consideration. Note: the stock currently trades at $52.09, slightly above the offer price, suggesting the market may be pricing in a competing bid or a bump. Closing conditions and timeline have not been disclosed. Note: Victory Capital has withdrawn from the auction process as of March 29, leaving Trian and General Catalyst as the sole bidders. Monitor for shareholder vote announcement.

Smithfield Foods, Inc.

SFD (US) · Last: $25.56 · Mkt Cap: $10.0B

Leading pork processor and hog producer in the United States.

Fwd P/E: 9.6x · EV/EBITDA: 5.7x · EV/Sales: 0.6x · EV/GP: 4.7x (FY2027)

Smithfield Foods entered into a definitive agreement to acquire Nathan’s Famous for $102 per share in January 2026. The transaction is expected to be immediately accretive and create synergy opportunities. The acquisition provides Smithfield exposure to Nathan’s franchised restaurant model and iconic hot dog brand. Monitor for closing announcement — the transaction was announced in January 2026 and regulatory approval status has not been disclosed.

Grab Holdings Limited

GRAB (US) · Last: $3.64 · Mkt Cap: $14.5B · Technology / Software - Application

Southeast Asian ride-hailing and delivery platform; regional market leader across mobility, food, and logistics services.

Fwd P/E: 23.7x · EV/Sales: 3.9x · EV/GP: 8.9x (FY2027)

Grab Holdings Limited agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $600 million cash on a cash-free and debt-free basis. The transaction marks Grab’s expansion into its ninth market and first outside Southeast Asia, with closing expected in the second half of 2026 subject to regulatory approvals and customary closing conditions. The acquisition allows Grab to leverage its dense urban logistics expertise in Taiwan’s 23 million population market, with the business expected to contribute at least $60 million in incremental Adjusted EBITDA by 2028. Monitor for regulatory filing disclosures and Taiwan competition authority review timeline.

1606 Corp

CBDW (OTC) · Mkt Cap: $950K · EV: $1.5M

OTC-traded holding company focused on acquiring power-backed infrastructure for data center development

1606 Corp executed a Purchase and Sale Agreement to acquire a 132-acre property in Lufkin, Texas with existing power generation facility and data center infrastructure for $11.2 million. The transaction consists of cash consideration at closing plus assumption of an existing lien, with closing expected April 15th following completion of due diligence. The acquisition presents significant value potential as the power generation asset was recently valued at $164 million by CBRE, suggesting the company is acquiring assets worth nearly 15x the purchase price. The property includes a 50,000-square-foot warehouse and has already attracted initial interest from data center operators for power supply and facility lease arrangements. Monitor for closing confirmation on April 15th.

ECGI Holdings Inc

ECGI (OTC) · Mkt Cap: $390K

OTC-traded holding company

ECGI Holdings signed a definitive Share Exchange Agreement to acquire RezyFi Inc., a 29-state licensed mortgage origination platform with approximately $140 million in annual mortgage funding. The transaction values RezyFi at $25 million, to be paid in ECGI Series E Non-Voting Convertible Preferred Stock, subject to staged conversion limits and transfer restrictions. The acquisition would integrate mortgage origination capabilities with ECGI’s tokenization platform, building on an existing $10 million pilot program with RezyFi subsidiary ResMac. The transaction is subject to customary closing requirements including financial statement readiness. Monitor for closing timeline and pilot program results.

Desktop S.A.

DESK3.SA (BR) · Mkt Cap: $359M · EV: $581M

Brazilian internet service provider; serves residential and business customers primarily in São Paulo metropolitan area.

NTM P/E: 10.6x · NTM EV/EBITDA: 4.7x

H.I.G. Capital signed a definitive agreement to sell Desktop S.A., a São Paulo internet service provider, to Claro Telecom Participações S.A. R$4.0 billion total value (approximately $750 million, inclusive of debt), implying R$20.82 per share based on net debt as of September 30. Desktop trades on B3 as Brazil’s first publicly listed ISP, having grown from 150,000 to 1.2 million subscribers under H.I.G. ownership through organic expansion and 10 acquisitions. Brazilian regulatory approvals required for closing, creating execution risk in a market where telecom consolidation faces scrutiny. Monitor for Brazilian regulatory authority decisions on transaction approval.

Otsuka Pharmaceutical Co., Ltd.

4768.T (JP) · Last: ¥3,014 · Mkt Cap: $7.1B · Healthcare / Drug Manufacturers

Japanese pharmaceutical company producing drugs, nutritional products, and medical devices; global presence in psychiatry, oncology, and specialty care.

Fwd P/E: 16.8x · EV/EBITDA: 9.5x · EV/Sales: 0.7x · EV/GP: 3.8x (FY2027)

Otsuka Pharmaceutical entered into a definitive agreement to fully acquire clinical-stage biotech Transcend Therapeutics through wholly owned subsidiary Otsuka America. $700 million upfront plus up to $525 million in contingent consideration based on sales milestones, totaling up to $1.225 billion. Close expected Q2 2026 subject to customary conditions. Transcend’s lead asset TSND-201 targets PTSD, a market with 13 million affected Americans annually but no new approved treatments in 25 years, creating substantial commercial opportunity for rapid-acting neuroplastogen therapy. Monitor for Q2 2026 closing timeline and regulatory updates on TSND-201 clinical development.

SAP SE

SAP (US) · Last: $164.02 · Mkt Cap: $191.1B · Technology / Software - Application

Enterprise resource planning software provider; leading global position in business management solutions for large organizations.

Fwd P/E: 19.2x · EV/EBITDA: 17.9x · EV/Sales: 5.3x · EV/GP: 7.1x (FY2027)

SAP has agreed to acquire Reltio Inc., a master data management software provider, to strengthen its Business Data Cloud platform and advance its AI-First strategy. Terms undisclosed. The acquisition positions SAP to unify enterprise data across SAP and non-SAP systems for AI applications, potentially driving revenue growth through enhanced data platform capabilities and accelerating time-to-value for its Joule AI agents. Monitor for deal completion timeline and regulatory filings.

Divestitures

Celularity Inc.

CELU (US) · Last: $1.28 · Mkt Cap: $31M · Healthcare / Biotechnology

Celularity Inc.; developer of cell and gene therapies derived from placental cells; clinical-stage biopharmaceutical company.

Fwd P/E: 0.9x · EV/Sales: 0.4x · EV/GP: 0.5x (FY2027)

Celularity granted an exclusive license to its commercial-stage placental-derived biomaterials portfolio to an undisclosed partner, monetizing these assets while retaining focus on its longevity therapeutics pipeline. The company will receive upfront consideration plus milestone payments totaling up to $35 million, with the transaction expected to close no later than April 15, 2026, subject to customary closing conditions. This represents non-dilutive capital for a company with only $31 million market cap, while Celularity retains exclusive manufacturing rights at its FDA-compliant New Jersey facility and future royalties on net sales. Deal provides near-term capital influx while preserving manufacturing revenue stream from the divested portfolio. Monitor for closing confirmation by April 15.

CVD Equipment Corporation

CVV (US) · Last: $5.11 · Mkt Cap: $35M · Industrials / Industrial - Machinery

CVD Equipment Corporation designs and manufactures chemical vapor deposition systems; serves semiconductor, research, and advanced materials markets.

Fwd P/E: NM · EV/Sales: 0.5x · EV/GP: 2.1x (FY2026)

CVD Equipment Corporation signed a definitive agreement to sell its Stainless Design Concepts business division to Atlas Copco Group for $16.9 million in cash. The transaction is scheduled to close in the second quarter of 2026. The divestiture allows CVD to refocus on its core chemical vapor deposition systems business while providing additional financial flexibility, with the sale proceeds representing nearly 50% of current market capitalization. The stock surged 30% on announcement, suggesting the market views the portfolio rationalization favorably. Monitor for Q2 2026 closing confirmation and management guidance on capital allocation priorities.

Playboy Inc

PLBY (US) · Last: $1.57 · Mkt Cap: $147M · Consumer Cyclical / Leisure

Publisher of men’s lifestyle magazine and entertainment brand; iconic symbol of adult entertainment and sexual liberation since 1953.

Fwd P/E: 15.2x · EV/Sales: 2.5x · EV/GP: 3.5x (FY2027)

Playboy closed the initial phase of its China business divestiture, selling 16.67% of the joint venture to UTG Brands Management Group for $15 million and receiving $4 million in brand support payments. UTG will ultimately acquire 50% of the JV for $122 million total consideration through staged payments: $15 million paid at initial closing, remaining $30 million due by January 2028, plus $10 million in brand support payments and guaranteed JV distributions of minimum $62 million through 2033. Transaction transforms China operations to asset-light model while preserving upside participation through retained 50% JV ownership, with proceeds providing immediate debt reduction and guaranteed minimum distributions exceeding current China cash flows. Monitor for remaining $36 million in payments and distributions due by January 2028.

Olympia Financial Group Inc.

OLY.TO (CA) · Last: C$116.63 · Mkt Cap: $204M · Financial Services / Asset Management

Canadian financial services company operating primarily through subsidiary Olympia Trust Company, a non-deposit taking trust company licensed in Alberta and British Columbia

Fwd P/E: 15.5x (FY2027)

Olympia Financial Group has agreed to sell wholly owned subsidiary Olympia Currency and Global Payments Inc. to Shift Connect Ltd., a Canadian fintech focused on digital payments solutions. Terms were not disclosed, with the transaction subject to Bank of Canada approval under the Retail Payment Activities Act and customary closing conditions. The divestiture allows Olympia to focus on its core trust operations while monetizing the boutique foreign exchange and cross-border payments business that serves individuals and SMEs across Canada. Transaction completion expected before March 31, 2026 — within one week of announcement.

Zevra Therapeutics

ZVRA (US) · Last: $9.15 · Mkt Cap: $537M · Healthcare / Biotechnology

Develops rare disease therapeutics using transient zinc finger protein technology; targeting metabolic and genetic disorders.

Fwd P/E: 6.1x · EV/Sales: 2.3x · EV/GP: 2.7x (FY2027)

Zevra Therapeutics has agreed to sell its entire serdexmethylphenidate (SDX) portfolio, including AZSTARYS® and KP1077, to Commave Therapeutics SA for $50 million. The transaction also settles ongoing Delaware Chancery Court litigation that Commave initiated against Zevra in 2024. Prior to the agreement, Zevra repaid its $63 million term loan in full, creating a debt-free balance sheet and enhanced financial flexibility to focus on its rare disease pipeline. The divestiture eliminates a non-core asset while generating meaningful cash proceeds for a company with a $537 million market cap.

SDCL Efficiency Income Trust plc

SEIT.L (UK) · Last: 39.80 GBp · Mkt Cap: $572M · Financial Services / Asset Management - Income

Investment trust generating income from diversified infrastructure and utility assets; delivers stable returns through long-term contracted cashflows.

Fwd P/E: NM · EV/EBITDA: 49.6x · EV/Sales: 8.4x · EV/GP: 8.4x (FY2026)

SEEIT Holdco Limited, a subsidiary of SDCL Efficiency Income Trust plc, sells 11 operational energy efficiency infrastructure assets to Kyotherm for £105 million. Total enterprise value approximately £105 million. Completion subject to customary closing conditions, expected by mid-April 2026. Strategic deleveraging reduces SEIT’s pro-forma aggregate gearing to approximately 65% of net asset value while creating a more focused portfolio targeting commercial, industrial, and district energy customers. Monitor for completion announcement by mid-April 2026.

SSR Mining Inc.

SSRM (US) · Last: $26.45 · Mkt Cap: $5.4B · Basic Materials / Gold

Gold mining company operating precious metals mines across North America; diversified precious metals producer with development projects portfolio.

Fwd P/E: 5.3x · EV/EBITDA: 7.3x · EV/Sales: 1.6x · EV/GP: 4.4x (FY2027)

SSR Mining finalized the $1.5 billion sale of its 80% stake in the Çöpler mine in Turkey to Cengiz Holding. $1.5 billion cash consideration for 80% stake, subject to regulatory approval. Divestiture enables geographic pivot to Americas-focused strategy while generating substantial proceeds for reinvestment and enhanced capital returns. Turkish regulatory approval creates execution risk and potential delays to proceeds realization. Monitor for Turkish regulatory approval timeline.

Fuji Media Holdings

4676.T (JP) · Last: ¥4,170 · Mkt Cap: $5.4B · Communication Services / Broadcasting

Japanese media conglomerate operating TV networks, newspapers, and digital platforms; leading broadcaster in Japan.

Fwd P/E: 16.1x · EV/EBITDA: 15.9x · EV/Sales: 1.3x · EV/GP: 5.3x (FY2027)

ATRA, associated with activist investor Yoshiaki Murakami, proposed to acquire Fuji Media Holdings’ real estate business for ¥350 billion ($2.3 billion). ¥350 billion ($2.3 billion) cash offer for the urban development and tourism divisions. Activist-driven proposal targets undervalued real estate assets within media conglomerate, with FMH already exploring external capital for this business unit following prior interest in subsidiary Sankei Building. Monitor for FMH board response to formal proposal and potential alternative bidder emergence.

Prodways Group

ALPWG.PA (FR) · Mkt Cap: $42M · EV: $55M

Designer and manufacturer of 3D printers and materials; leader in professional additive manufacturing solutions.

NTM P/E: 44.4x · NTM EV/EBITDA: 11.9x

Prodways Group is selling its Software business unit for €35 million, with the transaction pending shareholder approval. The company plans to distribute a portion of the sale proceeds to shareholders through a public share buyback offer. The divestiture allows Prodways to focus on its core 3D printing and additive manufacturing operations while returning capital to shareholders. The Software division has been reclassified as a discontinued operation in the company’s financial statements. Monitor for shareholder vote date and formal announcement of buyback terms.

Everest Group Ltd

EG (US) · Last: $324.50 · Mkt Cap: $13.1B · Financial Services / Insurance - Reinsurance

Global reinsurance and insurance services provider; leading independent platform across property, casualty, and specialty lines.

Fwd P/E: 5.3x (FY2027)

Everest Group has signed a definitive agreement to sell its Canadian retail insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company. Terms of the transaction were not disclosed. This divestiture aligns with Everest’s strategic plan to exit the commercial retail insurance sector and focus resources on its higher-margin reinsurance and specialty insurance operations. The transaction is expected to close in the second half of 2026.

Diageo plc

DGE.L (UK) · Last: 1,377.00 GBp · Mkt Cap: $40.9B

Global producer of premium spirits and beers; world’s largest alcoholic beverages company by revenue.

Fwd P/E: NM · EV/EBITDA: 9.2x · EV/Sales: 3.2x · EV/GP: 5.3x (FY2027)

Diageo’s 55.9%-owned subsidiary United Spirits agreed to sell its 100% stake in Royal Challengers Sports to a consortium including Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone’s BXPE for INR166.6 billion ($2.0 billion). Royal Challengers Sports owns and manages the Royal Challengers Bengaluru teams in the Indian Premier League and Women’s Premier League cricket franchises. The transaction represents a strategic shift for Diageo to focus on its core alcohol business, with proceeds expected to reduce the company’s net debt/EBITDA ratio by 0.1-0.2x depending on dividend policy. The deal requires approvals from the Board of Control for Cricket in India and the Competition Commission of India. RBC expects the transaction to close within six months.

Unilever PLC

UL (US) · Last: $61.04 · Mkt Cap: $133.4B · Consumer Defensive / Household & Personal Products

Global consumer goods manufacturer; leading portfolio of household, personal care, and food brands across 190+ countries.

Fwd P/E: 18.2x · EV/EBITDA: 13.7x · EV/Sales: 2.8x · EV/GP: 6.2x (FY2027)

Unilever confirmed discussions with McCormick & Company for the potential sale of its food business, including brands like Hellmann’s and Knorr that generated €12.9 billion in revenue in 2025. No agreement has been reached and financial terms have not been disclosed. The divestiture would represent approximately 25% of Unilever’s annual sales and supports CEO Fernando Fernandez’s strategy to pivot toward higher-growth beauty and personal care categories. The discussions remain preliminary with execution risk given no definitive agreement exists and Unilever’s board stating confidence in the Foods business as part of the company. Monitor for formal deal announcement or confirmation that talks have ended.

Mastercard Inc

MA (US) · Last: $484.89 · Mkt Cap: $432.7B · Financial Services / Financial - Credit Services

Global payment network processor; enables digital and card-based transactions between consumers, merchants, and financial institutions worldwide.

Fwd P/E: 21.4x (FY2027)

Reuters and the Financial Times reported that Mastercard is exploring a sale of its Nets Real-Time Payments unit, acquired in 2019. Mastercard has not issued a formal filing confirming the review. If confirmed, a divestiture would refocus the company on core payment processing. Monitor for official Mastercard announcement.

Paratus Energy Services Ltd.

PLSV.OL (NO) · Last: 43.20 NOK · Mkt Cap: $698M · EV: $113M

Bermuda-based energy services company operating platform supply vessels (PLSV) and offshore drilling assets through subsidiaries

Paratus Energy Services has agreed to sell its subsidiary Fontis’ drilling operations and jack-up fleet to Borr Drilling Limited and CME through two inter-conditional transactions. CME will acquire the Mexican operations for cash, while CME and Borr will jointly acquire the Singaporean rig-owning entities for a combination of cash and seller’s credit, with terms not disclosed. The divestiture transforms Paratus into a pure-play PLSV business and completes the distribution of approximately $541 million to Paratus from Fontis assets since 2022. The transaction requires regulatory approvals and is expected to enhance Paratus’ financial flexibility while focusing operations on its core platform supply vessel business. Monitor for closing conditions and final consideration details.

Tender Offers

Solasto Corporation

6197.T (JP) · Last: ¥954 · Mkt Cap: $546M · Healthcare / Medical - Care Facilities

Provides staffing and facility management services for healthcare and education sectors; major Japanese outsourcing operator.

Fwd P/E: 20.1x · EV/EBITDA: 4.8x · EV/Sales: 0.4x · EV/GP: 2.4x (FY2027)

MP-2605 Corporation commenced a tender offer for all shares of Solasto Corporation as part of a management buyout. Offer price: ¥1,119 per share. Offer period: March 25 – May 11, 2026. The MBO would take the Japanese healthcare staffing company private. Monitor for competing bids given the open offer period.

Sturm, Ruger & Company

RGR (US) · Last: $43.41 · Mkt Cap: $692M

Manufacturer of firearms and related products; leading independent U.S. gun maker with broad consumer and professional market reach.

Fwd P/E: 23.0x · EV/EBITDA: 5.6x · EV/Sales: 0.9x · EV/GP: 5.7x (FY2026)

Beretta Holding S.A., which owns 9.95% of Sturm, Ruger, has proposed a partial tender offer for up to 20.05% of outstanding shares at $44.80 per share in cash. The offer represents approximately a 20% premium to the 60-day average price and would bring Beretta’s total ownership to 30% of outstanding shares. The premium tender offer provides an arbitrage opportunity with $1.39 upside to current levels, though execution depends on the board granting an exemption from the poison pill rights plan adopted in October 2025. Beretta frames the increased stake as establishing a strategic partnership to improve operational and financial performance while emphasizing that 30% ownership does not constitute de facto control. Monitor for board response to the poison pill exemption request and formal tender offer launch timeline.

Day One Biopharmaceuticals, Inc.

DAWN (US) · Last: $21.37 · Mkt Cap: $2.2B · Healthcare / Biotechnology

Pediatric oncology-focused biopharmaceutical company developing precision therapies for children and young adults with cancer

Fwd P/E: NM · EV/EBITDA: 7.5x · EV/Sales: 2.5x · EV/GP: 2.8x (FY2027)

Servier is acquiring Day One Biopharmaceuticals for $21.50 per share in an all-cash transaction, under a merger agreement executed March 6, 2026. With DAWN last at $21.37, the spread is approximately $0.13 (0.6%), implying low deal risk. Monitor for tender offer commencement and SC TO-T filing with expiration date.

Douzone Bizon Co., Ltd.

012510.KS (KR) · Last: ₩119,200 · Mkt Cap: $2.2B · Technology / Software - Application

Korean cloud-based enterprise software provider; leading position in domestic ERP and accounting solutions.

Fwd P/E: 30.2x · EV/EBITDA: 16.0x · EV/Sales: 5.1x · EV/GP: 10.7x (FY2027)

Doronicum filed tender offer results with DART for Douzone Bizon shares. Terms of the completed tender offer have not been disclosed in the available filing summary. The acquisition of Korea’s leading ERP software provider represents consolidation in the domestic enterprise software market. Monitor for detailed tender offer results disclosure in the complete DART filing.

Saramin

A143240.KQ (KR) · Last: ₩132,400 · Mkt Cap: $135M

South Korean online job platform; largest recruitment website in Korea connecting job seekers with employers.

NTM P/E: 5.1x

Former Daou Kiwoom Chairman Kim Ik-rae will launch a tender offer for 900,000 shares of Saramin. Terms including offer price, premium to market, and tender period have not been disclosed. The tender offer provides a potential liquidity event for shareholders of the Korean recruitment platform, though the absence of pricing details limits immediate assessment of value. Monitor for formal tender offer documents disclosing price and timeline.

Iveco Group

EXXRF (OTC) · Last: $76.00 · Mkt Cap: $15.3B

Designer and manufacturer of commercial vehicles and powertrains; leading European truck and bus producer.

Fwd P/E: 10.3x · EV/EBITDA: 4.9x · EV/Sales: 1.6x · EV/GP: 1.6x (FY2027)

Iveco Group is combining its trucks, buses and engines business with Tata Motors through a tender offer while separately transacting its Defence business with Leonardo. The transactions carry a combined valuation of EUR 5.3 billion, with the tender offer expected to close at the end of Q2 2026. The dual-track structure creates value realization through strategic divestiture of non-core defense assets while the core commercial vehicle operations gain scale through combination with Tata’s global platform. Tender offer completion scheduled for end of Q2 2026.

Ferretti Group

YACHT.MI (IT) · Mkt Cap: $1.4B · EV: $1.3B · Consumer Cyclical / Leisure

Designer and manufacturer of luxury motor yachts; leading producer of premium recreational vessels globally.

NTM P/E: 12.6x · NTM EV/EBITDA: 5.4x

KKCG Maritime raised its tender offer price for Ferretti Group to €3.90 per share and shifted the timeline to mid-April. Revised offer price €3.90 per share. Total deal value and previous offer price not disclosed. Price increase creates immediate arbitrage opportunity as the market adjusts to the higher offer level, with KKCG demonstrating commitment to completing the acquisition. Monitor for formal tender offer commencement in mid-April and completion timeline.

Recordati Industria Chimica e Farmaceutica S.p.A.

REC.MI (IT) · Mkt Cap: $12.0B · Healthcare / Drug Manufacturers

Italian pharmaceutical company manufacturing branded drugs and specialty medicines; strong presence in cardiovascular, gastroenterology, and dermatology segments.

CVC Capital Partners proposed a non-binding tender offer to acquire the remaining 53.18% stake in Recordati Industria Chimica e Farmaceutica, targeting full ownership and delisting of the Italian pharmaceutical company. €52 per share cash consideration for the remaining stake, valuing the tender offer at €5.6 billion. CVC currently holds 46.82% through Rossini S.à r.l. Private equity consolidation play targeting a specialty pharma with stable cash flows — CVC seeks full control to optimize operations without public market constraints. Non-binding proposal requires due diligence completion, financing arrangements, and identification of co-investment partners — multiple execution risks before firm offer emerges. Monitor for binding offer announcement following CVC’s due diligence completion and financing arrangements — no specific timeline disclosed.

Edinburgh Worldwide Investment Trust

EWIT (INTL)

Global equity investment trust; invests in smaller companies outside the UK with long-term growth focus.

Edinburgh Worldwide Investment Trust announced a tender offer for up to 100% of its share capital, allowing shareholders to receive cash while retaining exposure to SpaceX value. Terms undisclosed. Defensive tender creates binary choice for shareholders between management’s SpaceX retention strategy versus Saba’s 30% position attempting board control next month. Saba has highlighted EWIT’s underperformance and criticized management’s SpaceX sell-down strategy as flawed. Annual General Meeting in April 2026 — Saba expected to push for board control. ⚡ The tender offer timing is designed to pre-empt a high probability change of control at next month’s AGM where Saba seeks board control.

Going-Private

Perfect Corp.

PERF (US) · Last: $1.70 · Mkt Cap: $173M · Technology / Software - Application

Developer of AI-powered virtual try-on and beauty tech software; leading platform for cosmetics and eyewear visualization.

Fwd P/E: 24.1x · EV/Sales: 0.5x · EV/GP: 0.7x (FY2027)

CyberLink International Technology Corp. and Alice H. Chang (founder and CEO) submitted a preliminary non-binding going-private proposal for Perfect Corp. The board has formed a special committee to evaluate the proposal. No offer price or timeline has been disclosed. Monitor for special committee recommendation and disclosed offer terms.

Boralex Inc.

BLX.TO (CA) · Last: 36.70 CAD · Mkt Cap: $2.7B · Utilities / Renewable Utilities

Boralex Inc.; independent power producer operating renewable energy assets across North America and Europe.

Fwd P/E: 39.4x · EV/EBITDA: 12.8x · EV/Sales: 7.4x · EV/GP: 19.5x (FY2027)

Brookfield Asset Management and La Caisse de dépôt et placement du Québec agreed to acquire Boralex Inc. in an all-cash transaction. C$37.25 per share (approximately US$26), C$9 billion total including debt (C$3.8 billion equity value). La Caisse increases stake from 15% to 30%, Brookfield and partners control 70%. Shareholder vote required. CEO cites equity financing challenges as key driver, with the company needing C$500 million for growth projects across Canada, US, UK and France — privatization provides financing certainty for renewable energy development pipeline. Monitor for shareholder meeting date and proxy filing.

Robinsons Retail Holdings Inc.

RRHI.PS (PH) · Mkt Cap: $740M · EV: $1.1B

Philippine retail operator; largest convenience store chain with grocery, drug store, and department store formats.

NTM P/E: 7.5x · NTM EV/EBITDA: 3.1x

JE Holdings Inc., the Gokongwei family investment vehicle, launched a ₱18.37 billion tender offer to acquire all public shares of Robinsons Retail Holdings Inc. and voluntarily delist the company from the Philippine Stock Exchange. ₱48.30 per share for ~380 million public shares (35.69% float), representing a 23% premium to prior close and ₱18.37 billion total consideration. Delisting requires 95% ownership threshold. Clear exit at substantial premium for minority shareholders in controlled company where Gokongwei family already owns 66.55% through various entities, with fairness opinion supporting valuation above 12-month trading peak. Trading resumes March 30 following suspension. Monitor for tender offer completion timeline and achievement of 95% ownership threshold required for delisting.

Issuer Tenders

Yext, Inc.

YEXT (US) · Last: $4.38 · Mkt Cap: $540M

Digital location platform managing business information across search engines and maps; leader in location data management.

Fwd P/E: 6.3x · EV/Sales: 1.9x · EV/GP: 2.6x (FY2028)

Lead Edge Capital entities filed an amended 13D/A showing collective ownership of approximately 7.9% of Yext’s shares, up from a prior position, following Yext’s completed self-tender that reduced the total share count. Lead Edge’s percentage increased mechanically as Yext repurchased 24.3 million shares in its March 2026 tender offer. Monitor for any activist follow-on steps from Lead Edge given elevated ownership post-buyback.

Previously: CEO withdrew $9.00 per share acquisition proposal; company launched modified Dutch auction tender offer for up to $180M at $5.75-$6.50 per share.

Scholastic Corporation

SCHL (US) · Last: $39.09 · Mkt Cap: $962M

Educational publisher and distributor of books, digital content, and classroom materials; leading supplier to U.S. schools.

Fwd P/E: 14.0x · EV/EBITDA: 5.3x · EV/Sales: 0.4x · EV/GP: 0.8x (FY2027)

Scholastic commenced a modified Dutch auction tender offer to purchase up to $200 million of its common stock at prices between $36.00 and $40.00 per share. The offer expires April 20, 2026 at 5:00 p.m. and is not contingent on minimum tender or financing conditions. With shares last trading at $39.09, the stock trades near the top of the tender range, creating potential arbitrage value for shareholders willing to tender at the $40.00 ceiling. Directors and executive officers will not participate in the tender, and if oversubscribed, purchases will be allocated pro rata. Tender offer expires April 20, 2026 at 5:00 p.m.

KDDI Corporation

KDDIY (OTC) · Last: $16.96 · Mkt Cap: $66.9B

Japanese telecommunications operator; second-largest mobile carrier with fixed-line, broadband and ICT services.

EV/EBITDA: 11.5x · EV/Sales: 3.5x · EV/GP: 8.4x (FY2027)

KDDI Corporation announced a comprehensive capital return program including a tender offer for up to ¥350 billion of its own shares and authorization to acquire treasury stock up to ¥400 billion total. The company also resolved to cancel treasury shares exceeding 5% of total issued shares and increased its dividend to ¥80 per share for fiscal year March 2026, marking 24 consecutive years of dividend growth. The program provides immediate shareholder returns through multiple channels while reducing the share float, creating potential for EPS accretion as KDDI completes the final year of its current mid-term management strategy. Monitor for specific tender offer pricing and timeline details in upcoming SEC filings.

Hargreaves Services

HRGV.L (UK) · Mkt Cap: $320M · EV: $327M

Coal mining and civil engineering services; major UK provider of opencast coal extraction and infrastructure solutions.

NTM P/E: 10.1x · NTM EV/EBITDA: 5.5x

Hargreaves Services increased its share buyback tender offer to GBP20 million from a previously announced lower amount. Terms undisclosed. The increased tender size suggests management believes shares trade below intrinsic value, creating potential arbitrage if the tender price exceeds current market levels. Monitor for tender offer circular with pricing details and submission deadline.

Rights Offerings

NXG NextGen Infrastructure Income Fund

NXG (US) · Last: $55.80 · Mkt Cap: $257M · Financial Services / Asset Management - Income

Infrastructure income fund investing in NextGen assets; provides diversified exposure to essential utility and digital infrastructure.

NXG NextGen Infrastructure Income Fund announces transferable rights offering allowing shareholders to purchase one new share for every three rights held. Subscription ratio 1-for-3, pricing at 95% of average market price over five trading days ending on expiration date. Record date April 6, 2026, subscription period ends April 30, 2026. Rights trade on NYSE as NXG RT. Rights offering creates arbitrage opportunity through guaranteed 5% discount to market price while increasing fund assets for new infrastructure investments in current high-yield environment. Success depends on market price stability during subscription period and fund’s ability to deploy incremental capital effectively in infrastructure debt markets. Rights begin trading April 6, 2026. Subscription period closes April 30, 2026.

Restructuring

The Cannabist Company Holdings Inc

CBSTQ (OTC) · Last: $0.04 · Mkt Cap: $15.8M · EV: $438.7M

Cannabis producer and retailer; leading Colorado-based operator with vertically integrated cultivation, manufacturing, and retail dispensaries.

NTM P/E: 0.8x · NTM EV/EBITDA: 21.7x

The Cannabist Company has entered definitive agreements to sell its Ohio cannabis operations to Holistic Industries and Delaware assets to Parma Holdco, plus a non-binding MoU covering remaining operations in Illinois, New Jersey, Colorado, Massachusetts, Maryland and West Virginia. The company initiated proceedings under Canada’s Companies’ Creditors Arrangement Act to facilitate the asset sales and orderly wind-down of operations not subject to sale. The court-supervised process provides breathing room for the distressed cannabis operator to execute its multi-state divestiture strategy while addressing creditor obligations. Deal terms for the Ohio and Delaware transactions were not disclosed, and the company plans to commence chapter 15 proceedings in US bankruptcy court to recognize the Canadian restructuring. Monitor for court approval of the asset sale agreements and finalization of terms for the remaining markets transaction.

Electra Battery Materials

ELBM (US) · Last: $0.55 · Mkt Cap: $56M · Basic Materials / Industrial Materials

Producer of battery-grade nickel sulfate; supplies critical EV battery material to global cathode manufacturers.

Fwd P/E: NM · EV/Sales: 3.9x (FY2027)

Electra Battery Materials posted heavy losses in 2025 and flagged going-concern risks in its latest filing. Terms undisclosed. Going-concern warning signals potential distressed restructuring or bankruptcy filing, creating opportunity for credit investors or equity recovery plays depending on capital structure dynamics. Battery materials sector faces overcapacity and margin compression, potentially limiting recovery value even in successful restructuring. Monitor for 10-K filing with detailed going-concern disclosures and potential Ch.11 filing.

Digimarc Corporation

DMRC (US) · Last: $4.49 · Mkt Cap: $99M

Digital watermarking and identification solutions provider; enabling product authentication and supply chain visibility globally.

EV/Sales: 1.5x · EV/GP: 2.8x (FY2027)

Digimarc Corporation has proposed a holding company reorganization where it will become a wholly owned subsidiary of newly formed Digimarc Parent, Inc., with shareholders receiving one share of the new holding company for each Digimarc share owned on a 1:1 basis. The reorganization agreement requires shareholder approval at the company’s annual meeting scheduled for April 30, 2026. The restructuring is designed to realize substantial cash savings and maximize shareholder value through operational efficiencies. Shareholder vote scheduled April 30, 2026.

New Fortress Energy Inc.

NFE (US) · Last: $0.69 · Mkt Cap: $196M

Liquefied natural gas infrastructure and energy solutions provider; leading developer of small-scale LNG terminals globally.

EV/EBITDA: 30.5x · EV/Sales: 3.8x · EV/GP: 8.2x (FY2027)

New Fortress Energy has executed a restructuring support agreement with lenders to separate its Brazilian operations into an independent standalone entity as part of a broader recapitalization. The Brazilian entity will be owned by a consortium of global institutional investors managing over $20 trillion in assets under management, with the transaction expected to close mid-2026. The restructuring addresses NFE’s capital structure while preserving operational continuity across both the separated Brazilian business and remaining NFE operations. Regulatory approvals remain pending for the separation structure. Monitor for formal court filings on the UK Restructuring Plan and Brazilian regulatory clearances.

Ag Growth International Inc

AFN.TO (CA) · Last: C$17.74 · Mkt Cap: $241M · Industrials / Agricultural - Machinery

Designer and manufacturer of grain storage and handling equipment; leading provider to agricultural producers worldwide.

Fwd P/E: 4.9x · EV/EBITDA: 5.2x · EV/Sales: 1.0x · EV/GP: 3.9x (FY2027)

AGI is executing an operational restructuring involving wind-down costs related to a failed ERP implementation and other operational changes. The company has restructured its Board of Directors under Chairman Dan Halyk, adding members with restructuring expertise, agriculture sector experience, and shareholder representation. The restructuring represents an effort to refocus on operating fundamentals after operational missteps, with the new board positioned to drive value creation through improved governance and strategic oversight. Q1 2026 earnings will provide the first read on restructuring progress and cost impact.

Tullow Oil plc

TLW.L (UK) · Last: 12.50 GBp · Mkt Cap: $246M

Oil and gas explorer and producer; operates assets across Africa, Southeast Asia, and the Caribbean.

Fwd P/E: NM · EV/EBITDA: 8.1x · EV/Sales: 3.7x · EV/GP: 7.6x (FY2027)

Tullow Oil has launched a consent solicitation for $1.29 billion of notes due 2026, having secured creditor backing for the restructuring initiative. Terms of the proposed modification and timeline for the consent process have not been disclosed. The creditor support suggests management has negotiated viable terms that address the 2026 maturity wall while preserving equity value. Execution risk remains if minority bondholders reject the proposal or if operational performance deteriorates before completion. Monitor for consent threshold achievement and formal restructuring terms disclosure.

China Water Affairs Group

01129.HK (HK) · Last: HK$0.44 · Mkt Cap: $1.0B · EV: $5.2B

Water treatment and supply services; major operator of municipal water infrastructure in China.

NTM P/E: 7.1x · NTM EV/EBITDA: 9.2x

China Water Affairs Group secured a court order adjourning the winding-up petition hearing to April 29, 2026, buying additional time to resolve outstanding debt obligations. The company is engaged in friendly negotiations with the petitioner regarding repayment of amounts owed and is seeking potential repayment plans with supporting creditors to facilitate withdrawal of the petition. The extended timeline provides opportunity for debt restructuring to avoid liquidation, though the company remains under petition pressure with limited financial flexibility. No winding-up order has been issued to date, leaving the company operational while negotiations continue. Monitor for settlement announcements or petition withdrawal ahead of the April 29 hearing.

Braskem

BAK (US) · Last: $3.52 · Mkt Cap: $1.4B · Basic Materials / Chemicals

Petrochemical producer of plastics and resins; largest integrated petrochemical company in the Americas.

Fwd P/E: NM · EV/EBITDA: 7.0x · EV/Sales: 0.8x · EV/GP: 10.5x (FY2027)

Braskem’s 2025 audit flagged going-concern risk amid heavy losses, with auditors questioning the company’s ability to continue operations without management intervention. Terms undisclosed. Going-concern qualification creates forced-seller dynamics that typically drive accelerated asset sales or comprehensive restructuring at compressed valuations. Petrochemical downcycle and elevated debt service requirements limit management’s financial flexibility and strategic options. Monitor for quarterly earnings filing and management’s response to audit findings.

Instil Bio

TIL (US) · Last: $7.74 · Mkt Cap: $52M · Healthcare / Biotechnology

Instil Bio develops cell and gene therapies for cancer and genetic diseases; focused on ex vivo cell engineering platform.

Fwd P/E: NM · EV/EBITDA: 13.6x · EV/Sales: 8.1x (FY2027)

Instil Bio has ceased all prior R&D activities but is evaluating acquisitions and in-licensing opportunities rather than winding down. Cash is expected to fund operations beyond 2027. The company issued going concern language in prior filings but the March 27 update clarifies it is pursuing a business pivot, not formal liquidation. Monitor for any announced acquisition target or in-licensing deal.

Ta Yang Group Holdings Limited

1991.HK (HK) · Mkt Cap: $12M · EV: $43M

Hong Kong-listed conglomerate operating in real estate, trading, and investment activities; established business presence across Asia.

NTM P/E: 0.6x · NTM EV/EBITDA: 3.7x

Rising Jiarui Investment Management filed a winding-up petition against Ta Yang Group Holdings in Hong Kong High Court for non-payment of HK$50.4 million relating to a HK$40 million 10% convertible bond due July 20, 2026. The court hearing is scheduled for June 10, 2026, with the company opposing the petition while considering applying for a validation order. Any disposition of company property or share transfers after March 19 will be void unless a validation order is obtained, creating severe liquidity constraints for shareholders. HKSCC may suspend CCASS transfers without notice, potentially making shares non-transferable and worthless if the winding-up order is granted. Monitor for validation order application or settlement announcement ahead of the June 10 court hearing.

Burford Capital

BUR (US) · Last: $4.12 · Mkt Cap: $903M · Financial Services / Asset Management

Provides litigation finance and dispute resolution funding; leading independent provider globally.

Fwd P/E: 3.1x (FY2027)

The U.S. Second Circuit Court of Appeals reversed a $16 billion YPF judgment that Burford Capital had financed, sending shares down approximately 45%. This is a litigation outcome affecting Burford’s book value and future fee income — the YPF case was one of its largest single investments. Burford has stated it is reviewing options and evaluating further appeal. Monitor for any appeal filing and updated book value disclosure.

Liquidations

Stratus Properties Inc.

STRS (US) · Last: $29.50 · Mkt Cap: $246.1M · EV: $473.4M

Real estate developer focused on master-planned communities; specializes in mixed-use residential and commercial projects.

NTM P/E: 34.8x

Stratus Properties’ Board unanimously approved a plan of complete liquidation and dissolution following the conclusion of its strategic review announced March 11. The company will conduct an orderly sale of all assets and distribute net proceeds to stockholders, with estimated total distributions of $29.73 to $37.69 per share. The liquidation value range represents potential upside of 1% to 28% over the current $29.50 stock price, creating an attractive risk-adjusted return profile assuming asset sales proceed as estimated. The plan requires stockholder approval at a future meeting, with additional details to be provided in a proxy statement filed with the SEC.

Origin Materials Inc

ORGN (US) · Last: $3.66 · Mkt Cap: $19M · Basic Materials / Chemicals

Carbon-negative materials company; produces sustainable wood-based alternatives to fossil fuel-derived plastics and chemicals.

Origin Materials reported Q4 2025 results, warning that cash will only fund operations into Q3 2026 absent near-term financing or expense reductions. Terms undisclosed. The company faces a liquidity crisis with limited access to its $90 million convertible debt facility due to stock price decline, potentially forcing strategic alternatives or distressed financing. Commercialization has taken longer than expected, and the company has limited ability to draw on available debt facilities due to stock price performance conditions. Q1 2026 earnings call expected in May for updated cash runway guidance and financing progress. ⚡ Company has explicitly warned that existing cash will only fund planned operations into Q3 2026 absent near-term financing or expense reductions, creating an imminent liquidity deadline.

Spin-Offs

Solasto Corporation

6197.T (JP) · Last: ¥1,114 · Mkt Cap: $632M · Healthcare / Medical - Care Facilities

Provides staffing and facility management services for healthcare and education sectors; major Japanese outsourcing operator.

Fwd P/E: 23.5x · EV/EBITDA: 4.8x · EV/Sales: 0.4x · EV/GP: 2.4x (FY2027)

Solasto Corporation filed an amended legal pre-disclosure document for a corporate split involving subsidiary Solasto Kids Next. Terms undisclosed. Spinoff creates potential value unlock opportunity for shareholders as the company separates its childcare services business from core medical and welfare operations. Monitor for updated filing with specific transaction terms and timeline.

AnaptysBio

ANAB (US) · Last: $57.42 · Mkt Cap: $1.7B · Healthcare / Biotechnology

Biopharmaceutical company developing monoclonal antibodies and cell therapies; focused on immunology and inflammatory diseases.

Fwd P/E: NM · EV/Sales: 7.1x · EV/GP: 7.2x (FY2027)

AnaptysBio is spinning off First Tracks Biotherapeutics to shareholders with an April 20, 2026 execution date. Distribution ratio not disclosed. The board approved a concurrent $100 million share repurchase program. Spinoff creates two focused entities while immediate share repurchase provides capital return and potential support for post-distribution trading. Distribution effective April 20, 2026.

Aptiv PLC

APTV (US) · Last: $70.63 · Mkt Cap: $15.1B · EV: $23.0B · Consumer Cyclical / Auto - Parts

Supplier of electrical architecture and software platforms for vehicle connectivity and autonomous driving; leader in automotive technology solutions.

Fwd P/E: 7.6x · EV/EBITDA: 7.6x · EV/Sales: 1.0x · EV/GP: 5.4x (FY2027)

Aptiv’s board approved the spin-off of its Versigent business unit as a separate publicly traded company. The record date of March 17, 2026 has passed — distribution is imminent. Distribution terms and ex-dividend date have not yet been disclosed. Monitor for distribution ratio announcement and Versigent listing details.

Associated British Foods plc

ABF.L (UK) · Last: 1,809.50 GBp · Mkt Cap: $17.1B · Consumer Defensive / Packaged Foods

Multinational retailer and food manufacturer; operates Primark stores and owns brands like Twinings and Dorset Cereals.

Fwd P/E: NM · EV/EBITDA: 6.0x · EV/Sales: 0.9x · EV/GP: 3.8x (FY2027)

Associated British Foods is reviewing a potential spin-off of its Primark retail division following the appointment of a new permanent chief executive for the clothing retailer. The company has not disclosed terms, timeline, or confirmed whether the structural separation will proceed beyond the current evaluation phase. The review reflects potential to unlock value by separating pure-play retail operations from the diversified food and ingredients conglomerate structure. Monitor for formal spin-off announcement or strategic review update in upcoming quarterly filings.

HOYA Corporation

7741.T (JP) · Last: ¥28,235 · Mkt Cap: $60.0B · Healthcare / Medical - Instruments & Supplies

Manufacturer of optical lenses and medical devices; global leader in vision care and healthcare solutions.

Fwd P/E: 35.7x · EV/EBITDA: 14.3x · EV/Sales: 5.3x · EV/GP: 6.6x (FY2027)

HOYA Corporation filed additional statutory pre-disclosure documents related to a company split involving HOYA Eye Care Retailing LLC. The filing represents supplementary regulatory documentation for an ongoing corporate restructuring of the company’s eye care retail operations. The additional disclosure suggests the spinoff process is advancing through required regulatory steps in Japan. Monitor for further company split documentation and transaction timeline details.

Hexagon

HEXA.ST (SE) · Last: SEK 400 · Mkt Cap: $65.6B

Provider of digital solutions and industrial software; leading platform for design, measurement, and visualization across manufacturing and infrastructure sectors.

Fwd P/E: 9.4x · EV/EBITDA: 5.4x · EV/Sales: 2.8x · EV/GP: 5.4x (FY2027)

Hexagon will propose at its April 24 AGM a spin-off distribution of Octave Intelligence plc shares to existing shareholders at a 10:1 ratio. Octave Class B shares are expected to list on Nasdaq New York with Swedish Depositary Receipts trading on Nasdaq Stockholm for approximately two years, with record date set for May 22 and first New York trading beginning May 28. The structure creates a pure-play intelligence software entity while maintaining dual-market access for Nordic investors through the SDR program. The Stockholm listing faces potential termination after two years based on liquidity conditions, creating uncertainty around long-term Nordic market access. AGM vote scheduled April 24 — approval needed for distribution to proceed on outlined timeline.

FedEx Corporation

FDX (US) · Last: $353.88 · Mkt Cap: $84.4B

Global courier and logistics company; operates largest integrated express delivery network worldwide.

Fwd P/E: 16.0x · EV/EBITDA: 7.3x · EV/Sales: 0.9x · EV/GP: 4.0x (FY2027)

FedEx is spinning off FedEx Freight as an independent company on June 1, separating its less-than-truckload business from the parent company. FedEx Freight reported Q3 adjusted operating profit of $134 million, down from $261 million year-over-year, with revenues declining to $1.99 billion from $2.09 billion as shipments per day fell nearly 6%. The spinoff creates a pure-play LTL investment opportunity, with management focusing on yield growth and pricing discipline to improve margins despite ongoing volume weakness in the broader LTL market. Management expects continued volume declines of around 5% in the final quarter before separation, with revenues flat to down slightly. Spinoff completion scheduled for June 1.

Honeywell International Inc.

HON (US) · Last: $223.91 · Mkt Cap: $142.3B · Industrials / Conglomerates

Diversified aerospace, building controls, and performance materials manufacturer; Fortune 500 industrial conglomerate with global scale.

Fwd P/E: 19.2x · EV/EBITDA: 14.5x · EV/Sales: 3.5x · EV/GP: 9.5x (FY2027)

Honeywell plans to spin off its aerospace business as a standalone public company, with a Form 10 registration statement filed in March 2026. The separation is scheduled for completion in Q3 2026. The SpinCo covers defense, commercial aviation, and space segments. Monitor for distribution ratio and SpinCo ticker announcement.

Vedanta Limited

VEDL.NS (IN) · Last: 645.75 INR · Mkt Cap: $29.9B · EV: $41.9B · Basic Materials / Industrial Materials

Indian diversified natural resources company; operates mining, oil & gas, aluminum, steel, and power businesses globally.

NTM P/E: 9.4x · NTM EV/EBITDA: 5.3x

Vedanta Limited is proceeding with a 1:5 demerger plan to separate into five listed companies: Vedanta Aluminum, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel, while the parent retains Hindustan Zinc. Shareholders will receive one share in each of the four new companies for every share held in the original entity. The restructuring aims to unlock value by giving each business unit independent leadership and dedicated growth strategies. Shares declined 5% to ₹638 amid broader market weakness, testing key support levels near ₹637. The company board meets to approve its third interim dividend with record date March 28.

Natco Pharma Ltd

NATCO.NS (IN) · Last: ₹3,968 · Mkt Cap: $2.1B · EV: $1.7B

Generic pharmaceutical manufacturer; leading Indian producer of affordable drugs for domestic and global markets.

NTM P/E: 20.5x · NTM EV/EBITDA: 15.9x

Natco Pharma’s board approved a scheme of arrangement to demerge its agrochemicals business into wholly-owned subsidiary Natco Crop Health Sciences Ltd, with shareholders receiving one share of the resulting company for every one share of Natco Pharma held. The demerger has an appointed date of October 1, 2026, and requires approvals from shareholders, creditors, and the National Company Law Tribunal before the resulting company can apply for stock exchange listing. The spinoff creates pure-play investment exposure to both the core pharmaceutical business and the smaller agrochemicals division, which generated ₹60.62 crore turnover (1.48% of total company revenue) in FY2025. The agrochemicals business focuses on pesticides, insecticides, herbicides and bio stimulants, providing diversified exposure away from Natco’s main generic drug operations. Monitor for shareholder and regulatory approval timelines ahead of the October 2026 implementation date.

Yankuang Energy

01171.HK (HK)

Chinese coal producer and power generator; one of China’s largest integrated energy companies.

Yankuang Energy’s board approved spinning off subsidiary Wubotech for independent listing on Hong Kong Stock Exchange Main Board. New H shares will represent up to 25% of expanded share capital with potential 15% over-allotment option. Final structure and share count to be determined pending regulatory approvals. Spinoff enables focused business strategies for both entities while creating independent financing platform for Wubotech operations. Monitor for regulatory filing submissions and IPO prospectus publication.

New SpinCos

Janus Living

JAN (US) · Last: $23.83 · Mkt Cap: $4.3B · Real Estate / Healthcare REITs · EV: $4.4B

Pure-play senior housing REIT managing a 34-community, 10,422-unit portfolio spun off from Healthpeak Properties

Janus Living completed its IPO, raising $878 million net proceeds from 48.3 million Class A-1 shares at $20 per share after underwriters exercised their full over-allotment option. The senior housing REIT spun off from Healthpeak Properties began trading on NYSE under ticker JAN on Friday. The spinco provides pure-play exposure to senior housing with immediate capital for acquisitions, as Healthpeak had $360 million in senior living investments under letters of intent as of February. Janus plans to use proceeds for acquisition opportunities and general corporate purposes, with Orlando and Atlanta portfolio acquisitions expected to close in Q1.

Capital Returns

SIGA Technologies

SIGA (US) · Last: $5.30 · Mkt Cap: $380M · Healthcare / Drug Manufacturers - Specialty & Generic

Develops smallpox antiviral treatments and vaccines; sole approved smallpox therapeutic in the U.S.

Fwd P/E: 3.6x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2027)

SIGA Technologies declared a special cash dividend of $0.60 per share, returning surplus cash to shareholders. Special dividend of $0.60 per share. Ex-dividend and payment dates not disclosed. Management signals confidence in cash position while acknowledging this as occasional capital return rather than recurring dividend policy, continuing the pattern from a similar $0.60 special dividend paid in April 2025. Monitor for ex-dividend date announcement and any guidance on future special dividend frequency.

Noah Holdings Limited

NOAH (US) · Last: $11.28 · Mkt Cap: $753M

Wealth and asset management platform serving high-net-worth individuals in China; leading independent wealth manager.

Noah Holdings’ Board approved a dividend proposal totaling 100% of 2025 non-GAAP net income, split equally between regular and special dividend components. The proposal requires shareholder approval at the 2026 AGM and would mark the third consecutive year of full payout, with management indicating an approximately 11% dividend yield at current market prices. Combined with RMB 50 million in completed share repurchases during 2025, total cash return yield reaches approximately 12%. The high yield reflects the company’s transition toward a more investment-driven business model with improved earnings quality and margin resilience. Monitor for 2026 AGM date announcement and shareholder vote on dividend approval.

Delistings

Numinus Wellness Inc.

NUMI.TO (CA) · Last: C$24.82 · Mkt Cap: $77M

Psychedelic-assisted therapy clinic operator; pioneering clinical and wellness services in regulated psychedelic medicine.

Fwd P/E: 5.0x · EV/Sales: 0.2x · EV/GP: 0.7x (FY2027)

The Toronto Stock Exchange Continued Listing Committee determined to delist Numinus Wellness common shares effective April 22, 2026. The company has filed an application to list on the Canadian Securities Exchange, though this requires revocation of the existing cease trade order and meeting CSE listing requirements. Shares remain non-tradable in Canada due to the CTO, so the TSX delisting does not change current trading status. The delisting aligns with shareholder authorization granted at the August 28, 2025 annual meeting for voluntary delisting if deemed in the company’s best interests. Next catalyst is potential CTO revocation, which would enable CSE listing consideration.

Sotherly Hotels Inc.

SOHO (US) · Last: $2.25 · Mkt Cap: $46M · Real Estate / REIT - Hotel & Motel

Operates upscale and extended-stay hotels; focuses on premium select-service properties in North American markets.

EV/EBITDA: 10.6x · EV/Sales: 1.8x · EV/GP: 7.1x (FY2027)

Sotherly Hotels announced voluntary delisting of its three preferred stock series from Nasdaq following a merger that closed February 12, 2026, where KW Kingfisher LLC acquired all common stock and over 80% of preferred stockholders converted to cash. Terms undisclosed. Remaining preferred stockholders face liquidity deterioration as shares transition to OTC markets after majority of holders took cash conversion in completed merger. Form 25 filing April 7 — last Nasdaq trading day expected April 17. ⚡ Form 25 filing deadline is April 7, 2026, triggering final delisting process with last Nasdaq trading day around April 17, 2026.

Methodology
This digest screens regulatory filings, newswires, earnings transcripts, insider transaction databases, and news alerts across global exchanges daily. Market data and forward consensus estimates are sourced from Financial Modeling Prep and verified against exchange feeds. The final digest reflects editorial judgment applied to algorithmically surfaced candidates; inclusion does not constitute a recommendation.

Special Situations Digest - #7

Clark Square Capital — Sun, 22 Mar 2026 23:42:15 GMT

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the 7th edition of our weekly Special Situations Digest.

Thanks to everyone who’s been pointing out data errors / funky news items. If you see anything, please let me know so I can fix it. I’ve kept adding checks to make sure this is as accurate as possible (but it’s a process with LLMs!). [I added market data, but it’s still a bit iffy. Need to keep working on it.]

Again, I would really appreciate it if you shared this with friends and colleagues.

Thanks for your readership, and happy hunting.

CSC

Here is a sortable Excel file for your convenience.

Weekly Digest 2026 03 22 Updated (4)

58.8KB ∙ XLSX file

Acquisitions

Alimentation Couche-Tard / Seven & i Holdings

ATD.TO (CA) · Mkt Cap: $37.2B · EV: $47.7B · Consumer Cyclical / Specialty Retail

Couche-Tard signed NDA with Seven & i and is conducting active due diligence, management meetings, and divestiture planning with Seven & i’s special committee. Parties are developing a joint regulatory engagement strategy, with ATD working on required US asset divestitures to satisfy antitrust. The deal would be the largest-ever foreign acquisition of a Japanese company at an implied value of $47B+. Seven & i has confirmed the two companies are “constructively engaged.” Key remaining hurdles: Japanese government sensitivity, Ministry of Economy/Trade/Industry (METI) review, US antitrust remedies, and Seven & i’s own restructuring plans for its non-convenience store businesses.

Fwd P/E: 24.33x · Fwd EV/EBITDA: 13.51x · EV/Sales: 1.13x

CAB Payments Holdings PLC

CABP.L (UK) · Last: ~73p · Mkt Cap: $289M · EV: -$286M · Financial Services / Payments

StoneX Group submitted an unsolicited non-binding proposal at 95p/share for the entire issued share capital. Independent board is evaluating with advisors and noted CAB’s improved FY25 performance. Under UK Takeover Code, StoneX must announce either a firm offer or walk away by a Panel-set deadline (typically 28 days from announcement). The 95p price implies a meaningful premium to the recent ~73p trading level. StoneX is a US financial services firm with $56B+ revenue — strategic rationale is clear (expanding EM payment rails).

Fwd P/E: NM

Capricorn Energy PLC [UK Offer Period Open]

CNE.L (UK) · Last: 153p · Mkt Cap: $232M · EV: $207M · Energy / Oil & Gas E&P

Dimensional Fund Advisors disclosed a 3.78% stake via mandatory Rule 8.3 filing, confirming a formal takeover offer period is legally open. The significant gap between £52M market cap and £740M EV reflects net debt obligations; the offer period suggests a named bidder believes there is value in the remaining asset base or cash position. DFA has been buying at ~£2.69/share. Who the actual offeror is has not been publicly confirmed — research the Capricorn offer circular for the named party.

Fwd P/E: NM · Fwd EV/EBITDA: 1.93x · EV/Sales: 1.20x

IDOX plc [UK Offer Period Open]

IDOX.L (UK) · Last: 70.6p · Mkt Cap: $407M · EV: $425M · Technology / Public Sector Software

Canaccord Genuity Wealth disclosed a 6.49% position via Rule 8.3, and critically identified itself as an associate of the bidding group — this means Canaccord is acting on behalf of or in concert with the acquirer. The bidder’s concert party holds 6.49%, which is a substantial toe-hold. IDOX provides mission-critical software to 90%+ of UK local planning authorities — high switching costs, recurring revenue base. Identify the principal bidder (not disclosed in the Canaccord filing).

Fwd P/E: 25.12x · Fwd EV/EBITDA: 11.85x · EV/Sales: 3.45x

JTC Plc [UK Offer Period Open]

JTC.L (UK) · Last: 1300p · Mkt Cap: $2.8B · EV: $3.2B · Financial Services / Fund Administration

Man Group filed Rule 8.3 showing 1.40% position via cash-settled derivatives, confirming a formal offer period has commenced. Man Group has been building through equity swap transactions at £13.02/share. JTC provides outsourced fund administration, corporate services, and private wealth services — a high-quality recurring-revenue business. The offer period trigger means a named party has publicly announced a potential offer. Cross-reference the original offer announcement to identify the acquirer and indicative price.

Fwd P/E: 26.14x · Fwd EV/EBITDA: 19.79x · EV/Sales: 6.47x

Janus Henderson Group plc

JHG (US) · Mkt Cap: $7.8B · EV: $6.5B · Financial Services / Asset Management

Previously: Trian Fund Management and General Catalyst agreed to acquire Janus Henderson for $7.4B ($49/share all-cash). Victory Capital submitted a competing $8.6B bid ($57.04/share cash + stock), which JHG’s board unanimously rejected on March 11. Victory Capital escalated to a revised $40 cash + 0.250 VCTR shares (~$56.84/share total based on March 16 VCTR price) offer on March 17. The board has not changed its recommendation. Trian holds 20.7% and has publicly opposed Victory’s bid. Trian/GC deal on track to close mid-2026.

Fwd P/E: 11.25x · Fwd EV/EBITDA: 7.33x · EV/Sales: 2.15x

Commerzbank AG [Hostile]

CBKG.DE (DE) · Mkt Cap: $38.2B · EV: $44.0B · Financial Services / Banks — Germany

Commerzbank’s board publicly rejected UniCredit’s unsolicited takeover approach, stating the offer is “not aligned with the company’s strategy or stakeholders’ interests.” UniCredit (Italy’s largest bank) has been accumulating Commerzbank shares and now holds ~28% of the company. The German government owns ~12% and has explicitly opposed foreign acquisition of Commerzbank. This is the largest live hostile M&A situation in European banking — UniCredit is pursuing a deal the target, the German government, and labor unions all oppose. Historical precedent (Vodafone/Mannesmann, 2000) suggests hostile European deals can succeed; the German government’s opposition is the key variable. UniCredit must decide whether to escalate to a formal offer or withdraw.

Fwd P/E: 10.00x

Picton Property Income Limited [UK Offer Period Open]

PCTN.L (UK) · Last: 78p · Mkt Cap: $502M · EV: $700M · Real Estate / UK Diversified REIT

Rathbones Group disclosed a 7.35% stake — notably larger than routine Rule 8.3 passive disclosures. Rathbones is a UK wealth manager; a 7.35% position across their discretionary mandates is unusually concentrated and may signal coordinated accumulation or a client instructing Rathbones to build. Formal offer period confirmed. The LondonMetric Rule 8.3 in the same week references Picton as a potential offer counterparty, suggesting a Picton-LondonMetric combination may be in play.

Fwd P/E: NM · Fwd EV/EBITDA: 18.56x · EV/Sales: 14.36x

Senior PLC [UK Offer Period Open]

SNR.L (UK) · Mkt Cap: $1.4B · EV: $1.5B · Industrials / Aerospace Components

Dimensional Fund Advisors disclosed a 2.61% stake via mandatory Rule 8.3 filing, confirming a formal takeover offer period has commenced for Senior PLC. DFA is a passive fund whose filing obligation confirms an acquirer has publicly announced a potential offer. Senior manufactures specialist fluid and air management components for programs including A320neo, Boeing 787, and F-35. The aerospace aftermarket exposure gives it high recurring cash flows. Identify the acquirer and indicative offer price from the original announcement.

Fwd P/E: 27.93x · Fwd EV/EBITDA: 13.18x · EV/Sales: 1.59x

Just Group PLC [UK Offer Period Open]

JUST.L (UK) · Mkt Cap: $2.9B · EV: $8.2B · Financial Services / Life Insurance & Annuities

Dimensional Fund Advisors filed a 2.19% Rule 8.3 disclosure confirming formal offer period open. Just Group is a beneficiary of UK pension scheme de-risking trends — BPA volumes have been accelerating as DB schemes look to offload longevity risk. The offer period trigger suggests a named acquirer believes Just Group’s liability franchise and longevity book are undervalued by the market. Context: UK insurance consolidation has been active (Phoenix/SunLife, Aviva/AXA UK).

Fwd P/E: 4.87x · Fwd EV/EBITDA: 29.99x · EV/Sales: 1.00x

Genco Shipping & Trading / Diana Shipping [Proxy Contest]

GNK (US) · Last: $21.75 · Mkt Cap: $936M · EV: $1.1B · Industrials / Dry Bulk Shipping

Diana Shipping (14.8% owner of Genco) raised its all-cash offer to $23.50/share with a fully committed $1.433B financing package from a Star Bulk Carriers partnership. Genco’s board rejected for the second consecutive time without engaging on valuation. Diana immediately escalated to a proxy contest, seeking to elect independent directors at the 2026 annual meeting who would be willing to evaluate the offer. With committed financing, a named price, a 14.8% insider already onside, and a proxy fight launched, this is a high-probability transaction where the board’s resistance is the primary obstacle. The $23.50 offer vs $21.75 current price implies ~8% spread with meaningful upside if the bid escalates.

Fwd P/E: 14.05x · Fwd EV/EBITDA: 5.73x · EV/Sales: 3.18x

IJM Corporation Bhd

IJM.KL (MY) · Mkt Cap: $1.8B · EV: $2.6B · Consumer Cyclical / Malaysian Construction & Infrastructure

Sunway Corporation proposed a conditional voluntary takeover at RM3.15/share (RM11B total). PNB, the state-linked fund holding 13.5%, rejected the offer as undervalued — independent adviser assessed fair value at RM5.84–6.48/share, a 46–51% premium to Sunway’s offer. PNB’s rejection doesn’t kill the deal but significantly raises the required price. Sunway’s strategic rationale (infrastructure consolidation) is credible. The independent adviser’s RM5.84–6.48 range establishes a defensible price reference. Malaysian M&A typically sees one or two price revisions when the state fund opposes.

Fwd P/E: 19.32x · Fwd EV/EBITDA: 9.41x · EV/Sales: 1.82x

Tri Pointe Homes [Vote Apr 16]

TPH (US) · Last: $46.58 · Mkt Cap: $4.0B · EV: $4.3B · Consumer Cyclical / Homebuilding

Sumitomo Forestry acquiring at $47.00/share all-cash. Board unanimously recommended. Special meeting April 16. Stock trading at $46.58 implies a $0.42 spread (~0.9%) — essentially risk-free arb given unanimous board support, no antitrust issues (Japanese strategic buyer), and a hard vote date 3.5 weeks out. The only realistic risk is a competing bid at a higher price (which would be upside) or a catastrophic operational miss before the vote (unlikely in 3 weeks).

Fwd P/E: 22.70x · Fwd EV/EBITDA: 11.51x · EV/Sales: 1.42x

SunOpta Inc.

STKL (US/CA) · Mkt Cap: $769M · EV: $1.2B · Consumer Defensive / Plant-Based Foods

Refresco (Netherlands-based private beverage manufacturer) is acquiring SunOpta for $6.50/share in cash ($1.1B enterprise value), a 44% premium to the 20-day VWAP. Shareholder vote scheduled April 16, 2026. Proxy statement filed; shareholder vote pending. Refresco’s strategic rationale is expansion into plant-based beverages where SunOpta is a leading co-manufacturer. The definitive agreement, committed financing (Refresco is private equity-backed), and filed proxy make this a clean merger arb. Check current STKL price vs implied deal value for the spread. No known regulatory issues.

Fwd P/E: 30.95x · Fwd EV/EBITDA: 11.34x · EV/Sales: 1.34x

Calavo Growers

CVGW (US) · Mkt Cap: $425M · EV: $402M · Consumer Defensive / Fresh Produce Distribution

Mission Produce (AVO) acquiring Calavo via definitive agreement. CVGW shareholders receive $14.85 cash plus 0.9790 Mission Produce (AVO) shares per CVGW share — a mixed consideration deal. The stock-and-cash structure makes the arb slightly more complex (you’re effectively selling CVGW and getting long AVO at a fixed exchange ratio). Mission Produce’s strategic rationale is clear: creating a vertically integrated avocado supply chain from farming to retail. Announced December 2025; shareholder vote pending. Check current spread after accounting for AVO’s recent trading level. Avocado category consolidation supports deal completion.

Fwd P/E: 16.24x · Fwd EV/EBITDA: 9.75x · EV/Sales: 0.78x

Permanent TSB Group Holdings

PTSB.L (IE) · Last: €3.11 · Mkt Cap: $1.7B · Financial Services / Irish Retail Banking

Irish retail bank serving ~1.2M personal and business customers with mortgages, deposits, and loans

BAWAG Group (Austria) submitted a non-binding proposal to acquire all shares of PTSB in cash as part of PTSB’s formal sales process. BAWAG is an acquisitive Austrian bank that has expanded across Germany and the Netherlands — Ireland is a logical next market. The Irish government holds ~57% of PTSB (legacy bailout stake) and has been reducing its ownership; a full acquisition would require government clearance. Non-binding, no price disclosed, but formal sales process with named bidder is a clear signal. PTSB’s mortgage franchise and retail deposit base are attractive in Ireland’s growing economy.

Australian Strategic Materials Limited

ASM.AX (AU) · Last: A$1.45 · Mkt Cap: $161M · EV: $133M · Basic Materials / Rare Earths Processing

Energy Fuels (US uranium/rare earth company) and ASM amended their merger agreement on March 12. Under the revised scheme, ASM shareholders receive 0.053 Energy Fuels shares/CDIs plus A$0.13 cash per share — replacing the previously planned special dividend with direct cash. The revision simplifies the consideration for Australian retail shareholders. The deal creates a vertically integrated rare earths supply chain (ASM’s Korean processing + Energy Fuels’ US mining). Scheme requires FIRB approval, shareholder approval, and court sanction.

Fwd P/E: NM · EV/Sales: 21.63x

Paramount Global / Warner Bros. Discovery Competing Bid

PARA (US) · Mkt Cap: $17.8B · EV: $19.0B · Communication Services / Streaming & Broadcast Media

Paramount Skydance is acquiring Warner Bros. Discovery at $31/share in a signed deal with a total enterprise value of approximately $110 billion. Netflix dropped out on February 26 after Paramount raised its offer and the WBD board declared the bid “superior.” Both boards unanimously approved. Pending WBD shareholder vote (scheduled March 20, 2026) and regulatory clearances — expected to close Q3 2026. If the deal fails on regulatory grounds, Paramount pays a $7B termination fee and covers WBD’s $2.8B Netflix breakup fee. Note: the entry name “PARA” refers to Paramount (acquirer), not Warner Bros. Discovery (target, NYSE: WBD).

Fwd P/E: 19.47x · Fwd EV/EBITDA: 13.94x · EV/Sales: 7.13x

Maha Capital AB / PetroUrdaneta

MAHA-A (SE) · Mkt Cap: $238M · EV: $84M · Swedish Oil & Gas Investment Company

Swedish listed investment company focused on Latin American oil and gas assets

Maha Capital exercised its call option to acquire 24% indirect equity in Venezuelan oil company PetroUrdaneta for EUR 4.6 million, made possible by OFAC’s publication of General License 52 authorizing transactions involving PdVSA entities. PetroUrdaneta operates in the Maracaibo Basin with medium and light oil production. The OFAC regulatory unlock is the signal — a new US general license enables Venezuelan oil investment that was previously blocked. Maha is one of the first Western-listed investors to move on Venezuelan oil post-license. JV structure: PdVSA 60%, Maha 24% indirect through the call option structure.

Kennedy-Wilson Holdings

KW (US) · Last: ~$10.90 · Mkt Cap: $1.5B · EV: $6.7B · Real Estate / Global Real Estate Investment

Kennedy-Wilson’s merger with Kona Bidco (McMorrow-led consortium + Fairfax Financial) at $10.90/share (definitive agreement Feb 17, amendment March 15 — the revised amendment raises the required shareholder approval threshold from a simple majority to a two-thirds supermajority of outstanding voting stock, excluding insider shares. This unusual threshold increase typically signals concern about vote outcome. The $10.90/share all-cash deal was announced at a premium; the vote complication could create a spread if the market discounts deal closure probability.

Previously: Definitive agreement with Kona Bidco at $10.90/share. The consortium includes CEO McMorrow and Fairfax Financial Holdings.

Fwd P/E: NM · Fwd EV/EBITDA: 16.87x · EV/Sales: 7.02x

Sun Country Airlines Holdings

SNCY (US) · Mkt Cap: $853M · EV: $1.2B · Industrials / Low-Cost Airline

Allegiant Travel acquiring Sun Country in a two-step merger. HSR antitrust waiting period was terminated early on March 16 — early termination means the DOJ/FTC have completed their review and cleared the deal. This removes the primary regulatory risk. Transaction still requires Sun Country shareholder vote and customary closing conditions, but the antitrust clearance significantly advances the timeline.

Fwd P/E: 10.87x · Fwd EV/EBITDA: 5.18x · EV/Sales: 0.98x

LondonMetric Property plc [UK Offer Period Open]

LMP.L (UK) · Last: ~189p · Mkt Cap: $5.4B · EV: $9.1B · Real Estate / UK Logistics REIT

Rathbones Group Plc filed a Rule 8.3 disclosure showing a 3.71% stake in LondonMetric Property — a materially larger position than the 1.29% disclosed earlier in the week. The 3.71% level represents active accumulation by a single UK wealth manager, well above the 1% threshold that triggers Rule 8.3 disclosure. Critically, the filing references Picton Property Income Limited as a counterparty to a potential offer — suggesting a possible LondonMetric acquisition of Picton, or a third party pursuing both simultaneously. The two filing within the same week establishes a defined link between the two situations. LondonMetric is a high-quality FTSE 100 REIT with long-lease assets; a merger with smaller Picton would create a larger diversified commercial REIT.

Fwd P/E: NM · Fwd EV/EBITDA: 17.06x · EV/Sales: 15.78x

Dillard’s — Family Holdco Merger

DDS (US) · Last: ~$380 · Mkt Cap: $9.2B · EV: $8.7B · Consumer / US Department Stores

Dillard’s entered into a definitive merger agreement to acquire W.D. Company — a Dillard family holding company that owns 41,496 Class A shares and 3,985,776 Class B shares. WDC shareholders (the Dillard family) will receive pro-rata equity in exchange. This is a governance simplification transaction: the family is collapsing their holding vehicle directly into the public company, removing the dual-class complexity. The significance: this signals the Dillard family is consolidating its control structure, potentially as a precursor to a fuller going-private transaction or to simplify the equity structure before a sale. Dillard’s has been a remarkable capital return story (massive buybacks reduced share count dramatically); the family’s ownership consolidation is worth monitoring for next steps.

Fwd P/E: 18.44x · Fwd EV/EBITDA: 11.11x · EV/Sales: 1.33x

Divestitures

Zevra Therapeutics

ZVRA (US) · Last: $9.23 · Mkt Cap: $542M · EV: $414M · Healthcare / Rare Disease

Sold its entire SDX portfolio (AZSTARYS and KP1077) to Commave Therapeutics for $50 million and used proceeds to fully repay its $63M term loan — achieving a debt-free balance sheet. The divestiture simplifies Zevra to a focused rare disease company with Xyway as the core asset. SOTP: debt-free balance sheet + Xyway commercial revenue + pipeline optionality at a $542M market cap. The question is whether the remaining business justifies current valuation or whether this asset sale triggers a strategic review of the remaining entity.

Fwd P/E: 18.60x · Fwd EV/EBITDA: 13.23x · EV/Sales: 2.89x

Frontera Energy Corporation

FECCF (OTC) · Mkt Cap: $404M · EV: $693M · Energy / Colombian E&P with infrastructure

Frontera signed a definitive agreement to sell its Colombian E&P assets to Parex Resources for $525M equity consideration plus $225M net debt assumption ($750M total). Post-close, Frontera plans ~$470M in shareholder distributions (~CAD $9.18/share). Shareholder vote scheduled April 30. The distribution represents roughly 70% of current market cap returned to shareholders. The residual Frontera entity (infrastructure assets including ODL pipeline and Puerto Bahia) would then trade as a much smaller infrastructure stub — understand what remains after the E&P sale.

Fwd EV/EBITDA: 11.18x · EV/Sales: 6.44x

GN Store Nord A/S

GN.CO (DK) · Mkt Cap: $16.4B · EV: $27.6B · Healthcare & Technology / Audio Devices

GN agreed to sell its Hearing business to Amplifon for DKK 17B (DKK 12.6B cash + 56M Amplifon shares). Post-sale, GN becomes a pure-play B2B audio/video peripherals company (Jabra headsets, BlueParrott). The Amplifon share component creates a cross-holding dynamic — GN will hold a material Amplifon position. The separation simplifies a conglomerate discount situation; the market can now value the peripherals business independently. Timeline: regulatory approval and business separation required, expected by end of 2026.

Fwd P/E: 13.92x · Fwd EV/EBITDA: 14.34x · EV/Sales: 2.40x

Celularity Inc.

CELU (US) · Mkt Cap: $35M · EV: $102M · Healthcare / Regenerative Medicine

Entered definitive agreements to license its commercial-stage biomaterials portfolio for up to $35M in upfront and milestone payments — against a $36M market cap. Celularity retains exclusive manufacturing rights and will receive royalties. The deal effectively monetizes the commercial portfolio while preserving Celularity as a going concern for its longevity therapeutics strategy. The $35M deal value vs $36M market cap makes this worth monitoring for any post-close asset value. Close expected by April 15.

EV/Sales: 2.48x

EchoStar — Spectrum Asset Sales to SpaceX & AT&T

SATS / DISH(US) · Mkt Cap: $31.7B $31B · EV: $59.8B · Technology / Satellite Spectrum

EchoStar sold wireless spectrum to SpaceX in exchange for SpaceX Class A shares at $212/share and separately agreed to sell spectrum to AT&T for $22.65B in cash. Estimated net proceeds: ~$12B cash + SpaceX shares worth ~$11B. Separately, EchoStar/DISH entered a Restructuring Support Agreement (RSA) with creditors representing 82% of DDBS Notes. The RSA defines the post-restructuring capital structure — understand what the post-RSA equity is worth after the spectrum sale proceeds flow through to creditors. This is a complex multi-asset situation where the sum of the parts is likely very different from current market price.

Fwd P/E: 17.85x · Fwd EV/EBITDA: 30.51x · EV/Sales: 4.14x

Constellation Energy — DOJ-Required Divestiture

CEG (US) · Mkt Cap: $102.2B · EV: $108.4B · Utilities / Nuclear Power Generation

Constellation agreed to sell 4.4 GW of PJM generation assets to LS Power for $5 billion as part of DOJ-required remedies for its Calpine acquisition. This divestiture was required by DOJ as part of its antitrust review of the Calpine transaction — $5B for assets that must be sold represents approximately 9% of Constellation’s market cap. The LS Power sale resolves the regulatory path for the Calpine deal to close. The divestiture creates an investable angle in LS Power (private, but the asset acquisition at a known price gives a market-comparable data point for power asset valuations). For Constellation holders, the DOJ clearance via divestiture removes the primary deal risk.

Fwd P/E: 23.28x · Fwd EV/EBITDA: 12.20x · EV/Sales: 3.33x

Going-Private & Tender Offers

Great Lakes Dredge & Dock [Live Tender]

GLDD (US) · Mkt Cap: $1.1B · EV: $1.6B · Industrials / Marine Dredging

Saltchuk Resources commenced a cash tender offer at $17.00/share on March 4. Check the current GLDD stock price — if trading below $17, the spread represents a clean arb. Saltchuk is a private Seattle-based maritime logistics and transportation conglomerate (Foss Maritime, Tropical Shipping) for whom GLDD is a strategic fit. The $17 offer represents a ~40% premium to the pre-announcement price. Verify tender expiry date and any outstanding conditions.

Fwd P/E: 15.04x · Fwd EV/EBITDA: 9.02x · EV/Sales: 1.74x

Perfect Corp.

PERF (US) · Last: ~$1.95 · Mkt Cap: $168M · EV: $6M · Technology / Beauty AI SaaS

Received going-private proposal at $1.95/share. Stock surged on announcement. Check current price vs $1.95 — if there’s a spread, this is a straightforward arb on a small Taiwanese-founder-led company. Management-led buyout structure means principal-agent alignment. Perfect Corp is unprofitable but has a defensible niche in AR beauty tech. The $1.95 proposal may or may not represent full value — check net cash position vs offer price for sanity check.

Fwd P/E: 23.57x · Fwd EV/EBITDA: 1.13x · EV/Sales: 0.08x

Lands’ End [Deadline Mar 31]

LE (US) · Last: ~$12.85 · Mkt Cap: $372M · EV: $600M · Consumer / Apparel Retailer

WHP Global (brand licensing firm) is executing a two-step transaction: (1) $300M IP joint venture giving WHP 50% ownership of the Lands’ End brand IP, with proceeds to repay ~$234M term loan; (2) concurrent tender offer for 2.2M shares at $45/share. The tender offer at $45/share applies to a tiny fraction of the outstanding 30M shares — this is not a full buyout. WHP extended the tender to March 31. The stock at ~$12.85 reflects the operational business, not the $45 tender (which only covers ~7% of shares). The IP joint venture proceeds will flow to debt repayment, leaving a newly deleveraged company co-managed with WHP as brand IP partner.

Fwd P/E: 12.49x · Fwd EV/EBITDA: 5.47x · EV/Sales: 0.44x

Augmentum Fintech

AUGM.L (UK) · Mkt Cap: $228M · UK-listed fintech investment trust

Scheme document issued for going-private at 111p/share (£185.7M total) by Verdane’s Frontier BidCo. 27% premium to prior close. Scheme of arrangement represents a formal legal mechanism for the buyout — shareholders vote, and if approved, receive cash. Scheme document distribution to shareholders is the final step before the court sanction hearing and shareholder vote. Binary outcome: scheme passes and shareholders receive cash at the scheme price, or it fails and AUGM trades at a significant discount to NAV. Check the scheme price vs current NAV per share and current trading price.

Previously: Rathbones Group disclosed a 2.28% stake via Rule 8.3 — confirming the scheme has triggered UK Takeover Code obligations.

Fwd P/E: 6.43x

Impax Environmental Markets

IEM.L (UK) · Mkt Cap: $980M · EV: $1.1B · UK Environmental Investment Trust

FTSE 250 investment trust focused on environmental services, clean energy, and resource efficiency equities

Board launched a 100% exit tender offer allowing shareholders to sell up to 100% of their holdings at close to NAV — triggered by sustained pressure from activist Saba Capital (major shareholder). If IEM’s shares trade at a persistent discount to NAV, tendering is a near-certain gain. Check the tender price as a percentage of last reported NAV and compare to current market price to calculate the arb spread.

Impax Asset Management

IPX.L (UK) · Mkt Cap: $186M · EV: $92M · Financial Services / UK ESG Asset Manager

Board pushing forward with an exit tender offer amid standoff with activist Saba Capital Management. Saba has been waging campaigns across UK investment trusts, and Impax AM’s board is attempting to engineer an exit before Saba can win AGM votes. This represents a board voluntarily returning capital to shareholders under activist pressure — the exit tender at close to NAV benefits all shareholders. Binary outcome: tender completes and shareholders receive NAV, or deal falls apart and stock trades at a discount.

Fwd P/E: 6.65x · Fwd EV/EBITDA: 2.47x · EV/Sales: 0.59x

Centaur Media

CAU.L (UK) · Mkt Cap: $76M · EV: $65M · UK B2B Media & Events

UK court approved capital reduction in formal preparation for an upcoming tender offer and delisting from AIM. Court approval is the mechanical prerequisite for returning capital above distributable reserves — this is a legally confirmed step toward a full exit. Centaur is a small UK media company that has been streamlining operations. The tender offer and delisting represent a voluntary wind-down of the public company structure.

Fwd P/E: 20.81x · Fwd EV/EBITDA: 8.45x · EV/Sales: 1.42x

NEXT RE SIIQ

Italy · Real Estate / Italian Listed REIT

Italian listed real estate investment company; SIIQ is Italy’s REIT regime

CPI Property Group filed a formal tender offer document for remaining shares of NEXT RE SIIQ — a squeeze-out or going-private transaction for the Italian REIT. CPI is a Czech property conglomerate with pan-European exposure. The tender offer document filing is a formal regulatory step that advances the compulsory acquisition process. Check the tender price vs current NEXT RE trading price for the arb spread. Italian REIT going-private situations are rare and often have geographic friction advantages.

Starwood Real Estate Income Trust

Non-traded REIT managed by Starwood Capital Group with $10B+ in diversified real estate assets

Cox Capital Partners and Saba Capital Management filed Amendment No. 2 to their third-party tender offer for Starwood REIT shares. Non-traded REIT third-party tenders are unusual — Starwood limits redemptions (it’s a non-traded vehicle), so the Cox/Saba offer provides liquidity to locked-up shareholders at a stated price. If the tender price is above where locked-up shareholders are willing to sell (i.e., they need liquidity and are willing to accept a discount to NAV), there’s a trade here. Understand the pricing dynamics and Starwood’s own redemption queue backlog.

Gaumont [Court-Ordered Squeeze-Out]

France · Mkt Cap: $397M · EV: $234M · Communication Services / French Film & TV Studio

France’s oldest and one of the world’s largest film studios; Jurassic World, No Time To Die distribution; Narcos, Hannibal production

French appeals court (Cour d’appel) confirmed the AMF decision requiring Ciné Par and the Seydoux family to file a mandatory squeeze-out tender offer (OPR — offre publique de retrait) for all remaining Gaumont shares within six months. The Seydoux family controls Gaumont via Ciné Par and crossed the legal threshold that triggers a mandatory buyout of the minority. A French court confirming an AMF mandatory offer is a definitive legal outcome — the Seydoux family must file the offer. Current minority shareholders can either sell now below the eventual offer price, or hold for the mandatory tender which will establish a court-validated fair value. Classic squeeze-out arb: monitor the AMF-approved offer price when filed versus current trading price.

Spir Group ASA — Compulsory Acquisition

SPIR (NO) · Oslo Stock Exchange · Technology / Norwegian Digital Media & Classifieds

Norwegian digital media company operating classifieds and advertising platforms; formerly Schibsted Norway classified assets

Bidco Clover AS acquired 90.34% of Spir Group ASA and will compulsorily acquire the remaining 9.66% minority shares per Norwegian securities law. At 90%+ ownership, Norwegian law mandates a compulsory acquisition at a court-validated price. The 9.66% minority is effectively in a legal lockbox awaiting a mandated cash-out. The valuation question: is the compulsory acquisition price being offered above or below where the minority shares are trading? If trading at a discount to the mandated buyout price, this is a pure arb. Norwegian compulsory acquisition procedures are well-established and typically complete within 2-4 months of the acquirer crossing 90%.

Ferretti Group — Low Tender Acceptance

Italy · Mkt Cap: $1.6B · EV: $830M · Consumer / Luxury Yacht Manufacturing

Italian luxury yacht manufacturer (Ferretti, Riva, Pershing, CRN brands); primary listing on Hong Kong Stock Exchange

KKCG Maritime’s tender offer for luxury yacht manufacturer Ferretti is experiencing low acceptance rates from minority shareholders — the poor reception creates genuine uncertainty about whether the offer will reach the required acceptance threshold and succeed. Low acceptance in a voluntary tender offer often triggers one of two outcomes: (1) acquirer raises the price to incentivize tendering, or (2) offer fails and minorities remain in a company whose controlling shareholder has revealed its valuation. If KKCG raises the offer price, the spread collapses and creates a quick trade. If the offer fails, Ferretti minorities are in a difficult position with a disappointed buyer. Ferretti’s yacht brands (Riva is iconic) have genuine franchise value; the question is whether KKCG is willing to pay for that brand premium.

Issuer Tenders

Scholastic Corporation [Open Mar 23 – Apr 20]

SCHL (US) · Last: ~$37 · Mkt Cap: $810M · EV: $1.0B · Consumer / Children’s Publishing & Education

Modified Dutch auction to repurchase up to $200M of common stock at $36.00–$40.00/share, commencing March 23 and expiring April 20. The $200M represents ~22% of the $917M market cap — this is a highly meaningful buyback. The Dutch auction mechanism: shareholders specify tender prices within the range; Scholastic selects the lowest price that allows them to purchase the desired amount. If you believe shares clear above $40, tendering at $40 gives you upside optionality. If you’re a long-term holder, the reduction in share count at prices above current ($37) is value-accretive. The buyback follows recent restructuring that has improved margins.

Fwd P/E: 16.89x · Fwd EV/EBITDA: 7.11x · EV/Sales: 0.62x

Cashmere Valley Bank

CSHX (US) · Mkt Cap: $258M · Financial Services / Washington Community Bank

Wenatchee, WA community bank serving agricultural and commercial customers in central Washington state

Self-tender for 200,000 shares (5.39% of outstanding) at $75.00/share, expiring April 16. Community bank self-tenders are almost always accretive — management knows the book value and franchise value better than anyone and is buying back at a premium to market to signal confidence. Check whether $75 is above current trading price — if not, there’s an immediate arb. Community banks in agricultural regions are also frequent acquisition targets; a self-tender signals the board believes standalone value exceeds current market valuation.

Altus Group Limited

AIF.TO (CA) · Mkt Cap: $1.0B · EV: $876M · Financial Services / Real Estate Analytics

Launched a C$200M substantial issuer bid (Dutch auction) at C$42.00–C$52.00/share — representing a buyback of ~14% of market cap at the midpoint. The C$52 top of range implies management believes shares may be worth meaningfully more than current trading. A substantial issuer bid of this size is a strong capital return signal; Altus has been monetizing non-core assets and generating excess cash. The Dutch auction range gives shareholders who believe the stock is worth more than C$52 the option to not tender.

Fwd P/E: 18.98x · Fwd EV/EBITDA: 12.50x · EV/Sales: 3.16x

Activist Campaigns

Lululemon Athletica [June AGM]

LULU (US/CA) · Mkt Cap: $18.8B · EV: $18.8B · Consumer / Athletic Apparel

Chip Wilson (founder, approximately 8-9% economic interest including exchangeable shares; 4.27% directly held common shares per LSEG) and Elliott Management are separately (not in coordination) pressuring the board for board changes and CEO replacement. Lead director David Mussafer announced he will not stand for re-election at the 2026 AGM; Levi’s veteran Chip Bergh was appointed in his place — an unusual mid-cycle capitulation that signals board weakness. Wilson nominated three directors. The company responded by appointing Levi Strauss former CEO Chip Bergh to the board as a defensive move. Key issue: Wilson believes the current CEO is wrong for the brand’s next phase; Elliott believes there are strategic alternatives (including a sale). June AGM is the hard deadline — nominations must be filed and the vote is binding. A ~$19B company in a contested proxy process with two credible activists is rare.

Fwd P/E: 13.21x · Fwd EV/EBITDA: 7.35x · EV/Sales: 1.64x

D-MARKET Electronic Services (Hepsiburada) [Squeeze-Out Watch]

HEPS (US) · Mkt Cap: $728M · EV: $532M · Technology / Turkish E-Commerce

Kaspi.kz has increased its controlling stake to 85.66% through continued open market purchases, including 1.77M shares at $2.95/share on March 16. At 85.66%, Kaspi controls the company and will continue buying. Turkish securities law requires a mandatory squeeze-out when ownership exceeds certain thresholds. The pace of accumulation (Kaspi has been buying consistently) suggests a formal compulsory acquisition is being prepared. At the current trajectory, Kaspi could cross the 90%+ threshold within weeks. The remaining 14.34% float represents the minority position in a company being absorbed by its controlling shareholder. Model the squeeze-out price — Kaspi has been paying ~$2.95; is that below fair value?

Fwd P/E: 5.46x · Fwd EV/EBITDA: 0.39x · EV/Sales: 0.01x

Edinburgh Worldwide Investment Trust [April AGM]

EWI.L (UK) · Mkt Cap: $920M · EV: $943M · UK / Global Growth Investment Trust (Baillie Gifford)

FTSE 250 investment trust managed by Baillie Gifford investing in growth companies globally

Board recommending a 100% exit tender offer to prevent Saba Capital (31% stake) from taking control at the April AGM. Saba has launched multiple campaigns across UK investment trusts; if Saba wins AGM votes, it typically forces a wind-down or manager change. The board’s counter-offer (100% exit tender at close to NAV) is an attempt to preempt Saba by offering shareholders a better deal directly. Binary outcome: shareholders support the board’s tender offer, or Saba wins the vote. If you hold EWI at a NAV discount, the board’s tender at near-NAV is a pure arb.

GungHo Online Entertainment [Strategic Capital]

3765.T (JP) · Mkt Cap: $918M · EV: $55M · Technology / Japanese Mobile Gaming

Strategic Capital (8.5% stake) is pressuring GungHo for management changes and demanding the company buy back founder Son Taizo’s 17.9% stake, citing four consecutive years of declining game revenues and an oversized, underutilized cash balance. The Son Taizo buyback demand is significant — if executed, it would remove a major overhang and concentrate economic interest in the operating business. Strategic Capital is Japan’s most prolific shareholder activist with a strong track record of forcing capital return. GungHo’s cash pile (reportedly $400M+) relative to its $883M market cap is the core thesis. Directly relevant: any GungHo capital return flows to Gravity (GRVY), its Nasdaq-listed subsidiary.

Fwd EV/EBITDA: 4.78x · EV/Sales: 0.31x

Kobayashi Pharmaceutical [AGM March 27]

4967.T (JP) · Mkt Cap: $2.8B · EV: $2.3B · Healthcare / Japanese OTC Consumer Healthcare

Oasis Management holds 13% and is waging an active proxy contest for board overhaul at the March 27 annual meeting — five days from today. Oasis has nominated specific board candidates and is challenging incumbent management’s response to a 2024 supplement scandal that caused significant reputational and financial damage. With 13% and public support building, Oasis has a credible chance of winning board seats. The AGM outcome will be known within the week. A successful Oasis campaign typically leads to management changes, followed by capital return reviews and potential M&A activity at the target. Time-critical: vote is March 27.

Fwd EV/EBITDA: 12.93x · EV/Sales: 1.99x

Riley Exploration Permian

REPX (US) · Mkt Cap: $754M · EV: $988M · Energy / Permian Basin E&P

Bluescape Energy (led by C. John Wilder Jr.) holds 6.1% via Schedule 13D, with Amendment No. 13 to their filing — and critically, 9 of those 13 amendments were filed in Q1 2026 alone. Nine 13D amendments in a single quarter is extraordinary escalation and indicates Bluescape is actively managing their position, potentially coordinating with other shareholders, and building toward a specific action. Wilder is a known energy activist (former CEO of TXU, architect of several large energy deals). Bluescape’s pattern suggests they are preparing for either a board campaign, a sale demand, or a combination. The filing frequency is itself the signal — something is happening.

Fwd P/E: 7.78x · Fwd EV/EBITDA: 3.54x · EV/Sales: 2.02x

KADOKAWA Corporation

9468.T (JP) · Mkt Cap: $3.1B · EV: $2.6B · Communication Services / Japanese Media & Entertainment

Oasis Management filed an 8.86% stake (13.19M shares) explicitly stating the purpose as “portfolio investment and important proposals to management.” KADOKAWA trades at a significant discount to the sum of its parts — FromSoftware alone at market-comparable multiples (comparable to private game studio transactions at 5-15x revenue) implies substantial hidden value. The manga/anime IP library (Sword Art Online, Re:Zero, KonoSuba) adds further optionality. Oasis is a proven Japanese activist; their engagement with Kobayashi Pharmaceutical shows how they operate. Watch for a formal letter or public campaign in Q2.

Fwd EV/EBITDA: 15.70x · EV/Sales: 1.36x

PBF Energy / Carlos Slim

PBF (US) · Mkt Cap: $5.8B · EV: $8.3B · Energy / Independent US Refiner

Carlos Slim Helú and family hold 19.3% (22.6M shares) of PBF Energy through Control Empresarial de Capitales S.A. de C.V. — this is Amendment No. 9 to their 13D, confirming sustained engagement. A 19.3% position by Mexico’s wealthiest family in a US independent refiner is not passive ownership. The Slim family’s position in Pemex (the Mexican state oil company) creates potential synergy interest in a US refiner — PBF’s Gulf Coast and East Coast refineries could process Mexican heavy crude. Either a strategic acquisition by Slim-affiliated entities or an escalation toward a board campaign is plausible. Monitor for further amendment filings.

Fwd P/E: 16.17x · Fwd EV/EBITDA: 6.78x · EV/Sales: 0.28x

Mitsui O.S.K. Lines

9104.T (JP) · Mkt Cap: $16.0B · EV: $30.7B · Industrials / Japanese Shipping Conglomerate

Elliott Investment Management disclosed a significant stake, citing undervaluation and intent to work constructively with management on shareholder value improvement. Elliott’s Japan campaigns have generated strong returns (Softbank, Dai-ichi Life, Alps Alpine). MOL is a complex conglomerate trading at a significant discount to SOTP — its 20% stake in ONE (Ocean Network Express, the container shipping JV with NYK/K-Line) alone is worth substantial value. Elliott’s typical playbook: push for capital returns (buybacks/dividends), disposal of non-core assets, and improved IR. Watch for a formal letter to management in coming weeks.

Fwd EV/EBITDA: 17.21x · EV/Sales: 2.44x

Six Flags Entertainment

FUN (US) · Mkt Cap: $1.7B · EV: $7.2B · Consumer / Theme Parks

Jana Partners (9% economic stake) issued a public letter demanding the board explore a full sale and immediately remove Board Chair Marilyn Spiegel. Jana explicitly threatened a proxy war if demands are not met by a stated deadline. Jana’s letter cited stock decline from $50+ to ~$17 since the Cedar Fair/Six Flags merger — the post-merger operational execution has disappointed. Jana’s 9% position plus public letter puts the board under significant pressure to either engage on a sale process or face a contested proxy. Strategic buyers could include PE firms, regional operators, or international park companies. The $1.8B market cap is accessible for PE.

Fwd P/E: NM · Fwd EV/EBITDA: 8.25x · EV/Sales: 2.25x

OraSure Technologies

OSUR (US) · Mkt Cap: $204M · EV: $18M · Healthcare / Diagnostics & Point-of-Care Testing

Altai Capital Management (~5% stake) launched a formal activist campaign demanding two board seats at the 2026 annual meeting, citing chronic underperformance, deteriorating fundamentals, and management’s failure to explore strategic alternatives. Altai’s nominee slate includes credentialed healthcare industry directors. OraSure has a defensible core business (OraQuick is a recognized global HIV testing brand) but has misallocated capital on acquisitions. The combination of a named activist with specific nominees and a stated belief that the company should be sold makes this a legitimate situation.

Fwd P/E: NM · Fwd EV/EBITDA: 1.66x · EV/Sales: 0.15x

Peoples Financial Corporation

PFBX (US) · Mkt Cap: $97M · Financial Services / Mississippi Community Bank

The Stilwell Group has nominated Stewart Peck for director at the April 22 annual meeting — this is their sixth consecutive proxy campaign at Peoples Financial. Stilwell’s persistence across six annual cycles is exceptional and signals deep conviction that the bank is worth significantly more than its current price (either in a sale or through improved capital management). Stilwell wins some and loses some, but the institutional memory the bank has built in defending against Stilwell’s campaigns is now a cost in itself. Six consecutive proxy fights from the same investor is a strong signal of fundamental undervaluation.

Fwd P/E: NM

Tripadvisor

TRIP (US) · Mkt Cap: $1.1B · EV: $1.3B · Technology / Online Travel

Chairman Greg Maffei and board member Albert Rosenthaler will both step down at the June annual meeting. Starboard Value has taken a stake and is pushing for a new board composition and strategic direction. The dual resignation of the chairman and a director suggests the company has already reached a partial accommodation with Starboard — or management has been pre-empting a harder proxy fight. June AGM is the catalyst date. The Viator business alone has significant value as a standalone entity. Starboard may push for a separation of Viator from core Tripadvisor.

Fwd P/E: 6.45x · Fwd EV/EBITDA: 3.93x · EV/Sales: 0.67x

Smith & Nephew

SNN (US/UK) · Mkt Cap: $20.0B · EV: $17.4B · Healthcare / Medical Devices

Cevian Capital maintains 9.6% of Smith & Nephew (81.7M ordinary shares via Amendment No. 4 to Schedule 13D). Cevian is a Swedish long-term activist known for multi-year campaigns at European industrials and healthcare companies — they rarely file a 13D without a detailed operational thesis. Smith & Nephew has been a chronic underperformer vs. Stryker and Zimmer Biomet. Cevian’s typical approach: demand operational improvements, margin targets, and potentially a strategic review. Watch for Cevian to publish a public letter or appear at the AGM.

Fwd P/E: 9.09x · Fwd EV/EBITDA: 5.47x · EV/Sales: 3.37x

Align Technology

ALGN (US) · Mkt Cap: $12.3B · EV: $11.4B · Healthcare / Clear Aligner Systems

Elliott Management has built a stake and is “expected to engage management.” Early-stage — no formal letter, no board demands, no specific nominees yet. Elliott’s healthcare franchise has been active. Align Technology has strong brand IP and margins but faces competitive pressure from generic aligner manufacturers. Elliott’s likely angle: cost efficiency, capital allocation (Align has been acquisitive), or consideration of strategic alternatives. Monitor for a 13D filing and public letter, which would be the next catalyst.

Fwd P/E: 15.34x · Fwd EV/EBITDA: 9.83x · EV/Sales: 2.71x

JD Sports Fashion

JD.L (UK) · Mkt Cap: $4.2B · EV: $8.7B · Consumer / Athletic Footwear & Apparel Retail

Management disclosed on their own Q4 2025 earnings call that they expect a proxy contest in 2026 and are already incurring defense costs. This self-reporting of governance vulnerability is unusual — typically companies deny or minimize activist threats. The legal defense costs being explicitly called out implies the company has received formal notification from an activist fund. Management mentioned share repurchases excluded from certain guidance metrics, suggesting buybacks are being used as a defensive capital return measure. Watch for a 13D filing to identify the activist.

Fwd P/E: 5.96x · Fwd EV/EBITDA: 3.65x · EV/Sales: 0.54x

The Works / Browning West

WRKS.L (UK) · Mkt Cap: $35M · EV: $139M · Consumer / UK Value Retail

Browning West increased its stake to 19.8%, causing shares to jump. At 19.8%, Browning West is the largest single shareholder with a near-blocking position — this is aggressive accumulation beyond a typical passive investment. Browning West is a UK-focused activist fund with a track record of pushing for board changes and sales. The Works has been struggling with margin pressure in the value retail segment. A 19.8% position from an activist effectively hands them significant influence over strategic decisions, including any potential sale process.

Fwd P/E: 7.20x · Fwd EV/EBITDA: 3.14x · EV/Sales: 0.40x

Apimeds Pharmaceuticals US [Board Removed Mar 20]

APUS (US) · OTC · Mkt Cap: $26M · Healthcare / Pain Management Therapeutics

US pharmaceutical company developing non-opioid pain therapies including bee venom-derived treatments

Majority shareholders holding 66.66% of voting power executed written consent on March 20, 2026 to remove the entire board of Apimeds and appoint new directors. The new board immediately fired the CEO and CFO. This is not an activist campaign — it is a completed governance overthrow via written consent, the most definitive available legal mechanism for shareholders with majority control. No shareholder vote, no proxy fight, no negotiation — the majority simply executed their consent rights. The new board has stated intent to investigate a December 2025 capital raising transaction. The immediate CEO/CFO terminations signal the incoming control group believes prior management conducted the company improperly. Watch for: financing announcements, asset review, or sale process from the new management.

Strategic Reviews

FMC Corporation [Full Sale Process]

FMC (US) · Mkt Cap: $1.6B · EV: $5.3B · Basic Materials / Agricultural Chemicals

FMC is the most significant strategic review situation in this digest — a rejected $30/share buyout approach (per analyst reports), a major goodwill impairment tied to stock price decline and India business being designated held-for-sale, and management formally announcing exploration of strategic options including a sale with financial advisors engaged. The rejected $30/share offer establishes a price floor reference — the board rejected it as inadequate, implying the board believes fair value is above $30. The 50% decline brings the stock to ~$15, creating a massive valuation gap between the board’s view and the market. Strategic buyers (BASF, Corteva, Syngenta, Bayer Crop Science) would see clear synergies in FMC’s insecticide portfolio. A PE buyout is also plausible at current depressed prices. The India impairment is an operational setback but not existential — the core franchise (Rynaxypyr insecticide) generates strong royalties globally.

Fwd P/E: 7.41x · Fwd EV/EBITDA: 7.62x · EV/Sales: 1.43x

Unilever — Food Division

UL / ULVR.L(US/UK) · Mkt Cap: $80.2B · Consumer Defensive / FMCG

McCormick & Company has made an inbound offer for Unilever’s food division, generating €12.9B in revenue (enterprise value estimated at €28–31B by Barclays). This is the highest-conviction item in the Unilever situation — a named acquirer with a clear strategic rationale (spices + condiments + sauces = natural combination) has made a formal approach. Unilever CEO Fernando Fernandez is pivoting toward higher-margin beauty and personal care, making the food division a logical disposal. A deal at €13.4B food division value would represent a major strategic transformation for Unilever and would create the world’s largest specialty condiments/sauces company. Kraft Heinz has also been named as a potential interested party. Key risk: Unilever may decide to spin off rather than sell, which would still unlock value but through a different mechanism.

Fwd P/E: 13.88x

CK Hutchison Holdings

1.HK (HK) · Mkt Cap: $192M · EV: $461M · HK Conglomerate

Management explicitly signaled “major transaction activity” to unlock shareholder value — one of the strongest language choices available to a Hong Kong conglomerate management team. Named transactions in progress: A.S. Watson retail IPO targeting $2B+ (2025–2026 window), telecom division sale under consideration, $19B ports deal with BlackRock (for non-China ports). CK Hutchison has long traded at a 30–50% discount to SOTP; this level of explicit management guidance toward crystallizing value is unusual. The port asset deal with BlackRock alone could be transformative — Hutchison Ports is the largest port operator outside China. Li Ka-shing family alignment with shareholders on value crystallization is the key investment thesis.

Fwd P/E: 9.62x · Fwd EV/EBITDA: 8.74x · EV/Sales: 1.06x

Suntec REIT + Hongkong Land [Strategic Entry]

T82U.SI (SG) · Mkt Cap: $2.5B · EV: $4.7B · Real Estate / Singapore Commercial REIT

Two concurrent catalysts: (1) Tang Organization’s Acrophyte acquired the REIT manager from ESR for S$190M (completed March 17) and launched a strategic review to strengthen the portfolio. (2) Hongkong Land acquired a 10.8% stake in Suntec REIT for S$541M — a named property developer taking a $541M strategic position is not passive investment. Hongkong Land (part of Jardine Matheson) is one of the largest commercial property groups in Asia; their stake implies either a full acquisition of Suntec is being considered, or a collaboration on mixed-use development across the Suntec City precinct. A new sponsor + a strategic investor + a formal review process is an unusually dense catalyst set for a single REIT.

Fwd P/E: 22.42x · Fwd EV/EBITDA: 23.84x · EV/Sales: 17.51x

Spire Healthcare [UK Offer Period Open]

SPI.L (UK) · Mkt Cap: $959M · EV: $2.5B · Healthcare / UK Private Hospitals

Sale process continuing after Bridgepoint and Triton both withdrew from bidding — but “discussions with other parties” continue, per the company. The withdrawal of two PE bidders suggests the asking price or regulatory risk is creating friction. UK private healthcare is strategically valuable (NHS outsourcing, aging population demand), but the regulatory environment (CMA scrutiny of healthcare consolidation) adds complexity. The ongoing discussion with unnamed parties keeps the strategic review alive. Monitor for either a definitive announcement or a formal process termination.

Fwd P/E: 27.94x · Fwd EV/EBITDA: 7.55x · EV/Sales: 1.29x

IG Group Holdings

IGG.L (UK) · Mkt Cap: $6.0B · Financial Services / UK CFD & Online Trading

IG Group announced a formal strategic review to evaluate: (1) acquisitions, (2) potential change of primary listing venue (from LSE to US exchange), and (3) combinations with industry participants. The listing venue change is the most interesting element — a US primary listing could unlock significant multiple expansion given the premium US fintech valuations vs UK market valuations. IG generates ~$600M annual revenue with strong FCF. A combination with a US peer (Interactive Brokers, Nasdaq-listed fintech) or a PE buyout is also within scope. Named review with a board mandate to deliver results.

Fwd P/E: 13.57x

AlTi Global

ALTI (US) · Mkt Cap: $336M · EV: $981M · Financial Services / Global Wealth & Alternative Asset Management

Allianz SE filed an amended 13D (now at 26.06% ownership including warrants for 5M additional shares) with aggressive language about participating in the strategic alternatives review announced December 9, 2025. Allianz SE holds the filing with specific stated intent to “engage in discussions about strategic transactions.” Allianz is the world’s largest insurance company by assets — a 26% position with explicit strategic intent signals either a full acquisition of AlTi or a deeper integration into Allianz’s distribution network. The 24.9% ownership cap referenced in the strategic review agreement is notable: Allianz is now at 26% via warrants, implying they are exercising optionality beyond the original cap.

Fwd P/E: 15.62x · Fwd EV/EBITDA: 21.05x · EV/Sales: 3.51x

DocGo

DCGO (US) · Mkt Cap: $67M · EV: $27M · Healthcare / Mobile Medical Services

DocGo formally launched a strategic alternatives review on its Q4 earnings call, engaging bankers to evaluate options including a sale. Post-collapse of the NYC migrant health services contract (which had been a major revenue contributor), DocGo’s revenue base has normalized and the stock has de-rated sharply. At $63M market cap, the company has genuine technology assets (care coordination platform, remote patient monitoring) and a client list that includes major health systems. A strategic buyer (a large health system, telehealth platform, or home health company) could extract synergies. The launch of a formal review at this low valuation creates a floor — the market is pricing in significant risk, but a deal at even a modest premium would be highly accretive to a strategic buyer.

Fwd P/E: 5.39x · Fwd EV/EBITDA: 1.09x · EV/Sales: 0.09x

Smiths Group

SMIN.L (UK) · Mkt Cap: $8.2B · EV: $9.3B · Industrials / UK Diversified Industrial

Completed two major divestitures: (1) Smiths Interconnect — sold; (2) Smiths Detection — agreed for sale to CVC Capital Partners at £2.0B EV (16.3x operating profit), completion expected H2 2026. Smiths refocusing around John Crane (flow control) and Flex-Tek.

Fwd P/E: 18.09x · Fwd EV/EBITDA: 15.48x · EV/Sales: 3.63x

Team Internet Group

TIG.L (UK) · Mkt Cap: $112M · EV: $201M · Technology / Domain Names & Online Marketing

Strategic review of the DIS (Domains, Identity & Software) segment is “progressing well” — disposal discussions underway for the segment generating the majority of revenue. The post-disposal entity would be a much smaller, potentially loss-making business. The interesting angle: what is DIS worth as a standalone business to a strategic buyer (a registrar like GoDaddy, Namecheap, or a PE roll-up), and does the implied value justify the current £133M total market cap? Understand the revenue/EBITDA split between DIS and the remaining marketing business before the disposal closes.

Fwd P/E: 5.87x · Fwd EV/EBITDA: 5.02x · EV/Sales: 0.45x

Verde Clean Fuels

VGAS (US) · Mkt Cap: $34M · EV: $6M · Energy / Natural Gas to Gasoline Technology

Company developing proprietary natural gas to gasoline conversion technology (STG+ process) for distributed fuel production

Named new CEO George Burdette and retained Roth Capital Partners to evaluate strategic alternatives including potential merger, sale, or asset monetization. The combination of a named CEO + named investment bank + explicit mandate is the complete signal set for a meaningful strategic review. VGAS’s STG+ technology is potentially valuable to midstream operators, refined product distributors, or gas monetization companies. At $80M market cap with a stated formal process, this is an accessible takeout for a small strategic buyer.

Remgro Limited

REM.JO / RMGOF(ZA/OTC) · Mkt Cap: $5.4B · EV: $5.4B · Financial Services / South African Holdco

Announced a ZAR 2/share special dividend funded by BAT share sale proceeds, alongside a 34.8% increase in the ordinary dividend. Management discussed ongoing strategic review of portfolio companies — asset disposals to fund capital returns is the ongoing theme. Remgro trades at a 20–40% discount to NAV (standard for South African holdcos), and the dividend program signals management is committed to closing that gap. The BAT stake disposal is just one step; the underlying portfolio includes some very liquid listed companies that could be further monetized. JSE-listed, ZA-domiciled — geographic friction creates potential information asymmetry.

Fwd P/E: 11.24x · Fwd EV/EBITDA: 19.18x · EV/Sales: 1.92x

evoke plc

EVOK.L (UK) · Mkt Cap: $166M · EV: $2.1B · Consumer / UK Online Gambling

Company described as “nearing a decision” on its ongoing strategic review — if true, an announcement could come this week. UK online gambling is undergoing rapid consolidation (Flutter/Paddy Power scale vs. smaller operators). Evoke carries significant debt from the 888/William Hill combination. A strategic review outcome could be: (1) sale to a larger operator (Flutter, bet365, Entain), (2) debt restructuring, or (3) disposal of specific geographic divisions. The urgency of the “nearing a decision” language combined with the debt load makes this time-sensitive.

Fwd P/E: 2.02x · Fwd EV/EBITDA: 3.62x · EV/Sales: 0.69x

Nano Dimension

NNDM (US) · Mkt Cap: $334M · Technology / 3D Printing / Additive Manufacturing

Board continuing strategic alternatives review with updates expected during 2026. Nano Dimension has a history of activist pressure (Murchinson Ltd. waged a campaign) and has made several acquisitions that the market has questioned. The company holds significant cash relative to market cap — the net cash position is a meaningful portion of the total equity value. A sale to a strategic acquirer in industrial manufacturing or defense (Nano’s electronics printing has defense applications) or a return of cash to shareholders via tender offer are the most likely outcomes.

Fwd P/E: NM · Fwd EV/EBITDA: 19.86x

Assertio Holdings

ASRT (US) · Mkt Cap: $86M · EV: $63M · Healthcare / Specialty Pharma

Management discussed potential strategic alternatives during Q4 2025 earnings call — asset divestitures, partial sales, or selling the whole company. Assertio has a challenged legacy product portfolio (Indocin, Sympazan) but generates cash. At $88M market cap, a specialty pharma acquirer or PE firm could do a bolt-on acquisition economically. The earnings call disclosure is the signal; formal process has not yet been announced but management is clearly signaling openness.

Fwd P/E: 3.56x · Fwd EV/EBITDA: 2.09x · EV/Sales: 0.55x

Realfiction Holding AB

REALFI (SE) · Mkt Cap: $84M · EV: $80M · Swedish Micro-Cap / Holographic Display Technology

Swedish company developing Directional Pixel Technology for glasses-free 3D/holographic displays

Engaged Grant Thornton as financial advisor to monetize its Directional Pixel Technology through partnerships, licensing, or strategic transactions. Named advisor (Grant Thornton), named technology, named mandate. Small company with potentially valuable IP in an emerging display technology market. The glasses-free 3D display space has attracted significant interest (LG, Samsung, various startups). A technology licensing deal or IP sale to a display manufacturer or consumer electronics company is the likely outcome. Grant Thornton’s engagement suggests a formal process with a specific timeline.

Franklin Street Properties

FSP (US) · Mkt Cap: $60M · EV: $278M · Real Estate / US Office REIT

Completed a refinancing deal and confirmed the strategic review process is continuing — stock jumped on both announcements. Office REITs face structural headwinds, but Sun Belt office assets have shown more resilience than coastal markets. The refinancing removes near-term debt maturity risk, giving the strategic review process more runway. Potential outcomes: portfolio sale to a private buyer, full company sale, or conversion to a non-traded structure. The stock’s jump on confirmation of the review suggests the market had been discounting process uncertainty.

Fwd P/E: 0.83x · Fwd EV/EBITDA: 5.77x · EV/Sales: 2.24x

Comtech Telecommunications

CMTL (US) · Mkt Cap: $107M · EV: $527M · Technology / Satellite & Defense Communications

Strategic alternatives review underway with investment bankers; no update provided. Comtech has achieved positive operating results following restructuring. Defense and public safety communications assets typically attract strategic buyers (defense contractors, PE firms with government services exposure). At $100M market cap with a named banking process, this is accessible. Monitor for transaction announcement in Q2-Q3 2026.

Fwd P/E: NM · Fwd EV/EBITDA: 12.58x · EV/Sales: 1.17x

Restructuring & Busted M&A

LENSAR / Alcon — FTC-Blocked Deal [Dislocation Event]

LNSR (US) · Mkt Cap: $71M · EV: $70M · Healthcare / Ophthalmology Laser Systems

The FTC moved to block the Alcon/LENSAR acquisition on competitive grounds in the cataract surgery device market. Alcon and LENSAR mutually terminated. LENSAR’s stock dislocated on the termination — the deal’s collapse creates a “busted M&A” dislocation situation. LENSAR will receive a termination fee from Alcon per the merger agreement (check the specific fee amount). Post-termination, LENSAR is a standalone company with a defensible laser system business and a clean balance sheet bolstered by the termination fee. The key questions: (1) What does LENSAR look like as a standalone entity? (2) Is there a new buyer at a lower price point now that the Alcon regulatory path is proven difficult? (3) Does LENSAR now initiate its own strategic review?

Fwd EV/EBITDA: 24.70x · EV/Sales: 0.89x

New Fortress Energy

NFE (US) · Mkt Cap: $222M · EV: $9.5B · Energy / LNG Infrastructure & Supply

Signed RSA with creditors AND separating Brazilian operations into a standalone BrazilCo entity. The dual catalyst is significant — the RSA addresses the corporate debt structure while the Brazil separation creates a new equity entity. The $261M equity market cap on a company with substantial infrastructure assets (FLNG vessels, LNG terminals, power plants) implies the market is pricing significant distress. If the RSA executes and BrazilCo is properly capitalized, the reorganized entity could have substantial equity value. Classic recovery trade: understand the RSA terms, the Brazil asset values, and the post-restructuring equity distribution.

Fwd P/E: 1.42x · Fwd EV/EBITDA: 31.92x · EV/Sales: 3.47x

Office Properties Income Trust

OPI (US) · Mkt Cap: $27M · EV: $40M · Real Estate / US Office REIT (Distressed)

Secured creditors are taking control through a Chapter 11 restructuring — this is a creditor-led equity conversion. At $15M equity market cap, the current equity is almost certainly impaired. The interesting question for restructuring investors is the debt — the creditor group (led by Redbox Capital) is betting they can extract value from the government-leased office portfolio through the restructuring. The government-tenant quality (US GSA leases are long-duration, credit-worthy) may support a higher asset recovery value than the depressed office market implied. Monitor the restructuring plan for the equity recovery waterfall.

Fwd P/E: NM

Spirit Airlines (NewCo)

FLYYQ / NewCo TBD(US) · Transportation / Ultra Low-Cost Airline

Ultra low-cost carrier operating 140+ aircraft across 80+ US destinations and the Caribbean

Spirit filed an RSA and Plan of Reorganization on March 13, 2026 with the support of a majority of DIP lenders and secured noteholders, and is recalling pilots as it prepares to exit Chapter 11. The court confirmed reorganization plan is being implemented. New equity will emerge post-bankruptcy — the DIP lenders’ entity will receive the bulk of the new equity. The pattern with airline bankruptcies: new equity at emergence is often mispriced (creditors who received equity at emergence may not be natural holders and become forced sellers). Spirit’s network (leisure focus, Florida/Caribbean routes) and young fleet have real franchise value. Watch for when NewCo equity begins trading and what the implied enterprise value is at emergence vs. comparable airlines.

Zynex Medical (NewCo) [Emergence Imminent]

ZYXIQ → NewCo(US) · Healthcare / Electrotherapy Medical Devices

Medical device company making electrotherapy and pain management devices sold through insurance/home health channels

Zynex filed Chapter 11 on December 15, 2025 and the court confirmed its reorganization plan on March 19 — the plan sponsor (DIP lenders entity) will receive 100% of new equity. Emergence is imminent. The 90-day post-emergence window is the key period: creditors who received equity at emergence often sell into thin markets, creating forced-seller dynamics and potential mispricing. Research what the reorganization plan implies for the post-emergence capital structure and operating business. Zynex’s electrotherapy devices have recurring revenue through insurance reimbursement — the underlying business may be more valuable than the bankruptcy-distressed exit price implies.

Ingevity Corporation

NGVT (US) · Mkt Cap: $2.2B · EV: $3.4B · Specialty Chemicals / Performance Materials

Completed strategic portfolio review, sold the Industrial Specialties segment, and is now “New Ingevity” — a focused two-division company. Post-restructuring pure-play stories often re-rate as the market can now value the core business clearly. Performance Materials (automotive activated carbon canisters) is a high-margin, defensible business with strong OEM relationships. Pavement Technologies (EVOTHERM additives) has infrastructure tailwinds from US road construction spending. The sale of Industrial Specialties removes the drag segment; evaluate the remaining business on a standalone FCF basis.

Fwd P/E: 12.94x · Fwd EV/EBITDA: 8.82x · EV/Sales: 2.87x

EchoStar / DISH RSA [Restructuring]

DISH (US) · Mkt Cap: $3.1B · Technology / Satellite Pay-TV (Distressed)

DISH Network satellite pay-TV subscriber business and wireless spectrum holder undergoing comprehensive restructuring

DISH Network entered a Restructuring Support Agreement with creditors representing 82% of DDBS notes — near-certain execution given majority creditor support. The RSA defines the post-restructuring capital structure for the DISH subscriber business. Separately, EchoStar’s spectrum monetization (SpaceX exchange + AT&T $22B sale) provides the cash to satisfy senior creditors. The key analytical question: after paying creditors per the RSA, is there residual equity value in the DISH subscriber business? DISH is losing subscribers rapidly; the residual equity value may be minimal despite the large nominal market cap. Understand the debt waterfall before taking any equity position.

UPL Limited

UPL.BO / UPL.NS(IN) · Mkt Cap: $6.3B · EV: $10.1B · Basic Materials / Indian Agrochemicals

Board approved a demerger creating UPL Global as a standalone listed crop protection company, with existing shareholders receiving shares in both UPL (India-focused) and UPL Global (international operations). Proxy advisory firm InGovern endorsed the demerger as value-accretive. The separation allows the market to value the international business separately from the India-regulated domestic operations. International crop protection businesses trade at higher multiples than Indian domestic agrochem. The demerger is analogous to a conglomerate breakup — the sum of the parts should exceed the whole if the international operations are properly valued.

Fwd P/E: 15.81x · Fwd EV/EBITDA: 8.22x · EV/Sales: 1.58x

Tegna / Nexstar — State AG Lawsuit [Deal Closed — Post-Close Litigation]

TGNA / NXST(US) · Mkt Cap: $3.2B · EV: $5.6B $3.2B / NXST $6.9B · Communication Services / Local TV Broadcasting

Nexstar closed its $6.2B acquisition of Tegna on March 20 — then eight state AGs filed an emergency motion for a temporary restraining order to unwind the deal, arguing the combination would create illegal monopolization of local TV broadcasting in overlapping markets and harm consumers through higher advertising rates. Multi-state AG opposition to a media deal is unusual and signals coordinated regulatory concern beyond the FCC review. If the lawsuit succeeds, this is a busted M&A situation: Tegna trades back to standalone value (likely a discount to the deal price), and the company returns to being a strategic review / consolidation target at a lower price. If the deal closes despite the lawsuit, the legal fees and remedies are incremental costs. The AG lawsuit shifts the deal probability calculus materially — monitor for preliminary injunction filings, which would be the immediate next catalyst.

Fwd P/E: 6.41x · Fwd EV/EBITDA: 6.27x · EV/Sales: 1.83x

Saks Global — Chapter 11 Reorganization

Merged Saks Fifth Avenue + Neiman Marcus + Bergdorf Goodman luxury retail group; filed Chapter 11 in late 2025 after HBC acquisition debt load

Saks Global is preparing its formal reorganization plan after raising emergency funds post-filing. Key operational facts: 20 of 33 Saks Fifth Avenue stores have already been closed since the bankruptcy filing, and the plan has bondholder support — a restructuring plan with a creditor support agreement is typically confirmable within 6-9 months of filing. The reorganized entity (NewCo) will emerge with a smaller, more profitable store footprint. The Bergdorf Goodman flagship (Fifth Avenue, New York) is a genuinely irreplaceable luxury asset. Watch for: NewCo equity distribution plan, the Bergdorf Goodman separation if any, and whether a strategic buyer (LVMH, Kering, Richemont) uses the bankruptcy process to acquire assets at distressed prices rather than allowing reorganization.

Trinseo PLC [Active Default]

TSE (US) · Mkt Cap: $1.3B · EV: $3.9B · Basic Materials / Specialty Polymers & Chemicals

Received NYSE delisting notice on March 2, 2026 and has missed interest payments on both the Senior Credit Agreement and 2L Notes after grace periods expired — these are simultaneous payment defaults across the capital structure. Company is in active restructuring discussions with lenders. Trinseo is a textbook Chapter 11 candidate: multiple missed payments, NYSE delisting, active creditor negotiations. The equity ($30M market cap) is almost certainly impaired; the interesting investment is in the debt — specifically, which tranche is at risk and whether the senior secured lenders will recover at par or through an equitization. Specialty polymer capacity serving automotive OEMs has intrinsic value; the question is how the assets get recapitalized.

Fwd P/E: 2.25x · Fwd EV/EBITDA: 57.48x · EV/Sales: 13.86x

Spin-Offs

Aptiv / Versigent [Distribution Imminent]

APTV (US) · Mkt Cap: $14.5B · EV: $21.0B · Industrials / Automotive Electronics & Components

Board approved the Versigent spin-off with record date March 17 and distribution April 1, 2026. Shareholders receive 1 Versigent share per every 3 Aptiv shares held. Versigent (electrical distribution systems: wiring harnesses, cable management) lists on NYSE as “VGNT”. The Aptiv stub retains the signal/power and ADAS technology businesses. Classic spin-off setup: Versigent may be sold by index funds and arbitrageurs who received shares in the distribution (forced selling window), creating a buying opportunity in the new entity. Understand what Versigent looks like as a standalone — revenue, margins, customer concentration, and capex requirements — to assess whether the forced selling creates an entry point.

Fwd P/E: 8.13x · Fwd EV/EBITDA: 6.05x · EV/Sales: 0.98x

Enviri Corporation

NVRI (US) · Mkt Cap: $1.5B · EV: $3.1B · Industrials / Environmental Services & Rail

Filed SEC registration statement for the planned spin-off of its environmental services and rail units into separate public companies. An S-1/Form 10 filing is the most concrete pre-spin document — this is not a press release, it’s the actual regulatory filing that triggers the formal separation process. The $1.2B standalone entity targeted for mid-2026 completion. Environmental services and rail maintenance are very different businesses with different buyer universes; the separation allows each to be valued appropriately. Watch for the Form 10 to become effective, which precedes the record date and distribution.

Fwd P/E: NM · Fwd EV/EBITDA: 10.73x · EV/Sales: 1.36x

NATCO Pharma — Agrochemicals Demerger [Board Vote March 24]

NATCOPHARM.NS (IN) · Basic Materials / Indian Pharma & Agrochemicals

Indian pharmaceutical and agrochemicals manufacturer; demerging Natco Crop Health Sciences into separate entity

Board meeting March 24 to formally vote on the scheme of arrangement to demerge the agrochemicals division into Natco Crop Health Sciences Ltd. Trading window closed March 19–26 ahead of the board vote. If approved, the scheme creates two separately listed entities — the pharma business and the agrochem business — each tradeable independently. Indian demergers have historically created value by allowing market participants to value the components separately. The board vote on March 24 is the first formal milestone.

BASF — Agribusiness Spin-Off

BAS.DE (DE) · Mkt Cap: $46.9B · EV: $70.5B · Chemicals / Global Diversified Chemicals

Shareholders scheduled to vote on separating the agribusiness division into a standalone publicly traded entity. BASF Agricultural Solutions (~€10B revenue, includes Nunhems seeds, Crop Protection) is one of the top 5 global crop protection companies. As a standalone, it would trade at crop protection peer multiples (10–14x EBITDA) vs. the general chemicals multiple BASF commands. The spin-off vote is the key milestone — if approved, the new entity will begin trading, likely attracting sector-specialist investors and institutional interest.

Fwd P/E: 19.31x · Fwd EV/EBITDA: 9.00x · EV/Sales: 1.01x

FedEx Freight

FDX (US) · Mkt Cap: $85.6B · EV: $119.4B · Industrials / Integrated Freight & Logistics

Named leadership appointed: Brad Martin (Chairman) and John Smith (President & CEO) for the standalone FedEx Freight entity. Named leadership appointment signals the spin-off process is advanced. FedEx Freight is the #2 US LTL carrier — as a standalone, it will trade against Old Dominion (ODFL), XPO, and Saia. LTL carriers at premium multiples; ODFL trades at 25x+ EBITDA. Forced selling by FDX holders who don’t want LTL exposure will be the initial dynamic. The FedEx Freight business generates ~$9B in revenue and strong operating margins.

Fwd P/E: 17.02x · Fwd EV/EBITDA: 10.37x · EV/Sales: 1.24x

Barrick Gold — NewCo Blocked

ABX.TO (CA) · Mkt Cap: $62.3B · EV: $70.2B · Basic Materials / Gold Mining

Barrick’s $42B spin-off plan creating “NewCo” (holding 61.5% of Nevada Gold Mines, 60% of Pueblo Viejo, and 100% of Fourmile) is blocked by Newmont’s formal Notice of Default over alleged Nevada Gold Mines JV operational issues. Newmont holds the other 38.5% of Nevada Gold Mines and effectively has veto rights over any restructuring that affects the JV. This is a legal dispute between two of the world’s largest gold miners over one of the world’s largest gold mining complexes. The blocking action introduces significant timing risk to the spin-off. Monitor the legal proceedings — if Barrick cures the alleged default, the spin-off can proceed. If litigation persists, NewCo is delayed or restructured.

Fwd P/E: 13.54x · Fwd EV/EBITDA: 6.21x · EV/Sales: 4.28x

Ramsay Health Care — Ramsay Santé

RHC.AX (AU) · Mkt Cap: $6.0B · EV: $14.0B · Healthcare / Australian Private Hospital Operator

Decision made to spin off Ramsay’s stake in Ramsay Santé (Paris-listed French hospital operator) following a year-long strategic review. The announcement led to a share price increase for RHC. Ramsay Santé is separately listed on Euronext Paris — Australian investors who receive the Ramsay Santé shares through the distribution may not want French-listed healthcare exposure, creating a potential forced selling opportunity in Ramsay Santé directly. Alternatively, the RHC entity post-spin becomes a pure-play Australian private hospital operator, more simply valued.

Fwd P/E: 26.45x · Fwd EV/EBITDA: 9.13x · EV/Sales: 1.11x

Honeywell — Aerospace Spin-Off

HON (US) · Mkt Cap: $140.8B · EV: $164.6B · Industrials / Diversified Industrial Conglomerate

Honeywell priced senior notes as part of the financial preparation for the aerospace spin-off — a concrete financial step that advances the separation timeline. Honeywell Aerospace (~$15B+ revenue, strong margins) will trade as a standalone aerospace and defense company. The Honeywell stub retains building technologies, performance materials, and process solutions. Standard conglomerate breakup thesis: aerospace commands premium multiples (similar to GE Aerospace, RTX) while the remaining industrial segments get more appropriate valuations. Forced sellers of either entity post-distribution will likely create entry points.

Fwd P/E: 21.01x · Fwd EV/EBITDA: 16.44x · EV/Sales: 4.16x

Gentherm / Modine Three-Way Structure

THRM / MOD(US) · Mkt Cap: $840M · EV: $926M $840M / MOD $10.4B · Industrials / Thermal Management Systems

S-4 registration statement and proxy materials in preparation for a complex three-way transaction where Modine spins off Performance Technologies, which then combines with Gentherm. The resulting entity focuses on automotive thermal solutions (seat heating/cooling, battery thermal management). S-4 filing preparation confirms the deal is in the regulatory document preparation phase — a major milestone toward shareholder vote and close. The combined entity would have scale advantages in automotive thermal management with direct relevance to EV battery thermal systems.

Fwd P/E: 10.64x · Fwd EV/EBITDA: 5.17x · EV/Sales: 0.60x

Perpetual Limited — Wealth Division Spin-Off

PPT.AX (AU) · Mkt Cap: $1.2B · EV: $1.6B · Financial Services / Australian Asset & Wealth Management

Appointed Geoff Lloyd to lead the wealth management division spin-off — a named executive appointment signals the previously announced separation is progressing into operational implementation. Perpetual has been under pressure to separate businesses that have different client bases and valuation multiples. The wealth management business (serving high-net-worth Australian clients) commands different multiples than the institutional asset management franchise. Named leadership for the new entity is typically the step that precedes a Form 10 filing equivalent and distribution date announcement.

Fwd P/E: 9.07x · Fwd EV/EBITDA: 6.25x · EV/Sales: 1.77x

Liberty Global / Ziggo Spin-Off

LBTYK (US) · Mkt Cap: $7.4B · EV: $23.0B · Communication Services / Cable & Telecom

Liberty Global acquired Vodafone’s 50% stake in VodafoneZiggo for €1.0B in cash + 10% stake in new Ziggo Group, combining VodafoneZiggo (Netherlands) with Telenet (Belgium). Plans to list Ziggo Group on Euronext Amsterdam in 2027 and spin off 90% to shareholders; acquisition expected to close H2 2026. Ziggo would trade as a European cable pure-play — comparable to Telenet in Belgium or Tele2 in Sweden. Liberty Global holdco value is deeply complex (tracking stocks, cross-holdings); the Ziggo spin-off simplifies one layer. Standard Liberty Global discount thesis: the holding company structure obscures value, and standalone listings of individual assets generate re-ratings. Watch for the Form 10 filing and the timeline for when Ziggo begins trading.

Fwd P/E: NM · Fwd EV/EBITDA: 18.12x · EV/Sales: 4.62x

Poste Italiane / PostePay

PST.MI (IT) · Mkt Cap: $32.4B · EV: $144.5B · Financial Services / Italian State-Owned Post & Financial Services

Approved a partial demerger of PostePay, its digital payments business (Italy’s largest prepaid card issuer with 30M+ cards). PostePay as a standalone would be comparable to Nets, Worldline, or Nexi — European digital payments companies that trade at fintech multiples vs. the postal/insurance conglomerate multiple Poste Italiane receives. The partial demerger (not a full spinoff) retains Poste Italiane as a significant shareholder but allows a separate market valuation. Classic European state-owned enterprise value unlock through separation of the fintech asset.

Fwd P/E: 11.81x · Fwd EV/EBITDA: 28.66x · EV/Sales: 9.20x

Medtronic — Diabetes Spinoff

MDT (US) · Mkt Cap: $110.6B · EV: $130.4B · Healthcare / Medical Devices

Announced plans to spin off its diabetes business into a separate publicly traded company during quarterly earnings — despite the stock declining on the news (suggesting market focused on earnings miss rather than the spinoff announcement). MiniMed (the spinoff entity) generated approximately $2.8B in revenue in FY2025 with a dominant insulin pump franchise (MiniMed 780G) and growing CGM integration. As a standalone, it would trade against Insulet (PODD) and Dexcom (DXCM) — peers that command premium multiples for diabetes device companies. Classic forced-selling dynamic: MDT institutional holders focused on cardiac, spine, and surgical robotics may not want diabetes device exposure, creating selling pressure in the new entity at distribution. MiniMed filed for an IPO at a $7.86B valuation. The franchise, standalone, is worth modeling against Insulet and Dexcom, which trade at premium multiples.

Fwd P/E: 14.49x · Fwd EV/EBITDA: 12.11x · EV/Sales: 3.42x

Liquidations

SITE Centers

SITC (US) · Mkt Cap: $284M · EV: $200M · Real Estate / US Open-Air Retail REIT

Executing a formal Plan of Liquidation — ongoing asset sales to distribute proceeds to shareholders. Stock is trading near analysts’ estimated liquidation value of ~$6.40/share. The arb is simple: if you believe the liquidation value per share exceeds the current market price, and you believe management will successfully execute the asset sales, the spread is your return. Key risks: (1) asset sale prices coming in below NAV estimates, (2) liquidation timeline extension increasing carry costs. The ~$10.50→$6.50 analyst fair value cut to match liquidation estimates suggests the process is materializing as expected.

Fwd P/E: NM · Fwd EV/EBITDA: 6.22x · EV/Sales: 4.82x

Edinburgh Investment Trust

EDIN.L (UK) · Mkt Cap: $1.3B · EV: $1.4B · UK Equity Income Investment Trust

UK equity income investment trust managed by Liontrust; wind-down proposed following persistent discount to NAV

Board urging shareholders to support the proposed wind-down/exit plan. Management used “we can only hold back the tide for so long” language — an explicit acknowledgment that the persistent NAV discount is unsustainable and investor return of capital is the right path. A UK investment trust wind-down returns NAV to shareholders over time as the portfolio is liquidated. If EDIN trades at a 5–15% discount to NAV, the wind-down creates a guaranteed arb over the liquidation timeline. Note the Saba Capital angle — Saba has been agitating across UK investment trusts for exactly this outcome.

Golden Growers Cooperative

GGROU (OTC) · Mkt Cap: $77M · Consumer / Corn Processing Cooperative

North Dakota agricultural cooperative with 50% stake in ProGold LLC corn wet milling facility

Members voted to approve the Plan of Liquidation and Dissolution tied to Cargill’s commitment to purchase the cooperative’s 50% ProGold stake for $81M. Hard mechanism, named buyer (Cargill), named price ($81M > $77M market cap), and a member-approved plan. The $81M purchase price for a 50% stake in a single corn wet milling facility is the entire distribution amount — members should receive proceeds above current market value. Straightforward liquidation arb; check the timeline and any contingencies on the Cargill purchase.

Capital Returns

TaskUs

TASK (US) · Mkt Cap: $940M · EV: $1.0B · Technology / Business Process Outsourcing

Secured $600M in new debt ($500M term loan + $100M revolver maturing 2031) and declared a $3.65/share special dividend totaling ~$333M — a leveraged recapitalization returning cash to shareholders at the cost of increased leverage. The $333M represents ~34% of the $972M market cap returned immediately. Post-recap: TaskUs carries more debt but is sending a strong signal about management confidence in cash flow generation. AI data labeling demand is secular; TaskUs’ exposure to large tech AI training programs is the growth driver. The levered recap changes the risk/reward — higher leverage = higher equity beta, but also returns capital efficiently.

Fwd P/E: 7.68x · Fwd EV/EBITDA: 4.40x · EV/Sales: 0.83x

Altus Group

AIF.TO (CA) · Mkt Cap: $1.0B · EV: $876M · Financial Services / Real Estate Analytics

Launched a C$200M substantial issuer bid Dutch auction at C$42–C$52/share, representing ~14% of market cap at midpoint. The C$52 top of range implies management believes shares are worth significantly more than current trading. Altus has been monetizing non-core advisory services to focus on its high-value data and analytics platform (ARGUS). The issuer bid follows a strategic simplification; the buyback at these prices signals management confidence in the platform value. Dutch auction mechanics: specify your tender price within the range; the clearing price is set by the tender results.

Fwd P/E: 18.98x · Fwd EV/EBITDA: 12.50x · EV/Sales: 3.16x

Insider Buying

E.W. Scripps Company [16 Insiders]

SSP (US) · Mkt Cap: $300M · EV: $3.4B · Communication Services / Local TV Broadcasting

Over a two-week window in early March, at least a dozen members of the Scripps and Granado families, plus the CEO and multiple directors, purchased shares — individual transactions ranged from $17,000 to over $1.1M, totaling several million dollars in aggregate. Sixteen insiders buying simultaneously is statistically exceptional — this cluster size is unusual even for companies where management receives routine equity grants. Scripps has been under pressure from cord-cutting and debt maturity concerns. The combination of 16 insiders buying at current prices, the company’s role as a potential media consolidation target, and the $52M market cap (accessible for a strategic acquirer) makes this worth examining. Local TV broadcasting is undergoing rapid consolidation (Nexstar, Tegna deals); Scripps at this price could be a target.

Fwd P/E: 13.48x · Fwd EV/EBITDA: 6.98x · EV/Sales: 1.48x

Lee Enterprises

LEE (US) · Mkt Cap: $177M · EV: $646M · Communication Services / Regional Newspaper Publishing

The Hoffmann family filed Amendment No. 10 reporting 53.47% ownership (11.9M shares). The family’s controlling position in a declining newspaper group is either a value trap or a catalyst-in-waiting — at 53.47%, the family can drive outcomes including a sale to a larger media company, a management buyout, or a strategic partnership. Lee’s newspaper network has deep community roots and local advertising relationships that are hard to replicate digitally. The family’s continued large position signals long-term commitment despite industry headwinds.

Fwd P/E: 2.78x · Fwd EV/EBITDA: 9.37x · EV/Sales: 1.10x

Delistings & Relistings

CRH plc — LSE Delisting [Apr 20 Delisting]

CRH (US) · Mkt Cap: $67.1B · EV: $84.2B · Basic Materials / Building Materials

CRH delists ordinary shares and 7% preference shares from the LSE on April 20, maintaining only its NYSE primary listing. UK institutional investors who cannot hold NYSE-listed stocks (certain mandates require UK or London-listed securities) face mandatory selling before April 20. This creates a known forced-selling event with a defined date. If you can hold NYSE-listed shares, the forced UK sellers create a temporary supply/demand imbalance. Monitor UK institutional ownership data and the price behavior in the weeks leading up to April 20 for a potential entry opportunity.

Fwd P/E: 16.80x · Fwd EV/EBITDA: 10.13x · EV/Sales: 2.12x

International Paper — LSE Dual Listing

IP (US) · Mkt Cap: $17.9B · EV: $27.3B · Basic Materials / Paper & Packaging

International Paper announced plans to dual-list on the LSE following its DS Smith acquisition. UK institutional investors who previously held DS Smith but could not hold NYSE-listed IP (due to mandate restrictions) now have a path back in. The LSE dual listing creates incremental demand from UK-domiciled funds that were forced out of DS Smith when it was acquired. Historically, dual listings of large, liquid companies don’t create persistent arbs, but the initial demand from UK institutions re-establishing positions can create a temporary price premium on the London line.

Fwd P/E: 19.96x · Fwd EV/EBITDA: 7.74x · EV/Sales: 1.10x

Other Situations

Sapporo Holdings — Unnamed Activist

2501.T (JP) · Mkt Cap: $4.1B · EV: $5.3B · Consumer / Japanese Brewery & Real Estate

An unnamed activist fund holding 5%+ of Sapporo Holdings is demanding capital efficiency improvements and divestiture of low-return real estate assets. The unnamed activist element limits the signal — without a named fund, the campaign’s credibility and staying power is harder to assess. However, Sapporo’s structure (premium beer brands + underperforming real estate) is a classic Japanese conglomerate discount situation. The real estate portfolio is believed to include developable land in major Japanese cities at below-market carrying values. If the activist is credible, the demand for real estate disposals could catalyze significant capital return to shareholders.

Fwd EV/EBITDA: 20.51x · EV/Sales: 1.56x

Wakachiku Construction

1888.T (JP) · Mkt Cap: $373M · EV: $413M · Industrials / Japanese Construction

Aso Corporation conducting a tender offer to make Wakachiku Construction a subsidiary. Japanese construction sector consolidation driven by aging workforce challenges and large-scale public works demand. Tender offer mechanics create a defined exit price for Wakachiku minority shareholders. Check the tender offer price vs. current trading price for arb spread. Japanese construction companies typically trade at low multiples; consolidation by a strategic buyer at a premium is a recurring pattern in the sector.

EV/Sales: 0.81x

North Atlantic Energies — Squeeze-Out

France · Energy / French Oil & Gas Downstream

French oil downstream company; North Atlantic France acquired ExxonMobil’s French network assets

North Atlantic France acquired 82.89% from ExxonMobil and is filing a simplified tender offer at €28.93/share for the remaining 17.11%. Simplified tender offer (offre publique simplifiée d’achat) in France is a standard mechanism for squeeze-outs after a controlling stake acquisition. If the stock trades below €28.93, the spread represents a risk-free arb to the tender close. French squeeze-out procedures are well-established and typically complete within 4–6 weeks of the simplified offer announcement.

Special Situations Digest - #6

Clark Square Capital — Sun, 15 Mar 2026 19:11:43 GMT

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the 6th edition of our weekly Special Situations Digest.

Thanks to everyone who’s been pointing out data errors / funky news items. If you see anything, please let me know so I can fix it. I’ve kept adding checks to make sure this is as accurate as possible (but it’s a process with LLMs!). I’ve also added a feature that tracks news stories over time, so let me know if it is helpful.

Again, I would really appreciate it if you shared this with friends and colleagues.

Thanks for your readership, and happy hunting.

CSC

Here is a sortable Excel file for your convenience.

Weekly Digest 2026 03 15 Fixed

34KB ∙ XLSX file

Activist Campaigns

Six Flags Entertainment Corp. · FUN (US) · Mkt Cap: $1.7B · EV: N/A [North America’s largest regional amusement-resort operator (merged Cedar Fair + Six Flags, July 2024)] NFL star Travis Kelce is partnering with Six Flags as brand ambassador, following his team-up with activist investor Jana Partners less than six months ago to boost the stock. Six Flags recently agreed to sell seven parks to EPR Properties for $331 million and is working to address attendance issues and over $5.1 billion in debt under new CEO John Reilly.

PetMed Express, Inc. · PETS (US) · Mkt Cap: $53M · EV: $28M [Online pet medication retailer] Diveroli Investment Group filed a 13D and is calling on the board to act on multiple unsolicited acquisition proposals, including $4.25/share from Cardone Ventures and $4.00/share from SilverCape Investments. Both offers represent approximately 40% premiums to current trading levels around $2.90-$3.00/share. DIG intends to engage constructively with management regarding strategic alternatives.

Airsculpt Technologies, Inc. · AIRS (US) · Mkt Cap: $116M · EV: $194M [Body contouring and cosmetic surgery company] Aaron Rollins, founder and former CEO/Executive Chairman, disclosed a 23.6% activist stake via Schedule 13D filing. Rollins is evaluating strategic options including seeking board representation, nominating directors, soliciting proxies, and potentially pursuing strategic alternatives including mergers or change of control transactions.

Kingstone Companies, Inc. · KINS (US) · Mkt Cap: $215M · EV: $211M [Regional property and casualty insurance company focused on New York market] Gregory Fortunoff disclosed a 5.9% stake via Schedule 13D filing and is pushing the board to initiate a formal review of strategic alternatives, including a potential sale. Fortunoff argues the stock trades materially below intrinsic value and believes the company’s New York insurance market footprint could attract premium bids from larger players.

Ellomay Capital Ltd. · ELLO (US) · Mkt Cap: $357M · EV: $873M [Renewable energy investment and development company] Ofer Yannay through O.Y. Nofar Energy acquired a 45.9% controlling stake in Ellomay Capital Ltd., triggering immediate board changes with two Nofar nominees joining and the chairman stepping down within 30 days. The Schedule 13D filing explicitly states the purpose is ‘acquiring control of the Issuer’ with plans for up to four Nofar-nominated directors on the board.

GeoPark Limited · GPRK (US) · Mkt Cap: $453M · EV: $907M [Independent oil and gas exploration and production company focused on Latin America] Colombian investor Jaime Gilinski disclosed a 20.2% stake through purchases occurring March 5-11, 2026. The investment includes board nomination rights (up to 3 directors based on ownership levels), approval rights over major corporate matters including equity issuances and M&A, and an 18-month lock-up period, with Gilinski securing one board seat at current ownership level.

Pacira BioSciences · PCRX (US) · Mkt Cap: $1.0B · EV: $1.1B [Specialty pharmaceutical company focused on non-opioid pain management products] DOMA Perpetual, holding 7.1% of shares, is launching an activist campaign criticizing CEO Frank Lee’s leadership amid 30% stock decline and missed earnings. The activist is demanding leadership changes and calling for the board to engage bankers to explore a company sale, while criticizing executive compensation that approaches 7% of market cap.

Previously: DOMA Perpetual was already pursuing board and strategic changes at the company.

Edinburgh Worldwide · EWI.L (UK) · Mkt Cap: $1.0B · EV: N/A [Investment trust focused on growth companies and private holdings] Edinburgh Worldwide announced a 100% tender offer to wind up the trust in response to ongoing pressure from hedge fund Saba Capital (31% stake). Despite shareholders voting down Saba’s board replacement proposals by 98.4% and 92.7% margins among non-Saba shareholders, the board stated it had “reached the end of the road” with the activist.

Previously: Board had announced 100% tender offer (85% cash, 15% deferred SpaceX exposure) after 16-month battle with Saba, with Saba proposing three new directors after failing to remove all six independent directors.

Blue Owl Capital Corporation II · OBDC (US) · Mkt Cap: $5.6B · EV: $14.2B [Business development company providing credit solutions to middle market companies] Blue Owl Capital Corporation II recommended shareholders reject an unsolicited minority tender offer from activist investor Boaz Weinstein’s Saba Capital and Cox Capital Partners.

Previously: OBDC II received unsolicited minority tender offer from Cox Capital Partners and Saba Capital at approximately 65% of NAV while proceeding with 30% return of capital distribution at NAV.

TOTO Ltd. · 5332.T (JP) · Mkt Cap: $6.0B · EV: $5.6B [Toilet and bathroom fixture manufacturer with advanced ceramics and semiconductor materials business] UK activist investor Palliser Capital has taken a position in TOTO and is pressuring management to better highlight the company’s AI-related semiconductor materials business, which now accounts for half of operating profit but receives minimal disclosure. Palliser argues TOTO is the ‘most undervalued and overlooked AI memory beneficiary’ and believes the stock could rise 55% if the company better communicated its semiconductor exposure.

Lamb Weston Holdings Inc · LW (US) · Mkt Cap: $6.1B · EV: $10.0B [Frozen french fry and potato products manufacturer] Starboard Value has built a sizable stake and is urging the company to speed up operational improvements and cost cuts. Starboard has become one of the largest shareholders, though exact stake size is unknown. The company previously settled with activist Jana Partners last year, giving Jana significant board representation.

CarMax · KMX (US) · Mkt Cap: $6.2B · EV: $23.8B [Largest US used car retailer] Activist investor Starboard Value has taken a $350 million stake and nominated two directors to the board, including Starboard CEO Jeff Smith and Frontdoor CEO Bill Cobb. Starboard believes CarMax can improve performance through dynamic pricing, more efficient vehicle reconditioning, and reducing administrative costs by over $300 million.

Previously: CarMax had appointed new CEO Keith Barr and Starboard had accumulated the $350M stake with board nominations, causing stock to jump 6%.

DB Insurance · 005830.KS (KR) · Mkt Cap: $7.1B · EV: N/A [South Korean life and non-life insurance company] Activist fund Align Partners Capital Management sent a second open letter pressuring for governance reforms and enhanced shareholder returns, including adopting return-based management strategy and strengthening payout policies. The fund also questioned the $1.65 billion Fortegra acquisition given the company’s cautious stance on shareholder payouts, prompting DB Insurance to announce cancellation of 5.6% of treasury shares.

Previously: Align Partners (1.9% stake) had sent initial shareholder letter with 8 value enhancement proposals demanding written response by March 6.

Nexstar Media Group · NXST (US) · Mkt Cap: $7.4B · EV: $13.8B [Television broadcasting company operating local TV stations across the US] Communications Workers of America announced it will undertake an independent solicitation of shareholders for five governance reform proposals at the 2026 Annual Meeting. The proposals include proxy access, special meeting rights, poison pill restrictions, independent board chair requirements, and stockholder approval for major transactions exceeding 20% of market cap. CWA also opposes the proposed TEGNA transaction and criticizes CEO Perry Sook’s dual role as Chair and CEO.

Previously: CWA had notified intent to solicit shareholders for governance proposals while opposing the $3.5B TEGNA acquisition.

Pinterest · PINS (US) · Mkt Cap: $12.9B · EV: $10.7B [Visual discovery and social media platform] Elliott Investment Management announced a $1 billion investment through convertible senior notes (convertible at $22.72, 30% premium to pre-announcement price), with proceeds funding $1 billion in share repurchases via accelerated share repurchase agreement. Pinterest’s board increased total share repurchase authorization to $3.5 billion, with additional $500M buyback planned. Elliott already held ~$725M stake as fifth-largest holding.

Nidec Corporation · 6594.T (JP) · Mkt Cap: $16.6B · EV: $19.0B [Electric motor and precision instrument manufacturer] Hong Kong-based activist investment fund Oasis Management has become a major shareholder in Nidec Corporation, acquiring 6.7% of the company’s outstanding shares.

Kao Corporation · 4452.T (JP) · Mkt Cap: $17.5B · EV: $17.1B [Japanese consumer products company making cosmetics, personal care, and household products] Oasis Management, which holds 6.64% of Kao Corporation shares, has requested an extraordinary shareholder meeting and demanded establishment of an independent third-party investigation committee. Oasis alleges that Kao’s palm oil and paper/pulp supply chain includes companies involved in deforestation and human rights violations, noting that competitors like Unilever have stopped doing business with or blacklisted these suppliers.

Previously: Oasis launched activist campaign “A Better Kao” proposing 5 independent directors and demanding extraordinary meeting to investigate supply-chain risk management citing whistleblower allegations.

CoStar Group · CSGP (US) · Mkt Cap: $18.3B · EV: $17.8B [Commercial real estate information and analytics platform provider] D.E. Shaw and Third Point are mounting activist campaigns against CoStar Group over its multibillion-dollar Homes.com investment, which they argue has depressed margins and distracted from the core commercial business. D.E. Shaw is now criticizing CoStar’s decision to bury Homes.com’s poor performance within broader segment reporting and stop disclosing key metrics like net new bookings.

Previously: Third Point (2%+ stake) and D.E. Shaw launched coordinated campaigns against the $5 billion Homes.com investment, with Third Point planning board nominations and both demanding strategic reset.

Hudson’s Bay Co. · HBC-T (CA) · Mkt Cap: N/A · EV: N/A [Canadian department store chain and real estate company] Catalyst Capital Group launched a competing bid of $10.11 per share, escalating opposition to a $1-billion privatization offer from executive chairman Richard Baker’s group. Catalyst will offer up to $150 million for as many as 14.8 million shares not controlled by Baker’s group.

Starz Entertainment · STRZ (US) · Mkt Cap: $235M · EV: $1.5B [Premium cable and streaming entertainment network (separated from Lionsgate May 2025, Nasdaq: STRZ)] Byron Allen acquired a 10.7% stake for $25 million (1.8 million shares), prompting the board to unanimously adopt a poison pill defense with a 17.5% trigger threshold. The shareholder rights plan is effective immediately and expires in one year, allowing existing shareholders to buy shares at a 50% discount if triggered.

Taekwang · 003240.KQ (KR) · Mkt Cap: N/A · EV: N/A [South Korean diversified conglomerate (synthetic fibres, chemicals, real estate) listed on KOSDAQ] Taekwang announced a strengthened shareholder return plan targeting 45%+ annual returns for 2027-2029, up from the previous 30% target for 2024-2026. The company will also execute 10 billion won in share buybacks following direct negotiations with U.S. hedge fund Dalton Investment, which acquired a stake last year.

Strategic Reviews

Aethlon Medical, Inc. · AEMD (US) · Mkt Cap: $3M · EV: ~$-4M [Clinical-stage medical device company developing blood purification technologies] Aethlon Medical has engaged Maxim Group LLC as exclusive financial advisor to evaluate strategic opportunities following preliminary inbound interest. The process will review potential partnerships, mergers, acquisitions or other transactions, with no definitive timeline established.

Xenetic Biosciences, Inc. · XBIO (US) · Mkt Cap: $6M · EV: $2M [Biotech company developing DNase-based cancer treatments] Xenetic confirmed it is pursuing strategic alternatives to maximize shareholder value while reporting 2025 financial results. The company has $7.9 million in cash and is advancing its DNase-based cancer treatment toward Phase 1 trials.

Beyond Air Inc · XAIR (US) · Mkt Cap: $8M · EV: $21M [Develops nitric oxide-based therapeutic systems] Beyond Air terminated its agreement to sell NeuroNOS subsidiary to XTL Biopharmaceuticals after the January 2026 letter of intent expired on March 9, 2026 without a definitive agreement. The company will retain its interest in NeuroNOS and continue evaluating strategic alternatives for the subsidiary.

iCandy Interactive Limited · ICI.AX (AU) · Mkt Cap: $14M · EV: $15M [Interactive entertainment and gaming company] iCandy Interactive is evaluating a US listing of its subsidiary Lemon Sky Studios on NYSE American, with indicative valuations exceeding iCandy’s current market cap. The company is considering returning equity value to shareholders through in-specie distribution, capital reduction, or other mechanisms. iCandy will likely be removed from ASX on April 1, 2026.

Previously: Interactive had hired Rothschild managing director Duncan Wilmer to run a strategic review seeking a cashed-up equity partner.

Franklin Street Properties Corp. · FSP (US) · Mkt Cap: $65M · EV: $287M [Office REIT with 4.8 million square foot portfolio] The company is conducting ongoing strategic review with BofA Securities exploring portfolio-level transactions, asset dispositions, joint ventures, corporate-level transactions, and liquidation scenarios. The REIT maintains 68.9% occupancy and suspended its dividend to preserve $4.1 million annually while recently securing a $320 million credit facility from TPG Credit affiliate extending debt maturity to 2029.

Previously: Closed $320 million TPG Credit facility and reviewing strategic alternatives with BofA Securities, including various transaction types and liquidation scenarios.

Domo Inc. · DOMO (US) · Mkt Cap: $208M · EV: $281M [Cloud-based business intelligence and data analytics platform] Domo has launched a strategic alternatives review considering business combinations, sales, and strategic investments. The stock surged 19.18% on the announcement, trading from $4.18 to a high of $6.24. The company reported Q4 non-GAAP profit of $0.03 per share versus expected losses, with revenue of $79.6M.

Previously: Board initiated strategic alternatives process with Jefferies as advisor and reported Q4 earnings beat.

Stratus Properties Inc. · STRS (US) · Mkt Cap: $258M · EV: $562M [Real estate development and investment company] Stratus Properties concluded its strategic alternatives review and board unanimously approved pursuing a plan of liquidation and dissolution. The plan involves selling all or substantially all company assets and distributing net proceeds to stockholders, followed by company dissolution. The plan requires board finalization and stockholder approval via proxy vote.

NextEnergy Solar Fund · NESF.L (UK) · Mkt Cap: $363M · EV: $602M [Renewable energy investment trust focused on solar assets] NextEnergy Solar Fund completed a strategic review and announced sweeping changes including adopting a total-return strategy targeting 9-11% returns, reducing gearing to 40-45%, and shifting focus to energy storage infrastructure. The board considered multiple options including winding down, converting to open-ended fund, or sector consolidation before settling on the strategic reset.

Previously: Conducting strategic review under new chair with planned asset sales up to 120MW and energy storage expansion to 30% of portfolio.

Theravance Biopharma, Inc. · TBPH (US) · Mkt Cap: $700M · EV: $426M [Biopharmaceutical company developing respiratory medicines] A law firm is investigating potential securities fraud related to management’s prior statements about milestones and guidance following the CYPRESS trial failure announcement. The stock declined 26% after the company announced the Phase 3 trial failed to meet its primary endpoint and launched an accelerated strategic review.

Well Health Technologies Corp. · WELL.TO (CA) · Mkt Cap: $757M · EV: $1.3B [Canadian digital health platform and primary care clinic operator] Well Health is conducting a strategic alternatives process for its US care delivery business, expected to complete in 2026. The company plans to divest US assets to focus on higher-growth Canadian operations and simplify business structure. The divestiture will free up capital to complement existing cash flows of $110 million generated in the last three quarters of 2025.

BlackLine · BL (US) · Mkt Cap: $2.1B · EV: $2.3B [Cloud-based financial close and automation software for enterprises] BlackLine formed a strategic committee to evaluate potential business combinations following an agreement with activist hedge fund Engaged Capital. The company appointed two new board members including Storm Duncan (nominated by Engaged) and Megan Prichard, with Duncan serving on the four-member strategic committee alongside chair David Henshall.

Previously: Engaged Capital launched proxy fight after BlackLine rejected $66/share SAP offer, leading to settlement with board appointments and strategic committee formation.

Santos Limited · STO.AX (AU) · Mkt Cap: $17.1B · EV: $21.3B [Australian oil and gas company with LNG and upstream assets] Santos is reportedly considering a demerger of its lower-performing Western Australia, Cooper Basin, Narrabri and Dorado assets as part of a strategic review. The potential separation could involve either an in-specie distribution or outright sale to buyers like Beach Energy. The restructuring would reshape Santos into a more focused LNG and Alaska portfolio.

M&A / Divestitures

Oaktree Capital Management · Private (US) · Mkt Cap: N/A · EV: N/A [Alternative investment management firm (subsidiary of Brookfield Asset Management)] Oaktree Capital Management signed a master transaction agreement to acquire a controlling stake in Atlantic Coast Life Insurance Company from Advantage Capital Holdings. The deal also includes Oaktree providing capital support to Sentinel Security Life Insurance Company through a surplus note investment into a newly created captive insurance company.

Enzon Pharmaceuticals, Inc. · ENZN (US) · Mkt Cap: $4M · EV: $6M [Biopharmaceutical company developing drug delivery technologies] Enzon Pharmaceuticals is proceeding with a merger transaction with Viskase Companies, Inc. The company has filed a Form S-4 registration statement and is conducting an exchange offer for Series C preferred stock holders to convert to common stock, with the offer extended to March 11, 2026. The merger involves combination of the two companies with combined company stock expected to trade on OTCQB.

Previously: All-stock merger with Viskase would result in current common shareholders owning only ~5% of combined company, with Icahn entities controlling ~93%.

Urgent.ly, Inc. · ULY (US) · Mkt Cap: $4M · EV: $60M [Roadside assistance technology platform] Agero has agreed to acquire Urgently for $5.50 per share in cash through a tender offer, followed by a squeeze-out merger. The transaction combines two roadside assistance technology companies serving 150 million vehicles and handling 13 million events annually. The deal is expected to close by end of May 2026.

Netlink Solutions (India) Limited · NETLINK.BO (IN) · Mkt Cap: $5M · EV: $2M [Technology solutions and services company] Arix Capital and associates have launched a mandatory 26% open offer for Netlink Solutions after acquiring 51% control of parent company Jupiter Infomedia Limited. The takeover triggered SEBI regulations requiring the public offer to minority shareholders, with new board appointments including executive directors from the acquiring group.

Nilachal Refractories Limited · NILACHAL.BO (IN) · Mkt Cap: $7M · EV: $12M [Manufacturer of refractory products for industrial applications] SFAL Speciality Alloys has launched an open offer to acquire up to 59.84 million shares (29.48%) of Nilachal Refractories at ₹22 per share, aiming to delist the company. The offer values the acquisition at ₹131.6 crore maximum (59.84 million shares × ₹22), with a minimum tender condition of 19.39% of equity shares required for delisting to proceed.

Yutaka Giken Co., Ltd. · 7229.T (JP) · Mkt Cap: $11M · EV: $8M [Automotive components manufacturer] Samvardhana Motherson International completed a tender offer for additional shares in Japanese auto components maker Yutaka Giken, acquiring 1,408,867 shares at ¥3,024 per share. Motherson already holds an 81% stake in Yutaka Giken and is consolidating ownership through this tender offer, with settlement scheduled for March 17, 2026.

Selectis Health, Inc. · GBCS (US) · Mkt Cap: $12M · EV: $44M [Skilled nursing facility operator] Black Pearl Equities has commenced a tender offer to purchase up to 100% of Selectis Health shares at $5.05 per share in cash, representing a 45% premium to the current trading price. The offer expires May 11, 2026, and is subject to a minimum 51% tender condition and other customary closing conditions.

Previously: Black Pearl filed plans for a tender offer at $4.00 per share, with Selectis reporting substantial going concern doubts despite recent asset sales generating $5.4M in net proceeds.

Monroe Capital Corporation · MRCC (US) · Mkt Cap: $103M · EV: $292M [Business development company providing financing to lower middle-market companies] Monroe Capital Corporation announced a $13.0 million increase in its pre-merger closing distribution to stockholders, bringing the total to $15.9 million ($0.75 per share), ahead of its planned merger with Horizon Technology Finance and asset sale to Monroe Capital Income Plus. The enhanced distribution is contingent on shareholder approvals at special meetings scheduled for March 13, 2026, and will be funded by proceeds from the MCIP asset sale.

abrdn National Municipal Income Fund · VFL (US) · Mkt Cap: $124M · EV: N/A [Closed-end municipal bond fund] The abrdn National Municipal Income Fund is holding a special shareholder meeting to vote on a reorganization agreement with MFS Municipal Income Trust. The Board unanimously recommends the reorganization, which would merge VFL into the larger MFS fund. The meeting was adjourned from March 11 to April 1, 2026 to solicit additional proxies.

Previously: VFL is being reorganized into MFS Municipal Income Trust in a NAV-based share exchange transaction, with shareholder vote originally scheduled for March 11, 2026.

Amedeo Air Four Plus Ltd · AA4.L (UK) · Mkt Cap: $243M · EV: N/A [Aircraft leasing investment company] Amedeo Air Four Plus agreed to all-cash acquisition by LAC 10 LLC (Qatar-based Lesha Bank subsidiary) at 73 pence per share, valuing the company at £190 million. The deal is unanimously recommended by the board and expected to close in Q3 2026. Weiss Asset Management reduced support from 5.4% to 2.4% of shares.

Capricorn Energy PLC · CNE.L (UK) · Mkt Cap: $248M · EV: $218M [Oil and gas exploration and production company] Capricorn Energy has received multiple unsolicited non-binding proposals from Alamadiyaf al-Masiyyah (Cafani Group) for an all-cash acquisition of the entire company. The board has provided due diligence access and discussions are ongoing, with a formal offer deadline of April 8, 2026 under UK takeover rules.

MFS Charter Income Trust, MFS Intermediate High Income Fund, MFS Government Markets Income Trust, MFS Intermediate Income Trust, MFS Multimarket Income Trust · MCR, CIF, MGF, MIN, MMT (US) · Mkt Cap: $253M · EV: N/A [Closed-end bond funds] MFS announced reorganizations where four closed-end funds (MCR, CIF, MGF, MIN) will merge into MFS Multimarket Income Trust (MMT), with Aberdeen replacing MFS as investment adviser and five new trustees being appointed. Shareholder meetings were adjourned to April 2, 2026 to solicit additional votes for the reorganization proposals.

Previously: Sit Investment Associates filed 13D opposing MGF’s proposed reorganization and sent formal opposition letter. Shareholder meetings now adjourned to April 2, 2026 to solicit additional votes.

Melcor Developments Ltd. · MRD.TO (CA) · Mkt Cap: $404M · EV: $765M [Real estate development and investment company] Melcor Developments completed a going-private transaction of its subsidiary Melcor REIT in April 2025, acquiring the remaining 44.6% public interest for $5.50 per unit (total consideration $71.3 million). The REIT was subsequently delisted from the TSX and terminated, with Melcor now owning 100% of the assets under a unified corporate structure.

Frontera Energy · FEC.TO (CA) · Mkt Cap: $677M · EV: $933M [Oil and gas exploration and production company with pipeline and port infrastructure assets] Frontera Energy agreed to sell its Colombian exploration and production assets to Parex Resources for $750M total consideration ($525M equity consideration including $500M at closing and $25M contingent, plus assumption of $225M net debt). Following the sale, Frontera will focus solely on infrastructure assets including pipeline and port interests. Transaction is structured as a plan of arrangement scheduled to complete in Q2 2026.

Previously: Frontera agreed to sell Colombian E&P assets to Parex for $750M, replacing the original GeoPark agreement and providing a $125M premium over the original transaction.

Citycon Oyj · CTY1S.HE (FI) · Mkt Cap: $792M · EV: $2.8B [Finnish real estate company focused on shopping centers] G City Ltd completed its mandatory public cash tender offer for all outstanding shares in Citycon Oyj. The tender offer achieved 27.3% acceptance, bringing G City’s total ownership to 86.4% of all shares and voting rights. Payment to tendering shareholders will be made on approximately March 12, 2026.

Talkspace · TALK (US) · Mkt Cap: $861M · EV: $761M [Digital mental health platform] Universal Health Services announced a definitive agreement to acquire Talkspace for $5.25 per share in cash, representing an enterprise value of approximately $835M. The transaction is expected to close in Q3 2026, subject to shareholder and regulatory approvals.

Esquire Financial Holdings · ESQ (US) · Mkt Cap: $942M · EV: $656M [Specialty commercial bank serving legal and small business sectors] Esquire Financial Holdings announced acquisition of Signature Bancorporation in all-stock deal valued at $348 million. Signature shareholders will receive 2.63 shares of Esquire stock for each Signature share, with closing expected in Q3 2026. Combined entity will have $4.8 billion in assets and reduce Esquire’s litigation loan concentration from 70% to below 50%.

Papa John’s International · PZZA (US) · Mkt Cap: $1.1B · EV: $2.1B [Pizza delivery and takeout restaurant chain] Papa John’s International is reviewing a $1.5 billion going-private offer from Irth Capital Management at $47 per share, representing a 44% premium to the previous close. The proposal includes backing from Brookfield Asset Management, and comes after Apollo Global withdrew its previous $64 per share bid in November.

Previously: Papa John’s was identified as a potential going-private candidate due to depressed valuations, with Apollo having previously pursued the company.

Fnac Darty · FNAC.PA (FR) · Mkt Cap: $1.2B · EV: $2.9B [French electronics and cultural products retailer] EP FR HoldCo a.s. (controlled by Daniel Křetínský) has launched a public takeover offer for Fnac Darty at €36 per share plus €81.12 for convertible bonds (OCEANE). The bidder currently holds 28.45% through affiliate VESA Equity Investment and is offering to acquire all remaining shares and convertible bonds.

Previously: Mandatory tender offer was filed with Board of Directors unanimously welcoming the offer and appointing an independent expert.

MCJ Co., Ltd. · 6670.T (JP) · Mkt Cap: $1.3B · EV: $1.1B [Technology and media company] BCPE Meta Cayman launched a tender offer for MCJ Co., Ltd. following regulatory approvals from the European Commission and Australian Competition and Consumer Commission. BCPE filed amendment statements reflecting these clearances while maintaining core purchase terms.

Day One Biopharmaceuticals · DAWN (US) · Mkt Cap: $2.2B · EV: $1.8B [Biopharmaceutical company focused on targeted therapies for cancer] Day One Biopharmaceuticals completed acquisition of Mersana Therapeutics for $25.00 per share in cash plus CVRs worth up to $30.25 per share upon regulatory/commercial milestones. Total consideration is $173 million ($125M cash, $48M CVR value), funded through liquidation of short-term investments and existing cash.

Gillette Pakistan Limited · GLPL (PK) · Mkt Cap: $2.8B · EV: $2.8B [Consumer goods company manufacturing razors and personal care products] Procter & Gamble’s subsidiary Series Acquisition BV (91.72% owner) is offering Rs700 per share to buy out minority shareholders of Gillette Pakistan as part of a voluntary delisting from Pakistan Stock Exchange. The offer runs March 12 to May 10, 2026, significantly higher than the originally proposed Rs216.49 per share price that was rejected by PSX.

Sankyu Inc. · 9065.T (JP) · Mkt Cap: $2.8B · EV: $3.2B [Japanese logistics and industrial maintenance company] Sankyu Inc. is evaluating potential involvement in major equipment renewal projects arising from Nippon Steel’s acquisition of US Steel. Despite being a 4% partner with Nippon Steel, CEO Nakamura maintains a cautious stance, stating ‘considerable returns would be required’ for US operations.

Gujarat Gas Limited · GUJGASLTD.BO (IN) · Mkt Cap: $2.9B · EV: $2.8B [City gas distribution company in India] Gujarat Gas Limited is undergoing a significant amalgamation with parent company GSPC and sister company GSPL to create India’s largest City Gas Distribution player. Additionally, GGL’s transmission business will be demerged and separately listed as Gujarat Transmission Ltd (GTL). CRISIL has reaffirmed GGL’s AAA credit rating on Rs.3,350 crore facilities.

Westgold Resources Limited · WGX.TO (CA) · Mkt Cap: $4.0B · EV: $3.7B [Gold mining company] Westgold completed divestment of its Reedy and Comet Projects to Valiant Gold Limited, which raised $75M in an oversubscribed IPO. Valiant Gold expects to commence trading on ASX on March 27, 2026.

Previously: Westgold announced plans for a demerger of its non-core Reedy and Comet Projects via a new subsidiary, Valiant Gold Limited.

UniFirst Corporation · UNF (US) · Mkt Cap: $5.0B · EV: $4.6B [Provides uniforms and workplace supplies to businesses] Cintas Corporation is acquiring UniFirst Corporation in a sale transaction. Engine Capital, which owns 3.2% of UNF and was engaged in a recent proxy contest, supports the deal and believes it maximizes shareholder value.

Caesars Entertainment · CZR (US) · Mkt Cap: $5.7B · EV: $30.6B [Casino and hospitality operator] Tilman Fertitta is in exclusive talks to acquire Caesars for approximately $7 billion at $34 per share, topping a competing $33 per share all-cash offer from Carl Icahn’s firm. The offer represents a 17% premium to the March 11 closing price of $29.07.

Neoenergia SA · NEOE3.SA (BR) · Mkt Cap: $7.6B · EV: $17.0B [Brazilian electricity distribution company] Iberdrola has launched a takeover bid to acquire the remaining 16.2% of Neoenergia that it doesn’t already control, offering 32.5 Brazilian reais per share. The documentation has been submitted to Brazilian regulators and would give Iberdrola 100% ownership.

Rohm Co., Ltd. · 6963.T (JP) · Mkt Cap: $8.0B · EV: $8.5B [Semiconductor manufacturer] Rohm is in integration negotiations with Toshiba for their power semiconductor businesses, involving creation of a joint venture company. The company also received a buyout proposal from Denso, creating competing strategic alternatives.

CACI International Inc · CACI (US) · Mkt Cap: $13.3B · EV: $16.0B [Information technology services provider to government agencies] CACI International has secured $800 million in Term Loan B-2 financing to fund its acquisition of ARKA Group. The debt matures in 2033 and is secured by substantially all company assets with guarantees from material domestic subsidiaries.

TPG Inc. · TPG (US) · Mkt Cap: $15.7B · EV: $11.3B [Global alternative asset management firm] TPG completed the sale of its stake in Intersect to Google for $4.75 billion plus assumed debt. As part of the transaction, existing investors including TPG spun off Intersect’s grid-tied power business into a new company IPX Power, with TPG Rise Climate holding majority backing. The combined transactions represent $12 billion in total enterprise value.

Nippon Steel Corporation · 5401.T (JP) · Mkt Cap: $19.4B · EV: $52.8B [Integrated steel manufacturer and materials company] Nippon Steel Corporation invested 2 trillion yen to acquire US Steel. The acquisition is part of the company’s strategy to focus on markets where demand is growing or where their high-grade steel technology and products can compete effectively, as domestic Japanese steel demand is not expected to grow.

Previously: Nippon Steel’s CFO stated that acquired US Steel will contribute to earnings from the first half of fiscal 2027, with around 100 technical staff dispatched to improve operations.

First Quantum Minerals Ltd. · FM.TO (CA) · Mkt Cap: $19.6B · EV: $25.5B [Copper mining company with operations in Africa and South America] First Quantum Minerals is selling its Çayeli mine in Turkey to Cengiz Insaat for $340 million cash, with $50 million advance payment provided at announcement. The transaction is subject to regulatory approvals and expected to close in Q2 or Q3 2026.

International Paper · IP (US) · Mkt Cap: $19.7B · EV: $29.1B [Paper and packaging company] International Paper completed the sale of its Global Cellulose Fibers business to American Industrial Partners for $1.5 billion (the business generated ~$2.3B in 2024 revenue), with IP retaining preferred stock carrying a $190 million liquidation preference. The transaction closed January 23, 2026, transforming IP into a pure-play sustainable packaging company.

Previously: Company announced the sale of its Global Cellulose Fibers business to American Industrial Partners for $1.5B; transaction was part of a broader portfolio transformation alongside multiple plant closures.

Agilent Technologies Inc. · A (US) · Mkt Cap: $32.6B · EV: $34.4B [Life sciences and diagnostics equipment manufacturer] Agilent announced a definitive agreement to acquire Biocare Medical for $950 million in all-cash from an investor group led by Excellere Partners and GHO Capital Partners. Biocare is a pathology antibody leader with over $90 million in 2025 revenue and double-digit growth since 2021. The transaction is expected to close by Q4 FY2026 and be EPS accretive within 12 months.

RELX plc · REL.L (UK) · Mkt Cap: $61.2B · EV: $71.8B [Information and analytics company serving professional and business customers] Elsevier (part of RELX) announced a definitive agreement to acquire Mytonomy, a video-based patient engagement solutions provider. The acquisition will expand Elsevier’s Clinical Solutions portfolio with Mytonomy’s enterprise SaaS platform that integrates patient education videos and analytics into healthcare systems’ electronic health records.

SoftBank Group Corp · 9984.T (JP) · Mkt Cap: $127.8B · EV: $274.9B [Technology investment and telecommunications holding company] SoftBank Group announced the IPO pricing of its subsidiary PayPay at $16 per ADS on Nasdaq, below the indicated range of $17-20. The company is selling approximately 55 million ADSs through public offering and secondary sales by existing shareholders including SVF II Piranha (whose stake will reduce to 28.49% post-offering). SoftBank Group itself retains over 90% ownership and PayPay remains a consolidated subsidiary of SoftBank Corp.

Honeywell International Inc. · HON (US) · Mkt Cap: $149.2B · EV: $172.1B [Diversified technology and manufacturing company] Honeywell announced pricing of $16 billion in senior notes by its Aerospace subsidiary in connection with the previously announced plan to spin-off Honeywell Aerospace. The proceeds from $10 billion in new money notes will be used to make a cash distribution to Honeywell prior to the spin-off. The notes offering is expected to close around March 16, 2026.

Previously: Honeywell was executing a three-way portfolio transformation with Aerospace spinoff accelerated to Q3 2026, exploring Quantinuum quantum computing listing, and completing Johnson Matthey Catalyst Technologies acquisition for £1.325 billion.

Meta Platforms Inc. · META (US) · Mkt Cap: $1.7T · EV: $1.7T [Social media and technology platforms] Meta acquired Moltbook, a social network where AI agents automatically interact with each other, launched in late January 2026 by Octane AI CEO Matt Schlicht. The Moltbook team will join Meta’s superintelligence research lab as part of competition with OpenAI and other AI rivals. Deal terms were not disclosed.

Worthington Steel / Kloeckner & Co SE · WS (NYSE) / KC0 (Frankfurt) · Mkt Cap: N/A · EV: N/A [Steel processing and distribution companies] Worthington Steel lowered the minimum acceptance threshold for its €11.00 per share tender offer for Kloeckner & Co SE from the previous threshold to 57.5% and extended the acceptance period to March 26, 2026. Worthington currently holds approximately 56.9% of Kloeckner shares as of March 9, 2026.

Previously: Worthington commenced tender offer at €11.00 per share (98% premium) with 65% minimum acceptance threshold and acceptance period through Mar 12.

MariaDB plc · Private (US) · Mkt Cap: N/A · EV: N/A [AI-ready relational database software (taken private by K1 Investment Management, August 2024; formerly NYSE: MRDB)] MariaDB announced a definitive agreement to acquire GridGain Systems, creator of Apache Ignite in-memory computing platform. The acquisition combines MariaDB’s database technology with GridGain’s in-memory processing to create sub-millisecond data infrastructure for AI applications. Transaction is subject to customary closing conditions.

Multiple Korean companies · Various Korean exchanges · Mkt Cap: N/A · EV: N/A [Various Korean companies subject to going-private transactions] Multiple Korean going-private tender offers with mixed results: Nowkos succeeded at 8,300 won/share (41.9% premium), Shinsegae Food failed with 73.1% acceptance, Bain Capital on third attempt for eco-marketing at 16,000 won/share, EQT Partners launched tender for The Zone at 120,000 won/share.

Previously: Affirma Capital conducting tender for 30% remaining stake in Nowkos at 8,300 won per share (41.9% premium) for 15 billion won total consideration.

RGF Capital Markets Limited · N/A (IN) · Mkt Cap: N/A · EV: N/A [Non-banking financial company in India] Acquirers making open offer at ₹1 per share for 26% stake (3.9 crore shares) following acquisition of 24.98% stake via Share Purchase Agreement. Total consideration is ₹3.90 crore representing a change of control transaction.

Asgard Alcobev Limited · BANGANGA.BSE (IN) · Mkt Cap: N/A · EV: N/A [Alcoholic beverage company (formerly paper manufacturing)] Ronak Jain and persons acting in concert revised their open offer to acquire 26% of expanded equity capital for ₹13.30 crores total consideration. Upon completion, the acquirer group will hold 84.84% of the company’s expanded equity share capital.

Eco Marketing · 067080.KS (KR) · Mkt Cap: N/A · EV: N/A [South Korean marketing and advertising company operating athleisure brand Andar] Bain Capital is conducting its third tender offer at 16,000 won per share to delist Ecomarketing, running March 3 through March 31, 2026, after securing ~91% through two prior rounds but falling short of the 95% threshold required for voluntary delisting.

SRM Energy Limited · SRMEN.BO (IN) · Mkt Cap: N/A · EV: N/A [Energy sector company] SRM Energy Limited completed an open offer for 26% of equity shares (23.55 lakh shares) following a Share Purchase Agreement dated September 25, 2025. The board meeting on March 16, 2026 will formalize promoter reclassification, transferring control from Spice Energy Private Limited to Mr. Umesh N Sanghvi and Mrs. Sapna Umesh Sanghvi, along with management changes and potential registered office relocation.

Grand Foundry Limited · GFSTELLS (IN) · Mkt Cap: N/A · EV: N/A [Manufacturing company transitioning to telecom equipment business] SAR Televenture Limited announced mandatory open offer to acquire 26% stake in Grand Foundry Limited at ₹2.50 per share (₹1.97 crore total), following purchase of 70.17% stake from existing promoters at ₹1.50 per share. The target company recently amended its business objects to include telecom equipment, aligning with acquirer’s telecom infrastructure focus.

Jupiter Infomedia Limited · JUPITERINF.NS (IN) · Mkt Cap: N/A · EV: N/A [Information technology and media services company] Arix Capital Limited and associates have launched an open offer for 26% of Jupiter Infomedia’s subsidiary Netlink Solutions (India) Limited following their acquisition of 51% stake in Jupiter Infomedia. The transaction triggers SEBI takeover regulations and includes new board appointments at the subsidiary effective March 10, 2026.

Signing Day Sports / BlockchAIn Inc. · AIB (US) · Mkt Cap: N/A · EV: N/A [Sports recruiting app merging with AI data center operator; combined entity (BlockchAIn Inc.) begins trading March 17] Shareholders approved the business combination with BlockchAIn Digital Infrastructure on March 13, 2026, with closing expected March 16. BlockchAIn Inc. will trade on NYSE American under ticker AIB from March 17. BlockchAIn LLC operates a 40 MW data center with 2024 revenue of $22.9 million and $5.7 million net income, and has a collaboration with Supermicro to integrate AI compute hardware into its data center pipeline.

Cintas Corporation · CTAS (US) · Mkt Cap: N/A · EV: N/A [Uniform rental and facility services company] Cintas will acquire UniFirst for $310 per share ($155 cash + 0.7720 CTAS shares) in a $5.5 billion enterprise value transaction. Deal expected to generate $375 million in operating cost synergies within four years and close in H2 2026 subject to regulatory approvals and UniFirst shareholder vote.

dMY Squared Technology Group Inc · DMYS (US) · Mkt Cap: N/A · EV: N/A [Special purpose acquisition company (SPAC)] Horizon Quantum Computing is proceeding with its business combination with dMY Squared Technology Group Inc (DMYS), a SPAC. Horizon secured an oversubscribed PIPE financing that more than doubled its original $50M target, with investors including IonQ and a Fortune 50 tech firm. dMY shareholders will vote on the business combination proposals on March 17, with closing expected in Q1 2026.

Pan African Resources · PAF.L (UK) · Mkt Cap: N/A · EV: N/A [Gold mining company with operations in South Africa] Pan African Resources agreed to acquire Emmerson Resources in an all-share deal valued at US$218 million through a scheme of arrangement. Emmerson shareholders will receive 0.1493 Pan African shares for each Emmerson share, giving them 4.24% of the combined company. Shareholder vote expected mid-2026.

Great Canadian Entertainment · Private (CA) · Mkt Cap: N/A · EV: N/A [Casino and gaming entertainment company (private, owned by Apollo Global Management since 2021)] Great Canadian Entertainment has agreed to sell Elements Casino Surrey to Semiahmoo First Nation’s SE-MI-AH-MU Development Corporation, pending regulatory approvals. This represents the eighth BC First Nations collaboration for the company, which has generated $650-675 million from recent casino sales to reduce debt following its $3.3 billion private equity acquisition in 2021.

Neogrid · NGRD3 (BR) [Brazilian supply chain management and retail technology company] Dalpe has resumed its tender offer to delist Neogrid in a going-private transaction where Dalpe is seeking to acquire remaining shares and take the company private.

Australian United Investment Company / Diversified United Investment Limited · AUI.AX / DUI.AX (AU) [Australian investment companies] Australian United Investment Company is combining with Diversified United Investment Limited through a share-based scheme arrangement. A shareholder vote is upcoming to approve the merger plan between these two investment companies.

Lykis Limited · LYKIS.BO (IN) [Indian company] Lykis Limited’s Committee of Independent Directors unanimously recommended the open offer by Parshav Vatika LLP to acquire 50.37 million shares (26% stake) at ₹34.50 per share. The offer follows a share purchase agreement where acquirers will buy 67.17% from the promoter at ₹19.01 per share, resulting in 93.17% total control. Tendering period runs from March 17 to April 2, 2026.

Oxford Industries Limited · 514414.BO (IN) · Mkt Cap: N/A [Textile company] Saroj Kumar Choudhury (current MD with 2.76% stake) is acquiring 43.70% of Oxford Industries from six promoter group members for Rs. 94.02 lacs and launching mandatory open offer for additional 26% at Rs. 5 per share. Post-transaction, his stake will increase to 46.46%, making him the controlling shareholder.

CCL Industries Inc. · CCL.TO (CA) [Label and packaging solutions company] CCL Industries signed a binding option agreement to acquire Sleever International, a family-owned shrink sleeve technology company with $213 million in 2025 sales and 11.1% adjusted EBITDA margin. The transaction is expected to close by mid-2026 and will combine with CCL’s existing sleeve business for approximately $700 million in combined 2025 sales.

Arco Leasing Limited · 511038.BO (IN) [Mumbai-based non-banking financial company] Jitesh Kothari and Atul Jaiswal announced a mandatory open offer for 25.57% of Arco Leasing Limited at ₹10 per share, following underlying transactions including a preferential share issue that will give them 100% control. The transaction includes acquiring existing shares at ₹6 per share and subscribing to new shares at ₹10 per share, totaling over ₹8 crore and requiring RBI approval.

Restructuring

Blue Hat Interactive Entertainment Technology · BHAT (US) · Mkt Cap: $2M · EV: N/A [Gaming company transitioning from AR entertainment to commodity trading] Blue Hat Interactive Entertainment Technology received a delisting notice from Nasdaq on March 9, 2026 for non-compliance with minimum bid price rules, with shares trading at $0.10 or less for 10 consecutive days. Trading will be suspended starting March 16, 2026, though the company has requested a hearing to appeal the decision.

Scout Gaming Group AB · SCOUT.ST (SE) · Mkt Cap: $3M · EV: ~$0.4M [Gaming technology company] Scout Gaming Group agreed to sell its entire operating business (Scout Holding Ltd and subsidiaries) to ImpactWin Group for SEK 25 million, paid via 10.6 million ImpactWin shares representing 15.2% ownership. Following shareholder approval and completion in April 2026, Scout will distribute the ImpactWin shares to shareholders, then apply for delisting and voluntary liquidation.

Sunshine 100 China Holdings Ltd. · 2608.HK (HK) · Mkt Cap: $3M · EV: $3.0B [Chinese property developer] Sunshine 100 China Holdings faces a winding-up petition filed in Hong Kong High Court over US$205 million unpaid redemption amount to HTI Financial Solutions and Haitong International Financial Products. The company plans to oppose the petition, but warned shareholders that share transfers or property disposals after the petition date could be void without court validation.

Functional Brands Inc. · MEHA (US) · Mkt Cap: $3M · EV: $5M [Consumer products company developing functional health and wellness brands] Functional Brands restructured its preferred stock with major investors through an exchange agreement, swapping Series A/B preferred for $6.03M in new Series C preferred, $0.9M cash, $0.84M in senior secured convertible notes, and 5.19M common shares. The company also granted security interests in substantially all assets to secure the notes and related obligations.

Aspire Biopharma Holdings, Inc. · ASBP (US) · Mkt Cap: $5M · EV: $9M [Pharmaceutical company developing drug delivery technology] Aspire Biopharma completed an $11 million initial closing of a $21 million private placement through convertible preferred shares at $800 per share, with a second closing pending. The financing is specifically designed to regain Nasdaq stockholders’ equity compliance and significantly reduce outstanding debt as part of an ongoing balance sheet restructuring.

BiBBInstruments AB · BIBB.ST (SE) · Mkt Cap: $7M · EV: $7M [Medical device company developing instruments for healthcare applications] BiBBInstruments AB shareholders approved amendments to articles of association enabling a rights offering, with three alternative share capital structures allowing for significant dilution (up to 16x current share count in Option C). The board was also authorized to issue shares, convertibles, and warrants with or without preemptive rights until the next AGM.

Previously: Announced plans for a SEK 60 million rights offering while reporting increasing operating losses.

Trinseo · TSE (US) · Mkt Cap: $8M · EV: $2.5B [Materials company producing plastics and latex products] Trinseo is facing NYSE delisting proceedings and has going concern language in its filings, indicating severe financial distress. The materials company appears to be in a potential restructuring or distressed situation that could significantly impact equity holders.

Previously: NYSE commenced delisting proceedings due to falling below $15 million market cap requirement with trading suspended.

OceanPal Inc · SVRN (US) · Mkt Cap: $12M · EV: ~$-26M [Shipping company operating dry bulk vessels] OceanPal received a delisting notice from Nasdaq on March 13, 2026 for failing to maintain the $1.00 minimum bid price requirement for 30 consecutive days. The company is ineligible for a compliance period due to a prior 1-for-25 reverse stock split in August 2025, and plans to request a hearing while evaluating capital market transactions and other corporate actions to restore compliance.

Accord Financial Corp. · ACD.TO (CA) · Mkt Cap: $12M · EV: $264M [Financial services company providing asset-based lending and factoring] Accord Financial completed sale of US portfolio assets for $8.4M CAD as part of strategic plan to divest non-core assets, refinance debt, and refocus on Canadian market. Company has reduced bank indebtedness by $38.2M since December 2025 through asset sales and loan repayments, with the credit facility due to expire imminently (March 2026) and debentures maturing July 2026.

abrdn Global Income Fund · FCO (US) · Mkt Cap: $42M · EV: $58M [Closed-end investment fund] abrdn Global Income Fund (FCO) shareholders will vote on a proposed reorganization into abrdn Asia Pacific Income Fund (FAX) and the liquidation/dissolution of FCO. The special shareholder meeting was adjourned from March 12, 2026 to April 1, 2026 due to insufficient quorum. The Board unanimously recommends approval of the reorganization plan.

Elutia Inc. · ELUT (US) · Mkt Cap: $46M · EV: $14M [Medical device company developing biomatrix products for reconstructive surgery] Elutia completed strategic asset divestitures in October 2025, selling its cardiac implantable electronic device business to Boston Scientific for up to $88 million and its Orthobiologics segment for $14.6 million plus up to $20 million in earn-outs. The company is now focused solely on drug-eluting biomatrix products with lead pipeline candidates NXT-41 and NXT-41x targeting FDA clearances in H2 2026 and mid-2027 respectively.

abrdn Diversified Income and Growth PLC · ADIG.L (UK) · Mkt Cap: $58M · EV: N/A [Investment company focused on private market assets] abrdn Diversified Income and Growth PLC is proceeding with a members’ voluntary liquidation after conducting a secondary sales process for its private market assets. The company has been in a managed wind-down since February 2024 and is seeking shareholder approval at a general meeting on March 30, 2026 to formally liquidate and return remaining capital to shareholders.

Faron Pharmaceuticals · FARON.HE (FI) · Mkt Cap: $71M · EV: $88M [Biopharmaceutical company developing cancer immunotherapy treatments] Faron announced a €40M rights offering at €0.50 per share, fully covered by commitments and guarantees, increasing share count by ~67% to 200M shares. Net proceeds of ~€32.8M will fund Phase II trial of bexmarilimab in HR-MDS patients through November 2027 and up to five investigator-initiated trials in various cancers.

Previously: Rights offering was approved by shareholders on March 2, 2026 following failed partnership negotiations.

Delta Lithium Limited · DLI.AX (AU) · Mkt Cap: $113M · EV: $69M [Lithium exploration and development company] Delta Lithium Limited completed a demerger and IPO of its Mt Ida Gold Project, contributing to $1.47M profit after tax. The company maintains $54M in cash reserves and is advancing exploration and feasibility studies on its remaining core lithium projects at Mt Ida and Yinnetharra.

Talenom Plc · TNOM.HE (FI) · Mkt Cap: $114M · EV: $183M [Accounting and financial services company] Talenom completed a partial demerger on Feb 28, 2026, spinning off its software business into a new company called Easor Plc. The company is also winding down its Italian accounting operations.

Spirit Aviation Holdings (Spirit Airlines) · FLYYQ (OTC) · Mkt Cap: ~$7M · EV: $1.0B [Low-cost airline operating domestic and international flights (reorganized holding company, OTC: FLYYQ)] Spirit Airlines filed a Restructuring Support Agreement and Plan of Reorganization in bankruptcy court, with emergence from Chapter 11 expected by early summer 2026. The plan involves rightsizing the fleet to 76-80 aircraft, reducing debt and lease obligations from $7.4 billion to approximately $2 billion post-emergence.

Previously: Filed second Chapter 11 bankruptcy in August 2025 for comprehensive operational restructuring while pursuing standalone reorganization and strategic options including takeover talks with Castlelake.

Unit Corporation · UNTC (US) · Mkt Cap: $350M · EV: N/A [Oil and gas exploration and production company] Unit Corporation completed the sale of its wholly-owned contract drilling subsidiary Unit Drilling Company (UDC) to Cactus Drilling Company for $119.7 million cash, resulting in a $106.5 million taxable gain. The company utilized $104.5 million in NOLs and $3.8 million in federal tax credits to offset the tax liability, transforming from a diversified oil & gas company to a pure-play E&P company.

Apartment Investment and Management Co. · AIV (US) · Mkt Cap: $609M · EV: $1.3B [Real estate investment trust focused on apartment properties] Apartment Investment and Management Co. announced it will liquidate all assets and terminate the business following a strategic review. The company expects liquidation proceeds of $5.75-$7.10 per share for shareholders, with an initial distribution of $1.45 per share on March 13 from $520M in December property sales, and additional distributions from $680M in agreed property sales.

Previously: Board approved liquidation plan with Morgan Stanley as advisor, stockholders approved the plan, and declared initial liquidating distribution of $1.45 per share payable March 13, 2026.

Greenfire Resources Ltd. · GFR (US) · Mkt Cap: $751M · EV: $636M [Canadian oil and gas producer] Greenfire Resources is conducting a C$300 million rights offering to redeem US$237.5 million of senior secured notes due 2028. Waterous Energy Fund (55.9% shareholder) has increased its stake to 68.3% through recent purchases and will provide standby purchase agreement. The company reported declining Q4 revenue (down 35.9% YoY) and negative free cash flow of C$16.6 million.

Wolfspeed Inc · WOLF (US) · Mkt Cap: $821M · EV: $1.5B [Semiconductor manufacturer specializing in silicon carbide technology] Wolfspeed completed a prepackaged bankruptcy reorganization effective September 29, 2025, with full regulatory approvals received January 29, 2026. The restructuring involved new senior secured notes, second-lien convertible notes, and substantial equity issuances to creditors including Renesas receiving over 16.8 million new common shares, warrants, and convertible notes. The company adopted fresh start accounting and issued pro forma financials showing material changes to its capital structure.

BATM Advanced Communications Limited · BVC (IL) · Mkt Cap: $1.4B · EV: $1.4B [Technology company providing networking and cybersecurity solutions (formerly also medical diagnostics, divested 2025)] BATM sold four businesses during 2025 and a fifth post year-end for total consideration of $24.4m as part of transformation to focus on high-growth networking and cybersecurity segments. Company is streamlining operations by moving diagnostics activities to ‘Non-core’ classification while concentrating resources on BATM Networks (36% revenue growth) and BATM Cyber divisions.

Japan Display Inc. · 6740.T (JP) · Mkt Cap: $2.2B · EV: $3.3B [Display technology manufacturer] Japan Display announced the cancellation of its plan to establish a subsidiary called “AutoTech Co., Ltd.” through a corporate spin-off. The company has discontinued this corporate restructuring plan that was previously disclosed.

SiriusXM · SIRI (US) · Mkt Cap: $7.5B · EV: $17.2B [Satellite radio and audio entertainment company] SiriusXM completed refinancing of $1 billion in 2026 maturity bonds by issuing new 5.875% Senior Notes due 2032, extending debt maturities by six years. Only $498.9 million was tendered by bondholders, so the company deposited U.S. Treasuries with a trustee to cover the remaining $501.1 million and legally discharge all old notes.

Previously: Liberty Media completed split-off of its Liberty SiriusXM tracking stock into separate company with more direct exposure to Sirius XM Holdings.

Rivian Automotive · RIVN (US) · Mkt Cap: $18.5B · EV: $18.1B [Electric vehicle manufacturer] Mind Robotics, an industrial AI company founded by Rivian CEO RJ Scaringe (who serves as its Chairman), raised $500 million in Series A funding led by Accel and Andreessen Horowitz, bringing total fundraising to $615 million since its November 2025 founding. Unlike Also Inc. (the micromobility business spun out of Rivian in March 2025), Mind Robotics was founded externally by Scaringe with Rivian as a partner and major shareholder. Rivian’s strategy is to accelerate innovation in adjacent areas while keeping the main business focused on vehicle production.

Vedanta Limited · VEDL.NS (IN) · Mkt Cap: $30.6B · EV: $40.9B [Diversified mining and metals conglomerate] Vedanta is proceeding with a planned demerger into five separate listed companies to unlock shareholder value, now targeting completion by March 31, 2026, pending NCLT and government approvals. The restructuring has faced significant regulatory hurdles and timeline extensions, creating uncertainty over debt allocation among the new entities.

Previously: Vedanta’s demerger received NCLT approval in December 2025 with shareholders to receive four new shares for every one share held, targeting completion by April 1, 2026.

Corteva Inc · CTVA (US) · Mkt Cap: $53.4B · EV: $52.3B [Agricultural science and technology company providing seeds and crop protection products] Corteva is planning to separate its seed business and genetics business from its crop protection business, creating two independent companies - SpinCo and New Corteva. Management will outline the details of this separation plan at an investor day scheduled for September 15, 2026, including margin profiles, capital allocation strategies, and geographic exposure for both entities.

CRH plc · CRH (US) · Mkt Cap: $66.8B · EV: $83.8B [Building materials company providing cement, aggregates, and asphalt] CRH announced its intention to delist from the London Stock Exchange and cancel its 5% and 6% preference shares worth approximately €1.2 million total par value. The company will pay preference shareholders 40x their annual dividend in cash to cancel the shares. LSE delisting expected April 20, 2026, with preference share cancellations subject to shareholder approval in May 2026.

Previously: CRH was reviewing its LSE listing and preference share structure following its 2023 Euronext Dublin delisting.

Cumulus Media Inc. · CMLS (US) · Mkt Cap: N/A · EV: $754M [Radio broadcasting company operating talk and music stations across the US] Cumulus Media filed for prepackaged Chapter 11 bankruptcy to deleverage by ~$592 million, with 72% of 2029 debt holders supporting a debt-for-equity conversion. Under the plan, holders of $169 million in 2029 secured claims receive 95% of reorganized equity through new common stock and $50 million in exit convertible notes, while remaining debt holders get 5% equity.

Previously: Company filed prepackaged Chapter 11 with court hearing expected within 60 days and emergence contingent on FCC approvals.

The Magnum Ice Cream Company · TMICC.L (UK) [Ice cream manufacturer operating global brands including Magnum and Ben & Jerry’s] Unilever completed the demerger of its ice cream business at the end of 2025, creating The Magnum Ice Cream Company (TMICC) as a standalone public company. TMICC is now operating independently with over 100 global product projects planned for 2026 and has invested £50 million in expanding its Gloucester facility capacity by 25%.

Previously: Unilever plc announced the separation of its global ice cream division (including Magnum, Ben & Jerry’s, and Wall’s brands) as a standalone entity, targeting completion by end of 2025.

Bioretec Ltd · BRETEC.HE (FI) [Medical device company specializing in biodegradable orthopedic implants] Bioretec is seeking shareholder approval for a massive rights offering of up to 1.5 billion new shares representing potential dilution of over 1000%. Stephen Industries (12% shareholder controlled by Chairman Kustaa Poutiainen) has committed to underwrite up to EUR 5 million and may exceed 30-50% ownership thresholds, requiring takeover bid exemption from Finnish regulators.

Wiluna Mining Corporation Limited · WMXCF (OTC) [Australian gold mining company in severe financial distress] Wiluna Mining stock collapsed 99.5% to $0.000001 on March 12, 2026, reflecting severe liquidity crisis. Company shows distressed metrics including negative EPS of -0.96, current ratio of 0.31, negative working capital of -$76.4M, and debt-to-equity of 1.88.

Worldline S.A. · WLN.PA (FR) · Mkt Cap: N/A · EV: N/A [European payment services provider] Worldline is launching a €392 million rights issue (6 new shares for 1 existing share at €0.202 per share) as the final step of a ~€500 million capital increase, following €108 million in reserved capital increases completed March 10. The subscription price represents an 85.8% discount to the March 10 closing price and strategic investors including Bpifrance, Crédit Agricole, and BNP Paribas have committed to subscribe pro rata plus additional amounts.

Previously: Agreed to sell Indian payment business to BillDesk for €60 million with closing expected in H2 2025.

Inox Green Energy Services Limited · IGESL.NS (IN) · Mkt Cap: N/A · EV: N/A [Renewable energy services provider] NCLT approved demerger of Power Evacuation Business from Inox Green Energy Services Limited to Inox Renewable Solutions Limited with appointed date of October 1, 2024. Share exchange ratio of 122 shares of resulting company for every 1,000 shares of demerged company.

Management Changes

Justera Health Ltd. · SCRSF (CA) · Mkt Cap: $2M · EV: ~$0.6M [Canadian health and wellness company] Andrew Ryu appointed as Interim CEO and Chairman, with Ian Kim added to the board effective March 12, 2026. Company’s shares currently not trading on CSE, with management working toward resumption of trading while pursuing opportunities in Canadian health and wellness sector.

Previously: Sold subsidiary Port North Extracts for $1 with buyer assuming liabilities, CEO and CFO resigned leaving one director.

Other Situations

Electric Metals (USA) Limited · EML.V (CA) · Mkt Cap: $45M · EV: $44M [Manganese and silver mining company] Electric Metals agreed to sell its Nevada silver subsidiaries (North American Silver Corp and Centennial Mining) to Ameerex Corporation for $3.5 million in staged cash payments, having already received the initial $300k payment. The transaction allows Electric Metals to focus on its core North Star Manganese Project while retaining a 2.5% NSR royalty on the Nevada properties.

T’way Air · 091810.KS (KR) · Mkt Cap: $262M · EV: $418M [Low-cost airline operator] T’way Air’s largest shareholder Sono International will fully subscribe to its allocated 26.85 million shares in the airline’s rights offering. The company plans to use proceeds for fleet expansion with A330-900NEO aircraft and long-haul route expansion to Europe, North America and Australia.

Docebo Inc. · DCBO (US) · Mkt Cap: $549M · EV: $494M [Cloud-based learning management system provider] Docebo completed a substantial issuer bid to repurchase $60M of shares at $20.40 per share, representing 10.2% of outstanding shares. The offer was oversubscribed with 3.8M shares tendered, resulting in pro-ration at 74.52% for most shareholders. Major shareholder Intercap’s ownership will increase from 56.6% to 61.6% following the buyback.

Previously: Docebo announced the substantial issuer bid and funding structure with Intercap not participating.

Tetragon Financial Group · TFG.L (UK) · Mkt Cap: $1.2B · EV: $1.5B [Hedge fund and alternative investments platform] Tetragon has launched a $50m tender offer for non-voting shares via modified Dutch auction with prices from $13.25-$15.25, ending April 13th. The company trades at a 65% discount to NAV ($14 vs $40.80 NAV).

Previously: Company announced intention to conduct tender offer and declared $0.12 Q4 dividend.

Hana Financial Group · 086790.KS (KR) · Mkt Cap: $21.0B · EV: $19.4B [South Korean financial services holding company] Hana Financial Group is preparing to announce additional ‘value-up’ initiatives beyond its already committed 400 billion won treasury share cancellation in H1 2026. The company is proposing to reduce capital reserves by 7.4 trillion won to transfer to retained earnings for future dividends, with shareholder return ratio reaching 47%.

Coal India Limited · COALINDIA.NS (IN) · Mkt Cap: $31.1B · EV: $28.8B [State-owned coal mining company] Coal India filed a Red Herring Prospectus with SEBI for the IPO of subsidiary Central Mine Planning and Design Institute Limited (CMPDIL). The IPO involves an offer for sale of up to 107.1 million equity shares by Coal India.

Previously: Government planned to raise ₹1.79 trillion through state-owned subsidiary IPOs by 2029/30, including ₹483 billion from Coal India subsidiaries.

Intel Corporation · INTC (US) · Mkt Cap: $228.6B · EV: $250.4B [Semiconductor manufacturer and chip designer] Shareholder Richard Paisner filed a lawsuit against Intel in Delaware, alleging the board improperly granted the US government a 10% equity stake worth approximately $11 billion without adequate compensation. The suit claims directors breached fiduciary duty by converting government CHIPS Act support into equity partly due to political pressure from the Trump administration.

Previously: Nvidia announced a $5 billion investment in Intel as part of a strategic partnership alongside nearly $9 billion in U.S. government CHIPS Act support.

Samsung Electronics · 005930.KS (KR) · Mkt Cap: $843.9B · EV: $777.4B [Global semiconductor and electronics manufacturer] South Korea is implementing new disclosure requirements forcing publicly traded companies with PBR below 1.0 for over two years to disclose corporate value enhancement plans. Samsung Electronics is specifically mentioned as needing to present a detailed value-up plan after its shareholders’ meeting, with regulators criticizing simplified disclosures for high dividend companies.

SpaceX · Private (US) · Mkt Cap: N/A · EV: N/A [Aerospace manufacturer and space transportation services company] SpaceX is planning what could be the biggest IPO ever, seeking a $1.75 trillion valuation and targeting a June 2026 listing, likely on Nasdaq. The company wants early inclusion in the Nasdaq 100 index and is leveraging Nasdaq’s proposed ‘Fast Entry’ rule for megacap companies.

Previously: SpaceX was targeting a confidential IPO filing as soon as March 2026, with plans to raise up to $50 billion and had secured major banking syndicate.

ECD Automotive Design · ECDA (US) · Mkt Cap: N/A · EV: $14M [Custom automotive restoration and design company] ECD Automotive Design announced its intention to voluntarily delist from Nasdaq by filing Form 25 with the SEC. The delisting will take effect ten days after filing. The company did not disclose reasons for the delisting or implications for shareholders.

Pershing Square Capital Management · PS (US) · Mkt Cap: N/A · EV: N/A [Investment management firm focused on activist and value investing strategies] Bill Ackman’s Pershing Square Capital Management filed for its management company (Pershing Square Inc., ticker PS) to go public on NYSE in a dual listing structure alongside its closed-end fund (Pershing Square USA, ticker PSUS). The firm is seeking to raise $5-10 billion for PSUS at $50 per share, with investors receiving 20 shares of the management company for every 100 PSUS shares purchased, and has already secured $2.8 billion in commitments.

Gold Reserve Inc. · GRZ (CA) · Mkt Cap: N/A · EV: N/A [Mining company with gold and copper projects in South America] Gold Reserve Inc. announced the settlement of specific contingent value rights (CVRs) and bonus entitlements linked to previous agreements. The company did not disclose the settlement amount or specific terms but stated this addresses outstanding commitments under prior arrangements.

Fairfield Sentry Ltd · VGG3299L1004 (N/A) · Mkt Cap: N/A · EV: N/A [Investment fund (distressed/illiquid securities)] Southey Capital Ltd announced a voluntary tender offer for shares of Fairfield Sentry Ltd and Fairfield Sigma Ltd, offering $10.50 per Fairfield Sentry share and €1.10 per Fairfield Sigma share. The offer runs until April 30, 2026, with different eligibility groups based on distribution history and transfer restrictions.

Special Situations Digest - #5

Clark Square Capital — Sun, 08 Mar 2026 19:04:58 GMT

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the fifth edition of our weekly Special Situations Digest.

Lots to cover this week, with another >200 situations.

Before you check it out, if you would consider a favor, please share this / restack/retweet. I would love to get more visibility on this project.

Thanks, and happy hunting.

CSC

Here is an Excel file that you can easily sort through, in case it’s useful:

Weekly Digest 2026 03 08 Clean

44.3KB ∙ XLSX file

Activist Campaigns (25)

Carver Bancorp, Inc. · CARV (US) · Mkt Cap: $8M · EV: $24M [Community bank serving primarily minority communities] Dream Chasers Capital Group, Carver’s leading shareholder, nominated two board candidates including banking turnaround expert Moishe Gubin for the May 21, 2026 annual meeting. Carver is transitioning from Nasdaq to OTCQB and will cease SEC reporting by March 8, 2026.

PEDEVCO Corp · PED (US) · Mkt Cap: $60M · EV: $46M [Oil and gas exploration and production company focused on unconventional shale plays] Juniper Capital funds, led by Edward Geiser, filed an amended 13D showing significant control through multiple investment vehicles. Under a Shareholder Agreement, Juniper will control 3 out of 6 board seats following an ‘Automatic Conversion Date’, giving them board control.

Spruce Power Holding Corporation · SPRU (US) · Mkt Cap: $67M · EV: $705M [Solar energy company providing residential solar installations and financing] Steel Partners accumulated a 14.0% stake through open market purchases totaling ~$8 million. The filing states shares were viewed as undervalued and the group may engage in discussions with management or consider other transactions.

Eagle Nuclear Energy Corp. · NUCL (UN) · Mkt Cap: $161M · EV: None [Nuclear energy company] Blue Bird Capital disclosed a 20.88% stake via Schedule 13D filing following Eagle’s merger closing on February 24, 2026. Blue Bird has a consulting agreement with Eagle and reserves the right to engage with management and shareholders regarding governance, strategy, and operations.

Xponential Fitness, Inc. · XPOF (US) · Mkt Cap: $279M · EV: $594M [Operates franchise fitness brands including Club Pilates, Pure Barre, and other boutique fitness concepts] Travis W. Cocke of Voss Capital disclosed an 18.2% stake and filed a Schedule 13D pushing for a formal strategic review process including potential sale of the company. Voss argued that Club Pilates alone is worth more than the current enterprise value of the entire company and urged the board to retain independent financial advisors to explore strategic alternatives.

Goldcrest Co Ltd · 8871.T (JP) · Mkt Cap: $699M · EV: $760M [Japanese real estate developer] US activist fund Sapphire Terra Capital is planning public proposals to Goldcrest regarding financial strategy and corporate value enhancement. Sapphire Terra estimates Goldcrest’s true value at over 5,500 yen per share, approximately 70% higher than the March 5th closing price.

GungHo Online Entertainment · 3765.T (JP) · Mkt Cap: $879M · EV: $203M [Mobile game developer and publisher] GungHo announced CEO change with Kazuya Sakai replacing Kazuki Morishita, alongside ¥5 billion share buyback, cancellation of 16 million treasury shares, and dividend increase. Activist investor Strategic Capital continues acquiring shares and submitting shareholder proposals despite these management concessions.

Bicara Therapeutics · BCAX (US) · Mkt Cap: $982M · EV: $694M [Biotechnology company developing cancer immunotherapies] RA Capital Management disclosed an 11.5% stake through purchasing 300,000 shares at $16.00 and 2.2 million pre-funded warrants at $15.9999 in February 2026 offering for $40M total. The pre-funded warrants include a 9.99% blocker provision preventing exercise above that threshold.

SBS Group · 2384.T (JP) · Mkt Cap: $1.0B · EV: $1.8B [Japanese logistics company providing warehousing and distribution services] Japanese logistics companies face increased activist pressure due to undervalued real estate assets on balance sheets. This is driving more MBOs and asset sales to improve capital efficiency, with activists targeting companies not effectively utilizing their assets.

Wizz Air · WIZZ.L (UK) · Mkt Cap: $1.3B · EV: $7.8B [Low-cost airline operating primarily in Central and Eastern Europe] Activist investor Causeway Capital has raised its stake in Wizz Air Holdings. The specific stake size and investment thesis details are not disclosed.

Hertz Global Holdings · HTZ (US) · Mkt Cap: $1.4B · EV: $20.1B [Car rental company] Knighthead Capital Management and Certares Opportunities filed an amended Schedule 13D reporting beneficial ownership of 58.1% of Hertz outstanding shares. This represents Amendment No. 9 to their original filing from July 2021.

Aurinia Pharmaceuticals Inc. · AUPH (US) · Mkt Cap: $1.9B · EV: $1.7B [Biopharmaceutical company developing treatments for autoimmune diseases] Tang Capital Management and affiliates have increased their stake in Aurinia Pharmaceuticals to 9.2% (12.2M shares) after spending $26.3M to purchase 2.2M shares since March 2025. The investment management firm now holds a significant position just below the 10% threshold that would trigger additional disclosure requirements.

Rengo Co., Ltd. · 3941.T (JP) · Mkt Cap: $2.3B · EV: $5.0B [Japan’s major corrugated cardboard and packaging materials manufacturer] Former Murakami Fund-affiliated investor took a new stake in Rengo, causing the stock to surge 4.1% the following trading day to 1422 yen. The stock has since risen to 1528 yen with PBR improving to 0.82x, still below the TSE Prime average of 1.7x.

FS KKR Capital Corp. · FSK (US) · Mkt Cap: $3.1B · EV: $10.5B [Business development company providing financing to middle-market companies] FSK trades at $10.80, representing a 48.3% discount to its $20.89 net asset value, while paying a 17.8% dividend yield. The significant discount has led to speculation that the BDC could attract activist investor interest seeking to unlock shareholder value.

Euronet Worldwide Inc. · EEFT (US) · Mkt Cap: $3.1B · EV: $3.4B [Provides electronic payment processing and distribution solutions for financial institutions and retailers] Voss Capital, holding 4.2% stake, issued open letter to board demanding immediate exploration of strategic alternatives due to sustained underperformance. EEFT has declined 54% over 5 years while trading at 6.5x 2026 consensus earnings versus historical 15-20x range. Voss cites recent Brink’s acquisition of NCR Atleos at multiples implying $115-140 value for EEFT.

Fuji Media Holdings · 4676.T (JP) · Mkt Cap: $4.8B · EV: $6.3B [Media and broadcasting conglomerate operating television networks and entertainment content] Fuji Media Holdings conducted a massive share buyback worth approximately 235 billion yen (about 30% of outstanding shares) at 3,839 yen per share in response to activist pressure. Former Murakami Fund-affiliated investment company Leno and US investment fund Dalton Investments participated in the tender offer.

Hexcel Corporation · HXL (US) · Mkt Cap: $7.1B · EV: $7.9B [Aerospace composites manufacturer providing carbon fiber and advanced materials for aircraft] Hexcel reached an agreement with activist investor Vision One to add Neal Keating, a longtime aerospace and defense executive, to its board of directors and audit subcommittee. The deal was described as a ‘surprise’ agreement between the company and the activist.

First Industrial Realty Trust · FR (US) · Mkt Cap: $8.6B · EV: $11.0B [Industrial real estate investment trust] Land & Buildings Investment Management has launched an activist campaign nominating its founder/CIO for the board and demanding $500M-$1B in asset sales with proceeds returned to shareholders. The activist is calling for board refresh and exploration of strategic alternatives if the trading discount doesn’t improve within six months.

Pinterest · PINS (US) · Mkt Cap: $12.9B · EV: $10.5B [Visual discovery platform for lifestyle and shopping content] Elliott Management disclosed a $1 billion activist stake in Pinterest, causing shares to surge 8%. The fund sees value despite user growth plateauing around 500 million monthly actives and advertising headwinds from TikTok and Instagram competition.

Kao Corporation · 4452.T (JP) · Mkt Cap: $17.9B · EV: $17.5B [Consumer goods company producing cosmetics, personal care products, and household chemicals] Activist fund Oasis Management is demanding Kao convene an extraordinary general meeting to conduct an independent investigation into supply-chain risk management and internal controls. Oasis received whistleblower allegations concerning potential links to deforestation and human rights violations in Kao’s supply chain and is seeking shareholder support for an independent review.

Dell Technologies · DELL (US) · Mkt Cap: $99.0B · EV: $117.1B [Technology company providing hardware, software and services for data storage and computing] Analysis of Carl Icahn’s 2013 activist campaign against Michael Dell’s plan to take the company private. Since returning public in 2018, Dell has delivered 30% CAGR including the VMware spin-off and dividends, while Icahn Enterprises declined -25.6% CAGR over the same period.

Sony Group Corporation · 6758.T (JP) · Mkt Cap: $131.3B · EV: $130.9B [Diversified technology and entertainment conglomerate] Third Point LLC published activist proposal recommending semiconductor business spinoff/IPO, focus on entertainment as core, downsizing electronics business, and selling financial stakes for shareholder returns. Sony responded by selling PC business, downsizing TV operations, and spinning off Sony Financial.

Empery Digital · N/A (None) · Mkt Cap: None · EV: None [Company that converted to a Bitcoin treasury holder with 4,081 BTC] Activist investors are pressuring Empery Digital for leadership changes and potential sale of its Bitcoin treasury holdings. The company holds 4,081 BTC, ranking among the top 25 public Bitcoin holders, but faces shareholder scrutiny over this capital allocation strategy.

Ferretti S.p.A. · FERR.MI (INTL) · Mkt Cap: None · EV: None [Luxury yacht manufacturer] KKCG Maritime launched a voluntary partial tender offer for Ferretti shares at €3.50 per share to increase stake from 14.5% to 29.9%. The offer runs March 16 to April 13, 2026, with KKCG seeking board representation and more active governance role.

Flutter Entertainment · FLTR (US) · Mkt Cap: N/A · EV: N/A [Online sports betting and gaming company] Parvus Asset Management Jersey doubled its stake in Flutter Entertainment to 10.7% from 5.1%, making it the second-largest shareholder. This follows Flutter’s weaker-than-expected guidance showing 4% profit growth versus 18% consensus expectations, causing shares to fall 60% over six months. Parvus previously blocked a William Hill merger citing lack of strategic logic.

Strategic Reviews (13)

Cytophage Technologies Ltd. · CYTO.V (CA) · Mkt Cap: $5M · EV: $6M [Biotechnology company] Cytophage formed a special committee of independent directors to evaluate strategic alternatives after receiving unsolicited strategic financing proposals. The committee will oversee a competitive process exploring options including merger, sale, or other business combinations, with no timetable set and no guarantee of a transaction.

The Canadian Chrome Company Inc. · KWGBF (CA) · Mkt Cap: $35M · EV: $58M [Chrome mining and mineral resource development company] Company extended maturity of a $34.5M secured convertible note from September 2026 to August 2027 and granted 2.7M stock options at $1.60. The company has retained Origin Merchant Partners to evaluate strategic alternatives including potential sale, merger, asset divestiture, or joint venture opportunities.

Summa Defence Plc · SUMMA.HE (FI) · Mkt Cap: $52M · EV: $54M [Finnish defense technology and renewable energy solutions company] Summa Defence announced a strategic review of its renewable energy subsidiary Summa Energy Oy, which operates European solar thermal solutions under the Savosolar brand. Summa Energy generated EUR 10.1 million in revenue but posted EUR -2.7 million EBITA loss in the first nine months of 2025. The review aims to clarify group structure and reallocate resources to core defense technology focus areas.

Roots Corporation · ROOT.TO (CA) · Mkt Cap: $98M · EV: $182M [Canadian lifestyle brand and retailer of apparel and leather goods] Board initiated strategic review to identify opportunities to maximize shareholder value, including evaluating a potential sale. J.P. Morgan Securities Canada Inc. engaged as financial advisor and Torys LLP as legal advisor for the process.

BARK Inc · BARK (US) · Mkt Cap: $136M · EV: $157M [Dog products and services company] CEO Matt Meeker has withdrawn from Great Dane Ventures LLC, an investor entity that made a preliminary non-binding proposal to acquire BARK. A Special Committee is evaluating potential acquisition proposals alongside the company’s standalone strategy with independent advisors.

Orion Properties Inc. · ONL (US) · Mkt Cap: $138M · EV: $587M [REIT with single-tenant net lease office properties] Orion Properties reported net losses of $(139.3) million for 2025 while completing 924,000 sq ft of leasing and selling 10 properties for $80.7 million. Management stated they continue to “evaluate strategic alternatives” while executing their business plan.

Theravance Biopharma, Inc. · TBPH (US) · Mkt Cap: $707M · EV: $422M [Biopharmaceutical company developing medicines for respiratory diseases] Phase 3 CYPRESS study for ampreloxetine failed to meet primary endpoint, prompting 60% cost reduction and R&D program wind-down. Strategic Review Committee is accelerating evaluation of alternatives to maximize shareholder value, including potential sale of the company. Company maintains $400M cash and generates $60-70M annualized cash flow from YUPELRI product.

CSE Global Limited · 544.SI (SI) · Mkt Cap: $742M · EV: $913M [Engineering services and solutions provider] CSE Global launched a strategic review following a request from controlling shareholder Heliconia Capital Management and a non-binding preliminary expression of interest for a potential transaction involving the company’s shares or business assets. The company is appointing a financial adviser to assess options, with discussions at early stage and no agreed terms.

Certara · CERT (US) · Mkt Cap: $1.1B · EV: $1.2B [Biosimulation software and services for pharmaceutical drug development] Company reported Q4 2025 results with revenue growth but $5.9M net loss and weak 2026 guidance of 0-4% revenue growth. Management called 2026 a ‘transition year’ and emphasized potential strategic review of its profitable regulatory writing business while focusing on AI-enabled product launches.

Poongsan Corporation · 103140.KS (KR) · Mkt Cap: $2.2B · EV: $2.7B [Korean copper and munitions manufacturer] Poongsan is reviewing structural reforms including potential sale of its profitable munitions business for ~$1 billion to resolve succession issues, as chairman’s son holds U.S. citizenship which restricts him from managing Korean defense firms. Company has hired Lazard, Kim & Chang, and Samil PwC as advisers, though maintains no final decision made.

Trump Media & Technology Group · DJT (US) · Mkt Cap: $3.0B · EV: $3.1B [Social media and technology company operating Truth Social platform] Considering spinning off Truth Social platform into a separate publicly traded company (via Texas Ventures Acquisition III / TVA) following the pending TAE merger close. Post-spinoff, DJT would become the holding company for TAE’s nuclear fusion business and related assets, while Truth Social would trade separately. Company holds 11,500 Bitcoin reserves under Truth.Fi fintech brand.

Victoria’s Secret & Co. · VSCO (US) · Mkt Cap: $3.9B · EV: $7.2B [Intimate apparel and beauty retailer] Victoria’s Secret initiated a strategic review of DailyLook, a non-core asset acquired in the December 2022 Adore Me deal. The review aligns with the company’s focus on its core brands (Victoria’s Secret and PINK) under its Path to Potential strategy while exploring optimization of the Adore Me business within its portfolio.

Qiagen · QIA.DE (DE) · Mkt Cap: $9.8B · EV: $10.4B [Biotechnology company providing molecular diagnostics and life sciences solutions] Leadership conducting CEO search and actively reviewing strategic alternatives with advisors to maximize shareholder value. Company pursuing growth through new product launches and M&A while strategic review process continues in parallel with leadership transition.

M&A / Divestitures (61)

Enzon Pharmaceuticals Inc · ENZN (UN) · Mkt Cap: $4M · EV: $5M [Biopharmaceutical company developing drug delivery technologies] Enzon Pharmaceuticals is proceeding with an all-stock merger with Viskase that would result in current common shareholders owning only ~5% of the combined company post-merger. Icahn-affiliated entities are expected to control ~93% of the combined entity, subject to conditions including Series C exchange offer completion and minimum $40M cash balance.

Burger King Japan (RK Holdings) · 3372.T (JP) · Mkt Cap: $20M · EV: $23M [Operates Burger King franchise restaurants in Japan] Goldman Sachs acquired RK Holdings from Affinity Equity Partners for approximately ¥80 billion. The chain expanded from 77 stores in 2019 to 337 stores by December 2025, targeting 600 stores by 2028.

Tevogen Bio Holdings Inc. · TVGN (US) · Mkt Cap: $30M · EV: $44M [Clinical-stage biotechnology company developing T cell therapies] Tevogen signed a non-binding letter of intent to evaluate acquiring Apozeal Pharmaceutical Inc. The target would bring 11 FDA-approved ANDA products for the U.S. market and additional ANDAs in development to expand Tevogen’s generics strategy.

MarketWise, Inc. · MKTW (US) · Mkt Cap: $34M · EV: $-222,383,696 [Publisher of financial newsletters and investment research services] MarketWise received an unsolicited acquisition proposal from Monument & Cathedral Holdings and a separate proposal from The Agora Companies to acquire the remaining 57% stake for approximately $280 million. The company has formed a special committee with financial and legal advisors to evaluate strategic alternatives.

Lisata Therapeutics, Inc. · LSTA (US) · Mkt Cap: $37M · EV: $18M [Clinical-stage pharmaceutical company developing oncology therapies] Lisata entered into a definitive agreement to be acquired by privately-held Kuva Labs for $5.00 per share in cash plus one contingent value right worth up to $1.00 per share if certain regulatory milestones for certepetide are met within 7 years. The board unanimously approved the transaction with closing expected in Q2 2026.

Rallybio Corporation · RLYB (US) · Mkt Cap: $51M · EV: -$19M [Biotechnology company developing treatments for rare diseases] Rallybio announced a definitive merger agreement with Candid Therapeutics, with the combined company operating as Candid Therapeutics under ticker CDRX. The transaction includes $505+ million private financing and values pre-transaction Rallybio shareholders at approximately 3.65% of the combined entity, plus CVRs tied to legacy asset dispositions.

Pasofino Gold · VEIN.V (CA) · Mkt Cap: $97M · EV: N/A [Gold exploration and development company with projects in Argentina] Pasofino Gold agreed to be acquired by majority shareholder Mansa Resources in a going-private transaction at C$0.90 per share cash, valuing equity at C$141.6 million. Mansa already owns 50.8% and has secured voting agreements representing 76% of shares, with shareholder vote scheduled for March 31, 2026.

Cordoba Minerals Corp · CDBMF (CA) · Mkt Cap: $100M · EV: $100M [Mining company with copper-gold exploration projects] Cordoba closed the sale of its remaining 50% interest in the Alacrán Project and all Colombian exploration assets to Veritas Resources AG for US$128 million cash. The company plans to distribute net proceeds to shareholders after retaining US$10 million for corporate purposes, subject to British Columbia Supreme Court approval (hearing March 12, 2026) and TSXV approval.

Tecnotree Corporation · TEM1V.HE (FI) · Mkt Cap: $148M · EV: $119M [Digital business support systems and telecom software provider] Resilience Investment Holdings Ltd commenced a voluntary recommended public cash tender offer for all shares and equity securities in Tecnotree Corporation not held by the company itself. The offer covers shares, convertible debentures, warrants, and options, with the tender offer document supplement approved by the Finnish Financial Supervisory Authority.

Banca Sistema S.p.A. · BST.MI (IT) · Mkt Cap: $155M · EV: N/A [Italian specialty bank focused on salary-backed lending and factoring services] Banca CF+ S.p.A. secured control of Banca Sistema through a voluntary tender offer, obtaining 70.732% of share capital at €1.89 per share. The acceptance period will reopen for five additional trading days, potentially allowing Banca CF+ to increase its stake further.

MediaDo Co., Ltd. · 3678.T (JP) · Mkt Cap: $163M · EV: $100M [Japanese e-publishing distributor providing digital content distribution services] MediaDo announced acquisition of US publisher Seven Seas Entertainment for $80 million, which completed in March 2024, marking its first overseas publisher acquisition. The transaction aimed to expand MediaDo’s US operations by leveraging growing manga popularity. (Note: transaction closed 2024; digest coverage reflects ongoing US market expansion angle.)

WildBrain Ltd. · WILD.TO (CA) · Mkt Cap: $208M · EV: $801M [Children’s content and entertainment company producing animated series and managing IP brands] WildBrain completed the sale of its 41% stake in Peanuts Holdings LLC to Sony for CA $630 million cash. The company used proceeds to fully repay its Senior Secured Credit Facility, eliminating corporate term debt and maintaining over $40 million in cash surplus.

Ellomay Capital Ltd. · ELLO (US) · Mkt Cap: $390M · EV: $873M [Renewable energy development and investment company] Ellomay Capital’s principal shareholders completed the sale of their combined 45.9% stake to O.Y. Nofar Energy Ltd. on March 4, 2026. In connection with the control stake sale, two board members resigned immediately and the chairman will resign within 30 days, with two new independent directors appointed.

Blend Labs, Inc. · BLND (US) · Mkt Cap: $447M · EV: $526M [Digital lending platform providing software solutions for mortgage and consumer banking] Blend Labs completed the sale of substantially all assets and liabilities of Title365 Company, which constituted its title insurance business, to Covius Services, LLC on March 1, 2026.

Community Health Systems, Inc. · CYH (US) · Mkt Cap: $463M · EV: $11.8B [Healthcare company operating hospital facilities] Community Health Systems agreed to sell four Arkansas hospital facilities to Freeman Health System for $112 million. The divestiture is expected to close in Q2 2026, subject to customary closing conditions.

MarineMax · HZO (US) · Mkt Cap: $634M · EV: $1.7B [Recreational boat and yacht retailer] MarineMax is fielding multiple takeover bids including a $1.1B cash offer from Donerail Group at $35/share (38% premium) and competing proposals from Blackstone, Centerbridge, and TPG. The company has issued confidentiality agreements to multiple bidders for due diligence.

Reservoir Media, Inc. · RSVR (US) · Mkt Cap: $646M · EV: $1.0B [Music publishing and record label company] Irenic Capital Management, holding 9.3% of Reservoir Media, submitted a nonbinding proposal to acquire 100% of the company’s equity for $10.00-$11.00 per share in cash. The proposal is conditional on management agreement for continued employment and allowing certain major stakeholders to participate in the deal.

Esperion Therapeutics · ESPR (US) · Mkt Cap: $691M · EV: $1.2B [Cardiovascular pharmaceutical company] Esperion Therapeutics announced a definitive agreement to acquire privately-held Corstasis Therapeutics for $75 million upfront cash plus up to $180 million in milestones and low double-digit royalties. The acquisition adds Enbumyst, the first FDA-approved nasal spray loop diuretic for heart failure-related edema, with expected closure in Q2 2026.

Tilray · TLRY (US) · Mkt Cap: $857M · EV: $852M [Cannabis and beverage company operating in North America and Europe] Tilray acquired Brewdog’s UK brewing operations, brand, and 11 pubs for £33m after Brewdog went into administration. The deal preserved 733 jobs but resulted in 484 redundancies and closure of 38 bars.

Seneca Foods Corporation · SENEA (US) · Mkt Cap: $938M · EV: $1.2B [Food processor and canner of fruits and vegetables for retail and food service] Seneca Foods acquired the Green Giant U.S. frozen business from B&G Foods, including the Green Giant brand and IP, U.S. frozen inventory, and Yuma, AZ manufacturing operations. The deal reunites Green Giant’s shelf-stable (acquired Nov 2023) and frozen businesses under Seneca.

Genco Shipping & Trading Limited · GNK (US) · Mkt Cap: $962M · EV: $1.1B [Dry bulk shipping company operating a fleet of vessels] Diana Shipping increased its hostile takeover bid to $23.50 per share from $20.60, representing a 31% premium to undisturbed price. Diana owns 14.8% of Genco and has secured $1.433 billion in fully underwritten financing. Star Bulk agreed to purchase 16 Genco vessels for $470.5 million contingent on the acquisition completion.

Ventyx Biosciences · VTYX (US) · Mkt Cap: $1.0B · EV: $816M [Biopharmaceutical company developing treatments for inflammatory diseases] Ventyx Biosciences completed a merger and is voluntarily delisting from Nasdaq effective March 4, 2026. The company suspended trading and filed Form 25 for delisting, with plans to file Form 15 to terminate SEC reporting obligations.

Great Lakes Dredge & Dock Corporation · GLDD (US) · Mkt Cap: $1.2B · EV: $1.6B [Marine dredging and construction services company] Saltchuk subsidiary has initiated a tender offer for GLDD shares. This represents a potential acquisition or going-private transaction for the publicly traded dredging company.

Enviri Corporation · NVRI (US) · Mkt Cap: $1.5B · EV: $3.1B [Environmental services and industrial equipment company] Enviri Corporation received early termination of HSR Act waiting period for the sale of its Clean Earth division to Veolia Environnement SA. The company plans to file Form 10 registration statement for the simultaneous spin-off of Harsco Environmental and Harsco Rail, with both transactions expected to close in mid-2026 subject to shareholder approval.

Ardelyx · ARDX (US) · Mkt Cap: $1.6B · EV: $1.6B [Biotechnology company developing treatments for gastrointestinal and chronic kidney diseases] Ardelyx is subject to acquisition speculation with rumors that Indian pharmaceutical company Zydus Lifesciences is exploring a majority stake in the biotech company. No confirmed approach or terms have been disclosed.

RAPT Therapeutics, Inc. · RAPT (US) · Mkt Cap: $1.7B · EV: $1.5B [Biopharmaceutical company developing therapies for cancer and immune disorders] GSK’s tender offer for RAPT Therapeutics at $58.00 per share has expired with 93.36% of shares tendered. GSK will proceed with a backend merger under Delaware Section 251(h) without shareholder vote, making RAPT a wholly-owned subsidiary and delisting the stock from NASDAQ.

Ziff Davis · ZD (US) · Mkt Cap: $1.7B · EV: $1.9B [Digital media and internet services company] Ziff Davis announced the sale of its Connectivity division (including Ookla Speedtest and Ekahau brands) to Accenture for $1.2 billion in cash. The deal price exceeds the company’s entire market cap of ~$1.05 billion prior to announcement, with the stock surging 74% on the news.

Select Medical Holdings Corporation · SEM (US) · Mkt Cap: $2.0B · EV: $5.2B [Operator of specialty hospitals and outpatient rehabilitation clinics] Select Medical agreed to be acquired by a consortium led by Executive Chairman Robert Ortenzio, Martin Jackson, and private equity firm WCAS for $16.50 per share in cash, representing a $3.9 billion enterprise value. The deal offers an 18% premium to the unaffected share price and is expected to close mid-2026 subject to minority shareholder approval and regulatory clearances.

Kraken Robotics Inc. · PNG.V (CA) · Mkt Cap: $2.0B · EV: $2.0B [Underwater technology and robotics systems provider] Kraken Robotics announced acquisition of Covelya Group for $615 million ($480M cash, $135M in shares), a leading underwater technology provider with 6 subsidiary companies including Sonardyne International. Covelya Group reported $249-275M revenue in 2025 with 24% EBITDA margins and employs 750 people across 12 global facilities.

Day One Biopharmaceuticals · DAWN (US) · Mkt Cap: $2.2B · EV: $1.8B [Pediatric cancer drug development company] French pharma company Servier announced acquisition of Day One for $21.50 per share in cash, valuing the deal at approximately $2.5 billion. The offer represents a 68% premium to Day One’s Thursday closing price, centered around Day One’s FDA-approved pediatric brain cancer drug Ojemda.

Neogen Corporation · NEOG (US) · Mkt Cap: $2.4B · EV: $3.1B [Food and animal safety testing company providing diagnostic solutions] Neogen Corporation is selling its global genomics business (GeneSeek) to Zoetis for $160 million, expected to close by end of first half of fiscal 2027. The genomics business generated approximately $90 million in sales during fiscal 2025, with net proceeds used primarily for debt reduction.

IAC Inc. · IAC (US) · Mkt Cap: $2.9B · EV: $3.6B [Internet media and services company owning various digital brands and platforms] IAC entered into a definitive agreement to sell its wholly-owned subsidiary Care.com to an affiliate of Pacific Avenue Capital Partners for approximately $320 million in cash. The transaction is expected to close in the first half of 2026, subject to customary closing conditions.

Tegna Inc. · TGNA (US) · Mkt Cap: $3.4B · EV: $5.7B [Television broadcasting company operating local TV stations across the US] Tegna remains on track to complete its $6.2 billion acquisition by Nexstar Media Group in the second half of 2026, pending regulatory approvals. The cash transaction, valued at $22 per share, was already approved by Tegna stockholders in November 2025.

EPR Properties · EPR (US) · Mkt Cap: $4.4B · EV: $7.4B [Real estate investment trust specializing in experiential properties] EPR announced definitive agreements to acquire a portfolio of seven regional parks from Six Flags Entertainment Corporation for $342 million gross transaction value. The parks comprise over 1,600 acres with 418 attractions across five states and Canada, drawing 4.5 million annual attendees.

RadNet · RDNT (US) · Mkt Cap: $5.2B · EV: $6.9B [Radiology imaging services and AI technology provider] RadNet announced acquisition of Paris-based radiology AI company Gleamer for 230 million euros (215 million upfront, 15 million milestone-based). Gleamer generates ~$30 million annualized recurring revenue and has FDA clearance for four AI-enabled radiology devices, targeting $7 million in cost synergies.

SSR Mining Inc. · SSRM (US) · Mkt Cap: $6.5B · EV: $6.5B [Precious metals mining company with operations in the Americas and Turkey] SSR Mining agreed to sell its 80% stake in the Çöpler mine in Turkey to Cengiz Holding for $1.5 billion in cash, expected to close in Q3 2026. The transaction includes a $100 million deposit and $50 million reciprocal break fee, subject to Turkish regulatory approval. The company plans to use proceeds for reinvestment, capital returns, and growth initiatives while conducting a strategic review of remaining Turkish assets.

Tokyo Century Corporation · 8439.T (JP) · Mkt Cap: $6.7B · EV: $35.5B [Financial services and leasing company] Tokyo Century Corporation is acquiring Australia’s largest domestic car rental company, Bargain Car Rentals, for approximately 20 billion yen (~$200 million USD). The acquisition will be completed on April 1st, making Bargain Car Rentals a wholly-owned subsidiary with 13 locations and a fleet of about 5,000 vehicles.

Levi Strauss & Co. · LEVI (US) · Mkt Cap: $7.9B · EV: $9.6B [Apparel company known for denim and casual clothing] Levi Strauss & Co. has completed the sale of its Dockers brand to Authentic Brands Group for $311 million, with potential earnouts reaching $391 million. The company plans to return approximately $100 million to shareholders through share repurchases and will focus resources on its core denim business and Beyond Yoga athleisure division.

Rohm · 6963.T (JP) · Mkt Cap: $7.9B · EV: $7.3B [Semiconductor manufacturer] Denso has proposed to acquire Rohm for approximately 1.3 trillion yen through a tender offer for all shares. Rohm shares traded with upward momentum following the announcement as investors anticipate the TOB price.

Middleby Corporation · MIDD (US) · Mkt Cap: $8.4B · EV: $10.4B [Manufacturer of commercial kitchen equipment and food processing systems] Middleby Corporation is planning a tax-free spin-off of its food processing segment, originally targeted for February 2025. The company estimates enterprise value of both segments at $11.5 billion, with equity value of approximately $9.6 billion versus current market cap of $8.5 billion. (Note: originally targeted February 2025; current status/timeline unclear.)

Hudbay Minerals Inc. · HBM.TO (CA) · Mkt Cap: $8.9B · EV: $9.3B [Copper, zinc, and gold mining company] Hudbay agreed to acquire all remaining shares of Arizona Sonoran Copper Company for 0.242 Hudbay shares per Arizona Sonoran share, valuing the deal at US$1.48 billion. Hudbay currently owns 9.99% and plans to take Arizona Sonoran private and delist it from TSX and OTCQX.

Beazley · BEZ.L (UK) · Mkt Cap: $10.2B · EV: $-5.0B [FTSE 100 specialty insurer focusing on cyber, marine, and political risk] Zurich Insurance is acquiring Beazley for £8.2 billion in an all-cash deal. The acquisition will add Beazley’s specialty insurance business to Zurich and expand access to Lloyd’s market. Beazley will delist from the London Stock Exchange upon completion.

Sterling Infrastructure, Inc. · STRL (US) · Mkt Cap: $13.6B · EV: $13.1B [Infrastructure construction and engineering services company] Sterling Infrastructure announced acquisition of substantially all assets of CEC Facilities Group and subsidiary MCEC for $505 million ($450M cash + $55M stock + up to $80M earnouts through 2029). CEC provides electrical, mechanical, and technological design/construction services across the U.S. Transaction was expected to close Q3 2025 subject to antitrust approval.

Sumitomo Mitsui Trust Holdings · 8309.T (JP) · Mkt Cap: $22.9B · EV: $17.0B [Trust banking and asset management services company] Sumitomo Mitsui Trust Holdings announced a partnership with US financial firm Raymond James Financial, where Raymond James will acquire a majority stake in Greensledge Holdings. SMTG will retain a minority stake and become a joint shareholder with Raymond James, with the partnership targeting collaboration in finance, M&A, real estate transactions, and asset management.

MasTec, Inc. · MTZ (US) · Mkt Cap: $23.7B · EV: $25.9B [Infrastructure construction company serving communications, energy and utility markets] MasTec announced the acquisition of McKee Utility Contractors from private equity firm Boyne Capital for $276 million enterprise value. McKee is a water and wastewater infrastructure contractor based in Oklahoma serving Texas, Oklahoma, and Arkansas markets.

Suzuki Motor Corporation · 7269.T (JP) · Mkt Cap: $25.5B · EV: $29.4B [Automotive manufacturer specializing in compact cars and motorcycles] Suzuki Motor announced it will acquire Kanadevia Corporation’s all-solid-state lithium-ion battery business, effective July 1, 2026. Kanadevia (formerly Hitachi Zosen) has been developing solid-state batteries since 2006. The acquisition includes Kanadevia’s proprietary dry manufacturing process and technology, strengthening Suzuki’s next-generation EV battery capabilities.

Denso Corporation · 6902.T (JP) · Mkt Cap: $34.7B · EV: $36.9B [Toyota Group automotive parts manufacturer] Denso has made an acquisition proposal to semiconductor company Rohm. Rohm is reportedly carefully considering the proposal.

Heidelberg Materials · HEI.DE (DE) · Mkt Cap: $37.8B · EV: $47.4B [Global building materials company producing cement, aggregates, and ready-mix concrete] Heidelberg Materials announced a binding agreement to acquire Maas Group Holdings’ construction materials business for approximately EUR 1.023 billion. The acquisition includes 40 quarries, 22 concrete plants, and two asphalt operations across Eastern Australia, with expected EBITDA multiple of 8.4x.

Lonza Group AG · LONN.SW (SW) · Mkt Cap: $45.6B · EV: $50.1B [Life sciences company providing manufacturing and development services] Lone Star Funds agreed to acquire Lonza’s Capsules & Health Ingredients division, with Lonza retaining a 40% equity position in the divested business. The CHI division operates globally across hard empty capsules, dosage form solutions, and health ingredients segments.

Anglo American · AAL.L (UK) · Mkt Cap: $51.4B · EV: $73.5B [Global mining company focused on copper, iron ore, and agricultural nutrients] Anglo American completed the demerger of its majority interest in Valterra Platinum on May 31, 2025, following shareholder approval. Valterra listed on the London Stock Exchange on June 2, 2025, and Anglo American subsequently sold its remaining 19.9% stake in September 2025 for $2.5 billion cash proceeds.

L3Harris Technologies · LHX (US) · Mkt Cap: $68.8B · EV: $79.6B [Defense contractor providing aerospace, defense and technology systems] L3Harris is preparing to spin off its Missile Solutions business via IPO in late 2026, with current CFO Ken Bedingfield transitioning to lead the missile unit while former Peraton CFO Kenneth Sharp takes over as company CFO on March 16. The missile business is expected to grow from $3.8 billion in 2025 to $6.3 billion in 2028.

Paramount Skydance / Warner Bros. Discovery · PSKY, WBD (US) · Mkt Cap: $70.4B · EV: N/A [Major entertainment companies with streaming services, television networks, and film studios] Paramount Skydance announced plans to acquire Warner Bros. Discovery in a $110 billion all-cash deal ($31/share), unanimously approved by both boards on February 27, 2026. The merger would combine HBO Max, Paramount+, CBS, CNN, DC Studios, and Warner Bros. Pictures into the largest traditional media company. Transaction expected to close Q3 2026 pending regulatory and WBD shareholder approval; FCC chairman has characterized the deal as “cleaner” than the competing Netflix bid.

Accenture · ACN (US) · Mkt Cap: $133.1B · EV: $128.8B [Technology consulting and professional services company] Accenture has entered into an agreement to acquire Ookla, a global leader in network intelligence and competitive benchmarking. The acquisition includes Ookla’s data products such as Speedtest, Downdetector, Ekahau, and RootMetrics, with the transaction subject to customary closing conditions including regulatory approvals.

Nvidia Corporation · NVDA (US) · Mkt Cap: $4.4T · EV: $4.4T [Semiconductor and artificial intelligence computing company] Nvidia has made a $30 billion investment in OpenAI, with the timing aligning with OpenAI’s anticipated IPO. The investment represents a strategic move by Nvidia to strengthen its position in the AI ecosystem and potentially secure equity upside in what could be one of the largest tech IPOs.

NEXT RE SIIQ S.p.A. · NEXTRE.MI (INTL) · Mkt Cap: None · EV: None [Real estate investment company focused on Italian commercial properties] CPI Property Group launched a voluntary tender offer for all remaining publicly traded shares of NEXT RE SIIQ, targeting 4.4M shares (20% of share capital, 40% of voting rights) that it doesn’t already own. CPI already owns 50% of the company plus all non-voting Class B shares, and aims to delist NEXTRE from Euronext Milan.

Bloomberry Resorts Corp · BLOOM.PS (INTL) [Philippine casino and resort operator] Bloomberry completed its exit from the Jeju casino business, selling to Gangwon Blue Mountain Co. Ltd. for KRW 10 billion total (KRW 7 billion paid, KRW 3 billion due by Feb 27). The demerger involved transferring the Jeju Sun casino gaming license and operations to Heaven Co. Ltd., which was then sold to the buyer.

Allfunds Group Plc · ALLFG.L (INTL) · Mkt Cap: None · EV: None [Investment fund platform and distribution services provider] Deutsche Börse Group has made a recommended acquisition offer for Allfunds Group, coinciding with Allfunds’ strategic review that resulted in business simplification through exits from Allfunds Tech and Luxembourg ManCo operations. The company reported strong 2024 results with 17.1% growth in assets under administration to €1.76 trillion.

Six Flags Entertainment Corporation · SIX (INTL) · Mkt Cap: None · EV: None [Theme park operator] Six Flags Entertainment Corporation entered a definitive agreement to sell seven parks including Six Flags St. Louis to EPR Properties, with operations transitioning to EPR and partner Enchanted Parks after the 2026 season. The divestiture is part of Six Flags’ ongoing strategy to optimize its park portfolio and focus investment on parks with greatest growth opportunities.

Jubilee Holdings Limited · JBHL.NR (INTL) · Mkt Cap: None · EV: None [Insurance and financial services company] Jubilee Holdings is selling its remaining minority stakes (15-34%) in general insurance businesses across Kenya, Uganda, Tanzania, Burundi and Mauritius to Sanlam Allianz Africa for Sh4.5 billion (~$30M USD). The company plans to distribute part of proceeds as special dividend to shareholders. (Note: completion was originally targeted end of 2024 pending regulatory approval; current status unclear.)

Insplorion · INSP.ST (SE) · Mkt Cap: $351,321 · EV: $68,792 [Sensor technology and nanotechnology company] Insplorion is selling its hydrogen sensor business division to Manntek. The transaction represents a strategic divestiture of a business segment for the Swedish technology company.

TC Transcontinental Inc. · TCL.A (CA) · Mkt Cap: N/A · EV: N/A [Printing and educational publishing company] TC Transcontinental completed the sale of its Packaging Business to ProAmpac Holdings for CAD $2.1 billion in cash. The company expects to distribute approximately $20 per share to shareholders through a combination of capital reduction (~$7/share, subject to shareholder approval) and cash dividend.

Restructuring (68)

Qlife Holding AB · QLIFE.ST (SE) · Mkt Cap: $3M · EV: $4M [Healthcare technology company] Secured new guarantors for SEK 31.4 million rights offering while pursuing reverse takeover with Hipro Biotechnology. Letter of intent for reverse takeover extended until end of 2026.

Nanologica AB · NICA.ST (SE) · Mkt Cap: $4M · EV: $9M [Swedish nanotechnology company developing silica-based drug delivery systems] Nanologica is conducting a rights issue with 7:3 terms (7 new shares for every 3 existing shares) at SEK 0.40 per share. Subscription period runs March 11-25, 2026, with rights trading March 11-20. The company trades ex-rights starting March 6, 2026.

COSCIENS Biopharma Inc. · CSCI.TO (CA) · Mkt Cap: $5M · EV: $267K [Pharmaceutical company developing hormone-related treatments and active ingredients] COSCIENS is ceasing funding of its German subsidiaries, triggering structured insolvency and surrender of rights to its main pharmaceutical asset Macrilen® (macimorelin). The company will significantly reduce operating expenses and refocus on its active ingredients business while exploring strategic alternatives including sales and licensing opportunities.

Contel Technology Company Limited · 8065.HK (HK) · Mkt Cap: $6M · EV: $2M [Technology company] Two wholly-owned subsidiaries received winding-up petitions in Hong Kong High Court alleging unpaid debts totaling US$550,000 and RMB 14 million. Company denies allegations and plans to defend against petitions, with court hearing scheduled for May 6, 2026.

Magnetite Mines Limited · MGT.AX (AU) · Mkt Cap: $6M · EV: $7M [Iron ore and critical minerals exploration company in South Australia] Company began trading rights for renounceable rights issue on ASX under code MGTRH, with trading concluding March 18, 2026. Capital raising supports development of magnetite and critical minerals portfolio including Razorback Iron Ore Project.

Iterum Therapeutics plc · ITRM (IR) · Mkt Cap: $8M · EV: $31M [Pharmaceutical company] Received Nasdaq delisting determination for failing to maintain minimum $1.00 bid price, with trading suspension scheduled for March 5, 2026. Company is evaluating strategic alternatives including wind-down, bankruptcy, liquidation or dissolution due to limited capital-raising ability.

Trinseo PLC · TSE (US) · Mkt Cap: $8M · EV: $2.5B [Materials and specialty chemicals company] NYSE is commencing delisting proceedings due to falling below the minimum $15 million average market capitalization requirement over 30 days. Trading has been suspended immediately, though the company has appeal rights.

enish Inc. · 3667.T (JP) · Mkt Cap: $12M · EV: $605,486 [Mobile game development and publishing company] enish exercised 24,900 warrant rights (17.7% of total issuance) in February 2026, issuing 2.49 million new shares and raising ¥147 million. The company has 36,620 warrant rights remaining unexercised and reported losses of ¥8.82 billion in FY2024.

Eezy Plc · EEZY.HE (FI) · Mkt Cap: $18M · EV: $75M [Staffing and healthcare services company] Planning fully-underwritten rights issue of up to EUR 10 million with main shareholders including Sentica funds providing full underwriting commitment. Also exploring divestitures of low-profitability healthcare staffing operations.

Birdman Co., Ltd. · 7063.T (JP) · Mkt Cap: $21M · EV: $24M [Japanese logistics and trading company] Birdman announced a major equity raise through third-party allocation to Dubai-based KANDB Investment, issuing 6.67M shares plus warrants for 21.33M additional shares at ¥150 each, raising ¥4.07B total. Maximum dilution of 113.85% of current shares outstanding. Funds allocated for M&A activity, debt reduction, and expansion into renewable energy business.

Nine Energy Service, Inc. · NINE (US) · Mkt Cap: $25M · EV: $362M [Oilfield services company providing completion and production solutions] Nine Energy Service emerged from Chapter 11 bankruptcy on March 5, 2026, after filing prepackaged cases on February 1, 2026. The restructuring reduced secured debt by $320 million, cut annual interest expense by $40 million, and provided a new $135 million ABL credit facility upon emergence.

Add New Energy Investment Holdings Group Limited · 0188.HK (HK) · Mkt Cap: $27M · EV: $-64M [Investment company focused on mining and energy sector investments] Add New Energy Investment Holdings is conducting a major non-underwritten rights issue to raise up to HK$504.4 million, offering 1 new share for every 2 existing shares at HK$2.88 per share (40.37% discount to market price). Controlling shareholders have committed to 55.7% of the offering. Proceeds will fund acquisitions/investments in mining companies (70%) and working capital (30%).

China Water Industry Group Limited · 1129.HK (HK) · Mkt Cap: $31M · EV: $145M [Water infrastructure and environmental services in China] Company faces winding-up petition with third supporting creditor (Mr. Wang Jiandong) seeking HK$2 million bond repayment. Court hearing scheduled for March 25, 2026, with company actively negotiating settlements with all creditors to withdraw petition.

Angkor Resources Corp · ANK.V (CA) · Mkt Cap: $49M · EV: $53M [Oil and gas exploration company with projects in Cambodia] Company completed sale of 40% interest in Evesham oil and gas assets for $4.8M, eliminating $3.8M in debt and providing $1M net proceeds. Transaction received over 99% shareholder approval and allows focus on Cambodian exploration projects.

Hain Celestial Group · HAIN (US) · Mkt Cap: $72M · EV: $770M [Natural and organic food and personal care products company] Hain Celestial completed the sale of its North American Snacks business to Snackruptors Inc. for $115M on March 2, 2026. Proceeds will reduce debt and support investment in higher-margin core categories including Celestial Seasonings teas, The Greek Gods yogurt, and Earth’s Best Organic.

Franklin Street Properties Corp. · FSP (US) · Mkt Cap: $72M · EV: $292M [Commercial real estate investment trust] Franklin Street entered into a new $320 million secured credit facility with Silver Oak Capital/TPG Credit affiliate, consisting of $275 million initial term loans and $45 million delayed draw capacity. The facility carries a 9.0% initial interest rate with 6% original issue discount, 3-year term with 1-year extension option, and is secured by substantially all company assets.

MFS High Yield Municipal Trust · CMU (US) · Mkt Cap: $94M [Closed-end municipal bond investment fund] MFS High Yield Municipal Trust announced a tender offer for up to 50% of outstanding shares at 99% of NAV, contingent on shareholder approval of its reorganization into MFS Municipal Income Trust. The tender offer provides liquidity ahead of the reorganization expected around June 1, 2026, with shareholder vote scheduled for March 11, 2026.

Precision BioSciences · DTIL (UN) · Mkt Cap: $100M · EV: $40M [Gene-editing company developing therapeutic applications using ARCUS platform] Precision BioSciences faces significant cash crunch and trades at distressed micro-cap levels. The company has restructured operations, narrowed focus, and relies on partnerships to extend cash runway while facing potential delisting risk.

Shalby Limited · SHALBY.NS (IN) · Mkt Cap: $176M · EV: $238M [Multi-specialty hospital chain and healthcare services provider] Shalby increased its shareholding in subsidiary PK Healthcare Private Limited from 87.26% to 91.13% through a ₹59.6 crore rights issue. The rights issue involved allotment of 5.96 crore equity shares at ₹10 per share in 1:2 ratio to existing shareholders.

Methode Electronics, Inc. · MEI (US) · Mkt Cap: $226M · EV: $498M [Electronic components manufacturer for automotive and industrial applications] Methode Electronics (NYSE: MEI) announced the sale of its dataMate copper transceiver business to Bel Fuse Inc. (NASDAQ: BELFA, BELFB). The divestiture is part of Methode’s portfolio refinement strategy to focus on power solutions for data centers and AI computing architectures while reducing debt.

Protean eGov Technologies Limited · PROTEAN.NS (IN) · Mkt Cap: $253M · EV: $245M [Digital governance and technology services provider] NCLT Mumbai approved the composite scheme of arrangement involving demerger with Protean Infosec Services Limited. The tribunal approved the demerger order under Companies Act provisions, with the company obtaining certified copies for stock exchange compliance.

MBIA Inc · MBI (US) · Mkt Cap: $342M · EV: $3.4B [Bond insurer and financial guarantor] MBIA announced the sale of its primary operating subsidiary National Public Finance Guarantee Corporation to Assured Guaranty Ltd and approved a $14 per share special cash dividend. The transaction marks the beginning of a controlled wind-down and capital return strategy, with MBIA transitioning from an operating company to a liquidation vehicle.

Rare Element Resources Ltd. · REEMF (UN) · Mkt Cap: $342M · EV: $273M [Mining company developing rare earth element projects] Rare Element Resources completed an oversubscribed rights offering raising $30.9 million gross proceeds through issuance of 129 million shares at $0.24 per share. Following the offering, majority shareholder Synchron will own approximately 71.4% of outstanding shares. Proceeds will fund rare earth processing operations, demonstration plant advancement, and Bear Lodge project permitting.

Apartment Investment and Management Company · AIV (US) · Mkt Cap: $626M · EV: $1.4B [Real estate investment trust focused on apartment investments and management] Shareholders approved a Plan of Sale and Liquidation to sell all assets and return net proceeds to shareholders after settling liabilities. The company will distribute a liquidating dividend of $1.45 per share and has already sold its Chicago apartment portfolio for $455 million.

ARKO Corp · ARKO (US) · Mkt Cap: $714M · EV: $3.1B [Convenience store and fuel retail operator] ARKO completed a carve-out IPO of its wholesale/fleet fueling subsidiary ARKO Petroleum, raising $200 million and reducing debt by $184 million while retaining a 76% stake. The new public subsidiary trades at approximately $900 million valuation. ARKO is also executing a ‘dealerization’ strategy, converting 410 retail locations to dealer-operated with plans for 120 more conversions.

ams-OSRAM AG · AMS.SW (SW) · Mkt Cap: $1.1B · EV: $3.2B [Semiconductor and sensor solutions company focusing on optical technologies] ams OSRAM completed the sale of its Entertainment and Industry Lamps business to Ushio Inc. for EUR 114 million cash. The transaction is part of a comprehensive deleveraging plan to achieve net-debt to adjusted EBITDA ratio below 2, including production facilities in Berlin and approximately 500 employees.

Cyient Limited · CYIENT.NS (IN) · Mkt Cap: $1.1B · EV: $986M [Engineering and technology services provider] NCLT Bengaluru has ordered liquidation of Infotech HAL Limited, a 50:50 joint venture between Cyient Limited and Hindustan Aeronautics Limited, with liquidator appointed to conduct wind-up proceedings. The joint venture filed for liquidation under the Insolvency and Bankruptcy Code after failed resolution process.

CBL Properties · CBL (US) · Mkt Cap: $1.1B · EV: $3.3B [Shopping mall and retail property REIT] Company acquired Gateway Mall in Lincoln, Nebraska for $43.5 million, financing with $21 million loan at 6.46% interest. Separately entered contract to sell open-air center for net proceeds of $25 million at 8% cap rate, with April closing expected.

Elementis · ELM.L (UK) · Mkt Cap: $1.2B · EV: $1.5B [Specialty chemicals company producing additives and materials] Elementis is executing a major strategic transformation called ‘Elevate Elementis’ to become a pure-play specialty chemicals business, including divestments, acquisitions, and cost cuts. The company completed a £40M share buyback in 2025, acquired Alchemy Ingredients for $22M, and agreed to sell its pharmaceutical manufacturing business to Associated British Foods with proceeds to be returned to shareholders in Q2 2026.

Pokka Sapporo Food & Beverage · 2270.T (JP) · Mkt Cap: $1.3B · EV: $1.6B [Beverage and food company (subsidiary of Sapporo Holdings)] Company will spin off entire vending machine business (40,000 machines) to Life Drink Company through corporate divestiture, effective October 2026. Deal includes three vending machine subsidiaries and represents strategic exit from vending sector to refocus on core lemon business.

Senko Group Holdings · 9069.T (JP) · Mkt Cap: $2.1B · EV: $4.1B [Logistics and supply chain services company] Senko Group announced major organizational restructuring effective April 1, 2025, including consolidation of agricultural companies and merger of Senko Shoji and SENKO International Trading. (Note: restructuring effective date was April 2025; entry reflects recent reporting on the completed organizational change.)

Fasadgruppen Group AB · FASA.ST (SE) · Mkt Cap: $3.1B · EV: $3.0B [Swedish construction company specializing in facade and building envelope solutions] Fasadgruppen’s extraordinary general meeting approved a rights issue of approximately SEK 504 million (~$48 million USD). The board initially resolved on the rights issue on February 3, 2026, subject to shareholder approval, which was granted on March 6, 2026.

Macy’s · M (US) · Mkt Cap: $4.9B · EV: $9.7B [Department store retailer] Announced closure of 14 additional stores across 12 states as part of ‘Bold New Chapter’ plan to close 150 underperforming stores by 2026. Company has already closed 66 locations, with targeted stores representing 25% of square footage but less than 10% of sales.

Core Scientific · CORZ (US) · Mkt Cap: $4.9B · EV: $5.8B [Bitcoin mining and AI data center operator] Core Scientific announced plans to sell up to 2,500 BTC (substantially all of its bitcoin holdings) by Q1 2026 to finance its pivot from bitcoin mining to AI data center operations. The company is winding down mining operations due to declining profitability and network difficulty pressures.

Acea S.p.A. · ACE.MI (IT) · Mkt Cap: $6.0B · EV: $12.5B [Italian utility company] Executing partial demerger by spin-off, transferring centralized services operations to newly created wholly-owned subsidiary a.evolution S.p.A. Board approved the transaction on February 13, 2026, as part of reorganization to centralize management of services provided to Group companies.

Max Financial Services Ltd · MFSL.NS (IN) · Mkt Cap: $6.4B [Financial services holding company] Max Financial Services is considering merging with its 81%-owned subsidiary Axis Max Life Insurance to enable direct listing of the insurance business. The board granted in-principle approval, with the restructuring requiring regulatory approvals including from IRDAI and consent from Axis Bank entities who own 19% of the insurer. If the merger doesn’t complete by agreed timelines, Axis entities can trigger alternative options including an IPO process, with listing commitment by April 2027.

Fluor Corp. · FLR (US) · Mkt Cap: $6.5B · EV: $4.1B [Engineering and construction company providing project management services] Fluor Corp. is monetizing its stake in NuScale Power, having received $1.35 billion from share sales in early 2026 and raising almost $2 billion total in proceeds. The company is returning capital to shareholders through massive share buybacks, repurchasing nearly 17 million shares for over $700 million and authorizing an additional 30 million shares for repurchase (representing over 20% of outstanding shares).

Mebuki Financial Group · 7167.T (JP) · Mkt Cap: $7.7B · EV: $2.2B [Regional banking and financial services group] Mebuki Financial Group announced establishment of a subsidiary and internal group business reorganization. The company recently raised its full-year profit forecast and increased dividend guidance by 2 yen for the March 2026 fiscal year.

Stora Enso Oyj · STEAV.HE (FI) · Mkt Cap: $10.0B · EV: $13.9B [Forest industry company producing paper, packaging materials and wood products] Stora Enso announced the executive management team for its new forest asset company that will be demerged from the parent company, with completion expected in H1 2027. The demerger follows a strategic review completed in November 2025 and aims to create the largest listed pure-play forest company in Europe. Tuomas Hallenberg was appointed CEO.

Aptiv PLC · APTV (US) · Mkt Cap: $15.4B · EV: $21.9B [Automotive technology company providing electrical systems and software solutions] Aptiv’s Board approved the spin-off of its Electrical Distribution Systems business into Versigent, a new public company. Record date is March 17, 2026, distribution April 1, 2026, with shareholders receiving 1 Versigent share for every 3 Aptiv shares. Versigent will trade on NYSE under ticker VGNT.

Associated British Foods · ABF.L (UK) · Mkt Cap: $17.7B · EV: $21.9B [International food and retail conglomerate operating Primark stores and food businesses] Associated British Foods has appointed Eoin Tonge as permanent CEO of Primark/Penneys, replacing interim leadership after the previous CEO’s resignation. This comes as ABF is conducting a strategic review of its group structure announced in November, with potential demerger of the Primark business being considered due to its ‘size and complexity’.

Toyota Tsusho Corporation · 8015.T (JP) · Mkt Cap: $42.4B · EV: $55.4B [Trading company and Toyota Group member] Announced simplified absorption-type company split with a subsidiary. Stock declined 6.66% following the announcement, though specific terms and details of the restructuring were not disclosed.

MicroStrategy · MSTR (US) · Mkt Cap: $46.0B · EV: $56.1B [Business intelligence software company that holds Bitcoin as treasury asset] Multiple Bitcoin treasury companies are unwinding positions as sector collapses. GD Culture approved selling 7,500 Bitcoin ($505M) for share buybacks, while Empery Digital faces shareholder revolt demanding sale of all Bitcoin holdings. MicroStrategy trades at $133 down from $473, with 14% of shares sold short.

Singapore Telecommunications Limited · Z74.SI (SI) · Mkt Cap: $64.5B · EV: $71.0B [Telecommunications and digital services provider] Company appointed provisional liquidators for winding up of subsidiary Singtel Strategy as part of corporate restructuring. Parent recently completed major transactions including SG$6.6 billion data center deal with KKR.

Block Inc · SQ (US) [Digital payments and financial services platform operating Square, Cash App, and Afterpay] Block announced a major restructuring cutting more than 4,000 jobs (~40% of workforce), reducing headcount from over 10,000 to under 6,000, as part of an AI-driven reorganization. CEO Jack Dorsey tied the cuts directly to productivity gains from AI tools. Stock surged over 20% in after-hours trading following the announcement alongside raised 2026 guidance.

Easor Plc · EASOR (None) [Software business serving SME customers and accounting firm partners] Easor began trading on Nasdaq Helsinki Main Market following completion of partial demerger from Talenom. The demerger separated Talenom into two companies, with Easor focusing on software business serving over 15,000 SME customers and 220 accounting firm partners across Finland, Sweden, Spain and Italy.

Insignia Systems Inc · ISIG (INTL) [Marketing services and in-store advertising solutions provider] Insignia Systems delisted from Nasdaq and deregistered with the SEC, becoming a non-reporting dark company. The company previously sold substantial assets through strategic review process and is winding down operations while positioning for potential asset monetizations or strategic deals.

Faron Pharmaceuticals Ltd · FARN (INTL) [Clinical-stage biopharmaceutical company developing cancer immunotherapies] Shareholders approved board authorization to issue up to 80 million new shares in a rights offering. The authorization is valid until June 30, 2026, with the board having discretion over pricing, timing, and terms of the offering.

Azul S.A. · AZLUY (INTL) · Mkt Cap: None · EV: None [Brazilian airline] Completed Chapter 11 bankruptcy reorganization effective February 20, 2026, including a 75-to-1 reverse stock split and new share issuance to committed investors and existing noteholders. The reorganization plan was confirmed by U.S. Bankruptcy Court in December 2025.

Lemon Tree Hotels · LEMON.NS (INTL) · Mkt Cap: None · EV: None [Hotel operator in India] Announced restructuring to become fully asset-light by shifting all hotel ownership to subsidiary Fleur. Plans to create two distinct publicly traded entities within 12-15 months through this separation.

Justera Health Ltd. · VTAL.V (INTL) · Mkt Cap: None · EV: None [Healthcare company] Announced sale of subsidiary Port North Extracts Inc. for $1 with buyer assuming all liabilities. CEO Joshua Herman and CFO Paul Haber both resigned, leaving Young Cho Lee as sole director and officer.

GD Culture · Unknown (INTL) · Mkt Cap: None · EV: None [Company with Bitcoin treasury holdings] Approved sale of some or all of its 7,500 Bitcoin holdings (worth ~$505 million) to fund a $100 million share repurchase program. Company has 42% unrealized loss (~$208 million) on Bitcoin position acquired five months ago.

EEI Corp. · EEI.PS (INTL) · Mkt Cap: None · EV: None [Construction company in the Philippines] Conducting ₱11.42 billion debt resolution by assuming subsidiary liabilities in exchange for shares, and consolidating non-core assets into EEI Ventures Inc. through 300 million share swap at ₱22.22 per share. Management indicates consolidated real estate entity could eventually be spun off via IPO.

Nobia AB · NOBI-B.ST (INTL) · Mkt Cap: None · EV: None [Kitchen cabinet manufacturer] Conducting SEK 1.5 billion rights issue while simultaneously divesting British operations for zero consideration. Restructuring includes substantial dilution for existing shareholders through the capital raise.

Inland ZDP PLC · INLZ (UK) · Mkt Cap: N/A · EV: N/A [Zero Dividend Preference Share investment company] Cancelling listing of Zero Dividend Preference Shares from London Stock Exchange effective March 30, 2026. Company is in voluntary liquidation and liquidators consider maintaining listing no longer necessary during winding-up process.

Mahindra & Mahindra Ltd · MAHM.NS (IN) · Mkt Cap: N/A · EV: N/A [Automotive and farm equipment manufacturer] Associate company Mitsubishi Mahindra Agricultural Machinery approved winding down agricultural machinery business by H1 FY27, ceasing R&D, production, and sales. MAM contributed ₹1,786 crore revenue but posted ₹151.6 crore losses, representing 1.17% drag on M&M’s consolidated PAT.

Cumulus Media Inc. · CMLS (US) · Mkt Cap: $122K · EV: $755M [Radio broadcasting company operating local radio stations] Cumulus Media entered a restructuring support agreement to eliminate approximately $600 million of debt through a prepackaged Chapter 11 bankruptcy filed March 5, 2026. The plan calls for 100% cancellation of existing funded debt in exchange for 100% of reorganized equity plus $50 million of new convertible notes. Court hearing expected within 60 days with emergence contingent on FCC approvals.

King International Investment Limited · 928.HK (INTL) [Investment holding company with healthcare subsidiary] King International faces a winding-up petition filed by Huang Xiaojun over HK$259,862 in overdue employment contract payments from subsidiary Life Healthcare. The petition hearing is scheduled for May 13, 2026, with any share transfers after Feb 27, 2026 potentially void without court validation if winding-up proceeds.

MultiChoice Group · MCG.JO (INTL) [Pay-TV and streaming services provider in Africa] MultiChoice, recently acquired by Canal+, announced the discontinuation of its Showmax streaming platform which has over 3 million subscribers, citing substantial annual losses. The decision follows Canal+’s completion of MultiChoice acquisition in late 2025 after a process that began in 2020. MultiChoice will transition to Canal+’s in-house streaming platform as part of post-acquisition integration.

Cepatwawasan Group Bhd · CEPAT.KL (INTL) [Renewable energy and investment company] Cepatwawasan is restructuring its renewable energy business by selling a 40% stake in its 12MW Sandakan biomass plant to ASX-listed subsidiary Timah Resources for RM31.61 million on deferred payment terms. The transaction aims to unlock value in the renewable energy segment with completion expected by Q2 2026.

IMAC Holdings, Inc. · BACK (US) · Mkt Cap: $218K · EV: $4M [Outpatient medical clinic operator focusing on regenerative medicine] IMAC Holdings has issued multiple unsecured promissory notes at substantial discounts (28-29%) with short maturities, raising approximately $699K in cash proceeds against $979K in principal obligations through October 2025. The company has also experienced SEC filing delays and a board resignation, indicating potential financial distress.

Oando Plc · OANDO.NG (INTL) [Integrated oil and gas company] Oando Plc is conducting a rights issue to existing shareholders at N50.00 per share on a 1-for-2 basis, with a February 13, 2026 due date. The stock broke out to N50.25, trading above the rights issue price, as the market views this as balance sheet strengthening and debt management. The capital raise is positioned as part of broader recapitalization and restructuring efforts.

Prabha Energy Limited · (INTL) [Energy company] Prabha Energy announced a rights issue of 96.67 million shares at ₹144 per share, raising ₹139.2 crores with a 5:14 entitlement ratio and March 11, 2026 record date. Promoters will forgo their entitlements to achieve minimum public shareholding compliance under SEBI regulations.

TPI Composites · TPICQ (UN) · Mkt Cap: $258K · EV: $479M [Manufacturer of composite wind blades for wind turbines] TPI Composites announced three restructuring deals with Vestas: selling Chennai manufacturing assets for $10M cash, transferring 100% equity of Mexico units V and VI to Vestas for $14M, and transferring selected Matamoros assets for $1 plus assumed liabilities. All deals are subject to court approval and aimed at streamlining operations and strengthening liquidity.

Aferian · AFRN.L (UK) · Mkt Cap: $819K · EV: $21M [Technology company providing TV and video solutions] Aferian shares suspended from AIM trading as company prepares for administration and sale of operating subsidiaries 24i and Amino to single buyer. Sale proceeds expected to be significantly below £16.5M secured debt, with shareholders receiving no return from the deal.

DCM Shriram International Limited · DCMSRM.BO (INTL) [Indian diversified company operating in sugar, farm solutions and plastics segments] DCM Shriram International completed a Composite Scheme of Arrangement involving demerger and amalgamation that became effective December 17, 2025, with shares listing on BSE and NSE on February 17, 2026. The company reported its first post-restructuring quarterly results with ₹115.56 crore revenue and ₹3.89 crore profit for Q3 FY26. The restructuring involved DCM Hyundai Limited becoming an associate company.

Copper Property CTL Pass Through Trust · CPTA (INTL) [Liquidating trust holding retail properties and distribution centers from J.C. Penney bankruptcy] Copper Property CTL Pass Through Trust, a liquidating trust created from J.C. Penney’s Chapter 11 bankruptcy holding 160 retail properties and 6 warehouse distribution centers, issued its monthly distribution of $6.2 million ($0.082844 per certificate) for February 2026. The trust’s objective is to sell all properties to third parties as promptly as practicable.

Prodways Group · PWG.PA (INTL) [3D printing and digital manufacturing solutions provider] Prodways Group signed agreement to sell its Software business (AvenAo subsidiary) for €35 million, which exceeds the company’s current market capitalization. The sale is part of the company’s 2025 strategy to divest from the Systems division, with plans to distribute a significant portion of proceeds to shareholders.

Other Situations (38)

TIAN RUIXIANG Holdings Ltd · TIRX (CH) · Mkt Cap: $3M [Chinese holding company] TIAN RUIXIANG Holdings received Nasdaq delisting notification due to closing bid price of $0.10 or less for ten consecutive trading days. Trading will be suspended March 5, 2026, and the company is implementing a 1-for-50 reverse stock split while appealing the delisting decision.

XTL Biopharmaceuticals Ltd. · XTLB (IS) · Mkt Cap: $7M · EV: $683M [Biopharmaceutical company developing treatments for autoimmune diseases] XTL received a delisting notice from Nasdaq after being determined a ‘public shell’ following its main subsidiary The Social Proxy entering liquidation proceedings. The company also faces delisting for failing to meet minimum stockholders’ equity ($2.5M) and $1 bid price requirements, and plans to request a hearing to appeal.

Allurion Technologies, Inc. · ALUR (US) · Mkt Cap: $8M · EV: $83M [Medical technology company developing weight loss solutions] NYSE commenced delisting proceedings against Allurion for failing to maintain minimum listing standards of $50 million in stockholders’ equity or market cap on a 30-day average basis. The company has 10 business days to request a review by the NYSE Board Committee.

Vicarious Surgical Inc. · RBOT (US) · Mkt Cap: $14M · EV: $5M [Robotic surgical technology developer] NYSE announced delisting proceedings against Vicarious Surgical due to falling below the $15 million average market cap requirement over 30 consecutive trading days. Trading has been suspended immediately, though the company can appeal the decision.

Citi Pharma Limited · CPHL.KA (INTL) · Mkt Cap: $24M [Pharmaceutical manufacturer] Citi Pharma’s board approved an IPO of its wholly owned subsidiary Citi Veterinary Pharma Limited, targeting Rs1-2 billion in capital raising. The subsidiary will focus on veterinary APIs and pharmaceutical products for the local Pakistan market, with K-Trade Securities appointed as IPO consultant.

Old Market Capital Corporation · OMCC (UN) · Mkt Cap: $29M · EV: $21M [Investment holding company] Old Market Capital Corporation’s Board approved a plan to voluntarily delist its common stock from NASDAQ Capital Market and transition to OTC trading. The company will file Form 25 to remove its listing and deregister under Section 12(b), followed by Form 15 to suspend periodic reporting obligations.

Novacyt S.A. · ALNOV.PA (FR) · Mkt Cap: $32M · EV: $18M [Clinical diagnostics company specializing in infectious disease testing] Company conducting rights issue to raise up to €784,736 at €0.40 per share (1 new share for every 36 existing shares) following completion of Southern Cross Diagnostics acquisition. Subscription commitments for €605,826 (77% of raise) secured from SCD seller and board members, with subscription period March 6-17, 2026.

Ventus Venture Capital Trust · VEN.L (UK) · Mkt Cap: $53M [UK venture capital trust that invested in wind farm portfolio] Ventus VCT is in final stages of liquidation after completing sale of its wind farm portfolio. The trust is preparing for formal dissolution and final capital distribution to shareholders while maintaining HMRC compliance to preserve VCT tax benefits until termination.

Spir Group · SPIR.OL (NO) · Mkt Cap: $118M · EV: $138M [Norwegian business services company] Euronext Oslo Børs has decided to delist shares of Spir Group from the exchange. Limited details on the reasoning or timeline for the delisting decision have been provided.

Digital Hearts Holdings · 3676.T (JP) · Mkt Cap: $132M · EV: $118M [Video game testing and quality assurance services] Digital Hearts Holdings has withdrawn its plan for a dividend-type spin-off and IPO of its subsidiary AGEST. The company was previously planning to distribute AGEST shares to existing shareholders and list the subsidiary separately on the stock exchange.

Toho Zinc Co., Ltd. · 5707.T (JP) · Mkt Cap: $152M · EV: $568M [Zinc smelting and refining operations] Toho Zinc announced a third-party allotment of warrants to investment company Apricus Partners, raising approximately 6.1 billion yen. The warrants have an initial exercise price of 1,736 yen and are exercisable from March 17 through March 17, 2028. The dilution rate is 25.76% of outstanding common shares and 11.26% of total voting rights including preferred shares.

Finance of America Companies Inc. · FOA (US) · Mkt Cap: $178M · EV: $11.5B [Residential mortgage lender and servicer] Major shareholder group led by Brian Libman now beneficially owns 50.81% of Finance of America following Blackstone’s complete exit on February 27, 2026. The reporting persons hold approximately 6.96M FoA Units, 1.14M shares of Class A common stock, and notes exchangeable for 1.20M shares.

Bakkt Holdings Inc. · BKKT (US) · Mkt Cap: $256M · EV: $191M [Digital asset marketplace and crypto trading platform] Bakkt completed pricing of a registered direct offering of 3,024,799 Class A common shares and pre-funded warrant securities at $8.75 per share, raising $48.125 million total. The pre-funded warrants allow purchase of up to 2,475,201 additional Class A shares at $8.7499 each. Transaction expected to close around March 2, 2026.

Tetragon Financial Group Limited · TFG.AS (NL) · Mkt Cap: $1.2B · EV: N/A [Alternative investment management company] Tetragon announced intention to conduct a tender offer for up to $50 million of its non-voting shares using a modified Dutch auction structure, to be held as treasury shares. The company also declared a $0.12 per share dividend for Q4 2025, with management noting the repurchase at below NAV would be accretive to fully diluted NAV per share.

Fractal Analytics · FRACTAL.NS (IN) · Mkt Cap: $1.5B · EV: $1.1B [AI and analytics services company providing decision support solutions] Fractal Analytics completed its IPO listing on NSE India on February 16, 2025. (Note: IPO completion is over a year old; entry may be for background context only.) The company has been operating for 26 years in AI and analytics services, focusing on using mathematics and behavioral science to help organizations make decisions.

Lancashire Holdings Limited · LRE.L (UK) · Mkt Cap: $1.9B · EV: $1.3B [Specialty insurance and reinsurance company] Lancashire Holdings reported strong 2025 results with 21% ROE and returned $296.5 million to shareholders including a $0.50 special dividend, with an additional $0.50 special dividend announced. The company maintains a 240% solvency ratio and expects stable top line despite anticipated high single-digit rate reductions in 2026.

Kinetik Holdings Inc · KNTK (US) · Mkt Cap: $3.0B · EV: $10.4B [Natural gas pipeline and midstream infrastructure operator] Amended Schedule 13D filing shows reporting persons hold 18.57 million Common Units paired with Class C shares redeemable for Class A shares on 1:1 basis, plus 1.6 million Class A shares acquirable under Contribution Allocation Agreement. Buzzard Midstream converted 4 million Common Units to Class A shares.

Ingram Micro Holding Corporation · INGM (US) · Mkt Cap: $5.1B · EV: $8.0B [Technology distribution and supply chain services company] Principal stockholder Platinum Equity is conducting a $200 million secondary offering of INGM shares, with concurrent $50 million share repurchase by the company from the selling stockholder at the same net price as the public offering. The repurchase is part of INGM’s existing $100 million buyback program and will be funded with cash on hand.

TPG Telecom · TPG.AX (AU) · Mkt Cap: $5.6B · EV: $8.3B [Australian telecommunications services provider] TPG Telecom completed a follow-on equity offering totaling A$73.4 million through a rights offering to existing shareholders. The offering involved 20.6 million ordinary shares priced at A$3.57 per share.

Applied Digital Corporation · APLD (US) · Mkt Cap: $7.3B · EV: $8.6B [Data center operator focused on high-performance computing and AI infrastructure] Applied Digital’s subsidiary announced a proposed $2.15 billion senior secured notes offering due 2031. Proceeds will fund development and construction of 200 megawatts of critical IT load at Polaris Forge 2, an AI Factory campus in North Dakota currently leased to Oracle.

Galaxy Digital · GLXY.TO (CA) · Mkt Cap: $8.1B · EV: $7.2B [Digital asset and blockchain technology investment firm] Galaxy Digital announced voluntary delisting from Toronto Stock Exchange. Company recently implemented $200 million share repurchase program representing 5% of issued share capital and reported Q4 2025 losses.

Fidelity National Financial, Inc. · FNF (US) · Mkt Cap: $13.5B · EV: $15.6B [Title insurance and real estate services provider] FNF announced a special stock distribution of approximately 16 million shares of F&G Annuities & Life, representing about 12% of F&G’s outstanding shares. The distribution will be made on December 31, 2025 to shareholders of record as of December 17, 2025, with shareholders receiving approximately 6 F&G shares for every 100 FNF shares owned.

Blue Owl Capital Inc. · OWL (US) · Mkt Cap: $15.4B · EV: $14.1B [Alternative asset manager focused on private credit and real estate] Blue Owl Capital Corp. II (OBDC II), advised by Blue Owl, received an unsolicited minority tender offer from Cox Capital Partners and Saba Capital Management at approximately 65% of net asset value. The board is reviewing the offer while OBDC II proceeds with a 30% return of capital distribution to shareholders at NAV, followed by ongoing quarterly capital returns.

Ayala Land · ALI.PS (INTL) · Mkt Cap: N/A · EV: N/A [Philippine real estate development and property investment] Ayala Land sold 88 million shares of AREIT in a block sale at 42 pesos per share, raising approximately 3.7 billion pesos before expenses. The transaction is scheduled to settle on March 3, 2026, and the company plans to submit a reinvestment plan for the proceeds.

Yangzijiang Maritime Development Ltd · 8YZ.SI (SI) · Mkt Cap: N/A · EV: $1.2B [Shipbuilding and maritime services] Yangzijiang Maritime is seeking shareholder approval at March 6, 2026 EGM for a share buyback mandate as part of capital management strategy. Company recently completed IPO in November 2025 and Chairman emphasized buybacks as opportunity to reward shareholders when share price doesn’t reflect intrinsic value.

Nabors Energy Transition Corp. II · NETD (INTL) [Special purpose acquisition company (SPAC) focused on energy transition investments] SPAC held extraordinary meeting to approve indefinite extension of business combination deadline but expects to redeem all public shares and delist from Nasdaq as it will not consummate a deal within required timeframe. Company received $29.23 million settlement from failed e2Companies merger via secured notes, with public shareholders able to redeem at approximately $11.31 per share based on $155.3 million trust account.

Graphjet Technology · GTIJF (MA) · Mkt Cap: $607,519 · EV: $2M [Technology company developing graphene production from palm waste] Nasdaq Listing and Hearing Review Council affirmed delisting of Class A ordinary shares, effective November 13, 2025, due to deficiencies under Nasdaq Listing Rules. The company’s appeal to demonstrate compliance was denied.

Ryanair · RYA.L (INTL) [Low-cost European airline] Airline stocks declining as passengers scramble to leave Middle East due to escalating Iran conflict. Ryanair seeing surge in Easter bookings to Europe as travelers avoid Middle East destinations due to war.

HealthCare Global Enterprises Limited · HCG (INTL) [Cancer care hospital chain in India] Company approved rights issue of 82.95 million shares at ₹512 per share to raise approximately ₹4,247 crore, representing 1:17 ratio for existing shareholders. The issue opens March 11-25, 2026, with rights price at discount to current market price of ₹561.

Pioneer Municipal High Income Advantage Fund, Inc. · MAV (INTL) [Municipal bond closed-end fund] MAV shareholders approved a Plan of Liquidation and Dissolution at a special meeting. The fund will wind up its business affairs, liquidate its portfolio, and make cash distributions to stockholders before ceasing trading on the NYSE.

Intellego Technologies AB · INTEGO.ST (INTL) [Technology company] Nasdaq Stockholm’s Disciplinary Committee decided to delist Intellego Technologies from Nasdaq First North Growth Market due to serious violations of market rules and EU Market Abuse Regulation. The company’s new board, installed after an extraordinary general meeting in February 2026, has attempted unsuccessfully to meet with Nasdaq to discuss alternatives.

Asian Terminals Inc. · ATI.PS (INTL) [Port terminal operator] Asian Terminals successfully completed its tender offer collecting 177.612 million shares (9.16% of outstanding), achieving the required 95% threshold for voluntary delisting from Philippine Stock Exchange. State-owned Maharlika Investments Corp. acquired 11.2% stake as part of the delisting process, with delisting effective April 3, 2026.

AIB Group PLC · AIB.L (INTL) [Irish commercial bank] AIB Group launched a new EUR1 billion share buyback program to be completed by end of 2026, with all repurchased shares to be cancelled, representing approximately 8-10% of market cap. The bank also raised its dividend 58% to 58.59 cents per share despite an 11% profit decline to EUR2.40 billion.

Galaxy Agrico Exports Limited · GALAXYAGR.BO (INTL) [Agricultural products exporter] Galaxy Agrico Exports’ Rights Issue Committee approved applications for 1.19 crore Rights Equity Shares from 273 non-eligible shareholders, bringing total rights issue size to 1.32 crore shares. The rights issue timeline was extended with closing date moved from February 11 to February 18, 2026, subject to BSE approval.

SpaceX · Private (INTL) · Mkt Cap: N/A · EV: N/A [Private aerospace and satellite company developing launch vehicles and spacecraft] Elon Musk is reportedly preparing to take SpaceX public with a $1.75 trillion valuation. The IPO would potentially be one of the largest public offerings ever, with significant interest from early investors, staff, and bankers.

Jollibee Foods Corporation · JFC.PS (INTL) · Mkt Cap: N/A · EV: N/A [Philippine fast food and restaurant chain operator] Jollibee is evaluating an IPO for its Vietnamese coffee subsidiary Highlands Coffee on Vietnam’s Stock Exchange, targeting completion by Q1 2027. The subsidiary has grown from 56 stores in 2012 to nearly 1,000 locations currently.

Robinhood Ventures Fund I · RVI (US) [Closed-end fund providing retail investors access to private companies] RVI priced its IPO at $25 per share, raising $658.4 million through 12.6 million shares. The fund holds private companies including Databricks (23.24%) and Revolut (14.30%). Trading began on NYSE on March 6, 2026.

Restaurant Brands International Inc. · QSR (US) · Mkt Cap: ~$20B [Quick-service restaurant franchisor operating Tim Hortons, Burger King, Popeyes, and Firehouse Subs] RBI recommends shareholders reject an unsolicited mini-tender offer from New York Stock and Bond LLC (”NYSB”) to purchase up to 100,000 common shares (~0.03% of outstanding) at $43.60/share — a 34.9% discount to the Jan. 30, 2026 closing price of $66.99. NYSB routinely makes below-market mini-tender offers across multiple companies; RBI has no affiliation with NYSB and urges shareholders not to tender.

Special Situations Digest - #4

Clark Square Capital — Sun, 01 Mar 2026 19:45:42 GMT

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the fourth edition of our weekly Special Situations Digest.

I would appreciate some feedback on this: What sort of special sits do you want to see more of? Which countries? Any other features? Please leave a comment.

And please, if you find this value additive/helpful, share it with a friend or colleague. Or even better, share it on social media.

Please also note that these summaries are AI-generated and can be wrong — so make sure to do your own due diligence. Note that each entry has a link to the article, so you can follow that to do more digging.

Thanks, and happy hunting.

CSC

If you missed it earlier this week, check out my latest write-up here:

Here is an Excel file that you can easily sort through, in case it’s useful:

Weekly Digest 2026 03 01

42.2KB ∙ XLSX file

Activist Campaigns

The Works · WRKS.L (UK) · Mkt Cap: $32M · EV: $143M [UK discount retailer selling books, stationery, toys and crafts] Activist investor Kelso increased its stake from 6.6% to 7% and wrote to the board with constructive proposals to close the valuation gap. The Works trades at just 1.65x EV/EBITDA despite £250m+ annual revenue and recent operational improvements including debt reduction and like-for-like sales growth of 4%.

Noodles & Co. · NDLS (US) · Mkt Cap: $32M · EV: $303M [Restaurant chain] Galloway Capital Partners LLC has increased its stake in Noodles & Co. The activist investor had previously encouraged the company to sell off stores and remains confident in the company’s comeback potential.

Ishii Hyoki Co., Ltd. · 6336.T (JP) · Mkt Cap: $51M · EV: $32M [Manufactures industrial machinery and equipment] Ishii Hyoki received a shareholder proposal from an individual shareholder regarding amendments to the company’s articles of incorporation for the 53rd Annual General Meeting scheduled for April 2026. The board will review the proposal and announce their opinion once decided.

Bluspring Enterprises Ltd · BLUSPRING.NS (IN) · Mkt Cap: $89M · EV: $123M [Infrastructure services company providing integrated facility management services] Veteran PE investor Ashish Dhawan increased stake from 4.1% to 5% (Rs 41 cr) while stock trades near all-time lows at Rs 55, down 45% from post-demerger highs. Bluspring was spun off from Quess Corp in 2025 with Rs 2,517 cr in 9-month revenues but continues reporting losses.

MFS Government Markets Income Trust · MGF (US) · Mkt Cap: $97M · EV: N/A [Closed-end fund investing in government and government-related debt securities] Sit Investment Associates filed 13D opposing MGF’s proposed reorganization into MFS Multimarket Income Trust, approved by board Dec 11, 2025. Investment adviser sent formal opposition letter Feb 24, 2026, and may nominate directors or make shareholder proposals to block transaction.

Empery Digital Inc · EMPD (US) · Mkt Cap: $130M · EV: $161M [Digital asset investment company holding Bitcoin and other cryptocurrency assets] Paige P. Bryant, a 9.8% shareholder, is demanding immediate resignation of CEO Ryan Reynolds and replacement of the board of directors. Bryant is also demanding the company sell all Bitcoin holdings and return proceeds to shareholders, alleging management attempted share buybacks at 100% of NAV while forcing shareholders to sell at steep discounts.

Reservoir Media · RSVR (US) · Mkt Cap: $588M · EV: $1.0B [Independent music publisher that acquires, manages and administers music copyrights and recorded music assets] Activist investor Irenic Capital Management (9.2% shareholder) made an unsolicited takeover bid valued at $1.1-1.2 billion including debt, at $10-11 per share. This escalates Irenic’s year-long activist campaign that previously called for a strategic review. Any deal requires support from Wesbild Inc, which holds 44% of Reservoir’s equity.

Sturm, Ruger & Co. · RGR (US) · Mkt Cap: $596M · EV: $469M [Firearms manufacturer] Beretta has built a 10% stake in Sturm, Ruger & Co. and is launching a proxy fight to nominate four executives to the nine-member board. Ruger has adopted a poison pill defense amid the contest for control, with the vote likely at the May 29 annual meeting.

Compass Diversified · CODI (US) · Mkt Cap: $603M · EV: $3.1B [Diversified holding company owning middle-market businesses across various industries] ADW Capital Management, owning 7.65% of shares, sent an open letter demanding immediate strategic review and orderly liquidation of the company. ADW estimates liquidation value of $26+ per share versus current $7.79 share price, citing structural discount to NAV due to misaligned external management structure.

Impax Environmental Markets PLC · IEM.L (UK) · Mkt Cap: $1.2B · EV: N/A [Environmental markets investment trust focusing on companies addressing environmental challenges] Activist investor Saba Capital Management blocked a planned exit offer for shareholders by failing to meet crucial conditions. The company was forced to scrap the investor exit mechanism as a result of Saba’s actions.

Penn Entertainment · PENN (US) · Mkt Cap: $1.7B · EV: $12.2B [Gaming and sports betting company] Penn Entertainment reached a settlement with activist investor HG Vora Capital Management, ending their long-running boardroom dispute. As part of the agreement, three new board members will be added, including a former Snaitech CEO.

Kohl’s Corp · KSS (US) · Mkt Cap: $2.0B · EV: $8.8B [Department store retailer] Kohl’s is experiencing renewed activist investor pressure pushing for strategic alternatives including asset sales, sale-leasebacks, or full company sale. This follows prior high-profile activist campaigns and aborted takeover offers for the department store chain.

Toho Holdings · 8129.T (JP) · Mkt Cap: $2.0B · EV: $1.2B [Pharmaceutical wholesaler] Investment fund 3D Investment Partners is conducting an aggressive activist campaign against Toho Holdings, where 3D is the largest shareholder. 3D is seeking management control and demanding governance improvements. The company has activated its poison pill defense strategy against 3D’s large-scale acquisition attempts.

Casio Computer Co., Ltd. · 6952.T (JP) · Mkt Cap: $2.3B · EV: $1.6B [Manufactures electronic devices including calculators, watches, digital cameras and musical instruments] Oasis Management Company sold nearly all of its Casio Computer stake, reducing holdings from 5.19% to 0.01% according to a Feb 26 filing. The Hong Kong-based activist had initially disclosed its stake in July 2025, causing the stock to surge 5.18% that day.

Integer Holdings Corporation · ITGR (US) · Mkt Cap: $3.0B · EV: $4.3B [Medical device and battery technology manufacturer] Integer Holdings disclosed new risk factors related to potential activist investor campaigns that could disrupt long-term strategy, force strategic shifts or governance changes, and create significant costs and share price volatility. Company preemptively warning shareholders about activist threats to current strategic direction.

Whirlpool Corporation · WHR (US) · Mkt Cap: $4.3B · EV: $10.5B [Manufactures and markets home appliances including washers, dryers, refrigerators and cooking appliances] David Tepper’s Appaloosa Management sent a public letter criticizing management for a $800M-$1B equity offering that diluted shareholders. Tepper called for “sweeping changes” and suggested the company consider strategic alternatives including potential sale or merger if leadership won’t change course.

Fortune Brands Innovations · FBIN (US) · Mkt Cap: $6.7B · EV: $8.8B [Home and security products manufacturer] Activist investor Ed Garden has taken a sizable stake and is lining up potential board nominees ahead of the annual meeting. Garden is questioning the recent fast-track CEO appointment of Amit Banati and wants a broader succession search while aiming to become the company’s largest shareholder.

LKQ Corporation · LKQ (US) · Mkt Cap: $8.5B · EV: $13.2B [Automotive parts distributor and recycler serving collision repair and mechanical service markets] Facing activist pressure from Ancora Advisors (with board representation) and Ananym Capital pushing for portfolio simplification. Company announced formal strategic review to maximize shareholder value, explicitly considering full sale, while divesting non-core European assets and selling self-service segment for $410 million.

JM Smucker Company · SJM (US) · Mkt Cap: $12.1B · EV: $19.3B [Food manufacturer] JM Smucker reached an agreement with activist investor Elliott Investment Management to add two new directors to its board - former Snyder’s-Lance CEO David Singer and NRG Energy CFO Bruce Chung. Elliott was described as one of Smucker’s largest investors and the deal includes an information-sharing agreement focused on driving shareholder value.

Blue Owl Capital Inc · OWL (US) · Mkt Cap: $16.0B · EV: $14.7B [Alternative asset manager focused on private credit and real estate] Activist investor Boaz Weinstein’s Saba Capital and Cox Capital Partners launched tender offers for Blue Owl Capital’s BDCs at 20-35% discounts to NAV. The move follows Blue Owl restricting withdrawals from one private credit fund and selling $1.4B in loans to meet redemption demands.

LG Chem · 051910.KS (KR) · Mkt Cap: $18.0B · EV: $33.9B [Korean chemical company] Korean Corporate Governance Forum is supporting activist fund Palliser Capital’s shareholder proposals demanding all 7 proposals be included in the AGM agenda. The proposals include restricting controlling shareholder LG Corp’s voting rights on conflicted matters, restructuring the board with business experts, establishing an independent NAV discount reduction committee, and selling non-core assets including a 2% stake in Korea Zinc worth 651 billion won.

Multiple Travel Companies · LUV, NCLH, TRIP, VAC, WTB.L, LYFT (US) · Mkt Cap: $25.7B · EV: N/A [Various travel companies including airlines, cruise lines, and booking platforms] Elliott Management overhauled Southwest Airlines and disclosed 10%+ stake in Norwegian Cruise Line. Starboard Value pushing Tripadvisor toward breakup/sale while Impactive Capital engineered full C-suite replacement at Marriott Vacations. Engine Capital forced Lyft negotiations and Corvex demanding Whitbread capital plan changes.

Seven & i Holdings · 3382.T (JP) · Mkt Cap: $32.4B · EV: $53.1B [Convenience store operator] Seven & i Holdings is highlighted as a specific example of current activist engagement in Japan. Activists are making demands like cash distribution, asset spin-offs, and management changes at the company.

SK Square · 402340.KS (KR) · Mkt Cap: $62.4B · EV: $61.9B [Investment holding company] British investment manager Palliser Capital disclosed a 1%+ stake in SK Square and pushed for value unlocking through expanded investments and larger share buybacks. SK Square’s stock surged over sevenfold from 78,000 won to 560,000 won, with further gains to 679,000 won as US hedge fund Third Point also targets the company for valuation enhancement.

CVS Health · CVS (US) · Mkt Cap: $96.7B · EV: $163.9B [Healthcare company operating pharmacies, health insurance, and pharmacy benefit management] Glenview Capital reduced CVS stake by 3.75 million shares (from nearly 12 million) following 25% total return since taking position. Glenview previously drove CEO replacement in October and four new board members including Glenview’s boss in November.

Toyota Motor Corporation · 7203.T (JP) · Mkt Cap: $314.9B · EV: $480.1B [Automotive manufacturer] Elliott Investment Management is actively opposing a Toyota acquisition, criticizing it as undervalued and lacking transparency, and has offered to buy shares from investors who agreed to the tender offer. The tender offer has been extended to March 2nd due to insufficient shareholder support.

Shimano Inc. · 7309 (INTL) [Manufactures bicycle components, fishing tackle and rowing equipment] Shimano’s board issued a statement regarding a shareholder proposal ahead of the company’s 119th annual general meeting. The board provided their official opinion on the shareholder proposal, which will be voted on at the upcoming AGM.

Strategic Reviews

Ensysce Biosciences · ENSC (UN) · Mkt Cap: $1M · EV: $-225,282 [Clinical-stage pharmaceutical company developing opioid safety platforms] Board initiated formal review of strategic alternatives including partnerships, licensing, capital formation, business combinations, or asset sales. No timetable has been set and no assurances the review will result in any transaction.

Axe Compute, Inc. · AGPU (US) · Mkt Cap: $7M · EV: $9M [AI compute infrastructure company with legacy biobank business] Axe Compute has engaged Cardiff Advisory to explore strategic alternatives for its Helomics biobank business, including sale, partnership, licensing, or joint venture. The biobank contains 150,000 tumor samples, 40,000 tissue blocks, 200,000+ pathology slides, and 20 years of drug response data across 137 tumor subtypes.

Mobivity Holdings Corp · MFON (UN) · Mkt Cap: $7M · EV: $27M [Mobile marketing and customer engagement platform provider] Company agreed to sell substantially all assets of its Connected Rewards division to Mistplay Inc for cash, equity, and performance-based earn-outs. Transaction expected to close in Q1 2026 and represents fundamental operational transformation as company streamlines operations.

Realfiction Holding AB · REALFI.ST (SE) · Mkt Cap: $9M · EV: $10M [Display technology company developing DPT technology] Realfiction’s board initiated a strategic review to strengthen commercialization of its DPT technology, exploring industrial partnerships, joint ventures, or strategic combinations including potential acquisition of the company or subsidiaries. The process aims to accelerate commercialization, mass production, and global sales of the display technology.

Werewolf Therapeutics, Inc. · HOWL (US) · Mkt Cap: $32M · EV: $4M [Cancer immunotherapy platform and pipeline development] Company announced it will explore strategic alternatives to maximize stockholder value, including potential sale, merger, asset sale, or licensing arrangements. Piper Sandler has been engaged as exclusive financial advisor with no defined timeline for completion.

Franklin Street Properties Corp. · FSP (US) · Mkt Cap: $85M · EV: $302M [Commercial real estate investment trust focused on office properties] Franklin Street Properties closed a $320 million secured credit facility with TPG Credit to refinance all outstanding debt and continues its review of strategic alternatives to maximize shareholder value. The facility has a 9.0% initial coupon rate, matures in February 2029 with extension option, and is secured by substantially all company assets.

JELD-WEN Holding, Inc. · JELD (US) · Mkt Cap: $169M · EV: $1.4B [Manufacturer of doors and windows for residential and commercial construction] JELD-WEN is conducting a comprehensive strategic review of its Europe business while implementing a 2025 restructuring plan that involves an approximately 11% reduction in its North America and Corporate workforce. Bank of Nova Scotia has taken a 5.2% passive stake in the company.

Aspen Aerogels, Inc. · ASPN (US) · Mkt Cap: $224M · EV: $294M [Aerogel insulation products for industrial applications] Company reported $389.6 million net loss for 2025 with revenue declining from $452.7M to $271.1M due to regulatory changes. Strategic review initiated to strengthen competitive positioning and optimize capital structure while maintaining $158.6 million cash balance.

Funko Inc · FNKO (US) · Mkt Cap: $274M · EV: $548M [Pop culture consumer products company specializing in collectible figures and merchandise] Funko’s investor Pleasant Lake Partners has urged the toymaker to explore strategic alternatives, including a potential sale. Following the disclosure, Funko shares surged approximately 25%.

MarineMax · HZO (US) · Mkt Cap: $652M · EV: $1.8B [Recreational boat and yacht dealer with financing and insurance services] MarineMax has engaged Wells Fargo to evaluate strategic alternatives following a $1bn+ acquisition proposal from Donerail Group (5% stakeholder). The company has sent confidentiality agreements to potential bidders including Blackstone and Centerbridge, with the process allowing review of documents for possible bids.

Forward Air Corporation · FWRD (US) · Mkt Cap: $816M · EV: $2.9B [Transportation and logistics services company] Forward Air announced it is nearing conclusion of a strategic review of its entire business that began early last year, with potential sale of part or all of the enterprise. The review was initiated following investor pressure over a contested merger with Omni Logistics. The company reported Q4 net loss of $28.3 million with net debt at 5.5x EBITDA.

HAMBORNER REIT AG · HAB.DE (DE) · Mkt Cap: $857M [German real estate investment trust focused on retail and office properties] HAMBORNER REIT announced a strategic portfolio refocus to become a retail-only REIT, shifting away from office properties which will be reduced from current levels to 10-20% of portfolio through selective disposals. The company will reallocate capital into retail properties in local supply and DIY stores, expanding investment criteria and geographic focus within Germany.

InMode Ltd. · INMD (US) · Mkt Cap: $898M · EV: $417M [Medical technology company developing minimally invasive aesthetic and medical solutions] InMode’s independent transaction committee concluded its strategic review process and determined that none of the final proposals received was adequate or in shareholders’ best interests. The committee had been evaluating transaction proposals including a previous $18.00 per share offer from Steel Partners for 51% of the company.

BW Offshore · BWO.OL (NO) · Mkt Cap: $971M · EV: $1.1B [Floating production storage and offloading (FPSO) vessel operator] BW Offshore announced it has engaged an external adviser to assist in a strategic review process, responding to incoming interest for the company amid a strong FPSO market. The company reported $240.1 million EBITDA in 2025 and expects 2026 EBITDA of $340-370 million as BW Opal FPSO ramps up production.

Air New Zealand · AIR.NZ (NZ) · Mkt Cap: $1.1B · EV: $2.0B [National airline providing domestic and international passenger and cargo services] Air New Zealand reported a wider-than-expected first-half loss and announced it is undertaking a strategic review to ‘reset’ its business. The strategic review suggests the airline is exploring significant operational or structural changes following poor financial performance.

PPHE Hotel Group Ltd · PPH.L (UK) · Mkt Cap: $1.1B · EV: $2.9B [Hotel operator running Park Plaza and art’otel brands across Europe] PPHE Hotel Group announced a strategic review in November 2025 to consider options to maximize shareholder value, with a potential sale of all or part of the company on the table. The Guernsey-registered operator reported 2025 pretax profit plummeting to £1.5M from £30.6M prior year, though revenue increased 5.3% to £466.4M.

TreeHouse Foods Inc · THS (US) · Mkt Cap: $1.2B · EV: $2.9B [Private-label food manufacturer] TreeHouse Foods is undergoing a strategic review involving multi-year turnaround efforts including divesting underperforming assets, simplifying product mix, and pushing higher-margin categories. The company is executing margin expansion initiatives and debt reduction while shifting toward higher-margin snacks and beverages categories.

Clarivate Plc · CLVT (US) · Mkt Cap: $1.5B · EV: $5.3B [Information services and analytics company] Clarivate is actively pursuing a sale of its Life Sciences & Healthcare business following a comprehensive strategic review. The company has retained Morgan Stanley as financial advisor and is currently in active discussions with interested parties. Management believes the divestiture will allow focus on Academia & Government and Intellectual Property markets while strengthening the balance sheet through reduced leverage.

Albany International Corp. · AIN (US) · Mkt Cap: $1.7B · EV: $2.0B [Engineered composites and advanced materials manufacturer] Albany International is conducting a strategic review of its structures assembly business and associated Salt Lake City production site, having engaged an advisor to guide the transaction. The company reported Q4 2025 revenue of $321.2 million and is focusing on repositioning its Aerospace portfolio to align with strategic priorities.

WPP plc · WPP.L (UK) · Mkt Cap: $4.0B · EV: $11.5B [Global advertising and marketing services company] Company is conducting a strategy review with leadership presenting to investors on February 26th.

Griffon Corporation · GFF (US) · Mkt Cap: $4.0B · EV: $5.4B [Building products and home improvement company with consumer and professional brands] Griffon Corporation announced a comprehensive review of strategic alternatives for AMES Australia (including iconic Hills Hoist clothesline brand), with expected sale as part of refocusing into a pure-play building products company. AMES Australia generates $56M AUD in pre-tax earnings annually and Goldman Sachs is advising on the strategic review.

Mosaic Company · MOS (US) · Mkt Cap: $8.6B · EV: $13.5B [Fertilizer and crop nutrition company with mining operations] Mosaic Company announced it is pursuing strategic alternatives for selected Brazilian assets in 2026 during a conference call. The company is conducting a strategic review process for specific assets in its Brazilian operations.

PayPal Holdings · PYPL (US) · Mkt Cap: $40.8B · EV: $42.4B [Digital payments platform] PayPal’s new CEO Enrique Lores has taken over after previous turnaround efforts failed. The company trades at less than 8x forward earnings compared to higher-valued fintech competitors and banks, with potential strategic alternatives being considered to boost share price.

Sony Group Corporation · 6758.T (JP) · Mkt Cap: $125.6B · EV: $125.8B [Diversified technology and entertainment conglomerate] Sony Pictures CEO confirmed the studio will reboot its Spider-Man cinematic universe spin-offs following box-office failures of recent films. The reboot will involve new people and fresh approach to the franchise outside of main Spider-Man series and animated Spider-Verse films.

Citigroup Inc. · C (US) · Mkt Cap: $196.4B · EV: $2.8B [Global financial services company] Citi announced agreements with institutional investors including General Atlantic, Blackstone, and Qatar Investment Authority to sell a 24% stake in Banamex for ~$2.5 billion. Combined with a prior 25% sale to Fernando Chico Pardo, Citi will have divested 49% of Banamex by 2026 closing, with a planned IPO to follow.

Nestlé · NESN.SW (SW) · Mkt Cap: $270.7B · EV: $336.0B [Global food and beverage company with brands across coffee, nutrition, petcare and packaged foods] Nestlé announced a major strategic overhaul under new CEO Philipp Navratil, refocusing on four core areas (Coffee, Petcare, Nutrition, Food & Snacking). The company is selling remaining ice cream operations to Froneri, spinning off its global water business (including Perrier) by 2027, and conducting strategic reviews of weaker vitamin/supplement brands.

Acrophyte Hospitality Trust · ACRO-HT.SI (INTL) [Real estate investment trust focused on hospitality properties] Acrophyte Hospitality Trust continues its strategic review process with ongoing active discussions with sponsor Tang Organization regarding a potential transaction involving the stapled securities. The managers emphasize no certainty that discussions will lead to any transaction, but reaffirm commitment to disclose material developments.

Maha Energy AB · MAHA-B.ST (SE) · Mkt Cap: N/A · EV: N/A [Oil and gas exploration and production company] Maha Energy swung to a Q4 loss and announced it is evaluating strategic alternatives for its Venezuela operations. The company is conducting a formal strategic review that could result in divestiture, restructuring, or other corporate actions affecting its Venezuelan assets.

Paratus Energy Services Ltd · PLSV (INTL) · Mkt Cap: N/A · EV: N/A [Offshore drilling services company providing jack-up drilling rigs] Paratus Energy Services delivered strong 2025 results with 99% fleet utilization, $452M revenue, and $75M net income. The company is conducting an ongoing strategic review of its jack-up business division alongside refinancing activities.

EDF (Electricité de France) · EDF.PA (INTL) · Mkt Cap: N/A · EV: N/A [French state-owned electric utility company] EDF is proceeding with plans to list or sell a minority stake in Italian subsidiary Edison, valued at up to €10 billion, despite regulatory uncertainty from Italy’s new energy decree. The company is working with Intesa Sanpaolo and Lazard as advisers for the potential transaction, which could involve either a public listing or sale to third parties.

M&A / Divestitures

GameSquare Holdings Inc · GAME (UN) · Mkt Cap: $27M · EV: $29M [Gaming and esports media company providing marketing and technology services] GameSquare announced acquisition of TubeBuddy, a creator technology platform used by 10+ million creators, paying with 5 million shares of newly designated Series A-2 preferred stock to BENlabs. Company provided 2026 pro forma guidance of $85-90M revenue and >$5M Adjusted EBITDA.

United Homes Group · UHG (US) · Mkt Cap: $68M · EV: $264M [Residential homebuilding and construction company] United Homes Group agreed to be acquired by Stanley Martin Homes for $1.18 per share in cash. Stockholders holding roughly 70% of voting power have already approved the deal, which is expected to close in Q2 2026.

VisionWave Holdings · VWAV (US) · Mkt Cap: $125M · EV: $159M [Technology and materials company] VisionWave announced acquisition of 51% controlling stake in C.M. Composite Materials for $2.5 million in VWAV stock (250,000 shares) plus up to $5 million secured loan facility at 12% interest. The deal includes private placement with registration rights and aims to accelerate commercialization and fund international expansion.

KORE Group Holdings, Inc. · KORE (US) · Mkt Cap: $157M · EV: $586M [IoT connectivity and technology solutions] KORE Group agreed to be acquired by Searchlight Capital Partners and Abry Partners for $9.25 per share in cash, valuing the transaction at approximately $726 million. The deal represents a 691% premium to December 18, 2024 closing price and is expected to close Q2 or Q3 2026.

TIL Limited · TIL.BO (IN) · Mkt Cap: $176M · EV: None [Material handling equipment manufacturer and industrial solutions provider] TIL Limited approved a ₹200 crore rights issue and acquisition of 60% stake in Tulip Compression Private Limited for ₹119.01 crores cash. Target company operates CNG, LNG, and hydrogen refueling infrastructure with ₹199.40 crores FY25 turnover, requiring shareholder approval at March 14, 2026 EGM.

Legato Merger Corp. III · LEGT (US) · Mkt Cap: $284M · EV: $282M [Special purpose acquisition company seeking business combinations] Legato Merger Corp. III announced a $113 million oversubscribed PIPE financing to support its previously announced business combination with Einride AB. The transaction values Einride at $1.35 billion pre-money and is expected to deliver $333 million in gross proceeds. The combined company expects to list on NYSE under ticker ‘ENRD’ in H1 2026, subject to shareholder approval and closing conditions.

Yomeishu Seizo · 2540.T (JP) · Mkt Cap: $359M · EV: $354M [Japanese traditional medicine and health drink manufacturer] Tsumura will acquire Yomeishu Seizo for 6.8 billion yen through a multi-step transaction. Former Murakami Fund-affiliated Reno will conduct a TOB at 4,050 yen per share (Feb 25 - Apr 8) to take the company private, then transfer shares to investment firm Yuzawa, which will sell to Tsumura after business restructuring in July-August.

Dolly Varden Silver Corporation · DV.V (CA) · Mkt Cap: $442M · EV: $427M [Silver mining and exploration company] Contango ORE Inc. is acquiring all outstanding shares at 0.1652 Contango shares per Dolly Varden share. The deal requires two-thirds shareholder approval at March 17 vote and final court approval. Management and key shareholders controlling 22% have agreed to vote in favor despite some investor opposition.

Worldline · WLN.PA (FR) · Mkt Cap: $543M · EV: $4.1B [Provides electronic payment and transactional services] Worldline has signed a definitive agreement to sell its Indian payment business to BillDesk for an estimated equity value of €60 million ($70.85 million). The transaction is expected to close in the second half of 2025, subject to customary processes and regulatory approvals. Worldline plans to use proceeds to strengthen its financial profile and redirect capital toward core European payment activities.

Frontera Energy · FEC.TO (CA) · Mkt Cap: $605M · EV: $888M [Oil and gas exploration and production company] Parex Resources proposed to acquire Frontera’s Colombian upstream business for $500M cash plus $25M contingent payment, offering a $125M premium over Frontera’s existing $400M agreement with GeoPark. Frontera’s board is evaluating the unsolicited proposal while continuing to recommend the GeoPark transaction.

LSI Industries · LYTS (US) · Mkt Cap: $673M · EV: $702M [LED lighting and display solutions] LSI Industries announced acquisition of Royston Group for $325 million, its largest-ever deal. Royston generated $272M TTM revenue with $38M EBITDA, and LSI plans a $90M equity offering to finance the transaction.

Enhabit Inc. · EHAB (US) · Mkt Cap: $688M · EV: $1.1B [Home health and hospice provider offering healthcare services in patients’ homes] Private equity firm Kinderhook Industries agreed to acquire Enhabit for $1.1 billion in an all-cash deal at $13.80 per share. The transaction represents a 24.4% premium to the last trading day and is expected to close in Q2 2026.

Algoma Central Corporation · ALC.TO (CA) · Mkt Cap: $709M · EV: $1.2B [Marine transportation services] Algoma Central agreed to acquire three Canadian operating companies and six Canadian-flagged vessels from Mainstay Maritime Inc., including Lower Lakes Towing Ltd. The transaction is expected to close Q1 2026 subject to customary closing conditions.

Magic Software Enterprises Ltd. · MGIC (US) · Mkt Cap: $853M · EV: $871M [Provides software development platforms and IT outsourcing services] Magic Software completed a reverse triangular merger with Matrix I.T Ltd. on February 24, 2026, becoming a wholly owned private subsidiary of Matrix. Magic shares were delisted from Nasdaq and Tel Aviv Stock Exchange, with shareholders receiving 0.5878202 Matrix shares for each Magic share held.

Sun Frontier Fudousan Co., Ltd. · 8934.T (JP) · Mkt Cap: $882M · EV: $1.4B [Japanese real estate development] ITOCHU Corporation announced a tender offer for shares of Sun Frontier Fudousan through its subsidiary SI Corporation, commencing February 26, 2026. ITOCHU will also subscribe for 5.5 million shares in a capital increase by Sun Frontier and entered into a capital and business alliance agreement.

Mandom Corporation · 4917.T (JP) · Mkt Cap: $897M · EV: $749M [Manufactures cosmetics and personal care products] Mandom Corporation’s management buyout by CVC Capital Partners has been completed after a contested takeover battle. The TOB succeeded with 72% of voting rights tendered, exceeding the 56% minimum threshold. The final offer price was raised three times from the initial ¥1,960 per share to ¥3,105 per share (total consideration ¥125.6 billion vs. initial ¥79.3 billion) due to activist investor opposition and a competing bid from KKR.

Kosmos Energy · KOS (US) · Mkt Cap: $990M · EV: $4.0B [Independent oil and gas exploration and production company] Kosmos agreed to sell its 40.375% non-operating interest in Equatorial Guinea production assets to Panoro Energy for $180 million upfront plus up to $39.5 million in contingent payments. The transaction is expected to close mid-2026 with proceeds used for debt reduction and $100 million in cost savings over two years.

Lendlease Global Commercial REIT · JYEU.SI (SI) · Mkt Cap: $1.4B · EV: $2.3B [Real estate investment trust focused on commercial properties] Lendlease REIT is acquiring the remaining 30% stake in PLQ Mall for $113.8 million at an $885 million property valuation, giving it 100% ownership. The REIT is raising $196.6 million through a rights issue at 55.8 cents per unit to fund the acquisition and reduce debt.

Tsumura Corporation · 4540.T (JP) · Mkt Cap: $2.0B · EV: $2.6B [Manufactures traditional Japanese Kampo medicines and pharmaceutical products] Japanese pharmaceutical company Tsumura announced it will acquire Yomeishu Seizo, a company known for medicinal liquors and health products. The acquisition is part of Tsumura’s strategy to strengthen its healthcare business amid growing health consciousness and expanding healthcare market demand.

Veris Residential · VRE (US) · Mkt Cap: $2.1B · EV: $3.1B [Northeast-focused multifamily residential real estate investment trust] Veris Residential agreed to be acquired by an Affinius Capital-led consortium for $19 per share in cash, representing $3.4B enterprise value. The deal reflects a 23.2% premium to unaffected closing price and 27.5% premium to 30-day VWAP.

BioCryst Pharmaceuticals, Inc. · BCRX (US) · Mkt Cap: $2.2B · EV: $2.1B [Pharmaceutical drug development] BioCryst Pharmaceuticals completed acquisition of Astria Therapeutics funded by $400M secured term loan from Blackstone. The 7-year loan carries SOFR+4.5% interest with PIK option and is secured by substantially all company assets.

Douzone Bizon · 012510.KS (KR) · Mkt Cap: $2.3B · EV: $2.0B [Enterprise resource planning software and business management solutions provider] Private equity firm EQT is conducting a tender offer to acquire all remaining shares at 120,000 won per share, following its 37.6% control stake acquisition in November 2024. The tender offer runs until March 24, 2026, with EQT planning to delist the company.

Tidewater Inc. · TDW (US) · Mkt Cap: $3.8B · EV: $3.9B [Offshore support vessel operator providing marine services to energy companies] Tidewater announced acquisition of Wilson Sons Ultratug Participações and affiliate Atlantic Offshore Services for $500 million all-cash including debt assumption. The deal adds 22 platform supply vessels and $441 million in backlog, expanding Brazil presence from 6 to 28 vessels, with closing expected late Q2 2026.

Johnson Matthey Plc · JMAT.L (UK) · Mkt Cap: $4.4B · EV: $6.5B [Specialty chemicals company focused on catalysts and sustainable technologies] Johnson Matthey agreed to reduce the sale price of its Catalyst Technologies business to Honeywell from £1.8 billion to £1.325 billion due to weaker 2025/26 performance. Completion extended to August 2026, with JM planning to return ~£1 billion to shareholders via £800 million special dividend and £200 million buyback.

StoneCo Ltd. · STNE (US) · Mkt Cap: $4.5B · EV: $15.3B [Financial technology services] StoneCo announced the successful closing of its Linx sale after receiving regulatory approval from Brazil’s CADE on February 20th, 2026. The company will provide details on proceeds distribution during its 4Q25 earnings call on March 2nd, 2026.

The Brink’s Company / NCR Atleos Corporation · BCO / NATL (US) · Mkt Cap: $4.9B · EV: None [Cash management services and ATM network infrastructure] Brink’s will acquire NCR Atleos for $6.6 billion in cash and stock, with NCR Atleos shareholders receiving $30.00 cash plus 0.1574 BCO shares per share (24% premium). The transaction is expected to close Q1 2027 subject to approvals.

Ramsay Health Care Ltd · RHC.AX (AU) · Mkt Cap: $6.2B · EV: $15.0B [Private healthcare operator running hospitals and medical facilities globally] Ramsay Health Care is looking to spin off its 53% holding in Ramsay Sante by December 2026. Shareholders will receive Australian CDIs in proportion to their holdings at the demerger record date, subject to board, shareholder, and regulatory approvals.

Arcosa, Inc. · ACA (US) · Mkt Cap: $6.2B · EV: $7.6B [Infrastructure products company serving construction, energy, and transportation markets] Arcosa will divest its barge business, Arcosa Marine Products, to private equity firm Wynnchurch Capital for $450 million cash. The transaction is expected to close in Q2 2026 after regulatory approval, with proceeds used for core growth investments and debt reduction.

Arcellx Inc · ACLX (US) · Mkt Cap: $6.6B · EV: $3.3B [Clinical-stage biotechnology company developing cell therapies for cancer treatment] Gilead Sciences announced a definitive agreement to acquire Arcellx for $115 per share in cash plus a $5 contingent value right, representing $7.8 billion equity value and 68% premium to 30-day VWAP. The tender offer is expected to close in Q2 2026.

Charles River Laboratories International · CRL (US) · Mkt Cap: $8.3B · EV: $10.6B [Contract research organization providing drug development and laboratory services] Charles River signed agreements to divest its CDMO and Cell Solutions businesses to GI Partners for contingent payments and European Discovery Services assets to IQVIA for $145 million cash plus up to $10 million contingent payments. The divestitures will reduce 2026 revenue by $200 million but improve operating margins by 100+ basis points and add $0.10 to EPS.

Avidity Biosciences · RNAM (US) · Mkt Cap: $11.2B · EV: $9.7B [RNA therapeutics development] Avidity Biosciences completed a merger and notified Nasdaq of its intent to delist common stock. Trading will be suspended March 2, 2026, with the company filing Form 25 to delist and Form 15 to terminate SEC reporting obligations.

AES Corporation · AES (US) · Mkt Cap: $12.3B · EV: $49.1B [Renewable energy utility with major power purchase agreements for data centers] BlackRock’s Global Infrastructure Partners and EQT AB are reportedly in advanced discussions to acquire AES Corporation for approximately $11.6 billion equity value (~$38-43 billion enterprise value including debt). The potential takeover follows AES’s strategic pivot to renewable energy and major power purchase agreements with tech giants including a recent 20-year deal with Google.

Steel Dynamics Inc · STLD (US) · Mkt Cap: $28.4B · EV: $31.5B [Steel producer and metals recycler] Steel Dynamics and SGH presented a non-binding indicative offer to acquire 100% of BlueScope Steel for AU$32.35 per share in cash, valuing the target at AU$15 billion (~$11 billion USD). BlueScope has reportedly indicated the offer is insufficient.

Hexagon AB · HEXA-B.ST (SE) · Mkt Cap: $29.2B · EV: $29.9B [Industrial technology company providing sensor, software and measurement solutions] Hexagon completed the sale of its Design & Engineering business to Cadence Design Systems for approximately 2.7bn EUR in cash and Cadence stock, generating an expected net gain of around 1.4bn EUR. Proceeds will be used for de-leveraging and funding acquisitions including the planned Octave separation in H1 2026.

Hang Seng Bank · 0011.HK (HK) · Mkt Cap: $37.0B · EV: $18.6B [Major Hong Kong commercial bank providing banking and financial services] HSBC’s HK$106 billion buyout proposal to privatize Hang Seng Bank has been approved by the court, following earlier shareholder approval. HSBC will acquire the remaining minority stake it doesn’t already own, taking the bank private.

Constellation Software Inc. · CSU.TO (CA) · Mkt Cap: $39.5B · EV: $40.5B [Acquires and operates vertical market software businesses] Constellation Software (through its N. Harris Computer Corp. operating group) acquired GlobalMeet from private equity firm Pivotal Group in December 2025. The acquisition expands Harris’s enterprise communications and virtual event technology offerings, adding a platform trusted by Fortune 500 companies.

Electronic Arts Inc. · EA (US) · Mkt Cap: $50.3B · EV: $49.9B [Develops and publishes video games and interactive entertainment software] Oak-Eagle AcquireCo (formed by consortium of Public Investment Fund, Silver Lake, and Affinity Partners) announced pricing for tender offers on Electronic Arts’ debt securities in connection with the previously announced merger agreement. The tender offers are conditioned on the closing of the merger where EA will become a wholly-owned subsidiary of the acquirer, with settlement expected March 16, 2026.

Macquarie Group · MQG.AX (AU) · Mkt Cap: $58.5B · EV: $117.9B [Global financial services] Macquarie Asset Management announced the sale of Macquarie AirFinance (MAF) to Dubai Aerospace Enterprise. MAF is a commercial aircraft leasing platform with 352 aircraft across 48 countries, 50% owned by Macquarie Group, with the sale expected to complete H2 2026.

MPLX LP · MPLX (US) · Mkt Cap: $59.3B · EV: $83.7B [Energy infrastructure master limited partnership operating pipelines and storage facilities] MPLX agreed to sell its midstream assets in the Uinta and Green River Basins to private company Harvest Midstream for $1 billion. The assets include 1,500 miles of gas gathering pipelines and 845 million cubic feet per day of active gas processing capacity across four facilities.

Warner Bros. Discovery / Netflix · WBD, NFLX (US) · Mkt Cap: $72.2B · EV: N/A [Media and entertainment companies operating streaming platforms and content production] Netflix is in negotiations to acquire Warner Bros. Discovery, with shareholders scheduled to vote on the acquisition proposal March 20. Paramount has a 7-day window to submit a competing offer. The deal faces regulatory scrutiny and industry criticism over theater closure concerns.

Engie · ENGI.PA (FR) · Mkt Cap: $84.6B · EV: $131.0B [Energy utility company providing electricity, gas, and renewable energy services] French utility Engie agreed to acquire the U.K.’s largest power-distribution network for £10.5 billion ($14.2 billion). The stock surged 7.3% on the announcement.

Equinix, Inc. · EQIX (US) · Mkt Cap: $95.7B · EV: $116.7B [Global data center infrastructure] CPP Investments and Equinix announced a joint $4 billion enterprise value acquisition of atNorth, a Nordic data center provider, from Partners Group. CPP Investments will own approximately 60% controlling interest while Equinix will own approximately 40%, with the transaction expected to be immediately accretive to Equinix’s AFFO per share.

Comcast · CMCSA (US) · Mkt Cap: $113.2B · EV: $209.8B [Media and telecommunications conglomerate operating cable networks and broadband services] Comcast completed spinoff of Versant Media Group cable networks including CNBC, MSNBC, and USA Network. Speculation suggests potential merger with Paramount Skydance if Netflix bids for Warner Bros. Discovery, potentially leading to eventual separation of media and telecom businesses.

GSK plc · GSK (US) · Mkt Cap: $117.3B · EV: $252.8B [Global pharmaceutical and healthcare company developing medicines, vaccines, and consumer health products] GSK announced acquisition of 35Pharma Inc., a private clinical-stage biotech, for $950 million cash. The deal includes HS235, a potential best-in-class activin signalling inhibitor in Phase I development for pulmonary hypertension treatment targeting an $18 billion market by 2032.

Honeywell · HON (US) · Mkt Cap: $164.3B · EV: $178.3B [Industrial technology and aerospace solutions company] Honeywell entered amended agreement to acquire Johnson Matthey’s Catalyst Technologies business for £1.325 billion, down from original £1.8 billion consideration. Long stop date extended to July 21, 2026, with potential extension to August 21, 2026 if regulatory approvals pending. Completion anticipated by end of August 2026.

Novartis AG · NOVN.SW (SW) · Mkt Cap: $315.6B · EV: $343.3B [Multinational pharmaceutical and biotechnology company developing innovative medicines] Novartis agreed to sell its 70.68% stake in Novartis India Limited to private equity firm ChrysCapital for $159.4 million. The transaction follows a strategic review announced in February 2024, with closing expected in Q3 2026.

Inspecs Group PLC · INSP.L (INTL) · Mkt Cap: None · EV: None [Eyewear solutions company designing and manufacturing optical frames and sunglasses] Luke Johnson and Ian Livingstone’s Bidco 1125 Ltd switched from a scheme arrangement to a takeover offer for Inspecs at 84p per share cash, valuing the company at £85.4M. The bid is more than double the 40.5p closing price before announcement, with Bidco holding 19% and having irrevocable undertakings from 32% of shareholders.

Sailfish Royalty Corp. · FISH (TSX-V), SROYF (OTCQB) (INTL) · Mkt Cap: N/A · EV: N/A [Precious metals royalty and streaming company] Sailfish agreed to sell Spring Valley and Moonlight royalties to OR Royalties Inc. for US$168 million cash, representing >50% of company assets at 5.4x the 2019 purchase price. The company tripled its annual dividend to US$0.15 per share from US$0.05. Transaction requires shareholder approval and TSXV acceptance.

Douzon Bizon · 086890.KS (INTL) · Mkt Cap: N/A · EV: N/A [Enterprise software and cloud solutions provider] EQT Partners is conducting a tender offer for 57.7% of outstanding shares at 120,000 KRW per share, valuing the transaction at US$1.5 billion. This follows EQT’s November 2025 acquisition of 34.9% at the same price. Post-tender, EQT’s total stake would reach 55%-75%.

Paramount Skydance · PARA (INTL) · Mkt Cap: None · EV: None [Media and entertainment company operating television networks, film studios, and streaming services] Paramount Skydance is intensifying its pursuit to acquire Warner Bros. Discovery, with CEO David Ellison stating the acquisition would be an ‘accelerant’ to achieving company goals and economically compelling for shareholders. Warner Bros. Discovery is reportedly considering a revamped Paramount bid to buy all of the company, despite having already agreed to sell HBO Max and Warner studios to Netflix.

Monte dei Paschi di Siena / Mediobanca · BMPS.MI / MB.MI (IT) · Mkt Cap: None · EV: None [Italian banking institutions] Monte dei Paschi di Siena announced plans to acquire and delist Mediobanca through a share-swap deal but delayed revealing the swap ratio until March 10. MPS already owns roughly 86% and needs to buy the remaining 14%, while Italy’s government signaled readiness to sell its remaining 4.9% stake in MPS.

Yahoo / Microsoft · YHOO (INTL) · Mkt Cap: None · EV: None [Internet services and technology] Microsoft and Yahoo have reinitiated acquisition talks after Microsoft previously withdrew its $33-per-share bid. Yahoo is considering strategic alternatives and will evaluate any Microsoft proposal, while activist investor Carl Icahn launched a campaign to replace Yahoo’s board after rejecting Microsoft’s offer.

Boyd Gaming Corporation / Bally’s Corporation · BYD / BALY (US) · Mkt Cap: None · EV: None [Casino and gaming operations] Boyd Gaming entered into a definitive agreement to sell Sam’s Town Hotel & Casino in Shreveport, Louisiana to Bally’s Corporation. The transaction is expected to close Q3 2026 subject to regulatory approvals, with terms not disclosed.

Insignia Financial · IFL.AU (INTL) · Mkt Cap: N/A · EV: N/A [Australian financial services company] CC Capital’s scheme offer for Insignia Financial at A$4.80 per share is considered fair and reasonable by the independent expert. Scheme vote scheduled for April 13, with regulatory approvals (FIRB and APRA) expected to be forthcoming.

Restructuring

Roquefort Therapeutics plc · ROQ.L (UK) · Mkt Cap: $2M · EV: $3M [Biopharmaceutical company developing cancer therapies] Roquefort is completing acquisition of worldwide exclusive rights to cancer drug candidate AO-252 from Coiled USA and A2A Pharma, coupled with an equity fundraise and delisting from London Stock Exchange Main Market to move to AIM. The company has given 20 business days notice for the delisting with full transaction completion expected shortly.

AIM ImmunoTech Inc. · AIM (US) · Mkt Cap: $3M · EV: $3M [Immunotherapy biotechnology company] AIM ImmunoTech extended the subscription period for its previously announced rights offering until March 3, 2026. The rights offering was originally launched with Maxim Group as dealer-manager, with rights being non-transferable and exercisable only during the subscription period.

China Ecotourism Group Limited · 1371.HK (HK) · Mkt Cap: $3M · EV: $45M [Tourism and ecotourism services company] Company has adjourned its winding-up petition hearing to June 1, 2026, marking the latest in a series of adjournments since March 2025. The company faces potential liquidation if the petition is upheld.

Luminar Technologies · LAZRQ (US) · Mkt Cap: $5M · EV: $384M [Automotive LiDAR sensor technology developer] Luminar filed a Third Amended Chapter 11 Plan proposing liquidation of remaining assets and distributions via a Liquidation Trust. The plan follows a global settlement among debtors, secured noteholders, and unsecured creditors committee, with equity holders warned they will likely receive no recovery.

Azul S.A. · AZUL53.SA (BR) · Mkt Cap: $5M · EV: $7.0B [Brazil’s largest airline by cities served] Azul successfully emerged from Chapter 11 bankruptcy after a 9-month restructuring process. The company received $850 million in new equity investments (including $100 million from United Airlines), raised $1.375 billion in exit notes, and reduced debt and lease obligations by approximately $2.5 billion.

XTL Biopharmaceuticals Ltd. · XTLB (IS) · Mkt Cap: $7M · EV: $672M [Biopharmaceutical company with IP portfolio including treatments for Lupus and Sjögren’s] XTL Biopharmaceuticals received a Nasdaq delisting notice as staff believes the company is a ‘public shell’ after its subsidiary The Social Proxy entered liquidation proceedings on February 22, 2026. Trading suspension threatened for March 6, 2026 unless it requests a hearing by March 4.

Presurance Holdings, Inc. · PRHI (UN) · Mkt Cap: $9M · EV: -$35M [Insurance technology and services company] Presurance Holdings completed a $14 million rights offering at $1.00 per share, with Clarkston Companies backstopping the majority (9.7M of 14M total shares) through a backstop commitment. The company used proceeds to redeem its Series B Preferred Stock and pay accrued dividends, simplifying its capital structure.

CRAVIA · 6573.T (JP) · Mkt Cap: $13M · EV: $13M [Japanese company requiring working capital restructuring] CRAVIA announced a third-party allocation of 12 million new shares at 9 yen each, plus warrants for 83 million additional shares at 9 yen exercise price, along with 200 million yen in bonds. The maximum dilution rate is 282.02% of existing shares, with funds for working capital and bond repayment.

Magnum Ventures Limited · MAGNUM.BO (IN) · Mkt Cap: $16M · EV: $43M [Paper manufacturing and hotel operations company] Magnum Ventures’ Board approved a demerger of its paper business (75% of FY25 turnover at ₹296 crores) into a new entity called Magnum Paperz Limited. Shareholders will receive new shares in the spun-off paper company based on predetermined exchange ratios. The scheme requires approvals from stock exchanges, SEBI, NCLT, shareholders and creditors.

Origin Materials Inc · ORGN (US) · Mkt Cap: $23M · EV: -$26M [Carbon-negative materials company manufacturing sustainable chemicals] Origin Materials announced significant job cuts as part of restructuring efforts to achieve breakeven by 2027. The company is implementing cost reduction measures to extend cash runway and reach profitability targets.

Living Platform · 7091.T (JP) · Mkt Cap: $33M · EV: $63M [Real estate platform and services company] Living Platform announced corporate restructuring involving absorption-type company split at consolidated subsidiary, transferring business operations through this corporate action.

Decibel Cannabis Company Inc. · DB.V (CA) · Mkt Cap: $42M · EV: $71M [Cannabis cultivation and production company] Decibel Cannabis is selling its Creston, BC property for $2.5 million and consolidating cultivation operations into its Battleford, Saskatchewan facility. The restructuring is expected to generate $4 million in annual cost savings while maintaining revenue levels, with closing anticipated in April 2026.

Hitomile · 7686.T (JP) · Mkt Cap: $76M · EV: $122M [Technology and systems development company] Hitomile announced issuance of 39,000 new stock warrants (3.9 million potential shares) to SMBC Nikko Securities. If fully exercised, dilution rate would be 13.42% of voting rights, raising approximately 1.74 billion yen for core system renewal, ancillary system development, and distribution center investments.

Empire Petroleum Corporation · EP (US) · Mkt Cap: $112M · EV: $123M [Oil and gas exploration and production company] Empire Petroleum modified terms of its rights offering, allowing shareholders to purchase 0.095 shares at $2.99 per whole share for up to $10 million in gross proceeds. The largest shareholder Energy Evolution Master Fund and Chairman Phil Mulacek have indicated intent to fully participate, with rights offering expiring March 18, 2026.

Kaihan Co., Ltd. · 3133.T (JP) · Mkt Cap: $122M · EV: $135M [Renewable energy development company] Kaihan announced issuance of 57 million warrant shares to EVO FUND with exercise price of 365 yen plus 1 billion yen in bonds. Total fundraising of approximately 20.8 billion yen will fund hydroelectric projects in Nepal subsidiary and solar power equipment acquisitions, with maximum dilution of 100.39%.

Agile Group Holdings Limited · 3383.HK (HK) · Mkt Cap: $187M · EV: $7.9B [Hong Kong-listed property developer] Hong Kong High Court has adjourned a winding-up petition hearing against Agile Group Holdings from February 25, 2026 to March 2, 2026. The company has advised shareholders to exercise caution when trading securities due to ongoing legal and financial uncertainty.

Elme Communities · ELME (US) · Mkt Cap: $191M · EV: $892M [Real estate investment trust (REIT)] Elme Communities approved a complete liquidation plan involving sale of all assets and dissolution. The company has sold 19 properties for $1.6 billion and paid a special liquidating distribution of $14.67 per share on January 7, 2026. Additional distributions of $2.35-$2.80 per share expected as remaining properties are sold by mid-2026.

ContextLogic Holdings Inc. · LOGCD (US) · Mkt Cap: $207M · EV: $72M [E-commerce marketplace operator (Wish platform)] ContextLogic completed a rights offering for up to 14.375 million shares with limited retail participation. Backstop investors BCP Special Opportunities Fund III and Abrams Capital Partners provided most of the $115 million funding through purchases of convertible preferred units and common stock.

Bakkt Holdings Inc · BKKT (US) · Mkt Cap: $246M · EV: $191M [NYSE-owned cryptocurrency trading platform] Bakkt completed pricing of a registered direct offering of 3,024,799 Class A shares and prepaid warrants for up to 2,475,201 additional shares at $8.75 per share. Total gross proceeds are $48.125 million, with closing expected around March 2, 2026.

Bapcor · BAP.AX (AU) · Mkt Cap: $288M · EV: $637M [Automotive parts and accessories retailer and distributor] Bapcor reported a A$104.8 million half-year loss and announced plans for a A$200 million equity raise. The company is implementing operational restructuring including supply chain automation, digital platform investments, and ERP consolidation.

Niagen Bioscience · NAGE (UN) · Mkt Cap: $403M · EV: $343M [NAD+ science and biotechnology company] Niagen Bioscience sold substantially all assets of its analytical reference standards and services business to VHG Labs (part of LGC Group) in an all-cash transaction that closed February 24, 2026. The deal is part of the company’s strategy to exit non-core activities and focus on NAD+ science, IP, and commercial growth initiatives.

Astra Microwave Products Limited · ASTRAMICRO.BO (IN) · Mkt Cap: $1.0B · EV: $985M [Defense and aerospace equipment manufacturer with space and meteorology operations] Astra Microwave Products board approved demerging its space, meteorology, and hydrology business into a separate listed entity called Astra Space Technologies Private Limited. The restructuring will create two independent listed companies targeting completion by Q1 FY28. The space business has executed ₹750 crore in ISRO orders with ₹250 crore pending orders.

Papa John’s International · PZZA (US) · Mkt Cap: $1.1B · EV: $2.0B [Pizza restaurant chain] Papa John’s plans to close 300 underperforming restaurants (mostly franchisee-owned) by end of 2027 following 5% same-store sales decline in Q4 2025, with 200 closures expected in 2026. The company also cut 7% of corporate workforce as part of ongoing transformation plan and continues refranchising corporate-owned units to become more asset-light.

Stepan Company · SCL (US) · Mkt Cap: $1.2B · EV: $2.1B [Specialty chemicals company] Stepan announced Project Catalyst, a $100 million pre-tax cost reduction plan over two years involving facility closures and operational optimization. The company expects $70-80 million in restructuring charges in 2026, with completion by mid-2026.

HEG Limited · HEG.NS (IN) · Mkt Cap: $1.2B · EV: $1.2B [Graphite electrode manufacturer for steel industry] HEG Limited is undergoing a greentech demerger as part of a strategic pivot toward clean technology and electric arc furnace electrodes. Prominent investor Madhusudan Kela is betting ₹500 crore on this transformation, positioning the company to benefit from the steel industry’s shift away from carbon-intensive blast furnace processes.

Barrick Gold · GOLD (US) · Mkt Cap: $1.6B · EV: $2.3B [Gold mining and exploration company] Barrick is spinning off North American operations into a standalone company by end of 2026, which will control 61.5% of Nevada Gold Mines plus Pueblo Viejo and Fourmile projects. The company also announced a 140% dividend increase to $0.42 per share, supported by record $3.87B free cash flow in 2025.

Elkem ASA · ELK.OL (NO) · Mkt Cap: $2.0B · EV: $3.0B [Specialty metals and silicone materials producer] Elkem agreed to sell majority of its Silicones division to Bluestar in exchange for redeeming Bluestar’s 338.3 million shares, eliminating Bluestar’s stake entirely. Transaction requires EGM approval on March 9, 2026 and expected to close by May 2026, with Elkem planning NOK 1.5 billion equity raise to strengthen balance sheet.

Smithson Investment Trust plc · SSON.L (UK) · Mkt Cap: $2.1B · EV: $N/A [Investment trust focused on smaller companies] Smithson Investment Trust plc shareholders approved voluntary liquidation with 99.36% voting in favor. Shareholders receive either 15.22 Fund Shares per existing share or 1502.47 pence cash per share. Company shares suspended from trading on February 27, 2026.

Plug Power · PLUG (UN) · Mkt Cap: $2.5B · EV: $3.4B [Hydrogen fuel cell systems and infrastructure provider] Plug Power announced the sale of its Project Gateway facility in New York to Stream Data Centers for $132.5-142 million, expected to close by June 30, 2026. This is part of a broader liquidity initiative to raise over $275 million in 2026 through asset sales and cost reductions. The company also recently doubled its authorized shares from 1.5 billion to 3.0 billion.

SKC Co Ltd · 011790.KS (KR) · Mkt Cap: $2.7B · EV: $5.2B [Chemical and materials manufacturer] SKC announced a 1 trillion won ($750M+) rights offering to fund 590 billion won investment in glass substrate subsidiary Absolics and 410 billion won debt repayment. Major shareholder SK will oversubscribe at 120% of allocation, reducing debt ratio from ~230% to low-140% range.

Olam Group · VC2.SI (SI) · Mkt Cap: $2.7B · EV: $14.5B [Food ingredients and agricultural commodities company] Olam Group is executing a major restructuring to focus on its food ingredients business (ofi) by divesting all other assets. The company is selling its 64.57% stake in Olam Agri to Saudi Arabia’s SALIC in two stages and plans to divest 10 remaining assets, with proceeds distributed to shareholders via special dividends.

Trump Media & Technology Group · DJT (US) · Mkt Cap: $3.0B · EV: $3.1B [Social media and technology company operating Truth Social platform] Trump Media is exploring separating Truth Social into an independent company via spin-off to existing shareholders while pursuing a $6 billion merger with nuclear fusion developer TAE Technologies. The spin-off would involve Truth Social merging with Texas Ventures Acquisition III Corp., a Nasdaq-listed SPAC. No definitive agreement exists yet.

Narayana Hrudayalaya Limited · NH.NS (IN) · Mkt Cap: $4.1B · EV: $4.2B [Multi-specialty healthcare provider] Narayana Hrudayalaya’s Board approved a demerger scheme to transfer clinical services from wholly-owned subsidiary NH Integrated Care back to the parent company. Shareholder and creditor meetings scheduled for April 2, 2026 to vote on the restructuring, which involves 10 Bengaluru clinics contributing ₹39.94 crore (1.11% of total turnover).

Laurus Labs Limited · LAURUSLABS.NS (IN) · Mkt Cap: $6.1B · EV: $6.4B [Pharmaceutical company manufacturing generic drugs and APIs] NCLT approved composite scheme to restructure wholly-owned subsidiaries, involving demerger of Laurus Synthesis Private Limited’s Unit-1 into Sriam Labs and amalgamation of remaining operations with parent company. Unsecured creditor meetings scheduled for April 2026 with appointed date of April 1, 2026.

Middleby Corporation · MIDD (US) · Mkt Cap: $8.6B · EV: $10.4B [Commercial foodservice equipment and food processing systems manufacturer] Middleby is executing a tax-free spin-off of its food processing segment to create two independent public companies. The food processing segment has grown from $3M to over $800M in revenue since 2005 and will operate as a separate entity focused on acquisition opportunities.

Conagra Brands · CAG (US) · Mkt Cap: $9.0B · EV: $16.4B [Consumer packaged foods company] Conagra launched ‘Project Catalyst,’ an AI-based initiative to revamp its core business operations. Management is pursuing potential sale of underperforming brands and acquisition of faster-growing brands as part of portfolio optimization strategies.

Rakuten Group · 4755.T (JP) · Mkt Cap: $11.3B · EV: $12.0B [Japan’s largest e-commerce and fintech platform operator] Rakuten resumed discussions for major fintech business reorganization after halting talks in July 2024. The restructuring would consolidate Rakuten Bank, Rakuten Card, and Rakuten Securities under one group structure, with a basic agreement signed to proceed with detailed negotiations.

Viatris Inc. · VTRS (US) · Mkt Cap: $18.0B · EV: $32.1B [Global pharmaceutical and healthcare company] Viatris completed an enterprise-wide strategic review and announced major restructuring activities including up to 10% workforce reduction and $700-850 million in pre-tax charges. The restructuring aims to optimize commercial capabilities, R&D, manufacturing and supply chain over the next three years.

International Paper · IP (US) · Mkt Cap: $22.1B · EV: $32.4B [Paper and packaging products manufacturer] International Paper is permanently closing multiple plants including Georgetown, South Carolina and Union Gap, Washington facilities, plus seven additional closures in EMEA affecting 700+ jobs. The company is splitting into two independent publicly traded companies within the next year - one focused on North America and one on EMEA.

Canon Inc. · 7751.T (JP) · Mkt Cap: $26.2B · EV: $30.1B [Imaging, optical, and medical equipment manufacturer] Canon filed mandatory pre-disclosure documents for a corporate split involving Canon Medical Systems Corporation. This represents a potential spin-off or divestiture of Canon’s medical systems business unit.

Anglo American Platinum · ANGPY (SO) · Mkt Cap: $31.1B · EV: -$5.8B [Platinum group metals mining and processing company] Anglo American Platinum completed its demerger from Anglo American and achieved secondary listing on London Stock Exchange, with Anglo American fully divesting its residual stake. The company transformed from ZAR 4.5B net debt to ZAR 11.5B net cash, generated ZAR 20B sustaining free cash flow, and announced ZAR 12B in distributions (~ZAR 45 per share). Management is evaluating options for underperforming Modikwa asset.

Banco Bradesco S.A. · BBD (US) · Mkt Cap: $43.3B · EV: $589.6B [Brazilian banking and financial services company] Bradesco is conducting a partial spin-off of its wholly owned subsidiary Bradseg Participações S.A., transferring healthcare assets to consolidate under Odontoprev without issuing new shares or changing share capital. Shareholders will vote on March 31, 2026 to approve this restructuring as part of a broader business combination to unify Bradesco’s health segment businesses under Odontoprev as the healthcare ecosystem consolidator.

Murata Manufacturing Co., Ltd. · 6981.T (JP) · Mkt Cap: $47.3B · EV: $43.9B [Electronic components manufacturer] Murata Manufacturing announced a company split involving subsidiary Sakura Corporation. This legal pre-disclosure document outlines the corporate restructuring transaction.

Medtronic plc · MDT (US) · Mkt Cap: $123.5B · EV: $144.9B [Medical device manufacturer] Medtronic’s subsidiary MiniMed launched an IPO roadshow for 28 million shares priced at $25-28 per share as part of separating the Diabetes business into an independent public company. After the IPO, Medtronic will retain approximately 90% ownership of MiniMed, with the new company expected to trade on Nasdaq under ticker MMED.

Merck & Co · MRK (US) · Mkt Cap: $311.2B · EV: $330.5B [Global pharmaceutical company developing and manufacturing prescription medicines and vaccines] Merck will spin off its business into two separate public companies - one focused on cancer treatments led by Keytruda, and another for non-oncology treatments. Keytruda is expected to generate over $30 billion in revenue in 2025, representing nearly half of total company revenue.

Village Roadshow Entertainment Group · VREG (INTL) · Mkt Cap: None · EV: None [Film producer behind ‘The Matrix’ and ‘Ocean’s Eleven’] Village Roadshow received Delaware bankruptcy court approval to send its Chapter 11 liquidation plan to creditors for voting. The court overrode creditor objections to allow the voting process to proceed.

Rishab Special Yarns Limited · N/A (INTL) · Mkt Cap: None · EV: None [Former yarn manufacturer seeking business transformation] Rishab Special Yarns’ board approved changing the company name to IMPERA WORLDWIDE LIMITED, increasing authorized share capital, and launching a rights issue for capital raising. The company has ₹20.17 Cr market cap and previously stopped yarn manufacturing operations due to financial losses.

Eurotech S.p.A. · IT:ETH (INTL) · Mkt Cap: None · EV: None [Technology company] Eurotech completed 75% of its rights issue, raising €13.2 million of planned capital increase. Remaining 24.79% of new shares will be offered through trading on February 23-24, 2026, with major shareholder Emera committed to subscribe residual shares within takeover threshold limits.

Safeguard Scientifics · SFE (INTL) [Venture capital company conducting structured liquidation of portfolio holdings] Safeguard Scientifics is liquidating its venture capital portfolio, selling holdings and returning capital to shareholders through special dividends and tender offers. The company has pivoted from growth-equity platform to systematically monetizing remaining assets and distributing proceeds.

Talenom Plc · TNOM (INTL) [Accounting services company spinning off its software business] Talenom is spinning off its software business into independent company Easor Plc through partial demerger. Shareholders will receive one Easor share for each Talenom share owned, with demerger registration expected February 28, 2026 and Easor trading beginning around March 2, 2026.

UPL Ltd · UPL (INTL) [Agriculture and specialty chemicals company] UPL announced reorganization creating two listed entities: UPL (diversified agriculture and specialty chemicals) and UPL Global (crop protection platform). Private equity consortium (ADIA, TPG, Brookfield) holds 17% stake in UPL Global, with transaction completion expected within 12-15 months.

GE Power India · GEPIL.NS (INTL) [Power generation equipment and services company] GE Power India is demerging its Durgapur boiler manufacturing unit to JSW Energy, with NCLT approvals expected in H2 2026. The company reported Q3 profit growth of 470% and 22% revenue increase while pivoting towards high-margin core services business targeting double-digit normalized EBITDA.

Hindustan Foods Limited · HINDFOODS.BO (INTL) [FMCG manufacturing company] NCLT Mumbai sanctioned a complex scheme involving demerger of Avalon Cosmetics’ Contract Manufacturing Business and amalgamation with Vanity Case India. The deal consolidates FMCG manufacturing operations at a 16-acre Nashik facility, with Vanity Case shareholders receiving 40.55% of Hindustan Foods’ share capital through specific exchange ratios.

ENGlobal Corporation · ENG (INTL) [Engineering services company] ENGlobal is in final phase of court-supervised liquidation after filing Chapter 11 bankruptcy. Gulf Island Fabrication acquired the company’s core operations in Q2 2025, and the bankruptcy court is expected to issue final distribution report and closing order shortly, which will formally terminate the corporation and cancel all outstanding shares.

Oncternal Therapeutics · ONCT (INTL) [Biotechnology company] Oncternal is in final liquidation phase after selling core assets Zilovertamab and ONCT-808 to Ho’ola Therapeutics in July 2024 and delisting from Nasdaq in March 2025. Company is resolving creditor claims with potential capital distribution to shareholders expected around mid-2026.

VH Global Energy Infrastructure plc · ENRG (US) [Energy infrastructure investment company] VH Global Energy Infrastructure is implementing an asset realisation strategy to liquidate assets and return proceeds to shareholders via a B Share Scheme. The company is proposing to cancel its share premium account and issue up to £450 million in B Shares that will be redeemed shortly after issuance to distribute cash from asset sales.

3D Matrix · 7777 (INTL) [Biotechnology and medical device company] 3D Matrix announced the completion of conversion of its 9th convertible bond issued on July 10, 2025. All previously issued convertible bonds have now been redeemed or converted, with 116,226 units of the 36th stock acquisition rights remaining outstanding.

Flerie AB · FLER.ST (INTL) [Investment company] Flerie completed a SEK 76 million directed share issue to institutional investors at SEK 34.75 per share. The board proposes terminating the share redemption program after 2026 and implementing a 1:7 bonus issue, where controlling shareholders T&M Förvaltning and T&M Participation will cancel their bonus shares, increasing other shareholders’ ownership by approximately 16%.

Luotea Plc · LUOTEA.HE (FI) · Mkt Cap: $N/A · EV: $312M [Facility services company spun off from Lassila & Tikanoja] Luotea Plc completed a partial demerger from Lassila & Tikanoja Plc on December 31, 2025, with the circular economy business spun off into New Lassila & Tikanoja Plc. Luotea’s adjusted EBITA rose to EUR 7.0 million (2.0% of sales) in 2025 from EUR 1.2 million (0.3%) in 2024.

Navidea Biopharmaceuticals · NAVB (INTL) · Mkt Cap: $N/A · EV: $N/A [Biopharmaceutical company with Manocept platform technology] Navidea Biopharmaceuticals is undergoing Chapter 11 bankruptcy restructuring with shares now trading OTC. The company is pursuing cost reduction, capital structure simplification, and potential reverse stock split while seeking strategic partnerships for its Manocept platform technology. A substantive restructuring update is expected by end of March 2026.

Easor Plc · EASOR (INTL) · Mkt Cap: $N/A · EV: $N/A [Technology company spun off from Talenom Plc] Easor Plc will begin trading on Nasdaq Helsinki on March 2, 2026 as a result of a partial demerger from Talenom Plc, pending registration with the Finnish Trade Register on February 28, 2026. The new listing will have 45,648,632 shares and will be classified as a Small Cap technology company.

Avinger · AVGR (INTL) [Medical device company specializing in imaging and catheter technologies] Medical device company Avinger has ceased all commercial operations and is executing a liquidation plan, focused on selling its intellectual property including imaging and catheter technologies. The company is winding down corporate structure with proceeds first going to creditors before any potential shareholder distributions.

Happy Belly Food Group Inc. · HBFG (CSE), HBFGF (OTCQB) (INTL) [Quick service restaurant operator and food brand company] Happy Belly Food Group completed the sale of its Holy Crap Foods subsidiary for $1 million CAD cash plus working capital adjustments, representing approximately 10x EBITDA multiple. The company is using proceeds to focus on scaling its QSR brands including Rosie’s Burgers, Heal Wellness, Via Cibo, iQ Food Co., and Yolks Breakfast through store openings and franchise expansion.

Li-Cycle Holdings Corp · LICY (INTL) · Mkt Cap: None · EV: None [EV battery recycling company] Li-Cycle is in severe financial distress after pausing its flagship Rochester Hub project due to cost overruns and funding gaps. The company is conducting a strategic review while attempting to preserve cash and avoid deeper restructuring that could wipe out existing equity holders.

Tata Motors · TATAMOTORS.NS (INTL) · Mkt Cap: None · EV: None [Automotive manufacturer with commercial vehicles, passenger vehicles, and Jaguar Land Rover] Tata Motors is undergoing strategic demerger to separate into distinct entities for Commercial Vehicles and Passenger Vehicles (including Jaguar Land Rover). The restructuring aims to enhance operational focus and enable tailored capital allocation strategies for each business segment.

Liberty Media Corp SiriusXM · LSXMA (INTL) · Mkt Cap: None · EV: None [Tracking stock for satellite radio business exposure] Liberty Media completed a split-off of its Liberty SiriusXM tracking stock (LSXMA) into a separate company with more direct exposure to Sirius XM Holdings. The transaction simplifies the complex tracking stock structure and gives LSXMA holders cleaner exposure to the satellite radio business.

Protean eGov Technologies Limited · PEGT.BO (INTL) · Mkt Cap: None · EV: None [Digital governance and e-government solutions provider] NCLT Mumbai approved the composite scheme of arrangement for demerger of Protean Infosec Services Limited into Protean eGov Technologies Limited. The tribunal order was pronounced on February 27, 2026, with the company now obtaining certified copies for stock exchange compliance.

San Leon Energy · SLE.L (INTL) · Mkt Cap: None · EV: None [Oil and gas exploration and production company] San Leon Energy has agreed a deal to lift a winding-up threat against the company. CEO Oisin Fanning stated he has transformational plans for the future and is continuing fundraising efforts.

Other Situations

ZENVIA · ZENV (BR) · Mkt Cap: $16M · EV: $78M [Cloud-based customer communication platform provider] ZENVIA announced voluntary delisting from Nasdaq Capital Market and SEC deregistration, citing high compliance costs, lack of active trading market, and inability to maintain $1.00 minimum bid price requirement. The company will file Form 25 on March 9, 2026 with delisting effective March 19, 2026, after which shares will only trade OTC or in private transactions.

Ashford Hospitality Trust · AHT (US) · Mkt Cap: $20M · EV: $3.2B [Real estate investment trust focused on hotel properties] Ashford Hospitality Trust sold two Embassy Suites hotels in Texas (Austin Arboretum and Houston Near Galleria) to a Texas-based individual investor in a single transaction brokered by Hunter Advisors. Both are 150-suite properties built in 1998.

WinVest Acquisition Corp. · WINV (US) · Mkt Cap: $39M · EV: None [Special purpose acquisition company (SPAC)] WinVest Acquisition Corp. is seeking stockholder approval to extend its merger deadline with Embed Financial Group from March 17, 2026 to April 17, 2026, with options for up to five additional one-month extensions through September 17, 2026. The SPAC has been delisted from Nasdaq and now trades OTC, with redemption rights available to public shareholders at approximately $14.36 per share.

XiangXing International Holding Limited · 1079.HK (HK) · Mkt Cap: $54M · EV: $48M [Hong Kong-listed investment holding company] Westwell Holdings completed voluntary cash partial offer acquiring 29% of shares, with final acceptances reaching 29.55% due to oversubscription requiring pro-rata scaling. Post-completion, Westwell holds 29%, Glory Fame Venture (acting in concert) holds 30.3%, with public shareholders retaining 40.7%.

Fortress Biotech · FBIO (US) · Mkt Cap: $117M · EV: $96M [Biopharmaceutical company developing treatments through subsidiary partnerships] Subsidiary Cyprium Therapeutics entered definitive agreement to sell its Rare Pediatric Disease Priority Review Voucher for $205 million gross proceeds. The PRV was issued following FDA approval of ZYCUBO on January 12, 2026. Transaction is subject to HSR waiting period approval.

Starfighters Space · FJET (US) · Mkt Cap: $305M · EV: $207M [Aerospace and space technology services company] Completed IPO on December 18, 2025, transitioning from private to public market listing. Previously available only to private investors.

Lands’ End, Inc. · LE (US) · Mkt Cap: $491M · EV: $779M [Clothing retailer specializing in casual wear and uniforms] WHP Global commenced a tender offer to purchase up to 2,222,222 shares of Lands’ End at $45.00 per share in cash, which would result in WHP Global owning approximately 7% of the company. The tender offer expires March 26, 2026 and is conditional upon closing of a previously announced joint venture transaction.

Asia Aviation Public Company Limited · AAV.BK (TH) · Mkt Cap: $567M · EV: $1.9B [Aviation company operating Thai AirAsia low-cost airline services] Kiatnakin Phatra Securities initiated coverage on Asia Aviation with Buy rating and THB 1.70 target price. KKPS projects turnaround in Q4 2025 with THB 1.1B core profit recovery, followed by accelerated growth in Q1 2026 driven by Chinese tourism rebound.

Apartment Investment and Management Company · AIV (US) · Mkt Cap: $635M · EV: $1.4B [Real estate investment trust focused on apartment communities] Common stockholders approved the Plan of Sale and Liquidation aimed at maximizing returns through orderly sale of all assets. The company declared a liquidating dividend of $1.45 per share with 98.14% forward yield and is progressing with asset sales including Chicago apartment portfolio for $455 million.

TaskUs, Inc. · TASK (US) · Mkt Cap: $979M · EV: $1.1B [Business process outsourcing and digital services provider] TaskUs announced a comprehensive refinancing with $500M term loan and $100M revolving credit facility maturing in 2031, addressing 2027 debt maturities. The company declared a special cash dividend of $3.65 per share (~$333M total) payable March 25 to shareholders of record March 11, funded by the new credit facilities and existing cash.

Innovex International Inc · INVX (US) · Mkt Cap: $1.8B · EV: $1.7B [Oilfield services company] Major shareholders of Innovex International sold 6.6 million shares (including overallotment) in a secondary offering at $25.75 per share, with the company simultaneously repurchasing 575,000 shares. Post-transaction, Amberjack Capital Fund II remains the largest shareholder with 24.6% ownership.

Hamilton Insurance Group · HG (US) · Mkt Cap: $3.1B · EV: $1.9B [Property and casualty insurance company] Declared $2.00 per share special dividend totaling $206 million following strong 2025 results. Completed share buyback of approximately 5.65% of outstanding shares.

Beam Therapeutics · BEAM (US) · Mkt Cap: $3.1B · EV: $1.9B [Gene editing and base editing biotechnology company] Secured $500 million non-dilutive debt facility with Sixth Street to fund commercialization of sickle cell gene therapy risto cel. 7-year senior secured facility carries ~10% interest with no amortization until 2033.

Red Rock Resorts · RRR (US) · Mkt Cap: $6.3B · EV: $7.1B [Las Vegas-based casino and gaming company] Declared $1.00 per Class A share special dividend payable February 27, 2026 to stockholders of record February 20, 2026. Company pursuing expansion projects including Durango’s next phase and North Fork development following record Q4 Las Vegas gaming performance.

IDFC First Bank · IDFCFIRSTB.NS (IN) · Mkt Cap: $6.6B · EV: $9.9B [Commercial and retail banking services] Facing Rs 590 crore fraud case at one branch involving alleged siphoning of government funds. Case has significantly impacted stock price.

Fermi Inc. · FRMI (US) · Mkt Cap: $6.7B [Technology company developing equipment for industrial projects] Fermi Inc.’s subsidiary entered into a $120M senior secured credit facility (expandable to $220M) with Keystone National Group to finance equipment purchases for Project Matador. The facility has a 12.90% interest rate, matures in August 2031, and includes mandatory prepayment triggers including requirement to secure customer agreement by Dec 31, 2026 or face full prepayment at 1.05x multiple.

GAIL (India) Limited · GAIL.NS (IN) · Mkt Cap: $12.3B · EV: $14.5B [Natural gas transmission and distribution company] Indian government plans subsidiary IPOs worth ₹1.79 trillion by 2029/30, including GAIL GAS IPO targeted for 2027/28 to raise ₹31 billion. Plan includes Coal India subsidiary IPOs worth ₹483 billion and railway company stake sales of ₹837 billion.

Hormel Foods Corporation · HRL (US) · Mkt Cap: $14.1B · EV: $16.1B [Food processing company producing meat and food products] Entered definitive agreement to sell whole-bird turkey business to Life-Science Innovations, including Minnesota production facilities, feed mill, and transportation assets. Transaction expected to close by end of Q2 fiscal 2026 with undisclosed financial terms, and LSI will provide co-manufacturing services through end of fiscal 2026.

Lennar Corporation · LEN (US) · Mkt Cap: $27.3B · EV: $23.8B [Homebuilder and residential real estate developer] Lennar announced an exchange offer allowing shareholders to swap LEN shares for shares of Millrose Properties, its land bank spin-off. The company is also divesting its remaining 20% stake in Millrose Properties to shareholders at a 6.38% premium. An odd lot provision allows shareholders with 99 shares or less to avoid proration in what analysts expect to be an oversubscribed offer.

Coal India Limited · COALINDIA.NS (IN) · Mkt Cap: $29.2B · EV: $26.8B [State-owned coal mining and distribution company] India’s government plans to raise ₹1.79 trillion through IPOs of state-owned company subsidiaries by 2029/30, including subsidiaries of Coal India (₹483 billion) and GAIL Gas subsidiary listing in 2027/28 (₹31 billion). This is part of a larger ₹183.7 billion asset monetization program over four years.

EchoStar · SATS (US) · Mkt Cap: $31.2B · EV: $59.2B [Satellite communications and spectrum asset company] Sold $41.65 billion in spectrum assets: $21.6 billion to SpaceX for $11.1 billion in SpaceX stock plus $10.5 billion cash, and $22.65 billion cash from AT&T. Post-transaction, approximately 62.5% of market cap represents SpaceX exposure with $12.7 billion net cash remaining.

Eni S.p.A. · ENI.MI (IT) · Mkt Cap: $68.4B · EV: $97.5B [Integrated oil and gas company with renewable energy operations] Italian oil company Eni increased its share buyback program by 20% after reporting better-than-expected Q4 2025 results with adjusted net profit of €1.2 billion (35% increase). The company also completed major divestitures including selling 20% of renewable subsidiary Plenitude to Ares for €2 billion and 49.99% of its carbon capture unit to GIP fund.

Intel Corporation · INTC (US) · Mkt Cap: $225.1B · EV: $255.9B [Semiconductor manufacturer and processor designer] Nvidia announced a $5 billion investment in Intel as part of a strategic partnership to develop chips for data centers and computers. The deal comes alongside nearly $9 billion in U.S. government support through CHIPS Act grants as Intel invests over $100 billion in U.S. manufacturing facilities and develops AI GPU capabilities to compete with Nvidia and AMD.

Advanced Micro Devices · AMD (US) · Mkt Cap: $350.6B · EV: $314.0B [Semiconductor company designing processors and graphics cards] AMD and Meta announced a multi-year partnership for up to 6 gigawatts of AMD Instinct GPUs, with first gigawatt deployment beginning 2H 2026. AMD issued Meta a performance-based warrant for up to 160 million AMD shares, vesting as GPU shipment milestones are achieved and tied to AMD stock price thresholds.

Alphabet Inc. · GOOGL (US) · Mkt Cap: $3.8T · EV: $3.7T [Technology conglomerate operating search, cloud, and advertising businesses] Google’s parent company Alphabet spun off Taara, its optical wireless communication technology division from X (Moonshot Factory), into an independent company in 2025. Alphabet retained a minority stake in the spin-off, which has secured venture capital funding including from Series X Capital.

CleanMax Enviro · CLEANMAX.NS (IN) · Mkt Cap: N/A · EV: N/A [Renewable energy provider serving corporate clients including Google and Amazon] Brookfield-backed renewable energy company with 10.9GW capacity and 8% market share of India’s corporate renewable energy sector launching IPO. Company trades at 619x P/E and has significant deleveraging plan as part of the offering.

NCL Research & Financial Services Limited · NCLRE.BO (IN) · Mkt Cap: N/A · EV: N/A [Financial services company] Board approved rights issue of up to ₹50 crores offering fully paid-up equity shares with ₹1 face value to eligible shareholders. Issue price, rights ratio, and record date are yet to be determined, subject to regulatory approvals.

International Battery Metals Ltd. · IBAT.V / IBATF (CA) · Mkt Cap: N/A · EV: N/A [Mining company focused on battery metals exploration and development] EV Metals 9 LLC completed a $2.0 million USD private placement in International Battery Metals, increasing their ownership to 48.57% on a partially-diluted basis through purchase of 26.4 million units at $0.08 USD each. This marks the third follow-on investment under their existing LOI, with the agreement extended to April 30, 2026.

M&A Research Institute · 9552 (JP) · Mkt Cap: N/A · EV: N/A [M&A advisory and research services company] Meis Holdings sued M&A Research Institute (9552) and its parent company Quants Research Holdings for approximately 120 million yen in damages, claiming M&A Research Institute proposed an inappropriate LBO scheme that led to the effective bankruptcy of the acquired company Saiki Kogyo. M&A Research Institute denies the allegations and states they will vigorously defend against the lawsuit.

5paisa Capital Limited · FPAISA.NS (IN) · Mkt Cap: N/A · EV: N/A [Financial services company providing online trading and investment platforms] 5paisa Capital’s board approved a rights issue to raise up to ₹4,750.00 million through fully paid equity shares with ₹10 face value. The company has scheduled a February 28, 2026 board meeting to finalize key terms including issue price, rights entitlement ratio, and record date.

Dynamatic Technologies Ltd / DCM Shriram Industries Ltd · DTL / DCMS (IN) · Mkt Cap: N/A · EV: N/A [Aerospace & defense manufacturing companies] Investor Sunil Singhania through Abakkus Funds has taken 2.9% stakes in both Dynamatic Technologies (₹204 crore stake) and DCM Shriram Industries (₹16 crore stake) as bets on India’s defense sector growth. Dynamatic trades at 149x P/E despite poor historical growth, while DCM Shriram faces governance issues post-demerger.

SpaceX · SPAX (INTL) · Mkt Cap: None · EV: None [Space exploration and satellite internet company] SpaceX is targeting a confidential IPO filing as soon as March 2026, aiming for a June listing that could raise up to $50 billion at a $1.75+ trillion valuation. This would be the largest IPO ever, surpassing Saudi Aramco’s $29 billion record. The company has lined up major banks including Bank of America, Goldman Sachs, JPMorgan and Morgan Stanley for senior roles.

Generate Bio · Unknown (INTL) · Mkt Cap: None · EV: None [Biotech company] Generate Bio completed a $400 million IPO. The offering represents a significant public market entry for the biotech company.

Healthpeak Properties · PEAK (INTL) · Mkt Cap: None · EV: None [Real estate investment trust focused on healthcare properties] Healthpeak Properties is carving out its senior housing business into a separate REIT called Janus Living (JAN), which filed for an IPO estimated to raise up to $500 million with BofA as lead underwriter.

First Commerce Bancorp Inc · FCOM (US) · Mkt Cap: None · EV: None [Community banking company] First Commerce Bancorp Inc has concluded a tender offer for its common stock. Specific details about the number of shares tendered or purchase price are not provided.

SaaS baby out with the bathwater

Clark Square Capital — Fri, 27 Feb 2026 14:00:57 GMT

Hello, Ultimate Value readers!

I am back with another idea!

I really like this one. This is a very cheap SaaS business with real earnings that should sustainably grow top-line in the mid-teens for a long time. A few years out, I see this trading at ~4x EPS (ex-cash). Best of all, the company has a sizable net cash position that should protect the downside.

Liquidity is pretty good — it trades about USD 3 million per day.

Let’s take a look.

Special Situations Digest - #3

Clark Square Capital — Sun, 22 Feb 2026 19:32:20 GMT

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the third edition of our weekly Special Situations Digest.

This has been getting great feedback, but I would love to see more suggestions for improvement. What sort of special sits do you want to see more of? Which countries? Any other features? Please leave a comment.

And please, if you find this value additive/helpful, share it with a friend or colleague. Or even better, share it on social media.

Thanks, and happy hunting.

CSC

Here is an Excel file that you can easily sort through, in case it’s useful:

Weekly Digest 2026 02 22

40.2KB ∙ XLSX file

Activist Campaigns

Hogi Medical · 3892.T (JP) · Mkt Cap: $57M · EV: $28M [Japanese medical device manufacturer] US private equity firm Carlisle Group launched a TOB for Hogi Medical at ¥6,700 per share with March 2 deadline. US activist Dalton Investments Group (27%+ stake) will tender shares but also reinvest up to 20% in the post-privatization entity. GMO fund joined as co-reinvestor in this ‘double-dip’ structure allowing activists to profit from both the TOB and eventual exit.

Kitagawa Seiki · 6327.T (JP) · Mkt Cap: $80M · EV: $66M [Manufacturer of vacuum press machines used in printed circuit board manufacturing] Hong Kong-based hedge fund Rhim Advisors has accumulated an 18.24% stake in Kitagawa Seiki as of October 14, 2025, and continues to actively buy shares. The activist involvement coincides with strong AI data center demand for the company’s vacuum press machines, driving the stock to consecutive all-time highs with 7 consecutive days of gains.

Asiro Inc. · 7378.T (JP) · Mkt Cap: $90M · EV: $80M [Technology services company] Asset Value Investors increased its stake in Asiro from 28.42% to 29.78% according to a regulatory filing. The stock surged approximately 9% on the news as investors viewed the increased position by the known activist fund as a positive catalyst.

AnGes Inc. · 4563.T (JP) · Mkt Cap: $150M · EV: $141M [Japanese biotech venture company] Zhao Fengxiang, holding 2.52 million shares in AnGes, sent a formal complaint opposing the company’s decision to issue up to ¥7 billion in stock warrants to Cantor Fitzgerald. Zhao claims his group presented better funding terms that were ignored by management and is demanding an extraordinary shareholders meeting to remove three outside directors.

abrdn European Logistics Income · ASLI.L (UK) · Mkt Cap: $153M [Real estate investment trust focused on European logistics properties] Shareholders of abrdn European Logistics Income rejected two resolutions proposed by Polish activist investor DL Invest Group at a requisitioned General Meeting. The specific terms of the rejected resolutions and DL Invest Group’s stake size were not disclosed.

GSI Technology, Inc. · GSIT (US) · Mkt Cap: $237M · EV: $184M [AI inference technology company developing memory-based computing solutions] Galloway Capital Partners disclosed a 5.02% stake in GSI Technology and launched an activist campaign citing material undervaluation of the AI inference technology company. Galloway intends to engage constructively with management and board to evaluate all options to maximize shareholder value, citing insufficient capital markets communication and lack of strategic milestones.

Innventure · INV (US) · Mkt Cap: $250M · EV: $471M [Industrial growth conglomerate that founds and operates IP-driven companies] Innventure issued a statement responding to a Schedule 13D filing by Commonwealth Asset Management, stating the Board is committed to acting in shareholders’ best interests and is open to constructive engagement. The company reiterated its long-term value creation strategy focusing on founding and operating IP-driven companies.

Funko Inc · FNKO (US) · Mkt Cap: $302M · EV: $516M [Collectibles maker specializing in pop culture merchandise and vinyl figures] Pleasant Lake Partners disclosed a roughly 10% stake in Funko and is urging the collectibles maker to immediately explore strategic alternatives including a potential sale to corporate buyers or private equity. The activist involvement comes as Funko has struggled with softer toy demand and revenue declines over the past two years.

Jack in the Box Inc. · JACK (US) · Mkt Cap: $317M · EV: $2.9B [Quick-service restaurant chain operating Jack in the Box locations] Activist investor Sardar Biglari is pushing to unseat board chair Davie Goebel, with proxy advisors Glass Lewis and Egan-Jones recommending shareholders vote against Goebel due to persistent underperformance. The company has experienced same-store sales declines, sold Del Taco, and conducted large-scale closures while adopting a poison pill defense against Biglari’s campaign.

Ebara Jitsugyo Co., Ltd. · 6328.T (JP) · Mkt Cap: $436M · EV: $348M [Japanese industrial equipment distributor] UK activist fund Nippon Active Value Fund (NAVF), holding 9.63% jointly with Dalton Investments, submitted shareholder proposals for March 24 AGM including up to ¥6.465 billion share buyback, majority independent board composition, and restricted stock compensation changes. This marks the 6th consecutive year NAVF has made proposals at the company.

MarineMax, Inc. · HZO (US) · Mkt Cap: $645M · EV: $1.7B [Recreational boat and yacht retailer] Levin Capital Strategies, a top 10 shareholder, is publicly calling on the board to immediately announce a strategic alternatives review following a $35 per share all-cash acquisition offer from The Donerail Group. The activist threatens to hold directors accountable at future annual meetings if the board continues to delay action on value-maximizing opportunities.

Tripadvisor · TRIP (US) · Mkt Cap: $1.2B · EV: $1.3B [Online travel platform and review site] Starboard Value, which took a 9% stake in 2025, is preparing to nominate a slate of directors to secure majority control of the eight-member board. If successful in winning at least five seats, Starboard would gain ability to overrule chairman Greg Maffei and CEO Matt Goldberg. The activist is pushing for asset sales including TheFork, Viator, and potentially Tripadvisor itself.

Wendy’s · WEN (US) · Mkt Cap: $1.5B · EV: $5.4B [Fast-food restaurant chain] Nelson Peltz’s Trian Fund Management disclosed in an SEC filing that Wendy’s is undervalued and has spoken with financing sources about potential deals including an acquisition that could give control of the company. Peltz holds a 16.24% stake in Wendy’s and previously considered a takeover bid in 2022. Wendy’s board said it would review any proposal in line with fiduciary duties.

Kobayashi Pharmaceutical Co., Ltd. · 4967.T (JP) · Mkt Cap: $2.7B · EV: $2.3B [Pharmaceutical and health supplement manufacturer] Hong Kong-based activist investor Oasis Management filed a shareholder derivative lawsuit seeking ¥13.5 billion in damages over the company’s handling of a supplement scandal that allegedly caused kidney disease and 408 deaths. Oasis has been targeting multiple Japanese companies including Nintendo, Kyocera, Tokyo Dome, and Kao with activist campaigns demanding business reforms.

Fujitec Co Ltd · 6406.T (JP) · Mkt Cap: $2.9B · EV: $2.4B [Elevator and escalator manufacturer] Oasis Management is engaged in an activist campaign targeting founder family control and alleged corporate governance issues. The campaign escalated into a major confrontation with founder family CEO Koichi Uchiyama after dialogue failed, with Oasis alleging privatization attempts by the founding family and conducting investigations into past real estate transactions.

Keisei Electric Railway · 9009.T (JP) · Mkt Cap: $4.3B · EV: $6.5B [Japanese railway operator] UK investment fund Palliser Capital sent a letter to Keisei Electric Railway’s board proposing to take the company private. Palliser held 4.4% of shares as of March 2024 and advocated for delisting to enable management restructuring followed by re-listing.

WEX Inc. · WEX (US) · Mkt Cap: $5.3B · EV: $5.1B [Corporate payment solutions provider] Impactive Capital has nominated four directors to WEX’s board, launching a proxy contest focused on governance or strategic changes that may conflict with management’s current long-term plans. WEX has disclosed the campaign creates significant legal and operational costs while potentially causing stock price volatility.

Riot Platforms · RIOT (US) · Mkt Cap: $5.8B · EV: $6.3B [Bitcoin mining company pivoting to AI data center operations] Activist investor Starboard Value, holding 3.12% of Riot Platforms, is pushing the bitcoin mining company to accelerate its pivot to AI-focused data center operations. Starboard estimates the company could generate over $1.6 billion in annual EBITDA by leasing its 1.7 gigawatts of Texas power capacity at competitive AI data center rates. Riot already has a $311 million, 10-year lease deal with AMD at its Rockdale facility.

Toto Ltd · 5332.T (JP) · Mkt Cap: $6.5B · EV: $6.1B [Bathroom fixtures and toilet manufacturer] An activist investor has identified Japan’s largest toilet maker as an undervalued artificial intelligence play, suggesting the company’s technology capabilities are not properly reflected in its current valuation. The activist is positioning Toto as having AI-related business potential beyond its traditional toilet manufacturing operations.

Pearson · PSON.L (UK) · Mkt Cap: $7.9B · EV: $9.9B [Educational publishing and services company] Three activist investors now control over 33% of shares: Cevian (backed by Carl Icahn) holds 18% and has called for moving the listing from London to New York, Artisan Partners doubled its stake to 10%, and Silchester holds nearly 6%. Shares are down 32% over the past year amid AI disruption concerns.

Norwegian Cruise Line · NCLH (US) · Mkt Cap: $11.0B · EV: $25.0B [Cruise line operator] Elliott Management has built a more than 10% stake and plans to push for operational changes at the struggling cruise operator. Elliott has approached former Royal Caribbean executive Adam Goldstein as a potential board nominee and aims to improve both financial performance and guest experience.

Siemens Energy · ENR.DE (DE) · Mkt Cap: $163.1B · EV: $156.7B [Energy technology and infrastructure company] U.S. activist investor Ananym Capital disclosed a stake and is pushing for a spin-off of the loss-making wind business Siemens Gamesa, which it values at $10 billion. Major shareholders are resisting, saying the company should first restructure the unit that posted a 1.36 billion euro loss in 2025. The topic will be debated at the February 26 AGM.

Fiserv · FI (INTL) · Mkt Cap: None · EV: None [Financial services technology and payments company] Jana Partners has built a stake and is pressing the payments company to pursue steps to lift its lagging share price. Jana wants Fiserv to speed up expansion of its core banking business and launch a strategic review that could include shedding non-core operations. The stock declined 67% in 2025 and is down nearly 12% year-to-date.

Taiheiyou Kinzoku Corporation · 5541 (INTL) · Mkt Cap: N/A · EV: N/A [Japanese ferronickel producer] Company is targeted by activist investors including former Murakami Fund affiliates. Trades at 0.5-0.7x P/B ratio with 93% equity ratio and virtually no debt. Announced new dividend policy with 4% DOE target, increasing dividend to 135 yen per share (~7% yield) in response to activist pressure.

Strategic Reviews

Royale Energy, Inc. · ROYL (UN) · Mkt Cap: $4M · EV: $9M [Oil and gas exploration and production company] Royale Energy announced a Strategic Review led by Roth Capital Partners and appointed Jonathan Gregory as Executive Chairman. The review will evaluate balance sheet optimization, asset allocation, and potential transactions to increase scale and pursue Nasdaq relisting.

Mainz Biomed N.V. · MYNZ (GE) · Mkt Cap: $6M · EV: $4M [Molecular diagnostics company developing cancer detection tests] Mainz Biomed announced a $6M private placement with David Lazar becoming Chairman, strategic pivot to focus solely on pancreatic cancer detection in the U.S., and plans to sell colorectal cancer assets while winding down German operations. The company is evaluating broader strategic alternatives while reducing operating expenses.

Cosmos Health Inc. · COSM (UN) · Mkt Cap: $14M · EV: $33M [Pharmaceutical and healthcare products company] Cosmos Health is evaluating strategic monetization options for its real estate portfolio, valued at approximately $15 million, which exceeds the company’s current market cap of $13.5 million. The company is considering various alternatives including outright sale, joint ventures, sale-leaseback transactions, or other strategic arrangements for its manufacturing facility and logistics center properties in Athens, Greece.

Laurion Mineral Exploration Inc. · LME.V (CA) · Mkt Cap: $51M · EV: $46M [Gold exploration company developing the Ishkōday project] Laurion appointed mining engineer Sean Ghosal as strategic advisor to evaluate strategic alternatives as the Ishkōday gold project advances toward mineral resource estimate. Management emphasizes exploring non-dilutive options and de-risking before monetization.

Verde Clean Fuels, Inc. · VGAS (UN) · Mkt Cap: $54M · EV: $-7M [Clean fuels technology company pivoting from plant development to licensing model] Verde Clean Fuels announced a strategic pivot to capital-lite technology licensing while forming a Restructuring Committee led by Jonathan Siegler to evaluate strategic alternatives. The company is implementing 50% cost reductions and maintains $50+ million cash position.

Domo, Inc. · DOMO (US) · Mkt Cap: $157M · EV: $249M [Cloud-based business intelligence and data visualization platform] Domo’s Board has initiated a formal process to explore strategic alternatives to maximize shareholder value, including potential strategic investment, sale, strategic business combination, or other transaction. The company has engaged Jefferies as financial advisor and Goodwin Procter as legal advisor for the process.

Limoneira Co · LMNR (US) · Mkt Cap: $255M · EV: $358M [California citrus grower and real estate development company] Limoneira has undergone a multi-year strategic transformation from a traditional California citrus grower into a hybrid farming-real estate operation. The company is monetizing non-core land through joint ventures with homebuilders and asset sales to reduce debt and unlock land value.

NextEnergy Solar Fund · NESF.L (UK) · Mkt Cap: $397M · EV: N/A [Solar energy investment fund] NextEnergy Solar Fund is conducting a strategic review under new chair Tony Quinlan, with investor update scheduled for March 11. The company trades at 40% discount to NAV with high gearing and has raised £72.5m from disposals.

Equity Trustees Limited · EQT.AX (AU) · Mkt Cap: $425M [Australian trustee services and wealth management company] Equity Trustees announced a strategic review of its Superannuation Trustee Services (STS) business with a 6-12 month timeframe, explicitly flagging the possibility of exiting this division. The review focuses on optimal capital allocation, with the STS business operating at lower margins than other divisions and facing regulatory pressures following the Shield Master Trust collapse.

Centerspace · CSR (US) · Mkt Cap: $1.1B · EV: $2.3B [Multifamily REIT owning apartment communities across 7 states] Centerspace has formally engaged financial and legal advisors to perform a strategic alternatives review. Raymond James analyst notes the portfolio is an attractive target for potential buyers, leading to the firm downgrading shares to Market Perform from Strong Buy due to valuation gap closure amid the strategic process.

FMC Corporation · FMC (US) · Mkt Cap: $1.8B · EV: $5.3B [Agricultural chemicals and solutions company] FMC reported net loss of $2.24 billion for 2025 with Q4 sales of $1.08 billion. The Board is exploring strategic options to strengthen the balance sheet and enhance the portfolio amid continued sales decline guidance for 2026.

Select Medical Holdings · SEM (US) · Mkt Cap: $1.9B · EV: $5.0B [Operates specialty hospitals and outpatient rehabilitation clinics] Executive Chairman Robert A. Ortenzio made a non-binding proposal to take Select Medical private at $16.00-$16.20 per share. The board’s independent special committee is reviewing the offer and evaluating broader strategic alternatives. The company completed a tax-free spin-off of Concentra in November 2024.

Aurizon Holdings Limited · AZJ.AX (AU) · Mkt Cap: $4.8B · EV: $8.7B [Australian rail freight and infrastructure company] Aurizon Holdings has decided to retain its Queensland rail network after conducting a strategic review, rejecting offers for minority stakes in the asset. The company concluded that keeping the network would deliver higher returns to shareholders than selling partial ownership stakes.

LKQ Corporation · LKQ (US) · Mkt Cap: $8.7B · EV: $13.7B [Provider of alternative automotive parts and specialty vehicle equipment] LKQ Corporation announced a formal Board-led strategic review including a possible sale of the company. The company is also conducting a separate review of its Specialty segment. This follows weak earnings, lowered 2025 guidance, and ongoing patent litigation with General Motors.

AECOM · ACM (US) · Mkt Cap: $11.8B · EV: $13.7B [Engineering and construction services company] AECOM completed a strategic review of its Construction Management division and decided to retain the business rather than divest it. The company raised 2026 earnings guidance to $1.2-1.3B adjusted EBITDA and increased share buyback program to $1 billion, having returned $3.4B to shareholders since 2020.

Carlsberg · CARL-B.CO (DE) · Mkt Cap: $20.7B · EV: $30.7B [Danish brewing company] Carlsberg is exploring an IPO of its India business to unlock shareholder value, as confirmed by Group CEO Jacob Aarup-Andersen. No final decision has been made and the company is assessing whether the listing would create adequate value for shareholders.

International Flavors & Fragrances · IFF (US) · Mkt Cap: $21.2B · EV: $26.7B [Manufactures flavors, fragrances, and specialty ingredients] IFF placed its $3.28B Food Ingredients segment under strategic review and launched a formal sale process, taking a $1.15B goodwill write-down to reflect expected sale proceeds below book value. The company completed $2.9B in debt reduction and multiple other divestitures including Pharma Solutions and soy operations. The sale represents the latest divestiture as IFF reshapes its portfolio following the 2021 $26B DuPont merger.

Robinhood Markets · HOOD (US) · Mkt Cap: $67.1B · EV: $67.2B [Commission-free stock trading and financial services platform] Robinhood is launching an IPO for its corporate venture fund Robinhood Ventures Fund I, planning to raise $1bn by issuing 35 million fund shares and 5 million Robinhood shares at $25 each on NYSE. The fund focuses on late-stage deals and has backed Databricks, Airwallex, Ramp, and agreed to invest in Stripe at a $140bn valuation.

Vale S.A. · VALE (US) · Mkt Cap: $71.3B · EV: $82.6B [Global mining company focused on iron ore and base metals production] Vale’s subsidiary formed a four-party consortium with Exiro Minerals, Orion Resources Partners and Canada Growth Fund to own and develop the Thompson Nickel Belt in Manitoba. Vale will retain 18.9% ownership while the three new investors hold 81.1%, with up to $200 million in new investment committed and an offtake agreement securing nickel concentrate supply to Vale. Closing is targeted by end of 2026.

CRH plc · CRH.L (UK) · Mkt Cap: $84.4B · EV: $107.0B [Global building materials manufacturer and supplier] CRH is reviewing its London Stock Exchange listing and preference share capital structure, with completion expected in Q1 2026. The company previously delisted from Euronext Dublin in 2023 and maintains $1.4 million in preference shares on Euronext Growth Dublin. The review may result in delisting ordinary shares from the LSE.

Johnson & Johnson · JNJ (US) · Mkt Cap: $586.1B · EV: $624.3B [Healthcare and pharmaceutical conglomerate] Johnson & Johnson is preparing to sell its orthopedic business ‘DePuy Synthes’ with a potential valuation of up to $20 billion. Multiple private equity firms are reportedly considering forming investor consortiums to acquire the business, though J&J previously stated it prefers a tax-free spinoff while keeping other options open. DePuy Synthes manufactures hip, knee, and shoulder implants and generated $9.3 billion in revenue in 2025.

Lime Petroleum Holding AS · LIME.OL (INTL) · Mkt Cap: None · EV: None [Oil and gas exploration and production company] Lime Petroleum has initiated a comprehensive strategic and financial review with ABG Sundal Collier due to material drilling cost overruns and production delays that severely impacted its financial position. The review includes potential mergers, asset transactions, debt amendments, or broader financial restructuring. The company warns it may be unable to meet financial obligations without a timely recapitalization solution.

Motus GI Holdings · MOTS (US) · Mkt Cap: $638 · EV: $-2.5M [Medical device company developing colonoscopy systems] Motus GI is exploring strategic alternatives including partnerships, asset sales, or M&A after facing Nasdaq delisting proceedings and severe financial distress. The company has limited cash runway, ongoing losses, and has been diluting shareholders through reverse splits and equity raises.

Enad Global 7 AB · EG7 (INTL) · Mkt Cap: None · EV: None [Video game developer and publisher] EG7 announced a comprehensive strategic review of its business units and portfolio, withdrawing its previous 2026 financial targets of SEK 3 billion revenue and SEK 1 billion Adjusted EBITDA. The company is evaluating performance across all business areas including three units where it invested over SEK 600 million, with results to be presented at a Capital Markets Day in Q1 2027.

The Canadian Chrome Company Inc. · CACR (INTL) · Mkt Cap: N/A · EV: N/A [Chromite mining company with projects in Canada’s Ring of Fire region] The Canadian Chrome Company has engaged Origin Merchant Partners to conduct a strategic review of alternatives including potential sale, merger, joint venture, or asset sale. The company recently closed a second tranche of private placement raising $260,000.

Guard Therapeutics International AB · GUARD (INTL) [Biopharmaceutical company developing treatments for acute kidney injury] Guard Therapeutics ended its RMC-035 program following negative phase 2b trial results and has initiated a strategic review including potential merger options. The company reported a net loss of -108.9 MSEK for the year but maintains sufficient cash for 2026 operations and is implementing cost cuts.

Ramsay Health Care · RHS.AX (INTL) [Private hospital operator with facilities in Australia and Europe] Ramsay announced plans to spin off its 52.79% stake in European subsidiary Ramsay Santé through an in-specie distribution to shareholders via scheme of arrangement. The demerger is expected to complete by December 2026, subject to shareholder, regulatory and court approvals. Ramsay Santé shares will be tradeable on ASX through CDIs.

M&A / Divestitures

Tinexta S.P.A · TNX.MI (IT) · Mkt Cap: $6M · EV: $20M [Italian business services and digital solutions company] Zinc Bidco has launched a mandatory public tender offer for shares of Tinexta S.P.A. The offer follows Zinc Bidco’s acquisition of a controlling stake in the company.

cbdMD, Inc. · YCBD (US) · Mkt Cap: $8M · EV: $6M [CBD products company manufacturing and distributing hemp-derived cannabidiol products] cbdMD completed an all-equity asset acquisition of Bluebird Botanicals in January 2026, expected to contribute ~10% revenue growth and expand the company’s product portfolio with GRAS-compliant assets. The deal includes earnout shares and is intended to strengthen cbdMD’s competitive position in the CBD market.

EMERGE Commerce Ltd. · ECOM.V (CA) · Mkt Cap: $11M · EV: $14M [E-commerce platform and digital marketplace operator] EMERGE Commerce signed a definitive agreement to acquire substantially all assets of Viral Loops, a B2B referral marketing platform, from Wishpond Technologies Ltd. The company also announced an $18M private placement to fund the transaction. Management expects the acquisition to be immediately accretive to earnings and cash flow.

ClearOne Inc. · CLRO (US) · Mkt Cap: $14M · EV: $15M [Audio and visual communication solutions for conferencing] ClearOne has entered into a definitive agreement to sell certain assets to Biamp Systems, including intellectual property, product inventory, and customer data, as part of a strategic plan to potentially sell all or most of its assets. The company announced a one-time special stock dividend of Class A Redeemable Preferred Stock linked to the asset sales, causing shares to surge 93.9%.

Sensei Biotherapeutics · SNSE (US) · Mkt Cap: $32M · EV: $10M [Biotechnology company developing immunotherapies for cancer treatment] Sensei Biotherapeutics acquired Faeth Therapeutics in a stock-for-stock transaction and raised $200 million in concurrent private placement. Post-transaction, original Sensei shareholders will own only 4.9%, Faeth shareholders 40.8%, and new investors 54.3% of the combined company on a fully-diluted basis. The deal brings Faeth’s lead asset PIKTOR into Sensei’s pipeline for endometrial and breast cancer development.

Aleanza Holdings · 7425.T (JP) · Mkt Cap: $49M · EV: $13M [Japanese home improvement retailer] Konan Trading announced a TOB for Aleanza Holdings, acquiring 49.45% of shares (all shares except those held by Barrow Holdings’ 50.55% stake). This structure makes Aleanza an equity method affiliate rather than a consolidated subsidiary. Barrow Holdings and founding shareholder Asakura have agreed to the TOB.

XiangXing International Holding Limited · 1079.HK (HK) · Mkt Cap: $52M · EV: $48M [Hong Kong-listed industrial company] Westwell Holdings completed a voluntary cash partial offer for XiangXing International, acquiring a 29% stake with final acceptances requiring pro-rata scaling. Post-offer, Westwell and Glory Fame Venture Limited control 59.3% combined, acting in concert.

Inspecs Group PLC · SPEC.L (UK) · Mkt Cap: $110M · EV: $159M [UK-based eyewear design and manufacturing company] Bidco 1125 Ltd has switched from a scheme arrangement to a takeover offer for Inspecs Group, maintaining the 84p per share cash offer worth £85.4 million. The bid represents more than double the pre-announcement share price, with Bidco holding commitments from 51% of shares.

JFB Construction Holdings · JFB (UN) · Mkt Cap: $137M · EV: $164M [Construction company merging with AI-driven defense robotics company] JFB announced an all-stock merger with XTEND, an AI-driven defense robotics company, valued at $1.5 billion. Upon closing, XTEND shareholders will own ~70% and JFB shareholders ~30% of the combined company, which will be renamed XTEND AI Robotics and trade under ticker ‘XTND’. The transaction is expected to close mid-2026.

Mkango Resources Ltd. · MKA.L (UK) · Mkt Cap: $263M · EV: $272M [Rare earths mining and development company] Mkango Resources subsidiary Mkango Rare Earths Limited filed confidential Form F-4 with SEC for previously announced business combination with Crown PropTech Acquisitions (SPAC). Deal has $400M implied pro forma valuation and plans Nasdaq listing under MKAR ticker. Deal deadline extended to September 2026 with additional $250K sponsor funding bringing total to $750K.

Aditya Birla Fashion and Retail Limited · ABFRL.NS (IN) · Mkt Cap: $937M · EV: $1.4B [Fashion and retail company operating clothing brands and retail stores] ABFRL acquired TCNS Clothing Co Ltd through a multi-step transaction involving SPA for promoter stake (Rs. 1,650 crore), mandatory open offer, and subsequent merger approved by NCLT in August 2024. Total transaction value was Rs. 3,105 crore with TCNS shareholders receiving ABFRL shares post-merger.

BuySell Technologies · 7685.T (JP) · Mkt Cap: $1.1B · EV: $1.1B [Second-hand goods buying and selling retail chain operator] BuySell Technologies announced on February 13 that it will acquire DelightZ, operator of second-hand goods buying stores ‘Yukichi’, as a wholly-owned subsidiary. DelightZ operates 14 stores concentrated in Kyushu region (Nagasaki and Saga prefectures) and will spin off its restaurant, fisheries, and estate clearing businesses to focus solely on the reuse business before the acquisition.

Colowide Co., Ltd. · 7616.T (JP) · Mkt Cap: $1.3B · EV: $2.1B [Japanese restaurant chain operator] Colowide has secured exclusive negotiation rights to acquire C-United, which operates the “Kohikan” and “Cafe Veloce” coffee shop chains, from LongReach Group. The acquisition is valued at approximately 40 billion yen (~$260 million).

Aretha Holdings · 3148.T (JP) · Mkt Cap: $1.4B · EV: $1.2B [Japanese home center operator through subsidiaries in home improvement retail] Kohnan Shoji announced a TOB for Aretha Holdings. Under the structure, Kohnan will acquire all shares except those held by Barrow Holdings (50.55% stake), resulting in Barrow maintaining 50.55% and Kohnan holding 49.45%. This means Kohnan will not obtain majority control but will gain Aretha as an equity method affiliate.

Kennedy Wilson Holdings, Inc. · KW (US) · Mkt Cap: $1.5B · EV: $6.5B [Real estate investment company focused on multifamily and commercial properties] Kennedy Wilson agreed to be acquired by a consortium led by CEO William McMorrow and Fairfax Financial for $10.90 per share in cash, representing a 46% premium to the unaffected share price. The all-cash transaction is valued at approximately $1.65 billion and is expected to close in Q2 2026.

Nojima Corporation · 7419.T (JP) · Mkt Cap: $2.1B · EV: $2.1B [Electronics retailer operating consumer technology stores] Nojima Corporation President Koji Nojima expressed strong intention for large-scale M&A activity, stating the company could potentially invest 200-300 billion yen in a single acquisition. This represents a significant strategic shift for the major electronics retailer.

Mister Car Wash, Inc. · MCW (US) · Mkt Cap: $2.3B · EV: $4.0B [Car wash services operator] Leonard Green & Partners, which owns over 66% of Mister Car Wash, announced a take-private transaction at $7.00 per share. LGP has already approved the transaction using its controlling stake without soliciting votes from public shareholders. A law firm is investigating potential breaches of fiduciary duty regarding the transaction price.

IHS Towers · IHS (US) · Mkt Cap: $2.7B · EV: $6.1B [Telecommunications infrastructure company operating wireless tower networks in emerging markets] Macquarie Asset Management agreed to acquire IHS Towers’ South American wireless tower operations (8,500+ sites in Brazil, 270 in Colombia) for approximately $685 million enterprise value. The transaction marks IHS Towers’ complete exit from the Latin America region and is expected to close later in 2026.

DigitalBridge · DBRG (US) · Mkt Cap: $3.0B · EV: $4.1B [Digital infrastructure investment and asset management company] DigitalBridge announced agreement to sell its stake in Netomnia (UK fiber operator) to nexfibre for £2 billion enterprise value. DigitalBridge invested in Netomnia in 2022 to support expansion of the company’s fiber network serving 3 million UK premises. Transaction subject to regulatory approvals.

Hims & Hers Health Inc · HIMS (US) · Mkt Cap: $3.5B · EV: $4.1B [Digital health platform providing telehealth services and direct-to-consumer healthcare products] Hims & Hers announced acquisition of international digital health company Eucalyptus for up to $1.15 billion ($240M cash at closing, remainder in deferred/earnout payments over 18 months through early 2029). Eucalyptus has $450M+ annual revenue run rate and operates telehealth brands across Australia, Japan, Germany, Canada and UK. Deal expected to close mid-2026 pending regulatory approvals.

Liberty Global · LBTYB (US) · Mkt Cap: $4.7B · EV: $13.0B [International telecommunications and cable company] Liberty Global is conducting a 100% spin-off of Sunrise with key dates set: shareholder meeting October 25, 2024, record date November 4, 2024, and distribution date November 12, 2024. Sunrise Class A ADSs will begin trading on Nasdaq November 13, 2024, and on SIX Swiss Exchange November 15, 2024.

Etsy, Inc. · ETSY (US) · Mkt Cap: $5.2B · EV: $6.5B [Online marketplace for handmade and vintage items] Etsy announced a definitive agreement to sell fashion resale platform Depop to eBay for $1.2 billion cash. The divestiture marks a strategic retreat from Etsy’s ‘House of Brands’ model to focus on its core marketplace. Depop had been diluting consolidated EBITDA margins by 350 basis points in 2025.

Portland General Electric · POR (US) · Mkt Cap: $5.7B · EV: $11.3B [Electric utility company serving customers in Oregon] Portland General Electric announced a $1.9 billion acquisition of PacifiCorp’s Washington utility assets, adding approximately 140,000 customers and including three power generation facilities plus 4,500 miles of transmission/distribution lines. The deal is subject to regulatory review expected to take roughly 12 months, with Manulife owning a 49% stake in the Washington utility business.

Qube Holdings Limited · QUB.AX (AU) · Mkt Cap: $6.3B · EV: $8.3B [Australian infrastructure and logistics company] Qube Holdings has agreed to an $11.7 billion cash takeover by Macquarie Asset Management at $5.20 per share via scheme of arrangement. The deal follows a non-binding proposal made three months earlier and has board support, subject to regulatory and shareholder approvals.

BlueScope Steel · BSL.AX (AU) · Mkt Cap: $8.7B · EV: $9.1B [Steel manufacturing and building products company] BlueScope Steel rejected a A$13.2 billion ($9.3 billion) takeover proposal from SGH and U.S.-based Steel Dynamics at A$30 per share. The market had been pricing in expectations of a higher rival bid in the A$35-40 range, but no fresh corporate developments have emerged. The company reported strong H1 results and announced A$310 million share buyback plus special dividend.

Anglo American · AAL (US) · Mkt Cap: $8.9B · EV: $39.2B [Global mining company focused on critical minerals including copper, diamonds, and platinum] Anglo American agreed to merge with Teck to form ‘Anglo Teck’, creating a global critical minerals company with 70%+ copper exposure. The company completed demerging Valterra Platinum in May 2025 and is progressing the sale of its Steelmaking Coal business and separation of De Beers. The Teck merger received overwhelming shareholder support and awaits regulatory approvals.

Masimo Corporation · MASI (US) · Mkt Cap: $9.4B · EV: $9.7B [Medical technology company that develops patient monitoring and noninvasive pulse oximeter technologies] Danaher agreed to acquire Masimo for $180 per share in cash, representing a total enterprise value of approximately $9.9 billion. The transaction values Masimo at 18x estimated 2027 EBITDA and is expected to close in the second half of 2026, subject to regulatory and shareholder approval.

Booz Allen Hamilton · BAH (US) · Mkt Cap: $9.6B · EV: $12.8B [Management consulting and technology services firm] Booz Allen Hamilton entered into a definitive agreement to acquire Defy Security from private equity firm Sverica Capital Management. The cybersecurity solutions provider has tripled in size over the past five years and serves hundreds of enterprise clients with partnerships across 400+ cybersecurity vendors. The acquisition is expected to close in Q2 of Booz Allen’s fiscal year 2026.

Hormel Foods Corporation · HRL (US) · Mkt Cap: $13.4B · EV: $15.2B [American food processing company producing packaged meat and food products] Hormel Foods announced a definitive agreement to sell its whole-bird turkey business to Life-Science Innovations, including Melrose, MN production facility and Swanville, MN feed mill. The transaction is expected to close by the end of Q2 fiscal 2026, with financial terms undisclosed.

Generac Holdings Inc. · GNRC (US) · Mkt Cap: $13.4B · EV: $14.5B [Manufacturer of backup power generation equipment] Generac signed a definitive agreement to acquire Enercon Engineering, a manufacturer of generator enclosures and switchgear. The acquisition adds 120+ employees and a 160,000 sq ft manufacturing facility to support Generac’s goal of doubling C&I product sales. Closing is expected in Q2 2026 subject to regulatory approvals.

Ovintiv Inc. · OVV (US) · Mkt Cap: $13.8B · EV: $18.1B [North American oil and natural gas exploration and production company] Ovintiv announced the sale of its Anadarko assets in Oklahoma for $3.0 billion cash to an undisclosed buyer. The divestiture includes approximately 360,000 net acres with current production of ~90,000 boe/d and is expected to close in Q2 2026.

Clean Harbors · CLH (US) · Mkt Cap: $15.3B · EV: $17.2B [Environmental and industrial services company providing hazardous waste management and emergency response] Clean Harbors entered into a definitive agreement to acquire Depot Connect International’s Industrial Services and Rail Services business for approximately $130 million. The transaction includes five strategic locations across Ohio, Louisiana, and Texas and is expected to close in the first half of 2026.

Genuine Parts Company · GPC (US) · Mkt Cap: $17.0B · EV: $23.4B [Distributor of automotive replacement parts and industrial parts and materials] Genuine Parts Company announced plans to separate into two independent public companies—Global Automotive and Global Industrial—by Q1 2027. The spinoff aims to unlock shareholder value and enhance operational focus, with both segments reporting strong 2025 financial performance.

Grab Holdings Limited · GRAB (US) · Mkt Cap: $17.8B · EV: $13.3B [Southeast Asian ride-hailing, food delivery, and financial services platform] Grab Holdings agreed to acquire fintech company Stash for $425 million upfront (majority stake) plus fair market value for remaining stake over 3 years, closing Q3 2025. Stash has $5B+ AUM, 1M+ users, and expected $60M EBITDA by 2028.

Mediobanca · MB.MI (IT) · Mkt Cap: $18.3B · EV: $45.1B [Italian investment bank and merchant banking company] Monte dei Paschi di Siena will take full control of Mediobanca and delist it from the Milan stock exchange. MPS already owns 86% of the merchant bank, with the small remaining free float prompting discussions about maintaining the listing.

Bombardier Inc. · BBD-B.TO (CA) · Mkt Cap: $19.3B · EV: $21.1B [Canadian manufacturer of business jets and recreational products] Bombardier acquired Velocity Maintenance Solutions, a business aviation MRO services provider founded in 2021 and headquartered in New Castle, Delaware. The acquisition was completed through Bombardier’s U.S. subsidiary Learjet Inc., with undisclosed terms.

Nippon Steel Corporation · 5401.T (JP) · Mkt Cap: $22.7B · EV: $57.2B [Japanese integrated steel producer and one of the world’s largest steelmakers] Nippon Steel’s CFO stated that acquired US Steel will contribute to earnings from the first half of fiscal 2027 (starting April 2026), after previously revising the fiscal 2026 impact from ¥80 billion positive to zero due to weak US market conditions. The company has dispatched around 100 technical staff to improve US Steel operations, particularly at the Arkansas plant.

Qnity Electronics · Q (US) · Mkt Cap: $23.8B · EV: $25.7B [Materials supplier to the semiconductor industry] DuPont spun off Qnity Electronics in November 2025 with shareholders receiving one Qnity share for every two DuPont shares owned. Qnity has gained about 40% year-to-date and is the 15th top performer in the S&P 500. Deutsche Bank raised its price target to $126 from $92.

CK Hutchison Holdings · 0001.HK (HK) · Mkt Cap: $31.2B · EV: $72.0B [Multinational conglomerate with ports, telecom, retail and energy operations] CK Hutchison Holdings negotiated a $23 billion deal with a BlackRock-led consortium to sell its non-Chinese port subsidiaries, but Beijing intervened to stall the transaction. Panama’s Supreme Court ruled CK Hutchison’s concession to operate two strategic Panama Canal ports ‘unconstitutional,’ with Maersk subsidiary APM Terminals tapped to temporarily take over operations.

eBay Inc. · EBAY (US) · Mkt Cap: $39.5B · EV: $40.9B [Online marketplace platform for consumer-to-consumer and business-to-consumer sales] eBay will acquire Depop, a consumer-to-consumer fashion marketplace, from Etsy for $1.2 billion in cash. The transaction has been unanimously approved by both boards and is expected to close in Q2 2026. Etsy originally purchased Depop for $1.6 billion in June 2021.

Larsen & Toubro · LT.NS (IN) · Mkt Cap: $65.0B · EV: $73.6B [Engineering, construction, and technology conglomerate] Larsen & Toubro announced the divestment of its entire stake in subsidiary Nabha Power Limited to Torrent Power for Rs. 3,660.87 crores ($440M USD), expected to close by June 30, 2026. NPL operates a 1,400 MW coal-fired power plant and contributed Rs. 4,421.54 crores in turnover (1.73% of L&T consolidated) in FY25.

Cencora · COR (US) · Mkt Cap: $69.6B · EV: $78.2B [Pharmaceutical distributor and healthcare solutions provider] Cencora announced it will merge its subsidiary MWI Animal Health with privately-held Covetrus in a transaction valuing the division at $3.5 billion. Cencora will receive $1.25 billion in cash, $800 million in preferred shares, and $1.45 billion in common shares, while retaining a 34.3% non-controlling stake in the combined entity.

TransDigm Group · TDG (US) · Mkt Cap: $75.1B · EV: $102.6B [Aerospace components manufacturer specializing in highly engineered aircraft parts and systems] TransDigm completed $1.2 billion in 6.125% senior subordinated notes due 2034 and secured $800 million in new term loans due 2033 to fund pending acquisitions of Stellant Systems, Jet Parts Engineering, and Victor Sierra Aviation Holdings. The company also raised its full-year guidance supported by strong commercial aftermarket demand and global aviation recovery.

Johnson Controls International plc · JCI (US) · Mkt Cap: $86.7B · EV: $94.5B [Building technology and energy solutions company providing HVAC and security systems] Johnson Controls signed an agreement to acquire Alloy Enterprises, a Boston-based company specializing in next-generation thermal management platform for data centers. The acquisition is expected to close in fiscal Q3 2026, subject to regulatory approvals. Financial terms were not disclosed.

Palo Alto Networks · PANW (US) · Mkt Cap: $124.9B · EV: $110.2B [Cybersecurity company providing network security, cloud security, and endpoint protection solutions] Palo Alto Networks entered into a definitive agreement to acquire Koi, a pioneer in Agentic Endpoint Security that protects AI agents and tools operating on enterprise endpoints. The acquisition will integrate Koi’s technology into PANW’s Prisma AIRS AI security platform and enhance their Cortex XDR endpoint security solution.

Danaher Corporation · DHR (US) · Mkt Cap: $147.5B · EV: $159.7B [Life sciences and diagnostics technology company] Danaher agreed to acquire medical device company Masimo for $9.9 billion, or $180 per share, representing a 38.3% premium to the closing price. The acquisition expands Danaher into patient monitoring equipment and is expected to close by late 2026.

Iberdrola · IBE.MC (SP) · Mkt Cap: $160.0B · EV: $242.3B [Spanish multinational electric utility company focused on renewable energy] Iberdrola is delisting its Brazilian unit Neoenergia from Spain’s Latibex market and acquiring the remaining 16.2% of shares to achieve complete ownership. This represents a going-private transaction for the subsidiary with Iberdrola buying out minority shareholders.

Nestlé S.A. · NESN.SW (SW) · Mkt Cap: $268.4B · EV: $336.9B [World’s largest food and beverage company producing coffee, bottled water, infant formula, and frozen foods] Nestlé announced negotiations are progressing to sell its ice cream business (including Häagen-Dazs) to UK joint venture company Froneri. This represents a strategic divestiture of a significant business segment by the world’s largest food and beverage company.

Visa Inc · V (US) · Mkt Cap: $617.7B · EV: $613.3B [Global payments technology company operating electronic payment processing networks] Visa entered into a definitive agreement to acquire Prisma and Newpay, Argentine payments infrastructure companies, from private equity firm Advent International. Prisma processes over 6 billion transactions annually as an issuer processing platform, while Newpay provides payments and cash access infrastructure including real-time account-to-account payments and ATM operations. The transaction is expected to close in Q1 2026.

Hapag-Lloyd AG / ZIM Integrated Shipping Services Ltd. · HLAG.DE / ZIM (Global) · Mkt Cap: N/A · EV: N/A [Container shipping companies operating global maritime freight services] Hapag-Lloyd is acquiring ZIM Integrated Shipping Services in a $4.2 billion deal expected to complete this year. The acquisition will strengthen the combined network across trans-Pacific, intra-Asia, Atlantic, Latin America, and East Mediterranean routes, with expected synergies of up to $500 million.

Nitin Castings Limited · 508875.BSE (IN) · Mkt Cap: N/A · EV: N/A [Manufacturing company producing castings] Nitin Castings Limited promoters (Nirmal Kedia, Nitin Kedia, and Citrus Castings Private Limited) have announced a voluntary delisting offer to acquire all public shareholdings and delist from BSE. The board will meet on February 20, 2026 to consider approving or rejecting the delisting offer after reviewing the due diligence report.

INFORICH · 9338 (JP) · Mkt Cap: N/A · EV: N/A [Information technology services company] INFORICH announced a management buyout (MBO) with a tender offer price of 4,560 yen per share, representing a 117% premium to the Feb 13 closing price of 2,105 yen. The tender offer period runs from Feb 16 to Mar 31, 2026. The board has approved the MBO and recommends shareholders tender their shares.

U.S. Steel Corporation · X (US) · Mkt Cap: N/A · EV: N/A [Steel production and manufacturing company] U.S. Steel reported $5.6 billion economic impact in Pennsylvania for fiscal 2024. The article references Nippon Steel’s $14.1 billion acquisition of U.S. Steel, which is expected to include at least $2.4 billion in investments for Mon Valley facilities and modernization efforts.

Rosebank Industries plc · ROSE (UK) · Mkt Cap: N/A · EV: N/A [Investment company focused on acquiring industrial businesses] Rosebank Industries is in advanced discussions to acquire two private equity-owned US businesses for $3.05 billion enterprise value. The transaction would be funded through a £1.9 billion fully underwritten equity raise plus new debt facilities, with trading suspended pending prospectus publication.

Crown PropTech Acquisitions · CPTKW (US) · Mkt Cap: N/A · EV: N/A [Special purpose acquisition company (SPAC)] Crown PropTech Acquisitions (CPTKW) and Mkango Rare Earths Limited filed confidential draft Form F-4 registration statement with SEC on Feb 13, 2026 for their proposed business combination first announced July 3, 2025. Upon closing, the combined entity’s shares and warrants are expected to list on Nasdaq as MKAR and MKARW, subject to SEC review and shareholder approvals.

Toshiba Corporation · 6502.T (INTL) · Mkt Cap: None · EV: None [Japanese multinational conglomerate manufacturing electronics and industrial equipment] Toshiba is considering reducing its stake in its elevator business, with Finnish elevator giant Kone expressing interest in increasing its ownership from the current ~20% stake. Toshiba owns approximately 80% of Toshiba Elevator & Building Systems and may sell part or all of its stake.

Kesoram Industries Limited · KESORAM.NS (INTL) · Mkt Cap: None · EV: None [Indian conglomerate involved in cement manufacturing and other industrial activities] Frontier Warehousing Limited is acquiring 42.80% stake in Kesoram Industries from existing promoters and launching mandatory open offer for additional 26% at ₹5.48 per share. The open offer runs February 26 - March 12, 2026, with Frontier becoming new promoter.

Trial Holdings · 8889.T (JP) · Mkt Cap: N/A · EV: N/A [Japanese retail company operating discount stores and supermarkets] Trial Holdings acquired Seiyu supermarket chain for approximately 380 billion yen in July 2024. The acquisition created Japan’s third-largest food retailer with combined sales of 1.2 trillion yen, behind Seven & i Holdings and Aeon. Trial is converting existing Seiyu stores to ‘Trial Seiyu’ format.

Novartis India · NOVARTIS.NS (INTL) · Mkt Cap: None · EV: None [Indian pharmaceutical subsidiary of Swiss drugmaker Novartis AG] Novartis AG is selling its 70.68% controlling stake in publicly-traded Novartis India to private equity firm ChrysCapital for approximately Rs 1,450 crore. The deal involves a mandatory open offer to public shareholders at Rs 860.64 per share and will result in complete change of control from Swiss parent to PE ownership.

Hang Seng Bank · 11.HK (INTL) [Hong Kong-based banking and financial services company] HSBC’s HK$106 billion plan to privatize Hang Seng Bank has received court approval, following earlier shareholder approval. The transaction will take Hang Seng Bank private, with HSBC acquiring the remaining shares it doesn’t already own.

Restructuring

Xinming China Holdings Limited · 2699.HK (HK) · Mkt Cap: $3M · EV: $155M [Chinese industrial company] Xinming China Holdings is conducting a major non-underwritten rights issue offering 6 new shares for every existing share at HK$0.188, aiming to raise up to HK$106 million. The issue could increase share capital by more than 50% within 12 months and requires shareholder approval at an extraordinary general meeting where controlling shareholders must abstain from voting.

Catheter Precision, Inc. · VTAK (US) · Mkt Cap: $3M · EV: $2M [Medical device company specializing in cardiac catheter technologies] Company announced definitive agreement to divest its atherectomy catheter technologies (including FDA approvals and patents) to focus on core electrophysiology solutions. The transaction includes $15,000 upfront cash, 5% equity stake in the acquirer with anti-dilution protection, and 10-year royalty agreement.

Jaguar Health · JAGX (UN) · Mkt Cap: $3M · EV: $32M [Pharmaceutical company developing gastrointestinal products] Company declared a one-time special dividend of Series O convertible preferred shares to common stockholders of record on March 2, 2026. The non-transferable preferred stock converts to common shares by December 31, 2026 and is designed to provide dilution protection as the company evaluates debt restructuring options.

Vector Holdings · 2656.T (JP) · Mkt Cap: $23M · EV: $19M [Japanese holding company experiencing expanding losses] Announced third-party allocation of new shares and 14th series warrants, along with execution of third-party allocation agreement. Company has expanding losses with Q3 cumulative final result showing widened red ink, and recently underwent CEO resignation and replacement in January.

Shankara Buildpro Limited · SHANKARA.NS (IN) · Mkt Cap: $28M · EV: $33M [Steel distribution company demerged from Shankara Building Products] Shankara Buildpro was recently listed following its demerger from Shankara Building Products Limited. The newly independent company reported 29% revenue growth to ₹1666 crore in Q3 FY26, driven primarily by its steel segment which grew 34% to ₹1520 crore with 37% volume growth.

Carna Biosciences · 4572.T (JP) · Mkt Cap: $41M · EV: $43M [Biotechnology company] Carna Biosciences completed a third-party allocation financing involving unsecured convertible bonds (private placement), warrants with price adjustment provisions, and new share issuance. The transaction represents significant equity dilution at a biotech company that reported continued losses in its recent earnings.

Oncopeptides AB · ONCO.ST (SE) · Mkt Cap: $53M · EV: $56M [Biopharmaceutical company developing peptide-based cancer treatments] Company is launching a SEK 200 million rights issue with 1:2 terms at SEK 1.55 per share, subscription period March 2-16. The company has secured commitments/guarantees covering SEK 190 million of the offering to strengthen the balance sheet and fund Pepaxti commercialization in Europe.

Road King Infrastructure Limited · 1098.HK (HK) · Mkt Cap: $64M · EV: $1.9B [Toll road operator and property developer] Company’s winding up application against wholly-owned subsidiary New Select Global Limited has been adjourned to March 16, 2026, with potential appointment of provisional liquidators to be considered. This follows ongoing legal proceedings since November 2025 regarding the subsidiary’s liquidation.

Tanaka Seimitsu · 7218.T (JP) · Mkt Cap: $76M · EV: $99M [Precision manufacturing equipment company] Tanaka Seimitsu announced a corporate restructuring involving a simplified company split to establish an intermediate holding company structure. The stock rose 1.84% on the announcement date.

ArrowMark Financial Corp. · BANX (US) · Mkt Cap: $155M · EV: $198M [Closed-end investment fund] ArrowMark Financial Corp. completed a transferable rights offering that expired February 18, 2026, allowing rights holders to subscribe for up to 2,604,156 common shares at $19.79 per share (90% of NAV). The rights offering was oversubscribed, requiring pro-rata allocation.

Rena Co Ltd · 4889.T (JP) · Mkt Cap: $156M · EV: $141M [Industrial equipment and machinery company] Rena Co Ltd announced the third issuance of new shares and stock warrants through third-party allocation under its stock and warrant issuance program contract. The transaction follows the company’s recent quarterly results showing a shift to net loss in the 9-month period.

SunPower Corporation · SPWR (US) · Mkt Cap: $174M · EV: $376M [Solar energy company] SunPower’s liquidation process is nearing completion after selling its core residential and commercial business units to strategic buyers in 2024. The company reached an $11 million settlement in early 2026 to resolve class-action lawsuits alleging misleading financial statements prior to bankruptcy, with final court approval pending.

Xerox Holdings Corporation · XRX (US) · Mkt Cap: $256M · EV: $4.2B [Printing technology and business process services] Xerox formed a joint venture with TPG to monetize IP assets, raising $450 million through TPG Credit-led financing consisting of senior secured term loans and preferred equity. Xerox contributed specific intellectual property assets to the JV in exchange for equity interests while retaining full licensing rights. Proceeds will be used for general corporate purposes, accelerating the Reinvention strategy including Lexmark integration, and potentially addressing the capital structure including debt reduction.

Nobia AB · NOBI.ST (SE) · Mkt Cap: $277M · EV: $681M [Kitchen cabinet manufacturer and retailer] Company published disclosure document for a fully guaranteed rights issue of approximately SEK 1.5 billion to strengthen its capital base. The rights offering will run from late February to mid-March 2026, with Handelsbanken and Nordea serving as bookrunners.

Community Health Systems · CYH (US) · Mkt Cap: $499M · EV: $11.8B [Hospital operator managing acute care facilities across the United States] Completed sale of three Pennsylvania hospitals for $48M total and signed definitive agreement to sell Crestwood Medical Center in Alabama for $450M. Combined transactions represent nearly $500M in asset divestitures with Alabama closing expected Q2 2026.

Chrysalis Investments Ltd · CHRY.L (UK) · Mkt Cap: $619M · EV: N/A [Investment company focused on growth equity investments] Proposed to sell entire portfolio and return proceeds to shareholders over next three years, citing persistent 34% discount to NAV despite £100M+ in buybacks. Shareholders vote on March 24 on new investment policy focused on orderly asset realization.

Kwality Wall’s (India) Limited · KWIL.NS (IN) · Mkt Cap: $725M [Ice cream company operating brands like Cornetto and Magnum across 400+ cities in India] Kwality Wall’s listed on BSE and NSE following completion of demerger from Hindustan Unilever, with HUL shareholders receiving one KWIL share for each HUL share held as of December 5, 2025. The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has signed agreement to acquire controlling stake in KWIL post-listing.

Altus Group Limited · AIF.TO (CA) · Mkt Cap: $1.2B · EV: $1.1B [Real estate analytics and commercial appraisal services] Altus Group entered into a definitive agreement to sell its Canadian Appraisals business to an affiliate of Newmark Group Inc. The transaction is expected to close around March 1, 2026, and includes a multi-year license agreement for Newmark to access Altus’ ARGUS Intelligence and other software/data offerings.

Elemental Royalty Corporation · ELE (CA) · Mkt Cap: $1.4B · EV: $519M [Precious metals royalty and streaming company] Company completed the sale of its Nordic operational platform (infrastructure, equipment, employees) to Goldsky Resources for approximately $360,000 in staged payments over two years. Elemental retains all mineral properties, exploration permits, and existing royalties, plus receives a 1% NSR royalty on any projects generated by Goldsky over the next five years.

Country Garden Holdings Company Limited · 2007.HK (HK) · Mkt Cap: $1.5B · EV: $38.6B [Chinese property developer focused on residential and commercial real estate development] A Hong Kong court dropped the winding-up petition against Country Garden Holdings, allowing the company to continue operations while dealing with financial difficulties. The company had been facing liquidation proceedings but has avoided this outcome.

DCM Shriram Industries · DCMSHRIRAM.NS (IN) · Mkt Cap: $1.9B · EV: $2.0B [Diversified industrial company operating in chemicals, manufacturing infrastructure, defense and aerospace segments] DCM Shriram completed a demerger creating two new publicly listed entities: DCM Shriram Fine Chemicals and DCM Shriram International. The demerger ratio was 1:1:1, with shareholders receiving one share of each new company for every DCM Shriram Industries share held, with record date of December 26, 2026.

Upstart Holdings, Inc. · UPST (US) · Mkt Cap: $2.9B · EV: $4.2B [AI-powered lending platform and credit technology company] Company announced the sale of $333 million in auto lending assets to affiliates of Bayview Asset Management. This represents part of Upstart’s strategy to optimize balance sheet usage for newer products while maintaining partnership growth in auto lending.

Lion Corporation · 4912.T (JP) · Mkt Cap: $3.3B · EV: $2.9B [Consumer products company manufacturing oral care, beauty care, fabric care and living care products] Lion Corporation is selling all shares of two consolidated chemical business subsidiaries to investment fund Advantage Partners, effective June 30. This is part of a group business reorganization strategy.

SM Energy Company · SM (US) · Mkt Cap: $5.4B · EV: $5.1B [Oil and gas exploration and production company] SM Energy agreed to sell South Texas assets (61,000 net acres, 260 wells in Webb County) to Caturus Energy for $950 million cash, expected to close in Q2 2026. The assets produce approximately 37-39 MBoe/d and generate ~$160 million in annual cash flows. Proceeds will be used primarily for debt reduction as part of the company’s goal to sell over $1 billion in assets.

UPL Ltd · UPL.NS (IN) · Mkt Cap: $7.0B · EV: $10.5B [Agricultural chemicals and crop protection products manufacturer] Company announced complex restructuring involving mergers and demerger to create two separate listed entities - existing UPL and new UPL Global Sustainable Agri focused on crop protection. The scheme involves specific share swap ratios and is expected to complete in 12-15 months with April 1, 2026 as appointed date.

Orkla ASA · ORK.OL (NO) · Mkt Cap: $13.3B · EV: $15.3B [Nordic consumer goods conglomerate operating in branded consumer goods, food ingredients and aluminum solutions] Orkla is undergoing major strategic restructuring to break up its conglomerate structure and focus on core assets, with three companies already sold and clear divestiture targets set. The company announced a NOK 2.00 special dividend alongside strong Q4 earnings.

Host Hotels & Resorts · HST (US) · Mkt Cap: $14.0B · EV: $19.2B [Hotel real estate investment trust] Host Hotels & Resorts sold two Four Seasons properties (Orlando and Jackson Hole) for $1.1 billion, generating an 11.0% unlevered IRR and 14.9x EBITDA multiple. The company also closed the previously announced sale of St. Regis Houston for $51 million at a 25.0x EBITDA multiple. Since 2018, HST has disposed of $6.4 billion in hotels at a blended 16.7x EBITDA multiple while acquiring $4.9 billion at 13.6x EBITDA.

Nidec Corporation · 6594.T (JP) · Mkt Cap: $17.4B · EV: $19.9B [Electric motor and precision equipment manufacturer] Nidec filed an improvement plan with Tokyo Stock Exchange acknowledging that its post-merger integration processes were inadequate. The company admitted it expanded through M&A without building sufficient management systems or having enough qualified personnel to oversee acquired companies. This is the first time Nidec has publicly acknowledged deficiencies in its post-acquisition value creation processes.

Shionogi & Co., Ltd. · 4507.T (JP) · Mkt Cap: $20.0B · EV: $18.7B [Pharmaceutical company specializing in infectious diseases and pain management] Company announced it will absorb its fully-owned subsidiary Torii Pharmaceutical through a merger effective April 1, 2027. Shionogi completed the acquisition of Torii in September 2025 through a tender offer and is now moving to fully integrate the companies to maximize synergies.

Vedanta Ltd · VEDL.NS (IN) · Mkt Cap: $29.4B · EV: $39.6B [Diversified natural resources and mining company] Company is proceeding with demerger into five separately listed companies, with focus on stabilizing declining oil and gas production ahead of the split. The oil and gas business has experienced production declines for 10 consecutive years and will operate independently as Vedanta Oil & Gas Ltd post-demerger.

FedEx Corporation · FDX (US) · Mkt Cap: $91.7B · EV: N/A [Global logistics and shipping company providing express delivery, ground, and freight services] FedEx is spinning off its Less-Than-Truckload unit, FedEx Freight, into a standalone public company (ticker: FDXF) scheduled for June 1, 2026. The $8.9 billion revenue freight business will be distributed tax-free to existing shareholders. Additionally, FedEx is implementing Network 2.0 consolidation targeting $1 billion in cost reductions and acquiring a 37% stake in InPost S.A. for €7.8 billion.

Honeywell International · HON (US) · Mkt Cap: $164.2B · EV: $175.0B [Diversified industrial conglomerate operating in aerospace, building technologies, performance materials, and safety solutions] Honeywell plans to spin off its Aerospace division into a separate publicly traded avionics company as part of an accelerated portfolio overhaul. The remaining company will focus on industrial automation and related businesses.

Citigroup Inc. · C (US) · Mkt Cap: $208.9B · EV: $-306,698,452,992 [Global banking and financial services] Citi completed the sale of its Russian subsidiary AO Citibank to Renaissance Capital, fully exiting Russia operations including 800 employees. The divestiture is expected to provide approximately $4 billion benefit to Common Equity Tier 1 capital in Q1 2026, primarily from deconsolidation of risk-weighted assets and release of currency translation adjustment loss.

HSBC Holdings plc · HSBA.L (UK) · Mkt Cap: $298.5B · EV: $-196,050,399,005 [Global banking and financial services company] HSBC is executing a global restructuring to cut $1.5 billion in annual costs by 2026, including 8% reduction in personnel expenses and asset sales across multiple regions. The bank recently completed a $13.6 billion buyout of the remaining 37% stake in Hang Seng Bank it didn’t own, while divesting non-core businesses in Europe and scaling back US operations.

Kwality Wall’s India · KWALITY.NS (IN) [Ice cream manufacturer operating brands including Magnum and Cornetto across India] Kwality Wall’s completed its demerger from Hindustan Unilever and began trading independently on February 16, listing at ₹29.80 per share with a market cap of ₹7,001.78 crore. The company targets double-digit volume growth through distribution expansion from current 200,000 outlets.

Religare Enterprises Limited · RELG.NS (IN) [Financial services and insurance company operating lending and health insurance businesses] Religare Enterprises approved a demerger to spin off its financial services business into separately listed Religare Finvest Limited. REL shareholders will receive 1:1 shares in RFL, with listing expected on BSE and NSE in Q1 FY28, while REL will retain insurance business including stake in Care Health Insurance.

Barloworld Limited · BAWP (ZA) [Industrial equipment and automotive services company operating across Africa and internationally] Barloworld is finalizing the redemption of all cumulative preference shares at ZAR 2.557 per share on March 2, 2026, followed by delisting from JSE and A2X. This follows the earlier compulsory acquisition of ordinary shares by Newco in January 2026.

DMK Pharmaceuticals · DMKPF (INTL) · Mkt Cap: None · EV: None [Pharmaceutical company] DMK Pharmaceuticals’ Chapter 11 liquidation plan was court-approved, resulting in complete equity wipeout for shareholders. All equity interests will be cancelled with zero distribution, while creditors receive liquidation proceeds from asset sales including $3.17M from ZIMHI product assets sold in May 2024.

Gemini Space Station Inc. · GEMS (INTL) · Mkt Cap: None · EV: None [Cryptocurrency exchange platform] Gemini announced immediate departure of three C-suite executives (COO, CFO, CLO) following 25% workforce cuts and withdrawal from UK/EU/Australia markets. Company expects $257-267M adjusted pre-tax loss for 2025 with operating expenses rising to $520-530M from $308M prior year. Stock down 14% on the news to $6.50, having fallen from IPO high of $45.89 in September.

Azul · AZUL (INTL) [Brazilian airline] American Airlines and United Airlines are jointly investing $200M ($100M each) in Azul as part of its Chapter 11 exit strategy. Combined with $100M from existing creditors and potential $25M from warrants, total new capital exceeds $300M. U.S. Bankruptcy Court has approved the reorganization plan, with United’s investment via equity rights offering settling February 20, 2026, and American’s via warrants pending Brazilian antitrust approval.

Oando Plc · OANDO.LG (INTL) [Nigerian energy group] Oando launched a 220 billion naira ($162.5 million) rights issue to raise capital through issuing 4.4 billion new shares at 50 naira each, on a 1-for-2 basis to existing shareholders. The capital raise is part of a broader restructuring plan that includes debt-to-equity conversions and aims to strengthen the balance sheet and improve financial flexibility.

AMAK · AMAK (INTL) [Company conducting rights offering] AMAK’s board of directors has recommended a rights issue to existing shareholders. The rights offering would allow current shareholders to purchase additional shares, typically at a discount to market price.

Nittetsu Mining Co., Ltd. · 1515 (INTL) [Mining company] Nittetsu Mining Co. filed mandatory pre-disclosure documents for a corporate spin-off involving Yotsuura Silica Stone Co., Ltd. The stock declined 4.24% on the announcement day.

Alzinova AB · ALZN.ST (INTL) [Biotechnology company] Alzinova AB is conducting a rights issue of up to 20.9 million units (comprising shares and warrants) to raise approximately SEK 50.1 million ($4.7M USD). The rights issue is 80% covered through subscription and underwriting commitments, with the subscription period ending February 20, 2026.

Honda Motor Co., Ltd. · 7267 (INTL) [Automotive manufacturer and mobility technology company] Honda filed mandatory pre-disclosure documents for a company split involving Honda R&D Co., Ltd. The corporate restructuring requires regulatory disclosure under Japanese securities law.

Shiftpixy · PIXY (INTL) [Workforce management technology platform] Company’s Chapter 11 reorganization was converted to Chapter 7 liquidation following court determination of insolvency. The company has liabilities of $1-10 million against assets of only $500K-$1 million, with all operations ceased and stock delisted from Nasdaq in October 2024.

Tullow Oil plc · TLW (US) [Independent oil exploration and production company] Company signed agreement to acquire the TEN FPSO (floating production vessel) for $205 million gross ($125.6 million net to Tullow) from T.E.N. Ghana MV25 BV, with completion expected end of Q1 2027. The acquisition eliminates annual lease costs and aims to optimize production and reduce fixed costs for the TEN and Jubilee fields offshore Ghana.

e-Agency · 2367.T (INTL) [Digital marketing and data solutions company] Company announced major corporate restructuring transitioning to a holding company structure effective April 1, 2026. The company will change its name to e-Agency Group and split operations into three new subsidiary companies focusing on data solutions/AI, SaaS products, and Web3/fandom marketing respectively.

New World Development Co Ltd · 17.HK (INTL) [Property developer and infrastructure investor] Company is executing a multi-billion dollar asset disposal program, selling major portfolio of mainland China and Hong Kong properties to related parties to reduce debt and improve liquidity during China’s property downturn. The restructuring involves selling assets in the low-to-mid billion dollar range with proceeds earmarked for debt reduction and extending debt maturity.

HKC International Holdings Limited · 448.HK (INTL) [Property investment and development company] Company is conducting a non-underwritten rights issue offering 1 new share for every 2 existing shares at HK$0.28 per share, seeking to raise up to HK$21.8 million gross. The subscription price represents a 79.1% discount to NAV with 90% of proceeds to be used to repay bank borrowings of HK$131.4 million due within 12 months.

H&R REIT · HR.UN (INTL) [Real estate investment trust focused on office, residential and industrial properties] Company completed a spin-off of its Primaris mall portfolio in early 2022 and has been repositioning away from office and retail toward residential and industrial assets. The REIT is trading at a significant discount to estimated net asset value while management continues strategic asset sales and capital recycling.

REC Silicon ASA · REC.OL (INTL) [Silicon materials producer for solar and semiconductor industries] REC Silicon announced a fully underwritten rights issue to raise NOK 972.6 million gross proceeds. Existing shareholders will receive approximately 9.695 subscription rights for every 1 share held, with subscription price of NOK 0.2385 per new share, representing up to 4.078 billion new shares.

India Glycols Limited · INDGL.NS (INTL) · Mkt Cap: N/A · EV: N/A [Chemicals and biotech company operating spirits and biofuel operations] Company is demerging into two separate publicly traded entities - Ennature Bio Pharma Limited and IGL Spirits Limited. National Company Law Tribunal approved the scheme with April 1, 2026 appointed date, and unsecured creditors meeting scheduled for March 24, 2026.

Asian Granito India Limited · ASGN.BO (INTL) · Mkt Cap: N/A · EV: N/A [Tiles and ceramics manufacturing company] NCLT Ahmedabad approved Composite Scheme of Arrangement to demerge tiles manufacturing business of subsidiary Adicon Ceramica Tiles into Adicon Ceramics Limited. Approval came despite objections from Income Tax Department over ₹104.73 crores in outstanding tax demands.

Imara Gold Plc · IGLD.L (INTL) · Mkt Cap: N/A · EV: N/A [Gold mining company with operations in Kenya] Plans voluntary delisting from London Stock Exchange on March 20, 2026, moving to alternative trading platform as part of financial restructuring. Company secured additional $1M debt funding and is in discussions to restart operations at Kilimapesa Gold Mine under contractor-funded arrangement.

Kaiho · 3133 (INTL) · Mkt Cap: N/A · EV: N/A [Japanese company with recent UAE partnership] Announced issuance of 9th series stock acquisition rights with exercise price adjustment provisions through third-party allocation, plus 2nd and 3rd series unsecured ordinary bonds. This follows recent business partnership agreement with UAE-based UTT Group Corps.

Kubient Inc. · KBNT (UN) · Mkt Cap: $1,472 · EV: $-11,747,583 [Digital advertising technology company providing programmatic ad solutions] Kubient Inc. is undergoing Chapter 7 liquidation after voluntary Nasdaq delisting in November 2023 following an accounting scandal and conviction of ex-CEO Paul Roberts. Court-appointed trustee is disposing of remaining assets to satisfy creditor claims, with shareholders expected to receive nothing due to their lowest priority status.

Near Intelligence · NIRLQ (INTL) · Mkt Cap: N/A · EV: N/A [Location intelligence and data analytics company serving retailers and marketers] Near Intelligence filed for Chapter 11 bankruptcy in December 2023, with court approving full liquidation plan by March 2024. All common stock has been cancelled with zero recovery for equity holders, and the company now trades OTC under ticker NIRLQ as a liquidation stub.

Rishab Special Yarns Limited · RISHAB.BO (INTL) · Mkt Cap: N/A · EV: N/A [Indian textile company manufacturing specialty yarns and fabrics] Rishab Special Yarns’ board approved a comprehensive restructuring including authorized share capital increase, name change to Impera Worldwide Limited, and a rights issue to raise funds. All decisions require shareholder approval via postal ballot, with specific terms of the rights issue to be determined at the next board meeting.

Management Changes

Coty Inc. · COTY (US) · Mkt Cap: $2.2B · EV: $5.5B [Beauty and fragrance company] Coty appointed Markus Strobel as Executive Chairman and Interim CEO following disappointing results with 6-month revenue down 6% like-for-like. Strobel launched a strategic framework called ‘Coty. Curated.’ focused on improving execution and core business investment, while continuing portfolio review including the recent Wella divestiture. Company withdrew full-year guidance citing complex market backdrop and leadership transition.

PayPal Holdings · PYPL (US) · Mkt Cap: $38.5B · EV: $39.0B [Digital payments platform] PayPal announced former HP CEO Enrique Lores will replace Alex Chriss as CEO after failed turnaround efforts. Stock dropped 21% post-earnings on weak results and guidance. Company now trades at less than 8x forward earnings following the decline.

Other Situations

SDS Holdings · 1711.T (JP) · Mkt Cap: $20M · EV: $45M [Solar power system company pivoting to AI data center business] Announced entry into AI data center business, pivoting from traditional solar operations. Stock hit daily limit up of 341 yen (+80 yen from previous day).

Bayview Acquisition Corp · BAYA (US) · Mkt Cap: $41M · EV: $43M [Special purpose acquisition company] Bayview Acquisition Corp received a delisting notice from Nasdaq on February 19, 2026 for failing to meet market value and annual meeting requirements. Trading will be suspended March 2, 2026 unless the company appeals by February 26, 2026, which they intend to do.

Celsius Resources Limited · CLA.AX (AU) · Mkt Cap: $48M · EV: $46M [Mining and resources exploration company] Celsius Resources Limited is terminating its secondary listing on the Namibia Securities Exchange, with final trading on March 3, 2026 and official delisting on March 11, 2026. The company indicated in October 2025 it was drafting agreements to potentially sell its 95% stake in the Opuwo Cobalt Project in Namibia.

SymBio Pharmaceuticals · 4582.T (JP) · Mkt Cap: $54M · EV: $41M [Pharmaceutical company] Announced the large-scale exercise and completion of its 65th series of stock warrants with exercise price adjustment provisions. The stock surged 41.32% to 171 yen following the announcement.

Westwater Resources · WWR (US) · Mkt Cap: $106M · EV: $101M [Graphite and lithium mining company] U.S. Department of Commerce imposed 220% total tariffs on Chinese graphite anode materials (93.5% anti-dumping + 66.68% countervailing duties). WWR stock surged 13.6% pre-market, with final determination expected March 2026.

Almasane Alkobra Mining Company · 2090.SR (SA) · Mkt Cap: $127M · EV: $136M [Saudi mining company] AMAK’s board recommended a 680 million Saudi riyal ($181.32 million) rights offering to fund expansion and growth investments. The rights issue requires approval from authorities and shareholders’ extraordinary general assembly, with Al Rajhi Capital as financial advisor.

網屋 (Amiya) · 4258.T (JP) · Mkt Cap: $179M · EV: $149M [Japanese cybersecurity company] 網屋 announced a strategic investment partnership with Simplex Capital, issuing ¥1.5 billion in convertible bonds and ¥1.055 billion in warrants through third-party allocation. The company plans to use treasury shares for conversion/exercise rather than issuing new shares to avoid dilution.

ARKO Corp · ARKO (UN) · Mkt Cap: $696M · EV: $3.1B [Convenience store operator and petroleum distributor] ARKO Corp completed an IPO of its subsidiary ARKO Petroleum at $18 per share, raising approximately $200 million while retaining ~75.9% ownership stake. The subsidiary is now listed on Nasdaq as a separate public entity.

HealthCare Global Enterprises Ltd · HCG.BO (IN) · Mkt Cap: $928M · EV: $1.1B [Cancer-focused healthcare provider operating specialty oncology hospitals] HealthCare Global’s board approved a rights issue to raise up to ₹425 crore ($51M) from existing shareholders. The company will determine specific terms including issue price, ratio, and record date through its board or Rights Issue Committee.

Once Upon a Farm · OFRM (US) · Mkt Cap: $963M · EV: $304M [Organic children’s food brand] Once Upon a Farm completed its IPO at $18 per share on February 6, 2026, trading on NYSE under ticker OFRM. The offering included ~11 million shares with proceeds for debt repayment, equipment purchases, and general corporate purposes.

Kusuri no Aoki Holdings · 3549.T (JP) · Mkt Cap: $2.5B · EV: $3.1B [Japanese drugstore chain operator] Kusuri no Aoki terminated its 20+ year alliance with Aeon after rejecting Aeon’s increased stake to ~10% without consent. The company implemented a poison pill defense against shareholders acquiring 20%+ stakes, with a shareholder vote scheduled for January 17.

Array Digital Infrastructure · AD (US) · Mkt Cap: $4.4B · EV: $5.3B [Digital infrastructure and spectrum assets company] Array Digital Infrastructure completed an AT&T spectrum sale and announced a $10.25 special dividend. DCF analysis suggests 36% undervaluation at current $50.88 share price versus intrinsic value of $79.89.

Gold Fields Limited · GFI (US) · Mkt Cap: $48.7B · EV: $50.1B [Gold mining company] Gold Fields reported record 2025 profit of US$3.57 billion and announced a US$1.7 billion capital return program representing 54% of adjusted free cash flow. The program includes a final dividend of 1,850 SA cents per share, special dividend of 450 SA cents per share, and share buybacks totaling US$353 million.

Shin-Etsu Chemical Co., Ltd. · 4063.T (JP) · Mkt Cap: $66.2B · EV: $59.2B [Chemical and semiconductor materials manufacturer] Shin-Etsu Chemical announced terms for issuing its 26th series of stock acquisition rights through third-party allocation for acquiring treasury shares via an Accelerated Share Repurchase program. The company is implementing a structured buyback mechanism using stock warrants to facilitate the share repurchase process.

Medtronic · MDT (US) · Mkt Cap: $124.2B · EV: $145.2B [Medical technology company] Medtronic’s diabetes business MiniMed Group (MMED) is in the IPO pipeline and could set terms for a public offering in the coming week. The carve-out represents a spin-off of Medtronic’s diabetes management operations into a separate publicly traded entity.

PayPay Corp · N/A - IPO filing (None) · Mkt Cap: None · EV: None [Japan’s leading QR code payment platform] PayPay filed for a Nasdaq IPO targeting a valuation above $6.5 billion with potential listing as early as March 2025. The SoftBank-backed company operates Japan’s dominant digital payments platform and is seeking to expand to the U.S. market through a Visa partnership.

SmartCraft ASA · SMCRT (INTL) · Mkt Cap: None · EV: None [Construction software solutions provider] SmartCraft launched a tender offer to repurchase up to NOK 75 million of its own shares through a reverse book building process. The application period runs from Feb 16-20, 2026, with DNB Carnegie as sole bookrunner.

Fame India · FAME.BO (INTL) · Mkt Cap: None · EV: None [Multiplex operator] Fame India plans to raise up to Rs 900 million via rights issue to existing shareholders. This follows Inox acquiring a majority stake and Reliance ADAG making a counter-offer for the company.

iFOREX Financial Trading Holdings Ltd · TBD (INTL) · Mkt Cap: N/A · EV: N/A [Retail forex and financial trading platform] iFOREX announced its IPO process has recommenced for London Stock Exchange listing with admission expected in late February 2026. The IPO was previously delayed in June 2025 due to a routine BVI compliance inspection requiring additional finalization time.

Trust Securities & Brokerage Limited · TSBL (INTL) · Mkt Cap: N/A · EV: N/A [Securities brokerage and financial services company] Trust Securities launched a 150% rights issue at Rs1 per share. Shareholders can subscribe through CDC with online payment facilities via 1Link member banks and JS Bank branches.

Longfin Corp · LFIN (US) · Mkt Cap: $7,454 · EV: $9M [Former fintech company now in liquidation following delisting and regulatory actions] Court-appointed administrators are managing asset distribution through a SEC Fair Fund compensation mechanism for former shareholders. Corporate dissolution is pending final accounting and resolution of civil/criminal proceedings against former leadership.

Pryme N.V. · 8XG0 (INTL) [Cleantech company specializing in plastic waste recycling] Shareholders holding approximately 88.3% of share capital have requested an extraordinary general meeting to vote on applying for delisting from Euronext Growth Oslo. The delisting proposal is shareholder-driven.

Bolt Projects Holdings · BSLK (UN) · Mkt Cap: $611,257 · EV: $9M [Project development company] Bolt Projects Holdings is voluntarily delisting from Nasdaq and deregistering with the SEC after failing to meet minimum equity standards. The company will file Form 25 around March 2, 2026 for formal delisting by March 12, 2026, followed by Form 15 to terminate SEC reporting obligations within 90 days.

Idea Acquisition Corp. · IACOU (US) · Mkt Cap: None · EV: None [Special purpose acquisition company targeting AI and software companies] Idea Acquisition Corp. completed a $350 million IPO of 35 million units at $10 per unit on Nasdaq. The company targets business combinations with software companies leveraging AI and large language models. Each unit includes one Class A share and one-third warrant exercisable at $11.50.

Durlax Top Surface Limited · DURLAX.NSE (INTL) [Surface treatment and coating solutions provider] Durlax Top Surface is conducting a rights issue of 1.23 crore shares at INR 40 per share, raising INR 49.22 crore with entitlement of 37 shares for every 50 shares held. Subscription opens Feb 23 - Mar 5, 2026, with proceeds funding new machinery (INR 13 crore), working capital (INR 12 crore), and new product launches (INR 9.5 crore).

Special Situations Digest - #2

Clark Square Capital — Sun, 15 Feb 2026 19:30:17 GMT

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the second edition of our weekly Special Situations Digest.

The first edition got a great reception, so I think I will keep this going. I would love any feedback and suggestions on how I can make this better.

And please, if you find this value additive/helpful, leave me a like or share it with a friend or colleague.

Thanks, and happy hunting.

CSC

Edit: I made an Excel file that you can easily sort through, in case it’s useful:

Special Situations 2026 02 15

49.7KB ∙ XLSX file

Activist Campaigns

CEA Industries · BNC (US) · Mkt Cap: $189M · EV: $165M [Company with cryptocurrency treasury holdings] YZi Labs is engaged in a proxy fight with CEA Industries, seeking to expand the board from 5 to 7 seats and warning of potential Nasdaq delisting risk due to the board delaying annual shareholder meetings for over 400 days. YZi holds 2.15 million shares and large warrant positions, while CEA has adopted a poison pill defense. The dispute centers on CEA’s $481 million BNB treasury and governance practices.

Dentium Co., Ltd. · 145720.KS (KR) · Mkt Cap: $296M · EV: $425M [Dental implant and equipment manufacturer] Align Partners Capital Management has submitted shareholder proposals for the 26th Annual General Meeting targeting governance improvements and capital allocation discipline. The company trades at 6.6x LTM EV/EBITDA and 0.77x P/B versus global peer averages of 14.0x and 3.13x respectively.

ImmuneOncia Therapeutics · 383310.KQ (SO) · Mkt Cap: $510M · EV: $466M [Biotechnology company developing cancer immunotherapy treatments] ImmuneOncia announced a 120 billion won third-party share allocation (approximately 16.83 million shares, 23% of outstanding shares) for R&D and working capital funding. Minority shareholders are forming an emergency committee opposing the dilutive equity raise, demanding parent company Yuhan Corp clarify its participation plans.

MarineMax, Inc. · HZO (US) · Mkt Cap: $650M · EV: $1.7B [Marine and recreational vehicle retailer] The Donerail Group, owning over 4% of shares, issued an open letter announcing their $35.00 per share all-cash acquisition proposal. Donerail is urging shareholders to vote against CEO Brett McGill’s director election at the March 3, 2026 annual meeting, criticizing board entrenchment and management’s refusal to engage over seven months.

Fox Factory Holding Corp. · FOXF (US) · Mkt Cap: $836M · EV: $1.5B [Manufacturer of suspension products and specialty sports equipment] The company added two independent directors and formed a Board-level Transformation Committee following discussions with activist investor Engine Capital. The Transformation Committee will oversee operational improvements targeting enhanced profitability, working capital efficiency and disciplined capital allocation.

Edinburgh Worldwide Investment Trust PLC · EWI.L (UK) · Mkt Cap: $1.1B · EV: None [Investment trust focused on global growth companies] Saba Capital Management (30% shareholder) proposed three new directors after failing to remove all six independent directors last month. Saba is calling for shareholders to vote against re-election of current directors at the AGM, citing underperformance and governance failures.

Kobayashi Pharmaceutical Co., Ltd. · 4967.T (JP) · Mkt Cap: $2.6B · EV: $2.2B [Japanese pharmaceutical and health products company] Hong Kong activist fund Oasis Management, the largest shareholder, submitted proposals for the March 27 AGM including changing the board chairman to an outside director and appointing new auditors. The company’s board unanimously opposes all proposals, arguing governance reforms have already progressed.

Kusuri no Aoki · 3549.T (JP) · Mkt Cap: $2.7B · EV: $3.2B [Japanese drugstore chain operator] Company is holding an extraordinary shareholder meeting on February 17 to introduce poison pill defense measures against any entity acquiring 20% or more of shares without following prescribed procedures. Major shareholder Oasis Management, holding over 11% of shares, is opposing the proposal and urging other shareholders to vote against the defensive measure.

BlackLine · BL (US) · Mkt Cap: $2.8B · EV: $2.7B [Cloud-based software provider for financial close and accounting automation] Activist investor Engaged Capital nominated three directors for election to BlackLine’s 11-member board, launching a proxy contest. This intersects with BlackLine’s existing Strategic Committee process and could pressure the board to consider cost discipline, portfolio moves, or a sale process.

KCC Corporation · 002380.KS (KR) · Mkt Cap: $2.8B · EV: $5.6B [Korean industrial materials and chemical company] Activist fund TRUSTON Asset Management (1.87% stake) sent a public shareholder letter demanding liquidation of Samsung C&T holdings and improved shareholder returns. KCC’s Samsung C&T stake is valued at 4.9 trillion won, exceeding KCC’s market cap of 4.1 trillion won, creating a 55% NAV discount.

Coway Co Ltd · 021240.KS (KR) · Mkt Cap: $4.5B · EV: $5.7B [Water purifiers and air cleaners manufacturer] Align Partners Capital Management has submitted formal shareholder proposals for Coway’s 37th AGM and published their third public shareholder letter. The activist is targeting Coway’s undervaluation, with shares down 16% from 2019 levels despite strong business growth. Align Partners is demanding board response by March 13, 2026.

Bill Holdings · BILL (US) · Mkt Cap: $4.7B · EV: $4.2B [B2B payments and financial software platform] Three activist investors - Starboard Value (8.5% stake), Elliott Investment Management (5%+ stake), and Barington Capital Group - are pressuring the company to explore a sale. Private equity firm Hellman & Friedman has held acquisition talks, and the company added four new board directors in October including two from Starboard to evaluate strategic alternatives.

WEX Inc. · WEX (US) · Mkt Cap: $5.5B · EV: $5.1B [Fleet payment solutions and corporate expense management services] Impactive Capital, holding 5.0% of WEX, has nominated four director candidates for election at the 2026 annual meeting. The activist cites significant underperformance versus peer Corpay (81% over 3 years) and lack of management accountability. Over 30% of shareholders voted against three directors including CEO Melissa Smith at the 2025 annual meeting.

Swatch Group · UHR.SW (SW) · Mkt Cap: $13.1B · EV: $11.7B [Swiss luxury watch manufacturer and retailer] US activist Steven Wood via Greenwood Investors (0.5% stake) submitted seven proposals for May 12 AGM seeking governance changes including board seats for bearer shareholders and majority independent directors. Swatch rejected all proposals, with the Hayek family controlling 43% of voting rights despite owning 25% of capital through enhanced voting registered shares.

LG Chem · 051910.KS (KR) · Mkt Cap: $16.7B · EV: $32.1B [Chemical company producing petrochemicals, advanced materials, and battery materials] UK activist Palliser Capital reduced its stake from 1.01% to 0.67% but continues targeting structural undervaluation. LG Chem announced plans to reduce LG Energy Solution holdings to 70% over 5 years from current 79.4%. Palliser’s demands include board improvements, better capital allocation, share buybacks using LG Energy stakes, and discount management programs.

CoStar Group · CSGP (US) · Mkt Cap: $19.1B · EV: $18.3B [Commercial real estate data and analytics provider] Baillie Gifford has publicly backed CoStar Group in an ongoing activist investor battle. The institutional investor is taking a supportive stance of management’s position against the activist campaign.

Lululemon Athletica · LULU (US) · Mkt Cap: $20.9B · EV: $21.4B [Athletic apparel and accessories retailer] Lululemon faces product quality issues with see-through leggings while operating without a permanent CEO. An activist investor is pushing for board changes during this leadership transition period.

Korea Zinc Co Ltd · 010130.KS (KR) · Mkt Cap: $21.1B · EV: $23.8B [Zinc smelting and metal processing company] Major shareholder Youngpoong-MBK Partners has submitted shareholder proposals at the 52nd annual meeting including director fiduciary duty bylaws, 10-for-1 stock split, executive officer system, and electing 6 directors through cumulative voting including MBK nominees. The proposals aim to normalize the company’s governance structure.

KeyCorp and Eastern Bancshares · KEY, EBC (US) · Mkt Cap: $25.5B · EV: None [Regional banking institutions providing commercial and consumer financial services] Activist HoldCo Asset Management dropped proxy fights at both banks after they adopted its core demands. KeyCorp announced a $300 million share repurchase, ruled out acquisitions, and made governance changes including new board nominees. Eastern similarly pivoted to emphasize organic growth and capital returns while targeting a 12% CET1 ratio.

Universal Music Group · UMG.AS (NL) · Mkt Cap: $43.8B · EV: $47.7B [Music label and entertainment company] London-based activist investor Independent Franchise Partners has built a stake of just over 3%, making it the sixth largest shareholder. The stake was disclosed through a filing with the Dutch financial regulator.

London Stock Exchange Group · LSEG.L (UK) · Mkt Cap: $50.9B · EV: $64.8B [Operates financial markets infrastructure and data services] Elliott Management has built a significant stake in London Stock Exchange Group and is engaging with management to drive performance improvements. Elliott is pushing for a fresh share buyback program amid shares declining over 35% in the past 12 months due to AI disruption concerns.

Meta Platforms · META (US) · Mkt Cap: $1.6T · EV: $1.7T [Social media and virtual reality technology company] Bill Ackman’s Pershing Square has invested approximately $2 billion in Meta, representing about 10% of the fund’s portfolio. The investment began in November 2025 at an average cost of $625 per share, with shares currently trading around $670.

Gunho Online Entertainment · 054780.KS (KR) · Mkt Cap: N/A · EV: N/A [Online gaming and entertainment company] The board has decided to oppose shareholder proposals from Strategic Capital and other investors. The company formally resolved to recommend shareholders vote against the activist proposals.

Strategic Reviews

Rivalry Corp. · RVLY.V (CA) · Mkt Cap: $1M · EV: $16M [Sports betting platform operator] Rivalry Corp. announced significant reduction in operations and is evaluating strategic alternatives for its assets. The company has paused player activity on its sports betting platform, implemented substantial cost reductions including workforce cuts, and is in discussions with third parties regarding potential transactions. Strategic alternatives may include asset-level transactions, corporate transactions, or restructuring initiatives.

SRx Health Solutions, Inc. · SRXH (US) · Mkt Cap: $10M · EV: $7M [Consumer products company focused on pet food business (Halo brand)] The company completed a significant restructuring, exiting specialty pharmacy and healthcare services to focus solely on its Consumer Products segment (Halo pet food business). SRx reported Q3 net sales of $2.8M but posted a net loss of $8.6M, while management explores strategic alternatives including potential partnerships and product expansion opportunities.

Shyam Century Ferrous Limited · SHYAMCENT.NS (IN) · Mkt Cap: $13M · EV: $4M [Iron and steel manufacturing company] Shyam Century Ferrous Limited shareholders approved disposal of substantially whole assets through postal ballot with 99.97% approval on February 10, 2026. The special resolution allows the company to sell, lease, or dispose of the whole or substantially the whole assets under Section 180(1)(a) of the Companies Act, 2013.

Quince Therapeutics, Inc. · QNCX (US) · Mkt Cap: $19M · EV: $-1M [Biotech company developing therapies for rare diseases] Quince has engaged LifeSci Capital as exclusive financial advisor to explore strategic alternatives including partnerships, joint ventures, mergers, acquisitions, licensing, or other strategic transactions. LifeSci Capital will also advise on potential restructuring of company liabilities. The company will not provide updates unless the Board approves a specific action.

GEE Group Inc. · JOB (US) · Mkt Cap: $26M · EV: $8M [Staffing and human resources services company] The company reported Q1 fiscal 2026 results with 15% revenue decline to $20.5M, primarily due to loss of major customer. GEE Group is exploring strategic alternatives to enhance shareholder value, including potential mergers and acquisitions, while maintaining strong liquidity with $20.1M cash and zero long-term debt.

Skillsoft Corp · SKIL (US) · Mkt Cap: $69M · EV: $581M [Corporate learning and workforce development technology platform] Skillsoft is undergoing strategic realignment focusing on AI and workforce readiness, appointed Bernard Barbour as CTO in January 2026, and announced it’s evaluating strategic alternatives for its Global Knowledge division including potential sale. The company is concentrating resources on core competencies and AI-driven growth initiatives.

The Hain Celestial Group · HAIN (US) · Mkt Cap: $82M · EV: $780M [Natural and organic food and personal care products company] Hain Celestial is executing a strategic portfolio review with Goldman Sachs and has agreed to sell its North American snacks business for $115 million cash to reduce debt. The company is evaluating additional asset sales as part of a multi-stage plan to address upcoming debt maturity in December 2026.

Orion Properties Inc. · ONL (US) · Mkt Cap: $147M · EV: $605M [Real estate investment trust focused on office properties] Orion Properties announced a formal strategic alternatives process aimed at enhancing shareholder value. The review could result in portfolio adjustments or comprehensive structural changes, with results expected to be discussed during the March 6 analyst call following Q4 earnings release on March 5.

Motorcar Parts of America, Inc. · MPAA (US) · Mkt Cap: $209M · EV: $430M [Automotive aftermarket parts remanufacturer and distributor] Motorcar Parts reported Q3 2026 results with declining sales ($167.7M vs $186.2M prior year) primarily due to reduced ordering from a large customer. The company is pursuing strategic alternatives for its EV technology division and focusing on divesting non-strategic assets while maintaining an active $25.1M share repurchase program.

Nano Dimension · NNDM (UN) · Mkt Cap: $415M · EV: $13M [3D printing technology company] Conducting strategic review to evaluate alternatives for enhancing shareholder value while relocating operational footprint and redomesticating to United States, targeted for H1 2026 completion. Implemented time-limited shareholder rights agreement to maintain oversight during strategic process.

Ontex Group NV · ONTEX.BR (BE) · Mkt Cap: $462M · EV: $1.2B [European hygiene products manufacturer] Ontex Group announced a strategic review in December 2025 following disappointing 2025 results with revenue down 4.9% and EBITDA margin contracting 2pp to 10%. New CEO Laurent Nielly initiated the process after completing divestments of emerging markets businesses for €131 million net proceeds.

European Opportunities Trust PLC · EOT.L (UK) · Mkt Cap: $552M [Closed-end investment trust investing in European equities] The trust initiated a strategic review considering multiple options including potential combination with another closed-end fund via scheme of reconstruction, cash exit at close to NAV, or roll-over into a proposed open-ended investment company. The review follows ongoing performance challenges and consultation with major shareholders, with the Board acknowledging likely failure to meet performance conditions for upcoming tender offer.

Picton Property Income Limited · PCTN.L (UK) · Mkt Cap: $613M · EV: $839M [UK commercial property REIT] Picton Property Income announced a strategic review in mid-January 2025, with LondonMetric named as a counterparty under Takeover Code rules following a press leak. The company paused its share buyback program due to the ongoing strategic review process.

Aker BioMarine · AKBM.OL (NO) · Mkt Cap: $918M [Antarctic krill harvesting and processing company for marine ingredients] The company is considering strategic options for its Human Health Ingredients division. The division recently secured a listing with US retailer Costco for a krill oil product during the quarter.

InMode Ltd. · INMD (US) · Mkt Cap: $968M · EV: $376M [Medical aesthetic technology company providing minimally invasive treatment platforms] InMode’s Board of Directors has initiated a strategic alternatives review to improve company value and hired Bank of America as their investment bank. CEO confirmed they are considering possible buyout offers, though no outcomes have been determined and management is not directly involved in negotiations.

Tripadvisor · TRIP (US) · Mkt Cap: $1.1B · EV: $1.5B [Travel review and booking platform] Tripadvisor is considering strategic alternatives as the company faces ongoing traffic declines from Google’s AI overviews impacting its SEO-dependent business model. CEO Matt Goldberg cited declining flyby visitors due to the changing search landscape, with CFO noting SEO expected to generate less than 10% of strategic Experience businesses’ gross booking volumes by end of 2026.

Advantage Energy Ltd. · AAV.TO (CA) · Mkt Cap: $1.3B · EV: $2.0B [Natural gas and oil exploration and production company] Advantage Energy’s Board of Directors has concluded its strategic review process, rejecting all proposals received including potential sale or merger opportunities. The Special Committee determined that none of the strategic alternatives evaluated were in the best interests of shareholders as they were inferior to the company’s intrinsic value and long-term prospects.

Barrick Gold Corporation · GOLD (US) · Mkt Cap: $1.6B · EV: $2.4B [Gold mining company] Barrick plans to spin off its premium North American assets (Nevada Gold Mines and Dominican Republic operations) into a new public entity called ‘NewCo’ targeting a late 2026 IPO. Joint venture partner Newmont Corporation, which holds a 38.5% stake in Nevada operations, is blocking the spin-off and demanding operational issues be resolved first. Newmont has potential veto rights that could derail the transaction.

Signature Global · SIGNATURE.NS (IN) · Mkt Cap: $1.6B · EV: $1.7B [Real estate developer focused on affordable and mid-segment housing projects] The company formed a 50:50 joint venture with RMZ Group to develop a ₹14,000-16,000 crore mixed-use project in Gurugram. RMZ will invest ₹1,283 crore to acquire 50% equity stake in Gurugram Commercity Ltd, a wholly-owned subsidiary of Signature Global.

Melco Resorts & Entertainment Ltd · MLCO (US) · Mkt Cap: $2.2B · EV: $12.8B [Casino resort operator focused on Asia Pacific markets] Melco Resorts terminated its strategic review of City of Dreams Manila after failing to find options that would fully realize the property’s value. The company had been evaluating strategic alternatives since February 2024 as part of a shift to an asset-light model. CEO Lawrence Ho indicated they may reevaluate the situation in the future when business rebounds.

Ramsay Health Care · RHC.AX (AU) · Mkt Cap: $5.9B · EV: $14.6B [Private hospital operator with facilities across Australia, Europe, and Asia] Ramsay Health Care is reportedly scrapping its previously planned demerger of its troubled European hospital division and will instead likely sell its stake to its joint-venture partner. The company faces mounting pressure to resolve issues with the European operations.

SalMar ASA · SALM.OL (NO) · Mkt Cap: $8.5B · EV: $11.0B [Atlantic salmon farming and processing company] SalMar ASA has launched a strategic review of its 33% stake in Hellesund Fiskeoppdrett, a salmon farming company. This review comes after a wave of acquisitions in the salmon farming sector.

LKQ Corporation · LKQ (US) · Mkt Cap: $9.0B · EV: $14.1B [Automotive aftermarket parts and services company] LKQ Corporation has intensified its portfolio review, selling non-core Self Service and Specialty operations while targeting an additional $75 million in annual cost savings. The board is conducting an ongoing review of ‘strategic alternatives,’ including a possible company or segment sale.

Darden Restaurants Inc. · DRI (US) · Mkt Cap: $24.8B · EV: $32.6B [Multi-brand restaurant operator including Olive Garden and LongHorn Steakhouse] Darden Restaurants completed its strategic review of Bahama Breeze brand, closing 15 locations in May 2024 and announcing plans to close half of remaining 28 locations while converting the other half to different Darden brands. The conversions are expected to occur over the next 12-18 months.

Kraft Heinz · KHC (US) · Mkt Cap: $29.6B · EV: $47.7B [Food and beverage company producing packaged food products] Kraft Heinz is pausing its previously announced company split under new CEO Steve Cahillane, who believes the company’s challenges are fixable. The company will instead invest $600 million in a U.S. business turnaround focused on marketing, R&D, and product improvements. The original split was announced in September, reversing the 2015 $46 billion merger.

Cencora, Inc · COR (US) · Mkt Cap: $69.8B · EV: $79.0B [Pharmaceutical distribution and healthcare solutions company] Cencora announced a revision to its financial reporting structure, reorganizing into U.S. Healthcare Solutions, International Healthcare Solutions, and Other segments. The ‘Other’ segment will explore strategic alternatives for MWI Animal Health, Profarma, and other assets, with changes effective from Q1 2026.

The Walt Disney Company · DIS (US) · Mkt Cap: $191.1B · EV: $239.1B [Media and entertainment conglomerate operating theme parks, streaming services, and content production] Wall Street analyst Rich Greenfield is encouraging Disney to spin off ESPN into a standalone company as ESPN prepares for major Super Bowl programming and traditional cable bundles continue to shrink. The potential spinoff is being discussed amid ESPN’s strategic positioning challenges.

Shell · SHEL.L (UK) · Mkt Cap: $222.4B · EV: $294.0B [Integrated oil and gas company] Shell is conducting a strategic review of its Sprng Energy renewables unit in India, which it acquired for $1.55 billion in 2022. The unit has 2,300 MWp operational capacity and 5,026 MWp contracted capacity as part of CEO Wael Sawan’s strategy to refocus on LNG trading and upstream operations.

Turnstone Biologics · TSBX (INTL) · Mkt Cap: None · EV: None [Biotechnology company developing cancer treatments] Turnstone Biologics discontinued all clinical trials for Tidal-01 in solid tumors and launched a strategic alternatives review process to maximize shareholder value. The company hired an advisor to explore potential acquisitions, mergers, asset sales, licensing, or other transactions, while implementing workforce reductions and cost-cutting measures.

Bulten Group · BULTEN (INTL) · Mkt Cap: None · EV: None [Automotive fastener manufacturer serving vehicle assembly industry] Bulten completed a strategic review and decided to consolidate U.S. manufacturing operations by closing its Streetsboro, Ohio facility and shifting production to European operations. The company will transition to a pure distribution model in the U.S., with the change expected to improve earnings by SEK 10-20 million annually.

Abelco Investment Group AB · ABEL.ST (INTL) · Mkt Cap: None · EV: None [Investment holding company managing diversified portfolio assets] Abelco Investment Group terminated a previously planned reverse acquisition and is now conducting a structured strategic review of its long-term positioning and potential development paths within its core investment business. The review is focused on long-term value creation, with the Board promising updates as decisions are made.

Insplorion AB · INSP.ST (SE) · Mkt Cap: $479K · EV: $86K [Nanosensor technology company focused on hydrogen sensing and research instruments] Insplorion AB has completed its strategic review and entered into an agreement in principle to sell its hydrogen sensor business to Mann Teknik AB for SEK 5.5 million cash. The definitive agreement is expected to be signed in Q1 2026 subject to shareholder approval. The company is also exploring value-creating alternatives for its remaining assets including research instruments business.

Battery X Metals Inc. · BATX (CSE), BATXF (OTCQB), 5YW0 (FSE) (INTL) · Mkt Cap: None · EV: None [Battery metals exploration and development company] Battery X Metals is selling its 100% interest in the Belanger gold and copper exploration project in Ontario for C$10,000 cash plus C$5,000 in equity. The divestiture is part of portfolio optimization to focus on core battery metals strategy, with transaction expected to close by March 31, 2026 pending TSXV approval.

Tantalizers Plc · TANG.LG (INTL) · Mkt Cap: None · EV: None [Nigerian food service company diversifying into entertainment] RGM Materials Solutions invested N2bn for a 10% stake in Tantalizers’ entertainment subsidiary Tantainment Limited, valuing the subsidiary at N30bn. The proceeds will fund studio equipment acquisition, content development, and operational improvements for their live game show platform launching Q2 2026.

African Sun Limited · AFSUN.VF (INTL) [Zimbabwe-based hotel operator] Company announced plans to delist from Victoria Falls Stock Exchange and conduct partial share buyback as part of strategic review. Seeking approval to sell Caribbea Bay Resort for $5.65 million, continuing asset disposal program that has generated over $27 million since 2024 from non-core property sales.

Altiplano Metals Inc. · APN.TO (INTL) [Mining company with copper-gold-iron operations in Chile] Suspended rental agreement with contractor Andes Core Mining for Santa Beatriz mine and El Peñón processing plant, placing both on care and maintenance. Undertaking strategic review aimed at improving shareholder returns while evaluating optimization plans and alternative operating structures for Chilean assets. Separately closed $1.06 million private placement financing.

M&A / Divestitures

Reliance Global Group, Inc. · EZRA (UN) · Mkt Cap: $2M · EV: $7M [Investment company focused on acquiring controlling stakes in technology companies] Reliance Global Group signed agreement to acquire 51% controlling stake in post-quantum cybersecurity company Enquantum Ltd. for $2.125 million, payable in milestone-based tranches over 10 months. The acquisition starts with 8% ownership at closing and increases monthly to reach 51% control, with transaction expected to close within 30 days.

Onconetix Inc · ONCO (UN) · Mkt Cap: $2M · EV: $2M [Life sciences and biotechnology company] Onconetix will acquire 100% of Realbotix LLC, the AI-robotics subsidiary of Realbotix Corp, in an all-stock transaction. Realbotix Corp will receive 75-90% ownership of ONCO’s fully diluted shares and 4 of 5 board seats, with transaction expected to close before end of Q3 2026.

Restart Life Sciences Corp · HEAL.CN (CA) · Mkt Cap: $3M · EV: $3M [Wellness and life sciences company] Restart Life Sciences executed a definitive agreement to acquire 100% of Holy Crap Foods Inc. from Happy Belly Food Group for $1 million cash, subject to working capital adjustments. The acquisition includes Holy Crap’s brand portfolio and British Columbia manufacturing facility, with closing expected within 10 business days.

Gold Basin Resources Corporation · GXX.V (CA) · Mkt Cap: $4M · EV: $5M [Mineral exploration company focused on gold mining projects] CANEX Metals (TSXV:CANX) completed its takeover offer for Gold Basin Resources (TSX.V:GXX), acquiring 54.04% control with 73,026,822 shares as of February 10, 2026. CANEX plans to call a special meeting to approve a subsequent acquisition transaction to privatize Gold Basin and delist it from the TSXV.

NexGel Inc · NXGL (UN) · Mkt Cap: $11M · EV: $14M [Hydrogel technology and healthcare products company] NexGel signed financing agreements including a $56.7 million senior secured convertible note facility with an institutional investor to fund an approved acquisition. The company issued $1.8 million in Series A notes immediately and plans up to $54.9 million in Series B notes subject to acquisition completion and stockholder approvals.

Aqua Metals Inc. · AQMS (UN) · Mkt Cap: $14M · EV: $11M [Battery recycling technology company] Aqua Metals entered into a term sheet to acquire Lion Energy LLC in an all-stock transaction expected to close in Q2 2025. Lion Energy achieved approximately $50 million in revenue in 2025 and develops commercial/residential energy storage systems and proprietary energy management software. The acquisition also includes Lion Energy’s minority stake in American Battery Factory.

Luminar Technologies, Inc. · LAZR (US) · Mkt Cap: $15M · EV: $394M [Autonomous vehicle sensor and software company developing LiDAR technology] Luminar Technologies filed a Chapter 11 liquidation plan proposing to sell substantially all assets for $143 million total - LSI semiconductor business to Quantum Computing Inc. for $110 million and LiDAR technology business to MicroVision Inc. for $33 million. The company has $488 million in funded debt obligations and equity holders are projected to receive no recovery.

Generation Bio Co. · GBIO (US) · Mkt Cap: $36M · EV: $-27,545,620 [Genetic medicine company developing non-viral gene therapies] XOMA Royalty Corporation successfully completed its tender offer to acquire all outstanding shares of Generation Bio Co. for $4.2913 per share in cash plus one non-tradeable contingent value right. The tender offer expired February 6, 2026, with 70% of outstanding shares tendered, satisfying the minimum condition and completing the acquisition.

Inception Growth Acquisition Limited · IGTA (UN) · Mkt Cap: $36M · EV: $39M [Special purpose acquisition company seeking business combination targets] IGTA stockholders approved amendments extending the SPAC’s liquidation deadline by up to 6 months from February 13, 2026 to August 13, 2026, with monthly extensions costing $0.075 per outstanding share. The extension provides additional time to complete a business combination transaction.

Cineverse Corp. · CNVS (US) · Mkt Cap: $47M · EV: $47M [Streaming entertainment and technology company acquiring CTV monetization platform] Cineverse Corp. (NASDAQ: CNVS) announced acquisition of IndiCue Inc., a CTV monetization platform, for $22 million in cash and stock, expected to close Feb 13, 2026. Simultaneously, the company issued $13 million in convertible notes with 9% interest rate and 4-year term to partially fund the acquisition.

Air T, Inc. · AIRT (US) · Mkt Cap: $64M · EV: $245M [Aviation services and ground equipment company] Air T completed acquisition of substantially all assets of Rex Regional Airlines, an Australian regional airline in voluntary administration since July 2024. Air T paid AUD $50M for assets with preliminary fair value of $106.9M, resulting in a preliminary bargain purchase gain of $95.8M due to distressed sale conditions.

Cayson Acquisition Corp · CAPN (US) · Mkt Cap: $84M · EV: $85M [SPAC seeking to extend business combination deadline and eliminate minimum asset requirements] Cayson Acquisition Corp (SPAC) is seeking shareholder approval to extend its business combination deadline with Mango Financial Group Limited by up to 12 months to March 23, 2027, with insiders contributing $100,000 monthly to the trust account. The company also wants to eliminate the $5,000,001 net tangible assets requirement, allowing the deal to proceed regardless of redemption levels.

Royal Orchid Hotels Limited · ROHLTD.NS (IN) · Mkt Cap: $119M · EV: $192M [Indian hospitality company operating hotels and resorts] Royal Orchid Hotels Limited (ROHL) completed the sale of its subsidiary Multi Hotels Limited to Tanzania-based Greenleaf Properties Limited for $3.4 million. The subsidiary had not commenced commercial operations, and ROHL will receive proceeds in installments within 120 days.

BioSyent Inc. · RX.V (CA) · Mkt Cap: $120M · EV: $98M [Canadian specialty pharmaceutical company developing and commercializing healthcare products] BioSyent announced acquisition of privately-held Oral Science Inc. for $25.5M ($22.5M cash + $3M in BioSyent shares at $12.81/share). Transaction includes potential $6M earn-out through 2033 and is expected to close by end of February 2026. Combined pro-forma TTM revenue exceeds $70M with EBITDA over $15.75M.

abrdn National Municipal Income Fund · VFL (US) · Mkt Cap: $128M · EV: None [Closed-end investment fund investing in municipal bonds] abrdn National Municipal Income Fund (VFL) is being reorganized into MFS Municipal Income Trust (MFM) in a NAV-based share exchange transaction. VFL shareholders will receive MFM shares based on relative NAVs, with the combined fund expected to be renamed Aberdeen Municipal Income Fund. Shareholder vote scheduled for March 11, 2026 with expected closing in Q2 2026.

BARK, Inc. · BARK (US) · Mkt Cap: $136M · EV: $152M [Dog products and services company offering toys, treats, and health products] BARK’s special committee is evaluating two competing takeover proposals: one from insider group Great Dane Ventures (including CEO Matt Meeker) at $0.90/share, and another from GNK Holdings/Marcus Lemonis at $1.10/share. The special committee is conducting a formal strategic review process with independent advisors to maximize shareholder value.

AnGes · 4563.T (JP) · Mkt Cap: $152M · EV: $148M [Japanese biotech company developing gene therapy and genomic medicine treatments] AnGes reported 35.8% revenue growth for 2025 driven by its progeria treatment drug ‘Zokinvy’ and expanded newborn screening services. The company did not record special losses related to its previous acquisition of genome editing company Emendo, avoiding the 20 billion yen impairment losses from the prior year.

Happy Belly Food Group Inc. · HBFGF (CA) · Mkt Cap: $173M · EV: $172M [Canadian food company operating cereal brands and quick service restaurant businesses] Happy Belly signed a definitive agreement to sell its Holy Crap Foods cereal and oatmeal brand for $1,000,000 CDN in cash plus working capital adjustments, representing an estimated 10x EBITDA. The transaction is expected to close within ten business days, with proceeds earmarked for QSR business expansion and franchise development.

Mutoh Holdings · 7999.T (JP) · Mkt Cap: $205M · EV: $49M [Wide-format printer manufacturer] Brother Industries is launching a ¥35bn tender offer to acquire all outstanding shares of Mutoh Holdings at ¥7,626 per share, aiming to convert Mutoh into a wholly-owned subsidiary. The tender offer period runs from February 5 to March 23, 2026, giving shareholders 30 business days to decide.

Aimia Inc. · AIM.TO (CA) · Mkt Cap: $208M · EV: $378M [Investment holding company with interests in data analytics and specialty chemicals] Aimia Inc. has entered into a definitive agreement to sell its specialty chemicals business. The company has been active with share buybacks and recently received tax refunds totaling approximately $38 million in 2025.

OneWater Marine Inc. · ONEW (US) · Mkt Cap: $214M · EV: $1.2B [Marine dealer network selling boats and related services] OneWater Marine Inc. (ONEW) completed the sale of Ocean Bio-Chem Holdings Inc. (OBCI) as part of its portfolio optimization strategy. The company will use $50 million in proceeds to pay down debt, targeting net leverage below 4.0x by fiscal year end and generating $3.5 million in annual interest expense savings.

XOMA Royalty Corporation · XOMA (US) · Mkt Cap: $284M · EV: $415M [Royalty aggregator acquiring and managing biotech royalty and milestone streams] XOMA Royalty completed its tender offer and acquisition of Generation Bio for $4.2913 per share in cash plus a non-tradeable contingent value right. Approximately 4.7 million shares (70% of outstanding) were tendered, and Generation Bio became a wholly owned subsidiary of XOMA through a follow-on merger. Generation Bio shares ceased trading on Nasdaq on February 6, 2026.

Olympic Steel Inc · ZEUS (US) · Mkt Cap: $539M · EV: $813M [Metals processing and distribution company] Olympic Steel Inc consummated its merger and notified Nasdaq of trading suspension and delisting. The company requested withdrawal of its listing and filing of Form 25 to delist/deregister common stock, with plans to suspend SEC reporting obligations via Form 15.

Hyundai Home Shopping · 057050.KS (KR) · Mkt Cap: $604M · EV: $1.2B [Korean home shopping and e-commerce company] Hyundai Department Store Group plans to delist Hyundai Home Shopping from the Korean stock exchange through a going-private transaction as part of corporate restructuring efforts.

ARKO Corp · ARKO (UN) · Mkt Cap: $724M · EV: $3.1B [Convenience store operator and fuel distributor] ARKO Corp is spinning off its wholesale fuel distribution operations into ARKO Petroleum Corp (APC) via IPO. APC is offering 10.5 million shares at $18-20 per share, raising approximately $200 million, with shares to trade on NASDAQ under ticker APC.

Mid Penn Bancorp, Inc. · MPB (US) · Mkt Cap: $766M · EV: $730M [Regional bank holding company] 1st Colonial Bancorp shareholders approved the merger with Mid Penn Bancorp with over 3.99 million shares voting in favor and only 456 against. The merger is awaiting regulatory approval before closing.

Mutares SE & Co. KGaA · MUX.DE (DE) · Mkt Cap: $804M · EV: $1.7B [Private equity holding company focused on special situations investments] Mutares signed an agreement to acquire the Flooring Business of Hamberger Industriewerke, a market-leading manufacturer of parquet and floor coverings operating under the HARO brand. The business generates approximately EUR 150 million in revenue with over 700 employees and operations in Germany and Bulgaria, with closing expected in Q2 2026 subject to regulatory approvals.

Great Lakes Dredge & Dock Corporation · GLDD (US) · Mkt Cap: $1.1B · EV: $1.6B [Marine dredging and infrastructure contractor] Saltchuk Resources agreed to acquire Great Lakes Dredge & Dock for $17.00 per share in cash, representing $1.2 billion in equity value and $1.5 billion total transaction value. The deal includes a tender offer followed by a second-step merger, with closing expected in Q2 2026 subject to HSR approval.

Clear Channel Outdoor Holdings, Inc. · CCO (US) · Mkt Cap: $1.2B · EV: $7.4B [Outdoor advertising company operating billboards and transit displays] Clear Channel Outdoor agreed to be acquired by Mubadala Capital and TWG Global for $6.2 billion enterprise value. Shareholders will receive $2.43 per share in cash, representing a 71% premium. The transaction includes a 45-day go-shop period expiring March 26, 2026, and is expected to close by end of Q3 2026.

Dynavax Technologies Corp · DVAX (US) · Mkt Cap: $1.8B · EV: $1.5B [Biopharmaceutical company developing vaccines and immunotherapies] Dynavax Technologies completed its merger on February 10, 2026, and requested Nasdaq to halt trading and delist its shares effective before market open. The company will file Form 25 to remove shares from listing and Form 15 to terminate SEC registration and reporting obligations.

Hillenbrand, Inc. · HI (US) · Mkt Cap: $2.3B · EV: $3.8B [Industrial company providing process solutions and equipment for various industries] Hillenbrand notified the NYSE that its merger has closed and requested delisting of its common stock. The company will suspend trading, delist from NYSE, and file Form 15 to suspend SEC reporting obligations.

Orbia Advance Corporation · ORBIA.MX (ME) · Mkt Cap: $2.4B · EV: $2.6B [Specialty chemicals and materials company with businesses in advanced materials, building and infrastructure, precision agriculture, and connectivity solutions] Chinese billionaire Haoyu Wang is negotiating to acquire Israeli irrigation company Netafim from Mexican public company Orbia at a $1.4 billion valuation. Orbia hired Evercore to find a buyer based on ~$1.2 billion enterprise value, with the seller expected to retain 10-20% stake rather than exit completely. U.S. regulatory approval remains the primary obstacle given Netafim’s $250 million annual U.S. revenue.

Ivanhoe Electric Inc. · IE (US) · Mkt Cap: $2.5B · EV: $2.6B [Mineral exploration and technology company focused on copper projects] Ivanhoe Electric amended its asset sale agreement to sell its remaining 50% interest in the Alacrán Copper Project for $128 million through subsidiary Cordoba. The company will receive full $128 million at closing with no post-closing payments and plans to distribute net proceeds to shareholders while retaining $10 million.

ZIM Integrated Shipping Services · ZIM (US) · Mkt Cap: $2.7B · EV: $6.4B [Israeli shipping and container logistics company] German shipping company Hapag-Lloyd has been selected to acquire 100% of ZIM in partnership with Israeli private equity fund FIMI, following a six-month tender process. The acquisition is valued at over $3.5 billion, representing a ~30% premium to ZIM’s current $2.7 billion market cap. ZIM will be delisted from the NYSE where it has traded since 2021.

Polaris Inc. · PII (US) · Mkt Cap: $3.7B · EV: $5.2B [Manufacturer of powersports vehicles and motorcycles] Polaris entered into a definitive agreement to sell a majority interest in its Indian Motorcycle business, which closed in Q1 2026. The company reported an operating loss of $(348.7) million compared to $290.6 million income in 2024, largely due to impairment charges related to the Indian Motorcycle divestiture and goodwill writedowns.

Tri Pointe Homes · TPH (US) · Mkt Cap: $4.1B · EV: $4.5B [US residential homebuilder and developer] Sumitomo Forestry announced acquisition of all shares of Tri Pointe Homes for $4.5 billion total consideration ($47 per share). The deal is expected to close in Q2 2026, after which TPH will be delisted from NYSE.

PennyMac Financial Services, Inc. · PFSI (US) · Mkt Cap: $4.6B · EV: $27.3B [Mortgage lending and servicing company] PennyMac announced acquisition of Cenlar’s subservicing business for $172.5 million upfront plus up to $85 million contingent consideration over 3 years. The deal adds $740 billion in mortgage loan unpaid principal balance and 2 million loans, bringing PFSI’s total portfolio to over $1 trillion.

Sapporo Holdings · 2501.T (JP) · Mkt Cap: $4.8B · EV: $6.1B [Japanese beer and beverage company with real estate operations] Sapporo Holdings announced the sale of its real estate subsidiary Sapporo Real Estate Development to a joint venture backed by investment funds KKR and PAG, generating approximately 330 billion yen in proceeds. The company is using proceeds to dramatically increase dividends from 90 yen to 200 yen annually and implement semi-annual dividend payments starting 2026.

Mattel · MAT (US) · Mkt Cap: $5.3B · EV: $8.5B [Toy manufacturer and entertainment company] Mattel is acquiring NetEase’s 50% stake in their joint venture Mattel163 for $318 million, gaining full ownership of the mobile gaming studio. The acquisition will be funded more than half with the venture’s existing cash and is expected to close by end of Q1.

UiPath · PATH (US) · Mkt Cap: $6.0B · EV: $4.9B [Robotic process automation software provider] UiPath announced the acquisition of WorkFusion, a pioneer in AI agents for financial crime compliance including AML and KYC processes. The acquisition is expected to complete in UiPath’s Q1 FY2027, with undisclosed deal terms.

Tokyo Electric Power Company Holdings (TEPCO) · 9501.T (JP) · Mkt Cap: $6.5B · EV: $43.9B [Electric utility company serving the Tokyo metropolitan area] Tokyo Electric Power Company Holdings filed mandatory pre-disclosure documents for a corporate split involving Nomura Real Estate. The disclosure indicates a potential divestiture or spin-off transaction involving real estate assets.

Cidara Therapeutics · CDTX (UN) · Mkt Cap: $7.0B · EV: $6.5B [Biotechnology company developing antifungal and antiviral therapies] Merck has completed its cash tender offer to acquire Cidara Therapeutics at $221.50 per share, purchasing approximately 85.96% of outstanding shares (27.1 million shares). Merck plans to complete the acquisition through a merger where remaining shares will receive the same cash consideration, after which Cidara will become a wholly owned subsidiary and delist from Nasdaq.

Terex Corporation · TEX (US) · Mkt Cap: $7.0B · EV: $6.1B [Manufacturing company providing lifting and material processing products for construction and other industries] Terex completed the sale of Midwest Automotive Designs to Alliance RV, LLC on February 10, 2026. This divestiture follows Terex’s recent merger completion with REV Group on February 2, 2026, and is part of ongoing portfolio streamlining that included earlier sales of Tower and Rough Terrain Cranes businesses in November 2025.

Rayonier Inc. · RYN (US) · Mkt Cap: $7.2B · EV: $3.8B [Timberland and forest products company that completed merger with PotlatchDeltic] Rayonier (RYN) completed its merger of equals with PotlatchDeltic on January 30, 2026, ahead of schedule, creating a combined company with over 4 million acres of timberland and expanded wood products operations. The company is targeting $40 million in annual run rate synergies by end of year two, with $20 million expected in the first year post-merger. A new company name and ticker symbol will be announced later in Q1 2026.

Sumitomo Forestry · 1911.T (JP) · Mkt Cap: $7.2B · EV: $12.0B [Japanese forestry, lumber and homebuilding company] Sumitomo Forestry announced acquisition of major US homebuilder Tri Pointe Homes for approximately $4.2 billion, its largest M&A deal ever. The acquisition will be completed through a US subsidiary during Q1 2026, making Sumitomo the 5th largest homebuilder in the US with 18,000 annual units and expanding into California and Nevada markets.

BlueScope Steel · BSL.AX (AU) · Mkt Cap: $9.1B · EV: $9.5B [Steel manufacturing company producing flat steel products] BlueScope Steel is defending against an unsolicited $30 per share takeover bid from a consortium of industrial and investment groups, which the board has rejected. The company projects $2 billion in additional free cash flow capacity by 2029 as capital spending winds down, with analysts valuing the stock in the high thirties per share. Management is arguing for independence based on organic cash generation, $150 million in cost cuts by 2026, and potential cyclical recovery in steel margins.

Dongfeng Motor Group · 0489.HK (HK) · Mkt Cap: $10.1B · EV: $5.3B [Chinese automotive manufacturer and joint venture partner] Dongfeng Motor Group is privatizing and delisting through a share distribution and absorption merger, while simultaneously spinning off its NEV brand VOYAH to list on HKEX by introduction on March 19. Under the plan, Dongfeng will distribute its 79.67% VOYAH stake to shareholders pro-rata, with VOYAH then listing independently while the parent company delists.

Schroders · SDR.L (UK) · Mkt Cap: $12.4B · EV: $2.7B [UK-based asset management company] US asset manager Nuveen agreed to acquire Schroders for £9.9 billion, paying 590 pence per share in cash plus up to 22 pence in dividends, representing a 34% premium to previous close. The founding family holding 41% stake has irrevocably agreed to the deal, ending 222 years of family control.

Kirin Holdings Co Ltd · 2503.T (JP) · Mkt Cap: $12.7B · EV: $19.9B [Japanese beverage company] Kirin is selling its Four Roses bourbon brand to private wine company Gallo for up to $775 million. The deal is expected to close in Q2 2025 and is part of Kirin’s strategic portfolio review to reallocate resources toward core capabilities.

QXO Inc. · QXO (US) · Mkt Cap: $18.5B · EV: $21.0B [Building products distribution company] QXO agreed to acquire Kodiak Building Partners for $2.25 billion ($2B cash + 13.2M QXO shares) from private equity firm Court Square Capital Partners. Kodiak generated $2.4B revenue last year distributing building products primarily in Florida and Texas, with QXO retaining right to repurchase the shares at $40/share.

Broadridge Financial Solutions · BR (US) · Mkt Cap: $20.7B · EV: $24.2B [Financial technology services provider] Broadridge has agreed to acquire CQG, a provider of futures and options trading technology and execution management tools. The acquisition will integrate CQG’s global trading technology operations into Broadridge’s order management ecosystem to expand derivatives market capabilities.

Nebius Group N.V. · NBIS (US) · Mkt Cap: $22.5B · EV: $22.9B [AI cloud platform and infrastructure company] Nebius is acquiring Israeli AI startup Tavily for $275 million upfront with potential earnouts up to $400 million total. Tavily, founded in late 2024, develops agentic search technology for AI agents and serves Fortune 500 companies.

Hexagon AB · HEXA-B.ST (SE) · Mkt Cap: $28.6B · EV: $29.0B [Industrial technology and software solutions provider] Hexagon filed a Registration Statement on Form 10 with the SEC for its planned spin-off of Octave Intelligence Limited, which will become an independent software and SaaS company focused on operational intelligence. The spin-off is expected to complete in late Q2 2026 with dual listings on Nasdaq Global Select Market and Nasdaq Stockholm, subject to regulatory approvals.

Seven & i Holdings · 3382.T (JP) · Mkt Cap: $35.5B · EV: $55.6B [Japanese retail company operating convenience stores, supermarkets and department stores] Japan’s Ministry of Economy, Trade and Industry is developing supplementary guidelines to clarify corporate takeover rules amid increased unsolicited M&A activity including Alimentation Couche-Tard’s bid for Seven & i Holdings. The ministry aims to clarify that boards can reject high-priced offers if they believe current management can create more value. Final guidelines expected by May 2025.

Toyota Industries · 6201.T (JP) · Mkt Cap: $39.4B · EV: $47.7B [Forklift manufacturer and key Toyota Group affiliate] Toyota Motor’s tender offer for Toyota Industries has been extended to March 2 after failing to reach the required 42.01% minority shareholder acceptance threshold, with only 33.1% tendered by the original deadline. The offer was sweetened to 18,800 yen per share but faces opposition from Elliott Investment Management, which holds 7.1% and values the company at 26,134 yen per share.

Anglo American · AAL.L (UK) · Mkt Cap: $51.7B · EV: $76.6B [Global mining company producing diamonds, copper, platinum group metals, iron ore and coal] Anglo American reported Q4 2025 nickel production of 10,300 tonnes, down 36.9% year-over-year. The company has a definitive agreement to sell its nickel business to MMG Singapore Resources and is awaiting European Commission antitrust approval. Its South Africa refined nickel business has already been divested and established as separate entity Valterra Platinum.

BD (Becton, Dickinson and Company) · BDX (US) · Mkt Cap: $57.3B · EV: $79.3B [Medical technology company serving healthcare institutions, life science researchers and pharmaceutical companies] BD completed the spin-off of its Biosciences & Diagnostic Solutions business and combination with Waters Corporation. BD shareholders received ~0.135 WAT shares per BDX share and BD received $4 billion cash, with the spun-off business valued at $18.8 billion. BD plans to use $2 billion for share repurchases and $2 billion for debt repayment.

Singapore Telecommunications Limited · Z74.SI (SI) · Mkt Cap: $62.3B · EV: $68.8B [Telecommunications services provider] Singtel is partnering with KKR in a $6.6 billion acquisition of ST Telemedia Global Data Centres (STT GDC). Singtel will invest approximately $740 million for a 25% stake, while KKR will own 75%, valuing STT GDC at $13.8 billion enterprise value. The deal expands Singtel’s data centre business under Nxera across Asia-Pacific, Britain and Europe.

Hindustan Unilever Limited · HINDUNILVR.NS (IN) · Mkt Cap: $63.7B · EV: $63.0B [Indian consumer goods company manufacturing personal care, home care and food products] Hindustan Unilever completed the demerger of its ice cream business into Kwality Wall’s India Ltd (KWIL), with the new entity expected to list in February 2026. The ice cream business contributed about 2.7% to HUL’s total revenue and operated on lower margins.

NatWest Group · NWG.L (UK) · Mkt Cap: $67.6B · EV: $-84,729,942,369 [UK retail and commercial banking group] NatWest announced a £2.7 billion acquisition of Evelyn Partners, one of the UK’s largest wealth managers, outbidding rival Barclays. The deal will double NatWest’s assets under management to £127 billion and is expected to close by summer 2026, reducing core capital by 1.3%.

Warner Bros. Discovery Inc. · WBD (US) · Mkt Cap: $70.0B · EV: $99.4B [Media and entertainment company operating streaming services, television networks, and film studios] Paramount Skydance Corporation enhanced its $30 per share all-cash takeover offer for Warner Bros. Discovery, adding a $0.25 quarterly ticking fee starting January 2027 if deal not closed by December 2026, and agreeing to cover WBD’s $2.8 billion Netflix termination fee plus $1.5 billion debt financing costs. The enhanced offer is backed by $43.6 billion in equity commitments and tender offer extended to March 2, 2026, with 42.3 million WBD shares already tendered.

Waste Management Inc · WM (US) · Mkt Cap: $94.3B · EV: $117.2B [Waste collection and disposal services company] WM subsidiary USA Waste of California is acquiring California-based Waste Resources, which provides residential waste and recycling services across multiple Southern California cities including Glendale, Gardena, and Carson. The deal includes established municipal franchise agreements, with WM’s 2026 acquisition spending expected to stay in the $100-200 million range.

Mitsubishi Heavy Industries · 7011.T (JP) · Mkt Cap: $111.3B · EV: $111.0B [Japanese industrial company manufacturing aerospace, defense, power systems and machinery] Mitsubishi Heavy Industries signed definitive agreements for corporate spin-off and divestiture of its domestic onshore wind power business. MHI will transfer the wind power operations to newly established wholly-owned subsidiary M-Wind Co., Ltd., then sell all shares of M-Wind to Electric Power Development Co. (J-Power).

Mizuho Financial Group · 8411.T (JP) · Mkt Cap: $124.8B · EV: $-221,487,769,835 [Japanese banking and financial services company] Mizuho Bank announced acquisition of 70% stake in fintech company UPSIDER Holdings for approximately 46 billion yen ($460 million). UPSIDER is an AI-powered corporate financial services company that had raised over 60 billion yen cumulatively and achieved 10 billion yen in annual revenue as of April 2025.

Blackstone Inc. · BX (US) · Mkt Cap: $159.7B · EV: $125.6B [Alternative asset management and private equity firm] Blackstone Inc. and EQT are acquiring Urbaser, a global waste management platform, from Platinum Equity for $6.6 billion. The transaction involves Urbaser, which serves 60+ million people globally through waste collection, treatment and environmental services across urban, municipal and industrial segments.

Honeywell International · HON (US) · Mkt Cap: $162.0B · EV: $173.1B [Industrial conglomerate providing aerospace, building technologies, performance materials and safety solutions] Honeywell International reported Q4 2025 results with revenue of $9.758 billion but net income fell to $295 million due to goodwill and asset impairments. The company provided 2026 guidance for continuing operations revenue of $38.8-39.8 billion and diluted EPS of $9.59-9.89. Honeywell is planning to spin off its aerospace business.

Salesforce Inc · CRM (US) · Mkt Cap: $174.9B · EV: $181.6B [Cloud-based software company providing customer relationship management solutions] Salesforce (CRM) signed a definitive agreement to acquire Cimulate, an AI-powered product discovery company, to strengthen its Agentforce Commerce platform. The acquisition will integrate Cimulate’s intent-aware search technology to help retailers deliver more personalized shopping experiences. Transaction expected to close in Q1 FY2027 subject to customary conditions.

Netflix Inc. · NFLX (US) · Mkt Cap: $326.1B · EV: $332.5B [Global streaming entertainment service and content producer] Netflix is pursuing an $82.7 billion cash acquisition of Warner Bros. Discovery, facing competition from a higher $108.4 billion rival bid by Paramount Skydance. Activist investor Ancora Holdings is urging Warner Bros. Discovery shareholders to reject Netflix’s offer in favor of the Paramount bid, while U.S. and European regulators review the transaction for antitrust concerns.

Eli Lilly and Company · LLY (US) · Mkt Cap: $923.9B · EV: $968.1B [Pharmaceutical company developing and manufacturing medicines for diabetes, oncology and other therapeutic areas] Eli Lilly is acquiring Orna Therapeutics, a private company developing circular RNA-based in vivo CAR-T therapies for autoimmune diseases. Orna shareholders could receive up to an undisclosed amount, with the lead program ORN-252 targeting CD19 for B cell-driven autoimmune diseases being clinical trial-ready.

InPost S.A. · INPST (INTL) · Mkt Cap: None · EV: None [Automated parcel machine network operator in Europe] A consortium including Advent International, FedEx, A&R Investments, and PPF Group has announced a recommended all-cash takeover offer for InPost at EUR 15.60 per share, valuing the company at EUR 7.8 billion. The offer represents a 50% premium to the undisturbed share price and 53% to the three-month VWAP, with shareholders representing 48% of outstanding shares already supporting the transaction. The deal is expected to complete in H2 2026.

Rakon Limited · RAK (US) · Mkt Cap: None · EV: None [Manufacturer of frequency control solutions and crystal oscillators] Bourns, Inc. has made a full takeover offer to acquire all equity securities in Rakon Limited for $1.55 per share. The offer is conditional on regulatory approvals including Overseas Investment Act approval and must remain open until at least March 23, 2026. Rakon’s board advises shareholders to take no action until they receive the Target Company Statement and Independent Adviser’s Report by February 23, 2026.

Fractal Analytics · FRACTAL.NS (INTL) · Mkt Cap: None · EV: None [Enterprise AI and data analytics services provider] Fractal Analytics is launching a ₹2,833 crore IPO priced at ₹857-900 per share, opening for subscription today and closing February 11th. The IPO includes ₹1,024 crores fresh issue for debt repayment, R&D investment, and expansion, with remainder as offer for sale by existing shareholders. Company serves 120+ enterprise clients including Citibank, Nestle, Costco with 64.9% revenue from US market.

Selectis Health · SLIS (INTL) · Mkt Cap: None · EV: None [Healthcare real estate investment trust focused on skilled nursing facilities] Black Pearl Equities filed a Schedule TO/C indicating plans for a tender offer to acquire all outstanding shares of Selectis Health at $4.00 per share in cash. Selectis reported substantial doubt about going concern status in its 2024 annual report, with $2.4M net loss and $16.1M working capital deficiency, though recently sold two Georgia SNFs for $13.2M generating $5.4M in net proceeds.

dsm-firmenich · DSM.AS (INTL) · Mkt Cap: None · EV: None [Global science-based company active in nutrition, health and sustainable living] dsm-firmenich announced the divestment of its Animal Nutrition & Health business to CVC Capital Partners for €2.2 billion enterprise value (including up to €0.5 billion earnout), while retaining a 20% equity stake. The company will receive approximately €1.2 billion at closing and plans to launch a €0.5 billion share buyback program in Q1 2026, with transaction completion expected end of 2026.

Kainos · 4556 (INTL) · Mkt Cap: None · EV: None [Diagnostic reagent and medical device manufacturer] Denka is acquiring Kainos through a tender offer at ¥2,285 per share, representing a 75.23% premium to the closing price of ¥1,304. The TOB runs from Feb 9 to Mar 25, 2026, with total consideration of approximately ¥7.89 billion for 44.73% minimum ownership, leading to delisting from Tokyo Stock Exchange.

Oscillate Plc · SRVL (INTL) · Mkt Cap: None · EV: None [Investment company focused on acquiring and developing mineral exploration assets] Oscillate Plc announced a conditional sale and purchase agreement to acquire Kalahari Copper Limited for £2 million cash plus the target’s cash balance. The acquisition will establish Oscillate as a large landholder in copper exploration assets across Namibia and Botswana. Completion is expected to occur simultaneously with the company’s proposed AIM listing, subject to regulatory approvals.

Lupin Limited · LUPN.NS (INTL) · Mkt Cap: N/A · EV: N/A [Indian pharmaceutical company] Lupin announced it will acquire a 51% stake in Dafra. Deal terms and timeline were not disclosed.

Transocean Ltd. and Valaris Limited · RIG (acquirer), VAL (target) (INTL) · Mkt Cap: None · EV: None [Offshore drilling companies providing services to oil and gas industry] Transocean will acquire Valaris in an all-stock transaction valued at $5.8 billion, with Valaris shareholders receiving 15.235 RIG shares per VAL share. The combined company will have 53% Transocean ownership and 47% Valaris ownership, creating a $17 billion enterprise value entity with 73 rigs. Transaction expected to close in second half of 2026 subject to regulatory and shareholder approvals.

Seres · 601127.SH (INTL) · Mkt Cap: None · EV: None [Chinese electric vehicle manufacturer] Seres signed cooperation agreement to spin off its Landian Automobile subsidiary by contributing existing assets to form a new company. The Shapingba District Government will become controlling shareholder with ~33.5% stake, other investors ~18.5%, while Seres retains ~32% as minority shareholder after cash capital increase by external parties.

NTT Data · 9613.T (INTL) · Mkt Cap: None · EV: None [Japanese IT services company providing digital transformation and consulting services] NTT Data announced acquisition of Zero&One Holding Limited, a Dubai-based AWS services provider, through its subsidiary Dimension Data Middle East. Zero&One is the first local company in the MENA region to achieve AWS Premier Tier Services partner certification and has approximately 60 employees.

Paya Holdings, Inc. · PAYA (INTL) · Mkt Cap: None · EV: None [Payment processing company providing integrated payment solutions] Third Circuit Court ruled on February 3, 2026 in case involving Nuvei Corporation’s $9.75 per share acquisition of Paya Holdings via tender offer in January 2023. The court held that the Best Price Rule does not require offerors to purchase shares subject to pre-existing forfeiture provisions, rejecting plaintiffs’ claims that their earnout shares should have been accepted despite contractual restrictions.

Genus Power Infrastructures · GENUS.NS (INTL) · Mkt Cap: None · EV: None [Indian company manufacturing electricity meters and power infrastructure equipment] Genus Power Infrastructures signed agreement to acquire additional 86.49% stake in Newlectric Innovation Private Limited for ₹25.23 Cr on January 20, 2026, making NIPL a wholly-owned subsidiary. The company also completed demerger of its Strategic Investment Division into Genus Prime Infra Limited to focus on core metering business.

Silicon Valley Acquisition Corp. · SVAQU (US) · Mkt Cap: None · EV: None [Special purpose acquisition company seeking business combinations] Silicon Valley Acquisition Corp. (SVAQU) announced that starting February 12, 2026, holders of its IPO units can elect to separately trade Class A ordinary shares (SVAQ) and warrants (SVAQW). The SPAC is seeking business combinations in fintech, crypto/digital assets, AI infrastructure, energy transition, auto/mobility, technology, consumer, healthcare and mining industries.

Iveco Group N.V. · IVG (US) · Mkt Cap: None · EV: None [Commercial vehicles and defense equipment manufacturer] Iveco Group is calling an extraordinary general meeting for March 25, 2026 to approve either an extraordinary dividend of €5.5-6.0 per share from proceeds of selling its Defence Business to Leonardo S.p.A., or a statutory demerger to spin off the Defence Business into a new company IDV Group. The sale transaction is expected to close by March 31, 2026.

NE (Next Engine) · 441A (INTL) · Mkt Cap: None · EV: None [SaaS provider for e-commerce business efficiency] NE completed its spin-off listing from parent company Hamee in November 2025. The company is trading at 11x forward P/E despite stable high-margin business with 70%+ gross margins and sub-1% monthly churn rate, with management preparing to announce a new mid-term business plan.

Magnum Ice Cream Company N.V. · MAGN.L (INTL) · Mkt Cap: None · EV: None [Ice cream manufacturer with global brands] Magnum Ice Cream Company reported disappointing first full-year results since spinning off from Unilever, with pre-tax profit falling 48.7% to €307m and operating profit declining to €599m from €764m. Free cash flow dropped significantly to €38m from €803m, primarily due to demerger-related costs and transition expenses.

Scientex Packaging (Ayer Keroh) Bhd · SCIPACK.KL (INTL) · Mkt Cap: N/A · EV: N/A [Malaysian packaging subsidiary being taken private by parent company] Scientex Bhd is taking subsidiary Scientex Packaging private via selective capital reduction at RM1.50 per share, with trading suspension starting Feb 27, 2026. Shareholders approved the privatization plan in November 2025, and the company will delist from Bursa Malaysia after completion. Scientex currently holds 72% stake after previous acquisition attempts since 2019.

Peel Mining Limited · ASX:PEX (INTL) · Mkt Cap: N/A · EV: N/A [Australian copper mining company being acquired with simultaneous spin-off of non-copper assets] Aeris Resources Limited (ASX:AIS) is acquiring Peel Mining Limited (ASX:PEX) via scheme of arrangement in a share-for-share deal where Peel shareholders will own 20.5% of Aeris. Simultaneously, Peel will demerge its non-copper assets into a new company (NewCo) that will be distributed to Peel shareholders and listed on ASX with an underwritten capital raising. The combined structure delivers a 46% premium to Peel’s pre-announcement share price.

Kwality Walls India Ltd · KWIL.NS (INTL) · Mkt Cap: N/A · EV: N/A [Ice cream business spun off from Hindustan Unilever beginning trading as standalone public company] Hindustan Unilever’s demerged ice-cream business, Kwality Walls India Ltd (KWIL), will list on February 16. Shareholders received one KWIL share for every HUL share held. The spun-off business represents ~₹1,800-2,000 crore revenue (3% of HUL) and is valued at ₹10,000-12,000 crore, with HUL stock adjusted down ₹44 per share on demerger date (December 5).

TBI Bank EAD · TBIF.BG (INTL) · Mkt Cap: None · EV: None [Consumer finance and banking services provider] The European Central Bank granted preliminary approval for Bago (Luxembourg) S.a r.l., a portfolio company of Advent International, to acquire a majority stake exceeding 50% in TBI Bank EAD from 4finance Holding S.A. The transaction is expected to complete in Q4 2025, subject to regulatory approvals.

Enstar Group Limited · ESGR (INTL) · Mkt Cap: None · EV: None [Insurance and reinsurance run-off specialist] Enstar Group has entered into a definitive agreement to acquire 100% of Accident Fund Holdings (AF Group) from Blue Cross Blue Shield of Michigan. The transaction is expected to close in the second half of 2026 subject to regulatory approvals. AF Group will operate as a standalone subsidiary under Enstar, combining complementary P&C capabilities including workers’ compensation.

Elkem ASA · ELK (INTL) · Mkt Cap: None · EV: None [Specialty silicones and silicon-based materials producer] Elkem has entered into a definitive agreement to sell the majority of its Silicones division to Bluestar, with the entire consideration being settled through redemption of all of Bluestar’s 338,338,536 shares in Elkem. Following completion, Bluestar will no longer hold any Elkem shares, transforming Elkem into a pure-play metals and materials business focused on Silicon Products and Carbon Solutions.

Restructuring

American Rebel Holdings Inc · AREB (US) · Mkt Cap: $1M · EV: $22M [Consumer goods company focused on American-themed lifestyle products] American Rebel Holdings received Nasdaq delisting notice on February 4, 2026 for failing to maintain $1.00 minimum bid price for 30 consecutive days. Stock and warrants will be delisted effective February 13, 2026, with expected trading on OTC markets under AREB ticker.

Jingrui Holdings Ltd · 1862.HK (HK) · Mkt Cap: $3M · EV: $2.5B [Chinese property developer] Hong Kong court issued winding-up order after company failed to repay debt under guarantee. Court rejected jurisdictional and arbitration defenses, determining winding-up could benefit creditors through potential recognition under Hong Kong-Mainland cross-border insolvency pilot scheme.

Sphere 3D Corp. · ANY (US) · Mkt Cap: $5M · EV: $-705,562 [Bitcoin mining and blockchain infrastructure company] Sphere 3D Corp., a Bitcoin mining company, completed a 1-for-10 reverse stock split to support its Nasdaq listing, reducing outstanding shares from 33.9 million to 3.39 million effective February 9, 2026. The company has been restructuring operations by upgrading mining equipment, cutting G&A expenses by 50% year-over-year, and monetizing assets including CORZ shares for $9.4 million above settlement value. Management indicated they are reviewing strategic alternatives in 2026.

DNA X, Inc. · SONM (UN) · Mkt Cap: $9M · EV: $10M [Digital asset trading platform (formerly rugged mobile phone manufacturer)] Completed divestiture of legacy mobile communications business to NEXA in January 2026 following shareholder approval. Pivoted to focus entirely on digital asset trading platform, with proceeds used for debt reduction and working capital. New leadership includes Mike Mulica as interim CEO with modified compensation packages including RSU grants.

Oxbridge Re Holdings · OXBR (CA) · Mkt Cap: $9M · EV: $10M [Reinsurance and specialty risk underwriting company] Oxbridge Re Holdings signed a $1,000,000 promissory note with Real World Digital Assets bearing 16% annual interest and maturing August 14, 2026, to strengthen liquidity for working capital. The company granted a security interest in substantially all assets to secure the borrowing.

BioAtla, Inc. · BCAB (UN) · Mkt Cap: $12M · EV: $10M [Biotechnology company developing antibody therapeutics] Nasdaq’s Listing Council will review the exchange’s decision to delist its securities due to non-compliance with bid price and equity rules. Trading continues during the review process, which may take weeks to months to resolve.

Southern Energy Corp · SOU.V (CA) · Mkt Cap: $17M · EV: $28M [Oil and gas exploration and development company] The company announced a US$23.5M financing transaction including senior secured convertible debentures and equity raise, plus a royalty sale, generating net proceeds of US$22M after discount. The proceeds will be used to retire existing high-cost senior credit facility and fund development capital including completion of two drilled wells, with transaction expected to close February 12, 2026.

Europa Oil & Gas (Holdings) plc · EOG.L (UK) · Mkt Cap: $18M · EV: $19M [Oil and gas exploration company focused on European assets] Europa is raising up to £3.5 million through a placing of new shares at 1.2 pence per share (20% discount to market price) plus warrants. The company stated that if the shareholder resolution for the placing is not passed, there would be material uncertainty over its ability to continue as a going concern.

Deveron Corp. · DVRNF (CA) · Mkt Cap: $23M · EV: $70M [Agricultural technology and data analytics services provider] Deveron Corp completed the sale of substantially all its assets to a group of purchasers including RRL Ultimate Parent, BidCo and Maple NewCo. The company now faces potential migration to the TSXV NEX board unless it can identify and develop a replacement business to meet continued listing requirements.

Welife Technology Limited · 1680.HK (HK) · Mkt Cap: $24M · EV: $334M [Technology company] The company is facing a winding-up petition hearing with judgment reserved as of February 2026, related to RMB 9.4 million debt. Multiple hearing adjournments have occurred since March 2025, and the Hong Kong Stock Exchange has decided to cancel the company’s listing.

Hilong Holding · 1623.HK (HK) · Mkt Cap: $51M · EV: $275M [Chinese oilfield services company] The company announced the dismissal of a winding-up petition that had been filed against it, successfully avoiding potential liquidation proceedings.

abc Inc. · 8783.T (JP) · Mkt Cap: $55M · EV: $60M [Company operating book-themed accommodations and digital token activities] abc Inc. announced a third-party allocation of new shares and 19th series stock warrants. The company also announced a management strategy update and mentioned activities related to WOWBIT (WWB) tokens and subsidiary operations.

Immunic Inc · IMUX (US) · Mkt Cap: $110M · EV: $75M [Biopharmaceutical company developing treatments for autoimmune diseases] Immunic announced a $400M private placement ($200M upfront, $200M in warrants) led by BVF Partners to fund Phase 3 trials and transform into a commercial-stage company. CEO Daniel Vitt will step down to search for a commercial-focused CEO, with former Roche executive Simona Skerjanec elevated to interim Board Chair.

Lavoro Limited · LVRO (US) · Mkt Cap: $112M · EV: $2.2B [Agricultural inputs and services company operating in Latin America] Lavoro Limited announced it will voluntarily delist its ordinary shares and warrants from Nasdaq, with the last trading day expected to be February 23, 2026. The company will file Form 25 with the SEC around February 24, 2026, and Form 15 around March 6, 2026, to suspend reporting obligations. The decision is driven by challenging market conditions in Brazil, low trading volume, limited liquidity, and high public company compliance costs outweighing benefits.

Raffles Education Limited · NR7.SI (SI) · Mkt Cap: $171M · EV: $380M [Private education provider operating colleges and universities internationally] Raffles Education Limited is undergoing significant restructuring including disposal of Hefei Yuren Education Management for RMB 426.4 million (~S$76M) and sale of 51 Merchant Road property. The company also approved conversion of $11.75M in bonds and RMB21.2M in director loans into new shares, plus a special dividend of S$0.004 per share.

Bunker Hill Mining Corp. · BNKR.V (CA) · Mkt Cap: $186M · EV: $260M [Mining company developing zinc, lead, and silver projects] The company announced a C$30 million brokered private placement of units at C$0.18 per unit to fund mine ramp-up to commercial production. It also approved a 1-for-35 reverse stock split to increase share price for potential NYSE American listing.

Riverstone Energy Limited · RSE.L (UK) · Mkt Cap: $238M · EV: None [Investment company focused on energy assets executing managed wind-down strategy] Riverstone Energy Limited reported Q4 2025 portfolio valuations showing continued execution of its managed wind-down strategy. The company completed a £190 million compulsory partial redemption in October 2025 and successfully sold its entire interest in Onyx Power to ResInvest Group on January 30, 2026, generating proceeds at 2.86x gross MOIC.

Nobia AB · NOBI.ST (SE) · Mkt Cap: $277M · EV: $784M [Nordic kitchen specialist manufacturing and selling kitchen solutions] Nobia AB announced final terms of its fully guaranteed rights issue of up to 841.3 million new shares at SEK 1.78 per share, raising approximately SEK 1.5 billion. The rights issue (4 rights for 5 new shares) will run from Feb 24-Mar 11, 2026, and is fully backed by major shareholders Nordstjernan, If Skadeförsäkring, and AP4.

Cango Inc. · CANG (US) · Mkt Cap: $322M · EV: $708M [Technology company transitioning from Bitcoin mining to AI compute infrastructure] The company completed the sale of 4,451 Bitcoin for approximately $305 million in USDT proceeds, which were used to partially repay a Bitcoin-collateralized loan. It is executing a strategic pivot from Bitcoin mining to AI compute infrastructure, appointing Jack Jin as CTO of its AI business line and planning to deploy modular GPU compute nodes across existing sites.

Oatly Group AB · OTLY (US) · Mkt Cap: $337M · EV: $8.2B [Plant-based oat milk and dairy alternative products manufacturer] Reported first full year of profitable growth with $6.8M adjusted EBITDA and announced strategic review of Greater China business including potential carve-out. Achieved gross margins >32% (2,100 bps improvement since 2022) and guided for $25-35M adjusted EBITDA in 2026.

Bally’s Corporation · BALY (US) · Mkt Cap: $670M · EV: $6.2B [Casino and gaming company operating casinos and online sports betting] Entered $1.1 billion term loan credit facility due 2031 from Ares Management Credit, King Street Capital, and TPG Credit. Completed $700 million sale-leaseback of Twin River Lincoln Casino Resort with GLP Capital. Proceeds will fund corporate purposes including development projects and repay $1.47 billion in existing term loans due 2028.

Sakata INX · 4633.T (JP) · Mkt Cap: $803M · EV: $974M [Printing ink and imaging materials manufacturer] Sakata INX announced a corporate restructuring involving a company split to transition to a holding company structure through an absorption-type split. The company will also transition to a company with audit and supervisory committee structure and make partial amendments to its articles of incorporation.

Yamazen Corporation · 8051.T (JP) · Mkt Cap: $839M · EV: $480M [Trading and distribution company for industrial machinery and tools] Yamazen Corporation announced the issuance of convertible bonds with stock acquisition rights to Advantage Partners-managed fund as the underwriter. This represents a significant financing transaction that could result in equity dilution or conversion to shares depending on stock performance.

HEG Ltd · HEG.NS (IN) · Mkt Cap: $1.1B [India’s leading graphite electrode manufacturer] HEG Ltd has proposed a demerger to separate its graphite electrode business into HEG Graphite Ltd while the residual company becomes HEG Greentech Ltd. Existing shareholders will receive one share of HEG Graphite for every HEG share held, with Bhilwara Energy Ltd subsequently merging into HEG Greentech.

Metaplanet · 3350.T (JP) · Mkt Cap: $2.6B · EV: $2.6B [Bitcoin investment company] The company announced plans to raise approximately $137 million through a new share and rights offering, with $91.2 million for additional Bitcoin purchases and $33.8 million for debt repayment. It currently holds 35,102 BTC with an average cost of ~$107,716 per Bitcoin, resulting in approximately 39% unrealized losses at current Bitcoin prices around $60,000-$65,000.

Driven Brands Holdings Inc. · DRVN (US) · Mkt Cap: $2.8B · EV: $5.4B [Automotive services franchise company operating car wash, oil change, and repair brands] Driven Brands completed the divestiture of its International Car Wash business on January 27, 2026, and announced new segment reporting structure effective Q4 2025. The company restructured into three segments: Take 5, Franchise Brands, and Auto Glass Now, with ICW results reported as discontinued operations.

Crescent Energy · CRGY (US) · Mkt Cap: $3.4B · EV: $5.8B [Oil and gas exploration and production company] The company announced a rights offering targeting $6 million with record date Feb 2, 2026 and closing Feb 27, 2026, where shareholders receive rights to purchase 0.057 shares at $2.99 per share for each share held. The company also extended $20 million credit facility maturity to Dec 29, 2028.

WPP PLC · WPP.L (UK) · Mkt Cap: $4.0B · EV: $11.5B [Global advertising and marketing services company] The company is consolidating its three main marketing agencies (Ogilvy, VML, and AKQA) under a single holding structure called WPP Creative while maintaining independent brand operations. Management announced a strategic review in January focused on streamlining operations and leveraging AI technology, with preliminary results and forward plans to be discussed on February 26.

Apollo Hospitals Enterprise Limited · APOLLOHOSP.NS (IN) · Mkt Cap: $11.9B · EV: $12.5B [Healthcare services company operating hospitals and pharmacies across India] Apollo Hospitals’ Board approved a Composite Scheme of Arrangement to demerge its omni-channel pharmacy distribution and digital health platform businesses into a new separate entity. The company reported strong Q3 FY26 results with 35% YoY profit growth and declared an interim dividend of Rs 10 per share.

Yum! Brands Inc. · YUM (US) · Mkt Cap: $44.1B · EV: $56.3B [Fast food restaurant company operating KFC, Pizza Hut, and Taco Bell] Pizza Hut will close 250 underperforming locations nationwide in the first half of 2026, representing a small portion of Pizza Hut’s 20,000 global units. The closure is part of a strategic review that also includes marketing improvements, technology modernization, and franchise agreement updates.

Marubeni Corporation · 8002.T (JP) · Mkt Cap: $67.7B · EV: $83.1B [Japanese trading conglomerate with diverse business segments] Announced spin-off of part of its chemicals business to subsidiary Marubeni Chemicals through absorption-type company split, effective April 1, 2026. Marubeni Chemicals will simultaneously merge with subsidiary Marubeni Phlax to form Marubeni Innovexis Corporation. Restructuring consolidates trading functions for salt, chloroalkali, vinyl chloride, and inorganic chemicals.

Barrick Mining · B (US) · Mkt Cap: $79.2B · EV: $86.5B [Gold mining company with operations in North America and internationally] Barrick Mining plans to spin off its top North American gold assets through an IPO, selling a minority stake in the new entity valued at over $60 billion. The IPO package will include key joint venture interests and select mines, while higher risk assets will remain with the parent company.

Tencent Holdings (Riot Games subsidiary) · 0700.HK (HK) · Mkt Cap: $632.4B · EV: $646.2B [Technology conglomerate with gaming, social media, and fintech operations] Riot Games is laying off approximately 80 developers (about half the global team) working on 2XKO, a League of Legends fighting game spin-off, less than a month after its full launch on January 20th. The company cited insufficient player engagement momentum to support the current team size long-term.

Yellow Corporation · YRCW (INTL) · Mkt Cap: None · EV: None [Trucking and logistics company] The trucking company’s Chapter 11 liquidation is nearing final stages after ceasing operations in summer 2023 following a dispute with the Teamsters union. The company has already repaid its $700M CARES Act loan in February 2024 from asset sales, with final resolution awaiting settlement of ongoing lawsuit with the International Brotherhood of Teamsters union.

Faron Pharmaceuticals · FARN.HE (INTL) · Mkt Cap: None · EV: None [Biopharmaceutical company developing cancer treatments] Faron announced a rights offering of approximately 40 MEUR to fund Phase II registration trial for bexmarilimab in high-risk MDS treatment. The company is seeking authorization for 80 million new shares, representing a 42% increase in share count, after partnership negotiations failed.

India Glycols Limited · INDIAGL.BO (IN) [Chemical company producing glycols, bio pharma products, and spirits & biofuels] India Glycols’ Board approved a modified Scheme of Arrangement for demerging its Bio Pharma and Spirits & Biofuel undertakings, with an appointed date of April 1, 2026. The company completed a preferential allotment raising ₹467 crore at ₹915 per share and executed a 10:5 stock split.

Valor Estate Ltd · DBREALTY (INTL) [Real estate development company focused on property projects] Valor Estate Ltd reported strong Q3 and nine-month revenue and profit growth driven by major project completion and strategic restructuring. The company has completed a demerger of its hospitality business and is now focused solely on real estate operations.

REC Silicon ASA · REC.OL (NO) [Polysilicon manufacturer for solar and electronics industries] REC Silicon announced a fully underwritten rights issue to raise NOK 972.6 million (~$100M USD) at NOK 0.2385 per share (25% discount to 10-day VWAP). Proceeds will be used to repay $30M in advance payments, $40M in debt facilities, and $30M for working capital.

Faraday Future · FFIE (US) [Electric vehicle manufacturer developing luxury smart mobility solutions] Faraday Future signed strategic cooperation agreements with Chinese partner Hebei Huanzhou Automobile Sales Co. for mass production of the FX Super One MPV. The partnership may expand to include future models like the FX 4 and geographic expansion to Canada and the Middle East.

Navidea Biopharmaceuticals · NAVB (INTL) · Mkt Cap: N/A · EV: N/A [Biotech company developing diagnostic imaging agents] Filed for Chapter 11 bankruptcy protection and submitted a reorganization plan to the bankruptcy court. Has a pending motion to sell certain assets (filed November 2025) to provide liquidity. Company has pre-bankruptcy measures including reverse stock split option (valid until July 2027) and protections for NOL carryforwards and R&D credits (valid until April 2027).

TFF Pharmaceuticals · TFFP (INTL) · Mkt Cap: N/A · EV: N/A [Biotech company developing drug delivery technology using Thin Film Freezing platform] In final stages of liquidation after ceasing operations, attempting to monetize its Thin Film Freezing technology platform and two development programs (TFF TAC and TFF VORI) through asset sales or licensing agreements. Shareholders will only receive distributions if funds remain after all creditor obligations are satisfied.

Deutsche Konsum REIT-AG · DKR.DE (INTL) · Mkt Cap: N/A · EV: N/A [German retail real estate investment trust] Completed a restructuring rights issue following a financial restructuring process.

Spirit Airlines · SAVEQ (INTL) · Mkt Cap: None · EV: None [Ultra-low-cost airline operating domestic and international flights] Spirit Airlines filed for Chapter 11 bankruptcy twice in 2025 - first for a quick balance sheet restructuring that left operational debts unimpaired, then a second filing in mid-August after issuing a going concern warning. The second Chapter 11 case aims for comprehensive operational restructuring beyond just balance sheet reset.

Athersys · ATHX (INTL) · Mkt Cap: None · EV: None [Biotechnology company developing cell therapy products including MultiStem platform] Athersys filed Chapter 11 bankruptcy in early 2024 and sold substantially all assets including its MultiStem cell therapy platform to Healios K.K. for $2.25 million. The company was delisted from Nasdaq in January 2024 and now trades OTC with only $13 cash remaining as it undergoes final liquidation under court supervision.

LIDDS AB · LIDDS.ST (SE) · Mkt Cap: $376,313 · EV: $182,047 [Swedish pharmaceutical company developing drug delivery technologies] LIDDS AB has been declared bankrupt by Gothenburg District Court after the liquidator determined company assets cannot cover debts and liquidation costs. Nasdaq has delisted the shares from First North Growth Market with immediate effect, and a bankruptcy trustee has been appointed.

Peptonic Medical AB · PEPTO (SE) · Mkt Cap: None · EV: None [Medical technology company developing wound care solutions] Peptonic Medical AB completed a rights issue as part of restructuring measures under a reconstruction plan, and has now issued 1,005,578 units (100.6M shares + warrants) to guarantors as compensation at SEK 0.16 per unit. The guarantors provided guarantee commitments of ~35.6% for the rights issue and chose to receive 20% compensation in units rather than 15% in cash.

Maxland Bhd · MAXLAND.KL (MY) · Mkt Cap: None · EV: None [Malaysian timber plantation and logging company] Maxland Bhd proposed a rights issue to raise up to RM32.07 million through 2.405 billion rights shares at 2 sen each (one-for-one basis), representing a 16-32% discount to recent trading prices. Chairman has committed to subscribe to his entitlement plus additional 110 million shares if needed, with proceeds funding timber camp maintenance, replanting, and working capital.

Tongaat Hulett · TON.JO (INTL) [Sugar production and agricultural operations company] Tongaat Hulett has filed for provisional liquidation after Vision Group failed to secure R2.3 billion financing from the IDC to implement the company’s business rescue plan. The liquidation follows the collapse of a debt-to-equity exchange deal that required Vision to refinance IDC facilities and provide R517 million for SASA escrow.

Religare Enterprises Limited · RELIGAR.NS (IN) [Financial services and insurance conglomerate] Religare Enterprises Limited board approved a demerger scheme to spin off its financial services business into separately listed Religare Finvest Limited via 1:1 share swap. REL will retain insurance business (Care Health Insurance) while RFL will focus on lending, broking and investments. Subject to regulatory approvals with planned Q1 FY28 listing.

Convano Inc. · 6574 (INTL) [Operates nail service business under FASTNAIL brand] Convano approved a basic policy to spin off its nail service business (FASTNAIL brand) into a new wholly-owned subsidiary through corporate split. The parent company will transition to a holding company structure while remaining publicly listed. Detailed plan approval expected in March 2026 with split effective date TBD.

Econet Wireless Zimbabwe · ECO.ZW (INTL) · Mkt Cap: None · EV: None [Telecommunications and wireless services provider] Econet Wireless Zimbabwe is delisting from the Zimbabwe Stock Exchange and spinning off its infrastructure assets into Econet Infrastructure Company Limited (InfraCo), which will list on the Victoria Falls Stock Exchange on March 31. Shareholders receive US$0.50 per share exit package (US$0.17 cash + US$0.33 InfraCo scrip). The restructuring has already boosted Econet’s market cap from US$739 million to US$1.07 billion.

Histogen Inc · HSTO (INTL) · Mkt Cap: None · EV: None [Biotechnology company developing regenerative medicine therapies] Histogen is in advanced stage of liquidation under bankruptcy proceedings, with a critical court hearing scheduled for March 12, 2026 in California bankruptcy court. The hearing will address administrative matters and potential objections to asset distribution plans. Recovery depends on sale of intellectual property and pipeline technologies to other pharmaceutical companies.

Management Changes

Goodfood Market Corp · FOOD.TO (CA) · Mkt Cap: $19M · EV: $46M [Online grocery and meal kit delivery service] Chairman Selim Bassoul appointed as CEO effective immediately with mandate to reinforce financial and balance sheet strength, enhance operational performance, and position for sustainable profitability. Board member John Khabbaz stepped down to focus on investor responsibilities but remains a supportive shareholder.

Shankara Building Products Limited · SHANKARA.NS (IN) · Mkt Cap: $30M · EV: $36M [Building materials distributor and retailer in India] The board approved reappointment of Managing Director Sukumar Srinivas for a five-year term from April 2026 to March 2031, subject to shareholder approval. The company reported Q3FY26 revenue growth of 15.80% to ₹420.40 crores and returned to profitability with ₹1.23 crores net profit after completing demerger of its trading business in September 2025.

Embecta Corp. · EMBC (US) · Mkt Cap: $609M · EV: $1.8B [Medical device company focused on diabetes care products] Embecta elected CEO Devdatt Kurdikar as Chairman of the Board and Dr. Claire Pomeroy as Lead Independent Director, effective immediately. The changes follow the retirement of previous Non-Executive Chairman LTG (Ret.) David F. Melcher due to outside commitments.

The GEO Group, Inc. · GEO (US) · Mkt Cap: $2.0B · EV: $3.6B [Private prison and detention facility operator] CEO J. David Donahue is retiring effective February 28, 2026, with founder George C. Zoley returning as CEO on March 1, 2026 under a new employment agreement through April 2029. Zoley previously served as CEO from the company’s 1994 public listing through June 2021.

Kyndryl · KD (US) · Mkt Cap: $2.7B · EV: $5.2B [IT infrastructure services provider spun off from IBM] CFO David Wyshner and General Counsel Edward Sebold departed immediately as the company conducts a review of cash management practices following SEC document requests. The company appointed Harsh Chugh as interim CFO and delayed its 10-Q filing, expecting to report material weaknesses in internal controls.

Dentsu Group Inc. · 4324.T (JP) · Mkt Cap: $5.0B · EV: $7.3B [Global advertising and marketing services company] Dentsu is replacing CEO Hiroshi Igarashi with Takeshi Sano effective April 1, 2026, citing need to accelerate transformation. The company is reporting a $2 billion goodwill impairment for Q4 2025 and previously failed to sell international operations to potential buyers including Apollo and Bain over the past year.

CarMax Inc. · KMX (US) · Mkt Cap: $6.1B · EV: $23.7B [Used car retailer operating nationwide dealerships] CarMax appointed Keith Barr, former CEO of InterContinental Hotels Group, as its new President and CEO. The leadership change comes as the used car retailer faces several years of declining sales and seeks operational transformation.

Other Situations

SmartKem, Inc. · SMTK (UN) · Mkt Cap: $2M · EV: $1M [Developer of organic semiconductor materials for flexible electronics and displays] Nasdaq notified SmartKem of delisting determination due to continued non-compliance with stockholders’ equity requirements under Listing Rule 5550(b). The company plans to request a hearing before the Nasdaq Hearings Panel, which will stay any suspension or delisting pending the hearing process.

Identitii Limited · ID8.AX (AU) · Mkt Cap: $3M · EV: $3M [Technology company providing digital identity and regulatory compliance solutions] Australia’s Takeovers Panel declared unacceptable circumstances regarding the company’s $2.88M rights issue, which could increase underwriter Beauvais Capital’s voting power from 29.92% to 49.91%. The Panel ordered supplementary disclosure, re-opening of the rights issue with withdrawal rights, and prohibited issuing securities to the underwriter without shareholder approval.

AIM ImmunoTech · AIM (US) · Mkt Cap: $3M · EV: $3M [Biotechnology company developing immunotherapies for cancer and viral diseases] The company launched an equity offering to fund its clinical pipeline, including the ongoing DURIPANC Phase 2 study evaluating Ampligen combined with AstraZeneca’s Imfinzi for metastatic pancreatic cancer. The trial has recruited 18 of 25 planned patients, with management hosting an investor conference to update on clinical progress.

Iconovo AB · ICO.ST (SE) · Mkt Cap: $6M · EV: $4M [Medical device company developing inhalation products] Iconovo is conducting a rights issue to raise approximately SEK 24.6 million at SEK 1.15 per share. The subscription period runs from February 13-27, 2026, with existing shareholders receiving preferential rights (7 subscription rights for 2 new shares). The rights issue is 100% covered by subscription undertakings and guarantee commitments.

Bloomia Holdings, Inc. · TULP (UN) · Mkt Cap: $9M · EV: $87M [Consumer products company] Bloomia announced Q2 FY2026 results showing improved operating performance with operating loss narrowing to $2.3M from $3.9M year-over-year. The company has an ongoing rights offering with an updated expiration date, providing existing shareholders the opportunity to purchase additional shares.

BiBBInstruments AB · BIBB.ST (SE) · Mkt Cap: $10M · EV: $13M [Medical device company developing instruments for tissue biopsies including the EndoDrill GI] Announced plans for a SEK 60 million (~$5.7 million USD) rights offering. The company develops medical instruments and has been reporting increasing operating losses while expanding into the U.S. market through distribution partnerships.

Maruti Interior Products Limited · 543464.BO (IN) · Mkt Cap: $13M [Automotive interior components manufacturer] Maruti Interior Products postponed its Rights Issue Committee meeting scheduled for February 13, 2026, pending stock exchange approval. The committee was set to finalize key rights issue parameters including record date, issue price, and entitlement ratio following Board approval on February 3, 2026.

Nexam Chemical Holding AB · NEXAM.ST (SE) · Mkt Cap: $21M · EV: $23M [Chemical company focused on recycling technology] Completed fully subscribed rights issue raising approximately SEK 51.8 million (~$5M USD) through 21.6 million shares at SEK 2.40 per share. 64.8% was subscribed by existing shareholders and 35.2% covered by underwriters including management, diluting existing shareholders by approximately 21.1%.

Skyline Builders Group Holding Limited · SKBL (HO) · Mkt Cap: $39M · EV: $101M [Construction and real estate development company] Private placement of $31.59 million of 6,318 preferred shares convertible to Class A ordinary shares at $2.40 per share. Offering includes $26.59 million for US investors under Regulation D and $5 million for non-US investors, with closing expected February 13, 2026.

Starwood European Real Estate Finance Ltd · SWEF.L (UK) · Mkt Cap: $66M [Real estate finance company] SWEF has announced a proposal for voluntary winding up, requiring 75% shareholder approval at an EGM on February 27, 2026. If approved, shares will be suspended from London Stock Exchange listing on the EGM date and trading will halt by March 2, 2026. Joint liquidators Stuart Gardner and Richard Barker are proposed to manage the liquidation process.

Talenom Plc · TNOM.HE (FI) · Mkt Cap: $123M · EV: $231M [Accounting services company] Talenom is completing a partial demerger on Feb 28, 2026, spinning off its software business into a new publicly listed company called Easor Plc. Talenom shareholders will receive one share of Easor for each Talenom share held (45.6M shares total), with Easor shares expected to begin trading on Nasdaq Helsinki around March 2, 2026 under ticker ‘EASOR’.

Octopus AIM VCT plc · OOA.L (UK) · Mkt Cap: $143M · EV: $80M [Venture capital trust investing in AIM-listed companies] Octopus AIM VCT declared a special dividend of 4.6 pence per share, payable April 1, 2026 to shareholders of record March 13, 2026. The dividend represents profits from recent sales of portfolio companies including Intelligent Ultrasound Group, Learning Technologies, and Breedon Group. The company is also conducting a share allotment on March 9, 2026 for investors who applied before March 4.

Amiya Co Ltd · 4258.T (JP) · Mkt Cap: $159M · EV: $142M [Japanese company issuing stock warrants] Amiya (4258) is issuing 3,200 third series stock warrants representing 320,000 potential shares at 2,558 yen per warrant to Simplex Capital PIPEs Investment Limited Partnership No. 1. Exercise period runs from March 16 through December 30, 2030 with payment due March 13.

Syrah Resources · SYR.AX (AU) · Mkt Cap: $223M · EV: $345M [Graphite mining and processing company] Syrah climbed 6.4% as US tariffs of at least 160% on Chinese graphite imports advance toward a final decision in March 2026. The company has hired Macquarie to explore strategic partnership options as it faces cash constraints with only A$18M available cash. Tesla has issued a default notice with a cure date of March 16, 2026.

TCW Strategic Income Fund, Inc. · TSI (US) · Mkt Cap: $226M · EV: None [Closed-end investment fund focused on strategic income investments] Announced a transferrable rights offering where current stockholders receive one right per share held as of Feb 19, 2026, with three rights required to purchase one new share at 92.5% of average market price. Rights will trade on NYSE under ‘TSI RT’ from Feb 25 through Mar 17, 2026, with offering expiring Mar 18, 2026.

Dalmia Bharat Sugar and Industries · DALMIASUG.NS (IN) · Mkt Cap: $267M · EV: $219M [Sugar and industrial products manufacturer in India] The company completed a demerger in October 2025, spinning off its refractory business into Dalmia Bharat Refractories Limited (DBRL) at a 1:48.18 ratio. It has now declared its first post-demerger interim dividend of Rs 4.50 per share with February 11, 2026 as record date.

Chorus Aviation Inc · CHR.TO (CA) · Mkt Cap: $361M · EV: $629M [Regional aviation services company] Chorus is conducting up to C$100 million in share buybacks over four years and recently completed a tender offer repurchasing 8% of shares at C$23.00-C$25.00 per share. The company also announced a 38% dividend increase and acquired Kadex Aero Supply for approximately C$50 million.

M&A Research Institute Corp · 9552.T (JP) · Mkt Cap: $383M · EV: $360M [M&A intermediary and advisory services provider] Mys Holdings filed ¥120 million damages lawsuit against parent company Quants Research HD in Tokyo District Court in November 2024. The lawsuit stems from M&A transaction in November 2023 where M&A Research Institute served as intermediary for Mys HD’s acquisition of Saiki Kogyo.

Evernorth Holdings / Armada Acquisition Corp. II · XRPN (US) · Mkt Cap: $404M · EV: $323M [SPAC vehicle merging to create public XRP treasury holding company] Evernorth Holdings is going public via SPAC merger with Armada Acquisition Corp. II, listing on Nasdaq under ticker XRPN. The deal raises over $1 billion in gross proceeds to purchase XRP and build the world’s largest public XRP treasury. Investors include Ripple, SBI Holdings ($200M commitment), Pantera Capital, Kraken, and GSR.

First REIT · AW9U.SI (SI) · Mkt Cap: $450M · EV: $765M [Healthcare-focused real estate investment trust] First REIT reported mixed FY25 results with stable operating performance but continued FX headwinds and portfolio valuations declining 6.2% on same-store basis. S$5.4 million in outstanding rentals owed by MPU remain unresolved. The REIT is in discussions to refinance S$260 million of loans due in 2026.

Zuken Inc. · 6947.T (JP) · Mkt Cap: $625M · EV: $393M [CAD/CAM software developer for electronics design] Zuken reported strong year-over-year profit and sales growth for nine months ended December 31, 2025, with rising comprehensive income and EPS. The company announced plans for a special commemorative dividend alongside continued growth projections for the full year.

Yext, Inc. · YEXT (US) · Mkt Cap: $676M · EV: $493M [Digital knowledge management platform that helps businesses manage online presence and customer information] Announced a modified Dutch auction tender offer to purchase up to $180 million of its common stock at $5.75-$6.50 per share, compared to the previous day’s closing price of $4.91. The tender offer expires March 12, 2026 and is not subject to minimum tender or financing conditions.

Apartment Investment and Management Company · AIV (US) · Mkt Cap: $857M · EV: $1.6B [Real estate investment trust that owns and operates apartment properties] Stockholders approved a plan of sale and liquidation, with the board declaring an initial $1.45 per share liquidating distribution payable March 13, 2026. The company has contracts to sell 12 properties for ~$680 million and expects to distribute an additional $0.85-$0.95 per share in Q2 2026 after debt retirement and transaction costs.

Energy Resources of Australia · ERA.AX (AU) · Mkt Cap: $862M · EV: $373M [Uranium mining company with operations in Northern Territory] Energy Resources of Australia is paying shareholders a special dividend from retained earnings despite reporting sharp drops in profit and revenue in recent years. The company has been experiencing financial difficulties with declining performance.

Hokkaido Electric Power Company · 9509.T (JP) · Mkt Cap: $1.5B · EV: $9.5B [Electric utility serving Hokkaido region of Japan] Board approved issuance of convertible bonds with stock acquisition rights worth 40 billion yen, maturing in 2031. The convertible structure provides bondholders option to convert to equity over the 5-year term.

Sigma Lithium Corporation · SGML (BR) · Mkt Cap: $1.5B · EV: $1.6B [Lithium mining and production company] Sigma Lithium announced the sale of 150,000 tonnes of lithium fines at US$140/t with an option for additional 350,000 tonnes at market prices. The company also initiated a US$96 million production-backed revolver facility for supply of 70,500 tonnes of high-grade lithium concentrate in 2026, with monthly US$8 million prepayments starting 30 days before production.

GCI Liberty, Inc. · GLIBA (US) · Mkt Cap: $1.5B · EV: $2.2B [Telecommunications and media company] GCI Liberty completed a $300 million rights offering in December 2025, issuing 11.06 million shares of Series C GCI Group Common Stock. The company reported 2025 revenue of $1.05 billion (up 3%) and record Adjusted OIBDA of $403 million (up 12%), though operating loss was $347 million due to a $525 million non-cash impairment charge.

Mitsui Soko Holdings · 9302.T (JP) · Mkt Cap: $1.9B · EV: $2.1B [Logistics and warehousing services company] Mitsui Soko Holdings announced a share buyback program through off-market purchases and issuance of stock acquisition rights through third-party allocation. The stock surged 8.7% on the announcement.

Olav Thon Eiendomsselskap · OLT.OL (NO) · Mkt Cap: $3.6B · EV: $5.9B [Norwegian real estate company owning commercial and residential properties] Euronext Oslo Børs has announced the delisting of shares from the exchange. The company’s shares will be removed from public trading.

SOLV Energy · MWH (US) · Mkt Cap: $3.6B [Solar engineering, procurement and construction contractor] SOLV Energy completed its IPO on Nasdaq under ticker MWH, pricing 20.5 million shares at $25 per share. The company is a leading solar EPC contractor that has expanded through acquisitions of Sacramento Drilling Inc and Spartan Infrastructure in 2025.

Air Canada · AC.TO (CA) · Mkt Cap: $4.3B · EV: $8.4B [Canada’s largest airline providing domestic and international passenger service] The airline halted flights to Cuba due to aviation fuel shortages, cancelling seasonal flights to Holguín and Santa Clara for the rest of the season and suspending Varadero/Cayo Coco flights until May 1. The airline plans to redeploy aircraft normally used on Cuba routes to other destinations.

Indosat Ooredoo Hutchison · ISAT.JK (IN) · Mkt Cap: $4.3B · EV: $7.4B [Telecommunications services company] Indosat is targeting net proceeds of ~US$560mn from a fiber asset sale expected in 2Q/3Q26. The company is planning to gradually increase dividend payout ratio to 70% by FY28F, with potential for special dividend from asset sale proceeds. Management expects the fiber sale could provide an estimated ~8.2% special dividend yield.

Escorts Kubota Limited · ESCORTS.NS (IN) · Mkt Cap: $4.6B · EV: $3.9B [Indian manufacturer of agricultural and construction equipment] Reported higher revenue and net profit for Q3 FY26 and declared a special dividend. The company approved a major greenfield expansion project to boost production capacity, with exceptional items including asset sale gains.

Plus500 Ltd · PLUS.L (UK) · Mkt Cap: $4.7B · EV: $3.1B [Online trading platform for CFDs and derivatives] Plus500 announced $187.5 million in shareholder returns comprising $87.5 million dividend and new $100 million share buyback program. The company has repurchased 39% of shares since 2027 and maintains policy of returning 50% of net profit to shareholders. Management expects 2026 results to beat current market expectations.

Red Rock Resorts · RRR (US) · Mkt Cap: $6.8B · EV: $7.4B [Casino and gaming operator focused on Las Vegas locals market] The company declared a $1.00 per Class A share special dividend payable February 27, 2026 to shareholders of record February 20, 2026. It reported Q4 2025 sales of $390.2 million and full-year 2025 sales of $1.53 billion with net income of $188.07 million, showing improved profitability versus 2024.

Gecina · GFC.PA (FR) · Mkt Cap: $6.8B · EV: $14.4B [French real estate investment trust focused on office and residential properties] The company reported 2025 earnings showing +4.2% EPS growth, completed €1.8bn of portfolio rotation with €0.8bn residential disposals and €0.6bn accretive office investments at 6.1% average yield. It increased its dividend to €5.50 per share and expects continued EPS growth to €6.70-6.75 in 2026.

SiteOne Landscape Supply · SITE (US) · Mkt Cap: $7.2B · EV: $8.1B [Landscape supplies distribution company] SiteOne Landscape Supply reported Q4 2025 earnings with 3% net sales growth to $1.05 billion and improved margins. The company repurchased $97.7 million of shares during fiscal 2025 and completed eight acquisitions totaling $55 million in trailing revenue. Net debt decreased to 0.8x EBITDA from 1.1x in the prior year.

Amkor Technology · AMKR (US) · Mkt Cap: $12.0B · EV: $12.3B [Semiconductor assembly and test services company] Amkor Technology’s controlling Kim Family is selling 10 million shares (up to 11.5M with overallotment) through 915 Investments LP in a secondary offering, with Goldman Sachs as sole bookrunner. The Kim Family will retain over 49% ownership after the sale and has agreed to a 180-day lockup on remaining shares.

CNA Financial Corporation · CNA (US) · Mkt Cap: $13.5B · EV: $14.2B [Commercial property and casualty insurance company] CNA Financial raised its regular quarterly dividend by 4% to $0.48 per share and announced a $2.00 special dividend, both payable March 12, 2026 to shareholders of record February 23, 2026. The company is returning capital to shareholders ahead of upcoming earnings release.

AECOM · ACM (US) · Mkt Cap: $13.7B · EV: $15.7B [Global infrastructure consulting firm] The company completed its strategic review of the Construction Management business and decided to retain rather than divest it. AECOM also increased its share repurchase authorization to $1 billion and returned over $340 million to shareholders in Q1 through buybacks and dividends.

Rakuten Group · 4755.T (JP) · Mkt Cap: $14.0B · EV: $17.2B [E-commerce and internet services company] Rakuten Group announced the issuance of 9,151 stock options to its CEO (1 person, 422 units) and executives/employees (67 people, 8,729 units) as performance-based compensation. The stock options vest gradually over 4 years with a 10-year exercise period, covering 915,100 shares of common stock. Exercise price is set at 1 yen per share with specific vesting schedules.

Moderna, Inc. · MRNA (US) · Mkt Cap: $17.3B · EV: $12.6B [Biotechnology company developing mRNA-based vaccines and therapeutics] Signed a five-year Memorandum of Understanding with the Government of Mexico, BIRMEX, and Laboratorios Liomont for technology transfer to produce mRNA-1273 domestically and supply respiratory vaccines. The agreement includes a purchase adjudication for up to 10 million doses.

Koninklijke KPN N.V. · KPN.AS (NL) · Mkt Cap: $21.3B · EV: $29.1B [Telecommunications services provider] KPN completed a tender offer for £278 million of its outstanding bonds (£95.7M of 2026 notes and £182.5M of 2029 notes) at premiums to par, financed by a new €500M 3.5% bond maturing 2034. The transaction reduces near-term refinancing requirements and lowers KPN’s average borrowing costs.

CK Hutchison Holdings · 0001.HK (HK) · Mkt Cap: $31.1B · EV: $71.9B [Diversified conglomerate with operations in ports, telecommunications, retail, and infrastructure] CK Hutchison faces loss of control over two strategic Panama Canal ports after Panama’s Supreme Court ruled its concession ‘unconstitutional.’ The company is threatening legal action against A.P. Moller-Maersk, which has been tapped to temporarily operate the ports, and has launched arbitration proceedings against Panama while pursuing international legal recourse.

Vodafone Group Plc · VOD.L (UK) · Mkt Cap: $36.3B · EV: $97.4B [Global telecommunications services provider] Vodafone Egypt is acquiring additional 2x10MHz of 1,800MHz spectrum with payments of $100 million annually starting FY26 over four years. Vodafone Group expects to recognize approximately $350 million in additional intangible spectrum assets. Future phases expected FY28-FY32 will include 3,500MHz spectrum allocation and 2,600MHz renewal.

HCA Healthcare · HCA (US) · Mkt Cap: $121.7B · EV: $169.7B [Hospital operator and healthcare services provider] HCA Healthcare stock up 2.4% following Frist family filing showing 31.4% ownership stake and internal share reorganization. Schedule 13D revealed exchange of 36.6M shares between family entities and HCA, with filing detailing director nomination rights and sale restrictions. Bernstein raised price target to $541 citing solid execution and increased buybacks.

Costco Wholesale · COST (US) · Mkt Cap: $442.8B · EV: $425.2B [Membership-based warehouse club retailer] Article speculates that Costco may announce a special dividend in 2026, based on its historical pattern of paying large special dividends every few years (last one was $15/share in January 2023). The company has strong financials with 13.6% net income growth, $14.76 billion operating cash flow, and a lower payout ratio that could support another special dividend.

Multiple Tech Companies · GOOGL, ORCL, AMZN, META, MSFT, TSLA (US) · Mkt Cap: $3.8T · EV: N/A [Technology companies investing in AI infrastructure] Major tech companies are raising massive amounts of debt to fund AI infrastructure investments, with Oracle planning $45-50B and Alphabet completing over $30B in bond offerings. UBS estimates tech/AI debt issuance could reach $990B in 2026, up from $710B in 2025, as hyperscalers collectively spend ~$700B on capex this year.

Sterling Bancorp · STL (INTL) · Mkt Cap: None · EV: None [Bank holding company in final liquidation after subsidiary sale] Sterling Bancorp sold its Sterling Bank and Trust subsidiary to EverBank Financial Corp in April 2025 and paid initial liquidation distribution of $4.85 per share. The company ceased Nasdaq trading and is completing final asset monetization. Final shareholder distributions are pending settlement of all corporate obligations under Michigan law.

ABL Bio · 298380.KS (INTL) · Mkt Cap: None · EV: None [Biopharmaceutical company developing treatments for neurodegenerative diseases] ABL Bio shares fell 19.47% after partner Sanofi deprioritized development of ABL301 (SAR446159) in Q4 earnings. The Parkinson’s disease bispecific antibody was licensed to Sanofi in a deal worth up to $1.06 billion. ABL301 represents 11-27.6% of ABL Bio’s total pipeline value according to brokerages.

ReYuu · 9425 (INTL) · Mkt Cap: None · EV: None [Technology services company] ReYuu announced an update on the exercise status of its second series of stock warrants. The company is reporting on warrant exercises, which can affect share count and dilution levels.

Orca Energy Group · ORC.B.V (INTL) · Mkt Cap: None · EV: None [Oil and gas company operating natural gas projects in Tanzania] Doubled its special dividend to C$2 per share (up from C$1 announced in September 2025) while pursuing arbitration with Tanzania over its Songo Songo gas license extension. The dividend is payable February 27 to shareholders of record February 13, funded by extracted project value rather than new investments.

Mitsui Warehouse Holdings · 9302 (INTL) · Mkt Cap: None · EV: None [Japanese logistics and warehousing company] Announced a share buyback program through off-exchange transactions and the issuance of first and second series stock warrants through third-party allocation. The stock rose 1.08% following the announcement.

White River Energy Corp. · WRIVF (INTL) · Mkt Cap: None · EV: None [Oil and gas company based in Fayetteville] U.S. Sen. Ron Wyden has asked SEC Chair Paul Atkins to consider delisting the company, which is accused of fraudulent sale of tribal tax credits. The company faces federal criminal investigation and has failed to file required financial reports, with no 10-K since 2023 and no quarterly report since March 2023.

Spring Valley Acquisition IV · SVIVU (US) · Mkt Cap: None · EV: None [Special Purpose Acquisition Company targeting energy infrastructure and decarbonization industries] The energy-focused SPAC raised $200 million through IPO of 20 million units at $10, targeting power infrastructure and decarbonization industries. Led by Christopher Sorrells (former Renewable Energy Group director) and will trade on Nasdaq under SVIVU.

Audacia · ALAUD (INTL) · Mkt Cap: None · EV: None [French private equity company focused on high-growth sectors] The company successfully completed a €8 million rights issue, raising funds through issuing 1,975,308 new shares at €4.05 per share. The offering was 100% subscribed with new strategic investor Manitoba Capital contributing €4 million and existing shareholders including Truffle Capital participating, with settlement occurring February 11, 2026.

Agibank · AGIBANK (INTL) · Mkt Cap: None · EV: None [Brazilian fintech company with 6.4 million active users] The Brazilian fintech is debuting on NYSE February 11 but scaled back its IPO by over half, now offering 20 million shares at $12-13 vs previously planned 43.6 million shares at $15-18. The company will raise approximately 65% less proceeds than originally anticipated at the revised midpoint pricing.

Tata Motors · TATAMOTORS.NS (INTL) · Mkt Cap: None · EV: None [Commercial vehicle manufacturer following post-demerger pure-play structure] The company hit a record high of Rs 492 following announcement of its largest overseas order - 70,000 commercial vehicles from Indonesia’s state-owned PT Agrinas Pangan Nusantara. The stock has rallied nearly 50% since its market debut in November 2025 post-demerger of the CV business, with Q3 FY26 results showing 16% revenue growth despite one-time exceptional costs of Rs 1,643 crore related to the demerger.

ENGlobal Corporation · ENG (INTL) · Mkt Cap: N/A · EV: N/A [Engineering and automation services company] ENGlobal is in final stages of court-supervised liquidation with an evidentiary hearing scheduled for March 10, 2026. All outstanding equity shares are slated for cancellation under the court-approved liquidation plan. The company’s operational divisions have already been transferred to Gulf Island Fabrication as part of the wind-down process.

Saudi Kayan Petrochemical Co. · 2350 (INTL) · Mkt Cap: N/A · EV: N/A [Petrochemical manufacturing company] Saudi Kayan received allocation for additional 30 million scfd of ethane feedstock from Saudi Ministry of Energy, bringing total ethane allocation to 80 million scfd plus 70,000 bpd of butane. The additional feedstock will be available from mid-2026 or earlier, requiring $162 million in associated costs to meet ministry requirements.

Bahrain Islamic Bank · BISB.BH (INTL) · Mkt Cap: N/A · EV: N/A [Islamic banking and financial services provider] Bahrain Islamic Bank announced a rights offering of 283.36 million new ordinary shares at BD0.300 each, raising BD85 million. The subscription period runs from September 16-30, 2024, with record date September 12. The capital raise is intended to fund expansion into the wider GCC market.

XFLH Capital Corporation · XFLHU (INTL) · Mkt Cap: N/A · EV: N/A [Blank check company seeking business combination targets] XFLH Capital Corporation priced its $100 million IPO at $10.00 per unit, with 10 million units expected to trade on NYSE under ticker XFLHU starting Feb 12, 2026. The blank check company was formed to pursue mergers, acquisitions, or similar business combinations with target businesses. Each unit includes one share plus 1/7 right to receive additional shares upon completion of initial business combination.

Aqualine · 6173 (INTL) · Mkt Cap: N/A · EV: N/A [Japanese company with warrant bonds] Aqualine (6173) announced the large-scale exercise of its 2nd series warrant bonds with exercise price adjustment provisions that were issued through third-party allocation. The stock price increased 2.77% to 185.0 yen following the announcement.

Social Commerce Partners Corporation · SCPQU (US) · Mkt Cap: N/A · EV: N/A [SPAC focused on social commerce and direct selling industry] Social Commerce Partners Corporation (SCPQU), a SPAC focused on social commerce/direct selling industry, announced that starting Feb 12, 2026, holders can separately trade Class A shares (SCPQ) and warrants (SCPQW) that were previously bundled in IPO units. The SPAC is led by Stuart Johnson as CEO and is seeking a business combination target.

BHAV Acquisition · BHAVU (INTL) · Mkt Cap: N/A · EV: N/A [SPAC targeting robotics, electric vehicles, drones, and fintech] BHAV Acquisition, a SPAC led by reAlpha Tech founder Giri Devanur, filed for a $100 million IPO to raise capital for acquiring businesses in robotics, electric vehicles, drones, and fintech. The company plans to offer 10 million units at $10 each, with each unit containing one share and half a warrant exercisable at $11.50.

Kudan Inc. · 4425 (INTL) · Mkt Cap: None · EV: None [Computer vision and artificial intelligence software company] Completed exercise of 18th series warrant bonds with exercise price adjustment provisions issued through third-party allotment. Company disclosed monthly exercise status confirming full warrant exercise completion.

Liberty Broadband · LBRD.K (INTL) [Broadband and cable services company] Liberty Broadband completed a major rights offering to raise capital following record 2025 revenue. The proceeds are earmarked for infrastructure expansion and acquisitions planned for 2026 in its broadband and cable assets business.

RF Acquisition Corp III · RFAMU (US) [Special purpose acquisition company (SPAC)] RF Acquisition Corp III priced its $100 million IPO at $10.00 per unit (10 million units), with units trading on Nasdaq under ticker RFAMU starting Feb 13, 2026. This is a blank check company led by CEO Tse Meng Ng that will seek to complete a business combination with one or more target companies.

Lum Chang Holdings Limited · 5WL.SI (INTL) [Construction and property development company] Lum Chang declared a special dividend of 1.5 cents per share plus interim ordinary dividend of 0.5 cent per share, payable March 16, 2026. The special dividend was announced in appreciation to shareholders following the successful IPO of subsidiary Lum Chang Creations Limited on July 21, 2025. Company reported strong 1H2026 results with net profit up 122% YoY despite 8% revenue decline.

PayPay · PAYP (INTL) · Mkt Cap: None · EV: None [Japanese mobile payments app with 72 million registered users and 75% market share among Japan smartphone owners] PayPay filed F-1 prospectus for US IPO on Nasdaq under ticker PAYP, estimated at $2 billion valuation. SoftBank is the parent company seeking to monetize this portfolio asset.

Proem Acquisition Corp I · PAACU (US) [Special purpose acquisition company seeking business combination target] Proem Acquisition Corp I completed its $130 million IPO on February 13, 2026, with units trading on NASDAQ. The SPAC is led by CEO Imran Khan and CFO Greg Pearson and is seeking a business combination target in any industry.

Special Situations Digest

Clark Square Capital — Sun, 08 Feb 2026 20:57:45 GMT

Special Situations Digest

Hi Clark Square Capital readers,

Welcome to the first edition of our Special Situations Digest.

Recently, I created an AI tool that summarized the many Google Alerts that I have set up to catch interesting special situations. I thought it would be helpful to share the responses it generates in a weekly digest.

The first issue has A LOT of entries, but I will filter these in the coming weeks so that there is no overlap.

If you find this value additive/helpful, please leave me a like or a comment, and I will keep sharing it. Lastly, I welcome any feedback and thoughts to refine this and keep improving it over time.

Please also note that these summaries are AI-generated and can be wrong. So please make sure to do your own due diligence. Also note that each entry has a link to the article, so you can follow that to do more digging.

Thanks and happy hunting.

M&A / Divestitures (139)

Admiral Group (ADM.L (UK) · Mkt Cap: $11.1B · EV: $10.8B)
UK-based vehicle insurance and financial services company
Admiral Group completed the sale of its US business Elephant to private equity firm JC Flowers for over £135 million. The US business had reported losses in nearly every year since establishment before turning profitable with £14 million profit in 2024.

Ain Holdings (9627.T (JP) · Mkt Cap: $1.5B · EV: N/A)
Japanese pharmacy chain operator and drugstore company
Japanese article predicts intensified M&A activity in 2026 across pharmacy chains, drugstores, and semiconductor trading sectors due to rising interest rates, labor shortages, and Tokyo Stock Exchange reforms. Article highlights Ain Holdings as a major acquirer of smaller pharmacy chains, and Nihon Chouzai as a potential takeover target trading near 1x book value with integrated generic drug manufacturing capabilities.

AMETEK, Inc. (AME (US) · Mkt Cap: $52.6B · EV: $54.4B)
Electronic instruments and electromechanical devices manufacturer
AMETEK acquired LKC Technologies, a visual electrophysiology company specializing in retinal diagnostic devices, from private equity firm DW Healthcare Partners. LKC is known for its handheld electroretinography device RETeval used for diagnosing retinal and optic nerve diseases.

Applied Therapeutics, Inc. (APLT (US) · Mkt Cap: $13M · EV: $4M)
Clinical-stage biopharmaceutical company developing treatments for rare diseases
Cycle Pharmaceuticals has extended its tender offer to acquire all outstanding shares of Applied Therapeutics for $0.088 per share in cash plus contingent value rights until January 28, 2026. As of January 27, approximately 41.29% of shares have been tendered, with the offer conditioned on receiving a majority of outstanding shares.

Asian Terminals Inc. (ATI.PS (INTL) · Mkt Cap: None · EV: None)
Port terminal operations company in the Philippines
Asian Terminals Inc. shareholders approved delisting from Philippine Stock Exchange with 90.34% approval. Philippines sovereign wealth fund Maharlika Investment Corp. is acquiring shares through tender offer at P36 per share (49% premium to 1-year weighted average), investing P8 billion total for an 11.2% stake.

AViC (6668.T (JP) · Mkt Cap: $89M · EV: $113M)
Digital marketing and business services company
AViC acquired Spica, a live streaming management company operating the ‘like me’ influencer agency. The M&A completion ceremony was held on January 29, 2026, with Spica founder Fukuoka Minami continuing as CEO.

Avidity Biosciences (RNA (US) · Mkt Cap: $11.3B · EV: $9.1B)
RNA-based therapeutics company developing treatments for genetic diseases
Avidity announces February 12, 2026 record date for spin-off of Atrium Therapeutics in connection with Novartis acquisition. Shareholders will receive 1 share of SpinCo for every 10 shares of Avidity held, with the spin-off occurring before the Novartis merger closes.

Azenta (AZTA (US) · Mkt Cap: $1.3B · EV: $1.4B)
Life sciences technology solutions and sample management services provider
Azenta entered into a definitive Sale and Purchase Agreement with Thelema S.À R.L. to sell its B Medical Systems business for $63 million, with transaction expected to close by March 31, 2026. The company also approved a new $250 million share repurchase program through December 31, 2028.

Becton, Dickinson and Company (BDX (US) · Mkt Cap: $57.4B · EV: $77.0B)
Medical technology company manufacturing devices, instruments and reagents
BD set February 5, 2026 as record date for spin-off of its Biosciences & Diagnostic Solutions business, which will immediately merge with Waters Corporation in a Reverse Morris Trust transaction closing February 9, 2026. BD receives $4 billion cash and BD shareholders receive Waters stock representing 39.2% of the combined company while retaining their BD shares. The total transaction is valued at $17.5 billion.

Bertelsmann SE & Co. KGaA (BTG.DE (INTL) · Mkt Cap: N/A · EV: N/A)
German media and services conglomerate operating in publishing, music, and education
BMG Rights Management (division of Bertelsmann) is in talks to acquire Concord in a potential $7 billion deal that would create one of the world’s largest music companies. The transaction would combine two major independent music companies and could position the merged entity as a fourth ‘major’ alongside Universal, Sony Music, and Warner Music Group.

Blossom Gold Inc. (BGAU.TO (INTL))
Precious metals exploration company
Blossom Gold Inc. has completed a reverse takeover transaction involving 1290448 B.C. Ltd. and Investmin Resources Inc., with concurrent financing of ~$115 million CAD. The company will begin trading on the TSX under symbol BGAU starting February 2, 2026, with 131.6 million shares outstanding.

BlueScope Steel Ltd (BSL.AX (AU) · Mkt Cap: $8.9B · EV: $9.3B)
Steel manufacturing and building products company
BlueScope Steel is defending against an unsolicited $30 per share takeover bid from a consortium of industrial and investment groups, which the board has rejected. The company projects $2 billion in additional free cash flow capacity by 2029 as capital investments wind down, and has announced $150 million in cost cuts by 2026. Investment bank research values the stock in the high thirties per share, well above the current bid price.

BR Holdings (1726.T (JP) · Mkt Cap: $149M · EV: $222M)
Bridge construction and engineering company
Yokogawa Bridge Holdings announced acquisition of BR Holdings through tender offer at 530 yen per share. The tender offer period runs from December 5 to March 23, with the company aiming to acquire all shares.

C3.ai Inc (AI (US) · Mkt Cap: $1.5B · EV: $936M)
Enterprise artificial intelligence software platform provider
C3.ai Inc is reportedly in merger talks with privately held Automation Anywhere, which was last valued at $6.8 billion in 2019 and could use the transaction to go public. The company has recently undergone leadership changes with founder Thomas Siebel stepping down as CEO.

Cantor Equity Partners VI, Inc. (CEPS (US) · Mkt Cap: $134M · EV: $134M)
Special purpose acquisition company (SPAC)
Cantor Equity Partners VI completed its $115M SPAC IPO, with shares beginning trading on Nasdaq under ticker CEPS. The blank check company is led by Brandon G. Lutnick and targets industries including financial services, digital assets, healthcare, real estate services, and technology for a future business combination.

Capital One Financial Corporation (COF (US) · Mkt Cap: $140.7B · EV: $134.7B)
Digital banking and credit card company providing financial services
Capital One announced acquisition of fintech startup Brex for $5.2 billion in cash and stock. Brex provides corporate credit cards, expense management tools, and business banking to 35,000 customers including tech companies and startups.

Carlyle Group (CG (US) · Mkt Cap: $21.6B · EV: $31.8B)
Global alternative asset manager focused on private equity, credit and investment solutions
Private equity firm Carlyle is selling Arctic Glacier, LLC to Reddy Ice, LLC (owned by SCI Capital Partners). Terms were not disclosed. The deal requires regulatory approval and includes DOJ-mandated divestitures of four Reddy Ice facilities in WA, ID, CA and customer contracts in OR, NY and Boston metro areas.

Cellnex (CLNX.MC (SP) · Mkt Cap: $20.9B · EV: $46.9B)
European telecommunications tower infrastructure operator
Cellnex is shifting from acquisition-focused growth to organic growth and shareholder returns after 10 years of expansion. The company is divesting non-core assets (Austria and Ireland) and focusing on returning value through buybacks and dividends, while remaining open to participating in telecommunications tower market consolidation.

Civitas Resources (CIVI (US) · Mkt Cap: $2.3B · EV: $7.4B)
Oil and gas exploration and production company
Civitas Resources completed its merger with SM Energy, with CIVI shareholders receiving 1.45 shares of SM Energy common stock for each CIVI share. NYSE delisted CIVI shares on January 30, 2026.

Columbus McKinnon Corporation (CMCO (US) · Mkt Cap: $606M · EV: $1.1B)
Industrial equipment manufacturer specializing in material handling and lifting solutions
Columbus McKinnon completed a $900 million senior secured notes offering at 7.125% due 2033 to finance its pending acquisition of Kito Crosby Limited. The acquisition has a deadline to close by August 10, 2026, and includes refinancing existing debt of both companies.

Comerica Bank (CMA (US) · Mkt Cap: $11.3B · EV: $9.7B)
Dallas-based regional bank serving commercial and retail customers
Fifth Third Bank completed its $10.9 billion acquisition of Dallas-based Comerica Bank on Feb 1, 2025, creating the ninth-largest bank in the US with $288 billion in assets. The deal received shareholder approval on Jan 6 and regulatory approval from the Federal Reserve and OCC on Jan 13, closing just four months after announcement despite activist investor opposition and CFPB litigation.

Community Health Systems Inc. (CYH (US) · Mkt Cap: $443M · EV: $12.1B)
Operator of acute care hospitals primarily in non-urban communities
Community Health Systems received regulatory approval to sell three Pennsylvania hospitals (Regional Hospital Scranton, Moses Taylor Hospital, and Wilkes-Barre General Hospital) to Tenor Health Foundation. The sale is part of CYH’s broader divestiture strategy to exit the Pennsylvania market and other markets.

Compagnie Chargeurs Invest SA (CRI.PA (FR) · Mkt Cap: $298M · EV: $668M)
Luxury and technology solutions company with protective films and fashion businesses
KPS Capital Partners is acquiring a controlling stake in Novacel from publicly traded Compagnie Chargeurs Invest SA. Chargeurs will retain a 25% ownership interest and invest alongside KPS. Transaction expected to close in Q2 2026 subject to customary conditions.

Companhia Brasileira de Alumínio (CBAV3.SA (BR) · Mkt Cap: $1.3B · EV: $1.9B)
Vertically integrated aluminum producer with bauxite mines, alumina refinery, and smelter operations
Rio Tinto and Chalco have entered into a definitive agreement to acquire Votorantim’s 68.596% controlling stake in CBA through a joint venture (Rio Tinto 33%, Chalco 67%) at R$10.50 per share, representing a 21.2% premium to the 20-day VWAP. The transaction values Votorantim’s stake at approximately $902.6 million, with a mandatory tender offer to follow for remaining CBA shares.

ContextLogic Inc. (WISH (US) · Mkt Cap: N/A · EV: N/A)
Former e-commerce platform company pivoting to industrial materials
ContextLogic agrees to acquire US Salt, a high-purity evaporated salt producer based in Watkins Glen, NY, in a transaction valued at $907.5 million. The company is launching a $115 million rights offering to help finance the planned acquisition, which will expand its industrial salt footprint.

Coterra Energy / Devon Energy (CTRA / DVN)
Oil and gas exploration and production companies
Kimmeridge Energy supports the all-stock merger between Coterra Energy and Devon Energy while maintaining activist pressure on Coterra through director nominations. Kimmeridge has submitted formal director nominees for Coterra and previously sent an open letter calling for governance improvements and portfolio rationalization focused on the Delaware basin.

CureVac (CVAC (US) · Mkt Cap: $1.0B · EV: $462M)
mRNA-based vaccine and therapeutic development company
BioNTech completed its acquisition of mRNA competitor CureVac through a share exchange offer valued at approximately $1.25 billion. CureVac has been delisted from Nasdaq after 86.75% of shareholders tendered their shares, receiving 0.05363 BioNTech ADS per CureVac share. The offer price was 55% above CureVac’s volume-weighted average price from June 2025.

Devon Energy (DVN (US) · Mkt Cap: $25.6B)
Oil and gas exploration and production company
Devon Energy and Coterra Energy announced an all-stock merger creating a $58 billion company. Devon shareholders will own ~54% and Coterra shareholders ~46% of the combined entity, which will retain the Devon Energy name and be headquartered in Houston. The companies expect $1 billion in annual pre-tax synergies, with deal closure expected mid-2026 pending regulatory and shareholder approval.

Dingdong (Cayman) Ltd (DDL (US) · Mkt Cap: $593M · EV: -$409M)
Online grocery delivery platform
Dingdong entered into a definitive agreement to sell its China business to Meituan for up to $717 million in cash, with 90% paid at closing and 10% after tax settlement. The deal includes $280 million in pre-closing cash flow and a 5-year non-compete clause, requiring shareholder approval at an extraordinary general meeting.

Driven Brands Holdings Inc. (DRVN (US) · Mkt Cap: $2.5B · EV: $5.2B)
Automotive services franchise company operating car washes and oil change locations
Driven Brands completed the sale of IMO, its international car wash business, to Franchise Equity Partners for approximately €411 million. Proceeds will primarily be used to pay down debt, and the company will report the Car Wash segment as discontinued operations beginning in Q4 2025.

DuPont de Nemours Inc. (DD (US) · Mkt Cap: $19.6B · EV: $27.3B)
Specialty chemicals and materials manufacturer
DuPont entered definitive agreement to sell its Aramids division (Kevlar and Nomex materials) to Arclin Inc. for $1.8 billion, with Goldman Sachs providing $3.75 billion financing. The divestiture is part of DuPont’s asset optimization plan announced in May 2024.

Eaton Corp plc (ETN (US) · Mkt Cap: $134.5B · EV: $143.3B)
Power management company providing electrical, aerospace and vehicle solutions
Eaton Corp announced plans to spin off its Mobility Group into an independent company, targeting completion by end of Q1 2027. The transaction is expected to be tax-free for Eaton shareholders under U.S. federal tax laws.

Econet Wireless Zimbabwe (ECO.ZW (INTL))
Zimbabwean telecommunications and technology services provider
Econet Wireless Zimbabwe announced plans to voluntarily delist from the Zimbabwe Stock Exchange, citing persistent valuation discount to African peers. The exit offer to minority shareholders will be settled through cash and shares in a planned infrastructure unit.

Ein Holdings (9627.T (JP) · Mkt Cap: $1.5B · EV: $2.4B)
Japanese pharmacy chain operator and acquirer in healthcare consolidation
Ein Holdings is highlighted as a key acquirer in Japanese pharmacy consolidation, actively pursuing M&A of smaller pharmacies while also being subject to activist investor pressure. The company is positioned as both consolidator and potential target in anticipated sector-wide M&A activity.

ESAB Corp (ESAB (US) · Mkt Cap: $7.1B · EV: $8.3B)
Welding equipment and fabrication technology manufacturer
American welding equipment maker ESAB Corp is acquiring Quebec-based Eddyfi Technologies for approximately $2 billion in cash. Eddyfi specializes in non-destructive testing instrumentation and is expected to generate US$270 million in revenue and US$80 million in adjusted EBITDA in 2026. The transaction is expected to close in mid-2026.

FedEx Corporation (FDX (US) · Mkt Cap: $76.0B · EV: None)
Global package delivery and logistics services
FedEx filed Form 10 registration statement to spin off FedEx Freight as an independent publicly traded company targeting June 1, 2026 separation date. The new entity will trade on NYSE under ticker FDXF with analysts estimating standalone market value of $30-35 billion.

Fifth Third Bancorp (FITB (US) · Mkt Cap: $290B assets · EV: N/A)
Regional bank serving Midwestern and Southeastern United States
Fifth Third Bancorp completed its $10.9 billion acquisition of Comerica in under four months, creating a $290 billion asset bank and the 16th largest insured depository institution in the US. The deal faced an activist challenge from HoldCo Asset Management which was rejected by a judge last week. Fifth Third expects $850 million in cost savings and 9% EPS boost by 2027.

Fnac Darty (FNAC.PA (FR) · Mkt Cap: $1.2B · EV: $4.2B)
French consumer electronics and home appliance retailer
EP Group plans voluntary cash tender offer for French retailer Fnac Darty at €36 per share, representing 19-26% premiums to recent trading prices. EP Group currently holds 28.5% through affiliate VESA and aims to become majority shareholder without squeeze-out, with board unanimously supporting the offer in principle.

Frontera Energy (FEC.TO (CA) · Mkt Cap: $481M · EV: $754M)
Oil and gas exploration and production company in Latin America
Frontera Energy signed agreement to sell its Colombian E&P assets to Geopark for up to $400M equity value ($375M immediate + $25M contingent) through a plan of arrangement. Deal expected to close H2 2026 subject to approvals, with Frontera planning to distribute ~$370M to shareholders.

Gannett Co Inc (GCI (INTL))
Media company operating newspapers including USA TODAY and local publications
Gannett Co (USA TODAY Co.) announced it has agreed to a binding letter of intent to acquire The Detroit News from MediaNews Group. The acquisition follows the recent dissolution of a joint operating agreement between the Detroit Free Press (owned by Gannett) and Detroit News that had been in place since 1989.

Glencore (GLEN.L (UK) · Mkt Cap: $151.3B · EV: N/A)
Global mining and commodities trading company
Rio Tinto terminated merger discussions with Glencore after failing to reach agreement on valuation terms. The proposed deal would have created a $200+ billion mining giant, with HSBC analysts estimating a 30% premium at £5.35 per share giving Glencore shareholders 38% of the combined entity. Glencore reportedly wanted 40% ownership and felt the premium was insufficient.

Gol Linhas Aéreas Inteligentes S.A. (GOLL4.SA (INTL) · Mkt Cap: None · EV: None)
Brazilian low-cost airline
Brazil’s securities regulator has approved a tender offer to delist Gol Linhas Aéreas from the stock exchange. Shareholders previously approved a proposal in November 2025 to take the Brazilian airline private as part of a restructuring plan.

Hecla Mining Company (HL (US) · Mkt Cap: $18.4B · EV: $19.1B)
Precious metals mining company focused on silver and gold operations
Hecla agreed to sell its Casa Berardi gold operation in Quebec to Orezone Gold Corporation for up to $593 million total consideration, including $160M cash at closing, $112M in Orezone shares, $80M deferred cash, and up to $241M in contingent payments. The transaction is expected to close in Q1 2026.

Heidelberg Materials (HEI.DE (DE) · Mkt Cap: $44.8B · EV: $55.1B)
Building materials and construction supplies company
Heidelberg Materials Australia agreed to acquire construction materials business of Maas Group Holdings for A$1.7 billion. Transaction includes 40 quarries with 350+ million metric tons of reserves, 22 concrete plants, and asphalt operations across eastern Australia, with closing expected H2 2026.

Hili Properties PLC (HIL.MT (INTL) · Mkt Cap: N/A · EV: N/A)
Maltese real estate company engaged in property development and investment
Hili Ventures has increased its stake in Hili Properties PLC from 89.96% to 90.10%, crossing the critical 90% threshold that allows it to initiate delisting proceedings from the Malta Stock Exchange. The parent company previously attempted a voluntary delisting offer in 2025 which was rejected by minority shareholders who argued the price undervalued the company’s assets.

Hogy Medical Co., Ltd. (3593.T (JP) · Mkt Cap: $919M · EV: $880M)
Medical device manufacturer
TCG2509 Co., Ltd. is conducting a tender offer for Hogy Medical’s common shares with amended terms filed with Japan’s Kanto Local Finance Bureau. The tender offer period has been extended to 40 business days, scheduled to end February 20, 2026.

Honeywell International Inc (HON (US) · Mkt Cap: $153.2B · EV: $166.0B)
Industrial conglomerate providing aerospace, building technologies, performance materials and safety solutions
Honeywell announced acceleration of its planned spin-off of Honeywell Aerospace, now expected to complete in Q3 2026 ahead of previous timeline. The company has already completed the spin-off of Solstice Advanced Materials as part of its portfolio optimization strategy.

Hong Leong Asia Ltd. (H13.SI (SI) · Mkt Cap: $1.3B · EV: $3.2B)
Industrial conglomerate with businesses in diesel engines, building materials and trading
Hong Leong Asia announced a proposed spin-off and listing of its indirect subsidiary Guangxi Yuchai Marine and Genset Power Co., Ltd. on the Hong Kong Stock Exchange mainboard. The company received no objection from Singapore Exchange and does not expect to require shareholder approval for the spin-off.

Ichibanya Co., Ltd. (7630.T (JP) · Mkt Cap: $928M · EV: $853M)
Operator of CoCo Ichibanya curry restaurant chain in Japan
Ichibanya acquired all shares of GAKU, which operates 9 Parfaiteria PaL dessert stores, making it a consolidated subsidiary in December 2025. This follows a series of acquisitions since 2020 including ramen and Genghis Khan restaurant chains, as part of a strategy to expand beyond curry restaurants. The company plans to grow acquired business stores from 16 to 60 locations by February 2027.

IHI Corporation (7013.T (JP) · Mkt Cap: $24.1B · EV: $27.9B)
Japanese heavy industry manufacturer of aerospace, energy and infrastructure equipment
IHI Corporation announced the acquisition of Sumitomo Heavy Industries’ mechanical parking systems business for an undisclosed amount (estimated tens of billions of yen), marking IHI’s first acquisition in 8 years. The deal involves IHI subsidiary IHI Transport Machinery acquiring the business, with completion targeted for November.

IHS Holding Limited (IHS (US) · Mkt Cap: $2.8B · EV: $6.2B)
Telecommunications infrastructure company operating cell towers
MTN Group Limited approached IHS Holding regarding potential acquisition of all remaining shares not already owned by MTN. The approach is non-binding with ongoing discussions but no agreement reached, and no certainty a transaction will be completed.

Image Information Development (3803.T (JP) · Mkt Cap: $8M · EV: $6M)
Information technology and digital services provider
Image Information Development hit daily limit up on news of a capital and business alliance with CyBridge. The stock remained at the daily limit with buying interest throughout the morning session.

International Paper Company (IP (US) · Mkt Cap: $21.7B · EV: $30.4B)
Global paper and packaging company producing containerboard and pulp
International Paper is splitting into two independent publicly traded companies - one retaining the International Paper name focusing on North American packaging operations, and a new entity concentrating on EMEA packaging activities across 30 countries. The spinoff is expected to be completed within 12-15 months, subject to usual conditions.

IonQ (IONQ (US) · Mkt Cap: $16.3B)
Quantum computing company developing quantum computers and software
IonQ will acquire SkyWater Technology for $35.00 per share in a mixed cash-and-stock transaction valued at approximately $1.8 billion. The deal structure includes $15.00 in cash and $20.00 in IonQ stock per SKYT share, representing a 38% premium to SKYT’s 30-day VWAP.

Janus Henderson Group plc (JHG (US) · Mkt Cap: $7.5B · EV: $6.8B)
Global investment management and asset management company
Trian Fund Management and General Catalyst acquired asset manager Janus Henderson for $7.4 billion in December 2024. This represents the culmination of a more than five-year activist investment by Peltz’s Trian.

Kainos (4556.T (JP) · Mkt Cap: $35M · EV: $42M)
Laboratory equipment and chemical analysis services
Denka announced a tender offer to acquire Kainos at ¥2,285 per share to make it a wholly-owned subsidiary. The tender offer period runs from February 9 to March 25, targeting 3.45 million shares for a total acquisition value of approximately ¥7.9 billion. Kainos’ board has endorsed the TOB and recommends shareholders tender their shares.

Kikkoman Corporation (2801.T (JP) · Mkt Cap: $8.3B · EV: $8.1B)
Soy sauce and food products manufacturer
Kikkoman is actively considering overseas M&A to expand distribution channels, product lineup, and marketing capabilities amid domestic inflation pressures. The company currently derives 78% of its revenue (709 billion yen) and 91% of operating profit (77.3 billion yen) from overseas operations.

Kirin Holdings Company (2503.T (JP) · Mkt Cap: $12.7B · EV: $19.9B)
Beverages and pharmaceuticals company
Kirin announced sale of Four Roses Distillery to private wine company Gallo for up to $775 million, with closing expected Q2 2026. Kirin acquired the bourbon brand in 2002 and is selling as part of strategic portfolio review to reallocate resources toward businesses leveraging organizational capabilities.

Klöckner & Co SE (KCO.DE (DE) · Mkt Cap: $1.3B · EV: $2.5B)
Steel distribution and processing company
Worthington Steel has launched a tender offer to acquire Klöckner & Co SE, the German steel distribution company. The tender offer represents an active takeover attempt by Worthington Steel.

Kraft Heinz (KHC (US) · Mkt Cap: $28.1B · EV: $46.3B)
Packaged food manufacturer producing condiments, sauces, and North American food products
Kraft Heinz announced plans to spin off its Global Sauces business (including Heinz Ketchup) from its North American packaged food operations. Concurrently, Berkshire Hathaway is reducing its substantial stake in the company as of January 2026.

Kumagai Gumi Co., Ltd. (1861.T (JP) · Mkt Cap: $1.9B · EV: N/A)
Japanese general contractor engaged in construction and civil engineering projects
Major consolidation wave expected in Japan’s general contractor industry, with major and mid-tier companies pursuing acquisitions. Industry executives expressing urgency to ‘acquire before being acquired.’ Three types of restructuring patterns identified: vertical integration, subsidiary-type, and alliance-type consolidation.

L3Harris Technologies (LHX (US) · Mkt Cap: $65.4B · EV: $74.8B)
Defense technology and aerospace systems contractor
AE Industrial Partners announced acquisition of majority stake in L3Harris Technologies’ space propulsion business for $845 million enterprise value. The business will be spun off as Rocketdyne, with AE owning 60% and L3Harris retaining 40%. L3Harris will keep the RS-25 engine business while spinning off most other launch vehicle and spacecraft propulsion systems.

Leidos Holdings Inc (LDOS (US) · Mkt Cap: $24.1B · EV: $28.2B)
Defense, intelligence, and technology services contractor
Leidos agreed to acquire ENTRUST Solutions Group from private equity firm Kohlberg for $2.4 billion in cash, doubling the size of its energy infrastructure engineering business from $600M to over $1.2B annually. The deal is expected to be immediately accretive to revenue growth and EBITDA margin, funded through new debt, cash, and commercial paper.

LG Energy Solution (373220.KS (KR) · Mkt Cap: $61.6B · EV: $79.8B)
Battery manufacturing and energy storage solutions provider
LG Energy Solution will acquire full ownership of NextStar Energy (Canada’s first large-scale battery manufacturing facility) by purchasing Stellantis’s 49% equity stake in the joint venture. The transaction is subject to approvals and other conditions, with over $5 billion CAD invested in the facility to date. Stellantis will remain a customer and continue sourcing battery products from NextStar Energy.

Lithium Royalty Corp. (LIRC.TO (CA) · Mkt Cap: $430M · EV: $422M)
Royalty and streaming company focused on lithium and battery metals
Altius Minerals Corporation is acquiring all outstanding shares of Lithium Royalty Corp through a plan of arrangement. Shareholders can choose between 0.240 Altius shares, C$9.50 cash, or a combination per share, representing a 29.6% premium to closing price. Shareholder meeting scheduled for February 26, 2026 to approve the transaction.

Lumen Technologies (LUMN (US) · Mkt Cap: $8.8B · EV: $24.7B)
Telecommunications and network services provider
Lumen Technologies completed the sale of its consumer fiber-to-the-home business in eleven states to AT&T for $5.75 billion in cash. The sale includes the Quantum Fiber business serving over 1 million customers and reaching 4 million enabled locations. Lumen plans to use approximately $4.8 billion of proceeds to retire super priority debt, reducing annual interest expense by $300 million and cutting net debt to adjusted EBITDA ratio below 4x.

Main Street Capital Corp (MAIN (US) · Mkt Cap: $5.8B · EV: $7.9B)
Business development company providing debt and equity capital to middle market companies
Ashland Capital Partners sold KBK Industries, a specialty tank manufacturer, after a 19-year investment period that generated a 45.5% IRR and 118x multiple on invested capital. Main Street Capital Corp was noted as a long-time partner supporting Ashland in this investment.

Makino Milling Machine (6135.T (JP) · Mkt Cap: $1.7B · EV: $1.6B)
Machine tool and manufacturing equipment producer
Tokyo prosecutors arrested a 6th person in an insider trading case related to Nidec’s TOB (tender offer) for Makino Milling Machine. The suspect allegedly conspired to purchase 329,100 shares worth approximately 2.35 billion yen using insider information from September to December 2024, before the TOB was publicly announced.

Manaksia Limited (MANAKSIA.NS (IN) · Mkt Cap: $46M · EV: $12M)
Metal products and engineering services company
Manaksia Limited’s Board has approved a demerger scheme to spin off its Metal Product business undertaking into Manaksia Ferro Industries Limited. The scheme has received approvals from BSE, NSE, and SEBI, was approved by shareholders on January 10, 2026, and is now pending final NCLT approval.

Mandarin Oriental International Limited (MDORF (INTL))
Luxury hotel operator and real estate developer
Jardine Strategic completed acquisition of remaining 11.96% of Mandarin Oriental it didn’t already own for US$3.35 per share (US$2.75 cash plus US$0.60 special dividend). The going-private transaction completed on January 19, 2026, valuing the entire company at approximately US$4.2 billion.

Marico Ltd (MARICO.NS (IN) · Mkt Cap: $10.4B · EV: $10.4B)
Indian consumer goods company manufacturing hair care, skincare and food products
Marico agreed to acquire 93.27% stake in Zea Maize Private Limited (owner of gourmet popcorn brand 4700BC) from PVR INOX for ₹226.8 crore in an all-cash transaction. The deal is expected to complete within a month, with Marico having the right to acquire remaining stake after 3 years subject to milestones.

MarineMax (HZO (US) · Mkt Cap: $660M · EV: $1.7B)
Superyacht and recreational boat retail and service company
Activist investor Donerail Group submitted a non-binding proposal to acquire MarineMax at $35 per share in an all-cash deal valuing the company at $1.1 billion. The offer represents a 16.7% premium to the $30 closing price. Donerail owns more than 4% of MarineMax shares and has been pressuring management to explore a sale.

Massimo Group (MAMO (US) · Mkt Cap: $55M · EV: $139M)
Powersports vehicle manufacturer and technology company
Massimo Group signed a non-binding LOI to acquire 100% of AI technology company FST Development for $27-35 million, valuing FST at $38-50 million pre-money. The acquisition would be funded through cash, stock, or a combination, with any equity subject to 6-month lockup and performance milestones. Parties have 60 days to complete due diligence and aim to execute final agreements by late March 2026.

Medical Data Vision Co., Ltd. (3902 (INTL))
Healthcare data analytics and medical database services company
Nippon Life Insurance completed a tender offer for Medical Data Vision at ¥1,693 per share, acquiring 52.34% ownership and making it a subsidiary. The tender offer ran from December 16, 2025 to February 3, 2026, with settlement scheduled for February 9, 2026.

Medplus Health Services Limited (MEDPLUS.NS (IN) · Mkt Cap: $1.1B · EV: $1.2B)
Indian pharmacy retail chain operating drugstores across multiple states
Medplus Health Services announced a demerger scheme to spin off its retail pharmacy business into wholly-owned subsidiary Medplus Wellness Limited, expected to complete by March 31, 2027 subject to regulatory approvals. The company also scheduled a shareholder meeting for March 27, 2026 to approve FY25-26 results and declare dividend.

Millicom International Cellular S.A. (TIGO (US) · Mkt Cap: $11.2B · EV: $17.7B)
Latin American telecommunications provider
Millicom successfully concluded a tender offer to acquire Telefónica’s 67.5% controlling stake in Colombia Telecomunicaciones (Coltel) for $214.4 million, with closing expected February 6. The company is awaiting Phase 2 of the privatization process to acquire remaining shares around April.

Modine Manufacturing Company (MOD (US) · Mkt Cap: $9.7B · EV: $10.3B)
Thermal management solutions provider for automotive, data center, and industrial applications
Modine Manufacturing announced a $1 billion Reverse Morris Trust transaction to spin off its Performance Technologies business unit ($1.1B annual revenue) and merge it with Gentherm (THRM). Post-transaction, Modine shareholders will own ~40% of the combined Gentherm entity, while Modine becomes a pure-play climate solutions/data center company. The deal is expected to close in Q4 with $25M annual cost synergies.

Morris State Bancshares (MBLU (US) · Mkt Cap: $269M · EV: $173M)
Community bank holding company
Morris State Bancshares reported 2025 earnings and announced regulatory approval for its upcoming merger with Vallant Financial, Inc. and its subsidiary Pinnacle Bank. The company expects to complete the merger process following a fairness hearing with Georgia Secretary of State’s office and final shareholder vote planned for March 2026.

MUTOH HOLDINGS CO., LTD. (7999.T (JP) · Mkt Cap: $122M · EV: $28M)
Wide format printing equipment manufacturer
Brother Industries announced a tender offer to acquire all outstanding shares of Mutoh Holdings to make it a wholly-owned subsidiary. Brother has secured tender support agreements from shareholders controlling 41.68% of shares, including major private equity funds managed by Integral Corporation.

NameSilo Technologies Corp. (URL (US) · Mkt Cap: None · EV: None)
Domain registration and internet infrastructure services
NameSilo entered definitive agreement to acquire Reach Systems Inc., a Canadian engineering and manufacturing firm specializing in remote inspection equipment and underwater cameras, for $4.5 million total consideration. Deal includes $3.36 million in stock, $978,699 cash, and $159,753 in loan repayments.

Nathan’s Famous (NATH (US) · Mkt Cap: $414M · EV: $435M)
Hot dog and restaurant franchising company
Smithfield Foods acquired Nathan’s Famous for $450 million in an all-cash deal at $102 per share. Smithfield, which previously held the exclusive manufacturing license for Nathan’s products since 2014, expects to achieve $9 million in annual savings within two years of closing.

Netflix Inc (NFLX (US) · Mkt Cap: $348.7B · EV: $355.0B)
Global streaming entertainment service
US Department of Justice is investigating Netflix’s proposed $82.7 billion acquisition of Warner Bros Discovery’s studios and streaming service for potential anti-competitive practices. DOJ issued civil subpoenas asking about exclusionary conduct and whether the deal could hurt competition. Paramount is also bidding for Warner Bros Discovery, with its offer recently rejected as ‘inadequate’ by the board.

Nexstar Media Group (NXST (US) · Mkt Cap: $348.7B · EV: $355.0B)
Television broadcasting company operating local TV stations and digital platforms
Nexstar Media Group announced a $3.5 billion acquisition of broadcast company Tegna. The combined entity would control approximately 80% market share, requiring FCC regulatory changes to allow ownership above the current 39% cap. President Trump reversed his previous opposition and now supports the deal, with FCC Chairman Carr also expressing support.

Nippon Steel Engineering (5405.T (INTL) · Mkt Cap: N/A · EV: N/A)
Industrial engineering and construction company
Canadiavia and Nippon Steel Engineering announced integration to create Japan’s top engineering company with over 1 trillion yen in sales. The merger combines the two companies’ capabilities to form a domestic market leader.

North Atlantic Energies (N/A (INTL))
Energy company with operations in North Atlantic region
North Atlantic France announced a simplified tender offer for remaining North Atlantic Energies shares at €28.93 per share, with intention to implement squeeze-out if conditions are met. The offer filing is expected in Q2 2026 after publication of 2025 annual results on March 26, 2026.

Nuwellis, Inc. (NUWE (UN) · Mkt Cap: $3M · EV: $4M)
Medical device company providing fluid management solutions for heart failure patients
Nuwellis entered into a definitive Securities Purchase Agreement to acquire all outstanding shares of Rendiatech Ltd., an Israeli medical technology company focused on automated kidney function monitoring. The acquisition expands Nuwellis’ portfolio from therapeutic fluid management into real-time renal diagnostics.

Ondas Inc. (ONDS (US) · Mkt Cap: $4.6B · EV: $3.5B)
Wireless communications and defense technology provider
Ondas announced a definitive agreement to acquire Rotron Aero, a UK-based developer of advanced unmanned aerial systems and long-range autonomous platforms for defense missions. The transaction involves cash and stock consideration and is subject to customary closing conditions and regulatory approvals.

Palomar Holdings, Inc. (PLMR (US) · Mkt Cap: $3.2B · EV: $3.2B)
Specialty insurance company
Palomar Holdings has completed its acquisition of The Gray Casualty & Surety Company from private equity firm BCP. Gray Surety is a Treasury-listed surety carrier specializing in contract bonds for midsized contractors, licensed in all 50 states with 13 regional offices.

PAR Technology Corporation (PAR (US) · Mkt Cap: $1.2B · EV: $1.5B)
Restaurant technology solutions provider offering point-of-sale and back-office software
PAR Technology agreed to acquire substantially all assets of Bridg, Inc. for $30 million from Cardlytics. PAR will pay Cardlytics approximately $27.5-30 million in PAR stock based on PAR’s 15-day VWAP prior to closing, with transaction expected to close in Q1 2026.

Parkland Corp (PKI.TO (INTL))
Calgary-based fuel distributor and convenience store operator
Calgary fuel distributor Parkland Corp was acquired by Dallas-based Sunoco LP in a US$9.1-billion deal that started as a friendly takeover bid. The transaction also resolved a battle with Parkland’s largest shareholder, Simpson Oil Ltd.

Plains All American Pipeline (PAA (US) · Mkt Cap: $13.8B · EV: $27.8B)
Crude oil and natural gas liquids pipeline and storage company
Plains All American confirmed the pending sale of substantially all of its Canadian NGL business to Keyera Corp, expected to close toward the end of Q1 2026. The company reported $2.833 billion in full-year 2025 Adjusted EBITDA and announced a 10% distribution increase.

PotlatchDeltic Corp (PCH (US) · Mkt Cap: $3.2B · EV: $4.2B)
Real estate investment trust focused on timberland management and wood products
PotlatchDeltic Corp has completed its merger with Rayonier and requested delisting from Nasdaq. Trading will halt after close on Jan 30, 2026, with Form 25 filed Feb 2, 2026 and Form 15 to terminate registration obligations.

PPG Industries (PPG (US) · Mkt Cap: $26.1B)
Global coatings and specialty materials manufacturer
PPG announced two major divestitures: selling its silicas products business for ~$310 million and its Architectural Coatings US and Canada business for $550 million, both expected to close by early 2025. The company also initiated a $175 million restructuring program with $250 million in charges to optimize its portfolio.

Priority Technology Holdings (PRTH (US) · Mkt Cap: $454M · EV: $1.4B)
Payment processing and merchant acquiring services provider
CEO Thomas Priore has made a non-binding management buyout offer of $6.00-$6.15 per share for all outstanding shares he doesn’t own. A special committee of independent directors was formed to evaluate this proposal and other strategic alternatives. The company reported Q3 2025 revenue growth of 6.3% to $241.4M and adjusted EPS growth of 56% to $0.28.

Puma (PUM.DE (DE) · Mkt Cap: $4.1B · EV: $7.1B)
Global athletic footwear, apparel and accessories company
Chinese sportswear company Anta Sports agreed to acquire a 29.06% stake in Puma from French billionaire Pinault family’s holding company Artemis for €1.51 billion ($1.79 billion), paying €35 per share in cash for 43 million shares. The deal makes Anta the largest shareholder in Puma and is subject to Anta shareholder approval and regulatory approvals.

PVR INOX (PVRINOX.NS (IN) · Mkt Cap: $997M · EV: $1.8B)
India’s largest multiplex cinema chain operator
PVR INOX sold its 70% stake in Zea Maize (owner of gourmet popcorn brand 4700BC) to FMCG major Marico for Rs 226.8 crore. The company originally acquired the stake in 2015 for Rs 5 crore and invested a total of Rs 94.6 crore over time.

RAPT Therapeutics (RAPT (US) · Mkt Cap: $1.7B · EV: $1.4B)
Clinical-stage biopharmaceutical company developing oral therapies for inflammatory diseases
GSK announced acquisition of RAPT Therapeutics for $58.00 per share in cash, valuing the deal at approximately $2.2 billion. The acquisition targets RAPT’s portfolio of oral therapies for inflammatory diseases, particularly ozureprubart in Phase 2b trials for food allergies. Deal expected to close in Q1 2026 subject to shareholder approval and regulatory clearance.

Renesas Electronics Corporation (6723.T (JP) · Mkt Cap: $34.1B · EV: $38.7B)
Semiconductor design and manufacturing company
Renesas Electronics announced the sale of its timing components business to U.S. semiconductor design company SiTime for $3.0 billion. The payment consists of $1.5 billion in cash and 4.13 million shares of SiTime common stock, with transaction completion expected by year-end 2025 pending regulatory approvals.

S&P Global (SPGI (US) · Mkt Cap: $135.8B · EV: $151.7B)
Financial information and analytics provider
S&P Global plans to spin off its Mobility business into an independent public company called Mobility Global, Inc. The separation will create a focused vehicle lifecycle intelligence company distinct from S&P Global’s core operations.

SBI Holdings (8473.T (JP) · Mkt Cap: $14.7B · EV: $15.9B)
Financial services and fintech company
SBI VC Trade (subsidiary of SBI Holdings) will merge with BitPoint Japan in an absorption merger effective April 1, 2026. SBI VC Trade will be the surviving entity with combined capital of 1.35 billion yen, with both cryptocurrency exchange brands maintained post-merger.

Shimizu Corporation (1803.T (JP) · Mkt Cap: $12.0B · EV: $13.6B)
General construction and civil engineering company
Shimizu Corporation announced acquisition of Aomi Construction for 25 billion yen, completing full subsidiary ownership by end of June through third-party share allocation. Aomi Construction specializes in marine civil engineering with 31.4 billion yen in sales and 700 million yen in net profit for fiscal 2025.

Siegfried AG (SFZN.SW (SW) · Mkt Cap: $5.6B · EV: $6.3B)
Swiss contract development and manufacturing organization for pharmaceutical companies
Siegfried AG signed binding agreements to acquire the drug substance business of Noramco Group and Extractas Bioscience from SK Capital Partners affiliate. The acquisition includes three US small molecule drug substance manufacturing sites with ~400 employees, valued at below 10x EV/EBITDA.

Silicon Laboratories (SLAB (US) · Mkt Cap: N/A · EV: N/A)
Semiconductor company specializing in wireless hardware and security processors
Texas Instruments announced it will acquire Silicon Laboratories for $7.5 billion, focusing on Silicon Labs’ embedded processors specialized in wireless hardware and security. This would be TI’s largest acquisition since buying National Semiconductor for $6.5 billion in 2011.

SkyWater Technology (SKYT (US) · Mkt Cap: $1.6B · EV: $1.8B)
Semiconductor foundry providing custom chip manufacturing and technology development services
IonQ announced acquisition of SkyWater Technology in a $1.8bn cash-and-stock deal at $35 per share. SkyWater shareholders will own 4.4%-6.7% of the combined entity. Transaction expected to close Q2 or Q3 2026 pending regulatory approvals and shareholder consent.

Soho House & Co Inc (SHCO (US) · Mkt Cap: $1.8B · EV: $4.1B)
Membership-based hospitality company operating private clubs and co-working spaces
Soho House & Co Inc has completed a merger and is delisting from NYSE, with trading suspended on January 29, 2026. The company requested NYSE to file Form 25 for delisting and deregistration, which becomes effective 10 days after filing.

Standard BioTools Inc. (LAB (US) · Mkt Cap: $538M · EV: $191M)
Life sciences tools and technology company
Standard BioTools completed the sale of its SomaLogic division to Illumina for $350 million upfront plus up to $75 million in earnouts based on 2025-2026 performance targets. The transaction leaves Standard BioTools with approximately $550 million in cash to pursue M&A strategy.

Stanley Black & Decker (SWK (US) · Mkt Cap: $12.6B · EV: $19.3B)
Tools, storage, and industrial equipment manufacturer
Stanley Black & Decker announced a definitive agreement to divest its Consolidated Aerospace Manufacturing (CAM) business for $1.8 billion in cash. Net proceeds of $1.525-1.6 billion will be used to reduce debt, with transaction expected to close in first half of 2026 subject to regulatory approval.

Star Micronics Co., Ltd. (7718.T (JP) · Mkt Cap: $680M · EV: $437M)
Japanese manufacturer of computer peripherals and precision machinery
Star Micronics announced it will be delisted from the Tokyo Stock Exchange Prime Market on March 13th following a successful tender offer by US investment fund Taiyo Pacific Partners completed in November-December. The company will hold an extraordinary shareholders’ meeting on February 26th to decide on stock consolidation and related matters.

Suraj Industries Limited (SURAJ.NS (IN) · Mkt Cap: $35M · EV: $42M)
Food and beverage manufacturing company
Suraj Industries’ board approved acquisition of 56.25 million equity shares in VRV Foods Limited from promoter group for Rs. 37.13 crore at Rs. 66 per share, increasing stake to 50.03% and making VRV Foods a subsidiary. VRV Foods holds 32% market share in Himachal Pradesh country liquor market with FY25 revenue of Rs. 122.90 crore. Transaction requires shareholder approval at EGM scheduled for March 6, 2026.

Takeda Pharmaceutical Company (4502.T (JP) · Mkt Cap: $54.5B · EV: $85.3B)
Japanese multinational pharmaceutical company developing prescription drugs and vaccines
Article discusses Takeda’s major M&A strategy including the €62 billion acquisition of Ireland’s Shire in 2019, and mentions ongoing structural reforms under CEO Christophe Weber. The piece also covers the broader consolidation and changes affecting Osaka-based pharmaceutical companies including Shionogi, Astellas, Sumitomo Pharma, and Ono Pharmaceutical.

Talenom Plc (TNOM.HE (FI) · Mkt Cap: $137M · EV: $247M)
Finnish accounting services and financial management platform provider
The Finnish Financial Supervisory Authority approved a supplement to the prospectus for Talenom’s partial demerger, creating new independent company Easor Plc. The demerger will separate Easor, a financial management platform serving over 15,000 SME customers and 220 accounting firm partners, from the parent company.

TC Transcontinental Inc. (TCL.A (INTL))
Printing, packaging, and publishing company
TC Transcontinental shareholders approved the sale of its Packaging business to ProAmpac Holdings with 99.98% of votes cast. The transaction is expected to close in Q1 2026 subject to regulatory approvals and other customary conditions.

Tecnotree Corporation (TEM1V.HE (FI) · Mkt Cap: $113M · EV: $133M)
Software and services provider for telecommunications and digital service providers
Resilience Holdings Ltd announced a voluntary recommended public cash tender offer for all outstanding shares and equity securities of Tecnotree Corporation. The consortium behind the offer includes Helios Investment Partners, Fitzroy Investments (owned by board members), and CEO Padma Ravichander.

Tesla Inc (TSLA (US) · Mkt Cap: $1.6T · EV: $1.3T)
Electric vehicle manufacturer and energy storage company
Tesla is in early-stage merger discussions with Elon Musk’s private companies SpaceX and xAI. Two scenarios are being explored: a Tesla-SpaceX merger or a SpaceX-xAI combination ahead of a planned SpaceX IPO in June 2025. Tesla has already invested $2 billion in xAI, and new merger entities were established in Nevada on January 21.

Texas Instruments (TXN (US) · Mkt Cap: $201.2B · EV: $210.0B)
Semiconductor manufacturer producing analog chips and embedded processors
Texas Instruments announced acquisition of Silicon Laboratories for $75 billion, TI’s largest deal since buying National Semiconductor for $6.5 billion in 2011. The transaction aims to strengthen TI’s position in IoT and edge AI applications through Silicon Labs’ wireless hardware and security expertise.

The Hain Celestial Group, Inc. (HAIN (US) · Mkt Cap: $111M · EV: $842M)
Natural and organic food and personal care products company
Hain Celestial Group has reached a definitive agreement to sell its North American Snacks business, including Garden Veggie Snacks, Terra chips and Garden of Eatin’ snacks, to Snackruptors Inc., a Canadian family-owned snacks manufacturer. The divestiture involves multiple branded snack product lines as part of a portfolio optimization strategy.

Third Coast Bancshares, Inc. (TCBX (US) · Mkt Cap: $576M · EV: $541M)
Regional bank holding company
Third Coast Bancshares completed its acquisition of Keystone Bancshares on February 1, 2026. Total consideration was approximately 2.6 million TCBX shares plus $20 million cash, with Keystone shareholders receiving either cash plus stock or all-stock consideration based on their election.

Toyota Industries Corporation (6201.T (JP) · Mkt Cap: $38.4B · EV: $47.0B)
Japanese manufacturer of automotive components, logistics equipment, and industrial machinery
Toyota Group is conducting a tender offer to take Toyota Industries Corporation private at 18,800 yen per share (raised 15% from initial 16,300 yen offer). Elliott Investment Management, holding 6.65% of shares, argues the company is still undervalued by over 40% and is urging shareholders not to tender. The TOB runs through February 12, 2026, requiring minimum 42.01% of voting rights.

Tsumura Corporation (4540.T (JP) · Mkt Cap: $2.0B · EV: $2.4B)
Japanese herbal medicine manufacturer
Tsumura announced it is considering acquiring the main ‘Yomeishu’ medicinal liquor business from Yomeishu Seizo. The acquisition would enable joint procurement of medicinal herbs to improve operational efficiency.

United Acquisition Corp. I (UACU (US))
Special purpose acquisition company (blank check company) seeking business combination targets
United Acquisition Corp. I completed its $100 million IPO on January 30, 2026, trading on NYSE American. This blank check company was formed to pursue mergers, acquisitions, or similar business combinations, with units consisting of one Class A share plus one-quarter warrant (exercise price $11.50).

Vivakor, Inc. (VIVK (US) · Mkt Cap: $2M · EV: $44M)
Oil and gas midstream company operating gathering and processing facilities
Vivakor signed a non-binding letter of intent to sell its Oklahoma STACK midstream business, CPE Gathering MidCon LLC, to Olenox Industries for approximately $36 million. The deal is based on $4.56 million annual EBITDA under a take-or-pay guarantee, with consideration including cash, promissory note, and common/preferred stock. The parties aim to complete definitive agreements and close by March 31, 2026.

Voestalpine AG (VOE.VI (AU) · Mkt Cap: $8.1B · EV: $10.0B)
Austrian steel and technology group specializing in high-performance materials
Austrian steel group Voestalpine has signed a definitive agreement to sell its subsidiary Böhler Profil to US industrial company Kadant Inc for approximately €157 million in cash. The deal involves the divestment of Böhler Profil GmbH & Co KG as part of a strategic portfolio streamlining within Voestalpine’s High Performance Metals division.

VSE Corporation (VSEC (US) · Mkt Cap: $5.1B · EV: $4.9B)
Government services and aviation aftermarket support provider
VSE Corporation announced a definitive agreement to acquire Precision Aviation Group for $2.025 billion upfront ($1.75B cash + $275M equity), with up to $125M additional earnout based on 2026 EBITDA performance. The transaction represents ~13.5x PAG’s expected 2025 adjusted EBITDA and is expected to close in Q2 2026.

Walt Disney Company (DIS (US) · Mkt Cap: $185.6B · EV: $231.5B)
Media and entertainment conglomerate
Government regulators approved Disney’s ESPN acquisition of NFL Network and RedZone Channel in exchange for giving the NFL a 10% equity stake in ESPN. The deal integrates major NFL media properties into ESPN’s streaming and traditional platforms, adds 3 additional NFL games per season for ESPN’s 28 total, and merges NFL Fantasy with ESPN Fantasy.

Warner Bros. Discovery (WBD (US) · Mkt Cap: $68.6B · EV: $98.9B)
Media conglomerate operating streaming platforms, film studios, and television networks
Warner Bros. Discovery is executing an $83 billion deal to sell streaming/studio assets to Netflix while spinning off CNN and cable networks into standalone company Discovery Global within 6-9 months. Paramount Skydance is conducting hostile takeover attempt with $108.4 billion bid and launched proxy war to block the Netflix deal, with tender offer deadline extended to Feb 20.

Wasion Holdings Limited (3393.HK (HK) · Mkt Cap: $3.1B · EV: $3.3B)
Smart energy solutions provider manufacturing electricity meters and energy management systems
Wasion Holdings announced plans to spin off its non-wholly owned subsidiary Wayon Energy Technology Co., Ltd. for an independent listing on the Main Board of the Hong Kong Stock Exchange. Upon completion, Wayon Energy Technology will remain a subsidiary of the group.

Waste Management Inc. (WM (US) · Mkt Cap: $91.4B · EV: $114.1B)
Waste collection, disposal, and recycling services
WM’s subsidiary USA Waste of California is acquiring Waste Resources, a Southern California waste hauler with ~60 vehicles serving residential and commercial customers. The deal allows WM to take over established municipal franchise agreements in Glendale, Gardena, Hawaiian Gardens, Lynwood and Carson.

Webster Financial Corp (WBS (US) · Mkt Cap: $11.7B · EV: $13.8B)
Regional banking and financial services company
Banco Santander agreed to acquire Webster Financial Corp for $12.2 billion in an all-cash deal. Webster will become a wholly owned subsidiary of Santander, transforming Santander into a top-10 U.S. retail and commercial bank by assets, with closing expected in the second half of 2025.

Westport Fuel Systems Inc. (WPRT (US) · Mkt Cap: $34M · EV: $5M)
Alternative fuel systems and components manufacturer for transportation applications
Westport Fuel Systems received a $6.5 million milestone payment from its previously announced Light-Duty segment divestiture, triggered by achievement of a defined post-closing milestone. Additional payments are expected as remaining transaction phases are completed.

Worthington Steel, Inc. (WS (US) · Mkt Cap: $2.4B · EV: $2.7B)
Steel processing and manufacturing company
Worthington Steel commenced a €11.00 per share all-cash tender offer for German steel processor Kloeckner & Co SE, representing a 98% premium to Kloeckner’s three-month VWAP. The offer runs until March 12, 2026, with a 65% minimum acceptance threshold. Kloeckner’s management boards support the offer and the largest shareholder (42% stake) has committed to tender.

YD Bio Limited (YDES (US) · Mkt Cap: $821M · EV: $13M)
Biotechnology company focused on diagnostic and therapeutic solutions
YD Bio Limited entered into a binding Letter of Intent to acquire 100% of Safe Save Medical Cell Sciences & Technology Co. for approximately $26.87 million. The acquisition will be funded through a combination of newly issued YDES shares and cash, with completion expected by April 2026 following due diligence.

Yomeishu Seizo Co Ltd (2540.T (JP) · Mkt Cap: $382M · EV: $322M)
Japanese herbal liqueur manufacturer
Japanese herbal liqueur maker Yomeishu is planning to delist from public markets and sell its operations according to Nikkei reporting. The company appears to be pursuing a complete exit strategy involving both going-private and asset sale components.

Strategic Reviews (52)

Aferian plc (AFRN.L (UK) · Mkt Cap: $3M · EV: $24M)
Technology company operating Amino and 24i business divisions
Aferian extended its $16.5m banking facilities to Feb 13, 2026 and £1.593m shareholder loan to April 30, 2026 while conducting strategic review. The company is exploring sale of its Amino and 24i business divisions or a potential sale of the entire company during an ongoing takeover-code offer period.

Alkami Technology Inc. (ALKT (US) · Mkt Cap: $1.8B · EV: $2.1B)
Cloud-based digital banking platform provider
Alkami has initiated a strategic review that could lead to a sale after pressure from activist investor Jana Partners. The company has retained a financial adviser to evaluate interest from strategic buyers and private equity firms.

Amcor (AMCR (US) · Mkt Cap: $22.3B · EV: $37.4B)
Global packaging solutions company
Amcor has completed a strategic portfolio review covering businesses with approximately $2.5 billion in sales, exploring restructuring and divestiture alternatives. The company disclosed there is no certainty that any transactions will be completed or enhance shareholder value.

Apollo Commercial Real Estate Finance, Inc. (ARI (US) · Mkt Cap: $1.5B · EV: $8.7B)
Commercial real estate finance company that originates and invests in commercial mortgage loans
Apollo Commercial Real Estate Finance announced a definitive agreement to sell its entire $9 billion commercial real estate loan portfolio to Athene Holding Ltd. for 99.7% of loan commitments. The transaction would leave ARI with approximately $1.4 billion net cash (~$12.05 per share) and management will evaluate new strategies or strategic M&A opportunities, with dissolution as an option if no strategy is announced by year-end.

Cencora Inc (COR (US) · Mkt Cap: $69.4B · EV: $73.5B)
Pharmaceutical distribution and healthcare services company
Exploring strategic alternatives for non-core assets as part of portfolio optimization efforts. Acquired majority stake in OneOncology to strengthen specialty pharmaceuticals position. Morgan Stanley upgraded to Overweight with $400 price target.

Charles River Laboratories (CRL (US) · Mkt Cap: $9.3B · EV: $11.5B)
Contract research organization providing drug development services
Charles River Laboratories is continuing its ongoing strategic review with facility closures and layoffs, shutting down a cell therapy facility in Hanover, Maryland and laying off about 20 workers. Client work will be transitioned to other facilities by end of Q2 2026.

Darden Restaurants, Inc. (DRI (US) · Mkt Cap: $23.7B · EV: $31.3B)
Operates full-service restaurant chains including Olive Garden, LongHorn Steakhouse and other brands
Darden has completed its strategic review of Bahama Breeze brand, deciding to permanently close 14 of 28 locations by April 5, 2026, and convert the remaining 14 locations to other Darden brands over 12-18 months. The company previously announced Bahama Breeze was no longer a strategic priority and explored alternatives including a potential sale.

Diageo (DGE.L (UK) · Mkt Cap: $51.7B · EV: $83.8B)
Produces and distributes alcoholic beverages including spirits, beer and wine
Diageo’s Indian subsidiary United Spirits has launched the sale of Royal Challengers Bengaluru cricket team, following a strategic review announced in November 2025. Citigroup is advising on the process, with the team potentially valued at up to $2 billion, and the sale expected to conclude by end of March 2026.

Evoke (EVK.L (INTL) · Mkt Cap: $132M · EV: N/A)
British gambling group operating William Hill and 888 betting brands
Evoke launched a strategic review that could result in a full or partial sale of the company. The review was triggered by UK tax hikes on online betting that could increase costs by £125-135 million annually from 2027. Reports suggest casino group Bally’s and bookmaker Betfred are exploring possible acquisitions of Evoke’s retail assets.

Franklin Street Properties (FSP (US) · Mkt Cap: $81M · EV: $296M)
Commercial real estate investment trust
Franklin Street Properties Corp. provided an update on its ongoing strategic alternatives review exploring options including sale of the company, asset sales, and debt refinancing. The company remains in active negotiations with a potential lender to refinance all existing debt before maturity, with BofA Securities serving as financial advisor.

Fuji Media Holdings (4676.T (JP) · Mkt Cap: $5.1B · EV: $6.2B)
Japanese media conglomerate operating television broadcasting and real estate businesses
Fuji Media announced it will consider accepting external capital for its real estate business centered around subsidiary Sankei Building and restructure the business. President Shimizu stated they are considering removing Sankei Building from consolidated subsidiaries and do not rule out complete divestiture. The company is also engaged in discussions with activist investor Yoshiaki Murakami’s investment group regarding capital efficiency improvements.

Futura Medical PLC (FUM.L (UK) · Mkt Cap: $10M · EV: $459,627)
Healthcare company developing topical treatments including erectile dysfunction gel Eroxon
Futura Medical has lifted its 2025 revenue forecast to £1.7 million and announced a strategic review underway that will conclude in Q1 2026 with results published in mid-April. The company has £3.4 million net cash and expects a US$2.5 million milestone payment from Haleon in H1 2026 contingent on US patent approval.

Graphic Packaging International (GPK (US) · Mkt Cap: $3.9B · EV: $9.0B)
Consumer packaging company producing paperboard packaging for food and beverage products
New CEO Robbert Rietbroek announced a 90-day comprehensive business review examining organizational structure and operations, including opportunities to optimize the company’s footprint and portfolio. The company aims to reduce leverage, generate greater free cash flow, and remove $260 million in inventory while targeting $700-800 million in adjusted free cash flow for 2026.

Grounded People Apparel Inc. (GPAIF (CA) · Mkt Cap: $28M · EV: N/A)
Apparel company exploring pivot to mining and exploration sectors
Grounded People Apparel is conducting a strategic review to reposition its business and deploy capital into new sectors, specifically evaluating opportunities in mining and exploration. The company is raising up to $1M through a private placement at $0.10 per unit to fund working capital and support the strategic review process, including potential acquisitions in emerging technologies.

Guard Therapeutics International AB (GUARD (INTL) · Mkt Cap: N/A · EV: N/A)
Biopharmaceutical company developing therapeutic treatments
Guard Therapeutics announced a strategic review exploring alternatives including merger or reverse takeover (RTO), with completion expected Q1 2026. The company reports significant interest from potential counterparties, with merger/RTO being the most likely outcome. If no strategic alternatives materialize, the Board intends to recommend delisting and liquidation with cash distribution to shareholders.

Hain Celestial Group (HAIN (US) · Mkt Cap: $111M · EV: $842M)
Manufactures and markets organic and natural products including food, snacks and beverages
Hain Celestial has agreed to sell its North American Snacks business (including Garden Veggie Snacks, Terra chips, and Garden of Eatin’) to Canadian company Snackruptors for $115 million cash. The divestiture represents 22% of company net sales with negligible EBITDA contribution. Transaction expected to close by February 28, 2026.

Hexagon Purus ASA (HPUR.OL (NO) · Mkt Cap: $69M · EV: $288M)
Hydrogen fuel systems and battery solutions provider for commercial vehicles
Hexagon Purus announced an update on its strategic review of the Battery Systems and Vehicle Integration (BVI) segment. The company is scaling back BVI operations to minimum levels, reducing workforce by ~2/3 to 25 people, consolidating to Dallas facility only, with $0.7M restructuring costs in Q1 2026. The strategic review continues as current market conditions make value-accretive transactions unrealistic.

IJM Corporation (IJM.KL (INTL) · Mkt Cap: $9223372.0T · EV: None)
Malaysian construction and property development conglomerate
IJM Corporation and JRL Group began comprehensive strategic review of JRL’s business after JRL posted cumulative losses of £132m over three years. IJM acquired 50% stake in JRL for £50m in April 2024. Review will assess overheads, operating centers, and broader business model over multiple years.

indie Semiconductor (INDI (UN) · Mkt Cap: $748M · EV: $1.0B)
Automotive semiconductor company providing sensors and connectivity solutions
indie Semiconductor announced a strategic partnership with Mahindra to supply its emotion3D CABIN EYE in-cabin safety monitoring software for Mahindra’s premium electric SUVs. The partnership builds on indie’s recent acquisition of emotion3D and demonstrates commercial deployment of their driver and occupant monitoring systems technology.

InMode Ltd. (INMD (US) · Mkt Cap: $1.1B · EV: $525M)
Medical technology company specializing in minimally invasive aesthetic solutions
InMode is conducting a strategic review overseen by independent directors following market speculation and transaction rumors. The review includes evaluation of a non-binding proposal from Steel Partners Holdings L.P. to acquire 51% of InMode’s outstanding shares. The company has hired independent legal and financial advisors but cautions no assurance of any transaction outcome.

IO Biotech, Inc. (IOBT (US) · Mkt Cap: $24M · EV: $11M)
Clinical-stage biopharmaceutical company developing cancer immunotherapies
IO Biotech approved a restructuring and workforce reduction plan while exploring strategic alternatives, with expected one-time charges of $2.4-2.6M primarily in Q1 2026. The company retained Raymond James as exclusive financial advisor for its strategic alternatives process and announced CMO departure effective February 15, 2026.

Lands’ End (LE (US) · Mkt Cap: $558M · EV: $873M)
Apparel retailer selling clothing and home goods
Lands’ End and WHP Global announced a 50/50 joint venture to monetize Lands’ End’s intellectual property for $300 million in gross cash proceeds. Lands’ End will contribute its IP and license it back under a long-term exclusive license with $50 million guaranteed minimum royalties in year one. WHP Global will also commence a tender offer for up to $100 million at $45 per share, potentially acquiring ~7% of outstanding stock.

LKQ Corporation (LKQ (US) · Mkt Cap: $8.5B · EV: $13.8B)
Automotive aftermarket parts distributor and recycler
LKQ Corporation is exploring strategic alternatives including a potential sale. Analysts value the company’s segments at $9.2-10.2bn combined (North American wholesale $5.7-6.1bn, Europe $3.0-3.4bn, Specialty $500-700mn) with enterprise value potentially exceeding $13bn. Analysts suggest potential share value in the low-to-mid $50s versus current price of $34.

Lyra Therapeutics (LYRA (UN) · Mkt Cap: $3M · EV: $13M)
Biopharmaceutical company developing drug-eluting implants for chronic rhinosinusitis treatment
Lyra suspended development of its lead drug candidate LYR-210 and laid off nearly all staff, effectively becoming a public shell company. Nasdaq issued a delisting notice on February 2, 2026, citing shell status and failure to meet minimum stockholders’ equity requirements, though Lyra has requested a hearing to appeal.

Mastercard (MA (US) · Mkt Cap: $482.6B · EV: $494.2B)
Global payment processing and financial technology company
Reported Q4 2025 net revenues of $8.81B (up 18% YoY) and announced 4% workforce reduction following strategic review. Capital One renewed credit portfolio agreement for only a portion of newly acquired accounts, with eventual migration to Discover network expected.

Medical Facilities Corporation (DR.TO (CA) · Mkt Cap: $227M · EV: $234M)
Specialty surgical hospital operator
Completed sale of 63.96% interest in Oklahoma Spine Hospital for $46.0 million and sold Surgery Center of Newport Coast for $1.5 million. Divested OSH represented 23% of consolidated facility service revenue and 13.6% of income from operations for fiscal 2024.

Mind Gym PLC (MIND.L (UK) · Mkt Cap: $18M · EV: $19M)
Corporate coaching and training services provider
Mind Gym has confirmed it is in discussions with selected third parties as part of a private strategic review process that may result in a possible offer for the company. The company has appointed J Goodwin & Co LLP as financial advisor and is considering various strategic options including joint ventures, acquisitions, divestitures, capital returns, or soliciting an offer. The talks are at an early stage with no certainty an offer will be made.

Mineros S.A. (MSA (US) · Mkt Cap: $7.0B · EV: $7.4B)
Latin American gold mining company
Board evaluating potential corporate re-domiciliation or reorganization involving statutory merger with newly incorporated successor entity. Special shareholder meeting called for April 30, 2026 to consider approval of potential reorganization, though no final decision made.

Nestle SA (NESN.S (INTL))
Global food and beverage multinational corporation
Nestle CEO Philippe Navrátil is planning a comprehensive strategic review to reorganize the business into four product divisions: coffee, pet care, nutrition & health, and food & snacks. This restructuring would move away from the current regional organization structure to a product-focused structure, potentially leading to formal group-wide reorganization.

Ningbo Boway Alloy Material Co., Ltd. (300379.SZ (CN) · Mkt Cap: $138M · EV: -$107M)
Alloy materials manufacturer with solar business subsidiary
Ningbo Boway Alloy Material Co. disclosed to the Shanghai Stock Exchange that it is conducting a strategic review of its solar business portfolio, which includes subsidiary Boviet Solar. The parent company is evaluating strategic alternatives for the solar business as part of a broader portfolio realignment, citing trade and policy challenges including U.S. tariff measures.

Ocean Sun AS (OSUN.OL (NO) · Mkt Cap: $8M · EV: N/A)
Floating solar technology company
Ocean Sun AS has initiated exploration of strategic alternatives to accelerate global scaling of its floating solar technology, engaging Fearnley Securities as financial advisor. The company has 14 projects in seven countries and states it is ready for commercial ramp-up with a 12-month pipeline several times larger than current installed capacity.

OSR Holdings (OSRH (UN) · Mkt Cap: $15M · EV: $69M)
Biotechnology and medical device holding company
OSR Holdings CEO reaffirmed progress on two major initiatives: Vaximm subsidiary has binding term sheet with BCM Europe for VXM01 licensing worth up to $815M in milestones plus $30M upfront, and management is pursuing merger of device subsidiaries RMC and Woori IO with potential Korean listing afterward. The company is also addressing Nasdaq minimum bid compliance deadline.

PCI Biotech Holding ASA (PCIB.OL (NO) · Mkt Cap: $612K · EV: -$436K)
Biotechnology company developing photochemical internalization technology
Discontinued all R&D operations and concluded strategic alternatives review, with Board now initiating structured wind-up evaluation process. Company faces critical liquidity issues with going concern doubts and no assurance of successful wind-up.

Picton Property Income (PCTN.L (UK) · Mkt Cap: $580M · EV: $806M)
Real estate investment trust focused on commercial property investments
Picton Property Income announced a strategic review to explore all options available to maximize value for shareholders. The company reported Q3 2026 NAV per share increased 0.9% to 102.4p, marking the sixth successive quarterly increase.

SATO Technologies Corp. (CCPUF (CA) · Mkt Cap: $6M · EV: $11M)
Bitcoin mining and data center operations
SATO announced a comprehensive strategic review including exploring sale, partnerships or joint ventures for its flagship Center One facility, monetizing non-core assets, and evaluating capital market alternatives. The company has a forbearance agreement with lender Sygnum through January 31, 2026.

Sensei Biotherapeutics (SNSE (UN) · Mkt Cap: $12M · EV: $-11M)
Biotechnology company developing cancer immunotherapies
Sensei terminated development of lead drug candidate Solnerstotug due to funding constraints and initiated strategic review. The board is evaluating asset sales, licensing, mergers, or liquidation to preserve shareholder value. Company is implementing workforce reductions to conserve cash.

SK Hynix (000660.KS (KR) · Mkt Cap: $415.3B · EV: $414.3B)
Memory semiconductor manufacturer specializing in DRAM and NAND flash memory products
SK Hynix is considering establishing a U.S. AI investment corporation to consolidate approximately 10 trillion won worth of overseas AI investment assets currently scattered across SK Group affiliates, including stakes in TerraPower, Perplexity, and Anthropic. The company expects to hold a board meeting soon to discuss this strategic reorganization, with potential for the new entity to eventually list separately on U.S. markets.

SKF AB (SKF-B.ST (SE) · Mkt Cap: $11.9B)
Industrial bearings and seals manufacturer
SKF completed divestment of its precision elastomeric device operation in Elgin, Illinois to Carco PRP Group for $75 million enterprise value, generating approximately SEK 400 million capital gain in Q1. The transaction concludes SKF’s strategic review to exit non-core aerospace business lines and focus on core aeroengine and aerostructure bearing offerings.

Sphere 3D Corp. (ANY (UN) · Mkt Cap: $6M · EV: $779K)
Bitcoin mining company
Sphere 3D announced it is reviewing strategic alternatives and will effect a 1-for-10 reverse stock split on February 9, 2026. The company has reduced G&A expenses by 50% year-over-year and simplified operations by selling CORZ shares and exiting hosting agreements.

Starbucks Corporation (SBUX (US) · Mkt Cap: $104.8B · EV: $126.7B)
Coffee chain operating retail locations and selling coffee products globally
Starbucks held its 2026 Investor Day where CEO Brian Niccol outlined expansion plans including 400 net new North American stores by fiscal 2028 and potential for 5,000 additional U.S. locations long-term. The company is launching new menu items and AI-powered ordering technology following a strategic store portfolio review that closed 400 locations in 2025.

Stora Enso (STEAV.HE (FI) · Mkt Cap: $9.9B · EV: $13.1B)
Finnish pulp and paper manufacturer focused on renewable materials and packaging
Stora Enso is preparing to separate its Swedish forest assets into a new publicly listed company, with expected completion in H1 2027. The company has also initiated a strategic review of its Central European sawmills and building solutions operations, with divestiture being considered.

Territorial Bancorp Inc (TBNK (INTL))
Hawaiian community bank providing commercial and consumer banking services
Territorial Bancorp concluded its review of strategic alternatives without a sale, causing the stock to fall ~75% from around $12 to low-$3 range. The company also announced CEO retirement with internal succession.

The Middleby Corporation (MIDD (US) · Mkt Cap: $7.8B · EV: $9.5B)
Designs, manufactures and services commercial foodservice, food processing and residential kitchen equipment
Middleby completed the sale of a 51% stake in its Residential Kitchen business to 26North Partners, retaining 49% ownership. The transaction is part of a broader strategic portfolio transformation that includes a planned spin-off of the Food Processing business, aimed at creating a pure-play commercial foodservice equipment company. Middleby used proceeds to repurchase 1.5 million shares.

Tobii AB (TOBII.ST (SE) · Mkt Cap: $38M · EV: $114M)
Eye tracking technology and assistive technology solutions provider
Tobii appointed new CEO Fadi Pharaon effective January 1, 2026, and continues strategic review with external advisors evaluating financing and capital market alternatives. The company implemented SEK 43M in Q4 cost reductions, wrote off SEK 244M in goodwill, and secured a DMS licensing deal contributing to Q4 free cash flow of SEK 57M.

TuSimple (TSP (INTL))
Autonomous trucking technology company
TuSimple announced it’s exploring strategic alternatives for its U.S. business operations, including a potential sale, while maintaining focus on Asia-Pacific operations. The company has engaged Perella Weinberg Partners as financial advisor to explore possible transactions for the U.S. portion of its business.

USA Rare Earth Inc. (USAR (US) · Mkt Cap: $3.5B · EV: $3.3B)
Rare earth mining and processing company
The Trump administration is investing $1.6 billion to acquire a 10% stake in USA Rare Earth, receiving 16.1 million shares and warrants for an additional 17.6 million shares at $17.17 each. The company will also receive $1.3 billion in senior secured debt financing from the government through the CHIPS and Science Act facility.

Viasat Inc. (VSAT (US) · Mkt Cap: $5.6B · EV: $11.3B)
Satellite communications and broadband services provider
The board is conducting an active strategic review with options including separating the government and commercial businesses to enhance shareholder value. The review is pending successful satellite deployments and further deleveraging.

WH Smith (SMWH.L (UK) · Mkt Cap: $1.2B · EV: $2.4B)
International retailer operating travel stores in airports, train stations and hospitals
Turnaround veteran Leo Quinn joins as executive chairman in April to conduct strategic review focusing on the troubled US division, which overstated profits by £30 million due to accounting scandal. The review will examine the US business built through acquisitions of 300+ airport and resort stores, with sources indicating these deals need to be scaled back.

WPP plc (WPP.L (UK) · Mkt Cap: $4.5B · EV: $12.0B)
Global advertising and marketing services company
WPP appointed McKinsey to advise on strategic review under new CEO Cindy Rose following two profit warnings and 5.5-6% revenue decline. Review focuses on simplifying client offerings, improving execution, expanding addressable markets, and operational efficiency. Results expected early 2026.

Yext Inc (YEXT (US) · Mkt Cap: $693M · EV: $769M)
Digital knowledge management and local search platform for enterprises
CEO Michael Walrath withdrew $9.00 per share going-private proposal due to inability to secure financing. Board’s Special Committee approved $150 million Dutch auction self-tender offer expected to commence February 2026, potentially funded through debt financing.

Yomeishu Seizo Co., Ltd. (2540.T (JP) · Mkt Cap: $382M · EV: $322M)
Produces and sells alcoholic beverages including medicinal liqueurs and health drinks
Yomeishu Seizo has issued a statement regarding media reports about potential going-private transactions and business divestiture candidates, clarifying that ‘nothing has been decided at this time.’ The company is addressing market speculation about strategic alternatives including privatization or asset sales.

Yum! Brands (YUM (US) · Mkt Cap: $43.2B · EV: $54.6B)
Restaurant company operating Taco Bell, KFC, and Pizza Hut franchises globally
Yum! Brands appointed a new CEO in June 2025, who subsequently put Pizza Hut under strategic review. Pizza Hut represents roughly 12% of Yum’s total revenue and has been a longtime laggard within the company’s portfolio.

Activist Campaigns (25)

Appian Corporation (APPN (US) · Mkt Cap: $2.2B · EV: $2.3B)
Low-code application development platform provider
Fivespan Partners disclosed a 6.2% stake via 13-D filing and plans to discuss business strategy with management and board. Appian’s stock has declined 86% over five years amid AI-related concerns.

Braemar Hotels & Resorts (BHR (US) · Mkt Cap: $225M · EV: $1.7B)
Hotel real estate investment trust
Zazove Associates has written to Braemar Hotels & Resorts’ Board questioning $480 million in termination fees for external management arrangements with Ashford Inc. during the company’s ongoing strategic review. The investor is seeking greater disclosure on how independent directors evaluated these termination economics, arguing the fees appear high versus comparable externally managed REITs.

CoStar Group (CSGP (US) · Mkt Cap: $21.1B · EV: $20.8B)
Commercial real estate information and analytics platform
D.E. Shaw and Third Point are mounting activist campaigns against CoStar Group, demanding board changes and strategic reset over the company’s $5 billion investment in struggling Homes.com platform. Third Point plans to nominate several directors to CoStar’s eight-person board, while D.E. Shaw is calling for leadership changes and urging the company to exit or restructure Homes.com.

DB Insurance Co Ltd (005830.KS (KR) · Mkt Cap: $6.7B · EV: $-19.1B)
South Korean insurance company
Align Partners Asset Management (1.9% stake) sent a public shareholder letter with 8 value enhancement proposals, demanding written response by March 6 and requesting reinstatement of internal transaction committee plus 2 independent directors at March shareholder meeting. The activist cites DB Insurance’s low 5.4x P/E ratio versus peers (10.6x domestic, 14.1x international) and poor 22.1% shareholder return rate versus 43.3% domestic peers.

Eastern Bank (EBC (US) · Mkt Cap: $4.5B · EV: $4.3B)
Regional commercial bank serving New England
HoldCo Asset Management (3.1% stake) urged Eastern Bank to sell itself to a larger regional bank like M&T Bank. Eastern management responded during Q4 earnings that they will not pursue M&A, instead focusing on organic growth and share buybacks.

Ezaki Glico Co., Ltd. (2206.T (JP) · Mkt Cap: $2.3B · EV: $2.1B)
Food and confectionery manufacturer
Dalton Investments announced plans to take Ezaki Glico private through a shareholder proposal. Dalton seeks to elect two outside directors including CIO James Rosenwald and form a special committee to pursue the going-private transaction.

Gildan Activewear (GIL.TO (CA) · Mkt Cap: $13.2B · EV: $11.9B)
Manufacturer of basic apparel and activewear products
Activist investor Browning West is campaigning for the reinstatement of ousted CEO Glenn Chamandy and board changes. The board’s decision to remove the long-standing CEO has created a public clash with the activist fund, which argues the ouster undermined a proven strategy. The governance battle remains ongoing.

GungHo Online Entertainment (3765.T (JP) · Mkt Cap: $923M · EV: $225M)
Mobile gaming company known for Puzzle & Dragons
Strategic Capital (9% stake) submitted shareholder proposals for March 2025 meeting including acquiring major shareholder Son Taizo’s 25.8% stake as treasury stock and distributing ¥84.6B (20% of cash reserves) as dividends equivalent to ¥311 per share. Proposals also include governance changes with independent board chair selection.

HarbourVest Global Private Equity (HVPE (INTL) · Mkt Cap: None · EV: None)
Listed private equity investment trust
Asset Value Investors (3.3% stake worth £75M) published an open letter demanding the trust put itself up for sale due to persistent 25% discount to NAV. AVI threatens to vote against continuation at July 2026 shareholder meeting unless the trust pursues a formal sale process.

Herald Investment Trust (HRI.L (UK) · Mkt Cap: $1.6B · EV: N/A)
UK-listed investment trust focused on technology and media investments
Herald Investment Trust cancelled its tender offer for up to 100% of shares at close to NAV after Saba Capital Management, which owns over 25%, opposed it. The board is in discussions with Saba to find a mutually agreeable solution, with plans for either a new tender offer or a backstop tender requiring only 50% shareholder approval if talks fail.

Jack in the Box Inc. (JACK (US) · Mkt Cap: $438M · EV: $3.5B)
Quick-service restaurant chain operator
Activist investor Sardar Biglari’s Biglari Capital Corp., which owns 9.9% of Jack in the Box, is running a proxy campaign to oust independent board chair David Goebel at the Feb. 27 annual meeting. Jack in the Box is urging shareholders to vote for all 10 board nominees including Goebel and has adopted a poison pill in response to Biglari’s activism.

Kansai Electric Power (9503.T (JP) · Mkt Cap: $17.8B · EV: N/A)
Electric utility company
Japanese activists have acquired 20-40% stakes and are demanding large-scale share buybacks or management buyouts. Activists targeting this company along with Sumitomo Realty, Fuji Media Holdings, and Mandom with aggressive tactics including major corporate restructuring demands.

Kao Corporation (4452.T (JP) · Mkt Cap: $18.4B · EV: $18.5B)
Japanese consumer goods company with brands in personal care and household products
Oasis Management launched activist campaign “A Better Kao” criticizing management for underutilizing brands and growth-averse strategies. In February 2025, Oasis proposed appointing 5 independent directors and introducing long-term incentive plans.

Lululemon (LULU (US) · Mkt Cap: $21.6B · EV: $22.6B)
Athletic apparel and yoga wear retailer
Founder Chip Wilson filed proxy materials launching a board fight with three candidates targeting seats via universal proxy. The challenge coincides with CEO Calvin McDonald’s Jan 31 departure and Elliott Investment Management’s $1B+ activist stake.

Lululemon Athletica Inc. (LULU (US) · Mkt Cap: $20.6B · EV: $21.0B)
Athletic apparel retailer
Founder Chip Wilson launched a proxy fight targeting the board following a high-profile leggings recall and quality complaints. Wilson is pushing to replace certain directors and challenging quality control while CEO Calvin McDonald’s departure is pending.

PepsiCo (PEP (US) · Mkt Cap: $227.7B · EV: $262.4B)
Global food and beverage company producing snacks, sodas and other consumer products
Elliott Management disclosed a roughly $4 billion stake in PepsiCo and laid out a plan to boost revenue and competitiveness. In response, PepsiCo is implementing affordability initiatives on major snack brands, accelerating productivity actions including headcount reductions and closing three plants, and refreshing its product portfolio.

Rengo Co., Ltd. (3941.T (JP) · Mkt Cap: $2.2B · EV: $5.0B)
Packaging and corrugated cardboard manufacturer
Activist investor Aya Nomura and affiliates acquired 5.04% stake in Rengo Co. for approximately 13.49 billion yen between December 2024 and January 2025. The group stated their purpose as ‘investment and providing advice to management and important proposals as circumstances warrant.’

Sankei Real Estate Investment Corporation (2972.T (JP) · Mkt Cap: $392M · EV: $513M)
Japanese real estate investment trust (REIT)
City Index Elevens, affiliated with the former Murakami Fund, acquired 5.13% stake in the REIT on January 23rd. They continued buying for 4 consecutive business days through January 29th, increasing their combined holdings with co-holder Aya Nomura to 15.9%.

Southwest Airlines Co. (LUV (US) · Mkt Cap: $25.0B · EV: $27.3B)
Low-cost airline
Following October 2024 settlement with Elliott Investment Management, Southwest abandoned open-seating for assigned seats, introduced premium cabins and baggage fees. Stock surged 19% on 2026 EPS guidance of at least $4.00, nearly triple 2025 performance.

Stoneridge (SRI (US) · Mkt Cap: $237M · EV: $364M)
Automotive electronics and electrical components manufacturer
Activist hedge fund 22NW Fund disclosed an 8.2% stake (2.3M shares) and is pushing for changes in board composition, capital allocation, and operational efficiency. The activist entry coincides with Stoneridge’s recent $59M divestiture of its Control Devices segment and upcoming CFO departure on March 31, 2026. Stock surged 5.35% on the news.

T&D Holdings, Inc. (8795.T (JP) · Mkt Cap: $11.7B · EV: $9.7B)
Japanese life insurance holding company
Farallon Capital Management published recommendations for T&D Holdings’ next Group Long-Term Vision due April 2026. Farallon requests business model reviews at Taiyo Life, EV-based management with capital efficiency improvements, and establishing a Group Value Enhancement Committee of independent directors.

Taiheiyokogyo Co Ltd (5970.T (JP) · Mkt Cap: $539M · EV: $729M)
Industrial machinery and construction equipment manufacturer
Management’s tender offer succeeded with 31.93 million shares tendered, exceeding the 25.33 million minimum threshold. The founding family raised their offer price from ¥2,050 to ¥3,036 per share to outbid activist Effissimo Capital Management, which held an 18.18% stake. The company will proceed with delisting.

Tokyo Cosmos Electric (6779.T (JP) · Mkt Cap: $152M · EV: $232M)
Electronic components manufacturer
Complete management replacement occurred after activist investors’ shareholder proposals were approved. New management led by activist representative Yasuto Kadota as CEO established a special investigation committee in August 2025 that revealed misconduct by former management regarding a TOB by US company Bourns at ¥8,075 per share.

Toyota Motor Corporation (7203.T (JP) · Mkt Cap: $295.1B · EV: $449.5B)
Automotive manufacturer
Elliott Investment Management is challenging Toyota Motor’s proposed takeover of Toyota Industries, arguing the offer undervalues the target. Elliott is urging shareholders to reject the deal and raising corporate governance concerns within the Toyota group.

Veris Residential (VRE (US) · Mkt Cap: $1.8B · EV: $3.1B)
Multifamily residential REIT
Activist investor Erez Asset Management (4.87% stake) sent a letter urging the REIT to commence a formal strategic review, citing properties trading at 30%+ discount to NAV. Erez estimates shareholders could realize $22-25 per share in a sale, representing 40-70% premium to current price.

Restructuring (77)

Aditya Birla Fashion and Retail Limited (ABFRL.NS (IN) · Mkt Cap: $923M · EV: $1.4B)
Fashion and lifestyle retail company operating multiple clothing brands
Company has published a postal ballot notice for shareholder approval of restructuring matters. The restructuring includes demerger of its Madura Fashion & Lifestyle business into a separately listed subsidiary and planned amalgamation of two wholly owned units.

AFC-HD (2927.T (JP) · Mkt Cap: $82M · EV: $166M)
Japanese holding company operating restaurant and food service businesses
AFC-HD (2927) announced that its consolidated subsidiary Saikaya Co., Ltd. will issue new shares and first series stock acquisition rights (with exercise price adjustment provisions) through third-party allocation. This is part of ongoing capital restructuring activities conducted through multiple rounds of third-party allocations in recent months.

Apollo Hospitals Enterprise Ltd (APOLLOHOSP.NS (IN) · Mkt Cap: $10.7B · EV: $11.2B)
Multi-specialty healthcare services and hospital chain operator
Apollo Hospitals received credit rating reaffirmation at ‘CRISIL AA+/Positive’ with outlook revised from Stable to Positive. The company has a proposed demerger of AHL expected to complete within 15-18 months, and acquired 30.6% stake in AHLL from IFC for Rs 1,254 crores in September 2025.

Aptiv PLC (APTV (US) · Mkt Cap: $17.1B · EV: $23.7B)
Automotive technology and electrical systems supplier
Aptiv is planning to spin-off its Electrical Distribution Systems (EDS) business while executing footprint optimization and cost structure initiatives. Management is focusing on higher-margin software and advanced electronics areas to unlock shareholder value.

Aquaporin A/S (AQUA.CO (INTL) · Mkt Cap: None · EV: None)
Develops water filtration technology using aquaporin proteins
Aquaporin has withdrawn its December 2025 rights offering and resolved to initiate insolvency proceedings due to insufficient funding for 2026 working capital needs. The company explored capital raising, strategic transactions, and asset sales but failed to secure sufficient investor commitments. Trading suspension on Nasdaq Copenhagen is expected shortly.

aXichem AB (AXIC.ST (SE))
Swedish biotechnology company developing phenylcapsaicin for animal feed and dietary supplements
aXichem announced SEK 11 million rights issue to existing shareholders at SEK 1.30 per unit (one share plus one warrant). Issue is 100% covered by subscription and guarantee commitments, with proceeds intended to strengthen working capital and build inventory.

BASF India Limited (BASF.NS (IN) · Mkt Cap: $1.8B · EV: $1.7B)
Chemical company with agricultural solutions and specialty chemicals businesses
BASF India secured NSE approval on February 2, 2026 for its demerger plan to spin off the Agricultural Solutions Business into wholly-owned subsidiary BASF Agricultural Solutions India Limited (BASIL). The scheme still requires NCLT and other regulatory approvals, with BASIL listing to commence within 60 days of final NCLT order.

Baytex Energy Corp. (BTE (US) · Mkt Cap: $2.7B · EV: $4.7B)
Canadian oil and gas exploration and production company
Baytex completed divestiture of all U.S. assets in December 2025, repaid $1.264 billion of debt, and ended 2025 with $857 million net cash position. Company has already repurchased 17.1 million shares for $78 million and is authorized to buy back up to 66.2 million shares total.

Bloomia Holdings, Inc. (TULP (US) · Mkt Cap: $9M · EV: $87M)
Consumer goods company operating retail and e-commerce platforms
Bloomia Holdings announced a $15.5 million rights offering with record date Feb 16, 2026 and expiration March 28, 2026. Shareholders will receive one right per share to purchase 2.16 shares at $4.05 per share. The company plans to use $7.3M to settle a seller’s note at 50%+ discount and $6.6M to pay down other debt.

BRC Group Holdings, Inc. (RILY (US) · Mkt Cap: $281M · EV: $1.3B)
Multi-business holding company with financial services operations
BRC Group Holdings regained compliance with Nasdaq’s Periodic Filing Rule 5250(c)(1), avoiding immediate delisting. Nasdaq imposed a one-year Mandatory Panel Monitor, meaning any future missed filing during that period would trigger a Delist Determination Letter without opportunity to submit a compliance plan.

Bristow Group Inc. (VTOL (US) · Mkt Cap: $1.3B · EV: $2.0B)
Helicopter services for offshore energy and government agencies
Bristow completed a $500 million senior secured notes offering at 6.750% due 2033 and extended its ABL facility until 2031. The company used approximately $397 million of proceeds to retire existing 6.875% senior secured notes due 2028, with remaining proceeds for general corporate purposes.

Carna Biosciences (4572 (INTL))
Drug discovery and development company focused on kinase inhibitors
Carna announced ¥4.73 billion fundraising through shares, bonds, and warrants while repurchasing ¥2.5 billion convertible bonds and redeeming ¥1.85 billion bonds, netting ¥2.63 billion. Funds will support clinical trials of docirbrutinib and monzosertib (¥1.34 billion) and general R&D (¥760 million).

CERo Therapeutics Holdings, Inc. (CERO (US) · Mkt Cap: $1M · EV: $9M)
Clinical-stage biopharmaceutical company
Nasdaq’s Listing and Hearing Review Council affirmed the delisting decision on January 29, 2026. Trading had been previously suspended on October 31, 2025, and the company filed an 8-K on February 3, 2026 regarding this matter.

China South City Holdings Limited (1668.HK (HK) · Mkt Cap: $157M · EV: $4.1B)
Develops and operates commercial trading centers and logistics facilities
China South City is proposing a debt-for-equity restructuring to offshore creditors, converting 40% of USD senior notes principal into shares at HK$0.75 and 60% into new 8-year notes at 2% coupon. The plan requires Hong Kong court approval to pause a winding-up order related to an alleged $306.2 million missed payment filed by Citicorp International.

Cipher Mining (CIFR (US) · Mkt Cap: $6.3B · EV: $6.1B)
Bitcoin mining company transitioning to AI/HPC data center operations
Cipher Mining plans to raise $2 billion through senior secured notes due 2031 to fund completion of its Black Pearl AI data center facility in Texas. The financing will also reimburse $232.5 million of prior equity contributions and comes three months after the company raised $1.7 billion in debt.

CyberAgent (4751.T (JP) · Mkt Cap: $4.0B · EV: $3.8B)
Internet advertising, gaming, and media entertainment company
CyberAgent is restructuring its anime business by acquiring direct control of CygamesPictures (to be renamed Cypic), currently a subsidiary of its subsidiary Cygames. The transaction will occur on February 27, 2026, moving the company from the gaming division to the media/IP division.

Dow Inc. (DOW (US) · Mkt Cap: $19.8B · EV: $37.1B)
Chemical manufacturing company
Dow announced a major restructuring plan to cut 4,500 jobs (13% of workforce) and reduce third-party roles, targeting at least $2 billion in profitability improvements through automation and AI-driven cost reductions. The company also projected first-quarter revenue below expectations due to weak demand.

Eole (EOLE (JP) · Mkt Cap: N/A · EV: N/A)
Group communication services company pivoting to crypto treasury strategy
Tokyo Growth Market-listed Eole acquired approximately ¥166.5 million worth of Bitcoin (about 12.64 BTC) from January 23-30, bringing total holdings to about 160.55 BTC. The company plans to acquire ¥12-16 billion worth of Bitcoin during fiscal year ending March 2026 as part of its ‘Neo Crypto Bank’ treasury strategy, funding purchases through warrant exercises.

EQTEC PLC (EQT.L (UK) · Mkt Cap: $1M · EV: $7M)
Develops gasification technology for waste-to-energy solutions
Unveiled corporate restructuring to stabilize balance sheet and remove near-term refinancing risk. Company warned failure to secure restructuring could be problematic. Shares fell 27% after placing was priced 61% below prior close.

Estée Lauder Companies (EL (US) · Mkt Cap: $36.5B · EV: $41.3B)
Global manufacturer and marketer of beauty and skincare products including MAC, Clinique, and Tom Ford
Estée Lauder reported Q2 earnings that beat expectations on both EPS ($0.89 vs $0.84 expected) and revenue ($4.23B, up 5.6%). The company confirmed its business restructuring plan involving 5,800-7,000 job cuts and $1.2-1.6B in restructuring costs, while raising full-year guidance for EPS to $2.05-2.25 and organic sales growth to 1-3%.

EV Dynamics (Holdings) (0476.HK (HK) · Mkt Cap: $32M · EV: $26M)
Electric vehicle manufacturer and distributor
EV Dynamics has applied for an injunction against a winding-up petition filed against the company. The company is seeking court protection to prevent forced liquidation proceedings.

EV Dynamics Holdings Limited (0476.HK (HK) · Mkt Cap: $32M · EV: $26M)
Electric vehicle manufacturer
EV Dynamics Holdings Limited has applied for an injunction against a winding-up petition filed against the company. The electric vehicle manufacturer is seeking legal protection to prevent forced liquidation proceedings.

Expion360 Inc. (XPON (UN) · Mkt Cap: $8M · EV: $4M)
Lithium battery manufacturer
Expion360 Inc. received a Nasdaq delisting notice on January 29, 2026 for failing to maintain the $1.00 minimum bid price for 30 consecutive business days. The company has 180 days until July 28, 2026 to regain compliance, with a possible additional 180-day extension available if certain conditions are met.

Fasadgruppen Group AB (FAS.ST (SE))
Swedish building facade and construction services company
Board resolved on SEK 504 million rights issue subject to extraordinary general meeting approval. The rights issue is fully secured by subscription and guarantee undertakings from largest shareholders, board members, executives and external investors, with amendments to existing loan facility agreement.

Fat Brands Inc. (FAT (UN) · Mkt Cap: $6M · EV: $1.6B)
Restaurant franchise company operating multiple casual dining brands
Fat Brands’ majority-owned subsidiary Twin Hospitality Group (114 Twin Peaks locations) filed for Chapter 11 bankruptcy. Largest bondholder 352 Capital has asked a court to require Fat Brands turn over its Twin Peaks shares as collateral for unpaid debt.

Fujitsu Limited (6702.T (JP) · Mkt Cap: $48.6B · EV: $46.7B)
IT services and technology solutions company
Fujitsu Limited announced it will absorb business divisions from its subsidiary Fujitsu Japan through a corporate split effective April 1, 2026. The transaction involves transferring solution businesses targeting mid-market companies and regional agricultural/forestry organizations from the subsidiary back to the parent company.

Gauzy Ltd (GAUZ (US) · Mkt Cap: $19M · EV: $81M)
Smart glass and vision technology solutions provider
Class action lawsuit filed against Gauzy alleging false statements between March-November 2025 regarding financial condition of French subsidiaries. Three French subsidiaries reportedly lack financial means to meet debts, leading to potential insolvency proceedings and defaults under senior secured debt.

GMO Financial Holdings (7177.T (JP) · Mkt Cap: $659M · EV: $-4,506,826,804)
Financial services company operating cryptocurrency exchange and related financial services
GMO Financial Holdings (7177.T) filed mandatory pre-disclosure documents for a company split involving GMO Coin Co., Ltd. The filing indicates a corporate restructuring action involving the separation of the cryptocurrency subsidiary.

Highlight Communications AG (HLCO.F (EU) · Mkt Cap: N/A · EV: N/A)
Media and entertainment company
Highlight Communications AG’s majority shareholder announced a CHF 300 million capital increase with CSL Mindset Ltd. that would give the new investor majority control. As of February 2026, the transaction has been delayed and Highlight Communications has mandated an investment bank to assess alternative financing options.

Icahn Enterprises (IEP (US) · Mkt Cap: $4.7B · EV: $10.7B)
Diversified holding company with activist investment positions
Icahn Enterprises plans to fully redeem its 6.250% Senior Notes due 2026 on February 26, 2026, using cash on hand to retire this debt. The company trades at $7.81 versus analyst price target of $12.00, representing potential 34.9% undervaluation according to one valuation model.

India Glycols Limited (INDGLYCO.NS (IN) · Mkt Cap: $70M · EV: N/A)
Diversified chemical company operating bio-pharma and spirits/biofuel businesses
India Glycols is executing a strategic demerger to separate its bio-pharma and spirits & biofuel operations into two independent publicly traded entities: Ennature Bio Pharma Limited and IGL Spirits Limited. Khaitan & Co is advising on the restructuring.

IndiGo (INDIGO.NS (IN) · Mkt Cap: $21.0B · EV: $23.8B)
Low-cost airline operating domestic and international flights in India
IndiGo is suspending Delhi-Copenhagen flights from February 17 and reducing Delhi-Manchester services from 5 to 3 flights per week by February 19. The airline is also cutting Delhi-London Heathrow services to 4 per week, citing geopolitical airspace constraints and airport congestion affecting its 6-aircraft widebody operation.

Intrance Inc. (3237.T (JP) · Mkt Cap: $20M · EV: $18M)
Japanese technology services company
Intrance decided to issue unsecured convertible bonds with stock acquisition rights through third-party allocation. The dilutive equity financing structure will impact existing shareholders through potential conversion and warrant exercises.

iRobot Corporation (IRBT (US) · Mkt Cap: $15M · EV: $209M)
Consumer robotics company manufacturing autonomous vacuum cleaners and home robots
iRobot filed for Chapter 11 bankruptcy with a confirmed prepackaged reorganization plan. Picea HK, the sole first lien lender, will convert its first lien and supply claims into 100% of the new common equity in a go-private restructuring, while approximately $84 million in supply chain debt remains outstanding.

Iron Ore Resources (01029.HK (INTL) · Mkt Cap: None · EV: None)
Iron ore mining and trading company
Iron Ore Resources (01029.HK) completed a 2-for-1 rights issue raising HKD 326 million gross proceeds, with only 73% subscription rate requiring underwriter to take up remaining 26.97% of shares. The underwriter now holds 73.95% of the enlarged share capital following completion.

J Holdings (2721 (INTL))
Japanese investment holding company
J Holdings announced issuance of stock warrants to EVO Fund and Recharge Power plus warrants to company president. If fully exercised, 20.27 million new shares would be issued (229.65% dilution on voting rights basis), raising approximately 4.07 billion yen to acquire 7 grid-connected battery storage facilities over 3 years in a deal worth about 15 billion yen.

Jingrui Holdings Limited (1862.HK (HK) · Mkt Cap: $3M · EV: $2.5B)
Hong Kong-listed property development company
Jingrui Holdings is under court-ordered liquidation with joint liquidators from Ernst & Young appointed by the High Court of Hong Kong. Share trading remains suspended indefinitely as the winding-up process proceeds.

KBR Inc. (KBR (US) · Mkt Cap: $5.6B · EV: $7.8B)
Engineering and technology solutions for government and commercial clients
KBR announced plans to spin off its Mission Technology Solutions segment, leaving Sustainable Technology Solutions as its core business. The company also secured two new U.S. defense contracts worth $226 million combined and launched the INSITE 3.0 AI platform for low-emission ammonia production.

KNT-CT Holdings (9726.T (JP) · Mkt Cap: $310M · EV: $-355,747,225)
Travel agency and tourism services company
KNT-CT Holdings is conducting an absorption-type demerger between subsidiaries, consolidating individual travel business and procurement functions into Club Tourism. Effective April 1, 2026, the restructuring will integrate retail stores, web sales, and procurement operations from Kinki Nippon Tourist and Kinki Nippon Tourist Blue Planet into Club Tourism.

Lemon Tree Hotels (LEMONTREE.NS (IN) · Mkt Cap: $1.1B · EV: $1.4B)
Indian hotel operator running mid-market business hotels across India
Lemon Tree Hotels’ board approved a composite scheme of arrangement involving merger and demerger of group entities to separate hotel ownership/development business from hotel management/brand business into focused platforms. The restructuring is subject to regulatory and shareholder approvals with an effective date of April 1, 2026.

Luminar Technologies (LAZR (US) · Mkt Cap: $15M · EV: $394M)
LiDAR sensors and autonomous vehicle technology developer
Luminar is in final liquidation phase under Chapter 11 bankruptcy, having sold its semiconductor unit to Quantum Computing Inc. for $110M and LiDAR assets to MicroVision for $33M. Company is conducting mandatory tender offer for secured notes due 2028 at 103% of principal, with offer expiring March 9, 2026. Total debt of ~$450M far exceeds asset sale proceeds, leaving equity holders with zero recovery.

Lunit Inc. (328130.KS (INTL) · Mkt Cap: None · EV: None)
AI-powered medical imaging diagnostics company
South Korean medical AI company Lunit announced a $190 million rights offering alongside a one-for-one bonus issue to eliminate convertible bond put option obligations from its Volpara acquisition and fund AI development. The stock dropped 18% on dilution concerns despite record 2024 revenue of $63 million (up 53% YoY).

Metapla Inc. (3350 (INTL) · Mkt Cap: None · EV: None)
Industrial manufacturing company
Metapla announced a third-party allocation of new shares and 25th series stock options. The stock dropped 4.82% to 434 yen following the announcement. The company also executed borrowing under a credit facility agreement on the same day.

Metaplanet Inc. (3350.T (JP) · Mkt Cap: $2.5B · EV: $2.5B)
Japanese public company transforming into a Bitcoin treasury investment vehicle
Tokyo-listed Metaplanet announced plans to raise approximately $137 million through a new share and rights offering, with $91.2 million allocated for additional Bitcoin purchases and $33.8 million for debt repayment. The company currently holds 35,102 BTC with an average purchase price of ~$107,716, resulting in approximately 39% unrealized losses.

Midsummer AB (MIDS.ST (SE) · Mkt Cap: $66M · EV: $63M)
Solar energy technology and equipment manufacturer
Midsummer finalized a bond-to-equity conversion of SEK 79.6 million in debt into 57.7 million new shares at SEK 1.38 per share, following a completed rights issue. The conversion significantly reduces the company’s debt load and strengthens its equity base, though it results in substantial dilution for existing shareholders.

Mudajaya Group Bhd (MUDAJYA.KL (MY))
Malaysian construction and engineering services company
High Court allowed Mudajaya’s winding-up petition against THB Power after failure to pay final RM27.9 million tranche due January 28, 2026. THB Power filed appeal and application to stay the winding-up order, with hearing dates pending.

Nam Cheong (MIJ.SI (SI) · Mkt Cap: $17M · EV: $20M)
Offshore support vessel operator and shipbuilder
Nam Cheong sold a vessel for US$19.8 million as part of fleet reprofiling strategy, its second vessel sale in a month following a US$20.5 million sale. The company plans to use proceeds to reduce debt and for working capital, with the sale expected to contribute positively to FY2026 earnings.

Nanologica AB (NICA.ST (SE) · Mkt Cap: $4M · EV: $9M)
Develops silica-based drug delivery and chromatography solutions
Nanologica is conducting share issues totaling SEK 96.2 million including SEK 8.6 million set-off issue for acquisition, SEK 5.1 million directed issue, and SEK 82.5 million fully-secured rights issue. Main shareholder Flerie Invest will subscribe for 43.6% of rights issue and provide additional underwriting guarantee.

Nexam Chemical (NEXAM.ST (SE) · Mkt Cap: $20M · EV: $23M)
Specialty chemicals company developing reactive processing additives for plastics and composites
Nexam Chemical received additional letters of intent worth SEK 6.5 million from three major shareholders for its ongoing rights issue of approximately SEK 51.8 million announced December 22, 2025. The rights issue remains fully covered by subscription undertakings and underwriting commitments, with subscription period running until February 9, 2026.

Nikon Corporation (7731.T (JP) · Mkt Cap: $4.2B · EV: $4.6B)
Optical and imaging equipment manufacturer
Nikon announced the merger of two wholly-owned subsidiaries, Tochigi Nikon and Tochigi Nikon Precision, effective April 1, 2026. Tochigi Nikon will be the surviving company in this absorption merger, with the combined entity having approximately 1,610 employees manufacturing optical lenses, semiconductor equipment units, and optical components.

Nine Energy Service, Inc. (NINE (US) · Mkt Cap: $25M · EV: $387M)
Oilfield services company providing completion and production services
Nine Energy Service filed voluntary Chapter 11 bankruptcy petitions on February 1, 2026 to implement a prepackaged reorganization plan. NYSE is commencing delisting proceedings as the company’s common stock will be canceled as part of the bankruptcy reorganization.

Nissin Corporation (9066.T (INTL) · Mkt Cap: None · EV: None)
Logistics and real estate services company
Nissin Corporation announced it will transfer all logistics-related businesses to its parent company BCJ-98 via absorption-type demerger on April 1, while retaining only real estate operations. Post-transaction, BCJ-98 will be renamed ‘Nissin’ and the original Nissin will become ‘Nissin Asset Management’.

Nissui Corporation (1332.T (JP) · Mkt Cap: $2.5B · EV: $4.0B)
Seafood and marine products company
Nissui announced a corporate spin-off transferring its salmon aquaculture trial business in Iwate Prefecture to 100% subsidiary Yumigahama Suisan via absorption-type split. The transfer consolidates facilities and rights to accelerate commercialization of the salmon farming operation. The corporate action takes effect April 1, 2026.

Oatly Group AB (OTLY (US) · Mkt Cap: $349M · EV: $7.5B)
Produces oat-based dairy alternative products
Undergoing operational restructuring focused on achieving profitability, with Q4 2025 results due February 11, 2026. Achieved positive Adjusted EBITDA of $3.1M in Q3 2025 for first time, though posted $65.3M net loss. Strategic realignment includes exiting co-packing agreement with Yeo Hiap Seng requiring $32M termination fee.

Pixela Corporation (6731.T (JP) · Mkt Cap: $26M · EV: $22M)
Japanese technology company developing digital media and IoT solutions
Pixela announced third-party allocation to EVO FUND issuing 3 million stock acquisition rights (300 million potential shares at ¥15 exercise price) and ¥750 million unsecured bonds. Total fundraising of ¥4.49 billion with maximum dilution of 292.93% scheduled for March 16, 2026.

Religare Enterprises (RELIANCE.NS (IN) · Mkt Cap: $215.2B · EV: $244.0B)
Financial services holding company with insurance and healthcare businesses
Religare Enterprises is likely to announce the demerger and spin-off of its insurance arm Care Health Insurance as a separate listed entity. The health insurance arm is valued at around Rs 16,000 crore, with Religare holding 64% stake. This would be the first major corporate move by new promoters Burman family after taking control in February 2025.

Saikaya Co., Ltd. (8254.T (JP) · Mkt Cap: $14M · EV: $61M)
Japanese department store operator running retail locations across Japan
Saikaya announced the issuance of new shares through third-party allocation and the first series of stock acquisition rights with exercise price adjustment clauses. The company is also holding an extraordinary shareholders’ meeting as indicated by recent filings.

San Leon Energy (SLE.L (INTL) · Mkt Cap: None · EV: None)
Oil and gas exploration and production company
San Leon Energy faces a winding-up petition from Brightwaters Energy over US$16.6 million in unpaid debts after third-party financing fell through. The Irish High Court refused San Leon’s application to restrain the petition, and the company’s London AIM listing has been suspended with three consecutive years of failed annual returns.

Sentoria Group Bhd (SENTORIA.KL (MY))
Malaysian public company
Court will deliver winding up decision on March 17, 2026. This involves a potential liquidation proceeding for the Malaysian public company.

Simandhar Impex Limited (SIMANDHAR.BO (IN) · Mkt Cap: $4M)
Operates jewelry and trading business
Completed demerger of jewelry business effective October 17, 2025, with resulting company shares listed on BSE December 22, 2025. Shareholders received 3 equity shares in resulting company for every 10 shares held. Paid-up equity capital increased to ₹305.69 lakhs from ₹1.00 lakh.

Singapore Paincare Holdings Limited (1X0.SI (SG))
Healthcare services company operating pain management and dermatology clinics
Singapore Paincare announced creditors’ voluntary winding-up of 51% owned subsidiary Dermatology & Laser Specialist Clinic due to inability to continue business. Joint provisional liquidators from Deloitte were appointed February 2, 2026, with EGM and creditors’ meetings to follow.

SKF India (SKFINDIA.NS (IN) · Mkt Cap: $957M · EV: $874M)
Manufacturer of bearings, seals, and lubrication systems for industrial and automotive applications
SKF India Limited completed a demerger of its Industrial Undertaking effective October 1, 2025, with the new entity SKF India (Industrial) Limited listing on December 5, 2025. Post-demerger consolidated revenue declined 58.7% YoY to ₹13,090.6 Mn for 9M FY26, while PAT decreased 21.7% to ₹2,857.0 Mn.

Skyworth Group (00751.HK (INTL) · Mkt Cap: None · EV: None)
Chinese home appliance manufacturer producing televisions, air conditioners, and solar energy equipment
Skyworth announced a delisting plan combined with a spinoff of its solar power subsidiary Shenzhen Skyworth Photovoltaic Technology (70% owned). Shareholders will receive 0.3699779 shares of the solar subsidiary per Skyworth share, plus can choose either HK$4.03 cash or retain non-listed Skyworth shares in a privatization. The total value offer represents approximately 96% premium to pre-announcement stock price.

Spirit Airlines (SAVEQ (INTL) · Mkt Cap: None · EV: None)
Low-cost airline operating domestic and international flights
Spirit Airlines is in takeover talks with alternative investment firm Castlelake while navigating Chapter 11 bankruptcy proceedings filed in August 2025. The airline secured additional $50M funding in December and is exploring both standalone reorganization and strategic transaction options with creditors.

Stellantis (STLA (US) · Mkt Cap: $21.0B · EV: $31.3B)
Multinational automotive manufacturer producing cars under brands including Jeep, Ram, Dodge, and Peugeot
Stellantis announced a €22 billion business reset charge, suspended its 2026 dividend, and plans to raise up to €5 billion through hybrid bonds while pulling back from aggressive EV transition plans. The company is divesting its 49% stake in NextStar Energy joint venture to LG Energy Solution and targeting mid-single-digit revenue growth for 2026. Stock plunged 27% in European trading following the announcement.

Summi (Group) (N/A (HK) · Mkt Cap: N/A · EV: N/A)
Hong Kong-listed investment holding company
Hong Kong-listed Summi (Group) obtained court reprieve until May 4 for winding-up hearing after restructuring debt from $12.6 million to $10.9 million with most lenders. One holdout lender (Hua Nan Commercial Bank) tied to $1.7 million principal has not signed on, keeping liquidation risk alive.

T2 Biosystems, Inc. (TTOO (US) · Mkt Cap: $42,068 · EV: $17M)
Diagnostic medical device company focused on sepsis detection technology
T2 Biosystems announced intent to wind down operations following workforce reductions and Nasdaq delisting. Company had previously laid off substantially all employees in February 2025 and now trades OTC after being delisted from Nasdaq.

The Cannabist Company (CBSTF (UN) · Mkt Cap: $22M · EV: $445M)
Cannabis operator with retail and cultivation operations
The Cannabist Company entered a forbearance agreement with noteholders holding >75% of its senior secured notes after missing December 31, 2025 interest payments. The forbearance runs until February 17, 2026 while the company explores strategic alternatives including additional asset sales following its recent Virginia asset sale.

The Estée Lauder Companies Inc. (EL (US) · Mkt Cap: $36.0B · EV: $42.3B)
Global cosmetics and beauty products company manufacturing and marketing skincare, makeup, and fragrance
Estée Lauder confirmed a business restructuring plan involving 5,800-7,000 job cuts and $1.2-1.6 billion in restructuring costs, while raising full-year EPS guidance to $2.05-2.25. Stock dropped 21.27% to $94.17 despite beating Q2 earnings expectations. Management expects business recovery with first sales growth in 4 years and operating profit expansion in FY26.

TIAN RUIXIANG Holdings Ltd (TIRX (CH) · Mkt Cap: $21M · EV: None)
Chinese consumer goods and retail company
Nasdaq has moved to delist TIAN RUIXIANG after the stock traded below $1.00 for 30 consecutive business days. The company is not eligible for the usual 180-day grace period due to a recent reverse stock split and has requested a hearing to appeal the delisting decision.

Toyo Engineering Corporation (6330.T (JP) · Mkt Cap: $2.3B · EV: $2.0B)
Engineering and construction services for industrial plants
Toyo Engineering reported a 4.2 billion yen operating loss in H1 FY2026 due to cost overruns in Brazil and domestic projects. However, the company’s order intake surged approximately 2.5x year-over-year, indicating strong future revenue pipeline.

Twin Hospitality Group Inc. (TWNP (US) · Mkt Cap: $22M · EV: $573M)
Restaurant operator of Twin Peaks and Smokey Bones brands
Twin Hospitality filed voluntary Chapter 11 bankruptcy petitions to deleverage its balance sheet and strengthen its capital structure. The company’s Twin Peaks and Smokey Bones restaurant brands will continue operating normally during the restructuring process.

Ubisoft Entertainment SA (UBI.PA (FR) · Mkt Cap: $642M · EV: $2.3B)
Video game publisher and developer known for franchises including Assassin’s Creed, Far Cry, and Tom Clancy titles
Ubisoft has cancelled multiple games including Assassin’s Creed League, a multiplayer co-op spin-off set in feudal Japan that was planned for playtesting later this year. This follows recent cancellations of other projects including the Prince of Persia remake.

Vedanta Ltd (VEDL.NS (IN) · Mkt Cap: $29.1B · EV: $39.5B)
Diversified metals and mining company with oil & gas operations
Vedanta plans to complete its demerger by April 1, 2026, spinning off four businesses (steel/ferrous metals, oil & gas, aluminium, and power) as separate public companies by mid-May 2026. The base metals unit will remain with the parent company. The restructuring received approval from India’s company law tribunal in December 2025.

Veranda Learning Solutions (VERANDA.NS (IN) · Mkt Cap: $205M · EV: $226M)
Educational services company providing test preparation and vocational training programs
Veranda Learning filed a demerger scheme with NCLT Chennai to spin off its Commerce Education business into a new publicly listed entity called J.K. Shah Commerce Education Limited. The scheme received no adverse observations from NSE and BSE, and will consolidate brands like J.K. Shah Classes and BB Virtuals under the new entity with Prof. J.K. Shah as chairman.

Watahan Holdings (3199.T (JP) · Mkt Cap: $179M · EV: $330M)
Construction and real estate development company
Soya Wood Power, a biomass power plant operator with ¥4.6 billion in liabilities and connections to Watahan Holdings, received a special liquidation order from Nagano District Court. Watahan served as sponsor for the restructuring of related company Soyano Kenzai that filed for civil rehabilitation in August 2023.

Ørsted (ORSTED.CO (DK) · Mkt Cap: $29.6B · EV: $23.9B)
Danish renewable energy company focused on offshore wind development
Ørsted is selling its entire European onshore business to Copenhagen Infrastructure Partners for $1.7 billion, with Q2 2026 closing expected. This completes a $7.3 billion divestment program during 2025-2026, following a $9.35 billion rights issue to strengthen its balance sheet.

Management Changes (3)

American Airlines (AAL (US) · Mkt Cap: $10.1B · EV: $40.5B)
Major U.S. airline operating domestic and international passenger and cargo services
CEO Robert Isom faces mounting pressure from the board and investors due to persistent underperformance versus Delta and United Airlines. Board members have reportedly set internal performance benchmarks that could trigger leadership discussions if not met. Several activist funds are reportedly building positions and conducting due diligence on the company.

DT Midstream, Inc. (DTM (US) · Mkt Cap: $12.8B · EV: $16.2B)
Natural gas pipeline and midstream infrastructure operator
CEO David Slater elected Executive Chairman effective January 28, 2026, replacing Robert Skaggs Jr. who remains on the board. COO Christopher Zona promoted to President while retaining his COO responsibilities.

The Walt Disney Company (DIS (US) · Mkt Cap: $191.6B · EV: $231.1B)
Media and entertainment conglomerate operating theme parks, streaming services, and content production
Josh D’Amaro, chairman of Disney Experiences, is emerging as the preferred candidate to replace CEO Bob Iger when his contract expires in 2026. Activist investor Nelson Peltz is signaling support for D’Amaro’s candidacy. D’Amaro leads Disney’s most profitable division, which generated over $32 billion in revenue in fiscal 2023.

Other Situations (96)

29Metals Limited (29M.AX (AU) · Mkt Cap: $554M · EV: $497M)
Copper and zinc mining company
29Metals filed for a A$149.78 million rights issue, issuing 374,440,276 ordinary shares at A$0.40 each under a Regulation S structure with ex-dividend date of January 21, 2026. The capital raise aims to strengthen the balance sheet and fund operations at key mining assets as the company works toward sustainable profitability.

ACEN Corp (ACEN.PS (INTL) · Mkt Cap: None · EV: None)
Ayala group’s renewable energy platform
ACEN Corp is considering proceeding with its previously postponed P30 billion stock rights offering in the second half of 2026. The company had originally planned the SRO for September 2025 at a floor price of P2.30 per share but delayed it due to revised capex schedules across Southeast Asian markets, with over P80 billion earmarked for large-scale energy projects in 2026.

ACG Metals Limited (ACG.L (UK) · Mkt Cap: $480M · EV: $503M)
Mining company focused on copper exploration and development projects
ACG Metals issued new ordinary shares under its Value Creation Plan (VCP) following strong performance that saw share price rise from US$6 to US$15.06, increasing market cap from $105M to $343M. The company is issuing 249,561 VCP shares to management and 42,030 shares from warrant exercises, bringing total shares to 23,079,351.

Actelis Networks (ASNS (UN) · Mkt Cap: $4M · EV: $103,022)
Networking technology company providing cyber-hardened networking solutions over existing copper infrastructure
Actelis Networks received a delisting notice from Nasdaq for failing to maintain the $1.00 minimum bid price for 30 consecutive business days. The company is ineligible for a compliance period due to a recent 1-for-10 reverse split on November 18, 2025, and plans to request a hearing to stay the delisting action.

Adani Enterprises Ltd (ADANIENT.NS (IN) · Mkt Cap: $31.9B · EV: $40.1B)
Indian conglomerate with interests in energy, commodities, real estate and transportation infrastructure
Adani Airport Holdings will begin Phase 2 expansion of Navi Mumbai International Airport after monsoon 2025, increasing capacity from 20 million to 60-65 million passengers by 2029-30. AAHL is planning Rs 1 lakh crore investment over 5 years and preparing for potential demerger or IPO between 2027-2030.

Advanced Info Service (ADVANC.BK (TH) · Mkt Cap: $35.1B · EV: $39.9B)
Thailand’s largest mobile telecommunications operator
Advanced Info Service declared a total dividend of THB 34.30 per share, including a one-time special dividend of THB 19 per share totaling THB 56 billion payout. The special dividend pushes FY2025 dividend yield to 10%.

AI Storm (3719 (INTL))
Japanese artificial intelligence and technology company
AI Storm announced the monthly exercise status of its 10th series stock warrants with exercise price adjustment provisions that were issued through third-party allocation.

AIM ImmunoTech Inc. (AIM (US) · Mkt Cap: $4M · EV: $3M)
Biotechnology company developing immunotherapy treatments for viral infections and cancer
AIM ImmunoTech announced changes to key dates for its previously announced rights offering expected to raise $12 million in gross proceeds. The subscription period will run from February 11-27, 2026, with an over-subscription privilege available and company leadership indicating non-binding intent to participate in the offering.

Alpha DX Group Limited (42F.SI (SI) · Mkt Cap: $28M · EV: $27M)
Singapore-listed company in compulsory liquidation
Alpha DX Group Limited remains in compulsory liquidation with no material developments reported in January 2026 monthly update. Joint liquidator confirmed no changes in liquidation proceedings, asset status, or circumstances affecting shareholder value while company continues trading on SGX Catalist under liquidation status.

Alzinova AB (ALZIN.ST (INTL))
Swedish biopharmaceutical company developing Alzheimer’s disease treatments
Alzinova published a prospectus for a rights issue of units with subscription period from February 6-20, 2026, and record date February 4, 2026.

Amazon.com Inc (AMZN (US) · Mkt Cap: $2.3T · EV: $2.3T)
E-commerce, cloud computing, and digital services platform
Amazon Game Studios announced February 2026 free game lineup for Amazon Luna service available to Prime members. The lineup includes RPG shooter ‘Wonderlands ~Tiny Tina and the Magical World’ and strategy game ‘Total War: ATTILA’ among others, distributed throughout February on various gaming platforms.

AmpliTech Group (AMPG (UN) · Mkt Cap: $80M · EV: $59M)
RF amplifier and microwave technology solutions provider
Received Nasdaq approval to list Series A and B Rights for trading beginning February 3, 2026 under symbols AMPGR and AMPGZ. Series A Rights have $5 subscription price expiring July 18, 2026, while Series B Rights have $6 subscription price expiring November 20, 2026.

Anebulo Pharmaceuticals (ANEB (UN) · Mkt Cap: $37M · EV: $27M)
Biotech company developing neurological and psychiatric disorder treatments
Anebulo Pharmaceuticals completed a voluntary self-tender offer to purchase 300,000 shares at $3.50 per share for $1.05 million total. The offer was significantly oversubscribed with 4.9 million shares tendered, resulting in a 3.5% proration factor for acceptance.

Apartment Investment & Management Co (AIV (US) · Mkt Cap: $839M · EV: $1.6B)
Real estate investment trust focused on apartment properties
The board approved a plan for sale and liquidation, with Morgan Stanley engaged as lead financial advisor in December 2024. The plan involves selling all company assets and dissolving the company, with supplemental disclosures added to the definitive proxy statement.

Arcos Dorados Holdings Inc. (ARCO (US) · Mkt Cap: $1.7B · EV: $3.5B)
Latin America McDonald’s franchise operator
Arcos Dorados B.V. launched a $150 million cash tender offer for its 6.125% Sustainability-Linked Senior Notes due 2029, with tender deadline of February 12, 2026. BofA Securities is acting as dealer manager for the transaction.

ARKO (ARKO (US) · Mkt Cap: $749M · EV: $3.1B)
Convenience store operator and fuel distributor
ARKO is spinning off its fuel distribution subsidiary ARKO Petroleum in an IPO planned to raise $200 million at an $865 million market cap. ARKO Petroleum distributes fuel to about 3,500 sites and delivered 1.5 billion gallons in the nine months ended September 30, 2025.

ARKO Petroleum (APC (INTL))
Fuel distributor delivering to about 3,500 sites under long-term agreements
ARKO Petroleum, a subsidiary of ARKO Corp (NASDAQ: ARKO), plans to raise $200 million at an $865 million market cap through an IPO. The company delivered 1.5 billion gallons in the nine months ended September 30, 2025.

Array Digital Infrastructure (AD (US) · Mkt Cap: $4.0B · EV: $4.9B)
Digital infrastructure and spectrum licensing company
Array Digital Infrastructure completed a $1.018 billion sale of spectrum licenses to AT&T and declared a $10.25 per share special cash dividend tied to the transaction. Despite this corporate action, the stock has declined 20.5% in one day and 17.09% over seven days, with shares last closing at $47.92.

ArrowMark Financial Corp. (BANX (US) · Mkt Cap: $164M · EV: $207M)
Business development company
ArrowMark Financial announced a transferable rights offering allowing shareholders of record on January 22, 2026 to purchase one new share for every three rights held, targeting up to 2,604,156 new common shares. The company appointed UBS Securities as dealer manager, Equiniti Trust Company as subscription agent, and EQ Fund Solutions as information agent.

Asia Pacific Wire & Cable Corporation Limited (APWC (TA) · Mkt Cap: $36M · EV: $109M)
Wire and cable manufacturing company
APWC completed a rights offering for 20.6 million common shares, with 88.11% subscribed raising $30.2 million in gross proceeds. The remaining 11.89% of unsubscribed shares will be offered to eligible investors through February 20, 2026 at no less than the original subscription price.

AstraZeneca PLC (AZN (US) · Mkt Cap: $289.5B · EV: $168.2B)
Pharmaceutical company
AstraZeneca is terminating its ADR program and implementing direct listing of ordinary shares on NYSE, effective February 2, 2026. All outstanding ADRs will be mandatorily cancelled and converted to ordinary shares, forcing liquidation of the Precidian AstraZeneca ADRhedged fund.

Autohome Inc. (ATHM (US) · Mkt Cap: $2.6B · EV: $-10,274,907,136)
Online automotive marketplace and media platform in China
Autohome announced a special dividend to be paid February 19th to shareholders of record as of December 31st. Institutional investors including Federated Hermes, Invesco and Schroder Investment Management Group increased their holdings in Q3.

Barrick Gold (GOLD (US) · Mkt Cap: $1.4B · EV: $2.0B)
Gold mining company with operations in North America, Africa, and South America
Barrick Gold is spinning off its North American gold assets (Nevada and Dominican Republic interests) into a separate publicly traded company, with assets worth up to $62 billion. Barrick will sell a minority stake but retain significant control, with the new listing expected to be completed by late 2026.

Boss Holdings, Inc. (BSHI (US) · Mkt Cap: $23M · EV: $4M)
Pet supplies and promotional products company through Boss Pet Products and Galaxy Balloons subsidiaries
Boss Holdings announced a special cash dividend of $1.00 per share, payable to shareholders of record on February 16, 2026, with payment on February 27, 2026.

Capgemini (CAP.PA (FR) · Mkt Cap: $24.3B · EV: $31.7B)
Global IT consulting and professional services company
Capgemini announced it will divest its U.S. subsidiary Capgemini Government Solutions (CGS), which holds contracts with U.S. Immigration and Customs Enforcement (ICE). The divestiture follows employee, lawmaker, and investor backlash after ICE agents shot two civilians in Minnesota. CGS represents only 0.4% of Capgemini’s 2025 revenue.

Cascades Inc. (CAS.TO (CA) · Mkt Cap: $954M · EV: $2.5B)
Paper and packaging products manufacturer
Cascades announced the sale of its Richmond, British Columbia corrugated packaging plant to Crown Paper Group for $65.5 million including real estate assets, subject to working capital adjustments and assumption of certain liabilities. The transaction is expected to close in the coming days and is part of Cascades’ strategy to optimize operations and reduce debt.

Cell Impact AB (CI.ST (SE) · Mkt Cap: $6M · EV: $7M)
Swedish company developing forming and flow plate technology for fuel cells
Cell Impact is conducting a rights issue where shareholders receive one subscription right per share held, allowing them to subscribe for new shares at SEK 0.13 per share. The rights issue is approximately 60% covered by subscription and guarantee commitments, with subscription period running February 6-20, 2026.

Centaur Media plc (CAU.L (UK) · Mkt Cap: $89M · EV: $77M)
Media and information services company
Centaur Media is conducting a £64 million share buyback and delisting from the London Stock Exchange. Shoosmiths is advising on the transaction.

Comcast Corporation (CMCSA (US) · Mkt Cap: $114.5B · EV: $194.9B)
Media and telecommunications conglomerate
Comcast has completed the spin-off of Versant Media Group as part of broader strategic repositioning efforts. The company is focusing on connectivity and high-margin media while implementing customer retention measures including pausing near-term internet price hikes and expanding its Xfinity Membership loyalty program.

Condor Energies (COP.V (INTL) · Mkt Cap: None · EV: None)
Oil and gas exploration and production company
Announced the sale of its Turkish gas field assets (Poyraz Ridge and Destan licenses) for a 10-year gross overriding royalty (0-15% depending on production volumes, capped at $10M) plus €18,000 cash. The transaction is subject to Turkish government approvals and includes minimum work commitments from the buyer.

Cornerstone Bancorp, Inc. (CNBP (UN) · Mkt Cap: $148M · EV: None)
Community bank holding company
Cornerstone Bancorp declared a special dividend of $2.75 per share to shareholders of record as of February 9, 2026, payable February 13, 2026. The dividend represents a 25% payout of unaudited 2025 earnings and was declared after considering the bank’s capital requirements and current banking environment.

Corpay (CPAY (US) · Mkt Cap: $25.0B · EV: $32.4B)
Corporate payments and expense management solutions provider
Corpay announced the sale of its non-core PayByPhone mobile parking payments division to private equity firm Lightyear Capital, expected to close by Q2 2026. The company reported strong Q4 results with 21% revenue growth and issued 2026 guidance projecting 16% revenue growth at midpoint.

CPI Property Group (CPIPG.L (INTL))
European real estate investment company
CPI Property Group completed a tender offer to repurchase approximately EUR 463.5 million of outstanding senior notes across multiple series. The company accepted all validly tendered 2029 Notes and CPIE Notes, applied a 76.8% scaling factor to 2027 Notes, and rejected all 2028 Notes tenders.

Docebo Inc. (DCBO (US) · Mkt Cap: $569M · EV: $501M)
Learning management system software provider
Docebo announced a substantial issuer bid to repurchase up to $60 million of common shares at $20.40 per share, representing approximately 10.23% of outstanding shares. The company will fund the buyback through $30M cash and $30M credit facility drawdown, with major shareholder Intercap (56.6% owner) not participating in the tender offer.

Dorian LPG Ltd. (LPG (US) · Mkt Cap: $1.4B · EV: $1.8B)
Liquefied petroleum gas shipping company
Dorian LPG announced a special dividend of $0.70 per share on January 30th, with a record date of February 9th and payment date of February 24th. Recent insider activity includes CEO purchasing 15,000 shares at $27.30 and an insider selling 25,000 shares at $28.85.

Empire Petroleum Corporation (EP (US) · Mkt Cap: $107M · EV: $114M)
Independent oil and gas exploration and production company
Empire has commenced a subscription rights offering to raise up to approximately $6.0 million. Existing shareholders receive one right per share held as of February 2, 2026, with each right allowing purchase of 0.057 shares at $2.99 per whole share. The largest shareholder Energy Evolution Master Fund and Chairman Phil E. Mulacek have indicated intent to fully participate.

Ethos Technologies (LIFE (US) · Mkt Cap: N/A · EV: $556M)
Digital life insurance platform
Ethos Technologies completed its Nasdaq IPO, pricing at $19 per share and raising $200 million at a $1.3 billion valuation. Shares declined 11.4% on debut day to close at $16.84, representing a significant discount to its 2021 private valuation of $2.7 billion.

Fairchem Organics Limited (FAIRCHEN.BO (INTL) · Mkt Cap: N/A · EV: N/A)
Chemical manufacturing company
Fairchem Organics completed buyback of 425,000 shares via tender offer, reducing total share count from 1.30 crore to 1.26 crore shares. The buyback increased promoter shareholding from 61.19% to 63.26%.

First Commerce Bancorp, Inc. (CMRB (UN) · Mkt Cap: $152M · EV: $295M)
Regional bank holding company
First Commerce Bancorp announced a tender offer to repurchase up to 3 million shares at $7.00 per share, running from January 28 to February 27, 2026. The offer is intended to provide liquidity for long-term shareholders who have held shares for extended periods.

Forgent Power Solutions, Inc. (FPS (US) · Mkt Cap: $7.8B)
Power solutions company
Forgent Power Solutions completed its IPO on the NYSE under ticker FPS, with shares priced at $27.00. The offering consisted of 39.4M shares sold by existing shareholders (Neos Partners entities) and 16.6M new shares, with trading beginning February 5, 2026.

Gateway Distriparks Limited (GATEWAY.NS (IN) · Mkt Cap: $335M · EV: $423M)
Indian logistics company providing container freight station and inland container depot services
Gateway Distriparks reported strong revenue and profit growth year-over-year and declared both special and interim dividends. The company expanded its segment reporting following the acquisition of Snowman Logistics, which also boosted prior period results.

Generation Income Properties (GIPR (US) · Mkt Cap: $3M · EV: $105M)
Real estate investment company
Nasdaq denied Generation Income Properties’ plan to regain compliance with stockholders’ equity requirements. Trading will be suspended on February 17, 2026 unless the company appeals by February 12, 2026, which they intend to do.

Genus Power Infrastructures (GENUSPOWER.NS (IN) · Mkt Cap: $886M · EV: $935M)
Power infrastructure and smart metering solutions company
The company is executing a spin-off (demerger) with ex-date February 6, 2026 and record date February 6, 2026.

Godawari Power and Ispat (GPIL.NS (IN) · Mkt Cap: $1.8B · EV: $1.7B)
Indian steel and power company with integrated manufacturing operations
Godawari Power & Ispat approved setting up a 250 MWp solar power plant in Chhattisgarh with ₹7.50 billion investment to supply power to upcoming cold rolling mill and existing steel plant. Company also approved acting as specific investor in DGML rights issue with option to take up undersubscribed portions up to 100%.

Gol Linhas Aereas Inteligentes (GOLL4.SA (INTL) · Mkt Cap: N/A · EV: N/A)
Brazilian airline company
Brazil’s securities regulator approved a tender offer to delist Gol Linhas Aereas Inteligentes from the stock exchange in a going-private transaction.

Gulf Energy Development Public Company Limited (GULF.BK (TH) · Mkt Cap: $23.6B · EV: $34.7B)
Power generation company with renewable and conventional energy assets in Thailand and Southeast Asia
GULF’s board will meet February 17 to propose dividend payments for 2025, with potential special dividend after receiving over THB 30 billion in regular and special dividends from ADVANC shareholding. The special dividend could boost GULF’s cash position to around THB 90 billion from THB 53 billion.

Helios (4593.T (JP) · Mkt Cap: $286M · EV: $261M)
Stem cell regenerative medicine biotechnology company
Helios announced a third-party allocation of new shares (19.275 million shares at ¥325/share on Feb 13) and warrants (963,750 shares at ¥390 exercise price) to investment fund Athos Asia Event Driven Master Fund and others. The company will raise approximately ¥9.8 billion to fund development of stem cell regenerative medicine pipeline HLCM051, with maximum dilution of 24.98%.

Hennessy Capital Investment Corp. VIII (HCICU (US))
SPAC targeting industrial technology and energy transition sectors for acquisition
Hennessy Capital Investment Corp. VIII completed a $241.5 million SPAC IPO, selling 24.15 million units including overallotment. The SPAC is targeting industrial technology and energy transition sectors for acquisition.

Hindustan Zinc Limited (HINDZINC.NS (IN) · Mkt Cap: $32.9B · EV: $33.4B)
Zinc, lead and silver mining and smelting operations
Vedanta Limited is conducting an oversubscribed offer-for-sale of Hindustan Zinc shares, increasing the total offering to 4.76 crore shares (1.13% of paid-up capital) from the original 3.35 crore shares. The OFS includes an oversubscription option of 1.41 crore additional shares, with 10% reserved for retail investors.

HOOKIPA Pharma Inc. (HOOK (UN) · Mkt Cap: $13M · EV: $-27M)
Biotechnology company developing immunotherapies for infectious diseases and cancers
HOOKIPA is selling its immuno-oncology assets, including HB-200 and HB-700 development programs, to NeoTrail Therapeutics for an undisclosed amount. The asset purchase agreement was signed January 28, 2026, with closing expected in Q2 2026 subject to customary conditions.

Impax Environmental Markets (IEM.L (UK) · Mkt Cap: $1.1B · EV: None)
Environmental markets investment trust
Impax Environmental Markets published details of its Saba-focused 100% tender offer this week. The trust currently trades at a 6.9% discount to NAV.

Indowind Energy Limited (532894.BO (INTL) · Mkt Cap: N/A · EV: N/A)
Renewable energy company focused on wind power
Indowind Energy announced board approval for increasing authorized share capital from ₹175 crore to ₹275 crore, raising overseas funding of up to USD 70 million for bond restructuring and expansion, and increasing borrowing powers to ₹1,500 crore. The company also approved investments in subsidiaries and up to 20% equity stake in Everon Power Limited (₹57.80 crore).

JHD (2721 (JP) · Mkt Cap: N/A · EV: N/A)
Japanese business services company
JHD announced the issuance of 10th series convertible bonds with exercise price adjustment provisions and 11th series convertible bonds through third-party allocation, along with entering into a repurchase agreement for the warrants. The stock fell 11.05% following the announcement.

Keppel (BN4.SI (SI) · Mkt Cap: $16.5B · EV: $23.8B)
Conglomerate with interests in offshore marine, property development, and asset management
Keppel Ltd. proposes special dividend of 2 cents cash plus 1 Keppel REIT unit for every 9 shares held, distributing ~200.2 million KREIT units (4.1% of total) to shareholders with record date April 28, 2026. This reflects Keppel’s strategy to return 10-15% of gross proceeds from S$1.6 billion asset monetization completed in FY2025.

KONGSBERG (KOG.OL (NO) · Mkt Cap: $30.3B · EV: $28.5B)
Technology and defense company providing maritime, defense and aerospace systems
KONGSBERG will present Q4 2025 results on February 6th, 2026, followed by deep-dive presentations on the previously announced demerger of Kongsberg Maritime from the parent company. Separate presentations will detail both the maritime division and the combined defense/aerospace entity remaining.

Letshego Holdings Limited (LET.BW (INTL) · Mkt Cap: N/A · EV: N/A)
Pan-African financial services provider
Letshego Ghana reported 89% profit growth to GHS 85.979 million in 2025, with total assets up 18.5% to GHS 1.788 billion and customer deposits surging 79%. The parent company has emphasized restructuring efforts in West African operations to unlock shareholder value.

Levitee Labs Inc. (LVT (US) · Mkt Cap: None · EV: None)
Psychedelics and wellness company
Levitee Labs Inc. is being delisted from the Canadian Securities Exchange at market close on January 26, 2026. The company has been suspended since 2023 according to CSE Bulletin 2023-0203.

Lifecare AS (LFC0.DE (INTL) · Mkt Cap: N/A · EV: N/A)
Medical sensor technology company
Lifecare ASA issued 12 million new shares at NOK 0.50 per share as underwriting commission following a partially underwritten rights issue, raising NOK 1.2 million in additional share capital. The company also issued 18 million warrants in two series with exercise windows in March and June 2026.

Lifecare ASA (LFC0.DE (INTL) · Mkt Cap: None · EV: None)
Medical technology company developing glucose monitoring sensors
Issued 12 million new shares at NOK 0.50 per share as underwriting commission following a partially underwritten rights issue, raising NOK 1.2 million in share capital. The company also issued 18 million warrants in two series with exercise windows in March and June 2026.

Lionsgate Entertainment Corp (LGF-A (US) · Mkt Cap: None · EV: None)
Entertainment company producing and distributing films and television content
Lionsgate reported Q3 fiscal 2026 results as a standalone company after spinning off Starz streaming platform. Revenue rose to $724.3 million vs $628.2 million year-over-year, though net loss widened to $46.2 million. Management discussed potential participation in industry consolidation.

LS Group (006260.KS (KR) · Mkt Cap: $4.2B · EV: $10.7B)
South Korean conglomerate with industrial and energy businesses
LS Group’s US magnet wire unit (Essex Solutions) is planning an IPO next year with an estimated corporate value of $1.4 billion. The unit supplies magnet wire to EV makers and represents a spin-off of assets from the South Korean conglomerate.

Marcventures Holdings Inc. (MARC.PS (INTL) · Mkt Cap: None · EV: None)
Mining and natural resources company
Marcventures announced a P400 million special cash dividend of P0.1327 per share, representing a 14.4% yield. The stock will trade ex-dividend on Feb. 13 with payment scheduled for March 10, sourced from P539.62 million in unrestricted retained earnings.

Meta Planet Inc. (3350 (INTL) · Mkt Cap: N/A · EV: N/A)
Investment company
Meta Planet announced a third-party allotment of new shares and 25th series stock acquisition rights. The stock dropped 4.82% to 434 yen following the announcement, and the company executed borrowing under a credit facility agreement.

METLEN (MTLN.L (UK) · Mkt Cap: $7.7B · EV: $11.4B)
Energy and metals company focused on renewable energy projects and industrial activities
METLEN agreed to sell a portfolio of seven UK solar projects totaling 283 MW capacity (143 MW operational, 140 MW under construction) to Schroders Greencoat. This is part of METLEN’s ongoing asset rotation program to crystallize value and redeploy capital into higher-growth opportunities.

Montage Technology (6809.HK (INTL) · Mkt Cap: N/A · EV: N/A)
World’s largest memory interconnect chip supplier
Montage Technology launched an H-share secondary listing on HKEx to raise US$902 million. The proposed A/H discount is 41.3% based on January 29 A-share price.

National Stock Exchange of India (NSE (pre-IPO) (INTL) · Mkt Cap: None · EV: None)
India’s largest stock exchange by trading volumes
India’s National Stock Exchange received SEBI approval (NOC) for its Initial Public Offering, clearing a crucial regulatory hurdle for the country’s largest stock exchange to go public. The IPO is positioned to enhance transparency and broaden ownership.

Nuveen Real Asset Income and Growth Fund (JRI (US) · Mkt Cap: $356M · EV: None)
Closed-end fund investing in real asset securities
Nuveen Real Asset Income and Growth Fund announced a 1-for-4 rights offering expiring March 9, 2026, allowing shareholders to purchase new shares at 95% of average market price (or 90% of NAV if formula price falls below 90% NAV). Rights will trade on NYSE under symbols ‘JRI RTWI’ and ‘JRI RT’, with all offering expenses paid by the adviser.

Once Upon a Farm (N/A)
Organic children’s food company co-founded by Jennifer Garner
Once Upon a Farm went public on NYSE at $18 per share, opening at $21 and closing at $21.05 (up 17%). The IPO raised $198 million with the company valued at $845 million.

Oracle Corporation (ORCL (US) · Mkt Cap: $482.5B · EV: $585.3B)
Enterprise software and cloud computing services provider
Announced plans to raise $45-50 billion in gross cash proceeds during 2026 through debt and equity financing to build additional data center capacity for cloud customers including Nvidia, Meta, OpenAI, AMD, TikTok and xAI. The stock rose 2% on the announcement despite having dropped 50% from its September peak.

Organic Potash Corporation (OPC (INTL) · Mkt Cap: None · EV: None)
Potash mining and development company
Organic Potash Corporation is being delisted from the Canadian Securities Exchange at market close on January 30, 2026. The company is currently suspended, with reference to a previous bulletin from 2024.

Pakistan Hotels Developers Limited (PHDL (INTL) · Mkt Cap: None · EV: None)
Pakistani hotel development company in liquidation
Pakistan Hotels Developers Limited liquidators report ongoing winding-up process with pending tax and legal cases including disputes with Saudi Arabian Airline. Liquidators have filed petition for extension of liquidation period and are seeking tax clearance certificate from Federal Board of Revenue to complete deregistration.

PB Financial Corporation (PBNC (UN) · Mkt Cap: $184M · EV: $191M)
Community banking and financial services company
PB Financial announced a one-time special cash dividend of $0.34 per share to shareholders of record as of February 11, 2026, payable February 26, 2026. The dividend is based on record 2025 earnings, with the company reporting $1.404 billion in total assets as of December 31, 2025.

Peakbirch Commerce Inc. (PKB (US) · Mkt Cap: $372M · EV: N/A)
E-commerce company
Peakbirch Commerce Inc. is being delisted from the Canadian Securities Exchange at market close on January 29, 2026. The company has been suspended since 2023 according to CSE Bulletin 2023-0512.

Pharma-Bio Serv, Inc. (PBSV (UN) · Mkt Cap: $12M · EV: N/A)
Pharmaceutical consulting services company
Pharma-Bio Serv announced a special dividend of $0.075 per share payable March 20, 2026 to shareholders of record February 27, 2026. The company reported $9.0 million in revenue for fiscal 2025 (down $0.5 million) but improved to a $0.1 million net loss (improvement of $0.7 million).

Pharmalundensis (None (None) · Mkt Cap: None · EV: None)
Swedish pharmaceutical research company
Pharmalundensis is conducting a rights issue with 2:3 terms (three existing shares entitle holder to subscribe for two new shares) at SEK 0.50 per share. Subscription period runs February 6-20, 2026, with subscription rights trading February 6-17.

PicPay (TBD (US) · Mkt Cap: None · EV: None)
Brazilian digital wallet and payments company with lending platform
PicPay is pursuing a US IPO as part of its credit strategy expansion. The company operates a wallet-centered payments and lending platform in Brazil and is looking to access US capital markets.

Presurance Holdings (PRHI (UN) · Mkt Cap: $9M · EV: $-35,642,988)
Insurance holding company (formerly Conifer Holdings)
Presurance Holdings announced a $14 million rights offering, issuing 14 million shares at $1.00 per share to existing common stockholders. Record date is set for February 6, 2026, with a prospectus supplement to be filed with the SEC.

Rare Element Resources Ltd. (REEMF (US) · Mkt Cap: $495M · EV: $400M)
Rare earth mining and processing company
Rare Element Resources commenced a rights offering to raise up to $30.9 million, offering shareholders 0.25 subscription rights per share. Each whole subscription right allows purchase of one common share at $0.24 per share, with the offering expiring March 4, 2026.

Realbotix Corp. (XBOT.V (CA) · Mkt Cap: $56M · EV: $51M)
Robotics and artificial intelligence technology company
Agreed to sell its Tokens.com domain portfolio to Bed Bath & Beyond for US$2.245 million in a non-core asset disposition. The transaction involves domain names including Tokens.com and related domains, with payment structured over three tranches through January 2027.

Reckitt Benckiser Group plc (RKT.L (UK) · Mkt Cap: $53.8B · EV: $68.2B)
Consumer health and hygiene products manufacturer
Reckitt Benckiser is executing a special dividend of 235p per share alongside a 24-for-25 share consolidation, going ex-dividend on Feb 2, 2026. Shareholders approved the corporate action at a general meeting on Jan 27.

Samsung Bioepis (207940.KS (KR) · Mkt Cap: $57.4B · EV: $57.1B)
Biosimilar pharmaceuticals development and manufacturing
Samsung Bioepis reported its first quarterly results following its spin-off from Samsung Biologics, with product revenues growing 28% in 2025. The company is now trading as an independent public entity after the corporate separation.

Source Capital Inc. (SOR (US) · Mkt Cap: $401M · EV: $401M)
Closed-end investment fund
Source Capital’s shares traded at average discount to NAV of less than 10% in 2025, reaching 1.20% premium by November 28, resulting in cancellation of planned contingent tender offer. Board extended discount management framework through 2027 with new contingent tender offer for 10% of shares at 98% of NAV if average discount exceeds 10% in 2027.

SpaceX (N/A (US) · Mkt Cap: N/A · EV: N/A)
Rocket launches and satellite internet services through Starlink
SpaceX is considering an IPO for mid-June 2026 at a $1.5tn valuation, seeking to raise $50bn. The company generates $15.5bn annual revenue. CFO Bret Johnsen has been meeting with existing private investors since December to explore the IPO timing.

State Bank of India (SBIN.NS (IN) · Mkt Cap: $108.7B)
India’s largest public sector bank
State Bank of India reported its highest-ever quarterly net profit with 24% YoY growth, beating Street expectations. The bank raised credit growth guidance from 12-14% to 13-15% for current financial year, with total business crossing ₹103 trillion and improved asset quality.

Sumitomo Mitsui Financial Group (8316.T (JP) · Mkt Cap: $135.6B · EV: -$146.8B)
Banking and financial services
SMBC Legal X is issuing stock options to directors tied to performance metrics, representing up to 10% of issued shares for 2 directors and linked to achieving objective financial targets. SMFG positions this as part of preparing SMBC Legal X for potential future IPO and governance strengthening.

Summit Royalties Ltd. (SUM.V (CA) · Mkt Cap: $92M)
Precious metals royalty company with portfolio of gold and silver royalties
Summit Royalties has built a portfolio of 47 royalties in under a year, growing from zero to generating cash flow. The company acquired its portfolio through strategic transactions including buying royalties from IAMGOLD for US$17.5M in cash and stock, completing an RTO with Eagle Royalties, and acquiring West Red Lake assets.

Sunway Construction Group Berhad (SUNCN.KL (INTL))
Construction and engineering company focusing on data center projects
Sunway Construction Group will release Q4 2025 results on February 23, 2026, with analysts expecting strong performance from data center project completions. The company holds an order book of RM5.4-6.7 billion and is targeting new orders of RM4.5-6 billion for FY26 from an RM18 billion tender pipeline.

Tandy Leather Factory, Inc. (TLF (US) · Mkt Cap: $26M · EV: $39M)
Leather crafting supplies retailer
Tandy Leather Factory declared a special cash dividend of $0.75 per share to be paid on February 24, 2026. The dividend amount exceeds 25% of the current market price, with ex-dividend date set for February 25, 2026.

The Carlyle Group Inc. (CG (US) · Mkt Cap: $21.3B · EV: $31.8B)
Private equity and alternative asset management firm
Carlyle Group announced plans to acquire Lukoil’s international assets (excluding Kazakhstan) as the Russian oil company divests its global portfolio by Feb. 28 deadline due to U.S. sanctions. Deal value was not disclosed and requires U.S. Treasury approval, with Lukoil continuing negotiations with other potential buyers.

The Western Investment Company of Canada Limited (WI.V (CA) · Mkt Cap: $99M · EV: $61M)
Insurance and investment holding company
Western sold its equity investment in GlassMasters ARG Autoglass for approximately $23.2 million, representing a 2.3x multiple of carrying value. The transaction provides additional capital for Western’s strategic transformation to deploy toward insurance investments.

Tialis (TILS.L (INTL) · Mkt Cap: None · EV: None)
IT services and solutions provider
MXC Distribution is liquidating and will distribute its entire 67.17% stake in Tialis to MXC shareholders as part of the liquidation process. This will significantly increase Tialis’ free float and liquidity on AIM.

Tialis Essential IT Plc (TIA.L (UK) · Mkt Cap: $34M · EV: $32M)
AIM-listed IT services company
MXC Capital Limited, holding 67.17% of Tialis, is entering voluntary liquidation and will distribute its entire Tialis shareholding to MXC shareholders as part of the liquidation process expected to complete March 2, 2026. This will significantly diversify Tialis’ shareholder base and increase free float on AIM. Niall O’Regan has been promoted to CEO with Ian Smith stepping down as Executive Director.

Travels & Rentals Limited ((INTL))
Indian travel and vehicle rental services company
Travels & Rentals Limited announced a rights issue of up to 1,12,02,685 equity shares at ₹15 per share, aggregating up to ₹1,680.40 lakh. The rights issue opens February 5, 2026 and closes March 6, 2026, with a 1:1 ratio offering 1 rights share for every 1 existing share.

White River Energy Corp. (OTC (INTL) · Mkt Cap: None · EV: None)
Energy company accused of promoting fake tribal tax credits
Senate Finance Committee ranking member Ron Wyden urged the SEC to delist the company, citing securities law violations and concealment of a federal criminal investigation. The company has failed to file required quarterly and annual reports for nearly two years, with DOJ and IRS investigating fake ‘tribal tax credits.’

Xerox Holdings Corporation (XRX (US) · Mkt Cap: $301M · EV: $4.8B)
Document technology and print services company
Xerox announced a pro-rata warrant distribution to shareholders on Feb 11, 2026, giving holders 1 warrant for every 2 shares owned. Each warrant allows purchase of 1 share at $8.00 exercise price with 2-year expiration, and can be exercised using cash or designated Xerox debt securities at face value to help reduce company leverage.

Zevra Therapeutics, Inc. (ZVRA (US) · Mkt Cap: $498M · EV: $366M)
Rare disease-focused biopharmaceutical company
Delaware Chancery Court ruled that Zevra Therapeutics’ grant of a lien on a license agreement as collateral for a loan constituted an “assignment” and “transfer” under the license terms, triggering procedural rights of first refusal and negotiation for Commave. The court found that despite security interests generally not being considered transfers, the broad definition in the license agreement indicated intent to treat security interests as payment assignments.

Quick Pitch #25

Clark Square Capital — Wed, 28 Jan 2026 03:24:16 GMT

Hello Ultimate Value readers,

I am back with a new idea.

This is a stock I’ve been watching for a while, and a recent corporate action has brought it to the top of the pipeline. Now, it’s a timely event-driven idea.

This is a good asset that is likely to be taken out near term at a very nice premium. If I am wrong, you get a shot to buy a good asset at a very reasonable valuation.

Liquidity is good at ~$2.5 million USD per day.

Let’s take a look.

2025: A Year in Review

Clark Square Capital — Wed, 14 Jan 2026 22:28:08 GMT

Thank you to my readers

Dear Ultimate Value readers,

I wanted to take a moment to express my gratitude for your support.

I am flattered that people choose to read (and pay!) for my work. And for that, I am beyond grateful.

Thank you again for your support and for being part of the Ultimate Value community.

Sincerely,

Clark Square Capital

Odds & ends

Before we get into the performance review, I wanted to mention a few things:

Check out the most recent idea: If you missed it, I published a new idea in mid-December. Be sure to read it here.
Trials: I think it’s important for my readers to be happy with the content before they subscribe. For this reason, trials are still available upon request. Email me from your work email, and I will set you up.
Chat feature: I encourage you to check it out if you haven’t already (link below).
Share your ideas: Lastly, if you have an exciting off-the-radar investment idea, you can pitch it to me. If I end up writing it up, I will give you credit for the idea and a free one-year subscription. I would love to hear your ideas, so please email me at info@clarksquarecapital.com.

Performance

In 2025, I published 12 actionable ideas and covered numerous updates for existing positions.

Our performance for the 2025 ideas was underwhelming. The average idea shared in 2025 returned 32%, while the average loser lost 16%. Across all names, our stocks were up ~9% for the year. [Note: these numbers are as of today, since I am relying on Google Data for its ease of use/simplicity. If looking at a hard 2025 stop, performance would be slightly worse.]

2025 was a challenging year. I felt out of lock-step with the market for most of the year. In my own account, I made too many mistakes. I spent too much time focused on the macro and on headlines, instead of focusing on what I’m good at: turning over rocks. I hope to change that in the coming year.

Historical performance, however, remains solid. Across all three years of writing this Substack, 66% of ideas shared have had positive returns — the average winner has returned 55%, and the losers have lost 21% on average. The average holding period has been roughly a year (340 days). Across all ideas, the average return has been 44%. Overall returns have been good thus far.

With that said, let’s take a look at some highlights for this year.

The most significant performance detractors this year include:

Spiderplus (Japan: 4192) — I wrote up Spiderplus back in May. The stock is down ~40%. The company’s results have been disappointing over the past several quarters as revenue growth has decelerated from ~30% to a high-teens rate (ARR decelerated to a low DD rate) due to prolonged sales cycles and a front-loading of customer guidance/education ahead of new service launches.
Similarweb (US: SMWB) — I wrote up Similarweb back in February (for the second time). The stock is down ~36% since. SMWB had a very strong Q2 report with accelerating top-line, but followed with a weaker Q3 (decelerating to ~11% growth from 17% in Q2). The SaaS space has also de-rated significantly due to fears that AI will disrupt or commoditize the industry.
Magnera (US: MAGN) — I wrote up MAGN back in October of last year, before the merger of GLT/BERY was completed. The stock has not worked out well so far — it’s down 36% from where I pitched it. Since the companies merged, MAGN has faced a more challenging fundamental backdrop, with declining volumes and pricing pressures, although free cash flow generation has been better, and the company has reduced leverage to 3.8x turns.

On the positive side, the best performers this year include:

Vera Bradley (US: VRA) — VRA is up ~30% since I pitched in late October. The story remains interesting, with a brand in the early innings of a turnaround. The stock has substantial downside protection, with a liquidation value above the current trading price.
Tonies (Germany: TNIE) — I wrote Tonies up in August and benefited from lucky timing, as the company unveiled its much-anticipated Toniebox 2 just before the holidays. In addition to growing interest in geographies such as the US, the company has benefited from the hardware refresh cycle for the Toniebox. The stock is up ~60% since I pitched it.
1stDibs (US: DIBS) — Another lucky timing one. I wrote up 1stdibs in late October, and the stock has since risen ~80%. DIBS was a no-brainer given that the stock was trading at roughly the value of its cash, despite being a nice little niche platform. The stock has since re-rated but remains cheap at 1x EV/sales.

Here are all of the ideas I’ve shared thus far:

Regarding what is within my control, I did not measure relative to the last two years of publishing. In 2025, I wrote up ~12 ideas and numerous updates, but it's a far cry from the year prior, when I shared 19 ideas.

What to expect for 2026

For 2026, the aim again is to deliver at least 10 actionable ideas.

I expect to publish more ideas than that, but I will give myself some wiggle room to account for a more difficult (i.e. expensive) market.

For this coming year, I want to prioritize shorter pitches to increase idea velocity and find ways to continuously upgrade the portfolio.

While I have no idea what 2026 will bring, I will continue to look for off-the-beaten-path opportunities in the market, and I hope you will join me on this journey.

Best wishes and happy hunting in 2026.

Clark Square Capital

Left for dead US micro-cap

Clark Square Capital — Sun, 14 Dec 2025 17:23:03 GMT

Hello, Ultimate Value readers!

I am back with another idea!

This is a US-listed microcap company that is currently undergoing a business model transition, causing the market to write it off, despite good progress so far. I see the stock trading at ~5.5x 2027 earnings. A re-rating to a 15x multiple could mean a 2-bagger.

The downside is manageable due to the very low starting valuation.

Let’s take a look.

Investing Tools: Adding alt-data with TickerTrends

Clark Square Capital — Wed, 03 Dec 2025 17:04:44 GMT

For someone who likes to identify inflection points in stocks, looking at alternative data can be a huge advantage. Oftentimes, you can observe a surge in consumer interest before the market picks up on it.

While relying on tools like Google Trends can be helpful, I recently came across a much better tool: TickerTrends. I’ve been playing around with the TickerTrends enterprise version, and I have been very impressed. I’ve been using it daily to track consumer interest in my holdings and as a way to potentially generate new ideas.

I rarely recommend specific software, but I thought I’d make an exception for this one because I’ve found it quite useful and believe it could be a valuable addition to your toolkit.

Disclosure: I have a referral arrangement with TickerTrends. If a reader signs up for TickerTrends’ free trial and later upgrades to an enterprise plan through my recommendation, I will receive one year of the service free as a referral reward, with no cost to you.

So what is TickerTrends?

TickerTrends helps investors spot early market trends by analyzing data from Google search volumes, Reddit, Twitter, TikTok, web traffic, e-commerce platforms, and app usage.

There’s a ton of functionality, and I’m sure I won’t cover it all, but I’ll walk you through a few examples of how I’ve been using the platform in my research.

Let’s take a look at a real example — Tonies (GER: TNIE) — a company we own in the portfolio. Tonies is a company that sells an audio system for children, consisting of a screen-free player called the Toniebox and magnetic figurines called Tonies, which are placed on the box to play stories, songs, and other audio content. It’s the perfect type of consumer company to research, given its consumer-facing nature.

For Tonies, TickerTrends provides two proprietary KPIs — consumer and social interest — that aggregate data from different sources, including search trends, web traffic, social media views, etc. [Note: for more popular names, TickerTrends often has more proprietary KPIs and sometimes even KPI predictions.]

Consumer Interest tracks how often people search for a company, product, or topic across platforms such as Google. Social interest measures how frequently a topic or ticker is mentioned across social platforms such as Reddit, Twitter, and TikTok. It captures buzz, sentiment, and the velocity of online conversation.

Social interest can better showcase top-of-funnel interest, while consumer interest shows interest closer to the actual sale.

TickerTrends displaying two proprietary KPIs — consumer interest and social interest for Tonies

An acceleration in consumer interest can be a good signal that a company or product is resonating with consumers. For Tonies, you can see this measure accelerate from September to November, as the company released the Toniebox 2, which has been a big success thus far. What’s particularly helpful here is the rate-of-change indicators, which track changes on a week-to-week and month-to-month basis and can help surface shifts in consumer engagement.

Below that, you can see the data sources that make up these KPIs. For TNIE, these include: Google searches, YouTube searches, Reddit posts, TikTok views, web traffic trends, Amazon search trends, and Instagram.

Another really cool feature — and my favorite — is the unstructured data tab, where you can easily pull and graph data from these different sources.

For instance, you can graph search trends for different words. For TNIE, I like to look at “tonies” and “toniebox” to gauge consumer demand.

What I find particularly helpful is to change the data to year-on-year changes rather than look at absolute levels. Here is the same graph on a year-on-year basis:

Sometimes you want to look at multiple datasets in aggregate form. You can do that easily. Here is the chart showing year-over-year search interest for both Tonies and Tonieboxes. Very cool.

Web traffic is one of my favorite metrics to look at. I think it’s very helpful for internet / ecommerce names. Here is a graph with web traffic to tonies.com.

There is a lot of data to play with. Some datasets are helpful for specific types of companies — some aren’t. It really depends on your coverage. But what’s certain is that the Enterprise version of the software offers many datasets to explore.

TickerTrends can also be helpful for idea generation.

The KPI Screener, for instance, lets you scan the entire universe of tracked metrics (search trends, web traffic, app usage, social media signals, etc.) across companies, brands, and products.

You can sort and filter by specific data sources (i.e., Google Search, TikTok views), categories (i.e., apparel, fintech, beauty), or growth rates (i.e., highest YoY, etc.)

Likewise, you can use the Ticker Screener to filter and rank stocks based on their underlying trend strength in metrics such as consumer interest, social interest, and others.

Exploding Trends is another cool feature that highlights trending keywords, brands, and themes. It pulls from search, social, and traffic data to flag what’s accelerating right now. This can help identify early trends.

Stock coverage is solid from what I’ve seen thus far.

Many of the names I tend to look at (i.e., smaller, typically non-US) can still use unstructured data to pull search trends, web traffic, and other data.

If you want to add alternative data to your process, I think TickerTrends is worth exploring. I have been finding the software quite useful for my process, especially given my interest in consumer names.

If you are interested in an enterprise trial of TickerTrends, you should reach out directly to Marshall Mentz (marshall.mentz@tickertrends.io). If you reference Clark Square Capital, you can get a free two-week trial of the Enterprise version.

I hope this is helpful. Thanks for reading.

P.S. If the enterprise version isn't for you, TickerTrends also offers a lower tier for $1,000 per year, or about $100 per month, which could be worth checking out as well.

Quick Pitch #24

Clark Square Capital — Fri, 31 Oct 2025 02:53:12 GMT

Hello Ultimate Value readers,

I am back with a new idea.

In this crazy market, I’ve been focused on finding opportunities that offer significant downside protection while still providing some upside optionality.

I believe I found a good one.

Let’s take a look.