Issue #1

Feb 08, 2026

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.

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.

greg lia

Feb 22

love you stuff as always.......I would like to see all us listed opp seperated out as I, and I suspect many others, are not trading the non us names....thx again

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