Special Situations Digest - #3
February 17 – February 22, 2026 · 198 situations
Special Situations Digest
Hi Ultimate Value readers,
Welcome to the third edition of our weekly Special Situations Digest.
This has been getting great feedback, but I would love to see more suggestions for improvement. What sort of special sits do you want to see more of? Which countries? Any other features? Please leave a comment.
And please, if you find this value additive/helpful, share it with a friend or colleague. Or even better, share it on social media.
Please also note that these summaries are AI-generated and can be wrong — so make sure to do your own due diligence. Note that each entry has a link to the article, so you can follow that to do more digging.
Thanks, and happy hunting.
CSC
Here is an Excel file that you can easily sort through, in case it’s useful:
Activist Campaigns
Hogi Medical · 3892.T (JP) · Mkt Cap: $57M · EV: $28M [Japanese medical device manufacturer] US private equity firm Carlisle Group launched a TOB for Hogi Medical at ¥6,700 per share with March 2 deadline. US activist Dalton Investments Group (27%+ stake) will tender shares but also reinvest up to 20% in the post-privatization entity. GMO fund joined as co-reinvestor in this ‘double-dip’ structure allowing activists to profit from both the TOB and eventual exit.
Kitagawa Seiki · 6327.T (JP) · Mkt Cap: $80M · EV: $66M [Manufacturer of vacuum press machines used in printed circuit board manufacturing] Hong Kong-based hedge fund Rhim Advisors has accumulated an 18.24% stake in Kitagawa Seiki as of October 14, 2025, and continues to actively buy shares. The activist involvement coincides with strong AI data center demand for the company’s vacuum press machines, driving the stock to consecutive all-time highs with 7 consecutive days of gains.
Asiro Inc. · 7378.T (JP) · Mkt Cap: $90M · EV: $80M [Technology services company] Asset Value Investors increased its stake in Asiro from 28.42% to 29.78% according to a regulatory filing. The stock surged approximately 9% on the news as investors viewed the increased position by the known activist fund as a positive catalyst.
AnGes Inc. · 4563.T (JP) · Mkt Cap: $150M · EV: $141M [Japanese biotech venture company] Zhao Fengxiang, holding 2.52 million shares in AnGes, sent a formal complaint opposing the company’s decision to issue up to ¥7 billion in stock warrants to Cantor Fitzgerald. Zhao claims his group presented better funding terms that were ignored by management and is demanding an extraordinary shareholders meeting to remove three outside directors.
abrdn European Logistics Income · ASLI.L (UK) · Mkt Cap: $153M [Real estate investment trust focused on European logistics properties] Shareholders of abrdn European Logistics Income rejected two resolutions proposed by Polish activist investor DL Invest Group at a requisitioned General Meeting. The specific terms of the rejected resolutions and DL Invest Group’s stake size were not disclosed.
GSI Technology, Inc. · GSIT (US) · Mkt Cap: $237M · EV: $184M [AI inference technology company developing memory-based computing solutions] Galloway Capital Partners disclosed a 5.02% stake in GSI Technology and launched an activist campaign citing material undervaluation of the AI inference technology company. Galloway intends to engage constructively with management and board to evaluate all options to maximize shareholder value, citing insufficient capital markets communication and lack of strategic milestones.
Innventure · INV (US) · Mkt Cap: $250M · EV: $471M [Industrial growth conglomerate that founds and operates IP-driven companies] Innventure issued a statement responding to a Schedule 13D filing by Commonwealth Asset Management, stating the Board is committed to acting in shareholders’ best interests and is open to constructive engagement. The company reiterated its long-term value creation strategy focusing on founding and operating IP-driven companies.
Funko Inc · FNKO (US) · Mkt Cap: $302M · EV: $516M [Collectibles maker specializing in pop culture merchandise and vinyl figures] Pleasant Lake Partners disclosed a roughly 10% stake in Funko and is urging the collectibles maker to immediately explore strategic alternatives including a potential sale to corporate buyers or private equity. The activist involvement comes as Funko has struggled with softer toy demand and revenue declines over the past two years.
Jack in the Box Inc. · JACK (US) · Mkt Cap: $317M · EV: $2.9B [Quick-service restaurant chain operating Jack in the Box locations] Activist investor Sardar Biglari is pushing to unseat board chair Davie Goebel, with proxy advisors Glass Lewis and Egan-Jones recommending shareholders vote against Goebel due to persistent underperformance. The company has experienced same-store sales declines, sold Del Taco, and conducted large-scale closures while adopting a poison pill defense against Biglari’s campaign.
Ebara Jitsugyo Co., Ltd. · 6328.T (JP) · Mkt Cap: $436M · EV: $348M [Japanese industrial equipment distributor] UK activist fund Nippon Active Value Fund (NAVF), holding 9.63% jointly with Dalton Investments, submitted shareholder proposals for March 24 AGM including up to ¥6.465 billion share buyback, majority independent board composition, and restricted stock compensation changes. This marks the 6th consecutive year NAVF has made proposals at the company.
MarineMax, Inc. · HZO (US) · Mkt Cap: $645M · EV: $1.7B [Recreational boat and yacht retailer] Levin Capital Strategies, a top 10 shareholder, is publicly calling on the board to immediately announce a strategic alternatives review following a $35 per share all-cash acquisition offer from The Donerail Group. The activist threatens to hold directors accountable at future annual meetings if the board continues to delay action on value-maximizing opportunities.
Tripadvisor · TRIP (US) · Mkt Cap: $1.2B · EV: $1.3B [Online travel platform and review site] Starboard Value, which took a 9% stake in 2025, is preparing to nominate a slate of directors to secure majority control of the eight-member board. If successful in winning at least five seats, Starboard would gain ability to overrule chairman Greg Maffei and CEO Matt Goldberg. The activist is pushing for asset sales including TheFork, Viator, and potentially Tripadvisor itself.
Wendy’s · WEN (US) · Mkt Cap: $1.5B · EV: $5.4B [Fast-food restaurant chain] Nelson Peltz’s Trian Fund Management disclosed in an SEC filing that Wendy’s is undervalued and has spoken with financing sources about potential deals including an acquisition that could give control of the company. Peltz holds a 16.24% stake in Wendy’s and previously considered a takeover bid in 2022. Wendy’s board said it would review any proposal in line with fiduciary duties.
Kobayashi Pharmaceutical Co., Ltd. · 4967.T (JP) · Mkt Cap: $2.7B · EV: $2.3B [Pharmaceutical and health supplement manufacturer] Hong Kong-based activist investor Oasis Management filed a shareholder derivative lawsuit seeking ¥13.5 billion in damages over the company’s handling of a supplement scandal that allegedly caused kidney disease and 408 deaths. Oasis has been targeting multiple Japanese companies including Nintendo, Kyocera, Tokyo Dome, and Kao with activist campaigns demanding business reforms.
Fujitec Co Ltd · 6406.T (JP) · Mkt Cap: $2.9B · EV: $2.4B [Elevator and escalator manufacturer] Oasis Management is engaged in an activist campaign targeting founder family control and alleged corporate governance issues. The campaign escalated into a major confrontation with founder family CEO Koichi Uchiyama after dialogue failed, with Oasis alleging privatization attempts by the founding family and conducting investigations into past real estate transactions.
Keisei Electric Railway · 9009.T (JP) · Mkt Cap: $4.3B · EV: $6.5B [Japanese railway operator] UK investment fund Palliser Capital sent a letter to Keisei Electric Railway’s board proposing to take the company private. Palliser held 4.4% of shares as of March 2024 and advocated for delisting to enable management restructuring followed by re-listing.
WEX Inc. · WEX (US) · Mkt Cap: $5.3B · EV: $5.1B [Corporate payment solutions provider] Impactive Capital has nominated four directors to WEX’s board, launching a proxy contest focused on governance or strategic changes that may conflict with management’s current long-term plans. WEX has disclosed the campaign creates significant legal and operational costs while potentially causing stock price volatility.
Riot Platforms · RIOT (US) · Mkt Cap: $5.8B · EV: $6.3B [Bitcoin mining company pivoting to AI data center operations] Activist investor Starboard Value, holding 3.12% of Riot Platforms, is pushing the bitcoin mining company to accelerate its pivot to AI-focused data center operations. Starboard estimates the company could generate over $1.6 billion in annual EBITDA by leasing its 1.7 gigawatts of Texas power capacity at competitive AI data center rates. Riot already has a $311 million, 10-year lease deal with AMD at its Rockdale facility.
Toto Ltd · 5332.T (JP) · Mkt Cap: $6.5B · EV: $6.1B [Bathroom fixtures and toilet manufacturer] An activist investor has identified Japan’s largest toilet maker as an undervalued artificial intelligence play, suggesting the company’s technology capabilities are not properly reflected in its current valuation. The activist is positioning Toto as having AI-related business potential beyond its traditional toilet manufacturing operations.
Pearson · PSON.L (UK) · Mkt Cap: $7.9B · EV: $9.9B [Educational publishing and services company] Three activist investors now control over 33% of shares: Cevian (backed by Carl Icahn) holds 18% and has called for moving the listing from London to New York, Artisan Partners doubled its stake to 10%, and Silchester holds nearly 6%. Shares are down 32% over the past year amid AI disruption concerns.
Norwegian Cruise Line · NCLH (US) · Mkt Cap: $11.0B · EV: $25.0B [Cruise line operator] Elliott Management has built a more than 10% stake and plans to push for operational changes at the struggling cruise operator. Elliott has approached former Royal Caribbean executive Adam Goldstein as a potential board nominee and aims to improve both financial performance and guest experience.
Siemens Energy · ENR.DE (DE) · Mkt Cap: $163.1B · EV: $156.7B [Energy technology and infrastructure company] U.S. activist investor Ananym Capital disclosed a stake and is pushing for a spin-off of the loss-making wind business Siemens Gamesa, which it values at $10 billion. Major shareholders are resisting, saying the company should first restructure the unit that posted a 1.36 billion euro loss in 2025. The topic will be debated at the February 26 AGM.
Fiserv · FI (INTL) · Mkt Cap: None · EV: None [Financial services technology and payments company] Jana Partners has built a stake and is pressing the payments company to pursue steps to lift its lagging share price. Jana wants Fiserv to speed up expansion of its core banking business and launch a strategic review that could include shedding non-core operations. The stock declined 67% in 2025 and is down nearly 12% year-to-date.
Taiheiyou Kinzoku Corporation · 5541 (INTL) · Mkt Cap: N/A · EV: N/A [Japanese ferronickel producer] Company is targeted by activist investors including former Murakami Fund affiliates. Trades at 0.5-0.7x P/B ratio with 93% equity ratio and virtually no debt. Announced new dividend policy with 4% DOE target, increasing dividend to 135 yen per share (~7% yield) in response to activist pressure.
Strategic Reviews
Royale Energy, Inc. · ROYL (UN) · Mkt Cap: $4M · EV: $9M [Oil and gas exploration and production company] Royale Energy announced a Strategic Review led by Roth Capital Partners and appointed Jonathan Gregory as Executive Chairman. The review will evaluate balance sheet optimization, asset allocation, and potential transactions to increase scale and pursue Nasdaq relisting.
Mainz Biomed N.V. · MYNZ (GE) · Mkt Cap: $6M · EV: $4M [Molecular diagnostics company developing cancer detection tests] Mainz Biomed announced a $6M private placement with David Lazar becoming Chairman, strategic pivot to focus solely on pancreatic cancer detection in the U.S., and plans to sell colorectal cancer assets while winding down German operations. The company is evaluating broader strategic alternatives while reducing operating expenses.
Cosmos Health Inc. · COSM (UN) · Mkt Cap: $14M · EV: $33M [Pharmaceutical and healthcare products company] Cosmos Health is evaluating strategic monetization options for its real estate portfolio, valued at approximately $15 million, which exceeds the company’s current market cap of $13.5 million. The company is considering various alternatives including outright sale, joint ventures, sale-leaseback transactions, or other strategic arrangements for its manufacturing facility and logistics center properties in Athens, Greece.
Laurion Mineral Exploration Inc. · LME.V (CA) · Mkt Cap: $51M · EV: $46M [Gold exploration company developing the Ishkōday project] Laurion appointed mining engineer Sean Ghosal as strategic advisor to evaluate strategic alternatives as the Ishkōday gold project advances toward mineral resource estimate. Management emphasizes exploring non-dilutive options and de-risking before monetization.
Verde Clean Fuels, Inc. · VGAS (UN) · Mkt Cap: $54M · EV: $-7M [Clean fuels technology company pivoting from plant development to licensing model] Verde Clean Fuels announced a strategic pivot to capital-lite technology licensing while forming a Restructuring Committee led by Jonathan Siegler to evaluate strategic alternatives. The company is implementing 50% cost reductions and maintains $50+ million cash position.
Domo, Inc. · DOMO (US) · Mkt Cap: $157M · EV: $249M [Cloud-based business intelligence and data visualization platform] Domo’s Board has initiated a formal process to explore strategic alternatives to maximize shareholder value, including potential strategic investment, sale, strategic business combination, or other transaction. The company has engaged Jefferies as financial advisor and Goodwin Procter as legal advisor for the process.
Limoneira Co · LMNR (US) · Mkt Cap: $255M · EV: $358M [California citrus grower and real estate development company] Limoneira has undergone a multi-year strategic transformation from a traditional California citrus grower into a hybrid farming-real estate operation. The company is monetizing non-core land through joint ventures with homebuilders and asset sales to reduce debt and unlock land value.
NextEnergy Solar Fund · NESF.L (UK) · Mkt Cap: $397M · EV: N/A [Solar energy investment fund] NextEnergy Solar Fund is conducting a strategic review under new chair Tony Quinlan, with investor update scheduled for March 11. The company trades at 40% discount to NAV with high gearing and has raised £72.5m from disposals.
Equity Trustees Limited · EQT.AX (AU) · Mkt Cap: $425M [Australian trustee services and wealth management company] Equity Trustees announced a strategic review of its Superannuation Trustee Services (STS) business with a 6-12 month timeframe, explicitly flagging the possibility of exiting this division. The review focuses on optimal capital allocation, with the STS business operating at lower margins than other divisions and facing regulatory pressures following the Shield Master Trust collapse.
Centerspace · CSR (US) · Mkt Cap: $1.1B · EV: $2.3B [Multifamily REIT owning apartment communities across 7 states] Centerspace has formally engaged financial and legal advisors to perform a strategic alternatives review. Raymond James analyst notes the portfolio is an attractive target for potential buyers, leading to the firm downgrading shares to Market Perform from Strong Buy due to valuation gap closure amid the strategic process.
FMC Corporation · FMC (US) · Mkt Cap: $1.8B · EV: $5.3B [Agricultural chemicals and solutions company] FMC reported net loss of $2.24 billion for 2025 with Q4 sales of $1.08 billion. The Board is exploring strategic options to strengthen the balance sheet and enhance the portfolio amid continued sales decline guidance for 2026.
Select Medical Holdings · SEM (US) · Mkt Cap: $1.9B · EV: $5.0B [Operates specialty hospitals and outpatient rehabilitation clinics] Executive Chairman Robert A. Ortenzio made a non-binding proposal to take Select Medical private at $16.00-$16.20 per share. The board’s independent special committee is reviewing the offer and evaluating broader strategic alternatives. The company completed a tax-free spin-off of Concentra in November 2024.
Aurizon Holdings Limited · AZJ.AX (AU) · Mkt Cap: $4.8B · EV: $8.7B [Australian rail freight and infrastructure company] Aurizon Holdings has decided to retain its Queensland rail network after conducting a strategic review, rejecting offers for minority stakes in the asset. The company concluded that keeping the network would deliver higher returns to shareholders than selling partial ownership stakes.
LKQ Corporation · LKQ (US) · Mkt Cap: $8.7B · EV: $13.7B [Provider of alternative automotive parts and specialty vehicle equipment] LKQ Corporation announced a formal Board-led strategic review including a possible sale of the company. The company is also conducting a separate review of its Specialty segment. This follows weak earnings, lowered 2025 guidance, and ongoing patent litigation with General Motors.
AECOM · ACM (US) · Mkt Cap: $11.8B · EV: $13.7B [Engineering and construction services company] AECOM completed a strategic review of its Construction Management division and decided to retain the business rather than divest it. The company raised 2026 earnings guidance to $1.2-1.3B adjusted EBITDA and increased share buyback program to $1 billion, having returned $3.4B to shareholders since 2020.
Carlsberg · CARL-B.CO (DE) · Mkt Cap: $20.7B · EV: $30.7B [Danish brewing company] Carlsberg is exploring an IPO of its India business to unlock shareholder value, as confirmed by Group CEO Jacob Aarup-Andersen. No final decision has been made and the company is assessing whether the listing would create adequate value for shareholders.
International Flavors & Fragrances · IFF (US) · Mkt Cap: $21.2B · EV: $26.7B [Manufactures flavors, fragrances, and specialty ingredients] IFF placed its $3.28B Food Ingredients segment under strategic review and launched a formal sale process, taking a $1.15B goodwill write-down to reflect expected sale proceeds below book value. The company completed $2.9B in debt reduction and multiple other divestitures including Pharma Solutions and soy operations. The sale represents the latest divestiture as IFF reshapes its portfolio following the 2021 $26B DuPont merger.
Robinhood Markets · HOOD (US) · Mkt Cap: $67.1B · EV: $67.2B [Commission-free stock trading and financial services platform] Robinhood is launching an IPO for its corporate venture fund Robinhood Ventures Fund I, planning to raise $1bn by issuing 35 million fund shares and 5 million Robinhood shares at $25 each on NYSE. The fund focuses on late-stage deals and has backed Databricks, Airwallex, Ramp, and agreed to invest in Stripe at a $140bn valuation.
Vale S.A. · VALE (US) · Mkt Cap: $71.3B · EV: $82.6B [Global mining company focused on iron ore and base metals production] Vale’s subsidiary formed a four-party consortium with Exiro Minerals, Orion Resources Partners and Canada Growth Fund to own and develop the Thompson Nickel Belt in Manitoba. Vale will retain 18.9% ownership while the three new investors hold 81.1%, with up to $200 million in new investment committed and an offtake agreement securing nickel concentrate supply to Vale. Closing is targeted by end of 2026.
CRH plc · CRH.L (UK) · Mkt Cap: $84.4B · EV: $107.0B [Global building materials manufacturer and supplier] CRH is reviewing its London Stock Exchange listing and preference share capital structure, with completion expected in Q1 2026. The company previously delisted from Euronext Dublin in 2023 and maintains $1.4 million in preference shares on Euronext Growth Dublin. The review may result in delisting ordinary shares from the LSE.
Johnson & Johnson · JNJ (US) · Mkt Cap: $586.1B · EV: $624.3B [Healthcare and pharmaceutical conglomerate] Johnson & Johnson is preparing to sell its orthopedic business ‘DePuy Synthes’ with a potential valuation of up to $20 billion. Multiple private equity firms are reportedly considering forming investor consortiums to acquire the business, though J&J previously stated it prefers a tax-free spinoff while keeping other options open. DePuy Synthes manufactures hip, knee, and shoulder implants and generated $9.3 billion in revenue in 2025.
Lime Petroleum Holding AS · LIME.OL (INTL) · Mkt Cap: None · EV: None [Oil and gas exploration and production company] Lime Petroleum has initiated a comprehensive strategic and financial review with ABG Sundal Collier due to material drilling cost overruns and production delays that severely impacted its financial position. The review includes potential mergers, asset transactions, debt amendments, or broader financial restructuring. The company warns it may be unable to meet financial obligations without a timely recapitalization solution.
Motus GI Holdings · MOTS (US) · Mkt Cap: $638 · EV: $-2.5M [Medical device company developing colonoscopy systems] Motus GI is exploring strategic alternatives including partnerships, asset sales, or M&A after facing Nasdaq delisting proceedings and severe financial distress. The company has limited cash runway, ongoing losses, and has been diluting shareholders through reverse splits and equity raises.
Enad Global 7 AB · EG7 (INTL) · Mkt Cap: None · EV: None [Video game developer and publisher] EG7 announced a comprehensive strategic review of its business units and portfolio, withdrawing its previous 2026 financial targets of SEK 3 billion revenue and SEK 1 billion Adjusted EBITDA. The company is evaluating performance across all business areas including three units where it invested over SEK 600 million, with results to be presented at a Capital Markets Day in Q1 2027.
The Canadian Chrome Company Inc. · CACR (INTL) · Mkt Cap: N/A · EV: N/A [Chromite mining company with projects in Canada’s Ring of Fire region] The Canadian Chrome Company has engaged Origin Merchant Partners to conduct a strategic review of alternatives including potential sale, merger, joint venture, or asset sale. The company recently closed a second tranche of private placement raising $260,000.
Guard Therapeutics International AB · GUARD (INTL) [Biopharmaceutical company developing treatments for acute kidney injury] Guard Therapeutics ended its RMC-035 program following negative phase 2b trial results and has initiated a strategic review including potential merger options. The company reported a net loss of -108.9 MSEK for the year but maintains sufficient cash for 2026 operations and is implementing cost cuts.
Ramsay Health Care · RHS.AX (INTL) [Private hospital operator with facilities in Australia and Europe] Ramsay announced plans to spin off its 52.79% stake in European subsidiary Ramsay Santé through an in-specie distribution to shareholders via scheme of arrangement. The demerger is expected to complete by December 2026, subject to shareholder, regulatory and court approvals. Ramsay Santé shares will be tradeable on ASX through CDIs.
M&A / Divestitures
Tinexta S.P.A · TNX.MI (IT) · Mkt Cap: $6M · EV: $20M [Italian business services and digital solutions company] Zinc Bidco has launched a mandatory public tender offer for shares of Tinexta S.P.A. The offer follows Zinc Bidco’s acquisition of a controlling stake in the company.
cbdMD, Inc. · YCBD (US) · Mkt Cap: $8M · EV: $6M [CBD products company manufacturing and distributing hemp-derived cannabidiol products] cbdMD completed an all-equity asset acquisition of Bluebird Botanicals in January 2026, expected to contribute ~10% revenue growth and expand the company’s product portfolio with GRAS-compliant assets. The deal includes earnout shares and is intended to strengthen cbdMD’s competitive position in the CBD market.
EMERGE Commerce Ltd. · ECOM.V (CA) · Mkt Cap: $11M · EV: $14M [E-commerce platform and digital marketplace operator] EMERGE Commerce signed a definitive agreement to acquire substantially all assets of Viral Loops, a B2B referral marketing platform, from Wishpond Technologies Ltd. The company also announced an $18M private placement to fund the transaction. Management expects the acquisition to be immediately accretive to earnings and cash flow.
ClearOne Inc. · CLRO (US) · Mkt Cap: $14M · EV: $15M [Audio and visual communication solutions for conferencing] ClearOne has entered into a definitive agreement to sell certain assets to Biamp Systems, including intellectual property, product inventory, and customer data, as part of a strategic plan to potentially sell all or most of its assets. The company announced a one-time special stock dividend of Class A Redeemable Preferred Stock linked to the asset sales, causing shares to surge 93.9%.
Sensei Biotherapeutics · SNSE (US) · Mkt Cap: $32M · EV: $10M [Biotechnology company developing immunotherapies for cancer treatment] Sensei Biotherapeutics acquired Faeth Therapeutics in a stock-for-stock transaction and raised $200 million in concurrent private placement. Post-transaction, original Sensei shareholders will own only 4.9%, Faeth shareholders 40.8%, and new investors 54.3% of the combined company on a fully-diluted basis. The deal brings Faeth’s lead asset PIKTOR into Sensei’s pipeline for endometrial and breast cancer development.
Aleanza Holdings · 7425.T (JP) · Mkt Cap: $49M · EV: $13M [Japanese home improvement retailer] Konan Trading announced a TOB for Aleanza Holdings, acquiring 49.45% of shares (all shares except those held by Barrow Holdings’ 50.55% stake). This structure makes Aleanza an equity method affiliate rather than a consolidated subsidiary. Barrow Holdings and founding shareholder Asakura have agreed to the TOB.
XiangXing International Holding Limited · 1079.HK (HK) · Mkt Cap: $52M · EV: $48M [Hong Kong-listed industrial company] Westwell Holdings completed a voluntary cash partial offer for XiangXing International, acquiring a 29% stake with final acceptances requiring pro-rata scaling. Post-offer, Westwell and Glory Fame Venture Limited control 59.3% combined, acting in concert.
Inspecs Group PLC · SPEC.L (UK) · Mkt Cap: $110M · EV: $159M [UK-based eyewear design and manufacturing company] Bidco 1125 Ltd has switched from a scheme arrangement to a takeover offer for Inspecs Group, maintaining the 84p per share cash offer worth £85.4 million. The bid represents more than double the pre-announcement share price, with Bidco holding commitments from 51% of shares.
JFB Construction Holdings · JFB (UN) · Mkt Cap: $137M · EV: $164M [Construction company merging with AI-driven defense robotics company] JFB announced an all-stock merger with XTEND, an AI-driven defense robotics company, valued at $1.5 billion. Upon closing, XTEND shareholders will own ~70% and JFB shareholders ~30% of the combined company, which will be renamed XTEND AI Robotics and trade under ticker ‘XTND’. The transaction is expected to close mid-2026.
Mkango Resources Ltd. · MKA.L (UK) · Mkt Cap: $263M · EV: $272M [Rare earths mining and development company] Mkango Resources subsidiary Mkango Rare Earths Limited filed confidential Form F-4 with SEC for previously announced business combination with Crown PropTech Acquisitions (SPAC). Deal has $400M implied pro forma valuation and plans Nasdaq listing under MKAR ticker. Deal deadline extended to September 2026 with additional $250K sponsor funding bringing total to $750K.
Aditya Birla Fashion and Retail Limited · ABFRL.NS (IN) · Mkt Cap: $937M · EV: $1.4B [Fashion and retail company operating clothing brands and retail stores] ABFRL acquired TCNS Clothing Co Ltd through a multi-step transaction involving SPA for promoter stake (Rs. 1,650 crore), mandatory open offer, and subsequent merger approved by NCLT in August 2024. Total transaction value was Rs. 3,105 crore with TCNS shareholders receiving ABFRL shares post-merger.
BuySell Technologies · 7685.T (JP) · Mkt Cap: $1.1B · EV: $1.1B [Second-hand goods buying and selling retail chain operator] BuySell Technologies announced on February 13 that it will acquire DelightZ, operator of second-hand goods buying stores ‘Yukichi’, as a wholly-owned subsidiary. DelightZ operates 14 stores concentrated in Kyushu region (Nagasaki and Saga prefectures) and will spin off its restaurant, fisheries, and estate clearing businesses to focus solely on the reuse business before the acquisition.
Colowide Co., Ltd. · 7616.T (JP) · Mkt Cap: $1.3B · EV: $2.1B [Japanese restaurant chain operator] Colowide has secured exclusive negotiation rights to acquire C-United, which operates the “Kohikan” and “Cafe Veloce” coffee shop chains, from LongReach Group. The acquisition is valued at approximately 40 billion yen (~$260 million).
Aretha Holdings · 3148.T (JP) · Mkt Cap: $1.4B · EV: $1.2B [Japanese home center operator through subsidiaries in home improvement retail] Kohnan Shoji announced a TOB for Aretha Holdings. Under the structure, Kohnan will acquire all shares except those held by Barrow Holdings (50.55% stake), resulting in Barrow maintaining 50.55% and Kohnan holding 49.45%. This means Kohnan will not obtain majority control but will gain Aretha as an equity method affiliate.
Kennedy Wilson Holdings, Inc. · KW (US) · Mkt Cap: $1.5B · EV: $6.5B [Real estate investment company focused on multifamily and commercial properties] Kennedy Wilson agreed to be acquired by a consortium led by CEO William McMorrow and Fairfax Financial for $10.90 per share in cash, representing a 46% premium to the unaffected share price. The all-cash transaction is valued at approximately $1.65 billion and is expected to close in Q2 2026.
Nojima Corporation · 7419.T (JP) · Mkt Cap: $2.1B · EV: $2.1B [Electronics retailer operating consumer technology stores] Nojima Corporation President Koji Nojima expressed strong intention for large-scale M&A activity, stating the company could potentially invest 200-300 billion yen in a single acquisition. This represents a significant strategic shift for the major electronics retailer.
Mister Car Wash, Inc. · MCW (US) · Mkt Cap: $2.3B · EV: $4.0B [Car wash services operator] Leonard Green & Partners, which owns over 66% of Mister Car Wash, announced a take-private transaction at $7.00 per share. LGP has already approved the transaction using its controlling stake without soliciting votes from public shareholders. A law firm is investigating potential breaches of fiduciary duty regarding the transaction price.
IHS Towers · IHS (US) · Mkt Cap: $2.7B · EV: $6.1B [Telecommunications infrastructure company operating wireless tower networks in emerging markets] Macquarie Asset Management agreed to acquire IHS Towers’ South American wireless tower operations (8,500+ sites in Brazil, 270 in Colombia) for approximately $685 million enterprise value. The transaction marks IHS Towers’ complete exit from the Latin America region and is expected to close later in 2026.
DigitalBridge · DBRG (US) · Mkt Cap: $3.0B · EV: $4.1B [Digital infrastructure investment and asset management company] DigitalBridge announced agreement to sell its stake in Netomnia (UK fiber operator) to nexfibre for £2 billion enterprise value. DigitalBridge invested in Netomnia in 2022 to support expansion of the company’s fiber network serving 3 million UK premises. Transaction subject to regulatory approvals.
Hims & Hers Health Inc · HIMS (US) · Mkt Cap: $3.5B · EV: $4.1B [Digital health platform providing telehealth services and direct-to-consumer healthcare products] Hims & Hers announced acquisition of international digital health company Eucalyptus for up to $1.15 billion ($240M cash at closing, remainder in deferred/earnout payments over 18 months through early 2029). Eucalyptus has $450M+ annual revenue run rate and operates telehealth brands across Australia, Japan, Germany, Canada and UK. Deal expected to close mid-2026 pending regulatory approvals.
Liberty Global · LBTYB (US) · Mkt Cap: $4.7B · EV: $13.0B [International telecommunications and cable company] Liberty Global is conducting a 100% spin-off of Sunrise with key dates set: shareholder meeting October 25, 2024, record date November 4, 2024, and distribution date November 12, 2024. Sunrise Class A ADSs will begin trading on Nasdaq November 13, 2024, and on SIX Swiss Exchange November 15, 2024.
Etsy, Inc. · ETSY (US) · Mkt Cap: $5.2B · EV: $6.5B [Online marketplace for handmade and vintage items] Etsy announced a definitive agreement to sell fashion resale platform Depop to eBay for $1.2 billion cash. The divestiture marks a strategic retreat from Etsy’s ‘House of Brands’ model to focus on its core marketplace. Depop had been diluting consolidated EBITDA margins by 350 basis points in 2025.
Portland General Electric · POR (US) · Mkt Cap: $5.7B · EV: $11.3B [Electric utility company serving customers in Oregon] Portland General Electric announced a $1.9 billion acquisition of PacifiCorp’s Washington utility assets, adding approximately 140,000 customers and including three power generation facilities plus 4,500 miles of transmission/distribution lines. The deal is subject to regulatory review expected to take roughly 12 months, with Manulife owning a 49% stake in the Washington utility business.
Qube Holdings Limited · QUB.AX (AU) · Mkt Cap: $6.3B · EV: $8.3B [Australian infrastructure and logistics company] Qube Holdings has agreed to an $11.7 billion cash takeover by Macquarie Asset Management at $5.20 per share via scheme of arrangement. The deal follows a non-binding proposal made three months earlier and has board support, subject to regulatory and shareholder approvals.
BlueScope Steel · BSL.AX (AU) · Mkt Cap: $8.7B · EV: $9.1B [Steel manufacturing and building products company] BlueScope Steel rejected a A$13.2 billion ($9.3 billion) takeover proposal from SGH and U.S.-based Steel Dynamics at A$30 per share. The market had been pricing in expectations of a higher rival bid in the A$35-40 range, but no fresh corporate developments have emerged. The company reported strong H1 results and announced A$310 million share buyback plus special dividend.
Anglo American · AAL (US) · Mkt Cap: $8.9B · EV: $39.2B [Global mining company focused on critical minerals including copper, diamonds, and platinum] Anglo American agreed to merge with Teck to form ‘Anglo Teck’, creating a global critical minerals company with 70%+ copper exposure. The company completed demerging Valterra Platinum in May 2025 and is progressing the sale of its Steelmaking Coal business and separation of De Beers. The Teck merger received overwhelming shareholder support and awaits regulatory approvals.
Masimo Corporation · MASI (US) · Mkt Cap: $9.4B · EV: $9.7B [Medical technology company that develops patient monitoring and noninvasive pulse oximeter technologies] Danaher agreed to acquire Masimo for $180 per share in cash, representing a total enterprise value of approximately $9.9 billion. The transaction values Masimo at 18x estimated 2027 EBITDA and is expected to close in the second half of 2026, subject to regulatory and shareholder approval.
Booz Allen Hamilton · BAH (US) · Mkt Cap: $9.6B · EV: $12.8B [Management consulting and technology services firm] Booz Allen Hamilton entered into a definitive agreement to acquire Defy Security from private equity firm Sverica Capital Management. The cybersecurity solutions provider has tripled in size over the past five years and serves hundreds of enterprise clients with partnerships across 400+ cybersecurity vendors. The acquisition is expected to close in Q2 of Booz Allen’s fiscal year 2026.
Hormel Foods Corporation · HRL (US) · Mkt Cap: $13.4B · EV: $15.2B [American food processing company producing packaged meat and food products] Hormel Foods announced a definitive agreement to sell its whole-bird turkey business to Life-Science Innovations, including Melrose, MN production facility and Swanville, MN feed mill. The transaction is expected to close by the end of Q2 fiscal 2026, with financial terms undisclosed.
Generac Holdings Inc. · GNRC (US) · Mkt Cap: $13.4B · EV: $14.5B [Manufacturer of backup power generation equipment] Generac signed a definitive agreement to acquire Enercon Engineering, a manufacturer of generator enclosures and switchgear. The acquisition adds 120+ employees and a 160,000 sq ft manufacturing facility to support Generac’s goal of doubling C&I product sales. Closing is expected in Q2 2026 subject to regulatory approvals.
Ovintiv Inc. · OVV (US) · Mkt Cap: $13.8B · EV: $18.1B [North American oil and natural gas exploration and production company] Ovintiv announced the sale of its Anadarko assets in Oklahoma for $3.0 billion cash to an undisclosed buyer. The divestiture includes approximately 360,000 net acres with current production of ~90,000 boe/d and is expected to close in Q2 2026.
Clean Harbors · CLH (US) · Mkt Cap: $15.3B · EV: $17.2B [Environmental and industrial services company providing hazardous waste management and emergency response] Clean Harbors entered into a definitive agreement to acquire Depot Connect International’s Industrial Services and Rail Services business for approximately $130 million. The transaction includes five strategic locations across Ohio, Louisiana, and Texas and is expected to close in the first half of 2026.
Genuine Parts Company · GPC (US) · Mkt Cap: $17.0B · EV: $23.4B [Distributor of automotive replacement parts and industrial parts and materials] Genuine Parts Company announced plans to separate into two independent public companies—Global Automotive and Global Industrial—by Q1 2027. The spinoff aims to unlock shareholder value and enhance operational focus, with both segments reporting strong 2025 financial performance.
Grab Holdings Limited · GRAB (US) · Mkt Cap: $17.8B · EV: $13.3B [Southeast Asian ride-hailing, food delivery, and financial services platform] Grab Holdings agreed to acquire fintech company Stash for $425 million upfront (majority stake) plus fair market value for remaining stake over 3 years, closing Q3 2025. Stash has $5B+ AUM, 1M+ users, and expected $60M EBITDA by 2028.
Mediobanca · MB.MI (IT) · Mkt Cap: $18.3B · EV: $45.1B [Italian investment bank and merchant banking company] Monte dei Paschi di Siena will take full control of Mediobanca and delist it from the Milan stock exchange. MPS already owns 86% of the merchant bank, with the small remaining free float prompting discussions about maintaining the listing.
Bombardier Inc. · BBD-B.TO (CA) · Mkt Cap: $19.3B · EV: $21.1B [Canadian manufacturer of business jets and recreational products] Bombardier acquired Velocity Maintenance Solutions, a business aviation MRO services provider founded in 2021 and headquartered in New Castle, Delaware. The acquisition was completed through Bombardier’s U.S. subsidiary Learjet Inc., with undisclosed terms.
Nippon Steel Corporation · 5401.T (JP) · Mkt Cap: $22.7B · EV: $57.2B [Japanese integrated steel producer and one of the world’s largest steelmakers] Nippon Steel’s CFO stated that acquired US Steel will contribute to earnings from the first half of fiscal 2027 (starting April 2026), after previously revising the fiscal 2026 impact from ¥80 billion positive to zero due to weak US market conditions. The company has dispatched around 100 technical staff to improve US Steel operations, particularly at the Arkansas plant.
Qnity Electronics · Q (US) · Mkt Cap: $23.8B · EV: $25.7B [Materials supplier to the semiconductor industry] DuPont spun off Qnity Electronics in November 2025 with shareholders receiving one Qnity share for every two DuPont shares owned. Qnity has gained about 40% year-to-date and is the 15th top performer in the S&P 500. Deutsche Bank raised its price target to $126 from $92.
CK Hutchison Holdings · 0001.HK (HK) · Mkt Cap: $31.2B · EV: $72.0B [Multinational conglomerate with ports, telecom, retail and energy operations] CK Hutchison Holdings negotiated a $23 billion deal with a BlackRock-led consortium to sell its non-Chinese port subsidiaries, but Beijing intervened to stall the transaction. Panama’s Supreme Court ruled CK Hutchison’s concession to operate two strategic Panama Canal ports ‘unconstitutional,’ with Maersk subsidiary APM Terminals tapped to temporarily take over operations.
eBay Inc. · EBAY (US) · Mkt Cap: $39.5B · EV: $40.9B [Online marketplace platform for consumer-to-consumer and business-to-consumer sales] eBay will acquire Depop, a consumer-to-consumer fashion marketplace, from Etsy for $1.2 billion in cash. The transaction has been unanimously approved by both boards and is expected to close in Q2 2026. Etsy originally purchased Depop for $1.6 billion in June 2021.
Larsen & Toubro · LT.NS (IN) · Mkt Cap: $65.0B · EV: $73.6B [Engineering, construction, and technology conglomerate] Larsen & Toubro announced the divestment of its entire stake in subsidiary Nabha Power Limited to Torrent Power for Rs. 3,660.87 crores ($440M USD), expected to close by June 30, 2026. NPL operates a 1,400 MW coal-fired power plant and contributed Rs. 4,421.54 crores in turnover (1.73% of L&T consolidated) in FY25.
Cencora · COR (US) · Mkt Cap: $69.6B · EV: $78.2B [Pharmaceutical distributor and healthcare solutions provider] Cencora announced it will merge its subsidiary MWI Animal Health with privately-held Covetrus in a transaction valuing the division at $3.5 billion. Cencora will receive $1.25 billion in cash, $800 million in preferred shares, and $1.45 billion in common shares, while retaining a 34.3% non-controlling stake in the combined entity.
TransDigm Group · TDG (US) · Mkt Cap: $75.1B · EV: $102.6B [Aerospace components manufacturer specializing in highly engineered aircraft parts and systems] TransDigm completed $1.2 billion in 6.125% senior subordinated notes due 2034 and secured $800 million in new term loans due 2033 to fund pending acquisitions of Stellant Systems, Jet Parts Engineering, and Victor Sierra Aviation Holdings. The company also raised its full-year guidance supported by strong commercial aftermarket demand and global aviation recovery.
Johnson Controls International plc · JCI (US) · Mkt Cap: $86.7B · EV: $94.5B [Building technology and energy solutions company providing HVAC and security systems] Johnson Controls signed an agreement to acquire Alloy Enterprises, a Boston-based company specializing in next-generation thermal management platform for data centers. The acquisition is expected to close in fiscal Q3 2026, subject to regulatory approvals. Financial terms were not disclosed.
Palo Alto Networks · PANW (US) · Mkt Cap: $124.9B · EV: $110.2B [Cybersecurity company providing network security, cloud security, and endpoint protection solutions] Palo Alto Networks entered into a definitive agreement to acquire Koi, a pioneer in Agentic Endpoint Security that protects AI agents and tools operating on enterprise endpoints. The acquisition will integrate Koi’s technology into PANW’s Prisma AIRS AI security platform and enhance their Cortex XDR endpoint security solution.
Danaher Corporation · DHR (US) · Mkt Cap: $147.5B · EV: $159.7B [Life sciences and diagnostics technology company] Danaher agreed to acquire medical device company Masimo for $9.9 billion, or $180 per share, representing a 38.3% premium to the closing price. The acquisition expands Danaher into patient monitoring equipment and is expected to close by late 2026.
Iberdrola · IBE.MC (SP) · Mkt Cap: $160.0B · EV: $242.3B [Spanish multinational electric utility company focused on renewable energy] Iberdrola is delisting its Brazilian unit Neoenergia from Spain’s Latibex market and acquiring the remaining 16.2% of shares to achieve complete ownership. This represents a going-private transaction for the subsidiary with Iberdrola buying out minority shareholders.
Nestlé S.A. · NESN.SW (SW) · Mkt Cap: $268.4B · EV: $336.9B [World’s largest food and beverage company producing coffee, bottled water, infant formula, and frozen foods] Nestlé announced negotiations are progressing to sell its ice cream business (including Häagen-Dazs) to UK joint venture company Froneri. This represents a strategic divestiture of a significant business segment by the world’s largest food and beverage company.
Visa Inc · V (US) · Mkt Cap: $617.7B · EV: $613.3B [Global payments technology company operating electronic payment processing networks] Visa entered into a definitive agreement to acquire Prisma and Newpay, Argentine payments infrastructure companies, from private equity firm Advent International. Prisma processes over 6 billion transactions annually as an issuer processing platform, while Newpay provides payments and cash access infrastructure including real-time account-to-account payments and ATM operations. The transaction is expected to close in Q1 2026.
Hapag-Lloyd AG / ZIM Integrated Shipping Services Ltd. · HLAG.DE / ZIM (Global) · Mkt Cap: N/A · EV: N/A [Container shipping companies operating global maritime freight services] Hapag-Lloyd is acquiring ZIM Integrated Shipping Services in a $4.2 billion deal expected to complete this year. The acquisition will strengthen the combined network across trans-Pacific, intra-Asia, Atlantic, Latin America, and East Mediterranean routes, with expected synergies of up to $500 million.
Nitin Castings Limited · 508875.BSE (IN) · Mkt Cap: N/A · EV: N/A [Manufacturing company producing castings] Nitin Castings Limited promoters (Nirmal Kedia, Nitin Kedia, and Citrus Castings Private Limited) have announced a voluntary delisting offer to acquire all public shareholdings and delist from BSE. The board will meet on February 20, 2026 to consider approving or rejecting the delisting offer after reviewing the due diligence report.
INFORICH · 9338 (JP) · Mkt Cap: N/A · EV: N/A [Information technology services company] INFORICH announced a management buyout (MBO) with a tender offer price of 4,560 yen per share, representing a 117% premium to the Feb 13 closing price of 2,105 yen. The tender offer period runs from Feb 16 to Mar 31, 2026. The board has approved the MBO and recommends shareholders tender their shares.
U.S. Steel Corporation · X (US) · Mkt Cap: N/A · EV: N/A [Steel production and manufacturing company] U.S. Steel reported $5.6 billion economic impact in Pennsylvania for fiscal 2024. The article references Nippon Steel’s $14.1 billion acquisition of U.S. Steel, which is expected to include at least $2.4 billion in investments for Mon Valley facilities and modernization efforts.
Rosebank Industries plc · ROSE (UK) · Mkt Cap: N/A · EV: N/A [Investment company focused on acquiring industrial businesses] Rosebank Industries is in advanced discussions to acquire two private equity-owned US businesses for $3.05 billion enterprise value. The transaction would be funded through a £1.9 billion fully underwritten equity raise plus new debt facilities, with trading suspended pending prospectus publication.
Crown PropTech Acquisitions · CPTKW (US) · Mkt Cap: N/A · EV: N/A [Special purpose acquisition company (SPAC)] Crown PropTech Acquisitions (CPTKW) and Mkango Rare Earths Limited filed confidential draft Form F-4 registration statement with SEC on Feb 13, 2026 for their proposed business combination first announced July 3, 2025. Upon closing, the combined entity’s shares and warrants are expected to list on Nasdaq as MKAR and MKARW, subject to SEC review and shareholder approvals.
Toshiba Corporation · 6502.T (INTL) · Mkt Cap: None · EV: None [Japanese multinational conglomerate manufacturing electronics and industrial equipment] Toshiba is considering reducing its stake in its elevator business, with Finnish elevator giant Kone expressing interest in increasing its ownership from the current ~20% stake. Toshiba owns approximately 80% of Toshiba Elevator & Building Systems and may sell part or all of its stake.
Kesoram Industries Limited · KESORAM.NS (INTL) · Mkt Cap: None · EV: None [Indian conglomerate involved in cement manufacturing and other industrial activities] Frontier Warehousing Limited is acquiring 42.80% stake in Kesoram Industries from existing promoters and launching mandatory open offer for additional 26% at ₹5.48 per share. The open offer runs February 26 - March 12, 2026, with Frontier becoming new promoter.
Trial Holdings · 8889.T (JP) · Mkt Cap: N/A · EV: N/A [Japanese retail company operating discount stores and supermarkets] Trial Holdings acquired Seiyu supermarket chain for approximately 380 billion yen in July 2024. The acquisition created Japan’s third-largest food retailer with combined sales of 1.2 trillion yen, behind Seven & i Holdings and Aeon. Trial is converting existing Seiyu stores to ‘Trial Seiyu’ format.
Novartis India · NOVARTIS.NS (INTL) · Mkt Cap: None · EV: None [Indian pharmaceutical subsidiary of Swiss drugmaker Novartis AG] Novartis AG is selling its 70.68% controlling stake in publicly-traded Novartis India to private equity firm ChrysCapital for approximately Rs 1,450 crore. The deal involves a mandatory open offer to public shareholders at Rs 860.64 per share and will result in complete change of control from Swiss parent to PE ownership.
Hang Seng Bank · 11.HK (INTL) [Hong Kong-based banking and financial services company] HSBC’s HK$106 billion plan to privatize Hang Seng Bank has received court approval, following earlier shareholder approval. The transaction will take Hang Seng Bank private, with HSBC acquiring the remaining shares it doesn’t already own.
Restructuring
Xinming China Holdings Limited · 2699.HK (HK) · Mkt Cap: $3M · EV: $155M [Chinese industrial company] Xinming China Holdings is conducting a major non-underwritten rights issue offering 6 new shares for every existing share at HK$0.188, aiming to raise up to HK$106 million. The issue could increase share capital by more than 50% within 12 months and requires shareholder approval at an extraordinary general meeting where controlling shareholders must abstain from voting.
Catheter Precision, Inc. · VTAK (US) · Mkt Cap: $3M · EV: $2M [Medical device company specializing in cardiac catheter technologies] Company announced definitive agreement to divest its atherectomy catheter technologies (including FDA approvals and patents) to focus on core electrophysiology solutions. The transaction includes $15,000 upfront cash, 5% equity stake in the acquirer with anti-dilution protection, and 10-year royalty agreement.
Jaguar Health · JAGX (UN) · Mkt Cap: $3M · EV: $32M [Pharmaceutical company developing gastrointestinal products] Company declared a one-time special dividend of Series O convertible preferred shares to common stockholders of record on March 2, 2026. The non-transferable preferred stock converts to common shares by December 31, 2026 and is designed to provide dilution protection as the company evaluates debt restructuring options.
Vector Holdings · 2656.T (JP) · Mkt Cap: $23M · EV: $19M [Japanese holding company experiencing expanding losses] Announced third-party allocation of new shares and 14th series warrants, along with execution of third-party allocation agreement. Company has expanding losses with Q3 cumulative final result showing widened red ink, and recently underwent CEO resignation and replacement in January.
Shankara Buildpro Limited · SHANKARA.NS (IN) · Mkt Cap: $28M · EV: $33M [Steel distribution company demerged from Shankara Building Products] Shankara Buildpro was recently listed following its demerger from Shankara Building Products Limited. The newly independent company reported 29% revenue growth to ₹1666 crore in Q3 FY26, driven primarily by its steel segment which grew 34% to ₹1520 crore with 37% volume growth.
Carna Biosciences · 4572.T (JP) · Mkt Cap: $41M · EV: $43M [Biotechnology company] Carna Biosciences completed a third-party allocation financing involving unsecured convertible bonds (private placement), warrants with price adjustment provisions, and new share issuance. The transaction represents significant equity dilution at a biotech company that reported continued losses in its recent earnings.
Oncopeptides AB · ONCO.ST (SE) · Mkt Cap: $53M · EV: $56M [Biopharmaceutical company developing peptide-based cancer treatments] Company is launching a SEK 200 million rights issue with 1:2 terms at SEK 1.55 per share, subscription period March 2-16. The company has secured commitments/guarantees covering SEK 190 million of the offering to strengthen the balance sheet and fund Pepaxti commercialization in Europe.
Road King Infrastructure Limited · 1098.HK (HK) · Mkt Cap: $64M · EV: $1.9B [Toll road operator and property developer] Company’s winding up application against wholly-owned subsidiary New Select Global Limited has been adjourned to March 16, 2026, with potential appointment of provisional liquidators to be considered. This follows ongoing legal proceedings since November 2025 regarding the subsidiary’s liquidation.
Tanaka Seimitsu · 7218.T (JP) · Mkt Cap: $76M · EV: $99M [Precision manufacturing equipment company] Tanaka Seimitsu announced a corporate restructuring involving a simplified company split to establish an intermediate holding company structure. The stock rose 1.84% on the announcement date.
ArrowMark Financial Corp. · BANX (US) · Mkt Cap: $155M · EV: $198M [Closed-end investment fund] ArrowMark Financial Corp. completed a transferable rights offering that expired February 18, 2026, allowing rights holders to subscribe for up to 2,604,156 common shares at $19.79 per share (90% of NAV). The rights offering was oversubscribed, requiring pro-rata allocation.
Rena Co Ltd · 4889.T (JP) · Mkt Cap: $156M · EV: $141M [Industrial equipment and machinery company] Rena Co Ltd announced the third issuance of new shares and stock warrants through third-party allocation under its stock and warrant issuance program contract. The transaction follows the company’s recent quarterly results showing a shift to net loss in the 9-month period.
SunPower Corporation · SPWR (US) · Mkt Cap: $174M · EV: $376M [Solar energy company] SunPower’s liquidation process is nearing completion after selling its core residential and commercial business units to strategic buyers in 2024. The company reached an $11 million settlement in early 2026 to resolve class-action lawsuits alleging misleading financial statements prior to bankruptcy, with final court approval pending.
Xerox Holdings Corporation · XRX (US) · Mkt Cap: $256M · EV: $4.2B [Printing technology and business process services] Xerox formed a joint venture with TPG to monetize IP assets, raising $450 million through TPG Credit-led financing consisting of senior secured term loans and preferred equity. Xerox contributed specific intellectual property assets to the JV in exchange for equity interests while retaining full licensing rights. Proceeds will be used for general corporate purposes, accelerating the Reinvention strategy including Lexmark integration, and potentially addressing the capital structure including debt reduction.
Nobia AB · NOBI.ST (SE) · Mkt Cap: $277M · EV: $681M [Kitchen cabinet manufacturer and retailer] Company published disclosure document for a fully guaranteed rights issue of approximately SEK 1.5 billion to strengthen its capital base. The rights offering will run from late February to mid-March 2026, with Handelsbanken and Nordea serving as bookrunners.
Community Health Systems · CYH (US) · Mkt Cap: $499M · EV: $11.8B [Hospital operator managing acute care facilities across the United States] Completed sale of three Pennsylvania hospitals for $48M total and signed definitive agreement to sell Crestwood Medical Center in Alabama for $450M. Combined transactions represent nearly $500M in asset divestitures with Alabama closing expected Q2 2026.
Chrysalis Investments Ltd · CHRY.L (UK) · Mkt Cap: $619M · EV: N/A [Investment company focused on growth equity investments] Proposed to sell entire portfolio and return proceeds to shareholders over next three years, citing persistent 34% discount to NAV despite £100M+ in buybacks. Shareholders vote on March 24 on new investment policy focused on orderly asset realization.
Kwality Wall’s (India) Limited · KWIL.NS (IN) · Mkt Cap: $725M [Ice cream company operating brands like Cornetto and Magnum across 400+ cities in India] Kwality Wall’s listed on BSE and NSE following completion of demerger from Hindustan Unilever, with HUL shareholders receiving one KWIL share for each HUL share held as of December 5, 2025. The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has signed agreement to acquire controlling stake in KWIL post-listing.
Altus Group Limited · AIF.TO (CA) · Mkt Cap: $1.2B · EV: $1.1B [Real estate analytics and commercial appraisal services] Altus Group entered into a definitive agreement to sell its Canadian Appraisals business to an affiliate of Newmark Group Inc. The transaction is expected to close around March 1, 2026, and includes a multi-year license agreement for Newmark to access Altus’ ARGUS Intelligence and other software/data offerings.
Elemental Royalty Corporation · ELE (CA) · Mkt Cap: $1.4B · EV: $519M [Precious metals royalty and streaming company] Company completed the sale of its Nordic operational platform (infrastructure, equipment, employees) to Goldsky Resources for approximately $360,000 in staged payments over two years. Elemental retains all mineral properties, exploration permits, and existing royalties, plus receives a 1% NSR royalty on any projects generated by Goldsky over the next five years.
Country Garden Holdings Company Limited · 2007.HK (HK) · Mkt Cap: $1.5B · EV: $38.6B [Chinese property developer focused on residential and commercial real estate development] A Hong Kong court dropped the winding-up petition against Country Garden Holdings, allowing the company to continue operations while dealing with financial difficulties. The company had been facing liquidation proceedings but has avoided this outcome.
DCM Shriram Industries · DCMSHRIRAM.NS (IN) · Mkt Cap: $1.9B · EV: $2.0B [Diversified industrial company operating in chemicals, manufacturing infrastructure, defense and aerospace segments] DCM Shriram completed a demerger creating two new publicly listed entities: DCM Shriram Fine Chemicals and DCM Shriram International. The demerger ratio was 1:1:1, with shareholders receiving one share of each new company for every DCM Shriram Industries share held, with record date of December 26, 2026.
Upstart Holdings, Inc. · UPST (US) · Mkt Cap: $2.9B · EV: $4.2B [AI-powered lending platform and credit technology company] Company announced the sale of $333 million in auto lending assets to affiliates of Bayview Asset Management. This represents part of Upstart’s strategy to optimize balance sheet usage for newer products while maintaining partnership growth in auto lending.
Lion Corporation · 4912.T (JP) · Mkt Cap: $3.3B · EV: $2.9B [Consumer products company manufacturing oral care, beauty care, fabric care and living care products] Lion Corporation is selling all shares of two consolidated chemical business subsidiaries to investment fund Advantage Partners, effective June 30. This is part of a group business reorganization strategy.
SM Energy Company · SM (US) · Mkt Cap: $5.4B · EV: $5.1B [Oil and gas exploration and production company] SM Energy agreed to sell South Texas assets (61,000 net acres, 260 wells in Webb County) to Caturus Energy for $950 million cash, expected to close in Q2 2026. The assets produce approximately 37-39 MBoe/d and generate ~$160 million in annual cash flows. Proceeds will be used primarily for debt reduction as part of the company’s goal to sell over $1 billion in assets.
UPL Ltd · UPL.NS (IN) · Mkt Cap: $7.0B · EV: $10.5B [Agricultural chemicals and crop protection products manufacturer] Company announced complex restructuring involving mergers and demerger to create two separate listed entities - existing UPL and new UPL Global Sustainable Agri focused on crop protection. The scheme involves specific share swap ratios and is expected to complete in 12-15 months with April 1, 2026 as appointed date.
Orkla ASA · ORK.OL (NO) · Mkt Cap: $13.3B · EV: $15.3B [Nordic consumer goods conglomerate operating in branded consumer goods, food ingredients and aluminum solutions] Orkla is undergoing major strategic restructuring to break up its conglomerate structure and focus on core assets, with three companies already sold and clear divestiture targets set. The company announced a NOK 2.00 special dividend alongside strong Q4 earnings.
Host Hotels & Resorts · HST (US) · Mkt Cap: $14.0B · EV: $19.2B [Hotel real estate investment trust] Host Hotels & Resorts sold two Four Seasons properties (Orlando and Jackson Hole) for $1.1 billion, generating an 11.0% unlevered IRR and 14.9x EBITDA multiple. The company also closed the previously announced sale of St. Regis Houston for $51 million at a 25.0x EBITDA multiple. Since 2018, HST has disposed of $6.4 billion in hotels at a blended 16.7x EBITDA multiple while acquiring $4.9 billion at 13.6x EBITDA.
Nidec Corporation · 6594.T (JP) · Mkt Cap: $17.4B · EV: $19.9B [Electric motor and precision equipment manufacturer] Nidec filed an improvement plan with Tokyo Stock Exchange acknowledging that its post-merger integration processes were inadequate. The company admitted it expanded through M&A without building sufficient management systems or having enough qualified personnel to oversee acquired companies. This is the first time Nidec has publicly acknowledged deficiencies in its post-acquisition value creation processes.
Shionogi & Co., Ltd. · 4507.T (JP) · Mkt Cap: $20.0B · EV: $18.7B [Pharmaceutical company specializing in infectious diseases and pain management] Company announced it will absorb its fully-owned subsidiary Torii Pharmaceutical through a merger effective April 1, 2027. Shionogi completed the acquisition of Torii in September 2025 through a tender offer and is now moving to fully integrate the companies to maximize synergies.
Vedanta Ltd · VEDL.NS (IN) · Mkt Cap: $29.4B · EV: $39.6B [Diversified natural resources and mining company] Company is proceeding with demerger into five separately listed companies, with focus on stabilizing declining oil and gas production ahead of the split. The oil and gas business has experienced production declines for 10 consecutive years and will operate independently as Vedanta Oil & Gas Ltd post-demerger.
FedEx Corporation · FDX (US) · Mkt Cap: $91.7B · EV: N/A [Global logistics and shipping company providing express delivery, ground, and freight services] FedEx is spinning off its Less-Than-Truckload unit, FedEx Freight, into a standalone public company (ticker: FDXF) scheduled for June 1, 2026. The $8.9 billion revenue freight business will be distributed tax-free to existing shareholders. Additionally, FedEx is implementing Network 2.0 consolidation targeting $1 billion in cost reductions and acquiring a 37% stake in InPost S.A. for €7.8 billion.
Honeywell International · HON (US) · Mkt Cap: $164.2B · EV: $175.0B [Diversified industrial conglomerate operating in aerospace, building technologies, performance materials, and safety solutions] Honeywell plans to spin off its Aerospace division into a separate publicly traded avionics company as part of an accelerated portfolio overhaul. The remaining company will focus on industrial automation and related businesses.
Citigroup Inc. · C (US) · Mkt Cap: $208.9B · EV: $-306,698,452,992 [Global banking and financial services] Citi completed the sale of its Russian subsidiary AO Citibank to Renaissance Capital, fully exiting Russia operations including 800 employees. The divestiture is expected to provide approximately $4 billion benefit to Common Equity Tier 1 capital in Q1 2026, primarily from deconsolidation of risk-weighted assets and release of currency translation adjustment loss.
HSBC Holdings plc · HSBA.L (UK) · Mkt Cap: $298.5B · EV: $-196,050,399,005 [Global banking and financial services company] HSBC is executing a global restructuring to cut $1.5 billion in annual costs by 2026, including 8% reduction in personnel expenses and asset sales across multiple regions. The bank recently completed a $13.6 billion buyout of the remaining 37% stake in Hang Seng Bank it didn’t own, while divesting non-core businesses in Europe and scaling back US operations.
Kwality Wall’s India · KWALITY.NS (IN) [Ice cream manufacturer operating brands including Magnum and Cornetto across India] Kwality Wall’s completed its demerger from Hindustan Unilever and began trading independently on February 16, listing at ₹29.80 per share with a market cap of ₹7,001.78 crore. The company targets double-digit volume growth through distribution expansion from current 200,000 outlets.
Religare Enterprises Limited · RELG.NS (IN) [Financial services and insurance company operating lending and health insurance businesses] Religare Enterprises approved a demerger to spin off its financial services business into separately listed Religare Finvest Limited. REL shareholders will receive 1:1 shares in RFL, with listing expected on BSE and NSE in Q1 FY28, while REL will retain insurance business including stake in Care Health Insurance.
Barloworld Limited · BAWP (ZA) [Industrial equipment and automotive services company operating across Africa and internationally] Barloworld is finalizing the redemption of all cumulative preference shares at ZAR 2.557 per share on March 2, 2026, followed by delisting from JSE and A2X. This follows the earlier compulsory acquisition of ordinary shares by Newco in January 2026.
DMK Pharmaceuticals · DMKPF (INTL) · Mkt Cap: None · EV: None [Pharmaceutical company] DMK Pharmaceuticals’ Chapter 11 liquidation plan was court-approved, resulting in complete equity wipeout for shareholders. All equity interests will be cancelled with zero distribution, while creditors receive liquidation proceeds from asset sales including $3.17M from ZIMHI product assets sold in May 2024.
Gemini Space Station Inc. · GEMS (INTL) · Mkt Cap: None · EV: None [Cryptocurrency exchange platform] Gemini announced immediate departure of three C-suite executives (COO, CFO, CLO) following 25% workforce cuts and withdrawal from UK/EU/Australia markets. Company expects $257-267M adjusted pre-tax loss for 2025 with operating expenses rising to $520-530M from $308M prior year. Stock down 14% on the news to $6.50, having fallen from IPO high of $45.89 in September.
Azul · AZUL (INTL) [Brazilian airline] American Airlines and United Airlines are jointly investing $200M ($100M each) in Azul as part of its Chapter 11 exit strategy. Combined with $100M from existing creditors and potential $25M from warrants, total new capital exceeds $300M. U.S. Bankruptcy Court has approved the reorganization plan, with United’s investment via equity rights offering settling February 20, 2026, and American’s via warrants pending Brazilian antitrust approval.
Oando Plc · OANDO.LG (INTL) [Nigerian energy group] Oando launched a 220 billion naira ($162.5 million) rights issue to raise capital through issuing 4.4 billion new shares at 50 naira each, on a 1-for-2 basis to existing shareholders. The capital raise is part of a broader restructuring plan that includes debt-to-equity conversions and aims to strengthen the balance sheet and improve financial flexibility.
AMAK · AMAK (INTL) [Company conducting rights offering] AMAK’s board of directors has recommended a rights issue to existing shareholders. The rights offering would allow current shareholders to purchase additional shares, typically at a discount to market price.
Nittetsu Mining Co., Ltd. · 1515 (INTL) [Mining company] Nittetsu Mining Co. filed mandatory pre-disclosure documents for a corporate spin-off involving Yotsuura Silica Stone Co., Ltd. The stock declined 4.24% on the announcement day.
Alzinova AB · ALZN.ST (INTL) [Biotechnology company] Alzinova AB is conducting a rights issue of up to 20.9 million units (comprising shares and warrants) to raise approximately SEK 50.1 million ($4.7M USD). The rights issue is 80% covered through subscription and underwriting commitments, with the subscription period ending February 20, 2026.
Honda Motor Co., Ltd. · 7267 (INTL) [Automotive manufacturer and mobility technology company] Honda filed mandatory pre-disclosure documents for a company split involving Honda R&D Co., Ltd. The corporate restructuring requires regulatory disclosure under Japanese securities law.
Shiftpixy · PIXY (INTL) [Workforce management technology platform] Company’s Chapter 11 reorganization was converted to Chapter 7 liquidation following court determination of insolvency. The company has liabilities of $1-10 million against assets of only $500K-$1 million, with all operations ceased and stock delisted from Nasdaq in October 2024.
Tullow Oil plc · TLW (US) [Independent oil exploration and production company] Company signed agreement to acquire the TEN FPSO (floating production vessel) for $205 million gross ($125.6 million net to Tullow) from T.E.N. Ghana MV25 BV, with completion expected end of Q1 2027. The acquisition eliminates annual lease costs and aims to optimize production and reduce fixed costs for the TEN and Jubilee fields offshore Ghana.
e-Agency · 2367.T (INTL) [Digital marketing and data solutions company] Company announced major corporate restructuring transitioning to a holding company structure effective April 1, 2026. The company will change its name to e-Agency Group and split operations into three new subsidiary companies focusing on data solutions/AI, SaaS products, and Web3/fandom marketing respectively.
New World Development Co Ltd · 17.HK (INTL) [Property developer and infrastructure investor] Company is executing a multi-billion dollar asset disposal program, selling major portfolio of mainland China and Hong Kong properties to related parties to reduce debt and improve liquidity during China’s property downturn. The restructuring involves selling assets in the low-to-mid billion dollar range with proceeds earmarked for debt reduction and extending debt maturity.
HKC International Holdings Limited · 448.HK (INTL) [Property investment and development company] Company is conducting a non-underwritten rights issue offering 1 new share for every 2 existing shares at HK$0.28 per share, seeking to raise up to HK$21.8 million gross. The subscription price represents a 79.1% discount to NAV with 90% of proceeds to be used to repay bank borrowings of HK$131.4 million due within 12 months.
H&R REIT · HR.UN (INTL) [Real estate investment trust focused on office, residential and industrial properties] Company completed a spin-off of its Primaris mall portfolio in early 2022 and has been repositioning away from office and retail toward residential and industrial assets. The REIT is trading at a significant discount to estimated net asset value while management continues strategic asset sales and capital recycling.
REC Silicon ASA · REC.OL (INTL) [Silicon materials producer for solar and semiconductor industries] REC Silicon announced a fully underwritten rights issue to raise NOK 972.6 million gross proceeds. Existing shareholders will receive approximately 9.695 subscription rights for every 1 share held, with subscription price of NOK 0.2385 per new share, representing up to 4.078 billion new shares.
India Glycols Limited · INDGL.NS (INTL) · Mkt Cap: N/A · EV: N/A [Chemicals and biotech company operating spirits and biofuel operations] Company is demerging into two separate publicly traded entities - Ennature Bio Pharma Limited and IGL Spirits Limited. National Company Law Tribunal approved the scheme with April 1, 2026 appointed date, and unsecured creditors meeting scheduled for March 24, 2026.
Asian Granito India Limited · ASGN.BO (INTL) · Mkt Cap: N/A · EV: N/A [Tiles and ceramics manufacturing company] NCLT Ahmedabad approved Composite Scheme of Arrangement to demerge tiles manufacturing business of subsidiary Adicon Ceramica Tiles into Adicon Ceramics Limited. Approval came despite objections from Income Tax Department over ₹104.73 crores in outstanding tax demands.
Imara Gold Plc · IGLD.L (INTL) · Mkt Cap: N/A · EV: N/A [Gold mining company with operations in Kenya] Plans voluntary delisting from London Stock Exchange on March 20, 2026, moving to alternative trading platform as part of financial restructuring. Company secured additional $1M debt funding and is in discussions to restart operations at Kilimapesa Gold Mine under contractor-funded arrangement.
Kaiho · 3133 (INTL) · Mkt Cap: N/A · EV: N/A [Japanese company with recent UAE partnership] Announced issuance of 9th series stock acquisition rights with exercise price adjustment provisions through third-party allocation, plus 2nd and 3rd series unsecured ordinary bonds. This follows recent business partnership agreement with UAE-based UTT Group Corps.
Kubient Inc. · KBNT (UN) · Mkt Cap: $1,472 · EV: $-11,747,583 [Digital advertising technology company providing programmatic ad solutions] Kubient Inc. is undergoing Chapter 7 liquidation after voluntary Nasdaq delisting in November 2023 following an accounting scandal and conviction of ex-CEO Paul Roberts. Court-appointed trustee is disposing of remaining assets to satisfy creditor claims, with shareholders expected to receive nothing due to their lowest priority status.
Near Intelligence · NIRLQ (INTL) · Mkt Cap: N/A · EV: N/A [Location intelligence and data analytics company serving retailers and marketers] Near Intelligence filed for Chapter 11 bankruptcy in December 2023, with court approving full liquidation plan by March 2024. All common stock has been cancelled with zero recovery for equity holders, and the company now trades OTC under ticker NIRLQ as a liquidation stub.
Rishab Special Yarns Limited · RISHAB.BO (INTL) · Mkt Cap: N/A · EV: N/A [Indian textile company manufacturing specialty yarns and fabrics] Rishab Special Yarns’ board approved a comprehensive restructuring including authorized share capital increase, name change to Impera Worldwide Limited, and a rights issue to raise funds. All decisions require shareholder approval via postal ballot, with specific terms of the rights issue to be determined at the next board meeting.
Management Changes
Coty Inc. · COTY (US) · Mkt Cap: $2.2B · EV: $5.5B [Beauty and fragrance company] Coty appointed Markus Strobel as Executive Chairman and Interim CEO following disappointing results with 6-month revenue down 6% like-for-like. Strobel launched a strategic framework called ‘Coty. Curated.’ focused on improving execution and core business investment, while continuing portfolio review including the recent Wella divestiture. Company withdrew full-year guidance citing complex market backdrop and leadership transition.
PayPal Holdings · PYPL (US) · Mkt Cap: $38.5B · EV: $39.0B [Digital payments platform] PayPal announced former HP CEO Enrique Lores will replace Alex Chriss as CEO after failed turnaround efforts. Stock dropped 21% post-earnings on weak results and guidance. Company now trades at less than 8x forward earnings following the decline.
Other Situations
SDS Holdings · 1711.T (JP) · Mkt Cap: $20M · EV: $45M [Solar power system company pivoting to AI data center business] Announced entry into AI data center business, pivoting from traditional solar operations. Stock hit daily limit up of 341 yen (+80 yen from previous day).
Bayview Acquisition Corp · BAYA (US) · Mkt Cap: $41M · EV: $43M [Special purpose acquisition company] Bayview Acquisition Corp received a delisting notice from Nasdaq on February 19, 2026 for failing to meet market value and annual meeting requirements. Trading will be suspended March 2, 2026 unless the company appeals by February 26, 2026, which they intend to do.
Celsius Resources Limited · CLA.AX (AU) · Mkt Cap: $48M · EV: $46M [Mining and resources exploration company] Celsius Resources Limited is terminating its secondary listing on the Namibia Securities Exchange, with final trading on March 3, 2026 and official delisting on March 11, 2026. The company indicated in October 2025 it was drafting agreements to potentially sell its 95% stake in the Opuwo Cobalt Project in Namibia.
SymBio Pharmaceuticals · 4582.T (JP) · Mkt Cap: $54M · EV: $41M [Pharmaceutical company] Announced the large-scale exercise and completion of its 65th series of stock warrants with exercise price adjustment provisions. The stock surged 41.32% to 171 yen following the announcement.
Westwater Resources · WWR (US) · Mkt Cap: $106M · EV: $101M [Graphite and lithium mining company] U.S. Department of Commerce imposed 220% total tariffs on Chinese graphite anode materials (93.5% anti-dumping + 66.68% countervailing duties). WWR stock surged 13.6% pre-market, with final determination expected March 2026.
Almasane Alkobra Mining Company · 2090.SR (SA) · Mkt Cap: $127M · EV: $136M [Saudi mining company] AMAK’s board recommended a 680 million Saudi riyal ($181.32 million) rights offering to fund expansion and growth investments. The rights issue requires approval from authorities and shareholders’ extraordinary general assembly, with Al Rajhi Capital as financial advisor.
網屋 (Amiya) · 4258.T (JP) · Mkt Cap: $179M · EV: $149M [Japanese cybersecurity company] 網屋 announced a strategic investment partnership with Simplex Capital, issuing ¥1.5 billion in convertible bonds and ¥1.055 billion in warrants through third-party allocation. The company plans to use treasury shares for conversion/exercise rather than issuing new shares to avoid dilution.
ARKO Corp · ARKO (UN) · Mkt Cap: $696M · EV: $3.1B [Convenience store operator and petroleum distributor] ARKO Corp completed an IPO of its subsidiary ARKO Petroleum at $18 per share, raising approximately $200 million while retaining ~75.9% ownership stake. The subsidiary is now listed on Nasdaq as a separate public entity.
HealthCare Global Enterprises Ltd · HCG.BO (IN) · Mkt Cap: $928M · EV: $1.1B [Cancer-focused healthcare provider operating specialty oncology hospitals] HealthCare Global’s board approved a rights issue to raise up to ₹425 crore ($51M) from existing shareholders. The company will determine specific terms including issue price, ratio, and record date through its board or Rights Issue Committee.
Once Upon a Farm · OFRM (US) · Mkt Cap: $963M · EV: $304M [Organic children’s food brand] Once Upon a Farm completed its IPO at $18 per share on February 6, 2026, trading on NYSE under ticker OFRM. The offering included ~11 million shares with proceeds for debt repayment, equipment purchases, and general corporate purposes.
Kusuri no Aoki Holdings · 3549.T (JP) · Mkt Cap: $2.5B · EV: $3.1B [Japanese drugstore chain operator] Kusuri no Aoki terminated its 20+ year alliance with Aeon after rejecting Aeon’s increased stake to ~10% without consent. The company implemented a poison pill defense against shareholders acquiring 20%+ stakes, with a shareholder vote scheduled for January 17.
Array Digital Infrastructure · AD (US) · Mkt Cap: $4.4B · EV: $5.3B [Digital infrastructure and spectrum assets company] Array Digital Infrastructure completed an AT&T spectrum sale and announced a $10.25 special dividend. DCF analysis suggests 36% undervaluation at current $50.88 share price versus intrinsic value of $79.89.
Gold Fields Limited · GFI (US) · Mkt Cap: $48.7B · EV: $50.1B [Gold mining company] Gold Fields reported record 2025 profit of US$3.57 billion and announced a US$1.7 billion capital return program representing 54% of adjusted free cash flow. The program includes a final dividend of 1,850 SA cents per share, special dividend of 450 SA cents per share, and share buybacks totaling US$353 million.
Shin-Etsu Chemical Co., Ltd. · 4063.T (JP) · Mkt Cap: $66.2B · EV: $59.2B [Chemical and semiconductor materials manufacturer] Shin-Etsu Chemical announced terms for issuing its 26th series of stock acquisition rights through third-party allocation for acquiring treasury shares via an Accelerated Share Repurchase program. The company is implementing a structured buyback mechanism using stock warrants to facilitate the share repurchase process.
Medtronic · MDT (US) · Mkt Cap: $124.2B · EV: $145.2B [Medical technology company] Medtronic’s diabetes business MiniMed Group (MMED) is in the IPO pipeline and could set terms for a public offering in the coming week. The carve-out represents a spin-off of Medtronic’s diabetes management operations into a separate publicly traded entity.
PayPay Corp · N/A - IPO filing (None) · Mkt Cap: None · EV: None [Japan’s leading QR code payment platform] PayPay filed for a Nasdaq IPO targeting a valuation above $6.5 billion with potential listing as early as March 2025. The SoftBank-backed company operates Japan’s dominant digital payments platform and is seeking to expand to the U.S. market through a Visa partnership.
SmartCraft ASA · SMCRT (INTL) · Mkt Cap: None · EV: None [Construction software solutions provider] SmartCraft launched a tender offer to repurchase up to NOK 75 million of its own shares through a reverse book building process. The application period runs from Feb 16-20, 2026, with DNB Carnegie as sole bookrunner.
Fame India · FAME.BO (INTL) · Mkt Cap: None · EV: None [Multiplex operator] Fame India plans to raise up to Rs 900 million via rights issue to existing shareholders. This follows Inox acquiring a majority stake and Reliance ADAG making a counter-offer for the company.
iFOREX Financial Trading Holdings Ltd · TBD (INTL) · Mkt Cap: N/A · EV: N/A [Retail forex and financial trading platform] iFOREX announced its IPO process has recommenced for London Stock Exchange listing with admission expected in late February 2026. The IPO was previously delayed in June 2025 due to a routine BVI compliance inspection requiring additional finalization time.
Trust Securities & Brokerage Limited · TSBL (INTL) · Mkt Cap: N/A · EV: N/A [Securities brokerage and financial services company] Trust Securities launched a 150% rights issue at Rs1 per share. Shareholders can subscribe through CDC with online payment facilities via 1Link member banks and JS Bank branches.
Longfin Corp · LFIN (US) · Mkt Cap: $7,454 · EV: $9M [Former fintech company now in liquidation following delisting and regulatory actions] Court-appointed administrators are managing asset distribution through a SEC Fair Fund compensation mechanism for former shareholders. Corporate dissolution is pending final accounting and resolution of civil/criminal proceedings against former leadership.
Pryme N.V. · 8XG0 (INTL) [Cleantech company specializing in plastic waste recycling] Shareholders holding approximately 88.3% of share capital have requested an extraordinary general meeting to vote on applying for delisting from Euronext Growth Oslo. The delisting proposal is shareholder-driven.
Bolt Projects Holdings · BSLK (UN) · Mkt Cap: $611,257 · EV: $9M [Project development company] Bolt Projects Holdings is voluntarily delisting from Nasdaq and deregistering with the SEC after failing to meet minimum equity standards. The company will file Form 25 around March 2, 2026 for formal delisting by March 12, 2026, followed by Form 15 to terminate SEC reporting obligations within 90 days.
Idea Acquisition Corp. · IACOU (US) · Mkt Cap: None · EV: None [Special purpose acquisition company targeting AI and software companies] Idea Acquisition Corp. completed a $350 million IPO of 35 million units at $10 per unit on Nasdaq. The company targets business combinations with software companies leveraging AI and large language models. Each unit includes one Class A share and one-third warrant exercisable at $11.50.
Durlax Top Surface Limited · DURLAX.NSE (INTL) [Surface treatment and coating solutions provider] Durlax Top Surface is conducting a rights issue of 1.23 crore shares at INR 40 per share, raising INR 49.22 crore with entitlement of 37 shares for every 50 shares held. Subscription opens Feb 23 - Mar 5, 2026, with proceeds funding new machinery (INR 13 crore), working capital (INR 12 crore), and new product launches (INR 9.5 crore).
Curious how you source / map all of those!