Special Situations Digest - #4

February 23 – March 01, 2026 · 214 situations

Mar 01, 2026

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the fourth edition of our weekly Special Situations Digest.

I would appreciate some feedback on this: What sort of special sits do you want to see more of? Which countries? Any other features? Please leave a comment.

Activist Campaigns

The Works · WRKS.L (UK) · Mkt Cap: $32M · EV: $143M [UK discount retailer selling books, stationery, toys and crafts] Activist investor Kelso increased its stake from 6.6% to 7% and wrote to the board with constructive proposals to close the valuation gap. The Works trades at just 1.65x EV/EBITDA despite £250m+ annual revenue and recent operational improvements including debt reduction and like-for-like sales growth of 4%.

Noodles & Co. · NDLS (US) · Mkt Cap: $32M · EV: $303M [Restaurant chain] Galloway Capital Partners LLC has increased its stake in Noodles & Co. The activist investor had previously encouraged the company to sell off stores and remains confident in the company’s comeback potential.

Ishii Hyoki Co., Ltd. · 6336.T (JP) · Mkt Cap: $51M · EV: $32M [Manufactures industrial machinery and equipment] Ishii Hyoki received a shareholder proposal from an individual shareholder regarding amendments to the company’s articles of incorporation for the 53rd Annual General Meeting scheduled for April 2026. The board will review the proposal and announce their opinion once decided.

Bluspring Enterprises Ltd · BLUSPRING.NS (IN) · Mkt Cap: $89M · EV: $123M [Infrastructure services company providing integrated facility management services] Veteran PE investor Ashish Dhawan increased stake from 4.1% to 5% (Rs 41 cr) while stock trades near all-time lows at Rs 55, down 45% from post-demerger highs. Bluspring was spun off from Quess Corp in 2025 with Rs 2,517 cr in 9-month revenues but continues reporting losses.

MFS Government Markets Income Trust · MGF (US) · Mkt Cap: $97M · EV: N/A [Closed-end fund investing in government and government-related debt securities] Sit Investment Associates filed 13D opposing MGF’s proposed reorganization into MFS Multimarket Income Trust, approved by board Dec 11, 2025. Investment adviser sent formal opposition letter Feb 24, 2026, and may nominate directors or make shareholder proposals to block transaction.

Empery Digital Inc · EMPD (US) · Mkt Cap: $130M · EV: $161M [Digital asset investment company holding Bitcoin and other cryptocurrency assets] Paige P. Bryant, a 9.8% shareholder, is demanding immediate resignation of CEO Ryan Reynolds and replacement of the board of directors. Bryant is also demanding the company sell all Bitcoin holdings and return proceeds to shareholders, alleging management attempted share buybacks at 100% of NAV while forcing shareholders to sell at steep discounts.

Reservoir Media · RSVR (US) · Mkt Cap: $588M · EV: $1.0B [Independent music publisher that acquires, manages and administers music copyrights and recorded music assets] Activist investor Irenic Capital Management (9.2% shareholder) made an unsolicited takeover bid valued at $1.1-1.2 billion including debt, at $10-11 per share. This escalates Irenic’s year-long activist campaign that previously called for a strategic review. Any deal requires support from Wesbild Inc, which holds 44% of Reservoir’s equity.

Sturm, Ruger & Co. · RGR (US) · Mkt Cap: $596M · EV: $469M [Firearms manufacturer] Beretta has built a 10% stake in Sturm, Ruger & Co. and is launching a proxy fight to nominate four executives to the nine-member board. Ruger has adopted a poison pill defense amid the contest for control, with the vote likely at the May 29 annual meeting.

Compass Diversified · CODI (US) · Mkt Cap: $603M · EV: $3.1B [Diversified holding company owning middle-market businesses across various industries] ADW Capital Management, owning 7.65% of shares, sent an open letter demanding immediate strategic review and orderly liquidation of the company. ADW estimates liquidation value of $26+ per share versus current $7.79 share price, citing structural discount to NAV due to misaligned external management structure.

Impax Environmental Markets PLC · IEM.L (UK) · Mkt Cap: $1.2B · EV: N/A [Environmental markets investment trust focusing on companies addressing environmental challenges] Activist investor Saba Capital Management blocked a planned exit offer for shareholders by failing to meet crucial conditions. The company was forced to scrap the investor exit mechanism as a result of Saba’s actions.

Penn Entertainment · PENN (US) · Mkt Cap: $1.7B · EV: $12.2B [Gaming and sports betting company] Penn Entertainment reached a settlement with activist investor HG Vora Capital Management, ending their long-running boardroom dispute. As part of the agreement, three new board members will be added, including a former Snaitech CEO.

Kohl’s Corp · KSS (US) · Mkt Cap: $2.0B · EV: $8.8B [Department store retailer] Kohl’s is experiencing renewed activist investor pressure pushing for strategic alternatives including asset sales, sale-leasebacks, or full company sale. This follows prior high-profile activist campaigns and aborted takeover offers for the department store chain.

Toho Holdings · 8129.T (JP) · Mkt Cap: $2.0B · EV: $1.2B [Pharmaceutical wholesaler] Investment fund 3D Investment Partners is conducting an aggressive activist campaign against Toho Holdings, where 3D is the largest shareholder. 3D is seeking management control and demanding governance improvements. The company has activated its poison pill defense strategy against 3D’s large-scale acquisition attempts.

Casio Computer Co., Ltd. · 6952.T (JP) · Mkt Cap: $2.3B · EV: $1.6B [Manufactures electronic devices including calculators, watches, digital cameras and musical instruments] Oasis Management Company sold nearly all of its Casio Computer stake, reducing holdings from 5.19% to 0.01% according to a Feb 26 filing. The Hong Kong-based activist had initially disclosed its stake in July 2025, causing the stock to surge 5.18% that day.

Integer Holdings Corporation · ITGR (US) · Mkt Cap: $3.0B · EV: $4.3B [Medical device and battery technology manufacturer] Integer Holdings disclosed new risk factors related to potential activist investor campaigns that could disrupt long-term strategy, force strategic shifts or governance changes, and create significant costs and share price volatility. Company preemptively warning shareholders about activist threats to current strategic direction.

Whirlpool Corporation · WHR (US) · Mkt Cap: $4.3B · EV: $10.5B [Manufactures and markets home appliances including washers, dryers, refrigerators and cooking appliances] David Tepper’s Appaloosa Management sent a public letter criticizing management for a $800M-$1B equity offering that diluted shareholders. Tepper called for “sweeping changes” and suggested the company consider strategic alternatives including potential sale or merger if leadership won’t change course.

Fortune Brands Innovations · FBIN (US) · Mkt Cap: $6.7B · EV: $8.8B [Home and security products manufacturer] Activist investor Ed Garden has taken a sizable stake and is lining up potential board nominees ahead of the annual meeting. Garden is questioning the recent fast-track CEO appointment of Amit Banati and wants a broader succession search while aiming to become the company’s largest shareholder.

LKQ Corporation · LKQ (US) · Mkt Cap: $8.5B · EV: $13.2B [Automotive parts distributor and recycler serving collision repair and mechanical service markets] Facing activist pressure from Ancora Advisors (with board representation) and Ananym Capital pushing for portfolio simplification. Company announced formal strategic review to maximize shareholder value, explicitly considering full sale, while divesting non-core European assets and selling self-service segment for $410 million.

JM Smucker Company · SJM (US) · Mkt Cap: $12.1B · EV: $19.3B [Food manufacturer] JM Smucker reached an agreement with activist investor Elliott Investment Management to add two new directors to its board - former Snyder’s-Lance CEO David Singer and NRG Energy CFO Bruce Chung. Elliott was described as one of Smucker’s largest investors and the deal includes an information-sharing agreement focused on driving shareholder value.

Blue Owl Capital Inc · OWL (US) · Mkt Cap: $16.0B · EV: $14.7B [Alternative asset manager focused on private credit and real estate] Activist investor Boaz Weinstein’s Saba Capital and Cox Capital Partners launched tender offers for Blue Owl Capital’s BDCs at 20-35% discounts to NAV. The move follows Blue Owl restricting withdrawals from one private credit fund and selling $1.4B in loans to meet redemption demands.

LG Chem · 051910.KS (KR) · Mkt Cap: $18.0B · EV: $33.9B [Korean chemical company] Korean Corporate Governance Forum is supporting activist fund Palliser Capital’s shareholder proposals demanding all 7 proposals be included in the AGM agenda. The proposals include restricting controlling shareholder LG Corp’s voting rights on conflicted matters, restructuring the board with business experts, establishing an independent NAV discount reduction committee, and selling non-core assets including a 2% stake in Korea Zinc worth 651 billion won.

Multiple Travel Companies · LUV, NCLH, TRIP, VAC, WTB.L, LYFT (US) · Mkt Cap: $25.7B · EV: N/A [Various travel companies including airlines, cruise lines, and booking platforms] Elliott Management overhauled Southwest Airlines and disclosed 10%+ stake in Norwegian Cruise Line. Starboard Value pushing Tripadvisor toward breakup/sale while Impactive Capital engineered full C-suite replacement at Marriott Vacations. Engine Capital forced Lyft negotiations and Corvex demanding Whitbread capital plan changes.

Seven & i Holdings · 3382.T (JP) · Mkt Cap: $32.4B · EV: $53.1B [Convenience store operator] Seven & i Holdings is highlighted as a specific example of current activist engagement in Japan. Activists are making demands like cash distribution, asset spin-offs, and management changes at the company.

SK Square · 402340.KS (KR) · Mkt Cap: $62.4B · EV: $61.9B [Investment holding company] British investment manager Palliser Capital disclosed a 1%+ stake in SK Square and pushed for value unlocking through expanded investments and larger share buybacks. SK Square’s stock surged over sevenfold from 78,000 won to 560,000 won, with further gains to 679,000 won as US hedge fund Third Point also targets the company for valuation enhancement.

CVS Health · CVS (US) · Mkt Cap: $96.7B · EV: $163.9B [Healthcare company operating pharmacies, health insurance, and pharmacy benefit management] Glenview Capital reduced CVS stake by 3.75 million shares (from nearly 12 million) following 25% total return since taking position. Glenview previously drove CEO replacement in October and four new board members including Glenview’s boss in November.

Toyota Motor Corporation · 7203.T (JP) · Mkt Cap: $314.9B · EV: $480.1B [Automotive manufacturer] Elliott Investment Management is actively opposing a Toyota acquisition, criticizing it as undervalued and lacking transparency, and has offered to buy shares from investors who agreed to the tender offer. The tender offer has been extended to March 2nd due to insufficient shareholder support.

Shimano Inc. · 7309 (INTL) [Manufactures bicycle components, fishing tackle and rowing equipment] Shimano’s board issued a statement regarding a shareholder proposal ahead of the company’s 119th annual general meeting. The board provided their official opinion on the shareholder proposal, which will be voted on at the upcoming AGM.

Strategic Reviews

Ensysce Biosciences · ENSC (UN) · Mkt Cap: $1M · EV: $-225,282 [Clinical-stage pharmaceutical company developing opioid safety platforms] Board initiated formal review of strategic alternatives including partnerships, licensing, capital formation, business combinations, or asset sales. No timetable has been set and no assurances the review will result in any transaction.

Axe Compute, Inc. · AGPU (US) · Mkt Cap: $7M · EV: $9M [AI compute infrastructure company with legacy biobank business] Axe Compute has engaged Cardiff Advisory to explore strategic alternatives for its Helomics biobank business, including sale, partnership, licensing, or joint venture. The biobank contains 150,000 tumor samples, 40,000 tissue blocks, 200,000+ pathology slides, and 20 years of drug response data across 137 tumor subtypes.

Mobivity Holdings Corp · MFON (UN) · Mkt Cap: $7M · EV: $27M [Mobile marketing and customer engagement platform provider] Company agreed to sell substantially all assets of its Connected Rewards division to Mistplay Inc for cash, equity, and performance-based earn-outs. Transaction expected to close in Q1 2026 and represents fundamental operational transformation as company streamlines operations.

Realfiction Holding AB · REALFI.ST (SE) · Mkt Cap: $9M · EV: $10M [Display technology company developing DPT technology] Realfiction’s board initiated a strategic review to strengthen commercialization of its DPT technology, exploring industrial partnerships, joint ventures, or strategic combinations including potential acquisition of the company or subsidiaries. The process aims to accelerate commercialization, mass production, and global sales of the display technology.

Werewolf Therapeutics, Inc. · HOWL (US) · Mkt Cap: $32M · EV: $4M [Cancer immunotherapy platform and pipeline development] Company announced it will explore strategic alternatives to maximize stockholder value, including potential sale, merger, asset sale, or licensing arrangements. Piper Sandler has been engaged as exclusive financial advisor with no defined timeline for completion.

Franklin Street Properties Corp. · FSP (US) · Mkt Cap: $85M · EV: $302M [Commercial real estate investment trust focused on office properties] Franklin Street Properties closed a $320 million secured credit facility with TPG Credit to refinance all outstanding debt and continues its review of strategic alternatives to maximize shareholder value. The facility has a 9.0% initial coupon rate, matures in February 2029 with extension option, and is secured by substantially all company assets.

JELD-WEN Holding, Inc. · JELD (US) · Mkt Cap: $169M · EV: $1.4B [Manufacturer of doors and windows for residential and commercial construction] JELD-WEN is conducting a comprehensive strategic review of its Europe business while implementing a 2025 restructuring plan that involves an approximately 11% reduction in its North America and Corporate workforce. Bank of Nova Scotia has taken a 5.2% passive stake in the company.

Aspen Aerogels, Inc. · ASPN (US) · Mkt Cap: $224M · EV: $294M [Aerogel insulation products for industrial applications] Company reported $389.6 million net loss for 2025 with revenue declining from $452.7M to $271.1M due to regulatory changes. Strategic review initiated to strengthen competitive positioning and optimize capital structure while maintaining $158.6 million cash balance.

Funko Inc · FNKO (US) · Mkt Cap: $274M · EV: $548M [Pop culture consumer products company specializing in collectible figures and merchandise] Funko’s investor Pleasant Lake Partners has urged the toymaker to explore strategic alternatives, including a potential sale. Following the disclosure, Funko shares surged approximately 25%.

MarineMax · HZO (US) · Mkt Cap: $652M · EV: $1.8B [Recreational boat and yacht dealer with financing and insurance services] MarineMax has engaged Wells Fargo to evaluate strategic alternatives following a $1bn+ acquisition proposal from Donerail Group (5% stakeholder). The company has sent confidentiality agreements to potential bidders including Blackstone and Centerbridge, with the process allowing review of documents for possible bids.

Forward Air Corporation · FWRD (US) · Mkt Cap: $816M · EV: $2.9B [Transportation and logistics services company] Forward Air announced it is nearing conclusion of a strategic review of its entire business that began early last year, with potential sale of part or all of the enterprise. The review was initiated following investor pressure over a contested merger with Omni Logistics. The company reported Q4 net loss of $28.3 million with net debt at 5.5x EBITDA.

HAMBORNER REIT AG · HAB.DE (DE) · Mkt Cap: $857M [German real estate investment trust focused on retail and office properties] HAMBORNER REIT announced a strategic portfolio refocus to become a retail-only REIT, shifting away from office properties which will be reduced from current levels to 10-20% of portfolio through selective disposals. The company will reallocate capital into retail properties in local supply and DIY stores, expanding investment criteria and geographic focus within Germany.

InMode Ltd. · INMD (US) · Mkt Cap: $898M · EV: $417M [Medical technology company developing minimally invasive aesthetic and medical solutions] InMode’s independent transaction committee concluded its strategic review process and determined that none of the final proposals received was adequate or in shareholders’ best interests. The committee had been evaluating transaction proposals including a previous $18.00 per share offer from Steel Partners for 51% of the company.

BW Offshore · BWO.OL (NO) · Mkt Cap: $971M · EV: $1.1B [Floating production storage and offloading (FPSO) vessel operator] BW Offshore announced it has engaged an external adviser to assist in a strategic review process, responding to incoming interest for the company amid a strong FPSO market. The company reported $240.1 million EBITDA in 2025 and expects 2026 EBITDA of $340-370 million as BW Opal FPSO ramps up production.

Air New Zealand · AIR.NZ (NZ) · Mkt Cap: $1.1B · EV: $2.0B [National airline providing domestic and international passenger and cargo services] Air New Zealand reported a wider-than-expected first-half loss and announced it is undertaking a strategic review to ‘reset’ its business. The strategic review suggests the airline is exploring significant operational or structural changes following poor financial performance.

PPHE Hotel Group Ltd · PPH.L (UK) · Mkt Cap: $1.1B · EV: $2.9B [Hotel operator running Park Plaza and art’otel brands across Europe] PPHE Hotel Group announced a strategic review in November 2025 to consider options to maximize shareholder value, with a potential sale of all or part of the company on the table. The Guernsey-registered operator reported 2025 pretax profit plummeting to £1.5M from £30.6M prior year, though revenue increased 5.3% to £466.4M.

TreeHouse Foods Inc · THS (US) · Mkt Cap: $1.2B · EV: $2.9B [Private-label food manufacturer] TreeHouse Foods is undergoing a strategic review involving multi-year turnaround efforts including divesting underperforming assets, simplifying product mix, and pushing higher-margin categories. The company is executing margin expansion initiatives and debt reduction while shifting toward higher-margin snacks and beverages categories.

Clarivate Plc · CLVT (US) · Mkt Cap: $1.5B · EV: $5.3B [Information services and analytics company] Clarivate is actively pursuing a sale of its Life Sciences & Healthcare business following a comprehensive strategic review. The company has retained Morgan Stanley as financial advisor and is currently in active discussions with interested parties. Management believes the divestiture will allow focus on Academia & Government and Intellectual Property markets while strengthening the balance sheet through reduced leverage.

Albany International Corp. · AIN (US) · Mkt Cap: $1.7B · EV: $2.0B [Engineered composites and advanced materials manufacturer] Albany International is conducting a strategic review of its structures assembly business and associated Salt Lake City production site, having engaged an advisor to guide the transaction. The company reported Q4 2025 revenue of $321.2 million and is focusing on repositioning its Aerospace portfolio to align with strategic priorities.

WPP plc · WPP.L (UK) · Mkt Cap: $4.0B · EV: $11.5B [Global advertising and marketing services company] Company is conducting a strategy review with leadership presenting to investors on February 26th.

Griffon Corporation · GFF (US) · Mkt Cap: $4.0B · EV: $5.4B [Building products and home improvement company with consumer and professional brands] Griffon Corporation announced a comprehensive review of strategic alternatives for AMES Australia (including iconic Hills Hoist clothesline brand), with expected sale as part of refocusing into a pure-play building products company. AMES Australia generates $56M AUD in pre-tax earnings annually and Goldman Sachs is advising on the strategic review.

Mosaic Company · MOS (US) · Mkt Cap: $8.6B · EV: $13.5B [Fertilizer and crop nutrition company with mining operations] Mosaic Company announced it is pursuing strategic alternatives for selected Brazilian assets in 2026 during a conference call. The company is conducting a strategic review process for specific assets in its Brazilian operations.

PayPal Holdings · PYPL (US) · Mkt Cap: $40.8B · EV: $42.4B [Digital payments platform] PayPal’s new CEO Enrique Lores has taken over after previous turnaround efforts failed. The company trades at less than 8x forward earnings compared to higher-valued fintech competitors and banks, with potential strategic alternatives being considered to boost share price.

Sony Group Corporation · 6758.T (JP) · Mkt Cap: $125.6B · EV: $125.8B [Diversified technology and entertainment conglomerate] Sony Pictures CEO confirmed the studio will reboot its Spider-Man cinematic universe spin-offs following box-office failures of recent films. The reboot will involve new people and fresh approach to the franchise outside of main Spider-Man series and animated Spider-Verse films.

Citigroup Inc. · C (US) · Mkt Cap: $196.4B · EV: $2.8B [Global financial services company] Citi announced agreements with institutional investors including General Atlantic, Blackstone, and Qatar Investment Authority to sell a 24% stake in Banamex for ~$2.5 billion. Combined with a prior 25% sale to Fernando Chico Pardo, Citi will have divested 49% of Banamex by 2026 closing, with a planned IPO to follow.

Nestlé · NESN.SW (SW) · Mkt Cap: $270.7B · EV: $336.0B [Global food and beverage company with brands across coffee, nutrition, petcare and packaged foods] Nestlé announced a major strategic overhaul under new CEO Philipp Navratil, refocusing on four core areas (Coffee, Petcare, Nutrition, Food & Snacking). The company is selling remaining ice cream operations to Froneri, spinning off its global water business (including Perrier) by 2027, and conducting strategic reviews of weaker vitamin/supplement brands.

Acrophyte Hospitality Trust · ACRO-HT.SI (INTL) [Real estate investment trust focused on hospitality properties] Acrophyte Hospitality Trust continues its strategic review process with ongoing active discussions with sponsor Tang Organization regarding a potential transaction involving the stapled securities. The managers emphasize no certainty that discussions will lead to any transaction, but reaffirm commitment to disclose material developments.

Maha Energy AB · MAHA-B.ST (SE) · Mkt Cap: N/A · EV: N/A [Oil and gas exploration and production company] Maha Energy swung to a Q4 loss and announced it is evaluating strategic alternatives for its Venezuela operations. The company is conducting a formal strategic review that could result in divestiture, restructuring, or other corporate actions affecting its Venezuelan assets.

Paratus Energy Services Ltd · PLSV (INTL) · Mkt Cap: N/A · EV: N/A [Offshore drilling services company providing jack-up drilling rigs] Paratus Energy Services delivered strong 2025 results with 99% fleet utilization, $452M revenue, and $75M net income. The company is conducting an ongoing strategic review of its jack-up business division alongside refinancing activities.

EDF (Electricité de France) · EDF.PA (INTL) · Mkt Cap: N/A · EV: N/A [French state-owned electric utility company] EDF is proceeding with plans to list or sell a minority stake in Italian subsidiary Edison, valued at up to €10 billion, despite regulatory uncertainty from Italy’s new energy decree. The company is working with Intesa Sanpaolo and Lazard as advisers for the potential transaction, which could involve either a public listing or sale to third parties.

M&A / Divestitures

GameSquare Holdings Inc · GAME (UN) · Mkt Cap: $27M · EV: $29M [Gaming and esports media company providing marketing and technology services] GameSquare announced acquisition of TubeBuddy, a creator technology platform used by 10+ million creators, paying with 5 million shares of newly designated Series A-2 preferred stock to BENlabs. Company provided 2026 pro forma guidance of $85-90M revenue and >$5M Adjusted EBITDA.

United Homes Group · UHG (US) · Mkt Cap: $68M · EV: $264M [Residential homebuilding and construction company] United Homes Group agreed to be acquired by Stanley Martin Homes for $1.18 per share in cash. Stockholders holding roughly 70% of voting power have already approved the deal, which is expected to close in Q2 2026.

VisionWave Holdings · VWAV (US) · Mkt Cap: $125M · EV: $159M [Technology and materials company] VisionWave announced acquisition of 51% controlling stake in C.M. Composite Materials for $2.5 million in VWAV stock (250,000 shares) plus up to $5 million secured loan facility at 12% interest. The deal includes private placement with registration rights and aims to accelerate commercialization and fund international expansion.

KORE Group Holdings, Inc. · KORE (US) · Mkt Cap: $157M · EV: $586M [IoT connectivity and technology solutions] KORE Group agreed to be acquired by Searchlight Capital Partners and Abry Partners for $9.25 per share in cash, valuing the transaction at approximately $726 million. The deal represents a 691% premium to December 18, 2024 closing price and is expected to close Q2 or Q3 2026.

TIL Limited · TIL.BO (IN) · Mkt Cap: $176M · EV: None [Material handling equipment manufacturer and industrial solutions provider] TIL Limited approved a ₹200 crore rights issue and acquisition of 60% stake in Tulip Compression Private Limited for ₹119.01 crores cash. Target company operates CNG, LNG, and hydrogen refueling infrastructure with ₹199.40 crores FY25 turnover, requiring shareholder approval at March 14, 2026 EGM.

Legato Merger Corp. III · LEGT (US) · Mkt Cap: $284M · EV: $282M [Special purpose acquisition company seeking business combinations] Legato Merger Corp. III announced a $113 million oversubscribed PIPE financing to support its previously announced business combination with Einride AB. The transaction values Einride at $1.35 billion pre-money and is expected to deliver $333 million in gross proceeds. The combined company expects to list on NYSE under ticker ‘ENRD’ in H1 2026, subject to shareholder approval and closing conditions.

Yomeishu Seizo · 2540.T (JP) · Mkt Cap: $359M · EV: $354M [Japanese traditional medicine and health drink manufacturer] Tsumura will acquire Yomeishu Seizo for 6.8 billion yen through a multi-step transaction. Former Murakami Fund-affiliated Reno will conduct a TOB at 4,050 yen per share (Feb 25 - Apr 8) to take the company private, then transfer shares to investment firm Yuzawa, which will sell to Tsumura after business restructuring in July-August.

Dolly Varden Silver Corporation · DV.V (CA) · Mkt Cap: $442M · EV: $427M [Silver mining and exploration company] Contango ORE Inc. is acquiring all outstanding shares at 0.1652 Contango shares per Dolly Varden share. The deal requires two-thirds shareholder approval at March 17 vote and final court approval. Management and key shareholders controlling 22% have agreed to vote in favor despite some investor opposition.

Worldline · WLN.PA (FR) · Mkt Cap: $543M · EV: $4.1B [Provides electronic payment and transactional services] Worldline has signed a definitive agreement to sell its Indian payment business to BillDesk for an estimated equity value of €60 million ($70.85 million). The transaction is expected to close in the second half of 2025, subject to customary processes and regulatory approvals. Worldline plans to use proceeds to strengthen its financial profile and redirect capital toward core European payment activities.

Frontera Energy · FEC.TO (CA) · Mkt Cap: $605M · EV: $888M [Oil and gas exploration and production company] Parex Resources proposed to acquire Frontera’s Colombian upstream business for $500M cash plus $25M contingent payment, offering a $125M premium over Frontera’s existing $400M agreement with GeoPark. Frontera’s board is evaluating the unsolicited proposal while continuing to recommend the GeoPark transaction.

LSI Industries · LYTS (US) · Mkt Cap: $673M · EV: $702M [LED lighting and display solutions] LSI Industries announced acquisition of Royston Group for $325 million, its largest-ever deal. Royston generated $272M TTM revenue with $38M EBITDA, and LSI plans a $90M equity offering to finance the transaction.

Enhabit Inc. · EHAB (US) · Mkt Cap: $688M · EV: $1.1B [Home health and hospice provider offering healthcare services in patients’ homes] Private equity firm Kinderhook Industries agreed to acquire Enhabit for $1.1 billion in an all-cash deal at $13.80 per share. The transaction represents a 24.4% premium to the last trading day and is expected to close in Q2 2026.

Algoma Central Corporation · ALC.TO (CA) · Mkt Cap: $709M · EV: $1.2B [Marine transportation services] Algoma Central agreed to acquire three Canadian operating companies and six Canadian-flagged vessels from Mainstay Maritime Inc., including Lower Lakes Towing Ltd. The transaction is expected to close Q1 2026 subject to customary closing conditions.

Magic Software Enterprises Ltd. · MGIC (US) · Mkt Cap: $853M · EV: $871M [Provides software development platforms and IT outsourcing services] Magic Software completed a reverse triangular merger with Matrix I.T Ltd. on February 24, 2026, becoming a wholly owned private subsidiary of Matrix. Magic shares were delisted from Nasdaq and Tel Aviv Stock Exchange, with shareholders receiving 0.5878202 Matrix shares for each Magic share held.

Sun Frontier Fudousan Co., Ltd. · 8934.T (JP) · Mkt Cap: $882M · EV: $1.4B [Japanese real estate development] ITOCHU Corporation announced a tender offer for shares of Sun Frontier Fudousan through its subsidiary SI Corporation, commencing February 26, 2026. ITOCHU will also subscribe for 5.5 million shares in a capital increase by Sun Frontier and entered into a capital and business alliance agreement.

Mandom Corporation · 4917.T (JP) · Mkt Cap: $897M · EV: $749M [Manufactures cosmetics and personal care products] Mandom Corporation’s management buyout by CVC Capital Partners has been completed after a contested takeover battle. The TOB succeeded with 72% of voting rights tendered, exceeding the 56% minimum threshold. The final offer price was raised three times from the initial ¥1,960 per share to ¥3,105 per share (total consideration ¥125.6 billion vs. initial ¥79.3 billion) due to activist investor opposition and a competing bid from KKR.

Kosmos Energy · KOS (US) · Mkt Cap: $990M · EV: $4.0B [Independent oil and gas exploration and production company] Kosmos agreed to sell its 40.375% non-operating interest in Equatorial Guinea production assets to Panoro Energy for $180 million upfront plus up to $39.5 million in contingent payments. The transaction is expected to close mid-2026 with proceeds used for debt reduction and $100 million in cost savings over two years.

Lendlease Global Commercial REIT · JYEU.SI (SI) · Mkt Cap: $1.4B · EV: $2.3B [Real estate investment trust focused on commercial properties] Lendlease REIT is acquiring the remaining 30% stake in PLQ Mall for $113.8 million at an $885 million property valuation, giving it 100% ownership. The REIT is raising $196.6 million through a rights issue at 55.8 cents per unit to fund the acquisition and reduce debt.

Tsumura Corporation · 4540.T (JP) · Mkt Cap: $2.0B · EV: $2.6B [Manufactures traditional Japanese Kampo medicines and pharmaceutical products] Japanese pharmaceutical company Tsumura announced it will acquire Yomeishu Seizo, a company known for medicinal liquors and health products. The acquisition is part of Tsumura’s strategy to strengthen its healthcare business amid growing health consciousness and expanding healthcare market demand.

Veris Residential · VRE (US) · Mkt Cap: $2.1B · EV: $3.1B [Northeast-focused multifamily residential real estate investment trust] Veris Residential agreed to be acquired by an Affinius Capital-led consortium for $19 per share in cash, representing $3.4B enterprise value. The deal reflects a 23.2% premium to unaffected closing price and 27.5% premium to 30-day VWAP.

BioCryst Pharmaceuticals, Inc. · BCRX (US) · Mkt Cap: $2.2B · EV: $2.1B [Pharmaceutical drug development] BioCryst Pharmaceuticals completed acquisition of Astria Therapeutics funded by $400M secured term loan from Blackstone. The 7-year loan carries SOFR+4.5% interest with PIK option and is secured by substantially all company assets.

Douzone Bizon · 012510.KS (KR) · Mkt Cap: $2.3B · EV: $2.0B [Enterprise resource planning software and business management solutions provider] Private equity firm EQT is conducting a tender offer to acquire all remaining shares at 120,000 won per share, following its 37.6% control stake acquisition in November 2024. The tender offer runs until March 24, 2026, with EQT planning to delist the company.

Tidewater Inc. · TDW (US) · Mkt Cap: $3.8B · EV: $3.9B [Offshore support vessel operator providing marine services to energy companies] Tidewater announced acquisition of Wilson Sons Ultratug Participações and affiliate Atlantic Offshore Services for $500 million all-cash including debt assumption. The deal adds 22 platform supply vessels and $441 million in backlog, expanding Brazil presence from 6 to 28 vessels, with closing expected late Q2 2026.

Johnson Matthey Plc · JMAT.L (UK) · Mkt Cap: $4.4B · EV: $6.5B [Specialty chemicals company focused on catalysts and sustainable technologies] Johnson Matthey agreed to reduce the sale price of its Catalyst Technologies business to Honeywell from £1.8 billion to £1.325 billion due to weaker 2025/26 performance. Completion extended to August 2026, with JM planning to return ~£1 billion to shareholders via £800 million special dividend and £200 million buyback.

StoneCo Ltd. · STNE (US) · Mkt Cap: $4.5B · EV: $15.3B [Financial technology services] StoneCo announced the successful closing of its Linx sale after receiving regulatory approval from Brazil’s CADE on February 20th, 2026. The company will provide details on proceeds distribution during its 4Q25 earnings call on March 2nd, 2026.

The Brink’s Company / NCR Atleos Corporation · BCO / NATL (US) · Mkt Cap: $4.9B · EV: None [Cash management services and ATM network infrastructure] Brink’s will acquire NCR Atleos for $6.6 billion in cash and stock, with NCR Atleos shareholders receiving $30.00 cash plus 0.1574 BCO shares per share (24% premium). The transaction is expected to close Q1 2027 subject to approvals.

Ramsay Health Care Ltd · RHC.AX (AU) · Mkt Cap: $6.2B · EV: $15.0B [Private healthcare operator running hospitals and medical facilities globally] Ramsay Health Care is looking to spin off its 53% holding in Ramsay Sante by December 2026. Shareholders will receive Australian CDIs in proportion to their holdings at the demerger record date, subject to board, shareholder, and regulatory approvals.

Arcosa, Inc. · ACA (US) · Mkt Cap: $6.2B · EV: $7.6B [Infrastructure products company serving construction, energy, and transportation markets] Arcosa will divest its barge business, Arcosa Marine Products, to private equity firm Wynnchurch Capital for $450 million cash. The transaction is expected to close in Q2 2026 after regulatory approval, with proceeds used for core growth investments and debt reduction.

Arcellx Inc · ACLX (US) · Mkt Cap: $6.6B · EV: $3.3B [Clinical-stage biotechnology company developing cell therapies for cancer treatment] Gilead Sciences announced a definitive agreement to acquire Arcellx for $115 per share in cash plus a $5 contingent value right, representing $7.8 billion equity value and 68% premium to 30-day VWAP. The tender offer is expected to close in Q2 2026.

Charles River Laboratories International · CRL (US) · Mkt Cap: $8.3B · EV: $10.6B [Contract research organization providing drug development and laboratory services] Charles River signed agreements to divest its CDMO and Cell Solutions businesses to GI Partners for contingent payments and European Discovery Services assets to IQVIA for $145 million cash plus up to $10 million contingent payments. The divestitures will reduce 2026 revenue by $200 million but improve operating margins by 100+ basis points and add $0.10 to EPS.

Avidity Biosciences · RNAM (US) · Mkt Cap: $11.2B · EV: $9.7B [RNA therapeutics development] Avidity Biosciences completed a merger and notified Nasdaq of its intent to delist common stock. Trading will be suspended March 2, 2026, with the company filing Form 25 to delist and Form 15 to terminate SEC reporting obligations.

AES Corporation · AES (US) · Mkt Cap: $12.3B · EV: $49.1B [Renewable energy utility with major power purchase agreements for data centers] BlackRock’s Global Infrastructure Partners and EQT AB are reportedly in advanced discussions to acquire AES Corporation for approximately $11.6 billion equity value (~$38-43 billion enterprise value including debt). The potential takeover follows AES’s strategic pivot to renewable energy and major power purchase agreements with tech giants including a recent 20-year deal with Google.

Steel Dynamics Inc · STLD (US) · Mkt Cap: $28.4B · EV: $31.5B [Steel producer and metals recycler] Steel Dynamics and SGH presented a non-binding indicative offer to acquire 100% of BlueScope Steel for AU$32.35 per share in cash, valuing the target at AU$15 billion (~$11 billion USD). BlueScope has reportedly indicated the offer is insufficient.

Hexagon AB · HEXA-B.ST (SE) · Mkt Cap: $29.2B · EV: $29.9B [Industrial technology company providing sensor, software and measurement solutions] Hexagon completed the sale of its Design & Engineering business to Cadence Design Systems for approximately 2.7bn EUR in cash and Cadence stock, generating an expected net gain of around 1.4bn EUR. Proceeds will be used for de-leveraging and funding acquisitions including the planned Octave separation in H1 2026.

Hang Seng Bank · 0011.HK (HK) · Mkt Cap: $37.0B · EV: $18.6B [Major Hong Kong commercial bank providing banking and financial services] HSBC’s HK$106 billion buyout proposal to privatize Hang Seng Bank has been approved by the court, following earlier shareholder approval. HSBC will acquire the remaining minority stake it doesn’t already own, taking the bank private.

Constellation Software Inc. · CSU.TO (CA) · Mkt Cap: $39.5B · EV: $40.5B [Acquires and operates vertical market software businesses] Constellation Software (through its N. Harris Computer Corp. operating group) acquired GlobalMeet from private equity firm Pivotal Group in December 2025. The acquisition expands Harris’s enterprise communications and virtual event technology offerings, adding a platform trusted by Fortune 500 companies.

Electronic Arts Inc. · EA (US) · Mkt Cap: $50.3B · EV: $49.9B [Develops and publishes video games and interactive entertainment software] Oak-Eagle AcquireCo (formed by consortium of Public Investment Fund, Silver Lake, and Affinity Partners) announced pricing for tender offers on Electronic Arts’ debt securities in connection with the previously announced merger agreement. The tender offers are conditioned on the closing of the merger where EA will become a wholly-owned subsidiary of the acquirer, with settlement expected March 16, 2026.

Macquarie Group · MQG.AX (AU) · Mkt Cap: $58.5B · EV: $117.9B [Global financial services] Macquarie Asset Management announced the sale of Macquarie AirFinance (MAF) to Dubai Aerospace Enterprise. MAF is a commercial aircraft leasing platform with 352 aircraft across 48 countries, 50% owned by Macquarie Group, with the sale expected to complete H2 2026.

MPLX LP · MPLX (US) · Mkt Cap: $59.3B · EV: $83.7B [Energy infrastructure master limited partnership operating pipelines and storage facilities] MPLX agreed to sell its midstream assets in the Uinta and Green River Basins to private company Harvest Midstream for $1 billion. The assets include 1,500 miles of gas gathering pipelines and 845 million cubic feet per day of active gas processing capacity across four facilities.

Warner Bros. Discovery / Netflix · WBD, NFLX (US) · Mkt Cap: $72.2B · EV: N/A [Media and entertainment companies operating streaming platforms and content production] Netflix is in negotiations to acquire Warner Bros. Discovery, with shareholders scheduled to vote on the acquisition proposal March 20. Paramount has a 7-day window to submit a competing offer. The deal faces regulatory scrutiny and industry criticism over theater closure concerns.

Engie · ENGI.PA (FR) · Mkt Cap: $84.6B · EV: $131.0B [Energy utility company providing electricity, gas, and renewable energy services] French utility Engie agreed to acquire the U.K.’s largest power-distribution network for £10.5 billion ($14.2 billion). The stock surged 7.3% on the announcement.

Equinix, Inc. · EQIX (US) · Mkt Cap: $95.7B · EV: $116.7B [Global data center infrastructure] CPP Investments and Equinix announced a joint $4 billion enterprise value acquisition of atNorth, a Nordic data center provider, from Partners Group. CPP Investments will own approximately 60% controlling interest while Equinix will own approximately 40%, with the transaction expected to be immediately accretive to Equinix’s AFFO per share.

Comcast · CMCSA (US) · Mkt Cap: $113.2B · EV: $209.8B [Media and telecommunications conglomerate operating cable networks and broadband services] Comcast completed spinoff of Versant Media Group cable networks including CNBC, MSNBC, and USA Network. Speculation suggests potential merger with Paramount Skydance if Netflix bids for Warner Bros. Discovery, potentially leading to eventual separation of media and telecom businesses.

GSK plc · GSK (US) · Mkt Cap: $117.3B · EV: $252.8B [Global pharmaceutical and healthcare company developing medicines, vaccines, and consumer health products] GSK announced acquisition of 35Pharma Inc., a private clinical-stage biotech, for $950 million cash. The deal includes HS235, a potential best-in-class activin signalling inhibitor in Phase I development for pulmonary hypertension treatment targeting an $18 billion market by 2032.

Honeywell · HON (US) · Mkt Cap: $164.3B · EV: $178.3B [Industrial technology and aerospace solutions company] Honeywell entered amended agreement to acquire Johnson Matthey’s Catalyst Technologies business for £1.325 billion, down from original £1.8 billion consideration. Long stop date extended to July 21, 2026, with potential extension to August 21, 2026 if regulatory approvals pending. Completion anticipated by end of August 2026.

Novartis AG · NOVN.SW (SW) · Mkt Cap: $315.6B · EV: $343.3B [Multinational pharmaceutical and biotechnology company developing innovative medicines] Novartis agreed to sell its 70.68% stake in Novartis India Limited to private equity firm ChrysCapital for $159.4 million. The transaction follows a strategic review announced in February 2024, with closing expected in Q3 2026.

Inspecs Group PLC · INSP.L (INTL) · Mkt Cap: None · EV: None [Eyewear solutions company designing and manufacturing optical frames and sunglasses] Luke Johnson and Ian Livingstone’s Bidco 1125 Ltd switched from a scheme arrangement to a takeover offer for Inspecs at 84p per share cash, valuing the company at £85.4M. The bid is more than double the 40.5p closing price before announcement, with Bidco holding 19% and having irrevocable undertakings from 32% of shareholders.

Sailfish Royalty Corp. · FISH (TSX-V), SROYF (OTCQB) (INTL) · Mkt Cap: N/A · EV: N/A [Precious metals royalty and streaming company] Sailfish agreed to sell Spring Valley and Moonlight royalties to OR Royalties Inc. for US$168 million cash, representing >50% of company assets at 5.4x the 2019 purchase price. The company tripled its annual dividend to US$0.15 per share from US$0.05. Transaction requires shareholder approval and TSXV acceptance.

Douzon Bizon · 086890.KS (INTL) · Mkt Cap: N/A · EV: N/A [Enterprise software and cloud solutions provider] EQT Partners is conducting a tender offer for 57.7% of outstanding shares at 120,000 KRW per share, valuing the transaction at US$1.5 billion. This follows EQT’s November 2025 acquisition of 34.9% at the same price. Post-tender, EQT’s total stake would reach 55%-75%.

Paramount Skydance · PARA (INTL) · Mkt Cap: None · EV: None [Media and entertainment company operating television networks, film studios, and streaming services] Paramount Skydance is intensifying its pursuit to acquire Warner Bros. Discovery, with CEO David Ellison stating the acquisition would be an ‘accelerant’ to achieving company goals and economically compelling for shareholders. Warner Bros. Discovery is reportedly considering a revamped Paramount bid to buy all of the company, despite having already agreed to sell HBO Max and Warner studios to Netflix.

Monte dei Paschi di Siena / Mediobanca · BMPS.MI / MB.MI (IT) · Mkt Cap: None · EV: None [Italian banking institutions] Monte dei Paschi di Siena announced plans to acquire and delist Mediobanca through a share-swap deal but delayed revealing the swap ratio until March 10. MPS already owns roughly 86% and needs to buy the remaining 14%, while Italy’s government signaled readiness to sell its remaining 4.9% stake in MPS.

Yahoo / Microsoft · YHOO (INTL) · Mkt Cap: None · EV: None [Internet services and technology] Microsoft and Yahoo have reinitiated acquisition talks after Microsoft previously withdrew its $33-per-share bid. Yahoo is considering strategic alternatives and will evaluate any Microsoft proposal, while activist investor Carl Icahn launched a campaign to replace Yahoo’s board after rejecting Microsoft’s offer.

Boyd Gaming Corporation / Bally’s Corporation · BYD / BALY (US) · Mkt Cap: None · EV: None [Casino and gaming operations] Boyd Gaming entered into a definitive agreement to sell Sam’s Town Hotel & Casino in Shreveport, Louisiana to Bally’s Corporation. The transaction is expected to close Q3 2026 subject to regulatory approvals, with terms not disclosed.

Insignia Financial · IFL.AU (INTL) · Mkt Cap: N/A · EV: N/A [Australian financial services company] CC Capital’s scheme offer for Insignia Financial at A$4.80 per share is considered fair and reasonable by the independent expert. Scheme vote scheduled for April 13, with regulatory approvals (FIRB and APRA) expected to be forthcoming.

Restructuring

Roquefort Therapeutics plc · ROQ.L (UK) · Mkt Cap: $2M · EV: $3M [Biopharmaceutical company developing cancer therapies] Roquefort is completing acquisition of worldwide exclusive rights to cancer drug candidate AO-252 from Coiled USA and A2A Pharma, coupled with an equity fundraise and delisting from London Stock Exchange Main Market to move to AIM. The company has given 20 business days notice for the delisting with full transaction completion expected shortly.

AIM ImmunoTech Inc. · AIM (US) · Mkt Cap: $3M · EV: $3M [Immunotherapy biotechnology company] AIM ImmunoTech extended the subscription period for its previously announced rights offering until March 3, 2026. The rights offering was originally launched with Maxim Group as dealer-manager, with rights being non-transferable and exercisable only during the subscription period.

China Ecotourism Group Limited · 1371.HK (HK) · Mkt Cap: $3M · EV: $45M [Tourism and ecotourism services company] Company has adjourned its winding-up petition hearing to June 1, 2026, marking the latest in a series of adjournments since March 2025. The company faces potential liquidation if the petition is upheld.

Luminar Technologies · LAZRQ (US) · Mkt Cap: $5M · EV: $384M [Automotive LiDAR sensor technology developer] Luminar filed a Third Amended Chapter 11 Plan proposing liquidation of remaining assets and distributions via a Liquidation Trust. The plan follows a global settlement among debtors, secured noteholders, and unsecured creditors committee, with equity holders warned they will likely receive no recovery.

Azul S.A. · AZUL53.SA (BR) · Mkt Cap: $5M · EV: $7.0B [Brazil’s largest airline by cities served] Azul successfully emerged from Chapter 11 bankruptcy after a 9-month restructuring process. The company received $850 million in new equity investments (including $100 million from United Airlines), raised $1.375 billion in exit notes, and reduced debt and lease obligations by approximately $2.5 billion.

XTL Biopharmaceuticals Ltd. · XTLB (IS) · Mkt Cap: $7M · EV: $672M [Biopharmaceutical company with IP portfolio including treatments for Lupus and Sjögren’s] XTL Biopharmaceuticals received a Nasdaq delisting notice as staff believes the company is a ‘public shell’ after its subsidiary The Social Proxy entered liquidation proceedings on February 22, 2026. Trading suspension threatened for March 6, 2026 unless it requests a hearing by March 4.

Presurance Holdings, Inc. · PRHI (UN) · Mkt Cap: $9M · EV: -$35M [Insurance technology and services company] Presurance Holdings completed a $14 million rights offering at $1.00 per share, with Clarkston Companies backstopping the majority (9.7M of 14M total shares) through a backstop commitment. The company used proceeds to redeem its Series B Preferred Stock and pay accrued dividends, simplifying its capital structure.

CRAVIA · 6573.T (JP) · Mkt Cap: $13M · EV: $13M [Japanese company requiring working capital restructuring] CRAVIA announced a third-party allocation of 12 million new shares at 9 yen each, plus warrants for 83 million additional shares at 9 yen exercise price, along with 200 million yen in bonds. The maximum dilution rate is 282.02% of existing shares, with funds for working capital and bond repayment.

Magnum Ventures Limited · MAGNUM.BO (IN) · Mkt Cap: $16M · EV: $43M [Paper manufacturing and hotel operations company] Magnum Ventures’ Board approved a demerger of its paper business (75% of FY25 turnover at ₹296 crores) into a new entity called Magnum Paperz Limited. Shareholders will receive new shares in the spun-off paper company based on predetermined exchange ratios. The scheme requires approvals from stock exchanges, SEBI, NCLT, shareholders and creditors.

Origin Materials Inc · ORGN (US) · Mkt Cap: $23M · EV: -$26M [Carbon-negative materials company manufacturing sustainable chemicals] Origin Materials announced significant job cuts as part of restructuring efforts to achieve breakeven by 2027. The company is implementing cost reduction measures to extend cash runway and reach profitability targets.

Living Platform · 7091.T (JP) · Mkt Cap: $33M · EV: $63M [Real estate platform and services company] Living Platform announced corporate restructuring involving absorption-type company split at consolidated subsidiary, transferring business operations through this corporate action.

Decibel Cannabis Company Inc. · DB.V (CA) · Mkt Cap: $42M · EV: $71M [Cannabis cultivation and production company] Decibel Cannabis is selling its Creston, BC property for $2.5 million and consolidating cultivation operations into its Battleford, Saskatchewan facility. The restructuring is expected to generate $4 million in annual cost savings while maintaining revenue levels, with closing anticipated in April 2026.

Hitomile · 7686.T (JP) · Mkt Cap: $76M · EV: $122M [Technology and systems development company] Hitomile announced issuance of 39,000 new stock warrants (3.9 million potential shares) to SMBC Nikko Securities. If fully exercised, dilution rate would be 13.42% of voting rights, raising approximately 1.74 billion yen for core system renewal, ancillary system development, and distribution center investments.

Empire Petroleum Corporation · EP (US) · Mkt Cap: $112M · EV: $123M [Oil and gas exploration and production company] Empire Petroleum modified terms of its rights offering, allowing shareholders to purchase 0.095 shares at $2.99 per whole share for up to $10 million in gross proceeds. The largest shareholder Energy Evolution Master Fund and Chairman Phil Mulacek have indicated intent to fully participate, with rights offering expiring March 18, 2026.

Kaihan Co., Ltd. · 3133.T (JP) · Mkt Cap: $122M · EV: $135M [Renewable energy development company] Kaihan announced issuance of 57 million warrant shares to EVO FUND with exercise price of 365 yen plus 1 billion yen in bonds. Total fundraising of approximately 20.8 billion yen will fund hydroelectric projects in Nepal subsidiary and solar power equipment acquisitions, with maximum dilution of 100.39%.

Agile Group Holdings Limited · 3383.HK (HK) · Mkt Cap: $187M · EV: $7.9B [Hong Kong-listed property developer] Hong Kong High Court has adjourned a winding-up petition hearing against Agile Group Holdings from February 25, 2026 to March 2, 2026. The company has advised shareholders to exercise caution when trading securities due to ongoing legal and financial uncertainty.

Elme Communities · ELME (US) · Mkt Cap: $191M · EV: $892M [Real estate investment trust (REIT)] Elme Communities approved a complete liquidation plan involving sale of all assets and dissolution. The company has sold 19 properties for $1.6 billion and paid a special liquidating distribution of $14.67 per share on January 7, 2026. Additional distributions of $2.35-$2.80 per share expected as remaining properties are sold by mid-2026.

ContextLogic Holdings Inc. · LOGCD (US) · Mkt Cap: $207M · EV: $72M [E-commerce marketplace operator (Wish platform)] ContextLogic completed a rights offering for up to 14.375 million shares with limited retail participation. Backstop investors BCP Special Opportunities Fund III and Abrams Capital Partners provided most of the $115 million funding through purchases of convertible preferred units and common stock.

Bakkt Holdings Inc · BKKT (US) · Mkt Cap: $246M · EV: $191M [NYSE-owned cryptocurrency trading platform] Bakkt completed pricing of a registered direct offering of 3,024,799 Class A shares and prepaid warrants for up to 2,475,201 additional shares at $8.75 per share. Total gross proceeds are $48.125 million, with closing expected around March 2, 2026.

Bapcor · BAP.AX (AU) · Mkt Cap: $288M · EV: $637M [Automotive parts and accessories retailer and distributor] Bapcor reported a A$104.8 million half-year loss and announced plans for a A$200 million equity raise. The company is implementing operational restructuring including supply chain automation, digital platform investments, and ERP consolidation.

Niagen Bioscience · NAGE (UN) · Mkt Cap: $403M · EV: $343M [NAD+ science and biotechnology company] Niagen Bioscience sold substantially all assets of its analytical reference standards and services business to VHG Labs (part of LGC Group) in an all-cash transaction that closed February 24, 2026. The deal is part of the company’s strategy to exit non-core activities and focus on NAD+ science, IP, and commercial growth initiatives.

Astra Microwave Products Limited · ASTRAMICRO.BO (IN) · Mkt Cap: $1.0B · EV: $985M [Defense and aerospace equipment manufacturer with space and meteorology operations] Astra Microwave Products board approved demerging its space, meteorology, and hydrology business into a separate listed entity called Astra Space Technologies Private Limited. The restructuring will create two independent listed companies targeting completion by Q1 FY28. The space business has executed ₹750 crore in ISRO orders with ₹250 crore pending orders.

Papa John’s International · PZZA (US) · Mkt Cap: $1.1B · EV: $2.0B [Pizza restaurant chain] Papa John’s plans to close 300 underperforming restaurants (mostly franchisee-owned) by end of 2027 following 5% same-store sales decline in Q4 2025, with 200 closures expected in 2026. The company also cut 7% of corporate workforce as part of ongoing transformation plan and continues refranchising corporate-owned units to become more asset-light.

Stepan Company · SCL (US) · Mkt Cap: $1.2B · EV: $2.1B [Specialty chemicals company] Stepan announced Project Catalyst, a $100 million pre-tax cost reduction plan over two years involving facility closures and operational optimization. The company expects $70-80 million in restructuring charges in 2026, with completion by mid-2026.

HEG Limited · HEG.NS (IN) · Mkt Cap: $1.2B · EV: $1.2B [Graphite electrode manufacturer for steel industry] HEG Limited is undergoing a greentech demerger as part of a strategic pivot toward clean technology and electric arc furnace electrodes. Prominent investor Madhusudan Kela is betting ₹500 crore on this transformation, positioning the company to benefit from the steel industry’s shift away from carbon-intensive blast furnace processes.

Barrick Gold · GOLD (US) · Mkt Cap: $1.6B · EV: $2.3B [Gold mining and exploration company] Barrick is spinning off North American operations into a standalone company by end of 2026, which will control 61.5% of Nevada Gold Mines plus Pueblo Viejo and Fourmile projects. The company also announced a 140% dividend increase to $0.42 per share, supported by record $3.87B free cash flow in 2025.

Elkem ASA · ELK.OL (NO) · Mkt Cap: $2.0B · EV: $3.0B [Specialty metals and silicone materials producer] Elkem agreed to sell majority of its Silicones division to Bluestar in exchange for redeeming Bluestar’s 338.3 million shares, eliminating Bluestar’s stake entirely. Transaction requires EGM approval on March 9, 2026 and expected to close by May 2026, with Elkem planning NOK 1.5 billion equity raise to strengthen balance sheet.

Smithson Investment Trust plc · SSON.L (UK) · Mkt Cap: $2.1B · EV: $N/A [Investment trust focused on smaller companies] Smithson Investment Trust plc shareholders approved voluntary liquidation with 99.36% voting in favor. Shareholders receive either 15.22 Fund Shares per existing share or 1502.47 pence cash per share. Company shares suspended from trading on February 27, 2026.

Plug Power · PLUG (UN) · Mkt Cap: $2.5B · EV: $3.4B [Hydrogen fuel cell systems and infrastructure provider] Plug Power announced the sale of its Project Gateway facility in New York to Stream Data Centers for $132.5-142 million, expected to close by June 30, 2026. This is part of a broader liquidity initiative to raise over $275 million in 2026 through asset sales and cost reductions. The company also recently doubled its authorized shares from 1.5 billion to 3.0 billion.

SKC Co Ltd · 011790.KS (KR) · Mkt Cap: $2.7B · EV: $5.2B [Chemical and materials manufacturer] SKC announced a 1 trillion won ($750M+) rights offering to fund 590 billion won investment in glass substrate subsidiary Absolics and 410 billion won debt repayment. Major shareholder SK will oversubscribe at 120% of allocation, reducing debt ratio from ~230% to low-140% range.

Olam Group · VC2.SI (SI) · Mkt Cap: $2.7B · EV: $14.5B [Food ingredients and agricultural commodities company] Olam Group is executing a major restructuring to focus on its food ingredients business (ofi) by divesting all other assets. The company is selling its 64.57% stake in Olam Agri to Saudi Arabia’s SALIC in two stages and plans to divest 10 remaining assets, with proceeds distributed to shareholders via special dividends.

Trump Media & Technology Group · DJT (US) · Mkt Cap: $3.0B · EV: $3.1B [Social media and technology company operating Truth Social platform] Trump Media is exploring separating Truth Social into an independent company via spin-off to existing shareholders while pursuing a $6 billion merger with nuclear fusion developer TAE Technologies. The spin-off would involve Truth Social merging with Texas Ventures Acquisition III Corp., a Nasdaq-listed SPAC. No definitive agreement exists yet.

Narayana Hrudayalaya Limited · NH.NS (IN) · Mkt Cap: $4.1B · EV: $4.2B [Multi-specialty healthcare provider] Narayana Hrudayalaya’s Board approved a demerger scheme to transfer clinical services from wholly-owned subsidiary NH Integrated Care back to the parent company. Shareholder and creditor meetings scheduled for April 2, 2026 to vote on the restructuring, which involves 10 Bengaluru clinics contributing ₹39.94 crore (1.11% of total turnover).

Laurus Labs Limited · LAURUSLABS.NS (IN) · Mkt Cap: $6.1B · EV: $6.4B [Pharmaceutical company manufacturing generic drugs and APIs] NCLT approved composite scheme to restructure wholly-owned subsidiaries, involving demerger of Laurus Synthesis Private Limited’s Unit-1 into Sriam Labs and amalgamation of remaining operations with parent company. Unsecured creditor meetings scheduled for April 2026 with appointed date of April 1, 2026.

Middleby Corporation · MIDD (US) · Mkt Cap: $8.6B · EV: $10.4B [Commercial foodservice equipment and food processing systems manufacturer] Middleby is executing a tax-free spin-off of its food processing segment to create two independent public companies. The food processing segment has grown from $3M to over $800M in revenue since 2005 and will operate as a separate entity focused on acquisition opportunities.

Conagra Brands · CAG (US) · Mkt Cap: $9.0B · EV: $16.4B [Consumer packaged foods company] Conagra launched ‘Project Catalyst,’ an AI-based initiative to revamp its core business operations. Management is pursuing potential sale of underperforming brands and acquisition of faster-growing brands as part of portfolio optimization strategies.

Rakuten Group · 4755.T (JP) · Mkt Cap: $11.3B · EV: $12.0B [Japan’s largest e-commerce and fintech platform operator] Rakuten resumed discussions for major fintech business reorganization after halting talks in July 2024. The restructuring would consolidate Rakuten Bank, Rakuten Card, and Rakuten Securities under one group structure, with a basic agreement signed to proceed with detailed negotiations.

Viatris Inc. · VTRS (US) · Mkt Cap: $18.0B · EV: $32.1B [Global pharmaceutical and healthcare company] Viatris completed an enterprise-wide strategic review and announced major restructuring activities including up to 10% workforce reduction and $700-850 million in pre-tax charges. The restructuring aims to optimize commercial capabilities, R&D, manufacturing and supply chain over the next three years.

International Paper · IP (US) · Mkt Cap: $22.1B · EV: $32.4B [Paper and packaging products manufacturer] International Paper is permanently closing multiple plants including Georgetown, South Carolina and Union Gap, Washington facilities, plus seven additional closures in EMEA affecting 700+ jobs. The company is splitting into two independent publicly traded companies within the next year - one focused on North America and one on EMEA.

Canon Inc. · 7751.T (JP) · Mkt Cap: $26.2B · EV: $30.1B [Imaging, optical, and medical equipment manufacturer] Canon filed mandatory pre-disclosure documents for a corporate split involving Canon Medical Systems Corporation. This represents a potential spin-off or divestiture of Canon’s medical systems business unit.

Anglo American Platinum · ANGPY (SO) · Mkt Cap: $31.1B · EV: -$5.8B [Platinum group metals mining and processing company] Anglo American Platinum completed its demerger from Anglo American and achieved secondary listing on London Stock Exchange, with Anglo American fully divesting its residual stake. The company transformed from ZAR 4.5B net debt to ZAR 11.5B net cash, generated ZAR 20B sustaining free cash flow, and announced ZAR 12B in distributions (~ZAR 45 per share). Management is evaluating options for underperforming Modikwa asset.

Banco Bradesco S.A. · BBD (US) · Mkt Cap: $43.3B · EV: $589.6B [Brazilian banking and financial services company] Bradesco is conducting a partial spin-off of its wholly owned subsidiary Bradseg Participações S.A., transferring healthcare assets to consolidate under Odontoprev without issuing new shares or changing share capital. Shareholders will vote on March 31, 2026 to approve this restructuring as part of a broader business combination to unify Bradesco’s health segment businesses under Odontoprev as the healthcare ecosystem consolidator.

Murata Manufacturing Co., Ltd. · 6981.T (JP) · Mkt Cap: $47.3B · EV: $43.9B [Electronic components manufacturer] Murata Manufacturing announced a company split involving subsidiary Sakura Corporation. This legal pre-disclosure document outlines the corporate restructuring transaction.

Medtronic plc · MDT (US) · Mkt Cap: $123.5B · EV: $144.9B [Medical device manufacturer] Medtronic’s subsidiary MiniMed launched an IPO roadshow for 28 million shares priced at $25-28 per share as part of separating the Diabetes business into an independent public company. After the IPO, Medtronic will retain approximately 90% ownership of MiniMed, with the new company expected to trade on Nasdaq under ticker MMED.

Merck & Co · MRK (US) · Mkt Cap: $311.2B · EV: $330.5B [Global pharmaceutical company developing and manufacturing prescription medicines and vaccines] Merck will spin off its business into two separate public companies - one focused on cancer treatments led by Keytruda, and another for non-oncology treatments. Keytruda is expected to generate over $30 billion in revenue in 2025, representing nearly half of total company revenue.

Village Roadshow Entertainment Group · VREG (INTL) · Mkt Cap: None · EV: None [Film producer behind ‘The Matrix’ and ‘Ocean’s Eleven’] Village Roadshow received Delaware bankruptcy court approval to send its Chapter 11 liquidation plan to creditors for voting. The court overrode creditor objections to allow the voting process to proceed.

Rishab Special Yarns Limited · N/A (INTL) · Mkt Cap: None · EV: None [Former yarn manufacturer seeking business transformation] Rishab Special Yarns’ board approved changing the company name to IMPERA WORLDWIDE LIMITED, increasing authorized share capital, and launching a rights issue for capital raising. The company has ₹20.17 Cr market cap and previously stopped yarn manufacturing operations due to financial losses.

Eurotech S.p.A. · IT:ETH (INTL) · Mkt Cap: None · EV: None [Technology company] Eurotech completed 75% of its rights issue, raising €13.2 million of planned capital increase. Remaining 24.79% of new shares will be offered through trading on February 23-24, 2026, with major shareholder Emera committed to subscribe residual shares within takeover threshold limits.

Safeguard Scientifics · SFE (INTL) [Venture capital company conducting structured liquidation of portfolio holdings] Safeguard Scientifics is liquidating its venture capital portfolio, selling holdings and returning capital to shareholders through special dividends and tender offers. The company has pivoted from growth-equity platform to systematically monetizing remaining assets and distributing proceeds.

Talenom Plc · TNOM (INTL) [Accounting services company spinning off its software business] Talenom is spinning off its software business into independent company Easor Plc through partial demerger. Shareholders will receive one Easor share for each Talenom share owned, with demerger registration expected February 28, 2026 and Easor trading beginning around March 2, 2026.

UPL Ltd · UPL (INTL) [Agriculture and specialty chemicals company] UPL announced reorganization creating two listed entities: UPL (diversified agriculture and specialty chemicals) and UPL Global (crop protection platform). Private equity consortium (ADIA, TPG, Brookfield) holds 17% stake in UPL Global, with transaction completion expected within 12-15 months.

GE Power India · GEPIL.NS (INTL) [Power generation equipment and services company] GE Power India is demerging its Durgapur boiler manufacturing unit to JSW Energy, with NCLT approvals expected in H2 2026. The company reported Q3 profit growth of 470% and 22% revenue increase while pivoting towards high-margin core services business targeting double-digit normalized EBITDA.

Hindustan Foods Limited · HINDFOODS.BO (INTL) [FMCG manufacturing company] NCLT Mumbai sanctioned a complex scheme involving demerger of Avalon Cosmetics’ Contract Manufacturing Business and amalgamation with Vanity Case India. The deal consolidates FMCG manufacturing operations at a 16-acre Nashik facility, with Vanity Case shareholders receiving 40.55% of Hindustan Foods’ share capital through specific exchange ratios.

ENGlobal Corporation · ENG (INTL) [Engineering services company] ENGlobal is in final phase of court-supervised liquidation after filing Chapter 11 bankruptcy. Gulf Island Fabrication acquired the company’s core operations in Q2 2025, and the bankruptcy court is expected to issue final distribution report and closing order shortly, which will formally terminate the corporation and cancel all outstanding shares.

Oncternal Therapeutics · ONCT (INTL) [Biotechnology company] Oncternal is in final liquidation phase after selling core assets Zilovertamab and ONCT-808 to Ho’ola Therapeutics in July 2024 and delisting from Nasdaq in March 2025. Company is resolving creditor claims with potential capital distribution to shareholders expected around mid-2026.

VH Global Energy Infrastructure plc · ENRG (US) [Energy infrastructure investment company] VH Global Energy Infrastructure is implementing an asset realisation strategy to liquidate assets and return proceeds to shareholders via a B Share Scheme. The company is proposing to cancel its share premium account and issue up to £450 million in B Shares that will be redeemed shortly after issuance to distribute cash from asset sales.

3D Matrix · 7777 (INTL) [Biotechnology and medical device company] 3D Matrix announced the completion of conversion of its 9th convertible bond issued on July 10, 2025. All previously issued convertible bonds have now been redeemed or converted, with 116,226 units of the 36th stock acquisition rights remaining outstanding.

Flerie AB · FLER.ST (INTL) [Investment company] Flerie completed a SEK 76 million directed share issue to institutional investors at SEK 34.75 per share. The board proposes terminating the share redemption program after 2026 and implementing a 1:7 bonus issue, where controlling shareholders T&M Förvaltning and T&M Participation will cancel their bonus shares, increasing other shareholders’ ownership by approximately 16%.

Luotea Plc · LUOTEA.HE (FI) · Mkt Cap: $N/A · EV: $312M [Facility services company spun off from Lassila & Tikanoja] Luotea Plc completed a partial demerger from Lassila & Tikanoja Plc on December 31, 2025, with the circular economy business spun off into New Lassila & Tikanoja Plc. Luotea’s adjusted EBITA rose to EUR 7.0 million (2.0% of sales) in 2025 from EUR 1.2 million (0.3%) in 2024.

Navidea Biopharmaceuticals · NAVB (INTL) · Mkt Cap: $N/A · EV: $N/A [Biopharmaceutical company with Manocept platform technology] Navidea Biopharmaceuticals is undergoing Chapter 11 bankruptcy restructuring with shares now trading OTC. The company is pursuing cost reduction, capital structure simplification, and potential reverse stock split while seeking strategic partnerships for its Manocept platform technology. A substantive restructuring update is expected by end of March 2026.

Easor Plc · EASOR (INTL) · Mkt Cap: $N/A · EV: $N/A [Technology company spun off from Talenom Plc] Easor Plc will begin trading on Nasdaq Helsinki on March 2, 2026 as a result of a partial demerger from Talenom Plc, pending registration with the Finnish Trade Register on February 28, 2026. The new listing will have 45,648,632 shares and will be classified as a Small Cap technology company.

Avinger · AVGR (INTL) [Medical device company specializing in imaging and catheter technologies] Medical device company Avinger has ceased all commercial operations and is executing a liquidation plan, focused on selling its intellectual property including imaging and catheter technologies. The company is winding down corporate structure with proceeds first going to creditors before any potential shareholder distributions.

Happy Belly Food Group Inc. · HBFG (CSE), HBFGF (OTCQB) (INTL) [Quick service restaurant operator and food brand company] Happy Belly Food Group completed the sale of its Holy Crap Foods subsidiary for $1 million CAD cash plus working capital adjustments, representing approximately 10x EBITDA multiple. The company is using proceeds to focus on scaling its QSR brands including Rosie’s Burgers, Heal Wellness, Via Cibo, iQ Food Co., and Yolks Breakfast through store openings and franchise expansion.

Li-Cycle Holdings Corp · LICY (INTL) · Mkt Cap: None · EV: None [EV battery recycling company] Li-Cycle is in severe financial distress after pausing its flagship Rochester Hub project due to cost overruns and funding gaps. The company is conducting a strategic review while attempting to preserve cash and avoid deeper restructuring that could wipe out existing equity holders.

Tata Motors · TATAMOTORS.NS (INTL) · Mkt Cap: None · EV: None [Automotive manufacturer with commercial vehicles, passenger vehicles, and Jaguar Land Rover] Tata Motors is undergoing strategic demerger to separate into distinct entities for Commercial Vehicles and Passenger Vehicles (including Jaguar Land Rover). The restructuring aims to enhance operational focus and enable tailored capital allocation strategies for each business segment.

Liberty Media Corp SiriusXM · LSXMA (INTL) · Mkt Cap: None · EV: None [Tracking stock for satellite radio business exposure] Liberty Media completed a split-off of its Liberty SiriusXM tracking stock (LSXMA) into a separate company with more direct exposure to Sirius XM Holdings. The transaction simplifies the complex tracking stock structure and gives LSXMA holders cleaner exposure to the satellite radio business.

Protean eGov Technologies Limited · PEGT.BO (INTL) · Mkt Cap: None · EV: None [Digital governance and e-government solutions provider] NCLT Mumbai approved the composite scheme of arrangement for demerger of Protean Infosec Services Limited into Protean eGov Technologies Limited. The tribunal order was pronounced on February 27, 2026, with the company now obtaining certified copies for stock exchange compliance.

San Leon Energy · SLE.L (INTL) · Mkt Cap: None · EV: None [Oil and gas exploration and production company] San Leon Energy has agreed a deal to lift a winding-up threat against the company. CEO Oisin Fanning stated he has transformational plans for the future and is continuing fundraising efforts.

Other Situations

ZENVIA · ZENV (BR) · Mkt Cap: $16M · EV: $78M [Cloud-based customer communication platform provider] ZENVIA announced voluntary delisting from Nasdaq Capital Market and SEC deregistration, citing high compliance costs, lack of active trading market, and inability to maintain $1.00 minimum bid price requirement. The company will file Form 25 on March 9, 2026 with delisting effective March 19, 2026, after which shares will only trade OTC or in private transactions.

Ashford Hospitality Trust · AHT (US) · Mkt Cap: $20M · EV: $3.2B [Real estate investment trust focused on hotel properties] Ashford Hospitality Trust sold two Embassy Suites hotels in Texas (Austin Arboretum and Houston Near Galleria) to a Texas-based individual investor in a single transaction brokered by Hunter Advisors. Both are 150-suite properties built in 1998.

WinVest Acquisition Corp. · WINV (US) · Mkt Cap: $39M · EV: None [Special purpose acquisition company (SPAC)] WinVest Acquisition Corp. is seeking stockholder approval to extend its merger deadline with Embed Financial Group from March 17, 2026 to April 17, 2026, with options for up to five additional one-month extensions through September 17, 2026. The SPAC has been delisted from Nasdaq and now trades OTC, with redemption rights available to public shareholders at approximately $14.36 per share.

XiangXing International Holding Limited · 1079.HK (HK) · Mkt Cap: $54M · EV: $48M [Hong Kong-listed investment holding company] Westwell Holdings completed voluntary cash partial offer acquiring 29% of shares, with final acceptances reaching 29.55% due to oversubscription requiring pro-rata scaling. Post-completion, Westwell holds 29%, Glory Fame Venture (acting in concert) holds 30.3%, with public shareholders retaining 40.7%.

Fortress Biotech · FBIO (US) · Mkt Cap: $117M · EV: $96M [Biopharmaceutical company developing treatments through subsidiary partnerships] Subsidiary Cyprium Therapeutics entered definitive agreement to sell its Rare Pediatric Disease Priority Review Voucher for $205 million gross proceeds. The PRV was issued following FDA approval of ZYCUBO on January 12, 2026. Transaction is subject to HSR waiting period approval.

Starfighters Space · FJET (US) · Mkt Cap: $305M · EV: $207M [Aerospace and space technology services company] Completed IPO on December 18, 2025, transitioning from private to public market listing. Previously available only to private investors.

Lands’ End, Inc. · LE (US) · Mkt Cap: $491M · EV: $779M [Clothing retailer specializing in casual wear and uniforms] WHP Global commenced a tender offer to purchase up to 2,222,222 shares of Lands’ End at $45.00 per share in cash, which would result in WHP Global owning approximately 7% of the company. The tender offer expires March 26, 2026 and is conditional upon closing of a previously announced joint venture transaction.

Asia Aviation Public Company Limited · AAV.BK (TH) · Mkt Cap: $567M · EV: $1.9B [Aviation company operating Thai AirAsia low-cost airline services] Kiatnakin Phatra Securities initiated coverage on Asia Aviation with Buy rating and THB 1.70 target price. KKPS projects turnaround in Q4 2025 with THB 1.1B core profit recovery, followed by accelerated growth in Q1 2026 driven by Chinese tourism rebound.

Apartment Investment and Management Company · AIV (US) · Mkt Cap: $635M · EV: $1.4B [Real estate investment trust focused on apartment communities] Common stockholders approved the Plan of Sale and Liquidation aimed at maximizing returns through orderly sale of all assets. The company declared a liquidating dividend of $1.45 per share with 98.14% forward yield and is progressing with asset sales including Chicago apartment portfolio for $455 million.

TaskUs, Inc. · TASK (US) · Mkt Cap: $979M · EV: $1.1B [Business process outsourcing and digital services provider] TaskUs announced a comprehensive refinancing with $500M term loan and $100M revolving credit facility maturing in 2031, addressing 2027 debt maturities. The company declared a special cash dividend of $3.65 per share (~$333M total) payable March 25 to shareholders of record March 11, funded by the new credit facilities and existing cash.

Innovex International Inc · INVX (US) · Mkt Cap: $1.8B · EV: $1.7B [Oilfield services company] Major shareholders of Innovex International sold 6.6 million shares (including overallotment) in a secondary offering at $25.75 per share, with the company simultaneously repurchasing 575,000 shares. Post-transaction, Amberjack Capital Fund II remains the largest shareholder with 24.6% ownership.

Hamilton Insurance Group · HG (US) · Mkt Cap: $3.1B · EV: $1.9B [Property and casualty insurance company] Declared $2.00 per share special dividend totaling $206 million following strong 2025 results. Completed share buyback of approximately 5.65% of outstanding shares.

Beam Therapeutics · BEAM (US) · Mkt Cap: $3.1B · EV: $1.9B [Gene editing and base editing biotechnology company] Secured $500 million non-dilutive debt facility with Sixth Street to fund commercialization of sickle cell gene therapy risto cel. 7-year senior secured facility carries ~10% interest with no amortization until 2033.

Red Rock Resorts · RRR (US) · Mkt Cap: $6.3B · EV: $7.1B [Las Vegas-based casino and gaming company] Declared $1.00 per Class A share special dividend payable February 27, 2026 to stockholders of record February 20, 2026. Company pursuing expansion projects including Durango’s next phase and North Fork development following record Q4 Las Vegas gaming performance.

IDFC First Bank · IDFCFIRSTB.NS (IN) · Mkt Cap: $6.6B · EV: $9.9B [Commercial and retail banking services] Facing Rs 590 crore fraud case at one branch involving alleged siphoning of government funds. Case has significantly impacted stock price.

Fermi Inc. · FRMI (US) · Mkt Cap: $6.7B [Technology company developing equipment for industrial projects] Fermi Inc.’s subsidiary entered into a $120M senior secured credit facility (expandable to $220M) with Keystone National Group to finance equipment purchases for Project Matador. The facility has a 12.90% interest rate, matures in August 2031, and includes mandatory prepayment triggers including requirement to secure customer agreement by Dec 31, 2026 or face full prepayment at 1.05x multiple.

GAIL (India) Limited · GAIL.NS (IN) · Mkt Cap: $12.3B · EV: $14.5B [Natural gas transmission and distribution company] Indian government plans subsidiary IPOs worth ₹1.79 trillion by 2029/30, including GAIL GAS IPO targeted for 2027/28 to raise ₹31 billion. Plan includes Coal India subsidiary IPOs worth ₹483 billion and railway company stake sales of ₹837 billion.

Hormel Foods Corporation · HRL (US) · Mkt Cap: $14.1B · EV: $16.1B [Food processing company producing meat and food products] Entered definitive agreement to sell whole-bird turkey business to Life-Science Innovations, including Minnesota production facilities, feed mill, and transportation assets. Transaction expected to close by end of Q2 fiscal 2026 with undisclosed financial terms, and LSI will provide co-manufacturing services through end of fiscal 2026.

Lennar Corporation · LEN (US) · Mkt Cap: $27.3B · EV: $23.8B [Homebuilder and residential real estate developer] Lennar announced an exchange offer allowing shareholders to swap LEN shares for shares of Millrose Properties, its land bank spin-off. The company is also divesting its remaining 20% stake in Millrose Properties to shareholders at a 6.38% premium. An odd lot provision allows shareholders with 99 shares or less to avoid proration in what analysts expect to be an oversubscribed offer.

Coal India Limited · COALINDIA.NS (IN) · Mkt Cap: $29.2B · EV: $26.8B [State-owned coal mining and distribution company] India’s government plans to raise ₹1.79 trillion through IPOs of state-owned company subsidiaries by 2029/30, including subsidiaries of Coal India (₹483 billion) and GAIL Gas subsidiary listing in 2027/28 (₹31 billion). This is part of a larger ₹183.7 billion asset monetization program over four years.

EchoStar · SATS (US) · Mkt Cap: $31.2B · EV: $59.2B [Satellite communications and spectrum asset company] Sold $41.65 billion in spectrum assets: $21.6 billion to SpaceX for $11.1 billion in SpaceX stock plus $10.5 billion cash, and $22.65 billion cash from AT&T. Post-transaction, approximately 62.5% of market cap represents SpaceX exposure with $12.7 billion net cash remaining.

Eni S.p.A. · ENI.MI (IT) · Mkt Cap: $68.4B · EV: $97.5B [Integrated oil and gas company with renewable energy operations] Italian oil company Eni increased its share buyback program by 20% after reporting better-than-expected Q4 2025 results with adjusted net profit of €1.2 billion (35% increase). The company also completed major divestitures including selling 20% of renewable subsidiary Plenitude to Ares for €2 billion and 49.99% of its carbon capture unit to GIP fund.

Intel Corporation · INTC (US) · Mkt Cap: $225.1B · EV: $255.9B [Semiconductor manufacturer and processor designer] Nvidia announced a $5 billion investment in Intel as part of a strategic partnership to develop chips for data centers and computers. The deal comes alongside nearly $9 billion in U.S. government support through CHIPS Act grants as Intel invests over $100 billion in U.S. manufacturing facilities and develops AI GPU capabilities to compete with Nvidia and AMD.

Advanced Micro Devices · AMD (US) · Mkt Cap: $350.6B · EV: $314.0B [Semiconductor company designing processors and graphics cards] AMD and Meta announced a multi-year partnership for up to 6 gigawatts of AMD Instinct GPUs, with first gigawatt deployment beginning 2H 2026. AMD issued Meta a performance-based warrant for up to 160 million AMD shares, vesting as GPU shipment milestones are achieved and tied to AMD stock price thresholds.

Alphabet Inc. · GOOGL (US) · Mkt Cap: $3.8T · EV: $3.7T [Technology conglomerate operating search, cloud, and advertising businesses] Google’s parent company Alphabet spun off Taara, its optical wireless communication technology division from X (Moonshot Factory), into an independent company in 2025. Alphabet retained a minority stake in the spin-off, which has secured venture capital funding including from Series X Capital.

CleanMax Enviro · CLEANMAX.NS (IN) · Mkt Cap: N/A · EV: N/A [Renewable energy provider serving corporate clients including Google and Amazon] Brookfield-backed renewable energy company with 10.9GW capacity and 8% market share of India’s corporate renewable energy sector launching IPO. Company trades at 619x P/E and has significant deleveraging plan as part of the offering.

NCL Research & Financial Services Limited · NCLRE.BO (IN) · Mkt Cap: N/A · EV: N/A [Financial services company] Board approved rights issue of up to ₹50 crores offering fully paid-up equity shares with ₹1 face value to eligible shareholders. Issue price, rights ratio, and record date are yet to be determined, subject to regulatory approvals.

International Battery Metals Ltd. · IBAT.V / IBATF (CA) · Mkt Cap: N/A · EV: N/A [Mining company focused on battery metals exploration and development] EV Metals 9 LLC completed a $2.0 million USD private placement in International Battery Metals, increasing their ownership to 48.57% on a partially-diluted basis through purchase of 26.4 million units at $0.08 USD each. This marks the third follow-on investment under their existing LOI, with the agreement extended to April 30, 2026.

M&A Research Institute · 9552 (JP) · Mkt Cap: N/A · EV: N/A [M&A advisory and research services company] Meis Holdings sued M&A Research Institute (9552) and its parent company Quants Research Holdings for approximately 120 million yen in damages, claiming M&A Research Institute proposed an inappropriate LBO scheme that led to the effective bankruptcy of the acquired company Saiki Kogyo. M&A Research Institute denies the allegations and states they will vigorously defend against the lawsuit.

5paisa Capital Limited · FPAISA.NS (IN) · Mkt Cap: N/A · EV: N/A [Financial services company providing online trading and investment platforms] 5paisa Capital’s board approved a rights issue to raise up to ₹4,750.00 million through fully paid equity shares with ₹10 face value. The company has scheduled a February 28, 2026 board meeting to finalize key terms including issue price, rights entitlement ratio, and record date.

Dynamatic Technologies Ltd / DCM Shriram Industries Ltd · DTL / DCMS (IN) · Mkt Cap: N/A · EV: N/A [Aerospace & defense manufacturing companies] Investor Sunil Singhania through Abakkus Funds has taken 2.9% stakes in both Dynamatic Technologies (₹204 crore stake) and DCM Shriram Industries (₹16 crore stake) as bets on India’s defense sector growth. Dynamatic trades at 149x P/E despite poor historical growth, while DCM Shriram faces governance issues post-demerger.

SpaceX · SPAX (INTL) · Mkt Cap: None · EV: None [Space exploration and satellite internet company] SpaceX is targeting a confidential IPO filing as soon as March 2026, aiming for a June listing that could raise up to $50 billion at a $1.75+ trillion valuation. This would be the largest IPO ever, surpassing Saudi Aramco’s $29 billion record. The company has lined up major banks including Bank of America, Goldman Sachs, JPMorgan and Morgan Stanley for senior roles.

Generate Bio · Unknown (INTL) · Mkt Cap: None · EV: None [Biotech company] Generate Bio completed a $400 million IPO. The offering represents a significant public market entry for the biotech company.

Healthpeak Properties · PEAK (INTL) · Mkt Cap: None · EV: None [Real estate investment trust focused on healthcare properties] Healthpeak Properties is carving out its senior housing business into a separate REIT called Janus Living (JAN), which filed for an IPO estimated to raise up to $500 million with BofA as lead underwriter.

First Commerce Bancorp Inc · FCOM (US) · Mkt Cap: None · EV: None [Community banking company] First Commerce Bancorp Inc has concluded a tender offer for its common stock. Specific details about the number of shares tendered or purchase price are not provided.

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