Special Situations Digest
Hi Ultimate Value readers,
Welcome to the 6th edition of our weekly Special Situations Digest.
Thanks to everyone who’s been pointing out data errors / funky news items. If you see anything, please let me know so I can fix it. I’ve kept adding checks to make sure this is as accurate as possible (but it’s a process with LLMs!). I’ve also added a feature that tracks news stories over time, so let me know if it is helpful.
Again, I would really appreciate it if you shared this with friends and colleagues.
Thanks for your readership, and happy hunting.
CSC
Here is a sortable Excel file for your convenience.
Activist Campaigns
Six Flags Entertainment Corp. · FUN (US) · Mkt Cap: $1.7B · EV: N/A [North America’s largest regional amusement-resort operator (merged Cedar Fair + Six Flags, July 2024)] NFL star Travis Kelce is partnering with Six Flags as brand ambassador, following his team-up with activist investor Jana Partners less than six months ago to boost the stock. Six Flags recently agreed to sell seven parks to EPR Properties for $331 million and is working to address attendance issues and over $5.1 billion in debt under new CEO John Reilly.
PetMed Express, Inc. · PETS (US) · Mkt Cap: $53M · EV: $28M [Online pet medication retailer] Diveroli Investment Group filed a 13D and is calling on the board to act on multiple unsolicited acquisition proposals, including $4.25/share from Cardone Ventures and $4.00/share from SilverCape Investments. Both offers represent approximately 40% premiums to current trading levels around $2.90-$3.00/share. DIG intends to engage constructively with management regarding strategic alternatives.
Airsculpt Technologies, Inc. · AIRS (US) · Mkt Cap: $116M · EV: $194M [Body contouring and cosmetic surgery company] Aaron Rollins, founder and former CEO/Executive Chairman, disclosed a 23.6% activist stake via Schedule 13D filing. Rollins is evaluating strategic options including seeking board representation, nominating directors, soliciting proxies, and potentially pursuing strategic alternatives including mergers or change of control transactions.
Kingstone Companies, Inc. · KINS (US) · Mkt Cap: $215M · EV: $211M [Regional property and casualty insurance company focused on New York market] Gregory Fortunoff disclosed a 5.9% stake via Schedule 13D filing and is pushing the board to initiate a formal review of strategic alternatives, including a potential sale. Fortunoff argues the stock trades materially below intrinsic value and believes the company’s New York insurance market footprint could attract premium bids from larger players.
Ellomay Capital Ltd. · ELLO (US) · Mkt Cap: $357M · EV: $873M [Renewable energy investment and development company] Ofer Yannay through O.Y. Nofar Energy acquired a 45.9% controlling stake in Ellomay Capital Ltd., triggering immediate board changes with two Nofar nominees joining and the chairman stepping down within 30 days. The Schedule 13D filing explicitly states the purpose is ‘acquiring control of the Issuer’ with plans for up to four Nofar-nominated directors on the board.
GeoPark Limited · GPRK (US) · Mkt Cap: $453M · EV: $907M [Independent oil and gas exploration and production company focused on Latin America] Colombian investor Jaime Gilinski disclosed a 20.2% stake through purchases occurring March 5-11, 2026. The investment includes board nomination rights (up to 3 directors based on ownership levels), approval rights over major corporate matters including equity issuances and M&A, and an 18-month lock-up period, with Gilinski securing one board seat at current ownership level.
Pacira BioSciences · PCRX (US) · Mkt Cap: $1.0B · EV: $1.1B [Specialty pharmaceutical company focused on non-opioid pain management products] DOMA Perpetual, holding 7.1% of shares, is launching an activist campaign criticizing CEO Frank Lee’s leadership amid 30% stock decline and missed earnings. The activist is demanding leadership changes and calling for the board to engage bankers to explore a company sale, while criticizing executive compensation that approaches 7% of market cap.
Previously: DOMA Perpetual was already pursuing board and strategic changes at the company.
Edinburgh Worldwide · EWI.L (UK) · Mkt Cap: $1.0B · EV: N/A [Investment trust focused on growth companies and private holdings] Edinburgh Worldwide announced a 100% tender offer to wind up the trust in response to ongoing pressure from hedge fund Saba Capital (31% stake). Despite shareholders voting down Saba’s board replacement proposals by 98.4% and 92.7% margins among non-Saba shareholders, the board stated it had “reached the end of the road” with the activist.
Previously: Board had announced 100% tender offer (85% cash, 15% deferred SpaceX exposure) after 16-month battle with Saba, with Saba proposing three new directors after failing to remove all six independent directors.
Blue Owl Capital Corporation II · OBDC (US) · Mkt Cap: $5.6B · EV: $14.2B [Business development company providing credit solutions to middle market companies] Blue Owl Capital Corporation II recommended shareholders reject an unsolicited minority tender offer from activist investor Boaz Weinstein’s Saba Capital and Cox Capital Partners.
Previously: OBDC II received unsolicited minority tender offer from Cox Capital Partners and Saba Capital at approximately 65% of NAV while proceeding with 30% return of capital distribution at NAV.
TOTO Ltd. · 5332.T (JP) · Mkt Cap: $6.0B · EV: $5.6B [Toilet and bathroom fixture manufacturer with advanced ceramics and semiconductor materials business] UK activist investor Palliser Capital has taken a position in TOTO and is pressuring management to better highlight the company’s AI-related semiconductor materials business, which now accounts for half of operating profit but receives minimal disclosure. Palliser argues TOTO is the ‘most undervalued and overlooked AI memory beneficiary’ and believes the stock could rise 55% if the company better communicated its semiconductor exposure.
Lamb Weston Holdings Inc · LW (US) · Mkt Cap: $6.1B · EV: $10.0B [Frozen french fry and potato products manufacturer] Starboard Value has built a sizable stake and is urging the company to speed up operational improvements and cost cuts. Starboard has become one of the largest shareholders, though exact stake size is unknown. The company previously settled with activist Jana Partners last year, giving Jana significant board representation.
CarMax · KMX (US) · Mkt Cap: $6.2B · EV: $23.8B [Largest US used car retailer] Activist investor Starboard Value has taken a $350 million stake and nominated two directors to the board, including Starboard CEO Jeff Smith and Frontdoor CEO Bill Cobb. Starboard believes CarMax can improve performance through dynamic pricing, more efficient vehicle reconditioning, and reducing administrative costs by over $300 million.
Previously: CarMax had appointed new CEO Keith Barr and Starboard had accumulated the $350M stake with board nominations, causing stock to jump 6%.
DB Insurance · 005830.KS (KR) · Mkt Cap: $7.1B · EV: N/A [South Korean life and non-life insurance company] Activist fund Align Partners Capital Management sent a second open letter pressuring for governance reforms and enhanced shareholder returns, including adopting return-based management strategy and strengthening payout policies. The fund also questioned the $1.65 billion Fortegra acquisition given the company’s cautious stance on shareholder payouts, prompting DB Insurance to announce cancellation of 5.6% of treasury shares.
Previously: Align Partners (1.9% stake) had sent initial shareholder letter with 8 value enhancement proposals demanding written response by March 6.
Nexstar Media Group · NXST (US) · Mkt Cap: $7.4B · EV: $13.8B [Television broadcasting company operating local TV stations across the US] Communications Workers of America announced it will undertake an independent solicitation of shareholders for five governance reform proposals at the 2026 Annual Meeting. The proposals include proxy access, special meeting rights, poison pill restrictions, independent board chair requirements, and stockholder approval for major transactions exceeding 20% of market cap. CWA also opposes the proposed TEGNA transaction and criticizes CEO Perry Sook’s dual role as Chair and CEO.
Previously: CWA had notified intent to solicit shareholders for governance proposals while opposing the $3.5B TEGNA acquisition.
Pinterest · PINS (US) · Mkt Cap: $12.9B · EV: $10.7B [Visual discovery and social media platform] Elliott Investment Management announced a $1 billion investment through convertible senior notes (convertible at $22.72, 30% premium to pre-announcement price), with proceeds funding $1 billion in share repurchases via accelerated share repurchase agreement. Pinterest’s board increased total share repurchase authorization to $3.5 billion, with additional $500M buyback planned. Elliott already held ~$725M stake as fifth-largest holding.
Nidec Corporation · 6594.T (JP) · Mkt Cap: $16.6B · EV: $19.0B [Electric motor and precision instrument manufacturer] Hong Kong-based activist investment fund Oasis Management has become a major shareholder in Nidec Corporation, acquiring 6.7% of the company’s outstanding shares.
Kao Corporation · 4452.T (JP) · Mkt Cap: $17.5B · EV: $17.1B [Japanese consumer products company making cosmetics, personal care, and household products] Oasis Management, which holds 6.64% of Kao Corporation shares, has requested an extraordinary shareholder meeting and demanded establishment of an independent third-party investigation committee. Oasis alleges that Kao’s palm oil and paper/pulp supply chain includes companies involved in deforestation and human rights violations, noting that competitors like Unilever have stopped doing business with or blacklisted these suppliers.
Previously: Oasis launched activist campaign “A Better Kao” proposing 5 independent directors and demanding extraordinary meeting to investigate supply-chain risk management citing whistleblower allegations.
CoStar Group · CSGP (US) · Mkt Cap: $18.3B · EV: $17.8B [Commercial real estate information and analytics platform provider] D.E. Shaw and Third Point are mounting activist campaigns against CoStar Group over its multibillion-dollar Homes.com investment, which they argue has depressed margins and distracted from the core commercial business. D.E. Shaw is now criticizing CoStar’s decision to bury Homes.com’s poor performance within broader segment reporting and stop disclosing key metrics like net new bookings.
Previously: Third Point (2%+ stake) and D.E. Shaw launched coordinated campaigns against the $5 billion Homes.com investment, with Third Point planning board nominations and both demanding strategic reset.
Hudson’s Bay Co. · HBC-T (CA) · Mkt Cap: N/A · EV: N/A [Canadian department store chain and real estate company] Catalyst Capital Group launched a competing bid of $10.11 per share, escalating opposition to a $1-billion privatization offer from executive chairman Richard Baker’s group. Catalyst will offer up to $150 million for as many as 14.8 million shares not controlled by Baker’s group.
Starz Entertainment · STRZ (US) · Mkt Cap: $235M · EV: $1.5B [Premium cable and streaming entertainment network (separated from Lionsgate May 2025, Nasdaq: STRZ)] Byron Allen acquired a 10.7% stake for $25 million (1.8 million shares), prompting the board to unanimously adopt a poison pill defense with a 17.5% trigger threshold. The shareholder rights plan is effective immediately and expires in one year, allowing existing shareholders to buy shares at a 50% discount if triggered.
Taekwang · 003240.KQ (KR) · Mkt Cap: N/A · EV: N/A [South Korean diversified conglomerate (synthetic fibres, chemicals, real estate) listed on KOSDAQ] Taekwang announced a strengthened shareholder return plan targeting 45%+ annual returns for 2027-2029, up from the previous 30% target for 2024-2026. The company will also execute 10 billion won in share buybacks following direct negotiations with U.S. hedge fund Dalton Investment, which acquired a stake last year.
Strategic Reviews
Aethlon Medical, Inc. · AEMD (US) · Mkt Cap: $3M · EV: ~$-4M [Clinical-stage medical device company developing blood purification technologies] Aethlon Medical has engaged Maxim Group LLC as exclusive financial advisor to evaluate strategic opportunities following preliminary inbound interest. The process will review potential partnerships, mergers, acquisitions or other transactions, with no definitive timeline established.
Xenetic Biosciences, Inc. · XBIO (US) · Mkt Cap: $6M · EV: $2M [Biotech company developing DNase-based cancer treatments] Xenetic confirmed it is pursuing strategic alternatives to maximize shareholder value while reporting 2025 financial results. The company has $7.9 million in cash and is advancing its DNase-based cancer treatment toward Phase 1 trials.
Beyond Air Inc · XAIR (US) · Mkt Cap: $8M · EV: $21M [Develops nitric oxide-based therapeutic systems] Beyond Air terminated its agreement to sell NeuroNOS subsidiary to XTL Biopharmaceuticals after the January 2026 letter of intent expired on March 9, 2026 without a definitive agreement. The company will retain its interest in NeuroNOS and continue evaluating strategic alternatives for the subsidiary.
iCandy Interactive Limited · ICI.AX (AU) · Mkt Cap: $14M · EV: $15M [Interactive entertainment and gaming company] iCandy Interactive is evaluating a US listing of its subsidiary Lemon Sky Studios on NYSE American, with indicative valuations exceeding iCandy’s current market cap. The company is considering returning equity value to shareholders through in-specie distribution, capital reduction, or other mechanisms. iCandy will likely be removed from ASX on April 1, 2026.
Previously: Interactive had hired Rothschild managing director Duncan Wilmer to run a strategic review seeking a cashed-up equity partner.
Franklin Street Properties Corp. · FSP (US) · Mkt Cap: $65M · EV: $287M [Office REIT with 4.8 million square foot portfolio] The company is conducting ongoing strategic review with BofA Securities exploring portfolio-level transactions, asset dispositions, joint ventures, corporate-level transactions, and liquidation scenarios. The REIT maintains 68.9% occupancy and suspended its dividend to preserve $4.1 million annually while recently securing a $320 million credit facility from TPG Credit affiliate extending debt maturity to 2029.
Previously: Closed $320 million TPG Credit facility and reviewing strategic alternatives with BofA Securities, including various transaction types and liquidation scenarios.
Domo Inc. · DOMO (US) · Mkt Cap: $208M · EV: $281M [Cloud-based business intelligence and data analytics platform] Domo has launched a strategic alternatives review considering business combinations, sales, and strategic investments. The stock surged 19.18% on the announcement, trading from $4.18 to a high of $6.24. The company reported Q4 non-GAAP profit of $0.03 per share versus expected losses, with revenue of $79.6M.
Previously: Board initiated strategic alternatives process with Jefferies as advisor and reported Q4 earnings beat.
Stratus Properties Inc. · STRS (US) · Mkt Cap: $258M · EV: $562M [Real estate development and investment company] Stratus Properties concluded its strategic alternatives review and board unanimously approved pursuing a plan of liquidation and dissolution. The plan involves selling all or substantially all company assets and distributing net proceeds to stockholders, followed by company dissolution. The plan requires board finalization and stockholder approval via proxy vote.
NextEnergy Solar Fund · NESF.L (UK) · Mkt Cap: $363M · EV: $602M [Renewable energy investment trust focused on solar assets] NextEnergy Solar Fund completed a strategic review and announced sweeping changes including adopting a total-return strategy targeting 9-11% returns, reducing gearing to 40-45%, and shifting focus to energy storage infrastructure. The board considered multiple options including winding down, converting to open-ended fund, or sector consolidation before settling on the strategic reset.
Previously: Conducting strategic review under new chair with planned asset sales up to 120MW and energy storage expansion to 30% of portfolio.
Theravance Biopharma, Inc. · TBPH (US) · Mkt Cap: $700M · EV: $426M [Biopharmaceutical company developing respiratory medicines] A law firm is investigating potential securities fraud related to management’s prior statements about milestones and guidance following the CYPRESS trial failure announcement. The stock declined 26% after the company announced the Phase 3 trial failed to meet its primary endpoint and launched an accelerated strategic review.
Well Health Technologies Corp. · WELL.TO (CA) · Mkt Cap: $757M · EV: $1.3B [Canadian digital health platform and primary care clinic operator] Well Health is conducting a strategic alternatives process for its US care delivery business, expected to complete in 2026. The company plans to divest US assets to focus on higher-growth Canadian operations and simplify business structure. The divestiture will free up capital to complement existing cash flows of $110 million generated in the last three quarters of 2025.
BlackLine · BL (US) · Mkt Cap: $2.1B · EV: $2.3B [Cloud-based financial close and automation software for enterprises] BlackLine formed a strategic committee to evaluate potential business combinations following an agreement with activist hedge fund Engaged Capital. The company appointed two new board members including Storm Duncan (nominated by Engaged) and Megan Prichard, with Duncan serving on the four-member strategic committee alongside chair David Henshall.
Previously: Engaged Capital launched proxy fight after BlackLine rejected $66/share SAP offer, leading to settlement with board appointments and strategic committee formation.
Santos Limited · STO.AX (AU) · Mkt Cap: $17.1B · EV: $21.3B [Australian oil and gas company with LNG and upstream assets] Santos is reportedly considering a demerger of its lower-performing Western Australia, Cooper Basin, Narrabri and Dorado assets as part of a strategic review. The potential separation could involve either an in-specie distribution or outright sale to buyers like Beach Energy. The restructuring would reshape Santos into a more focused LNG and Alaska portfolio.
M&A / Divestitures
Oaktree Capital Management · Private (US) · Mkt Cap: N/A · EV: N/A [Alternative investment management firm (subsidiary of Brookfield Asset Management)] Oaktree Capital Management signed a master transaction agreement to acquire a controlling stake in Atlantic Coast Life Insurance Company from Advantage Capital Holdings. The deal also includes Oaktree providing capital support to Sentinel Security Life Insurance Company through a surplus note investment into a newly created captive insurance company.
Enzon Pharmaceuticals, Inc. · ENZN (US) · Mkt Cap: $4M · EV: $6M [Biopharmaceutical company developing drug delivery technologies] Enzon Pharmaceuticals is proceeding with a merger transaction with Viskase Companies, Inc. The company has filed a Form S-4 registration statement and is conducting an exchange offer for Series C preferred stock holders to convert to common stock, with the offer extended to March 11, 2026. The merger involves combination of the two companies with combined company stock expected to trade on OTCQB.
Previously: All-stock merger with Viskase would result in current common shareholders owning only ~5% of combined company, with Icahn entities controlling ~93%.
Urgent.ly, Inc. · ULY (US) · Mkt Cap: $4M · EV: $60M [Roadside assistance technology platform] Agero has agreed to acquire Urgently for $5.50 per share in cash through a tender offer, followed by a squeeze-out merger. The transaction combines two roadside assistance technology companies serving 150 million vehicles and handling 13 million events annually. The deal is expected to close by end of May 2026.
Netlink Solutions (India) Limited · NETLINK.BO (IN) · Mkt Cap: $5M · EV: $2M [Technology solutions and services company] Arix Capital and associates have launched a mandatory 26% open offer for Netlink Solutions after acquiring 51% control of parent company Jupiter Infomedia Limited. The takeover triggered SEBI regulations requiring the public offer to minority shareholders, with new board appointments including executive directors from the acquiring group.
Nilachal Refractories Limited · NILACHAL.BO (IN) · Mkt Cap: $7M · EV: $12M [Manufacturer of refractory products for industrial applications] SFAL Speciality Alloys has launched an open offer to acquire up to 59.84 million shares (29.48%) of Nilachal Refractories at ₹22 per share, aiming to delist the company. The offer values the acquisition at ₹131.6 crore maximum (59.84 million shares × ₹22), with a minimum tender condition of 19.39% of equity shares required for delisting to proceed.
Yutaka Giken Co., Ltd. · 7229.T (JP) · Mkt Cap: $11M · EV: $8M [Automotive components manufacturer] Samvardhana Motherson International completed a tender offer for additional shares in Japanese auto components maker Yutaka Giken, acquiring 1,408,867 shares at ¥3,024 per share. Motherson already holds an 81% stake in Yutaka Giken and is consolidating ownership through this tender offer, with settlement scheduled for March 17, 2026.
Selectis Health, Inc. · GBCS (US) · Mkt Cap: $12M · EV: $44M [Skilled nursing facility operator] Black Pearl Equities has commenced a tender offer to purchase up to 100% of Selectis Health shares at $5.05 per share in cash, representing a 45% premium to the current trading price. The offer expires May 11, 2026, and is subject to a minimum 51% tender condition and other customary closing conditions.
Previously: Black Pearl filed plans for a tender offer at $4.00 per share, with Selectis reporting substantial going concern doubts despite recent asset sales generating $5.4M in net proceeds.
Monroe Capital Corporation · MRCC (US) · Mkt Cap: $103M · EV: $292M [Business development company providing financing to lower middle-market companies] Monroe Capital Corporation announced a $13.0 million increase in its pre-merger closing distribution to stockholders, bringing the total to $15.9 million ($0.75 per share), ahead of its planned merger with Horizon Technology Finance and asset sale to Monroe Capital Income Plus. The enhanced distribution is contingent on shareholder approvals at special meetings scheduled for March 13, 2026, and will be funded by proceeds from the MCIP asset sale.
abrdn National Municipal Income Fund · VFL (US) · Mkt Cap: $124M · EV: N/A [Closed-end municipal bond fund] The abrdn National Municipal Income Fund is holding a special shareholder meeting to vote on a reorganization agreement with MFS Municipal Income Trust. The Board unanimously recommends the reorganization, which would merge VFL into the larger MFS fund. The meeting was adjourned from March 11 to April 1, 2026 to solicit additional proxies.
Previously: VFL is being reorganized into MFS Municipal Income Trust in a NAV-based share exchange transaction, with shareholder vote originally scheduled for March 11, 2026.
Amedeo Air Four Plus Ltd · AA4.L (UK) · Mkt Cap: $243M · EV: N/A [Aircraft leasing investment company] Amedeo Air Four Plus agreed to all-cash acquisition by LAC 10 LLC (Qatar-based Lesha Bank subsidiary) at 73 pence per share, valuing the company at £190 million. The deal is unanimously recommended by the board and expected to close in Q3 2026. Weiss Asset Management reduced support from 5.4% to 2.4% of shares.
Capricorn Energy PLC · CNE.L (UK) · Mkt Cap: $248M · EV: $218M [Oil and gas exploration and production company] Capricorn Energy has received multiple unsolicited non-binding proposals from Alamadiyaf al-Masiyyah (Cafani Group) for an all-cash acquisition of the entire company. The board has provided due diligence access and discussions are ongoing, with a formal offer deadline of April 8, 2026 under UK takeover rules.
MFS Charter Income Trust, MFS Intermediate High Income Fund, MFS Government Markets Income Trust, MFS Intermediate Income Trust, MFS Multimarket Income Trust · MCR, CIF, MGF, MIN, MMT (US) · Mkt Cap: $253M · EV: N/A [Closed-end bond funds] MFS announced reorganizations where four closed-end funds (MCR, CIF, MGF, MIN) will merge into MFS Multimarket Income Trust (MMT), with Aberdeen replacing MFS as investment adviser and five new trustees being appointed. Shareholder meetings were adjourned to April 2, 2026 to solicit additional votes for the reorganization proposals.
Previously: Sit Investment Associates filed 13D opposing MGF’s proposed reorganization and sent formal opposition letter. Shareholder meetings now adjourned to April 2, 2026 to solicit additional votes.
Melcor Developments Ltd. · MRD.TO (CA) · Mkt Cap: $404M · EV: $765M [Real estate development and investment company] Melcor Developments completed a going-private transaction of its subsidiary Melcor REIT in April 2025, acquiring the remaining 44.6% public interest for $5.50 per unit (total consideration $71.3 million). The REIT was subsequently delisted from the TSX and terminated, with Melcor now owning 100% of the assets under a unified corporate structure.
Frontera Energy · FEC.TO (CA) · Mkt Cap: $677M · EV: $933M [Oil and gas exploration and production company with pipeline and port infrastructure assets] Frontera Energy agreed to sell its Colombian exploration and production assets to Parex Resources for $750M total consideration ($525M equity consideration including $500M at closing and $25M contingent, plus assumption of $225M net debt). Following the sale, Frontera will focus solely on infrastructure assets including pipeline and port interests. Transaction is structured as a plan of arrangement scheduled to complete in Q2 2026.
Previously: Frontera agreed to sell Colombian E&P assets to Parex for $750M, replacing the original GeoPark agreement and providing a $125M premium over the original transaction.
Citycon Oyj · CTY1S.HE (FI) · Mkt Cap: $792M · EV: $2.8B [Finnish real estate company focused on shopping centers] G City Ltd completed its mandatory public cash tender offer for all outstanding shares in Citycon Oyj. The tender offer achieved 27.3% acceptance, bringing G City’s total ownership to 86.4% of all shares and voting rights. Payment to tendering shareholders will be made on approximately March 12, 2026.
Talkspace · TALK (US) · Mkt Cap: $861M · EV: $761M [Digital mental health platform] Universal Health Services announced a definitive agreement to acquire Talkspace for $5.25 per share in cash, representing an enterprise value of approximately $835M. The transaction is expected to close in Q3 2026, subject to shareholder and regulatory approvals.
Esquire Financial Holdings · ESQ (US) · Mkt Cap: $942M · EV: $656M [Specialty commercial bank serving legal and small business sectors] Esquire Financial Holdings announced acquisition of Signature Bancorporation in all-stock deal valued at $348 million. Signature shareholders will receive 2.63 shares of Esquire stock for each Signature share, with closing expected in Q3 2026. Combined entity will have $4.8 billion in assets and reduce Esquire’s litigation loan concentration from 70% to below 50%.
Papa John’s International · PZZA (US) · Mkt Cap: $1.1B · EV: $2.1B [Pizza delivery and takeout restaurant chain] Papa John’s International is reviewing a $1.5 billion going-private offer from Irth Capital Management at $47 per share, representing a 44% premium to the previous close. The proposal includes backing from Brookfield Asset Management, and comes after Apollo Global withdrew its previous $64 per share bid in November.
Previously: Papa John’s was identified as a potential going-private candidate due to depressed valuations, with Apollo having previously pursued the company.
Fnac Darty · FNAC.PA (FR) · Mkt Cap: $1.2B · EV: $2.9B [French electronics and cultural products retailer] EP FR HoldCo a.s. (controlled by Daniel Křetínský) has launched a public takeover offer for Fnac Darty at €36 per share plus €81.12 for convertible bonds (OCEANE). The bidder currently holds 28.45% through affiliate VESA Equity Investment and is offering to acquire all remaining shares and convertible bonds.
Previously: Mandatory tender offer was filed with Board of Directors unanimously welcoming the offer and appointing an independent expert.
MCJ Co., Ltd. · 6670.T (JP) · Mkt Cap: $1.3B · EV: $1.1B [Technology and media company] BCPE Meta Cayman launched a tender offer for MCJ Co., Ltd. following regulatory approvals from the European Commission and Australian Competition and Consumer Commission. BCPE filed amendment statements reflecting these clearances while maintaining core purchase terms.
Day One Biopharmaceuticals · DAWN (US) · Mkt Cap: $2.2B · EV: $1.8B [Biopharmaceutical company focused on targeted therapies for cancer] Day One Biopharmaceuticals completed acquisition of Mersana Therapeutics for $25.00 per share in cash plus CVRs worth up to $30.25 per share upon regulatory/commercial milestones. Total consideration is $173 million ($125M cash, $48M CVR value), funded through liquidation of short-term investments and existing cash.
Gillette Pakistan Limited · GLPL (PK) · Mkt Cap: $2.8B · EV: $2.8B [Consumer goods company manufacturing razors and personal care products] Procter & Gamble’s subsidiary Series Acquisition BV (91.72% owner) is offering Rs700 per share to buy out minority shareholders of Gillette Pakistan as part of a voluntary delisting from Pakistan Stock Exchange. The offer runs March 12 to May 10, 2026, significantly higher than the originally proposed Rs216.49 per share price that was rejected by PSX.
Sankyu Inc. · 9065.T (JP) · Mkt Cap: $2.8B · EV: $3.2B [Japanese logistics and industrial maintenance company] Sankyu Inc. is evaluating potential involvement in major equipment renewal projects arising from Nippon Steel’s acquisition of US Steel. Despite being a 4% partner with Nippon Steel, CEO Nakamura maintains a cautious stance, stating ‘considerable returns would be required’ for US operations.
Gujarat Gas Limited · GUJGASLTD.BO (IN) · Mkt Cap: $2.9B · EV: $2.8B [City gas distribution company in India] Gujarat Gas Limited is undergoing a significant amalgamation with parent company GSPC and sister company GSPL to create India’s largest City Gas Distribution player. Additionally, GGL’s transmission business will be demerged and separately listed as Gujarat Transmission Ltd (GTL). CRISIL has reaffirmed GGL’s AAA credit rating on Rs.3,350 crore facilities.
Westgold Resources Limited · WGX.TO (CA) · Mkt Cap: $4.0B · EV: $3.7B [Gold mining company] Westgold completed divestment of its Reedy and Comet Projects to Valiant Gold Limited, which raised $75M in an oversubscribed IPO. Valiant Gold expects to commence trading on ASX on March 27, 2026.
Previously: Westgold announced plans for a demerger of its non-core Reedy and Comet Projects via a new subsidiary, Valiant Gold Limited.
UniFirst Corporation · UNF (US) · Mkt Cap: $5.0B · EV: $4.6B [Provides uniforms and workplace supplies to businesses] Cintas Corporation is acquiring UniFirst Corporation in a sale transaction. Engine Capital, which owns 3.2% of UNF and was engaged in a recent proxy contest, supports the deal and believes it maximizes shareholder value.
Caesars Entertainment · CZR (US) · Mkt Cap: $5.7B · EV: $30.6B [Casino and hospitality operator] Tilman Fertitta is in exclusive talks to acquire Caesars for approximately $7 billion at $34 per share, topping a competing $33 per share all-cash offer from Carl Icahn’s firm. The offer represents a 17% premium to the March 11 closing price of $29.07.
Neoenergia SA · NEOE3.SA (BR) · Mkt Cap: $7.6B · EV: $17.0B [Brazilian electricity distribution company] Iberdrola has launched a takeover bid to acquire the remaining 16.2% of Neoenergia that it doesn’t already control, offering 32.5 Brazilian reais per share. The documentation has been submitted to Brazilian regulators and would give Iberdrola 100% ownership.
Rohm Co., Ltd. · 6963.T (JP) · Mkt Cap: $8.0B · EV: $8.5B [Semiconductor manufacturer] Rohm is in integration negotiations with Toshiba for their power semiconductor businesses, involving creation of a joint venture company. The company also received a buyout proposal from Denso, creating competing strategic alternatives.
CACI International Inc · CACI (US) · Mkt Cap: $13.3B · EV: $16.0B [Information technology services provider to government agencies] CACI International has secured $800 million in Term Loan B-2 financing to fund its acquisition of ARKA Group. The debt matures in 2033 and is secured by substantially all company assets with guarantees from material domestic subsidiaries.
TPG Inc. · TPG (US) · Mkt Cap: $15.7B · EV: $11.3B [Global alternative asset management firm] TPG completed the sale of its stake in Intersect to Google for $4.75 billion plus assumed debt. As part of the transaction, existing investors including TPG spun off Intersect’s grid-tied power business into a new company IPX Power, with TPG Rise Climate holding majority backing. The combined transactions represent $12 billion in total enterprise value.
Nippon Steel Corporation · 5401.T (JP) · Mkt Cap: $19.4B · EV: $52.8B [Integrated steel manufacturer and materials company] Nippon Steel Corporation invested 2 trillion yen to acquire US Steel. The acquisition is part of the company’s strategy to focus on markets where demand is growing or where their high-grade steel technology and products can compete effectively, as domestic Japanese steel demand is not expected to grow.
Previously: Nippon Steel’s CFO stated that acquired US Steel will contribute to earnings from the first half of fiscal 2027, with around 100 technical staff dispatched to improve operations.
First Quantum Minerals Ltd. · FM.TO (CA) · Mkt Cap: $19.6B · EV: $25.5B [Copper mining company with operations in Africa and South America] First Quantum Minerals is selling its Çayeli mine in Turkey to Cengiz Insaat for $340 million cash, with $50 million advance payment provided at announcement. The transaction is subject to regulatory approvals and expected to close in Q2 or Q3 2026.
International Paper · IP (US) · Mkt Cap: $19.7B · EV: $29.1B [Paper and packaging company] International Paper completed the sale of its Global Cellulose Fibers business to American Industrial Partners for $1.5 billion (the business generated ~$2.3B in 2024 revenue), with IP retaining preferred stock carrying a $190 million liquidation preference. The transaction closed January 23, 2026, transforming IP into a pure-play sustainable packaging company.
Previously: Company announced the sale of its Global Cellulose Fibers business to American Industrial Partners for $1.5B; transaction was part of a broader portfolio transformation alongside multiple plant closures.
Agilent Technologies Inc. · A (US) · Mkt Cap: $32.6B · EV: $34.4B [Life sciences and diagnostics equipment manufacturer] Agilent announced a definitive agreement to acquire Biocare Medical for $950 million in all-cash from an investor group led by Excellere Partners and GHO Capital Partners. Biocare is a pathology antibody leader with over $90 million in 2025 revenue and double-digit growth since 2021. The transaction is expected to close by Q4 FY2026 and be EPS accretive within 12 months.
RELX plc · REL.L (UK) · Mkt Cap: $61.2B · EV: $71.8B [Information and analytics company serving professional and business customers] Elsevier (part of RELX) announced a definitive agreement to acquire Mytonomy, a video-based patient engagement solutions provider. The acquisition will expand Elsevier’s Clinical Solutions portfolio with Mytonomy’s enterprise SaaS platform that integrates patient education videos and analytics into healthcare systems’ electronic health records.
SoftBank Group Corp · 9984.T (JP) · Mkt Cap: $127.8B · EV: $274.9B [Technology investment and telecommunications holding company] SoftBank Group announced the IPO pricing of its subsidiary PayPay at $16 per ADS on Nasdaq, below the indicated range of $17-20. The company is selling approximately 55 million ADSs through public offering and secondary sales by existing shareholders including SVF II Piranha (whose stake will reduce to 28.49% post-offering). SoftBank Group itself retains over 90% ownership and PayPay remains a consolidated subsidiary of SoftBank Corp.
Honeywell International Inc. · HON (US) · Mkt Cap: $149.2B · EV: $172.1B [Diversified technology and manufacturing company] Honeywell announced pricing of $16 billion in senior notes by its Aerospace subsidiary in connection with the previously announced plan to spin-off Honeywell Aerospace. The proceeds from $10 billion in new money notes will be used to make a cash distribution to Honeywell prior to the spin-off. The notes offering is expected to close around March 16, 2026.
Previously: Honeywell was executing a three-way portfolio transformation with Aerospace spinoff accelerated to Q3 2026, exploring Quantinuum quantum computing listing, and completing Johnson Matthey Catalyst Technologies acquisition for £1.325 billion.
Meta Platforms Inc. · META (US) · Mkt Cap: $1.7T · EV: $1.7T [Social media and technology platforms] Meta acquired Moltbook, a social network where AI agents automatically interact with each other, launched in late January 2026 by Octane AI CEO Matt Schlicht. The Moltbook team will join Meta’s superintelligence research lab as part of competition with OpenAI and other AI rivals. Deal terms were not disclosed.
Worthington Steel / Kloeckner & Co SE · WS (NYSE) / KC0 (Frankfurt) · Mkt Cap: N/A · EV: N/A [Steel processing and distribution companies] Worthington Steel lowered the minimum acceptance threshold for its €11.00 per share tender offer for Kloeckner & Co SE from the previous threshold to 57.5% and extended the acceptance period to March 26, 2026. Worthington currently holds approximately 56.9% of Kloeckner shares as of March 9, 2026.
Previously: Worthington commenced tender offer at €11.00 per share (98% premium) with 65% minimum acceptance threshold and acceptance period through Mar 12.
MariaDB plc · Private (US) · Mkt Cap: N/A · EV: N/A [AI-ready relational database software (taken private by K1 Investment Management, August 2024; formerly NYSE: MRDB)] MariaDB announced a definitive agreement to acquire GridGain Systems, creator of Apache Ignite in-memory computing platform. The acquisition combines MariaDB’s database technology with GridGain’s in-memory processing to create sub-millisecond data infrastructure for AI applications. Transaction is subject to customary closing conditions.
Multiple Korean companies · Various Korean exchanges · Mkt Cap: N/A · EV: N/A [Various Korean companies subject to going-private transactions] Multiple Korean going-private tender offers with mixed results: Nowkos succeeded at 8,300 won/share (41.9% premium), Shinsegae Food failed with 73.1% acceptance, Bain Capital on third attempt for eco-marketing at 16,000 won/share, EQT Partners launched tender for The Zone at 120,000 won/share.
Previously: Affirma Capital conducting tender for 30% remaining stake in Nowkos at 8,300 won per share (41.9% premium) for 15 billion won total consideration.
RGF Capital Markets Limited · N/A (IN) · Mkt Cap: N/A · EV: N/A [Non-banking financial company in India] Acquirers making open offer at ₹1 per share for 26% stake (3.9 crore shares) following acquisition of 24.98% stake via Share Purchase Agreement. Total consideration is ₹3.90 crore representing a change of control transaction.
Asgard Alcobev Limited · BANGANGA.BSE (IN) · Mkt Cap: N/A · EV: N/A [Alcoholic beverage company (formerly paper manufacturing)] Ronak Jain and persons acting in concert revised their open offer to acquire 26% of expanded equity capital for ₹13.30 crores total consideration. Upon completion, the acquirer group will hold 84.84% of the company’s expanded equity share capital.
Eco Marketing · 067080.KS (KR) · Mkt Cap: N/A · EV: N/A [South Korean marketing and advertising company operating athleisure brand Andar] Bain Capital is conducting its third tender offer at 16,000 won per share to delist Ecomarketing, running March 3 through March 31, 2026, after securing ~91% through two prior rounds but falling short of the 95% threshold required for voluntary delisting.
SRM Energy Limited · SRMEN.BO (IN) · Mkt Cap: N/A · EV: N/A [Energy sector company] SRM Energy Limited completed an open offer for 26% of equity shares (23.55 lakh shares) following a Share Purchase Agreement dated September 25, 2025. The board meeting on March 16, 2026 will formalize promoter reclassification, transferring control from Spice Energy Private Limited to Mr. Umesh N Sanghvi and Mrs. Sapna Umesh Sanghvi, along with management changes and potential registered office relocation.
Grand Foundry Limited · GFSTELLS (IN) · Mkt Cap: N/A · EV: N/A [Manufacturing company transitioning to telecom equipment business] SAR Televenture Limited announced mandatory open offer to acquire 26% stake in Grand Foundry Limited at ₹2.50 per share (₹1.97 crore total), following purchase of 70.17% stake from existing promoters at ₹1.50 per share. The target company recently amended its business objects to include telecom equipment, aligning with acquirer’s telecom infrastructure focus.
Jupiter Infomedia Limited · JUPITERINF.NS (IN) · Mkt Cap: N/A · EV: N/A [Information technology and media services company] Arix Capital Limited and associates have launched an open offer for 26% of Jupiter Infomedia’s subsidiary Netlink Solutions (India) Limited following their acquisition of 51% stake in Jupiter Infomedia. The transaction triggers SEBI takeover regulations and includes new board appointments at the subsidiary effective March 10, 2026.
Signing Day Sports / BlockchAIn Inc. · AIB (US) · Mkt Cap: N/A · EV: N/A [Sports recruiting app merging with AI data center operator; combined entity (BlockchAIn Inc.) begins trading March 17] Shareholders approved the business combination with BlockchAIn Digital Infrastructure on March 13, 2026, with closing expected March 16. BlockchAIn Inc. will trade on NYSE American under ticker AIB from March 17. BlockchAIn LLC operates a 40 MW data center with 2024 revenue of $22.9 million and $5.7 million net income, and has a collaboration with Supermicro to integrate AI compute hardware into its data center pipeline.
Cintas Corporation · CTAS (US) · Mkt Cap: N/A · EV: N/A [Uniform rental and facility services company] Cintas will acquire UniFirst for $310 per share ($155 cash + 0.7720 CTAS shares) in a $5.5 billion enterprise value transaction. Deal expected to generate $375 million in operating cost synergies within four years and close in H2 2026 subject to regulatory approvals and UniFirst shareholder vote.
dMY Squared Technology Group Inc · DMYS (US) · Mkt Cap: N/A · EV: N/A [Special purpose acquisition company (SPAC)] Horizon Quantum Computing is proceeding with its business combination with dMY Squared Technology Group Inc (DMYS), a SPAC. Horizon secured an oversubscribed PIPE financing that more than doubled its original $50M target, with investors including IonQ and a Fortune 50 tech firm. dMY shareholders will vote on the business combination proposals on March 17, with closing expected in Q1 2026.
Pan African Resources · PAF.L (UK) · Mkt Cap: N/A · EV: N/A [Gold mining company with operations in South Africa] Pan African Resources agreed to acquire Emmerson Resources in an all-share deal valued at US$218 million through a scheme of arrangement. Emmerson shareholders will receive 0.1493 Pan African shares for each Emmerson share, giving them 4.24% of the combined company. Shareholder vote expected mid-2026.
Great Canadian Entertainment · Private (CA) · Mkt Cap: N/A · EV: N/A [Casino and gaming entertainment company (private, owned by Apollo Global Management since 2021)] Great Canadian Entertainment has agreed to sell Elements Casino Surrey to Semiahmoo First Nation’s SE-MI-AH-MU Development Corporation, pending regulatory approvals. This represents the eighth BC First Nations collaboration for the company, which has generated $650-675 million from recent casino sales to reduce debt following its $3.3 billion private equity acquisition in 2021.
Neogrid · NGRD3 (BR) [Brazilian supply chain management and retail technology company] Dalpe has resumed its tender offer to delist Neogrid in a going-private transaction where Dalpe is seeking to acquire remaining shares and take the company private.
Australian United Investment Company / Diversified United Investment Limited · AUI.AX / DUI.AX (AU) [Australian investment companies] Australian United Investment Company is combining with Diversified United Investment Limited through a share-based scheme arrangement. A shareholder vote is upcoming to approve the merger plan between these two investment companies.
Lykis Limited · LYKIS.BO (IN) [Indian company] Lykis Limited’s Committee of Independent Directors unanimously recommended the open offer by Parshav Vatika LLP to acquire 50.37 million shares (26% stake) at ₹34.50 per share. The offer follows a share purchase agreement where acquirers will buy 67.17% from the promoter at ₹19.01 per share, resulting in 93.17% total control. Tendering period runs from March 17 to April 2, 2026.
Oxford Industries Limited · 514414.BO (IN) · Mkt Cap: N/A [Textile company] Saroj Kumar Choudhury (current MD with 2.76% stake) is acquiring 43.70% of Oxford Industries from six promoter group members for Rs. 94.02 lacs and launching mandatory open offer for additional 26% at Rs. 5 per share. Post-transaction, his stake will increase to 46.46%, making him the controlling shareholder.
CCL Industries Inc. · CCL.TO (CA) [Label and packaging solutions company] CCL Industries signed a binding option agreement to acquire Sleever International, a family-owned shrink sleeve technology company with $213 million in 2025 sales and 11.1% adjusted EBITDA margin. The transaction is expected to close by mid-2026 and will combine with CCL’s existing sleeve business for approximately $700 million in combined 2025 sales.
Arco Leasing Limited · 511038.BO (IN) [Mumbai-based non-banking financial company] Jitesh Kothari and Atul Jaiswal announced a mandatory open offer for 25.57% of Arco Leasing Limited at ₹10 per share, following underlying transactions including a preferential share issue that will give them 100% control. The transaction includes acquiring existing shares at ₹6 per share and subscribing to new shares at ₹10 per share, totaling over ₹8 crore and requiring RBI approval.
Restructuring
Blue Hat Interactive Entertainment Technology · BHAT (US) · Mkt Cap: $2M · EV: N/A [Gaming company transitioning from AR entertainment to commodity trading] Blue Hat Interactive Entertainment Technology received a delisting notice from Nasdaq on March 9, 2026 for non-compliance with minimum bid price rules, with shares trading at $0.10 or less for 10 consecutive days. Trading will be suspended starting March 16, 2026, though the company has requested a hearing to appeal the decision.
Scout Gaming Group AB · SCOUT.ST (SE) · Mkt Cap: $3M · EV: ~$0.4M [Gaming technology company] Scout Gaming Group agreed to sell its entire operating business (Scout Holding Ltd and subsidiaries) to ImpactWin Group for SEK 25 million, paid via 10.6 million ImpactWin shares representing 15.2% ownership. Following shareholder approval and completion in April 2026, Scout will distribute the ImpactWin shares to shareholders, then apply for delisting and voluntary liquidation.
Sunshine 100 China Holdings Ltd. · 2608.HK (HK) · Mkt Cap: $3M · EV: $3.0B [Chinese property developer] Sunshine 100 China Holdings faces a winding-up petition filed in Hong Kong High Court over US$205 million unpaid redemption amount to HTI Financial Solutions and Haitong International Financial Products. The company plans to oppose the petition, but warned shareholders that share transfers or property disposals after the petition date could be void without court validation.
Functional Brands Inc. · MEHA (US) · Mkt Cap: $3M · EV: $5M [Consumer products company developing functional health and wellness brands] Functional Brands restructured its preferred stock with major investors through an exchange agreement, swapping Series A/B preferred for $6.03M in new Series C preferred, $0.9M cash, $0.84M in senior secured convertible notes, and 5.19M common shares. The company also granted security interests in substantially all assets to secure the notes and related obligations.
Aspire Biopharma Holdings, Inc. · ASBP (US) · Mkt Cap: $5M · EV: $9M [Pharmaceutical company developing drug delivery technology] Aspire Biopharma completed an $11 million initial closing of a $21 million private placement through convertible preferred shares at $800 per share, with a second closing pending. The financing is specifically designed to regain Nasdaq stockholders’ equity compliance and significantly reduce outstanding debt as part of an ongoing balance sheet restructuring.
BiBBInstruments AB · BIBB.ST (SE) · Mkt Cap: $7M · EV: $7M [Medical device company developing instruments for healthcare applications] BiBBInstruments AB shareholders approved amendments to articles of association enabling a rights offering, with three alternative share capital structures allowing for significant dilution (up to 16x current share count in Option C). The board was also authorized to issue shares, convertibles, and warrants with or without preemptive rights until the next AGM.
Previously: Announced plans for a SEK 60 million rights offering while reporting increasing operating losses.
Trinseo · TSE (US) · Mkt Cap: $8M · EV: $2.5B [Materials company producing plastics and latex products] Trinseo is facing NYSE delisting proceedings and has going concern language in its filings, indicating severe financial distress. The materials company appears to be in a potential restructuring or distressed situation that could significantly impact equity holders.
Previously: NYSE commenced delisting proceedings due to falling below $15 million market cap requirement with trading suspended.
OceanPal Inc · SVRN (US) · Mkt Cap: $12M · EV: ~$-26M [Shipping company operating dry bulk vessels] OceanPal received a delisting notice from Nasdaq on March 13, 2026 for failing to maintain the $1.00 minimum bid price requirement for 30 consecutive days. The company is ineligible for a compliance period due to a prior 1-for-25 reverse stock split in August 2025, and plans to request a hearing while evaluating capital market transactions and other corporate actions to restore compliance.
Accord Financial Corp. · ACD.TO (CA) · Mkt Cap: $12M · EV: $264M [Financial services company providing asset-based lending and factoring] Accord Financial completed sale of US portfolio assets for $8.4M CAD as part of strategic plan to divest non-core assets, refinance debt, and refocus on Canadian market. Company has reduced bank indebtedness by $38.2M since December 2025 through asset sales and loan repayments, with the credit facility due to expire imminently (March 2026) and debentures maturing July 2026.
abrdn Global Income Fund · FCO (US) · Mkt Cap: $42M · EV: $58M [Closed-end investment fund] abrdn Global Income Fund (FCO) shareholders will vote on a proposed reorganization into abrdn Asia Pacific Income Fund (FAX) and the liquidation/dissolution of FCO. The special shareholder meeting was adjourned from March 12, 2026 to April 1, 2026 due to insufficient quorum. The Board unanimously recommends approval of the reorganization plan.
Elutia Inc. · ELUT (US) · Mkt Cap: $46M · EV: $14M [Medical device company developing biomatrix products for reconstructive surgery] Elutia completed strategic asset divestitures in October 2025, selling its cardiac implantable electronic device business to Boston Scientific for up to $88 million and its Orthobiologics segment for $14.6 million plus up to $20 million in earn-outs. The company is now focused solely on drug-eluting biomatrix products with lead pipeline candidates NXT-41 and NXT-41x targeting FDA clearances in H2 2026 and mid-2027 respectively.
abrdn Diversified Income and Growth PLC · ADIG.L (UK) · Mkt Cap: $58M · EV: N/A [Investment company focused on private market assets] abrdn Diversified Income and Growth PLC is proceeding with a members’ voluntary liquidation after conducting a secondary sales process for its private market assets. The company has been in a managed wind-down since February 2024 and is seeking shareholder approval at a general meeting on March 30, 2026 to formally liquidate and return remaining capital to shareholders.
Faron Pharmaceuticals · FARON.HE (FI) · Mkt Cap: $71M · EV: $88M [Biopharmaceutical company developing cancer immunotherapy treatments] Faron announced a €40M rights offering at €0.50 per share, fully covered by commitments and guarantees, increasing share count by ~67% to 200M shares. Net proceeds of ~€32.8M will fund Phase II trial of bexmarilimab in HR-MDS patients through November 2027 and up to five investigator-initiated trials in various cancers.
Previously: Rights offering was approved by shareholders on March 2, 2026 following failed partnership negotiations.
Delta Lithium Limited · DLI.AX (AU) · Mkt Cap: $113M · EV: $69M [Lithium exploration and development company] Delta Lithium Limited completed a demerger and IPO of its Mt Ida Gold Project, contributing to $1.47M profit after tax. The company maintains $54M in cash reserves and is advancing exploration and feasibility studies on its remaining core lithium projects at Mt Ida and Yinnetharra.
Talenom Plc · TNOM.HE (FI) · Mkt Cap: $114M · EV: $183M [Accounting and financial services company] Talenom completed a partial demerger on Feb 28, 2026, spinning off its software business into a new company called Easor Plc. The company is also winding down its Italian accounting operations.
Spirit Aviation Holdings (Spirit Airlines) · FLYYQ (OTC) · Mkt Cap: ~$7M · EV: $1.0B [Low-cost airline operating domestic and international flights (reorganized holding company, OTC: FLYYQ)] Spirit Airlines filed a Restructuring Support Agreement and Plan of Reorganization in bankruptcy court, with emergence from Chapter 11 expected by early summer 2026. The plan involves rightsizing the fleet to 76-80 aircraft, reducing debt and lease obligations from $7.4 billion to approximately $2 billion post-emergence.
Previously: Filed second Chapter 11 bankruptcy in August 2025 for comprehensive operational restructuring while pursuing standalone reorganization and strategic options including takeover talks with Castlelake.
Unit Corporation · UNTC (US) · Mkt Cap: $350M · EV: N/A [Oil and gas exploration and production company] Unit Corporation completed the sale of its wholly-owned contract drilling subsidiary Unit Drilling Company (UDC) to Cactus Drilling Company for $119.7 million cash, resulting in a $106.5 million taxable gain. The company utilized $104.5 million in NOLs and $3.8 million in federal tax credits to offset the tax liability, transforming from a diversified oil & gas company to a pure-play E&P company.
Apartment Investment and Management Co. · AIV (US) · Mkt Cap: $609M · EV: $1.3B [Real estate investment trust focused on apartment properties] Apartment Investment and Management Co. announced it will liquidate all assets and terminate the business following a strategic review. The company expects liquidation proceeds of $5.75-$7.10 per share for shareholders, with an initial distribution of $1.45 per share on March 13 from $520M in December property sales, and additional distributions from $680M in agreed property sales.
Previously: Board approved liquidation plan with Morgan Stanley as advisor, stockholders approved the plan, and declared initial liquidating distribution of $1.45 per share payable March 13, 2026.
Greenfire Resources Ltd. · GFR (US) · Mkt Cap: $751M · EV: $636M [Canadian oil and gas producer] Greenfire Resources is conducting a C$300 million rights offering to redeem US$237.5 million of senior secured notes due 2028. Waterous Energy Fund (55.9% shareholder) has increased its stake to 68.3% through recent purchases and will provide standby purchase agreement. The company reported declining Q4 revenue (down 35.9% YoY) and negative free cash flow of C$16.6 million.
Wolfspeed Inc · WOLF (US) · Mkt Cap: $821M · EV: $1.5B [Semiconductor manufacturer specializing in silicon carbide technology] Wolfspeed completed a prepackaged bankruptcy reorganization effective September 29, 2025, with full regulatory approvals received January 29, 2026. The restructuring involved new senior secured notes, second-lien convertible notes, and substantial equity issuances to creditors including Renesas receiving over 16.8 million new common shares, warrants, and convertible notes. The company adopted fresh start accounting and issued pro forma financials showing material changes to its capital structure.
BATM Advanced Communications Limited · BVC (IL) · Mkt Cap: $1.4B · EV: $1.4B [Technology company providing networking and cybersecurity solutions (formerly also medical diagnostics, divested 2025)] BATM sold four businesses during 2025 and a fifth post year-end for total consideration of $24.4m as part of transformation to focus on high-growth networking and cybersecurity segments. Company is streamlining operations by moving diagnostics activities to ‘Non-core’ classification while concentrating resources on BATM Networks (36% revenue growth) and BATM Cyber divisions.
Japan Display Inc. · 6740.T (JP) · Mkt Cap: $2.2B · EV: $3.3B [Display technology manufacturer] Japan Display announced the cancellation of its plan to establish a subsidiary called “AutoTech Co., Ltd.” through a corporate spin-off. The company has discontinued this corporate restructuring plan that was previously disclosed.
SiriusXM · SIRI (US) · Mkt Cap: $7.5B · EV: $17.2B [Satellite radio and audio entertainment company] SiriusXM completed refinancing of $1 billion in 2026 maturity bonds by issuing new 5.875% Senior Notes due 2032, extending debt maturities by six years. Only $498.9 million was tendered by bondholders, so the company deposited U.S. Treasuries with a trustee to cover the remaining $501.1 million and legally discharge all old notes.
Previously: Liberty Media completed split-off of its Liberty SiriusXM tracking stock into separate company with more direct exposure to Sirius XM Holdings.
Rivian Automotive · RIVN (US) · Mkt Cap: $18.5B · EV: $18.1B [Electric vehicle manufacturer] Mind Robotics, an industrial AI company founded by Rivian CEO RJ Scaringe (who serves as its Chairman), raised $500 million in Series A funding led by Accel and Andreessen Horowitz, bringing total fundraising to $615 million since its November 2025 founding. Unlike Also Inc. (the micromobility business spun out of Rivian in March 2025), Mind Robotics was founded externally by Scaringe with Rivian as a partner and major shareholder. Rivian’s strategy is to accelerate innovation in adjacent areas while keeping the main business focused on vehicle production.
Vedanta Limited · VEDL.NS (IN) · Mkt Cap: $30.6B · EV: $40.9B [Diversified mining and metals conglomerate] Vedanta is proceeding with a planned demerger into five separate listed companies to unlock shareholder value, now targeting completion by March 31, 2026, pending NCLT and government approvals. The restructuring has faced significant regulatory hurdles and timeline extensions, creating uncertainty over debt allocation among the new entities.
Previously: Vedanta’s demerger received NCLT approval in December 2025 with shareholders to receive four new shares for every one share held, targeting completion by April 1, 2026.
Corteva Inc · CTVA (US) · Mkt Cap: $53.4B · EV: $52.3B [Agricultural science and technology company providing seeds and crop protection products] Corteva is planning to separate its seed business and genetics business from its crop protection business, creating two independent companies - SpinCo and New Corteva. Management will outline the details of this separation plan at an investor day scheduled for September 15, 2026, including margin profiles, capital allocation strategies, and geographic exposure for both entities.
CRH plc · CRH (US) · Mkt Cap: $66.8B · EV: $83.8B [Building materials company providing cement, aggregates, and asphalt] CRH announced its intention to delist from the London Stock Exchange and cancel its 5% and 6% preference shares worth approximately €1.2 million total par value. The company will pay preference shareholders 40x their annual dividend in cash to cancel the shares. LSE delisting expected April 20, 2026, with preference share cancellations subject to shareholder approval in May 2026.
Previously: CRH was reviewing its LSE listing and preference share structure following its 2023 Euronext Dublin delisting.
Cumulus Media Inc. · CMLS (US) · Mkt Cap: N/A · EV: $754M [Radio broadcasting company operating talk and music stations across the US] Cumulus Media filed for prepackaged Chapter 11 bankruptcy to deleverage by ~$592 million, with 72% of 2029 debt holders supporting a debt-for-equity conversion. Under the plan, holders of $169 million in 2029 secured claims receive 95% of reorganized equity through new common stock and $50 million in exit convertible notes, while remaining debt holders get 5% equity.
Previously: Company filed prepackaged Chapter 11 with court hearing expected within 60 days and emergence contingent on FCC approvals.
The Magnum Ice Cream Company · TMICC.L (UK) [Ice cream manufacturer operating global brands including Magnum and Ben & Jerry’s] Unilever completed the demerger of its ice cream business at the end of 2025, creating The Magnum Ice Cream Company (TMICC) as a standalone public company. TMICC is now operating independently with over 100 global product projects planned for 2026 and has invested £50 million in expanding its Gloucester facility capacity by 25%.
Previously: Unilever plc announced the separation of its global ice cream division (including Magnum, Ben & Jerry’s, and Wall’s brands) as a standalone entity, targeting completion by end of 2025.
Bioretec Ltd · BRETEC.HE (FI) [Medical device company specializing in biodegradable orthopedic implants] Bioretec is seeking shareholder approval for a massive rights offering of up to 1.5 billion new shares representing potential dilution of over 1000%. Stephen Industries (12% shareholder controlled by Chairman Kustaa Poutiainen) has committed to underwrite up to EUR 5 million and may exceed 30-50% ownership thresholds, requiring takeover bid exemption from Finnish regulators.
Wiluna Mining Corporation Limited · WMXCF (OTC) [Australian gold mining company in severe financial distress] Wiluna Mining stock collapsed 99.5% to $0.000001 on March 12, 2026, reflecting severe liquidity crisis. Company shows distressed metrics including negative EPS of -0.96, current ratio of 0.31, negative working capital of -$76.4M, and debt-to-equity of 1.88.
Worldline S.A. · WLN.PA (FR) · Mkt Cap: N/A · EV: N/A [European payment services provider] Worldline is launching a €392 million rights issue (6 new shares for 1 existing share at €0.202 per share) as the final step of a ~€500 million capital increase, following €108 million in reserved capital increases completed March 10. The subscription price represents an 85.8% discount to the March 10 closing price and strategic investors including Bpifrance, Crédit Agricole, and BNP Paribas have committed to subscribe pro rata plus additional amounts.
Previously: Agreed to sell Indian payment business to BillDesk for €60 million with closing expected in H2 2025.
Inox Green Energy Services Limited · IGESL.NS (IN) · Mkt Cap: N/A · EV: N/A [Renewable energy services provider] NCLT approved demerger of Power Evacuation Business from Inox Green Energy Services Limited to Inox Renewable Solutions Limited with appointed date of October 1, 2024. Share exchange ratio of 122 shares of resulting company for every 1,000 shares of demerged company.
Management Changes
Justera Health Ltd. · SCRSF (CA) · Mkt Cap: $2M · EV: ~$0.6M [Canadian health and wellness company] Andrew Ryu appointed as Interim CEO and Chairman, with Ian Kim added to the board effective March 12, 2026. Company’s shares currently not trading on CSE, with management working toward resumption of trading while pursuing opportunities in Canadian health and wellness sector.
Previously: Sold subsidiary Port North Extracts for $1 with buyer assuming liabilities, CEO and CFO resigned leaving one director.
Other Situations
Electric Metals (USA) Limited · EML.V (CA) · Mkt Cap: $45M · EV: $44M [Manganese and silver mining company] Electric Metals agreed to sell its Nevada silver subsidiaries (North American Silver Corp and Centennial Mining) to Ameerex Corporation for $3.5 million in staged cash payments, having already received the initial $300k payment. The transaction allows Electric Metals to focus on its core North Star Manganese Project while retaining a 2.5% NSR royalty on the Nevada properties.
T’way Air · 091810.KS (KR) · Mkt Cap: $262M · EV: $418M [Low-cost airline operator] T’way Air’s largest shareholder Sono International will fully subscribe to its allocated 26.85 million shares in the airline’s rights offering. The company plans to use proceeds for fleet expansion with A330-900NEO aircraft and long-haul route expansion to Europe, North America and Australia.
Docebo Inc. · DCBO (US) · Mkt Cap: $549M · EV: $494M [Cloud-based learning management system provider] Docebo completed a substantial issuer bid to repurchase $60M of shares at $20.40 per share, representing 10.2% of outstanding shares. The offer was oversubscribed with 3.8M shares tendered, resulting in pro-ration at 74.52% for most shareholders. Major shareholder Intercap’s ownership will increase from 56.6% to 61.6% following the buyback.
Previously: Docebo announced the substantial issuer bid and funding structure with Intercap not participating.
Tetragon Financial Group · TFG.L (UK) · Mkt Cap: $1.2B · EV: $1.5B [Hedge fund and alternative investments platform] Tetragon has launched a $50m tender offer for non-voting shares via modified Dutch auction with prices from $13.25-$15.25, ending April 13th. The company trades at a 65% discount to NAV ($14 vs $40.80 NAV).
Previously: Company announced intention to conduct tender offer and declared $0.12 Q4 dividend.
Hana Financial Group · 086790.KS (KR) · Mkt Cap: $21.0B · EV: $19.4B [South Korean financial services holding company] Hana Financial Group is preparing to announce additional ‘value-up’ initiatives beyond its already committed 400 billion won treasury share cancellation in H1 2026. The company is proposing to reduce capital reserves by 7.4 trillion won to transfer to retained earnings for future dividends, with shareholder return ratio reaching 47%.
Coal India Limited · COALINDIA.NS (IN) · Mkt Cap: $31.1B · EV: $28.8B [State-owned coal mining company] Coal India filed a Red Herring Prospectus with SEBI for the IPO of subsidiary Central Mine Planning and Design Institute Limited (CMPDIL). The IPO involves an offer for sale of up to 107.1 million equity shares by Coal India.
Previously: Government planned to raise ₹1.79 trillion through state-owned subsidiary IPOs by 2029/30, including ₹483 billion from Coal India subsidiaries.
Intel Corporation · INTC (US) · Mkt Cap: $228.6B · EV: $250.4B [Semiconductor manufacturer and chip designer] Shareholder Richard Paisner filed a lawsuit against Intel in Delaware, alleging the board improperly granted the US government a 10% equity stake worth approximately $11 billion without adequate compensation. The suit claims directors breached fiduciary duty by converting government CHIPS Act support into equity partly due to political pressure from the Trump administration.
Previously: Nvidia announced a $5 billion investment in Intel as part of a strategic partnership alongside nearly $9 billion in U.S. government CHIPS Act support.
Samsung Electronics · 005930.KS (KR) · Mkt Cap: $843.9B · EV: $777.4B [Global semiconductor and electronics manufacturer] South Korea is implementing new disclosure requirements forcing publicly traded companies with PBR below 1.0 for over two years to disclose corporate value enhancement plans. Samsung Electronics is specifically mentioned as needing to present a detailed value-up plan after its shareholders’ meeting, with regulators criticizing simplified disclosures for high dividend companies.
SpaceX · Private (US) · Mkt Cap: N/A · EV: N/A [Aerospace manufacturer and space transportation services company] SpaceX is planning what could be the biggest IPO ever, seeking a $1.75 trillion valuation and targeting a June 2026 listing, likely on Nasdaq. The company wants early inclusion in the Nasdaq 100 index and is leveraging Nasdaq’s proposed ‘Fast Entry’ rule for megacap companies.
Previously: SpaceX was targeting a confidential IPO filing as soon as March 2026, with plans to raise up to $50 billion and had secured major banking syndicate.
ECD Automotive Design · ECDA (US) · Mkt Cap: N/A · EV: $14M [Custom automotive restoration and design company] ECD Automotive Design announced its intention to voluntarily delist from Nasdaq by filing Form 25 with the SEC. The delisting will take effect ten days after filing. The company did not disclose reasons for the delisting or implications for shareholders.
Pershing Square Capital Management · PS (US) · Mkt Cap: N/A · EV: N/A [Investment management firm focused on activist and value investing strategies] Bill Ackman’s Pershing Square Capital Management filed for its management company (Pershing Square Inc., ticker PS) to go public on NYSE in a dual listing structure alongside its closed-end fund (Pershing Square USA, ticker PSUS). The firm is seeking to raise $5-10 billion for PSUS at $50 per share, with investors receiving 20 shares of the management company for every 100 PSUS shares purchased, and has already secured $2.8 billion in commitments.
Gold Reserve Inc. · GRZ (CA) · Mkt Cap: N/A · EV: N/A [Mining company with gold and copper projects in South America] Gold Reserve Inc. announced the settlement of specific contingent value rights (CVRs) and bonus entitlements linked to previous agreements. The company did not disclose the settlement amount or specific terms but stated this addresses outstanding commitments under prior arrangements.
Fairfield Sentry Ltd · VGG3299L1004 (N/A) · Mkt Cap: N/A · EV: N/A [Investment fund (distressed/illiquid securities)] Southey Capital Ltd announced a voluntary tender offer for shares of Fairfield Sentry Ltd and Fairfield Sigma Ltd, offering $10.50 per Fairfield Sentry share and €1.10 per Fairfield Sigma share. The offer runs until April 30, 2026, with different eligibility groups based on distribution history and transfer restrictions.