Special Situations Digest #8 [March 29, 2026]
121 situations · Activists, M&A, spin-offs, restructurings & more · 20+ markets
Special Situations Digest
Hi Special Sits Digest readers,
Welcome to the 8th edition of our weekly Special Situations Digest.
Lots of new fixes/additions this week that should have improved the quality and signal of these ideas. And there’s a lot more coming next week, including new data sources.
This project is still a work in progress. If you see anything wrong (stale items, incorrect data, etc.), just reply. I fix everything that comes in.
If this is useful to you, please share it. That’s genuinely all I ask.
Happy hunting,
CSC
First, a quick poll. Please answer this truthfully, and if you are not finding this very useful, I would love to understand why (just reply to this email). Also would love more suggestions on how to make this better. Thank you!
Here is a sortable Excel file for your convenience.
Activist Campaigns
HBIO (US) · Last: $5.15 · Mkt Cap: $23M · Healthcare / Medical - Instruments & Supplies
Provider of life science tools and instruments; serves research, pharmaceutical, and biotech customers globally.
Fwd P/E: 6.4x · EV/EBITDA: 16.8x · EV/Sales: 0.7x · EV/GP: 1.3x (FY2027)
BroadOak Capital Partners and affiliated investment funds filed a Schedule 13D regarding Harvard Bioscience common stock, with BroadOak partner William Snider serving on the company’s board of directors. The funds state their principal business includes taking active roles in portfolio company management to enhance shareholder value. The filing formalizes BroadOak’s activist position at the micro-cap life sciences equipment provider, where the firm’s board seat provides direct influence over strategic direction. Cheaply valued with a 6.4x forward P/E multiple, Harvard Bioscience presents a clear value realization opportunity for an engaged activist. Monitor for proxy statements or additional board nominations as BroadOak pushes operational improvements or strategic alternatives.
Liontrust Asset Management PLC
LIO.L (UK) · Last: 245.00 GBp · Mkt Cap: $149M
Active investment manager offering equities, fixed income, and multi-asset funds; known for responsible and thematic investment strategies.
Fwd P/E: NM · EV/EBITDA: 5.0x · EV/Sales: 1.3x · EV/GP: 1.5x (FY2027)
GAM fund managers Albert Saporta and Randel Freeman, holding 3.6% of Liontrust shares, published an open letter calling for immediate strategic review to sell the company to the highest bidder. They cite significant undervaluation with share price down 85% from peak and AUM declining from £42.3bn to £22bn, valuing the company at only 0.68% of AUM. The activists argue current leadership has failed to articulate credible strategy for reversing decline and shareholders would benefit from sale process given rapid consolidation across UK asset management sector. Monitor for management response to activist demands.
FOXF (US) · Last: $16.86 · Mkt Cap: $705M · Consumer Cyclical / Auto - Parts
Designer and manufacturer of high-performance suspension systems; serves premium automotive, powersports, and industrial vehicle markets.
Fwd P/E: 9.9x · EV/EBITDA: 15.8x · EV/Sales: 1.0x · EV/GP: 3.4x (FY2028)
Fox Factory appointed Douglas Grimm to its board as Engine Capital’s second nominee under their February cooperation agreement. Terms undisclosed. Engine Capital now has two board seats and representation on the Transformation Committee overseeing operational improvements, providing meaningful influence over Fox Factory’s strategic direction and capital allocation decisions. The Transformation Committee’s effectiveness depends on management’s willingness to implement potentially disruptive operational changes that could face internal resistance. Monitor for 2026 annual meeting where Grimm stands for formal election and potential disclosure of Transformation Committee’s initial recommendations.
TRIP (US) · Last: $10.11 · Mkt Cap: $1.2B · Consumer Cyclical / Travel Services
Online travel platform aggregating user reviews and bookings for hotels, restaurants, and attractions; world’s largest travel guidance website.
Fwd P/E: 5.9x · EV/EBITDA: 4.3x · EV/Sales: 1.0x · EV/GP: 1.6x (FY2027)
Starboard Value reached a cooperation agreement with TripAdvisor following its 9% stake acquisition in July. Two directors were immediately appointed to the board, with two additional Starboard nominees put forward for election at the 2026 annual meeting. Activist representation increases likelihood of strategic alternatives or asset monetization, with Viator and TheFork combined valued at over $2.5B vs. the flagship’s $1.3B EV. Monitor for special committee formation or process announcement.
Six Flags Entertainment Corporation
FUN (US) · Last: $17.27 · Mkt Cap: $1.8B
Operator of amusement parks and entertainment venues; largest regional theme park company in North America.
Fwd P/E: 49.2x · EV/EBITDA: 12.6x · EV/Sales: 2.1x · EV/GP: 3.6x (FY2027)
Jana Partners LLC publicly urged Six Flags Entertainment to explore a sale and replace the head of its board, criticizing crisis handling, delayed CEO announcement, and inconsistent financial guidance. The activist letter comes amid director Jennifer Mason’s decision not to seek re-election, adding governance pressure during the company’s Cedar Fair merger integration and leadership transition. Jana’s push for strategic alternatives could accelerate value realization through a sale process while the company manages heavy debt leverage and execution of merger synergies. The governance challenge adds uncertainty around leadership stability at a critical juncture for cost savings execution and integration timing. Monitor for upcoming board composition changes and management’s response to the activist demands.
DRVN (US) · Last: $12.76 · Mkt Cap: $2.1B
Operates car wash and automotive services franchises; leading platform consolidating fragmented U.S. vehicle care market.
Fwd P/E: 8.0x · EV/EBITDA: 49.8x · EV/Sales: 2.9x · EV/GP: 5.5x (FY2027)
ADW Capital Partners has initiated an activist campaign urging Driven Brands to conduct a strategic review and explore strategic alternatives. Terms and specific demands remain undisclosed beyond the general call for a review process. The campaign targets a franchise consolidator trading at a low forward P/E multiple despite its market-leading position in vehicle care services. Monitor for formal response from the company’s board or announcement of retained advisors.
TFX (US) · Last: $116.25 · Mkt Cap: $5.1B · Healthcare / Medical - Instruments & Supplies
Medical device manufacturer; global leader in vascular access, respiratory care, and surgical instruments.
Fwd P/E: 10.9x · EV/EBITDA: 13.8x · EV/Sales: 3.1x · EV/GP: 5.5x (FY2027)
Irenic Capital Management publicly criticized Teleflex’s board for refusing to engage with multiple potential acquirors despite holding only 2% ownership. Terms undisclosed. The activist cites negative 73% five-year total shareholder return and lack of permanent CEO leadership as justification for demanding board changes and strategic review, with confirmed acquisition interest providing leverage for value realization. The 2% stake provides limited voting power to force board changes or strategic alternatives without broader shareholder support. Monitor for Irenic’s formal proxy filing or additional shareholder letters supporting the campaign.
6594.T (JP) · Last: ¥2,171 · Mkt Cap: $15.7B · Industrials / Industrial - Machinery
Japanese manufacturer of electric motors and precision components; global leader in motors for hard disk drives and appliances.
Fwd P/E: 12.5x · EV/EBITDA: 9.1x · EV/Sales: 1.2x · EV/GP: 5.8x (FY2027)
Oasis Management has increased its stake in Nidec Corporation to 8.3%, becoming the second-largest shareholder after purchasing 22 million additional shares on March 4. The Hong Kong-based activist fund is pushing for strategic restructuring including scaling back underperforming M&A acquisitions, following a third-party investigation report published March 3 that revealed accounting irregularities and governance failures under founder Shigenobu Nagamori. Oasis CIO Seth Fischer argues the shares trade at a significant discount to intrinsic value given the strength of the core precision motor business, but believes the automotive division requires major restructuring after substantial impairments. The activist campaign targets governance reforms and portfolio optimization at a company Fischer describes as having failed basic public company requirements including accurate financial reporting and proper board oversight. Monitor for potential formal governance proposals or board nomination challenges as Oasis escalates its campaign.
SNPS (US) · Last: $435.40 · Mkt Cap: $83.4B · EV: $84.1B · Technology / Software - Infrastructure
Provider of semiconductor design and verification software; leading EDA (Electronic Design Automation) platform globally.
Fwd P/E: 25.4x · EV/EBITDA: 26.7x · EV/Sales: 7.9x · EV/GP: 10.3x (FY2027)
Elliott Investment Management has built a multibillion-dollar stake in Synopsys, a chip-design software company with over $80 billion market capitalization. Elliott plans to engage with management to improve monetization of the company’s software and services portfolio and extract greater value from offerings used across semiconductor and technology industries. The activist engagement at the major EDA software provider could drive operational improvements and margin expansion from better monetization of critical chip design tools used by Intel, Alphabet, and Tesla. Monitor for specific operational proposals from Elliott.
9468.T (JP) · Last: ¥3,386 · Mkt Cap: $3.1B · EV: $2.6B · Communication Services / Publishing
Publisher of manga, light novels, and anime; Japan’s largest integrated media entertainment conglomerate.
NTM EV/EBITDA: 15.7x
Oasis Management disclosed ownership of 8.86% stake (13.197 million shares) in KADOKAWA through a large shareholding report filed on March 19. The disclosure caused KADOKAWA shares to rise against the broader market decline. International activist Oasis Management has accumulated significant stake that could lead to strategic proposals or corporate governance changes at the media entertainment conglomerate. Monitor for activist proposals or strategic engagement from Oasis Management.
4452.T (JP) · Last: ¥6,147 · Mkt Cap: $17.4B · Consumer Defensive / Household & Personal Products
Manufacturer of consumer products in cosmetics, hygiene, and chemicals; leading position in Asian personal care markets.
Fwd P/E: 18.7x · EV/EBITDA: 10.8x · EV/Sales: 1.5x · EV/GP: 4.1x (FY2027)
Kao Corporation scheduled an extraordinary shareholder meeting for April 30 where investors will vote on Oasis Management’s proposal to establish an independent investigation into supply chain practices related to forest destruction and human rights violations. Oasis demands appointment of independent investigators to examine palm oil and paper/pulp sourcing practices. Kao rejects the proposal, stating its supply chain management and internal controls function appropriately. Oasis has become the largest shareholder at 12.52% voting rights and escalated its governance campaign from board composition demands to forcing transparency on ESG practices that competitors like Unilever have already addressed through supplier blacklists. Kao’s management opposition and Japan’s traditionally shareholder-friendly corporate culture may limit Oasis’s ability to force operational changes even with largest shareholder status. Shareholder vote April 30 on independent investigation proposal. ⚡ Extraordinary shareholder meeting scheduled for April 30 will determine outcome of activist proposal.
Strategic Reviews
ATER (US) · Last: $0.58 · Mkt Cap: $6M
E-commerce software and services platform enabling third-party sellers on marketplaces like Amazon; focuses on consumer products optimization.
Aterian provided an update on its strategic alternatives process, continuing the review of potential sale, merger, or asset transactions. Terms and interested parties have not been disclosed. The ongoing strategic review maintains potential for premium exit transaction in e-commerce technology consolidation. The company previously indicated it would provide its next update in mid-April 2026.
CKT.L (UK) · Last: 18.00 GBp · Mkt Cap: $26M · Technology / Software - Application
Digital compliance and food safety solutions provider; market leader in cloud-based hygiene and audit management for hospitality.
Fwd P/E: NM · EV/Sales: 0.9x · EV/GP: 1.5x (FY2027)
Checkit has commenced a formal sale process under Takeover Code Rule 2.6 following receipt of six unsolicited expressions of interest from international private equity sponsors and strategic acquirers over the past nine months. The Board believes there is a disparity between the company’s improving operational performance and its AIM valuation, prompting the decision to explore a sale to maximize shareholder value. With multiple credible parties already engaged and expressing interest, the process creates potential for an acquisition at a premium to the current £26M market capitalization. The formal process structure under UK takeover rules provides defined timelines and transparency for competing bids. Monitor for Rule 2.7 announcement of firm intention to make an offer or updates on bidding progress.
XCUR (US) · Last: $4.61 · Mkt Cap: $28.1M · Healthcare / Biotechnology · EV: $24.4M
Exicure develops immunotherapeutic drugs using spherical nucleic acid technology; pioneering nanoparticle-based therapeutic platform.
Exicure reported 2025 financial results showing cash declined to $3.7 million from $12.5 million at year-end 2024, with a net loss driven by $3.3 million in R&D expenses and $6.8 million in G&A costs. The company stated current liquidity may not be sufficient for the next 12 months and substantial additional financing is needed in the short term to continue exploring strategic alternatives. The severe cash burn creates immediate pressure for management to either secure emergency financing or accelerate a strategic transaction to avoid potential insolvency. The company’s acknowledgment that it is actively exploring strategic alternatives suggests buyers or partners may already be engaged, creating potential upside if a premium deal materializes before cash runs out. Monitor for strategic alternative updates or emergency financing announcements as cash position reaches critical levels.
NDLS (US) · Last: $6.06 · Mkt Cap: $35M
Fast-casual noodle and pasta restaurant chain; serves globally-inspired noodle dishes across North America.
Fwd P/E: NM · EV/EBITDA: 2.2x · EV/Sales: 0.1x · EV/GP: 0.2x (FY2026)
Noodles & Company’s Board of Directors is conducting a review of strategic alternatives to maximize shareholder value, including potential refinancing of existing debt or other strategic or financial transactions. Terms and timeline have not been disclosed, and no decisions have been made. The strategic review creates potential upside for shareholders if management pursues a sale or merger given the company’s modest $35M market cap. The company updated investors on the review during Q4 2025 earnings, confirming the process remains active. Monitor for updates on the strategic review process or specific transaction announcements.
HOWL (US) · Last: $0.79 · Mkt Cap: $37.9M · Healthcare / Biotechnology
Werewolf Therapeutics develops engineered immunotherapies leveraging its Venom platform technology for cancer treatment.
Werewolf Therapeutics confirmed its strategic review process remains active, exploring sale, merger, asset sale, or licensing arrangements with Piper Sandler as exclusive financial advisor. Terms undisclosed. Biotech with differentiated INDUKINE and INDUCER platforms faces cash runway pressure with $57.1 million funding operations only into Q4 2026, creating urgency for value-maximizing transaction. No defined timeline and management cannot confirm the process will result in any transaction, while cash runway creates time pressure. Monitor for strategic transaction announcement or Q1 2026 cash burn guidance in next quarterly report.
KZR (US) · Last: $6.20 · Mkt Cap: $45.4M · Healthcare / Biotechnology
Kezar Life Sciences develops small-molecule therapeutics for autoimmune and inflammatory diseases; clinical-stage biotech company.
Kezar Life Sciences continues its strategic review to explore strategic alternatives while reporting 2025 annual results with a narrowed net loss of $56 million. Terms undisclosed. Biotech strategic review amid restructuring creates potential value realization catalyst for shareholders as management explores sale or other strategic options to unlock value from clinical pipeline. Monitor for updates on strategic review process or disclosure of potential counterparties.
REM.JO (ZA) · Last: 18,697 ZAR · Mkt Cap: $5.4B · Financial Services / Asset Management · EV: $5.4B
Diversified holding company with investments in beverages, financial services, and consumer goods; South African market leader across multiple sectors.
NTM P/E: 11.2x · NTM EV/EBITDA: 19.2x
Remgro declared a ZAR 2 per share special dividend funded by proceeds from its British American Tobacco share sale, alongside its regular dividend increase of 30.3% to ZAR 3.44 total for the year. The Q4 2025 earnings call referenced strategic review activities at investee Spire Healthcare Group plc (UK-listed) and restructuring efforts across portfolio companies including transaction-related costs and integration activities. The combination of portfolio monetization, enhanced distributions to shareholders, and active subsidiary restructuring suggests broader capital allocation optimization across the holding company structure. Monitor for additional asset sale announcements or formal strategic review disclosures from key subsidiaries.
VGAS (US) · Last: $1.62 · Mkt Cap: $33.9M · EV: $6.2M · Utilities / Renewable Utilities
Verde Clean Fuels produces renewable diesel and sustainable aviation fuel; specializes in converting waste oils into high-quality, low-carbon fuels.
Verde Clean Fuels appointed CFO Burdette as new CEO and announced the company will evaluate strategic alternatives. Terms and timeline for the strategic review process have not been disclosed. The leadership change combined with formal strategic alternatives review positions the company for potential sale or merger in the renewable fuels consolidation environment. Monitor for appointment of financial advisors or formal sale process announcement.
MDV (US) · Last: $14.30 · Mkt Cap: $147.3M · EV: $433.7M
Modiv Industrial operates net-lease industrial properties; provides stable cash flows through long-term tenant leases.
Fwd P/E: 54.1x · EV/EBITDA: 4.5x · EV/Sales: 2.6x (FY2027)
Modiv Inc management is considering accelerating a strategic alternatives process ahead of their previously stated 24-month timeline following inbound acquisition interest after a January 2026 update. The company has received an unsolicited offer for one of its properties (Northrop) and is evaluating asset optimization opportunities. The increased acquirer interest suggests the market recognizes value in Modiv’s industrial portfolio that may not be reflected in current public market pricing. Monitor for formal strategic review announcement or updates on the Northrop property disposition process.
Pacific Lime and Cement Limited
PLA.AX (AU) · Last: $0.30 · Mkt Cap: $176M
Australian mining company focused on lime, cement, and mineral resources; operates projects in Papua New Guinea and Pacific region.
Fwd P/E: NM · EV/Sales: 14.1x (FY2027)
Pacific Lime and Cement has initiated a strategic review of its Star Mountains Project. The company has not disclosed specific terms or timeline for the review process. The review creates potential for asset divestiture or project restructuring that could unlock value from non-core holdings. Monitor for further announcements detailing the scope and expected completion of the strategic review.
AFN.TO (CA) · Last: C$17.74 · Mkt Cap: $241M · Industrials / Agricultural - Machinery
Designer and manufacturer of grain storage and handling equipment; leading provider to agricultural producers worldwide.
Fwd P/E: 4.9x · EV/EBITDA: 5.2x · EV/Sales: 1.0x · EV/GP: 3.9x (FY2027)
Plantro Ltd., a shareholder in Ag Growth International, publicly called on the board to commence a formal sale process to acquire the entire company. Plantro argues that management’s current turnaround plan focused on cost-cutting and piecemeal asset sales is unlikely to create meaningful shareholder value and that a full sale would provide more certain value realization. The activist believes AGI remains attractive to strategic or financial buyers despite operational challenges requiring balance sheet repair and restructuring. Plantro has identified qualified board candidates and stands ready to engage on appointments to lead a sale process. Monitor for management response or formal activist filing detailing specific board nominees.
TTG.L (UK) · Last: 109.60 GBp · Mkt Cap: $261M
Electronic components and manufacturing solutions provider serving industrial, aerospace, and defense markets.
Fwd P/E: NM · EV/EBITDA: 12.4x · EV/Sales: 0.6x · EV/GP: 2.7x (FY2027)
TT Electronics has completed a strategic review concluding that its components business could be worth more under different ownership and is now evaluating a value-led disposal process. The Board has separated components business management to ensure focused oversight but has not committed to a sale, with no deal terms or timeline disclosed. The potential divestiture represents a sum-of-the-parts play where the market may be undervaluing the components division as part of the consolidated entity. The disposal evaluation remains preliminary with no identified buyers or formal sale process launched. Monitor for formal strategic process announcement or buyer engagement details.
Picton Property Income Limited
PCTN.L (UK) · Last: 77.30 GBp · Mkt Cap: $528M · Real Estate / REIT - Diversified
UK property investment company; owns and manages diversified commercial real estate portfolio.
Fwd P/E: NM · EV/EBITDA: 42.8x · EV/Sales: 14.5x · EV/GP: 20.8x (FY2027)
Picton Property Income confirms that a consortium comprising LondonMetric Property PLC and Schroder Real Estate Investment Trust Limited is among the shortlisted parties in its formal sale process. The Board received proposals from multiple interested parties following the March 19 strategic review announcement but no firm offer has been made and terms remain undisclosed. The UK commercial property REIT with £699 million portfolio offers clear takeover optionality as the formal sale process progresses through multiple bidders. The Takeover Panel has granted dispensations from standard timing requirements, allowing the consortium to extend beyond typical 28-day deadlines. Monitor for firm offer announcement or updates on competing bidders.
TBPH (US) · Last: $14.79 · Mkt Cap: $749M · EV: $816M · Healthcare / Biotechnology
Develops respiratory and cardiovascular medicines; focuses on novel inhaled therapies for chronic lung diseases.
Fwd P/E: 16.2x · EV/Sales: 9.2x (FY2027)
Theravance Biopharma’s 2025 annual report outlined YUPELRI commercialization progress alongside ongoing strategic review and organizational restructuring efforts. Terms and timeline for strategic alternatives remain undisclosed. The company maintains $400 million in cash and $60-70 million annualized YUPELRI cash flow, providing financial flexibility during the strategic review. Monitor for Strategic Review Committee updates or formal sale process announcement.
VTYX (US) · Last: $14.00 · Mkt Cap: $1.0B · EV: $134M · Healthcare / Biotechnology
Develops targeted therapies for immune and inflammatory diseases; focuses on novel mechanisms for difficult-to-treat conditions.
Fwd P/E: NM · EV/Sales: 4.4x (FY2027)
Ventyx Biosciences is undergoing a strategic review following a pipeline setback, with the board evaluating strategic alternatives. Terms and potential counterparties have not been disclosed. The strategic review creates potential value realization opportunity for shareholders through sale or merger following clinical disappointment. Monitor for formal strategic review announcement or engagement of financial advisors.
JBLU (US) · Last: $4.75 · Mkt Cap: $1.8B
Low-cost airline offering passenger flights; focus on customer service and point-to-point routes in the US and Caribbean.
Fwd P/E: NM · EV/EBITDA: 5.5x · EV/Sales: 0.9x · EV/GP: 2.7x (FY2027)
Semafor reported that JetBlue Airways has tapped advisers to explore a potential merger or sale, with Reuters subsequently confirming. JetBlue has not confirmed a formal process and continues to reference its JetForward plan. Monitor for any official statement or confirmed banker engagement.
FMC (US) · Last: $14.89 · Mkt Cap: $1.9B · Basic Materials / Agricultural Inputs
Chemical manufacturer producing agricultural inputs, lithium compounds, and specialty solutions; global leader in crop protection and lithium technologies.
Fwd P/E: 6.5x · EV/EBITDA: 8.9x · EV/Sales: 1.4x · EV/GP: 3.7x (FY2027)
FMC continues its board-authorized strategic review process amid ongoing pressures in the agricultural chemical sector. The company has not disclosed specific terms, counterparties, or timeline for any potential transaction. The agricultural inputs business faces headwinds from declining crop protection demand and pricing pressure, creating potential value dislocation for acquirers with complementary portfolios or operational synergies. The company’s $1B debt reduction target through asset sales could complicate timing and structure of any strategic transaction. Monitor for updates on the strategic review process and potential bidder interest.
GLNG (US) · Last: $53.09 · Mkt Cap: $5.4B
Operates floating LNG regasification vessels; leading independent provider of LNG import infrastructure globally.
Fwd P/E: 80.1x · EV/EBITDA: 26.9x · EV/Sales: 12.5x · EV/GP: 26.7x (FY2027)
Golar LNG Limited has initiated a strategic review to explore value-maximizing alternatives including a potential sale, with Goldman Sachs appointed as financial advisor. The company has not disclosed specific deal terms, potential buyers, or timeline for the review process. The engagement of a top-tier investment bank suggests management is seriously exploring monetization options in a favorable LNG infrastructure market. Monitor for updates on strategic alternatives or formal sale process launch.
IGG.L (UK) · Last: 1,460.00 GBp · Mkt Cap: $6.6B
Online financial derivatives broker; leading provider of spread betting, CFDs and options trading globally.
Fwd P/E: NM · EV/EBITDA: 4.4x · EV/Sales: 2.9x · EV/GP: 3.6x (FY2027)
IG Group Holdings announced a strategic review following record full-year results while conducting ongoing share buybacks. Terms and timeline for the strategic review have not been disclosed, nor have potential counterparties or specific strategic alternatives been identified. The review creates potential for a sale, merger, or significant restructuring that could unlock value for shareholders in a consolidating financial services sector. Monitor for strategic review updates or formal process announcements.
LKQ (US) · Last: $29.26 · Mkt Cap: $7.5B
Distributor of aftermarket vehicle parts and services; largest independent provider in North America and Europe.
Fwd P/E: 8.9x · EV/EBITDA: 7.0x · EV/Sales: 0.9x · EV/GP: 2.3x (FY2027)
LKQ Corporation is conducting a strategic review with an upcoming annual meeting that includes proxy voting facing scrutiny. The strategic review timeline and potential outcomes have not been disclosed. The combination of strategic alternatives exploration and proxy contest preparation suggests potential shareholder activism or governance pressure driving consideration of divestitures or sale processes. Monitor for proxy filing disclosures or strategic review updates.
6963.T (JP) · Last: ¥3,373 · Mkt Cap: $8.2B
Japanese semiconductor manufacturer; global leader in analog and power semiconductor devices.
Fwd P/E: 39.8x · EV/EBITDA: 6.8x · EV/Sales: 1.5x · EV/GP: 9.1x (FY2027)
ROHM is in discussions with Toshiba about forming a chip business alliance. Terms, structure, and timeline for the potential partnership have not been disclosed. The combination of ROHM’s analog and power expertise with Toshiba’s semiconductor capabilities could create operational synergies and strengthen competitive positioning in key markets. The discussions appear to be in early stages with significant execution risk around reaching definitive terms. Monitor for announcement of formal framework or termination of talks.
AEG (US) · Last: $6.86 · Mkt Cap: $10.4B · Financial Services / Insurance - Diversified
Dutch insurance company providing life, health, and property coverage; leading insurer in the Netherlands and Belgium.
Fwd P/E: 7.2x (FY2027)
Aegon N.V. confirmed its strategic review of Aegon U.K. operations announced at the 2025 Capital Markets Day remains ongoing. Terms undisclosed. Strategic review targets underperforming U.K. unit experiencing net outflows due to adviser market consolidation, potentially unlocking value through divestiture while EUR 800 million capital return program demonstrates disciplined capital allocation. Monitor for strategic review completion timeline or potential buyer emergence.
DHER.DE (DE) · Mkt Cap: $6.0B · EV: $7.0B
Online food delivery platform operating in 70+ countries; largest global pure-play food delivery company by coverage.
Fwd P/E: 22.7x · EV/EBITDA: 2.5x · EV/Sales: 0.5x · EV/GP: 2.5x (FY2027)
Delivery Hero agreed to sell its Taiwan food-delivery business to Grab for $600 million in cash, marking the first major milestone in its strategic review launched in December 2025. The Taiwan unit generated €1.5 billion in GMV during 2025 and the transaction is expected to close in the second half of 2026, subject to regulatory approvals. The sale will reduce net leverage from approximately 2.7x to 2.2x as proceeds are used for debt repayment, crystallizing value from what management calls a market-leading asset amid perceived public market undervaluation. CEO Niklas Östberg noted this represents the company’s fifth asset monetization as part of broader efforts to unlock fundamental value across its global operations. Transaction closing expected H2 2026 with transitional services extending up to 12 months post-completion.
Acquisitions
ASNS (US) · Last: $0.43 · Mkt Cap: $11.5M · EV: $8.5M
Actelis Networks develops broadband over power line (BPL) technology and networking solutions; serves utilities and telecom providers globally.
Actelis Networks has entered a binding term sheet to acquire 100% of Exaware Ltd., an Israel-based provider of high-throughput routing and switching platforms, in an all-stock transaction. Transaction terms were not disclosed, and the deal requires completion of definitive documentation and customary closing conditions. The acquisition targets entry into the AI-driven data center networking market by combining Actelis’ secure edge connectivity expertise with Exaware’s data center platforms. The strategic rationale hinges on accelerating AI infrastructure investment, though integration risk and market adoption remain key execution challenges. Monitor for definitive agreement announcement and closing timeline.
CNE.L (UK) · Last: 270.00 GBp · Mkt Cap: $247M
Oil and gas exploration and production company; operates assets in the North Sea and West Africa.
Fwd P/E: NM · EV/EBITDA: 2.9x · EV/Sales: 1.6x · EV/GP: 5.6x (FY2027)
Dimensional Fund Advisors disclosed a 3.79% stake in Capricorn Energy (2,673,876 shares) as of March 24, 2026, filing under Form 8.3 of the UK Takeover Code. Form 8.3 is mandatory for any person holding 1%+ of a company in an active offer period — the filing confirms Capricorn is in an active offer period under the Takeover Code. Monitor for named offeror announcement or formal offer document.
CABP.L (UK) · Last: 83.20 GBp · Mkt Cap: $291M · Financial Services / Banks - Diversified
Cross-border payments provider specializing in emerging markets; enables international money transfers and foreign exchange services for individuals and businesses.
NTM P/E: 11.9x
CAB Payments received an unsolicited takeover offer from Helios, which the Board rejected as unrecommendable. Terms undisclosed. Multiple bidders pursuing the company after improved FY25 performance, with Board now evaluating competing approaches and potential for bidding war. Board rejection suggests offers remain below fair value, and multiple low-ball attempts could reflect weak fundamentals or limited synergy value. Monitor for Helios response to rejection and StoneX deadline under UK takeover rules.
LAES (US) · Last: $2.88 · Mkt Cap: $377M · Technology / Semiconductors
Provider of quantum-safe cryptography and post-quantum security solutions; emerging leader in enterprise cybersecurity infrastructure.
Fwd P/E: NM · EV/Sales: 2.8x · EV/GP: 8.4x (FY2027)
SEALSQ Corp signed a Letter of Intent to acquire 100% of Miraex SA, a Swiss developer of quantum photonic interconnection solutions based at EPFL Innovation Park. The LOI provides a 60-day exclusivity period for due diligence and definitive agreement negotiations, with transaction completion expected by end of June 2026 through SEALSQ’s Quantum Fund strategic investment program. The acquisition strengthens SEALSQ’s vertical integration in quantum technologies, adding Miraex’s thin-film lithium tantalate photonic integrated circuit platform that connects quantum processors to quantum networks. The transaction will be financed through SEALSQ’s existing Quantum Fund rather than dilutive equity issuance, providing strategic value through complementary technology integration. Monitor for definitive agreement announcement following the 60-day exclusivity period ending in late May.
IDOX.L (UK) · Last: 70.20 GBp · Mkt Cap: $424M · Technology / Software - Application
Software and services provider for planning, permitting, and environmental compliance; serves UK and international public sector and enterprises.
Fwd P/E: NM · EV/EBITDA: 11.6x · EV/Sales: 3.2x · EV/GP: 4.4x (FY2027)
Canaccord Genuity Wealth disclosed a 6.3385% position in IDOX pursuant to UK Takeover Code rules and sold shares during active takeover proceedings. Sales executed at 70.2-70.4p per share on March 26. Total disclosed position: 29.3M shares representing 6.34% ownership. Large institutional position disclosure during takeover provides transparency on significant shareholder activity and potential arbitrage positioning ahead of deal completion. The named offeror is Frankel UK Bidco Limited (backed by Long Path Capital funds), with the offer period running since October 28, 2025. Monitor for formal offer document and recommendation from the IDOX board.
Previously: Rathbones Group held 0.03% stake and sold 800 shares at 359.85p on March 19, 2026.
8892.T (JP) · Last: ¥1,120 · Mkt Cap: $730M · Consumer Cyclical / Residential Construction · EV: $2.9B
Japanese residential construction and real estate development company
ES-CON JAPAN signed a stock transfer agreement to acquire 100% of Arc Real Estate following a corporate spin-off, strengthening its stock-type business revenue base in the Kansai region. The acquisition is priced at approximately ¥11.031 billion ($110.31 million) for 1,800 shares, based on time-value net asset valuation of Arc’s real estate portfolio. The transaction supports the company’s 5th medium-term management plan goal of increasing recurring revenue from rental and asset management operations. Stock transfer execution is scheduled for October 30, 2026.
SPI.L (UK) · Last: 142.80 GBp · Mkt Cap: $761M · Healthcare / Medical - Care Facilities
Private hospital operator; leading independent acute care provider across UK with specialist surgical and diagnostic services.
Fwd P/E: NM · EV/EBITDA: 6.8x · EV/Sales: 1.1x · EV/GP: 3.0x (FY2027)
Dimensional Fund Advisors disclosed a 3.02% stake in Spire Healthcare Group, holding 12,182,283 ordinary shares under Takeover Code Rule 8.3. Terms undisclosed. The Rule 8.3 filing confirms an active takeover situation for the UK healthcare operator, with institutional ownership patterns now visible ahead of a potential transaction. Monitor for formal bid announcement or competing offers disclosure.
Burke & Herbert Financial Services Corp.
BHRB (US) · Last: $61.29 · Mkt Cap: $921M
Community bank providing retail and commercial banking services; regional presence in West Virginia and Kentucky.
Fwd P/E: 6.7x (FY2027)
Burke & Herbert Financial Services and LINK shareholders have approved the existing merger agreement between the two companies. Deal terms have not been disclosed publicly. The shareholder approvals remove a key closing condition and substantially reduce execution risk. Monitor for regulatory approval completion and closing announcement.
Genco Shipping & Trading Limited
GNK (US) · Last: $23.03 · Mkt Cap: $998M · Industrials / Marine Shipping
Operator of dry bulk cargo ships; provides maritime transportation services for commodities globally.
Fwd P/E: 14.0x · EV/EBITDA: 8.5x · EV/Sales: 2.9x · EV/GP: 21.3x (FY2027)
Diana Shipping Inc., which owns 14.8% of Genco Shipping & Trading, submitted a revised non-binding proposal on March 6, 2026 to acquire all remaining shares for $23.50 per share in cash. Genco’s Board rejected the revised proposal on March 19, and Diana issued a press release on March 20 responding to the rejection. The proposed price represents a modest 2% premium to the current stock price of $23.03, suggesting Diana may return with a higher bid to unlock shareholder support. The rejection sets up a potential proxy contest or extended negotiation period as Diana evaluates its options as a significant minority holder. Monitor for Diana’s next strategic move or potential competing bidders emerging given the low premium initially proposed.
Lucky Strike Entertainment Corporation
LUCK (US) · Last: $8.05 · Mkt Cap: $1.1B
Bowling and entertainment center operator
Fwd P/E: 31.8x · EV/EBITDA: 6.0x · EV/Sales: 2.9x · EV/GP: 7.7x (FY2027)
Lucky Strike Entertainment has earnout shares outstanding under its completed merger agreement with Bowlero Corp that vest if the stock price reaches $17.50 for 10 trading days within any 20-day period. The earnout consists of 1,196,000 shares that will be forfeited if vesting conditions are not met by the 5-year anniversary of the merger closing. The $17.50 threshold represents a 117% premium to the current $8.05 price, creating a clear binary catalyst for Atairos-affiliated entities holding the earnout rights. The earnout structure incentivizes sustained price appreciation above the threshold rather than temporary spikes, as the 10-out-of-20 trading day requirement prevents gaming through brief manipulation. Monitor for sustained moves above $17.50 or approaching the 5-year forfeiture deadline.
TWO (US) · Last: $11.16 · Mkt Cap: $1.2B · Real Estate / REIT - Mortgage
Real estate investment trust investing in residential mortgage-backed securities and mortgage servicing rights; leading mortgage REIT with diversified agency portfolio.
Fwd P/E: 8.6x (FY2027)
Two Harbors Investment Corp terminated its acquisition agreement with UWM Holdings Corp and accepted a competing $10.80 per share cash offer from CrossCountry Mortgage. CrossCountry offers $10.80 per share in cash. UWM deal terms and termination fee not disclosed. Competitive bidding process delivers immediate premium to shareholders who benefit from the switch to higher cash consideration versus the original UWM transaction structure. Monitor for definitive agreement filing with CrossCountry and shareholder meeting announcement.
SKYT (US) · Last: $27.00 · Mkt Cap: $1.3B · Technology / Semiconductors
Semiconductor foundry offering advanced chip manufacturing services; U.S.-based provider serving defense, aerospace, and commercial sectors.
Fwd P/E: NM · EV/EBITDA: 6.1x · EV/Sales: 1.8x · EV/GP: 8.8x (FY2027)
IonQ is acquiring SkyWater Technology in an all-cash and stock transaction. $15 per share in cash plus stock consideration linked to VWAP. Total deal value undisclosed. Acquisition creates quantum computing and semiconductor foundry combination with variable stock component tied to IonQ’s trading performance providing additional upside potential. Monitor for definitive merger agreement filing with complete terms and conditions.
SNR.L (UK) · Last: 283.00 GBp · Mkt Cap: $1.6B · Industrials / Aerospace & Defense
Aerospace and automotive engineer supplying components and assemblies; specialist in high-temperature and complex engineered parts.
Fwd P/E: NM · EV/EBITDA: 11.1x · EV/Sales: 1.2x · EV/GP: 5.1x (FY2027)
Advent International’s put up or shut up deadline for Senior plc has been extended from March 27 to April 17, 2026, as discussions continue following the Board’s rejection of the preliminary 272 pence per share offer. Advent’s preliminary offer valued Senior at 270 pence cash plus up to 2 pence dividend retention (272 pence total), which the Board unequivocally rejected. Extension indicates ongoing negotiations despite initial rejection, creating binary outcome by hard regulatory deadline with Advent required to either make firm offer or withdraw completely. Advent must announce firm intention to make offer or withdraw by 5:00 p.m. London time on April 17, 2026.
BRZE (US) · Last: $18.48 · Mkt Cap: $1.9B · Technology / Software - Application
Customer engagement platform delivering personalized messaging across email, push, SMS, and in-app; leader in cross-channel marketing automation.
Fwd P/E: 18.6x · EV/Sales: 4.7x · EV/GP: 6.8x (FY2028)
Braze has entered into a definitive agreement to acquire OfferFit, an AI decisioning company that uses reinforcement learning technology for personalized customer engagement. The deal is valued at $325 million in cash and stock, though the specific breakdown and timeline are not disclosed. The acquisition strengthens Braze’s AI capabilities and supports its Project Catalyst initiative, which aims to deliver highly relevant personalized customer journeys. Monitor for SEC filing with detailed terms and expected closing timeline.
3197.T (JP) · Last: ¥3,388 · Mkt Cap: $4.8B · Consumer Cyclical / Restaurants
Japanese restaurant operator running family dining chains including Gusto, Bamiyan, and Jonathan’s
Fwd P/E: 35.7x · EV/EBITDA: 9.2x · EV/Sales: 1.7x · EV/GP: 2.5x (FY2027)
Skylark Holdings is acquiring all shares of Shinpachi, operator of the Shinpachi Shokudo grilled fish set meal chain, from investment fund J-STAR for approximately ¥11 billion ($110 million) to make it a wholly-owned subsidiary. The transaction is scheduled to close April 30, 2026, following a stock purchase agreement signed March 24. The acquisition strengthens Skylark’s low-price segment portfolio and provides access to urban small-format locations, addressing the company’s geographic concentration in roadside properties (70% of current stores). Skylark plans to accelerate Shinpachi’s expansion from 108 stores currently to 300 stores by 2030. Monitor for completion confirmation by April 30.
HOMB (US) · Last: $26.55 · Mkt Cap: $5.2B
Regional bank operating community-focused branches across the South; provides deposit, lending and financial services.
Fwd P/E: 10.1x (FY2027)
Home BancShares received regulatory approvals from the Federal Reserve and Arkansas State Bank Department to acquire Mountain Commerce Bancorp. The proposed merger is expected to close early in the second quarter of 2026, subject to remaining closing conditions in the merger agreement. The regulatory clearance removes a key hurdle for the transaction, positioning the combined entity for enhanced market presence across the acquirer’s Southern footprint. Monitor for definitive closing date announcement and satisfaction of remaining merger agreement conditions.
CMC.V (CA) · Mkt Cap: $9M · Basic Materials / Specialty Chemicals · EV: $10M
Converts waste into renewable energy and sustainable fuels; focuses on pyrolysis and gasification technology for circular economy.
NTM P/E: 1.7x · NTM EV/EBITDA: 4.5x
Cielo Waste Solutions amended its binding letter of intent with Canadian Discovery Ltd. for the acquisition of proprietary project development assets, extending the closing deadline from March 31 to April 15, 2026. The parties eliminated the escrow requirement for consideration shares, with all shares to be issued at closing subject to a 12-month hold period, while the deal remains subject to execution of a definitive asset purchase agreement and regulatory approvals. The amendment reflects positive due diligence progress and identified synergies, creating potential upside if the transaction closes by the extended deadline. Closing by April 15, 2026 remains the next key catalyst to monitor.
PARA (US) · Last: $11.04 · Mkt Cap: $7.0B · Communication Services / Entertainment
Media and entertainment conglomerate producing films, TV shows, and streaming content; owner of iconic franchises and studios.
Fwd P/E: 8.7x · EV/EBITDA: 6.2x · EV/Sales: 0.9x · EV/GP: 3.0x (FY2027)
Paramount Global (now combined with Skydance Media) is acquiring Warner Bros. Discovery in a $31 per share deal, outbidding Netflix for WBD. The transaction represents one of the largest media consolidations in decades, combining CBS, Paramount+, HBO, CNN, and Warner Bros. studios. WBD shareholders are scheduled to vote April 23, 2026. Monitor for WBD shareholder vote outcome and any regulatory conditions.
6963.T (JP) · Last: ¥3,170 · Mkt Cap: $7.7B · Technology / Semiconductors
Japanese semiconductor manufacturer; global leader in analog and power semiconductor devices.
Fwd P/E: 37.4x · EV/EBITDA: 6.8x · EV/Sales: 1.5x · EV/GP: 9.1x (FY2027)
Denso has made an acquisition proposal to acquire all shares of Rohm and make it a wholly-owned subsidiary, escalating from its current stake of just under 5% acquired by July 2025. Terms of the proposed buyout have not been disclosed, though Rohm’s market capitalization jumped from approximately ¥1.1 trillion to ¥1.4 trillion following news of the bid. The move positions Denso to secure critical analog and SiC power semiconductor supply for electric vehicle production, while Rohm faces pressure from Chinese competition that has weakened Japanese players in the power semiconductor space. Toshiba is preparing a counter-proposal involving a joint venture combining power semiconductor businesses from Toshiba, Rohm, and potentially Mitsubishi Electric, setting up a potential bidding contest. Monitor for formal bid terms from Denso and competing proposals from the Toshiba-led consortium.
JHG (US) · Last: $52.09 · Mkt Cap: $8.0B · Financial Services / Asset Management
Global investment manager overseeing ~$400B in assets; specializes in active fund management and wealth advisory.
Fwd P/E: 10.7x (FY2027)
Trian and General Catalyst have increased their merger offer for Janus Henderson Group to $52.00 per share in cash, representing approximately $8.0B in total consideration. Note: the stock currently trades at $52.09, slightly above the offer price, suggesting the market may be pricing in a competing bid or a bump. Closing conditions and timeline have not been disclosed. Note: Victory Capital has withdrawn from the auction process as of March 29, leaving Trian and General Catalyst as the sole bidders. Monitor for shareholder vote announcement.
SFD (US) · Last: $25.56 · Mkt Cap: $10.0B
Leading pork processor and hog producer in the United States.
Fwd P/E: 9.6x · EV/EBITDA: 5.7x · EV/Sales: 0.6x · EV/GP: 4.7x (FY2027)
Smithfield Foods entered into a definitive agreement to acquire Nathan’s Famous for $102 per share in January 2026. The transaction is expected to be immediately accretive and create synergy opportunities. The acquisition provides Smithfield exposure to Nathan’s franchised restaurant model and iconic hot dog brand. Monitor for closing announcement — the transaction was announced in January 2026 and regulatory approval status has not been disclosed.
GRAB (US) · Last: $3.64 · Mkt Cap: $14.5B · Technology / Software - Application
Southeast Asian ride-hailing and delivery platform; regional market leader across mobility, food, and logistics services.
Fwd P/E: 23.7x · EV/Sales: 3.9x · EV/GP: 8.9x (FY2027)
Grab Holdings Limited agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $600 million cash on a cash-free and debt-free basis. The transaction marks Grab’s expansion into its ninth market and first outside Southeast Asia, with closing expected in the second half of 2026 subject to regulatory approvals and customary closing conditions. The acquisition allows Grab to leverage its dense urban logistics expertise in Taiwan’s 23 million population market, with the business expected to contribute at least $60 million in incremental Adjusted EBITDA by 2028. Monitor for regulatory filing disclosures and Taiwan competition authority review timeline.
CBDW (OTC) · Mkt Cap: $950K · EV: $1.5M
OTC-traded holding company focused on acquiring power-backed infrastructure for data center development
1606 Corp executed a Purchase and Sale Agreement to acquire a 132-acre property in Lufkin, Texas with existing power generation facility and data center infrastructure for $11.2 million. The transaction consists of cash consideration at closing plus assumption of an existing lien, with closing expected April 15th following completion of due diligence. The acquisition presents significant value potential as the power generation asset was recently valued at $164 million by CBRE, suggesting the company is acquiring assets worth nearly 15x the purchase price. The property includes a 50,000-square-foot warehouse and has already attracted initial interest from data center operators for power supply and facility lease arrangements. Monitor for closing confirmation on April 15th.
ECGI (OTC) · Mkt Cap: $390K
OTC-traded holding company
ECGI Holdings signed a definitive Share Exchange Agreement to acquire RezyFi Inc., a 29-state licensed mortgage origination platform with approximately $140 million in annual mortgage funding. The transaction values RezyFi at $25 million, to be paid in ECGI Series E Non-Voting Convertible Preferred Stock, subject to staged conversion limits and transfer restrictions. The acquisition would integrate mortgage origination capabilities with ECGI’s tokenization platform, building on an existing $10 million pilot program with RezyFi subsidiary ResMac. The transaction is subject to customary closing requirements including financial statement readiness. Monitor for closing timeline and pilot program results.
DESK3.SA (BR) · Mkt Cap: $359M · EV: $581M
Brazilian internet service provider; serves residential and business customers primarily in São Paulo metropolitan area.
NTM P/E: 10.6x · NTM EV/EBITDA: 4.7x
H.I.G. Capital signed a definitive agreement to sell Desktop S.A., a São Paulo internet service provider, to Claro Telecom Participações S.A. R$4.0 billion total value (approximately $750 million, inclusive of debt), implying R$20.82 per share based on net debt as of September 30. Desktop trades on B3 as Brazil’s first publicly listed ISP, having grown from 150,000 to 1.2 million subscribers under H.I.G. ownership through organic expansion and 10 acquisitions. Brazilian regulatory approvals required for closing, creating execution risk in a market where telecom consolidation faces scrutiny. Monitor for Brazilian regulatory authority decisions on transaction approval.
Otsuka Pharmaceutical Co., Ltd.
4768.T (JP) · Last: ¥3,014 · Mkt Cap: $7.1B · Healthcare / Drug Manufacturers
Japanese pharmaceutical company producing drugs, nutritional products, and medical devices; global presence in psychiatry, oncology, and specialty care.
Fwd P/E: 16.8x · EV/EBITDA: 9.5x · EV/Sales: 0.7x · EV/GP: 3.8x (FY2027)
Otsuka Pharmaceutical entered into a definitive agreement to fully acquire clinical-stage biotech Transcend Therapeutics through wholly owned subsidiary Otsuka America. $700 million upfront plus up to $525 million in contingent consideration based on sales milestones, totaling up to $1.225 billion. Close expected Q2 2026 subject to customary conditions. Transcend’s lead asset TSND-201 targets PTSD, a market with 13 million affected Americans annually but no new approved treatments in 25 years, creating substantial commercial opportunity for rapid-acting neuroplastogen therapy. Monitor for Q2 2026 closing timeline and regulatory updates on TSND-201 clinical development.
SAP (US) · Last: $164.02 · Mkt Cap: $191.1B · Technology / Software - Application
Enterprise resource planning software provider; leading global position in business management solutions for large organizations.
Fwd P/E: 19.2x · EV/EBITDA: 17.9x · EV/Sales: 5.3x · EV/GP: 7.1x (FY2027)
SAP has agreed to acquire Reltio Inc., a master data management software provider, to strengthen its Business Data Cloud platform and advance its AI-First strategy. Terms undisclosed. The acquisition positions SAP to unify enterprise data across SAP and non-SAP systems for AI applications, potentially driving revenue growth through enhanced data platform capabilities and accelerating time-to-value for its Joule AI agents. Monitor for deal completion timeline and regulatory filings.
Divestitures
CELU (US) · Last: $1.28 · Mkt Cap: $31M · Healthcare / Biotechnology
Celularity Inc.; developer of cell and gene therapies derived from placental cells; clinical-stage biopharmaceutical company.
Fwd P/E: 0.9x · EV/Sales: 0.4x · EV/GP: 0.5x (FY2027)
Celularity granted an exclusive license to its commercial-stage placental-derived biomaterials portfolio to an undisclosed partner, monetizing these assets while retaining focus on its longevity therapeutics pipeline. The company will receive upfront consideration plus milestone payments totaling up to $35 million, with the transaction expected to close no later than April 15, 2026, subject to customary closing conditions. This represents non-dilutive capital for a company with only $31 million market cap, while Celularity retains exclusive manufacturing rights at its FDA-compliant New Jersey facility and future royalties on net sales. Deal provides near-term capital influx while preserving manufacturing revenue stream from the divested portfolio. Monitor for closing confirmation by April 15.
CVV (US) · Last: $5.11 · Mkt Cap: $35M · Industrials / Industrial - Machinery
CVD Equipment Corporation designs and manufactures chemical vapor deposition systems; serves semiconductor, research, and advanced materials markets.
Fwd P/E: NM · EV/Sales: 0.5x · EV/GP: 2.1x (FY2026)
CVD Equipment Corporation signed a definitive agreement to sell its Stainless Design Concepts business division to Atlas Copco Group for $16.9 million in cash. The transaction is scheduled to close in the second quarter of 2026. The divestiture allows CVD to refocus on its core chemical vapor deposition systems business while providing additional financial flexibility, with the sale proceeds representing nearly 50% of current market capitalization. The stock surged 30% on announcement, suggesting the market views the portfolio rationalization favorably. Monitor for Q2 2026 closing confirmation and management guidance on capital allocation priorities.
PLBY (US) · Last: $1.57 · Mkt Cap: $147M · Consumer Cyclical / Leisure
Publisher of men’s lifestyle magazine and entertainment brand; iconic symbol of adult entertainment and sexual liberation since 1953.
Fwd P/E: 15.2x · EV/Sales: 2.5x · EV/GP: 3.5x (FY2027)
Playboy closed the initial phase of its China business divestiture, selling 16.67% of the joint venture to UTG Brands Management Group for $15 million and receiving $4 million in brand support payments. UTG will ultimately acquire 50% of the JV for $122 million total consideration through staged payments: $15 million paid at initial closing, remaining $30 million due by January 2028, plus $10 million in brand support payments and guaranteed JV distributions of minimum $62 million through 2033. Transaction transforms China operations to asset-light model while preserving upside participation through retained 50% JV ownership, with proceeds providing immediate debt reduction and guaranteed minimum distributions exceeding current China cash flows. Monitor for remaining $36 million in payments and distributions due by January 2028.
OLY.TO (CA) · Last: C$116.63 · Mkt Cap: $204M · Financial Services / Asset Management
Canadian financial services company operating primarily through subsidiary Olympia Trust Company, a non-deposit taking trust company licensed in Alberta and British Columbia
Fwd P/E: 15.5x (FY2027)
Olympia Financial Group has agreed to sell wholly owned subsidiary Olympia Currency and Global Payments Inc. to Shift Connect Ltd., a Canadian fintech focused on digital payments solutions. Terms were not disclosed, with the transaction subject to Bank of Canada approval under the Retail Payment Activities Act and customary closing conditions. The divestiture allows Olympia to focus on its core trust operations while monetizing the boutique foreign exchange and cross-border payments business that serves individuals and SMEs across Canada. Transaction completion expected before March 31, 2026 — within one week of announcement.
ZVRA (US) · Last: $9.15 · Mkt Cap: $537M · Healthcare / Biotechnology
Develops rare disease therapeutics using transient zinc finger protein technology; targeting metabolic and genetic disorders.
Fwd P/E: 6.1x · EV/Sales: 2.3x · EV/GP: 2.7x (FY2027)
Zevra Therapeutics has agreed to sell its entire serdexmethylphenidate (SDX) portfolio, including AZSTARYS® and KP1077, to Commave Therapeutics SA for $50 million. The transaction also settles ongoing Delaware Chancery Court litigation that Commave initiated against Zevra in 2024. Prior to the agreement, Zevra repaid its $63 million term loan in full, creating a debt-free balance sheet and enhanced financial flexibility to focus on its rare disease pipeline. The divestiture eliminates a non-core asset while generating meaningful cash proceeds for a company with a $537 million market cap.
SDCL Efficiency Income Trust plc
SEIT.L (UK) · Last: 39.80 GBp · Mkt Cap: $572M · Financial Services / Asset Management - Income
Investment trust generating income from diversified infrastructure and utility assets; delivers stable returns through long-term contracted cashflows.
Fwd P/E: NM · EV/EBITDA: 49.6x · EV/Sales: 8.4x · EV/GP: 8.4x (FY2026)
SEEIT Holdco Limited, a subsidiary of SDCL Efficiency Income Trust plc, sells 11 operational energy efficiency infrastructure assets to Kyotherm for £105 million. Total enterprise value approximately £105 million. Completion subject to customary closing conditions, expected by mid-April 2026. Strategic deleveraging reduces SEIT’s pro-forma aggregate gearing to approximately 65% of net asset value while creating a more focused portfolio targeting commercial, industrial, and district energy customers. Monitor for completion announcement by mid-April 2026.
SSRM (US) · Last: $26.45 · Mkt Cap: $5.4B · Basic Materials / Gold
Gold mining company operating precious metals mines across North America; diversified precious metals producer with development projects portfolio.
Fwd P/E: 5.3x · EV/EBITDA: 7.3x · EV/Sales: 1.6x · EV/GP: 4.4x (FY2027)
SSR Mining finalized the $1.5 billion sale of its 80% stake in the Çöpler mine in Turkey to Cengiz Holding. $1.5 billion cash consideration for 80% stake, subject to regulatory approval. Divestiture enables geographic pivot to Americas-focused strategy while generating substantial proceeds for reinvestment and enhanced capital returns. Turkish regulatory approval creates execution risk and potential delays to proceeds realization. Monitor for Turkish regulatory approval timeline.
4676.T (JP) · Last: ¥4,170 · Mkt Cap: $5.4B · Communication Services / Broadcasting
Japanese media conglomerate operating TV networks, newspapers, and digital platforms; leading broadcaster in Japan.
Fwd P/E: 16.1x · EV/EBITDA: 15.9x · EV/Sales: 1.3x · EV/GP: 5.3x (FY2027)
ATRA, associated with activist investor Yoshiaki Murakami, proposed to acquire Fuji Media Holdings’ real estate business for ¥350 billion ($2.3 billion). ¥350 billion ($2.3 billion) cash offer for the urban development and tourism divisions. Activist-driven proposal targets undervalued real estate assets within media conglomerate, with FMH already exploring external capital for this business unit following prior interest in subsidiary Sankei Building. Monitor for FMH board response to formal proposal and potential alternative bidder emergence.
ALPWG.PA (FR) · Mkt Cap: $42M · EV: $55M
Designer and manufacturer of 3D printers and materials; leader in professional additive manufacturing solutions.
NTM P/E: 44.4x · NTM EV/EBITDA: 11.9x
Prodways Group is selling its Software business unit for €35 million, with the transaction pending shareholder approval. The company plans to distribute a portion of the sale proceeds to shareholders through a public share buyback offer. The divestiture allows Prodways to focus on its core 3D printing and additive manufacturing operations while returning capital to shareholders. The Software division has been reclassified as a discontinued operation in the company’s financial statements. Monitor for shareholder vote date and formal announcement of buyback terms.
EG (US) · Last: $324.50 · Mkt Cap: $13.1B · Financial Services / Insurance - Reinsurance
Global reinsurance and insurance services provider; leading independent platform across property, casualty, and specialty lines.
Fwd P/E: 5.3x (FY2027)
Everest Group has signed a definitive agreement to sell its Canadian retail insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company. Terms of the transaction were not disclosed. This divestiture aligns with Everest’s strategic plan to exit the commercial retail insurance sector and focus resources on its higher-margin reinsurance and specialty insurance operations. The transaction is expected to close in the second half of 2026.
DGE.L (UK) · Last: 1,377.00 GBp · Mkt Cap: $40.9B
Global producer of premium spirits and beers; world’s largest alcoholic beverages company by revenue.
Fwd P/E: NM · EV/EBITDA: 9.2x · EV/Sales: 3.2x · EV/GP: 5.3x (FY2027)
Diageo’s 55.9%-owned subsidiary United Spirits agreed to sell its 100% stake in Royal Challengers Sports to a consortium including Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone’s BXPE for INR166.6 billion ($2.0 billion). Royal Challengers Sports owns and manages the Royal Challengers Bengaluru teams in the Indian Premier League and Women’s Premier League cricket franchises. The transaction represents a strategic shift for Diageo to focus on its core alcohol business, with proceeds expected to reduce the company’s net debt/EBITDA ratio by 0.1-0.2x depending on dividend policy. The deal requires approvals from the Board of Control for Cricket in India and the Competition Commission of India. RBC expects the transaction to close within six months.
UL (US) · Last: $61.04 · Mkt Cap: $133.4B · Consumer Defensive / Household & Personal Products
Global consumer goods manufacturer; leading portfolio of household, personal care, and food brands across 190+ countries.
Fwd P/E: 18.2x · EV/EBITDA: 13.7x · EV/Sales: 2.8x · EV/GP: 6.2x (FY2027)
Unilever confirmed discussions with McCormick & Company for the potential sale of its food business, including brands like Hellmann’s and Knorr that generated €12.9 billion in revenue in 2025. No agreement has been reached and financial terms have not been disclosed. The divestiture would represent approximately 25% of Unilever’s annual sales and supports CEO Fernando Fernandez’s strategy to pivot toward higher-growth beauty and personal care categories. The discussions remain preliminary with execution risk given no definitive agreement exists and Unilever’s board stating confidence in the Foods business as part of the company. Monitor for formal deal announcement or confirmation that talks have ended.
MA (US) · Last: $484.89 · Mkt Cap: $432.7B · Financial Services / Financial - Credit Services
Global payment network processor; enables digital and card-based transactions between consumers, merchants, and financial institutions worldwide.
Fwd P/E: 21.4x (FY2027)
Reuters and the Financial Times reported that Mastercard is exploring a sale of its Nets Real-Time Payments unit, acquired in 2019. Mastercard has not issued a formal filing confirming the review. If confirmed, a divestiture would refocus the company on core payment processing. Monitor for official Mastercard announcement.
PLSV.OL (NO) · Last: 43.20 NOK · Mkt Cap: $698M · EV: $113M
Bermuda-based energy services company operating platform supply vessels (PLSV) and offshore drilling assets through subsidiaries
Paratus Energy Services has agreed to sell its subsidiary Fontis’ drilling operations and jack-up fleet to Borr Drilling Limited and CME through two inter-conditional transactions. CME will acquire the Mexican operations for cash, while CME and Borr will jointly acquire the Singaporean rig-owning entities for a combination of cash and seller’s credit, with terms not disclosed. The divestiture transforms Paratus into a pure-play PLSV business and completes the distribution of approximately $541 million to Paratus from Fontis assets since 2022. The transaction requires regulatory approvals and is expected to enhance Paratus’ financial flexibility while focusing operations on its core platform supply vessel business. Monitor for closing conditions and final consideration details.
Tender Offers
6197.T (JP) · Last: ¥954 · Mkt Cap: $546M · Healthcare / Medical - Care Facilities
Provides staffing and facility management services for healthcare and education sectors; major Japanese outsourcing operator.
Fwd P/E: 20.1x · EV/EBITDA: 4.8x · EV/Sales: 0.4x · EV/GP: 2.4x (FY2027)
MP-2605 Corporation commenced a tender offer for all shares of Solasto Corporation as part of a management buyout. Offer price: ¥1,119 per share. Offer period: March 25 – May 11, 2026. The MBO would take the Japanese healthcare staffing company private. Monitor for competing bids given the open offer period.
RGR (US) · Last: $43.41 · Mkt Cap: $692M
Manufacturer of firearms and related products; leading independent U.S. gun maker with broad consumer and professional market reach.
Fwd P/E: 23.0x · EV/EBITDA: 5.6x · EV/Sales: 0.9x · EV/GP: 5.7x (FY2026)
Beretta Holding S.A., which owns 9.95% of Sturm, Ruger, has proposed a partial tender offer for up to 20.05% of outstanding shares at $44.80 per share in cash. The offer represents approximately a 20% premium to the 60-day average price and would bring Beretta’s total ownership to 30% of outstanding shares. The premium tender offer provides an arbitrage opportunity with $1.39 upside to current levels, though execution depends on the board granting an exemption from the poison pill rights plan adopted in October 2025. Beretta frames the increased stake as establishing a strategic partnership to improve operational and financial performance while emphasizing that 30% ownership does not constitute de facto control. Monitor for board response to the poison pill exemption request and formal tender offer launch timeline.
Day One Biopharmaceuticals, Inc.
DAWN (US) · Last: $21.37 · Mkt Cap: $2.2B · Healthcare / Biotechnology
Pediatric oncology-focused biopharmaceutical company developing precision therapies for children and young adults with cancer
Fwd P/E: NM · EV/EBITDA: 7.5x · EV/Sales: 2.5x · EV/GP: 2.8x (FY2027)
Servier is acquiring Day One Biopharmaceuticals for $21.50 per share in an all-cash transaction, under a merger agreement executed March 6, 2026. With DAWN last at $21.37, the spread is approximately $0.13 (0.6%), implying low deal risk. Monitor for tender offer commencement and SC TO-T filing with expiration date.
012510.KS (KR) · Last: ₩119,200 · Mkt Cap: $2.2B · Technology / Software - Application
Korean cloud-based enterprise software provider; leading position in domestic ERP and accounting solutions.
Fwd P/E: 30.2x · EV/EBITDA: 16.0x · EV/Sales: 5.1x · EV/GP: 10.7x (FY2027)
Doronicum filed tender offer results with DART for Douzone Bizon shares. Terms of the completed tender offer have not been disclosed in the available filing summary. The acquisition of Korea’s leading ERP software provider represents consolidation in the domestic enterprise software market. Monitor for detailed tender offer results disclosure in the complete DART filing.
A143240.KQ (KR) · Last: ₩132,400 · Mkt Cap: $135M
South Korean online job platform; largest recruitment website in Korea connecting job seekers with employers.
NTM P/E: 5.1x
Former Daou Kiwoom Chairman Kim Ik-rae will launch a tender offer for 900,000 shares of Saramin. Terms including offer price, premium to market, and tender period have not been disclosed. The tender offer provides a potential liquidity event for shareholders of the Korean recruitment platform, though the absence of pricing details limits immediate assessment of value. Monitor for formal tender offer documents disclosing price and timeline.
EXXRF (OTC) · Last: $76.00 · Mkt Cap: $15.3B
Designer and manufacturer of commercial vehicles and powertrains; leading European truck and bus producer.
Fwd P/E: 10.3x · EV/EBITDA: 4.9x · EV/Sales: 1.6x · EV/GP: 1.6x (FY2027)
Iveco Group is combining its trucks, buses and engines business with Tata Motors through a tender offer while separately transacting its Defence business with Leonardo. The transactions carry a combined valuation of EUR 5.3 billion, with the tender offer expected to close at the end of Q2 2026. The dual-track structure creates value realization through strategic divestiture of non-core defense assets while the core commercial vehicle operations gain scale through combination with Tata’s global platform. Tender offer completion scheduled for end of Q2 2026.
YACHT.MI (IT) · Mkt Cap: $1.4B · EV: $1.3B · Consumer Cyclical / Leisure
Designer and manufacturer of luxury motor yachts; leading producer of premium recreational vessels globally.
NTM P/E: 12.6x · NTM EV/EBITDA: 5.4x
KKCG Maritime raised its tender offer price for Ferretti Group to €3.90 per share and shifted the timeline to mid-April. Revised offer price €3.90 per share. Total deal value and previous offer price not disclosed. Price increase creates immediate arbitrage opportunity as the market adjusts to the higher offer level, with KKCG demonstrating commitment to completing the acquisition. Monitor for formal tender offer commencement in mid-April and completion timeline.
Recordati Industria Chimica e Farmaceutica S.p.A.
REC.MI (IT) · Mkt Cap: $12.0B · Healthcare / Drug Manufacturers
Italian pharmaceutical company manufacturing branded drugs and specialty medicines; strong presence in cardiovascular, gastroenterology, and dermatology segments.
CVC Capital Partners proposed a non-binding tender offer to acquire the remaining 53.18% stake in Recordati Industria Chimica e Farmaceutica, targeting full ownership and delisting of the Italian pharmaceutical company. €52 per share cash consideration for the remaining stake, valuing the tender offer at €5.6 billion. CVC currently holds 46.82% through Rossini S.à r.l. Private equity consolidation play targeting a specialty pharma with stable cash flows — CVC seeks full control to optimize operations without public market constraints. Non-binding proposal requires due diligence completion, financing arrangements, and identification of co-investment partners — multiple execution risks before firm offer emerges. Monitor for binding offer announcement following CVC’s due diligence completion and financing arrangements — no specific timeline disclosed.
Edinburgh Worldwide Investment Trust
EWIT (INTL)
Global equity investment trust; invests in smaller companies outside the UK with long-term growth focus.
Edinburgh Worldwide Investment Trust announced a tender offer for up to 100% of its share capital, allowing shareholders to receive cash while retaining exposure to SpaceX value. Terms undisclosed. Defensive tender creates binary choice for shareholders between management’s SpaceX retention strategy versus Saba’s 30% position attempting board control next month. Saba has highlighted EWIT’s underperformance and criticized management’s SpaceX sell-down strategy as flawed. Annual General Meeting in April 2026 — Saba expected to push for board control. ⚡ The tender offer timing is designed to pre-empt a high probability change of control at next month’s AGM where Saba seeks board control.
Going-Private
PERF (US) · Last: $1.70 · Mkt Cap: $173M · Technology / Software - Application
Developer of AI-powered virtual try-on and beauty tech software; leading platform for cosmetics and eyewear visualization.
Fwd P/E: 24.1x · EV/Sales: 0.5x · EV/GP: 0.7x (FY2027)
CyberLink International Technology Corp. and Alice H. Chang (founder and CEO) submitted a preliminary non-binding going-private proposal for Perfect Corp. The board has formed a special committee to evaluate the proposal. No offer price or timeline has been disclosed. Monitor for special committee recommendation and disclosed offer terms.
BLX.TO (CA) · Last: 36.70 CAD · Mkt Cap: $2.7B · Utilities / Renewable Utilities
Boralex Inc.; independent power producer operating renewable energy assets across North America and Europe.
Fwd P/E: 39.4x · EV/EBITDA: 12.8x · EV/Sales: 7.4x · EV/GP: 19.5x (FY2027)
Brookfield Asset Management and La Caisse de dépôt et placement du Québec agreed to acquire Boralex Inc. in an all-cash transaction. C$37.25 per share (approximately US$26), C$9 billion total including debt (C$3.8 billion equity value). La Caisse increases stake from 15% to 30%, Brookfield and partners control 70%. Shareholder vote required. CEO cites equity financing challenges as key driver, with the company needing C$500 million for growth projects across Canada, US, UK and France — privatization provides financing certainty for renewable energy development pipeline. Monitor for shareholder meeting date and proxy filing.
Robinsons Retail Holdings Inc.
RRHI.PS (PH) · Mkt Cap: $740M · EV: $1.1B
Philippine retail operator; largest convenience store chain with grocery, drug store, and department store formats.
NTM P/E: 7.5x · NTM EV/EBITDA: 3.1x
JE Holdings Inc., the Gokongwei family investment vehicle, launched a ₱18.37 billion tender offer to acquire all public shares of Robinsons Retail Holdings Inc. and voluntarily delist the company from the Philippine Stock Exchange. ₱48.30 per share for ~380 million public shares (35.69% float), representing a 23% premium to prior close and ₱18.37 billion total consideration. Delisting requires 95% ownership threshold. Clear exit at substantial premium for minority shareholders in controlled company where Gokongwei family already owns 66.55% through various entities, with fairness opinion supporting valuation above 12-month trading peak. Trading resumes March 30 following suspension. Monitor for tender offer completion timeline and achievement of 95% ownership threshold required for delisting.
Issuer Tenders
YEXT (US) · Last: $4.38 · Mkt Cap: $540M
Digital location platform managing business information across search engines and maps; leader in location data management.
Fwd P/E: 6.3x · EV/Sales: 1.9x · EV/GP: 2.6x (FY2028)
Lead Edge Capital entities filed an amended 13D/A showing collective ownership of approximately 7.9% of Yext’s shares, up from a prior position, following Yext’s completed self-tender that reduced the total share count. Lead Edge’s percentage increased mechanically as Yext repurchased 24.3 million shares in its March 2026 tender offer. Monitor for any activist follow-on steps from Lead Edge given elevated ownership post-buyback.
Previously: CEO withdrew $9.00 per share acquisition proposal; company launched modified Dutch auction tender offer for up to $180M at $5.75-$6.50 per share.
SCHL (US) · Last: $39.09 · Mkt Cap: $962M
Educational publisher and distributor of books, digital content, and classroom materials; leading supplier to U.S. schools.
Fwd P/E: 14.0x · EV/EBITDA: 5.3x · EV/Sales: 0.4x · EV/GP: 0.8x (FY2027)
Scholastic commenced a modified Dutch auction tender offer to purchase up to $200 million of its common stock at prices between $36.00 and $40.00 per share. The offer expires April 20, 2026 at 5:00 p.m. and is not contingent on minimum tender or financing conditions. With shares last trading at $39.09, the stock trades near the top of the tender range, creating potential arbitrage value for shareholders willing to tender at the $40.00 ceiling. Directors and executive officers will not participate in the tender, and if oversubscribed, purchases will be allocated pro rata. Tender offer expires April 20, 2026 at 5:00 p.m.
KDDIY (OTC) · Last: $16.96 · Mkt Cap: $66.9B
Japanese telecommunications operator; second-largest mobile carrier with fixed-line, broadband and ICT services.
EV/EBITDA: 11.5x · EV/Sales: 3.5x · EV/GP: 8.4x (FY2027)
KDDI Corporation announced a comprehensive capital return program including a tender offer for up to ¥350 billion of its own shares and authorization to acquire treasury stock up to ¥400 billion total. The company also resolved to cancel treasury shares exceeding 5% of total issued shares and increased its dividend to ¥80 per share for fiscal year March 2026, marking 24 consecutive years of dividend growth. The program provides immediate shareholder returns through multiple channels while reducing the share float, creating potential for EPS accretion as KDDI completes the final year of its current mid-term management strategy. Monitor for specific tender offer pricing and timeline details in upcoming SEC filings.
HRGV.L (UK) · Mkt Cap: $320M · EV: $327M
Coal mining and civil engineering services; major UK provider of opencast coal extraction and infrastructure solutions.
NTM P/E: 10.1x · NTM EV/EBITDA: 5.5x
Hargreaves Services increased its share buyback tender offer to GBP20 million from a previously announced lower amount. Terms undisclosed. The increased tender size suggests management believes shares trade below intrinsic value, creating potential arbitrage if the tender price exceeds current market levels. Monitor for tender offer circular with pricing details and submission deadline.
Rights Offerings
NXG NextGen Infrastructure Income Fund
NXG (US) · Last: $55.80 · Mkt Cap: $257M · Financial Services / Asset Management - Income
Infrastructure income fund investing in NextGen assets; provides diversified exposure to essential utility and digital infrastructure.
NXG NextGen Infrastructure Income Fund announces transferable rights offering allowing shareholders to purchase one new share for every three rights held. Subscription ratio 1-for-3, pricing at 95% of average market price over five trading days ending on expiration date. Record date April 6, 2026, subscription period ends April 30, 2026. Rights trade on NYSE as NXG RT. Rights offering creates arbitrage opportunity through guaranteed 5% discount to market price while increasing fund assets for new infrastructure investments in current high-yield environment. Success depends on market price stability during subscription period and fund’s ability to deploy incremental capital effectively in infrastructure debt markets. Rights begin trading April 6, 2026. Subscription period closes April 30, 2026.
Restructuring
The Cannabist Company Holdings Inc
CBSTQ (OTC) · Last: $0.04 · Mkt Cap: $15.8M · EV: $438.7M
Cannabis producer and retailer; leading Colorado-based operator with vertically integrated cultivation, manufacturing, and retail dispensaries.
NTM P/E: 0.8x · NTM EV/EBITDA: 21.7x
The Cannabist Company has entered definitive agreements to sell its Ohio cannabis operations to Holistic Industries and Delaware assets to Parma Holdco, plus a non-binding MoU covering remaining operations in Illinois, New Jersey, Colorado, Massachusetts, Maryland and West Virginia. The company initiated proceedings under Canada’s Companies’ Creditors Arrangement Act to facilitate the asset sales and orderly wind-down of operations not subject to sale. The court-supervised process provides breathing room for the distressed cannabis operator to execute its multi-state divestiture strategy while addressing creditor obligations. Deal terms for the Ohio and Delaware transactions were not disclosed, and the company plans to commence chapter 15 proceedings in US bankruptcy court to recognize the Canadian restructuring. Monitor for court approval of the asset sale agreements and finalization of terms for the remaining markets transaction.
ELBM (US) · Last: $0.55 · Mkt Cap: $56M · Basic Materials / Industrial Materials
Producer of battery-grade nickel sulfate; supplies critical EV battery material to global cathode manufacturers.
Fwd P/E: NM · EV/Sales: 3.9x (FY2027)
Electra Battery Materials posted heavy losses in 2025 and flagged going-concern risks in its latest filing. Terms undisclosed. Going-concern warning signals potential distressed restructuring or bankruptcy filing, creating opportunity for credit investors or equity recovery plays depending on capital structure dynamics. Battery materials sector faces overcapacity and margin compression, potentially limiting recovery value even in successful restructuring. Monitor for 10-K filing with detailed going-concern disclosures and potential Ch.11 filing.
DMRC (US) · Last: $4.49 · Mkt Cap: $99M
Digital watermarking and identification solutions provider; enabling product authentication and supply chain visibility globally.
EV/Sales: 1.5x · EV/GP: 2.8x (FY2027)
Digimarc Corporation has proposed a holding company reorganization where it will become a wholly owned subsidiary of newly formed Digimarc Parent, Inc., with shareholders receiving one share of the new holding company for each Digimarc share owned on a 1:1 basis. The reorganization agreement requires shareholder approval at the company’s annual meeting scheduled for April 30, 2026. The restructuring is designed to realize substantial cash savings and maximize shareholder value through operational efficiencies. Shareholder vote scheduled April 30, 2026.
NFE (US) · Last: $0.69 · Mkt Cap: $196M
Liquefied natural gas infrastructure and energy solutions provider; leading developer of small-scale LNG terminals globally.
EV/EBITDA: 30.5x · EV/Sales: 3.8x · EV/GP: 8.2x (FY2027)
New Fortress Energy has executed a restructuring support agreement with lenders to separate its Brazilian operations into an independent standalone entity as part of a broader recapitalization. The Brazilian entity will be owned by a consortium of global institutional investors managing over $20 trillion in assets under management, with the transaction expected to close mid-2026. The restructuring addresses NFE’s capital structure while preserving operational continuity across both the separated Brazilian business and remaining NFE operations. Regulatory approvals remain pending for the separation structure. Monitor for formal court filings on the UK Restructuring Plan and Brazilian regulatory clearances.
AFN.TO (CA) · Last: C$17.74 · Mkt Cap: $241M · Industrials / Agricultural - Machinery
Designer and manufacturer of grain storage and handling equipment; leading provider to agricultural producers worldwide.
Fwd P/E: 4.9x · EV/EBITDA: 5.2x · EV/Sales: 1.0x · EV/GP: 3.9x (FY2027)
AGI is executing an operational restructuring involving wind-down costs related to a failed ERP implementation and other operational changes. The company has restructured its Board of Directors under Chairman Dan Halyk, adding members with restructuring expertise, agriculture sector experience, and shareholder representation. The restructuring represents an effort to refocus on operating fundamentals after operational missteps, with the new board positioned to drive value creation through improved governance and strategic oversight. Q1 2026 earnings will provide the first read on restructuring progress and cost impact.
TLW.L (UK) · Last: 12.50 GBp · Mkt Cap: $246M
Oil and gas explorer and producer; operates assets across Africa, Southeast Asia, and the Caribbean.
Fwd P/E: NM · EV/EBITDA: 8.1x · EV/Sales: 3.7x · EV/GP: 7.6x (FY2027)
Tullow Oil has launched a consent solicitation for $1.29 billion of notes due 2026, having secured creditor backing for the restructuring initiative. Terms of the proposed modification and timeline for the consent process have not been disclosed. The creditor support suggests management has negotiated viable terms that address the 2026 maturity wall while preserving equity value. Execution risk remains if minority bondholders reject the proposal or if operational performance deteriorates before completion. Monitor for consent threshold achievement and formal restructuring terms disclosure.
01129.HK (HK) · Last: HK$0.44 · Mkt Cap: $1.0B · EV: $5.2B
Water treatment and supply services; major operator of municipal water infrastructure in China.
NTM P/E: 7.1x · NTM EV/EBITDA: 9.2x
China Water Affairs Group secured a court order adjourning the winding-up petition hearing to April 29, 2026, buying additional time to resolve outstanding debt obligations. The company is engaged in friendly negotiations with the petitioner regarding repayment of amounts owed and is seeking potential repayment plans with supporting creditors to facilitate withdrawal of the petition. The extended timeline provides opportunity for debt restructuring to avoid liquidation, though the company remains under petition pressure with limited financial flexibility. No winding-up order has been issued to date, leaving the company operational while negotiations continue. Monitor for settlement announcements or petition withdrawal ahead of the April 29 hearing.
BAK (US) · Last: $3.52 · Mkt Cap: $1.4B · Basic Materials / Chemicals
Petrochemical producer of plastics and resins; largest integrated petrochemical company in the Americas.
Fwd P/E: NM · EV/EBITDA: 7.0x · EV/Sales: 0.8x · EV/GP: 10.5x (FY2027)
Braskem’s 2025 audit flagged going-concern risk amid heavy losses, with auditors questioning the company’s ability to continue operations without management intervention. Terms undisclosed. Going-concern qualification creates forced-seller dynamics that typically drive accelerated asset sales or comprehensive restructuring at compressed valuations. Petrochemical downcycle and elevated debt service requirements limit management’s financial flexibility and strategic options. Monitor for quarterly earnings filing and management’s response to audit findings.
TIL (US) · Last: $7.74 · Mkt Cap: $52M · Healthcare / Biotechnology
Instil Bio develops cell and gene therapies for cancer and genetic diseases; focused on ex vivo cell engineering platform.
Fwd P/E: NM · EV/EBITDA: 13.6x · EV/Sales: 8.1x (FY2027)
Instil Bio has ceased all prior R&D activities but is evaluating acquisitions and in-licensing opportunities rather than winding down. Cash is expected to fund operations beyond 2027. The company issued going concern language in prior filings but the March 27 update clarifies it is pursuing a business pivot, not formal liquidation. Monitor for any announced acquisition target or in-licensing deal.
Ta Yang Group Holdings Limited
1991.HK (HK) · Mkt Cap: $12M · EV: $43M
Hong Kong-listed conglomerate operating in real estate, trading, and investment activities; established business presence across Asia.
NTM P/E: 0.6x · NTM EV/EBITDA: 3.7x
Rising Jiarui Investment Management filed a winding-up petition against Ta Yang Group Holdings in Hong Kong High Court for non-payment of HK$50.4 million relating to a HK$40 million 10% convertible bond due July 20, 2026. The court hearing is scheduled for June 10, 2026, with the company opposing the petition while considering applying for a validation order. Any disposition of company property or share transfers after March 19 will be void unless a validation order is obtained, creating severe liquidity constraints for shareholders. HKSCC may suspend CCASS transfers without notice, potentially making shares non-transferable and worthless if the winding-up order is granted. Monitor for validation order application or settlement announcement ahead of the June 10 court hearing.
BUR (US) · Last: $4.12 · Mkt Cap: $903M · Financial Services / Asset Management
Provides litigation finance and dispute resolution funding; leading independent provider globally.
Fwd P/E: 3.1x (FY2027)
The U.S. Second Circuit Court of Appeals reversed a $16 billion YPF judgment that Burford Capital had financed, sending shares down approximately 45%. This is a litigation outcome affecting Burford’s book value and future fee income — the YPF case was one of its largest single investments. Burford has stated it is reviewing options and evaluating further appeal. Monitor for any appeal filing and updated book value disclosure.
Liquidations
STRS (US) · Last: $29.50 · Mkt Cap: $246.1M · EV: $473.4M
Real estate developer focused on master-planned communities; specializes in mixed-use residential and commercial projects.
NTM P/E: 34.8x
Stratus Properties’ Board unanimously approved a plan of complete liquidation and dissolution following the conclusion of its strategic review announced March 11. The company will conduct an orderly sale of all assets and distribute net proceeds to stockholders, with estimated total distributions of $29.73 to $37.69 per share. The liquidation value range represents potential upside of 1% to 28% over the current $29.50 stock price, creating an attractive risk-adjusted return profile assuming asset sales proceed as estimated. The plan requires stockholder approval at a future meeting, with additional details to be provided in a proxy statement filed with the SEC.
ORGN (US) · Last: $3.66 · Mkt Cap: $19M · Basic Materials / Chemicals
Carbon-negative materials company; produces sustainable wood-based alternatives to fossil fuel-derived plastics and chemicals.
Origin Materials reported Q4 2025 results, warning that cash will only fund operations into Q3 2026 absent near-term financing or expense reductions. Terms undisclosed. The company faces a liquidity crisis with limited access to its $90 million convertible debt facility due to stock price decline, potentially forcing strategic alternatives or distressed financing. Commercialization has taken longer than expected, and the company has limited ability to draw on available debt facilities due to stock price performance conditions. Q1 2026 earnings call expected in May for updated cash runway guidance and financing progress. ⚡ Company has explicitly warned that existing cash will only fund planned operations into Q3 2026 absent near-term financing or expense reductions, creating an imminent liquidity deadline.
Spin-Offs
6197.T (JP) · Last: ¥1,114 · Mkt Cap: $632M · Healthcare / Medical - Care Facilities
Provides staffing and facility management services for healthcare and education sectors; major Japanese outsourcing operator.
Fwd P/E: 23.5x · EV/EBITDA: 4.8x · EV/Sales: 0.4x · EV/GP: 2.4x (FY2027)
Solasto Corporation filed an amended legal pre-disclosure document for a corporate split involving subsidiary Solasto Kids Next. Terms undisclosed. Spinoff creates potential value unlock opportunity for shareholders as the company separates its childcare services business from core medical and welfare operations. Monitor for updated filing with specific transaction terms and timeline.
ANAB (US) · Last: $57.42 · Mkt Cap: $1.7B · Healthcare / Biotechnology
Biopharmaceutical company developing monoclonal antibodies and cell therapies; focused on immunology and inflammatory diseases.
Fwd P/E: NM · EV/Sales: 7.1x · EV/GP: 7.2x (FY2027)
AnaptysBio is spinning off First Tracks Biotherapeutics to shareholders with an April 20, 2026 execution date. Distribution ratio not disclosed. The board approved a concurrent $100 million share repurchase program. Spinoff creates two focused entities while immediate share repurchase provides capital return and potential support for post-distribution trading. Distribution effective April 20, 2026.
APTV (US) · Last: $70.63 · Mkt Cap: $15.1B · EV: $23.0B · Consumer Cyclical / Auto - Parts
Supplier of electrical architecture and software platforms for vehicle connectivity and autonomous driving; leader in automotive technology solutions.
Fwd P/E: 7.6x · EV/EBITDA: 7.6x · EV/Sales: 1.0x · EV/GP: 5.4x (FY2027)
Aptiv’s board approved the spin-off of its Versigent business unit as a separate publicly traded company. The record date of March 17, 2026 has passed — distribution is imminent. Distribution terms and ex-dividend date have not yet been disclosed. Monitor for distribution ratio announcement and Versigent listing details.
ABF.L (UK) · Last: 1,809.50 GBp · Mkt Cap: $17.1B · Consumer Defensive / Packaged Foods
Multinational retailer and food manufacturer; operates Primark stores and owns brands like Twinings and Dorset Cereals.
Fwd P/E: NM · EV/EBITDA: 6.0x · EV/Sales: 0.9x · EV/GP: 3.8x (FY2027)
Associated British Foods is reviewing a potential spin-off of its Primark retail division following the appointment of a new permanent chief executive for the clothing retailer. The company has not disclosed terms, timeline, or confirmed whether the structural separation will proceed beyond the current evaluation phase. The review reflects potential to unlock value by separating pure-play retail operations from the diversified food and ingredients conglomerate structure. Monitor for formal spin-off announcement or strategic review update in upcoming quarterly filings.
7741.T (JP) · Last: ¥28,235 · Mkt Cap: $60.0B · Healthcare / Medical - Instruments & Supplies
Manufacturer of optical lenses and medical devices; global leader in vision care and healthcare solutions.
Fwd P/E: 35.7x · EV/EBITDA: 14.3x · EV/Sales: 5.3x · EV/GP: 6.6x (FY2027)
HOYA Corporation filed additional statutory pre-disclosure documents related to a company split involving HOYA Eye Care Retailing LLC. The filing represents supplementary regulatory documentation for an ongoing corporate restructuring of the company’s eye care retail operations. The additional disclosure suggests the spinoff process is advancing through required regulatory steps in Japan. Monitor for further company split documentation and transaction timeline details.
HEXA.ST (SE) · Last: SEK 400 · Mkt Cap: $65.6B
Provider of digital solutions and industrial software; leading platform for design, measurement, and visualization across manufacturing and infrastructure sectors.
Fwd P/E: 9.4x · EV/EBITDA: 5.4x · EV/Sales: 2.8x · EV/GP: 5.4x (FY2027)
Hexagon will propose at its April 24 AGM a spin-off distribution of Octave Intelligence plc shares to existing shareholders at a 10:1 ratio. Octave Class B shares are expected to list on Nasdaq New York with Swedish Depositary Receipts trading on Nasdaq Stockholm for approximately two years, with record date set for May 22 and first New York trading beginning May 28. The structure creates a pure-play intelligence software entity while maintaining dual-market access for Nordic investors through the SDR program. The Stockholm listing faces potential termination after two years based on liquidity conditions, creating uncertainty around long-term Nordic market access. AGM vote scheduled April 24 — approval needed for distribution to proceed on outlined timeline.
FDX (US) · Last: $353.88 · Mkt Cap: $84.4B
Global courier and logistics company; operates largest integrated express delivery network worldwide.
Fwd P/E: 16.0x · EV/EBITDA: 7.3x · EV/Sales: 0.9x · EV/GP: 4.0x (FY2027)
FedEx is spinning off FedEx Freight as an independent company on June 1, separating its less-than-truckload business from the parent company. FedEx Freight reported Q3 adjusted operating profit of $134 million, down from $261 million year-over-year, with revenues declining to $1.99 billion from $2.09 billion as shipments per day fell nearly 6%. The spinoff creates a pure-play LTL investment opportunity, with management focusing on yield growth and pricing discipline to improve margins despite ongoing volume weakness in the broader LTL market. Management expects continued volume declines of around 5% in the final quarter before separation, with revenues flat to down slightly. Spinoff completion scheduled for June 1.
HON (US) · Last: $223.91 · Mkt Cap: $142.3B · Industrials / Conglomerates
Diversified aerospace, building controls, and performance materials manufacturer; Fortune 500 industrial conglomerate with global scale.
Fwd P/E: 19.2x · EV/EBITDA: 14.5x · EV/Sales: 3.5x · EV/GP: 9.5x (FY2027)
Honeywell plans to spin off its aerospace business as a standalone public company, with a Form 10 registration statement filed in March 2026. The separation is scheduled for completion in Q3 2026. The SpinCo covers defense, commercial aviation, and space segments. Monitor for distribution ratio and SpinCo ticker announcement.
VEDL.NS (IN) · Last: 645.75 INR · Mkt Cap: $29.9B · EV: $41.9B · Basic Materials / Industrial Materials
Indian diversified natural resources company; operates mining, oil & gas, aluminum, steel, and power businesses globally.
NTM P/E: 9.4x · NTM EV/EBITDA: 5.3x
Vedanta Limited is proceeding with a 1:5 demerger plan to separate into five listed companies: Vedanta Aluminum, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel, while the parent retains Hindustan Zinc. Shareholders will receive one share in each of the four new companies for every share held in the original entity. The restructuring aims to unlock value by giving each business unit independent leadership and dedicated growth strategies. Shares declined 5% to ₹638 amid broader market weakness, testing key support levels near ₹637. The company board meets to approve its third interim dividend with record date March 28.
NATCO.NS (IN) · Last: ₹3,968 · Mkt Cap: $2.1B · EV: $1.7B
Generic pharmaceutical manufacturer; leading Indian producer of affordable drugs for domestic and global markets.
NTM P/E: 20.5x · NTM EV/EBITDA: 15.9x
Natco Pharma’s board approved a scheme of arrangement to demerge its agrochemicals business into wholly-owned subsidiary Natco Crop Health Sciences Ltd, with shareholders receiving one share of the resulting company for every one share of Natco Pharma held. The demerger has an appointed date of October 1, 2026, and requires approvals from shareholders, creditors, and the National Company Law Tribunal before the resulting company can apply for stock exchange listing. The spinoff creates pure-play investment exposure to both the core pharmaceutical business and the smaller agrochemicals division, which generated ₹60.62 crore turnover (1.48% of total company revenue) in FY2025. The agrochemicals business focuses on pesticides, insecticides, herbicides and bio stimulants, providing diversified exposure away from Natco’s main generic drug operations. Monitor for shareholder and regulatory approval timelines ahead of the October 2026 implementation date.
01171.HK (HK)
Chinese coal producer and power generator; one of China’s largest integrated energy companies.
Yankuang Energy’s board approved spinning off subsidiary Wubotech for independent listing on Hong Kong Stock Exchange Main Board. New H shares will represent up to 25% of expanded share capital with potential 15% over-allotment option. Final structure and share count to be determined pending regulatory approvals. Spinoff enables focused business strategies for both entities while creating independent financing platform for Wubotech operations. Monitor for regulatory filing submissions and IPO prospectus publication.
New SpinCos
JAN (US) · Last: $23.83 · Mkt Cap: $4.3B · Real Estate / Healthcare REITs · EV: $4.4B
Pure-play senior housing REIT managing a 34-community, 10,422-unit portfolio spun off from Healthpeak Properties
Janus Living completed its IPO, raising $878 million net proceeds from 48.3 million Class A-1 shares at $20 per share after underwriters exercised their full over-allotment option. The senior housing REIT spun off from Healthpeak Properties began trading on NYSE under ticker JAN on Friday. The spinco provides pure-play exposure to senior housing with immediate capital for acquisitions, as Healthpeak had $360 million in senior living investments under letters of intent as of February. Janus plans to use proceeds for acquisition opportunities and general corporate purposes, with Orlando and Atlanta portfolio acquisitions expected to close in Q1.
Capital Returns
SIGA (US) · Last: $5.30 · Mkt Cap: $380M · Healthcare / Drug Manufacturers - Specialty & Generic
Develops smallpox antiviral treatments and vaccines; sole approved smallpox therapeutic in the U.S.
Fwd P/E: 3.6x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2027)
SIGA Technologies declared a special cash dividend of $0.60 per share, returning surplus cash to shareholders. Special dividend of $0.60 per share. Ex-dividend and payment dates not disclosed. Management signals confidence in cash position while acknowledging this as occasional capital return rather than recurring dividend policy, continuing the pattern from a similar $0.60 special dividend paid in April 2025. Monitor for ex-dividend date announcement and any guidance on future special dividend frequency.
NOAH (US) · Last: $11.28 · Mkt Cap: $753M
Wealth and asset management platform serving high-net-worth individuals in China; leading independent wealth manager.
Noah Holdings’ Board approved a dividend proposal totaling 100% of 2025 non-GAAP net income, split equally between regular and special dividend components. The proposal requires shareholder approval at the 2026 AGM and would mark the third consecutive year of full payout, with management indicating an approximately 11% dividend yield at current market prices. Combined with RMB 50 million in completed share repurchases during 2025, total cash return yield reaches approximately 12%. The high yield reflects the company’s transition toward a more investment-driven business model with improved earnings quality and margin resilience. Monitor for 2026 AGM date announcement and shareholder vote on dividend approval.
Delistings
NUMI.TO (CA) · Last: C$24.82 · Mkt Cap: $77M
Psychedelic-assisted therapy clinic operator; pioneering clinical and wellness services in regulated psychedelic medicine.
Fwd P/E: 5.0x · EV/Sales: 0.2x · EV/GP: 0.7x (FY2027)
The Toronto Stock Exchange Continued Listing Committee determined to delist Numinus Wellness common shares effective April 22, 2026. The company has filed an application to list on the Canadian Securities Exchange, though this requires revocation of the existing cease trade order and meeting CSE listing requirements. Shares remain non-tradable in Canada due to the CTO, so the TSX delisting does not change current trading status. The delisting aligns with shareholder authorization granted at the August 28, 2025 annual meeting for voluntary delisting if deemed in the company’s best interests. Next catalyst is potential CTO revocation, which would enable CSE listing consideration.
SOHO (US) · Last: $2.25 · Mkt Cap: $46M · Real Estate / REIT - Hotel & Motel
Operates upscale and extended-stay hotels; focuses on premium select-service properties in North American markets.
EV/EBITDA: 10.6x · EV/Sales: 1.8x · EV/GP: 7.1x (FY2027)
Sotherly Hotels announced voluntary delisting of its three preferred stock series from Nasdaq following a merger that closed February 12, 2026, where KW Kingfisher LLC acquired all common stock and over 80% of preferred stockholders converted to cash. Terms undisclosed. Remaining preferred stockholders face liquidity deterioration as shares transition to OTC markets after majority of holders took cash conversion in completed merger. Form 25 filing April 7 — last Nasdaq trading day expected April 17. ⚡ Form 25 filing deadline is April 7, 2026, triggering final delisting process with last Nasdaq trading day around April 17, 2026.
Methodology
This digest screens regulatory filings, newswires, earnings transcripts, insider transaction databases, and news alerts across global exchanges daily. Market data and forward consensus estimates are sourced from Financial Modeling Prep and verified against exchange feeds. The final digest reflects editorial judgment applied to algorithmically surfaced candidates; inclusion does not constitute a recommendation.