Special Situations Digest #9 [April 5, 2026]

257 situations · Activists, M&A, spin-offs, restructurings & more · 20+ markets

Special Situations Digest

Hi Special Sits Digest readers,

Welcome to the 9th edition of our weekly Special Situations Digest.

I continue to work on making this product better every single run. This week, lots of new sources (hence a lot more ideas!) and better accuracy/quality filtering.

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Activist Campaigns

Vivos Therapeutics, Inc. · VVOS (US) · $8M · EV: $17M

Developer of mandibular advancement devices for sleep apnea treatment; non-invasive alternative to CPAP therapy.

Michael C. Skaff through SP Manager LLC disclosed a 19.9% stake in Vivos Therapeutics via a March 31 private financing that included shares at $1.34 and warrants at $1.09. V-Co Investors 3 purchased 1.35 million shares at $1.34, received Series A and B warrants for up to 1.78 million shares each at $1.09, plus pre-funded warrants for 430,000 shares at $0.0001. Structure includes 19.99% ownership blocker. Skaff explicitly plans to engage management on performance, strategy, operations, and governance, creating catalyst potential for operational improvements or strategic alternatives at the struggling medical device company. Monitor for additional 13D amendments or company announcements regarding strategic initiatives following management discussions.

EV/Sales: 0.3x · EV/GP: 0.5x (FY2027)

Medipharm Labs Corp · LABS.TO (CA) · $20M · EV: $9M

Cannabis producer and processor; licensed operator providing dried flower, oils, and extracts to Canadian medical and recreational markets.

Medipharm Labs Corp faces an ongoing proxy contest with an unidentified activist investor, disclosing related costs during its 2025 earnings call. Terms undisclosed. Cannabis extraction company trading at depressed valuation despite operational improvements — gross profit up 31% and adjusted operating expenses down 14% — creating potential catalyst for activist-driven value realization through strategic review or cost optimization. Cannabis sector remains under regulatory and financing pressure, limiting strategic options and potential acquirer appetite. Monitor for proxy circular filing on SEDAR+ disclosing activist identity and specific proposals.

Fwd P/E: NM · EV/Sales: 0.2x · EV/GP: 0.6x (FY2026)

Phunware, Inc. · PHUN (US) · $37M

Develops mobile cloud platform and app development tools; serves enterprise clients across retail, hospitality, and media sectors.

Goldenwise Capital Group and affiliated entities led by Huakun Ding have increased their stake in Phunware to 6.1% (1,233,811 shares) for approximately $2.35 million. Acquisition valued at approximately $2.35 million for 1,233,811 shares representing 6.1% ownership. Activist investor group intends to engage with board and management on governance, capital allocation, strategic direction, and overall performance, creating potential catalyst for strategic changes at the mobile technology platform company. Monitor for additional 13D/A amendments or proxy materials as activist engagement develops.

Previously: Goldenwise had built a 5.5% stake seeking board representation in early-stage activist position.

Kezar Life Sciences, Inc. · KZR (US) · $54M

Kezar develops small-molecule therapeutics for autoimmune and inflammatory diseases; early-stage clinical-stage biotech company.

Tang Capital Management filed an amended 13D/A disclosing a 9.0% stake in Kezar Life Sciences comprising 664,314 shares across affiliated entities. Terms undisclosed. Tang Capital’s 9% position in a cash-burning biotech conducting strategic review creates potential for activist pressure to accelerate sale process or maximize liquidation value given the company’s 12-month cash runway. Monitor for strategic review updates or potential counterparty disclosure.

Previously: Company conducted strategic review while reporting narrowed 2025 net loss with 12+ months cash runway.

PhenixFIN Corp · PFX (US) · $77M · EV: $237M

PhenixFIN Corporation is a business development company. The firm seeks to invest in privately negotiated debt and equity securities of small and middle market companies.

David Lorber filed an amended 13D disclosing he now beneficially owns 206,511 shares (10.3%) of PhenixFIN Corp following an in-kind distribution from FrontFour Master Fund. The Master Fund distributed its entire 81,662 share position to investors pro rata on March 31, 2026, with Lorber receiving 56,537 shares as an investor in the fund. Lorber maintains substantial influence with a 10.3% stake despite the fund’s distribution restructuring his ownership mechanism, preserving activist leverage at a small-cap alternative asset manager. Monitor for proxy filing ahead of 2026 annual meeting or further activist developments.

Fwd P/E: 18.1x (FY2027)

M&C Saatchi PLC · SAA.L (UK) · $181M · EV: $313M

Global advertising and marketing communications agency; independent creative firm serving major multinational clients.

Harwood Capital LLP increased its stake in M&C Saatchi PLC to 6.001% from 5.072%, crossing the 6% threshold on March 31. The position consists of 7.3 million voting rights held across two entities: Rockwood Strategic Plc (7.1 million direct shares) and Harwood Capital LLP (200,000 direct shares). Harwood’s stake increase reinforces its position as the lead activist pushing for breakup of the advertising group through piecemeal asset sales, with management already in flux following the CEO’s recent departure. Monitor for further activist pressure or management response to Harwood’s breakup proposals.

Fwd P/E: NM · EV/EBITDA: 10.8x · EV/Sales: 1.1x · EV/GP: 1.8x (FY2027)

Previously: Harwood Capital was pushing the board to break up the company through piecemeal sales, with the stock down 30% and a £50 million takeover offer pending for its media business.

OraSure Technologies, Inc. · OSUR (US) · $213M · EV: $191M

Develops rapid diagnostic tests and oral fluid collection devices; leader in point-of-care testing solutions.

OraSure Technologies released a defense presentation responding to Altai Capital’s proxy contest to replace two independent directors on the board. Terms undisclosed. Management’s defense highlights expected operating cash flow breakeven in 1H 2026 and near-term product launches including Colli-Pee urine collection device (~$0.5bn TAM) and Sherlock CT/NG molecular self-test (~$1.5bn TAM), positioning the company for value inflection over the next 6-12 months versus activist demands for strategic review. Public health funding environment remains unstable post-2025 disruption, and new product commercialization timelines face execution risk with FDA review still underway. Monitor for 2026 annual meeting date and proxy voting deadline.

Fwd P/E: NM · EV/Sales: 1.5x · EV/GP: 3.6x (FY2027)

Previously: Altai Capital launched activist campaign demanding board seats and strategic review including potential sale.

Ag Growth International Inc. · AFN.TO (CA) · $255M · EV: $1.0B

Designer and manufacturer of grain storage and handling equipment; leading provider to agricultural producers worldwide.

Tim Close and Plantro Ltd., collectively owning nearly 10% of AGI shares, are demanding immediate board changes and appointment of two new directors to oversee a strategic review and sales process of the entire company. The activists seek appointment of Tim Close and Neil Desai as directors and demand the board schedule the 2026 annual meeting to include their nominees for election. Activist campaign by substantial shareholders creates potential takeout catalyst for a company trading at significant discount to historical acquisition interest, though execution depends on board cooperation and buyer appetite for distressed industrial assets. Company faces operational headwinds including 38% EBITDA decline year-over-year, recent CFO departure, absence of permanent CEO, and prior regulatory cease-trade order that may deter strategic buyers. Monitor for board response to activist demands and scheduling of 2026 annual meeting.

Fwd P/E: 7.6x · EV/EBITDA: 4.1x · EV/Sales: 0.7x · EV/GP: 3.0x (FY2027)

Previously: Plantro (~5% stake) called for formal sale process following CEO departure and operational challenges.

Rapid7, Inc. · RPD (US) · $354M · EV: $1.8B

Cybersecurity software for vulnerability management and threat detection; leading cloud-based platform provider.

JANA Partners settled its campaign against Rapid7 through a nomination and support agreement executed March 26, granting the activist board representation and expanded ownership rights. JANA retains its 10.3% stake (6.76 million shares) and gains permission to acquire up to 19.9% ownership. The company will nominate JANA’s Kevin Galligan to the board at the 2026 annual meeting. Settlement provides JANA with meaningful board influence and potential runway to nearly double its position, suggesting continued pressure for strategic alternatives at the cybersecurity software company. Monitor for 2026 annual meeting date and Galligan’s formal nomination to the board.

Fwd P/E: 3.4x · EV/EBITDA: 5.5x · EV/Sales: 2.1x · EV/GP: 3.0x (FY2027)

Previously: JANA was urging Rapid7 to consider a sale as part of broader activist pressure on cybersecurity firms.

PayPoint plc · PAY.L (UK) · $475M · EV: $749M

Payment services and retail point-of-sale networks; leading UK cash and payments distributor.

Asteriscos Patrimonial SLU increased its stake in PayPoint to 33.11% from 32.00%, crossing the threshold on March 31. The Spanish entity now holds 20,123,071 voting rights representing 33.107228% of the company. Asteriscos has built a significant blocking minority position that could influence major corporate decisions requiring supermajority approval, including takeover defenses and capital structure changes. Monitor for further stake building above 40% or strategic announcements from Asteriscos regarding its intentions.

Fwd P/E: NM · EV/EBITDA: 12.2x · EV/Sales: 3.5x · EV/GP: 8.0x (FY2028)

First Foundation Inc. · FFWM (US) · $489M · EV: $487M

First Foundation Inc., through its subsidiaries, provides personal banking, business banking, and private wealth management services in the United States.

Canyon Partners filed Amendment No. 1 to its Schedule 13D for First Foundation on April 1, 2026. Terms undisclosed. Activist filing by established credit-focused investment firm with history of pushing for strategic changes could drive value realization at the regional bank holding company. Monitor for complete 13D filing disclosure revealing stake size and investment thesis.

Fwd P/E: 19.7x (FY2027)

Auction Technology Group PLC · ATG.L (UK) · $536M · EV: $760M

Online marketplace and auction technology platform; provides software connecting buyers and sellers across arts, antiques, industrial, and surplus sectors.

FitzWalter Capital Limited increased its stake in Auction Technology Group from 25.34% to 26.03%, now holding 31.5 million shares through indirect holdings across multiple subsidiary entities. FitzWalter crossed the threshold on March 27 with 26.030638% voting rights (31,525,295 shares) held entirely through indirect positions. Continued accumulation by FitzWalter strengthens its position following rejected takeover proposals, potentially building leverage for future bids or strategic influence over management decisions. Monitor for crossing 30% threshold which would trigger mandatory offer requirements under UK Takeover Code.

Fwd P/E: NM · EV/EBITDA: 12.4x · EV/Sales: 3.9x · EV/GP: 8.6x (FY2027)

Previously: FitzWalter had proposed acquiring remaining stake at £4.00 per share but offers were rejected by ATG’s board.

Bow Street Group PLC · BOW.L (UK) · $17M · EV: $15M

UK restaurant and hospitality operator; formerly Tasty plc, operating casual dining venues across Britain.

First Equity Limited crossed the 10% ownership threshold in Bow Street Group PLC, increasing its stake to 11.055722% (250 million shares) from a previous 9.950150% position. First Equity now holds 250 million shares representing 11.055722% of voting rights, up from 9.950150% previously. The threshold crossing above 10% may signal strategic interest in Bow Street Group, with First Equity now holding a significant blocking position that could influence corporate actions or board decisions. Monitor for additional stake increases above 15% or 13D filing revealing activist intentions.

Fwd P/E: 9.3x · EV/EBITDA: 3.3x · EV/Sales: 0.6x · EV/GP: 1.6x (FY2027)

EagleBank · EGBN (US) · $780M · EV: $783M

Community bank providing retail and commercial banking services; operates primarily in the Mid-Atlantic region.

EagleBank rejected Diligence Capital Management’s three board nominees and four proposals, claiming the activist’s notice violated amended bylaws and that Diligence lacks shareholder-of-record status. Diligence holds 27,500 shares (less than 0.1% stake). Eagle countered by nominating Trevor Montano (West Potomac Capital founder, former Treasury CIO) to its own board slate. Troubled Maryland lender with consecutive quarterly losses faces governance catalyst as activist pushes turnaround agenda despite minimal stake, creating potential for outsized influence if proxy mechanics favor change. Diligence’s sub-0.1% stake limits influence, while Eagle’s bylaw defense may preclude activist nominees from ballot entirely, forcing costly litigation that Diligence CEO Abbott indicated reluctance to pursue. Shareholder meeting May 14 will determine board composition, with Eagle’s proxy cards excluding Diligence nominees unless court intervention occurs.

Fwd P/E: 9.7x (FY2027)

Previously: Diligence launched board campaign proposing three turnaround directors to replace chairman at the loss-making lender, with Eagle formally rejecting nominations citing bylaw violations.

Whitestone REIT · WSR (US) · $852M · EV: $1.3B

Real estate investment trust owning neighborhood shopping centers; focuses on essential retail properties.

Former Chairman and CEO James C. Mastandrea filed a preliminary proxy statement nominating a slate of candidates for election to Whitestone REIT’s board at the 2026 Annual Meeting. Terms undisclosed. Proxy contest by a significant shareholder who previously led the company could unlock value through strategic alternatives, as Mastandrea cites prolonged share price underperformance and claims the board has disregarded multiple acquisition offers from credible buyers. Monitor for definitive proxy statement filing and announcement of annual meeting date.

Fwd P/E: 36.0x · EV/EBITDA: 8.7x · EV/Sales: 7.6x · EV/GP: 11.0x (FY2027)

Evotec SE · EVO.DE (DE) · $883M · EV: $1.6B

Drug discovery and development platform company; enables pharma clients to accelerate therapeutic programs through integrated services.

Michael A. Kaufman through MAK Capital Fund LP disclosed a 7.0% stake in Evotec SE and launched an activist campaign demanding governance changes and a potential spin-off of the Just-Evotec Biologics US subsidiary. Terms undisclosed. Concentrated activist with strong track record targets underperforming biotech platform for board refresh and value-unlocking IPO spin-off of US biologics unit, creating sum-of-parts upside if management capitulates. Management has not committed to any actions following initial discussions, and Evotec’s complex multi-platform structure may resist easy value extraction through spin-offs. Monitor for Evotec’s response to board nomination demand and spin-off proposal, plus any follow-up 13D amendments detailing escalation tactics.

Fwd P/E: NM · EV/EBITDA: 16.4x · EV/Sales: 1.8x · EV/GP: 12.4x (FY2027)

Impax Environmental Markets PLC · IEM.L (UK) · $1.0B · EV: $1.2B

Investment company focused on environmental and sustainability themes; manager of dedicated green capital funds.

Jefferies Financial Group disclosed a 4.32% stake in Impax Environmental Markets, down from 7.278% previously held. Current position comprises 0.155% direct shares and 4.165% through financial instruments including stock loan/repo arrangements and cash-settled swaps expiring May-June 2026. Jefferies’ reduced but still substantial position adds another institutional voice to the ongoing proxy contest between management and Saba Capital, potentially influencing the outcome of the exit tender offer requiring >50% approval. Monitor tender offer deadline April 17, 2026 and shareholder approval threshold.

Previously: planned continuation tender offer failed after Saba Capital blocked it, prompting management to launch new exit tender allowing shareholders to sell up to 100% at close to NAV.

Genco Shipping & Trading Limited · GNK (US) · $1.0B · EV: $944M

Operator of dry bulk cargo ships; provides maritime transportation services for commodities globally.

Diana Shipping launched a proxy fight against Genco Shipping & Trading Limited to replace the board with handpicked nominees after Genco’s board rejected Diana’s $23.50 per share acquisition proposal. Diana previously offered $23.50 per share (31% premium) with $1.433 billion committed financing and a Star Bulk agreement to purchase 16 Genco vessels for $470.5 million to address antitrust concerns. Proxy contest creates path for control change at potential discount, with Genco highlighting 213% five-year total returns versus Diana’s 37% and board arguing offer undervalues company relative to $25.1 mean analyst NAV. Diana’s 14.8% stake may not guarantee proxy success, and drybulk shipping remains cyclical with potential fleet oversupply pressures. Monitor for Genco’s 2026 annual meeting date announcement and proxy statement filing deadlines.

Fwd P/E: 14.7x · EV/EBITDA: 8.5x · EV/Sales: 2.9x · EV/GP: 21.3x (FY2027)

Previously: Diana increased hostile bid to $23.50 per share after initial $20.60 rejection, with board announcing proxy contest following second rejection on March 20.

Tokyo Steel Manufacturing Co., Ltd. · 5423.T (JP) · $1.2B · EV: $934M

Tokyo Steel Manufacturing Co., Ltd. manufactures and sells various steel products in Japan.

Hong Kong activist investor Oasis Management disclosed a 6.25% stake in Tokyo Steel Manufacturing Co., Ltd. through a filing with Japan’s Kanto Finance Bureau. Stake valued at approximately ¥13.1 billion based on April 2nd closing price, representing 6.25% of outstanding shares. Cash-rich electric arc furnace steelmaker holds ¥90 billion cash and securities against ¥210 billion market cap, creating significant capital allocation opportunity while founding family members control 35% and may seek exit. Monitor for Oasis’s formal shareholder proposals at the next annual meeting, typically held in June for Japanese fiscal year-end companies.

Fwd P/E: 24.4x · EV/EBITDA: 3.5x · EV/Sales: 0.5x · EV/GP: 2.9x (FY2028)

Precigen, Inc. · PGEN (US) · $1.2B · EV: $1.2B

Precigen develops precision gene editing and cell therapy technologies; focused on oncology and regenerative medicine applications.

Randal J. Kirk filed Amendment No. 22 to Schedule 13D, disclosing beneficial ownership of 35.9% of Precigen shares. Kirk’s 133,956,416 shares include 988,659 fully vested options and 16,666,667 fully vested warrants exercisable at his discretion. Kirk controls over one-third of the biotech’s equity with significant warrant position that creates potential dilution overhang for other shareholders if exercised. Monitor for warrant exercise timing or further position changes in subsequent 13D amendments.

Fwd P/E: 26.3x · EV/Sales: 6.0x · EV/GP: 16.1x (FY2027)

BlackRock ESG Capital Allocation Term Trust · ECAT (US) · $1.4B · EV: $1.6B

Closed-end fund providing diversified equity exposure with ESG-focused capital allocation; BlackRock’s specialized investment vehicle.

Saba Capital Management has nominated a slate of trustees for BlackRock ESG Capital Allocation Term Trust’s board in a proxy contest targeting the Fund’s discount to net asset value. Terms undisclosed. Closed-end fund trades at a persistent discount to NAV, creating arbitrage opportunity if activist succeeds in forcing NAV-closing measures like tender offers or conversion to open-end structure. Annual shareholder meeting June 9, 2026.

Driven Brands Holdings · DRVN (US) · $2.1B

Operates car wash and automotive services franchises; leading platform consolidating fragmented U.S. vehicle care market.

ADW Capital Management escalated its activist campaign against Driven Brands Holdings with an open letter on March 26 urging the board and controlling shareholder Roark Capital Group to launch an immediate strategic review. Terms undisclosed. The activist targets a multi-brand auto services platform trading at 8.2x forward P/E despite market-leading position, with ADW valuing shares above $30 versus current levels — mispricing driven by execution failures, delayed SEC filings, and governance concerns under Roark Capital’s control. Roark Capital’s controlling stake may block any forced strategic process, while ongoing class action litigation over financial reporting and the company’s inability to file its 10-K on time raise questions about data quality and internal controls. Monitor for board response to strategic review demand and 10-K filing timeline.

Fwd P/E: 7.9x · EV/EBITDA: 49.8x · EV/Sales: 2.9x · EV/GP: 5.5x (FY2027)

Previously: ADW Capital initiated campaign urging strategic review and potential sale, with shares rising 1.6% after-hours on the announcement.

Casio Computer Co., Ltd. · 6952.T (JP) · $2.2B · EV: $1.6B

Manufacturer of calculators, digital watches, keyboards, and consumer electronics; pioneer in affordable electronic devices.

3D Investment Partners disclosed a 5% stake in Casio Computer through a regulatory filing submitted April 2, listing purposes including pure investment, management advice, and important proposals. Terms undisclosed. The Singapore-based activist has a track record of demanding spinoffs at Japanese companies including forcing Sapporo Holdings to consider real estate division separation, presenting potential catalyst for unlocking value at the underperforming electronics maker. Previous activist Oasis Management exited its position earlier this year after failing to drive meaningful changes, suggesting management resistance to shareholder pressure. Monitor for 13D filing or shareholder proposal disclosure detailing 3D’s specific demands.

Fwd P/E: 16.5x · EV/EBITDA: 8.2x · EV/Sales: 0.9x · EV/GP: 2.2x (FY2028)

Previously: Oasis Management had sold nearly all of its 5.19% Casio stake, reducing holdings to 0.01% as activist campaign failed to gain traction.

Teleflex Incorporated · TFX (US) · $5.2B · EV: $7.8B

Medical device manufacturer; global leader in vascular access, respiratory care, and surgical instruments.

Teleflex issued a formal response rejecting Irenic Capital Management’s ultimatum to announce a strategic alternatives process within one week, denying the activist’s characterizations of board discussions and claims about rebuffing potential acquirers. Terms undisclosed. Irenic’s 2% stake and one-week ultimatum creates compressed timeline forcing board action, with activist claiming confirmed acquisition interest in RemainCo while management pivots to $1.8 billion asset sale program as alternative to full strategic review. Management’s defensive posture and rejection of activist demands reduces likelihood of immediate strategic alternatives process, requiring Irenic to execute public campaign and build broader institutional support to pressure board. Irenic’s one-week ultimatum expires April 3, 2026, triggering promised public campaign if Teleflex maintains refusal to announce strategic review.

Fwd P/E: 11.6x · EV/EBITDA: 14.5x · EV/Sales: 3.2x · EV/GP: 5.8x (FY2027)

WEX Inc. · WEX (US) · $5.3B · EV: $9.2B

Provides payment and expense management solutions for fleet, corporate and healthcare sectors; leading fuel and payment card issuer.

Impactive Capital LP filed an amended 13D disclosing a 4.9% stake in WEX Inc. and disclosed filing a preliminary proxy statement for the 2026 annual meeting. Impactive holds 1,707,253 shares purchased for approximately $271 million. The activist withdrew its nomination of Kenneth Cornick after WEX reduced board size from ten to nine directors. Board composition change creates potential pathway for Impactive to secure representation without full proxy contest, reducing shareholder friction while maintaining activist pressure on underperforming management. WEX’s proactive board reduction may have diluted Impactive’s influence, and the activist’s reduced stake (from 6.4% to 4.9%) suggests weaker conviction or capital constraints. Monitor for WEX’s 2026 annual meeting date announcement and Impactive’s definitive proxy filing.

Fwd P/E: 7.9x · EV/EBITDA: 6.6x · EV/Sales: 3.2x · EV/GP: 5.9x (FY2027)

Previously: Impactive held 6.4% and nominated four director candidates, launching proxy contest citing WEX’s underperformance versus Corpay and governance concerns.

Snap Inc. · SNAP (US) · $7.6B · EV: $17.5B

Developer of Snapchat messaging app; leader in visual communication platform for Gen Z users.

Activist investor Irenic has disclosed an economic interest in about 2.5% of Snap’s Class A shares and launched a campaign targeting improvements in AI capabilities, cost structure, and capital allocation. Irenic holds approximately 2.5% economic interest in Class A shares. The firm values Snap at least $26.37 per share versus current trading near $4.52. Campaign targets a company trading at 85% discount to activist’s fair value estimate, with potential catalysts including AI monetization improvements, cost optimization, and enhanced buyback programs across a platform with substantial user base and growing subscription revenue. Monitor for formal presentation of value creation plan and management’s response to activist demands.

Fwd P/E: NM · EV/Sales: 2.4x · EV/GP: 4.3x (FY2027)

Norwegian Cruise Line Holdings · NCLH (US) · $8.3B

Operates cruise ships serving leisure travelers; major global cruise operator with diverse brands and itineraries.

Elliott Investment Management escalated its campaign against Norwegian Cruise Line Holdings by securing board changes and the appointment of five new directors with expertise from airlines, theme parks, private equity and technology. Terms undisclosed. Elliott’s board refresh targets operational efficiency and guest experience improvements at a struggling cruise operator facing rising fuel costs and weakened 2026 outlook, with new leadership bringing cross-industry expertise to drive value creation. Rising fuel costs from geopolitical uncertainties and consumer discretionary spending pressure amid higher living expenses threaten profit recovery even with operational improvements. Monitor for proxy filing details and additional board composition announcements.

Fwd P/E: 6.9x · EV/Sales: 2.2x · EV/GP: 6.8x (FY2027)

Previously: Elliott built a stake and approached former Royal Caribbean executive Adam Goldstein as potential board nominee while pushing for operational changes.

Mitsui O.S.K. Lines Ltd. · 9104.T (JP) · $14.0B · EV: $22.0B

Global maritime shipping and logistics company; one of world’s largest container and bulk carrier operators.

Mitsui O.S.K. Lines announced a 2030 management plan targeting ¥170 billion in basic operating cash flow from stable businesses by 2025, up from ¥60 billion, while Elliott Management maintains its campaign for real estate subsidiary Daibiru re-listing. Terms undisclosed. Elliott’s activism against a 0.9x P/B shipping giant with undervalued fleet and real estate assets creates pressure for capital allocation optimization, while management’s alternative strategy of organic real estate expansion sets up competing value creation paths. Management’s plan to retain and expand real estate operations internally directly conflicts with Elliott’s spin-off proposal, potentially prolonging the activist standoff without immediate value realization. Monitor for Elliott’s next public response to the management plan or potential proxy campaign announcement ahead of the annual shareholder meeting.

Kao Corporation · 4452.T (JP) · $17.5B · EV: $17.6B

Manufacturer of consumer products in cosmetics, hygiene, and chemicals; leading position in Asian personal care markets.

Oasis Management’s extraordinary general meeting at Kao Corporation proceeds as scheduled for April 30, with shareholders voting on the activist’s proposal to establish an independent third-party investigation committee examining supply-chain risk management and internal controls. Terms undisclosed. Oasis (12.52% stake, largest shareholder) leverages whistleblower allegations of deforestation and human rights violations in Kao’s palm oil and paper supply chains to pressure management on governance reforms, with traditional shareholder-friendly corporate culture potentially limiting forced operational changes despite voting control dynamics. Japan’s management-deferential shareholder culture historically limits activist success even when proposals have merit, and Kao management has explicitly rejected the investigation proposal. Shareholder vote April 30 on Oasis’s investigation committee proposal.

lululemon athletica inc. · LULU (US) · $18.3B · EV: $21.3B

Designer and retailer of premium athletic apparel and accessories; leader in high-end yoga and lifestyle wear.

Founder Dennis Wilson’s group filed Amendment No. 17 to Schedule 13D maintaining their 16.3% beneficial ownership stake and filed preliminary proxy statement on March 27 to elect three director nominees to Lululemon’s board. Wilson group maintains 16.3% stake (9,904,856 shares). Proxy contest seeks to elect Laura Gentile, Eric Hirshberg, and Marc Maurer as directors. Wilson leverages founder credibility and substantial stake to reshape board composition amid quality issues, weak guidance, and CEO departure that drove 56% stock decline. Management may successfully defend against Wilson’s slate if shareholders view his nominees as lacking relevant retail/apparel experience or if operational improvements emerge before the vote. Shareholder vote scheduled for annual meeting date not yet announced.

Fwd P/E: 11.7x · EV/EBITDA: 7.0x · EV/Sales: 1.8x · EV/GP: 3.1x (FY2028)

Previously: Founder Dennis ‘Chip’ Wilson filed definitive proxy materials launching a board challenge with a slate including Marc Maurer, Laura Gentile, and Eric Hirshberg.

Alamos Gold Inc. · AGI.TO (CA) · $19.3B · EV: $11.4B

Gold mining company operating mines in Canada and Mexico; mid-tier producer with strong growth pipeline.

Alamos Gold has scheduled its annual general meeting for May 28, 2026, where a new board will be installed with a focus on restructuring and operational improvements. Terms undisclosed. New board composition following apparent activist pressure creates opportunity for operational restructuring and value realization at underperforming gold producer. AGM on May 28, 2026 for board installation and strategic direction.

Fwd P/E: 17.9x · EV/EBITDA: 10.8x · EV/Sales: 4.8x · EV/GP: 9.1x (FY2027)

Ford Motor Company · F (US) · $44.3B

Manufacturer of automobiles and commercial vehicles; major global automaker with brands including Ford and Lincoln.

John Chevedden and the New York State Common Retirement Fund filed shareholder proposals challenging Ford’s dual-class voting structure and demanding granular disclosure of voting results by share class ahead of the company’s May 14, 2026 annual meeting. Terms undisclosed. The proposals target the Ford family’s disproportionate voting control through Class B shares, potentially forcing greater accountability to ordinary shareholders on capital allocation and strategic decisions. Ford’s board opposes the proposals, and the Ford family’s concentrated voting power makes passage unlikely despite institutional support. Annual shareholder meeting May 14, 2026 — proxy votes determine proposal outcomes.

Fwd P/E: 6.1x · EV/EBITDA: 12.6x · EV/Sales: 1.0x · EV/GP: 8.4x (FY2027)

Synopsys Inc. · SNPS (US) · $75.2B · EV: $84.1B

Provider of semiconductor design and verification software; leading EDA (Electronic Design Automation) platform globally.

Elliott Investment Management has invested several billion dollars in Synopsys and is advocating for operational changes to improve the chip design software leader’s financial performance. Investment size several billion dollars. Elliott has not disclosed specific operational targets or timeline for improvements. Synopsys controls ~30% of the electronic design automation market but trades at a discount to its strategic value as AI chip complexity increases demand for sophisticated design software, creating opportunity for Elliott to drive margin expansion and strategic optimization. AI advancement could potentially automate traditional chip design processes, reducing demand for Synopsys’s software tools despite recent complementary AI product launches by competitors like Cadence. Monitor for formal engagement letters, board representation requests, or proxy materials as Elliott escalates its campaign beyond initial investment.

Fwd P/E: 23.0x · EV/EBITDA: 26.7x · EV/Sales: 7.9x · EV/GP: 10.2x (FY2027)

Previously: Elliott had built a multibillion-dollar stake targeting operational improvements and greater monetization of Synopsys’s software portfolio.

Ingles Markets · IMKTA (US)

Regional supermarket chain operating ~200 stores across the Southeast; focus on grocery retail and private-label products.

Ingles Markets faces a proxy fight over governance and executive compensation issues. Terms undisclosed. Grocery chain with dual-class structure and historically concentrated ownership creates opportunity for activist to pressure changes in governance practices and pay structures. Monitor for DEF 14A proxy filing detailing activist demands and shareholder meeting date.

Earnz PLC · EARN.L (UK)

UK-listed investment company focused on acquiring and growing businesses in fragmented markets.

Pentwater Capital Management LP increased its stake in Earnz PLC to 19.89% from 13.78%, crossing the threshold on March 31. The position comprises 14.996% in direct shares and 4.896% through cash-settled swaps, totaling 19.89% of shares outstanding. Pentwater’s significant stake increase to nearly 20% suggests the activist fund sees meaningful upside potential and positions the firm for potential board representation or strategic influence. Monitor for Pentwater’s next 13D filing or public statement outlining strategic intentions.

Cartesian Therapeutics, Inc. · RNAC (US)

Clinical-stage biotech developing mRNA-based cell therapies for autoimmune diseases.

Murat Kalayoglu resigned from Cartesian Therapeutics’ board on March 31, 2026, but maintains a 19.9% stake through various entities including the Seven One Eight Three Four Irrevocable Trust. On April 2, 2026, the Trust converted 22,740.030 shares of Series A Preferred Stock into 758,001 shares of common stock. Former board member retains significant equity position despite resignation, creating potential for continued influence or future governance activism given his substantial stake and previous board involvement. Monitor for additional 13D filings or proxy statements that could signal activist intentions from Kalayoglu or other shareholders.

YODOKO,Ltd. · 5451.T (JP)

Japanese manufacturer of steel storage buildings, shutters, and exterior construction materials.

Strategic Capital filed an initial 5%+ disclosure reporting a 13.3% stake in Yodoko. Terms undisclosed. Strategic Capital’s substantial first-time disclosure at 13.3% suggests accumulated position with potential activist intent at the Japanese building materials manufacturer. Monitor for amended filings revealing Strategic Capital’s intentions or further stake building.

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Strategic Reviews

Quince Therapeutics, Inc. · QNCX (US) · $6M · EV: $89M

Quince Therapeutics, Inc., a biopharmaceutical company, focuses on advancing precision therapeutics for debilitating and rare diseases.

Quince Therapeutics settled $16.4 million of European Investment Bank debt for a $5.5 million payment on March 30, 2026. Settlement eliminates $16.4 million debt obligation for $5.5 million cash payment, representing 66% debt reduction. Debt settlement removes substantial overhang that was constraining the company’s ability to pursue strategic alternatives including merger, reverse merger, or asset sale. Monitor for announcement of strategic alternative transaction or restructuring plan.

Fwd P/E: NM · EV/Sales: 5.2x (FY2027)

Previously: Company engaged LifeSci Capital as financial advisor to explore strategic alternatives after halting development of its lead neurological drug candidate.

Nanoco Group · NANO.L (UK) · $11M · EV: $18M

Develops quantum dot technology for displays and medical imaging; leader in cadmium-free quantum dot solutions.

Nanoco Group completed a £33 million return of capital to shareholders with the final £1 million buyback finishing in October 2024, while conducting an ongoing strategic review that incurred £0.3 million in costs during the year. Strategic review terms undisclosed. Company returned £33 million to shareholders through capital return and buybacks, ending with £14 million cash and monthly operating costs of £0.5 million. Restructured company with low cash burn conducting strategic review creates optionality for sale or merger while maintaining financial runway with current cash covering nearly two years of operations. Monitor for strategic review outcome announcement or further corporate actions.

Fwd P/E: NM · EV/Sales: 1.2x · EV/GP: 1.3x (FY2026)

Origin Materials Inc · ORGN (US) · $19M

Carbon-negative materials company; produces sustainable wood-based alternatives to fossil fuel-derived plastics and chemicals.

Origin Materials announced significant job cuts and cost reduction measures to extend cash runway and achieve breakeven by 2026, as existing cash will sustain operations only into Q3 2026 without additional financing. Company secured $15 million convertible debt facility in November 2025 with options for up to $90 million total, but stock price declines have limited use of equity feature. $20 million equipment financing term sheet did not progress to definitive agreement due to valuation reductions by lender. Pre-revenue sustainable materials company with limited runway creates potential distressed sale opportunity as management races to achieve commercial traction with PET bottle caps before cash depletion. Customer qualification processes for new cap designs remain uncertain with varying timelines, and significant stock price decline has impaired access to convertible debt facility’s equity component. Q1 2026 earnings call for updated cash runway guidance and potential customer qualification announcements for new PET cap designs.

Investcorp Credit Management BDC, Inc. · ICMB (US) · $20M · EV: $165M

Provides credit and financing solutions to middle-market companies; specializes in direct lending and structured credit investments.

Investcorp Credit Management BDC’s board commenced a review of strategic alternatives led by a Special Committee of Independent Directors. Terms undisclosed. The BDC’s declining NAV (down $0.79 per share to $4.25 in Q4 2025) and suspension of quarterly dividends signal financial distress that could force a below-NAV sale or liquidation. The company’s deteriorating fundamentals — 15.65% quarterly NAV decline and dividend suspension — may limit strategic options and depress any transaction value. Monitor for updates on the Special Committee’s timeline and any potential bidder interest.

Fwd P/E: 10.1x (FY2026)

TherapeuticsMD · TXMD (US) · $23M · EV: $16M

Developer of hormone therapy and women’s health medications; focused on treating menopause, contraception, and fertility disorders.

TherapeuticsMD continues to evaluate strategic alternatives including potential acquisition, merger, business combination, asset sale or other strategic transactions while reporting improved 2025 financial results. Terms undisclosed. Royalty-focused pharmaceutical company with improving fundamentals — 2025 net loss narrowed to $0.7M from $2.3M while license revenues increased 72% to $3.0M — may attract acquirers seeking stable cash flows and established licensing agreements. Monitor for strategic review updates or transaction announcements — no established timetable disclosed.

Fwd P/E: 10.8x · EV/Sales: 1.7x (FY2027)

Previously: exploring strategic alternatives while reporting narrowed net losses and increased license revenue.

DynaResource Inc. · DYNR (OTC) · $38M · EV: $41M

DynaResource, Inc. acquires, invests in, explores, and develops precious and base metal properties in the United States. The company primarily explores for gold, silver, and other metals.

DynaResource Inc. transitions to production stage while facing going concern warnings that suggest potential liquidity constraints. Terms undisclosed. Going concern qualification creates strategic pressure for management to pursue financing, partnerships, or sale processes to address liquidity needs during critical production ramp phase. Production transition requires significant capital investment while going concern warnings signal potential funding shortfalls that could force distressed sale scenarios. Monitor for 10-Q filing with updated going concern disclosures and management’s liquidity assessment.

Skillz Inc. · SKLZ (US) · $41M · EV: $1M

Mobile esports platform enabling skill-based competitive gaming tournaments; largest youth-focused mobile gaming competition network.

Skillz Inc. is evaluating strategic alternatives to optimize its capital structure as $130 million of debt approaches maturity later this year. Terms undisclosed. Debt maturity pressure creates forcing function for management action while $195 million cash position and path to profitability provide negotiating leverage for refinancing or strategic transaction. Gaming sector headwinds and execution risk on profitability timeline could limit strategic options or force dilutive refinancing. Monitor for strategic update in 2026 earnings calls or formal strategic process announcement.

Purple Innovation Inc. · PRPL (US) · $75M · EV: $143M

Manufacturer of mattresses and sleep products; direct-to-consumer brand with innovative foam technology.

Purple Innovation’s board continues its strategic alternatives review, engaging with multiple parties across various opportunities including potential merger, sale, or other strategic transactions. Terms undisclosed. Management reports gross margins sustainably above 40% and expects meaningful earnings growth in 2026, suggesting the company is exploring alternatives from a position of operational strength rather than distress. Monitor for strategic alternatives updates in future earnings calls or SEC filings.

Fwd P/E: NM · EV/Sales: 0.1x · EV/GP: 0.2x (FY2027)

Health Catalyst · HCAT (US) · $90M

Healthcare data analytics and EHR software company; enables hospitals and health systems to improve clinical and financial outcomes.

Health Catalyst CEO Ben Albert declined to rule out a potential sale when asked during the company’s Q4 earnings call, as the strategic review enters its second month. Terms undisclosed. Software company trading at distressed valuation after mixed earnings creates strategic sale opportunity, with new CEO signaling openness to M&A after previously stating no current sale plan. $64.5 million of ARR remains at risk due to ongoing platform migration issues, creating operational uncertainty that complicates valuation. Monitor for further strategic review updates or formal process announcement.

Fwd P/E: 6.3x · EV/EBITDA: 2.4x · EV/Sales: 1.0x · EV/GP: 3.0x (FY2027)

Previously: New CEO announced strategic review in ‘assessment mode’ with no current sale plan while reporting $110.2 million impairment charges.

Waldencast plc · WALD (US) · $111M · EV: $332M

Waldencast plc is a beauty and personal care company; portfolio includes skincare, color cosmetics, and haircare brands.

Waldencast plc delayed its earnings release and initiated a strategic review process following its acquisition of Novaestiq. Terms undisclosed. Strategic review following acquisition integration challenges creates potential for sale or restructuring to unlock value from combined entity. Monitor for delayed earnings release and strategic review timeline updates.

Fwd P/E: NM · EV/Sales: 1.1x · EV/GP: 2.4x (FY2027)

Bally’s Corporation · BALY (US) · $393M

Operator of casinos and gaming properties; regional gaming and hospitality provider across North America.

Bally’s Corporation CEO disclosed the company is ‘active’ in M&A activity, citing a market with ‘very motivated sellers’. Terms undisclosed. Gaming industry consolidation opportunity as Bally’s positions as acquirer in distressed seller environment, potentially leveraging recent $1.8 billion refinancing for strategic transactions. No specific targets or timelines disclosed, leaving execution timeline and deal economics uncertain in competitive gaming M&A landscape. Monitor for specific acquisition announcements or strategic partnership filings.

Fwd P/E: NM · EV/EBITDA: 11.9x · EV/Sales: 1.9x · EV/GP: 4.5x (FY2027)

Previously: Completed $1.1 billion credit facility and $700 million Twin River Lincoln sale-leaseback to refinance debt.

Peet Limited · PPC.AX (AU) · $600M · EV: $750M

Peet Limited acquires, develops, and markets residential land in Australia. It operates through Funds Management, Company-Owned Projects, and Joint Arrangements segments.

Peet Limited reaffirmed there are no new developments in its ongoing strategic review process amid media speculation. Terms undisclosed. Strategic review by established property developer presents potential value realization opportunities through sale, merger, or other strategic alternatives in favorable Australian real estate market conditions. Monitor for strategic review outcome announcement or bidder emergence.

Fwd P/E: 9.3x · EV/EBITDA: 9.7x · EV/Sales: 1.5x · EV/GP: 5.6x (FY2027)

CSE Global Limited · 544.SI (SG) · $664M · EV: $751M

Provides industrial automation, IT solutions, and intelligent transport systems across Asia-Pacific and Americasents and subsystems; leading Asia-Pacific supplier to aerospace and defense sectors.

CSE Global Limited continues its strategic review with financial adviser appointed, reporting no further discussions have occurred regarding potential transaction alternatives. Terms undisclosed. Singapore-listed engineering services company exploring strategic alternatives at request of controlling shareholder Heliconia Capital Management following preliminary expression of interest, creating potential value realization opportunity. Review remains at early stage with no active discussions progressing, suggesting limited immediate buyer interest or valuation expectations misalignment. Monitor for strategic review completion targeted for April 2026.

Fwd P/E: 14.8x · EV/EBITDA: 8.2x · EV/Sales: 0.8x · EV/GP: 2.9x (FY2027)

Previously: CSE Global launched strategic review following controlling shareholder request and preliminary expression of interest for potential transaction involving shares or business assets.

Barrick Gold Corporation · GOLD (US) · $30.5B · EV: $31.9B

Produces gold and copper; world’s largest gold mining company by production volume.

Barrick Gold extended its strategic review of the Reko Diq copper-gold project in Pakistan until mid-2027, slowing development due to security concerns in Balochistan and rising capital costs. Phase 1 costs originally estimated at $5.6-6.0 billion with Phase 2 at $3.3-3.6 billion, though the company warned the extended review will result in significant budget increases and timeline delays from the original late-2028 production target. The delay forces Barrick to reassess capital allocation between its premium North American spin-off plans and copper diversification strategy, while one of the world’s largest undeveloped copper deposits (15 million tonnes) remains sidelined during peak electrification demand. Prolonged regional instability in Balochistan could make the project unviable despite its world-class scale, while rising costs may exceed Barrick’s capital discipline thresholds. Monitor for mid-2027 strategic review completion and any updates on regional security conditions in Balochistan.

Fwd P/E: 11.5x · EV/EBITDA: 7.2x · EV/Sales: 2.4x (FY2027)

Previously: Barrick was evaluating a spin-off of premium North American assets into ‘NewCo’ while focusing remaining entity on copper expansion in Zambia and Pakistan.

ASA Gold and Precious Metals Limited · ASA (US) · $1.2B · EV: $1.0B

ASA Gold and Precious Metals Limited is a publicly owned investment manager. The firm invests in the public equity markets across the globe.

ASA Gold and Precious Metals increased its distribution to $0.04 per share and extended its investment advisory agreement with Merk Investments for 90 days beginning April 1. Distribution up $0.01 from prior year, payable May 13. Advisory extension runs through June 30. The modest distribution increase paired with a short-term advisory extension suggests the board is buying time during its strategic review while facing activist pressure from Saba Capital to restructure the closed-end fund’s mandate and domicile. Governance uncertainty persists as the board evaluates potential mandate or domicile changes that could materially alter the fund’s investment approach. Monitor for strategic review results and board decisions on Saba Capital’s proposed structural changes.

Jubilant Foodworks · JUBLFOOD.NS (IN) · $3.0B

Operates Domino’s Pizza franchises across India; largest pizza delivery chain by store count in the country.

Jubilant Foodworks decided not to renew its Dunkin’ franchise rights in India and will shut down all Dunkin’ stores by December 2026 as part of portfolio rationalization. Terms undisclosed. Portfolio simplification eliminates underperforming operations and allows management to focus resources on core brands with better unit economics. Monitor for Q4 2026 earnings to assess impact of Dunkin’ exit on profitability and cash flow.

Fwd P/E: 58.6x · EV/EBITDA: 18.9x · EV/Sales: 4.5x · EV/GP: 14.8x (FY2027)

Golar LNG · GLNG (US) · $5.6B

Operator of LNG carrier vessels; provides floating liquefied natural gas transportation and regasification services globally.

Golar LNG launched a formal strategic review on March 25, 2026, with Goldman Sachs International as financial advisor. Terms undisclosed. LNG vessel operator with strong cash flows from FLNG assets trading below replacement cost could attract private equity or strategic buyers seeking exposure to floating LNG infrastructure. Monitor for formal sale process announcement or expressions of interest from strategic bidders.

Fwd P/E: 74.3x · EV/EBITDA: 26.9x · EV/Sales: 12.5x · EV/GP: 26.7x (FY2027)

ROHM Co., Ltd. · 6963.T (JP) · $8.7B · EV: $4.7B

Japanese semiconductor manufacturer; global leader in analog and power semiconductor devices.

ROHM’s president affirmed his intent to lead three-way power semiconductor integration discussions with Toshiba and Mitsubishi Electric, expressing wariness toward Denso’s competing takeover proposal. Terms undisclosed. ROHM seeks to avoid Denso’s approximately ¥1.3 trillion takeover by orchestrating alternative consolidation that preserves management control while achieving scale in power semiconductors for AI and EV applications. The three-way alliance faces execution complexity with potential leadership conflicts, while Denso’s existing ~5% stake and financial resources provide sustained acquisition pressure. Monitor for summer 2026 deadline when ROHM’s special committee targets conclusion on strategic direction between Denso acquisition and three-way integration.

Fwd P/E: 28.3x · EV/EBITDA: 6.5x · EV/Sales: 1.4x · EV/GP: 8.7x (FY2028)

Previously: Denso pursued ¥1.3 trillion acquisition while ROHM signed basic agreement for three-way integration with Toshiba and Mitsubishi Electric, with special committee assessing options.

SBA Communications Corp. · SBAC (US) · $21.6B · EV: $35.6B

Owns and operates wireless communication towers; largest independent tower company in North America.

SBA Communications is exploring strategic alternatives including a potential sale after receiving acquisition interest from undisclosed parties. Terms not disclosed. Cell tower REITs command premium valuations in M&A markets, with SBA’s portfolio of ~39,000 sites positioned to benefit from 5G infrastructure demand and recurring tenant revenue streams. Monitor for formal process announcement or bidder disclosure.

Fwd P/E: 24.5x · EV/EBITDA: 14.2x · EV/Sales: 12.2x · EV/GP: 29.4x (FY2027)

Valereum Plc · VLRM.L (UK)

Blockchain and digital asset infrastructure company; developing cryptocurrency exchange and tokenization platforms.

Valereum entered an exclusivity agreement with Quorium Global Photonics aimed at strategic integration through technology and asset combination to create a market-leading real-world asset tokenization platform. The companies expect to execute a definitive agreement within 30 days. Valereum will receive first coupon payment of $3.9 million in cash and VGOLD-CORE tokens on $200 million medium-term notes, with cash payable within 5 business days and tokens upon definitive agreement signing. Strategic integration targets enhanced scale and credibility in real-world asset tokenization market, with QGP pledging all Valereum shares/warrants as collateral until deal completion providing downside protection. Definitive agreement expected within 30 days (by April 30, 2026).

CKX Inc. · CKX (US)

Diversified holding company with interests in oil and gas and real estate in Louisiana.

CKX Inc. disclosed in its 2025 Annual Report that it is considering strategic alternatives. Terms undisclosed. Small Louisiana-based holding company evaluating strategic alternatives to unlock shareholder value; investors should verify the specific asset base and business operations. Monitor for proxy filing or special committee formation announcement.

Asante Gold Corporation · ASE.TO (CA)

Canadian gold mining company operating the Chirano and Bibiani mines in Ghana.

Asante Gold launched a strategic review of its Chirano and Bibiani mines in Ghana after production fell sharply in 2025. Terms undisclosed. The review positions Asante for potential asset sales or restructuring after production fell 23% to 146,571 ounces versus targets of 339,000 ounces, creating a valuation mismatch between operational reality and growth projections. Production remains well below capacity with operational challenges preventing consistent ramp-up at both mines, casting doubt on the company’s 500,000 ounce annual target by 2028. Company will present revised production guidance for 2026 and medium-term outlook in May 2026.

Sprout AI Inc. · BYFM (INTL)

Controlled environment agriculture technology company developing AI-powered growing systems.

Sprout AI Inc. and parent TheraCann International initiated a controlled wind-down of operations on April 3 after failed financing transactions, suspending most activities while preserving intellectual property and evaluating strategic alternatives. Terms undisclosed. Distressed technology company with intact controlled environment agriculture platform may present value recovery through asset sales or strategic partnerships at distressed pricing. Capital constraints have forced operational suspension and the company expects to miss its May 28, 2026 deadline for filing audited financial statements, creating potential delisting or compliance risks. Monitor for May 28, 2026 audited financial statement filing deadline.

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Acquisitions

Impact BioMedical Inc. · IBO (US) · $7M · EV: $16M

Impact BioMedical Inc. engages in the discovery and development of products and treatment options in specialty biopharmaceuticals and consumer healthcare.

Impact BioMedical received a going concern qualification from auditors Grassi & Co. in its 2025 annual report while continuing strategic plans to merge with Dr. Ashley’s Ltd. Merger projected to complete by July 1, 2026. Deal terms undisclosed. Distressed biotech with auditor concerns provides asymmetric upside if pending merger closes successfully within three months, potentially resolving going concern issues through combination. Going concern qualification signals financial distress that could derail merger completion or force unfavorable deal modifications. Merger completion deadline July 1, 2026.

The Brand House Collective, Inc. · TBHC (US) · $21M · EV: $210M

The Brand House Collective, Inc. operates as a specialty retailer of home décor and furnishings in the United States.

Bed Bath & Beyond has acquired The Brand House Collective in an all-stock transaction. Terms undisclosed. Acquisition targets in stock deals often benefit from acquirer share price appreciation and potential deal premium beyond current trading levels. Monitor for 8-K filing with complete transaction details and closing timeline.

Fwd P/E: NM · EV/EBITDA: NM · EV/Sales: 0.6x · EV/GP: 2.1x (FY2027)

Cyclerion Therapeutics · CYCN (US) · $25M · EV: $5M

Develops small-molecule therapeutics targeting soluble guanylate cyclase; focused on cardiopulmonary diseases.

Cyclerion Therapeutics and Korsana Biosciences announced a merger agreement. Terms undisclosed. The company’s $20M net cash position (EV $5M vs market cap $25M) provides substantial downside protection in this biotech combination. Monitor for merger proxy filing with transaction details.

Fwd P/E: NM · EV/Sales: 9.6x · EV/GP: 9.6x (FY2027)

CyanConnode Holdings plc · CYAN.L (UK) · $36M · EV: $61M

CyanConnode manufactures smart metering infrastructure for utilities; leading provider of wireless AMI networks in Europe.

Esyasoft Holding Ltd raised its non-binding proposal for CyanConnode Holdings plc to £37.5 million from an initial £35 million approach. Revised offer values the company at 10.44 pence per share (£37.5 million total) compared to the initial 9.75 pence per share proposal. Board endorsement of the revised price increases transaction probability, with CyanConnode trading at a discount to the proposed 10.44p offer level. Monitor for firm offer announcement or withdrawal following extended PUSU deadline beyond March 31, 2026.

Fwd P/E: NM · EV/Sales: 1.1x · EV/GP: 3.3x (FY2027)

Zhong Ji Longevity Science Group Limited · 0767.HK (HK) · $40M · EV: $35M

Zhong Ji Longevity Science Group Limited, an investment holding company, engages in the money lending business in Hong Kong and Mainland China.

Zhong Ji Longevity Science Group is acquiring a 25% stake in Asian Integrated Cell Laboratory Limited via convertible notes. Terms undisclosed. The completion of intellectual property transfer removes a key execution risk and advances the acquisition toward closing. Monitor for final completion announcement of the acquisition.

Zhongzheng International Company Limited · 0943.HK (HK) · $42M · EV: $58M

Hong Kong-listed company engaged in money lending, health and beauty products, and trading operations.

Zhongzheng International extended the long stop date for its acquisition of 100% equity and shareholder’s loan of an unnamed target company from March 31, 2026 to June 30, 2026. Terms undisclosed. Consideration involves issuing shares pursuant to general mandate. Extension signals execution challenges but preserves deal optionality — three-month window allows time to address unspecified conditions while maintaining acquisition framework. Unnamed target and undisclosed conditions suggest complex transaction with potential regulatory or due diligence hurdles that could extend beyond June deadline. Extended long stop date June 30, 2026 — conditions must be satisfied or deal lapses.

Lisata Therapeutics, Inc. · LSTA (US) · $45M

Lisata Therapeutics, Inc.

Kuva Labs and Lisata Therapeutics executed a waiver extending the tender offer commencement deadline to 26 business days after the March 6 merger agreement date. Kuva Labs will acquire Lisata for $5.00 per share in cash plus one contingent value right worth up to $1.00 per share if certain regulatory milestones for certepetide are met within 7 years. Extension suggests potential execution complexity in launching the tender offer, though the waiver maintains all other terms of the definitive agreement and preserves deal certainty. Tender offer commencement now expected by April 13, 2026 under extended timeline.

Fwd P/E: NM · EV/EBITDA: 0.2x · EV/GP: 0.3x (FY2027)

Previously: The board unanimously approved the transaction with closing expected in Q2 2026.

Galantas Gold Corporation · GAL.L (UK) · $59M · EV: $17M

Gold mining and exploration company; developing the Omagh gold project in Northern Ireland.

Galantas Gold Corporation is acquiring all shares of Sol de Oro Mining Ltd. from Robert Sedgemore to obtain the Andacollo Oro Gold project in Chile. Terms undisclosed. Acquisition provides exposure to Chilean gold asset with potential for value creation upon regulatory approval and project restart in a proven mining jurisdiction. TSX Venture Exchange approval and minority shareholder approval required for Q2 2026 completion.

EV/Sales: 0.5x (FY2026)

Mediwelcome Healthcare Management & Technology Inc. · 2159.HK (HK) · $69M

Healthcare management and technology platform; enables clinics and hospitals to streamline patient engagement and operational efficiency.

Mediwelcome Healthcare Management & Technology announced acquisition of 100% of MEDIAI Technology Development Limited through its subsidiary for HK$139.8 million cash. Total consideration HK$139.8 million. Company simultaneously placing up to 65 million new shares at HK$1.86 per share to raise HK$115.1 million net proceeds to fund the cash portion. Acquisition expands Mediwelcome’s technology capabilities while concurrent equity placement at discount provides funding without debt, creating potential synergies if MEDIAI’s assets integrate successfully. Monitor for shareholder approval of the major transaction and completion of the share placing.

MINATO HOLDINGS INC. · 6862.T (JP) · $95M · EV: $88M

Manufactures memory modules, display solutions, and device programming equipment for electronics industryerty management; a mid-sized Japanese regional developer.

MINATO HOLDINGS acquired 100% of Fujidenko Co., Ltd., a specialized electrical components distributor established in 1951 that trades electrical wires, cables, harnesses, and network equipment with over 5,000 products. Terms undisclosed. Acquisition expands MINATO’s Digital Consortium strategy into stable electrical infrastructure distribution with established customer base and growth exposure to automotive and data center markets. Monitor for integration updates and revenue synergy disclosures.

Fwd P/E: 10.5x · EV/EBITDA: 5.6x · EV/Sales: 0.4x · EV/GP: 2.2x (FY2028)

Life Science REIT Plc · LABS.L (UK) · $186M · EV: $333M

Real estate investment trust owning and leasing life science properties; serves biotech and pharmaceutical tenants.

Rathbones Group disclosed a 2.40% stake in Life Science REIT through a Rule 8.3 takeover disclosure filing. Terms undisclosed. The regulatory filing signals active takeover interest around the REIT, with Rathbones positioned as a potential swing vote in any formal bid process given the 2.40% threshold requiring disclosure. Monitor for formal takeover approach or competing Rule 8.3 disclosures from other parties.

Fwd P/E: NM · EV/Sales: 14.5x · EV/GP: 25.7x (FY2027)

Brickability Group · BRCK.L (UK) · $223M · EV: $346M

Brickability Group Plc, together with its subsidiaries, supplies building products in the United Kingdom.

Brickability Group received an approach regarding a possible offer for the company. Terms undisclosed. UK building materials distributor becomes potential takeover target as construction sector consolidation accelerates. Monitor for formal bid announcement or Rule 2.8 statement.

Fwd P/E: NM · EV/EBITDA: 6.5x · EV/Sales: 0.5x · EV/GP: 2.5x (FY2028)

Dolly Varden Silver Corporation · DV.V (CA) · $245M · EV: $320M

Dolly Varden Silver Corporation engages in the acquisition, exploration, and development of mineral properties in Canada. The company explores for gold, silver, lead, zinc, and copper deposits.

Contango ORE filed an amending agreement to its Dolly Varden Silver acquisition, adding reference to the target’s Share Option Plan that was inadvertently omitted from the original December 7, 2025 arrangement agreement. Exchange ratio unchanged at 0.1652 Contango shares per Dolly Varden share under the plan of arrangement. Administrative amendment preserves original deal structure while addressing technical documentation gap that could have complicated closing mechanics. Monitor for final court approval following shareholder vote completion.

Fwd P/E: 2.4x · EV/Sales: 2.9x (FY2027)

Previously: Deal required two-thirds shareholder approval at March 17 vote and final court approval, with management and key shareholders controlling 22% supporting despite some investor opposition.

Blue Foundry Bancorp · BLFY (US) · $275M · EV: $215M

Blue Foundry Bancorp operates as a bank holding company for Blue Foundry Bank, a savings bank that offers various banking products and services for individuals and businesses.

Fulton Financial is acquiring Blue Foundry Bancorp in a merger transaction. Terms undisclosed. Stock conversion activity by the risk chief suggests the merger is advancing through operational integration phases, indicating progress toward completion. Monitor for definitive merger agreement filing or shareholder vote announcement.

Fwd P/E: 73.6x (FY2027)

CAB Payments Holdings Plc · CABP.L (UK) · $279M

CAB Payments provides payment processing and financial services solutions; a UK-based payments infrastructure provider.

A Form 8.5 disclosure has been filed regarding CAB Payments Holdings shares, though the filing provides no specific transaction details or counterparty information. Terms undisclosed. The regulatory filing indicates continued takeover activity following previous rejected bids from StoneX Group (95p per share) and Helios, with the Board previously noting multiple bidders remain engaged. Monitor for StoneX’s firm offer or withdrawal announcement by Panel-set deadline and potential new bidder disclosures.

Previously: CAB Payments rejected unsolicited proposals from StoneX Group at 95 pence and Helios at undisclosed terms while evaluating competing approaches.

Nippon Sheet Glass Co., Ltd. · 5202.T (JP) · $298M · EV: $3.1B

Manufacturer of flat glass and glazing products; leading global supplier for automotive, architectural and specialty applications.

Apollo Global Management is taking Nippon Sheet Glass private in a transaction valued at ¥590 billion enterprise value. Enterprise value ¥590 billion. Share price and financing structure not disclosed in current source. The take-private enables financial restructuring away from public market pressures for a company burdened by over ¥600 billion debt from its 2006 Pilkington acquisition and ¥67.5 billion in cartel fines. Monitor for definitive agreement filing and shareholder vote scheduling.

Oisix ra daichi Inc. · 3182.T (JP) · $311M · EV: $504M

Online organic food and vegetable delivery service; Japan’s leading direct-to-consumer fresh produce platform.

Sidax Food Service, a subsidiary of Oisix ra daichi, acquired the elderly care facility and hospital meal service business of Nano-hana Kyushu through absorption-type demerger effective April 1, 2026. Terms undisclosed. First M&A transaction since Sidax joined the Oisix group expands institutional food service operations in Kyushu from 46 to 78 locations, creating scale advantages in a consolidating industry facing labor shortages and rising food costs. Monitor for additional acquisitions through newly established M&A consultation window for food service operators.

McBride plc · MCB.L (UK) · $333M · EV: $494M

Manufacturer of household and personal care products; leading B2B supplier to retailers and distributors.

McBride’s Unit Dosing division made a binding offer to acquire Eurotab Group, a European specialist manufacturer of solid-format cleaning products. EUR 40 million cash consideration (£34.5 million) for 100% of Eurotab, subject to customary closing adjustments. Acquisition targets immediate EPS accretion and synergy opportunities while strengthening McBride’s Unit Dosing division position as leading EU producer of detergent tablets, supporting the company’s strategic aim of reaching 10% EBITDA margin. Monitor for completion conditions and closing timeline announcement.

Fwd P/E: NM · EV/EBITDA: 10.9x · EV/Sales: 0.5x · EV/GP: 1.4x (FY2027)

TKP Corp · 3479.T (JP) · $437M · EV: $644M

Rental meeting room and conference space operator; leading Japanese provider of flexible workspace solutions.

TKP Corp is acquiring Huurlic Biz from Huurlic, which operates the CROSSCOOP rental office business. Transaction closes March 31, 2026. Terms undisclosed. Meeting room operator TKP expands into complementary rental office segment, capturing structural shift toward flexible workspace solutions as post-COVID work patterns drive demand for on-demand office space. Transaction completes today.

GT Gold Holdings Limited · 8299.HK (HK) · $473M

Hong Kong-listed investment holding company focused on mining and natural resources projects in China.

GT Gold Holdings Limited entered into an acquisition agreement to purchase two project companies in Ningshan County, Shaanxi Province, which hold exploration and mining licenses for a gold mine with processing facilities. Total consideration HK$585 million, settled partly in cash and partly through share issuance under the company’s general mandate. The acquisition transforms GT Gold from holding company to 100% owner of operating gold mining assets with established exploration, mining and processing infrastructure. Shareholder approval required under GEM Listing Rules as this constitutes a major transaction.

Fwd P/E: NM · EV/EBITDA: 55.1x · EV/Sales: 18.7x · EV/GP: 26.8x (FY2028)

Religare Enterprises Limited · RELIGARE.NS (IN) · $579M · EV: $687M

Integrated financial services provider; offers insurance, broking, and wealth management across retail and corporate segments.

The Burman family increased its stake in Religare Enterprises to 30.3% through open market purchases of 1.3 crore shares in March, positioning ahead of the approved demerger of Care Health Insurance. Acquired 1.3 crore shares through multiple open market transactions. Warrants conversion will boost stake to ~34% by FY27. Demerger maintains 1:1 share distribution ratio for RFL spinoff. New controlling family consolidates grip before value-unlocking spinoff that separates insurance (Care Health) from financial services (lending/broking), creating two focused entities with distinct investor appeal. REL shares have declined 25% over five months despite restructuring catalyst, suggesting market skepticism about execution or underlying business fundamentals. Monitor for demerger completion timeline and RFL listing progress — previous guidance targeted Q1 FY28 listing subject to regulatory approvals.

Fwd P/E: NM · EV/EBITDA: 18.3x · EV/Sales: 7.7x · EV/GP: 12.1x (FY2027)

Previously: Religare’s board approved demerger to spin off financial services into separately listed RFL via 1:1.1 ratio, targeting Q1 FY28 completion.

Spire Healthcare Group PLC · SPI.L (UK) · $783M · EV: $2.6B

Private hospital operator; leading independent acute care provider across UK with specialist surgical and diagnostic services.

Dimensional Fund Advisors disclosed a 3.02% stake in Spire Healthcare Group through a Form 8.3 takeover disclosure filing as of March 31, 2026. Position represents 12,174,113 ordinary shares. Dimensional disclaims beneficial ownership and serves as investment advisor. Institutional staking during an active strategic review process typically signals confidence in either bid emergence or standalone value upside following portfolio optimization. Monitor for further Form 8.3 filings or strategic review outcome announcement.

Fwd P/E: NM · EV/EBITDA: 9.0x · EV/Sales: 1.5x · EV/GP: 4.0x (FY2027)

Previously: strategic review ongoing after Bridgepoint and Triton withdrew from buyout talks.

Heritage Commerce Corp · HTBK (US) · $784M · EV: $754M

Community bank providing commercial and retail banking services; serves Northern California markets.

Heritage Commerce Corp is merging with CVB Financial Corp under a definitive agreement signed December 17, 2025. Terms undisclosed. All regulatory approvals secured as of April 1, creating high-probability arbitrage opportunity with minimal execution risk ahead of scheduled close. Merger expected to close April 17, subject to remaining closing conditions.

Fwd P/E: 11.9x (FY2027)

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. · VLRS (US) · $800M · EV: $4.1B

Operates low-cost airline serving Mexico and Latin America; leading budget carrier in the region.

Volaris shareholders approved the business combination with Grupo Viva Aerobus during an extraordinary meeting on March 25, 2026, with 91.8% of outstanding shares voting in favor. Terms undisclosed. The combination creates an expanded airline group with stronger operational foundation for growth in Mexico and internationally, positioning shareholders to benefit from potential market consolidation and synergy realization. Monitor for regulatory approvals and other customary closing conditions.

Fwd P/E: 22.0x · EV/EBITDA: 3.2x · EV/Sales: 1.1x · EV/GP: 3.9x (FY2027)

Sun Country Airlines Holdings, Inc. · SNCY (US) · $897M · EV: $1.2B

Ultra-low-cost carrier operating scheduled flights; focus on leisure travel in North America.

Allegiant Travel Company is acquiring Sun Country Airlines through a two-step merger process under a definitive agreement dated January 11, 2026. Sun Country stockholders will receive 0.1557 shares of Allegiant stock per share in the merger. Stock-for-stock airline consolidation creates arbitrage spread with regulatory approval already secured and both boards unanimously approving the transaction. Monitor for Sun Country shareholder vote date announcement.

Fwd P/E: 7.8x · EV/EBITDA: 4.4x · EV/Sales: 0.9x · EV/GP: 1.4x (FY2027)

Previously: Hart-Scott-Rodino antitrust waiting period received early termination, clearing regulatory hurdle.

China Overseas Grand Oceans Group Limited · 0081.HK (HK) · $1.1B

Real estate developer focused on premium residential and commercial properties; major player in China’s luxury property market.

China Overseas Grand Oceans Group announced the acquisition of the remaining 40% equity stakes in two Hefei real estate project companies from connected party Shenzhen Chuanggu. Total consideration RMB104.1 million ($14.3 million). Upon completion, both project companies become wholly-owned subsidiaries. Connected transaction allows full consolidation of two Hefei development projects at modest cost, eliminating joint venture complexity and capturing 100% of future cash flows from the properties. Monitor for completion confirmation — no specific closing timeline disclosed.

Fwd P/E: 14.6x · EV/EBITDA: 5.6x · EV/Sales: 0.6x · EV/GP: 6.4x (FY2027)

Magellan Financial Group Limited · MFG.AX (AU) · $1.2B · EV: $940M

Magellan Financial Group Limited is a publicly owned investment manager. It invests in global equities and global listed infrastructure markets across the globe.

Barrenjoey Capital is acquiring control of Magellan Financial Group in what the source describes as a “casual reverse takeover.” Transaction structure and valuation not disclosed in source material. Reverse takeover structure allows Barrenjoey to gain public listing vehicle while Magellan shareholders retain exposure to combined entity’s investment banking operations. Shareholder vote April 10, 2026 at Magellan’s Sydney offices.

Fwd P/E: 12.2x (FY2027)

China Resources Cement Holdings Limited · 1313.HK (HK) · $1.4B · EV: $3.0B

Cement manufacturer and supplier; leading position in China’s cement and clinker production.

China Resources Cement Holdings announced a discloseable transaction to acquire interests and subscribe for shares in AfriSam Holdings Proprietary Limited, a South African cement company. Terms undisclosed. The acquisition expands China Resources Cement’s geographic footprint into Africa’s cement market, providing access to South Africa’s construction sector and potential regional growth opportunities. Monitor for detailed transaction announcement with financial terms and completion timeline.

Fwd P/E: 10.1x · EV/EBITDA: 0.7x · EV/Sales: 0.1x · EV/GP: 0.9x (FY2027)

SkyWater Technology, Inc. · SKYT (US) · $1.4B · EV: $1.1B

Semiconductor foundry offering advanced chip manufacturing services; U.S.-based provider serving defense, aerospace, and commercial sectors.

IonQ is acquiring SkyWater Technology through a two-step merger structure with SkyWater’s board unanimously approving the transaction and recommending stockholder approval. SkyWater stockholders receive $15.00 cash plus IonQ shares based on an exchange ratio of $20.00 divided by IonQ’s trading price, with a collar providing 0.3326 shares if IonQ trades above $60.13 and 0.5263 shares if below $37.99. The collar mechanism protects SkyWater shareholders from IonQ volatility while providing quantum computing exposure, with the stock component worth $6.67-$20.00 depending on IonQ’s performance at closing. IonQ’s stock trades near the collar floor at $37.99, meaning SkyWater holders face meaningful downside if IonQ weakens further before the vote. Monitor for SkyWater proxy filing with stockholder meeting date and timing details.

Fwd P/E: NM · EV/EBITDA: 6.1x · EV/Sales: 1.8x · EV/GP: 8.8x (FY2027)

Previously: Deal structure was all-cash and stock with variable component tied to VWAP but complete collar terms were undisclosed.

Allegiant Travel Company · ALGT (US) · $1.5B · EV: $3.2B

Ultra-low-cost airline operator; serves price-sensitive leisure travelers with point-to-point routes.

Allegiant Travel Company filed an S-4 registration statement with the SEC for a transaction involving Sun Country Airlines Holdings. Terms undisclosed. The filing suggests a stock-for-stock merger between two low-cost carriers, creating potential for operational synergies and route optimization in underserved markets. Monitor for the joint proxy statement/prospectus to be declared effective by the SEC.

Fwd P/E: 7.9x · EV/EBITDA: 7.4x · EV/Sales: 1.1x · EV/GP: 7.1x (FY2027)

Hope Bancorp, Inc. · HOPE (US) · $1.5B · EV: $1.2B

Community bank providing retail and commercial banking services; serves Korean American and Asian American communities.

Hope Bancorp’s subsidiary Bank of Hope entered into a definitive agreement to acquire the Commercial Banking Unit of SMBC MANUBANK, a subsidiary of SMBC Americas Holdings and Sumitomo Mitsui Banking Corporation. Terms undisclosed. The acquisition expands Hope Bancorp’s commercial banking capabilities and market presence, leveraging SMBC’s established client relationships and expertise in the U.S. commercial banking sector. Integration risks and regulatory approval timeline create execution uncertainty for realizing synergies and client retention. Monitor for regulatory filing submissions and approval timeline updates.

Fwd P/E: 8.6x (FY2027)

E-MART Inc. · 139480.KS (KR) · $1.6B · EV: $8.5B

E-MART Inc., together with its subsidiaries, operates as a hypermarket retail company in South Korea.

E-MART Inc. is conducting a stock exchange transaction with Shinsegae Food Inc. to become the complete parent company through a share swap arrangement. Exchange ratio 1:0.5031313 (E-MART:Shinsegae Food), with Shinsegae Food shareholders receiving 0.5031313 shares of E-MART treasury stock for each Shinsegae Food share held. Related-party consolidation eliminates minority interests in the food subsidiary while creating potential arbitrage around the exchange ratio calculation based on Korean market regulations. Shareholder meeting scheduled for April 30, 2026 (rescheduled from April 16).

Fwd P/E: 7.4x · EV/EBITDA: 5.2x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Enviri Corporation · NVRI (US) · $1.6B · EV: $3.1B

Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally.

Veolia has agreed to acquire Enviri Corporation for $3.04 billion. Final offer price is $16.50 per share in cash. Note: last traded price of $19.90 exceeds deal consideration — verify current deal status and trading price. The acquisition provides a clear exit value for shareholders in a company undergoing complex restructuring, with Veolia gaining control of Enviri’s environmental services portfolio including waste management and rail maintenance operations. Monitor for shareholder approval vote and regulatory clearance timeline for mid-2026 expected closing.

Fwd P/E: NM · EV/EBITDA: 18.4x · EV/Sales: 1.6x · EV/GP: 7.4x (FY2027)

Previously: Enviri received early HSR termination for Clean Earth division sale to Veolia, with simultaneous spin-off of Harsco Environmental and Harsco Rail planned for mid-2026.

Emami Limited · EMAMILTD.NS (IN) · $1.9B · EV: $2.7B

Manufacturer of personal care and healthcare products; leading Indian FMCG brand with heritage in ayurvedic formulations.

Emami Limited is acquiring the remaining 73.5% stake in Axiom Ayurveda to achieve 100% ownership of the ayurveda company. Terms undisclosed. The acquisition allows Emami to fully consolidate its ayurveda operations and capture synergies from integrating Axiom’s portfolio with its existing wellness brands. Monitor for regulatory approvals and completion timeline disclosure.

Fwd P/E: 17.5x (FY2028)

CVB Financial Corp. · CVBF (US) · $2.7B · EV: $3.4B

Community bank holding company providing retail and commercial banking services; regional California presence.

CVB Financial Corp. received all requisite regulatory approvals for its all-stock merger with Heritage Commerce Corp., with Heritage Commerce Corp. merging into CVBF and Heritage Bank of Commerce merging into Citizens Business Bank. All-stock transaction announced December 17, 2025; specific exchange ratio not disclosed in filing. Regulatory clearance removes the primary execution risk for this California community bank consolidation, leaving only shareholder approvals and routine closing conditions before completion. Monitor for shareholder meeting announcements and closing timeline.

Fwd P/E: 10.5x (FY2027)

IHS Holding Limited · IHS (US) · $2.8B · EV: $5.2B

Provider of cellular tower infrastructure and related services; largest independent tower company in the Middle East and Africa.

MTN Group has agreed to acquire IHS Holding Limited under a definitive merger agreement. $8.50 per share in cash. The merger offers arbitrage potential for investors if shares trade below the $8.50 acquisition price, while MTN gains full control of the Africa-focused tower infrastructure company. Monitor for SEC proxy filing with shareholder vote date and regulatory approval timeline.

Fwd P/E: 7.8x · EV/Sales: 2.8x · EV/GP: 5.1x (FY2027)

Previously: MTN and IHS announced a merger agreement to acquire remaining shares, advancing from non-binding discussions.

JTC Plc · JTC.L (UK) · $2.9B

Jersey-based financial services group providing trust, fund administration and corporate services to institutional clients globally.

Man Group increased its cash-settled derivatives position in JTC to 1.61% (2.78 million reference securities) through equity swaps, filing its fifth Form 8.3 disclosure since JTC entered takeover proceedings. Terms undisclosed. Man Group’s progressive stake buildup from 1.38% to 1.61% through derivatives demonstrates institutional conviction in pending takeover premium with leveraged upside exposure. Monitor for formal bid announcement or Rule 2.7 statement from potential acquirers.

Fwd P/E: NM · EV/EBITDA: 10.6x · EV/Sales: 2.8x · EV/GP: 4.9x (FY2027)

Previously: Man Group held 1.45% through cash-settled derivatives as of March 25.

Apellis Pharmaceuticals Inc. · APLS (US) · $5.2B · EV: $3.2B

Develops complement-based therapies for rare and systemic diseases; pioneering C3 and C5 inhibitor platform.

Biogen agreed to acquire Apellis Pharmaceuticals for $5.6 billion in cash under a definitive agreement. Apellis shareholders will receive $41.00 per share at closing plus a contingent value right worth up to $4.00 per share tied to Syfovre reaching annual global net sales thresholds of $1.5 billion and $2 billion between 2027 and 2031. The acquisition gives Biogen its first commercialized complement therapies while offering arbitrage spreads and additional upside through CVRs tied to Syfovre’s sales performance in the geographic atrophy market. Transaction expected to close in Q2 2026, subject to regulatory approvals and shareholder vote.

Fwd P/E: NM · EV/Sales: 3.1x · EV/GP: 3.5x (FY2027)

Previously: Biogen is acquiring Apellis Pharmaceuticals for $41 per share in cash plus contingent value rights that provide additional upside potential.

Black Hills Corporation · BKH (US) · $5.3B · EV: $9.6B

Provides electricity, natural gas, and water utilities; serves ~1.3M customers across multiple U.S. states.

Black Hills Corporation held a special shareholder meeting on April 2, 2026 to vote on its merger with NorthWestern Energy Group under an agreement signed August 18, 2025. The transaction involves Merger Sub merging into NorthWestern, with NorthWestern surviving as a subsidiary of Black Hills. Terms undisclosed. Utility sector consolidation play combining Black Hills’ integrated electric and gas operations with NorthWestern’s Montana and South Dakota utility assets, creating scale in the northern Great Plains energy market. Monitor for shareholder vote results and regulatory approvals required for closing.

Fwd P/E: 15.3x · EV/EBITDA: 11.6x · EV/Sales: 3.8x · EV/GP: 10.0x (FY2027)

Centessa Pharmaceuticals · CNTA (US) · $5.4B · EV: $1.7B

Clinical-stage biopharmaceutical company developing novel medicines; focused on advancing multiple programs through development.

Eli Lilly is acquiring Centessa Pharmaceuticals in an all-cash transaction. $47 per share cash. Close date not disclosed. Biotech acquisition creates immediate arbitrage spread — stock rallied 47% on announcement but trades below deal price, offering upside to $47 target with Lilly’s strong balance sheet backing completion. Monitor for HSR filing and shareholder meeting announcement.

LondonMetric Property Plc · LMP.L (UK) · $5.8B · EV: $7.7B

Operator of UK logistics and light industrial properties; leading logistics real estate portfolio with strong urban distribution focus.

Rathbones Group disclosed a 3.64% stake in LondonMetric Property and a 4.06% stake in Schroder Real Estate Investment Trust under UK Takeover Code Rule 8.3, confirming ongoing consortium takeover activity. Terms undisclosed. Institutional accumulation by multiple parties signals competitive bidding for LondonMetric’s £2.3 billion commercial property portfolio, with consortium structure potentially enabling larger-scale acquisitions. Monitor for formal bid announcement or Rule 2.7 announcement establishing firm intention to bid.

Fwd P/E: NM · EV/EBITDA: 16.4x · EV/Sales: 15.0x · EV/GP: 15.1x (FY2028)

Previously: Multiple institutional investors filed Form 8.3 disclosures with Rathbones revealing consortium formation between LondonMetric and Schroder REIT.

Paramount Global · PARA (US) · $7.0B · EV: $24.6B

Media and entertainment conglomerate producing films, TV shows, and streaming content; owner of iconic franchises and studios.

Warner Bros. Discovery has indicated that a raised bid from Skydance for Paramount Global may constitute a ‘superior’ offer, signaling potential competition for the existing transaction. Terms undisclosed. Multiple bidders could drive up Paramount’s valuation and create arbitrage opportunities as the auction process intensifies. Monitor for formal superior proposal determination and any revised offer terms from competing parties.

Fwd P/E: 8.7x · EV/EBITDA: 6.2x · EV/Sales: 0.9x · EV/GP: 3.0x (FY2027)

Previously: Paramount-Skydance had secured a definitive merger agreement with unanimous board approval to acquire Warner Bros. Discovery for $31.00 per share ($110 billion enterprise value).

Eldorado Gold Corporation · ELD.TO (CA) · $7.1B · EV: $5.5B

Gold and silver mining company; operates mines across Turkey, Canada, Greece, and Romania.

Eldorado Gold Corporation is acquiring all outstanding shares of Foran Mining Corporation through a plan of arrangement. Foran shareholders will receive 0.1128 Eldorado shares plus CAD$0.01 cash per Foran share. Transaction adds base metals exposure through Foran’s copper assets with ISS backing providing institutional validation for Eldorado’s diversification strategy. Eldorado shareholder meeting April 7, 2026 to approve share issuance resolution.

Fwd P/E: 7.6x · EV/EBITDA: 4.1x · EV/Sales: 1.9x · EV/GP: 4.2x (FY2027)

Axsome Therapeutics, Inc. · AXSM (US) · $8.9B · EV: $9.0B

Develops novel psychiatric and neurological medications; focused on treatment-resistant conditions with unmet needs.

Axsome Therapeutics entered into an asset purchase agreement to acquire exclusive global rights to balipodect (TAK-063), a selective phosphodiesterase 10A inhibitor, from Takeda. Terms undisclosed. The acquisition adds a potentially first-in-class mechanism with completed Phase 2 proof-of-concept data in schizophrenia to Axsome’s CNS portfolio, targeting two underserved neuropsychiatric markets. Phase 3 trial-enabling activities for schizophrenia begin in 2026.

Fwd P/E: 27.7x · EV/Sales: 5.8x · EV/GP: 6.3x (FY2027)

Globalstar Inc. · GSAT (US) · $10.0B · EV: $7.8B

Satellite communications provider; offers voice, data, and IoT services globally via LEO constellation.

Amazon is reportedly in discussions to acquire satellite communications company Globalstar for $9 billion according to Financial Times. Terms undisclosed. Acquisition would accelerate Amazon’s Project Kuiper LEO satellite constellation deployment, helping address rocket shortages and manufacturing delays that have hampered the company’s goal of launching 3,000+ satellites for global broadband coverage. Apple owns a 20% stake in Globalstar after investing $1.5 billion in 2024, potentially complicating deal structure and approval processes. Monitor for Amazon confirmation of deal discussions or formal bid announcement.

Essential Utilities, Inc. · WTRG (US) · $11.6B · EV: $19.0B

U.S. water, wastewater, and natural gas utility; serves approximately 5 million customers across multiple states.

Essential Utilities continues integration planning for its proposed merger with American Water Works as regulatory review progresses across multiple states. Terms undisclosed. State utility commission hearings provide visible milestones for regulatory approval timeline, with Pennsylvania representing Essential’s largest market and critical approval jurisdiction for deal completion. Pennsylvania PUC public input hearings April 12 through May 7, with North Carolina hearings May 4-5.

Fwd P/E: 17.1x · EV/EBITDA: 13.9x · EV/Sales: 7.2x · EV/GP: 17.7x (FY2027)

Penumbra, Inc. · PEN (US) · $13.0B · EV: $12.1B

Manufacturer of minimally invasive medical devices for stroke, vascular, and oncology interventions; leading position in neurovascular thrombectomy systems.

Boston Scientific has agreed to acquire Penumbra in a cash and stock transaction under a definitive merger agreement dated January 14, 2026. Offer price $374.00 per share. Other consideration terms not disclosed in proxy filing. Medical device consolidation play where Boston Scientific gains Penumbra’s neurovascular intervention portfolio and global distribution leverages existing catheter technologies. Shareholder vote on merger proposal (date not specified in proxy materials).

Fwd P/E: 52.2x · EV/EBITDA: NM · EV/Sales: 6.7x · EV/GP: 10.0x (FY2027)

McCormick & Company · MKC (US) · $13.6B · EV: $21.7B

Global spice, seasoning, and flavor manufacturer; leading supplier to food industry and consumers.

McCormick & Company is combining with Unilever’s foods business (excluding India) through a merger agreement announced March 31. Combined entity valued at $65.8 billion. McCormick secured $15.7 billion in committed bridge financing from Citigroup, Goldman Sachs, and Morgan Stanley to fund the cash component. McCormick CEO Brendan Foley will lead the combined company. Creates scale leader in global food ingredients with $600 million in projected annual cost synergies, combining McCormick’s spice expertise with Unilever’s established brands like Hellmann’s amid industry consolidation pressures. Unilever’s foods division faces declining developed markets and flat Food Solutions sales, while both companies must navigate sticky inflation pressure on margins and potential GLP-1 drug impact on food consumption. Monitor for regulatory filing with detailed transaction terms and shareholder vote timeline.

Fwd P/E: 15.1x · EV/EBITDA: 14.0x · EV/Sales: 2.7x · EV/GP: 7.0x (FY2027)

Warner Music Group Corp. · WMG (US) · $13.6B · EV: $21.8B

Records, publishes, and distributes music; one of three major global music conglomerates.

Warner Music Group has entered a definitive agreement to acquire Revelator, a B2B music platform specializing in digital distribution, rights management, and royalty accounting for independent artists and labels. Terms undisclosed. The acquisition expands WMG’s distribution and label services capabilities while adding cloud-based technology infrastructure to serve both existing WMG labels and Revelator’s hundreds of independent clients. Transaction closing expected next quarter, subject to customary conditions.

Fwd P/E: 15.4x · EV/EBITDA: 16.2x · EV/Sales: 2.9x · EV/GP: 6.3x (FY2027)

Grab Holdings · GRAB (US) · $14.3B

Southeast Asian ride-hailing and delivery platform; regional market leader across mobility, food, and logistics services.

Grab Holdings is acquiring Delivery Hero’s Taiwan delivery business, including Foodpanda operations, marking its first expansion outside Southeast Asia into its ninth market. $600 million cash on cash-free, debt-free basis, closing expected second half of 2026 subject to regulatory approvals. The acquisition adds operations across 21 cities generating $1.8 billion gross merchandise value with management projecting at least $60 million incremental adjusted EBITDA by 2028. Monitor for regulatory approval timeline and closing confirmation.

Fwd P/E: 22.8x · EV/Sales: 3.9x · EV/GP: 8.9x (FY2027)

Previously: Grab agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $600 million cash with closing expected in second half of 2026.

Sysco Corporation · SYY (US) · $34.1B · EV: $50.0B

Global foodservice distributor supplying restaurants, hospitals, and institutions; largest North American player by market share.

Sysco Corporation filed an 8-K documenting its definitive merger agreement to acquire Jetro Restaurant Depot through wholly owned subsidiary structures. Total enterprise value $29.1 billion consisting of $21.6 billion cash and 91.5 million Sysco shares at 14.6x Jetro’s operating income. The acquisition transforms Sysco into a multi-channel foodservice distribution platform, providing immediate access to the high-margin Cash & Carry segment serving smaller independent restaurants complementary to Sysco’s existing higher-volume delivery customers. Monitor for regulatory filings and shareholder approval processes.

Fwd P/E: 14.1x · EV/EBITDA: 9.5x · EV/Sales: 0.6x · EV/GP: 3.1x (FY2027)

Previously: Sysco entered into a definitive agreement to acquire Jetro Restaurant Depot, the nation’s premier Cash & Carry food wholesaler.

Otsuka Pharmaceutical · 4578.T (JP) · $36.6B · EV: $27.7B

Japanese pharmaceutical company; develops and markets pharmaceuticals, nutraceuticals, and medical foods globally.

Otsuka Pharmaceutical is acquiring Transcend Therapeutics through wholly owned subsidiary Otsuka America in a complete acquisition targeting breakthrough PTSD therapy TSND-201. $700 million upfront plus up to $525 million in sales-based milestones for total consideration up to $1.225 billion, with closing expected Q2 FY2026 subject to customary conditions. Acquisition provides exposure to TSND-201, a rapid-acting neuroplastogen targeting PTSD’s 13+ million annual U.S. patients with no new approved treatments in 25 years, creating substantial commercial opportunity if Phase 3 trials succeed. TSND-201 remains in Phase 3 enrollment with no guaranteed regulatory approval, and Transcend’s prodrug program requires separate IND filing and clinical development timeline. Monitor for Q2 FY2026 transaction closing and Phase 3 trial updates for TSND-201 following FDA breakthrough therapy designation in July 2025.

Constellation Energy Corporation · CEG (US) · $85.2B · EV: $115.8B

Nuclear and conventional power generation; largest U.S. nuclear fleet operator with substantial clean energy capacity.

Constellation Energy Corporation is acquiring Calpine Corporation in a transaction expected to create a pro forma combined company. Terms undisclosed. Consolidation in the utility sector targeting synergies and expected accretion to earnings per share and free cash flow through combining complementary operations. Monitor for definitive agreement filing with transaction details.

Fwd P/E: 19.6x · EV/EBITDA: 12.6x · EV/Sales: 3.6x · EV/GP: 4.7x (FY2027)

Hitachi, Ltd. · 6501.T (JP) · $135.9B · EV: $101.8B

Diversified conglomerate manufacturing industrial equipment, power systems, and infrastructure solutions; global leader across multiple industrial sectors.

Hitachi Ltd. is acquiring U.S.-based Clever Devices, a New York-based company specializing in digitalization systems for public transportation including buses and passenger services. Deal valued at several tens of billions of yen with completion expected within 2026 pending regulatory approval. Acquisition expands Hitachi’s mobility business beyond rail transportation to broader public transportation markets, leveraging Clever’s 600-employee operation and advanced AI technology for operational efficiency and greenhouse gas reduction initiatives. Monitor for regulatory approval completion expected within 2026.

Fwd P/E: 20.1x · EV/EBITDA: 9.7x · EV/Sales: 1.3x · EV/GP: 4.7x (FY2028)

SIIC Environment Holdings Ltd. · 807.HK (HK)

Environmental remediation and waste treatment services; leading provider of industrial pollution control solutions in China.

SIIC Environment Holdings’ subsidiary Longjiang Environmental signed an agreement to acquire 100% equity in two water utility companies — Anshan Qingchang Water and Anshan Qinglang Water — from Qingdao Qing’an Technology Investment. RMB 270 million total consideration (approximately HKD 305 million and SGD 50 million), structured with 10% deposit, 80% at closing backed by irrevocable bank guarantee, and 10% risk retention paid six months post-closing subject to no warranty breaches. Bolt-on acquisition expands SIIC’s water utility portfolio with two established operations valued at slight discount to June 2025 third-party appraisals, providing geographic diversification within China’s regulated water sector. Conditions precedent must be fulfilled by May 31, 2026, including completion of subsidiary deregistrations and debt guarantee arrangements.

Picton Property Income Limited · PCTN.L (UK)

UK property investor acquiring and managing commercial real estate; focuses on smaller regional properties undervalued by larger competitors.

Rathbones Group disclosed a 7.28% stake in Picton Property Income Limited under Rule 8.3, revealing institutional positioning during an ongoing takeover situation involving a consortium of LondonMetric Property and Schroder Real Estate Investment Trust. Rathbones holds 37,448,316 shares (7.28% stake) and has been selling at 74.8-75.4 pence per share. Consortium bid terms not disclosed in filing. Large institutional holder’s active selling near current levels suggests limited upside expectations from consortium bid, providing price discovery for arbitrageurs evaluating deal probability and premium adequacy. Monitor for consortium’s formal bid announcement and Rule 2.6 deadline for firm intention or withdrawal.

Fwd P/E: NM · EV/EBITDA: 31.3x · EV/Sales: 10.6x · EV/GP: 15.2x (FY2028)

Vireo Growth Inc · VREO (OTC)

Cannabis cultivator and retailer with operations across multiple U.S. states; vertically integrated producer.

Vireo Growth announced the Hawthorne acquisition from ScottsMiracle-Gro could close any time following five business days from March 30, with completion expected during Q2 2026. 206 million subordinate voting shares plus warrants for 80 million shares at $0.85 exercise price. Hawthorne comes with at least $35 million cash, ~$50 million net working capital, and ~$20 million inventory over two years. Share-based acquisition structure provides significant equity upside if Hawthorne’s North American indoor gardening market position generates returns exceeding the warrant exercise price, with minimal cash outlay required from Vireo. Transaction remains subject to definitive agreement execution and regulatory approvals, with massive share issuance creating potential dilution concerns for existing shareholders. Monitor for definitive agreement announcement — deal can close any time after April 7, 2026 (five business days from announcement).

Kering · KER.PA (FR)

Luxury fashion conglomerate owning Gucci, Saint Laurent, and Balenciaga; global leader in premium apparel and accessories.

Kering completed the first stage of acquiring Raselli Franco Group, one of Europe’s largest independent luxury jewelry manufacturers, taking a 20% stake. €115 million for 20% initial stake, with defined timeline for complete acquisition by 2032. Multi-stage acquisition provides Kering controlled entry into jewelry manufacturing while strengthening vertical integration of its luxury jewelry brands including Boucheron, Pomellato, and Qeelin. Monitor for disclosure of subsequent acquisition milestones and timeline details through 2032.

Fwd P/E: 25.6x · EV/EBITDA: 9.9x · EV/Sales: 3.1x · EV/GP: 5.7x (FY2027)

The Platform Group SE & Co. KGaA · TPG.DE (DE)

German e-commerce platform operator; aggregates and operates online marketplaces across fashion, automotive, and lifestyle verticals.

The Platform Group SE & Co. KGaA received German Federal Cartel Office clearance for its acquisition of AEP GmbH, Alzenau, fulfilling a key regulatory requirement from the purchase agreement. Terms undisclosed. Regulatory approval removes the primary hurdle for completion, with the company actively pursuing a diversified financing structure combining own funds and debt capital over a 3-5 year timeframe. Transaction close expected by end of May 2026 — seven weeks away.

Fwd P/E: 1.9x · EV/EBITDA: 2.6x · EV/Sales: 0.2x · EV/GP: 0.7x (FY2027)

엔젠바이오 · 354200.KQ (KR)

Korean biotech company specializing in genetic testing and precision medicine diagnostics.

엔젠바이오 filed a merger completion report with Korea’s DART system. Terms undisclosed. Korean biotech merger completion suggests consolidation in the sector, with potential for operational synergies and cost reduction driving value creation. Monitor for detailed merger terms and combined entity strategy disclosure.

케일럼 · 258610.KQ (KR)

Korean pharmaceutical company developing treatments for fibrotic and inflammatory diseases.

케일럼 completed a merger transaction according to DART filing 합병등종료보고서(합병). Terms undisclosed. Korean regulatory filing indicates completed merger structure, though specific strategic rationale and counterparty details require further disclosure review. Monitor for additional DART filings with merger details and business combination specifics.

모바일어플라이언스 · 087260.KQ (KR)

Korean mobile device and appliance technology company.

모바일어플라이언스 filed a material event correction report with DART regarding a decision to sell convertible bonds with share buyback rights. Terms undisclosed. Korean company’s convertible bond sale decision suggests potential capital restructuring or liquidity needs requiring regulatory disclosure correction. Monitor for detailed terms disclosure in follow-up DART filings.

휴먼테크놀로지 · 175140.KQ (KR)

Korean industrial technology company providing automation and engineering solutions.

휴먼테크놀로지 filed a material event report with Korea’s DART system regarding a merger decision. Terms undisclosed. Korean regulatory filing indicates formal merger approval, creating potential arbitrage opportunity pending disclosure of counterparty and exchange ratio. Monitor for detailed merger terms disclosure in follow-up DART filings.

엔에이치스팩29호 · 451700.KQ (KR)

NH Investment & Securities-sponsored special purpose acquisition company listed on KOSDAQ.

NH SPAC 29 filed a corrected material event report regarding a merger decision with Korea’s DART system. Terms undisclosed. Korean SPAC merger decisions typically involve target identification and shareholder approval processes that create definitive transaction timelines. Monitor for detailed merger terms and target company disclosure in subsequent DART filings.

PGC · PGC.AX (AU)

Healthcare equipment and devices distributor; supplies medical consumables and capital equipment to hospitals across Australia and New Zealand.

ParagonCare completed its acquisition of Haju Medical according to ASX filing. Terms undisclosed. Acquisition expands ParagonCare’s medical device distribution capabilities in strategic market segments. Monitor for integration updates and revenue impact in next quarterly filing.

Fwd P/E: 9.7x · EV/EBITDA: 4.6x · EV/Sales: 0.3x · EV/GP: 3.8x (FY2027)

Episurf Medical AB · ()

Swedish medical device company developing patient-specific implants for joint cartilage repair.

Episurf Medical agreed to acquire a 36-property portfolio of LSS housing facilities from Mofast AB through purchasing all shares in Bolaget XX22 AB and its subsidiaries. Property value SEK 697 million, preliminary purchase price SEK 77 million settled via promissory note and planned issuance of 1.7 billion class B shares at SEK 0.045 per share. Diversification into stable real estate cash flows — portfolio generates SEK 65.6 million annual rental income with guaranteed SEK 41.5 million net operating income for 2026 backed by municipal and regional tenants. Monitor for shareholder approval of the 1.7 billion share issuance required to complete the transaction.

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. · AEFES.IS (TR)

Brews beer and malt beverages; leading brewery company in Turkey and Eastern Europe.

Anadolu Efes signed a definitive agreement to acquire 60% of Tariş Üzüm, a grape-based alcoholic and non-alcoholic beverages company, through restructuring under parent Anadolu Grubu with Anadolu Etap Dış Ticaret A.Ş. as the acquiring entity. Purchase price $26 million subject to working capital adjustments. Strategic diversification for Turkey’s largest brewer expanding beyond beer into grape-based beverages market, broadening consumer reach and product portfolio. Monitor for regulatory approvals and closing conditions given the cooperative structure of the target entity.

Fwd P/E: 5.8x · EV/EBITDA: NM · EV/Sales: 17.4x · EV/GP: NM (FY2027)

Previously: Company announced initial strategic plans to diversify beyond beer categories.

EssilorLuxottica · EL.PA (FR)

Global leader in ophthalmic lenses, eyewear, and optical equipment; owns Ray-Ban, Oakley, and operates LensCrafters retail chain.

EssilorLuxottica has completed acquisition of a significant stake in Top Charoen, Thailand’s leading optical retail chain with over 2,000 stores. Terms undisclosed. Transaction establishes direct retail presence in Thailand for the Franco-Italian eyewear giant, providing consumer access and distribution scale in a strategic Asian hub where EssilorLuxottica already operates manufacturing facilities. Monitor for additional Asian market expansion announcements as part of broader retail strategy.

Fwd P/E: 22.9x · EV/EBITDA: 14.9x · EV/Sales: 2.3x · EV/GP: 3.1x (FY2027)

Ouro Medicines · N/A (INTL)

Clinical-stage biopharmaceutical company developing novel therapies.

Gilead Sciences has entered into a definitive agreement to acquire all outstanding equity interests of Ouro Medicines, a private biotech company developing T cell engager therapies for autoimmune diseases. Terms undisclosed. The acquisition adds gamgertamig (OM336), a clinical-stage BCMAxCD3 T cell engager with transformative efficacy in severe antibody-mediated orphan diseases, as Gilead expands its autoimmune portfolio beyond its core HIV and oncology franchise. Monitor for registrational study initiation as early as 2027.

JDE Peet’s N.V. · JDEP (INTL)

Coffee and tea producer; world’s largest pure-play coffee company by revenue.

Keurig Dr Pepper has acquired 96.22% of JDE Peet’s shares through a public cash tender offer by subsidiary Kodiak BidCo B.V. KDP plans to separate into two independent publicly traded companies after integration: Beverage Co. for North American refreshment beverages and Global Coffee Co. combining JDE Peet’s with KDP’s coffee business. The substantial ownership position creates potential squeeze-out opportunity for remaining 3.78% minority shareholders, while the planned spin-off of the combined coffee business provides exposure to a global coffee platform. Integration risks and execution challenges associated with combining two large coffee operations across different geographies could impact synergy realization. Monitor for mandatory squeeze-out procedure initiation and timeline for the planned separation into two public companies.

Previously: JDE Peet’s was conducting a strategic review process with no updates to report.

Boralex Inc · BLX.TO (CA) · $2.7B

Independent power producer operating renewable energy assets across North America and Europe; focused on wind, solar, and hydroelectric generation.

Boralex’s strategic review has concluded with a definitive all-cash acquisition agreement between Brookfield Asset Management and Boralex management, according to company announcements. Terms undisclosed. Potential going-private transaction could deliver premium to shareholders in a Canadian renewables market where pure-plays trade at discounts to infrastructure funds’ private market valuations. Monitor for definitive agreement terms disclosure and shareholder vote scheduling.

Fwd P/E: 39.3x · EV/EBITDA: 12.8x · EV/Sales: 7.4x · EV/GP: 19.5x (FY2027)

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Divestitures

CVD Equipment Corporation · CVV (US) · $28M · EV: $13M

CVD Equipment manufactures chemical vapor deposition systems; leading supplier to semiconductor and materials processing industries.

CVD Equipment Corporation completed the sale of its SDC Division to Atlas Copco Group. $16.9 million in cash. Divestiture allows CVD to focus capital and management resources on its core chemical vapor deposition systems business while maintaining operational presence at the Saugerties facility under lease to the buyer. Monitor for Q1 2026 earnings release for deployment of proceeds and updated guidance.

Fwd P/E: NM · EV/EBITDA: 18.8x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2026)

Previously: CVD signed definitive Asset Purchase Agreement to sell SDC Division for $16.9 million with Q2 2026 closing expected.

Celularity Inc. · CELU (US) · $29M

Celularity Inc.; developer of cell and gene therapies derived from placental cells; clinical-stage biopharmaceutical company.

Celularity granted an exclusive license to its commercial-stage biomaterials portfolio and certain development-stage programs to an undisclosed strategic partner. Up to $35 million in upfront and milestone payments, plus royalties on future net sales. Transaction expected to close no later than April 15, 2026. Non-dilutive financing allows the company to focus capital on its longevity therapeutics pipeline while retaining exclusive manufacturing rights and ongoing revenue from biomaterials production. Transaction close by April 15, 2026.

Fwd P/E: 0.8x · EV/Sales: 0.4x · EV/GP: 0.5x (FY2027)

Commercial Vehicle Group, Inc. · CVGI (US) · $130M · EV: $160M

Manufacturer of commercial vehicle components and systems; supplier to heavy-duty truck and bus OEMs.

Commercial Vehicle Group completed a sale-leaseback transaction of its Vonore, Tennessee manufacturing property to Big Acquisitions LLC and 200 National LLC on March 27, 2026. Sale price $16 million with simultaneous long-term lease agreement allowing the company to continue operations at the facility. Sale-leaseback unlocks immediate liquidity from real estate while preserving operational control, strengthening balance sheet flexibility for a company in the cyclical commercial vehicle market. Monitor Q1 2026 earnings call for deployment of proceeds and impact on debt reduction or growth investments.

Fwd P/E: 46.4x · EV/EBITDA: 4.4x · EV/Sales: 0.2x · EV/GP: 2.0x (FY2027)

Playboy Inc · PLBY (US) · $147M

Publisher of men’s lifestyle magazine and entertainment brand; iconic symbol of adult entertainment and sexual liberation since 1953.

Playboy completed initial closing of its China business joint venture transaction, selling a 16.67% stake to UTG Brands Management Group for $15 million while retaining operational control through majority ownership. Initial closing: $15 million for 16.67% stake plus $4 million brand support payment. Second closing by January 2028: additional $30 million for 33.33% stake plus $6 million brand support. Total contracted payments $122 million including $62 million guaranteed distributions through 2033. Asset-light pivot monetizes China IP while retaining 50% upside in a high-growth market — UTG assumes operational burden while Playboy captures guaranteed cash flows exceeding current China net income plus debt paydown optionality. Second closing deadline January 2028 for remaining $30 million payment and transfer of additional 33.33% stake to UTG.

Fwd P/E: 14.6x · EV/Sales: 2.5x · EV/GP: 3.6x (FY2027)

One Stop Systems, Inc. · OSS (US) · $180M · EV: $131M

Designs and manufactures GPU computing systems for data centers; specialized in high-performance AI and analytics applications.

One Stop Systems completed the divestiture of a business unit for $22 million, driving record margins and enhanced profitability. Sale price $22 million. Buyer and specific unit divested not disclosed. The divestiture streamlines operations while defense contract wins provide dual catalysts for margin expansion and revenue growth in a concentrated portfolio. Monitor for Q1 2026 earnings release to quantify margin improvement and defense contract revenue contribution.

Fwd P/E: NM · EV/Sales: 2.8x · EV/GP: 6.0x (FY2027)

Fuji Pharma Co., Ltd. · 4554.T (JP) · $378M · EV: $385M

Fuji Pharma Co., Ltd. engages in the research and development, manufacture, and marketing of pharmaceutical products in Japan and internationally.

Fuji Pharma Co., Ltd. is transferring its Toyama No. 2 factory to Nippon Kayaku Co., Ltd. through a company division structure. Transaction completion scheduled for October 2026. Financial terms undisclosed. Factory specializes in contract development and manufacturing of injectable drugs, providing Nippon Kayaku with expanded CDMO capacity while allowing Fuji Pharma to streamline operations and focus on core pharmaceutical activities. Monitor for completion in October 2026 and any disclosed financial terms in regulatory filings.

First Real Estate Investment Trust · AW9U.SI (SG) · $404M · EV: $790M

Real estate investment trust owning and managing commercial properties; generates revenue through rental income and property appreciation.

First Real Estate Investment Trust announced the divestment of Indonesia hospital and non-core assets. Total consideration S$464 million. Acquirer and closing timeline not disclosed. Portfolio rationalization in a concentrated geography provides capital for debt reduction or higher-yielding acquisitions while simplifying the trust’s operational footprint. Monitor for extraordinary general meeting date and circular to unitholders.

Fwd P/E: 9.3x · EV/EBITDA: 9.5x · EV/Sales: 7.9x · EV/GP: 9.1x (FY2026)

Zevra Therapeutics · ZVRA (US) · $515M · EV: $496M

Develops rare disease therapeutics using transient zinc finger protein technology; targeting metabolic and genetic disorders.

Zevra Therapeutics completed the sale of its entire serdexmethylphenidate (SDX) portfolio, including AZSTARYS® and KP1077, to Commave Therapeutics SA. Total consideration $50 million cash. The divestiture eliminates litigation overhang while creating a debt-free balance sheet, allowing management to concentrate capital and resources on its rare disease pipeline including its lead NPC therapy. Monitor for Q1 earnings call to assess deployment of proceeds and pipeline prioritization.

Fwd P/E: 6.2x · EV/Sales: 2.3x · EV/GP: 2.7x (FY2027)

Previously: Delaware Chancery Court ruled Zevra’s lien grant constituted license “assignment,” triggering dispute over mandatory procedures.

Intrepid Potash, Inc. · IPI (US) · $587M · EV: $281M

Produces potash and langbeinite fertilizers; largest U.S. potash producer with Western Hemisphere operations.

Intrepid Potash completed the sale of its Intrepid South Ranch assets to HydroSource Logistics for $70 million on April 2. $70 million total consideration, including an $8 million deposit received in December 2025. Sale includes 21,782 acres of fee land, 26,529 acres of federal grazing leases, water rights, and related assets comprising the majority of the oilfield solutions segment operations. Divestiture allows Intrepid to concentrate capital on core potash production while accelerating cash flow generation from non-core Delaware Basin assets amid industry consolidation. Monitor for Q1 2026 earnings report for impact of proceeds on debt reduction and potash expansion investments.

Fwd P/E: 70.3x · EV/EBITDA: 6.3x · EV/Sales: 1.2x · EV/GP: 6.8x (FY2027)

Compass Diversified · CODI (US) · $646M · EV: $2.2B

Acquires and operates diverse consumer brands across home, garden, and specialty products; portfolio-based holding company model.

Compass Diversified has entered a definitive agreement to sell Sterno’s food service business to Archer Foodservice Partners, a Wynnchurch Capital portfolio company. Enterprise value $292.5 million, subject to customary working capital adjustments. Business generated $30.3 million subsidiary adjusted EBITDA in 2025. Deleveraging transaction addresses ADW Capital’s liquidation demands while preserving going-concern value — net proceeds will reduce senior secured leverage below 1.0x and eliminate excess leverage fees beyond June 2026. Monitor for transaction closing, expected in Q2 2026.

Fwd P/E: 24.4x · EV/EBITDA: NM · EV/Sales: 1.1x · EV/GP: 2.9x (FY2027)

Previously: ADW Capital demanded immediate strategic review and liquidation, estimating $26+ per share liquidation value versus $7.79 trading price.

Atos SE · ATO.PA (FR) · $787M · EV: $2.9B

Global IT services and digital transformation provider; leading European IT consulting and systems integration company.

Atos SE is pursuing a strategic divestiture. Terms undisclosed. French IT services company explores asset sale as potential value unlock mechanism amid ongoing financial restructuring efforts. Monitor for specific divestiture announcement or strategic review update.

Fwd P/E: 5.3x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Derwent London PLC · DLN.L (UK) · $2.4B · EV: $4.5B

Property developer and landlord of prime central London offices; major West End portfolio owner.

Derwent London exchanged contracts to sell Horseferry House SW1 for £131.8 million to an overseas investor. Sale price £131.8 million (before rental top-ups), completion scheduled June 2026. Capital recycling at 8.4% IRR over 21 years outperforms MSCI Central London Office Index by 240bp annually, supporting ongoing £1 billion three-year disposal program with £275 million already contracted year-to-date. Monitor for completion in June 2026.

Fwd P/E: NM · EV/EBITDA: NM · EV/Sales: 12.3x · EV/GP: 23.9x (FY2027)

SSR Mining Inc. · SSRM (US) · $6.4B · EV: $4.3B

SSR Mining Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal resource properties in Turkey and the Americas.

SSR Mining completed the $1.5 billion sale of its 80% stake in the Çöpler mine in Turkey to Cengiz Holding. Sale price $1.5 billion for 80% stake, closed ahead of previously expected Q3 2026 timeline. Strategic exit from Turkey eliminates geopolitical risk while generating substantial cash for Americas-focused growth and immediate shareholder returns through approved 10% share buyback program. Monitor for deployment timeline of remaining proceeds beyond the announced share repurchase program.

Fwd P/E: 6.1x · EV/EBITDA: 7.4x · EV/Sales: 1.6x · EV/GP: 4.5x (FY2027)

Previously: Sale expected to close in Q3 2026 with proceeds earmarked for Americas strategy and potential capital returns.

Guangzhou Automobile Group Co., Ltd. · 2238.HK (HK) · $9.3B · EV: $6.1B

Chinese automaker producing passenger vehicles and commercial vehicles; major domestic manufacturer with GAC Aion EV brand.

Guangzhou Automobile Group subsidiary UPOWER Energy is selling 12% equity interest in an undisclosed target company to parent company GAIG. Sale price RMB1.92 billion ($264 million). Transaction reduces GAC’s indirect stake from 20% to 8% while GAIG acquires 12% direct ownership. Connected transaction provides transparency into asset valuations within GAC group structure and suggests potential consolidation or restructuring of investment portfolio at parent level. Monitor for completion announcement and potential disclosure of target company identity in subsequent filings.

Fwd P/E: 11.8x · EV/EBITDA: 0.6x · (FY2027)

Accor S.A. · AC.PA (FR) · $11.5B · EV: $19.1B

Operates global hospitality portfolio across hotels, resorts, and accommodations; world’s largest hotel company by room count.

Accor signed a memorandum of understanding to sell its 30.56% stake in Essendi (formerly AccorInvest) to a consortium comprised of Blackstone and Colony IM. €975 million total consideration including €675 million at closing plus earn-out up to €300 million. Transaction expected to close Q3 2026 subject to regulatory approvals and finalization of shareholders’ agreement. Accor will return most disposal proceeds to shareholders through an additional €500 million share buyback program, providing immediate capital return while converting Essendi’s hotel portfolio to 20-year franchise agreements under Accor brands. Regulatory and antitrust approvals plus finalization of shareholders’ agreement required for Q3 2026 closing.

Fwd P/E: 15.8x · EV/EBITDA: 6.5x · EV/Sales: 2.6x · EV/GP: 5.0x (FY2027)

Omron Corp · 6645.T (JP) · $12.8B · EV: $11.9B

Global manufacturer of automation and healthcare devices; leading provider of industrial control and medical equipment solutions.

Omron Corporation will spin off its Device & Module Solutions business into new entity Aratas and sell 100% of shares to a Carlyle Group-backed fund. ¥81 billion purchase price for 100% equity. Absorption-type company split structure. Expected close October 2026. Divestiture of lower-margin hardware business unlocks ¥81 billion in capital for Omron to reinvest in higher-growth industrial automation and healthcare segments while eliminating earnings drag from commodity components. Monitor for shareholders’ meeting approval and regulatory clearance ahead of October 2026 close.

Fwd P/E: 23.9x · EV/EBITDA: 13.2x · EV/Sales: 2.1x · EV/GP: 3.8x (FY2027)

Previously: Carlyle acquiring majority stake with terms undisclosed.

DuPont de Nemours, Inc. · DD (US) · $19.0B · EV: $19.2B

Manufacturer of specialty chemicals, materials, and pigments; diversified portfolio serving agriculture, electronics, and industrial markets.

DuPont is divesting its Aramids business to Arclin in a transaction valued at $1.8 billion. Sale price $1.8 billion cash, with Goldman Sachs providing $3.75 billion financing package to Arclin. The divestiture advances DuPont’s portfolio optimization strategy while generating significant cash proceeds to strengthen the balance sheet and fund strategic investments in higher-growth segments. Regulatory approval timelines remain uncertain and could delay closing, while the divested Aramids business includes established brands like Kevlar that have historically contributed stable cash flows. Monitor for regulatory approval updates and specific closing timeline guidance.

Fwd P/E: 17.8x · EV/EBITDA: 12.5x · EV/Sales: 2.6x · EV/GP: 8.6x (FY2027)

Previously: DuPont entered definitive agreement to sell its Aramids division to Arclin for $1.8 billion with Goldman Sachs providing financing.

Vale S.A. · VALE (US) · $69.0B · EV: $67.6B

Global mining company producing iron ore, nickel, and other minerals; world’s largest iron ore producer.

Vale announced it will sell most of its Thompson Nickel Belt operations to a new consortium. Terms undisclosed. Divestiture continues Vale’s portfolio rationalization strategy while maintaining strategic nickel exposure through retained minority stake and offtake arrangements. Monitor for detailed transaction announcement with specific terms and closing timeline.

Fwd P/E: 8.2x · EV/EBITDA: 3.8x · EV/Sales: 1.7x · EV/GP: 4.8x (FY2027)

Previously: Vale formed a four-party consortium with Exiro Minerals, Orion Resources Partners and Canada Growth Fund to own and develop the Thompson Nickel Belt in Manitoba, retaining 18.9% ownership while the three new investors hold 81.1%.

Unilever · UL (US) · $122.9B · EV: $147.2B

Global consumer goods manufacturer; leading brands across home care, personal care, and food & beverages.

Unilever enters advanced discussions with McCormick & Company to carve out its global foods business through a combination transaction, explicitly excluding India operations. $15.7 billion transaction comprising cash and McCormick stock, structured as Reverse Morris Trust for tax efficiency, giving Unilever shareholders 65% controlling stake in combined entity. Portfolio restructuring unlocks value from non-core foods assets while maintaining control through majority stake, with tax-efficient structure maximizing shareholder returns amid CEO’s strategic pivot toward higher-growth beauty categories. India foods operations generating ₹15,000 crore annually (22% of HUL sales) remain excluded, limiting transaction scope and potential value realization from key growth market. Monitor for definitive agreement announcement as discussions remain ongoing with no certainty of completion.

Fwd P/E: 16.8x · EV/EBITDA: 13.7x · EV/Sales: 2.8x · EV/GP: 2.8x (FY2027)

Previously: Unilever was in discussions with McCormick & Company regarding the potential sale of its food division, with no agreement reached and terms undisclosed.

Accenture plc · ACN (US) · $123.9B · EV: $159.2B

Global IT consulting, technology services, and outsourcing; largest independent consulting firm worldwide.

Accenture is pursuing a strategic divestiture focused on AI-driven efficiency, though the company has not disclosed the specific business unit, counterparty, or transaction structure. Terms undisclosed. Portfolio rationalization following recent acquisitions could unlock value by allowing management to concentrate resources on higher-margin consulting segments while reducing operational complexity. Monitor for 8-K filing or press release detailing transaction specifics.

Fwd P/E: 13.4x · EV/EBITDA: 11.7x · EV/Sales: 2.0x · EV/GP: 6.4x (FY2027)

Previously: Accenture entered into an agreement to acquire Ookla, a global leader in network intelligence and competitive benchmarking.

Electromagnetic Geoservices ASA · EMGS.OL (NO)

Electromagnetic surveying services for oil and gas exploration; leading provider of seafloor EM technology for subsurface mapping.

Electromagnetic Geoservices ASA signed a binding agreement to sell its business operations and assets to P-2 Riggs Capital through a subsidiary transfer structure. $2.5 million total consideration: $1 million at closing plus $1.5 million conditional earn-out subject to future conditions. EMGS retains all historic liabilities including convertible bonds. Distressed marine geophysical services company achieves clean asset transfer while retaining debt obligations, providing modest liquidity as alternative to wind-down. Monitor for closing conditions and earn-out criteria disclosure.

Fwd P/E: NM · EV/EBITDA: 17.0x · EV/Sales: 7.0x (FY2027)

SM1 · SM1.AX (AU)

Synlait Milk Limited; New Zealand dairy processor manufacturing infant formula and nutritional products.

SM1 completed the sale of its North Island assets according to an ASX announcement. Terms undisclosed. Asset divestiture completion provides immediate cash proceeds and portfolio optimization for the company. Monitor for financial statements showing cash proceeds and asset disposal impact.

Fwd P/E: 30.1x · EV/EBITDA: 33.1x · EV/Sales: 0.7x · EV/GP: 11.3x (FY2027)

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Tender Offers

Urgent.ly Inc. · ULY (US) · $7M · EV: $62M

Urgent.ly Inc. designs and develops a mobility assistance software platform for roadside assistance.

Agero is acquiring Urgent.ly through a cash tender offer by wholly owned subsidiary Medford Hawk at $5.50 per share. The offer expires April 25, 2026 at midnight EDT and is backed by a definitive merger agreement signed March 13, 2026. Binding merger agreement with Section 251(h) backend merger eliminates deal risk, creating straightforward arbitrage to the $5.50 offer price. Tender offer expires April 25, 2026 at midnight EDT.

Fwd P/E: 3.2x · EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Kezar Life Sciences · KZR (US) · $45M

Kezar develops small-molecule therapeutics for autoimmune and inflammatory diseases; early-stage clinical-stage biotech company.

Aurinia Pharmaceuticals is acquiring Kezar Life Sciences through a cash tender offer at $6.955 per share plus a contingent value right. Cash consideration $6.955 per share plus CVR for potential additional payments. Total transaction value and CVR milestone terms not disclosed. Tender offer provides immediate cash floor with upside optionality through CVR structure tied to undisclosed development milestones. Monitor for tender offer commencement announcement and CVR milestone disclosure.

Forian Inc. · FORA (US) · $65M · EV: $53M

Provides data analytics and software solutions for healthcare, cannabis, and government sectors.t business operations in my training data. I cannot provide an accurate one-sentence description without risking misinformation.

2025 Acquisition Company, LLC agreed to acquire Forian Inc. via cash tender offer through merger subsidiary Bravo Merger Sub, Inc. $2.17 per share in cash. Tender offer must commence within 10 business days and remain open for 20 business days. Cash tender offer at definitive price creates immediate arbitrage opportunity with merger agreement protection and short execution timeline. Tender offer commencement by April 16, 2026 (10 business days from agreement).

Fwd P/E: NM · EV/Sales: 1.6x · EV/GP: 3.1x (FY2026)

Tian Ge Interactive Holdings Limited · 1980.HK (HK) · $101M

Develops and publishes mobile games; leading independent game developer in Southeast Asia.

Sina Hong Kong Limited’s voluntary partial tender offer for 32.5 million shares in Tian Ge Interactive Holdings has closed its first period with valid acceptances for 10.77 million shares (0.97% of issued shares). Seeking 32.5 million shares through cash offer via advisor Yu Ming Investment Management. Offeror and concert parties already own 300 million shares (27.04%). Offer price not disclosed. Partial tender creates arbitrage opportunity if offer price trades above current market level, with offeror targeting modest 2.9% additional stake expansion from current 27% position. Monitor for offer extension terms and final acceptance levels as tender period continues.

Lemonsoft Oyj · LEMON.HE (FI) · $101M · EV: $134M

Lemonsoft Oyj designs, develops, and sells enterprise resource planning software solutions in Finland and internationally.

Rite Ventures launched a mandatory public tender offer for Lemonsoft Oyj, with the board of directors issuing a formal statement regarding the bid. Terms undisclosed. Mandatory tender offers typically indicate the acquirer has crossed ownership thresholds requiring a full bid, creating potential upside for remaining shareholders through regulatory premium requirements. Monitor for regulatory approval and detailed offer terms disclosure.

Fwd P/E: 11.6x · EV/EBITDA: 11.5x · EV/Sales: 4.0x · EV/GP: 12.6x (FY2027)

Maven Renovar VCT PLC · MRV.L (UK) · $99M

Venture capital trust providing growth funding to UK small and medium enterprises.

Maven Renovar VCT PLC announced a tender offer for its shares. Terms undisclosed. VCT tender offers typically provide liquidity for investors seeking exits from venture capital trust structures at discounts to net asset value. Monitor for full tender offer document with pricing and deadline details.

Most Kwai Chung Limited · 1716.HK (HK) · $165M · EV: $7M

Most Kwai Chung Limited, an investment holding company, provides integrated advertising and media services primarily in Hong Kong.

Brave Steed Legacy Limited is making a mandatory unconditional cash offer through Kingston Securities to acquire all remaining shares of Most Kwai Chung Limited that it does not already own. Terms undisclosed. Mandatory takeover creates arbitrage opportunity for shareholders who can tender shares at the offer price, with the company’s EV of $7M significantly below market cap of $165M implying a substantial net cash position of ~$158M. Monitor for offer price disclosure and tender deadline in the composite document.

Augmentum Fintech plc · AUGM.L (UK) · $241M · EV: $147M

Provides growth capital and support to fintech companies; specialized investor in financial technology sector.

Verdane-backed Frontier Bidco Limited continues its takeover offer for Augmentum Fintech plc under the UK Takeover Code. Terms undisclosed. Verdane targets the fintech investment specialist as private equity consolidates the asset management sector, with Augmentum’s portfolio of high-growth financial technology investments likely attractive to a long-term strategic buyer. Monitor for formal offer announcement or scheme of arrangement documentation with specific terms.

Previously: Augmentum was undergoing a going-private transaction with scheme document distributed to shareholders.

China Gas Industry Investment Holdings Co. Ltd. · 1940.HK (HK) · $242M · EV: $104M

China Gas Industry Investment Holdings Co., Ltd., an investment holding company, produces and sells industrial gas in the People’s Republic of China.

Tangde Gas Co., Limited is making a conditional mandatory cash offer through First Shanghai Securities to acquire all outstanding shares in China Gas Industry Investment Holdings Co. Ltd. that it does not already own. Terms undisclosed. The company trades at a significant discount to its net cash position (~$138M net cash vs $242M market cap), creating potential arbitrage value as the mandatory offer proceeds through regulatory approval. Monitor for composite document despatch following regulatory clearance.

Previously: China Gas Holdings announced plans to spin off its YPH U.S. subsidiary with a targeted IPO by March 2026.

Amedeo Air Four Plus Limited · AA4.L (UK) · $242M · EV: $205M

Amedeo Air Four Plus Limited specializes in acquiring, leasing and selling aircraft.

LAC 10 LLC, a wholly-owned subsidiary of Qatar-based Lesha Bank LLC, published and posted the scheme document for its recommended cash acquisition of Amedeo Air Four Plus Limited. The acquisition values AA4+ at 73 pence per share in cash, representing approximately £190 million total consideration, to be implemented via Court-sanctioned scheme of arrangement under Guernsey law. The aircraft leasing company trades at a discount to NAV, offering arbitrage opportunity as the deal progresses through regulatory approvals with unanimous board recommendation. Weiss Asset Management reduced its support from 5.4% to 2.4% of shares, potentially signaling concerns about deal completion or pricing adequacy. Monitor for Court hearing dates and shareholder meeting announcement following scheme document publication.

Fwd P/E: NM · EV/Sales: 1.3x · EV/GP: 1.3x (FY2028)

Previously: Amedeo Air Four Plus agreed to all-cash acquisition by LAC 10 LLC at 73 pence per share with unanimous board recommendation.

BioDlink International Company Limited · 1875.HK (HK) · $476M · EV: $215M

Develops infectious disease diagnostic platforms; specializes in rapid, point-of-care testing solutions.

Wuxi XDC Cayman completed voluntary conditional cash offers for BioDlink International Company Limited shares and share options, with acceptances received for 475,069,724 offer shares. Terms undisclosed. Tender offer closure creates settlement arbitrage opportunity and establishes final ownership structure following completion of the voluntary offer process. Monitor for settlement completion and public float announcement from Hong Kong Stock Exchange.

Fwd P/E: 28.1x · EV/Sales: 0.1x · EV/GP: 0.3x (FY2026)

Sturm, Ruger & Company, Inc. · RGR (US) · $654M · EV: $513M

Manufacturer of firearms and related products; leading independent U.S. gun maker with broad consumer and professional market reach.

Sturm Ruger’s board rejected Beretta Holding’s request for a poison pill exemption on March 28, formally blocking the Luxembourg gunmaker’s tender offer for up to 20.05% additional shares that would increase Beretta’s total ownership from 9.95% to 30%. Beretta offered $44.80 per share in cash for up to 20.05% of outstanding shares, representing a 20% premium to the 60-day volume-weighted average price ending March 24. Board entrenchment against strategic buyer creates asymmetric risk-reward with upside to offer price if poison pill is circumvented through proxy contest or litigation, while downside limited by Beretta’s existing 9.95% strategic stake providing valuation floor. Poison pill remains effective absent shareholder approval, and management may extract defensive concessions or seek white knight alternative that dilutes Beretta’s influence. In-person meeting between both companies April 9, followed by proxy contest at May 29 shareholder meeting where Beretta’s four director nominees face incumbent board.

Fwd P/E: 21.6x · EV/EBITDA: 5.6x · EV/Sales: 0.9x · EV/GP: 5.7x (FY2026)

Previously: Beretta launched proxy fight with four director nominees and partial tender offer explicitly requesting poison pill exemption to enable 30% ownership.

Great Lakes Dredge & Dock Corporation · GLDD (US) · $1.1B · EV: $1.3B

Dredging and marine construction services; largest U.S. dredging company serving ports and waterways.

Great Lakes Dredge & Dock filed an amended tender offer solicitation statement regarding Saltchuk Resources’ $17.00 per share cash acquisition. $17.00 per share cash offer representing $1.2 billion equity value and $1.5 billion total transaction value. Early tender deadline expired March 31, final expiration April 15, 2026. Maritime infrastructure consolidation at 19% premium to prior 60-day average, with concurrent debt tender creating full capital structure reset. Tender offer expires April 15, 2026.

Fwd P/E: 13.4x · EV/EBITDA: 9.8x · EV/Sales: 1.3x · EV/GP: 5.9x (FY2027)

Previously: Saltchuk agreed to acquire GLDD for $17.00 per share with tender offers for equity and debt both commencing March 4.

MCJ Co., Ltd. · 6670.T (JP) · $1.3B · EV: $562M

MCJ Co., Ltd. engages in the PC related and entertainment businesses in Japan.

BCPE Meta Cayman declared final tender offer terms at 2,200 yen per share for MCJ Co., Ltd. Final offer price 2,200 yen per share cash. Arbitrage opportunity if shares trade below the declared 2,200 yen final offer with BCPE having cleared major regulatory hurdles in prior months. Monitor for tender offer commencement date and expiration deadline.

Fwd P/E: 13.1x · EV/EBITDA: 4.2x · EV/Sales: 0.4x · EV/GP: 1.5x (FY2028)

Previously: BCPE Meta Cayman launched tender offer following European Commission and Australian Competition and Consumer Commission regulatory approvals.

Ferretti Group · 9638.HK (HK) · $1.7B · EV: $106M

Manufacturer of luxury motor yachts and superyachts; leading global producer across multiple premium nautical brands.

KKCG Maritime’s voluntary partial tender offer for Ferretti Group shares has attracted minimal interest, with only 28,036 shares tendered as of March 30 against a target of 52.1 million shares. Seeking 15.4% stake (52.1 million shares) at €3.90 per share, representing total consideration of approximately €203 million. Extremely low acceptance rate (0.05% of target) indicates shareholder rejection of the offer, creating potential failed deal scenario that could pressure KKCG Maritime to either withdraw or significantly increase bid terms. Board recommendation against the offer and negligible shareholder participation suggest deal failure is highly probable. Tender offer closes mid-April 2026 — two weeks remaining for KKCG Maritime to revise terms or face withdrawal.

Fwd P/E: 13.3x · EV/EBITDA: 0.6x · EV/Sales: 0.1x · EV/GP: 0.2x (FY2027)

Previously: KKCG launched tender at €3.50 per share, later raised to €3.90 with board recommending rejection.

Just Group plc · JUST.L (UK) · $3.0B · EV: $7.8B

Retirement income solutions and lifetime annuities provider; UK’s largest specialist in later-life financial products.

BWS Holdings Ltd., a wholly owned subsidiary of Brookfield Wealth Solutions Ltd., has launched a formal takeover offer for Just Group plc under the UK Takeover Code. Terms undisclosed. Brookfield’s insurance focus creates strategic value for Just Group’s defined benefit pension risk transfer and lifetime mortgage businesses, with regulatory capital expertise potentially unlocking operational efficiencies. Monitor for Rule 2.7 announcement with formal bid terms and price.

Fwd P/E: NM · EV/EBITDA: 22.8x · EV/Sales: 0.7x · EV/GP: 0.7x (FY2027)

Previously: Multiple institutional investors disclosed positions via Rule 8.3 filings with no specific offeror identified.

太陽HD · 4626.T (JP) · $3.5B · EV: $1.8B

Taiyoh Holdings; Japanese manufacturer of solder resist and other electronics materials for printed circuit boards.

KJ005 Corp announced plans to launch a tender offer for shares of Taiyo Holdings (4626.T). Terms undisclosed. Japanese tender offer announcement provides potential arbitrage opportunity once pricing and timing details are disclosed. Monitor for formal tender offer commencement filing with specific terms and timeline.

ArcellX, Inc. · ACLX (US) · $6.7B · EV: $3.7B

Develops engineered cell therapies for cancer treatment; pioneering off-the-shelf allogeneic CAR-T cell platform.

Gilead Sciences, through subsidiary Ravens Sub, filed Amendment No. 1 to its tender offer statement for ArcellX. $115.00 per share in cash plus one contingent value right worth up to $5.00 if anito-cel achieves cumulative worldwide sales exceeding $6.0 billion by December 31, 2029. CVR structure provides immediate liquidity while preserving meaningful upside exposure to commercial success of ArcellX’s lead CAR-T cell therapy program in multiple myeloma. Monitor for updated tender offer expiration date or final results filing.

Fwd P/E: NM · EV/Sales: 14.1x · EV/GP: 20.1x (FY2027)

Previously: Gilead announced definitive agreement with HSR clearance and tender offer extended to April 24.

Kuzugrup Gayrimenkul Yatırım Ortaklığı A.Ş. · N/A (TR)

Turkish real estate investment company; develops and manages residential and commercial properties.

Özen KUZU launched a mandatory tender offer for all B-group shares of Kuzugrup Gayrimenkul Yatırım Ortaklığı following his indirect acquisition of all A-group privileged shares that provide management control. Offer price 22.89 TL per share (1 TL nominal value). Tender period March 26-April 8, 2026. Minority shareholders face binary decision on fixed-price exit before control change becomes permanent — no market alternative once tender expires. Tender offer expires April 8, 2026 at 5:00 PM local time — nine days remaining.

Capricorn Energy plc · CNE.L (UK)

Oil and gas explorer and producer; operates assets in the North Sea and West Africa.

Alamadiyaf al-Masiyyah for Trading LLC, a Cafani Group member, initiated a takeover offer for Capricorn Energy under UK Takeover Code Rule 2.4. Terms undisclosed. Cafani Group’s pursuit of this North Sea oil and gas producer offers exposure to potential asset monetization or operational synergies within an established regional energy conglomerate. Rule 2.6 deadline April 8 at 17:00 BST — bidder must announce firm intention to make offer or withdraw.

Fwd P/E: NM · EV/EBITDA: 0.7x · EV/Sales: 0.3x · EV/GP: 1.2x (FY2027)

티케이지애강 · 022220.KQ (KR)

Korean steel processing and distribution company.

티케이지태광 filed tender offer documentation for 티케이지애강 with South Korea’s DART system. Terms undisclosed. Korean tender offers often involve parent companies consolidating subsidiary holdings or strategic buyers acquiring control positions at regulated pricing. Monitor for tender offer commencement announcement with specific pricing and acceptance period.

E’grand Co Ltd · 3294.T (JP)

Hotel and resort operator; develops and manages hospitality properties across Japan.

Seibu Holdings launched a tender offer for E’grand shares at a 150% premium to the last closing price. Offer price represents 2.5x E’grand’s last closing price. Specific offer price per share not disclosed. Massive 150% premium creates significant arbitrage opportunity if tender succeeds, with railway operator Seibu potentially seeking hospitality synergies. Monitor for tender offer acceptance period timeline and minimum acceptance conditions in formal offer documents.

Sankei Real Estate Investment Corporation · 2972.T (JP)

Japanese REIT focused on office and commercial properties in major metropolitan areas.

Sankei Real Estate Investment Corporation filed a corrected tender offer opinion statement with Japan’s EDINET disclosure system, indicating the REIT’s board has updated its formal response to a pending tender offer. Terms undisclosed. Japanese REITs typically trade at discounts to NAV, creating opportunities when sponsors or external parties launch tender offers to take them private at premiums to market prices. Monitor for disclosure of the tender offer terms and Sankei’s board recommendation through EDINET filings.

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Going-Private

Farmer Bros. Co. · FARM (US) · $27M · EV: $76M

Supplier of coffee, tea, and related products; serves foodservice and retail channels.

Royal Cup, an affiliate of Braemont Capital Management, is acquiring Farmer Bros. through a merger agreement. $1.29 per share in cash. Board unanimously approved. Private equity buyout at definitive price with unanimous board support provides certainty for shareholders of specialty coffee distributor facing ongoing margin pressures. Special stockholder meeting May 1, 2026 to vote on merger agreement.

Fwd P/E: NM · EV/EBITDA: 5.3x · EV/Sales: 0.2x · EV/GP: 0.5x (FY2027)

KORE Group Holdings · KORE (US) · $159M

IoT connectivity and solutions provider; serves enterprise clients with wireless connectivity and device management platforms.

KORE Group Holdings has agreed to be acquired by an undisclosed counterparty in an all-cash transaction. $9.25 cash per share, expected close Q2-Q3 2026. Clear cash exit at $9.25 provides defined value realization with potential arbitrage opportunity given the disclosed timeline. Monitor for merger agreement filing disclosing acquirer identity and deal conditions.

Quipt Home Medical Corp. · QIPT (US) · $162M · EV: $219M

Supplier of home medical equipment and respiratory devices; serves Canadian patients and healthcare providers.

Kingswood Capital Management and Forager Capital Management are acquiring all outstanding shares of Quipt Home Medical Corp for $3.65 per share in cash under a plan of arrangement. $3.65 per share in cash, representing a 54% premium to 30-day VWAP as of December 12, 2025. Requires approval from 66⅔% of votes cast and a simple majority excluding interested parties. Premium buyout of respiratory care equipment provider offers arbitrage spread with deal completion dependent on shareholder approval at imminent meeting. Shareholder vote March 3, 2026 at 10:00 a.m. EST on arrangement resolution.

Fwd P/E: NM · EV/EBITDA: 3.0x · EV/Sales: 0.7x · EV/GP: 1.0x (FY2027)

Marine Products Corporation · MPX (US) · $253M · EV: $263M

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide.

Marine Products Corporation filed a DEFM 14A proxy statement regarding a merger transaction. Deal details not available in source material. Going-private transactions in recreational marine equipment sector offer potential premium to public market valuations amid industry consolidation trends. Monitor for full proxy statement details and shareholder meeting date.

Fwd P/E: 14.4x · EV/EBITDA: 8.5x · EV/Sales: 1.0x · EV/GP: 5.0x (FY2026)

European Wax Center, Inc. · EWCZ (US) · $317M · EV: $455M

Operator of waxing salons offering hair removal services; largest U.S. franchise-based waxing chain.

European Wax Center filed a definitive merger proxy statement (DEF 14A) for its going-private transaction. Terms undisclosed in available source material. The proxy filing marks progression toward shareholder vote on the previously announced $5.80 per share sponsor-led buyout backed by General Atlantic. Monitor for shareholder meeting date announcement in the proxy statement.

Fwd P/E: 7.8x · EV/EBITDA: 5.9x · EV/Sales: 2.1x · EV/GP: 2.8x (FY2028)

Previously: sponsor-led buyout announced at $5.80 per share with limited details available.

Yomeishu Seizo Co Ltd · 2540.T (JP) · $351M

Japanese herbal liqueur manufacturer; leading producer of traditional medicinal alcoholic beverages in Japan.

Yomeishu Seizo has set a record date for an extraordinary general meeting related to Reno Holdings’ tender offer and privatization plan. Terms undisclosed. Going private transaction offers minority shareholders potential exit at premium to current trading levels through formal tender offer mechanism. Monitor for extraordinary general meeting announcement and shareholder vote schedule following record date setting.

Enhabit, Inc. · EHAB (US) · $710M · EV: $925M

Enhabit, Inc. provides home health and hospice services in the United States.

Enhabit filed a preliminary proxy statement for stockholder vote on its acquisition by Kinderhook Industries-affiliated entities through merger subsidiary Anchor Parent. Terms undisclosed. Proxy filing advances previously announced $1.1 billion going-private transaction, creating arbitrage opportunity as deal moves toward stockholder approval. Monitor for definitive proxy with special meeting date and closing timeline details.

Fwd P/E: 21.9x · EV/EBITDA: 23.2x · EV/Sales: 0.8x · EV/GP: 1.7x (FY2027)

Previously: Kinderhook Industries agreed to acquire the home health services provider for $13.80 per share in cash.

Société de la Tour Eiffel · EIFF.PA (FR) · $1.2B · EV: $1.1B

Société de la Tour Eiffel is an integrated commercial real estate company with €1.9 bn in assets and a powerful service culture.

SMABTP Group has proposed a public tender offer to take private its subsidiary Société de la Tour Eiffel and delist the company. Tender offer at €8.2 per share cash. Parent company take-private offers arbitrage opportunity for shareholders holding below the fixed tender price of €8.2. Monitor for tender offer commencement date and regulatory filings.

Fwd P/E: 31.2x · EV/EBITDA: 27.0x · EV/Sales: 10.1x (FY2027)

OneStream Inc. · OS (US) · $5.9B · EV: $7.6B

Corporate performance management software platform; unified solution for financial planning, consolidation, and reporting.

OneStream Inc. is being taken private by Onward AcquireCo Inc. through a two-step merger structure completed April 1, 2026. Shareholders receive $24.00 per share in cash. Deal provides straightforward arbitrage opportunity for any shares trading below the $24 cash payout price. Transaction completed April 1, 2026.

Fwd P/E: 53.9x · EV/Sales: 8.9x · EV/GP: 13.0x (FY2027)

Clearwater Analytics Holdings, Inc. · CWAN (US) · $7.0B · EV: $7.3B

Provides cloud-based software for investment accounting and reporting; serves asset managers globally.

Clearwater Analytics filed an amended Schedule 13E-3 for its going-private transaction with GT Silver BidCo, a consortium led by Permira, Warburg Pincus, Francisco Partners, and Temasek. $24.55 per share in cash for Class A common stock. Standard going-private transaction with minimal spread, backed by established private equity consortium offering predictable closure timeline and regulatory process. Monitor for merger proxy statement and shareholder meeting announcement.

Fwd P/E: 27.0x · EV/EBITDA: NM · EV/Sales: 6.6x · EV/GP: 9.7x (FY2027)

Previously: Clearwater Analytics was being taken private by a Permira-led group at $24.55 per share.

Dillard’s, Inc. · DDS (US) · $8.9B · EV: $9.2B

Department store operator; traditional regional retail chain offering apparel, home goods, and accessories across the U.S.

Dillard’s and W.D. Company executed Amendment No. 1 to their merger agreement, modifying cost-sharing arrangements for proxy filing fees and performance compliance requirements. Terms undisclosed. Going-private transaction progresses toward closing with amended deal mechanics, creating potential arbitrage opportunity as shareholder approval process advances. Monitor for preliminary proxy statement filing with SEC.

Fwd P/E: 17.1x · EV/EBITDA: 8.3x · EV/Sales: 1.4x · EV/GP: 3.7x (FY2028)

Hudson’s Bay Company · HBC.TO (CA)

Canadian department store retailer operating flagship stores across major Canadian cities.

Hudson’s Bay Company chairman Richard Baker’s group (Rupert Acquisition) offered to take the retailer private at C$10.30 per share while activist Catalyst Capital filed a competing proposal and challenged the transaction before the Ontario Securities Commission. Baker’s group offers C$10.30 per share for total value of C$1.90 billion (US$1.45 billion), up from original June proposal of C$9.45 per share. Catalyst’s competing terms not disclosed. Contested privatization creates potential for bid escalation as Catalyst challenges deal structure and valuation while Baker’s group controls 57% stake, setting up regulatory showdown that could force higher pricing or block transaction entirely. Baker’s controlling 57% position gives his group significant leverage to reject competing proposals, while Catalyst’s ability to finance a superior offer remains unproven according to the special committee’s assessment. Ontario Securities Commission hearing on Catalyst’s challenge to determine if shareholder vote can proceed as scheduled.

Previously: Catalyst Capital launched competing bid of $10.11 per share to escalate opposition against Baker’s privatization offer.

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Issuer Tenders

Sangoma Technologies Corporation · STC.TO (CA) · $131M · EV: $234M

Provider of cloud-based communications and customer engagement software; serves mid-market enterprises.

Sangoma Technologies renewed its normal course issuer bid program for 12 months beginning April 6, 2026. The company can repurchase up to 1,663,939 shares (5% of outstanding) at market price through April 5, 2027, with daily purchases limited to 6,211 shares (25% of average daily trading volume). Management signals confidence in undervalued shares while maintaining financial flexibility for strategic alternatives, with prior NCIB performance showing 710,435 shares repurchased at C$7.52 average price. Monitor for quarterly purchase updates and strategic alternative developments.

Fwd P/E: NM · EV/EBITDA: 17.2x · EV/Sales: 1.1x · EV/GP: 1.6x (FY2027)

Morgan Stanley China A Share Fund, Inc. · CAF (US) · $287M · EV: $290M

Closed-end fund investing in Chinese A-share equities; provides US investors access to mainland China’s stock market.

Morgan Stanley China A Share Fund filed an amended issuer tender offer document, modifying previously disclosed terms. Terms undisclosed. Closed-end fund tender offers typically trade at discounts to NAV, creating potential arbitrage if the offer price exceeds current market levels. Monitor for definitive tender offer document disclosing amended terms and pricing.

Getty Images Holdings, Inc. · GETY (US) · $329M · EV: $1.2B

Licensor of stock photos, videos, and creative content; largest visual content platform globally.

Getty Images Holdings has completed a tender offer to exchange certain outstanding employee stock options for new options. Terms undisclosed. Option exchanges typically extend vesting periods or adjust strike prices to retain talent while potentially reducing dilution from underwater options. Monitor for upcoming quarterly filing to assess impact on diluted share count and option-related expense.

Fwd P/E: 19.1x · EV/EBITDA: 4.4x · EV/Sales: 1.2x · EV/GP: 1.8x (FY2027)

Rocket Pharmaceuticals, Inc. · RCKT (US) · $385M · EV: $337M

Develops gene therapy treatments for rare genetic diseases; focused on ex vivo lentiviral vector therapies.

Rocket Pharmaceuticals filed a preliminary Schedule TO for a stock option exchange program allowing non-executive employees to exchange underwater options for new options on an approximately value-neutral basis. Terms undisclosed. Option exchanges can reduce employee dilution while realigning workforce incentives with current valuation levels, potentially improving operational performance without additional cash expense. Value-neutral exchanges may still dilute shareholders if new options have lower exercise prices, and program success depends on employee participation rates. Monitor for formal tender offer commencement and definitive Schedule TO filing with program details.

Fwd P/E: NM · EV/Sales: 17.0x (FY2027)

Scholastic Corporation · SCHL (US) · $985M · EV: $728M

Educational publisher and distributor of books, digital content, and classroom materials; leading supplier to U.S. schools.

Scholastic Corporation filed Amendment No. 1 to its Dutch auction tender offer to repurchase up to $200 million of common stock. Price range $36.00 to $40.00 per share, approximately 25% of outstanding shares, expires April 20, 2026 at 5:00 p.m. Self-tender near the top of price range creates limited-risk arbitrage opportunity for shareholders who tender at $40.00 ceiling while stock trades below that level. Tender offer expires April 20, 2026 at 5:00 p.m.

Fwd P/E: 14.0x · EV/EBITDA: 5.3x · EV/Sales: 0.4x · EV/GP: 0.8x (FY2027)

Previously: Company announced the modified Dutch auction tender with no minimum tender or financing conditions.

Wix.com Ltd. · WIX (US) · $4.7B · EV: $7.0B

Cloud-based website builder and hosting platform; leading DIY website creation tool for small businesses and individuals.

Wix.com announced preliminary results of its modified Dutch auction tender offer for share repurchases. Details were not available in the source text. Preliminary results indicate completion of the Dutch auction process for the $1.72 billion tender offer targeting 18.7 million shares, with final settlement likely reducing share count by nearly one-third. Monitor for final settlement announcement and actual shares repurchased.

Fwd P/E: 10.6x · EV/Sales: 2.7x · EV/GP: 4.0x (FY2027)

Previously: Wix announced a $1.72 billion modified Dutch auction tender offer to repurchase 18.7 million shares.

Deutsche Bank AG · DB (US) · $56.0B · EV: $163.8B

Global investment and commercial bank providing capital markets, wealth management, and corporate banking services; major European financial institution.

Deutsche Bank launched a public tender offer for eleven series of its Mortgage Pfandbriefe securities. Terms undisclosed. The self-tender indicates balance sheet optimization as the bank seeks to retire specific mortgage-backed bond series, potentially reducing funding costs or adjusting asset-liability matching. Monitor for tender offer documentation filing with specific terms and expiration date.

Fwd P/E: 7.6x (FY2027)

ACSO · ACSO.L (UK)

UK technology services company providing managed IT solutions and cybersecurity services.

ACSO completed a £20 million tender offer since year-end as part of ongoing share repurchase activity spanning the past 15 months. Terms undisclosed. The company maintains a strong balance sheet with £30.5 million net cash and has returned £56.1 million to shareholders through tenders and buybacks since its 2021 IPO at 155p per share. Consistent buyback activity at significant discount to intrinsic value provides ongoing price support while reducing share count, benefiting remaining shareholders. Monitor for additional tender offers or buyback announcements.

Fwd P/E: NM · EV/EBITDA: 40.0x · EV/Sales: 1.2x · EV/GP: 1.5x (FY2027)

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Rights Offerings

Bloomia Holdings Inc. · TULP (US) · $7M · EV: $121M

Lendway, Inc. engages in the provision of in-store and digital advertising solutions.

Bloomia Holdings announced preliminary results of its rights offering. Terms not available in source text. Rights offering was structured to enable debt paydown and settlement of seller’s note at substantial discount, potentially improving capital structure for shareholders who participated. Monitor for final results filing with subscription totals and use of proceeds.

Previously: Company completed name change from Lendway and announced $15.5M rights offering with March 27 expiration to fund debt reduction and discounted seller’s note settlement.

Aptamer Group plc · APTA.L (UK) · $21M · EV: $9M

Develops aptamer-based diagnostic and therapeutic products; leader in aptamer technology platform for precision medicine applications.

Aptamer Group completed a £4.5 million capital raise through a Placing, Subscription and Retail Offer, with the Retail Offer portion raising £274,000 through 45.7 million shares at 0.6p per share. Total raise £4.5 million with £3.1 million conditional on shareholder approval at General Meeting April 13, 2026. Retail Offer: 45,665,573 shares at 0.6p per share for £274,000. Synthetic binder developer addresses funding needs but faces execution risk with 69% of proceeds contingent on shareholder approval, creating binary outcome for operational funding. General Meeting April 13, 2026 — two weeks away for shareholder approval of conditional £3.1 million.

Fwd P/E: 6.7x · EV/Sales: 0.4x · EV/GP: 1.3x (FY2026)

Mkango Resources Ltd · MKA.L (UK) · $179M · EV: $36M

Rare earth elements and minerals developer; advancing separation technology for critical materials processing.

Mkango Resources launched a conditional retail offering of new common shares via RetailBook platform at 33 pence per share. Issue price 33 pence per share represents 14.5% discount to AIM closing mid-price on March 31, 2026. Minimum subscription £250. Available to existing shareholders and new UK investors through RetailBook’s partner network. Capital raise at meaningful discount provides arbitrage opportunity for retail investors while company maintains dual listing strategy ahead of planned Nasdaq debut through SPAC transaction. Monitor for completion of retail offering and progress on Crown PropTech SPAC merger targeting September 2026 deadline.

Previously: Subsidiary filed confidential Form F-4 for Crown PropTech SPAC deal with $400M pro forma valuation and Nasdaq listing plans.

Optima Health plc · OPT.L (UK) · $212M · EV: $125M

UK occupational health services provider; delivers workplace health assessments and employee wellness programs.

Optima Health launched an underwritten open offer to raise £35 million at 175 pence per share, offering 1 new share for every 4.439 existing shares held. Issue price 175 pence per share, up to 19,999,149 new shares, 1-for-4.439 ratio to existing holders, excess application facility available. Dilutive equity raise creates arbitrage opportunity between current share price and 175p offer price, with underwritten structure providing execution certainty for the full £35 million. Monitor for open offer closing date and general meeting approval of the equity raise.

Fwd P/E: NM · EV/EBITDA: 6.7x · EV/Sales: 0.7x · EV/GP: 2.1x (FY2028)

Mutares SE & Co. KGaA · MUX.DE (DE) · $699M · EV: $1.7B

Acquires and operationally improves mid-market industrial and specialty businesses; buy-and-build platform focused on European SMEs.

Mutares SE & Co. KGaA launched a rights offering to issue up to 4.27 million new shares with pre-placement to institutional investors. Up to EUR 105 million gross proceeds from 20% capital increase, with subscription period April 8-21, 2026 and 16% discount to theoretical ex-rights price for institutional pre-placement. Rights offering at significant discount creates arbitrage opportunity for shareholders who can subscribe to new shares at below-market pricing while company funds U.S. acquisition strategy. Subscription period opens April 8, 2026.

Fwd P/E: NM · EV/EBITDA: 1.8x · EV/Sales: 0.2x · EV/GP: 4.8x (FY2027)

The Gabelli Equity Trust Inc. · GAB (US) · $1.7B · EV: $2.0B

Closed-end investment fund providing equity exposure; actively managed portfolio with value-oriented strategy.

The Gabelli Equity Trust reduced the subscription price for its rights offering from $5.50 to $5.00 per share and extended the expiration date to April 21, 2026. Ten rights enable shareholders to purchase one additional share at $5.00 per share, with over-subscription privileges available. Previous broker subscriptions cancelled and must be resubmitted at the new price. The price reduction to below current trading levels increases the likelihood of full subscription while creating potential arbitrage opportunities for rights holders who can capture the discount. Rights offering expires April 21, 2026 at 5:00 PM Eastern Time.

Lunit Inc. · 328130.KS (KR)

Develops AI-powered medical imaging software for cancer detection; leader in radiology AI diagnostics.

Lunit announced a rights offering to raise up to ₩250 billion ($165 million), with preliminary proceeds now estimated at ₩211.5 billion ($140 million) following shareholder approval at the annual meeting. Rights offering proceeds estimated at ₩211.5 billion ($140 million) with final pricing on April 17, 2026. Maximum offering size ₩250 billion ($165 million). The offering removes ₩197 billion ($130 million) put option risk from convertible bonds used to acquire Volpara Health, eliminating forced redemption pressure from short-duration bondholders and moving the company toward break-even. Shareholders expressed concerns about dilution and limited management participation in the offering, with convertible bond overhang creating additional equity valuation complexity. Final rights offering price set April 17, 2026.

PetroVietnam General Services Corporation · PET (INTL)

Vietnamese state-affiliated company providing technical services and equipment to the oil and gas industry.

PetroVietnam General Services Corporation announces plans to triple charter capital from VND1.07 trillion to VND2.6 trillion through 5% stock dividend, 40% bonus shares, and 1:1 rights offering. Rights offering of 106.7 million shares at VND10,000 per share raising VND1 trillion ($37.97 million). Total dilution of 45% from combined issuances. Bonus/dividend shares to be issued Q2-Q3 pending regulatory approval. Forced selling from non-participating shareholders creates downward pressure while company pivots from services into higher-margin infrastructure and real estate development requiring significant capital investment. Massive dilution and capital deployment into unfamiliar infrastructure sector risks destroying shareholder value if execution falters or real estate cycle turns. Monitor for regulatory approval of bonus/dividend issuance expected Q2-Q3 2026.

Clobot Co., Ltd. · 466100.KS (KR)

Korean robotics company developing autonomous mobile robots for commercial and industrial applications.

Clobot is preparing to complete a rights offering of 5.49 million common shares representing 22% of outstanding shares. Rights offering priced at ₩36,400 per share, a 29.3% discount to the ₩51,500 closing price. Total proceeds ₩200 billion. Rights offering at steep discount creates arbitrage opportunity as shares trade above offering price, with downward pressure likely as dilution approaches. Monitor for rights offering completion date and subscription results.

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Restructuring

BioCorRx Inc. · BICX (OTC) · $8M · EV: $7M

BioCorRx Inc., through its subsidiaries, develops and provides treatment programs for substance abuse and related disorders in the United States.

BioCorRx Inc. entered into a stock exchange agreement to acquire control of subsidiary BioCorRx Pharmaceuticals through a tax-free reorganization under Section 368(a)(1)(B). Terms undisclosed. Parent seeks to simplify corporate structure by consolidating control of its majority-owned subsidiary through a tax-efficient internal reorganization that avoids cash outlays. Closing scheduled for March 26, 2026.

EV/Sales: 5.8x (FY2027)

Maxeon Solar Technologies, Ltd. · MAXN (US) · $12M · EV: $345M

Manufacturer of high-efficiency solar panels; premium residential and commercial solar solutions provider.

Maxeon Solar Technologies has applied to be placed under judicial management in Singapore following continued financial distress. Terms undisclosed. Judicial management represents a formal insolvency process that could lead to court-supervised restructuring or liquidation, with equity holders facing potential total loss in a liquidation scenario. The company faces over $70 million in customer legal claims due to U.S. Customs & Border Protection blocking product shipments, preventing cash flow generation and contract fulfillment. Monitor for Singapore court ruling on judicial management application.

Fwd P/E: NM · EV/Sales: 0.3x (FY2026)

Canacol Energy Ltd. · CNE.TO (CA) · $37M · EV: $531M

Explores and produces oil and natural gas in Colombia; independent upstream energy producer.

Canacol Energy filed for Chapter 15 bankruptcy protection in New York to recognize its Canadian CCAA proceeding, with KPMG Inc. serving as foreign representative. Terms undisclosed. Colombian natural gas producer entering formal restructuring process creates recovery scenario for distressed energy equity, with Chapter 15 protection preserving U.S. assets while company develops plan of arrangement. Restructuring plan could result in significant equity dilution or debt-to-equity conversion that substantially impairs existing shareholders. Recognition hearing scheduled December 11, 2025 at 11:00 a.m. ET in U.S. Bankruptcy Court for Southern District of New York.

Fwd P/E: 0.5x · EV/EBITDA: 3.7x · EV/Sales: 2.2x · EV/GP: 2.8x (FY2027)

New Fortress Energy Inc. · NFE (US) · $162M

Liquefied natural gas infrastructure and energy solutions provider; leading developer of small-scale LNG terminals globally.

New Fortress Energy has secured overwhelming creditor support for its UK Restructuring Plan covering approximately $5.8 billion of debt, with over 95% of lenders backing the consensual restructuring. Creditor support includes 93% of 2026 Legacy Notes holders, 87% of 2029 Legacy Notes holders, 98% of 2029 New Notes holders, 100% of Term Loan A lenders, 88% of Term Loan B lenders, and 100% of Revolving Credit Facility lenders. The exceptionally high creditor approval rate reduces execution risk and suggests potential equity value preservation in the restructuring compared to traditional Chapter 11 proceedings. Early consent deadline extended to April 8, 2026, with UK RP process launch expected in April and completion targeted for Q3 2026.

Fwd P/E: 0.9x · EV/EBITDA: 30.5x · EV/Sales: 3.8x · EV/GP: 8.2x (FY2027)

Previously: Company announced separation of Brazilian operations into standalone BrazilCo entity as part of broader recapitalization via UK Restructuring Plan.

HEG Limited · HEG.NS (IN) · $1.1B · EV: $1.1B

Graphite electrode manufacturer; leading producer serving global steel and foundry industries.

HEG Limited will convene shareholder and creditor meetings on May 5, 2026, to vote on a Composite Scheme of Arrangement that demerges graphite electrode operations into HEG Graphite Limited and merges power assets through Bhilwara Energy Limited. Terms undisclosed. The restructuring aims to create operational efficiencies by separating industrial and energy assets into distinct entities, potentially unlocking value through improved operational focus and creating multiple listed platforms. Success requires approval from multiple stakeholder classes and final NCLT sanction, with any rejection potentially derailing the entire restructuring timeline. Shareholder and creditor votes scheduled May 5, 2026, with remote e-voting available May 1-4, 2026.

Fwd P/E: 17.3x · EV/EBITDA: 10.9x · EV/Sales: 2.4x · EV/GP: 7.1x (FY2028)

Braskem SA · BAK (US) · $1.4B

Produces plastics and chemical products; largest petrochemical company in Latin America.

Braskem SA management disclosed on its Q4 2025 earnings call that subsidiary Braskem Idesa faces potential Chapter 11 filing after bond default and credit rating downgrade to D. Terms undisclosed. Parent company restructuring accelerates amid subsidiary distress — creates forced-seller dynamics that could unlock value through asset rationalization while subsidiary Chapter 11 would ring-fence liabilities and preserve operational control. Consolidated balance sheet exposure from subsidiary default could trigger cross-default provisions or covenant breaches at the parent level, potentially forcing broader Chapter 11 filing. Monitor for Braskem Idesa Chapter 11 filing decision and Q1 2026 earnings guidance on parent restructuring timeline.

Fwd P/E: NM · EV/EBITDA: 9.7x · EV/Sales: 0.8x · EV/GP: 36.3x (FY2027)

Previously: Braskem’s 2025 audit flagged going-concern risk amid heavy losses, with auditors questioning the company’s ability to continue operations without management intervention.

Polestar Automotive Holding UK PLC · PSNY (US) · $1.4B · EV: $6.5B

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.

Snita Holding B.V. agreed to convert approximately $339 million of outstanding debt owed by Polestar under its Term Loan Facility into equity. Debt-to-equity conversion of $339 million with extension of maturity on remaining $726 million loan principal under Third Facility Amendment. Debt reduction improves capital structure while diluting existing shareholders through new equity issuance, potentially stabilizing the EV manufacturer’s balance sheet amid industry headwinds. Conversion dilutes existing equity holders and signals continued financial stress requiring creditor accommodation. Monitor for completion of debt conversion and any additional facility amendments.

Fwd P/E: NM · EV/Sales: 1.1x (FY2027)

Brookfield Business Partners L.P. · BBU (US) · $2.8B

Operates diversified business services and infrastructure assets; global platform with focus on essential services.

Brookfield Business Partners announced completion of required approvals for corporate simplification to convert into one publicly traded Canadian corporation. Court-approved plan of arrangement becomes effective March 27, 2026, with all BBU units and BBUC shares exchanging one-for-one for new Class A shares of Brookfield Business Corporation. Corporate simplification eliminates dual-entity structure, with management expecting improved trading liquidity and broader index inclusion to expand institutional investor base. New Class A shares commence trading under BBUC symbol on NYSE and TSX March 31, 2026.

Fwd P/E: 13.2x · EV/EBITDA: 21.5x · EV/Sales: 3.3x · EV/GP: 16.8x (FY2027)

Weatherford International plc · WFRD (US) · $6.8B · EV: $6.4B

Oilfield equipment and services provider; global leader in well construction and production solutions.

Weatherford International filed preliminary proxy materials for a Court Meeting and Annual General Meeting scheduled for June 2026, seeking shareholder approval for a Scheme of Arrangement Implementation Proposal involving share issuance to affiliated entity Weatherford-US. The scheme includes capital reduction measures and authorization for the Board to issue shares to Weatherford-US through application of reserves, with specific financial terms undisclosed. The restructuring appears designed to streamline the corporate structure between Weatherford International and its US affiliate, potentially improving operational efficiency and capital allocation flexibility. Court Meeting and Annual General Meeting votes scheduled for June 2026, with advance voting deadline at 11:59 p.m. Eastern Time on an unspecified June date.

Fwd P/E: 13.8x · EV/EBITDA: 4.0x · EV/Sales: 1.3x · EV/GP: 5.8x (FY2027)

Centene Corporation · CNC (US) · $17.2B · EV: $21.1B

Managed healthcare and Medicaid services provider; largest U.S. Medicaid managed care company.

Centene Corporation’s North Carolina subsidiaries Carolina Complete Health and WellCare of North Carolina completed their merger after receiving regulatory approval, operating under the Carolina Complete Health brand. Terms undisclosed. Internal consolidation creates operational scale with over 980,000 members across Medicaid, Medicare and Marketplace programs plus 240,000 in Behavioral Health plans, potentially driving cost synergies and administrative efficiencies in Centene’s largest state market. Monitor for Q2 2026 earnings commentary on integration progress and cost savings realization.

Fwd P/E: 8.7x · EV/EBITDA: 5.2x · EV/Sales: 0.1x · EV/GP: 0.9x (FY2027)

QVC Group Inc. · QVCG (INTL)

Home shopping network operator; largest TV shopping platform in North America.

QVC Group has delayed filing its annual report amid going-concern risks that indicate potential financial distress. Terms undisclosed. Going-concern qualification signals distressed restructuring opportunity with potential bankruptcy filing creating equity value uncertainty and possible recovery play. Filing delays compound liquidity concerns and may trigger covenant violations or accelerate debt maturities. Monitor for 10-K filing or bankruptcy filing within required extensions.

TPI Composites, Inc. · TPICQ (OTC)

Manufacturer of composite wind turbine blades and structures; leading independent supplier to global wind energy industry.

TPI Composites filed for Chapter 11 bankruptcy in Texas to pursue comprehensive restructuring, with senior secured lender Oaktree Capital providing debtor-in-possession financing support. Oaktree agreed to provide up to $82.5 million in DIP financing including $27.5 million in new money and $55 million rolled from existing credit facility, plus approximately $50 million in cash collateral use. Wind blade manufacturer’s bankruptcy creates restructuring opportunity where equity recovery depends on plan of reorganization terms and asset valuations amid industry-wide pressures. Monitor for plan of reorganization filing and confirmation hearing schedule.

EV/Sales: 0.3x (FY2027)

Previously: Asset sales to Vestas totaling $24M plus liability transfers pending court approval.

Virtuix Holdings Inc. · VTX (INTL)

Developer of VR treadmill hardware and software; enables immersive omnidirectional locomotion in virtual reality experiences.

Virtuix Holdings entered into an Exchange Agreement with Streeterville Capital on March 31, 2026, restructuring $2.68 million in subordinated promissory notes. Streeterville acquired outstanding 2024 Subordinated Promissory Notes totaling $2,681,718.42 and exchanged them for a new promissory note bearing 6% interest compounded daily, maturing July 1, 2027. The restructuring reduces interest burden from 18% to 6% and extends maturity by 15 months, providing immediate liquidity relief though at the cost of diluting shareholders through the exchange mechanism. Monitor for additional debt restructuring filings as the company addresses its broader capital structure.

Borealis Foods Inc. · BRLS (US)

Develops and manufactures instant ramen and plant-based noodle products for North American retail and foodservice markets.

Borealis Foods entered a forbearance agreement with its lender on March 27, 2026, to avoid immediate enforcement of $16.1 million in outstanding obligations plus accrued interest. Outstanding debt of $16.1 million plus interest accruing at default rates since December 2025, forbearance fee of $50,000, $600,000 general reserve imposed, and increased applicable margin to 6.50%-6.75% per annum. Distressed credit situation with mandatory operational milestones creates near-term binary outcomes where missed deadlines trigger immediate lender remedies and potential insolvency proceedings. No new lending available during forbearance period limits financial flexibility, while default rate interest accumulation increases debt burden daily. Refinancing plan delivery deadline April 9, 2026, with forbearance period ending on unspecified outside date.

LeddarTech Holdings Inc. · LDTC (US) · $6M · EV: $95M

LeddarTech develops solid-state automotive LiDAR sensors; leading independent supplier for autonomous vehicle perception systems.

LeddarTech Holdings announced its intention to file for bankruptcy under Canada’s Bankruptcy and Insolvency Act after failing to find an acquirer during strategic review and receiving a default notice on its bridge financing. Terms undisclosed. Complete equity wipeout as the company explicitly warned shareholders they will receive little to no value in bankruptcy proceedings. The company has ceased operations and lacks sufficient capital to continue as a going concern. Monitor for formal bankruptcy filing with Raymond Chabot Inc. as expected trustee.

Fwd P/E: NM · EV/Sales: 2.9x · EV/GP: 2.9x (FY2027)

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Liquidations

Allbirds, Inc. · BIRD (US) · $21M · EV: $46M

Makes sustainable footwear and apparel; known for eco-friendly materials and direct-to-consumer model.

Allbirds signed a definitive agreement to sell its intellectual property and select assets to American Exchange Group for $39 million. Purchase price $39 million. Transaction expected to close Q2 2026 subject to shareholder approval. Company dissolution and net proceeds distribution to shareholders planned Q3 2026. Complete liquidation provides shareholders with asset sale proceeds plus any remaining cash after wind-down expenses, representing full recovery of company value. Proxy statement seeking shareholder approval expected by April 24, 2026.

Fwd P/E: NM · EV/Sales: 0.3x · EV/GP: 0.6x (FY2027)

Previously: Allbirds agreed to sell substantially all assets to American Exchange Group with expected Q2 2026 closing pending shareholder approval.

Stratus Properties Inc. · STRS (US) · $249M

Real estate developer focused on master-planned communities; specializes in mixed-use residential and commercial projects.

Stratus Properties’ board unanimously approved a complete liquidation and dissolution plan following conclusion of a strategic review with external advisors. Terms subject to shareholder approval. Company will monetize assets and distribute proceeds to shareholders upon approval. Liquidation could unlock significant value from real estate portfolio, with recent Kingwood Place sale realizing $60.8 million in January 2026 providing precedent for asset monetization capability. Distribution timing and amounts depend on asset sale execution in potentially challenging commercial real estate environment. Shareholder vote on liquidation plan — date not yet announced.

Home REIT plc · HOME.L (UK) · $401M · EV: $493M

Acquires and lets residential properties to local housing authorities; specialist provider of supported housing in UK.

Home REIT completed disposal of 706 properties to Patron Capital and continues managed wind-down with plans for capital return through liquidation process. Gross purchase price £123 million with £94.2 million net proceeds received and additional £25 million deferred payment due April 1, 2027. Remaining 115 properties valued at £17.35 million expected to sell in first half 2026. REIT liquidation offers recovery play as asset disposal program advances with 80%+ of portfolio monetized at or near August 2025 valuations, though ultimate shareholder recovery depends on remaining property sales and litigation resolution. Monitor for completion of remaining property sales in H1 2026 and announcement of capital return mechanism timing.

Edinburgh Worldwide Investment Trust · EWI.L (UK) · $1.0B · EV: $1.0B

Global investment trust investing in smaller companies worldwide; long-established fund with international equity focus.

Edinburgh Worldwide Investment Trust unveiled its exit plan following an extended battle with activist shareholder Saba Capital Management. Terms undisclosed. Investment trust liquidation offers shareholders exit opportunity at asset value before potential activist takeover, with the board warning Saba’s voting stake has increased to 46.8% and positioned to seize control. Monitor for detailed liquidation terms and timeline disclosure.

Previously: Board offered 100% tender to wind up trust with April 16 deadline after Saba’s voting share jumped to 46.8%, despite shareholders previously rejecting activist’s proposals by over 90% margins.

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Spin-Offs

Leoch International Technology Limited · 0842.HK (HK) · $101M · EV: $837M

Manufacturer of lead-acid and lithium batteries; global supplier for power backup and energy storage applications.

Leoch International Technology Limited provided an update on its proposed spin-off and distribution plan. Terms undisclosed. Spin-off could unlock value through sum-of-parts realization or allow management to focus resources on core operations versus diversified business segments. Monitor for detailed circular or scheme document filing with transaction structure and timeline.

Fwd P/E: 1.5x · EV/EBITDA: 0.4x · EV/GP: 0.2x (FY2026)

Fosun International Limited · 00656.HK (HK) · $3.5B · EV: $25.1B

Diversified conglomerate operating in insurance, pharmaceuticals, real estate, and retail; prominent Chinese multinational.

Fosun International received regulatory acceptance notices from China Securities Regulatory Commission and Shanghai Stock Exchange on March 30 for its proposed spin-off of Atlantis Sanya resort as a PRC commercial real estate REIT. Terms undisclosed. REIT structure would create a liquid, dividend-yielding vehicle for hospitality assets while allowing Fosun to retain operational control and redeploy capital from tourism real estate holdings. Monitor for formal prospectus filing and shareholder meeting announcement.

Fwd P/E: NM · EV/Sales: 1.2x (FY2027)

Narayana Hrudayalaya Limited · NH.NS (IN) · $3.6B · EV: $3.9B

Operates chain of multi-specialty cardiac and healthcare hospitals; pioneering affordable cardiac care in India.

Narayana Hrudayalaya completed stakeholder meetings on April 2, 2026 to approve a scheme of arrangement involving demerger with NH Integrated Care Private Limited. Terms undisclosed. Court-supervised demerger under NCLT oversight creates potential value unlock through business separation while maintaining regulatory compliance framework. Scrutinizer results due April 4, 2026 to determine stakeholder approval outcomes.

Fwd P/E: 25.6x · EV/EBITDA: 8.1x · EV/Sales: 3.1x · EV/GP: 8.1x (FY2028)

KBR Inc · KBR (US) · $4.6B

Engineering and construction services for energy, infrastructure, and government sectors; global leader in project delivery and technical solutions.

KBR announced plans to spin off its mission technology solutions unit as a separate publicly traded company. Terms undisclosed. Spinoff creates value unlock opportunity through sum-of-the-parts rerating as focused entities trade at higher multiples than conglomerate discount structures. Monitor for Form 10 registration statement filing with transaction timeline and structure details.

Fwd P/E: 8.7x · EV/EBITDA: 4.7x · EV/Sales: 0.9x · EV/GP: 6.3x (FY2028)

Applied Digital · APLD (US) · $6.6B

Designer and builder of AI infrastructure; leading provider of specialized data center compute for large language models.

Applied Digital will spin off its cloud computing business and merge it with EKSO Bionics Holdings to form ChronoScale, separating cloud assets from its digital infrastructure and high performance computing leasing operations. Terms undisclosed. The spinoff isolates the margin-dilutive cloud business while concentrating Applied Digital on higher-margin hyperscale data center leasing, potentially improving operating leverage on its contracted AI infrastructure projects. Execution risk on contracted lease projects increases with reduced revenue diversification, and the company loses optionality on cloud growth if AI demand shifts toward integrated cloud-infrastructure offerings. Monitor for definitive transaction documents and shareholder vote scheduling.

Fwd P/E: NM · EV/Sales: 3.6x · EV/GP: 34.3x (FY2027)

Previously: Proposed $2.15 billion senior secured notes offering to fund 200 megawatts of AI infrastructure development.

The Middleby Corporation · MIDD (US) · $6.7B · EV: $9.7B

Manufacturer of commercial food equipment and cooking systems; leading global provider to foodservice and bakery industries.

Middleby Corporation appointed Amy Campbell as CFO of its Food Processing business ahead of the unit’s spin-off into an independent public company in Q2 2026. Campbell joins immediately and will lead finance alongside previously announced CEO Mark Salman. Spin-off timing confirmed for Q2 2026. Final C-suite appointment completes management team for the Food Processing spin-off, which has grown from $3 million to over $800 million in revenue since 2005 and targets acquisition opportunities as an independent entity. Monitor for Form 10 registration statement filing for the Food Processing spin-off expected ahead of Q2 2026 distribution.

Fwd P/E: 12.6x · EV/EBITDA: 13.4x · EV/Sales: 2.8x · EV/GP: 7.2x (FY2028)

Previously: Middleby completed the tax-free spin-off announcement and sold 51% of its Residential Kitchen business to 26North Partners while retaining 49% ownership.

3SBio Inc. · 1530.HK (HK) · $7.6B · EV: $2.0B

Biopharmaceutical company developing innovative biologics and biosimilars; focused on oncology and immunology treatments.

3SBio Inc. has called an extraordinary shareholder meeting to approve a spin-off dividend of its Mandi business unit. Terms undisclosed. The company’s $5.6 billion net cash position provides flexibility for value-accretive transactions, while the spin-off creates separate trading entities with distinct valuations for the core pharmaceutical business and Mandi unit. Monitor for extraordinary shareholder meeting date announcement and voting results.

Fwd P/E: 18.1x · EV/EBITDA: 0.5x · EV/Sales: 0.2x · EV/GP: 0.2x (FY2027)

JSW Energy Limited · JSWENERGY.NS (IN) · $9.3B · EV: $14.9B

Independent power producer focused on thermal, hydro, and renewable energy generation across India.

JSW Energy Limited received stock exchange approvals from BSE and NSE for its demerger scheme with GE Power India Limited. Terms undisclosed. Stock exchange clearances remove key regulatory hurdle and enable NCLT filing within six months, bringing the demerger structure closer to shareholder value realization. NCLT filing deadline within six months from April 1, 2026 (by October 1, 2026).

Fwd P/E: 23.3x · EV/EBITDA: 10.7x · EV/Sales: 5.1x · EV/GP: 9.0x (FY2028)

Apollo Hospitals Enterprise Limited · APOLLOHOSP.NS (IN) · $11.3B · EV: $11.0B

Operates multi-specialty hospitals and healthcare services; India’s largest private healthcare chain by bed capacity.

Apollo Hospitals Enterprise received NCLT approval for a composite restructuring scheme creating Apollo HealthTech Limited through consolidation of Apollo Healthco and Keimed operations. NCLT approval received April 4, 2026. Apollo HealthTech targets INR 25,000 crore revenues by FY2027. The entity will be separately listed following required approvals. Separation isolates high-growth digital health platform Apollo 24|7 and pharmacy distribution network from traditional hospital operations, enabling focused scaling and potentially higher valuations for technology-driven assets. Monitor for shareholder and creditor approval meetings, followed by final NCLT sanction required before separate listing.

Fwd P/E: 34.7x · EV/EBITDA: 19.3x · EV/Sales: 2.9x · EV/GP: 8.7x (FY2028)

Honeywell International Inc. · HON (US) · $144.9B · EV: $146.8B

Diversified aerospace, building controls, and performance materials manufacturer; Fortune 500 industrial conglomerate with global scale.

Honeywell announced plans to hold investor days in 2026 for its Aerospace and Automation businesses ahead of the planned Q3 2026 separation into two independent public companies. Terms undisclosed. The investor days will provide detailed financials, operations, and long-term vision for each standalone entity, helping investors assess the value creation potential from the breakup of the industrial conglomerate. Monitor for announcement of specific investor day dates in Q2 2026.

Fwd P/E: 19.9x · EV/EBITDA: 14.5x · EV/Sales: 3.5x · EV/GP: 9.5x (FY2027)

Previously: Aerospace subsidiary priced $16 billion in senior notes with $10 billion distributed to Honeywell for debt redemptions.

ABB Ltd · ABBN.SW (CH) · $149.5B · EV: $175.5B

Electrification and automation technology provider; global leader in power and industrial solutions.

ABB appointed an automotive industry veteran to lead its robotics division ahead of a potential spin-off. Terms undisclosed. Leadership appointment signals ABB is preparing the robotics division for potential separation, which would allow investors to value the high-growth automation business independently from ABB’s traditional electrical equipment operations. Monitor for formal spin-off announcement or additional restructuring disclosures.

Fwd P/E: 20.0x · EV/EBITDA: 18.6x · EV/Sales: 3.6x · EV/GP: 8.5x (FY2027)

Vedanta Limited · VEDL.NS (IN)

Diversified natural resources company with operations in zinc, aluminum, oil & gas, iron ore, steel, and copper across India and internationally.

Vedanta Limited will demerge into five separately listed companies beginning in April, with tribunal approval secured in December 2025. The parent entity remains as Vedanta Limited focusing on base metals, while four new entities will be carved out: Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy. Chairman Anil Agarwal’s private holding company will retain roughly 50% ownership in each entity. The demerger targets unlocking value from the conglomerate discount, with combined market value expected to exceed the current $27 billion valuation while providing shareholders direct exposure to individual business verticals. Four new units expected to list on Indian exchanges by mid-May according to CFO guidance from January.

Fwd P/E: 8.7x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2028)

NTT Docomo Inc. · 9437.T (JP)

Japanese mobile telecommunications operator; largest cellular network provider in Japan.

NTT Docomo will spin off its financial services business into a new 100% subsidiary called NTT Docomo Financial Group through an absorption-type demerger. Effective July 1, 2026. The spinoff includes dCard and d-payment services plus subsidiaries including Sumishin SBI Net Bank, Docomo Insurance, Docomo Finance, and Docomo Monex Holdings. Total consideration not disclosed. Separation creates focused financial services entity under dedicated management, potentially improving governance and enabling faster response to regulatory changes in Japan’s evolving fintech landscape. Regulatory approvals and shareholder consent remain pending, and the restructuring may disrupt operational synergies between mobile and financial services. Effectiveness scheduled for July 1, 2026, subject to regulatory approvals and shareholder authorization.

Cementos Argos S.A. · CEMARGOS.BO (IN)

Produces cement and concrete products; leading cement manufacturer in Colombia and Central America.

Cementos Argos Board approved separation into two independent companies: Argos Materials (US operations) and Argos Latam (Latin America operations). Terms undisclosed. Structural separation follows the company’s successful US monetization playbook — spinning off Argos USA, preparing for NYSE listing, combining with Summit Materials, then selling Summit to Quikrete in 2025 — suggesting management’s proven ability to unlock regional value through focused entities. Monitor for detailed separation terms and timeline updates over the expected 24-month operational separation period.

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New SpinCos

New Fortress Energy Inc. · NFE (US) · $168M

Liquefied natural gas infrastructure and energy solutions provider; leading developer of small-scale LNG terminals globally.

New Fortress Energy’s Brazil spin-off entity secured a lease agreement for an FSRU-based terminal. Terms undisclosed. The operational contract validates the standalone viability of the separated Brazilian business and demonstrates progress toward independent infrastructure capacity ahead of the mid-2026 spin completion. Monitor for mid-2026 spin-off completion and regulatory approval updates.

Fwd P/E: 1.0x · EV/EBITDA: 30.5x · EV/Sales: 3.8x · EV/GP: 8.2x (FY2027)

Previously: New Fortress Energy announced separation of Brazilian operations into standalone entity owned by institutional investor consortium as part of broader recapitalization transaction.

Versigent · VNT (INTL)

Manufacturer of electrical distribution systems and wiring harnesses for automotive applications; spun off from Aptiv.

Aptiv completed the spin-off of Versigent through a separation and distribution agreement, with the electrical distribution systems business now trading independently as a publicly traded entity. Shareholders received 1 Versigent share for every 3 Aptiv shares held as of March 17, 2026 record date. Distribution included $1.70 billion special dividend and $1.5 billion cash tender offer for outstanding notes. New spinco creates pure-play exposure to electrical distribution systems business with potential value discovery as market assesses standalone entity fundamentals separate from Aptiv’s core automotive technology operations. Monitor for Q1 2026 standalone financial results disclosure and initial analyst coverage initiation for Versigent.

Fwd P/E: 6.5x · EV/EBITDA: 7.6x · EV/Sales: 1.0x · EV/GP: 5.4x (FY2027)

Previously: Aptiv’s board approved spinning off its Electrical Distribution Systems business with when-issued trading expected to begin March 27, 2026.

First Tracks Biotherapeutics · TRAX (INTL)

Biopharmaceutical spinoff from AnaptysBio focused on developing antibody-based therapies for inflammatory diseases.

AnaptysBio completed the spinoff of First Tracks Biotherapeutics on April 1, 2026, separating its biopharma operations from royalty assets. The spinco trades under ticker TRAX with AnaptysBio retaining royalty streams including Jemperli royalties from GSK and ~$311 million in cash and investments. Creates a pure-play royalty company with minimal operating expenses benefiting from Jemperli’s 13% quarterly growth to $343 million Q4 revenue, while the spinco captures upside from pipeline assets including ANB033 in celiac disease trials. Monitor for First Tracks’ Phase 1b trial readouts in celiac disease and eosinophilic esophagitis for ANB033.

Previously: AnaptysBio planned to spin off biopharma operations with completion expected April 20, 2026.

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Capital Returns

Vorwerk SE · VH2.DE (DE) · $1.6B · EV: $455M

German manufacturer of kitchen appliances and floor care products; leading European brand in built-in kitchen systems and robotic vacuum cleaners.

Vorwerk announced a dividend payout consisting of EUR 0.70 base dividend and EUR 0.40 special dividend to share the company’s success with shareholders. Total dividend EUR 1.10 per share (EUR 0.70 base + EUR 0.40 special). Payment timeline not disclosed. Special dividend represents 57% premium to base dividend, providing immediate cash return while the company maintains selective M&A approach focused on reasonable valuations. Monitor for shareholder meeting announcement and ex-dividend date confirmation.

Fwd P/E: 15.0x · EV/EBITDA: 3.6x · EV/Sales: 0.5x · EV/GP: 1.0x (FY2027)

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Delistings

Solo Brands, Inc. · SBDS (US) · $6M · EV: $5M

Manufacturer of premium wood-fired ovens and outdoor cooking products; direct-to-consumer brand leader.

NYSE commenced delisting proceedings against Solo Brands after the company’s market capitalization fell below the $15 million minimum requirement over a consecutive 30-day trading period. Trading suspended immediately with shares transitioning to OTC markets. Forced delisting creates immediate liquidity constraints and institutional selling pressure as funds with NYSE-only mandates must exit positions. OTC trading typically involves wider bid-ask spreads and reduced analyst coverage, potentially accelerating share price decline. Company can appeal delisting decision to NYSE committee, though no deadline specified.

Trident Digital Tech Holdings Ltd · TDTH (US) · $21M · EV: $20M

Trident Digital Tech Holdings Ltd provides commercial and technological digital solutions in Singapore.

Trident Digital Tech Holdings received a Nasdaq deficiency notice for failing to maintain the minimum $35 million market value requirement over 34 consecutive business days from February 5 through March 20. The company has until September 22, 2026 to regain compliance by maintaining the minimum market value for ten consecutive business days or face delisting proceedings. Binary delisting scenario creates asymmetric risk/reward with significant downside if compliance fails versus potential recovery if the stock rallies above the $35 million threshold and sustains for ten days. No assurance the company will regain compliance, and failure triggers formal delisting proceedings that could force institutional selling and reduce liquidity. Compliance deadline September 22, 2026.

Hotel Fast SSE AB · HOTEL.ST (SE)

Swedish hotel technology and booking platform company listed on Nasdaq First North.

Nasdaq First North issued a delisting notice to Hotel Fast SSE AB for failing to meet operational requirements, with delisting set for May 23, 2026. The company can avoid delisting by presenting credible operational plans or submitting a new listing application by May 23, 2026. No financial terms disclosed. Delisting pressure creates urgency for strategic alternatives that could unlock value through asset sales, operational restructuring, or acquisition by hotel operators seeking Swedish market exposure. The company provides no guarantees that current strategic alternatives will satisfy Nasdaq’s requirements, risking forced delisting and reduced liquidity. Delisting deadline May 23, 2026.

EV/Sales: 3.1x · EV/GP: 3.1x (FY2027)

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Relistings

ConnectM Technology Solutions, Inc. · CNTM (OTC) · $14M · EV: $38M

ConnectM Technology Solutions, Inc., a technology company, focuses on advancing the electrification economy by integrating electrified energy assets with its AI-driven technology solutions platform.

ConnectM Technology Solutions’ board approved a 1-for-5 to 1-for-50 reverse stock split to support its planned uplisting from OTC to a national exchange. Reverse split ratio between 1-for-5 to 1-for-50, with exact ratio to be determined by the board after stockholder approval. OTC energy/AI technology company seeks enhanced liquidity and visibility through major exchange listing, potentially creating value as it scales proprietary energy solutions through subsidiaries Keen Labs, Amperics, and Geo Impex. Monitor for proxy filing and stockholder meeting date announcement.

EV/Sales: 0.4x · EV/GP: 1.6x (FY2027)

Bitfarms Ltd. · BITF (US) · $1.1B · EV: $1.4B

Bitcoin mining operator; operates multiple large-scale facilities across North America and Latin America.

Bitfarms completed its redomiciliation from Canada to the United States through a plan of arrangement, with the ultimate parent company now becoming Delaware corporation Keel Infrastructure Corp. Terms undisclosed. The redomiciliation transitions Bitfarms from foreign private issuer status to U.S. domestic issuer, potentially improving institutional accessibility and eliminating regulatory arbitrage concerns that can discount foreign-listed crypto miners. Monitor for first earnings filing as U.S. domestic issuer on Form 10-Q.

Fwd P/E: NM · EV/Sales: 3.3x (FY2027)

Previously: Company was seeking shareholder approval for U.S. redomiciliation at special meeting on March 20, 2026.

Centrais Elétricas Brasileiras S.A. - Eletrobrás · EBR (INTL)

Generates and distributes electricity; Brazil’s largest power utility company.

Eletrobrás shareholders approved conversion of Class A1 and B1 preferred shares into common shares on April 1, 2026, as part of the company’s migration to the Novo Mercado segment of B3. Terms undisclosed. Share conversion creates arbitrage opportunity between preferred and common shares ahead of Novo Mercado migration, with the restructuring enabling access to Brazil’s premium listing segment that requires unified share class. Monitor for completion of Novo Mercado migration and final conversion mechanics.

Fwd P/E: 1.6x · EV/EBITDA: 7.2x · EV/Sales: 2.8x · EV/GP: 6.4x (FY2027)

SK Hynix · 000660.KS (KR)

Manufacturer of memory semiconductors (DRAM, NAND flash); leading global supplier to data centers and consumer electronics.

SK Hynix confidentially filed Form F-1 for a U.S. dual listing while maintaining its KOSPI listing. Company targets $10-14 billion capital raise through 2% dilution in second half 2026. Clean AGM passage removes execution risk for the memory chip giant’s U.S. dual listing, potentially narrowing the valuation discount to American semiconductor peers despite SK Hynix’s dominant position in AI-critical high-bandwidth memory. U.S. listing expected second half 2026.

Fwd P/E: 3.6x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2027)

Previously: Confidentially filed Form F-1 targeting $10-14 billion capital raise through 2% dilution in second half 2026.

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Other Situations

Ipsen S.A. · IPN (INTL)

French biopharmaceutical company specializing in oncology, rare diseases, and neuroscience therapeutics.

Beech Tree received French regulatory exemption from mandatory tender offer obligations despite holding 26.03% of Ipsen shares and 33.05% of voting rights, following transfer of Henri Beaufour’s stake to Alasol Foundation. Terms undisclosed. Exemption removes takeover pressure while consolidating control under 15-year governance agreement that commits to maintaining current strategic direction, potentially stabilizing the stock but constraining near-term M&A activity. Monitor for any changes to the 15-year governance agreement or future stake transfers that could trigger new tender offer obligations.

DSS, Inc. · DSS (US) · $8M · EV: $39M

DSS, Inc. operates across packaging, biotech, direct marketing, and digital transformation segments; a niche player in physical security technology.

DSS entered into a securities purchase agreement with related party Alset International Limited on March 26, 2026, for a $2.45 million convertible note and warrant package. The note converts at $0.74 per share with 3% annual interest and five-year maturity. Warrants allow purchase of 16.55 million shares at $0.93 per share, expiring in five years. The conversion price represents potential arbitrage if DSS trades below $0.74, while the warrant strike at $0.93 creates dilution overhang for existing shareholders if the stock appreciates. Shareholder approval vote required to close the transaction.

Fwd P/E: NM · EV/Sales: 1.9x (FY2026)

OSR Holdings, Inc. · OSRH (US) · $14M

Biotech holding company developing cancer immunotherapy through subsidiary Vaximm AG; advancing VXM01 oral cancer vaccine platform.

OSR Holdings entered a global license agreement with BCM Europe AG for VXM01 oral cancer immunotherapy, with BCM Europe providing up to $30 million in development financing and OSR receiving up to $815 million in milestone payments. BCM Europe will pay up to $815 million in milestones directly to OSRH and share royalties from ultimate licensing deals through a delta-recovery mechanism, while OSR provides up to $30 million development financing facility to subsidiary Vaximm AG. BCM Europe is OSR’s largest shareholder creating an aligned financing structure where the company receives substantial milestone commitments while maintaining control over development funding through its subsidiary. Monitor for Phase 2 trial initiation timeline and first milestone achievement triggers in subsequent filings.

Fwd P/E: NM · EV/Sales: 0.3x · EV/GP: 1.3x (FY2026)

Previously: OSR disclosed preliminary discussions to acquire a 16% stake in South Korean biopharmaceutical SillaJen and licensing negotiations for Pexa-Vec immunotherapy with no binding agreements.

Ekso Bionics Holdings Inc · EKSO (US) · $26M · EV: $22M

Ekso Bionics designs and manufactures exoskeleton robotic systems; enabling mobility for individuals with lower limb paralysis.

Applied Digital Corporation will contribute its wholly owned subsidiary Applied Digital Cloud Corporation to Ekso Bionics Holdings in exchange for 138,216,820 newly issued Ekso shares under a Contribution and Exchange Agreement dated February 15, 2026. Applied Digital receives 138,216,820 newly issued Ekso shares in exchange for Applied Digital Cloud Corporation subsidiary. Holders of 50.4% of Ekso’s outstanding capital stock approved via written consent February 20, 2026. Reverse merger structure transforms Ekso from medical robotics company into Applied Digital subsidiary vehicle, with Applied Digital becoming majority stockholder and controlling the combined entity’s direction. Monitor for definitive information statement filing and completion of subsidiary contribution transaction.

Fwd P/E: NM · EV/Sales: 0.9x · EV/GP: 1.7x (FY2027)

Felix Gold Limited · FXG.AX (AU) · $86M

Gold exploration company developing projects in Alaska; focused on the Treasure Creek and Fairbanks district gold deposits.

Felix Group Limited secured 100% ownership of the Treasure Creek Claims through an asset acquisition. Terms undisclosed. Full ownership of mining claims eliminates joint venture complexities and provides complete operational control over potential resource extraction at Treasure Creek. Monitor for drilling results or resource estimate updates from the consolidated property.

Cardiff Oncology, Inc. · CRDF (US) · $108M · EV: $171M

Develops oncology therapeutics targeting DNA damage response pathways; clinical-stage biotech company.

Cardiff Oncology formalized separation agreements with former CEO Dr. Mark Erlander and CFO James Levine, who stepped down in January 2026 during a strategic review. Dr. Erlander receives $635,000 base salary over 12 months, 2025 bonus of $122,238, pro-rated 2026 bonus, continued healthcare benefits, and stock options vesting through June 2026. Management departures during strategic review suggest potential sale process underway, with separation agreements providing clarity on executive exit costs. Monitor for strategic review outcome or formal sale process announcement.

Aldebaran Resources Inc. · ALDE.V (CA) · $185M · EV: $270M

Aldebaran Resources Inc. engages in the acquisition, exploration, and evaluation of mineral properties in Canada and Argentina.

Aldebaran Resources adopted a shareholder rights plan effective March 30, 2026, designed to prevent hostile takeovers and creeping bids above 20% ownership. Rights trigger at 20% beneficial ownership threshold, allowing existing shareholders to purchase additional shares at 50% discount to market price if activated. The poison pill provides takeover defense that could increase acquisition premiums for potential bidders while creating downside protection for current shareholders through discounted share purchase rights. Shareholder ratification vote at 2026 annual meeting planned for Q2 (specific date to be determined).

IG Group Holdings plc · IGG.L (UK) · $6.5B · EV: $4.7B

Online financial spread betting and CFD trading platform; leading independent leveraged trading provider.

IG Group Holdings commenced a £125 million share buyback programme on April 1, 2026, executed through Morgan Stanley. Programme comprises two tranches of £62.5 million each, with the first tranche running through September 30, 2026. Maximum 36,155,787 shares available for repurchase under existing board authority. Purchased shares held in treasury. Buyback should provide price support and enhance returns per share through capital reduction, particularly valuable if shares continue trading below intrinsic value. Monitor for announcement of second tranche timing, subject to share price performance and capital allocation priorities.

Fwd P/E: NM · EV/EBITDA: 3.3x · EV/Sales: 2.2x · EV/GP: 2.7x (FY2027)