{ "issue": 16, "title": "Special Situations Digest #16", "source": "specialsitsdigest.com", "publisher": "Clark Square Capital", "total_situations": 262, "category_count": 14, "countries": [ "AU", "BE", "BM", "BR", "CA", "CN", "DE", "DK", "FI", "FR", "GB", "GR", "HK", "IL", "IN", "IT", "JP", "KR", "KY", "MH", "NO", "NZ", "SE", "SG", "US" ], "categories": [ { "name": "Activist Campaigns", "count": 42, "items": [ { "company": "Cellectar Biosciences, Inc.", "ticker": "CLRB", "country": "US", "last": "$3.20", "market_cap": "$10M", "ev": "$21M", "context": "Cellectar Biosciences is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of drugs for the treatment of cancer.", "summary": "Cellectar Biosciences, Inc. (CLRB) appointed Andrew Gu to its board as a Class III director and Audit Committee member on May 18, 2026. This appointment activates a board-designation right granted to Nantahala Capital Management, LLC in a May 4, 2026 securities purchase agreement. Gu is an analyst at Nantahala focused on biotechnology investments with dual degrees from the University of Pennsylvania. Incumbent Class III director Stefan D. Loren, Ph.D., will not stand for reelection at the upcoming 2026 annual meeting and has entered into a consulting agreement with the company. The board designation converts Nantahala’s investment into an active governance stake and creates a potential pivot point for strategic or operational changes at the clinical-stage biopharmaceutical company. A catalyst is scheduled for June 5, 2026.", "multiples": "EV/Sales: 8.1x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001279704/000110465926063202/0001104659-26-063202-index.htm" }, { "company": "unbanked Corporation", "ticker": "8746.T", "country": "JP", "last": "", "market_cap": "$16M", "ev": "$11M", "context": "unbanked Corporation is a Japanese financial services firm listed on the Tokyo Stock Exchange Standard Market.", "summary": "Akatsuki Capital Works Corporation has submitted shareholder proposals for unbanked Corporation's (8746.T) June 26, 2026 annual general meeting to elect two outside directors and three audit committee members. The board of unbanked, a Japanese financial services firm, unanimously resolved to oppose the proposals, citing an investigation and allegations that a ¥1.34B uncollectible receivable was orchestrated by an Akatsuki owner. These proposals follow similar submissions for a June 5, 2026 extraordinary general meeting but do not include the removal of incumbent directors. unbanked filed a damages lawsuit against Akatsuki on February 27, 2026, and secured a provisional attachment order on February 13, 2026. The shareholder vote will take place at the annual meeting in Shibuya, Tokyo.", "multiples": "", "source_url": "https://www.release.tdnet.info/inbs/140120260520542121.pdf" }, { "company": "Origin Corporation", "ticker": "6513.T", "country": "JP", "last": "", "market_cap": "$35M", "ev": "$21M", "context": "Origin Corporation is a Japanese manufacturing company listed on the Tokyo Standard Market. It produces electrical components and has significant financial assets including investment securities and real estate generating non-operating income.", "summary": "An individual shareholder of Origin Corporation (6513.T) submitted a proposal to repurchase 300,000 shares for up to ¥320M within one year of the annual general meeting. The board of directors resolved on May 19, 2026, to oppose the proposal at the June 26, 2026, AGM, stating its preference to prioritize a return to operating profit and the execution of an emergency management reform plan. The proposer argues the stock is undervalued at a 0.24x PBR, near a 30-year low, while the company holds ¥13.4B in net financial assets. This contested buyback proposal signals minority-shareholder activism and could catalyze a re-rating of the company if it gains support or forces a compromise.", "multiples": "Fwd P/E: NM · EV/GP: 0.7x", "source_url": "https://www.release.tdnet.info/inbs/140120260519540581.pdf" }, { "company": "Kitasawa Sangyo Co., Ltd.", "ticker": "9930.T", "country": "JP", "last": "", "market_cap": "$41M", "ev": "$35M", "context": "Kitasawa Sangyo manufactures commercial kitchen equipment and provides related services, including maintenance, new product development, and expansion into household kitchens and cleaning equipment. Listed on the Tokyo Stock Exchange Standard Market.", "summary": "Kitasawa Sangyo (9930.T) is facing a proxy contest from Tempos Holdings Co., Ltd., which has submitted proposals to elect its president, Atsushi Morishita, as a director and to amend the articles to establish a shareholder benefit program. The board of Kitasawa Sangyo resolved on May 18 to oppose both proposals and will present them as independent agenda items at the annual general meeting scheduled for June 26, 2026. Tempos Holdings argues that Kitasawa Sangyo needs stronger leadership to revitalize stagnant performance, citing its own revenue growth to ¥57B. The Kitasawa Sangyo board maintains that current management is executing growth strategies and that the nine-director slate, which includes three outside directors, is optimal. The board’s formal resolution to oppose these shareholder proposals sets up a contested vote for the June 26 AGM.", "multiples": "Fwd P/E: 8.3x · EV/EBITDA: 4.8x · EV/Sales: 0.3x · EV/GP: 0.9x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260518539778.pdf" }, { "company": "Alternative Income REIT plc", "ticker": "AIRE.L", "country": "GB", "last": "", "market_cap": "$74M", "ev": "$131M", "context": "UK-listed REIT owning a portfolio of 19 fully-let commercial properties, predominantly on long, index-linked leases with a 15.1-year WAULT and target annual dividend of 5.6p per share.", "summary": "Alternative Income REIT (AIRE.L) issued a public rebuttal to activist demands and a possible cash offer from Glenstone REIT plc, which controls a 26.4% stake. Glenstone’s demands include a managed wind-down, the appointment of a Glenstone executive to the board, and a transfer of the listing to. The International Stock Exchange. Independent directors rejected these demands and denied due diligence access, noting that a prior 66.5p per share proposal represented a 20.8% discount to NAV. AIRE’s board currently supports a separate possible offer from AEW UK REIT at a 3% discount to NAV. Glenstone and director Adam Smith control a combined 26.4% interest, with Shore Capital acting as advisor. A next catalyst date for the situation is June 12, 2026.", "multiples": "", "source_url": "https://www.investegate.co.uk/announcement/rns/alternative-income-reit--aire/statement-regarding-possible-offer-from-glenstone/9571901" }, { "company": "Seer, Inc.", "ticker": "SEER", "country": "US", "last": "$1.79", "market_cap": "$98M", "ev": "$81M", "context": "Seer, Inc. is a life sciences company focused on proteomics, developing technology to enable deep, unbiased proteomic analysis at scale for research and clinical applications.", "summary": "Seer, Inc. (SEER) filed a preliminary proxy statement disclosing that the Radoff-JEC Group intends to nominate three director candidates for election at the 2026 Annual Meeting. The dissident slate will oppose three of the seven board-recommended nominees. Seer's board unanimously recommends that stockholders vote only for its nominees on the BLUE proxy card and disregard any white proxy card from the dissident group. A record date and meeting date have not yet been set. This formal proxy contest creates a near-term catalyst where board composition changes could drive shifts in Seer’s strategy, capital allocation, or M&A posture.", "multiples": "EV/Sales: 5.0x · EV/GP: NM (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001726445/000119312526229128/0001193125-26-229128-index.htm" }, { "company": "AD Works Group Co., Ltd.", "ticker": "2982.T", "country": "JP", "last": "", "market_cap": "$129M", "ev": "$341M", "context": "AD Works Group Co., Ltd. is a Japanese company listed on the Tokyo Stock Exchange Prime Market, primarily engaged in real estate-related businesses.", "summary": "MI2 Corporation, Takahiro Murakami, and MI5 Corporation disclosed a collective 5.03% stake in AD Works Group (2982.T) totaling 2,534,000 shares. The investor group intends to advise on and propose changes to capital policy and corporate governance, including dividend increases and share buybacks. Takahiro Murakami individually holds 4.67% of the company, having accumulated the stake through market purchases from March 16 to May 13, 2026. The filing indicates the group may execute additional share purchases within three months if the stock remains undervalued.", "multiples": "EV/GP: 4.4x", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4O3" }, { "company": "Vaxart, Inc.", "ticker": "VXRT", "country": "US", "last": "$0.64", "market_cap": "$155M", "ev": "$36M", "context": "Vaxart is a clinical-stage biotechnology company developing oral tablet vaccines based on its proprietary oral vaccine platform, targeting influenza, norovirus, and other infectious diseases.", "summary": "Vaxart, Inc. (VXRT) filed a preliminary proxy statement for its 2026 Annual Meeting disclosing a proxy contest initiated by stockholder Daniel P. Houle. Houle intends to nominate himself and two additional candidates for election as directors against the board's six incumbent nominees. The board does not endorse the dissident candidates and is soliciting votes for its own slate via a WHITE proxy card. The election will proceed under universal proxy rules with both slates listed. Vaxart, a clinical-stage biotechnology company developing oral tablet vaccines, has retained Campaign Management as its proxy solicitor.", "multiples": "EV/Sales: 4.0x · EV/GP: 4.0x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000072444/000121390026059144/0001213900-26-059144-index.htm" }, { "company": "James River Group Holdings", "ticker": "JRVR", "country": "BM", "last": "$4.00", "market_cap": "$185M", "ev": "$361M", "context": "James River Group is a Bermuda-domiciled specialty property and casualty insurer focused on excess and surplus lines and fronting arrangements in the US market, primarily through wholesale brokers and program administrators.", "summary": "Zimmer Partners filed a Schedule 13D disclosing a 9.9999987% stake in James River Group (JRVR), representing 4.62M shares acquired for approximately $22.4M. The hedge fund views the shares of the Bermuda-domiciled specialty property and casualty insurer as undervalued and intends to discuss capital allocation, debt reduction, and strategic alternatives with management. This initial activist position serves as a catalyst for potential operational improvements, asset sales, or a full company sale. Zimmer Partners has reserved the right to increase or hedge its holdings.", "multiples": "Fwd P/E: 4.8x (FY2026)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/james-river-group-stock-bmg5002p1073-activist-zimmer-partners-builds-10/69351745" }, { "company": "Japan Pure Chemical Co., Ltd.", "ticker": "4973.T", "country": "JP", "last": "", "market_cap": "$194M", "ev": "$119M", "context": "Japan Pure Chemical Co., Ltd. is a Tokyo-listed specialty chemicals company focused on research and development, with a business characterized by high ROIC according to the activist filer.", "summary": "Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC disclosed an 18.40% aggregate stake in Japan Pure Chemical (4973.T), representing 1,116,100 shares. The Cayman Islands-incorporated filers stated their purpose includes providing management advice and making significant proposals to improve capital policy and achieve capital efficiency reflecting the issuer's high-ROIC, research-and-development business. Hibiki Path 2 SPC recently reduced its individual holding from 6.83% to 5.73% through share sales between April 24 and May 12, 2026. This 18.4% position and explicit activist agenda target engagement, buybacks, or broader corporate action at the specialty chemicals company.", "multiples": "Fwd P/E: 19.7x · EV/EBITDA: 15.4x · EV/Sales: 1.1x · EV/GP: 10.4x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3YP" }, { "company": "BASE Inc.", "ticker": "4477.T", "country": "JP", "last": "", "market_cap": "$199M", "ev": "$67M", "context": "BASE Inc. operates an e-commerce platform enabling individuals and small businesses to create online shops. It is listed on the Tokyo Stock Exchange Growth Market.", "summary": "Hiroyuki Makino filed an amended large shareholding report on May 20, 2026, disclosing a 20.53% stake in BASE Inc. (4477.T). The position consists of 24.2 million shares financed through ¥10.1B in total capital, including ¥6.98B in margin loans. Makino’s stated purpose is to maximize shareholder total return by obtaining a control premium, and he reserves the right to make proposals regarding value enhancement or minority shareholder protection. A confidentiality agreement with the company has been extended through late August 2026, confirming ongoing friendly engagement. Makino explicitly states he will oppose any transaction that harms existing shareholders, discriminates among holders, or bypasses proper procedures. This engagement regarding value maximization and control-premium extraction positions the company for potential M&A or a takeover premium scenario.", "multiples": "Fwd P/E: 16.0x · EV/Sales: 0.4x · EV/GP: 0.8x (FY2026)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y2NF" }, { "company": "Nissan Tokyo Sales Holdings Co., Ltd.", "ticker": "8291.T", "country": "JP", "last": "", "market_cap": "$206M", "ev": "$191M", "context": "Nissan Tokyo Sales Holdings is a listed Japanese holding company that operates Nissan car dealerships and related automotive services in the Tokyo metropolitan area.", "summary": "Nippon Active Value Fund PLC, along with Dalton Investments and NAVF Select Master Fund, filed an amended large shareholding report disclosing a 7.65% stake in Nissan Tokyo Sales Holdings (8291.T), an increase from 6.59%. On April 17, 2026, the group submitted four shareholder proposals for the June 2026 AGM, including a share buyback, a board independence charter amendment, restricted stock compensation approval, and a record date charter amendment. The fund stated the company’s financial health and market position are not currently reflected in its share price. In December 2025, the group previously urged its investee companies to review strategic options including going-private transactions and spin-offs. This escalation follows the fund's stated purpose of providing management advice and making proposals to enhance corporate value.", "multiples": "Fwd P/E: 57.9x · EV/GP: 1.0x", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3UA" }, { "company": "Medallion Financial Corp.", "ticker": "MFIN", "country": "US", "last": "$9.43", "market_cap": "$225M", "ev": "$349M", "context": "Medallion Financial Corp. is a specialty finance company providing consumer and commercial loans, including taxi medallion lending and consumer financing. It operates through a bank subsidiary and its shares trade on NASDAQ.", "summary": "BIMIZCI Fund LLC filed definitive proxy materials on May 8, 2026, nominating three independent directors to the eight-member board of Medallion Financial Corp. (MFIN) for election at the June 9, 2026, annual meeting. BIMIZCI, holding a 1.83% common stake and $15M par value of trust preferred securities, cited governance failures including a CEO permanently enjoined for securities law violations and five directors soon over age 80. The activist highlighted that three of eight directors are Murstein family members and reported that 1Q26 earnings were the lowest since 3Q20. Further concerns include consumer loan charge-offs reaching 15-year highs and a commercial loan portfolio with 20% non-performing assets at fiscal year-end 2025. Stockholders of record as of April 13, 2026, are eligible to vote, and BIMIZCI is working with advisor Sodali & Co LLC.", "multiples": "Fwd P/E: 8.5x (FY2026)", "source_url": "https://www.globenewswire.com/news-release/2026/05/14/3295063/0/en/BIMIZCI-Nominates-Three-Directors-at-Medallion-Financial-Corp-Cites-Deteriorating-Performance-Governance-Failures-and-Federal-Securities-Judgment.html" }, { "company": "TEIKOKU CO., LTD.", "ticker": "6333.T", "country": "JP", "last": "", "market_cap": "$272M", "ev": "$215M", "context": "Teikoku is a global niche leader in canned motor pumps with a completely leak-proof structure, holding roughly 60% domestic and 40% global market share. The company has pivoted from electronic components to focus entirely on its pump business, targeting ¥70B in consolidated sales by 2035.", "summary": "Teikoku (6333.T) received a shareholder proposal from an individual demanding the company amend its articles to establish a special committee of independent outside directors to review going-private, MBO, and third-party sale options. The board formally opposed the proposal, arguing that its existing governance, growth strategy, and shareholder return policies are sufficient to enhance corporate value. The proponent cited a disconnect between the company’s market valuation of approximately 1.5x PBR and its intrinsic value as a niche leader in canned motor pumps with ¥12-14B in cash. Teikoku currently holds roughly 60% domestic and 40% global market share in its segment and is targeting ¥70B in consolidated sales by 2035. The proposal will be considered at the shareholder meeting scheduled for June 29, 2026.", "multiples": "Fwd P/E: 12.7x · EV/EBITDA: 4.6x · EV/Sales: 1.2x · EV/GP: 2.8x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260518540004.pdf" }, { "company": "Repay Holdings Corp", "ticker": "RPAY", "country": "US", "last": "$3.49", "market_cap": "$307M", "ev": "$633M", "context": "Repay Holdings Corp provides integrated payment processing solutions, specializing in consumer and business-to-business payment automation across multiple vertical markets.", "summary": "Forager Fund, L.P. and its affiliates filed a 13D/A disclosing a 12.4% stake in Repay Holdings Corp (RPAY) and issued a public letter regarding the board's response to Forager’s non-binding proposal to acquire all outstanding shares for $4.80 per share in cash. The reporting persons, who hold 11.1M shares, are pressing the board on the proposal and stated they remain willing to engage in discussions. Repay Holdings Corp provides integrated payment processing solutions, specializing in consumer and business-to-business payment automation. No definitive agreement has been reached, and any transaction remains contingent on board approval and other conditions.", "multiples": "Fwd P/E: 3.8x · EV/EBITDA: 15.1x · EV/Sales: 1.9x · EV/GP: 2.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001720592/000165495426005086/0001654954-26-005086-index.htm" }, { "company": "Diana Shipping Inc.", "ticker": "GNK", "country": "GR", "last": "$2.60", "market_cap": "$321M", "ev": "$785M", "context": "Diana Shipping is a global dry bulk shipping company owning and bareboat chartering-in vessels transporting iron ore, coal, grain and other commodities. Genco Shipping & Trading is a dry bulk shipping company with a fleet engaged in worldwide seaborne transportation.", "summary": "Diana Shipping (DSX) has launched a hostile proxy contest at Genco Shipping & Trading, nominating six independent director candidates for election at the June 18, 2026 annual meeting. This solicitation accompanies a pending $23.50 per share all-cash tender offer for Genco supported by $1.443 billion in fully committed financing. Diana Shipping disclosed it sold a portion of its holdings in Genco and cautioned that Genco's share price could fall to approximately $17.50, a 30 percent discount to its $25.40 net asset value as of March 31, 2026, without the bid. The tender offer is scheduled to expire on June 2, 2026. Okapi Partners LLC is advising Diana Shipping on the solicitation of its GOLD proxy card.", "multiples": "Fwd P/E: 6.6x · EV/EBITDA: 6.6x · EV/Sales: 3.2x · EV/GP: 5.6x (FY2026)", "source_url": "https://www.globenewswire.com/news-release/2026/05/18/3296498/10065/en/Diana-Shipping-Inc-Cautions-of-Significant-Downside-Risk-in-Genco-s-Share-Price.html" }, { "company": "Sekisui Jushi Corporation", "ticker": "4212.T", "country": "JP", "last": "", "market_cap": "$400M", "ev": "$380M", "context": "Sekisui Jushi Corporation manufactures and sells plastic products, building materials, and environmental systems. It is listed on the Tokyo Stock Exchange Prime Market.", "summary": "Sekisui Jushi Corporation (4212.T) announced its board unanimously resolved to oppose a shareholder proposal from NIPPON ACTIVE VALUE FUND PLC for the June 25, 2026 AGM. The activist demands a ¥7.95 billion buyback representing approximately 10% of shares, a board capped at 10 members with a majority of outside directors, and expanded restricted stock compensation. The company currently pursues a ¥2.7 billion buyback plan and a 100%+ total payout ratio target, and it maintains that the proposed buyback volume is excessive for one year. Sekisui Jushi Corporation manufactures and sells plastic products, building materials, and environmental systems. The contested items are scheduled for a vote at the June 25, 2026 AGM.", "multiples": "Fwd P/E: 14.7x · EV/GP: 2.9x", "source_url": "https://www.release.tdnet.info/inbs/140120260519540927.pdf" }, { "company": "Denyo Co., Ltd.", "ticker": "6517.T", "country": "JP", "last": "", "market_cap": "$467M", "ev": "$327M", "context": "Denyo Co., Ltd. is a Japanese manufacturer of engine-driven generators, welding machines, and other power-source equipment, listed on the Tokyo Stock Exchange Prime Market.", "summary": "Denyo Co., Ltd. (6517.T) has unanimously resolved to oppose a shareholder proposal from NIPPON ACTIVE VALUE FUND PLC to amend the company’s articles of incorporation to require that outside directors constitute a majority of the board. The proposal is scheduled for a vote at the June 26, 2026 AGM. Denyo's current board consists of 13 directors, including five outside directors who represent approximately 38% of the body. The board argues the amendment would unnecessarily restrict director candidate selection and hinder optimal board composition. Denyo is a Japanese manufacturer of power-source equipment listed on the Tokyo Stock Exchange Prime Market.", "multiples": "Fwd P/E: 13.1x · EV/EBITDA: 3.7x · EV/Sales: 0.7x · EV/GP: 2.8x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260515538892.pdf" }, { "company": "Porvair plc", "ticker": "PRV.L", "country": "GB", "last": "", "market_cap": "$502M", "ev": "$507M", "context": "Porvair is a specialist filtration, laboratory, and environmental technology group serving industries including aerospace.", "summary": "Bernstein, the founder of Crystal Amber, has issued a letter to the chairman of Porvair (PRV.L) urging the board to explore strategic alternatives, including a potential sale. Bernstein, who holds a personal stake in the specialist filtration and laboratory technology group, cited a lackluster year for the shares and claimed the company is trading substantially below its strategic value. The public demand follows a recent shareholder vote where 24% of votes were cast against the chairman's re-election. Porvair shares rose 3.5% to 774p on the news.", "multiples": "Fwd P/E: NM · EV/EBITDA: 8.9x · EV/Sales: 1.7x · EV/GP: 4.9x (FY2026)", "source_url": "https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=22514880&type=bsm" }, { "company": "KH Neochem Co., Ltd.", "ticker": "4189.T", "country": "JP", "last": "", "market_cap": "$597M", "ev": "$629M", "context": "KH Neochem Co., Ltd. is a Tokyo-listed Japanese chemical manufacturer specializing in basic chemicals and intermediate chemical products for industrial applications.", "summary": "Strategic Capital Inc. disclosed an increased stake in KH Neochem Co., Ltd. (4189.T) to 16.08% from 15.36% in a large shareholding filing. The activist holds 5,972,000 shares out of 37,149,400 outstanding as of May 12, 2026, built through a discretionary investment management agreement with Intertrust Trustees (Cayman) Limited. Strategic Capital is demanding capital policy changes to improve balance sheet efficiency and the divestiture or winding down of all or part of the basic chemicals business. The filing cites the purpose of the holding as constructive dialogue to improve shareholder value, including \"important proposal actions.\" This filing formalizes the activist’s agenda for capital restructuring and signals an escalating campaign at the Japanese chemical manufacturer.", "multiples": "Fwd P/E: 10.2x · EV/EBITDA: 5.3x · EV/Sales: 0.8x · EV/GP: 3.8x (FY2026)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y41K" }, { "company": "Tsurumi Manufacturing Co., Ltd.", "ticker": "6351.T", "country": "JP", "last": "", "market_cap": "$621M", "ev": "$496M", "context": "Tsurumi Manufacturing is a leading Japanese manufacturer of submersible pumps for infrastructure, construction, and industrial applications, with a global footprint in equipment and mining markets.", "summary": "Dalton Kizuna (Master) Fund LP submitted shareholder proposals to Tsurumi Manufacturing (6351.T) seeking a 50% payout ratio surplus distribution and an amendment to change the annual general meeting record date to May 15. The board of Tsurumi Manufacturing unanimously resolved on May 19, 2026, to oppose both measures, setting up a contested vote at the June 26, 2026, ordinary general meeting. Dalton Kizuna argues the company holds excessive retained earnings and lacks capital efficiency, noting shares trade below intrinsic value and ROE is less than ROIC. The board maintains that the proposals would undermine investment capacity and conflict with its 30% dividend payout target. Tsurumi Manufacturing authorized a ¥2.5 billion share buyback on May 12, 2026.", "multiples": "Fwd P/E: NM · EV/GP: 3.1x", "source_url": "https://www.release.tdnet.info/inbs/140120260519540679.pdf" }, { "company": "Wacom Co., Ltd.", "ticker": "6727.T", "country": "JP", "last": "", "market_cap": "$727M", "ev": "$535M", "context": "Wacom Co., Ltd. manufactures pen tablets, interactive pen displays, and digital interface solutions for creative professionals and enterprise customers.", "summary": "Wacom Co., Ltd. (6727.T) formally resolved on May 20 to oppose a shareholder proposal seeking the dismissal of two directors at the annual general meeting scheduled for June 25, 2026. The board's opposition to Proposal No. 8 follows a nomination committee report. In response to the governance concerns raised by the proposal, Wacom halted operations with 'Connected Ink Village', ended donations, and will prohibit appearances by directors' relatives at company events to improve transparency. This contested director removal vote signals an escalating governance dispute between the board and the shareholder.", "multiples": "Fwd P/E: 12.0x · EV/EBITDA: 7.8x · EV/Sales: 0.7x · EV/GP: 2.0x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260519540940.pdf" }, { "company": "Workspace Group plc", "ticker": "WKP.L", "country": "GB", "last": "", "market_cap": "$863M", "ev": "$2.2B", "context": "Workspace Group is a London-listed real estate investment trust that owns and operates flexible office space across London, catering primarily to SMEs and entrepreneurs.", "summary": "Saba Capital Management is calling for the replacement of all non-executive directors at Workspace Group (WKP.L), an escalation from prior demands for board representation. Workspace Group is a London-listed real estate investment trust focused on flexible office space for SMEs and is currently executing a £200 million disposal programme. Recent activity under this programme includes the sale of Peer House in Holborn. The campaign for full board replacement creates a potential catalyst for governance overhaul, strategic change, or asset sales.", "multiples": "Fwd P/E: NM · EV/Sales: 12.4x · EV/GP: 18.9x (FY2027)", "source_url": "https://www.costar.com/article/708843023/activist-investor-ups-ante-in-calls-for-workspace-directors-to-be-removed" }, { "company": "Pacira BioSciences, Inc.", "ticker": "PCRX", "country": "US", "last": "$23.35", "market_cap": "$918M", "ev": "$1.4B", "context": "Pacira BioSciences develops and commercializes non-opioid pain therapies, including EXPAREL (long-acting local analgesic), ZILRETTA (extended-release injection for osteoarthritis knee pain), and iovera° (drug-free cold-temperature nerve treatment device). The company is also advancing a clinical pipeline including a gene therapy candidate for osteoarthritis.", "summary": "Pacira Biosciences, Inc. (PCRX) is engaged in a proxy contest with DOMA Perpetual Capital Management LLC, which has filed definitive materials to nominate three director candidates for the company’s June 9, 2026, Annual Meeting. DOMA’s platform includes replacing the CEO, implementing cost cuts, discontinuing pipeline development, and pursuing an immediate sale process. Pacira filed additional proxy materials on May 20 urging stockholders to reject the dissident slate and support its own nominees. The company stated its board has added five new independent directors since October 2023 and nominated a sixth, which would result in an 89% independent board with an average tenure of approximately 4.6 years. Goldman Sachs & Co. LLC is acting as financial advisor to Pacira, and D.F. King & Co. is serving as proxy solicitor. The outcome of the June 9 vote will determine board control and whether the company pursues the dissident's proposed strategic shift.", "multiples": "Fwd P/E: 8.1x · EV/EBITDA: 11.0x · EV/Sales: 1.9x · EV/GP: 2.4x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001396814/000162828026036972/0001628280-26-036972-index.htm" }, { "company": "Gerresheimer AG", "ticker": "GXI.DE", "country": "DE", "last": "", "market_cap": "$1.1B", "ev": "$4.3B", "context": "Gerresheimer manufactures glass vials, syringe systems, and specialty packaging for the pharmaceutical and healthcare industries, with significant exposure to GLP-1 obesity and diabetes drug delivery.", "summary": "Active Ownership Capital increased its Gerresheimer (GXI.DE) stake past 15% through its AOC Gecko vehicle via approximately €10M in early-May purchases. The company failed to deliver its audited annual report due to unauthorized booking practices, triggering investigations by APAS and BaFin and an SDAX ejection. Lenders extended the audited accounts deadline to end-September 2026 and temporarily suspended leverage covenants. Gerresheimer is selling its US subsidiary Centor to lighten the balance sheet, with a targeted close before year-end. While the stock rallied 41.1% in one month on GLP-1 packaging demand, it remains approximately 60% below its 52-week high. This activist stake build during the accounting turmoil precedes a June 2026 catalyst date.", "multiples": "Fwd P/E: 12.4x · EV/EBITDA: 7.8x · EV/Sales: 1.6x · EV/GP: 5.2x (FY2026)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/gerresheimer-s-two-faced-market-insider-buying-and-a-41-percent-rally/69349454" }, { "company": "Sanyo Denki Co., Ltd.", "ticker": "6516.T", "country": "JP", "last": "", "market_cap": "$1.6B", "ev": "$830M", "context": "Sanyo Denki Co., Ltd. is a global manufacturer of high-performance cooling fans, servo motors, and uninterruptible power supplies (UPS), serving AI data centers, semiconductors, and industrial automation markets.", "summary": "The board of Sanyo Denki Co., Ltd. (6516.T) resolved on May 18, 2026, to oppose five shareholder proposals submitted by Strategic Capital Inc. and a co-filer, who collectively hold approximately 17% of the company. The proposals for the June 18, 2026 AGM include electing Strategic Capital CEO Tsuyoshi Maruki as a director, reducing director terms to one year, mandating annual capital policy disclosure, and executing a 5-for-1 stock split. Sanyo Denki, a global manufacturer of cooling fans, servo motors, and uninterruptible power supplies, argues the measures lack business understanding and circumvent the Companies Act. This escalation follows 13 meetings since August 2024, despite the company's prior implementation of a 3-for-1 split and a 50% dividend payout ratio target. Sanyo Denki currently trades at approximately 1.2x PBR with a 77% equity ratio, providing the activist with meaningful leverage for the contested vote. The board's unanimous opposition triggers a formal public confrontation at the upcoming meeting on June 18.", "multiples": "Fwd P/E: 23.1x · EV/EBITDA: 7.0x · EV/Sales: 1.1x · EV/GP: 3.8x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260518539538.pdf" }, { "company": "Kansai Paint Co., Ltd.", "ticker": "4613.T", "country": "JP", "last": "", "market_cap": "$2.6B", "ev": "$3.5B", "context": "Kansai Paint Co., Ltd. is one of Japan's largest paint and coatings manufacturers, serving automotive, industrial, architectural, and decorative markets globally.", "summary": "Silchester International Investors LLP disclosed a 7.21% stake in Kansai Paint Co., Ltd. (4613.T), an increase from its previously reported 6.17% interest. The 12,834,100-share position was accumulated through market and off-exchange purchases between late March and mid-May 2026. The filing outlines a policy to propose changes regarding capital policy, capital efficiency, business portfolio restructuring, and corporate governance. Specific proposals from the London-based global value manager may include dividend increases, share buybacks or cancellations, and input on board composition. Silchester is being advised by Morrison Foerster.", "multiples": "Fwd P/E: 15.4x · EV/EBITDA: 5.3x · EV/Sales: 0.9x · EV/GP: 2.7x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4WN" }, { "company": "Air Water Inc.", "ticker": "4088.T", "country": "JP", "last": "", "market_cap": "$3.7B", "ev": "$5.0B", "context": "Air Water Inc. is a Japanese industrial gas and chemicals company that manufactures and sells industrial gases, chemicals, and related equipment, and provides logistics and energy services.", "summary": "City Index Elevens, Nomura Aya, and ATRA Co., Ltd. filed a large shareholding report disclosing an aggregate 5.86% stake in Air Water Inc. (4088.T). The group plans to provide advice and proposals on capital policy and corporate governance, including dividend increases, share buybacks, and taking the company private via an MBO. The filing indicates the group may increase its stake beyond 5% within three months if it deems shares of the industrial gas and chemicals company undervalued. The group intends to engage with the company orally or by letter regarding these proposals. This explicit mention of a going-private proposal alongside capital-return demands represents an escalated agenda compared to typical Japanese stake disclosures.", "multiples": "Fwd P/E: 11.9x · EV/EBITDA: 6.2x · EV/Sales: 0.7x · EV/GP: 3.3x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3QD" }, { "company": "Fermi Inc.", "ticker": "FRMI", "country": "US", "last": "$5.98", "market_cap": "$3.8B", "ev": "$3.5B", "context": "Fermi America develops next-generation private electric grids at gigawatt scale, combining natural gas, nuclear, utility, solar, and battery storage to power hyperscale AI and advanced computing. Its flagship Project Matador campus targets 11 GW of behind-the-meter capacity.", "summary": "Fermi Inc. (FRMI) filed a preliminary consent revocation statement on May 15, 2026, in response to a consent solicitation by former CEO Toby Neugebauer to call a special meeting on or about June 30, 2026. Neugebauer seeks to replace the board with his own slate to force a sale of the company below its intrinsic value. Neugebauer was removed as CEO on April 17, 2026, and subsequently terminated for cause for misrepresentations and conduct violations. A previous attempt by Neugebauer to call a special meeting for May 29, 2026, was canceled by the company as invalid under its bylaws. The board cites progress on Fermi 2.0 and the 11 GW Project Matador campus while claiming counterparty relationships were damaged under Neugebauer’s leadership. Fermi is advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP, Vinson & Elkins L.L.P., and Quinn Emanuel.", "multiples": "Fwd P/E: 102.2x · EV/Sales: 41.0x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0002071778/000121390026058538/0001213900-26-058538-index.htm" }, { "company": "Whitbread PLC", "ticker": "WTB.L", "country": "GB", "last": "", "market_cap": "$5.4B", "ev": "$13.1B", "context": "Whitbread PLC is the owner and operator of Premier Inn, the UK's largest hotel chain, with additional hotel assets in Germany and a significant freehold property portfolio.", "summary": "Corvex Management, holding a 7% stake in Whitbread (WTB.L), issued a public letter demanding the owner of the Premier Inn hotel chain put itself up for sale. The activist argues that the company's five-year plan announced in April 2026 is insufficient, with the stock trading at a 13-year low of approximately £23/share and below 8x pre-tax profit. Corvex signaled it will nominate a new slate of directors if the board does not publicly commit to a formal sale process. Whitbread's board previously declined to include Corvex in its strategic process in December 2025. The company responded that its current plan followed a rigorous review and is designed to deliver £2bn of free cash flow by FY31. The stake and threat of a proxy contest could catalyze a strategic alternatives review, break-up, or take-private transaction.", "multiples": "Fwd P/E: NM · EV/EBITDA: 10.8x · EV/Sales: 3.3x · EV/GP: 6.6x (FY2027)", "source_url": "https://www.sharecast.com/news/news-and-announcements/activist-hedge-fund-corvex-urges-whitbread-to-put-itself-up-for-sale--22505526.html" }, { "company": "NIPPON EXPRESS HOLDINGS, INC.", "ticker": "9147.T", "country": "JP", "last": "", "market_cap": "$7.5B", "ev": "$9.0B", "context": "Nippon Express Holdings is a Japan-based global logistics conglomerate providing freight forwarding, warehousing, and supply-chain solutions, and holds a significant portfolio of real estate assets.", "summary": "Elliott Investment Management L.P. filed a large shareholding report revealing a 6.05% stake in Nippon Express Holdings (9147.T), an increase from a prior 5.04%. The activist accumulated 14,690,100 shares between April 15 and May 13, 2026, and submitted the filing to the Kanto Local Finance Bureau on the May 13 reporting obligation date. Elliott intends to make material proposals for corporate value enhancement, including a new M&A strategy, margin improvements, and a real estate spin-off. The activist’s agenda also targets partial asset sales through sale-leasebacks and large-scale share buybacks. Nippon Express Holdings is a Japan-based global logistics conglomerate providing freight forwarding, warehousing, and supply-chain solutions with a significant portfolio of real estate assets.", "multiples": "Fwd P/E: 20.9x · EV/EBITDA: 4.9x · EV/Sales: 0.5x · EV/GP: 5.8x (FY2026)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y53L" }, { "company": "Intertek Group plc", "ticker": "ITRK.L", "country": "GB", "last": "", "market_cap": "$11.3B", "ev": "$11.6B", "context": "Intertek Group plc is a global total quality assurance provider, offering testing, inspection, and certification services across industries including energy, infrastructure, and consumer goods.", "summary": "Intertek Group plc (ITRK.L), a global total quality assurance provider, received an unsolicited third and final cash offer from EQT at a 38% premium, following prior bids of £51.50 and £54. The board is minded to recommend the offer should a firm bid be made and confirmed that work on its strategic review is paused to allow for due diligence. Activist investors Lost Coast Collective and Primestone Capital, holding 1.2% and 0.5% stakes respectively, issued open letters urging the board to engage with EQT. Lost Coast Collective argues the all-cash bid represents superior risk-adjusted value compared to the company’s standalone break-up plan, citing a 17% spread. The UK Takeover Panel extended the deadline for EQT to make a firm offer to 11 June 2026.", "multiples": "Fwd P/E: NM · EV/EBITDA: 10.2x · EV/Sales: 2.4x · EV/GP: 14.1x (FY2026)", "source_url": "https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=22478112&type=bsm" }, { "company": "Delivery Hero SE", "ticker": "DHER.DE", "country": "DE", "last": "", "market_cap": "$11.8B", "ev": "$10.8B", "context": "Berlin-based global food delivery and quick commerce platform, operating in over 70 countries with Q1 2026 gross merchandise value of €12.5 billion and rapid growth in on-demand grocery and essentials delivery.", "summary": "Aspex Management built a 14.5% activist stake in Delivery Hero (DHER.DE) after acquiring a ~5pp block from Prosus, becoming the second-largest shareholder. Prosus is forced to reduce its position from 17% to below 10% by late summer under EU conditions for its Just Eat Takeaway acquisition. Ahead of the June 23 Annual General Meeting, JPMorgan disclosed a 6.68% aggregate stake while Morgan Stanley reported a 14.38% holding. Aspex is expected to push for capital discipline and margin improvement at the meeting following a Q1 2026 gross merchandise value of €12.5 billion and a 30% surge in quick commerce GMV. The stock has rallied 37% in 30 days to trade near its €29.60 52-week high.", "multiples": "EV/EBITDA: 2.8x · EV/Sales: 0.6x · EV/GP: 2.8x (FY2026)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/shareholder-overhaul-reshapes-delivery-hero-as-prosus-cuts-and-jpmorgan/69362681" }, { "company": "lululemon athletica inc.", "ticker": "LULU", "country": "CA", "last": "$127.18", "market_cap": "$15.2B", "ev": "$21.3B", "context": "lululemon athletica inc. is a global athletic apparel company designing and selling performance apparel, footwear, and accessories through company-operated stores, e-commerce, and wholesale.", "summary": "Lululemon Athletica Inc. (LULU) filed its definitive proxy statement for the June 25, 2026, annual meeting, disclosing a formal proxy contest initiated by founder Dennis J. \"Chip\" Wilson. Wilson is nominating a three-person slate for election to the board against the company's Class I candidates: Chip Bergh, Esi Eggleston Bracey, and Teri List. The board unanimously recommends voting for its nominees on the WHITE proxy card and urges stockholders to disregard Wilson’s GOLD proxy card. Lululemon has retained Okapi Partners LLC as its proxy solicitor for the contest, which will utilize a universal proxy card. This contested election by a billionaire founder at a company with a market capitalization exceeding $30B could determine strategic direction, capital allocation, or potential take-private ambitions.", "multiples": "Fwd P/E: 10.3x · EV/EBITDA: 7.4x · EV/Sales: 1.9x · EV/GP: 3.3x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001397187/000121390026058095/0001213900-26-058095-index.htm" }, { "company": "BWX Technologies, Inc.", "ticker": "BWXT", "country": "US", "last": "$202.91", "market_cap": "$18.6B", "ev": "$17.3B", "context": "BWX Technologies supplies nuclear components and fuel for the U.S. Navy's submarine and carrier propulsion programs, and provides nuclear solutions for clean energy, space exploration, and advanced reactor technologies.", "summary": "Ananym Capital Management launched a public activist campaign against BWX Technologies (BWXT) at the Sohn Investment Conference on May 12, 2026. Ananym co-founder Alex Silver called for the commercialization of the company’s inactive mPower small modular reactor design to address power demand from AI and data centers. The activist contends the stock could double through reactor commercialization or achieve approximately 45% upside as a critical component supplier to other developers. BWXT recently reported a 77% backlog jump to $8.7B in Q1 2026. The company also secured $1.4B in U.S. Navy nuclear propulsion contracts, including a $1.285B long-lead materials award extending through 2030.", "multiples": "Fwd P/E: 43.2x · EV/EBITDA: 24.1x · EV/Sales: 4.6x · EV/GP: 20.1x (FY2026)", "source_url": "https://ca.finance.yahoo.com/news/bwx-technologies-bwxt-could-present-173637949.html" }, { "company": "Kyocera Corporation", "ticker": "6971.T", "country": "JP", "last": "", "market_cap": "$24.8B", "ev": "$19.7B", "context": "Kyocera Corporation is a Japanese multinational manufacturer of electronic components, semiconductor packages, industrial ceramics, telecom equipment, and document solutions, with ~70% revenue from overseas markets.", "summary": "Kyocera Corporation (6971.T) has unanimously opposed four shareholder proposals from Oasis Management ahead of its June 25 annual general meeting. The activist's demands for the ¥2.8T market-cap company include a ¥350B share buyback, the removal of director Goro Yamaguchi, and the election of two outside director candidates. Kyocera rejected the buyback proposal in favor of its existing ¥500B plan scheduled for FY2027-2028 and argued the removal of Yamaguchi lacks reasonable grounds. Oasis nominated candidate Hirotaro Okamura for both audit and non-audit committee roles, a dual-track proposal Kyocera claims lacks consistency. The board maintains that Yamaguchi has driven the governance reforms and ROE-focused management that Oasis advocates.", "multiples": "Fwd P/E: 31.5x · EV/EBITDA: 13.1x · EV/Sales: 1.6x · EV/GP: 5.4x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260518539649.pdf" }, { "company": "Well Dish Co., Ltd.", "ticker": "2901.T", "country": "JP", "last": "", "market_cap": "", "ev": "", "context": "Well Dish Co., Ltd. is a Japan-based company listed on the Tokyo Stock Exchange Standard Market, engaged in wellness-related businesses.", "summary": "Well Dish Co., Ltd. (2901.T) received a statutory request from shareholder and director Kenji Mano to convene an extraordinary general meeting to dismiss three directors. Mr. Mano holds at least 3% of voting rights and met the six-month holding threshold required under Japan’s Companies Act to demand the meeting. The proposed agenda seeks the removal of non-audit-committee director Koji Nohara and audit-committee directors Koichi Minami and Junya Manabe. The wellness-related company stated that it has not yet decided on its response and will announce its policy after a review. The move by an incumbent director to unseat fellow board members signals a boardroom fracture that could escalate rapidly.", "multiples": "", "source_url": "https://www.release.tdnet.info/inbs/140120260518539967.pdf" }, { "company": "Blue Industry Development Co., Ltd.", "ticker": "006740.KS", "country": "KR", "last": "", "market_cap": "$21M", "ev": "$60M", "context": "Blue Industry Development Co., Ltd. is a KOSPI-listed South Korean company. Business details are not provided in the filing.", "summary": "PMA Association filed a large-shareholding report disclosing a 23.38% stake in Blue Industry Development Co., Ltd. (006740.KS), shifting its holding purpose to \"management control influence\" under Article 147 of Korea’s Capital Markets Act. While the group’s 13,320,985-share position is unchanged from its prior report, the formal declaration of intent includes director appointment or removal, bylaw amendments, and potential M&A or restructuring. On May 11, 2026, concert party File Engineering executed a stock collateral loan with Orient-Western covering 4,844,529 shares, or 8.50% of the issuer. The escalation from a passive filing to a statutory declaration of management influence intent signals a potential control contest or board shakeup.", "multiples": "Fwd P/E: 3.6x (LTM)", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260518000414" }, { "company": "Kao Corporation", "ticker": "4452.T", "country": "JP", "last": "", "market_cap": "", "ev": "", "context": "Kao Corporation is a leading Japanese consumer packaged goods company, manufacturing personal care, cosmetics, home care, and chemical products. Its portfolio includes brands like Biore, Kanebo, Merries, and Attack.", "summary": "Oasis Management Company Ltd. disclosed a 12.63% stake in Kao Corporation (4452.T), representing 57,287,124 shares of the consumer packaged goods company. The activist has already issued proposals regarding board effectiveness, corporate governance, and enterprise value improvement. Oasis plans to submit additional proposals over the next 12 months covering independent director nominations, capital policy changes, and M&A strategy. The filing includes warnings of potential legal action against directors for breach of fiduciary duty and reserves the right to vote against management. Oasis intends to further increase its holding through additional purchases within a three-month window starting May 1, 2026, subject to market conditions.", "multiples": "Fwd P/E: 20.4x · EV/EBITDA: 11.1x · EV/Sales: 1.6x · EV/GP: 4.2x (FY2026)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4K1" }, { "company": "Focus AI Co., Ltd.", "ticker": "331380.KQ", "country": "KR", "last": "", "market_cap": "$39M", "ev": "$44M", "context": "Focus AI Co., Ltd. is a KOSDAQ-listed company in the software development sector, headquartered in Seoul, South Korea.", "summary": "WEHUB Inc. filed a large shareholding report disclosing an intent to influence management control of Focus AI Co., Ltd. (331380.KQ). WEHUB and its related parties hold a 38.80% stake, totaling 12,576,895 shares, which is an increase from 38.50% following stock option grants to an executive. Total voting rights for the group remain at 28.17%, representing 9,131,575 votes. The filing under Article 147 of Korea’s Capital Markets Act marks an escalation from a passive stake disclosure to an activist stance. The shareholder group reserved the right to influence director appointments, bylaw changes, capital structure, dividends, M&A, and dissolution. This declaration signals potential governance changes, board shake-ups, or M&A pressure at the KOSDAQ-listed software development company.", "multiples": "Fwd P/E: 7.0x · EV/Sales: 898.8x (LTM)", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260519000134" }, { "company": "Besra Gold Inc.", "ticker": "BEZ.V", "country": "CA", "last": "", "market_cap": "", "ev": "", "context": "Besra Gold Inc. is a gold exploration and development company advancing the Bau Gold Project in Malaysia. The Company is listed in Australia and Canada and operates under a Gold Purchase Agreement with Quantum Metal Recovery Inc.", "summary": "Besra Gold Inc. (BEZ.TO) filed a management circular for a June 17, 2026, special meeting, initiating a formal proxy contest against dissident shareholders. The dissident group has nominated Peter Crooks and Matthew Antill for election and seeks to remove Dr. Matthew Greentree from the board. Management recommends that shareholders remove director David Potter, who was re-elected in December 2025, and vote against the dissident nominees. This meeting marks the fourth shareholder vote in 18 months and follows a June 2025 special meeting that replaced the prior board. Dissidents have also proposed advisory resolutions to restrict board oversight of the Gold Purchase Agreement with Quantum Metal Recovery Inc. The outcome will determine the strategic direction of the Bau Gold Project and the management of the company's gold purchase agreement.", "multiples": "", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W17592&drmKey=3afeb752aa34393e&drr=ss95951bef1270aefab7fbc54fd1218492f0a8d167f99a51c5719ab4aa431b757dbc035c02391c137a0890871488c276c1ux&id=0c11f8b7998bcd961660651208a633f490d07aae2ee10655" }, { "company": "Vivien Corp.", "ticker": "002070.KS", "country": "KR", "last": "", "market_cap": "", "ev": "", "context": "Vivien Corp. (비비안) is a South Korean manufacturer and retailer of lingerie, innerwear, and apparel, listed on the KOSPI market.", "summary": "SBW Inc. filed an amended large-shareholding report disclosing a 44.73% stake in Vivien Corp. (002070.KS) with the intent to influence management. SBW increased its position from 17.3% through the conversion of Vivien’s 3rd series convertible bonds on April 24, 2026, and a subsequent 1-for-26.4 capital reduction. Now holding 1,075,542 shares, SBW explicitly reserved the right to influence board composition, capital structure changes, M&A, and asset disposals under Article 154 of the Korea Capital Markets Act. The filing, dated May 20, 2026, corrects a prior April 27 report that misstated the post-reduction share count. This capital-reduction restructuring concentrated control into a 44.73% voting block, signaling a potential de facto control change at the South Korean apparel manufacturer.", "multiples": "", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260520000259" } ] }, { "name": "Strategic Reviews", "count": 24, "items": [ { "company": "REE Automotive", "ticker": "REE", "country": "IL", "last": "$0.37", "market_cap": "$10M", "ev": "$29M", "context": "REE Automotive develops modular electric vehicle platforms with in-wheel motor technology, originally founded in Israel. It went public via SPAC in 2021 and counts major automotive suppliers among its backers.", "summary": "REE Automotive (REE) has initiated a board-led strategic review to consider a sale, merger, reverse merger, or asset sale. The developer of modular electric vehicle platforms cited ongoing cash pressures and prior going-concern warnings as the rationale for the process. CEO Daniel Barel confirmed the review aims to maximize shareholder value and acknowledged that the company could struggle to continue operating without a transaction. This formal review follows a 2021 SPAC listing at a $3.1B valuation, while REE’s current market capitalization is approximately $13.9M.", "multiples": "EV/Sales: 3.2x (FY2026)", "source_url": "https://www.calcalistech.com/ctechnews/article/r1o9m1dkfe" }, { "company": "Beeline Holdings, Inc.", "ticker": "BLNE", "country": "US", "last": "$1.18", "market_cap": "$11M", "ev": "$36M", "context": "Beeline Holdings, Inc. is a Nasdaq-listed Nevada corporation. The filing does not disclose its current operating business; the proposed counter-party TTYL is a blockchain-enabled platform focused on tokenizing deed-recorded fractional equity in U.S. residential real estate.", "summary": "Beeline Holdings, Inc. (BLNE) formed a Special Committee of independent directors on May 15, 2026, to evaluate strategic opportunities including a potential transaction with TTYL. TTYL is a blockchain-enabled platform focused on tokenizing deed-recorded fractional equity in U.S. residential real estate. Any deal would represent a related-party transaction as Beeline CEO Nicholas R. Liuzza Jr. is the founder and principal shareholder of both companies. The strategic review process with a pre-identified target could signal a transformative reverse merger or asset injection into the public vehicle. No final decision has been made, and there is no assurance that a transaction will be entered into or consummated.", "multiples": "EV/Sales: 1.3x · EV/GP: 7.2x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001534708/000149315226024115/0001493152-26-024115-index.htm" }, { "company": "Kazera Global plc", "ticker": "KZG.L", "country": "GB", "last": "", "market_cap": "$15M", "ev": "$23M", "context": "Kazera Global plc is an AIM-quoted diversified commodity investment company with assets in heavy mineral sands and diamonds in South Africa, and a tantalum/lithium project in Namibia.", "summary": "Kazera Global (KZG.L) is evaluating strategic pathways for its interest in African Tantalum (Pty) Ltd (Aftan), a tantalum and lithium project in southern Namibia, amid rising interest from third parties and tantalum prices reaching multi-decade highs. The company retains legal title to Aftan shares as security following a binding arbitration victory against Hebei Xinjian Construction. Recent technical analysis identifies potential for dry beneficiation to improve project economics and district-scale exploration upside across 13 known mineralised pegmatites, only three of which have modern resource estimates. Strand Hanson Limited is advising on the review.", "multiples": "Fwd P/E: 0.0x · EV/EBITDA: 7.2x · EV/Sales: 0.3x (LTM)", "source_url": "https://www.investegate.co.uk/announcement/rns/kazera-global--kzg/strategic-update-in-relation-to-aftan/9571880" }, { "company": "Pacific Booker Minerals Inc.", "ticker": "BKM.V", "country": "CA", "last": "", "market_cap": "$28M", "ev": "$7M", "context": "Pacific Booker Minerals is a Canadian junior mining company advancing its wholly-owned Morrison Project, a copper-gold-molybdenum porphyry deposit in central British Columbia.", "summary": "Pacific Booker Minerals (BKM.V) engaged Tetra Tech Canada Inc. to conduct a 4-week review of historical data and prepare a conceptual economic assessment for the Morrison Project in central British Columbia. The engagement supports an ongoing strategic review process intended to facilitate evaluation of the wholly-owned copper-gold-molybdenum porphyry deposit by potential strategic parties. This high-level review excludes new exploration, resource estimation, and mine planning, though results may form the basis for a future Preliminary Economic Assessment. The advisor engagement signals the board is actively preparing the asset for potential partners.", "multiples": "", "source_url": "https://www.stocktitan.net/news/PBMLF/pacific-booker-engages-tetra-tech-for-morrison-project-technical-ulksl7e1j0cw.html" }, { "company": "Golden Energy Offshore Services", "ticker": "GEOS.OL", "country": "NO", "last": "", "market_cap": "$28M", "ev": "$131M", "context": "Golden Energy Offshore Services is a Norwegian owner and operator of offshore supply vessels servicing the oil and gas industry, listed on Euronext Growth Oslo.", "summary": "Clear Ocean Partners, holding approximately 40% of Golden Energy Offshore Services (GEOS.OL), and Pelagic Partners, holding much of the remainder, have initiated a strategic review of their shareholding. Potential options include a sale of the shareholding or other transactions, with Clarksons Securities and Wikborg Rein Advokatfirma engaged as advisors. The company has outstanding debt of approximately $46M and a fleet fair market value of approximately $106M following forced vessel sales in late 2025. Recent market performance shows April 2026 utilization at 98% at $19,000/day TCE, up from 84% utilization and $12,300/day TCE in Q1 2026. This review by shareholders controlling a majority stake could trigger a full company sale or control transaction.", "multiples": "EV/EBITDA: 23.5x · EV/Sales: 4.2x (FY2026)", "source_url": "https://www.rivieramm.com/news-content-hub/news-content-hub/shareholders-consider-sale-of-golden-energy-offshore-services-88799" }, { "company": "Summa Defence Plc", "ticker": "SUMMA.HE", "country": "FI", "last": "", "market_cap": "$50M", "ev": "$116M", "context": "Summa Defence Plc is a Finland-based defence and security technology group focused on maritime, land, and new technologies. Its subsidiary, Summa Energy, provides turnkey industrial-scale solar thermal solutions.", "summary": "Summa Defence Plc (SUMMA.HE) has initiated a strategic review of its subsidiary Summa Energy Oy to simplify the group structure and focus resources on core maritime, land, and new defence technologies. Summa Energy provides industrial-scale solar thermal solutions under the Savosolar brand and generated €10.1 million in revenue with an EBITA of €-2.7 million for the January–September 2025 period. The review may result in a sale or alternative arrangement, though no decisions or timelines have been confirmed. A potential divestment aims to refocus Summa Defence on higher-margin core segments.", "multiples": "EV/GP: 2.9x", "source_url": "https://solarbytes.info/emea-bytes/summa-defence-reviews-summa-energy-business-options-strategy-focus-11848597" }, { "company": "Citius Oncology, Inc.", "ticker": "CTOR", "country": "US", "last": "$0.84", "market_cap": "$78M", "ev": "$149M", "context": "Citius Oncology is a Nasdaq-listed biopharmaceutical company commercializing LYMPHIR, a therapy for cutaneous T-cell lymphoma. It was spun out from Citius Pharmaceuticals in 2024.", "summary": "Citius Oncology, Inc. (CTOR) is conducting an evaluation of strategic alternatives for the full company as disclosed in its May 15, 2026, 10-Q filing. The biopharmaceutical company’s auditor included an explanatory paragraph in the filing expressing substantial doubt about the entity's ability to continue as a going concern. As of March 31, 2026, the company reported $2.6M in cash and equivalents against current liabilities of $58.8M. Citius Oncology, which commercializes the cutaneous T-cell lymphoma therapy LYMPHIR, has a market capitalization below $70M and is currently working to regain compliance with Nasdaq continued listing requirements. This formal strategic review process could lead to a sale, merger, restructuring, or wind-down.", "multiples": "EV/Sales: 7.1x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001851484/000121390026060571/0001213900-26-060571-index.htm" }, { "company": "OFX Group Limited", "ticker": "OFX.AX", "country": "AU", "last": "", "market_cap": "$95M", "ev": "$78M", "context": "OFX Group provides online international payment and foreign exchange services to businesses and consumers globally.", "summary": "OFX Group (OFX.AX) is undergoing a board-initiated strategic review of the full company considering organic and inorganic options to maximize shareholder value. An outcome from the process is expected before June 30, 2026. The review follows FY26 results showing an 8.5% year-over-year decline in Net Operating Income to $196.6 million and a 56.4% drop in Underlying EBITDA to $25.2 million. Over 90% of corporate clients have migrated to the new OFX 2.0 platform, while non-FX revenue increased 12.1%. The company targets a return to growth in FY27 with 15%+ NOI growth and an approximately 30% medium-term EBITDA margin.", "multiples": "Fwd P/E: 36.8x", "source_url": "https://quartr.com/events/ofx-group-limited-ofx-h2-2026_FLiCq1LS" }, { "company": "Euroapi S.A.", "ticker": "EAPI.PA", "country": "FR", "last": "", "market_cap": "$166M", "ev": "$193M", "context": "EUROAPI is a leading European active pharmaceutical ingredient (API) manufacturer, supplying small-molecule APIs to pharmaceutical and healthcare companies globally.", "summary": "EUROAPI (EAPI.PA) is conducting a strategic review of selected industrial assets as part of its FOCUS-27 transformation plan, which targets completion by the end of 2027. The active pharmaceutical ingredient manufacturer confirmed active talks with potential buyers for its Brindisi site in Italy. No final decision has been made regarding a sale of the site. Divestiture proceeds could reshape EUROAPI's balance sheet or fund transformation initiatives.", "multiples": "EV/EBITDA: 2.8x · EV/Sales: 0.2x · EV/GP: 1.3x (FY2026)", "source_url": "https://www.indianchemicalnews.com/general/euroapi-weighs-future-of-brindisi-site-as-strategic-review-buyer-talks-continue-30425" }, { "company": "GoPro, Inc.", "ticker": "GPRO", "country": "US", "last": "$1.00", "market_cap": "$171M", "ev": "$257M", "context": "GoPro designs and sells action cameras, accessories, and software that enable immersive content capture and sharing for consumers.", "summary": "Gopro, Inc. (GPRO) retained Houlihan Lokey as financial advisor to evaluate a potential sale and other strategic alternatives following unsolicited inbound inquiries from the defense, consumer, and financial sectors. The strategic review is fully supported by CEO Nicholas Woodman and the Board to maximize shareholder value. Fenwick & West is serving as legal advisor to the company, which designs and sells action cameras, accessories, and software. No timetable for the process has been established, and there is no assurance that the evaluation will result in a transaction.", "multiples": "Fwd P/E: 20.0x · EV/Sales: 0.3x · EV/GP: 1.0x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001500435/000150043526000021/0001500435-26-000021-index.htm" }, { "company": "Healius Ltd", "ticker": "HLS.AX", "country": "AU", "last": "", "market_cap": "$186M", "ev": "$718M", "context": "Healius operates one of Australia's largest networks of pathology laboratories, collection centers, and diagnostic imaging sites, providing routine and specialist testing as well as radiology services. Its revenue is driven by pathology testing volumes and diagnostic imaging under the Lumus brand, supported by government rebates and private insurers.", "summary": "Healius Ltd (HLS.AX) commenced a strategic review of its Lumus diagnostic imaging business following a May 2026 trading update in which the company lowered its FY2026 earnings guidance. The Lumus segment contributes a meaningful share of group revenue through radiology and imaging services, and the review follows a period of pathology operational challenges and share price volatility. The strategic review of this material segment signals potential divestiture or restructuring to facilitate value realization or a simplification of the corporate structure.", "multiples": "EV/EBITDA: 9.1x · EV/Sales: 0.7x · EV/GP: 2.4x (FY2027)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/healius-ltd-stock-au000000hls2-guidance-cut-and-strategic-review-keep/69378328" }, { "company": "Kneat.com", "ticker": "KSI.TO", "country": "CA", "last": "", "market_cap": "$355M", "ev": "$328M", "context": "Kneat.com provides a healthcare software-as-a-service (SaaS) platform focused on mission-critical validation and compliance processes for life sciences companies.", "summary": "Kneat.com (KSI.TO) is undergoing a formal strategic review exploring a sale of its full company, a process initiated in February and disclosed in its Q1 results. Stifel raised its price target for the provider of healthcare software-as-a-service validation and compliance platforms to $5.75 from $5.50, noting the review highlights potential private-market interest. The company reported Q1 revenue of $18.0M and annual recurring revenue of $76.4M, representing year-over-year increases of 22.1% and 20.3% respectively. Kneat.com ended the quarter with $51.1M in cash and $31.1M in net cash.", "multiples": "EV/EBITDA: 12.8x · EV/Sales: 5.8x · EV/GP: 10.6x (FY2026)", "source_url": "https://www.cantechletter.com/2026/05/this-analyst-just-raised-his-price-target-on-kneat-com/amp/" }, { "company": "BW Offshore Limited", "ticker": "BWO.OL", "country": "NO", "last": "", "market_cap": "$892M", "ev": "$371M", "context": "BW Offshore engineers and operates floating production storage and offloading (FPSO) vessels and floating wind solutions for offshore energy markets. The company has a fleet of FPSOs and approximately 900 employees, listed on the Oslo stock exchange.", "summary": "BW Offshore (BWO.OL) confirmed in its first quarter 2026 results that the strategic review initiated on 5 December 2025 remains active and progressing. Full-year 2026 EBITDA guidance was revised to USD 310-340 million from USD 340-370 million due to BW Opal downtime and BW Catcher contract amendments. The BW Catcher contract extension adds approximately USD 490 million to the firm operating cash flow backlog and extends the firm term through 31 December 2030. BW Offshore signed a FEED agreement with Equinor for the Bay du Nord FPSO, targeting a Final Investment Decision and potential contract award in early 2027. A quarterly dividend of USD 0.063 per share was declared with an ex-dividend date of 21 May 2026. The active review at the $1.3B-equity operator could result in a full-company sale, merger, or major recapitalization.", "multiples": "Fwd P/E: 76.6x · EV/EBITDA: 10.3x · EV/Sales: 5.3x · EV/GP: 13.8x (FY2026)", "source_url": "https://markets.ft.com/data/announce/detail?dockey=1330-1001182313en-7PN7IDT5QJQQNIUGEU5UOM3GER" }, { "company": "Integer Holdings Corporation", "ticker": "ITGR", "country": "US", "last": "$89.28", "market_cap": "$3.0B", "ev": "$4.1B", "context": "Integer Holdings operates in the medical technology and device sector, providing products and services that support healthcare manufacturers and related stakeholders.", "summary": "Integer Holdings (ITGR) has enhanced change-of-control protections and retention packages for President and CEO Payman Khales and four senior executives. The board approvals on May 18 and May 20, 2026, are tied to an ongoing strategic review to maximize stockholder value. These protections signal board preparation for a potential transaction as the strategic review progresses. Shareholders also recently approved the 2026 Omnibus Incentive Plan, extending the equity award pool through 2036, and re-elected all 11 board directors. The company operates in the medical technology and device sector, providing products and services to healthcare manufacturers.", "multiples": "Fwd P/E: 14.7x · EV/EBITDA: 11.7x · EV/Sales: 2.3x · EV/GP: 9.8x (FY2026)", "source_url": "https://www.tipranks.com/news/company-announcements/integer-holdings-enhances-executive-protections-amid-strategic-review" }, { "company": "Golar LNG Ltd", "ticker": "GLNG", "country": "BM", "last": "$52.36", "market_cap": "$5.3B", "ev": "$5.4B", "context": "Golar LNG Limited is a Bermuda-domiciled owner and operator of floating liquefied natural gas (FLNG) vessels, primarily the FLNG Hilli and FLNG Gimi, which liquefy and export natural gas under long-term contracts.", "summary": "Golar Lng Ltd (GLNG) has engaged Goldman Sachs to evaluate strategic alternatives for the company. Disclosed as a highlight in its Q1 2026 interim results, the board-initiated review creates a catalyst for potential value realization via a sale, merger, or go-private transaction. Golar reported Q1 2026 net income of $84M, Adjusted EBITDA of $106M, and Total Golar Cash of $1.0B. The company currently operates the FLNG vessels Hilli and Gimi, with a third MKII unit under conversion and plans to order a fourth FLNG in 2026. Recent corporate activity includes the divestment of an investment in OLT Offshore Toscana S.p.A. and the exit of its FSRU O&M contract.", "multiples": "Fwd P/E: 54.3x · EV/EBITDA: 27.1x · EV/Sales: 12.6x · EV/GP: 26.9x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001207179/000117184326003563/0001171843-26-003563-index.htm" }, { "company": "CAE Inc.", "ticker": "CAE.TO", "country": "CA", "last": "", "market_cap": "$7.5B", "ev": "$10.4B", "context": "CAE is a Montreal-based manufacturer of high-fidelity flight simulators and provider of aviation training services. Its Flightscape division offers cloud-native airline operations software covering flight planning, crew management, and disruption recovery.", "summary": "CAE (CAE.TO) has initiated a formal strategic review of its Flightscape cloud-native aviation software division, exploring a potential sale, partnership, or minority investment. The segment-level review is part of a transformation plan led by CEO Matthew Bromberg to refocus the company on its core flight simulation and training businesses. Flightscape was established through a $392.5M acquisition of Sabre's AirCentre portfolio in 2022 and currently employs more than 600 professionals. Concurrent efficiency measures include a 2% reduction in CAE's workforce and a 10% cut in commercial full-flight simulators. A divestiture of the SaaS division could reshape the company's capital allocation and impact airline software licensing and support models.", "multiples": "Fwd P/E: 25.8x · EV/EBITDA: 10.4x · EV/Sales: 2.9x · EV/GP: 10.7x (FY2027)", "source_url": "https://www.aviacionline.com/english/technology/cae-pursues-strategic-alternatives-for-its-flightscape-aviation-software-business_a6a0c72510a3ce39269639d33" }, { "company": "Syensqo SA/NV", "ticker": "SYENS.BR", "country": "BE", "last": "", "market_cap": "$7.9B", "ev": "$10.7B", "context": "Syensqo is a Belgian science and specialty materials company with over 13,000 employees in 30 countries, focused on advanced materials for aerospace, electronics, healthcare, and energy. The Performance & Care segment provides surface chemistry solutions and specialty mining reagents for consumer care, agro, coatings, and mining end markets.", "summary": "Syensqo (SYENS.BR) initiated a strategic review of its Performance & Care segment to sharpen its portfolio focus and become a pure-play specialty materials company. The review covers the Novecare and Technology Solutions units, which produced €2.0 billion in net sales and €358 million in underlying EBITDA in 2025. Potential outcomes include a sale, spin-off, or other transaction, though there is no defined timetable for completion. This process aims to accelerate growth, sharpen capital allocation, and maximize shareholder value.", "multiples": "Fwd P/E: 20.1x · EV/EBITDA: 8.4x · EV/Sales: 1.6x · EV/GP: 5.6x (FY2026)", "source_url": "https://live.euronext.com/en/product/equities/SYENS" }, { "company": "Delivery Hero SE", "ticker": "DHER.DE", "country": "DE", "last": "", "market_cap": "$11.8B", "ev": "$10.8B", "context": "Woowa Brothers operates Baedal Minjok (Baemin), the leading food delivery platform in South Korea. Delivery Hero, a German-listed global food delivery group, acquired an 87% stake in Woowa Brothers for $4bn in 2019.", "summary": "Delivery Hero (DHER.DE) is exploring the sale of its 87% stake in Woowa Brothers, the operator of South Korean food delivery platform Baedal Minjok, for approximately Won8tn ($5.37bn). JPMorgan Chase is acting as sales adviser, with teaser materials circulated to prospective strategic and private equity buyers including Naver. The divestiture is part of a strategic review announced in December 2025 that has already resulted in the $600m sale of Foodpanda Taiwan to Grab. A transaction at the target price would exceed the group’s total market capitalization and crystallize value from the $4bn acquisition of the stake in 2019. CEO Niklas Östberg will step down by March 2027 and will support the ongoing M&A process through that date.", "multiples": "EV/EBITDA: 2.8x · EV/Sales: 0.6x · EV/GP: 2.8x (FY2026)", "source_url": "https://news.google.com/rss/articles/CBMizAJBVV95cUxPeVRKczEyZlJzaGk3SnFaNU42dl9qNUFtUk1RRFNzMFJxVTI5bzh3NUJXTmZfLV9UeURuaUV2bzVTQVltZV96YWhqMC1ZU1B6MHFYMmhWMElJd2Q4Y1dkRUhsdEUxbGlyLXpwUGdhblFfV2Fhc3VOX3JqWllLYXVLTTY2cFJfV0NzR2hpUjRLM1ZzV1F0UVVlR1RXWTRqTmRFcVFqdVRUVk5HRDd1cE0tVlhacFZYQ2FvNnNNOHVuZW9xODRnQVJqQkdmamVJOE5saC1fUlExNE5wQzRDUjduRTVqaEVIU256YW04WHlCRVdDdkRiWURNWEthM3ZfUDI0MlVza1g1MzJIdnhydG1YMlZwd0NZM0VSbWR3WjF3NXpCX182bFVEclVqc1ZKaG5ZUUd0TzE5clV2UDh3TzZid3VaczJYT1ZWaWlMOQ?oc=5" }, { "company": "Ensysce Biosciences, Inc.", "ticker": "ENSC", "country": "US", "last": "$0.32", "market_cap": "$3M", "ev": "$2M", "context": "Ensysce Biosciences is a clinical-stage pharmaceutical company developing next-generation abuse-deterrent and overdose-protected opioid and stimulant therapies using its proprietary TAAP and MPAR platforms for severe pain, ADHD, and opioid use disorder.", "summary": "Ensysce Biosciences (ENSC) has initiated a formal review of strategic alternatives to accelerate development of its proprietary TAAP and MPAR platforms. The review, announced with first quarter 2026 financial results, may include potential partnerships and licensing opportunities to unlock shareholder value. The clinical-stage pharmaceutical company reported $0.7M in cash as of March 31, 2026, and subsequently closed a $2.0M convertible preferred stock tranche in April 2026. Lead candidates include PF614 in Phase 3 and PF614-MPAR, which holds an FDA Breakthrough Therapy designation. This strategic review at a cash-constrained micro-cap could attract M&A interest or lead to a licensing deal.", "multiples": "EV/Sales: 0.3x · EV/GP: 0.1x (LTM)", "source_url": "https://www.voiceofalexandria.com/news/national_business_news/ensysce-biosciences-reports-first-quarter-2026-financial-results/article_e0190c01-bd23-595c-bb3a-7020c67c594e.html" }, { "company": "Wellgistics Health, Inc.", "ticker": "WGRX", "country": "US", "last": "$0.08", "market_cap": "$10M", "ev": "$39M", "context": "Wellgistics Health, Inc. is a healthcare-focused company listed on the Nasdaq Capital Market, classified as an emerging growth company.", "summary": "Wellgistics Health, Inc. (WGRX) withdrew its preliminary proxy statement on Schedule 14A filed on May 14, 2026, as the company continues to evaluate potential strategic transactions. No definitive proxy materials for the special stockholder meeting were distributed or mailed. The withdrawal indicates an active strategic review process potentially involving a sale, merger, or major recapitalization that could deliver a control premium to shareholders. Wellgistics Health, Inc. is a healthcare-focused emerging growth company listed on the Nasdaq Capital Market.", "multiples": "", "source_url": "https://www.sec.gov/Archives/edgar/data/0002030763/000149315226024058/0001493152-26-024058-index.htm" }, { "company": "Investcorp Credit Management BDC, Inc.", "ticker": "ICMB", "country": "US", "last": "", "market_cap": "", "ev": "", "context": "Investcorp Credit Management BDC is a business development company that invests primarily in first-lien debt of middle-market companies, with a portfolio fair value of approximately $151M across 34 borrowers.", "summary": "Investcorp Credit Management BDC (ICMB) has formed a special committee of independent directors to evaluate strategic alternatives, retaining Houlihan Multicapital Inc. as financial adviser. Management confirmed the review on its Q1 2026 earnings call and declined to take questions, citing the ongoing process. The investment adviser voluntarily waived 56% of base management fees for the quarter, saving approximately $456,000, and the revolving credit facility commitment was reduced from $100M to $50M to save approximately $401,000 in annual undrawn fees. Investcorp Credit Management BDC is a business development company with a portfolio fair value of approximately $151M across 34 borrowers. The strategic alternatives review signals a potential sale, liquidation, or wind-down, creating a catalyst for price-to-NAV convergence.", "multiples": "Fwd P/E: 9.9x · EV/Sales: 34.7x · EV/GP: 34.7x (FY2026)", "source_url": "https://news.google.com/rss/articles/CBMi4gFBVV95cUxOMjJ3dTBSY1dUb1RMa2s4T0xJUVhVamVTTk9ORnhudGxySDcwODAzNHF5N2JJQkRMbmRjN3hCVElLNmgtNUNjUV9WUzgyaFlqc0lkNHNraFd2Q0NSbHJtdTUzOE82TFpGa0tsb2pPMzBlS1Y3dXVsODkwZFFUWWZOdF8ySERfbG5pRjZPQzlTanprdzQ4MTFWVFpsMkhpZXM0OC1ITmlYcG5oTDY5RDk3TktMdEF4VW9jNEpSdnRqeEQtaEpKSDQ4dk1KNjB0Z3Z1TmtzRm0wajBwOEQ0R1JJMUF3?oc=5" }, { "company": "Dye & Durham Limited", "ticker": "DND.TO", "country": "CA", "last": "", "market_cap": "$146M", "ev": "$1.1B", "context": "Dye & Durham provides cloud-based workflow software and information services for legal professionals, financial institutions, and businesses. The company aggregates public records and registry data, embedding it into applications used for property searches, corporate filings, and compliance, with operations in Canada, the UK, and Australia.", "summary": "Dye & Durham (DND.TO) is conducting a full-company strategic review aimed at portfolio streamlining and leverage reduction. The process follows the completion of key debt refinancing steps in early 2026. The company provides cloud-based workflow software and information services for legal professionals in Canada, the UK, and Australia. The review could result in material portfolio simplification, asset divestitures, or a full-company sale. The stock has seen elevated volatility and remains under close watch by North American investors following the refinancing activity.", "multiples": "EV/EBITDA: 19.6x · EV/Sales: 5.7x · EV/GP: 17.3x (FY2027)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/dye-and-durham-stock-ca2615391099-investor-focus-after-debt/69364541" }, { "company": "Hugoton Royalty Trust", "ticker": "HGTXU", "country": "US", "last": "$0.23", "market_cap": "$9M", "ev": "$9M", "context": "Hugoton Royalty Trust holds net profits interests in natural gas and oil properties in Kansas, Oklahoma, and Wyoming, collecting overriding royalties from working-interest owners XTO Energy and Mach Natural Resources.", "summary": "Hugoton Royalty Trust (HGTXU) announced it will not declare a cash distribution for May 2026, with no distributions made since July 2023 due to accumulated excess costs. The Trustee expressed substantial doubt regarding the Trust's ability to continue as a going concern and has deferred its own fees since April 2024. On April 16, 2026, the Trust dismissed auditor Grant Thornton and will not seek a replacement or file its Q1 2026 10-Q due to cash constraints. A formal review of options is underway, including the possible termination of the Trust or the marketing of its net profits interests in Kansas, Oklahoma, and Wyoming. The Trustee expects a near-term resolution is unlikely, though the process represents a potential terminal event that could trigger a final distribution or wind-down for unitholders.", "multiples": "Fwd P/E: 0.3x · EV/EBITDA: 0.1x · EV/Sales: 0.2x (LTM)", "source_url": "https://www.tradingview.com/news/tradingview:43f5518a7646a:0-hugoton-royalty-trust-no-may-distribution-trustee-flags-going-concern-and-liquidity-shortfall/" }, { "company": "Slate Grocery REIT", "ticker": "SGR.UN.TO", "country": "CA", "last": "", "market_cap": "$683M", "ev": "$2.2B", "context": "Slate Grocery REIT owns and operates a $2.4 billion portfolio of 115 grocery-anchored retail properties across 23 US states, with tenants including Kroger, Walmart, and Publix.", "summary": "Slate Grocery REIT (L) has formed an independent special committee to evaluate strategic alternatives, including a potential sale of the full company. The board-initiated review follows the receipt of an unsolicited proposal from affiliates of Slate Asset Management, the REIT’s external manager. Evercore has been retained as exclusive financial advisor and Raider Hill Advisors as exclusive real estate advisor for the process. Slate Grocery REIT owns and operates a $2.4 billion portfolio of 115 grocery-anchored retail properties across 23 US states. The formal solicitation of third-party bids provides a catalyst for price discovery as the REIT evaluates the proposal. No assurance has been given that the review will result in a transaction.", "multiples": "Fwd P/E: 706.7x · EV/EBITDA: 19.4x · EV/Sales: 12.1x (LTM)", "source_url": "https://www.connectcre.ca/stories/slate-grocery-reit-weighing-possible-sale-launches-strategic-review/" } ] }, { "name": "Acquisitions", "count": 29, "items": [ { "company": "RareJob Inc.", "ticker": "6096.T", "country": "JP", "last": "", "market_cap": "$22M", "ev": "$15M", "context": "RareJob Inc. is a Japan-listed online English conversation education platform. Gakken Holdings is a holding company for publishing, cram school, and elderly welfare businesses.", "summary": "RareJob Inc. (6096.T) and Gakken Holdings Co., Ltd. signed a definitive share exchange agreement on May 15, 2026, to make RareJob a wholly-owned subsidiary. Gakken Holdings currently holds 19.33% of RareJob's outstanding shares and will provide 0.39 Gakken Holdings shares for each RareJob share. This stock-for-stock squeeze-out is being conducted via a simplified share exchange under Japan's Companies Act and presents a merger arbitrage spread opportunity. RareJob shareholders are scheduled to vote on the transaction on June 25, 2026, with a planned effective date of July 31, 2026.", "multiples": "Fwd P/E: 14.1x · EV/EBITDA: 2.7x · EV/Sales: 0.2x · EV/GP: 0.6x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5BG" }, { "company": "SDI Limited", "ticker": "SDI.AX", "country": "AU", "last": "", "market_cap": "$114M", "ev": "$77M", "context": "SDI Limited is an Australian manufacturer and global distributor of specialist dental restorative materials including composites, adhesives, cements, and tooth whitening systems. Founded in 1972 and listed since 1985, its products are manufactured in Victoria and distributed in over 100 countries.", "summary": "The Supreme Court of NSW approved the convening of a scheme meeting for SDI Limited (SDI.AX) regarding its recommended A$1.40 per share all-cash acquisition. The SDI Board unanimously supports the proposal, and an Independent Expert's Report has concluded the scheme is fair and reasonable. Chairman Jeffery Cheetham and associated entities, representing a 45.3% stake, confirmed their intention to vote in favor subject to no superior proposal. The scheme meeting is scheduled for June 22, 2026, with the transaction expected to become effective on June 25, 2026. Final closing is anticipated on July 6, 2026, followed by delisting on July 7, 2026. Houlihan Lokey and DLA Piper are acting as financial and legal advisers to SDI.", "multiples": "Fwd P/E: 13.5x · EV/EBITDA: 5.1x · EV/Sales: 0.9x · EV/GP: 1.4x (FY2027)", "source_url": "https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03091242-3A693516" }, { "company": "Assertio Holdings, Inc.", "ticker": "ASRT", "country": "US", "last": "$23.44", "market_cap": "$151M", "ev": "$87M", "context": "Assertio Holdings, Inc. is a commercial-stage specialty pharmaceutical company focused on neurology, pain, and inflammatory disease treatments.", "summary": "Zara Merger Sub Inc., a subsidiary of Zydus Lifesciences Ltd., commenced an all-cash tender offer for all outstanding shares of Assertio Holdings, Inc. (ASRT) at $23.50 per share on May 18, 2026. This follows a definitive merger agreement signed on May 13, 2026, and the offer is not subject to a financing condition. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Zydus Lifesciences Ltd. Assertio Holdings, Inc. is a commercial-stage specialty pharmaceutical company focused on neurology, pain, and inflammatory disease treatments. The commencement marks the actionable phase of the acquisition by the Indian strategic buyer, establishing a definitive spread for merger arbitrage.", "multiples": "EV/EBITDA: 2.9x · EV/Sales: 0.8x · EV/GP: 1.8x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001808665/000110465926063190/0001104659-26-063190-index.htm" }, { "company": "Atlantic Lithium", "ticker": "A11.AX", "country": "AU", "last": "", "market_cap": "$181M", "ev": "$63M", "context": "Atlantic Lithium is an Australia-listed lithium exploration and development company advancing the Ewoyaa Lithium Project in Ghana, the country's first parliamentary-ratified lithium mine.", "summary": "Atlantic Lithium (A11.AX) entered into a definitive agreement to be acquired by Zhejiang Huayou Cobalt for $0.25 per share in an all-cash transaction valuing the company at approximately $210 million. The deal, which will be implemented via a court-approved scheme of arrangement, grants Huayou control of the Ewoyaa lithium project in Ghana. The company's largest shareholder, Assore International Holdings, has confirmed its support for the transaction. Regulatory approvals are required from the Ghana SEC, Australia FIRB, Chinese authorities, the ECOWAS Regional Competition Authority, and the Australian Federal Court. A shareholder vote is scheduled for November 2026, with completion targeted for December 2026.", "multiples": "EV/EBITDA: 47.2x · EV/Sales: 9.4x (FY2027)", "source_url": "https://www.billionaires.africa/2026/05/18/chinese-tycoon-chen-hongliangs-huayou-cobalt-is-paying-210-million-for-ghanas-first-lithium-mine-and-deepening-chinas-african-minerals-grip/" }, { "company": "Australian Strategic Materials Limited", "ticker": "ASM.AX", "country": "AU", "last": "", "market_cap": "$210M", "ev": "$60M", "context": "Australian Strategic Materials is a critical minerals company focused on the Dubbo Project, a polymetallic rare earths and strategic metals deposit in New South Wales, Australia.", "summary": "Australian Strategic Materials (ASM.AX) is proceeding with a proposed acquisition by a subsidiary of Energy Fuels Inc. through dual schemes of arrangement following the registration of the scheme booklet by ASIC. Terms provide ASM shareholders 0.053 New Energy Fuels CDIs plus A$0.13 cash per share, while optionholders are to receive A$0.50 cash per option. Independent expert BDO Corporate Finance Australia Pty Ltd concluded the transaction is fair and reasonable and in the best interests of securityholders. The ASM board unanimously recommends voting in favor, with shareholder and optionholder meetings scheduled for 22 June 2026. A second court hearing is set for 25 June 2026, and the transaction is expected to close on 7 July 2026.", "multiples": "EV/Sales: 1.8x · EV/GP: 2.7x (FY2027)", "source_url": "https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03091009-6A1325889" }, { "company": "KlaraBo Sverige AB", "ticker": "KLARA-B.ST", "country": "SE", "last": "", "market_cap": "$247M", "ev": "$764M", "context": "KlaraBo is a Swedish residential property company owning approximately SEK 10.8 billion in apartments, primarily in university cities and Malmö-Öresund, with an integrated apartment-upgrade business model.", "summary": "KlaraBo (KLARA-B.ST) and Sveafastigheter AB have adopted a joint merger plan to create a residential property platform holding approximately 26,500 apartments. Under the agreement, KlaraBo will be absorbed by Sveafastigheter, with KlaraBo shareholders receiving new shares at an implied NAV of SEK 35.03 per share and a conditional SEK 1.40 extraordinary dividend. The KlaraBo board recommends the transaction, which includes a pre-close portfolio acquisition from SBB and is projected to generate at least SEK 120M in annual cost synergies. Savills Sweden AB and Newsec Advisory Sweden AB are serving as advisors. The deal is subject to a June 26, 2026 shareholder vote and is expected to close on December 1, 2026.", "multiples": "Fwd P/E: 14.8x · EV/EBITDA: 28.6x · EV/Sales: 11.9x · EV/GP: 21.1x (FY2026)", "source_url": "https://view.news.eu.nasdaq.com/view?id=bc91147ee556d0ae966dd4ef9ea3f1f55&lang=en" }, { "company": "Huons Co., Ltd.", "ticker": "243070.KQ", "country": "KR", "last": "", "market_cap": "$272M", "ev": "$296M", "context": "Huons is a KOSDAQ-listed South Korean pharmaceutical company focused on generic drugs and health products. Huonslab is an unlisted biotech affiliate developing hyaluronidase-based finished drugs and biosimilar pipelines.", "summary": "Huons (243070.KQ) entered a definitive agreement on May 18, 2026, to absorb its unlisted biotech affiliate, Huonslab, in a statutory merger scheduled for registration on August 18, 2026. The transaction uses a merger ratio of 1 Huons share to 0.4256893 Huonslab shares, requiring the issuance of 3,825,327 new common shares and resulting in 24.2% dilution. While Huonslab brings a hyaluronidase-based drug platform and biopharma R&D pipeline, the affiliate reported a KRW 10.2B net loss in 2025 and negative equity of KRW 1.8B. Ichon Accounting Corp provided an external valuation setting the Huons appraisal value at KRW 34,062 and the Huonslab appraisal range between KRW 12,671 and KRW 14,672. A shareholder meeting for the vote is scheduled for July 16, 2026, for shareholders of record as of June 16, with dissenter rights set at KRW 32,886. New shares are expected to list on September 4, 2026.", "multiples": "Fwd P/E: 10.5x · EV/EBITDA: 5.5x · EV/Sales: 0.7x · EV/GP: 1.6x (FY2026)", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260518000408" }, { "company": "Nippon Dry Chemical Co., Ltd.", "ticker": "1909.T", "country": "JP", "last": "", "market_cap": "$632M", "ev": "$373M", "context": "Nippon Dry Chemical Co., Ltd. is a Tokyo Stock Exchange-listed company specializing in fire protection and extinguishing systems, particularly dry chemical agents and equipment for industrial and commercial facilities.", "summary": "ALSOK and Carlyle Fund signed a tender offer agreement on May 13, 2026, to take Nippon Dry Chemical Co., Ltd. (1909.T) private through the joint special-purpose vehicle TCG2511 Co., Ltd. The transaction involves a public tender offer followed by a share consolidation squeeze-out, an absorption-type merger, and a single share transfer to form an intermediate holding company. ALSOK currently holds 4,400,000 shares, representing a 15.32% stake of the 28,727,248 outstanding, and will not tender its position. Post-transaction, ALSOK will own 51% and Carlyle 49% of the new holding company. A large shareholding report filed May 19, 2026, formalizes the consortium's intent and 15.32% holding, following a capital and business alliance established in February 2016. The next catalyst is expected in August 2026.", "multiples": "Fwd P/E: 16.9x · EV/EBITDA: 4.1x · EV/Sales: 0.9x · EV/GP: 3.1x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4OK" }, { "company": "Veris Residential, Inc.", "ticker": "VRE", "country": "US", "last": "$19.00", "market_cap": "$1.8B", "ev": "$2.7B", "context": "Veris Residential, Inc. is a U.S. multifamily REIT that owns and operates multifamily residential properties with additional income from retail condominiums and garages, focused on stabilized rental cash flows in urban and suburban markets.", "summary": "Veris Residential (VRE) issued supplemental proxy disclosures on May 15, 2026, resolving litigation risk from three stockholder lawsuits and 14 demand letters challenging its $1.78B all-cash merger with an investor group led by Affinius Capital Advisors and Vista Hill Partners. The $19.00 per share offer represents a 23% premium to the unaffected share price. The filings provide valuation analyses from J.P. Morgan and Morgan Stanley, including projected NOI, DCF assumptions, and details on competing bidder proposals. The disclosures also confirm that no post-closing employment or equity rollover was offered to insiders. The board concluded on February 16, 2026, that a whole-company sale maximized stockholder value. A special shareholder meeting to vote on the transaction is scheduled for May 21, 2026.", "multiples": "EV/EBITDA: 20.5x · EV/Sales: 9.7x · EV/GP: NM (FY2026)", "source_url": "https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/1978347/veris-residential-faces-shareholder-scrutiny-over-merger-disclosures/" }, { "company": "Stellar Bancorp, Inc.", "ticker": "STEL", "country": "US", "last": "$37.47", "market_cap": "$1.9B", "ev": "$1.2B", "context": "Stellar Bancorp is a Texas-based bank holding company providing commercial and retail banking services. It operates branches primarily in the Houston metropolitan area.", "summary": "Stellar Bancorp, Inc. (STEL) is being acquired by Prosperity Bancshares, Inc. in a stock-for-stock merger under a definitive agreement. Prosperity will issue common stock to Stellar shareholders, a transaction that remains subject to a required shareholder vote. A DEFA14A filing urged shareholders to vote prior to the May 26, 2026, deadline, with Georgeson LLC acting as solicitor. The S-4 registration statement was declared effective on April 21, 2026, and the proxy statement was mailed to shareholders on April 23, 2026. Stellar Bancorp is a Texas-based bank holding company operating primarily in the Houston metropolitan area. The vote outcome or a last-minute holdout could affect merger arbitrage spreads.", "multiples": "Fwd P/E: 16.9x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001473844/000119312526230916/0001193125-26-230916-index.htm" }, { "company": "Thermon Group Holdings, Inc.", "ticker": "THR", "country": "US", "last": "$65.71", "market_cap": "$2.2B", "ev": "$1.8B", "context": "Thermon is a global industrial process heating, temperature maintenance, environmental monitoring, and temporary power distribution solutions provider. CECO is a diversified environmental industrial company serving air, water, and energy transition markets.", "summary": "Thermon Group Holdings, Inc. (THR) has set a May 22, 2026, deadline for stockholders to elect their consideration in the pending acquisition by CECO Environmental Corp. Shareholders may choose to receive 0.8110 CECO shares, $63.89 in cash, or Mixed Consideration of 0.6840 CECO shares and $10.00 in cash per share. Those failing to make an election by 5:00 p.m. Central Time will default to the Mixed Consideration option. The election deadline triggers action for arbitrageurs to manage proration risk ahead of an expected June 1, 2026, close. The merger agreement was signed February 23, 2026, and the CECO Form S-4 was declared effective April 22, 2026.", "multiples": "Fwd P/E: 29.1x · EV/EBITDA: 15.8x · EV/Sales: 3.2x · EV/GP: 7.0x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001489096/000110465926063870/0001104659-26-063870-index.htm" }, { "company": "LiveRamp Holdings, Inc.", "ticker": "RAMP", "country": "US", "last": "$37.70", "market_cap": "$2.3B", "ev": "$1.3B", "context": "LiveRamp is a global data collaboration platform that connects, unifies, and activates data across cloud environments and digital ecosystems. It serves over 800 clients including advertisers, retailers, publishers, and platforms, with $813 million in FY2026 revenue.", "summary": "LiveRamp Holdings, Inc. (RAMP) entered into a definitive agreement to be acquired by Publicis Groupe S.A. in an all-cash transaction at $38.50 per share, representing an enterprise value of $2.167 billion and an equity value of $2.546 billion. The offer implies a 12.3x forward adjusted EBITDA multiple based on calendarized 2026 consensus EBITDA of approximately $126 million. Fully financed through cash on hand and new bond issuance, the transaction includes the retention of CEO Scott Howe post-close. LiveRamp filed a DEFA14A on May 19, 2026, containing an investor call transcript regarding the May 18 announcement and its projected 7.5-month timeline. The deal is subject to shareholder and regulatory approvals with an expected close by the end of 2026.", "multiples": "Fwd P/E: 12.7x · EV/EBITDA: 4.1x · EV/Sales: 1.5x · EV/GP: 2.1x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000733269/000110465926063373/0001104659-26-063373-index.htm" }, { "company": "Centessa Pharmaceuticals plc", "ticker": "CNTA", "country": "GB", "last": "$39.75", "market_cap": "$6.2B", "ev": "$3.3B", "context": "Centessa Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel medicines across multiple therapeutic areas, with operations structured under a UK holding company.", "summary": "The HSR waiting period for the $6.3B acquisition of Centessa Pharmaceuticals (CNTA) by Eli Lilly and Company has expired, satisfying a U.S. antitrust closing condition. Structured as a UK scheme of arrangement, the transaction requires shareholder and High Court approval and includes contingent value rights tied to milestone achievements. Regulatory clearance de-risks the transaction and narrows the path to close, potentially tightening the spread for arbitrageurs positioning ahead of the scheme vote.", "multiples": "EV/EBITDA: 5409.8x · EV/Sales: 1082.0x · EV/GP: 1082.0x (FY2026)", "source_url": "https://www.stocktitan.net/sec-filings/CNTA/8-k-centessa-pharmaceuticals-plc-reports-material-event-d75d60e6d223.html" }, { "company": "Intertek Group Plc", "ticker": "ITRK.L", "country": "GB", "last": "", "market_cap": "$11.3B", "ev": "$11.6B", "context": "Intertek provides quality, safety, and sustainability testing and certification services across industries including chemicals, food, and healthcare, employing over 45,000 people in 100 countries.", "summary": "Intertek (ITRK.L) stated its board is minded to recommend a fourth and final cash takeover offer from EQT AB at £60.00 per share, valuing the company at approximately £9.2B. The proposal follows three prior bid rejections and pressure from shareholders, including Matt Peltz and Harris Associates LP, to engage with EQT. Intertek has paused its previously announced strategic review to prioritize these negotiations. Morgan Stanley is advising EQT, while Goldman Sachs and JPMorgan Chase are advising Intertek.", "multiples": "Fwd P/E: NM · EV/EBITDA: 10.2x · EV/Sales: 2.4x · EV/GP: 14.1x (FY2026)", "source_url": "https://www.tradingview.com/news/gurufocus:ddceb6560094b:0-intertek-nears-9-2-billion-eqt-takeover-decision/" }, { "company": "TopBuild Corp.", "ticker": "BLD", "country": "US", "last": "$407.97", "market_cap": "$11.5B", "ev": "$14.6B", "context": "TopBuild Corp. installs and distributes insulation and other building products to the U.S. residential and commercial construction markets.", "summary": "TopBuild Corp (BLD) is being acquired by QXO, Inc. for $505.00 per share in cash or 20.200 shares of QXO stock, subject to proration. QXO filed pro forma financials for the pending merger, combining TopBuild with its acquisitions of Beacon Roofing Supply and Kodiak Building Partners as if acquired January 1, 2025. The TopBuild agreement was signed on April 18, 2026, and the transaction is currently in the awaiting regulatory phase. Financing for the deal includes a $1.0B Apollo-backed Series C Preferred Stock issuance and additional debt financings. TopBuild Corp installs and distributes insulation and other building products to the U.S. residential and commercial construction markets.", "multiples": "Fwd P/E: 22.4x · EV/EBITDA: 9.7x · EV/Sales: 2.4x · EV/GP: 8.3x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001633931/000110465926062863/0001104659-26-062863-index.htm" }, { "company": "Union Pacific", "ticker": "UNP", "country": "US", "last": "$265.88", "market_cap": "$157.9B", "ev": "$167.6B", "context": "Union Pacific is one of North America's largest Class I freight railroads, operating a 32,000-mile network across the western two-thirds of the United States.", "summary": "Union Pacific (UNP) submitted a revised merger application to the STB for its $85B acquisition of Norfolk Southern (NSC). The filing includes the full merger agreement and specifies a $750M concession threshold that could trigger deal abandonment. The company's CEO stated he is willing to walk away if regulators impose widespread trackage rights or line sales beyond a potential Kansas City–St. Louis divestiture. The STB is expected to decide whether to accept the application as complete by the end of next week. This decision serves as a pivotal regulatory gatekeeping event and binary catalyst for the largest potential railroad merger in decades.", "multiples": "Fwd P/E: 21.1x · EV/EBITDA: 12.5x · EV/Sales: 6.4x · EV/GP: 10.9x (FY2026)", "source_url": "https://www.indexbox.io/blog/union-pacific-ceo-confident-stb-will-accept-revised-norfolk-southern-merger-application/" }, { "company": "Gold Basin Resources Corporation", "ticker": "GXX.V", "country": "CA", "last": "", "market_cap": "$4M", "ev": "$5M", "context": "Gold Basin Resources Corporation is a Canadian exploration-stage company. Its specific mineral projects are not detailed in this filing.", "summary": "CANEX Metals Inc. has launched an exchange offer for the common stock of Gold Basin Resources Corporation (GXX.V). A Form CB/A filed May 14, 2026, disclosed the offer and included an information circular and letter of transmittal sent to security holders. The third-party tender offer is being conducted under Exchange Act Rule 14d-1(c) and Securities Act Rule 802. Both parties are Canadian issuers, and the transaction is subject to Canadian disclosure requirements. This exchange offer represents a potential change-of-control transaction for the exploration-stage company.", "multiples": "", "source_url": "https://www.sec.gov/Archives/edgar/data/1882636/000110465926062753/0001104659-26-062753-index.htm" }, { "company": "Secure Waste Infrastructure Corp", "ticker": "SES.TO", "country": "CA", "last": "", "market_cap": "$3.4B", "ev": "$4.2B", "context": "Secure Waste Infrastructure Corp operates waste processing facilities and energy infrastructure across Canada. Its primary revenue comes from the Waste Management segment, positioning it as a significant player in the Canadian industrials sector.", "summary": "Secure Waste Infrastructure Corp (SECYF.TO) received endorsements from proxy advisors Institutional Shareholder Services and Glass Lewis for its pending C$6.4 billion acquisition by GFL Environmental. The recommendations, issued May 15, 2026, support the definitive agreement ahead of a shareholder vote scheduled for a special meeting on May 27, 2026. Activist Abrams Capital Management, which holds an approximate 10% stake, opposes the merger and argues the company has better standalone potential. Secure Waste Infrastructure Corp operates waste processing facilities and energy infrastructure across Canada, generating its primary revenue from its Waste Management segment. Proxy advisor endorsements in this contested vote provide a signal on deal passage probability, though opposition from the 10% holder creates a binary event that can drive merger-arb spread volatility.", "multiples": "Fwd P/E: 26.1x · EV/EBITDA: 30.5x · EV/Sales: 3.2x · EV/GP: 11.8x (FY2026)", "source_url": "https://www.gurufocus.com/news/8863334/secure-waste-infrastructure-secyf-receives-support-for-gfl-environmental-acquisition" }, { "company": "evoke plc", "ticker": "EVOK.L", "country": "GB", "last": "", "market_cap": "$211M", "ev": "$2.4B", "context": "evoke plc is a Gibraltar-registered online gambling and betting operator, formerly known as 888 Holdings, with global B2C gaming brands.", "summary": "Evoke (DI) (EVOK.L) extended the firm offer deadline for Bally's Intralot S.A. to 5:00 p.m. London time on 8 June 2026 as discussions continue regarding a possible all-share offer with a partial cash alternative at 50 pence per share. The extension was granted at the request of Bally's Intralot S.A., which reserves the right to vary terms including price, consideration mix, and transaction structure. Evoke (DI), a Gibraltar-registered online gambling and betting operator formerly known as 888 Holdings, is being advised by Morgan Stanley and Rothschild & Co. A firm offer at 50 pence per share could represent a control premium for shareholders, with the extended deadline serving as a catalyst for deal resolution.", "multiples": "Fwd P/E: 608.2x · EV/EBITDA: 8.4x · EV/Sales: 0.9x · EV/GP: 1.7x (FY2026)", "source_url": "https://www.investegate.co.uk/announcement/rns/evoke-di---evok/extension-of-firm-offer-deadline-/9573950" }, { "company": "NowCos Co., Ltd.", "ticker": "257990.KS", "country": "KR", "last": "", "market_cap": "$32M", "ev": "", "context": "NowCos Co., Ltd. is a South Korean cosmetics manufacturer headquartered in Sejong. No additional operational detail is provided in the filing.", "summary": "NowCos (257990.KS) is scheduled to delist from the KONEX market on June 1, 2026, following a share exchange squeeze-out by Asterion Holdings Co., Ltd. Asterion Holdings became the 100% parent after acquiring the remaining minority shares for KRW 8,300 per share in cash, representing total consideration of approximately KRW 1.3B. The share exchange agreement was signed on March 17, 2026, and became effective on May 18, 2026, following shareholder approval on April 15, 2026. Five minority shareholders exercised appraisal rights for 3,451 shares at KRW 8,300, resulting in a total payout of KRW 28.6 million. On May 14, 2026, NowCos cancelled 3,471 treasury shares, including those obtained through the appraisal exercise.", "multiples": "", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260518000336" }, { "company": "Iron Horse Acquisition II Corp.", "ticker": "IRHO", "country": "US", "last": "$10.05", "market_cap": "$295M", "ev": "$294M", "context": "Iron Horse Acquisition II Corp. is a blank-check company (SPAC) formed to effect a merger or business combination. Electra Vehicles, Inc. is the private operating target in the proposed de-SPAC transaction.", "summary": "Iron Horse Acquisition II Corp. (IRHO) filed a Form S-4 registration statement on May 15, 2026, advancing its proposed business combination with Electra Vehicles, Inc. The filing follows a May 14, 2026, amendment to the merger agreement that revised the Aggregate Merger Consideration, Conversion Ratio, and earnout share provisions. This S-4 filing initiates the SEC review and proxy solicitation process. Following the review and the establishment of a record date, a definitive proxy statement and prospectus will be mailed to IRHO shareholders. The filing and amendment establish the timeline for redemption elections and the shareholder approval vote that will determine deal consummation.", "multiples": "", "source_url": "https://www.stocktitan.net/sec-filings/IRHO/425-iron-horse-acquisition-ii-corp-business-combination-communication-9ceb80d86dcd.html" }, { "company": "DevvStream Corp.", "ticker": "DEVS", "country": "CA", "last": "$0.16", "market_cap": "$1M", "ev": "$13M", "context": "DevvStream Corp. is a carbon credit and clean energy project developer focused on generating and monetizing environmental assets through technology-based solutions.", "summary": "Devvstream Corp. (DEVS), a carbon credit and clean energy project developer, terminated its December 2025 merger agreement with Southern Energy Renewables on May 12, 2026. This termination satisfied a closing condition for its new April 13, 2026 Business Combination Agreement (BCA) with XCF Global, Inc. and Southern Energy. The action followed the receipt of fairness opinions under the BCA, advancing the three-way combination that targets a public listing and $1B+ revenue. XCF Global will file an S-4 registration statement and proxy materials for stockholder votes on the transaction. The combination remains pending subject to customary closing conditions.", "multiples": "", "source_url": "https://www.sec.gov/Archives/edgar/data/0001854480/000114036126021906/0001140361-26-021906-index.htm" }, { "company": "Sachem Capital Corp.", "ticker": "SACH", "country": "US", "last": "$1.03", "market_cap": "$49M", "ev": "", "context": "Sachem Capital Corp. is a mortgage REIT specializing in originating, underwriting, and managing short-term, secured loans to real estate investors, primarily for residential and commercial properties.", "summary": "Sachem Capital Corp. (SACH) entered into a definitive contribution agreement with Industrial Realty Group Global, LLC on May 17, 2026, to effect a reverse merger. IRG Global will contribute an industrial portfolio with a $2.9B gross asset value and $1.5B net asset value in exchange for an approximately 94.1% stake in a new operating partnership. Post-closing. Sachem will redomicile to Delaware, execute a 20-to-1 reverse stock split, and rename itself IRG Realty Trust, Inc. IRG Global will receive Class B shares controlling 51% of the total voting power, provided it maintains a 51% economic interest. The transaction utilizes an approximately $2.00 per share deemed exchange value and is subject to Sachem shareholder approval. Closing is expected by the end of 2026.", "multiples": "Fwd P/E: 12.2x · EV/EBITDA: 85.1x · EV/Sales: 8.3x · EV/GP: 8.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001682220/000168222026000024/0001682220-26-000024-index.htm" }, { "company": "InMed Pharmaceuticals Inc.", "ticker": "INM", "country": "CA", "last": "$1.72", "market_cap": "$8M", "ev": "$3M", "context": "Mentari Therapeutics develops half-life extended biologic therapies for migraine prevention, including anti-PACAP mAb MT-001 and anti-CGRP/anti-PACAP bispecific MT-002. It is the 8th company founded on assets from Paragon Therapeutics.", "summary": "Inmed Pharmaceuticals Inc. (INM) signed a definitive all-stock reverse merger agreement with Mentari Therapeutics, which develops half-life extended biologic therapies for migraine prevention including MT-001 and MT-002. Pre-merger INM shareholders will own approximately 1.51% of the combined company, representing an expected market capitalization of $421.4M. Mentari concurrently announced a $290M oversubscribed private placement led by Fairmount to fund combined operations through 2028. The resulting entity will operate as Mentari Therapeutics and trade on Nasdaq under a new ticker. The transaction is expected to close in H2 2026, subject to shareholder and regulatory approvals.", "multiples": "EV/Sales: 0.3x · EV/GP: 1.4x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001728328/000121390026058795/0001213900-26-058795-index.htm" }, { "company": "European Lithium Limited", "ticker": "EUR.AX", "country": "AU", "last": "", "market_cap": "$501M", "ev": "$442M", "context": "European Lithium holds a 7.5% direct interest in the Tanbreez Rare Earths Project in Greenland and an approximately 31% shareholding in Critical Metals Corp, a NASDAQ-listed critical minerals company.", "summary": "European Lithium (EUR.AX) entered into a binding Scheme Implementation Deed with Critical Metals Corp for a 100% acquisition via a court-approved scheme of arrangement. Under the scrip-only terms, EUR shareholders will receive 0.035 Critical Metals Corp shares per EUR share, implying AUD 0.58 per share and a 137% premium to the April 22, 2026 closing price. The transaction consolidates 100% of the Tanbreez Rare Earths Project in Greenland and grants EUR shareholders approximately 41% ownership in the combined NASDAQ-listed entity. European Lithium’s Independent Board Committee unanimously recommends the scheme, subject to an independent expert fairness opinion from Nexia Perth Corporate Finance. EUR optionholders are set to receive in-the-money value through a parallel option scheme on a cashless exercise basis.", "multiples": "EV/Sales: 50.1x · EV/GP: 50.1x (FY2027)", "source_url": "https://kalkine.com.au/news/mining/european-lithium-asxeur-is-it-worth-holding-this-stock-following-692-annual-run" }, { "company": "Two Harbors Investment Corp.", "ticker": "TWO", "country": "US", "last": "$12.50", "market_cap": "$1.3B", "ev": "", "context": "Two Harbors Investment Corp. is a mortgage REIT focused on investing in, financing, and managing residential mortgage-backed securities and related assets.", "summary": "Two Harbors Investment Corp. (TWO) adjourned its May 19, 2026, virtual special meeting of stockholders regarding a transaction with CrossCountry Intermediate Holdco, LLC, an affiliate of CrossCountry Mortgage, LLC. Earlier, the mortgage REIT filed and mailed a definitive proxy statement to stockholders on April 20, 2026. The adjournment indicates that additional time is needed to solicit votes for the stockholder approval condition. This delay signals that the vote is not yet secured, indicating potential difficulty in obtaining approval and creating event-driven uncertainty around the deal completion.", "multiples": "Fwd P/E: 11.0x · EV/EBITDA: 1386.2x · EV/Sales: 540.4x · EV/GP: 552.0x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001465740/000110465926063833/0001104659-26-063833-index.htm" }, { "company": "Westmount Energy Limited", "ticker": "WTE.L", "country": "GB", "last": "", "market_cap": "$7M", "ev": "$6M", "context": "Westmount Energy is an AIM-quoted oil and gas investing company focused on high-impact drilling outcomes in emerging basins, primarily through equity stakes in exploration companies.", "summary": "Westmount Energy Ltd. (WTE.L) provided an update on the acquisition of JHI by its investee Eco via a court-approved plan of arrangement. JHI shareholders voted 100% in favor of the transaction on May 12, 2026, and the Ontario Superior Court issued a final order approving the arrangement on May 15, 2026. Remaining closing conditions include TSX-V and AIM approvals, a Falkland Islands government license extension, and JHI reaching a US$1M cash balance. Upon completion. Westmount will hold 9.53M Eco shares, including 4M locked-up shares, up from its existing 1.5M Eco shares. The acquisition directly impacts Westmount's net asset value as its value derives substantially from its holding in Eco. Cavendish Capital Markets Limited is acting as advisor.", "multiples": "", "source_url": "https://www.investegate.co.uk/announcement/rns/westmount-energy-ltd---wte/update-re-acquisition-of-jhi-by-eco/9574244" }, { "company": "HPC Holdings Limited", "ticker": "1742.HK", "country": "HK", "last": "", "market_cap": "", "ev": "", "context": "HPC Holdings Limited is a Singapore-based construction and engineering services provider listed on the Hong Kong Stock Exchange, principally engaged in general building construction and civil engineering works.", "summary": "HPC Holdings Limited (1742.HK) entered into a joint venture agreement with LXP, CWT, and O2 Realty to invest in StarNova Capital Private Limited for the acquisition and redevelopment of a property at 10-40 Tuas South Street 1, Singapore. The joint venture vehicle will acquire the asset from Transurban Properties Pte. Ltd. HPC’s total funding commitment is approximately S$19.52 million (HK$119.07 million), representing a very substantial acquisition under Hong Kong Listing Rules. The agreement, amended on 18 May 2026, includes a provision for a CWT exit right under certain conditions. An extraordinary general meeting is scheduled for 9 June 2026 to seek shareholder approval for the transaction.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0520/2026052001192.pdf" }, { "company": "Alaros Exploration Inc.", "ticker": "ALAR", "country": "CA", "last": "", "market_cap": "", "ev": "", "context": "Alaros Exploration Inc. is a Canadian mineral exploration company holding an option to acquire a 100% interest in the Birk Creek Property, consisting of 13 mineral claims in the Kamloops Mining Division, British Columbia.", "summary": "Alaros Exploration Inc. (ALAR) signed a definitive share exchange agreement on May 20, 2026, to acquire 1001528518 Ontario Inc. for 10.5 million common shares at a deemed price of C$0.05 per share. Valued at CAD 525,000, the transaction formalizes an LOI announced April 24 for a target holding exploration leases with options to purchase the Toy and Nightingale tungsten properties in Nevada. Closing is expected on or around May 30, 2026, subject to CSE acceptance and customary conditions. Completion will not result in a fundamental change or the creation of a new control person under CSE policies. This micro-cap mining roll-up is a definitive agreement for a reverse merger-type transformation.", "multiples": "Fwd P/E: 51.9x · EV/EBITDA: 1.5x · EV/Sales: 1.0x · EV/GP: 1.8x (FY2026)", "source_url": "https://www.marketscreener.com/news/alaros-exploration-inc-signs-definitive-agreement-to-acquire-tungsten-properties-in-nevada-ce7f5ad9df81ff27" } ] }, { "name": "Divestitures", "count": 37, "items": [ { "company": "Accelerate Resources Limited", "ticker": "AX8.AX", "country": "AU", "last": "", "market_cap": "$4M", "ev": "$2M", "context": "Accelerate Resources Limited is an Australian junior gold explorer focused on advancing its Balagundi Gold Project in the Kalgoorlie goldfields of Western Australia.", "summary": "Accelerate Resources Limited (AX8.AX) signed a binding agreement with Maritana Minerals Limited to divest its Kanowna East tenements in exchange for Maritana's Balagundi tenure and $200,000 in Maritana shares. The asset swap involves zero net cash outlay and doubles the Balagundi gold project area to approximately 62km² near Kalgoorlie. This transaction consolidates landholding in a high-grade gold camp while offloading non-core exploration ground. Completion is subject to customary conditions, including Maritana shareholder approval and regulatory consents.", "multiples": "", "source_url": "https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03091426-6A1326053" }, { "company": "The Marketing Alliance, Inc.", "ticker": "MAAL", "country": "US", "last": "$1.65", "market_cap": "$12M", "ev": "$10M", "context": "TMA provides support to independent insurance brokerage agencies, integrating insurance and insuretech engagement platforms to offer members value-added services.", "summary": "The Marketing Alliance (MAAL) signed a definitive agreement to sell substantially all equipment assets and real property of its Empire Construction business to an unaffiliated purchaser. Financial terms of the divestiture were not disclosed. This sale of a non-core construction segment could streamline the company's focus on its insurance and insuretech engagement platforms. The transaction is expected to be reflected in financial statements for the quarter ending June 30, 2026. The Equity Group Inc. is serving as advisor.", "multiples": "", "source_url": "https://www.globenewswire.com/news-release/2026/05/15/3296116/0/en/The-Marketing-Alliance-Announces-Definitive-Agreement-to-Sell-Construction-Business-Assets.html" }, { "company": "InvestSMART Group Limited", "ticker": "INV.AX", "country": "AU", "last": "", "market_cap": "$13M", "ev": "$5M", "context": "InvestSMART Group operates Australia's premier digital wealth platform, providing Professionally Managed Accounts, investment tools, and content. The Intelligent Investor unit publishes a flagship value-investing newsletter and manages four ASX-listed active ETFs.", "summary": "InvestSMART Group (INV.AX) entered into a binding term sheet to sell its Intelligent Investor business and the management rights to four ASX-listed ETFs to Teaminvest Private Group Limited for A$16 million in cash. The Intelligent Investor unit has approximately 7,000 paid subscribers and 272,000 free users, with approximately $280M in assets under management across the four ETFs. The deal consideration exceeds the current market capitalization and share price of INV.AX, creating a potential value-unlock catalyst. The transaction is conditional on due diligence, definitive documentation, counterparty financing, and approval from both INV.AX shareholders and fund unitholders. Post-divestiture, InvestSMART Group plans to operate as a pure-play digital wealth platform with a stronger balance sheet for strategic acquisitions.", "multiples": "", "source_url": "https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03092008-2A1672949" }, { "company": "UPR Corporation", "ticker": "7065.T", "country": "JP", "last": "", "market_cap": "$48M", "ev": "$75M", "context": "UPR Corporation is a Japanese logistics company listed on the Tokyo Stock Exchange Standard Market. It is divesting its Vehicle Solutions Business, which sells vehicle equipment and operates car-sharing services.", "summary": "UPR Corporation (7065.T) entered into a definitive business transfer agreement on May 18, 2026, to divest its Vehicle Solutions Business to Raku-P Corporation. The unit, which encompasses vehicle equipment sales and car-sharing services, generated ¥384M in revenue in FY2025, representing 2.5% of consolidated revenue. UPR cited low synergy, stagnant growth, and its \"Medium-Term Vision 2030\" strategy to focus on core logistics as the rationale for the sale. Profit figures for the divested business were withheld at the buyer's request. The transaction is scheduled to close on September 1, 2026, with UPR describing the expected financial impact as minor.", "multiples": "Fwd P/E: 7.6x · EV/EBITDA: 3.3x · EV/Sales: 0.8x · EV/GP: 2.5x (FY2026)", "source_url": "https://www.release.tdnet.info/inbs/140120260518539634.pdf" }, { "company": "Azimut Exploration Inc.", "ticker": "AZM.V", "country": "CA", "last": "", "market_cap": "$49M", "ev": "$46M", "context": "Azimut Exploration is a Quebec-focused mineral explorer controlling strategic land positions for gold, copper, nickel, and lithium, using proprietary big-data analytics (AZtechMine) for target generation. It holds the Patwon gold deposit and maintains a strong balance sheet with Agnico Eagle and Centerra Gold as strategic shareholders.", "summary": "Azimut (AZM.V) signed a definitive earn-in joint venture agreement with SOQUEM Inc. for the Northern Nickel Corridor Project in Quebec's James Bay region. SOQUEM can earn up to a 60% interest in 1,635 claims by funding $11 million in exploration expenditures and making $350,000 in cash payments, with an initial $2 million expenditure as a firm commitment. Azimut will act as operator for the first year, after which SOQUEM assumes operatorship of the 360km by 60km corridor targeting nickel, platinum, palladium, copper, and cobalt. The agreement on May 19, 2026, follows an April 14 letter of intent and allows Azimut to monetize a portion of its land package while retaining 40-50% exposure to high-grade nickel discoveries. If either partner dilutes below 10%, their interest converts to a 2% NSR royalty, half of which is buyable for $3 million.", "multiples": "Fwd P/E: 10.8x · EV/EBITDA: 6.2x · EV/GP: 5.1x", "source_url": "https://www.globenewswire.com/news-release/2026/05/19/3297277/0/en/azimut-and-soquem-sign-definitive-agreement-for-the-northern-nickel-corridor-project.html" }, { "company": "", "ticker": "SUMMA.HE", "country": "FI", "last": "", "market_cap": "$50M", "ev": "$116M", "context": "Summa Defence Oyj is a Finnish defence and security company. Rasol, the unit being divested, generated EUR 2.7 million in sales with a slight operating loss in 2025.", "summary": "Summa Defence Oyj (SUMMA.HE) announced the divestiture of its subsidiary Rasol on May 22, 2026. For the 2025 fiscal year, Rasol reported net sales of EUR 2.7 million and an EBIT of EUR -0.2 million. While a firm offer has been received, a definitive agreement has not been reached and transaction terms are not yet fully disclosed. The sale of the loss-making unit could signal a strategic shift for the Finnish defence and security company.", "multiples": "EV/GP: 2.9x", "source_url": "" }, { "company": "Realbotix Corp.", "ticker": "XBOT.V", "country": "CA", "last": "", "market_cap": "$52M", "ev": "$31M", "context": "Realbotix designs and manufactures AI-powered humanoid robots for social roles including customer service, healthcare, education, and entertainment.", "summary": "Realbotix Corp. (XBOT.V) provided an update on the reverse takeover of Onconetix (ONCO) by its subsidiary, Realbotix LLC, which is expected to close by October 2026. Realbotix Corp. will retain 75-90% ownership of the Nasdaq-listed entity post-transaction and will appoint four out of five directors to the Onconetix board. The transaction, first announced February 12, 2026, involves no changes to the Realbotix parent structure and no share issuance or consolidation by the parent. This carve-out gives existing shareholders continued exposure to commercial robotics while creating a standalone Nasdaq currency.", "multiples": "EV/Sales: 4.5x (LTM)", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W9711&drmKey=c6b1cb0b86a51e47&drr=ss95951bef1270aefab7fbc54fd1218492f0a8d167f99a51c5719ab4aa431b757dbc035c02391c137a0890871488c276c1ux&id=0c11f8b7998bcd961660651208a633f490d07aae2ee10655" }, { "company": "Ridge-i Co., Ltd.", "ticker": "5572.T", "country": "JP", "last": "", "market_cap": "$62M", "ev": "$51M", "context": "Ridge-i is a Japanese holding company. Its subsidiary Star Music Entertainment operates in the music and social media marketing sectors.", "summary": "Ridge-i (5572.T) executed a share transfer agreement on May 18, 2026, to sell its entire 66.98% stake in consolidated subsidiary Star Music Entertainment to SBI Holdings Co., Ltd. The transaction is scheduled to close on July 16, 2026, and will result in the deconsolidation of Star Music Entertainment, which operates in the music and social media marketing sectors. Completion of the divestiture requires a special resolution at a shareholder meeting under Article 467 of Japan's Companies Act. The sale will change Ridge-i's business mix and balance sheet, though the impact on its consolidated profit and loss remains under review.", "multiples": "Fwd P/E: 39.6x · EV/EBITDA: 59.5x · EV/Sales: 2.4x · EV/GP: 4.8x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y52T" }, { "company": "China Biotech Services Holdings Limited", "ticker": "8037.HK", "country": "HK", "last": "", "market_cap": "$70M", "ev": "$147M", "context": "China Biotech Services Holdings Limited is a Hong Kong-listed (GEM) company operating in the healthcare sector. Through its subsidiaries, it provides medical diagnostic and healthcare services in Hong Kong.", "summary": "China Biotech Services Holdings Limited (8037.HK) entered into a definitive Sale and Purchase Agreement to dispose of the entire issued share capital of PHC Medical Diagnostic Centre Limited and Premier Medicare Services Limited for HK$3.5 million in cash. The consideration includes a HK$500,000 deposit paid upon signing and HK$3.0 million due at completion. The disposal involves two loss-making subsidiaries with combined net liabilities of approximately HK$25.2 million. The transaction is classified as a major transaction under GEM Listing Rules and has received shareholder approval via written consent from a 54.27% stakeholder. Completion is subject to conditions including due diligence, regulatory approvals, and the waiver of intercompany balances prior to a Long Stop Date.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/gem/2026/0518/2026051801856.pdf" }, { "company": "Lithium Chile Inc.", "ticker": "LITH.V", "country": "CA", "last": "", "market_cap": "$110M", "ev": "$85M", "context": "Lithium Chile Inc. is a junior mineral exploration company with a portfolio of lithium properties in Chile and the Salar de Arizaro in Argentina. Its shares trade on the TSX Venture Exchange and OTCQB.", "summary": "Lithium Chile Inc. (LITH.V) shareholders approved the US$175,000,000 sale of the Arizaro project via the disposition of Argentum Lithium S.A. The transaction received 96% approval at the Annual General and Special Meeting held May 15, 2026. Lithium Chile Inc. is currently finalizing closing requirements and expects to complete the divestiture in the coming weeks. Proceeds from the US$175,000,000 monetization of the Argentinian lithium brine asset may be used to fund further exploration or be distributed to shareholders.", "multiples": "", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W7723&drmKey=84a3c070f7705f64&drr=ss95951bef1270aefab7fbc54fd1218492f0a8d167f99a51c5719ab4aa431b757dbc035c02391c137a0890871488c276c1ux&id=0c11f8b7998bcd961660651208a633f490d07aae2ee10655" }, { "company": "Draganfly Inc.", "ticker": "DPRO", "country": "CA", "last": "$6.42", "market_cap": "$144M", "ev": "$59M", "context": "Draganfly Inc. is a drone solutions and systems developer serving public safety, defense, agriculture, and industrial markets. Skip Dynamix produces long-range, hand-launchable fixed-wing sUAS for defense and government customers.", "summary": "Draganfly Inc. (DPRO) entered into a definitive agreement to acquire substantially all assets of the fixed-wing drone business of Skip Dynamix, Corporation. The aggregate purchase price is up to US$7.525M, comprising US$2.525M cash at close, US$2.5M in shares, and an earn-out of up to US$2.5M. Skip Dynamix produces mass-producible, long-range fixed-wing UAVs for ISR, electronic warfare, and one-way missions. The transaction includes the retention of Skip Dynamix founders under employment agreements. Closing is expected by June 1, 2026, subject to regulatory and exchange approvals.", "multiples": "EV/Sales: 3.0x · EV/GP: 17.4x (FY2026)", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W13620&drmKey=d2647b1de2e481b2&drr=ss198343158392625ebf72f937a19ff8fd2293ee464493c069223e4c5f9b916338bd14b003e6d968c8c67f99a3ba788f5eux&id=0c11f8b7998bcd968fed3571778f50b228a76470a4cd937a" }, { "company": "Futaba Electronics Industry Co., Ltd.", "ticker": "6986.T", "country": "JP", "last": "", "market_cap": "$166M", "ev": "$8M", "context": "Futaba Electronics Industry manufactures electronic components including vacuum fluorescent displays, touch sensors, and mold bases. The Chinese subsidiary handled procurement and sales of electronic products in China.", "summary": "Futaba Electronics Industry (6986.T) resolved on May 20, 2026, to dissolve its wholly owned sales subsidiary, Futaba International Trading (Shanghai) Co., Ltd. The unit’s revenue declined from 24M CNY in FY2024 to 1.6M CNY in FY2026 after the parent discontinued vacuum fluorescent display and touch sensor product lines. As of March 2026, the subsidiary reported negative net assets of 404K CNY. Business operations are scheduled to cease on December 31, 2026, with liquidation expected to complete by June 30, 2027. The move signals the wind-down of a legacy subsidiary as part of a broader business restructuring and clarifies exit costs from discontinued electron-device segments.", "multiples": "EV/GP: 1.2x", "source_url": "https://www.release.tdnet.info/inbs/140120260519540910.pdf" }, { "company": "Kimura Unity Co., Ltd.", "ticker": "9368.T", "country": "JP", "last": "", "market_cap": "$229M", "ev": "$186M", "context": "Kimura Unity Co., Ltd. provides logistics services, including warehouse and on-site operations, and real estate leasing, primarily in Japan and China.", "summary": "Kimura Unity Co., Ltd. (9368.T) is dissolving its 89.7%-owned subsidiary, Tianjin Kimura Shinwa Logistics, to exit loss-making warehouse operations that generated a CNY 15.9M (JPY 333M) net loss on JPY 1,464M in revenue for fiscal year 2025. The company will record a JPY 392M special loss for severance pay related to the dissolution. Profitable operations in Changshu and Chengdu will be maintained through a new 90%-owned subsidiary, Changshu Ki Shin Logistics, established on February 27, 2026. An amendment filed May 18, 2026, delays the start of the new subsidiary’s business from June 1 to July 2026 due to local procedural issues in China. The restructuring rationalizes the company's China logistics footprint by exiting a deteriorating subsidiary while retaining higher-performing assets.", "multiples": "Fwd P/E: 33.3x · EV/EBITDA: 9.8x · EV/GP: 2.5x", "source_url": "https://www.release.tdnet.info/inbs/140120260518539519.pdf" }, { "company": "Context Therapeutics Inc.", "ticker": "CNTX", "country": "US", "last": "$2.60", "market_cap": "$239M", "ev": "$74M", "context": "Context Therapeutics is a biopharmaceutical company developing T-cell engaging bispecific antibodies for solid tumors, with its lead candidate CT-202 targeting Nectin-4 x CD3.", "summary": "Context Therapeutics Inc. (CNTX) amended its September 2024 license agreement with BioAtla, Inc. on May 14, 2026, converting future milestone and royalty obligations for lead candidate CT-202 into a $6.5M buyout. The amendment makes the exclusive license for CT-202 and other antibodies irrevocable, royalty-free, fully paid-up, and non-terminable. Context will pay BioAtla $4.5M within five business days and an additional $2.0M by August 1, 2026, eliminating all future milestone and royalty payments. The amendment also removes Context’s R&D and reporting obligations as well as BioAtla’s termination rights. This buyout restructures a contingent liability into a fixed-cost asset acquisition, potentially improving the balance sheet and simplifying future partnering or M&A optionality for CT-202. Context Therapeutics is a biopharmaceutical company developing T-cell engaging bispecific antibodies for solid tumors, with its lead candidate CT-202 targeting Nectin-4 x CD3.", "multiples": "EV/Sales: 37.0x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001842952/000162828026035793/0001628280-26-035793-index.htm" }, { "company": "Maui Land & Pineapple Company, Inc.", "ticker": "MLP", "country": "US", "last": "$17.30", "market_cap": "$344M", "ev": "$338M", "context": "Maui Land & Pineapple owns, develops, and manages a portfolio of real estate and land holdings in Maui, Hawaii, including former pineapple plantation acreage and water infrastructure assets.", "summary": "Maui Land & Pineapple Co Inc (MLP) entered into a non-binding memorandum of understanding with the County of Maui on May 18, 2026, to negotiate the sale or lease of real property and water infrastructure assets in West Maui and Upcountry Maui. This process was initiated by a board sub-committee formed on September 10, 2025, and assets are expected to be valued through professional appraisals. The County has initiated budget allocations toward the potential purchase, and consideration is expected to include both monetary payments and non-monetary elements such as water credits and land use support for housing development on remaining landholdings. No definitive agreement has been signed, and the memorandum does not obligate either party to close a transaction. A county purchase could surface land value and unlock development entitlements on retained parcels for MLP, which owns, develops, and manages a portfolio of real estate and land holdings in Maui.", "multiples": "Fwd P/E: 88.3x · EV/Sales: 16.4x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000063330/000143774926017682/0001437749-26-017682-index.htm" }, { "company": "COSEL Co., Ltd.", "ticker": "6905.T", "country": "JP", "last": "", "market_cap": "$361M", "ev": "$104M", "context": "COSEL Co., Ltd. is a Japanese manufacturer of power supplies and related equipment. The divested unit, Powerbox International AB, is a Sweden-based consolidated subsidiary engaged in the design, development, production, and sale of power supplies, with operating subsidiaries in Europe, the US, and China.", "summary": "COSEL Co., Ltd. (6905.T) executed a share transfer agreement on May 20, 2026, to sell its 100% stake in Powerbox International AB to SCUR-Alpha 820 GmbH. Powerbox International AB is a Sweden-based subsidiary with 13 operating units across Europe, the US, and China. The buyer, SCUR-Alpha 820 GmbH, is a special purpose vehicle indirectly funded by HYPAX GmbH. The transaction is expected to close in August 2026. COSEL is currently reviewing the financial impact of the sale on its FY2026 results.", "multiples": "Fwd P/E: 55.9x · EV/EBITDA: 3.7x · EV/Sales: 0.6x · EV/GP: 2.1x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y52Y" }, { "company": "Boston Omaha Corporation", "ticker": "BOC", "country": "US", "last": "$12.53", "market_cap": "$381M", "ev": "$468M", "context": "Boston Omaha Corporation is a diversified holding company with interests in billboard advertising, broadband, surety insurance, and minority investments. The General Indemnity Group unit being sold provides surety bond insurance through BOSS Bonds Insurance Agency and United Casualty and Surety Insurance Company.", "summary": "Boston Omaha Corp (BOC) signed a definitive agreement to sell its General Indemnity Group (GIG) surety insurance unit to CopperPoint Insurance Company for $84,308,757.68 in cash. Boston Omaha will receive approximately 93% of net sale proceeds, with $5.25 million of the purchase price held in escrow for two years. Immediately prior to closing, GIG will return 2,673,831 shares of Sky Harbour (SKYH) Class A common stock to Boston Omaha. The transaction is expected to close in H2 2026 subject to regulatory approvals and does not require a shareholder vote. This divestiture monetizes a non-core subsidiary and returns a sizeable stake in SKYH to the parent company.", "multiples": "EV/EBITDA: 9.9x · EV/Sales: 3.9x · EV/GP: 4.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001494582/000143774926017511/0001437749-26-017511-index.htm" }, { "company": "Tamura Manufacturing Co., Ltd.", "ticker": "6768.T", "country": "JP", "last": "", "market_cap": "$475M", "ev": "$423M", "context": "Tamura Manufacturing makes electronic components and chemicals, with automotive electronics segment producing boost reactors for hybrid electric vehicles.", "summary": "Tamura Manufacturing (6768.T) resolved on May 11, 2026, to sell its 100% indirect stake in Tamura Automotive Electronics (Foshan) Co., Ltd. to an unnamed Chinese domestic enterprise. The Foshan subsidiary manufactures and sells boost reactors for hybrid electric vehicles and has a capitalization of USD 21.8M. The transfer is expected to close by June 30, 2026, though transaction proceeds were not disclosed. The divestiture represents an operational restructuring to consolidate production in Japan and redirect capacity to the Japan, US, and ASEAN markets.", "multiples": "Fwd P/E: 24.0x · EV/EBITDA: 7.5x · EV/Sales: 0.5x · EV/GP: 2.1x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4ZO" }, { "company": "Samhällsbyggnadsbolaget i Norden AB", "ticker": "SBB-B.ST", "country": "SE", "last": "", "market_cap": "$662M", "ev": "$5.2B", "context": "Samhällsbyggnadsbolaget i Norden (SBB) is a Swedish real estate company focused on owning and managing community service and residential properties in the Nordic region.", "summary": "Samhällsbyggnadsbolaget i Norden (SBB) (SBBB.ST) will divest its SBB Residential Property and residential portfolio to Klarabo for SEK 6.83 billion. Consideration for the transaction will be paid in Klarabo shares, making SBB a significant shareholder in Klarabo. The transaction reshapes SBB’s portfolio and creates a strategic cross-shareholding with the counterparty.", "multiples": "Fwd P/E: 55.6x · EV/EBITDA: 30.1x · EV/GP: NM", "source_url": "https://www.nasdaqomxnordic.com/shares/microsite?Instrument=SBBB" }, { "company": "Safe Bulkers, Inc.", "ticker": "SB", "country": "MH", "last": "$6.57", "market_cap": "$672M", "ev": "$884M", "context": "Safe Bulkers is an international provider of marine dry bulk transportation services, hauling coal, grain, and iron ore along worldwide routes for major commodity users.", "summary": "Safe Bulkers (SB) has entered definitive agreements to sell two older dry bulk vessels for a combined gross price of $27.7 million as part of its fleet renewal strategy. The company will divest the 2006-built Post-Panamax MV Xenia for $13.0 million and the 2008-built Kamsarmax MV Pedhoulas Commander for $14.7 million. Both vessels are expected to be delivered to their new owners upon the completion of current voyages, which coincide with their scheduled dry-dockings. The transactions follow the delivery of 13 IMO GHG Phase 3 newbuilds since 2022, with an additional 11 newbuilds currently on order. The $27.7 million in proceeds will provide incremental liquidity intended to support balance sheet improvement and ongoing fleet modernization.", "multiples": "Fwd P/E: 8.1x · EV/EBITDA: 4.7x · EV/Sales: 2.9x · EV/GP: 8.0x (FY2026)", "source_url": "https://ca.finance.yahoo.com/news/safe-bulkers-inc-announces-sale-200500065.html" }, { "company": "Molten Ventures Plc", "ticker": "GROW.L", "country": "GB", "last": "", "market_cap": "$1.4B", "ev": "$678M", "context": "Molten Ventures is a London-listed venture capital firm investing in high-growth European technology companies across Enterprise, AI, Deeptech, Consumer Tech, and Digital Health.", "summary": "Molten Ventures (GROW.L) announced a further partial realization of its Revolut holding for circa £63 million. Total realizations from the stake now stand at circa £120 million, representing an approximate 20x multiple on invested capital. The firm's remaining Revolut holding is valued at circa £110 million as of March 31, 2026. Total realizations across the Molten Ventures portfolio have exceeded £300 million since April 2024. Realizing the high-profile fintech stake demonstrates potential for NAV uplift and capital returns.", "multiples": "Fwd P/E: 1046.1x · EV/EBITDA: 8.9x · EV/Sales: 3.5x · EV/GP: 4.8x (FY2027)", "source_url": "https://www.investegate.co.uk/announcement/eqs/molten-ventures--grow/further-partial-realisation-of-holding-in-rev-/9572177" }, { "company": "BASF India Limited", "ticker": "BASF.NS", "country": "IN", "last": "", "market_cap": "$1.6B", "ev": "$1.4B", "context": "BASF India Limited is a subsidiary of BASF SE, operating in chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions in India.", "summary": "BASF India Limited (BASF.NS) is initiating a corporate restructuring involving the sale of its coatings business and a planned demerger. The portfolio reshaping, detailed in audited fiscal year results, follows a period of lower net profit year-over-year despite modest revenue growth. The board recommended a 250% dividend of INR 25 per share on an INR 10 face value. BASF India Limited operates as a subsidiary of BASF SE in the chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions sectors. The company states it maintains a strong equity position as it pursues this structural simplification.", "multiples": "Fwd P/E: 23.8x · EV/EBITDA: 13.6x · EV/Sales: 0.8x · EV/GP: 6.7x (FY2027)", "source_url": "https://www.tradingview.com/news/urn:summary_document_report:quartr.com:3346554:0-basf-revenue-up-profit-down-major-restructuring-and-250-dividend-recommended/" }, { "company": "Schouw & Co.", "ticker": "SCHO.CO", "country": "DK", "last": "", "market_cap": "$2.4B", "ev": "$3.1B", "context": "BioMar is the world's third-largest producer of feed for high-value farmed fish and shrimp, operating 16 production facilities globally and serving customers in 90+ countries.", "summary": "Schouw & Co. (SCHO.CO) published the offering circular for the carve-out IPO of BioMar Group A/S, the world's third-largest producer of feed for high-value farmed fish and shrimp, at an indicative range of DKK 100-108 per share. The offering of up to 25,200,000 shares on Nasdaq Copenhagen targets total proceeds of approximately DKK 2.55-2.95 billion, implying a DKK 10.4 billion market capitalization at the mid-point. Cornerstone investors ATP, Danske Bank, DNB, Nykredit, and TIND committed DKK 1.35 billion to cover 51.6% of the offering. Schouw & Co. will retain long-term majority ownership with an expected free float of 25-29% and is subject to a 360-day lock-up. The offer period commences May 20, 2026, with first trading expected June 3, 2026. Advisors on the transaction include DNB Carnegie, Morgan Stanley, Danske Bank, Nordea, and ABG Sundal Collier.", "multiples": "Fwd P/E: 11.9x · EV/EBITDA: 6.7x · EV/Sales: 0.6x · EV/GP: 4.3x (FY2026)", "source_url": "https://view.news.eu.nasdaq.com/view?id=b5e76d74dc87dc94dfe67eafd9ce05868&lang=en" }, { "company": "Westgold Resources Limited", "ticker": "WGX.AX", "country": "AU", "last": "", "market_cap": "$3.3B", "ev": "$1.8B", "context": "Westgold Resources is an ASX 100 Australian gold producer operating four mining hubs across the Murchison and Southern Goldfields regions of Western Australia, with combined processing capacity of ~6Mtpa.", "summary": "Westgold Resources (WGX.AX) executed a binding Asset Sale and Purchase Agreement to divest its Chalice Gold Project to Corazon Mining Limited (ASX: CZN) for total consideration of A$25.7M. Terms consist of A$8.0M in upfront cash, A$6.7M in Corazon shares representing a 19.9% post-completion stake, and A$11.0M in deferred cash tied to resource-estimate milestones. The transaction includes board nomination rights for Westgold and completes a portfolio optimization strategy that has reached a total realized and potential value of approximately A$215M. Corazon has received firm commitments for a A$16.5M capital raise to fund the acquisition. Argonaut and Thomson Geer served as advisors on the divestment. Completion is expected in late June or early July 2026, subject to Corazon shareholder approval and customary closing conditions.", "multiples": "Fwd P/E: 4.8x · EV/EBITDA: 2.7x · EV/Sales: 0.8x · EV/GP: 4.8x (FY2027)", "source_url": "https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03091490-6A1326081" }, { "company": "Kontoor Brands", "ticker": "KTB", "country": "US", "last": "$69.91", "market_cap": "$3.9B", "ev": "$4.6B", "context": "Kontoor Brands is a global apparel company whose flagship brands are Wrangler, Lee, and Helly Hansen, spanning denim, outdoor, and workwear categories.", "summary": "Kontoor Brands (KTB) entered into a definitive agreement to sell its Lee business to Authentic Brands Group for total consideration of up to $1 billion. The transaction terms include $750 million in upfront cash and a potential $250 million earnout. Unanimously approved by Kontoor's board, the deal is expected to close in H2 2026 subject to regulatory approvals. The company intends to use the proceeds for voluntary term loan payments and share repurchases under a $750M authorization. This divestiture sharpens the portfolio focus on the Wrangler and Helly Hansen brands while offering a clear catalyst path for capital return.", "multiples": "Fwd P/E: 13.4x · EV/EBITDA: 9.3x · EV/Sales: 1.7x · EV/GP: 3.6x (FY2027)", "source_url": "https://www.fibre2fashion.com/news/retail-industry/us-kontoor-brands-to-sell-lee-business-to-authentic-for-1-bn-310481-newsdetails.htm?amp=true" }, { "company": "SSR Mining Inc.", "ticker": "SSRM", "country": "US", "last": "$29.72", "market_cap": "$6.2B", "ev": "$4.3B", "context": "SSR Mining is a gold and silver producer with operations in the United States, including Marigold and Cripple Creek & Victor mines.", "summary": "Ssr Mining Inc. (SSRM) signed a definitive agreement to sell its 20% equity stake and operatorship in Hod Maden to Lidya Mines for an uncapped 4.0% net smelter return (NSR) royalty on 100% of the project. This divestiture of the capital-intensive project for a royalty stream completes the company's pivot to an Americas-focused portfolio. SSR Mining's total invested capital in Hod Maden was approximately $243 million. Post-commercial production, Royal Gold holds a call right to purchase 2.0% of the NSR for $160 million. The transaction is expected to close in Q3 2026, subject to Turkish regulatory approval.", "multiples": "Fwd P/E: 6.5x · EV/EBITDA: 7.8x · EV/Sales: 1.7x · EV/GP: 4.8x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000921638/000092163826000069/0000921638-26-000069-index.htm" }, { "company": "Infratil Limited", "ticker": "IFT.NZ", "country": "NZ", "last": "", "market_cap": "$9.3B", "ev": "$9.6B", "context": "Infratil is a New Zealand-listed infrastructure investment company with a diversified portfolio including renewables, digital, and social infrastructure assets. Contact Energy is a major NZX/ASX-listed electricity generator and retailer.", "summary": "Infratil (IFT.NZ) is selling 53,531,358 shares of Contact Energy via a fully underwritten block trade priced at NZ$9.25 per share. The divestiture of the 5% stake is expected to generate gross proceeds of NZ$495.17 million with settlement scheduled for 25 May 2026. Post-transaction. Infratil will retain a 9.08% interest in the electricity generator and retailer and has committed to a lock-up on those shares until at least August 2026. Proceeds provide additional flexibility to fund future growth opportunities across Infratil’s infrastructure portfolio.", "multiples": "Fwd P/E: 70.3x · EV/EBITDA: 12.2x · EV/Sales: 4.7x · EV/GP: 5.0x (FY2027)", "source_url": "https://www.nzx.com/announcements/472904" }, { "company": "Everest Group, Ltd.", "ticker": "EG", "country": "BM", "last": "$352.71", "market_cap": "$14.0B", "ev": "$16.3B", "context": "Everest Group, Ltd. is a global reinsurance and insurance group offering property, casualty, and specialty coverage through its reinsurance and primary insurance divisions.", "summary": "Everest Group, Ltd. (EG) entered into a definitive agreement on May 19, 2026, to sell its Colombia insurance subsidiary, Everest Compania De Seguros Generales Colombia S.A, to American International Group, Inc. The transaction is expected to close in early 2027, subject to regulatory approvals and closing conditions. Guy Carpenter & Company, LLC served as financial advisor to Everest, while Willkie Farr & Gallagher LLP and Debevoise & Plimpton LLP provided legal counsel. The divestiture simplifies Everest’s portfolio and generates proceeds that could be used for capital return or redeployment into core reinsurance.", "multiples": "Fwd P/E: 6.8x (FY2026)", "source_url": "https://www.marketscreener.com/news/american-international-group-inc-entered-into-definitive-agreement-to-acquire-everest-compania-de-ce7f5ad8d88ef02d" }, { "company": "Sun Communities, Inc.", "ticker": "SUI", "country": "US", "last": "$127.75", "market_cap": "$15.7B", "ev": "$16.7B", "context": "Sun Communities is a publicly traded REIT that owns and operates manufactured housing and recreational vehicle communities as well as marinas, primarily in the US and UK.", "summary": "Sun Communities, Inc. (SUI) signed a definitive agreement to sell its UK assets, including the Park Holidays business, to funds affiliated with Aermont Capital for approximately $1.03 billion. The divestiture represents a portfolio rationalization intended to unlock value from international assets and simplify the company’s geographic footprint.", "multiples": "Fwd P/E: 50.3x · EV/EBITDA: 20.3x · EV/Sales: 7.1x · EV/GP: NM (FY2026)", "source_url": "https://www.fidelity.com/news/article/mergers-and-acquisitions/202605210233PRIMZONEFULLFEED9724523" }, { "company": "Fiserv Inc", "ticker": "FI", "country": "US", "last": "$63.80", "market_cap": "$34.3B", "ev": "$64.3B", "context": "Fiserv is a global payments and financial technology company providing core banking platforms, merchant acquiring, digital banking, and payment processing solutions to banks, credit unions, and merchants.", "summary": "Fiserv (FI) sold its student loan processing education division to Infinite Computer Solutions for undisclosed terms and spun off its ATM managed services, cash, and logistics operations into a joint venture controlled by private equity firm Bridgeport Partners. CEO Mike Lyons disclosed the transactions at the JPMorgan TMC conference as part of a portfolio review to sharpen focus on core products. Management signaled that additional divestitures could follow as the company reallocates capital toward core offerings and shareholder returns.", "multiples": "Fwd P/E: 7.5x · EV/EBITDA: 8.2x · EV/Sales: 3.2x (FY2026)", "source_url": "https://www.harianbasis.co/en/fiserv-divests-two-business-units" }, { "company": "Woodside Energy Group Ltd", "ticker": "WDS.AX", "country": "AU", "last": "", "market_cap": "$43.4B", "ev": "$31.2B", "context": "Woodside is one of Asia-Pacific's largest independent energy producers, focused on LNG, pipeline gas, crude oil, and condensate. It operates flagship Australian assets including Pluto LNG and the North West Shelf project, primarily serving Asian export markets.", "summary": "Woodside Energy Group Ltd (WDS.AX) confirmed that INPEX entered a definitive agreement to acquire a stake in an offshore Australian gas resource joint venture operated by the company. Shares of Woodside rose approximately 3% following the transaction announcement, though financial terms were not disclosed. The deal signals continued strategic interest from Asian buyers in Australian LNG supply and suggests the market may be undervaluing the company's gas portfolio. Woodside is an independent energy producer focused on LNG, pipeline gas, crude oil, and condensate, operating flagship Australian assets including Pluto LNG and the North West Shelf project.", "multiples": "Fwd P/E: 16.7x · EV/EBITDA: 4.7x · EV/Sales: 3.0x · EV/GP: 10.2x (FY2026)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/woodside-energy-group-ltd-stock-au000000wds3-shares-rise-after-inpex/69365350" }, { "company": "Anglo American plc", "ticker": "AAL.L", "country": "GB", "last": "", "market_cap": "$55.2B", "ev": "$76.6B", "context": "Anglo American is a leading global mining company focused on copper, premium iron ore, and crop nutrients, with additional interests in diamonds through De Beers.", "summary": "Anglo American (AAL.L) entered into a definitive agreement to sell its steelmaking coal business for up to US$3.875 billion in cash. The transaction represents a major step in the company's portfolio simplification toward copper, premium iron ore, and crop nutrients. This divestiture follows ongoing structural changes, including the separation of De Beers and the nickel business.", "multiples": "Fwd P/E: NM · EV/EBITDA: 9.0x · EV/Sales: 2.7x · EV/GP: 6.9x (FY2026)", "source_url": "https://www.angloamerican.com/media/press-releases/2026/18-05-2026" }, { "company": "", "ticker": "8139.HK", "country": "CN", "last": "", "market_cap": "$7M", "ev": "$29M", "context": "Zhejiang Chang'an Renheng Technology is a Chinese joint-stock company engaged in refined clay products, with its Renheng Refined Clay Co., Ltd. subsidiary located in Hebei.", "summary": "Zhejiang Chang'an Renheng Technology Co., Limited (8139.SS) is in preliminary discussions with a potential buyer regarding the disposal of its 100% stake in subsidiary Renheng Refined Clay Co., Ltd. No legally binding or definitive agreement has been signed, and major terms for the potential transaction have not been determined. The divestiture remains subject to commercial negotiation, buyer due diligence, and the signing of a definitive agreement. Stated objectives for the sale include optimizing the investment structure, reducing the debt ratio, and saving interest costs. The disposal of the Hebei-based subsidiary is intended to streamline operations and unlock value for the micro-cap HKEX-listed company.", "multiples": "", "source_url": "" }, { "company": "Kincora Copper Limited", "ticker": "KCC.V", "country": "CA", "last": "", "market_cap": "$34M", "ev": "$29M", "context": "Kincora Copper is an Australia-focused gold-copper explorer with a hybrid project generator strategy, holding district-scale landholdings in Australia's Lachlan Fold Belt and Mongolia's Southern Gobi porphyry belts.", "summary": "Kincora Copper (KCC.TO) signed a term sheet with Tumen Ail Coal LLC to divest 100% of its Mongolian subsidiaries for $10M in staged payments. The company received a $1.5M non-refundable option payment, with an additional $3.5M due upon execution of a definitive agreement by July 1, 2026. A final $5M payment will be deposited into escrow upon signing and released upon registration of shareholder changes, which is expected by year-end 2026. The divestment provides $10M in non-dilutive cash to fund drilling programs at Kincora Copper’s Australian porphyry projects. The transaction is intended to enable an increased focus on the company's district-scale landholdings in Australia's Lachlan Fold Belt.", "multiples": "", "source_url": "https://www.tradingview.com/news/tmx_newsfile:a76573d15094b:0-kincora-receives-option-payment-for-divestment-of-mongolian-assets/" }, { "company": "China Chengtong Development Group Limited", "ticker": "0217.HK", "country": "HK", "last": "", "market_cap": "", "ev": "", "context": "China Chengtong Development Group Limited is a Hong Kong-listed company involved in development and related activities.", "summary": "China Chengtong Development Group Limited (0217.HK) entered into three sale and leaseback agreements involving Huadian Bayin, Huadian Datong, and Zhoushan. The transactions are classified as major transactions under Hong Kong listing rules. China Chengtong Development Group Limited is a Hong Kong-listed company involved in development and related activities. These sale and leaseback agreements are intended to unlock capital from owned assets and signal a shift in capital allocation strategy.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0520/2026052001143.htm" }, { "company": "", "ticker": "3399.HK", "country": "CN", "last": "", "market_cap": "$140M", "ev": "$383M", "context": "Guangdong Yueyun Transportation is a PRC-incorporated joint stock company providing passenger transport, logistics, and related services, listed on the Hong Kong Stock Exchange.", "summary": "Guangdong Yueyun Transportation Company Limited (03399.SS) entered into an Equity Transaction Agreement on 20 May 2026 to sell its 51% equity interest in subsidiary Foshan Yueyun to Foshan Yingrui for RMB58,244,500. The consideration was reached via public bidding on the Guangdong United Assets and Equity Exchange, completing a process that began in January 2026. Upon completion, the company will cease to hold any equity in Foshan Yueyun and will deconsolidate the subsidiary. Guangdong Yueyun Transportation Company Limited expects to record a loss on disposal of approximately RMB5.74M and will use net proceeds for general working capital. Closing is expected within 60 days of the first installment payment. The divestiture provides visibility into asset-recycling motivations amid a secular decline in traditional public transit modes.", "multiples": "Fwd P/E: 2.6x · EV/EBITDA: 2.3x · EV/Sales: 0.3x · EV/GP: 3.3x (FY2026)", "source_url": "" }, { "company": "Apex Resources Inc.", "ticker": "APX.V", "country": "CA", "last": "", "market_cap": "$3M", "ev": "$3M", "context": "Apex is a Vancouver-based exploration company with precious and critical minerals projects in the US and Canada, including the historic Jersey-Emerald lead-zinc-tungsten property in BC and the Lithium Creek lithium brine project in Nevada.", "summary": "Apex Resources Inc. (APX.V) entered into a definitive mining option agreement granting Fortress Strategic Metals Corp. an exclusive option to earn up to 100% interest in the Tungsten Zones at the Jersey-Emerald Project. Fortress can earn an initial 25% stake by paying C$150,000 in cash and issuing C$1 million in shares and warrants within 15 days of TSXV acceptance, which is expected within weeks. To reach a 75% interest by August 2027, Fortress must complete an 8,000-meter drill program, an NI 43-101 PEA, and issue C$3 million in special warrants. Successive requirements for the full 100% interest include a feasibility study or mine decision and C$4 million in share issuances by February 2029. Upon commercial production, Apex receives C$6 million in Fortress shares and a 2% NSR royalty while retaining all non-tungsten mineral rights. This staged divestiture monetizes a non-core asset while preserving upside through share consideration and project milestones.", "multiples": "", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W5096&drmKey=89bab7f0032e4289&drr=ss95951bef1270aefab7fbc54fd1218492f0a8d167f99a51c5719ab4aa431b757dbc035c02391c137a0890871488c276c1ux&id=0c11f8b7998bcd961660651208a633f490d07aae2ee10655" } ] }, { "name": "Tender Offers", "count": 19, "items": [ { "company": "Tiemco Ltd.", "ticker": "7501.T", "country": "JP", "last": "", "market_cap": "$29M", "ev": "$18M", "context": "Tiemco Ltd. is a Japanese manufacturer and retailer of fishing tackle and outdoor goods, focusing on fly-fishing products with growing e-commerce and global expansion initiatives.", "summary": "Tiemco Ltd. (7501.T) resolved on May 19, 2026, to oppose an unsolicited tender offer from Capital Nuts seeking between 43.18% and 60.00% of company shares. The board reversed its earlier reserved stance following a unanimous recommendation from a special committee of three independent directors and external experts. The offer was launched on April 7, 2026, without prior notice to Tiemco, which is a Japanese manufacturer and retailer of fishing tackle and outdoor goods. Tiemco cited a lack of disclosure on the bidder's financials, unclear post-acquisition plans, and the coercive nature of the offer as reasons for its opposition. Tokyo International Law Office is serving as an advisor. This contested situation creates potential for a raised bid, a white knight, or a poison pill defense.", "multiples": "EV/GP: 2.4x", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y50I" }, { "company": "Global Information, Inc.", "ticker": "4171.T", "country": "JP", "last": "", "market_cap": "$31M", "ev": "$9M", "context": "Global Information, Inc. is a Japanese market research and digital media company providing business intelligence and information services.", "summary": "Userbase, Inc. launched a tender offer for Global Information, Inc. (4171.T) on May 20, 2026. Global Information, Inc. is a Japanese market research and digital media company providing business intelligence and information services. The offer includes the acquisition of the 2nd series of stock acquisition rights issued on July 30, 2018, at an exercise price of ¥144,200. The tender offer announcement, filed via the Tokyo Stock Exchange, states a minimum number of shares to be purchased. This third-party tender offer creates a potential control premium and provides an actionable event for merger-arbitrage strategies.", "multiples": "EV/GP: 0.9x", "source_url": "https://www.nikkei.com/markets/company/sys/redirect_dis.aspr?ano=fxq7cp&t=https://www.nikkei.com/nkd/disclosure/tdnr/20260520542553/" }, { "company": "Metaspacex Limited", "ticker": "1796.HK", "country": "HK", "last": "", "market_cap": "$35M", "ev": "$104M", "context": "Metaspacex Limited is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange (Stock Code: 1796).", "summary": "Metaspacex Limited (1796.HK) appointed Messis Capital Limited as the independent financial adviser to its Independent Board Committee to evaluate a partial offer by Mr. Chan Yuen Tung. The offer was announced on 5 May 2026. This appointment signals the transition to the formal evaluation stage under the Hong Kong Takeovers Code. Messis Capital will advise on the fairness and reasonableness of the offer. The resulting opinion and the board’s recommendation for shareholders will be included in the upcoming offeree document.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0520/2026052001462.pdf" }, { "company": "Riverine China Holdings Limited", "ticker": "1417.HK", "country": "HK", "last": "", "market_cap": "$75M", "ev": "$42M", "context": "Riverine China Holdings Limited is a Hong Kong-listed company incorporated in the Cayman Islands, providing property management and related services in mainland China.", "summary": "Riverine China Holdings Limited (1417.HK) announced that its controlling shareholder, Partner Summit Holdings Limited, signed a non-binding MOU on May 11, 2026, to sell its entire 74.08% stake of 300,030,000 shares to an independent third party. If consummated, the sale would trigger a mandatory general offer under Rule 26.1 of the Hong Kong Takeovers Code. The MOU includes a three-month exclusivity period, earnest money, and due diligence provisions, though no legally binding agreement has been executed. Monthly update announcements will be provided per Rule 3.7 until a firm intention to make an offer is announced or the transaction is terminated. Trading in the shares was halted on May 15, 2026, and is scheduled to resume on May 19, 2026. This potential control sale at the 74%-shareholder level offers minority shareholders a full-takeout opportunity if the deal proceeds.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0518/2026051800920.pdf" }, { "company": "Assertio Holdings, Inc.", "ticker": "ASRT", "country": "US", "last": "$23.44", "market_cap": "$151M", "ev": "$87M", "context": "Assertio Holdings, Inc. is a commercial-stage pharmaceutical company focused on branded and generic prescription products, primarily in neurology, pain, and inflammation.", "summary": "Assertio (ASRT) filed a Schedule 14D-9 recommending that stockholders tender their shares into Zydus Worldwide DMCC’s $23.50 per-share all-cash offer. The $152 million transaction followed the termination of a prior merger agreement with Garda Therapeutics and will be executed as a post-offer merger under DGCL Section 251(h) requiring no stockholder vote. The board’s unanimous recommendation follows a definitive merger agreement signed May 13, 2026, with Moelis & Company LLC serving as advisor. Assertio is a commercial-stage pharmaceutical company that had 6,462,180 shares outstanding as of May 14, 2026. The definitive price and lack of a vote requirement create a near-certain closing path and a tight arbitrage spread for position sizing.", "multiples": "EV/EBITDA: 2.9x · EV/Sales: 0.8x · EV/GP: 1.8x (FY2026)", "source_url": "https://www.stocktitan.net/sec-filings/ASRT/sc-14d9-assertio-holdings-inc-tender-offer-recommendation-ab7717231fb4.html" }, { "company": "E-Grand Co., Ltd.", "ticker": "3294.T", "country": "JP", "last": "", "market_cap": "$185M", "ev": "$168M", "context": "E-Grand Co., Ltd. is a Japanese real estate company focusing on property ownership, sales, management, rental, leasing, and brokerage.", "summary": "E-Grand Co., Ltd. (3294.T) filed an extraordinary report confirming the successful completion of Seibu Real Estate Co., Ltd.’s public tender offer for 5,610,751 shares and share acquisition rights. The offer period ended on May 18, 2026, and exceeded the minimum threshold of 4,105,200 shares. Upon settlement scheduled for May 25, 2026, Seibu Real Estate will hold 90.86% of voting rights, or 56,107 out of 61,748 units, becoming the new parent company. Seibu Holdings will simultaneously become an indirect parent of the Japanese real estate company. The acquisition of a 90.86% stake triggers a potential squeeze-out of remaining minority shareholders.", "multiples": "", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y52S" }, { "company": "Ju Teng International Holdings Limited", "ticker": "3336.HK", "country": "HK", "last": "", "market_cap": "$323M", "ev": "$462M", "context": "Ju Teng International Holdings manufactures notebook computer casings and other precision plastic and metal components, primarily for the IT industry.", "summary": "Ju Teng International Holdings Limited (3336.HK) has entered into a sale and purchase agreement where Lens Technology Co., Ltd. will acquire an approximate 27.81% stake from vendors including Southern Asia, Mr. Cheng Li-Yu, and Ms. Lin Mei-Li for HK$734.2 million at HK$2.20 per share. Upon completion, CLSA Limited will launch a pre-conditional voluntary conditional general cash offer for all remaining shares at HK$2.20 per share, valuing the deal at HK$1,905,849,908.60. The offer is conditional on acceptances resulting in Lens Technology holding more than 50% of voting rights, and the offeror intends to maintain Ju Teng’s HKEX listing. Trading in Ju Teng shares resumes 19 May 2026 following a halt since 23 April 2026. CITICS HK is acting as financial adviser to the offeror, and an Independent Board Committee has been formed. Ju Teng International Holdings manufactures notebook computer casings and other precision plastic and metal components.", "multiples": "EV/GP: 19.6x", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0518/2026051801836.pdf" }, { "company": "Schroder UK Mid Cap Fund plc", "ticker": "SCP.L", "country": "GB", "last": "", "market_cap": "$328M", "ev": "$346M", "context": "Schroder UK Mid Cap Fund plc is a London-listed closed-end investment trust investing in mid-cap UK equities, managed by Schroders.", "summary": "Schroder UK Mid Cap Fund plc (SCP.L) will launch a 100% tender offer at NAV per share to facilitate a full exit by Saba Capital. Saba has agreed to tender its entire holding and signed a three-year standstill agreement. The deal requires 75% shareholder approval at a general meeting scheduled for 24 June 2026. Board directors will vote in favor but will not tender, with three directors committing to purchase £120k in additional shares. Following the exit, SCP will adopt a discount management policy targeting a mid-single-digit discount to NAV. The settlement resolves a long-running activist overhang and allows for a reset of the fund's capital base.", "multiples": "", "source_url": "https://portfolio-adviser.com/schroder-uk-mid-cap-reaches-deal-for-saba-to-exit-via-tender-offer/" }, { "company": "Genco Shipping & Trading Limited", "ticker": "GNK", "country": "MH", "last": "$23.39", "market_cap": "$1.0B", "ev": "$944M", "context": "Genco Shipping & Trading Limited is the largest U.S.-headquartered drybulk shipowner, operating a fleet of 43 vessels (Newcastlemax, Capesize, Ultramax, Supramax) that transport iron ore, coal, grain, and other commodities globally.", "summary": "Genco Shipping & Trading Ltd (GNK) filed additional proxy materials urging shareholders to reject an unsolicited $23.50 per share cash tender offer from Diana Shipping Inc. and vote for the incumbent board at the upcoming annual meeting. Genco’s board unanimously recommended rejection, stating the offer is inadequate and does not reflect analyst net asset value estimates of $26.54 to $26.80 per share. Diana Shipping is concurrently pursuing a proxy contest to replace Genco’s six directors with its own nominees. Genco reported Q1 2026 net income of $9.3M and adjusted EBITDA of $36.2M while maintaining a poison pill through preferred stock purchase rights. The company also projected a Q2 dividend of $0.70 per share, representing a 367% year-over-year increase.", "multiples": "Fwd P/E: 10.6x · EV/EBITDA: 7.8x · EV/Sales: 2.6x · EV/GP: 19.6x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001326200/000093041326001658/0000930413-26-001658-index.htm" }, { "company": "Kakaku.com, Inc.", "ticker": "2371.T", "country": "JP", "last": "", "market_cap": "$4.2B", "ev": "$2.3B", "context": "Kakaku.com operates Japan's leading price comparison and consumer review platform, providing online shopping support services and advertising solutions.", "summary": "Kakaku.com (2371.T) announced that Kamgras 1 Corporation filed a corrected tender offer registration statement following regulatory clearance for its bid for the company's common shares and stock acquisition rights. The Japan Fair Trade Commission issued a clearance notice and a shortened prohibition-period notice on May 15, 2026, resolving antitrust risk. This development results in the removal of the JFTC-related withdrawal condition from the original tender offer commencement announcement dated May 13, 2026. The amendment does not constitute a change to purchase conditions under Article 27-3, Paragraph 2, Item 1 of the Financial Instruments and Exchange Act. Regulatory clearance removes a key conditionality from the active tender offer, narrowing deal risk and clarifying the path to closing.", "multiples": "Fwd P/E: 29.1x · EV/EBITDA: 8.0x · EV/Sales: 3.4x · EV/GP: 11.6x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260519541368.pdf" }, { "company": "Atlas Arteria Limited", "ticker": "ALX.AX", "country": "AU", "last": "", "market_cap": "$5.0B", "ev": "$6.1B", "context": "Atlas Arteria is a global developer, operator and investor in toll roads, owning interests in major toll roads in France (APRR), the US, and Germany's Warnow Tunnel.", "summary": "The Australian Takeovers Panel declined to make a declaration of unacceptable circumstances regarding the off-market bid for Atlas Arteria (ALX.AX) by Diamond Infraco 1 (DICO). DICO is offering $4.75, increasing to $5.10 per share if its relevant interest reaches 45% before close. At the time of the application, DICO held a 34.48% relevant interest in the toll road operator. ASIC granted relief to extend the offer period by 14 days if the conditional price-increase threshold is triggered late. DICO further undertook not to exercise discretion on late-arriving acceptances to prevent crossing the 45% threshold before the price increase takes effect. The Panel's decision removes a regulatory overhang and clarifies the path to completion for the takeover bid.", "multiples": "Fwd P/E: 16.9x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2026)", "source_url": "https://takeovers.gov.au/media-releases/tp26-030" }, { "company": "Dolphin Medical Services Limited", "ticker": "526504.BO", "country": "IN", "last": "", "market_cap": "$1M", "ev": "$1M", "context": "Dolphin Medical Services Limited is a Hyderabad-based company listed on BSE Limited, with a paid-up equity share capital of ₹15.10 crore.", "summary": "Dolphin Medical Services (526504.BO) is subject to a mandatory open offer for a 26.00% stake, representing 3,925,988 shares, at a cash price of ₹480 per share. The offer follows a May 15, 2026, Share Purchase Agreement where acquirers agreed to purchase a 20.95% stake from existing promoters for ₹56.94 crore. Upon completion, the acquirers will hold up to 46.96% of the company and assume the role of new promoters. The deal is valued at ₹188 crore and is not contingent on a minimum level of acceptance. Rarever Financial Advisors Private Limited is serving as the advisor, with a detailed public statement due by May 22, 2026. The SEBI SAST regulated offer creates a time-limited exit window for public shareholders at the offer price.", "multiples": "", "source_url": "https://www.indiaipo.in/news/detail/acquirers-launch-open-offer-for-2600-stake-in-dolphin-medical-services-at-rs480-per-share" }, { "company": "Ryomo Systems", "ticker": "9691.T", "country": "JP", "last": "", "market_cap": "", "ev": "", "context": "Ryomo Systems is a Japanese company that is the target of a tender offer by automotive component manufacturer Mitsuba Corporation and electric utility Chubu Electric Power. Its specific industry is not detailed in the dossier.", "summary": "Mitsuba Corporation and Chubu Electric Power amended the terms of their tender offer for Ryomo Systems (7280.T). The revised offer doubles the planned annual dividend per share. Ryomo Systems’ board confirmed that no interim or year-end dividends will be paid for the fiscal period spanning late 2026 to early 2027. Consolidated net income and net asset figures for the target remain unchanged. These revised dividend terms and the suspension of future payouts reflect changes to the economic attractiveness of the tender offer and may influence shareholder acceptance rates.", "multiples": "", "source_url": "https://www.tipranks.com/news/company-announcements/mitsuba-and-chubu-electric-revise-tender-offer-terms-for-ryomo-systems" }, { "company": "Sammok S-FORM Co., Ltd.", "ticker": "018310.KQ", "country": "KR", "last": "", "market_cap": "$163M", "ev": "$1M", "context": "Sammok S-FORM Co., Ltd. manufactures and leases aluminum forms, gang forms, system forms, and specialty forms used in construction. It is listed on the KOSDAQ market in South Korea.", "summary": "S-FORM Co., Ltd. launched a partial tender offer to acquire 1,200,000 shares of Sammok S-FORM (018310.KQ) at KRW 22,800 per share, totaling KRW 27.36B. The tender period for the 8.16% stake runs from May 18 to June 8, 2026, with settlement on June 10. NH Investment & Securities is acting as the tender offer agent. S-FORM Co., Ltd. currently holds a 38.80% stake, and the acquisition will increase the aggregate ownership of S-FORM and special related parties from 69.47% to 77.63%. The offer is intended to stabilize management control and increase decision-making efficiency, explicitly not for delisting or M&A purposes. Sammok S-FORM manufactures and leases aluminum and specialty forms used in construction and is listed on the KOSDAQ.", "multiples": "", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260518000003" }, { "company": "Rimbaco Group Global Limited", "ticker": "1953.HK", "country": "HK", "last": "", "market_cap": "$268M", "ev": "$255M", "context": "Rimbaco Group Global Limited is a Malaysia-based construction and engineering contractor specializing in fast-track building projects, listed on the Hong Kong Stock Exchange.", "summary": "Rimbaco Group Global Limited (1953.HK) issued a profit alert projecting consolidated net profit of approximately RM15.8M for H1 FY2026, compared to approximately RM3.2M in H1 FY2025. This disclosure constitutes a profit forecast under Rule 10 of the Hong Kong Takeovers Code following the 24 April 2026 mandatory unconditional cash offer for all shares not already owned by Aureole Halo Limited. The forecast does not currently meet required reporting standards, but Rule 10 requirements will lapse when interim results are published by 1 June 2026. The board is expected to consider an interim dividend upon publication of those results. The profit increase materially improves the target’s near-term earnings profile during the active offer period and may affect acceptance decisions.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0519/2026051901077.pdf" }, { "company": "Anshin Guarantee Co., Ltd.", "ticker": "7183.T", "country": "JP", "last": "", "market_cap": "$28M", "ev": "$27M", "context": "Anshin Guarantee Co., Ltd. provides credit guarantee services in Japan, listed on Tokyo Stock Exchange Standard Market (code 7183).", "summary": "Muninnova Holdings Co., Ltd. launched a tender offer on May 13, 2026, to acquire all shares of Anshin Guarantee Co., Ltd. (7183.T) at ¥257 per share. The transaction targets full ownership and the subsequent delisting of the credit guarantee services provider. Aiful Corporation and AG Capital, which collectively hold 37.75% of the target company or 6,786,000 shares, have pre-committed their support to the offer. These pre-committed holdings materially de-risk the tender's minimum acceptance condition, with Aiful entering an in-kind dividend agreement to contribute its 35.65% stake to Muninnova upon successful settlement. The tender period runs through July 2, 2026, followed by a shareholder meeting on July 3, 2026, to approve the in-kind dividend.", "multiples": "EV/Sales: 1.1x (LTM)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4SZ" }, { "company": "Jimoty, Inc.", "ticker": "7082.T", "country": "JP", "last": "", "market_cap": "", "ev": "", "context": "Jimoty Inc. (TSE Growth: 7082) operates a local classifieds/listings platform in Japan, connecting users for second-hand goods, services, and community activities.", "summary": "NTT DoCoMo entered into an agreement on May 15, 2026, to tender its 18.52% stake in Jimoty Inc. (7082.T) into a pending tender offer by Culture Convenience Club Co., Ltd. The agreement covers 1,846,316 shares and follows an increase from a prior reported stake of 16.36%. Culture Convenience Club’s offer targets common shares and share warrants. The filing indicates the tender agreement now supersedes NTT DoCoMo's original shareholding purpose of promoting a business alliance. This commitment locks in a significant block for the offer, making the tender more likely to succeed and signaling strategic endorsement from a key partner.", "multiples": "Fwd P/E: 36.4x · EV/EBITDA: 12.8x · EV/Sales: 3.6x · EV/GP: 3.9x (FY2026)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4MQ" }, { "company": "Shantai Industries Limited", "ticker": "512297.BO", "country": "IN", "last": "", "market_cap": "$8M", "ev": "$8M", "context": "Manufactures and trades yarn and exports textile fabrics. Shares listed on BSE under scrip code 512297, trading under Enhanced Surveillance Measure Stage 2.", "summary": "Radhe Dhokla Private Limited launched a mandatory open offer for 25.60% of Shantai Industries (512297.KS) at ₹21 per share. The offer targets 1,920,000 shares for an aggregate consideration of ₹40.3M following the acquirers' purchase of a 74.40% promoter stake at ₹11.50 per share. Saffron Capital Advisors Private Limited is acting as advisor, and an escrow deposit of ₹10.1M has been placed with ICICI Bank. Shantai Industries manufactures and trades yarn and exports textile fabrics. The tendering period is scheduled to run from May 26 to June 9, 2026, with an identified date for eligible shareholders of May 12, 2026.", "multiples": "", "source_url": "https://scanx.trade/stock-market-news/companies/acquirers-offer-21-per-share-for-shantai-industries/40788817" }, { "company": "Destination XL Group Inc.", "ticker": "DXLG", "country": "US", "last": "$0.74", "market_cap": "$41M", "ev": "$221M", "context": "Destination XL Group is the largest men's big and tall specialty retailer in the U.S., operating brick-and-mortar stores and direct-to-consumer channels. It is merging with FullBeauty Brands, an inclusive-size retailer for men and women.", "summary": "Destination XL Group (DXLG) is evaluating an unsolicited $46M all-cash tender offer from Zodiac Partners II to acquire the firm for $0.82 per share. The bid represents a 26% premium to the May 11 close and is supported by a conditional financing commitment from Eclipse Business Capital. Destination XL Group is currently party to a December 2025 all-stock merger agreement with FullBeauty Brands (FBB Holdings) that would leave the firm public with $172M in term debt. Zodiac characterizes the pending FullBeauty transaction as risky and reports positive dialogue with shareholders representing a meaningful stake. The board is reviewing the competing offer with advisors and expects to make a recommendation next week. The Zodiac tender offer is scheduled to expire on June 19, 2026.", "multiples": "EV/EBITDA: 5.8x · EV/Sales: 0.5x · EV/GP: 1.3x (FY2027)", "source_url": "https://wwd.com/business-news/mergers-acquisitions/destination-xl-zodiac-partners-fullbeauty-merger-1238978949/" } ] }, { "name": "Going-Private", "count": 22, "items": [ { "company": "Sawafuji Electric Co., Ltd.", "ticker": "6901.T", "country": "JP", "last": "", "market_cap": "$35M", "ev": "$68M", "context": "Sawafuji Electric Co., Ltd. is a Japanese manufacturer of automotive electrical equipment, including starters, alternators, and related components.", "summary": "Sawafuji Electric Co., Ltd. (6901.T) is executing a going-private squeeze-out sequence via a self-tender for all ordinary shares held by 40% stakeholder Hino Motors, Ltd. and a reverse stock consolidation. Shareholders resolved on May 19, 2026, to repurchase the Hino Motors stake, which will reduce the counterparty's voting rights to 0% upon the scheduled completion date of May 26, 2026. A 6-into-5 reverse stock consolidation took effect on May 19, 2026, reducing issued shares to 5 after fractional elimination. Post-buyback, total issued shares for the automotive electrical equipment manufacturer will stand at 6 ordinary shares with ¥1,080 million in stated capital.", "multiples": "", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4U1" }, { "company": "Matrix Composites & Engineering", "ticker": "MCE.AX", "country": "AU", "last": "", "market_cap": "$62M", "ev": "$48M", "context": "Matrix Composites & Engineering provides engineered composite products for the oil and gas, mining, and infrastructure industries.", "summary": "Matrix Composites & Engineering (MCE.AX) received a no-objection notice from the Foreign Investment Review Board, satisfying a regulatory condition for the company's acquisition by Advanced Innergy Holdings. Structured as a members' scheme of arrangement at A$0.40 cash per share, the 100% take-private follows an implementation deed entered into on April 20, 2026. Advanced Innergy Holdings holds call options over 19.9% of Matrix shares at A$0.40 each as deal protection. The Matrix board has unanimously recommended that shareholders vote in favor of the scheme. FIRB clearance removes a major regulatory condition, de-risking the transaction and moving it closer to a shareholder vote and completion.", "multiples": "Fwd P/E: 19.5x · EV/Sales: 0.7x · EV/GP: 5.0x (FY2027)", "source_url": "https://grafa.com/en/news/australia/matrix-composites-wins-firb-approval-for-aih-takeover" }, { "company": "Matsuya R&D Co., Ltd.", "ticker": "7317.T", "country": "JP", "last": "", "market_cap": "$149M", "ev": "$135M", "context": "Matsuya R&D Co., Ltd. designs, manufactures, and sells blood pressure monitor arm cuffs, operating as a key supplier to Omron Healthcare under an existing capital and business alliance agreement.", "summary": "Matsuya R&D Co., Ltd. (7317.T) board resolved to support and recommend a tender offer from Omron Healthcare Co., Ltd. at ¥1,110 per share and ¥717,600 per stock acquisition right. The offer follows competition clearances in Taiwan and Vietnam and is scheduled to run from May 19, 2026, to June 15, 2026. Omron Healthcare currently holds a 14.64% stake and requires a minimum acceptance of 11,230,300 shares to reach a 66.57% ownership threshold for privatization. Following the tender offer, the acquirer intends to squeeze out remaining shareholders via share consolidation, resulting in a delisting from the Tokyo Stock Exchange Growth market. Matsuya R&D operates as a supplier to Omron Healthcare under an existing capital and business alliance agreement.", "multiples": "Fwd P/E: 12.5x · EV/EBITDA: 5.0x · EV/Sales: 2.0x · EV/GP: 6.0x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260518539984.pdf" }, { "company": "Rakon Limited", "ticker": "RAK.NZ", "country": "NZ", "last": "", "market_cap": "$208M", "ev": "$75M", "context": "Rakon Limited is a New Zealand-based manufacturer of advanced frequency control and timing solutions, supplying high-reliability crystal oscillators to the telecommunications, space, and defense industries.", "summary": "Rakon Limited (RAK.NZ) is moving to 100% ownership by Bourns, Inc. following the May 15, 2026, close of a NZ$355.1M takeover offer at NZ$1.55 per share. Bourns received acceptances for 97.6% of shares and has commenced compulsory acquisition for the remaining minority stake. NZX will suspend trading in the frequency control and timing solutions manufacturer at the close of trading on May 25, 2026, with delisting set for May 27, 2026. The compulsory acquisition process will run until June 16, 2026.", "multiples": "Fwd P/E: 31.0x · EV/EBITDA: 7.8x · EV/Sales: 1.2x · EV/GP: 2.7x (FY2027)", "source_url": "https://www.nzx.com/announcements/472768" }, { "company": "The Global Ltd.", "ticker": "3271.T", "country": "JP", "last": "", "market_cap": "$226M", "ev": "$274M", "context": "The Global Ltd. engages in real estate sales agency, building management, condominium development, hotel operations, and income-generating property businesses in Japan.", "summary": "The Global Ltd. (3271.T) announced the successful closure of a ¥16.3B tender offer by Daito Trust Construction Co., Ltd. on May 22, 2026. Daito Trust acquired 12,715,775 shares at ¥1,280 per share, resulting in a 44.92% voting rights stake alongside parent SBI Holdings' 51.95% position. Settlement for the first step of this two-step going-private transaction begins on May 28, 2026. The parties intend to proceed with a compulsory share consolidation to squeeze out remaining minority shareholders and delist the stock from the Tokyo Stock Exchange Standard Market. SMBC Nikko Securities Inc. is acting as advisor for the transaction.", "multiples": "EV/GP: 7.3x", "source_url": "https://www.release.tdnet.info/inbs/140120260522545670.pdf" }, { "company": "Zalaris ASA", "ticker": "ZAL.OL", "country": "NO", "last": "", "market_cap": "$232M", "ev": "$241M", "context": "Zalaris ASA provides HR and payroll outsourcing services across Northern Europe and the Baltic region, serving enterprises with cloud-based solutions for workforce management.", "summary": "Zalaris ASA (ZAL.OL) received acceptances for 52.94% of shares in the recommended voluntary cash tender offer by Norvestor-backed Kona BidCo AS at the May 18 expiry. Total commitments, including rollover shareholders, reach 84.03% for the NOK 100 per share cash bid, which values the HR and payroll outsourcing provider at NOK 2.17 billion. Kona BidCo waived the minimum acceptance condition on May 15 and expects settlement on or before June 9, 2026, subject to remaining conditions including the absence of any material adverse change. Following completion, the offeror intends to launch a mandatory offer for the remaining shares and apply for delisting from the Euronext Oslo Børs. Arctic Securities AS is acting as advisor to the offeror, while ABG Sundal Collier is advising Zalaris.", "multiples": "Fwd P/E: 15.0x · EV/EBITDA: 5.2x · EV/Sales: 1.4x · EV/GP: 12.9x (FY2026)", "source_url": "https://www.marketscreener.com/news/zalaris-asa-settlement-notification-and-results-for-the-recommended-voluntary-cash-tender-offer-ce7f5adbdb8dfe24" }, { "company": "Solasto Corporation", "ticker": "6197.T", "country": "JP", "last": "", "market_cap": "$632M", "ev": "$679M", "context": "Solasto Corporation provides medical-related services including medical administration, nursing care, and childcare support. It operates primarily in Japan and is listed on the Tokyo Stock Exchange Prime Market.", "summary": "MP-2605 Corporation completed its ¥1,119 per share tender offer for Solasto Corporation (6197.T), acquiring 51.06% of shares for a total deal value of ¥54.13B. The acquirer, together with Solasto management and an employee shareholding association, now controls an 87.18% stake and intends to effect a squeeze-out through a share consolidation. Daito Kentaku Co., Ltd., which holds 33.57% of the Japan-based provider of medical and nursing care services, did not tender and will sell its shares to the company post-consolidation. Financing for the transaction includes ¥37.07B in loans from Mizuho Bank, MUFG Bank, and Aozora Bank. MP-2605 is requesting an extraordinary shareholders meeting to initiate the squeeze-out process, with tender offer settlement scheduled to begin May 18, 2026.", "multiples": "Fwd P/E: 23.1x · EV/EBITDA: 10.3x · EV/Sales: 0.7x · EV/GP: 4.8x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y41N" }, { "company": "Information Services Corporation", "ticker": "ISC.TO", "country": "CA", "last": "", "market_cap": "$685M", "ev": "$408M", "context": "Operates Saskatchewan's land titles, corporate and personal property registries, and provides registry technology and information management services across Canada and internationally.", "summary": "ISC (ISC.TO) entered into a definitive agreement to be acquired by Plenary Americas LP for C$51.00 per share in an all-cash transaction valued at C$1.2B. The offer represents a 55% premium to the company’s unaffected price prior to the launch of its September 2025 strategic review. ISC's board and special committee unanimously approved the deal, which targets a Q3 2026 close following a shareholder vote in June 2026. Upon completion, ISC will delist from the Toronto Stock Exchange, though its Regina headquarters and Saskatchewan Golden Share protections will remain in place. RBC Capital Markets is advising ISC, while Barclays Capital is advising Plenary Americas, which is principally owned by CDPQ. Closing is subject to regulatory approvals and consent related to the Government of Saskatchewan’s Golden Share.", "multiples": "Fwd P/E: 17.9x · EV/EBITDA: 6.3x · EV/Sales: 2.1x · EV/GP: 7.1x (FY2026)", "source_url": "https://www.moosejawtoday.com/provincial-news/12b-deal-keeps-isc-headquarters-in-regina-and-funds-health-care-12302406" }, { "company": "Whitestone REIT", "ticker": "WSR", "country": "US", "last": "$18.99", "market_cap": "$976M", "ev": "$1.3B", "context": "Whitestone REIT is a Maryland real estate investment trust that owns, operates, and redevelops community-centered retail and mixed-use properties primarily in Sun Belt markets.", "summary": "Whitestone Reit (WSR) filed its definitive proxy statement for its acquisition by AREG Wizard Parent LP, an affiliate of Ares Real Estate, in an all-cash take-private merger. Whitestone is a Maryland real estate investment trust that owns, operates, and redevelops community-centered retail and mixed-use properties primarily in Sun Belt markets. Under the terms of the April 8, 2026 agreement, shareholders will receive $19.00 per share in cash. The Whitestone board has unanimously recommended that shareholders vote in favor of the proposal at a special meeting scheduled for July 9, 2026. Alliance Advisors, LLC is serving as an advisor on the transaction.", "multiples": "Fwd P/E: 49.2x · EV/EBITDA: 9.0x · EV/Sales: 7.9x · EV/GP: 11.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001175535/000119312526229702/0001193125-26-229702-index.htm" }, { "company": "Itochu-Shokuhin Co., Ltd.", "ticker": "2692.T", "country": "JP", "last": "", "market_cap": "$1.0B", "ev": "$1.0B", "context": "Itochu-Shokuhin is a Japanese food wholesaler and distributor, part of the Itochu Group, supplying food products and related services across multiple sales channels.", "summary": "Itochu-Shokuhin (2692.T) will delist from the Tokyo Stock Exchange effective May 19, 2026, following board approval of a cash-out demand by controlling shareholder Itochu Corporation. Itochu Corporation is exercising squeeze-out rights to transition the Japanese food wholesaler and distributor into a wholly owned subsidiary. This final step in the going-private transaction will extinguish the remaining public float and provide an exit for minority shareholders. The company will continue its food distribution business as an integrated member of the Itochu Group.", "multiples": "EV/EBITDA: 14.0x · EV/Sales: 0.2x (LTM)", "source_url": "https://www.tipranks.com/news/company-announcements/itochu-shokuhin-to-delist-shares-as-itochu-corporation-exercises-cash-out-demand" }, { "company": "Skyworth Group Limited", "ticker": "0751.HK", "country": "HK", "last": "", "market_cap": "$1.4B", "ev": "$1.8B", "context": "Skyworth Group is a Hong Kong-listed consumer electronics and technology company that has expanded into renewable energy through its Skyworth Photovoltaic solar business.", "summary": "Skyworth Group (0751.HK) provided an update on its proposal to delist from the Hong Kong Stock Exchange via a share buy-back scheme of arrangement. The plan includes a distribution of shares in its solar subsidiary, Skyworth Photovoltaic, which has completed corporate reformation and been renamed SKYWORTH Solar Co., Ltd. Pre-conditions for the transaction remain outstanding, including a late-May 2026 shareholder meeting at the solar unit to approve the share distribution and its listing. This going-private structure combined with a spin-off distribution creates a potential stub-value opportunity in the listed solar subsidiary. The delisting and buy-back scheme remain subject to conditions and may not proceed.", "multiples": "Fwd P/E: 11.8x · EV/EBITDA: 4.5x · EV/Sales: 0.2x · EV/GP: 1.4x (FY2026)", "source_url": "https://www.tipranks.com/news/company-announcements/skyworth-group-advances-delisting-plan-and-spin-off-of-solar-unit" }, { "company": "Select Medical Holdings Corporation", "ticker": "SEM", "country": "US", "last": "$16.52", "market_cap": "$2.0B", "ev": "$5.5B", "context": "Select Medical is a major U.S. operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational medicine centers.", "summary": "Select Medical Holdings Corp (SEM) filed its definitive proxy statement for a June 26, 2026, special meeting to vote on a management-led take-private merger at $16.50 per share in cash. The offer represents an 18% premium to the $14.01 unaffected price on November 24, 2025. A buyer consortium led by co-founder and Executive Chairman Robert Ortenzio and executive Martin Jackson is backed by Welsh Carson fund WCAS XIV. A Special Committee of independent directors unanimously recommended the transaction as fair to unaffiliated shareholders. Approval requires a majority of outstanding shares and a separate majority-of-the-minority condition excluding parent-affiliated stockholders. Select Medical is a U.S. operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational medicine centers.", "multiples": "Fwd P/E: 13.5x · EV/EBITDA: 8.5x · EV/Sales: 1.0x · EV/GP: 8.4x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001320414/000110465926064024/0001104659-26-064024-index.htm" }, { "company": "Douzone Bizon Co., Ltd.", "ticker": "012510.KS", "country": "KR", "last": "", "market_cap": "$2.2B", "ev": "$1.8B", "context": "Douzone Bizon is a South Korean enterprise software company providing cloud-based ERP, accounting, and business management solutions for SMEs and large enterprises.", "summary": "Douzone Bizon (012510.KS) filed a corrected material-fact report detailing disclosures on director fiduciary duties and fairness measures for its take-private by Doronicum Co., Ltd. Remaining minority shareholders will be cashed out via a stock exchange at KRW 120,000 per share, a 25% premium to the last close before the initial tender offer. Doronicum Co., Ltd. and Doronicum Singapore, LP currently hold 96.92% of shares following two successful tender offers. The stock exchange agreement was approved by the board on April 27, 2026, following a recommendation from an independent special committee of outside directors. Financial advisor Samil PwC and legal advisor Lin Law Firm provided fairness opinions confirming the exchange price is within or above the estimated fair value range. The transaction will result in the delisting of the enterprise software company from the Korea Exchange.", "multiples": "Fwd P/E: 35.3x · EV/EBITDA: 17.3x · EV/Sales: 5.5x · EV/GP: 11.6x (FY2026)", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260519000237" }, { "company": "LiveRamp Holdings, Inc.", "ticker": "RAMP", "country": "US", "last": "$37.70", "market_cap": "$2.3B", "ev": "$1.3B", "context": "LiveRamp provides enterprise data connectivity and identity resolution platforms, enabling companies to connect, control, and activate customer data across digital marketing ecosystems.", "summary": "LiveRamp Holdings, Inc. (RAMP) entered into a definitive merger agreement to be acquired by MMS USA Holdings, a wholly owned subsidiary of Publicis Groupe S.A., for $38.50 per share in cash. The LiveRamp Board of Directors unanimously approved the all-cash take-private transaction, which was disclosed in an 8-K filing on May 16, 2026. Closing is subject to stockholder approval, HSR clearance, non-U.S. antitrust and FDI approvals, and CFIUS approval. Upon completion, LiveRamp will become a wholly owned subsidiary of Publicis and be delisted from the NYSE.", "multiples": "Fwd P/E: 12.7x · EV/EBITDA: 4.0x · EV/Sales: 1.4x · EV/GP: 2.0x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000733269/000110465926062908/0001104659-26-062908-index.htm" }, { "company": "Kakaku.com, Inc.", "ticker": "2371.T", "country": "JP", "last": "", "market_cap": "$4.2B", "ev": "$2.3B", "context": "Kakaku.com operates Japan's leading price comparison and restaurant review platform, along with other consumer internet services including travel and real estate portals.", "summary": "Kamgras 1 Inc. launched a JPY 3,000 per share tender offer on May 13, 2026, to take Kakaku.com (2371.T) private. Digital Garage and KDDI, which hold a combined 38.31% stake, entered into non-tender agreements on May 12, 2026, committing to remain as shareholders. The take-private is structured as a two-step transaction, incorporating a squeeze-out via share consolidation and subsequent treasury stock acquisition if the tender offer does not acquire all remaining shares. Digital Garage plans to reinvest a portion of the proceeds from the transaction into the parent of Kamgras 1 Inc. for approximately 20% of the post-transaction voting rights. The tender offer is scheduled to close on July 2, 2026.", "multiples": "Fwd P/E: 29.1x · EV/EBITDA: 8.0x · EV/Sales: 3.4x · EV/GP: 11.6x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5B7" }, { "company": "Nikkon Holdings Co., Ltd.", "ticker": "9072.T", "country": "JP", "last": "", "market_cap": "$4.4B", "ev": "$3.8B", "context": "Nikkon Holdings provides transportation, warehousing, packaging, and testing services primarily for completed automobiles, auto parts, housing equipment, and agricultural machinery. It employs 13,762 people across Japan.", "summary": "Nikkon Holdings (9072.T) is reportedly weighing a going-private transaction as US-based funds prepare to bid for the company. Activist funds Oasis Management and Farallon Capital recently raised their stakes significantly to 17.66% and 23.00%, respectively. The company provides transportation, warehousing, packaging, and testing services primarily for completed automobiles, auto parts, housing equipment, and agricultural machinery. According to a May 20, 2026, Bloomberg News report, a take-private of the Japanese listed company creates a potential catalyst for price discovery and a near-term liquidity event. The presence of multiple US funds as potential bidders increases deal probability.", "multiples": "Fwd P/E: 37.2x · EV/EBITDA: 14.1x · EV/Sales: 2.2x · EV/GP: 14.4x (FY2027)", "source_url": "https://www.marketscreener.com/news/japan-s-nikkon-said-to-weigh-going-private-with-us-funds-to-bid-bloomberg-news-ce7f5ad8d18ef624" }, { "company": "The AES Corporation", "ticker": "AES", "country": "US", "last": "$14.68", "market_cap": "$10.5B", "ev": "$38.5B", "context": "The AES Corporation is a diversified power generation and utility company operating a global portfolio of electricity generation and distribution businesses.", "summary": "AES (AES) entered into a definitive merger agreement on March 1, 2026, to be acquired by Horizon Parent, L.P., a GIP–EQT consortium, for $15.00 per share in an all-cash take-private deal valued at $10.69 billion. The offer price represents a 35.5% premium to the unaffected closing price on July 8, 2025, and a 40.3% premium to the 30-day VWAP. AES filed its definitive merger proxy on May 15, 2026, with a shareholder vote scheduled for June 26, 2026. The transaction is not subject to a financing condition and is supported by equity commitments and a $4.72 billion backstop term loan facility. The board unanimously recommends voting for the merger, which is expected to close in H2 2026 and result in the company being delisted from the NYSE and deregistered.", "multiples": "Fwd P/E: 6.3x · EV/EBITDA: 7.1x · EV/Sales: 3.1x · EV/GP: 17.0x (FY2026)", "source_url": "https://www.stocktitan.net/sec-filings/AES/defm14a-aes-corp-merger-proxy-statement-391d57684649.html" }, { "company": "V-cube, Inc.", "ticker": "3681.T", "country": "JP", "last": "", "market_cap": "$4M", "ev": "$36M", "context": "V-cube, Inc. provides IT services and consulting, primarily web conferencing and visual communication solutions in Japan. Listed on the Tokyo Stock Exchange Prime Market.", "summary": "V-cube, Inc. (3681.T) signed a definitive agreement with AVA3 HD Co., Ltd. for a ¥521.6M third-party allotment of 73,461,700 Class V preferred shares at ¥7.10 per share. The transaction provides AVA3 HD with 90.74% voting rights, followed by a 6,469,357:1 share consolidation to make the counterparty the sole shareholder. Minority shareholders will receive cash consideration of approximately ¥10 per share, or roughly ¥260 million in total, as part of the squeeze-out. An Extraordinary General Meeting to approve the transaction is scheduled for mid-June 2026, which will lead to the company's delisting from the Tokyo Stock Exchange Prime Market. The take-private structure utilizes 90%+ dilution and a cash-out at a deep discount to par value.", "multiples": "EV/EBITDA: 5.3x · EV/Sales: 0.5x · EV/GP: 1.5x (FY2026)", "source_url": "https://www.marketscreener.com/news/v-cube-notice-concerning-conclusion-of-definitive-agreement-with-ava3-hd-co-ltd-ce7f5adbd880f12c" }, { "company": "ENN Energy Holdings Ltd", "ticker": "2688.HK", "country": "CN", "last": "", "market_cap": "$8.4B", "ev": "$11.1B", "context": "ENN Energy is a leading Chinese city-gas distributor serving residential, commercial, and industrial customers through long-term pipeline concessions. It also operates integrated energy projects including distributed generation and energy efficiency services.", "summary": "ENN Natural Gas Co. and affiliates announced a pre-conditional privatization proposal for ENN Energy Holdings Ltd (2688.SS) on May 15, 2026. The transaction would delist the Chinese city-gas distributor from the Hong Kong Stock Exchange, subject to specific conditions and shareholder approval. Regulators are monitoring share dealings under the Hong Kong Takeovers Code during the offer period. ENN Energy serves residential, commercial, and industrial customers through long-term pipeline concessions and operates integrated energy projects including distributed generation and services. The proposal provides a potential cash exit for minority shareholders and may signal an insider view that public markets undervalue the company's regulated Chinese cash-flow streams.", "multiples": "Fwd P/E: 9.9x · EV/EBITDA: 6.3x · EV/Sales: 0.7x · EV/GP: 5.7x (FY2026)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/enn-energy-holdings-ltd-stock-hk2688005201-privatization-proposal-puts/69349671" }, { "company": "Global Information, Inc.", "ticker": "4171.T", "country": "JP", "last": "", "market_cap": "$23M", "ev": "$6M", "context": "Global Information is a Japan-based provider of market research reports, annual information services, custom survey services, and international conference/exhibition participation support. It sources reports from global publishers and distributes them to corporate clients, primarily through inbound web marketing.", "summary": "Global Information (4171.T) has recommended a tender offer from Uzabase Inc. to acquire all outstanding shares for ¥1,680 each and all stock acquisition rights for ¥144,200 each. The offer period runs from May 21, 2026, to July 1, 2026, with a minimum acceptance threshold of 1,983,600 shares representing 66.83% ownership. Shareholders including management and the founder's family have entered into irrevocable tender agreements for 63.69% of the company. Uzabase intends to make Global Information a wholly-owned subsidiary through a subsequent squeeze-out via share consolidation and delisting. Global Information distributes market research reports, annual information services, and custom survey services to corporate clients.", "multiples": "", "source_url": "https://www.release.tdnet.info/inbs/140120260520542556.pdf" }, { "company": "Takara Bio Inc.", "ticker": "4974.T", "country": "JP", "last": "$1143.00", "market_cap": "$865M", "ev": "$807M", "context": "Takara Bio develops and manufactures research reagents, gene therapy technologies, and CDMO services for the biotechnology and pharmaceutical industries.", "summary": "Takara Bio (4974.T) shareholders approved a 15,332,374-to-1 reverse stock split to finalize a going-private transaction by Takara Holdings. Post-consolidation, Takara Holdings will hold the six remaining outstanding shares. Minority shareholders are set to receive ¥1,150 per pre-split share through a court-approved sale of fractional shares. The company will delist from the Tokyo Stock Exchange Prime Market on June 12, 2026, with the stock consolidation becoming effective on June 16, 2026. Takara Holdings financed the squeeze-out via a loan from Mizuho Bank. Cash distributions to minority holders are expected between late July and early September 2026.", "multiples": "Fwd P/E: 127.0x · EV/EBITDA: 12.9x · EV/Sales: 3.0x · EV/GP: 5.9x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260519540783.pdf" }, { "company": "China Energy Storage Technology Development Limited", "ticker": "1143.HK", "country": "HK", "last": "", "market_cap": "$9M", "ev": "", "context": "China Energy Storage Technology Development Limited is a Hong Kong-listed company focused on energy storage technology development and related businesses.", "summary": "China Energy Storage Technology Development Limited (1143.HK) issued a monthly update on its proposed privatisation by Fame Castle Enterprises Limited via a scheme of arrangement under Section 86 of the Companies Act of the Cayman Islands. The proposal, which entails a delisting from the SEHK, was first announced 30 March 2026. The deadline for despatching the scheme document has been extended to on or before 30 June 2026 with Takeovers Executive consent. China Energy Storage Technology Development Limited has applied for a Grand Court directions hearing to convene the Court Meeting, though a date has not been confirmed. An independent financial adviser has been appointed to the Independent Board Committee, and a financial adviser is acting for the offeror. This going-private transaction via scheme of arrangement creates an actionable spread for arbitrageurs focused on Hong Kong-listed take-privates, with court and regulatory milestones providing near-term catalysts.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0520/2026052000890.pdf" } ] }, { "name": "Deal Terminations", "count": 6, "items": [ { "company": "Sankei Real Estate Investment Corporation", "ticker": "2972.T", "country": "JP", "last": "", "market_cap": "$354M", "ev": "$528M", "context": "Sankei Real Estate Investment Corporation is a Japanese real estate investment trust (J-REIT) listed on the Tokyo Stock Exchange, externally managed by Sankei Build Asset Management, and invests primarily in office and commercial properties in Japan.", "summary": "Sankei Real Estate Investment Corporation (2972.T) announced the failure of a tender offer by Tiger LPS and Lion LPS after tendered units fell below the required minimum threshold. The offer sought up to 467,099 units at JPY 125,000 per unit, representing a maximum deal value of JPY 58.4B. During the 86-business-day tender period ending May 18, 2026, shareholders tendered 138,376 units, missing the 247,563-unit minimum requirement. Sankei Real Estate will remain listed on the Tokyo Stock Exchange and continue operations as a REIT. Tendered units will be returned to shareholders on May 20, 2026.", "multiples": "", "source_url": "https://www.release.tdnet.info/inbs/140120260519540577.pdf" }, { "company": "Keppel Ltd.", "ticker": "BN4.SI", "country": "SG", "last": "", "market_cap": "$15.4B", "ev": "$22.2B", "context": "Keppel is a Singapore-listed conglomerate with operations in asset management, infrastructure, real estate, and connectivity. M1 is its telecommunications subsidiary.", "summary": "Keppel (BN4.SI) announced that its proposed S$1.4B all-cash divestiture of telecommunications subsidiary M1 to Simba Telecom will terminate. The Infocomm Media Development Authority halted its regulatory assessment of the deal following reports that Simba may have used unassigned radio frequency bands. Keppel confirmed the share purchase agreement will lapse on the May 21 long-stop date. Following the development, Keppel shares declined up to 5%, erasing more than S$950M in market value, while Simba parent Tuas Ltd fell 63% on the ASX. The termination removes a monetization catalyst from Keppel's capital recycling program, which originally announced the transaction in August 2025.", "multiples": "Fwd P/E: 20.0x · EV/EBITDA: 19.1x · EV/Sales: 4.2x · EV/GP: 26.4x (FY2026)", "source_url": "https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/keppel-shares-fall-5-after-m1-simba-deal-falls-through" }, { "company": "Maha Capital", "ticker": "MAHA-A.ST", "country": "SE", "last": "", "market_cap": "$395M", "ev": "$363M", "context": "Maha Capital is a prospective SPAC merger target identified in a now-terminated non-binding LOI with Blue Water Acquisition Corp. IV. Limited public business details are available from the press release.", "summary": "Maha Capital (MAHA-A.ST) and Blue Water Acquisition Corp. IV mutually terminated their non-binding letter of intent for a proposed business combination on May 15, 2026. The companies cited the evolving regulatory environment, transaction complexity, and timing considerations as reasons for the decision. No definitive agreement was signed prior to the termination. Blue Water Acquisition Corp. IV remains active in evaluating other SPAC merger opportunities in the AI, energy, and tech sectors. The termination extinguishes a near-term liquidity or de-SPAC path for Maha Capital shareholders.", "multiples": "EV/EBITDA: 34.4x · EV/Sales: 6.6x (FY2026)", "source_url": "https://www.winchesterstar.com/online_features/press_releases/blue-water-acquisition-corp-iv-announces-mutual-termination-of-proposed-business-combination-with-maha-capital/article_2616e27c-616d-51aa-a6d0-ee6a70e0c7f1.html" }, { "company": "DevvStream Corp.", "ticker": "DEVS", "country": "CA", "last": "$0.16", "market_cap": "$1M", "ev": "$13M", "context": "DevvStream is a carbon credit and sustainability solutions company pursuing business combinations in the renewable energy sector.", "summary": "DevvStream (DEVS) disclosed that its December 3, 2025, Agreement and Plan of Merger with Southern Energy Renewables automatically terminated on May 18, 2026. The termination was mutual, involved no liability or ongoing obligations, and followed the expiration of required fairness-opinion rights. DevvStream, a carbon credit and sustainability solutions company, remains party to a newer Business Combination Agreement with XCF Global and Southern that remains subject to closing conditions.", "multiples": "", "source_url": "https://www.tradingview.com/news/tradingview:3117492cb4e65:0-devvstream-terminates-prior-merger-agreement-with-southern-after-fairness-opinions-no-liability/" }, { "company": "Coastal Greenland Limited", "ticker": "1124.HK", "country": "HK", "last": "", "market_cap": "$10M", "ev": "$63M", "context": "Coastal Greenland Limited is a Hong Kong-listed company incorporated in Bermuda and focused on property development and investment in mainland China.", "summary": "Coastal Greenland Limited (1124.T) announced that negotiations regarding a potential sale of 153,126,197 shares and the Sale Loan ended without a legally binding agreement. The possible transaction, first announced on 17 October 2025, would have triggered a mandatory conditional cash offer. The offer period formally ended on 21 May 2026, and a six-month standstill is now in effect under Rule 31.1(b) of the Takeovers Code. Coastal Greenland Limited is a Hong Kong-listed company incorporated in Bermuda and focused on property development and investment in mainland China.", "multiples": "Fwd P/E: 0.1x · EV/Sales: 0.1x (LTM)", "source_url": "https://disclosure2.edinet-fsa.go.jp/" }, { "company": "Hao Bai International (Cayman) Limited", "ticker": "8431.HK", "country": "HK", "last": "", "market_cap": "$31M", "ev": "$32M", "context": "Hao Bai International (Cayman) Limited is a Hong Kong GEM-listed company. Based on the factoring agreement context, it appears to hold and sell account receivables.", "summary": "Hao Bai International (Cayman) Limited (8431.T) announced that KNT GT Limited terminated a factoring agreement for a very substantial disposal of account receivables on May 22, 2026. Originally announced on June 27, 2025, the transaction had been delayed across ten subsequent announcements postponing the circular despatch. Both parties have irrevocably agreed not to pursue claims against each other, and the company will no longer convene an Extraordinary General Meeting. The termination closes a potential catalyst for the Hong Kong GEM-listed company and follows nearly a year of delays that may signal balance-sheet or counterparty distress.", "multiples": "", "source_url": "https://disclosure2.edinet-fsa.go.jp/" } ] }, { "name": "Rights Offerings", "count": 10, "items": [ { "company": "AoFrio Limited", "ticker": "AOF.NZ", "country": "NZ", "last": "", "market_cap": "$18M", "ev": "$31M", "context": "AoFrio Limited provides Internet of Things (IoT) solutions for commercial refrigeration, including energy management and asset monitoring systems.", "summary": "AoFrio Limited (AOF.NZ) issued 65,134,806 shares at NZ$0.07 via placement to Wairahi Investments Limited, raising gross proceeds of NZ$4,559,436. The board additionally resolved to conduct a pro-rata renounceable rights issue to all eligible shareholders at the same NZ$0.07 offering price. Proceeds are earmarked to strengthen the balance sheet, improve liquidity, and fund an accelerated growth strategy. Specific terms for the rights issue, including the ratio, record date, and timetable, have not yet been determined. The placement price represents a minor discount to market, and the rights issue will include an oversubscription facility to reduce dilution.", "multiples": "EV/EBITDA: 17.0x · EV/Sales: 0.7x (FY2026)", "source_url": "https://www.nzx.com/announcements/472903" }, { "company": "Suominen Corporation", "ticker": "SUY1V.HE", "country": "FI", "last": "", "market_cap": "$67M", "ev": "$210M", "context": "Suominen manufactures nonwovens as roll goods for wipes and other applications, supplying global consumers and industrial markets. The company operates in Europe and the Americas with net sales of EUR 412.4 million in 2025 and approximately 700 employees.", "summary": "Suominen (SUY1V.HE) is planning a fully underwritten rights issue to raise up to EUR 28 million in gross proceeds to fund its Full Potential Program and strengthen its capital structure. Shareholders representing 49.02% of shares have committed to vote for the issuance, subscribe pro rata, and fully underwrite any unsubscribed shares. An Extraordinary General Meeting to authorize the issuance is scheduled for June 8, 2026, with the subscription period expected to launch in Q2 2026. The nonwovens manufacturer also negotiated a two-year maturity extension of its syndicated credit facility and additional financial covenant headroom, conditional on the rights issue completion. Danske Bank A/S, Finland Branch, and Nordea Bank Abp are acting as underwriters and advisors, alongside advisor Aventum Partners Ltd. The offering serves as a turnaround catalyst through the execution of the Full Potential Program launched on January 29, 2026.", "multiples": "EV/EBITDA: 9.4x · EV/Sales: 0.4x · EV/GP: 6.7x (FY2026)", "source_url": "https://view.news.eu.nasdaq.com/view?id=b4b92904fdac52178a0c6b5d98c3e9947&lang=en" }, { "company": "Hanwha Solutions", "ticker": "009830.KS", "country": "KR", "last": "", "market_cap": "$4.8B", "ev": "$10.1B", "context": "Hanwha Solutions is a South Korean conglomerate with businesses spanning energy (solar, hydrogen), advanced materials, and chemicals.", "summary": "Hanwha Solutions (009830.KS) resumed its KRW 1.8 trillion rights offering on May 14 following a two-day suspension driven by FSS revision requests. The offering of 56,000,000 common shares follows a size reduction from an initial KRW 2.4 trillion plan and is scheduled for a June 5 record date with subscription from July 10 to July 16. Gross proceeds are allocated as 907.7 billion won for facility investment and 906.7 billion won for debt repayment. Major shareholder Hanwha plans to subscribe for its full allocation plus up to 20% oversubscription. The 50% debt-repayment allocation has drawn investor concern alongside broader dilution risks and recent regulatory pushback.", "multiples": "Fwd P/E: 31.2x · EV/EBITDA: 12.4x · EV/Sales: 0.9x · EV/GP: 8.7x (FY2026)", "source_url": "https://www.thelec.net/news/articleView.html?idxno=10491" }, { "company": "Wyld Networks AB", "ticker": "WYLD.ST", "country": "SE", "last": "", "market_cap": "$0.2M", "ev": "$0.2M", "context": "Wyld Networks develops and sells wireless technology solutions enabling global connectivity for IoT and people, addressing gaps in mobile network coverage. Shares trade on Nasdaq First North Growth Market under ticker WYLD.", "summary": "The subscription period for the Wyld Networks (WYLD.ST) rights issue begins today, May 18, 2026, and is scheduled to close on June 1, 2026. The company intends to raise up to SEK 16.2 million through the issuance of 107,759,898 new shares at SEK 0.15 per share. Existing shareholders of record on May 13, 2026, hold preferential rights to subscribe at an 18:1 ratio. The transaction is 65% secured through 19.3% in subscription commitments and 45.7% in underwriting commitments, with Mangold Fondkommission AB acting as advisor and underwriter. This heavily dilutive recapitalization features a deep discount signaling severe capital need for the wireless technology solutions provider.", "multiples": "EV/Sales: 11.3x (FY2026)", "source_url": "https://view.news.eu.nasdaq.com/view?id=bf4fc6402abccb3114a743a190fd67191&lang=en" }, { "company": "Hang Pin Living Technology Company Limited", "ticker": "1682.HK", "country": "HK", "last": "", "market_cap": "$26M", "ev": "$15M", "context": "Hang Pin Living Technology Company Limited is a Bermuda-incorporated company listed on the Hong Kong Stock Exchange (stock code: 1682). The group engages in garment sourcing and related businesses.", "summary": "Hang Pin Living Technology Company Limited (1682.HK) published a prospectus on May 19, 2026, for a one-for-one non-underwritten rights issue. Nil-paid rights are scheduled to trade from May 21 to May 29, 2026, with the latest time for acceptance set at 4:00 p.m. on June 3, 2026. The offering requires no minimum subscription level, and any unsold shares will be placed with independent third parties under compensatory arrangements. Kingston Securities Limited is serving as the placing agent, while Kingston Corporate Finance is the financial adviser. Ex-rights trading commenced on May 8, 2026.", "multiples": "", "source_url": "https://www1.hkexnews.hk/search/titlesearch.xhtml?lang=en&stock=1682" }, { "company": "WT Group Holdings Limited", "ticker": "8422.HK", "country": "HK", "last": "", "market_cap": "", "ev": "", "context": "WT Group Holdings Limited is a Hong Kong-listed company on the GEM board (stock code 8422), incorporated in the Cayman Islands, operating small to mid-sized businesses.", "summary": "WT Group Holdings Limited (8422.HK) proposed a 2:1 rights issue on a non-underwritten basis, representing 200% of its market capitalization. Any unsubscribed shares will not be issued, although Suncorp Securities Limited has been appointed as a placing agent to handle compensatory arrangements on a best-effort basis. An EGM to approve the rights issue is scheduled for June 10, 2026, with a proxy deadline of June 8, 2026. Shares trade ex-rights beginning June 12, 2026, and nil-paid rights dealings are scheduled from June 25 to July 3, 2026. The latest time for acceptance is July 8, 2026, with final closing expected by July 20, 2026. Vinco Financial Limited is acting as advisor.", "multiples": "", "source_url": "https://www1.hkexnews.hk/search/titlesearch.xhtml?lang=en&stock=8422" }, { "company": "Dicot Pharma AB", "ticker": "DICOT.ST", "country": "SE", "last": "", "market_cap": "$45M", "ev": "$39M", "context": "Dicot Pharma AB is a Swedish pharmaceutical company developing treatments for sexual dysfunction and other indications.", "summary": "Dicot Pharma (DICOT.ST) published a prospectus for a SEK 210 million rights issue of units comprising shares and warrants following Swedish FSA approval on May 19, 2026. The subscription period runs from May 21 to June 4, 2026, with subscription rights trading between May 21 and June 1, 2026. Corpura Fondkommission AB is serving as sole global coordinator, sole bookrunner, and underwriter, while Advokatfirman Lindahl KB is acting as advisor. An outcome announcement is expected on June 8, 2026, ahead of an expected closing date of June 24, 2026. Warrants from the offering are exercisable between May 10 and May 24, 2027. Dicot Pharma (DICOT.ST) is a Swedish pharmaceutical company developing treatments for sexual dysfunction and other indications.", "multiples": "", "source_url": "https://view.news.eu.nasdaq.com/view?id=b2976025eeef629eaca00c14d314b151b&lang=en" }, { "company": "", "ticker": "NEXT.OL", "country": "NO", "last": "", "market_cap": "$4M", "ev": "$4M", "context": "NEXT Biometrics Group ASA develops and commercializes fingerprint sensor technology for smart cards, government ID, access control, and notebook applications.", "summary": "NEXT Biometrics Group ASA (NEXT.OL) announced a preferential rights issue of up to 50,000,000 new shares at NOK 1.00 per share to raise gross proceeds of up to NOK 50 million. Following approval at the May 19, 2026, annual general meeting, the offering carries an ex-date of May 20, 2026, and a record date of May 21, 2026, based on a subscription ratio of 1:1 with 4.1715 preferential rights. Subscribers receive one warrant for every two offer shares allocated, exercisable at the subscription price in two tranches in March 2027 and June 2027. Arctic Securities AS is managing the partially underwritten issue, which remains subject to a share capital reduction and prospectus approval. While the NOK 50 million size limits institutional appeal, the discounted rights and attached warrants provide potential arbitrage or subscription opportunities.", "multiples": "EV/Sales: 1.9x (FY2027)", "source_url": "" }, { "company": "Shakti Press Ltd.", "ticker": "526841.BO", "country": "IN", "last": "", "market_cap": "$1M", "ev": "$2M", "context": "Shakti Press is a Central India-based printing and packaging company offering cartons, labels, corrugated boxes, and stationery products. Also authorized dealer for major paper brands with an in-house ink manufacturing facility.", "summary": "Shakti Press Ltd. (526841.BO) is conducting a rights issue of up to 24,641,400 equity shares at ₹20.00 per share to raise gross proceeds of ₹49.28 crore. The offering features an entitlement ratio of seven rights shares for every one share held as of the April 29, 2026, record date. The subscription period is currently open and scheduled to close on May 29, 2026. Proceeds are intended to strengthen working capital and drive growth for the printing and packaging company. Existing shareholders face significant dilution if they do not participate in the 7:1 offering.", "multiples": "", "source_url": "https://www.tribuneindia.com/news/business/shakti-press-ltd-inr-49-crore-rights-issue-to-strengthen-working-capital-and-drive-growth-currently-open-issue-closes-on-may-29-2026/" }, { "company": "Mindtell Technology Limited", "ticker": "8611.HK", "country": "HK", "last": "", "market_cap": "", "ev": "", "context": "Mindtell Technology Limited is a Cayman-incorporated, Hong Kong-listed (GEM board) IT services company.", "summary": "Mindtell Technology Limited (8611.T) released a revised timetable for its one-for-one rights issue, delaying the despatch of prospectus documents from June 4 to June 25, 2026, to finalize the group's indebtedness statement. The updated schedule sets the ex-rights date for June 15, 2026, and the record date for June 24, 2026. Shareholders face a deadline of July 10, 2026, for acceptance and payment of the rights shares. Dealings in fully-paid rights shares are expected to commence on August 5, 2026. This 1-for-1 rights issue represents a significant dilutive event for non-participating shareholders of the Hong Kong-listed IT services company.", "multiples": "", "source_url": "https://disclosure2.edinet-fsa.go.jp/" } ] }, { "name": "Spin-Offs", "count": 16, "items": [ { "company": "Noble Mineral Exploration Inc.", "ticker": "NOB.V", "country": "CA", "last": "", "market_cap": "$14M", "ev": "$7M", "context": "Canadian junior mineral exploration company with holdings in nickel, copper, gold, and REE properties across Ontario, Quebec, and Newfoundland. Holds equity stakes in Canada Nickel, Homeland Nickel, and East Timmins Nickel.", "summary": "Noble Mineral Exploration Inc. (NOB.V) received a final court order on May 15, 2026, approving a plan of arrangement for the pro-rata distribution of Homeland Nickel shares to its shareholders. The distribution involves approximately 9 million Homeland shares, valued at roughly ~$4 million, with a record date and expected closing of May 27, 2026. Noble shareholders will receive approximately 0.034 shares of the TSX-V listed critical metals company for each Noble share held. Following the distribution. Noble will retain more than 10 million Homeland shares and may pursue further in-specie distributions. The transaction creates a special situation as the distribution of a new liquid security often leads to forced selling and mispricing upon listing.", "multiples": "", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W25800&drmKey=c640cb5566bbae4a&drr=ss0a36ed4d46325904a2ac0304af6d210dc5d13f381286057b99d30d9fa178ae3deff52c5f2f15db94326dd60de96cd5d4ux&id=0c11f8b7998bcd9694fafedc976f830528ce2cbef7cdc0c6" }, { "company": "ESG Inc.", "ticker": "ESGH", "country": "US", "last": "$2.00", "market_cap": "$52M", "ev": "$141M", "context": "ESG Inc. operates suspended mushroom cultivation and food-product operations in China, while shifting focus to early-stage North American food products. The China business historically generated all revenue.", "summary": "ESG Inc. (ESGH) signed a Split-Off and Share Exchange Agreement after March 31, 2026, to divest ESG China Limited in exchange for the cancellation of 10,432,800 shares. The transaction removes the company's PRC mushroom operations, which generated $0 revenue in Q1 2026 compared to $1.59 million in the prior year period. Management issued a going-concern warning, disclosing a $6.9 million working capital deficit and $206,391 in cash against $6.2 million in short-term bank loans. Q1 financing included a $275,000 convertible promissory note from Labrys Fund II, L.P. and $200,000 in new convertible debt. The split-off reshapes the distressed micro-cap by excising the suspended China business as the company shifts focus to North American food products. Going-concern risks and near-zero liquidity continue to raise survival questions for the remaining stub.", "multiples": "", "source_url": "https://www.stocktitan.net/sec-filings/ESGH/10-q-esg-inc-quarterly-earnings-report-f5e2162b8ff0.html" }, { "company": "Marco Polo Marine", "ticker": "5LY.SI", "country": "SG", "last": "", "market_cap": "$522M", "ev": "$220M", "context": "Singapore-listed regional offshore and marine logistics provider, operating an OSV fleet for offshore wind support in Taiwan/SE Asia and a 34-hectare Batam shipyard with four dry docks.", "summary": "Marco Polo Marine (5LY.SI) signed a binding term sheet with Fuji Offset Plates Manufacturing for the sale of subsidiaries Marco Polo Shipyard and MP Marine in a S$139M reverse takeover spin-off. The transaction value includes a S$120M base plus an earn-out of up to S$19M tied to FY2026-27 profit targets. Consideration will be paid via new shares in the purchaser at S$0.701 per share, leaving Marco Polo Marine with an approximately 74.1% stake post-completion. The purchaser is expected to be renamed MPSE, creating a separately listed entity for the 34-hectare Batam shipyard and offshore marine services. The deal remains subject to due diligence, regulatory and shareholder approvals, and a whitewash waiver from Singapore's SIC.", "multiples": "Fwd P/E: 19.6x · EV/EBITDA: 3.6x · EV/Sales: 1.6x · EV/GP: 3.6x (FY2026)", "source_url": "https://www.indexbox.io/blog/marco-polo-marine-pursues-s139m-shipyard-spin-off-via-reverse-takeover/" }, { "company": "Brazilian Rare Earths Limited", "ticker": "BRE.AX", "country": "AU", "last": "", "market_cap": "$1.3B", "ev": "$618M", "context": "Alurion Resources will hold the Amargosa Bauxite-Gallium Project, a large-scale Brazilian deposit with a 568 Mt JORC resource, aiming to develop a direct-ship bauxite operation to supply seaborne markets.", "summary": "Brazilian Rare Earths Limited (BRE.AX) plans to demerge its 100%-owned Amargosa Bauxite-Gallium Project into a new ASX-listed company, Alurion Resources Limited. BRE shareholders are expected to receive 0.5607 ALU shares for every share held via a pro-rata in-specie distribution. Alurion will concurrently conduct an IPO to raise A$30-50 million, after which BRE will retain a 17-18% strategic stake in the entity. A scoping study for the Amargosa project, which hosts a 568 Mt JORC resource, estimates an after-tax NPV8 of US$630 million and an 82% IRR on initial capital expenditure of US$119 million. The demerger is scheduled to close in late 2026 following a mid-2026 catalyst.", "multiples": "EV/Sales: 659.4x (LTM)", "source_url": "https://www.globenewswire.com/news-release/2026/05/18/3296635/0/en/Brazilian-Rare-Earths-Amargosa-Bauxite-Gallium-Project-to-Be-Demerged-as-Alurion-Resources-Limited.html" }, { "company": "Enviri Corp", "ticker": "NVRI", "country": "US", "last": "$19.60", "market_cap": "$1.6B", "ev": "$3.1B", "context": "Enviri Corp provides environmental solutions for industrial and specialty waste streams, as well as equipment and technology for the rail sector, primarily in the USA.", "summary": "Enviri Corp (NVRI) plans to separate specific operations into a new publicly traded entity by May 31, 2026. Following the spin-off, Veolia Environment will acquire the remaining assets of the parent company. This transaction structure results in a breakup of the company, which provides environmental solutions for industrial waste streams and equipment for the rail sector. Enviri Corp has a market capitalization of $1.64 billion and generated $2.24 billion in revenue. The separation is expected to unlock shareholder value by creating a publicly traded SpinCo and transferring residual assets to a strategic buyer.", "multiples": "EV/EBITDA: 18.1x · EV/Sales: 1.7x · EV/GP: 8.2x (FY2026)", "source_url": "https://www.gurufocus.com/news/8875970/enviri-nvri-set-to-spin-off-operations-into-new-public-company" }, { "company": "Embracer Group", "ticker": "EMBRAC-B.ST", "country": "SE", "last": "", "market_cap": "$1.6B", "ev": "$739M", "context": "Fellowship Entertainment is Embracer Group's AAA video game development and transmedia IP segment, owning studios and franchises such as The Lord of the Rings/Middle-earth, Tomb Raider, Kingdom Come: Deliverance, Dead Island, and Darksiders. It also includes the Dark Horse comics and entertainment arm for co-producing film and TV adaptations.", "summary": "Embracer Group (EMBRAC-B.ST) intends to spin off its Fellowship Entertainment AAA video game development and transmedia IP segment as a separate Nasdaq Stockholm main market listing in calendar year 2027. Fellowship Entertainment houses the Dark Horse comics arm and franchises including. The Lord of the Rings/Middle-earth, Tomb Raider, Kingdom Come: Deliverance, Dead Island, and Darksiders. The separation follows prior spin-offs of Asmodee and Coffee Stain and aims to realize value for assets the Chairman characterizes as among the most undervalued in the industry. Fellowship Entertainment targets a cadence of 2+ AAA releases per year starting in fiscal year 2027/28. A Capital Markets Day is planned ahead of the listing.", "multiples": "Fwd P/E: 13.1x · EV/EBITDA: 1.4x · EV/Sales: 0.4x · EV/GP: 0.6x (FY2027)", "source_url": "https://view.news.eu.nasdaq.com/view?id=b2fcf2efb0c2523cc02d0738e815b0caa&lang=en" }, { "company": "Resideo Technologies, Inc.", "ticker": "REZI", "country": "US", "last": "$28.76", "market_cap": "$4.4B", "ev": "$7.7B", "context": "Resideo Technologies provides home comfort, security, and safety solutions through its Products & Solutions segment, and distributes security, fire, and low-voltage products via its ADI Global Distribution segment.", "summary": "Resideo Technologies (REZI) is executing a spin-off to separate its Products & Solutions (P&S) and ADI Global Distribution (ADI) segments into two independent public companies. Management discussed the separation at the J.P. Morgan 54th Annual Global Technology, Media and Communications Conference on May 18, 2026. The P&S segment focuses on operational efficiency and connected products, while the ADI segment leverages omnichannel distribution and digitalization. Both resulting companies intend to pursue bolt-on M&A and margin expansion. The separation presents potential for sum-of-the-parts re-rating, special-situation arbitrage, and index inclusion trading opportunities.", "multiples": "Fwd P/E: 9.9x · EV/EBITDA: 11.7x · EV/Sales: 1.0x · EV/GP: 3.6x (FY2026)", "source_url": "https://www.tradingview.com/news/urn:summary_document_transcript:quartr.com:3345761:0-rezi-spin-off-to-create-two-focused-companies-each-driving-growth-through-efficiency-and-innovation/" }, { "company": "Madison Square Garden Sports Corp.", "ticker": "MSGS", "country": "US", "last": "$353.87", "market_cap": "$8.5B", "ev": "$6.1B", "context": "Madison Square Garden Sports Corp. owns and operates professional sports franchises, including the NBA's New York Knicks and NHL's New York Rangers, along with affiliated minor league teams and a training facility.", "summary": "Madison Square Garden Sports Corp. (MSGS) filed a confidential initial Form 10 Registration Statement with the SEC to spin off its Knicks and Rangers businesses. The transaction would create two distinct public companies, with one holding the NBA Knicks and its G League affiliate and the other holding the NHL Rangers and AHL affiliate. The separation is structured as a tax-free pro-rata distribution of 100% of the new company's common stock to MSGS shareholders, potentially unlocking sum-of-the-parts value and attracting franchise-specific investors. Completion remains subject to SEC effectiveness, league approvals, a tax opinion, and final board approval. MSGS currently has a market capitalization of approximately $8.46 billion with shares trading near a 52-week high.", "multiples": "EV/EBITDA: NM · EV/Sales: 5.8x · EV/GP: 21.4x (FY2027)", "source_url": "https://m.uk.investing.com/news/stock-market-news/msg-sports-files-for-potential-rangersknicks-spinoff-93CH-4685087?ampMode=1" }, { "company": "Rakuten Group, Inc.", "ticker": "4755.T", "country": "JP", "last": "", "market_cap": "$10.7B", "ev": "$12.0B", "context": "Rakuten Group operates e-commerce, fintech (credit cards, banking, securities), and mobile telecom services in Japan.", "summary": "Rakuten Group Inc (4755.T) signed a definitive agreement to reorganize its fintech business through the delivery of Rakuten Bank, Ltd. shares to shareholders. This transaction separates Rakuten Bank from the parent group, which operates e-commerce, fintech, and mobile telecom services in Japan. The reorganization is intended to simplify the parent corporate structure and unlock value in Rakuten Bank.", "multiples": "EV/EBITDA: 1.8x · EV/Sales: 0.7x · EV/GP: 17.9x (FY2026)", "source_url": "https://www.marketscreener.com/news/rakuten-group-inc-notice-concerning-definitive-agreement-on-reorganization-of-rakuten-group-s-fint-ce7f5ad8d18cf226" }, { "company": "Siemens Healthineers AG", "ticker": "SIE.DE", "country": "DE", "last": "", "market_cap": "$44.8B", "ev": "$74.8B", "context": "Siemens Healthineers is a global medical technology company providing diagnostic imaging (MRI, CT, X-ray), in vitro diagnostics, and radiation oncology systems via its Varian unit. It generates recurring revenue from service contracts and consumables.", "summary": "Siemens AG plans a pro-rata spin-off of nearly half of its ~67% stake in Siemens Healthineers (SHL.DE) directly to Siemens shareholders, reducing its holding to ~37%. A shareholder vote on the transaction is expected at the February 2027 annual general meeting. Longer-term, Siemens aims to cut its position below 20% to treat the remaining stake as a financial investment. The distribution of the approximately 30% stake is expected to create index-rebalancing and flow events while reducing parent overhang. Siemens Healthineers, which provides diagnostic imaging and radiation oncology systems, also recently received six US FDA clearances for technologies expanding its addressable market.", "multiples": "Fwd P/E: 15.3x · EV/EBITDA: 14.3x · EV/Sales: 2.7x · EV/GP: 7.0x (FY2026)", "source_url": "https://www.ad-hoc-news.de/boerse/news/ueberblick/siemens-healthineers-stock-de000shl1006-fda-clearances-and-planned/69361374" }, { "company": "FedEx Corporation", "ticker": "FDX", "country": "US", "last": "$394.20", "market_cap": "$94.1B", "ev": "$84.9B", "context": "FedEx Corporation is a global logistics and package-delivery company operating aircraft, trucks, sorting hubs, and last-mile infrastructure for B2B and B2C shipping. FedEx Freight is North America's largest less-than-truckload (LTL) carrier.", "summary": "FedEx Corporation (FDX) plans to spin off FedEx Freight, North America's largest less-than-truckload carrier, for listing under the ticker FDXF on June 1, 2026. The tax-free distribution terms provide shareholders one FDXF share for every two FedEx shares held. The company is targeting $6 billion in cumulative cost savings by 2027 and is focusing on $130 billion B2B markets including healthcare, automotive, aerospace, and data centers. FedEx shares recently fell nearly 9% from approximately $393 to $358 following Amazon’s May 4 supply-chain announcement, though management estimates the move will impact revenue by less than 2%. Jim Cramer’s Charitable Trust initiated a position at roughly $370 with a $425 price target ahead of the separation.", "multiples": "Fwd P/E: 17.4x · EV/EBITDA: 7.3x · EV/Sales: 0.9x · EV/GP: 4.0x (FY2027)", "source_url": "https://tradersunion.com/news/financial-news/show/2075109-fedex-share-pullback-freight-spin-off/" }, { "company": "S&P Global Inc.", "ticker": "SPGI", "country": "US", "last": "$417.60", "market_cap": "$123.6B", "ev": "$171.7B", "context": "Mobility Global Inc. will hold S&P Global's Mobility division, which provides data, analytics, and insights for the automotive and mobility sectors.", "summary": "S&P Global Inc. (SPGI) filed an 8-K announcing a $2.0B private offering of senior notes by Mobility Global Inc. to fund the separation of its Mobility division. The offering consists of three tranches and is exempt from registration under Rule 144A and Regulation S. Mobility Global Inc. is a recently formed holding company for the division, which provides data, analytics, and insights for the automotive and mobility sectors. The spin-off will be executed via a pro-rata distribution of Mobility Global Inc. shares to SPGI shareholders. This debt issuance provides capital structure clarity for the separated entity and signals the transaction is advancing toward completion.", "multiples": "Fwd P/E: 21.3x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000064040/000110465926063054/0001104659-26-063054-index.htm" }, { "company": "China Resources Land Limited", "ticker": "01109.HK", "country": "HK", "last": "", "market_cap": "$32.7B", "ev": "$81.8B", "context": "China Resources Land Limited is one of China's largest state-backed real estate developers, with a portfolio spanning residential and commercial properties including investment properties that will seed the commercial REIT.", "summary": "China Resources Land Limited (01109.HK) received approval from the Hong Kong Stock Exchange on 15 May 2026 to proceed with the proposed spin-off of its commercial REIT onto the Shenzhen Stock Exchange. The exchange granted a waiver of assured entitlement, meaning shareholders will not receive a guaranteed pro-rata distribution of REIT units. Originally announced on 28 April 2026, the listing remains subject to Shenzhen Stock Exchange and CSRC review and registration along with prevailing market conditions. The spin-off can unlock hidden asset value and create a pure-play investment vehicle, but the waiver of assured entitlement is an unusual structure that may create pricing dislocations between the parent and the REIT units.", "multiples": "Fwd P/E: 9.7x · EV/EBITDA: 11.1x · EV/Sales: 2.2x (LTM)", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0518/2026051801186.pdf" }, { "company": "Fosun International Limited", "ticker": "0656.HK", "country": "HK", "last": "", "market_cap": "", "ev": "", "context": "Club Med is a premium global resort brand operating 67 resorts across 40 countries and regions, with sales and marketing spanning six continents. It was the primary revenue driver of Fosun Tourism, generating 86.77% of total revenue.", "summary": "Fosun International (0656.HK) is considering spinning off its Club Med resort brand via a Hong Kong IPO targeting at least US$500 million in proceeds. BNP Paribas, HSBC, and JPMorgan Chase have been hired to advise on the potential transaction. Club Med operates 67 resorts across 40 countries and regions and accounted for 86.77% of Fosun Tourism's revenue in the first half of 2024, generating 8.17 billion yuan. The proposed listing represents a major monetization event intended to crystallize value for shareholders in the global resort asset.", "multiples": "Fwd P/E: 14.8x · EV/EBITDA: 54.1x · EV/Sales: 1.0x · EV/GP: 3.8x (FY2026)", "source_url": "https://www.thestandard.com.hk/finance/article/332399/Fosun-plans-to-spin-off-Club-Med-for-Hong-Kong-IPO-raising-US500-million" }, { "company": "Thyssenkrupp AG", "ticker": "TKA.DE", "country": "DE", "last": "", "market_cap": "$7.5B", "ev": "$5.7B", "context": "Thyssenkrupp is a German industrial conglomerate with businesses spanning materials trading, steel production, automotive technology, and industrial engineering.", "summary": "Thyssenkrupp (TKA.DE) is considering an extraordinary general meeting in summer 2026 for a shareholder vote on the potential spin-off of its MX materials trading division. The restructuring effort, driven by CEO Miguel Lopez, is currently under active internal discussion according to two sources familiar with the matter. A spin-off of the MX unit would create a pure-play materials trading entity and potentially unlock shareholder value for the German industrial conglomerate.", "multiples": "Fwd P/E: 12.6x · EV/EBITDA: 3.0x · EV/Sales: 0.1x (LTM)", "source_url": "https://www.tradingview.com/news/reuters.com%2C2026:newsml_L8N41V0LI:0-thyssenkrupp-weighs-summer-shareholder-meeting-on-materials-unit-spin-off-sources-say/" }, { "company": "China Travel International Investment Hong Kong Limited", "ticker": "308.HK", "country": "HK", "last": "$1.24", "market_cap": "$876M", "ev": "$1.1B", "context": "China Travel International Investment Hong Kong operates tourist attractions, passenger transport, hotels, and travel document services primarily in Hong Kong, Macau, and mainland China.", "summary": "China Travel International Investment Hong Kong Limited (308.HK) filed a listing application with the Hong Kong Stock Exchange on 20 May 2026 for the proposed spin-off of CTG Hongkong and Macao Culture and Tourism Holding Limited. This transaction will be executed via a distribution in specie to existing shareholders through a listing by way of introduction on the Main Board, meaning no new shares will be issued and no capital will be raised. The spin-off entity will hold passenger transportation, hotel operations, and travel document services based in Hong Kong and Macau, while the retained group maintains operations for mainland China tourist attractions and theme parks. The stock exchange has confirmed the company may proceed with the application. This separation is intended to create a pure-play listed Hong Kong and Macau hospitality and transport entity, offering a structural catalyst for sum-of-the-parts valuation uplift.", "multiples": "Fwd P/E: 26.6x · EV/EBITDA: 8.0x · EV/Sales: 1.8x (LTM)", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0520/2026052001868.pdf" } ] }, { "name": "Restructuring", "count": 22, "items": [ { "company": "Vivakor, Inc.", "ticker": "VIVK", "country": "US", "last": "$1.38", "market_cap": "$3M", "ev": "$34M", "context": "Vivakor is an energy and environmental technology company focused on oil extraction and remediation services, operating primarily in concentrated U.S. basins. Revenue is highly dependent on volatile oil and gas activity and a limited customer base including related parties.", "summary": "Vivakor (VIVK) registered 40,686,375 shares for resale by selling stockholders, primarily originating from the conversion of $15,000,000 in convertible notes. The registration represents approximately ten times the 4,295,647 shares outstanding following a 1-for-200 reverse split. Convertible notes carry a conversion price at the greater of $0.37 and 80 percent of the lowest five-day VWAP, alongside a separate $100,000,000 Standby Equity Purchase Agreement. Auditors raised substantial doubt about the company's ability to continue as a going concern, citing an accumulated deficit of approximately $205,000,000 as of December 31, 2025. Recent financial results include impairments of approximately $7,000,000 on Kuwait RPC units and $1,500,000 on a nanosponge license. The going-concern opinion and the registration of shares significantly exceeding the current float signal potential death-spiral financing dynamics.", "multiples": "EV/GP: 0.9x (LTM)", "source_url": "https://www.stocktitan.net/sec-filings/VIVK/s-1-a-vivakor-inc-amends-ipo-registration-statement-9ddb685f8aeb.html" }, { "company": "TechPrecision Corporation", "ticker": "TPCS", "country": "US", "last": "$3.94", "market_cap": "$39M", "ev": "$33M", "context": "Precision metal fabrication and machining services for defense, medical, and industrial customers.", "summary": "Techprecision Corp (TPCS) subsidiary Ranor entered a 14th amendment with Beacon Bank & Trust to extend its $4.5M revolver maturity from May 15 to September 15, 2026. The agreement requires the company to provide a refinancing term sheet by July 31, 2026, or grant the lender access for asset appraisals. A $15,000 failure-to-perform fee will trigger if balances remain outstanding after the September 15 deadline. This extension for the provider of precision metal fabrication and machining services signals distress and imminent refinancing risk or potential default.", "multiples": "Fwd P/E: 9.8x · EV/EBITDA: 6.6x · EV/Sales: 1.1x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001328792/000110465926063364/0001104659-26-063364-index.htm" }, { "company": "ENECHANGE Co., Ltd.", "ticker": "4169.T", "country": "JP", "last": "", "market_cap": "$62M", "ev": "$55M", "context": "ENECHANGE is a Tokyo-listed energy platform company providing EV charging apps, charging spot information services, and mobility solutions. Its affiliate Miraise Enechange operates EV charging infrastructure as a JV with Chubu Electric Power Miraise.", "summary": "ENECHANGE (4169.T) announced that its 49%-owned equity-method affiliate, Miraise Enechange, and three subsidiaries filed for civil rehabilitation with the Tokyo District Court today. The filing was triggered by low electric vehicle adoption and charger utilization alongside rising installation costs, which prevented the business from securing sufficient revenue or new funding. ENECHANGE previously recorded a full ¥539M impairment of its equity stake in the affiliate in FY2026 results, and the current impact on consolidated earnings is minor. Miraise Enechange will continue operations while seeking a sponsor through a financial advisor. During the selection period, Chubu Electric Power Miraise will provide working capital support to the affiliate.", "multiples": "Fwd P/E: 8.0x · EV/Sales: 0.6x · EV/GP: 0.8x (FY2026)", "source_url": "https://www.release.tdnet.info/inbs/140120260519541005.pdf" }, { "company": "New Found Gold Corp.", "ticker": "NFG.V", "country": "CA", "last": "", "market_cap": "$451M", "ev": "$648M", "context": "Emerging Canadian gold producer advancing the Queensway and Hammerdown gold projects in Newfoundland and Labrador toward production, with a 100% interest in both assets and a PEA completed in mid-2025.", "summary": "New Found Gold Corp. (NFG.V) has drawn an initial C$70,000,000 Tranche 1 under a senior secured credit facility with EdgePoint Investment Group Inc., issued at a 2% original issue discount. The draw follows a going-concern qualification in the company’s December 2025 40-F audit report filed March 25, 2026, signaling balance-sheet stress. In connection with the funding, the company issued 2,489,818 non-transferable warrants to EdgePoint exercisable at $3.30 per share through May 2029. A $35,000,000 Tranche 2 remains available at the company's discretion, subject to TSXV and NYSE American approvals and the issuance of US$3,000,000 in additional warrants. Proceeds from the facility and a prior $115,000,000 bought-deal equity raise will fund Queensway Phase 1 development and progress the Hammerdown project toward commercial production. Cutfield Freeman & Co. Ltd. served as advisor on the financing.", "multiples": "EV/EBITDA: 27.2x · EV/Sales: 16.3x (FY2026)", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W9569&drmKey=52d2a3f9d62e8270&drr=ss95951bef1270aefab7fbc54fd1218492f0a8d167f99a51c5719ab4aa431b757dbc035c02391c137a0890871488c276c1ux&id=0c11f8b7998bcd961660651208a633f490d07aae2ee10655" }, { "company": "VEON Ltd.", "ticker": "VEON.AS", "country": "US", "last": "", "market_cap": "$2.4B", "ev": "$3.6B", "context": "VEON Ltd. is a global digital operator providing mobile connectivity and services across multiple emerging markets.", "summary": "Veon Ltd. (VEON.AS) subsidiary VEON MidCo B.V. launched a $1.013B tender offer for its 3.375% Notes due 2027. The notes are guaranteed by VEON Amsterdam B.V., with Barclays Bank Ireland PLC and Citigroup Global Markets Europe AG acting as dealer managers. Citibank, N.A., London Branch is serving as the information and tender agent for the transaction. This active liability management exercise signals a potential refinancing or restructuring of the group’s capital structure and presents potential trading opportunities in the targeted notes. The tender offer remains subject to specific distribution restrictions and sanctions compliance.", "multiples": "Fwd P/E: 3.2x · EV/EBITDA: 1.9x · EV/Sales: 0.7x · EV/GP: 0.8x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001468091/000121390026058072/0001213900-26-058072-index.htm" }, { "company": "UGI Corporation", "ticker": "UGI", "country": "US", "last": "$35.65", "market_cap": "$7.6B", "ev": "$14.4B", "context": "UGI Corporation distributes and markets energy products and services in the U.S. and Europe including natural gas, electricity, and propane. Its AmeriGas Partners subsidiary is the largest retail propane marketer in the U.S., selling roughly 800 million gallons annually to over 1 million customers.", "summary": "UGI Corporation (UGI) subsidiary AmeriGas Partners received tenders for $468.5M of its 5.750% senior notes due 2027, representing 91.51% of the outstanding issue, by the May 15, 2026 expiration. The cash tender offer pays $1,011.18 per $1,000 principal plus accrued interest, with settlement expected May 20. AmeriGas issued a conditional notice of full redemption for any untendered 2027 notes, contingent on successful new debt financing. The transaction also includes a planned repurchase of up to $175M of 9.375% notes due 2028 and repayment of $150M of intercompany debt. This liability management exercise materially reduces near-term refinancing risk on the 2027 maturity and reshapes the capital structure of the distressed subsidiary.", "multiples": "Fwd P/E: 12.1x · EV/EBITDA: 10.6x · EV/Sales: 1.9x · EV/GP: 3.8x (FY2026)", "source_url": "https://www.tipranks.com/news/company-announcements/ugi-reshapes-amerigas-debt-with-major-tender-offer" }, { "company": "Paramount Skydance Corporation", "ticker": "PSKY", "country": "US", "last": "$10.46", "market_cap": "$11.4B", "ev": "$20.0B", "context": "Paramount Skydance Corporation is a global media and entertainment company operating Paramount Pictures, CBS, cable networks, and the Paramount+ streaming platform.", "summary": "Paramount Skydance Corporation (PSKY) commenced any-and-all cash tender offers for two series of legacy Warner Bros. Discovery, Inc. notes due 2027 and 2028, representing $2.44B in aggregate principal. Simultaneously, the company launched exchange offers for existing WBD notes into new PSKY notes and initiated consent solicitations to amend WBD indentures regarding exchange deadlines and junior lien note terms. These offers and solicitations are conditioned on the consummation of Paramount's acquisition of Warner Bros. Discovery, which is expected to close in Q3 2026. Liability management serves as the primary financing mechanism for the acquisition and a critical condition precedent for closing. A catalyst is scheduled for June 17, 2026.", "multiples": "Fwd P/E: 9.3x · EV/Sales: 0.7x · EV/GP: 2.0x (FY2026)", "source_url": "https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-offer-to-purchase-for-cash-any-and-all-of-the-identified-notes-in-each-series-of-existing-tender-offer-notes-and-offer-to-exchange-for-newly-issued-notes-of-paramount-skydance-corporation-new-psky-no-825812819.html" }, { "company": "Chubu Electric Power Co., Inc.", "ticker": "9502.T", "country": "JP", "last": "", "market_cap": "$12.9B", "ev": "$30.5B", "context": "Chubu Electric Power is a major Japanese electric utility serving the Chubu region. The subsidiaries in question operate EV charging services and EV charging infrastructure businesses, formed to capture growth in Japan's electric-vehicle ecosystem.", "summary": "Chubu Electric Power (9502.T) consolidated subsidiaries Miraizu Enechange and three EV-charging entities filed for civil rehabilitation proceedings with the Tokyo District Court. The subsidiaries became unable to service debt maturing May 20, 2026, reporting total collective liabilities of approximately ¥4,745 million as of May 13, 2026. Chubu Electric holds a 51% stake in the ventures and has already fully impaired its equity interests to a nominal ¥1,000 each. Restructuring follows failed attempts to secure additional financing amid rising installation costs and slower-than-expected electric-vehicle adoption. The entities intend to seek sponsor support and continue operations while receiving working capital funding from Chubu Electric Miraiz.", "multiples": "Fwd P/E: 11.7x · EV/EBITDA: 7.2x · EV/Sales: 1.4x · EV/GP: 21.0x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260519541123.pdf" }, { "company": "Presidio Property Trust, Inc.", "ticker": "SQFT", "country": "US", "last": "$3.30", "market_cap": "$4M", "ev": "$89M", "context": "Presidio Property Trust is an internally managed REIT that owns and manages office, industrial, and retail commercial properties, and holds interests in model home properties across the US.", "summary": "Presidio Property Trust, Inc. (SQFT) disclosed in an 8-K filing that its Shea Center II property entered receivership on February 13, 2026, following a default on a non-recourse loan. A foreclosure sale and public auction for the property are scheduled for June 17, 2026. Previously, the company disposed of its Dakota Center property in January 2026, with the lender accepting proceeds in full satisfaction of defaulted non-recourse debt. The Dakota Center disposition resulted in a $3.5M gain on debt extinguishment. These lender-driven asset dispositions within the real estate portfolio indicate potential recovery scenarios for remaining equity holders.", "multiples": "EV/EBITDA: 10.4x · EV/Sales: 4.5x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001080657/000149315226024043/0001493152-26-024043-index.htm" }, { "company": "Inotiv, Inc.", "ticker": "NOTV", "country": "US", "last": "$0.27", "market_cap": "$9M", "ev": "$482M", "context": "Contract research organization providing drug discovery and development services to pharmaceutical and biotech companies.", "summary": "Inotiv, Inc. (NOTV) entered into a ninth amendment to its credit agreement with Acquiom Agency Services LLC on May 14, 2026, securing a $40 million delayed draw bridge facility. The company immediately borrowed $27.5 million to repay $14.3 million in outstanding revolving loans and terminated its existing revolver commitments. Lenders waived first lien net leverage and minimum fixed charge covenants for the second quarter of 2026 and suspended the minimum liquidity covenant through June 29, 2026. A temporary waiver of cross-default for a missed interest payment on convertible notes was also extended to June 3, 2026. Amid acute liquidity distress, the contract research organization has formed a special committee to evaluate strategic alternatives.", "multiples": "EV/Sales: 1.0x · EV/GP: 7.9x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000720154/000110465926063032/0001104659-26-063032-index.htm" }, { "company": "Gossamer Bio, Inc.", "ticker": "GOSS", "country": "US", "last": "$0.34", "market_cap": "$80M", "ev": "$184M", "context": "Gossamer Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing therapeutics for patients with pulmonary hypertension and other serious diseases.", "summary": "Gossamer Bio, Inc. (GOSS) launched a distressed exchange offer and consent solicitation for any and all 5.00% Convertible Senior Notes due 2027. The company is offering $72.0M in new 7.50% Senior Secured First Lien Notes due 2030, common stock, and warrants in exchange for the existing notes. The transaction includes a Transaction Support Agreement and a 98% minimum tender condition, while the consent solicitation seeks to strip substantially all restrictive covenants and certain events of default from the existing indenture. New notes feature a $40 million minimum liquidity covenant with step-downs tied to equity raises and FDA milestones. The early tender date is June 1, 2026, with an expiration deadline of June 16, 2026. This high-stakes restructuring offers a coercive package and includes a springing maturity, signaling balance-sheet stress for the company.", "multiples": "EV/EBITDA: 78.6x · EV/Sales: 26.0x · EV/GP: 26.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001728117/000172811726000037/0001728117-26-000037-index.htm" }, { "company": "Bitcoin Depot Inc.", "ticker": "BTM", "country": "US", "last": "$0.49", "market_cap": "$5M", "ev": "$4M", "context": "Bitcoin Depot operates the largest network of Bitcoin ATMs in North America, enabling cash-to-Bitcoin conversion through over 9,000 kiosks globally. The company also offers BDCheckout at retail locations across 47 U.S. states.", "summary": "Bitcoin Depot Inc. (BTM) and its Canadian entities filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on May 18, 2026. The company has taken its network of over 9,000 Bitcoin ATMs offline and intends to conduct an orderly wind-down and asset sale. CEO Alex Holmes cited an unsustainable business model resulting from state compliance obligations, transaction limits, BTM bans, and litigation. Restructuring proceedings are expected to commence in Canada, with other non-U.S. entities wound down under foreign law. Vinson & Elkins LLP is serving as legal advisor, Portage Point Partners as restructuring advisor, and Kroll as the claims agent, alongside Joele Frank Wilkinson Brimmer Katcher. The court-supervised liquidation presents a sale process for the kiosk network and intellectual property as investors monitor potential recoveries against claims.", "multiples": "EV/EBITDA: 28.3x · EV/Sales: 1.6x · EV/GP: 8.7x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001901799/000119312526227832/0001193125-26-227832-index.htm" }, { "company": "New Fortress Energy Inc.", "ticker": "NFE", "country": "US", "last": "$0.63", "market_cap": "$181M", "ev": "$8.8B", "context": "New Fortress Energy owns and operates natural gas and LNG infrastructure, including an integrated fleet of ships and logistics assets, to deliver turnkey energy solutions globally.", "summary": "New Fortress Energy Inc. (NFE) announced that the UK High Court granted a Convening Order on May 14, 2026, authorizing its subsidiaries to convene creditor meetings for a UK Restructuring Plan. This plan follows a Restructuring Support Agreement entered on March 17, 2026, and is designed to reshape the capital structure of the natural gas and LNG infrastructure company. Creditors must vote by June 9, 2026, with Plan Meetings scheduled for June 15 and a Sanction Hearing set for June 18. Kroll is acting as information agent, and Skadden, Arps, Slate, Meagher & Flom (UK) LLP is the advisor. The restructuring process is expected to close in Q3 2026.", "multiples": "EV/EBITDA: 12.9x · EV/Sales: 2.7x · EV/GP: 30.2x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001749723/000174972326000067/0001749723-26-000067-index.htm" }, { "company": "Spanish Broadcasting System, Inc.", "ticker": "SBSA", "country": "US", "last": "", "market_cap": "", "ev": "", "context": "Spanish Broadcasting System operates radio stations targeting Hispanic audiences across major U.S. markets.", "summary": "Spanish Broadcasting System (SBSA) obtained interim court approval for a $30 million debtor-in-possession facility led by Brigade Capital Management to advance its Chapter 11 restructuring. The facility includes $20 million in base loans, with a $7 million interim draw, and a $10 million delayed-draw tranche. Pricing terms specify 9.75% interest plus a 2.5% backstop premium, a 2.0% commitment premium, and a 2.0% exit premium. Case milestones require a Final DIP Order, Disclosure Statement Order, and Confirmation Order within 55 days of the petition date, signaling a compressed timeline for a sale or plan confirmation. A final hearing for the facility is scheduled for June 8, 2026.", "multiples": "", "source_url": "https://bondoro.com/bondoro-insights-weekly-docket-update-31/" }, { "company": "FOXO Technologies Inc.", "ticker": "FOXO", "country": "US", "last": "", "market_cap": "", "ev": "$12M", "context": "FOXO is a technology company focused on longevity and epigenetic biomarkers.", "summary": "Foxo Technologies Inc. (FOXO) exchanged 7,775 Series A Preferred shares for $7.78M in non-convertible senior unsecured promissory notes, eliminating all equity conversion rights. This liability management transaction removes a dilutive overhang but creates a debt maturity with no stated interest. The notes mature on May 12, 2027, and carry an 18% default rate. Repayment is triggered by a public offering or uplisting, and proceeds were used for working capital. FOXO is a technology company focused on longevity and epigenetic biomarkers.", "multiples": "EV/GP: 1.2x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001812360/000149315226024061/0001493152-26-024061-index.htm" }, { "company": "Banzai International, Inc.", "ticker": "BNZI", "country": "US", "last": "$3.45", "market_cap": "$4M", "ev": "$13M", "context": "Banzai International, Inc. is a marketing technology company providing engagement and video marketing solutions. It trades on the Nasdaq Capital Market under ticker BNZI.", "summary": "Banzai International, Inc. (BNZI) entered into a Floor Price Amendment with CP BF Lending, LLC on May 15, 2026, reducing the conversion floor of a consolidated convertible note from $50.00 to $4.50 post-reverse-split. The note originated from a prior August 2023 forbearance agreement and had approximately $5.36 million outstanding as of May 14, 2026. Under the amended terms, the conversion price remains at 95% of the market price subject to the new $4.50 floor, allowing the lender to continue converting debt into equity within specified volume limits. These repeated amendments, following a 1-for-20 reverse stock split, indicate ongoing balance-sheet distress and potential for significant dilution to existing equity.", "multiples": "EV/Sales: 1.0x · EV/GP: 1.2x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001826011/000119312526227353/0001193125-26-227353-index.htm" }, { "company": "Zoomcar Holdings, Inc.", "ticker": "ZCAR", "country": "US", "last": "$0.15", "market_cap": "$1M", "ev": "$14M", "context": "Zoomcar Holdings operates a car-sharing marketplace in India, offering self-drive vehicle rentals through a technology platform. Headquarters in Bangalore, incorporated in Delaware, traded OTC/pink sheets.", "summary": "Zoomcar Holdings, Inc. (ZCAR) entered a letter agreement with creditor ACM Zoomcar Convert LLC to satisfy a $6.0M court judgment through a $2.5M cash payment and residual equity settlement at the terms of its next financing. ACM is entitled to a minimum 10% of gross proceeds from any future capital raise and granted a standstill through March 31, 2027, terminable at its sole discretion. The company also executed standstill agreements with CFI Capital and Labrys Fund to forbear conversion rights on convertible notes until September 30, 2026. To settle the Reimer litigation, ZCAR agreed to issue 39,000,000 common shares pending a Section 3(a)(10) fairness hearing scheduled for June 1, 2026. Enforcement backstops include executed confessions of judgment to ACM for over $6.0M and to Reimer plaintiffs for $2.5M, capped at $2M. These distress-driven agreements manage near-term liquidity amid severe balance-sheet stress and potential dilution.", "multiples": "EV/GP: 3.0x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001854275/000121390026059140/0001213900-26-059140-index.htm" }, { "company": "Estrela", "ticker": "ESTR3.SA", "country": "BR", "last": "$3.01", "market_cap": "$6M", "ev": "$33M", "context": "Estrela is a Brazilian publicly-traded company listed on the B3 exchange. Specific business details were not retrieved from the underlying source.", "summary": "ESTRELA (ESTR3.SA) filed a petition for judicial recovery in Brazilian courts. Effective May 21, 2026, the company’s securities will be listed on the B3 exchange under the \"Recuperação Judicial\" designation. This court-supervised restructuring process is akin to Chapter 11 and creates potential for debt and equity claims trading and post-reorganization equity opportunities.", "multiples": "EV/GP: 2.8x (LTM)", "source_url": "https://sistemasweb.b3.com.br/PlantaoNoticias/Noticias/Detail?idNoticia=3368972&agencia=18&dataNoticia=2026-05-20%2B09%3A22%3A26" }, { "company": "Sherritt International Corporation", "ticker": "S.TO", "country": "CA", "last": "", "market_cap": "$61M", "ev": "$206M", "context": "Sherritt is a world leader in hydrometallurgical mining and refining of nickel and cobalt. It operates a strategically important refinery in Alberta, Canada, and holds substantial joint venture assets in Cuba.", "summary": "Sherritt International Corporation (S.TO), a nickel and cobalt miner and refiner with assets in Alberta and joint ventures in Cuba, has abandoned its May 15 plan to dissolve Cuban joint venture interests and will not proceed with its Alberta Court application. The company disclosed acute operational, financial, and legal difficulties, including risks related to debt covenant compliance. Sherritt maintains a suspension of direct participation in Cuban joint venture activities following a U.S. Executive Order expanding sanctions. A preliminary value-preserving opportunity is currently being evaluated with advisors, though there is no assurance it will be achieved. Sanctions pressure and the suspension of core operations create a distressed restructuring setup that may force an out-of-court restructuring or coercive exchange.", "multiples": "EV/EBITDA: 81.2x · EV/Sales: 5.3x · EV/GP: 67.0x (FY2026)", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W7368&drmKey=8609b168a9c60732&drr=ss95951bef1270aefab7fbc54fd1218492f0a8d167f99a51c5719ab4aa431b757dbc035c02391c137a0890871488c276c1ux&id=0c11f8b7998bcd961660651208a633f490d07aae2ee10655" }, { "company": "Society Pass Inc", "ticker": "SOPA", "country": "US", "last": "$0.06", "market_cap": "$0.0M", "ev": "", "context": "Society Pass Inc is a technology-focused company operating a digital ecosystem and loyalty platform across Southeast Asia, though specific business details are limited from this source.", "summary": "Society Pass (SOPA) and its subsidiary SoPa Inc. filed voluntary Chapter 11 petitions in the Southern District of Texas on May 12, 2026. Nasdaq subsequently issued a delisting determination for the common stock under Rules 5101, 5110(b), and IM-5101-1, with trading scheduled for suspension on May 21, 2026. The company intends to appeal the determination, though Nasdaq will file a Form 25-NSE to formally remove the listing. Shares of the technology-focused company fell 19% in premarket trading on the news. The situation creates a distressed exchange event for equity holders facing bankruptcy recovery risk and the loss of exchange liquidity.", "multiples": "Fwd P/E: 2.5x (FY2026)", "source_url": "https://m.investing.com/news/stock-market-news/society-pass-stock-tumbles-on-nasdaq-delisting-notice-93CH-4701325?ampMode=1" }, { "company": "USP Group Limited", "ticker": "BRS.SI", "country": "SG", "last": "", "market_cap": "", "ev": "", "context": "USP Group Limited is a Singapore-incorporated company currently under judicial management, undergoing a court-supervised restructuring process following financial distress.", "summary": "The High Court has sanctioned the Scheme of Arrangement for USP Group Limited (BRS), advancing the company's court-supervised restructuring. The sanctioned scheme becomes binding on all creditors once the order is lodged with the Registrar of Companies, with formal effect contingent on that filing. Alongside the sanction, the court extended the judicial management period from June 5, 2026, to July 17, 2026. Trading in BRS shares has been suspended since February 2024 and will remain suspended until the restructuring progresses further and key conditions are fulfilled. This milestone binds dissenting creditors but prolongs the judicial management period and delays the return to normal trading.", "multiples": "", "source_url": "https://www.tipranks.com/news/company-announcements/high-court-sanctions-usp-groups-scheme-of-arrangement-and-extends-judicial-management" }, { "company": "Accuray Incorporated", "ticker": "ARAY", "country": "US", "last": "$0.31", "market_cap": "$37M", "ev": "$181M", "context": "Accuray Incorporated designs, develops, and sells radiosurgery and radiation therapy systems for the treatment of tumors. Its products include the CyberKnife and TomoTherapy platforms.", "summary": "Accuray Inc (ARAY) issued a warrant to TCW Rescue Financing Fund II LP for 808,023 shares of common stock at an exercise price of $0.01 per share on May 18, 2026. Disclosed in a May 22, 2026, Schedule 13D/A filing, the issuance follows a June 6, 2025, Financing Agreement that was amended on December 11 and December 15, 2025. TCW Asset Management Company LLC serves as collateral and administrative agent for the secured lending relationship. The issuance of deeply discounted warrants to a rescue financing lender signals ongoing distress-driven liability management and reliance on out-of-court creditor support to manage the company's capital structure. Accuray Inc designs, develops, and sells radiosurgery and radiation therapy systems, including the CyberKnife and TomoTherapy platforms.", "multiples": "EV/EBITDA: 21.0x · EV/Sales: 0.6x · EV/GP: 2.0x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001138723/000110465926065674/0001104659-26-065674-index.htm" } ] }, { "name": "Liquidations", "count": 2, "items": [ { "company": "First Real Estate Investment Trust of New Jersey, Inc.", "ticker": "FREVS", "country": "US", "last": "$21.90", "market_cap": "$164M", "ev": "$203M", "context": "First Real Estate Investment Trust of New Jersey, Inc. is a publicly traded REIT that owns and manages a portfolio of commercial and residential real estate properties, primarily in New Jersey.", "summary": "First Real Estate Investment Trust Of New Jersey, Inc. (FREVS) filed a preliminary proxy statement seeking stockholder approval for a Plan of Voluntary Liquidation and dissolution. The board unanimously approved the plan, which provides for the winding-up and sale of all assets within the Trust’s commercial and residential property portfolio. Estimated liquidating distributions range from $24.44 to $30.03 per share to be paid over time to holders of the 7,482,432 shares outstanding. A special meeting of stockholders is scheduled for September 29, 2026, with a record date of July 31, 2026. Georgeson LLC is acting as the independent proxy solicitation firm. The wide per-share estimate range creates value uncertainty and trading opportunity around the realization of real estate assets.", "multiples": "EV/GP: 16.1x (LTM)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000036840/000207709626000132/0002077096-26-000132-index.htm" }, { "company": "Rock Field Co., Ltd.", "ticker": "2910.T", "country": "JP", "last": "", "market_cap": "$212M", "ev": "$174M", "context": "Iwata (Shanghai) Restaurant Management Co., Ltd. manufactured and retailed prepared deli foods (sōzai) through storefronts in Shanghai, operating as a wholly-owned Chinese subsidiary of Japanese food company Rock Field.", "summary": "Rock Field (2910.T) resolved on May 19, 2026, to dissolve and liquidate its wholly-owned subsidiary Iwata (Shanghai) Restaurant Management Co., Ltd., ending a 14-year Chinese deli operation. The subsidiary reported FY2025 revenue of ¥246M and a net loss of ¥98M amid a post-COVID consumption slump and intensifying competition. Iwata (Shanghai) was capitalized at ¥900M and held ¥345M in total assets as of December 2025. Liquidation will proceed under Chinese law with no specific completion date set. The impact on Rock Field’s FY2026 earnings is currently under review as the company monitors potential loss recognition.", "multiples": "Fwd P/E: 59.9x · EV/EBITDA: 8.0x · EV/Sales: 0.5x · EV/GP: 0.9x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260518540026.pdf" } ] }, { "name": "Capital Returns", "count": 18, "items": [ { "company": "TeamLease Services Limited", "ticker": "TEAMLEASE.NS", "country": "IN", "last": "", "market_cap": "$242M", "ev": "$178M", "context": "TeamLease Services is a leading Indian staffing and human-resource solutions company, providing temporary and permanent staffing across general and specialized sectors.", "summary": "TeamLease Services (TEAMLEASE.NS) board approved a ₹238 crore share buyback via a tender offer for up to 1,487,500 shares at ₹1,600 per share. The offer represents 8.87% of the company's paid-up capital and is subject to shareholder approval. Nuvama Wealth Management Ltd is acting as the advisor. The buyback price is a premium to closing prices on the NSE and BSE as of May 8, 2026. The company reported FY26 PAT rose 33% year-over-year to ₹147.1 crore with net free cash of ₹600 crore. This self-tender buyback provides a direct liquidity event for shareholders and signals excess capital.", "multiples": "Fwd P/E: 15.5x · EV/EBITDA: 8.4x · EV/Sales: 0.1x · EV/GP: 6.5x (FY2027)", "source_url": "https://scanx.trade/stock-market-news/companies/teamlease-services-q4-net-profit-surges-25-yoy-board-approves-238-crore-share-buyback/40822940" }, { "company": "Schroder UK Mid Cap Fund plc", "ticker": "SCP.L", "country": "GB", "last": "", "market_cap": "$328M", "ev": "$346M", "context": "Schroder UK Mid Cap Fund plc is a UK-listed investment trust managed by Schroders, investing in mid-cap UK equities with a focus on long-term total returns. It has outperformed its benchmark by 18.5% over 10 years to March 2026.", "summary": "Schroder UK Mid Cap Fund (SCP.L) proposed a tender offer for up to 16,661,822 shares, representing 49.87% of issued capital, at NAV less costs. The proposal follows an agreement with 19.5% holder Saba Capital Management, which has committed to support the resolution, tender its full stake, and enter a three-year standstill agreement. The offer is conditional on a 75% approval threshold at a June 24, 2026 general meeting and the Maximum Tender Condition not being exceeded. Investec is advising on the transaction, with completion expected by August 1, 2026. Directors will not participate in the tender, and three directors intend to purchase an additional £120,000 in shares. Post-completion, the trust will target a mid-single digit discount through a new management policy.", "multiples": "", "source_url": "https://www.investegate.co.uk/announcement/rns/schroder-uk-mid-cap-fund--scp/proposed-tender-offer-/9576518" }, { "company": "SeAH Holdings Co., Ltd.", "ticker": "058650.KS", "country": "KR", "last": "", "market_cap": "$425M", "ev": "$1.6B", "context": "SeAH Holdings is a pure holding company and the representative entity of the SeAH business group. It derives income from dividends, trademark royalties, and rental income from its subsidiaries, which produce specialty steels, high-strength aluminum alloys, and other advanced materials.", "summary": "SeAH Holdings (058650.KS) launched a self-tender offer to acquire up to 187,000 common shares, representing 4.41% of its outstanding stock, at KRW 160,000 per share. The total maximum consideration is KRW 29.92 billion, and the company intends to cancel all acquired shares to enhance shareholder value. The tender period is scheduled from May 20 to June 8, 2026, with a settlement date of June 10, 2026. NH Investment & Securities is acting as the tender offer agent. The controlling shareholder and related parties currently hold 76.1% of the shares outstanding. As of December 31, 2025, the company's treasury stock acquisition limit was KRW 782.2 billion.", "multiples": "Fwd P/E: 8.8x · EV/EBITDA: 6.8x · EV/Sales: 0.4x · EV/GP: 5.4x (FY2026)", "source_url": "https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260520000001" }, { "company": "Dhanuka Agritech Limited", "ticker": "DHANUKA.NS", "country": "IN", "last": "", "market_cap": "$552M", "ev": "$424M", "context": "Dhanuka Agritech Limited is an Indian agrochemical company manufacturing and selling pesticides, herbicides, fungicides, and plant growth regulators.", "summary": "Dhanuka Agritech Limited (DHANUKA.NS) approved a ₹70 crore equity share buyback via a proportionate self-tender offer. The company will repurchase 500,000 equity shares at ₹1,400 per share, representing 4.20% of total paid-up equity capital and free reserves as of March 31, 2026. The record date is set for May 29, 2026, with the transaction funded by internal cash reserves. The board issued a declaration of solvency regarding its ability to meet obligations. Pro-rata acceptance will be determined by the final entitlement ratio.", "multiples": "Fwd P/E: 17.1x · EV/EBITDA: 8.7x · EV/Sales: 1.8x · EV/GP: 6.4x (FY2027)", "source_url": "https://www.investywise.com/dhanuka-agritech-announces-70-crore-share-buyback/" }, { "company": "Garware Technical Fibres Ltd", "ticker": "GARFIBRES.NS", "country": "IN", "last": "", "market_cap": "$649M", "ev": "$619M", "context": "Garware Technical Fibres Ltd manufactures technical textiles, ropes, and netting solutions for aquaculture, agriculture, and industrial applications.", "summary": "Garware Technical Fibres (GARFIBRES.NS) announced a board-approved tender-route buyback for up to 1,617,500 equity shares at an offer price of Rs 680 per share. The total buyback size is Rs 110 crore. The record date for eligibility is May 20, 2026, and the stock trades ex-date the week of May 18, 2026. Garware Technical Fibres manufactures technical textiles, ropes, and netting solutions for aquaculture, agriculture, and industrial applications. This tender-route buyback at a fixed price can provide a near-term exit at a premium for shareholders while creating a definitive price floor.", "multiples": "Fwd P/E: 25.8x · EV/EBITDA: 16.4x · EV/Sales: 3.5x · EV/GP: 8.1x (FY2027)", "source_url": "https://www.zeebiz.com/markets/stocks/news-rs-12517-dividend-12-stock-split-buyback-rights-issue-19-stocks-to-turn-ex-date-next-week-full-list-395613/amp" }, { "company": "GVS S.p.A.", "ticker": "GVS.MI", "country": "IT", "last": "", "market_cap": "$952M", "ev": "$1.1B", "context": "GVS S.p.A. is an Italy-based global manufacturer of filters and components for healthcare, life sciences, automotive, appliance, safety, and industrial filtration markets.", "summary": "GVS S.p.A. (GVS.MI) received an order from Italy’s market watchdog CONSOB to resume the approval procedure for its voluntary partial tender offer document as of May 20, 2026. The self-tender, announced on April 13, 2026, involves up to 23,000,000 shares (12.29%) and is structured as a capital return to shareholders. CONSOB had previously halted the approval process, and the resumption clears a regulatory hurdle to move the offer toward launch. GVS S.p.A. is an Italy-based manufacturer of filters and components for healthcare, life sciences, automotive, appliance, safety, and industrial filtration markets.", "multiples": "Fwd P/E: 16.7x · EV/EBITDA: 9.0x · EV/Sales: 2.2x · EV/GP: 17.0x (FY2026)", "source_url": "https://www.marketscreener.com/news/italy-s-market-watchdog-consob-orders-resumption-of-approval-procedure-for-gvs-tender-offer-document-ce7f5ad9da80fe20" }, { "company": "Lightspeed Commerce Inc.", "ticker": "LSPD.TO", "country": "CA", "last": "", "market_cap": "$1.2B", "ev": "$586M", "context": "Lightspeed Commerce Inc. provides a unified omnichannel commerce platform for retail, hospitality, and golf businesses in over 100 countries, offering point-of-sale, payments, and inventory management solutions.", "summary": "Lightspeed Commerce Inc. (LSPD) authorized the renewal of its normal course issuer bid to repurchase up to approximately 10% of its public float as of May 11, 2026. The authorization follows Q4 FY2026 earnings reporting $290.8M in revenue and $15.1M in Adjusted EBITDA. As of March 31, 2026, the company maintained a $453.9M cash and cash equivalents balance to support buyback capacity. Lightspeed Commerce Inc. (LSPD) is dual-listed on the NYSE and TSX and provides a unified omnichannel commerce platform for retail, hospitality, and golf businesses in over 100 countries.", "multiples": "Fwd P/E: 18.9x · EV/Sales: 0.6x · EV/GP: 2.1x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001823306/000182330626000024/0001823306-26-000024-index.htm" }, { "company": "Coeur Mining, Inc.", "ticker": "CDE", "country": "US", "last": "$17.63", "market_cap": "$11.5B", "ev": "$11.1B", "context": "Coeur Mining, Inc. is a US-based precious metals mining company producing gold and silver with operations in North America; listed on NYSE under ticker CDE.", "summary": "Coeur Mining, Inc. (CDE), a US-based precious metals mining company, repurchased 3.99M shares for approximately $69.7M at an average $17.46/share through May 15, 2026. Approximately 3.18M shares totaling approximately $60M of those repurchases occurred in May at an average $18.91/share. The company has $680.3M remaining under its $750M repurchase program, which was expanded on March 23, 2026. Transactions are being executed via a 10b-18 agreement with BMO Capital Markets Corp. and 10b5-1 plans. The elevated May run-rate signals strong capital return conviction from management.", "multiples": "Fwd P/E: 9.6x · EV/EBITDA: 7.6x · EV/Sales: 1.9x · EV/GP: 4.9x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000215466/000021546626000030/0000215466-26-000030-index.htm" }, { "company": "HF Sinclair Corporation", "ticker": "DINO", "country": "US", "last": "$69.91", "market_cap": "$12.6B", "ev": "$10.8B", "context": "HF Sinclair Corporation is an independent petroleum refiner and marketer producing gasoline, diesel, jet fuel, and specialty lubricants. The company operates refineries across the US and is headquartered in Dallas, Texas.", "summary": "Hf Sinclair Corp (DINO) entered a privately negotiated agreement to repurchase 1,455,180 shares from REH Advisors Inc. at $68.72 per share for an aggregate $100M. The transaction, funded with cash on hand, is expected to complete on or around May 21, 2026. This marks the twenty-first private repurchase from REH Advisors, the parent of. The Sinclair Companies, and is executed under a $1B program authorized May 7, 2024. To date, the company has repurchased $717M in common stock under the program, inclusive of this transaction. This block repurchase from an affiliated seller reduces the float under the active capital-return program.", "multiples": "Fwd P/E: 9.3x · EV/EBITDA: 4.2x · EV/Sales: 0.3x · EV/GP: 6.6x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001915657/000162828026036527/0001628280-26-036527-index.htm" }, { "company": "Haier Smart Home Co., Ltd.", "ticker": "6690.HK", "country": "HK", "last": "", "market_cap": "$23.5B", "ev": "$28.1B", "context": "Haier Smart Home Co., Ltd. is a leading global home appliance and consumer electronics company headquartered in China, listed on the Hong Kong Stock Exchange.", "summary": "Haier Smart Home Co., Ltd. (6690.HK) delayed the dispatch of a circular regarding its proposed voluntary public share buy-back of D Shares to no later than 3 June 2026 to finalize the independent financial adviser's letter. The circular, which will contain offer details and independent financial advice, was originally due by 18 May 2026. Somerley Capital Limited is acting as financial adviser to the company. The buy-back offer is subject to pre-conditions and board determination and may not proceed.", "multiples": "Fwd P/E: 9.2x · EV/EBITDA: 6.6x · EV/Sales: 0.7x · EV/GP: 2.6x (FY2026)", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0518/2026051800936.pdf" }, { "company": "Shin-Etsu Chemical Co., Ltd.", "ticker": "4063.T", "country": "JP", "last": "", "market_cap": "$82.0B", "ev": "$64.9B", "context": "Shin-Etsu Chemical is a major Japanese specialty chemical company, the world's largest producer of polyvinyl chloride (PVC) and a leading supplier of semiconductor silicon wafers, silicones, and cellulose derivatives.", "summary": "Shin-Etsu Chemical (4063.T) resolved to launch a self-tender offer to repurchase up to 10,069,500 shares at ¥5,235 per share, representing 0.54% of outstanding stock. The ¥52,719,000,000 transaction targets stakes held by Aioi Nissay Dowa and Sompo Japan to facilitate the unwinding of cross-shareholdings. The offer price represents a 10% discount to the six-month volume-weighted average price and a 25.55% discount to the May 19 closing price of ¥7,032. Repurchases are part of a ¥250B buyback program authorized on April 28, 2026, intended to improve capital efficiency through treasury stock retirement. The tender period runs from May 21 to June 17, 2026, and will be funded entirely from cash on hand.", "multiples": "Fwd P/E: 23.2x · EV/EBITDA: 9.1x · EV/Sales: 3.7x · EV/GP: 10.8x (FY2027)", "source_url": "https://www.release.tdnet.info/inbs/140120260520541943.pdf" }, { "company": "Boston Scientific Corporation", "ticker": "BSX", "country": "US", "last": "$57.78", "market_cap": "$85.9B", "ev": "$151.5B", "context": "Global medical technology leader providing devices and therapies for cardiovascular, respiratory, digestive, oncological, neurological, and urological diseases.", "summary": "Boston Scientific Corp (BSX) entered into a $2B accelerated share repurchase agreement with JPMorgan Chase Bank, National Association. Approximately 30.4 million shares, representing 80% of the repurchase price, were delivered upfront. Final settlement based on the volume-weighted average price is expected by June 30, 2026. This transaction utilizes a portion of an existing $5B share repurchase authorization, leaving $3B available. The company estimates the agreement will result in $0.02 of FY2026 adjusted EPS accretion. The repurchase reduces float and can provide EPS support.", "multiples": "Fwd P/E: 17.1x · EV/EBITDA: 32.0x · EV/Sales: 7.0x · EV/GP: 10.1x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0000885725/000088572526000042/0000885725-26-000042-index.htm" }, { "company": "Beng Soon Machinery Holdings Limited", "ticker": "1987.HK", "country": "HK", "last": "", "market_cap": "$30M", "ev": "$28M", "context": "Beng Soon Machinery Holdings Limited provides demolition services in Singapore, mainly for the construction industry, and is listed on the Hong Kong Stock Exchange.", "summary": "Beng Soon Machinery Holdings Limited (1987.HK) clarified that its previously announced special dividend does not require shareholder approval, correcting a drafting error in its March 31, 2026 annual results and April 23, 2026 annual report. The board confirmed the dividend has been duly declared and the payout will proceed under its original timetable. The ex-dividend, record, and payment dates remain unchanged from the prior announcement. This clarification confirms the direct return of capital to shareholders is proceeding as scheduled.", "multiples": "", "source_url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0518/2026051801144.pdf" }, { "company": "National Healthcare Properties, Inc.", "ticker": "NHP", "country": "US", "last": "", "market_cap": "", "ev": "", "context": "Self-managed healthcare REIT focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on senior housing for the growing elderly US population.", "summary": "National Healthcare Properties, Inc. (NHP) launched concurrent self-tender offers to repurchase up to $100M aggregate of its 7.375% Series A and 7.125% Series B perpetual preferred stock. The company is offering $22.50 per share in cash for both series, funded with available cash. The offers commenced May 18, 2026, and expire June 16, 2026, unless extended. Series A shares have higher purchase priority than Series B, and the tenders are not contingent on financing or a minimum number of shares being tendered. Georgeson LLC is acting as the advisor. The $100M self-tender at a fixed price can create an arbitrage spread if the shares trade below the offer price and may signal management views on cost of capital.", "multiples": "EV/EBITDA: 28.9x · EV/Sales: 3.8x · EV/GP: 10.4x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001561032/000114036126021782/0001140361-26-021782-index.htm" }, { "company": "Maven Renovar VCT PLC", "ticker": "MRVM.L", "country": "GB", "last": "", "market_cap": "", "ev": "", "context": "Maven Renovar VCT PLC is a UK-listed Venture Capital Trust that invests in a diversified portfolio of unquoted and AIM-quoted growth companies.", "summary": "Maven Renovar VCT (MRVM.L) shareholders today approved a self-tender offer for up to 12% of issued share capital with 95.29% of votes in favor. The offer provides a liquidity exit for the Venture Capital Trust, a structure that often trades at a discount to net asset value. The tender deadline is set for 1:00 p.m. on May 21, 2026, with results and pricing expected on May 26, 2026. Shareholders anticipate payment of tender proceeds by June 3, 2026. Total voting rights consist of 140,227,975 shares with none held in treasury.", "multiples": "", "source_url": "https://ca.investing.com/news/stock-market-news/maven-renovar-vct-shareholders-approve-12-tender-offer-93CH-4651454" }, { "company": "JX Metals Corporation", "ticker": "5016.T", "country": "JP", "last": "", "market_cap": "$22.0B", "ev": "$24.6B", "context": "JX Metals Corporation is a Japanese company listed on the Tokyo Stock Exchange Prime Market, engaged in the non-ferrous metals business including resource development, smelting, and advanced materials.", "summary": "JX Metals Corporation (5016.T) commences a self-tender offer for its own shares on May 21, 2026, at a price of ¥3,401 per share. The offer price is set at a 10% discount to the May 20, 2026, closing price of ¥3,779. The pricing mechanism used the lower of the one-month average closing price or the May 20 closing price, with a 10% discount applied. JX Metals is considering canceling a portion of the treasury shares acquired through the transaction. This self-tender provides a direct mechanical exit at a fixed price, offering a return-of-capital opportunity.", "multiples": "EV/EBITDA: 12.7x · EV/Sales: 4.4x (LTM)", "source_url": "https://www.release.tdnet.info/inbs/140120260520541995.pdf" }, { "company": "Wipro Limited", "ticker": "WIT", "country": "IN", "last": "$2.01", "market_cap": "$22.2B", "ev": "$18.7B", "context": "Wipro Limited is a leading global information technology, consulting, and business process services company headquartered in Bengaluru, India, listed on the NYSE (WIT), NSE, and BSE.", "summary": "Wipro Ltd (WIT) shareholders approved a buyback of equity shares via postal ballot e-voting on May 21, 2026. The resolution was one of three special proposals initiated by the board on April 16, 2026, and a Scrutinizer's Report confirms the measure passed with the required majority. No specific buyback size, price, or record date was disclosed in the filing. While the authorization signals capital return intentions, actionable terms remain pending a forthcoming detailed announcement.", "multiples": "Fwd P/E: 0.1x · EV/EBITDA: 10.1x · EV/Sales: 2.2x · EV/GP: 7.5x (FY2027)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001123799/000119312526234398/0001193125-26-234398-index.htm" }, { "company": "Japan Smaller Capitalization Fund, Inc.", "ticker": "JOF", "country": "US", "last": "$11.50", "market_cap": "$326M", "ev": "$326M", "context": "Closed-end fund investing primarily in smaller-capitalization Japanese equities, seeking long-term capital appreciation. Managed by Nomura Asset Management U.S.A. Inc., a subsidiary of Nomura Asset Management Co., Ltd.", "summary": "Japan Smaller Cap Fund (JOF) authorized a conditional self-tender offer to repurchase up to 10% of its outstanding shares at 98% of NAV per share. The tender is expected to commence June 1, 2026, and expire July 1, 2026, with a pricing date of July 2, 2026. The Board also re-leveled the fund’s Level Distribution Plan, increasing monthly distributions by approximately 8% to $0.0956 per share for July, August, and September 2026. The combined actions provide near-NAV liquidity for up to 10% of shares and signal an active discount-management program for the fund. Georgeson LLC is the information agent and Computershare Trust Company, N.A. is serving as the depositary agent.", "multiples": "", "source_url": "https://www.stocktitan.net/news/JOF/japan-smaller-capitalization-fund-inc-announces-commencement-of-yq78pq03m5cz.html" } ] }, { "name": "Delistings", "count": 6, "items": [ { "company": "Rakon Limited", "ticker": "RAK.NZ", "country": "NZ", "last": "", "market_cap": "$208M", "ev": "$75M", "context": "Rakon Limited is a high-technology company that designs and manufactures advanced frequency control and timing solutions for telecommunications, space, and defense applications.", "summary": "Rakon Limited (RAK.NZ) announced its intention to voluntarily delist from the NZX Main Board on 18 May 2026, with a memorandum from NZX Operations confirming the move subject to final exchange conditions. The final day of trading for ordinary shares will be Monday, 25 May 2026, with trading suspended at the close of business and shares ceasing to be quoted on Wednesday, 27 May 2026. Rakon Limited designs and manufactures advanced frequency control and timing solutions for telecommunications, space, and defense applications. This delisting removes exchange liquidity, forcing holders to either sell before the final trading date or hold unlisted shares.", "multiples": "Fwd P/E: 31.0x · EV/EBITDA: 7.8x · EV/Sales: 1.2x · EV/GP: 2.7x (FY2027)", "source_url": "https://www.nzx.com/announcements/472770" }, { "company": "Marine Products Corp", "ticker": "MPX", "country": "US", "last": "$8.18", "market_cap": "$280M", "ev": "$263M", "context": "Marine Products Corp manufactures and sells recreational fiberglass powerboats under the Chaparral and Robalo brands.", "summary": "Marine Products Corp (MPX) filed Form 25 with the SEC on May 15, 2026, to voluntarily withdraw its Common Stock from listing and registration on the NYSE. The filing cites compliance with 17 CFR 240.12d2-2(c) and has an expected effective date of May 25, 2026. Marine Products Corp manufactures and sells recreational fiberglass powerboats under the Chaparral and Robalo brands and has not disclosed a reason for the delisting or plans to list on another exchange in this filing. This voluntary delisting will likely reduce trading liquidity, eliminate certain institutional mandates, and potentially trigger index fund selling.", "multiples": "Fwd P/E: 16.4x · EV/EBITDA: 8.5x · EV/Sales: 1.0x · EV/GP: 5.0x (FY2026)", "source_url": "https://www.stocktitan.net/sec-filings/MPX/25-nse-marine-products-corp-sec-filing-b2fd76fb2404.html" }, { "company": "PureTech Health plc", "ticker": "PRTC.L", "country": "GB", "last": "", "market_cap": "$450M", "ev": "$229M", "context": "PureTech Health plc is a clinical-stage biotherapeutics company incorporated in England and Wales that develops medicines targeting serious diseases by applying insights from human biology and the gut-immune-brain axis.", "summary": "Puretech Health Plc (PRTC) filed Amendment No. 1 to its American Depositary Shares (ADS) deposit agreement with Citibank, N.A. to reflect the company's prior delisting from NASDAQ and the termination of reporting obligations under the Exchange Act via Form 15F. The amendment updates ADR terms to reflect the cessation of filing duties under Sections 13(a) and 15(d). Following Form 15F effectiveness, the company will publish information on its website under Rule 12g3-2(b). The amendment is dated as of an unspecified date in 2026 and binds all existing and future ADS holders. This formalization of the going-dark process terminates SEC reporting access and Exchange Act protections for ADS holders.", "multiples": "EV/Sales: 3.4x · EV/GP: 12.2x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001782999/000119380526000676/0001193805-26-000676-index.htm" }, { "company": "Itochu Food Co., Ltd.", "ticker": "2692.T", "country": "JP", "last": "", "market_cap": "", "ev": "", "context": "Japanese food wholesaler/distributor celebrating 140th anniversary in 2026. Member of Itochu Corporation group focused on food lifestyle products.", "summary": "Itochu Food (2692.T) will delist from the Tokyo Stock Exchange Prime Market on May 19, 2026, following the board's April 28, 2026, approval of a share purchase request from Itochu Corporation. The forced squeeze-out by the special controlling shareholder will extinguish the company’s remaining public float. May 19, 2026, serves as the last day of trading and the final exit event for minority holders of the Japanese food wholesaler and distributor. Itochu Food is a member of the Itochu Corporation group focused on food lifestyle products.", "multiples": "", "source_url": "https://www.release.tdnet.info/inbs/140120260518539286.pdf" }, { "company": "Aqualine Ltd.", "ticker": "6173.T", "country": "JP", "last": "", "market_cap": "", "ev": "", "context": "Japanese company listed on Tokyo Stock Exchange Growth market (code 6173). The business will continue operations post-delisting, though specific industry details are not disclosed in this notice.", "summary": "Aqua Line (6173.T) will be delisted from the Tokyo Stock Exchange Growth market on June 1, 2026, following its designation as a supervision stock on April 30, 2026. The final day of trading for the shares is scheduled for May 29, 2026. Post-delisting, the company will continue operations, but shares will only trade via over-the-counter private transactions as registry management moves in-house. Share transfers will require the use of registered seals and inked documents, creating severe frictions for share transfers. The forced delisting, affecting a company listed since August 2015, creates an immediate liquidity event for shareholders.", "multiples": "", "source_url": "https://www.release.tdnet.info/inbs/140120260522545374.pdf" }, { "company": "Yimutian Inc.", "ticker": "YMT", "country": "US", "last": "$1.05", "market_cap": "$8M", "ev": "$15M", "context": "Operates a leading agricultural B2B digital platform in mainland China, connecting buyers and sellers of agricultural products and streamlining supply-chain transactions.", "summary": "Yimutian Inc. (YMT) received a Nasdaq Determination Letter on May 13, 2026, for failing to regain compliance with the $15M minimum Market Value of Publicly Held Shares requirement. The company also received a deficiency notice on the same date for its market value of listed securities falling below the $50M threshold. Yimutian intends to appeal the delisting determination, which stays proceedings pending a Nasdaq Hearings Panel decision. For the MVLS deficiency, a separate 180-day compliance period runs until November 9, 2026. If the appeal is unsuccessful, the company’s ADSs would move from the Nasdaq Global Market to the OTC or another exchange.", "multiples": "", "source_url": "https://www.stocktitan.net/sec-filings/YMT/6-k-yimutian-inc-current-report-foreign-issuer-fe00c0a6c5aa.html" } ] }, { "name": "Other", "count": 9, "items": [ { "company": "Thunder Power Holdings, Inc.", "ticker": "AIEV", "country": "US", "last": "$0.18", "market_cap": "$9M", "ev": "$13M", "context": "Thunder Power Holdings, Inc. is a Delaware-incorporated entity with principal executive offices in Hong Kong. Publicly available business description is limited; the company appears to be a controlled vehicle associated with Wellen Sham.", "summary": "Thunder Power Holdings, Inc. (AIEV) is reincorporating from Delaware to Nevada following a May 8, 2026, written consent from controlling stockholder Wellen Sham and affiliates. Consenting stockholders hold 63,462,251 shares, representing approximately 62% of the 102,597,432 total outstanding common shares. Structured as a conversion under DGCL Section 266, the transaction received unanimous board approval and requires no additional stockholder vote. The change in domicile will become effective no earlier than 20 calendar days after the mailing of the preliminary information statement. For the controlled vehicle, which has principal executive offices in Hong Kong, the reincorporation can alter shareholder rights, fiduciary duties, and corporate governance standards.", "multiples": "", "source_url": "https://www.sec.gov/Archives/edgar/data/0001912582/000121390026058537/0001213900-26-058537-index.htm" }, { "company": "Blue Gold Limited", "ticker": "BGL", "country": "KY", "last": "$0.88", "market_cap": "$33M", "ev": "$30M", "context": "Gold mining company with infrastructure to deliver gold from mine-to-wallet, exploring and operating high-quality mining projects while selling gold directly to end customers in tokenised form.", "summary": "The Cayman Islands Grand Court issued a preliminary ruling in shareholder litigation against Blue Gold (BGL) relating to the company’s 2025 business combination with Perception Capital Corp. IV. The court confirmed that any modification to shareholder class rights must follow Articles procedures and concluded that proposed amendments cannot be implemented at this stage. An existing interim injunction preventing Blue Gold from holding an extraordinary general meeting to alter its Articles remains in place pending a full trial. The CEO stated the company will evaluate all legal and strategic options, including a potential appeal or stay of the ruling. This injunction creates corporate governance uncertainty and may delay or alter previously planned capital or structural actions.", "multiples": "Fwd P/E: 4.4x · EV/Sales: 0.2x (FY2026)", "source_url": "https://www.globenewswire.com/news-release/2026/05/15/3296165/0/en/Blue-Gold-Provides-Update-on-Cayman-Islands-Court-Ruling-in-Shareholder-Litigation.html" }, { "company": "Sigma Lithium Corporation", "ticker": "SGML", "country": "CA", "last": "$14.88", "market_cap": "$1.7B", "ev": "$1.6B", "context": "Sigma Lithium is the largest producer of lithium oxide concentrate in the Americas, operating the Grota do Cirilo mine and Greentech industrial plant in Brazil. It produces sustainable lithium materials for electric vehicle batteries, with zero tailings dams, 100% water reuse, and 100% renewable electricity.", "summary": "Sigma Lithium Corporation (SGML) is filing a legal appeal against a May 17, 2026, local court decision in Aracuai, Brazil, that includes a potential US$10 million legal collateral requirement. The company states the requirement is only payable after a final negative outcome following years of appeals and claims the ruling violated due process. Sigma shares fell 15% on the day of the announcement, a decline the company attributes to a concurrent online campaign following record 1Q26 earnings reported on May 15, 2026. A recent site visit verified company compliance with environmental regulations. The adverse ruling signals a material litigation overhang for the producer that could shape risk perception regarding emerging-market mining ESG compliance.", "multiples": "Fwd P/E: 13.3x · EV/EBITDA: 10.5x · EV/Sales: 4.2x · EV/GP: 25.2x (FY2026)", "source_url": "https://www.sedarplus.ca/csa-party/viewInstance/resource.html?node=W11135&drmKey=b517e90c69f177d7&drr=ss198343158392625ebf72f937a19ff8fd2293ee464493c069223e4c5f9b916338bd14b003e6d968c8c67f99a3ba788f5eux&id=0c11f8b7998bcd968fed3571778f50b228a76470a4cd937a" }, { "company": "Curaleaf Holdings, Inc.", "ticker": "CURLF", "country": "CA", "last": "$3.32", "market_cap": "$2.6B", "ev": "$2.9B", "context": "Curaleaf Holdings is a leading vertically integrated multi-state cannabis operator in the US, with cultivation, processing, and dispensing operations across multiple states.", "summary": "Curaleaf Holdings, Inc. (CURLF) filed a proxy circular for its June 22, 2026, annual general meeting, which includes a shareholder vote on a statutory Plan of Arrangement to redomesticate the company from British Columbia to Delaware. The proposed move under the Business Corporations Act (British Columbia) applies to shareholders of record as of May 5, 2026. Redomestication to a U.S. domicile can impact regulatory oversight, tax treatment, and index inclusion for the multi-state cannabis operator, potentially broadening its investor base.", "multiples": "EV/EBITDA: 13.8x · EV/Sales: 2.1x · EV/GP: 5.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001756770/000175677026000047/0001756770-26-000047-index.htm" }, { "company": "Marex Group plc", "ticker": "MRX", "country": "GB", "last": "$53.20", "market_cap": "$3.8B", "ev": "$6.5B", "context": "Marex Group plc is a diversified global financial services platform, providing liquidity, market access, and infrastructure services across commodities, financial markets, and securities.", "summary": "Marex Group Plc (MRX), a diversified global financial services platform, obtained requisite consents from holders of its 6.404% Senior Notes due 2029 to amend the governing indenture, permitting a new Bermuda parent holding company to assume its obligations. The amendments facilitate a proposed redomiciliation from England and Wales to Bermuda, which can alter the company's regulatory, tax, and governance profiles. Consenting holders receive $1.00 per $1,000 principal, with settlement and execution of the supplemental indenture occurring on May 19, 2026. Goldman Sachs & Co. LLC is serving as advisor. The successful solicitation removes a key obstacle to the move and signals progress toward completion of the redomiciliation announced on March 26, 2026.", "multiples": "Fwd P/E: 10.2x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001997464/000119312526230792/0001193125-26-230792-index.htm" }, { "company": "Takeda Pharmaceutical Industries Ltd.", "ticker": "4502.T", "country": "JP", "last": "", "market_cap": "$50.7B", "ev": "$83.0B", "context": "Takeda Pharmaceutical Industries is a global R&D-driven biopharmaceutical company headquartered in Japan, with a diversified portfolio spanning gastroenterology, oncology, neuroscience, rare diseases, and plasma-derived therapies.", "summary": "Takeda Pharmaceutical Industries (4502.T) disclosed an unfavorable U.S. jury verdict in the AMITIZA antitrust litigation in Massachusetts federal court awarding $884.9M in single actual damages. Wholesaler class damages of $474.9M and individual retail pharmacy class damages of $346.8M will automatically treble upon final judgment, potentially producing a multi-billion dollar liability. Takeda filed an extraordinary report on May 18, 2026, and intends to challenge the verdict through post-verdict motions and appeals. End-payor class damages remain subject to additional court proceedings before judgment entry. The litigation may trigger significant contingent-liability disclosures and potential reserve charges, with the impact on consolidated financial results currently under review.", "multiples": "Fwd P/E: 35.3x · EV/EBITDA: 10.8x · EV/Sales: 2.9x · EV/GP: 5.6x (FY2027)", "source_url": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4Y6" }, { "company": "King Resources, Inc.", "ticker": "KRFG", "country": "US", "last": "$0.68", "market_cap": "$59M", "ev": "$59M", "context": "King Resources, Inc. is a Delaware-incorporated company with a business address in Fo Tan, Hong Kong. Its primary business operations are not disclosed in the filing.", "summary": "King Resources, Inc. (KRFG) filed a preliminary Schedule 14C to reincorporate from Delaware to Nevada via conversion under DGCL Section 266 and NRS Sections 92A.195 and 92A.205. Majority stockholder Lee Ying Chiu Herbert, who holds 97.2% of the voting power through Series C Preferred Stock, approved the reincorporation via written consent on May 12, 2026. The transaction is expected to close on June 5, 2026, taking effect no earlier than 20 calendar days after the mailing of the information statement. The domicile change shifts governing corporate law, potentially affecting stockholder rights regarding appraisal, fiduciary duties, and anti-takeover protections. The company maintains its business address in Hong Kong and will continue as King Resources, Inc. following the conversion.", "multiples": "", "source_url": "https://www.sec.gov/Archives/edgar/data/0000774415/000168316826004085/0001683168-26-004085-index.htm" }, { "company": "Osisko Development Corp.", "ticker": "ODV.V", "country": "CA", "last": "", "market_cap": "$797M", "ev": "$504M", "context": "Osisko Development Corp. is a gold development company focused on advancing its portfolio of mineral assets, listed on NYSE and TSX Venture Exchange.", "summary": "Osisko Development Corp. (ODV.TO) scheduled a shareholder meeting for June 23, 2026, in Toronto, Ontario, to vote on moving its registered office from Québec to Ontario and changing its corporate name to Osisko Gold Group Inc. This redomicile and rebranding signals a potential strategic pivot or organizational restructuring that could precede larger corporate actions. Osisko Development Corp. is a gold development company focused on advancing its portfolio of mineral assets and is listed on the NYSE and TSX Venture Exchange.", "multiples": "EV/Sales: 46.5x (FY2026)", "source_url": "https://www.sec.gov/Archives/edgar/data/0001431852/000110465926064052/0001104659-26-064052-index.htm" }, { "company": "Rhinebeck Bancorp, Inc.", "ticker": "RBKB", "country": "US", "last": "$15.50", "market_cap": "$172M", "ev": "$142M", "context": "Rhinebeck Bank is a New York-chartered savings bank founded in 1860, operating 12 full-service branches and two representative offices in Albany, Dutchess, Orange, and Ulster Counties. Rhinebeck Bancorp has $1.3B in consolidated assets.", "summary": "Rhinebeck Bancorp, Inc. (RBKB) filed a 424B3 prospectus for its second-step mutual-to-stock conversion, launching a subscription offering for up to 8,912,500 shares at $10.00 per share to sell the 57% stake held by its mutual holding company. The offering is expected to generate gross proceeds between $65.9M and $89.1M, with existing public stockholders receiving new shares via an exchange ratio that preserves their current ownership percentage. Keefe, Bruyette & Woods, Inc. is acting as marketing agent on a best-efforts basis for the offering, which has a subscription expiration date of June 18, 2026. The conversion allows the entity to emerge with a clean capital structure, potential for improved governance, and post-conversion buyback or M&A optionality. Rhinebeck Bancorp, a New York-chartered savings bank with $1.3B in consolidated assets, must complete the overall offering by May 8, 2028.", "multiples": "", "source_url": "https://www.sec.gov/Archives/edgar/data/0001751783/000110465926065700/0001104659-26-065700-index.htm" } ] } ], "_meta": { "schema_version": 1, "note": "Structured export of the weekly digest for LLM analysis. Each item includes company, ticker, country, market metrics, sector context, and a curated summary of the special-situation event." } }