A running index of announced acquisitions and mergers covered in the Special Situations Digest. Below are recent merger agreements, acquisition proposals, and definitive transactions across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 14 countries. Earlier coverage includes 926+ additional situations from prior issues.
Acquisitions are the largest single category of special-situations activity tracked weekly. The flow includes announced strategic mergers, definitive cash deals, all-stock combinations, and contested offers. Each presents a distinct setup: deal arbitrage on signed transactions, premium-capture on contested bids, and breakup-risk evaluation on regulatory-sensitive combinations. Tracking the full pipeline across 30+ countries surfaces opportunities that U.S.-focused coverage misses.
The full weekly digest covers 30+ countries and 250-500 situations per issue across all categories, with Excel/PDF/JSON exports and an LLM-ready format. Subscribe for full access.
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United States 34 situations
Sadot Group Inc. SDOT (US) · $3.28 · MCAP $2M · EV $16M
EV/GP: 1.1x (FY2026)
Sadot Group Inc. is a diversified company with operations in global food supply-chain services and commodity trading logistics.
Sadot Group Inc. (SDOT) entered into a definitive agreement to acquire 100% of UAE-based commodity trader Anira Consulting FZC from Shrvan Kumar Yadav for $12 million. Consideration for the transaction, which includes the Tradewell operation, consists of $405,000 in common stock, a $5 million convertible promissory note, and $6.595 million in Series B convertible preferred stock. The common stock involves 135,000 shares at $3.00 per share, and the seller may designate third-party recipients for the consideration prior to closing. To avoid triggering change-of-control requirements, the consideration shares are subject to a 19.99% ownership cap. The 19.99% conversion cap on the preferred and note limits immediate dilution, but the $6.6 million preferred and $5 million note represent potential future equity overhang key to monitoring eventual conversion and control implications.
Featured in Issue #18 ·
Bio Green Med Solution, Inc. BGMS (US) · $1.06 · MCAP $6M · EV $2M
Bio Green Med Solution, Inc. is a Delaware-incorporated, Nasdaq-listed company with principal executive offices in Kuala Lumpur, Malaysia. The target, Future NRG Sdn. Bhd., is a Malaysian private limited company whose business is not described in the filing.
Bio Green Med Solution (BGMS) signed a Business Combination Agreement with Future NRG Sdn. Bhd. (FNRG) on June 4, 2026. The reverse merger is structured as a tax-free reorganization under Section 351 where FNRG shareholders exchange all ordinary shares for BGMS common stock, leaving FNRG shareholders with more than 99% of the combined company. Closing is conditioned on BGMS stockholder approval, a potential reverse stock split, and Nasdaq listing approval. Certain selling shareholders are subject to 180-day lock-up agreements, and the deal includes a termination right if not closed by December 31, 2026. The transaction functions as a backdoor listing for FNRG that squeezes legacy BGMS holders to less than 1%, with key monitorables including the registration statement and Nasdaq continued-listing approval ahead of the year-end outside date.
Featured in Issue #18 ·
iQSTEL Inc. IQST (US) · $1.02 · MCAP $7M · EV $14M
EV/GP: 1.1x (FY2026)
iQSTEL Inc. is a Nevada-based telecommunications and technology holding company providing mobile services, VoIP, SMS, and fintech solutions, listed on the Nasdaq Capital Market. The target, Ultranet Telecom Group, is a Ghana-headquartered telecom operator with a multi-country African footprint spanning six nations plus international markets.
iQSTEL Inc. (IQST) entered a binding MOU to acquire a 51% controlling interest in Ultranet Telecom Group for $17.6M in total consideration. The transaction includes $7M in staggered cash payments and up to $10.6M in deferred payments contingent on the target achieving $4.5M in year-one net income and $9.5M cumulatively over two years. Structured through a UAE holding company, the deal utilizes exclusive economic agreements and irrevocable call options over operating entities in six African nations and international markets. iQSTEL expects the acquisition to add approximately $130M in annual revenue, subject to regulatory approvals from the Ghana NCA and Nigeria NCC. A definitive purchase agreement is targeted within 60 days of the June 3, 2026, filing, with a close anticipated in Q3 2026. The deferred consideration structure creates binary execution risk tied to aggressive net income targets, requiring close monitoring of the 60-day definitive agreement deadline and regulatory approvals in Ghana and Nigeria.
Featured in Issue #18 ·
Auddia Inc. AUUD (US) · $1.31 · MCAP $7M · EV $6M
Auddia is an AI-first technology company with a proprietary AI platform for audio identification and classification, operating a flagship audio superapp called faidr. The proposed merger will transform it into McCarthy Finney, an AI holding company operating across AI data centers, health-tech, and travel services.
Auddia Inc. (AUUD) and Thramann Holdings, LLC entered into a definitive merger agreement on February 17, 2026, to form McCarthy Finney, an AI holding company. The transaction combines Auddia’s proprietary AI audio platform with Thramann’s three AI-native operating companies: LT350, Influence Healthcare, and Voyex. Upon closing, the combined entity will trade on the Nasdaq under the ticker MCFN and operate across AI data centers, health-tech, and travel services. Platform architect Chase J. Thompson has been engaged to build MCFN-OS, an AI-native and Web3-enabled operating system for the combined portfolio, with the first production module targeted for delivery in Q3 2026. This operational milestone signals that merger integration is progressing on schedule, allowing investors to track the Q3 2026 product deliverable as a proxy for deal completion timing.
Featured in Issue #18 ·
InMed Pharmaceuticals Inc. INM (US) · $1.59 · MCAP $7M · EV $2M
EV/GP: 0.1x (FY2026)
InMed Pharmaceuticals is a micro-cap biotech providing a Nasdaq listing vehicle for Mentari Therapeutics, a private company developing migraine prevention therapies targeting complementary pathways in migraine pathophysiology. Lead candidates include MT-001 and MT-002.
InMed Pharmaceuticals Inc. (INM) signed a definitive reverse merger agreement with Mentari Therapeutics valuing the pro forma combined entity at approximately $421.4 million. Pre-merger InMed shareholders will retain a 1.51% stake in the combined company, which will move forward under the Mentari Therapeutics name and a new Nasdaq ticker. The transaction includes a concurrent $290 million private placement to fund clinical development of migraine prevention therapies through 2028. Closing is expected in H2 2026. This transaction functions as a Mentari Therapeutics IPO via InMed’s shell, with the $290 million PIPE providing a capital floor ahead of regulatory filings in mid-2026 and early 2027.
Featured in Issue #18 ·
I-ON Digital Corp. IONI (US) · $0.29 · MCAP $10M · EV $12M
EV/GP: 17.5x
I-ON Digital Corp. is a Delaware-incorporated company that appears to be pivoting into mineral exploration. Prior to this assignment, the company's operational profile was ambiguous; the acquisition recasts it as a gold and rare-earth mining project developer focused on southwestern US BLM claims.
I-ON Digital Corp. entered an Assignment Agreement with Tall Ship Resource Development LLC (controlled by CEO/majority shareholder Carlos Montoya) on June 1, 2026. Tall Ship assigned all rights under a $25M Secured Mineral Property Purchase Agreement for 21 BLM placer mining claims across ~440 acres in the southwestern US. The claims contain an estimated 1 to 1.5 million ounces of in-situ gold reserves plus platinum group metals, rare earth elements, gallium, scandium, and yttrium. I-ON paid no consideration to Tall Ship for the assignment but assumed all payment obligations, including a $500,000 escrow deposit and deferred installments.
Featured in Issue #18 ·
Aterian, Inc. ATER (US) · $1.14 · MCAP $10M · EV $11M
EV/Sales: 0.1x · EV/GP: 0.3x (FY2026)
Aterian, Inc. is a technology-enabled consumer products platform that acquires and scales e-commerce brands, primarily selling home goods and consumer electronics on marketplaces like Amazon.
Aterian, Inc. (ATER) entered into a definitive asset purchase agreement dated April 27, 2026, to sell substantially all of its assets to Trademark Global, LLC. Stockholder approval under Delaware law Section 271 is a condition to closing, with a record date established for May 29, 2026. Aterian is concurrently seeking approval for an investment transaction by David E. Lazar involving the issuance of Series AA and AAA Convertible Preferred Stock. The Board has unanimously recommended stockholders vote in favor of the proposals, with Laurel Hill Advisory Group acting as advisor. This sale represents a liquidation event where the primary arbitrage hook is the spread between Aterian’s market capitalization and the undisclosed asset sale consideration, with closing timeline risk focused on the forthcoming special meeting date.
Featured in Issue #18 ·
FLUENT Corp. FNT.U (US) · $0.02 · MCAP $13M · EV $148M
Vertically-integrated, multi-state U.S. cannabis CPG company and retailer operating 36 dispensaries and 8 production facilities across Florida, New York, Pennsylvania, and Texas.
FLUENT Corp. (FNT.U) is being acquired by Vireo Growth Inc. in an all-stock merger arrangement under which shareholders will receive 0.0705359 Vireo subordinate voting shares per FLUENT share. The company reported Q1 2026 revenue of $17.9M, down from $22.9M year-over-year, and issued a going-concern warning as of March 31, 2026. FLUENT maintains a $78.8M total debt load against $8.3M in cash and is also pending a $30 million divestiture of its Texas operations to Legacy Therapeutics. The transaction is a bailout merger providing a lifeline to a distressed asset, with the stock-for-stock spread driven by solvency risk as Q1 cash burn of $1.9M against $8.3M in cash increases the urgency to close.
Featured in Issue #18 ·
Nu Ride Inc. NRDE (US) · $1.79 · MCAP $29M · EV $36M
EV/EBITDA: 0.2x (FY2026)
Nu Ride Inc. is a Delaware-incorporated entity with no registered securities under Section 12(b); its subsidiary is acquiring Affinity, a group of wealth advisory and insurance-related LLCs.
Nu Ride Inc. (NRDE) announced that its wholly-owned subsidiary, Affinity Advisory Holdings Corp., entered into a definitive Membership Interest Purchase Agreement on June 2, 2026, to acquire 100% of Affinity Advisory Network, LLC and AAN Wealth Advisors, LLC. Aggregate consideration consists of $6.72M in cash, 80,000 shares of Nu Ride Class A common stock, and 15% of the buyer’s post-closing equity. The transaction includes up to $1.312M in contingent earnout payments for the sellers based on insurance-writing thresholds. Robert Hall, representing the sellers, will become CEO of the acquired entity under a three-year employment agreement. The deployment of cash and equity for this wealth advisory and insurance platform marks a shift for the micro-cap shell that will materially alter the post-close entity's valuation and float.
Featured in Issue #18 ·
Titiminas Silver Inc. TITI (US) · $1.31 · MCAP $52M
Titiminas Silver Inc. is a Canadian-listed junior miner focused on the Madre Sierra past-producing silver deposit in Jauja, Peru. The company targets near-term small-scale production ramping to 1,000-1,100 tonnes per day within 18-24 months.
Titiminas Silver Inc. (TITI) is a Canadian-listed junior miner developing the past-producing Madre Sierra silver deposit in Peru, where Silver Crown Royalties Inc. has agreed to acquire two existing 1% net smelter return royalties for up to US$8.0M. Total consideration includes US$6.0M in cash at closing and up to US$2.0M in contingent payments, crystallizing value for the privately held royalty holders while providing the project a partner with over C$15M in liquidity. The Madre Sierra project targets initial small-scale production by Q4 2026, ramping to 1,000-1,100 tonnes per day within 18-24 months. Closing is expected by June 30, 2026, pending customary conditions and the registration of the royalties on title. The transaction assigns a US$6.0-8.0M valuation to a pre-revenue 2% NSR on a past-producing silver asset heading toward near-term production.
Featured in Issue #18 ·
Rallybio Corporation RLYB (US) · $14.46 · MCAP $76M · EV $30M
Rallybio Corporation is a clinical-stage biotechnology company; Avenzo Therapeutics, Inc. is a private clinical-stage biotech developing next-generation oncology therapies. The combined company will operate under the Avenzo name and management team.
Rallybio Corporation (RLYB) entered into a definitive merger agreement to be acquired by private oncology biotech Avenzo Therapeutics, Inc. in a reverse merger transaction. Based on an assumed Avenzo valuation of $300M and a Rallybio valuation of $15M, legacy Avenzo holders will own approximately 56.6% of the combined entity, while legacy Rallybio holders retain a 2.8% stake and concurrent financing investors hold 40.6%. The deal is supported by a $215M financing and includes a $20M termination fee payable by Avenzo under specified conditions. Legacy Rallybio stockholders will receive a Contingent Value Right tied to future proceeds from legacy asset dispositions and a specified Recursion payment. Post-merger, the company will operate under the Avenzo name and management team following required stockholder votes on share issuance and a reverse stock split. The Contingent Value Right represents the primary value driver for legacy RLYB holders, with residual value dependent on the 2.8% stub ownership and pre-closing net cash distribution mechanics.
Featured in Issue #18 ·
NCS Multistage Holdings, Inc. NCSM (US) · $46.51 · MCAP $122M · EV $119M
Fwd P/E: 13.6x · EV/EBITDA: 12.9x · EV/Sales: 0.6x · EV/GP: 1.6x (FY2026)
NCS Multistage provides engineered products and services for oil and gas well completions, including multistage fracturing systems and tracer diagnostics, primarily for unconventional resource plays in North America.
NCS Multistage Holdings, Inc. (NCSM) entered into a definitive merger agreement to be acquired by Weatherford International plc through a stock-and-cash election merger. Stockholders may elect consideration of 0.5537 Weatherford ordinary shares per NCSM share, which is not subject to a cap or proration, or a mixed consideration option of cash and 0.2392 shares with a capped cash component. Holders of more than 50% of NCSM common stock delivered written consent adopting the merger agreement on signing, removing the requirement for a stockholder vote. The transaction is expected to close in H2 2026, subject to HSR approval, Form S-4 effectiveness, and a May 31, 2027 outside date. The agreement includes a $5.5 million termination fee and a $9.7 million reverse termination fee. The mixed election, Weatherford’s pending redomestication, and a Novation condition add structural wrinkles to the transaction, while the modest reverse termination fee makes Novation failure a key risk to monitor.
Featured in Issue #18 ·
VisionWave Holdings, Inc. VWAV (US) · $5.24 · MCAP $133M · EV $147M
VisionWave Holdings is a Delaware-incorporated emerging-growth company focused on RF-based perception systems for defense, homeland security, and autonomous technology applications. Foresight Autonomous Holdings Ltd. is an Israeli company developing autonomous perception platforms.
VisionWave Holdings, Inc. (VWAV) entered into a definitive Securities Exchange Agreement on June 2, 2026, to acquire a 52% controlling stake in Israeli autonomous perception platform developer Foresight Autonomous Holdings Ltd. for $17.5M in common stock. The acquisition is structured in two parts, with a 46% stake in Stage 1 scheduled to close between July 17 and August 1, 2026, and a final 6% stake in Stage 2 contingent on a binding pilot project milestone. VisionWave will designate two directors to the Foresight board at Stage 1 and a third at Stage 2. A two-year value protection mechanism guarantees Foresight at least $11.375M in aggregate sale proceeds, supported by a make-whole share issuance provision for any shortfall. For VWAV holders, the transition creates a multi-year overhang tied to dilution from make-whole shares and a 36-month leak-out agreement that restricts Foresight’s daily sales to 5% of trading volume.
Featured in Issue #18 ·
Voya Emerging Markets High Dividend Equity Fund IHD (US) · $8.02 · MCAP $143M
Voya Emerging Markets High Dividend Equity Fund (IHD) is a closed-end fund investing in high-dividend emerging-market equities. Voya Asia Pacific High Dividend Equity Income Fund (IAE) focuses on Asia Pacific high-dividend equities.
The Boards of Trustees of Voya Emerging Markets High Dividend Equity Fund (IHD) and Voya Asia Pacific High Dividend Equity Income Fund (IAE) approved the merger of each closed-end fund into the open-end Voya Multi-Manager Emerging Markets Equity Fund (IEMLX). A large institutional investor in both target funds has agreed to support the transactions and remain a passive investor for a set period. Special shareholder meetings will be convened to approve the mergers, with proxy materials expected to be filed in the coming weeks. These mergers into an open-end vehicle allow arbitrageurs to capture the spread between the funds' market prices and NAV as the open-end structure redeems at NAV. The anchor institutional investor's agreement to support the deal reduces the risk of a no vote and strengthens the arbitrage setup ahead of the proxy filings.
Featured in Issue #18 ·
Gold Resource Corporation GORO (US) · $1.17 · MCAP $189M · EV $158M
Fwd P/E: 23.4x · EV/EBITDA: 19.2x · EV/Sales: 1.2x · EV/GP: 6.4x (FY2026)
Gold Resource Corporation is a gold and silver producer operating the Don David Gold Mine in Oaxaca, Mexico, and holds the Back Forty development project in Michigan.
Gold Resource Corporation (GORO) filed and mailed definitive proxy materials for a July 2, 2026, special shareholder meeting to vote on its merger with Goldgroup Mining Inc. Under the amended January 25, 2026, agreement, GORO shareholders will receive 1.4476 Goldgroup common shares for each GORO share held, subject to a pre-closing share consolidation. The transaction, structured as an all-stock reverse triangular merger, is expected to close in the third quarter of 2026. Laurel Hill Advisory Group is acting as proxy solicitor to help secure the required majority of all outstanding shares. The mailing of proxy materials to shareholders of record as of May 26, 2026, establishes a firm catalyst for the all-stock arbitrage. The approval threshold requiring a majority of all outstanding shares makes passive non-votes effectively "against" the merger, creating a structural overhang that could delay or block completion if retail turnout is low.
Featured in Issue #18 ·
RE/MAX Holdings, Inc. RMAX (US) · $9.11 · MCAP $193M · EV $55M
Fwd P/E: 7.1x · EV/EBITDA: 0.4x · EV/Sales: 0.2x · EV/GP: 0.3x (FY2026)
RE/MAX is a global real estate franchisor providing brokerage, mortgage, and property management services. The Real Brokerage is a technology-powered real estate brokerage platform.
RE/MAX Holdings, Inc. (RMAX) received a regulatory update following a June 4, 2026, presentation by the CEO of The Real Brokerage Inc. at the William Blair Growth Conference. The presentation was filed as a Rule 425 communication regarding the pending acquisition of RMAX. The parties will file an S-4 registration statement and a proxy statement/prospectus for shareholder approval, and the merger remains subject to regulatory approvals and votes from both sets of shareholders. The filing confirms the deal is progressing; the next observable catalysts are the S-4 registration statement and shareholder vote schedule, and the arbitrage spread will tighten once the proxy is cleared.
Featured in Issue #18 ·
Innovate Corp. VATE (US) · $18.98 · MCAP $259M · EV $914M
EV/EBITDA: 12.5x · EV/Sales: 0.6x · EV/GP: 3.9x (FY2026)
Innovate Corp. is a diversified holding company with operating segments in infrastructure, life sciences, and spectrum. Its HC2 Broadcasting subsidiary owns and operates a portfolio of over-the-air broadcast television stations across the United States.
INNOVATE Corp. (VATE) entered into a definitive Merger Agreement on May 29, 2026, to sell its HC2 Broadcasting Holdings subsidiary to CONX Corp. A concurrent Side Letter grants EchoStar Corporation a two-year option to acquire up to 80.1% of HC2 Broadcasting’s fully-diluted equity from CONX and INNOVATE Corp., which would substitute EchoStar as the primary buyer if exercised. The purchase price under the EchoStar option uses a floor set at the equity value implied by the CONX agreement, with INNOVATE Corp. retaining an option to buy up to 15% of HC2 Broadcasting prior to an EchoStar acquisition. INNOVATE Corp. further maintains a 100% Acquisition Election to force EchoStar to acquire its entire retained equity post-merger. This structure creates a potential change-of-control twist via the Ergen-linked EchoStar call option, which establishes a valuation floor and allows EchoStar to evaluate the business for up to two years while providing INNOVATE Corp. a guaranteed exit path for its retained interest.
Featured in Issue #18 ·
B&G Foods, Inc. BGS (US) · $3.99 · MCAP $324M · EV $2.3B
Fwd P/E: 6.6x · EV/EBITDA: 15.3x · EV/Sales: 1.3x · EV/GP: 6.4x (FY2027)
B&G Foods manufactures, sells, and distributes a portfolio of shelf-stable and frozen food brands including Green Giant, Cream of Wheat, and Ortega across the U.S. and Canada.
B&G Foods, Inc. (BGS) is pursuing a divestiture of its Green Giant and Le Sieur frozen and shelf-stable business in Canada. The company intends to use proceeds for debt reduction alongside a concurrent debt offering currently being marketed via a confidential investor presentation and preliminary offering memorandum. Barclays Capital Inc. is acting as advisor for the transaction, which is intended to sharpen focus, improve margins, and reduce costs. The asset sale is likely near a definitive agreement given the concurrent debt marketing and serves as a deleveraging catalyst for the highly leveraged company, as its successful execution and terms will directly impact BGS's ability to comply with credit-agreement leverage ratios.
Featured in Issue #18 ·
Hallador Energy Company HNRG (US) · $18.88 · MCAP $890M · EV $859M
Fwd P/E: NM · EV/EBITDA: 23.4x · EV/Sales: 2.0x · EV/GP: 10.5x (FY2026)
Hallador Energy Company is a US-based power producer historically focused on coal mining and coal-fired electricity generation, with operations centered in Indiana.
Hallador Energy Company (HNRG) signed a definitive Asset Purchase Agreement on May 30, 2026, to acquire approximately 460 MW of power-generation equipment from Energy World Corporation Ltd. for $350 million. The acquisition, disclosed in a June 2 filing, includes Siemens gas turbines, generators, a steam turbine, and ancillary equipment. The transaction represents a pivot for the US-based power producer into natural gas-fired generation assets from its historical focus on coal mining and coal-fired electricity production. PMs should monitor financing execution risk for the $350 million purchase and whether this signals a broader strategic shift in Hallador's generation portfolio away from coal.
Featured in Issue #18 ·
Leggett & Platt, Incorporated LEG (US) · $10.01 · MCAP $1.4B · EV $2.5B
Fwd P/E: 11.4x · EV/EBITDA: 9.9x · EV/Sales: 0.7x · EV/GP: 3.6x (FY2026)
Leggett & Platt designs and manufactures engineered components and products for bedding, furniture, flooring, and automotive markets. It's a diversified industrial supplier based in Carthage, Missouri.
Leggett & Platt, Incorporated (LEG) announced the expiration of the HSR Act 30-day waiting period at 11:59 p.m. ET on June 3, 2026, satisfying a key closing condition for its acquisition by Somnigroup International Inc. Under the definitive merger agreement dated April 13, 2026. Somnigroup will acquire the diversified industrial supplier via a subsidiary merger. The transaction remains subject to approval by LEG shareholders, SEC effectiveness of the Form S-4, Austrian foreign investment approval, and antitrust clearances in Canada, the EU, the UK, and South Korea. Completion is expected by year-end 2026. HSR clearance removes the primary US antitrust risk, narrowing the deal's remaining conditions to the shareholder vote and multi-jurisdiction foreign approvals.
Featured in Issue #18 ·
Kontoor Brands, Inc. KTB (US) · $70.15 · MCAP $3.9B · EV $5.1B
Fwd P/E: 13.5x · EV/EBITDA: 10.3x · EV/Sales: 1.9x · EV/GP: 4.0x (FY2027)
Kontoor Brands is a global lifestyle apparel company with a portfolio led by the Wrangler and Lee brands, designing, manufacturing, and distributing denim, apparel, and accessories worldwide.
Kontoor Brands, Inc. (KTB) entered into a definitive agreement to divest its Lee denim and workwear business to Authentic Brands Group for up to $1B. The transaction structure consists of $750M in initial consideration plus up to $250M in earn-out payments based on future brand performance. Lee generates approximately $1.5B in annual sales across 73 countries, and the buyer intends to transition the brand to a licensing-led model. The transaction is expected to close in H2 2026, subject to customary closing conditions and regulatory approval. The sale monetizes the legacy brand at 0.5-0.67x trailing sales, raising the capital allocation question of whether Kontoor will use the $750M upfront proceeds for a large return of capital or to de-lever and reinvest behind the remaining Wrangler business.
Featured in Issue #18 ·
Arxis, Inc. ARXS (US) · $43.10 · MCAP $17.7B · EV $20.1B
Fwd P/E: 55.0x · EV/EBITDA: 23.4x · EV/GP: 21.2x
Omnetics Connector Corporation is a designer and manufacturer of proprietary high-reliability Micro-D-Sub and Nano-D-Sub connectors and interconnect assemblies used in critical defense, space, commercial aerospace, and medical applications. Arxis, Inc. is a diversified industrial with an Electronic Components segment into which Omnetics will be integrated.
Arxis, Inc. (ARXS) signed a definitive merger agreement on May 29, 2026, to acquire Omnetics Connector Corporation for approximately $770M in Class A common stock. The stock-for-stock consideration features a cap-and-floor mechanism where any value shortfall below the floor is payable in cash, and an $8M cash escrow will be funded from the merger consideration for contingent post-closing obligations. Omnetics manufactures proprietary high-reliability Micro-D-Sub and Nano-D-Sub connectors for defense, space, commercial aerospace, and medical applications. The five largest Omnetics shareholders are subject to a staggered 18-month lock-up with the first of four equal tranches scheduled for release in October 2026. Closing requires regulatory approval without a specified timeline, and the staged lock-up through May 2028 creates a multi-year share overhang to monitor as the top shareholders are released.
Featured in Issue #18 ·
AvalonBay Communities, Inc. AVB (US) · $189.72 · MCAP $26.9B · EV $36.5B
Fwd P/E: 33.1x · EV/EBITDA: 15.2x · EV/Sales: 11.8x · EV/GP: 17.6x (FY2026)
AvalonBay Communities owns, develops, and manages multi-family apartment communities in high-barrier-to-entry U.S. markets. Equity Residential is a similarly sized publicly traded apartment REIT with a complementary national portfolio.
AvalonBay and Equity Residential announced an all-stock merger of equals on May 21, 2026. AVB shareholders will receive 2.793 Equity Residential (EQR) shares per share owned. Equity Residential will be the legal parent, with EQR adopting a new name at closing. Closing is expected in 2H 2026, subject to shareholder approvals and customary conditions.
Featured in Issue #18 ·
Dominion Energy, Inc. D (US) · $66.50 · MCAP $58.5B · EV $115.9B
Fwd P/E: 18.5x · EV/EBITDA: 11.6x · EV/Sales: 6.4x · EV/GP: 13.1x (FY2026)
Dominion Energy is a large US electric and gas utility holding company serving customers primarily in Virginia and nearby states.
Dominion Energy, Inc. (D) filed additional employee FAQs as a 425/14a-12 communication regarding its pending merger with NextEra Energy, Inc. The transaction terms include a 24-month Pay and Benefits Protection Period with substantially comparable benefits and no changes to existing pension or 401(k) plans post-closing. Dominion’s DERI investment program will be discontinued upon closing, necessitating that all program investments be redeemed or called for redemption before the deal completes. NextEra Energy is expected to file a Form S-4 registration statement and joint proxy/prospectus as the parties move toward a shareholder vote. This filing confirms active proxy preparation and signals deal progression without new integration roadblocks, while the mandatory DERI redemption creates a small ancillary capital event prior to close.
Featured in Issue #18 ·
Warner Bros. Discovery WBD (US) · $26.24 · MCAP $65.8B · EV $98.0B
EV/EBITDA: 6.3x · EV/Sales: 2.7x · EV/GP: 9.4x (FY2026)
Warner Bros. Discovery is a global media and entertainment conglomerate housing film studios (Warner Bros. Pictures), TV networks (HBO, CNN, Discovery), and streaming platforms (HBO Max). Paramount Skydance combines the Paramount Pictures film library, CBS broadcast network, and Paramount+ streaming service.
A group of U.S. states is reportedly planning a lawsuit to block Paramount Skydance's $110B acquisition of Warner Bros. Discovery. Paramount Skydance agreed in February to pay $31/share cash for all outstanding WBD shares. WBD shareholders overwhelmingly approved the deal in April. California AG Rob Bonta stated his office would decide whether to take action soon, with the specific state coalition not yet disclosed. PSKY shares fell 8% on the report, WBD shares fell 3%, each on track for their worst single-day decline since December 2025.
Featured in Issue #18 ·
Cycurion, Inc. CYCU (US) · $0.96 · MCAP $5M · EV $7M
EV/EBITDA: 1.9x · EV/Sales: 0.4x · EV/GP: 4.1x (FY2026)
Cycurion, Inc. is a McLean, Virginia-based cybersecurity company listed on Nasdaq (CYCU). Secuvant, LLC is a cybersecurity services firm being acquired in a reverse merger to become a wholly owned subsidiary.
Cycurion, Inc. (CYCU) entered a definitive merger agreement on May 21, 2026, to acquire Secuvant, LLC for $2.875 million in aggregate consideration. The deal consists of $875,000 in staged cash installments and $2.0 million in Series I Convertible Preferred Stock (888,888 shares) vesting in five tranches. Target equityholders are also entitled to guaranteed annual earn-out payments of $100,000 from 2026 to 2028 and performance-based earn-outs tied to gross profit from the Panoptic product. The equity portion features lock-up periods of 90 days for approximately $500,000 in shares and six months for approximately $1.5 million, followed by leak-out resale restrictions. Closing is subject to regulatory approvals and continued Nasdaq listing, with a termination right for both parties if the transaction does not close within six months. The performance-contingent consideration structure and staged equity vesting through 2034 create a long-dated alignment mechanism but also represent a multi-year dilution overhang for existing CYCU shareholders.
Featured in Issue #17 ·
Netcapital Inc. NCPL (US) · $1.10 · MCAP $5M · EV $5M
Netcapital Inc. operates a funding platform connecting private companies with investors. The acquisition of the NetNudge AI Agent Platform represents a pivot into AI-powered business automation and enterprise operational analytics.
Netcapital Inc. (NCPL) entered into a definitive asset purchase agreement on May 22, 2026, to acquire the NetNudge AI Agent Platform from Codesharp Corporation. Consideration consists of an initial 600,000 shares of Series A Convertible Preferred Stock with a $1.50 stated value per share, plus an additional 600,000 shares contingent on the assets reaching $3 million in cumulative GAAP revenue by May 31, 2029. These initial preferred shares carry 2.5 votes per share, with conversion to common stock occurring only at the company's election. Acquired assets consist primarily of early-stage intellectual property and software with no existing customer or supplier contracts. This transaction represents a change-of-control pivot into enterprise AI and establishes a dual-class voting structure with 2.5x voting rights for the preferred block, while introducing board-level insider ties via the CFO's spouse who advised both parties.
Featured in Issue #17 ·
Healthy Choice Wellness Corp. HCWC (US) · $0.33 · MCAP $6M · EV $13M
EV/EBITDA: 0.7x · EV/Sales: 0.1x · EV/GP: 0.4x (FY2026)
Host Digital Infrastructure LLC is a pure-play vertically-integrated digital infrastructure platform that develops, owns, and operates institutional-quality data centers in the United States, focused on supporting AI and high-performance computing workloads.
Healthy Choice Wellness Corp. (HCWC) signed a definitive Merger Agreement on May 27, 2026, with Host Digital Infrastructure LLC, a vertically-integrated digital infrastructure platform. The deal is structured as a reverse merger where Host Digital members will receive HCWC shares at an implied value of $0.27 per share, resulting in approximately 96% ownership of the combined entity. The agreement establishes a $425 million base price for Host Digital, with post-close governance transitioning to Host Digital designees including Harmol Samra as CEO. Closing is conditioned on HCWC stockholder approval for an authorized-share increase to 2 billion and the maintenance of the NYSE American listing. This backdoor listing via a micro-cap public shell creates a significant valuation gap between the implied equity value of approximately $443 million and HCWC’s pre-deal market cap.
Featured in Issue #17 ·
InMed Pharmaceuticals Inc. INM (US) · $1.72 · MCAP $8M · EV $3M
EV/GP: 0.1x (FY2026)
InMed Pharmaceuticals is a Vancouver-based clinical-stage biotech. Mentari Therapeutics is a private biotech developing MT-001 (anti-PACAP mAb) and MT-002 (bispecific anti-CGRP/anti-PACAP) for migraine prevention.
InMed Pharmaceuticals Inc. (INM) entered into a definitive all-stock reverse merger agreement with private biotechnology firm Mentari Therapeutics. Under the deal terms, InMed shareholders will own approximately 1.51% of the combined company, which has a pro forma equity value of $421.4 million inclusive of a $290 million private placement. This oversubscribed PIPE was led by Fairmount, Janus Henderson, and a16z Bio + Health and will fund a pipeline focused on migraine prevention therapies. InMed shareholders will also receive CVRs for any monetization of the company's legacy R&D programs. The transaction is expected to close in H2 2026, subject to shareholder approvals and the effectiveness of an SEC registration statement. While the reverse merger results in 98.5% dilution for existing holders, the $421.4 million pro forma equity value and CVR kicker on legacy asset sales provide a floor following the oversubscribed institutional PIPE.
Featured in Issue #17 ·
All In FutureTech Alliance Inc. AIFA (US) · $0.54 · MCAP $21M · EV $10M
EV/Sales: 0.4x · EV/GP: 4.3x (FY2026)
All In FutureTech Alliance Inc. (formerly Allied Gaming & Entertainment) is transitioning from experiential entertainment into an AI-focused digital infrastructure platform, pursuing silicon photonics computing, cross-border fiber-optic network transmission, and AI application development. HyalRoute Fiber-Optic Communication Group is a leading emerging-market fiber-optic transmission and optical computing company operating Pan-ASEAN backbone networks, submarine cable capacity, and developing a next-generation silicon photonics AI computing center.
All In FutureTech Alliance Inc. (AGAE) entered into a definitive agreement to acquire a 57.67% controlling stake in HyalRoute Fiber-Optic Communication Group for $2.3068 billion. Consideration will be paid through the issuance of new common shares at a reference price of $10.00 per share, implying a $4.0 billion valuation for the target. HyalRoute manages an 85,000 km Pan-ASEAN fiber-optic backbone and generated $219 million in revenue and $108.5 million in net income for 2025. Pinetree Advisory and Valuation Limited appraised HyalRoute at $4.3 billion using cross-validated market and income approaches. This stock-for-stock acquisition transforms AGAE into an AI infrastructure platform. The $10.00 reference price and $4.0 billion valuation relative to AGAE’s pre-deal market cap make the exchange ratio and dilution math critical to determining whether the deal is accretive or massively dilutive to existing shareholders.
Featured in Issue #17 ·
Lisata Therapeutics, Inc. LSTA (US) · $3.25 · MCAP $29M · EV $16M
Lisata Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for advanced solid tumors and other serious diseases.
Lisata Therapeutics, Inc. (LSTA) and Kuva Labs Inc. amended their March 6, 2026, definitive merger agreement on May 29, 2026. The transaction remains structured as a two-step merger consisting of a tender offer for all outstanding common shares at $4.00 per share plus one Contingent Value Right (CVR). Under the amendment, the parties restated the CVR agreement, revised tender offer commencement mechanics, and extended the outside date from July 1, 2026, to July 6, 2026. The extension appears intended to accommodate an updated CVR form rather than signaling deal distress, leaving the spread arb as a tender-offer timeline play with a $4.00 cash floor and an unquantified CVR kicker.
Featured in Issue #17 ·
Senti Biosciences Holdings, Inc. SNTI (US) · $0.99 · MCAP $31M · EV $43M
Senti Biosciences is a clinical-stage biotech developing gene circuit therapies for cancer. Its lead candidate SENTI-202 targets hematologic malignancies using logic-gated CAR-NK cells.
Senti Biosciences Holdings, Inc. (SNTI) is set to merge with an affiliate of Celadon Partners SPV 24 in a transaction that will provide stockholders with a contingent value right (CVR) worth up to $60.0M in cash. Payouts under the CVR are contingent upon the achievement of regulatory and sales milestones for SENTI-202, the company’s clinical-stage lead candidate. The company closed a $10M senior secured convertible note issuance to Celadon on May 20, though additional note issuances exceeding the existing exchange cap will require stockholder approval. The merger remains subject to approval at a special meeting of stockholders following the filing of a preliminary proxy statement. This structured take-private effectively creates a $60M milestone-contingent earnout for public stockholders, where the forthcoming proxy filing will reveal deal mechanics and establish the vote timeline as the next catalyst.
Featured in Issue #17 ·
abrdn National Municipal Income Fund VFL (US) · $10.26 · MCAP $126M · EV $126M
abrdn National Municipal Income Fund (VFL) is a closed-end management investment company that invests in municipal bonds to generate income exempt from federal income tax.
Abrdn National Municipal Income Fund (VFL) adjourned its special meeting regarding its reorganization into MFS Municipal Income Trust to June 9, 2026, to solicit additional proxies. Preliminary results show 48.4% of outstanding shares have voted in favor of the proposal, which requires 50% of outstanding shares for quorum and approval. The fund's board unanimously recommends the transaction, noting that a large majority of votes cast to date are in favor. The arbitrage hinges entirely on whether enough passive holders can be rounded up to bridge the 1.6% gap and reach the 50% threshold by June 9.
Featured in Issue #17 ·
RE/MAX Holdings, Inc. RMAX (US) · $9.54 · MCAP $192M · EV $491M
Fwd P/E: 7.4x · EV/EBITDA: 3.9x · EV/Sales: 1.7x · EV/GP: 2.9x (FY2026)
RE/MAX Holdings is a global real estate franchisor with approximately 145,000 agents operating in 8,500 offices across 120 countries. The Real Brokerage is a cloud-based, technology-driven residential brokerage with ~34,000 agents operating without traditional physical office overhead.
RE/MAX Holdings, Inc. (RMAX) is being acquired by. The Real Brokerage Inc. in a merger combining the legacy franchisor's 145,000 agents with Real’s cloud-based technology platform. On May 29, 2026, RMAX filed DEFA14A soliciting material containing a CEO interview transcript discussing the transaction's rationale and the creation of a combined entity with approximately 180,000 agents globally. The deal integrates RE/MAX's brand strength across 8,500 offices in 120 countries with Real’s office-less brokerage model of ~34,000 agents. The filing follows a May 28 industry briefing where leadership from both companies addressed the integration of the two residential brokerage platforms. Proxy solicitation filings signal the shareholder vote is approaching, which represents the next concrete catalyst for deal timing.
Featured in Issue #17 ·
China 16 situations
Gansu Lanpec Technologies Co., Ltd. 601798.SS (CN) · MCAP $429M · EV $429M
Fwd P/E: 58.4x · EV/Sales: 3.3x · EV/GP: 12.8x (FY2026)
Gansu Lanpec Technologies designs and manufactures equipment for the petrochemical and oil refining industries, including heat exchangers, air coolers, and pressure vessels. The acquisition target, China Air Separation Engineering, provides engineering, procurement, and construction services for air separation and industrial gas projects.
Lanpec Technologies Limited (601798.SS) signed a definitive draft agreement to acquire China Air Separation Engineering Co., Ltd. from its parent company, China Pufa Machinery Industry Co., Ltd. The transaction is structured as a major asset purchase and related-party transaction, including a profit forecast compensation agreement where the seller provides indemnity if the target's realized net profit falls below forecasts. Detailed disclosure of the acquisition terms and target financials was released through a draft asset purchase report on June 3, 2026. The deal remains subject to approval from both a shareholders' meeting and the China Securities Regulatory Commission. This material asset injection by the parent entity into its listed subsidiary carries deal-completion risk tied to the regulatory review process and the performance-based earn-out.
Featured in Issue #18 ·
Apple Flavor & Fragrance Group Co., Ltd. 603020.SS (CN) · MCAP $547M · EV $340M
Apple Flavor & Fragrance Group Co., Ltd. is a Chinese manufacturer of edible and daily-use flavors and fragrances. Target NovoSana (Taicang) Biotechnology Co., Ltd. operates in the biotechnology sector.
Apple Flavor & Fragrance Group Co.,Ltd. (603020.SS), a manufacturer of edible and daily-use flavors and fragrances, extended the deadline to sign a definitive agreement for its $67M cash acquisition of NovoSana (Taicang) Biotechnology Co., Ltd. to June 30, 2026. The transaction is structured to acquire an initial 80% equity stake in the biotechnology company, with the remaining 20% to be purchased after a performance commitment period expires. Parties missed the previous May 29 deadline due to incomplete escrow account setup and regulatory procedures, despite obtaining shareholder approval on May 28, 2026. While the delay is attributed to procedural mechanics rather than deal-break risk, this third extension since the initial February 2026 letter of intent warrants monitoring of the deferred tranche's embedded contingent consideration structure tied to future performance.
Featured in Issue #18 ·
Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. 002480.SZ (CN) · MCAP $724M · EV $2.0B
Chengdu Xinzhu Road & Bridge Machinery is a Shenzhen-listed manufacturer of bridge functional components and maglev transportation systems, now pivoting to clean energy via a state-directed asset swap.
On June 3, 2026, Sichuan SASAC formally approved the adjusted major asset restructuring plan for Chengdu Xinzhu Road&Bridge Machinery Co.,LTD (002480.SZ). The transaction involves Xinzhu divesting its maglev transportation and bridge-component businesses to Shudao Group subsidiaries while acquiring a 60% stake in Sichuan Shudao Clean Energy Group via share issuance and cash. Xinzhu's board of directors previously approved the adjusted deal terms on May 11, 2026. Closing remains subject to shareholder approval and other regulatory clearances. SASAC approval represents the most significant regulatory milestone for this state-owned enterprise restructuring, signaling strong sponsor backing and materially de-risking Xinzhu's transformation into a clean-energy platform.
Featured in Issue #18 ·
Anhui Deli Household Glass Co., Ltd. 002571.SZ (CN) · ¥12.66 · MCAP $733M · EV $853M
EV/GP: 24.6x
Anhui Deli Household Glass Co., Ltd. manufactures everyday glassware. The company has been under pressure from weak domestic consumption, high tariffs, and freight cost volatility, prompting it to seek a pivot into high-end manufacturing via this aerospace-linked control transaction.
Anhui Deli Household Glass Co., Ltd. (002571.SZ) and 辽宁翼元航空科技有限公司 signed a supplemental agreement on June 2, 2026, amending the terms of a control transfer via private placement. The maximum share subscription for the counterparty was reduced to 108.65 million shares, or 21.70% of post-issuance equity, from the original 117.59 million shares. Upon completion, the counterparty will become the controlling shareholder while current controller Shi Weidong unconditionally forfeits voting rights on his remaining stake. The acquiring SPV is controlled by Wang Tianzhong and Xu Qinghua, who also control aerospace component supplier Huatian Aviation. This China A-share backdoor control transfer reduces dilution by approximately 1.4 points, though the transaction remains subject to a multi-month regulatory overhang pending Shenzhen Stock Exchange and CSRC approvals.
Featured in Issue #18 ·
Jilin Liyuan Precision Manufacturing Co., Ltd. 002501.SZ (CN) · MCAP $828M · EV $857M
Liyuan manufactures automotive lightweight, new-energy, industrial, and architectural aluminum products. Target Jinli produces recycled aluminum alloy ingots from scrap aluminum, operating in the metal-waste recycling segment.
Jilin Liyuan Precision Manufacturing Co., Ltd. (002501.SZ) entered a framework agreement to acquire 35,394,885 shares, representing 36.19% of Jiangxi Jinli City Mining Co., Ltd., for a provisional RMB 111.1 million in cash. The RMB 3.14 per share purchase is supplemented by an irrevocable delegation of voting rights on an additional 29.53% stake, granting Liyuan 65.72% total voting control. Sellers provided a three-year profit guarantee through 2028 with compensation capped at 30% of deal value, supported by a 70% backstop from Liyuan's controlling shareholder. Post-closing, Liyuan holds an option to acquire the remaining Jinli shares at a 10x earnings multiple, and sellers possess a corresponding put right. The transaction utilizes a cash and voting-rights delegation structure on the NEEQ board to bypass CSRC share-issuance review while still qualifying as a major asset restructuring.
Featured in Issue #18 ·
Hengdian Group Tospo Lighting Co., Ltd. 603303.SS (CN) · MCAP $1.9B · EV $1.5B
Fwd P/E: 38.2x · EV/EBITDA: 21.4x · EV/Sales: 2.1x · EV/GP: 14.0x (FY2026)
Hengdian Group Tospo Lighting manufactures and sells lighting products and LED components. The target, Zhejiang Jiali Industry, is a manufacturer of automotive lighting and related components.
Hengdian Group Tospo Lighting (603303.SS) is proceeding with a $214 million all-cash acquisition of a 67.48% controlling stake in NEEQ-listed automotive lighting manufacturer Zhejiang Jiali (Lishui) Industry Co., Ltd. The transaction is structured through a CNY 653.75 million share purchase from 15 sellers and a CNY 800 million subscription for newly issued shares. Following shareholder approval in February 2026, the company has obtained NEEQ stock-orientated issuance and specific-transfer confirmations (Gu Zhuan Han 2026-460 and 2026-753). The deal has moved into the payment and share transfer registration phase with core closing mechanics currently underway. This material consolidation of a listed subsidiary has already cleared exchange and shareholder hurdles, leaving execution on payment and settlement as the primary remaining risks for completion.
Featured in Issue #18 ·
Hunan Finewow New Energy Technology Co., Ltd. 301232.SZ (CN) · MCAP $2.0B · EV $2.2B
Hunan Finewow New Energy Technology (飞沃科技) is a China-listed manufacturer of high-strength fasteners and precision components, primarily for wind power and industrial equipment. Its commercial aerospace segment remains nascent, contributing under 1% of 2025 revenue.
Finework (Hu Nan) New Energy Technology Co., Ltd (301232.SZ) signed a definitive agreement to acquire a 60% stake in Xi'an Chuanghang Precision from Gao Rui and Wang Yuefeng for RMB 43.2M in cash. The transaction values the target at RMB 72M for 100% of equity, representing a discount to the RMB 73.53M asset appraisal value. Xi'an Chuanghang, which specializes in commercial aerospace valve components, generated 2025 net profit of RMB 5.14M on revenue of RMB 29.1M. The agreement includes a five-year lock-up for the remaining 40% seller and a right of first refusal framework for the residual stake. Expected to close by July 1, 2026, the acquisition requires no shareholder vote to proceed. Post-deal integration and the potential follow-on buyout of the residual 40% are the primary monitoring points as the deal triples aerospace headcount for a buyer currently trading at 299x PE.
Featured in Issue #18 ·
CECEP Environmental Protection Co., Ltd. 300140.SZ (CN) · MCAP $2.8B · EV $4.2B
Fwd P/E: 13.0x · EV/EBITDA: 35.0x · EV/Sales: 10.7x · EV/GP: 30.2x (FY2029)
CECEP Environmental Protection provides energy conservation and environmental protection equipment and services. The subsidiary being sold, Qiyuan Equipment, manufactures specialized electromechanical equipment including transformers, power distribution gear, industrial robots, and environmental machinery.
CECEP Environmental Protection Co., Ltd. (300140.SZ) has been notified by its parent company that affiliate CECEP Techand Ecology & Environment Co., Ltd. (300197.SZ) intends to acquire a controlling stake in its Qiyuan Equipment subsidiary for cash. The transaction is at a preliminary planning stage with no indicative agreement signed, purchase price determined, or finalized deal structure. Target subsidiary Qiyuan Equipment reported 2025 net income of RMB 41 million on revenue of RMB 412 million. Potential buyer CECEP Techand Ecology is currently listed as a dishonest executee in China's social credit system and recorded a 2025 net loss of RMB 2.07 billion. While this intragroup transfer establishes a valuation precedent for the profitable subsidiary, the buyer’s distressed financials and blacklisted status raise the question of whether the parent will direct an above-market price to support the weaker affiliate.
Featured in Issue #18 ·
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. 002271.SZ (CN) · MCAP $4.5B · EV $5.2B
Fwd P/E: 16.7x · EV/EBITDA: 10.4x · EV/Sales: 1.1x · EV/GP: 4.6x (FY2026)
Beijing Oriental Yuhong is China's largest waterproofing materials manufacturer, producing waterproof membranes, coatings, and specialty mortars for infrastructure and commercial construction. The company is expanding internationally through bolt-on acquisitions in high-growth emerging markets.
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. (002271.SZ) announced its subsidiary will acquire 55% controlling stakes in Indonesian manufacturers PT Inter Aneka Lestari Kimia (PTIALK) and PT Adhi Cakra Utama Mulia (PTACUM) for IDR 1,426,387,631,914 (~CNY 542.03M). Consideration involves IDR 307B for a 14.47% subscription and IDR 859.5B for a 40.53% purchase of PTIALK, plus IDR 259.9B for the stake in PTACUM. Based on 2025 financials, the transactions imply multiples of 8.49x EV/EBITDA for PTIALK and 9.60x EV/EBITDA for PTACUM, subject to closing adjustments for net cash and working capital. Following board approval on June 2, 2026, the deal requires shareholder approval at the 2026 second extraordinary general meeting because the combined net profit of the targets exceeds 50% of the company's 2025 audited net profit. Completion is contingent on Chinese ODI approval and Indonesian BKPM and MOL notifications. While the acquisition establishes a meaningful beachhead in Southeast Asia's largest construction market, Chinese ODI and Indonesian regulatory processes introduce timeline uncertainty for closure.
Featured in Issue #18 ·
Soochow Securities Co., Ltd. 601555.SS (CN) · MCAP $5.5B · EV $7.4B
Fwd P/E: 9.9x (FY2026)
Soochow Securities Co., Ltd. is a Chinese full-service brokerage listed on the Shanghai Stock Exchange, offering securities brokerage, investment banking, asset management, and margin financing. Donghai Securities Co., Ltd. is a non-listed Chinese brokerage with 69 branches nationwide, engaged in securities brokerage, underwriting, and asset management.
Soochow Securities Co., Ltd. (601555.SS) has commissioned an independent valuation report from Beijing Zhongqihua Assets Appraisal Co., Ltd. for a proposed equity acquisition of non-listed broker Donghai Securities Co., Ltd. The report values 100% of Donghai Securities equity at ¥13,765.17 million, representing a 40.76% premium over consolidated book equity of ¥9,779.17 million as of the December 31, 2025, assessment date. Utilizing market-based and asset-based methods, the appraisal serves as a pricing reference for the $2.0B potential transaction. Although the June 3, 2026, filing confirms the deal is advancing beyond preliminary study, no definitive share transfer agreement or final consideration terms have been reached. The valuation report provides the first concrete pricing framework for a potential acquisition of Donghai Securities, though the transaction remains non-binding and lacks a disclosed offer price or structure.
Featured in Issue #18 ·
TCL Technology Group Corporation 000100.SZ (CN) · MCAP $14.7B · EV $41.7B
Fwd P/E: 14.1x · EV/EBITDA: 8.4x · EV/Sales: 1.4x · EV/GP: 14.4x (FY2026)
TCL Technology Group is a Chinese electronics conglomerate with core operations in semiconductor display panels and advanced materials. Through subsidiary China Star Optoelectronics, it manufactures large-size LCD and OLED panels for TVs, monitors, and mobile devices.
TCL Technology Group Corporation (000100.SZ) amended its $1.4B acquisition of a 45% minority stake in Guangzhou China Star Semiconductor from Guangdong Hengjian Investment, Guangzhou Chengfa Starlight Investment, and Science City (Guangzhou) Investment Group. The board canceled a planned ¥4.66 billion share issuance to institutional investors that was intended to fund the cash component of the ¥9.325 billion total consideration. TCL Technology will now fund the ¥4.66 billion cash portion via internal cash and borrowings, while the ¥4.66 billion share-based component remains unchanged. This amendment does not require a new shareholder vote as it is not deemed a material adjustment under China's Major Asset Restructuring rules. Dropping the ¥4.66B placement removes dilution risk for shareholders and reduces deal-completion uncertainty as the asset purchase progresses using internal funds.
Featured in Issue #18 ·
Gansu Lanpec Oil & Petrochemical Equipment Co., Ltd. 601798.SS (CN) · MCAP $402M · EV $450M
Fwd P/E: 54.8x · EV/Sales: 3.5x · EV/GP: 13.5x (FY2026)
Gansu Lanpec designs and manufactures oil and gas processing equipment, including heat exchangers, pressure vessels, and oilfield upstream machinery. The target, China Air Separation Engineering Co., Ltd., provides air separation and related industrial-engineering services.
Gansu Lanpec (601798.SS) is planning the cash acquisition of a 51% stake in China Air Separation Engineering Co., Ltd. from China Pufa Machinery. The transaction is structured as a major asset restructuring under Shanghai Stock Exchange rules that does not involve share issuance or a change of control. Lanpec recently disclosed that the pledged target equity has been released and the pledgee has consented to deregistration, following a supplemental agreement from October 31, 2025. The transaction remains at the planning stage with no definitive agreement signed and requires board and regulatory approvals. The unblocking of the pledged target equity is the first concrete progress signal since the revised scope was announced in October 2025, with a definitive SPA remaining the next binary catalyst for this cash-funded, non-dilutive acquisition.
Featured in Issue #17 ·
Shandong High Speed Renewable Energy Group Limited 000803.SZ (CN) · ¥7.88 · MCAP $543M · EV $954M
EV/EBITDA: 17.6x · EV/GP: 18.4x
ShanGao HuanNeng Group is a Shenzhen-listed renewable energy company focused on kitchen waste treatment, biogas utilization, and organic waste-to-energy projects across China.
ShanGao HuanNeng Group (000803.SZ) signed a definitive agreement to acquire a 65% stake in Hengyang Sander Kaitian Renewable Resource Technology from Shandong Zijian Group for RMB 50M in cash. The seller won the stake at a judicial auction for RMB 55.3M on May 24, 2026, followed by board approval for this secondary transfer on May 29. The target operates a 260 ton/day food waste facility that reported 2025 revenue of RMB 28M and net income of RMB 10M. Closing is subject to consent from the Hengyang Urban Management Bureau and the seller clearing over RMB 58.8M in intercompany debts with Tus-Environment. A 35% minority shareholder has not yet waived pre-emptive rights regarding the transaction. The deal secures a distressed asset at a 9.6% discount to the winning judicial auction price through a motivated-seller dynamic.
Featured in Issue #17 ·
Hangzhou Prevail Optoelectronic Equipment Co., Ltd. 300710.SZ (CN) · ¥45.32 · MCAP $666M · EV $652M
EV/GP: 39.1x
Wanlong Optoelectronics manufactures cable TV equipment in Hangzhou. ZControl Information provides intelligent transportation, water management, and smart-city IT systems integration.
Wanlong Optoelectronics (300710.SZ), a manufacturer of cable TV equipment, has entered into an agreement for the reverse acquisition of ZControl Information Industry Co., Ltd. for RMB 2.325 billion. The transaction involves issuing 109,041,159 shares for the asset purchase at RMB 19.19 per share, alongside supplemental funding of up to RMB 633.65 million at RMB 21.23 per share. Post-closing, core stakeholders including Huige LP and CHINT Electrics will own approximately 30.5% of the enlarged share capital. ZControl Information, a provider of intelligent transportation and smart-city IT systems integration, reported 2025 net profit of RMB 83.5 million on revenue of RMB 2.34 billion. Closing of this major asset restructuring remains subject to shareholder approval, Shenzhen Stock Exchange compliance review, and CSRC registration. This reverse-IPO-style transaction requires monitoring for the shareholders' meeting notice and subsequent CSRC registration milestones as the next concrete triggers.
Featured in Issue #17 ·
Everest Medicines Limited 1952.HK (CN) · MCAP $1.4B · EV $1.2B
Fwd P/E: 43.4x · EV/Sales: 2.7x · EV/GP: 3.9x (FY2026)
Everest Medicines is a biopharmaceutical company listed in Hong Kong, focused on in-licensing and commercializing innovative therapies for immunology and infectious diseases in Asia.
Everest Medicines (1952.HK) delayed the dispatch of a circular regarding its major connected acquisition from June 1 to on or before June 3, 2026. This follow-up to a Share Purchase Agreement entered on April 8, 2026, includes an Extraordinary General Meeting now scheduled for June 17, 2026. The company will close its books from June 12 to June 17, 2026, in anticipation of the vote. The June 17 EGM is the gating approval event for this connected-party acquisition requiring independent shareholder approval, and the two-day circular delay is procedural rather than a deal-risk signal.
Featured in Issue #17 ·
Shenzhen Cotran New Material Co., Ltd. 300731.SZ (CN) · MCAP $1.6B · EV $1.1B
Fwd P/E: NM · EV/EBITDA: NM · EV/Sales: 4.6x · EV/GP: 23.9x (FY2026)
Shenzhen Cotran New Material manufactures polymer-based functional materials (waterproof, sealing, shock-absorption) for telecom, automotive, and power sectors. Target Ziitek produces thermal interface materials (thermal pads, gels, graphite sheets, liquid metal) and EMI shielding products for electronics OEMs globally.
Shenzhen Cotran New Material (300731.SZ) signed a definitive agreement with Thermazig Limited and Liao Zhisheng to acquire 50% of Dongguan Ziitek and Singapore Zhike for total consideration of RMB 245 million. The deal implies a 9.9x trailing P/E multiple based on reported net profit of RMB 49.4 million, with Cotran securing 55% voting control through a 5% proxy. The transaction includes a three-year earnout with 30% of the consideration deferred and tied to cumulative performance targets and asset impairment tests evaluated by. Following a May 28 board resolution, the binding acquisition remains subject to approval at the third extraordinary general meeting and cross-border regulatory filings, including Overseas Direct Investment and Taiwan investment reviews. The earnout structure makes the eventual total cost to Cotran dependent on the target's post-close execution, shifting the investment focus to the upcoming shareholder vote and the timeline for required regulatory clearances.
Featured in Issue #17 ·
Canada 10 situations
International Frontier Resources Corporation IFR.V (CA) · $0.1200 · MCAP $2M · EV $2M
International Frontier Resources is a TSXV-listed shell advancing a reverse takeover by Kinjal Corporation, a private company focused on developing natural gas assets in Mexico's Burgos Basin targeting 30–90 MMcf/d production.
International Frontier Resources Corporation (IFR.V) is advancing a reverse takeover by Kinjal Corporation, a private developer of natural gas assets in Mexico. Kinjal has entered a binding term sheet with Summit Ridge Capital Partners for a debt facility of up to US$30M to finance the acquisition of the Misión Field. The companies are currently finalizing definitive share purchase agreements for the acquisition of the Tonalli and SMB Mexican energy assets. A concurrent brokered private placement of subscription receipts led by Research Capital Corporation is targeting gross proceeds of up to C$37M at C$0.80 per receipt. Governance changes include the appointment of Ignacio Quesada to the board following the resignation of Steve Hanson. The binding debt term sheet reduces financing risk for the transaction, while the C$0.80 subscription price provides a valuation anchor for this TSXV reverse takeover.
Featured in Issue #18 ·
QcX Gold Corp. QCX.V (CA) · MCAP $4M · EV $4M
QcX Gold Corp. is a Canadian junior explorer focused on gold and VMS mineralization in Quebec's James Bay and Abitibi regions, holding Golden Giant, Kali, and Fernet properties.
QcX Gold Corp. (QCX.V), a Canadian explorer focused on gold and VMS mineralization, entered into a definitive agreement on June 1, 2026, to be acquired by Sterling Metals Corp. (TSXV:SAG) in an all-stock transaction. Shareholders are to receive 0.255703 SAG shares for each share of QcX, implying a total deal value of $4M. The QcX board unanimously recommended the transaction, which includes the appointment of four current directors, including CEO Albert Contardi, to the combined board. Aird & Berlis LLP and Irwin Lowy LLP are serving as legal advisors for the deal, with closing expected shortly after shareholder, court, and TSXV approvals. The fixed exchange ratio creates a tradable spread, but the $4M market cap and TSXV listing imply illiquidity risk, while an April 28 auditor going-concern flag adds deal-break risk if approvals stall.
Featured in Issue #18 ·
Banyan Gold Corp. BYAGF (CA) · MCAP $381M · EV $335M
Banyan Gold is a Canadian junior gold explorer focused on the Yukon's Tintina Gold Belt, anchored by its flagship AurMac Project with 3.64M oz indicated and 4.99M oz inferred gold resources. The company also holds the Hyland and Nitra gold projects in the Yukon.
Banyan Gold Corp. (BYAGF) signed a definitive agreement on June 3, 2026, to acquire Generic Gold Corp.’s 2,158-claim Yukon portfolio for $3,000,000. Consideration for the 350-sq-km property package consists of 2,142,857 Banyan shares issued at a deemed value of $1.40 per share. The assets are located near Banyan’s flagship AurMac project and are being acquired free of royalties, except for a 1% net smelter returns royalty on certain claims. Closing remains subject to TSX Venture Exchange approval, and the consideration shares are subject to a four-month statutory hold and a one-year contractual hold period. The transaction facilitates Generic Gold’s exit from the district while consolidating Banyan’s Tintina Gold Belt footprint through an all-share structure that signals the counterparty’s shareholders will become long-term stakeholders rather than immediate sellers.
Featured in Issue #18 ·
G2 Goldfields Inc. GTWO (CA) · $8.90 · MCAP $2.3B · EV $2.2B
G2 Goldfields finds and develops gold deposits in Guyana's Guiana Shield. The founders have been responsible for discovering over 11 million ounces of gold, and the company's Oko district holds combined open-pit and underground resources of approximately 3.5 million ounces.
Institutional Shareholder Services (ISS) recommended that G2 Goldfields Inc. (GTWO) shareholders vote for the plan of arrangement with G Mining Ventures Corp. (GMIN). The transaction includes a concurrent spin-out of G3 Goldfields Inc., resulting in shareholders receiving equity in two separate public companies. G2’s board and independent special committee have unanimously recommended the deal, which is supported by multiple fairness opinions. The special meeting of shareholders is scheduled for June 16, 2026, with a proxy voting deadline of June 12, 2026, at 10:00 a.m. Toronto time. The ISS endorsement reduces the risk that the arrangement stalls at the shareholder vote, while the dual-entity structure requires arbitrageurs to track the post-closing value split and the pre-vote spread against implied consideration.
Featured in Issue #18 ·
Chicane Capital I Corp. CCIC.P.V (CA) · MCAP ~$200.0K
Chicane Capital I Corp. is a TSXV-listed capital pool company with no active operations. Upon completion of the reverse takeover, the resulting issuer will carry on the mineral resource exploration and development business of Elton Resources Corp.
Chicane Capital I Corp. (CCIC.P.V) entered into a definitive merger agreement on May 26, 2026, to acquire Elton Resources Corp. via a reverse takeover qualifying transaction. Under the deal terms, Elton shareholders will receive one share of the resulting issuer for each Elton share held, and the combined entity will list as a Tier 2 mining issuer on the TSX Venture Exchange. Concurrent with the merger, Canaccord Genuity Corp. is leading a brokered private placement of subscription receipts at C$0.20 per share for gross proceeds of up to C$15,000,000. The transaction is scheduled to close by August 31, 2026, at which time the resulting issuer will carry on Elton’s mineral resource exploration and development business. This TSXV qualifying transaction implies a C$14,000,000 pre-financing deemed equity value for Elton and includes a concurrent flow-through and hard-dollar placement while Chicane shares remain halted until closing.
Featured in Issue #17 ·
International Frontier Resources Corporation IFR.V (CA) · MCAP ~$966.2K · EV ~$962.1K
International Frontier Resources is a TSXV-listed shell company. Kinjal Corporation is a private vehicle formed to consolidate and develop onshore natural gas assets in Mexico's Burgos basin, targeting 30–90 MMcf/d production across four fields.
International Frontier Resources Corporation (IFR.V) announced that reverse takeover counterparty Kinjal Corporation entered a binding term sheet for an up to US$30M debt facility with Summit Ridge Capital Partners to fund its Misión Field acquisition. Research Capital, Canaccord Genuity, and ATB Cormark are leading a concurrent C$37M private placement of Kinjal subscription receipts at C$0.80 per receipt. Board changes effective June 1 include the appointment of Ignacio Quesada and the resignation of Steve Hanson, while pro forma disclosures project production scaling from 5,103 boe/d at close to 14,172 boe/d by year-end 2027. Completion remains subject to Mexican SENER approval, TSXV acceptance, and the execution of definitive share purchase agreements for the SMB and Tonalli assets. This reverse takeover transforms the shell into Kinjal Gas, Mexico’s largest independent onshore gas producer, with the binding debt facility de-risking acquisition financing at a pro forma 0.88x exit-2027e EBITDA valuation.
Featured in Issue #17 ·
Aptose Biosciences Inc. APS.TO (CA) · MCAP $4M · EV $20M
Aptose Biosciences is a clinical-stage biotech developing oral kinase inhibitors for hematologic malignancies; its lead asset tuspetinib is in a frontline AML triplet trial.
Aptose Biosciences (APS) and Hanmi Pharmaceutical Co. Ltd. have updated the timeline for their plan of arrangement, now targeting a June 2026 close. Hanmi will acquire all remaining Aptose shares for C$2.41 cash per share, a 28% premium to the 30-day VWAP. The closing is delayed pending Korean regulatory approvals, which are currently the primary gating item for the deal. Aptose drew an additional US$2.0M bridge loan from Hanmi, bringing total draws to US$9.9M of a US$11.9M facility, with a final US$2.0M advance expected in the coming days. This second delay pushes the arbitrage timeline further out, though Hanmi’s continued funding of clinical operations reduces interim cash-runway risk for target holders.
Featured in Issue #17 ·
Cathedra Bitcoin Inc. CBIT.V (CA) · MCAP $8M · EV $21M
Fwd P/E: 1.1x (FY2026)
Cathedra develops and operates power and digital infrastructure for bitcoin mining across North America, with 45 MW of data center capacity in Tennessee and Kentucky and approximately 400 PH/s of proprietary hash rate. Sphere 3D operates digital infrastructure assets in Iowa and is Nasdaq-listed, targeting AI, HPC, and digital asset workloads.
Cathedra Bitcoin Inc. (CBIT.V) obtained a final court order from the Supreme Court of British Columbia on May 26, 2026, for its statutory plan of arrangement with Sphere 3D Corp. The transaction, which received 99.95% securityholder approval at a May 15 special meeting, is expected to close on June 1, 2026. Upon completion. Cathedra will become a wholly-owned subsidiary of Sphere 3D, and the combined company will trade on the Nasdaq Capital Market under the ticker ANY. A trading halt for CBIT.V on the TSX Venture Exchange is requested for after market close on May 29, 2026, marking its final day of trading. This final-approval checkpoint removes shareholder dissent risk and establishes the May 29 last trading date for CBIT.V ahead of the combined entity's transition to a Nasdaq listing.
Featured in Issue #17 ·
Star Royalties Ltd. STRR.V (CA) · MCAP $30M · EV $14M
Fwd P/E: 10.7x · EV/EBITDA: 3.5x · EV/GP: 3.1x
Star Royalties is a TSXV-listed precious-metals and carbon-credit royalty company with a portfolio of mine royalties and streams, including the Copperstone gold stream in Arizona and the Keysbrook mineral sands royalty in Australia.
Star Royalties Ltd. (STRR.V) is being acquired by Summit Royalties Ltd. in an all-stock plan of arrangement valued at C$51M. Under the agreement, STRR shareholders receive 0.360 Summit shares per Star Royalties share, an implied consideration of C$0.60 per share representing a 25% spot premium and a 32% 20-day VWAP premium as of March 16, 2026. Following the filing of the management information circular, the shareholder vote and court approval are scheduled for late June 2026. The transaction will create a C$184M entity with 50 royalties and streams, leaving STRR shareholders with a 28% pro forma interest. The primary arbitrage consideration is whether the 20-day VWAP premium holds as Summit shares trade ahead of the June vote while STRR holders transition to a stake in a vehicle with six assets projected to be online by 2027.
Featured in Issue #17 ·
WonderFi Technologies Inc. WNDR.TO (CA) · MCAP $174M · EV $123M
EV/Sales: 2.7x · EV/GP: 3.3x (FY2026)
WonderFi operates regulated Canadian crypto trading platforms including Bitbuy, Coinsquare, and Bitcoin.ca, offering centralized and decentralized financial services, payments, and non-custodial wallet applications.
WonderFi Technologies Inc. (WNDR.TO) received CIRO approval on May 20, 2026, for its acquisition by Robinhood Markets, Inc. via a plan of arrangement. This regulatory clearance represents the final hurdle for the transaction, following securityholder approval on July 17, 2025, and a BC Supreme Court final order on July 21, 2025. The arrangement is expected to close on or about June 1, 2026, subject only to customary closing conditions. With the final regulatory condition cleared, the arbitrage spread should compress as the deal enters a closing-pending state ahead of the near-term June 1 close.
Featured in Issue #17 ·
Japan 10 situations
Tsubota Laboratory Inc. 4890.T (JP) · MCAP $37M · EV $31M
Tsubota Laboratory Inc. is a Keio University School of Medicine spin-out focused on R&D for innovative solutions targeting myopia, dry eye, presbyopia, and brain diseases. Mediproduce Inc. plans and operates medical academic conferences and research events, and also plans and sells cosmetics.
Tsubota Laboratory Incorporated (4890.T) announced a board resolution on June 1, 2026, to acquire Mediproduce Inc. for ¥150 million. Total expected costs including advisory fees are approximately ¥167 million for the acquisition of the medical conference planning and cosmetics business. Mediproduce reported revenue of ¥411.4 million and net income of ¥21.9 million for the fiscal year ending January 2026. The transaction is a related-party deal, as Mediproduce major shareholder Eri Kubota is also a director of Tsubota Laboratory. Although the deal size is immaterial relative to the issuer's market cap, the related-party nature involving a shared director warrants governance scrutiny.
Featured in Issue #18 ·
GNI Group Ltd. 2160.T (JP) · MCAP $986M · EV $896M
Fwd P/E: 57.0x · EV/EBITDA: NM · EV/Sales: 4.8x · EV/GP: 6.5x (FY2026)
Ayumi Pharmaceutical Holdings oversees Ayumi Pharmaceutical Co., which manufactures and sells anti-rheumatic and analgesic drugs in Japan, anchored by the long-established brand Calonal. GNI Group is a global pharmaceutical company headquartered in Japan with operations spanning drug discovery, development, and medtech in China and the US.
GNI Group Ltd. (2160.T) entered into a definitive agreement to acquire 100% of Ayumi Pharmaceutical Holdings Co., Ltd. from BCP Asia AYM Holding (Cayman) L.P. for ¥44.776 billion. The acquisition price is split as ¥18.005 billion in cash and ¥26.771 billion via contribution-in-kind. Ayumi Pharmaceutical Holdings reported consolidated revenue of ¥38.54 billion and net profit of ¥3.22 billion for the fiscal year ending March 2026. The transaction is expected to close on June 30, 2026. Because in-kind consideration represents approximately 60% of the price, dilution and structural details are the primary near-term monitors as GNI Group adds a stable revenue base to its development-stage pipeline.
Featured in Issue #18 ·
Edion Corporation 2730.T (JP) · MCAP $1.5B · EV $1.9B
Fwd P/E: 14.2x · EV/EBITDA: 9.1x · EV/Sales: 0.4x · EV/GP: 1.3x (FY2027)
Edion Corporation operates a nationwide chain of consumer electronics retail stores in Japan, with 453 directly-managed and 727 franchise locations. It also operates home-renovation, internet-provider, and sports-team businesses, with 2026 fiscal year sales of ¥793.7 billion.
EDION Corporation (2730.T) and Yamada Holdings Co., Ltd. signed a basic agreement for a merger of equals via a joint-share-transfer holding company. The combined entity would have pro-forma sales of ~¥2.5 trillion across 9,954 locations, with a new technical listing planned for the Tokyo Stock Exchange Prime Market. Yamada’s chairman will serve as chairman and EDION’s CEO will serve as president of the new entity under an agreement for equal board representation. Share-transfer ratios and final terms are to be determined following due diligence and third-party valuation reports, with a definitive agreement targeted for May–June 2027. The integration is expected to close on October 1, 2027, following the delisting of both constituent companies. The ~11-month gap until final terms are set creates an early watchlist window for a potential ratio-trading arbitrage once the exchange ratio is established.
Featured in Issue #18 ·
LY Corporation 4689.T (JP) · MCAP $17.5B · EV $27.4B
Fwd P/E: 14.9x · EV/EBITDA: 10.2x · EV/Sales: 1.9x · EV/GP: 2.6x (FY2027)
LY Corporation is the Japanese internet conglomerate formed from the merger of Z Holdings (Yahoo Japan) and LINE, operating Japan's dominant messaging app, search portal, and PayPay digital payments platform.
LY Corporation (4689.T) announced that its consolidated subsidiary PayPay will acquire a 70.2% stake in T&D Financial Life Insurance from T&D Holdings Inc. for $349 million. The transaction is structured as a share transfer making the target a specified subsidiary because its ¥56 billion in stated capital exceeds 10% of LY Corp.’s capital. Completion is expected on October 1, 2027, subject to regulatory approvals and the target's migration to IFRS. PayPay intends to integrate life insurance offerings into its fintech platform, which currently serves over 74 million users. This indirect acquisition brings a regulated life insurer into the SoftBank-linked digital ecosystem, creating a long-dated catalyst sequence involving a 16-month closing timeline and conditions for regulatory clearance and IFRS migration.
Featured in Issue #18 ·
SoftBank Corp. 9434.T (JP) · MCAP $63.6B · EV $106.1B
Fwd P/E: 17.4x · EV/EBITDA: 8.9x · EV/Sales: 2.3x · EV/GP: 4.8x (FY2027)
SoftBank Corp. is a Japanese telecommunications and technology conglomerate; its subsidiary PayPay operates a mobile payment platform with over 74 million users, expanding into credit cards, banking, securities, and now life insurance. T&D Financial Life Insurance Co., Ltd. sells life insurance products through multi-agent channels.
SoftBank Corp. (9434.T) subsidiary PayPay Corp. has entered into a definitive agreement to acquire a 70.2% stake in T&D Financial Life Insurance Co., Ltd. for $349 million. The transaction comprises 1,123,200 units and will result in T&D Financial Life becoming a specified subsidiary of SoftBank Corp. following a June 4, 2026, board resolution. Completion is expected by October 1, 2027, subject to regulatory approvals, IFRS migration implementation, and conditions precedent in the share transfer agreement. The acquisition integrates life insurance into a fintech platform with 74 million users, extending the ecosystem beyond cashless payments into asset formation and protection. The 16-month regulatory timeline creates an unusually long pre-close period with no interim shareholder vote required.
Featured in Issue #18 ·
SoftBank Group Corp. 9984.T (JP) · MCAP $262.0B · EV $406.8B
Fwd P/E: 87.2x · EV/EBITDA: 51.1x · EV/Sales: 7.8x · EV/GP: 15.2x (FY2027)
SoftBank Group Corp. is a Japanese multinational conglomerate holding company with investments in technology, energy, and financial services. T&D Financial Life Insurance Co., Ltd. is a Japanese life insurer and subsidiary of T&D Holdings, Inc. with ¥56 billion in stated capital.
SoftBank Group Corp. (9984.T) subsidiary PayPay Corporation has entered into a definitive agreement to acquire a 70.2% stake in T&D Financial Life Insurance Co., Ltd. from T&D Holdings, Inc. The transaction involves 1,123,200 voting rights and will result in the target becoming a specified subsidiary of SoftBank due to its capital size. Closing is scheduled for October 1, 2027, and is contingent on regulatory approvals and the target’s migration to IFRS. This acquisition marks a control entry by SoftBank’s PayPay subsidiary into the Japanese life insurance sector, but the 16-month timeline and undisclosed deal terms position the event as a long-dated watchlist item rather than an immediate arbitrage opportunity.
Featured in Issue #18 ·
Ureru Net Advertising Group Co., Ltd. 9235.T (JP) · MCAP $28M · EV $65M
EV/GP: 7.2x
Ureru Net Advertising Group is a Japanese internet advertising and marketing company listed on the Tokyo Stock Exchange Growth market. It also operates a subsidiary, JCNT, that provides enterprise communication devices and services, and is now pursuing a serial M&A strategy to diversify into recurring-revenue infrastructure and communications businesses.
Ureru Net Advertising Group (9235.T) signed a basic agreement to acquire 100% of Parrot Beak Inc., a profitable company providing municipal mobile systems and mobile communications services. Parrot Beak generates between ¥1.46 billion and ¥1.74 billion in annual revenue through its municipal infrastructure inspection and enterprise IoT mobile communication segments. The transaction is the fourth acquisition under Ureru's "strategic same-scale M&A" roll-up program, which targets ¥10 billion in revenue and a ¥25 billion market cap by 2028. The deal effectively doubles the acquirer's scale and advances a serial M&A roadmap targeting a 15x revenue increase by 2028, a narrative that can drive momentum for retail-heavy TSE Growth market names.
Featured in Issue #17 ·
Olba Healthcare Holdings, Inc. 2689.T (JP) · MCAP $76M · EV $80M
Fwd P/E: 39.0x · EV/GP: 0.9x
Olba Healthcare Holdings, Inc. is a Japanese healthcare company based in Okayama, Japan.
Olba Healthcare Holdings, Inc. (2689.T) filed an SEC Form CB on May 26, 2026, disclosing its execution of a Business Integration Agreement and a Share Exchange Agreement with DVx Inc. The filing was made under Securities Act Rule 802 and involves an exchange offer for common stock of the Japanese-incorporated company. Olba Healthcare Holdings is a Japanese healthcare company based in Okayama, Japan. This regulatory move marks the first US step for the business integration between the two entities. The Form CB filing signals a cross-border exchange offer or share exchange between Japanese-listed Olba Healthcare Holdings and DVx Inc., creating a potential M&A arbitrage situation for US holders receiving new shares.
Featured in Issue #17 ·
Intermestic Inc. 262A.T (JP) · ¥1,868 · MCAP $359M · EV $412M
EV/EBITDA: 6.3x
Intermestic Inc. operates the Zoff eyewear brand, manufacturing and selling prescription glasses, frames, sunglasses, and accessories. The company is expanding its Southeast Asian footprint through this conversion of its Singapore franchise to a directly-managed subsidiary.
Intermestic Inc. (262A.T) resolved on May 26, 2026, to acquire 100% of its Singapore franchisee, Zoff I Singapore PTE. LTD., to convert regional operations to direct management. The acquisition is scheduled to close on June 2, 2026, at which point the target will become a wholly-owned subsidiary. Zoff I Singapore reported negative net assets of SGD 4.37M and declining revenue, falling from SGD 5.02M in FY2023 to SGD 3.85M in FY2025. The target qualifies as a specified subsidiary because its capital exceeds 10% of Intermestic's capital. This absorption of a loss-making franchisee signals Intermestic is pivoting to direct management to build an ASEAN hub for its Zoff brand, making the operational shift the primary catalyst rather than transaction economics.
Featured in Issue #17 ·
Sinanen Holdings Co., Ltd. 8132.T (JP) · MCAP $518M · EV $456M
Sinanen Holdings operates energy (LP gas, petroleum, electricity), maintenance, and mobility (bicycle sales, bike-sharing) businesses through subsidiaries. E Smart Energy is a newly formed entity that will begin LP gas sales in June 2026 after inheriting operations from Ecolog Inc.
Sinanen Holdings (8132.T) signed a definitive agreement to acquire 100% of E Smart Energy through a simplified share exchange scheduled for June 30, 2026. Terms set an exchange ratio of 28 Sinanen shares for each E Smart Energy share, with 28,000 treasury shares delivered to the target’s parent, Ecolog Inc. Independent valuer MK Associates LLC provided a fairness opinion on the exchange ratio, which falls within its calculated range of 26.54–43.95. The target is a newly formed entity that will inherit LP gas sales operations from Ecolog on June 29, 2026, and the transaction is expected to be immaterial to Sinanen’s consolidated financials. This Japanese share exchange (kabushiki koukan) is the local equivalent of a statutory merger that bypasses the acquirer's shareholder vote via simplified procedures, though the deal's small size makes it a non-event unless tracking Sinanen's energy roll-up strategy or the Ecolog relationship.
Featured in Issue #17 ·
Australia 9 situations
Hartshead Resources NL HHR.AX (AU) · MCAP $28M · EV $18M
EV/EBITDA: 1.2x · EV/Sales: 0.1x · EV/GP: 0.1x (FY2027)
Hartshead Resources NL is an ASX-listed Australian oil and gas exploration and development company focused on offshore gas assets.
Hartshead Resources NL (HHR.AX) is being acquired by ACAM LP for A$0.014 per fully paid ordinary share and A$0.0007 per partly paid share via an Australian scheme of arrangement. The shareholder meeting to vote on the 100% acquisition is scheduled for 11:00 am AWST on 8 June 2026. Hartshead filed a notice for the second court hearing to be held at 10:00 am AWST on 11 June 2026 to obtain final judicial sanction for the transaction. Shareholders intending to oppose the scheme at the second court hearing must file a notice of appearance at least one day prior to the scheduled date. With the court hearing scheduled only three days after the shareholder vote, the deal is entering its final week and compressing the arbitrage window. The shareholder vote on 8 June 2026 serves as the immediate catalyst for the transaction.
Featured in Issue #18 ·
Canadian Phosphate Limited CP8.AX (AU) · MCAP $45M · EV $44M
Canadian Phosphate Limited is an ASX-listed junior explorer building a portfolio of sedimentary phosphate assets across North America, targeting vertically integrated mine-to-market phosphate supply for fertilizer and LFP battery markets.
Canadian Phosphate Limited (CP8.AX) entered into a binding agreement to acquire 100% of the Diamond Mountain Phosphate Project in Utah from Revival Gold Inc. and Utah Minerals Resources LLC for up to US$3.0M. Consideration consists of an upfront US$1.5M payment, split between US$750,000 in cash and 6,041,737 CP8 shares at a deemed price of AUD 0.1743, with a further US$1.5M deferred until commercial production. The upfront shares are subject to staggered escrow, with 50% restricted for 12 months and 50% for 24 months. The project hosts a NI 43-101 foreign resource estimate of 26.8Mt Measured & Indicated and 23.1Mt Inferred at 19.67% P2O5 adjacent to an operating mine. Completion is subject to ASX Chapters 10 and 11 confirmations, SITLA lease assignment, and potential shareholder approval under Listing Rule 7.1. This acquisition transforms Canadian Phosphate into a North American developer with a 26.8Mt resource in a tier-one jurisdiction, making the resource advancement timeline the key value driver as the deferred consideration and 24-month staggered escrow align vendor and acquirer incentives.
Featured in Issue #18 ·
Matrix Composites & Engineering Ltd MCE.AX (AU) · MCAP $62M · EV $77M
Fwd P/E: 19.5x · EV/Sales: 1.2x · EV/GP: 8.1x (FY2027)
Matrix Composites & Engineering designs and manufactures composite and advanced material technology solutions for the oil and gas, civil infrastructure, resources, defence, and transportation industries, headquartered in Henderson, Western Australia.
Matrix Composites & Engineering Ltd (MCE.AX) dispatched the scheme booklet for its acquisition by Advanced Innergy Holdings Limited via a scheme of arrangement. The scheme meeting is scheduled for July 6, 2026, with a record date for voting on July 4, 2026. Matrix directors unanimously recommend that shareholders vote in favor of the scheme and intend to vote all director-held shares accordingly. If approved, a second court hearing is set for July 13, 2026, with the scheme expected to become effective on July 14 and implemented on July 23, 2026. The dispatch initiates a 30-day countdown to a shareholder vote requiring approval from 75% of votes cast and 50% of shareholders present, a threshold to monitor under the Australian scheme-of-arrangement structure.
Featured in Issue #18 ·
Cygnus Metals Limited CY5.AX (AU) · MCAP $95M · EV $72M
EV/Sales: 2.1x (FY2026)
Cygnus Metals is a base-metals explorer and developer listed on the ASX, TSXV, and OTCQB, focused on advancing its flagship high-grade Chibougamau Copper-Gold Project in Québec, Canada.
Cygnus Metals Limited (CY5) entered into a binding Scheme Implementation Deed with Central Asia Metals PLC for a 100% acquisition through an all-scrip scheme of arrangement. The transaction terms specify 0.06 new Central Asia Metals shares per Cygnus share, implying a valuation of A$0.176 per share and a 60% premium. Cygnus shareholders would own approximately 30% of the combined group, with the deal requiring a 75% majority vote from Cygnus shareholders and approval from Central Asia Metals shareholders. Shareholders representing approximately 29% of Cygnus have declared intentions to vote in favor of the scheme, which is expected to go to a vote in September 2026. The situation creates a risk-arbitrage opportunity focused on the spread between the current Cygnus price and the value implied by Central Asia Metals' AIM-listed shares.
Featured in Issue #18 ·
Qoria Limited QOR.AX (AU) · MCAP $260M · EV $282M
EV/Sales: 2.5x · EV/GP: 2.5x (FY2027)
Qoria Limited is an Australian-listed provider of child digital safety and wellbeing solutions, offering content filtering and screen-time management software to schools and parents globally.
Qoria Limited (QOR.AX) dispatched the scheme booklet for its acquisition by Aura Consolidated Group, Inc. on June 2, 2026. The all-scrip consideration consists of Aura common stock issued as CHESS Depositary Interests. Independent expert Grant Thornton concluded the scheme is not fair but reasonable, and Qoria directors have unanimously recommended shareholders vote in favor of the deal. The scheme meeting is scheduled for July 1, 2026, with proxy appointments due by June 30, 2026. The July 1 vote date anchors the arbitrage timeline for a transaction where the spread reflects both deal risk and a discount for receiving illiquid, privately-held acquirer stock following the expert’s "not fair but reasonable" finding.
Featured in Issue #18 ·
Australian Strategic Materials Limited ASM.AX (AU) · MCAP $269M · EV $223M
EV/Sales: 6.7x · EV/GP: 10.0x (FY2027)
Australian Strategic Materials Limited is an ASX-listed critical minerals company producing rare earth oxides and metals, primarily from its Dubbo Project in New South Wales.
Australian Strategic Materials Ltd (ASM.AX) is subject to a scheme of arrangement under which a subsidiary of Energy Fuels Inc. will acquire 100% of its shares and quoted options. On June 4, 2026, ASM disclosed an administrative error in which certain securityholders received incorrect proxy forms, rendering those already lodged invalid. Affected holders must now submit replacement proxy forms using newly dispatched materials, though electronic-communication electors and dual holders remain unaffected. The scheme meeting process continues following the May 21, 2026, dispatch of the scheme booklet. This proxy re-issue is a minor operational slip rather than a transaction delay, confirming the scheme remains on track toward a vote requiring 75% approval.
Featured in Issue #18 ·
European Lithium Limited EUR.AX (AU) · MCAP $529M · EV $471M
EV/EBITDA: 5.0x
European Lithium owns the Wolfsberg lithium project in Austria and holds a 7.5% interest in the Tanbreez rare earth project in Greenland. The Critical Metals Corp takeover is designed to consolidate Tanbreez ownership and simplify the development structure.
European Lithium Limited (EUR.AX) entered a binding scheme of arrangement to be acquired by Critical Metals Corp for $356M to consolidate ownership of the Tanbreez rare earth project. Under terms announced May 1, 2026, shareholders are offered A$0.58 per share or 0.035 Critical Metals Corp shares. The transaction is subject to an Australian Securities Exchange investigation into potential continuous-disclosure breaches, while an independent committee manages governance conflicts stemming from Chairman Tony Sage’s dual role at both companies. Project development remains contingent on an operating permit for the Tanbreez project in Greenland, without which a June sample shipment is at risk. The 20%+ spread reflects discrete risks involving the ASX probe, the governance conflict, and the stalled Greenland permit ahead of a June regulatory filing and a Q3 2026 shareholder vote.
Featured in Issue #18 ·
Magnetic Resources NL MAU.AX (AU) · MCAP $415M · EV $285M
Fwd P/E: 6.4x · EV/Sales: 1.5x (FY2027)
Magnetic Resources NL is an Australian gold exploration and development company focused on the Laverton region in Western Australia.
Magnetic Resources NL (MAU.AX) announced that the cash consideration option for its scheme of arrangement with Genesis Minerals Limited is oversubscribed, triggering scaleback arrangements. Maximum Cash Consideration elections reached A$428.1 million, exceeding the available cash pool. Shareholders who elected the maximum cash option will receive an indicative mix of approximately 0.1412 Genesis shares and A$1.8588 cash per share, while the Default Consideration remains at 0.0873 shares and A$1.40 cash. The scheme meeting is scheduled for June 3, 2026, with a record date expected on June 15, 2026. This indicative scaleback results in a ~9% reduction in cash per share versus a pure pro-rata allocation for those opting for maximum cash, leaving the June 3 scheme meeting as the next binary catalyst for arbitrageurs tracking the MAU/GMD spread.
Featured in Issue #17 ·
European Lithium Ltd EUR.AX (AU) · MCAP $588M · EV $528M
EV/EBITDA: 5.6x
European Lithium is an ASX-listed lithium developer whose primary draw is the Tanbreez rare-earth project in Greenland. The merger with Critical Metals aims to create a Nasdaq-listed heavyweight serving Western demand for heavy rare earths from 2027.
European Lithium (EUR.AX) has signed a binding Scheme Implementation Deed for an all-share takeover by Critical Metals Corp. Under the terms, shareholders receive 0.035 Critical Metals shares for each EUR share, valuing the offer at A$0.58 per share, a 137% premium to the pre-approach close. Completion is conditional on European Lithium holding A$330 million in net cash and liquid assets at close, compared to A$306 million in cash and US$18 million in securities as of March 31. The merger is expected to close in H2 2026 following a shareholder vote in August or September 2026. The A$24 million liquidity shortfall against the closing cash condition creates a binary risk for arbitrageurs, as management must bridge the gap to capture the spread between the A$0.45 spot price and the A$0.58 deal value.
Featured in Issue #17 ·
South Korea 7 situations
GL Pharm Tech Corp. 204840.KQ (KR) · MCAP $45M · EV $56M
GL Pharm Tech Corp. is a South Korean pharmaceutical company listed on KOSDAQ under the ticker 204840.KQ.
GL Pharm Tech Corp. (204840.KQ) filed a statutory merger disclosure on KOSDAQ on May 28, 2026, followed by an amended merger agreement filed on June 1, 2026. This filing, designated as 주요사항보고서(회사합병결정), is the Korean equivalent of a US Form 8-K announcing a signed definitive agreement. The amended agreement signals near-final terms, with the arb spread contingent on forthcoming specifics regarding the merger ratio, surviving entity, and shareholder meeting date.
Featured in Issue #18 ·
Logen Co., Ltd. 033290.KQ (KR) · MCAP $53M · EV $302M
Logen Co., Ltd. is a Korean logistics and transportation company headquartered in Gimje, Jeonbuk State, South Korea, listed on KOSDAQ. The target, Modainochip Co., Ltd., is a KOSDAQ-listed South Korean company engaged in electronics and distribution businesses and is an affiliate under the same DaeMyung Chemical group.
Logen Co., Ltd. (033290.KQ) is set to absorb its affiliate Modainochip Co., Ltd. in a stock-for-stock merger at a ratio of 1 Logen share for every 0.9755740 Modainochip share. The transaction involves the issuance of 76,394,770 new Logen shares based on merger prices of KRW 2,047 for Logen and KRW 1,997 for Modainochip. DaeMyung Chemical Co., Ltd. is the controlling shareholder of both entities, holding 48.78% of Logen and 75.25% of Modainochip. The merger agreement includes a walk-away trigger if combined appraisal-rights buyback obligations exceed KRW 10 billion. A June 4, 2026, corrective disclosure adjusted the appraisal-rights payment dates to October 29, 2026, for Modainochip and November 6, 2026, for Logen. The June 19, 2026, record date is the first hard deadline for minority shareholders to exploit the ~3.4% spread between the Logen merger price and the KRW 2,116 statutory appraisal floor.
Featured in Issue #18 ·
Moda Innochips Co., Ltd. 080420.KQ (KR) · MCAP $80M · EV $387M
Moda Innochips Co., Ltd. is a KOSDAQ-listed Korean manufacturer of electronic components and EMI shielding solutions. It operates as a subsidiary of Dae Myung Chemical.
Moda-InnoChips Co., Ltd. (080420.KQ) will be absorbed by Rosen Inc. in a subsidiary merger involving entities controlled by Dae Myung Chemical Co., Ltd. The transaction features a merger ratio of 1 Rosen share for every 0.9755740 Moda-InnoChips shares, with a statutory appraisal price of KRW 2,005 per share for dissenting shareholders. Dae Myung Chemical holds 75.25% of Moda-InnoChips, and the deal is subject to a shareholder vote scheduled for September 18, 2026, requiring approval from two-thirds of votes cast and one-third of total issued shares. An amendment filed June 4, 2026, accelerated the appraisal payment date for Moda-InnoChips shareholders to October 29, 2026. The KRW 2,005 appraisal price functions as a floor return for minority shareholders, and the revised payment schedule improves the implied IRR by shortening the window between exercise and settlement.
Featured in Issue #18 ·
Huons Co., Ltd. 243070.KQ (KR) · MCAP $201M · EV $293M
Fwd P/E: 7.9x · EV/EBITDA: 5.6x · EV/Sales: 0.7x · EV/GP: 1.6x (FY2026)
Huons Co., Ltd. is a KOSDAQ-listed Korean pharmaceutical company focused on generic drugs and contract manufacturing. Huons Lab is its unlisted biopharmaceutical R&D subsidiary developing new drugs and biosimilars, anchored by a human-derived hyaluronidase platform.
Huons (243070.KQ) is proceeding with a statutory merger to absorb its R&D subsidiary, Huons Lab Co., Ltd. The merger ratio is set at 1 Huons share for every 0.4256943 Huons Lab shares, requiring the issuance of 3,825,373 new shares. Huons Lab, which has a pending domestic drug approval, reported negative equity of KRW -1.8B and a net loss of KRW -10.2B for FY2025. A June 4 correction to the merger report delayed the shareholder record date to July 30, 2026, with the shareholder meeting now scheduled for August 21 and an expected close on September 23. This related-party absorption of a distressed subsidiary entails 24.2% dilution and may trigger appraisal rights, with the statutory buyback price of 32,886 KRW representing a 5.9% discount to the 34,062 KRW implied merger value.
Featured in Issue #18 ·
EM-Tech Co., Ltd. 091120.KQ (KR) · MCAP $53M · EV $164M
EV/GP: 11.2x
EM-Tech Co., Ltd. is a KOSDAQ-listed Korean manufacturer specializing in electronic components, including micro-speakers, antennas, and vibration motors for mobile devices and automotive applications.
EM-Tech (091120.KQ), a KOSDAQ-listed manufacturer of electronic components including micro-speakers, antennas, and vibration motors for mobile and automotive applications, filed amended board opinion letters on May 26 and May 27, 2026. These filings update an initial May 22 major-event report regarding a statutory merger decision under the Korean Commercial Code. The transaction requires shareholder approval to proceed. These procedural amendments indicate ongoing progress toward a shareholder vote. The amendment cycle suggests terms are being finalized; the next catalyst is the shareholder meeting date and merger ratio disclosure, which will set the arb spread for this KOSDAQ-listed name.
Featured in Issue #17 ·
Solux Co., Ltd. 290690.KQ (KR) · MCAP $164M · EV $187M
EV/GP: 47.2x
Solux Co., Ltd. is a KOSDAQ-listed LED lighting manufacturer that recently pivoted into bio-lighting and light-therapy research for cognitive disorders. Aribio Co., Ltd. is an unlisted Korean biotechnology firm developing Alzheimer's disease treatments and other CNS drug candidates.
Solux (290690.KQ) is absorbing unlisted biotechnology firm Aribio Co., Ltd. in a reverse merger that will result in the surviving entity adopting the Aribio name and headquarters. The fixed merger ratio is one Solux share for every 2.0610695 Aribio shares, with Solux expected to issue 52,737,384 new common shares. Following its 28th amended merger report, Solux reset the shareholder meeting to August 25, 2026, and pushed the expected closing date to September 29, 2026. An appraisal-rights exercise period will run from August 25 through September 14, 2026, at a buyback price of KRW 10,719. The merger can be terminated if appraisal-rights claims exceed KRW 1.5 billion at Solux or KRW 3.0 billion at Aribio. The transaction functions as a reverse-merger "SPAC-lite" for the Alzheimer's-drug developer, with the updated schedule providing new timeline anchors for arbitrage positioning around the KRW 10,719 appraisal-rights floor.
Featured in Issue #17 ·
Huons Co., Ltd. 243070.KQ (KR) · MCAP $227M · EV $299M
Fwd P/E: 8.7x · EV/EBITDA: 5.5x · EV/Sales: 0.7x · EV/GP: 1.6x (FY2026)
Huons Co., Ltd. is a KOSDAQ-listed Korean pharmaceutical and healthcare company producing prescription drugs, medical devices, and health-functional foods. Huonslab is its unlisted contract research and development subsidiary focused on drug formulation and clinical R&D services.
Huons (243070.KQ) filed a second corrective DART disclosure to amend the merger ratio and delay the timeline for its absorption of unlisted subsidiary Huonslab Co., Ltd. by approximately five weeks. The corrected merger ratio is 1 Huons share for every 0.4256943 Huonslab common shares, following the pre-close conversion of 905,420 Huonslab preference shares. Advisor Ichon Accounting Corp. valued Huons at KRW 34,062 per share and Huonslab at KRW 12,671–14,672 per share, with the latter valuation supported by a 16-year revenue plan despite a KRW 808 per share asset value. Shareholders will vote August 21, 2026, preceding a September 23 record date and an October 12 listing, though the board may terminate the deal if appraisal-rights buybacks exceed KRW 30 billion for Huons or KRW 4 billion for Huonslab. The transaction involves 24.2% dilution through the issuance of 3.8 million new shares and provides an arbitrage window until late August to evaluate the KRW 34,062 parent valuation against market price.
Featured in Issue #17 ·
Hong Kong 4 situations
Universal Technologies Holdings Limited 1026.HK (HK) · MCAP $63M · EV $84M
Universal Technologies Holdings Limited is a Cayman-incorporated company listed on the Hong Kong Stock Exchange. Through its subsidiaries, it holds interests in water supply and related services in Guangdong Province, China.
Universal Technologies Holdings Limited (1026.HK) entered into a definitive agreement to sell its 49% stake in Qinghui Properties Limited for RMB 8.5 million in cash, approximately HK$9.8 million. The purchaser is a company wholly owned by executive director and substantial shareholder Ms. Zhu, classifying the transaction as a connected-party disposal under HKEX rules. Completion is conditional on independent shareholder approval at a forthcoming EGM, where Ms. Zhu and her associates must abstain from voting. The company expects to dispatch a circular by 31 July 2026 and intends to appoint an Independent Financial Adviser to evaluate the terms of the sale. The disposal is slated to close by a long-stop date of 31 August 2026. This transaction requires independent shareholder approval under Hong Kong’s Chapter 14A, providing minority holders with a blocking vote on a connected-party disposal to a controlling insider.
Featured in Issue #18 ·
Easou Technology Holdings Limited 2550.HK (HK) · MCAP $102M · EV $39M
EV/GP: 1.1x
Easou Technology Holdings Limited is a Hong Kong-listed company incorporated in the Cayman Islands. The filing indicates it conducts acquisitions through its wholly-owned subsidiary Easou Technology Limited; specific core operations are not detailed in this transaction announcement.
Easou Technology Holdings Limited (2550.HK) entered into definitive agreements on June 3, 2026, to acquire 100% of Yingke Internet (Hong Kong) Limited and Yunlang Technology (HK) Limited for a combined HK$162.36 million. The Yingke acquisition involves issuing 68 million new shares at HK$1.804 each, while Yunlang will be acquired through 22 million new shares at the same price. These all-stock transactions are linked to the Dream Star business and remain subject to HKEX listing approval and due diligence with a one-month long-stop date. The valuation for Yingke reflects 2025 revenue of RMB 96.1 million and EBIT of RMB 5.6 million. PMs should assess the roughly 20% total dilution from the all-stock consideration and whether the acquired businesses' thin profitability justifies the combined valuation ahead of the near-term completion catalyst.
Featured in Issue #18 ·
Century Ginwa Retail Holdings Limited 0162.HK (HK) · MCAP $68M
Century Ginwa Retail Holdings Limited operates department stores and retail properties in Xi'an and other Chinese cities, with a focus on mid-to-high-end department store operations.
Century Ginwa Retail Holdings Limited (0162.HK) entered into a definitive agreement on May 21, 2026, to sell 100% of the equity in Xi'an Yixin Property Management and RMB100.7M in creditor's rights. The counterparty, Xi'an Qujiang Financial Holdings Asset Operation and Management Co., Ltd., will pay a total cash consideration of RMB761,932,148.27 for the target company, which holds commercial property at Century Ginwa Bell Tower in Xi'an. The disposal is classified as a very substantial disposal and connected transaction under Hong Kong Listing Rules, with independent financial advisor Octal Capital Limited recommending shareholders vote in favor of the deal. A Special General Meeting is scheduled for June 18, 2026, to approve the transaction. The independent shareholder approval threshold is the key gating item, as the connected-party nature of the purchaser requires interested shareholders to abstain from the June 18 vote.
Featured in Issue #18 ·
Ming Shing Group Holdings Limited MSW (HK) · $1.45 · MCAP $19M · EV $61M
Ming Shing Group Holdings Limited is a Hong Kong-based contractor specializing in wet trade works, including plastering, tiling, and brick-laying for public and private construction projects.
Ming Shing Group Holdings Ltd (MSW) entered into a definitive stock purchase agreement on May 26 to acquire 100% of PMA Nano Carbon Tech Limited for $110M. The consideration is comprised entirely of unsecured convertible promissory notes convertible at $0.99 per ordinary share with a 9.99% beneficial ownership blocker. The target company holds PMA Singapore, which commercializes graphene-based thermal management technology for electronics, electric vehicles, and medical applications. Closing is subject to Nasdaq approval and is expected in late June 2026. This $110M all-paper acquisition for a company with a ~$30M market cap represents a transformative deal with significant dilution and conversion dynamics driven by the $0.99 conversion price and the absence of cash or fixed maturity on the notes.
Featured in Issue #17 ·
United Kingdom 3 situations
Van Elle Holdings plc VANL.L (UK) · MCAP $73M · EV $76M
Fwd P/E: 13.2x · EV/EBITDA: 2.4x · EV/Sales: 0.4x · EV/GP: 1.3x (FY2027)
Van Elle Holdings plc is a UK-based ground engineering contractor providing piling, foundations, and geotechnical services to the construction and infrastructure sectors.
Van Elle Holdings plc (VANL.L) disclosed that director Mark Cutler, a person acting in concert with the offeree under the UK Takeover Code, exercised 419,471 shares from 2020 LTIP awards at 2.0p per share on June 2, 2026. Cutler subsequently sold 189,803 shares to fund exercise costs and tax liabilities, leaving him with a 1.20% stake consisting of 1,297,096 shares. The Rule 8 dealing disclosure confirms an active offer period for the company. Such PAC disclosures provide granular insight into insider positioning and LTIP behavior, as directors choosing to sell shares rather than retain them post-exercise can signal their view on deal certainty and offer valuation.
Featured in Issue #18 ·
Venture Life Group PLC VLG.L (UK) · MCAP $92M · EV $47M
Fwd P/E: 8.2x · EV/EBITDA: 3.9x · EV/Sales: 0.6x · EV/GP: 1.9x (FY2026)
Venture Life is a UK-based consumer self-care company focused on proactive healthy longevity, with a portfolio of brands in women's intimate healthcare, ENT care, energy management, and hormonal health, sold through pharmacies, grocery multiples, and e-commerce channels primarily in the UK and Europe.
Venture Life Group plc (VLG.L) signed a sale and purchase agreement to acquire the FemiClear and CUROXEN brands from OrganiCare Nature's Sciences, LLC for up to $28.0 million. The consideration comprises $23.0 million in cash at closing and up to $5.0 million in deferred payments contingent on 2026 trading results. The brands generated $12.1 million in net revenue for the 12 months ended 31 March 2026, representing 29.1% year-over-year growth. Funded via existing cash resources, the transaction is expected to have a working capital impact of approximately 13% of LTM net revenues. The acquisition adds over $12 million in high-growth revenue at 1.9x forward revenue as the AIM-listed company deploys cash from 2025 divestments into a US women's health platform. Monitor the $5.0 million earn-out outcome against CY2026 targets as a leading indicator of US integration success.
Featured in Issue #18 ·
evoke plc EVOK.L (UK) · MCAP $276M · EV $2.5B
Fwd P/E: 5.7x · EV/EBITDA: 5.4x · EV/GP: 1.1x
evoke plc owns William Hill and 888, operating online casino, sports betting, bingo, and poker brands predominantly in the UK. The company was materially impacted by the UK Remote Gaming Duty increase from 21% to 40% effective April 2026.
Evoke plc (EVOK.L) entered into a definitive agreement for a recommended all-share acquisition by Bally's Intralot S.A. via a Gibraltar scheme of arrangement. Each evoke share will receive 0.537 new Intralot shares, implying a value of 52p per share and a £243.1M equity value. A cash alternative is capped at approximately £117.1M and funded by a Deutsche Bank and Jefferies bridge facility. The transaction price represents a 138% premium to the undisturbed price before evoke’s strategic review and a 77% premium to its three-month VWAP. Upon completion, evoke shareholders will own approximately 11.5% of the enlarged entity, which has identified £180M in pre-tax cost and capex synergies. The all-share structure and Gibraltar jurisdiction introduce currency risk and deal timelines that differ from the UK Takeover Code, with the 52p value floating against Intralot’s stock price in a deal reflecting distressed-seller dynamics following the 40% Remote Gaming Duty hike.
Featured in Issue #18 ·
New Zealand 2 situations
Bremworth Limited BRW.NZ (NZ) · MCAP $31M · EV $11M
Bremworth Limited is a New Zealand-based manufacturer and retailer of wool carpets and rugs, listed on the NZX.
Bremworth Limited (BRW.NZ) announced that the New Zealand Commerce Commission (NZCC) has extended its clearance decision deadline for the proposed scheme of arrangement with Floorscape Limited from May 29, 2026, to June 30, 2026. The revised timeline makes the current Scheme Implementation Agreement (SIA) End Date of August 7, 2026, unlikely to be met. Either party maintains the right to terminate the SIA if the transaction is not implemented before that August deadline. Bremworth’s board will engage with Floorscape, which is guaranteed by Mohawk Industries, to negotiate an extension of the SIA End Date to accommodate the NZCC scheduling. The NZCC's second delay pushes the antitrust decision perilously close to the SIA drop-dead date, creating a binary outcome: either the parties agree to extend the End Date or the scheme lapses.
Featured in Issue #17 ·
Tourism Holdings Limited THL.NZ (NZ) · MCAP $351M · EV $722M
Fwd P/E: 8.7x · EV/EBITDA: 6.6x · EV/Sales: 1.2x · EV/GP: 1.9x (FY2027)
Tourism Holdings is the largest provider of rental RVs and campervans in Australia and New Zealand, and also operates RV manufacturing and sales. The company has been simplifying its international portfolio, including a conditional sale of its UK & Ireland business for ~NZ$58.3m.
Tourism Holdings (THL.NZ) received a revised non-binding, all-cash takeover approach from a BGH Capital-led consortium at NZ$3.10 per share. The consortium currently holds a 19.9% stake in THL, and shareholders representing approximately 16% of the company have indicated support for granting the group due diligence access. The proposal arrived as THL lowered FY26 underlying NPAT guidance to AUD$40m-AUD$43m and increased its year-end net debt forecast to AUD$460m-AUD$470m. Access is conditional on due diligence, debt financing, and a unanimous board recommendation, with a firm response deadline set for 5:00pm NZT on 12 June 2026. The NZ$3.10 indicative offer provides a price anchor while the 12 June deadline and 16% supportive shareholder bloc create a near-term binary catalyst around board engagement, with the consortium’s 19.9% stake providing blocking power against alternate bids.
Featured in Issue #17 ·
Israel 1 situations
Foresight Autonomous Holdings Ltd. FRSX (IL) · $1.89 · MCAP $13M
Foresight Autonomous develops 3D multi-camera vision systems and RF-based perception technologies for autonomous vehicles and defense applications, with a focus on stereo detection and sensor fusion.
Foresight Autonomous Holdings Ltd. (FRSX) entered a definitive Securities Exchange Agreement on June 2, 2026, for VisionWave Holdings, Inc. to acquire a 52% controlling interest for $17.5M. The transaction occurs in two stages, with the initial 46% equity stake transferring within 45 to 60 days in exchange for $15.48M of VisionWave common stock priced via a VWAP formula. Acquisition of the remaining 6% is contingent on a pilot-project milestone, and VisionWave will gain board representation. VisionWave intends to use the developer of 3D multi-camera vision systems and RF-based perception technologies as its core platform for autonomous and defense initiatives. The structured two-tranche stock swap includes a two-year make-whole mechanism providing a 65% floor on the issued stock's value, creating a contingent-value floor intended to tighten the discount to the implied control premium.
Featured in Issue #18 ·
Sweden 1 situations
HAKI Safety AB HAKI-B.ST (SE) · MCAP $61M · EV $105M
Fwd P/E: 8.9x · EV/EBITDA: 5.4x · EV/Sales: 0.8x · EV/GP: 2.2x (FY2026)
HAKI Safety AB provides scaffolding, weather protection, and work-zone safety solutions including fall protection products for construction and industrial applications, primarily in the European market.
HAKI Safety AB ser. B (HAKI-B.ST) signed a definitive agreement to acquire the Combisafe fall protection business from PIP Global Safety for USD 2 million in net assets. The transaction is structured as an asset deal covering the brand, product portfolio, patent rights, and customer relationships across six countries. While the purchase price is USD 2 million, the sellers will contribute an equivalent amount to cover change-related costs, effectively offsetting the cash outlay. Combisafe generates approximately SEK 80 million in turnover and has been unprofitable in recent years. Closing is expected at the beginning of Q3 2026. This small bolt-on acquisition provides HAKI with an established brand and European distribution footprint at minimal net cost, with the investment case centered on a synergy plan to restore target profitability.
Featured in Issue #18 ·
India 1 situations
Mindpool Technologies Limited MINDPOOL.NS (IN) · MCAP $4M · EV $3M
Mindpool Technologies Limited is an Indian IT consulting firm. SA Tech Software India Limited provides IT consulting and Global Capability Center (GCC) services across domestic and export markets.
Mindpool Technologies Limited (MINDPOOL.NS) is proceeding with a scheme of amalgamation with SA Tech Software India Limited under a share exchange ratio of one equity share of SA Tech for every two shares of Mindpool. On May 15, 2026, the board approved an amendment incorporating an odd lot cash settlement mechanism at ₹55.98 per share in response to an NSE query. The transaction has obtained NSE approval but remains subject to NCLT and SEBI regulatory clearances. Though considered a related-party transaction, the merger is exempt from SEBI SME platform RPT provisions. The primary arbitrage spread hinges on the final NCLT approval timeline and SA Tech's share price relative to the exchange ratio.
Featured in Issue #17 ·
United Kingdom 1 situations
Deltic Energy PLC DELT.L (GB) · MCAP $9M · EV $5M
Deltic Energy is a UK AIM-listed oil and gas exploration company with its principal asset being an interest in licence P2437 containing the Selene gas discovery in the Southern North Sea, where Shell and Dana Petroleum are joint venture partners.
Deltic Energy (DELT.L) has published the scheme document for its recommended all-cash acquisition by NEO NEXT+ via a court-sanctioned scheme of arrangement. The publication sets the shareholder vote for 24 June 2026, with proxy deadlines established for 22 June 2026. Deltic directors unanimously recommend the transaction and have provided irrevocable undertakings representing 0.26% of the issued share capital. To support the process, NEO NEXT+ provided a £2.9M bridge loan facility, drawn on 14 May 2026, to repay an existing facility held by RockRose. Approval requires a majority in number and 75% by value at the Court Meeting; since irrevocable undertakings cover only 0.26% of the capital, turnout and proxy solicitation will determine whether the scheme clears statutory thresholds.
Featured in Issue #17 ·
Germany 1 situations
Northern Data AG NB2.DE (DE) · MCAP $1.2B · EV $2.0B
Fwd P/E: 43.4x · EV/Sales: 3.5x (FY2026)
Northern Data AG is a German-listed operator of high-performance computing infrastructure focused on AI and Bitcoin mining. Rumble Inc. is a video-sharing platform and cloud services provider.
Northern Data Ag (NB2.DE) Management and Supervisory Boards unanimously recommend shareholders accept a voluntary public exchange offer from Rumble Inc. Rumble is offering 2.0281 newly issued Class A common shares for each Northern Data share. Advisor Jefferies issued a fairness opinion concluding the exchange ratio is fair from a financial point of view. The additional acceptance period expires June 1, 2026, with settlement expected mid-June 2026, and Rumble has announced it does not intend to increase or extend its offer. This all-stock exchange offer with a fixed ratio and no further increase creates a tradable spread for Northern Data holders who must decide before the June 1 deadline whether to lock in the ratio.
Featured in Issue #17 ·
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