A running index of capital return announcements covered in the Special Situations Digest. Below are recent share buyback authorizations, special dividends, tender-back programs, and excess-cash distributions across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 16 countries. Earlier coverage includes 51+ additional situations from prior issues.
Capital returns — buybacks, special dividends, and large recurring distributions — are often a leading indicator of management's view on intrinsic value. The setup matters more than the headline: small buyback authorizations on a $10B market cap are mostly cosmetic; a $1B authorization on a $3B company is a structural commitment. Special dividends, particularly those linked to one-time asset sales, can drive material short-term repricing as the ex-dividend mechanics work through.
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.
Jump to country
United States 30 situations
BBX Capital, Inc. BBXIA (US) · $3.84 · MCAP $65M · EV $240M
EV/GP: 2.8x
BBX Capital, Inc. is a holding company with investments in real estate, private equity, and specialty finance, primarily operating in Florida.
BBX Capital, Inc. (BBXIA) intends to commence a cash tender offer to purchase at least 3,500,000 shares of its Class A and Class B common stock at $4.00 per share. The company, which trades on OTC Markets, expects to launch the offer within five business days and reserves the option to increase the number of shares purchased. The structure includes an odd lot priority where holders of fewer than 100 shares who tender their entire position are accepted first, followed by pro rata purchases if the 3.5M share threshold is exceeded. This cash self-tender offers an exit for illiquid OTC-traded shares, with the odd lot priority allowing small holders to tender fully without pro-ration risk. For a special-sits PM, the key monitorable is the final proration factor once the offer expires and total tenders are tallied.
Featured in Issue #18 ·
Japan Smaller Capitalization Fund, Inc. JOF (US) · $11.83 · MCAP $335M · EV $335M
Japan Smaller Capitalization Fund, Inc. is a closed-end, diversified management investment company incorporated in Maryland that invests primarily in smaller Japanese equities. It is listed on the New York Stock Exchange under the ticker JOF and advised by Nomura Asset Management Co., Ltd.
Japan Smaller Capitalization Fund, Inc. (JOF) filed an SC TO-I on June 1, 2026, commencing an issuer self-tender offer for up to 2,833,389 shares, or 10% of its outstanding common stock as of April 30, 2026. The offer is priced at NAV per share and follows a preliminary announcement on May 22, 2026. No directors, officers, or affiliates of the fund, which is advised by Nomura Asset Management Co., Ltd. and represented by Sidley Austin LLP, currently intend to tender their shares. The fund indicated it has no plans to borrow funds to finance the repurchases. This self-tender works as a discount-narrowing mechanism, with the expiration date and pricing mechanism determining the actual discount capture for tendering shareholders.
Featured in Issue #18 ·
Greenlight Capital Re, Ltd. GLRE (US) · $15.20 · MCAP $504M · EV $437M
Fwd P/E: 8.4x (FY2026)
Greenlight Capital Re, Ltd. is a Cayman Islands-domiciled property and casualty reinsurer whose investment portfolio is managed by DME Advisors, an affiliate of Chairman David Einhorn.
Greenlight Capital Re (GLRE) entered into a targeted share repurchase agreement on June 1, 2026, with the David M. Einhorn 2021-07 Family Trust. The trust will sell 33% of the shares repurchased by the company under a 10b5-1 plan expected to commence around June 3, 2026, at the same volume-weighted average price. The transaction is targeted to close on or about August 3, 2026, to maintain Einhorn's ownership percentage and prevent passive ownership creep from triggering adverse tax consequences. The structured 33% pass-through creates a mechanical sell-side flow that partially offsets buyback demand while preserving the free float and avoiding adverse tax outcomes.
Featured in Issue #18 ·
CONMED Corporation CNMD (US) · $33.06 · MCAP $995M · EV $1.8B
Fwd P/E: 7.6x · EV/EBITDA: 6.7x · EV/Sales: 1.3x · EV/GP: 2.5x (FY2026)
CONMED Corporation is a global medical technology company that designs, manufactures, and sells surgical instruments and devices for minimally invasive procedures, including orthopedic and general surgery products.
CONMED Corporation (CNMD) entered into privately negotiated purchase agreements to buy back $645.2M in principal amount of its 2.25% Convertible Senior Notes due 2027. The total cash consideration is approximately $637.2M, representing a discount of approximately 1.2% to par value. The transactions were initiated on June 3, 2026, and are expected to close on June 15, 2026. This material liability-management move retires the note principal ahead of the company's quarterly reporting cycle. The repurchase retires nearly the entire 2027 convertible note tranche at a slight discount to par, eliminating refinancing risk and potential dilution overhang 12 months ahead of maturity.
Featured in Issue #18 ·
KalVista Pharmaceuticals, Inc. KALV (US) · $26.94 · MCAP $1.4B · EV $1.4B
EV/EBITDA: 11.7x · EV/Sales: 7.0x · EV/GP: 7.7x (FY2026)
KalVista Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing oral small-molecule protease inhibitors for diseases with significant unmet need, including hereditary angioedema.
Chiesi Farmaceutici S.p.A. is conducting an all-cash tender offer for all outstanding shares of KalVista Pharmaceuticals, Inc. (KALV) at $27.00 per share. The Hart-Scott-Rodino waiting period expired on May 28, 2026, satisfying the U.S. antitrust condition, while Germany’s FCO and the Italian FDI Authority cleared the transaction between May 27 and May 29. Twelve demand letters and two New York Supreme Court complaints have been filed alleging disclosure deficiencies in the Schedule 14D-9. The clearance of these three regulatory hurdles removes key deal-uncertainty overhangs, shifting focus to the satisfaction of the tender’s minimum condition and the litigation seeking injunctive relief.
Featured in Issue #18 ·
Liberty Latin America Ltd. LILA (US) · $7.56 · MCAP $1.5B · EV $10.2B
EV/EBITDA: 9.1x · EV/Sales: 2.3x · EV/GP: 3.5x (FY2026)
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean, offering digital video, broadband internet, telephony, and mobile services under the BTC, Flow, Liberty, and Más Móvil brands.
Liberty Latin America Ltd. (LILA) is distributing a special dividend of 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preference Shares to all LILA, LILAK, and LILAB common shareholders. Following the June 1, 2026 record date, holders through the June 16 distribution date will receive the Preference Shares under "due bill" procedures. When-issued markets for the Preference Shares (LILPV) and ex-distribution common shares (LILAV and LILAKV) opened June 1, with regular-way trading and the common ex-dividend date scheduled for June 17. All when-issued transactions are set to settle on June 17. This creates a short-dated stub arbitrage where shareholders can monetize the entitlement by selling LILAV or LILAKV when-issued, while the 9.0% fixed-rate yield profile may attract income-oriented buyers and potentially pressure the common stub.
Featured in Issue #18 ·
FS KKR Capital Corp. FSK (US) · $10.90 · MCAP $3.1B · EV $10.2B
Fwd P/E: 6.6x (FY2026)
FS KKR Capital Corp. is a publicly traded business development company (BDC) that provides direct lending and debt financing to middle-market U.S. companies, managed by an affiliate of KKR.
FS KKR Capital Corp. (FSK) counterparty KKR Alternative Assets L.P. extended the expiration of its $150 million third-party tender offer to purchase common stock at $11.00 per share until June 11, 2026. The Hart-Scott-Rodino waiting period expired on June 4, satisfying the antitrust condition for the transaction which originally commenced on May 12. As of June 4, approximately 413,270 shares were validly tendered and not withdrawn, representing roughly $4.5 million of the total $150 million capacity. While HSR clearance removes the last regulatory hurdle, the low participation rate indicates the $11.00 offer price is not compelling holders.
Featured in Issue #18 ·
Hilton Grand Vacations Inc. HGV (US) · $49.74 · MCAP $4.0B · EV $11.2B
Fwd P/E: 9.5x · EV/EBITDA: 10.5x · EV/Sales: 2.0x · EV/GP: 3.5x (FY2026)
Hilton Grand Vacations is a timeshare and vacation ownership company that markets, sells, and manages vacation ownership resorts under the Hilton Grand Vacations brand.
Hilton Grand Vacations Inc. (HGV) announced a 5,000,000-share secondary offering by Apollo Global Management entities with an additional 750,000-share underwriter option. Concurrently, HGV is repurchasing 750,000 shares from the underwriters under a board-approved buyback plan, which carries no underwriting fees. Wells Fargo Securities is acting as lead underwriter for the transactions, which are expected to close on June 4, 2026. HGV will receive no proceeds from the secondary offering, which was filed via a shelf registration on August 12, 2025. Apollo's secondary block sale reduces its overhang while HGV's simultaneous buyback provides a price-support signal, leaving the net 4.25M-share increase in float to be monitored as the deal prices.
Featured in Issue #18 ·
Array Digital Infrastructure, Inc. AD (US) · $50.45 · MCAP $4.4B · EV $5.3B
Fwd P/E: 17.6x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2026)
Array Digital Infrastructure owns and operates over 4,400 shared wireless communications towers across the United States, enabling 5G and other wireless technology deployments. The company is approximately 82% owned by Telephone and Data Systems, Inc. (TDS).
Array Digital Infrastructure, I (AD) declared an $11.00 per share special cash dividend following the completion of a $1.0 billion spectrum license sale to Verizon and $168 million in sales to T-Mobile. The dividend is payable June 25, 2026, to shareholders of record on June 11, 2026. Array does not anticipate additional 2026 dividends and stated the distribution is unrelated to the non-binding acquisition proposal from 82% owner Telephone and Data Systems, Inc. (TDS) announced on May 7, 2026. Advisors include Citigroup Global Markets Inc., Centerview Partners LLC, TD Securities (USA) LLC, Wells Fargo, Wilkinson Barker Knauer LLP, Clifford Chance LLP, Sidley Austin LLP, PJT Partners LP, and Cravath, Swaine & Moore LLP. The $11.00 special dividend represents approximately 21.5% of Array's last close, returning cash directly to shareholders while the TDS special committee review continues.
Featured in Issue #18 ·
Telephone and Data Systems, Inc. TDS (US) · $39.43 · MCAP $4.5B · EV $5.8B
Fwd P/E: 30.2x · EV/EBITDA: 18.7x · EV/Sales: 4.7x (FY2026)
Telephone and Data Systems, Inc. (TDS) provides wireless and wireline telecom services in the U.S. through its majority-owned subsidiary Array Digital Infrastructure (formerly US Cellular) and its wholly-owned TDS Telecom segment.
Telephone and Data Systems, Inc. (TDS) subsidiary Array Digital Infrastructure completed the $1.0 billion cash sale of select spectrum assets to Verizon Communications Inc. on June 1, 2026. Array declared a special cash dividend of $11.00 per share on both Common Stock and Series A Common Stock, set for payment on June 25, 2026, to stockholders of record on June 11, 2026. Holding 33,005,877 shares of Series A Common Stock and 37,782,826 shares of Common Stock, TDS is expected to receive approximately $778 million of the distribution. The upstreamed cash strengthens the TDS balance sheet and signals capital-return intent at the parent level after a long deleveraging cycle.
Featured in Issue #18 ·
USA Rare Earth, Inc. USAR (US) · $22.47 · MCAP $5.1B · EV $3.4B
USA Rare Earth is building a vertically integrated rare earth and permanent magnet value chain spanning mining (Round Top, Texas), processing, metal-making, and NdFeB magnet manufacturing. The company is developing one of the largest domestic mine-to-magnet platforms for critical materials serving defense, aerospace, semiconductor, and energy sectors.
USA Rare Earth, Inc. (USAR) executed definitive agreements with the U.S. Department of Commerce for up to $1.6B in CHIPS Act funding, comprised of $277M in federal grants and $1.3B in senior secured loan capacity. Under the terms of the strategic recapitalization, the company will issue 16.1 million common shares and approximately 17.6 million warrants to the Department of Commerce. Moelis & Company served as exclusive financial advisor for the transaction, which, combined with a $1.5B PIPE closed in January 2026, brings total committed capital for the Round Top mine and magnet manufacturing scale-up to approximately $3.5B. Disbursements are milestone-based and tied to specific project achievements. The definitive agreements convert the government partnership into a binding $1.6B commitment with a significant equity-for-grant component that creates a new dilution vector for shareholders and ties the federal backstop to operational execution.
Featured in Issue #18 ·
Global-e Online Ltd. GLBE (US) · $31.79 · MCAP $5.3B · EV $4.8B
Fwd P/E: 27.9x · EV/EBITDA: 7.8x · EV/Sales: 3.8x · EV/GP: 8.4x (FY2026)
Global-e is the leading platform enabling cross-border direct-to-consumer e-commerce, serving over 1,500 brands and retailers globally. It provides localized shopping experiences, international logistics, and conversion optimization in over 200 destinations.
Global-E Online Ltd. (GLBE) announced a $500M share repurchase program, tripling the remaining capacity of a prior $200M plan that reached approximately 80% completion. The authorization is defined as a distribution under Israeli Companies Law and allows for buybacks via open market or private transactions and 10b5-1 plans funded by cash on hand and future cash flow. Under the Israeli Companies Law and Relief Regulations, the program is subject to a mandatory 30-day creditor objection period. This $500M authorization represents a material capital return for the $5.3B market-cap company, with the program becoming actionable once the creditor objection window expires on approximately July 4, 2026.
Featured in Issue #18 ·
Dropbox, Inc. DBX (US) · $27.52 · MCAP $6.4B · EV $9.1B
Fwd P/E: 8.9x · EV/EBITDA: 7.6x · EV/Sales: 3.6x · EV/GP: 4.5x (FY2026)
Dropbox operates a cloud-based file storage and collaboration platform serving individuals and businesses globally, generating revenue through subscription plans for secure content management, sharing, and workflow tools.
Dropbox, Inc. (DBX) authorized a new $900 million share repurchase program for its Class A common stock. Concurrently, the company entered into a $400 million senior secured revolving credit facility maturing December 11, 2029, with JPMorgan Chase Bank, N.A. serving as administrative agent. The facility includes a $500 million accordion feature and bears interest at SOFR plus 3.00% to 3.50% based on a secured leverage ratio. Matthews South acted as financial advisor on the credit facility, which provides proceeds explicitly permitted for share repurchases. The $900 million authorization represents approximately 15% of the company's market capitalization, with the concurrent revolver providing dedicated liquidity to execute the capital return without depleting cash reserves.
Featured in Issue #18 ·
Sensata Technologies Holding plc ST (US) · $49.84 · MCAP $7.2B · EV $9.5B
Fwd P/E: 13.5x · EV/EBITDA: 15.1x · EV/Sales: 2.5x · EV/GP: 9.1x (FY2026)
Sensata Technologies is a global industrial technology company that manufactures mission-critical sensors, electrical protection components, and sensor-rich solutions for the automotive, industrial, and aerospace & defense markets. It has over 16,000 employees and operates in 13 countries.
Sensata Technologies Holding plc (ST) increased the cap on its cash debt tender offer to $400.0 million from $350.0 million following early results. Holders tendered $553.58 million of 4.000% STBV Senior Notes due 2029, triggering an expected proration of approximately 69.14% and the likely non-acceptance of lower-priority notes due in 2030. The consideration of $985 per $1,000 principal includes a $50 early tender premium, with settlement scheduled for June 2, 2026. Goldman Sachs & Co. LLC and Barclays Capital Inc. are advising on the transaction. This $400.0 million debt self-tender is a material capital-return event at a ~21% discount to face value, and investors should monitor whether freed-up debt capacity is used for further share buybacks or M&A.
Featured in Issue #18 ·
W. R. Berkley Corporation WRB (US) · $68.57 · MCAP $26.7B · EV $27.5B
Fwd P/E: 14.6x (FY2026)
W. R. Berkley Corporation is an insurance holding company operating in the property casualty insurance business through its Insurance and Reinsurance & Monoline Excess segments. Founded in 1967 and headquartered in Greenwich, Connecticut.
W. R. Berkley Corporation (WRB) declared a $0.50 per share special cash dividend and increased its regular quarterly dividend by 11.1% to $0.10 per share. The board also expanded the company's share repurchase authorization to 25 million shares, bringing total capital returned to shareholders year-to-date in 2026 to approximately $558.8 million. The dividends are payable on July 2, 2026, to stockholders of record as of June 23, 2026. These actions signal management's confidence in excess capital and create a visible window for dividend capture strategies, though the $0.50 special payout is modest relative to the $68.57 share price.
Featured in Issue #18 ·
Arch Capital Group Ltd. ACGL (US) · $91.19 · MCAP $31.7B · EV $34.4B
Fwd P/E: 9.8x (FY2026)
Arch Capital Group Ltd. is a Bermuda-based specialty insurer and reinsurer offering property, casualty, and mortgage insurance through its global subsidiaries. It underwrites risk across the London market, U.S., and internationally.
Arch Capital Group Ltd. (ACGL) subsidiaries launched cash tender offers to purchase up to $350M in aggregate principal of outstanding 5.144% Senior Notes due 2043 and 5.031% Senior Notes due 2046. The tender follows a priority structure where 2043 Notes are accepted before 2046 Notes, subject to the $350M cap and a financing condition relating to a concurrent new notes offering. Holders who tender by the June 15, 2026, early deadline are eligible for a $50 per $1,000 principal premium and a fixed spread of +55 bps over the 5.00% UST due May 2046. The exercise was formally launched on June 2, 2026, setting the pricing mechanics ahead of a June 16 determination date and an expected July 1, 2026, closing. The capped structure and narrow +55 bps spread over the reference treasury offer a limited near-term trading opportunity for credit desks but provide no equity catalyst.
Featured in Issue #18 ·
Alphabet Inc. GOOG (US) · $365.76 · MCAP $4.5T · EV $4.4T
Fwd P/E: 25.8x · EV/EBITDA: 24.4x · EV/Sales: 9.0x · EV/GP: 15.1x (FY2026)
Alphabet is a global technology company operating Google Search, YouTube, Google Cloud, Android, and other internet services and products. It generates the majority of revenue from digital advertising.
Alphabet Inc. (GOOG) is launching a multi-tranche equity recapitalization with over $85 billion in aggregate offering capacity. The company priced an $18 billion public follow-on of 50,919,378 shares at $355.20 for Class A and $351.80 for Class C, following the full exercise of underwriters' overallotment options. A $10 billion private placement of 28,571,691 shares was entered with an affiliate of Berkshire Hathaway Inc., alongside a concurrent mandatory convertible preferred stock offering expected to close June 5, 2026. Alphabet additionally established a $40 billion at-the-market distribution program through Goldman Sachs, J.P. Morgan, and Morgan Stanley. This atypical scale and structure for an investment-grade mega-cap signals large-scale capital deployment plans, and PMs should watch for an acquisition war chest or extraordinary capex program announcement.
Featured in Issue #18 ·
Linkage Global Inc. UZX (US) · $0.83 · MCAP $9M · EV $13M
Linkage Global Inc. is a holding company providing cross-border e-commerce integrated services, including cross-border sales and integrated e-commerce services, through operating entities in the Extend and Other Subsidiaries segments. Headquartered in Tokyo, Japan, it was founded in 2022 and trades on Nasdaq.
Linkage Global Inc. (UZX) authorized an $8 million share repurchase program for its Class A ordinary shares on May 26, 2026. The authorization follows the provider of cross-border e-commerce integrated services’ corporate rebranding and Nasdaq ticker change to UZX. Repurchases may be executed through open market, privately negotiated, or block transactions, with funding sourced from existing cash and future cash flows. The program is subject to modification, suspension, or discontinuation at any time at the board's discretion. While the buyback signals management alignment post-rebranding, the $8 million authorization's materiality is unclear without a disclosed market cap, and the lack of a fixed expiration makes execution fully discretionary.
Featured in Issue #17 ·
Hyperscale Data, Inc. GPUS (US) · $0.19 · MCAP $92M · EV $101M
EV/Sales: 2.8x · EV/GP: 13.1x (FY2027)
Hyperscale Data, Inc. is a diversified holding company with operations spanning data center colocation and cryptocurrency mining, headquartered in Las Vegas, Nevada.
Hyperscale Data, Inc. (GPUS) commenced an issuer self-tender to purchase up to 23.8 million shares of its Class A common stock at a fixed price of $0.21 per share. The offer represents approximately 5.2% of the 461.5 million shares outstanding as of May 15, 2026, for an aggregate maximum purchase price of $5 million. The transaction structure is a non-odd-lot tender subject to proration, with Olshan Frome Wolosky LLP acting as advisor. This capital return initiative follows the company's recent termination of its at-the-market equity program. The fixed-price tender offers a defined exit for a portion of the float, making the proration factor and any potential increase in offer size the primary monitors for arbitrageurs calculating realized returns against the market spread.
Featured in Issue #17 ·
Expensify, Inc. EXFY (US) · $1.17 · MCAP $99M · EV $82M
Fwd P/E: 13.5x · EV/Sales: 0.6x · EV/GP: 1.2x (FY2026)
Expensify, Inc. operates a cloud-based expense management platform that automates corporate expense reporting, receipt scanning, and travel booking for businesses and individuals.
Expensify, Inc. (EXFY) is conducting a $25,000,000 issuer self-tender via Dutch auction for its Class A common stock at a price range of $0.98 to $1.20 per share. Originally launched on May 13, 2026, the company filed Amendment No. 1 to its Schedule TO on May 29, 2026, to update the incorporation-by-reference section with recent 8-K filings. The offer remains active following the company reclaiming Nasdaq minimum bid price compliance on May 28, 2026. Latham & Watkins LLP and DLA Piper LLP (US) are acting as advisors. The Dutch auction provides an actionable price-discovery mechanism for the illiquid micro-cap, and monitors should track the final clearing price and proration risk given the offer size relative to float.
Featured in Issue #17 ·
Japan Smaller Capitalization Fund, Inc. JOF (US) · $11.80 · MCAP $334M · EV $344M
Japan Smaller Capitalization Fund, Inc. (NYSE: JOF) is a closed-end fund investing primarily in smaller-cap Japanese equities for long-term capital appreciation. Managed by Nomura Asset Management U.S.A. Inc., a subsidiary of Nomura Asset Management Co., Ltd.
Japan Smaller Capitalization Fund, Inc. (JOF) commenced a conditional self-tender offer for up to 10% of its outstanding shares at 98% of NAV per share. The board approved the commencement on May 22, 2026, with the offer scheduled to open June 1, 2026, and expire July 1, 2026, followed by a pricing date on July 2, 2026. Concurrently, the monthly distribution was re-leveled to 10% of market price, or $0.0956 per share, representing an approximate 8% increase. Georgeson LLC is acting as the information agent and Computershare Trust Company, N.A. as the depositary. The spread to NAV and the pro-ration mechanics provide a near-term exit for arbitrage players, with the July 1 expiry as the immediate catalyst.
Featured in Issue #17 ·
RLI Corp. RLI (US) · $50.04 · MCAP $4.6B · EV $5.9B
Fwd P/E: 18.1x (FY2026)
RLI Corp. is a specialty insurance company that underwrites property, casualty, and surety products. It has increased its regular dividend for 51 consecutive years.
RLI Corp. (RLI) declared a special cash dividend of $2.00 per share, totaling approximately $184 million, and a new $250 million share repurchase program with no expiration date. The board also increased the regular quarterly dividend by 12.5% to $0.18 per share, marking the company's 51st consecutive annual increase. Both dividends are payable on June 12, 2026, to shareholders of record as of May 29, 2026. This total capital return of approximately $434 million signals management's confidence despite a 22% year-to-date share price decline. The May 29 record date is imminent, offering a near-term capture opportunity for the special dividend.
Featured in Issue #17 ·
Roblox Corporation RBLX (US) · $47.13 · MCAP $33.7B · EV $56.3B
EV/Sales: 7.5x · EV/GP: 9.6x (FY2026)
Roblox operates a global online platform for user-generated 3D experiences and games, monetized through its virtual currency 'Robux'.
Roblox (RBLX) announced its board authorized an inaugural share repurchase program of up to $3B. The company intends to buy back up to $1B of common stock over the next twelve months to partially offset dilution from employee equity grants. The repurchase program has no fixed expiration date and may be suspended or discontinued at any time. This first-ever $3B buyback at a $30B market-cap platform signals a shift toward capital return as free cash flow inflects, though the $1B annual pace suggests the primary goal is dilution offset rather than an aggressive return of capital.
Featured in Issue #17 ·
Coeur Mining, Inc. CDE (US) · $17.63 · MCAP $11.5B · EV $11.1B
Fwd P/E: 9.6x · EV/EBITDA: 7.6x · EV/Sales: 1.9x · EV/GP: 4.9x (FY2026)
Coeur Mining, Inc. is a US-based precious metals mining company producing gold and silver with operations in North America; listed on NYSE under ticker CDE.
Coeur Mining, Inc. (CDE), a US-based precious metals mining company, repurchased 3.99M shares for approximately $69.7M at an average $17.46/share through May 15, 2026. Approximately 3.18M shares totaling approximately $60M of those repurchases occurred in May at an average $18.91/share. The company has $680.3M remaining under its $750M repurchase program, which was expanded on March 23, 2026. Transactions are being executed via a 10b-18 agreement with BMO Capital Markets Corp. and 10b5-1 plans. The elevated May run-rate signals strong capital return conviction from management.
Featured in Issue #16 ·
HF Sinclair Corporation DINO (US) · $69.91 · MCAP $12.6B · EV $10.8B
Fwd P/E: 9.3x · EV/EBITDA: 4.2x · EV/Sales: 0.3x · EV/GP: 6.6x (FY2026)
HF Sinclair Corporation is an independent petroleum refiner and marketer producing gasoline, diesel, jet fuel, and specialty lubricants. The company operates refineries across the US and is headquartered in Dallas, Texas.
Hf Sinclair Corp (DINO) entered a privately negotiated agreement to repurchase 1,455,180 shares from REH Advisors Inc. at $68.72 per share for an aggregate $100M. The transaction, funded with cash on hand, is expected to complete on or around May 21, 2026. This marks the twenty-first private repurchase from REH Advisors, the parent of. The Sinclair Companies, and is executed under a $1B program authorized May 7, 2024. To date, the company has repurchased $717M in common stock under the program, inclusive of this transaction. This block repurchase from an affiliated seller reduces the float under the active capital-return program.
Featured in Issue #16 ·
Boston Scientific Corporation BSX (US) · $57.78 · MCAP $85.9B · EV $151.5B
Fwd P/E: 17.1x · EV/EBITDA: 32.0x · EV/Sales: 7.0x · EV/GP: 10.1x (FY2026)
Global medical technology leader providing devices and therapies for cardiovascular, respiratory, digestive, oncological, neurological, and urological diseases.
Boston Scientific Corp (BSX) entered into a $2B accelerated share repurchase agreement with JPMorgan Chase Bank, National Association. Approximately 30.4 million shares, representing 80% of the repurchase price, were delivered upfront. Final settlement based on the volume-weighted average price is expected by June 30, 2026. This transaction utilizes a portion of an existing $5B share repurchase authorization, leaving $3B available. The company estimates the agreement will result in $0.02 of FY2026 adjusted EPS accretion. The repurchase reduces float and can provide EPS support.
Featured in Issue #16 ·
National Healthcare Properties, Inc. NHP (US)
EV/EBITDA: 28.9x · EV/Sales: 3.8x · EV/GP: 10.4x (FY2026)
Self-managed healthcare REIT focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on senior housing for the growing elderly US population.
National Healthcare Properties, Inc. (NHP) launched concurrent self-tender offers to repurchase up to $100M aggregate of its 7.375% Series A and 7.125% Series B perpetual preferred stock. The company is offering $22.50 per share in cash for both series, funded with available cash. The offers commenced May 18, 2026, and expire June 16, 2026, unless extended. Series A shares have higher purchase priority than Series B, and the tenders are not contingent on financing or a minimum number of shares being tendered. Georgeson LLC is acting as the advisor. The $100M self-tender at a fixed price can create an arbitrage spread if the shares trade below the offer price and may signal management views on cost of capital.
Featured in Issue #16 ·
Japan Smaller Capitalization Fund, Inc. JOF (US) · $11.50 · MCAP $326M · EV $326M
Closed-end fund investing primarily in smaller-capitalization Japanese equities, seeking long-term capital appreciation. Managed by Nomura Asset Management U.S.A. Inc., a subsidiary of Nomura Asset Management Co., Ltd.
Japan Smaller Cap Fund (JOF) authorized a conditional self-tender offer to repurchase up to 10% of its outstanding shares at 98% of NAV per share. The tender is expected to commence June 1, 2026, and expire July 1, 2026, with a pricing date of July 2, 2026. The Board also re-leveled the fund’s Level Distribution Plan, increasing monthly distributions by approximately 8% to $0.0956 per share for July, August, and September 2026. The combined actions provide near-NAV liquidity for up to 10% of shares and signal an active discount-management program for the fund. Georgeson LLC is the information agent and Computershare Trust Company, N.A. is serving as the depositary agent.
Featured in Issue #16 ·
Coeur Mining, Inc. CDE (US) · $17.61 · MCAP $11.5B · EV $11.1B
Fwd P/E: 9.6x · EV/EBITDA: 7.6x · EV/Sales: 1.9x · EV/GP: 4.9x (FY2026)
Coeur Mining, Inc. is a U.S.-based precious metals producer engaged in the exploration, development, and operation of gold and silver mines.
Coeur Mining, Inc. (CDE) declared an inaugural quarterly cash dividend of $0.02 per share, marking the company’s first capital return to shareholders. The dividend is payable June 10, 2026, to stockholders of record as of May 22, 2026. The announcement follows the 2026 Annual Meeting where all nine directors were elected and an officer liability limitation was approved. The initiation signals management confidence and a potential shift in capital allocation policy that can attract yield-oriented investors.
Featured in Issue #15 ·
Commerce Bancshares, Inc. CBSH (US) · $50.95 · MCAP $7.4B · EV $9.5B
Fwd P/E: 12.5x (FY2026)
Commerce Bancshares, Inc. is a Kansas City-based regional bank holding company providing retail, commercial, and wealth management services primarily across the Midwest, with a material legacy equity stake in Visa Inc.
Commerce Bancshares Inc /Mo/ (CBSH) announced a balance sheet recapitalization involving the tender of 411,723 Visa Class B-2 shares into a Visa Inc. exchange offer for Class B-3 and Class C common stock. The exchange resulted in a $99M pre-tax gain from marking the Visa Class C shares to fair value at $318.79 per Visa Class A share. Simultaneously, CBSH approved a plan to sell approximately $911M amortized cost of AFS debt securities yielding roughly 2.5% at an estimated $95M pre-tax loss. Sale proceeds will be reinvested into higher-yielding assets at approximately 4.0% to improve net interest income and reduce rate sensitivity. The cumulative capital impact of the gain and loss is expected to be approximately neutral to the CET1 ratio. The restructuring monetizes an illiquid legacy equity stake in Visa Inc. to fund the redeployment of capital into higher-yielding assets.
Featured in Issue #15 ·
Japan 13 situations
Paycloud Holdings Inc. 4015.T (JP) · MCAP $48M · EV $36M
Paycloud Holdings Inc. is a Japanese company listed on the Tokyo Stock Exchange (4015.T).
Paycloud Holdings Inc. (4015.T) filed a monthly progress report for its board-authorized share buyback of 600,000 shares, or 3.75% of outstanding equity, for a total value of ¥300M. As of May 31, 2026, the company has repurchased 293,000 shares for ¥134.6M, representing 48.83% of the authorized share count and 44.86% of the authorized value. During the month of May, Paycloud acquired 85,800 shares for ¥40.4M across 12 trading days at an average price of approximately ¥471 per share. A balance of 307,000 shares and ¥165.4M remains under the authorization, which is scheduled to run through August 31, 2026. The buyback represents a 3.75% share-count reduction when fully executed, and monitoring the completion rate against the August 31 deadline offers a near-term catalyst signal.
Featured in Issue #18 ·
Makiya Co., Ltd. 9890.T (JP) · MCAP $88M · EV $103M
Makiya Co., Ltd. is a Japanese retail and real estate company listed on the Tokyo Stock Exchange. It operates sales of various goods and manages rental properties.
Makiya Co., Ltd. (9890.T) announced a self-tender offer on May 26, 2026, while concurrently entering a binding tender agreement with Makiri Co., Ltd. Makiri, an asset management vehicle for the founding family, committed to tendering its entire 4,343,800 shares, representing 41.2% of outstanding shares. The agreement stipulates that Makiri will not withdraw its tender or cancel the resulting sale contract, locking in the block for the buyback. Makiri and individual Yoshihisa Yabe jointly hold a 41.93% stake in the Japanese retail and real estate company. The founding family’s irrevocable commitment to tender this 41.2% block removes the primary overhang on the self-tender's success and establishes a known floor for proration math in what signals a de facto take-private or major squeeze-out.
Featured in Issue #18 ·
Fuji Corporation Limited 8860.T (JP) · MCAP $168M · EV $746M
EV/EBITDA: 13.2x · EV/Sales: 0.9x · EV/GP: 6.3x (FY2027)
Fuji Corporation Limited is a Japanese company. The filing indicates it is publicly traded on the Tokyo Stock Exchange under ticker 8860.T.
Fuji Corporation Limited (8860.T) issued a progress report for its board-authorized share buyback of 400,000 shares for up to 360 million yen. From the May 18, 2026, start date through May 31, 2026, the company repurchased 157,900 shares for 117.5 million yen, representing 39.48% of the authorized volume and 32.63% of the total authorized spend. Treasury holdings currently stand at 743,359 shares post-buyback out of 36.85 million issued shares. The ongoing buyback with ~63% of spend and ~60% of share volume remaining through August 25 provides a predictable daily demand base for a program representing approximately 1.1% of shares outstanding.
Featured in Issue #18 ·
SIGMAXYZ Holdings Inc. 6088.T (JP) · MCAP $271M · EV $238M
Fwd P/E: 9.7x · EV/EBITDA: 4.3x · EV/Sales: 1.5x · EV/GP: 3.0x (FY2027)
SIGMAXYZ Holdings provides consulting and professional services in Japan, specializing in business process improvement, IT strategy, and digital transformation advisory.
SIGMAXYZ Holdings Inc. (6088.T) issued a progress report for May 2026 detailing the open-market repurchase of 129,500 shares for ¥74.6M. The board-authorized program permits the acquisition of up to 600,000 shares, or 0.70% of shares outstanding, for a maximum of ¥300M through July 31, 2026. As of May 31, the company has utilized 21.58% of its share count authorization and 24.87% of its yen budget, averaging approximately 9,300 shares per day across 13 active trading days. The ¥300M budget limit implies an average price of ¥500 per share, and current completion rates suggest the program—signaling management's view that shares are undervalued—is on track to exhaust its authorization before the July expiry, providing a steady market bid.
Featured in Issue #18 ·
Ricoh Company, Ltd. 7752.T (JP) · MCAP $5.4B · EV $7.5B
Fwd P/E: 13.2x · EV/EBITDA: 5.9x · EV/Sales: 0.5x · EV/GP: 1.3x (FY2027)
Ricoh Company, Ltd. is a Japanese multinational imaging and electronics company. Its core businesses include office printing, digital services, industrial printing, and thermal media.
Ricoh Company, Ltd. (7752.T) is executing a board-authorized repurchase of up to 23M shares, or 4.0% of shares outstanding, for ¥25B. Between the program's May 13 commencement and May 31, 2026, the company has acquired 1,676,500 shares for ¥2.42B. This represents 7.29% of the authorized share count and 9.68% of the authorized yen amount for the program period ending November 30, 2026. Following these transactions, treasury shares total 1.77M against 569.7M total issued shares. At the current pace of approximately 1.68M shares repurchased over 12 trading days, the program could exhaust the authorization well before the scheduled end date, providing a mechanical bid underneath the stock.
Featured in Issue #18 ·
Kinden Corporation 1944.T (JP) · MCAP $8.1B · EV $7.5B
Fwd P/E: 17.9x · EV/EBITDA: 7.7x · EV/Sales: 1.5x · EV/GP: 6.5x (FY2027)
Kinden Corporation is a major Japanese electrical and instrumentation engineering firm serving industrial plants, buildings, and infrastructure projects. It is listed on the Tokyo Stock Exchange Prime Market.
Kinden Corporation (1944.T) announced that its self-tender offer closed on June 1, 2026, with 73.4 million shares tendered against a 33.5 million share target. The ¥6,677 per share offer was 2.2x oversubscribed and totaled ¥223.7 billion, fully exhausting the authorized budget. Nomura Securities will handle settlement on June 23, 2026, before all acquired shares are cancelled on June 30, 2026. Tendering shareholders received approximately 45.6% pro-ration, while the 16.9% reduction in float creates a mechanical EPS uplift and potential re-rating after the cancellation settles June 30.
Featured in Issue #18 ·
Aisin Corporation 7259.T (JP) · MCAP $10.6B · EV $13.1B
Fwd P/E: 10.2x · EV/EBITDA: 4.1x · EV/Sales: 0.4x · EV/GP: 3.3x (FY2027)
Aisin Corporation is a major Japanese automotive components manufacturer, producing drivetrain, brake, chassis, and engine parts, and is a core supplier to the Toyota Group.
Aisin Corporation (7259.T) announced the results of its self-tender offer for up to 23,239,227 shares at a price of ¥1,986 per share. The offer closed June 1, 2026, with 23,244,227 shares tendered, marginally exceeding the buyback cap and triggering proration under Japanese rules. The final purchase quantity was set at 23,239,300 shares, with settlement scheduled to begin June 23, 2026, via Nomura Securities. This $288 million transaction is part of a broader ¥100 billion authorization to repurchase up to 65 million shares through March 31, 2027. Minimal proration indicates virtually all tendering shareholders were filled, and with remaining capacity under the current authorization, the company could pursue further capital returns via a second tender or open-market execution.
Featured in Issue #18 ·
Denso Corporation 6902.T (JP) · MCAP $31.2B · EV $30.6B
Fwd P/E: 10.9x · EV/EBITDA: 5.3x · EV/Sales: 0.6x · EV/GP: 4.1x (FY2027)
Denso Corporation is a leading global automotive components manufacturer, producing thermal systems, powertrain systems, electrification systems, mobility electronics, and sensing products. Listed on the Tokyo and Nagoya exchanges.
DENSO Corporation (6902.T) completed a 184,887,500-share self-tender offer on June 1, 2026, with settlement scheduled for June 23, 2026. The transaction was oversubscribed, resulting in the pro-rata acceptance of 184,887,500 shares out of 184,897,656 shares tendered by Toyota Industries Corporation. The buyback was structured as a two-step process where Toyota Asset Junbi Co. first launched a tender for Toyota Industries' shares before the repurchase by the issuer. Following the transaction, Toyota Industries and Toyota Real Estate maintain an aggregate 10.93% stake in the company. This filing conclude a ¥30B+ cross-held share unwind between Toyota group affiliates, establishing a structured buyback template for future group cross-holding reductions without direct market impact.
Featured in Issue #18 ·
ORIX Corporation 8591.T (JP) · MCAP $41.8B · EV $77.4B
Fwd P/E: 11.1x (FY2027)
ORIX Corporation is a diversified Japanese financial services group operating in leasing, lending, investment banking, real estate, asset management, and insurance across Japan and globally.
ORIX Corporation (8591.T) filed its first monthly buyback status report detailing initial progress on a ¥250 billion share repurchase program authorized on May 11, 2026. Between May 22 and May 29, 2026, the company repurchased 1,693,600 shares for ¥10.57 billion, representing 1.69% of the authorized share volume and 4.23% of the total yen amount. The full 100 million share authorization represents approximately 9.1% of ORIX's 1,099,924,922 outstanding shares. As of May 31, 2026, total treasury shares held stood at 24,181,702. The initial execution pace of roughly ¥10.6 billion in the first partial week annualizes above the authorized cap if sustained, implying the program could be completed well ahead of the March 31, 2027, deadline.
Featured in Issue #18 ·
Toyota Tsusho Corporation 8015.T (JP) · MCAP $43.0B · EV $48.0B
Fwd P/E: 15.5x · EV/EBITDA: 8.6x · EV/Sales: 0.6x · EV/GP: 5.9x (FY2027)
Toyota Tsusho Corporation is the general trading arm of the Toyota Group, operating globally across metals, chemicals, machinery, energy, food, and logistics.
Toyota Tsusho Corporation (8015.T), the general trading arm of the Toyota Group, conducted a self-tender between May 1 and June 2, 2026, to repurchase 118,095,432 shares from major shareholder Toyota Industries Corporation. The transaction was priced at ¥5,620 per share for a total deal value of ¥663.7B, representing an 11.19% voting-right stake. Nomura Securities Co., Ltd. advised on the buyback, which reduces Toyota Industries’ stake to 0.00% following the June 24 settlement. The 11.2% block repurchase dismantles a long-standing Toyota Group cross-shareholding, eliminating a structural overhang and shrinking the free float by a commensurate amount. For arb desks, the remaining question is whether Toyota Industries redeploys the ¥300B+ proceeds into another group entity.
Featured in Issue #18 ·
Makiya Co., Ltd. 9890.T (JP) · MCAP $93M · EV $94M
Makiya Co., Ltd. operates supermarkets and franchise stores under the 'Gyomu Super' brand through a franchise agreement with Kobe Bussan, primarily in Japan.
Makiya Co., Ltd. (9890.T), a supermarket operator under the Gyomu Super brand, resolved on May 26, 2026, to launch a self-tender to acquire up to 4,343,900 shares at ¥1,031 per share. The offer represents a 13.75% discount to the May 25 closing price of ¥1,195, and the company's largest shareholder, Makiri Co., Ltd., committed to tendering its entire 43.42% stake into the ¥4.48B transaction. Simultaneously. Makiya will dispose of 1,400,000 treasury shares to franchise partner Kobe Bussan Co., Ltd. (3038.T) via a private placement, establishing Kobe Bussan as the new largest shareholder with a 19.83% post-transaction interest. The 43.42% block sale via a discounted issuer self-tender avoids potential market overhang while the ¥1,031 price creates a floor that may pull the stock toward the tender level during the offer period.
Featured in Issue #17 ·
Shin-Etsu Chemical Co., Ltd. 4063.T (JP) · MCAP $82.0B · EV $64.9B
Fwd P/E: 23.2x · EV/EBITDA: 9.1x · EV/Sales: 3.7x · EV/GP: 10.8x (FY2027)
Shin-Etsu Chemical is a major Japanese specialty chemical company, the world's largest producer of polyvinyl chloride (PVC) and a leading supplier of semiconductor silicon wafers, silicones, and cellulose derivatives.
Shin-Etsu Chemical (4063.T) resolved to launch a self-tender offer to repurchase up to 10,069,500 shares at ¥5,235 per share, representing 0.54% of outstanding stock. The ¥52,719,000,000 transaction targets stakes held by Aioi Nissay Dowa and Sompo Japan to facilitate the unwinding of cross-shareholdings. The offer price represents a 10% discount to the six-month volume-weighted average price and a 25.55% discount to the May 19 closing price of ¥7,032. Repurchases are part of a ¥250B buyback program authorized on April 28, 2026, intended to improve capital efficiency through treasury stock retirement. The tender period runs from May 21 to June 17, 2026, and will be funded entirely from cash on hand.
Featured in Issue #16 ·
JX Metals Corporation 5016.T (JP) · MCAP $22.0B · EV $24.6B
EV/EBITDA: 12.7x · EV/Sales: 4.4x (LTM)
JX Metals Corporation is a Japanese company listed on the Tokyo Stock Exchange Prime Market, engaged in the non-ferrous metals business including resource development, smelting, and advanced materials.
JX Metals Corporation (5016.T) commences a self-tender offer for its own shares on May 21, 2026, at a price of ¥3,401 per share. The offer price is set at a 10% discount to the May 20, 2026, closing price of ¥3,779. The pricing mechanism used the lower of the one-month average closing price or the May 20 closing price, with a 10% discount applied. JX Metals is considering canceling a portion of the treasury shares acquired through the transaction. This self-tender provides a direct mechanical exit at a fixed price, offering a return-of-capital opportunity.
Featured in Issue #16 ·
United Kingdom 11 situations
BlackRock Latin American Investment Trust plc BRLA.L (UK) · MCAP $175M · EV $192M
BlackRock Latin American Investment Trust plc is a UK-listed closed-end investment trust managed by BlackRock, investing in a diversified portfolio of Latin American equities.
BlackRock Latin American Investment Trust plc (BRLA.L) set the final price for its self-tender offer at 442.8509p per Ordinary Share, representing 98% of the unaudited net asset value per share as of 30 May 2026. A total of 7,359,215 Ordinary Shares were validly tendered and will be held in treasury. Payment to shareholders is expected on or around 3 June 2026 via CREST settlement and cheques. The final pricing confirms a near-NAV exit mechanism at a 2% discount for shareholders who elected to tender, while the resulting reduction in share count improves per-share metrics for remaining holders.
Featured in Issue #18 ·
Ramsdens Holdings PLC RFX.L (UK) · MCAP $200M · EV $208M
Fwd P/E: 6.9x (FY2026)
Ramsdens is a UK-based diversified financial services provider and retailer operating 169 stores across four segments: foreign currency exchange, precious metals buying, pawnbroking, and retail of jewelry and watches.
Ramsdens Holdings PLC (RFX.L) approved an interim special dividend of 3.0 pence per share for H1 2026, a sixfold increase from 0.5p in the prior year. Half-year results showed profit more than doubled, driven by a strong gold price environment benefiting the company's precious metals and pawnbroking segments. The special dividend is payable on October 9, 2026, to shareholders on the register by September 11, 2026, with an ex-dividend date of September 10, 2026. This 6x increase in the special dividend signals management's confidence in sustained cash flow from elevated gold prices and may attract income-focused investors to the UK small-cap ahead of the September ex-date.
Featured in Issue #18 ·
TwentyFour Select Monthly Income Fund Limited SMIF.L (UK) · MCAP $404M
London-listed closed-ended investment company that invests in a diversified portfolio of 'less liquid' credit securities across the debt spectrum, targeting premium returns.
TwentyFour Select Monthly Income Fund Limited (SMIF.L) announced that 189,146 Ordinary Shares were validly tendered by the June 1, 2026, deadline for its quarterly self-tender. The transaction is part of the fund's regular capital return program and relates to the upcoming June 30, 2026, record date. Deutsche Numis is advising the fund, which operates as a London-listed closed-ended investment company investing in less liquid credit securities. This final sizing data point provides the take-up quantity ahead of the expected June 30 close. These results allow NAV discount arbitrage traders to size the liquidity event, with the discount trajectory into the June 30 record date serving as the primary near-term monitorable.
Featured in Issue #18 ·
CT Healthcare Trust plc CTHT.L (UK) · MCAP $1.0B
CT Healthcare Trust plc is a UK-listed closed-end investment trust managed by Columbia Threadneedle Investments, investing in a diversified portfolio of global healthcare companies.
CT Healthcare Trust PLC (CTHT.L) announced results for its quarterly self-tender offer, with shareholders approving relevant resolutions by 98.9% and 99.7% majorities. The company will purchase 8,386,387 shares, representing the maximum 15% of outstanding capital, at a price equal to the NAV per share as of June 2, 2026, less offer expenses. Valid tenders were received for 9.8M shares, resulting in full satisfaction of basic entitlements and an approximate 76% fill rate for excess applications. Affiliate Threadneedle Asset Management Holdings Limited participated to maintain a post-tender stake of approximately 25%, keeping the concert party below the 30% threshold. J.P. Morgan Cazenove serves as corporate broker for the transaction, which is expected to close on June 3, 2026. The quarterly self-tender provides a near-certain exit at close to full asset value for tendered shares, with the high 76% excess fill rate offering substantial liquidity despite the 15% cap.
Featured in Issue #18 ·
Elementis plc ELM.L (UK) · MCAP $1.1B · EV $1.3B
Fwd P/E: 10.0x · EV/EBITDA: 15.9x · EV/Sales: 1.7x · EV/GP: 3.6x (FY2026)
Elementis is a UK-listed global specialty chemicals company focused on rheology modifiers and additives for personal care and coatings. It also operates one of the world's largest high-quality hectorite mines.
Elementis plc (ELM.L) commenced a £25 million share buyback programme on June 3, 2026, with an expected completion date of February 28, 2027. Rothschild & Co was appointed to manage the repurchase under irrevocable instructions, including during closed periods. Authorized under a mandate from the April 29, 2026 AGM, the programme allows for the purchase of up to 56.9 million shares. The company intends to cancel most repurchased shares, while a small portion will be held in treasury for employee share schemes. This £25 million buyback represents approximately 2.5% of equity and functions as a standard open-market return of capital with no tender premium, LBO overlay, or activist forcing the payout.
Featured in Issue #18 ·
Edinburgh Worldwide Investment Trust PLC EWI.L (UK) · MCAP $1.3B · EV $1.3B
Edinburgh Worldwide Investment Trust is a UK-listed closed-end fund managed by Baillie Gifford, investing globally in early-stage and disruptive companies, with SpaceX as its largest holding.
The board of Edinburgh Worldwide Investment Trust plc (EWI.L) committed to a tender offer following the initial public offering and lock-up expiry of its largest holding, SpaceX. Saba Capital Management LP, which holds a 30% stake in the trust, secured board control in April 2026. Regulatory filings indicate SpaceX is targeting a mid-June Nasdaq listing to raise $75B at $135/share, implying a valuation of approximately $1.765T. While the previous board had considered an initial 50% tender followed by up to 100%, the current board is reviewing the specific timing and size of SpaceX stock disposals. This tender offer serves as the primary mechanism to narrow the fund's persistent discount to NAV by returning capital through its first concrete liquidity catalyst since Saba seized board control.
Featured in Issue #18 ·
Herald Investment Trust PLC HRI.L (UK) · MCAP $2.0B · EV $1.9B
Herald Investment Trust is a UK-listed investment trust focused on smaller technology, media, and communications companies, managed by Katie Potts. It has delivered a 3,718% NAV total return since inception.
Herald Investment Trust PLC (HRI.L) published a circular for a self-tender offer to repurchase up to 66% of its issued shares at a price close to NAV per share. The offer is structured as a 33% cash option and a 33% in-specie option, with 30% shareholder Saba Capital Management irrevocably committed to the in-specie election. Following the tender, management will transition to abrdn Fund Managers as portfolio manager Katie Potts and her team join the firm to preserve investment continuity. The transaction remains contingent on the approval of a Tender Offer Resolution at the 30 June 2026 AGM. Saba's binding in-specie election effectively backstops the cash pool, offering remaining shareholders a path to tender ~51%+ of their holdings near NAV while the 30 June vote serves as the gating catalyst.
Featured in Issue #18 ·
Hill & Smith PLC HILS.L (UK) · MCAP $2.9B · EV $2.9B
Fwd P/E: 19.8x · EV/EBITDA: 8.1x · EV/Sales: 2.4x · EV/GP: 5.9x (FY2026)
Hill & Smith PLC designs, manufactures, and installs infrastructure products including road safety barriers, steel utility poles, and pipe supports across the UK, US, and international markets.
Hill & Smith PLC (HILS.L) completed the first $67 million tranche of its £100 million share buyback programme announced on August 13, 2025. Under this phase, Deutsche Bank/Numis repurchased and cancelled 2,141,741 ordinary shares. The company appointed Jefferies International Limited to execute the second $67 million tranche, which will utilize the FCA's extended post-trade notification window of seven market sessions. The immediate launch of the second tranche signals continued board conviction in undervaluation and is expected to retire an additional ~3% of shares outstanding to extend the buyback yield tailwind.
Featured in Issue #18 ·
Vietnam Enterprise Investments Limited VEIL.L (UK) · MCAP $1.3B
Vietnam Enterprise Investments Limited is a London-listed closed-end investment fund providing international investors exposure to Vietnamese public equities, managed by Dragon Capital.
Vietnam Enterprise Investments Limited (VEIL.L), a closed-end fund managed by Dragon Capital, issued a circular for a self-tender offer to repurchase up to 10% of its issued share capital at a 2.5% discount to the Adjusted NAV per Share. This transaction is the first of two previously signaled 10% follow-on tenders and follows a December 2025 tender that repurchased 16.1 million shares. Shareholders may elect a cash exit or an in specie distribution of portfolio assets, with the calculation date for the offer set for 8 July 2026. A general meeting to approve the tender is scheduled for 24 June 2026, with the offer closing 6 July 2026 and final settlement expected by 14 July 2026. The fund has repurchased 47.5 million shares since 2024, or 23.6% of its starting float, to support its medium-term target of a sub-10% NAV discount. The tender at a known 2.5% NAV discount with a near-term timetable provides a calculable exit, though the oversubscription of the prior tender suggests potential proration risk.
Featured in Issue #18 ·
Schroders Capital Global Innovation Trust plc INOV.L (UK) · $108 · MCAP $11M · EV $37M
Schroders Capital Global Innovation Trust plc is a London-listed closed-end investment trust managed by Schroders, focused on a portfolio of global innovation and growth-stage companies. The trust is currently executing a managed wind-down, returning capital to shareholders.
Schroders Capital Global Innovation Trust plc - INOV (INOV.L) is conducting a $27M self-tender as part of an ongoing managed wind-down. The board published an updated timetable on June 4, 2026, extending the tender election deadline to June 23, 2026, with Winterflood acting as corporate broker. Results are scheduled for announcement on June 26, 2026, with expected completion on June 29, 2026, and CREST settlement on July 1, 2026. This announcement will reveal the strike price and proration, which will determine the residual NAV per share and whether the tender clears the discount.
Featured in Issue #18 ·
Maven Renovar VCT PLC MRV.L (UK) · MCAP $75M · EV $67M
Maven Renovar VCT PLC is a UK venture capital trust that invests in a diversified portfolio of unquoted and AIM-listed growth companies, offering tax-advantaged returns to UK retail investors.
Maven Renovar VCT PLC (MRV.L) announced the results of its self-tender offer for up to 12% of issued share capital at 54.6419 pence per share, representing a 3.5% discount to the May 22, 2026 NAV of 56.6237p. The offer was undersubscribed with 11,209,948 shares validly tendered, representing approximately 8% of shares outstanding, and all tenders will be satisfied in full. Total capital return amounts to approximately £6.1 million with payment expected by June 3, 2026. Post-tender, the company will have 128,862,062 shares in issue with no shares held in treasury. The undersubscribed tender at a narrow discount results in a modest NAV-per-share lift for remaining holders following the 8% reduction in shares outstanding.
Featured in Issue #17 ·
India 9 situations
Zydus Lifesciences Limited ZYDUSLIFE.NS (IN) · MCAP $11.6B · EV $12.6B
Fwd P/E: 25.8x · EV/EBITDA: 15.7x · EV/Sales: 3.9x · EV/GP: 7.5x (FY2027)
Zydus Lifesciences Limited is a leading Indian pharmaceutical company engaged in the development, manufacturing, and marketing of branded and generic pharmaceuticals. It is listed on the BSE and National Stock Exchange of India with a market capitalization of approximately INR 1,084 billion.
Zydus Lifesciences Limited (ZYDUSLIFE.NS) launched a tender-offer share buyback for up to 8,730,158 shares at an offer price of ₹1,260 per share. The ₹1,100 crore ($116M) capital return opens June 4, 2026, closes June 10, 2026, and is scheduled for settlement by June 17. Shares will be repurchased on a proportionate basis under SEBI regulations as the company seeks to return surplus capital and enhance EPS. The ₹1,260 offer price represents an approximate 20% premium over recent market levels, with final returns determined by acceptance ratios and a SEBI-mandated 15% reservation for small shareholders holding up to INR 2 lakh.
Featured in Issue #18 ·
Wipro Limited WIPRO.BO (IN) · MCAP $22.1B · EV $17.9B
Fwd P/E: 14.6x · EV/EBITDA: 7.9x · EV/Sales: 1.7x · EV/GP: 5.9x (FY2027)
Wipro Limited is one of India's largest IT services and consulting firms, providing software, cloud, digital transformation, and business process outsourcing to clients globally.
Wipro Limited (WIPRO.BO) board approved a ₹15,000 crore share buyback via tender route at ₹250.00 per share, a 22% premium to the pre-announcement closing price. The offer involves the repurchase of 60 crore shares, representing 5.7% of total equity, to return capital to shareholders. Promoters and promoter groups have indicated their intention to participate in the buyback, the company's first in nearly three years. Shares turned ex-record date on June 5, triggering a price adjustment and establishing the final shareholder cohort eligible to tender. The ₹250 tender price creates a near-term valuation floor, and the tender acceptance ratio will be the key variable for arbitrageurs influenced by retail and promoter uptake rates.
Featured in Issue #18 ·
Teamlease Services Limited TEAMLEASE.NS (IN) · MCAP $244M · EV $180M
Fwd P/E: 15.6x · EV/EBITDA: 8.4x · EV/Sales: 0.1x · EV/GP: 6.5x (FY2027)
Teamlease Services Limited is one of India's largest staffing and human resource services companies, providing temporary and permanent recruitment, payroll, and compliance solutions across enterprise clients.
Teamlease Services Limited (TEAMLEASE.NS) board approved a share buyback of up to 1,487,000 shares via a tender offer at Rs 1,600 per share. The Rs 238 crore aggregate consideration represents 8.87% of the firm's paid-up capital and will be funded from existing free cash balances. The staffing and human resource services provider also reported Q4FY26 net profit of Rs 44 crore, a 26% year-over-year increase, as the stock trades near 52-week lows. Board approval triggers the buyback process, with the record date and tender timetable serving as the next observable catalysts. The Rs 1,600 tender price sets a near-term floor and provides a tax-efficient capital return vehicle with an 8.87% float shrink for the stock.
Featured in Issue #17 ·
ICRA Ltd. ICRA.NS (IN) · MCAP $544M · EV $504M
Fwd P/E: 23.9x (FY2027)
ICRA Ltd. is an Indian credit-rating, research, and risk-analysis firm, majority-owned by Moody's Corporation. It provides ratings for corporates, financial institutions, and structured finance instruments in India.
ICRA Ltd. (ICRA.NS), an Indian credit-rating agency majority-owned by Moody's Corporation, declared a final dividend of Rs 105 per share. The payout is composed of a Rs 70 ordinary final dividend and a Rs 35 special dividend. While the company's full-year revenue rose 29% to Rs 174.9 crore, net profit declined 6% year-over-year to Rs 52.5 crore. The record date for shareholder eligibility is July 23, with payment scheduled on or before August 21. The combined payout creates a total yield of approximately 1.9% based on the Rs 5,461.50 share price, providing a defined ex-date in late July for arbitrageurs to size positions.
Featured in Issue #17 ·
Wipro Limited WIPRO.NS (IN) · $2.36 · MCAP $22.5B · EV $19.0B
Fwd P/E: 14.3x · EV/EBITDA: 8.7x · EV/GP: 7.3x
Wipro Limited is one of India's largest IT services and consulting companies, providing cloud, AI, digital transformation, and outsourcing services to global enterprises. It is listed on the NSE and BSE in India and via ADRs on the NYSE.
Wipro (WIT) board approved a Rs. 15,000 crore self-tender buyback of 60 crore equity shares at Rs. 250.00 per share, representing a 19% premium to the market price. The offer includes a 15% reservation for retail investors under SEBI regulations and has a record date of June 5, 2026. The transaction is expected to close within two to three months of the record date. Recent changes to Indian tax rules now treat buyback proceeds as dividend income, increasing the tax drag for resident shareholders. The trade economics hinge on retail acceptance ratios, currently estimated at 50-60% for an 11-13% pre-tax return, and post-record-date price support for unaccepted shares.
Featured in Issue #17 ·
TeamLease Services Limited TEAMLEASE.NS (IN) · MCAP $242M · EV $178M
Fwd P/E: 15.5x · EV/EBITDA: 8.4x · EV/Sales: 0.1x · EV/GP: 6.5x (FY2027)
TeamLease Services is a leading Indian staffing and human-resource solutions company, providing temporary and permanent staffing across general and specialized sectors.
TeamLease Services (TEAMLEASE.NS) board approved a ₹238 crore share buyback via a tender offer for up to 1,487,500 shares at ₹1,600 per share. The offer represents 8.87% of the company's paid-up capital and is subject to shareholder approval. Nuvama Wealth Management Ltd is acting as the advisor. The buyback price is a premium to closing prices on the NSE and BSE as of May 8, 2026. The company reported FY26 PAT rose 33% year-over-year to ₹147.1 crore with net free cash of ₹600 crore. This self-tender buyback provides a direct liquidity event for shareholders and signals excess capital.
Featured in Issue #16 ·
Dhanuka Agritech Limited DHANUKA.NS (IN) · MCAP $552M · EV $424M
Fwd P/E: 17.1x · EV/EBITDA: 8.7x · EV/Sales: 1.8x · EV/GP: 6.4x (FY2027)
Dhanuka Agritech Limited is an Indian agrochemical company manufacturing and selling pesticides, herbicides, fungicides, and plant growth regulators.
Dhanuka Agritech Limited (DHANUKA.NS) approved a ₹70 crore equity share buyback via a proportionate self-tender offer. The company will repurchase 500,000 equity shares at ₹1,400 per share, representing 4.20% of total paid-up equity capital and free reserves as of March 31, 2026. The record date is set for May 29, 2026, with the transaction funded by internal cash reserves. The board issued a declaration of solvency regarding its ability to meet obligations. Pro-rata acceptance will be determined by the final entitlement ratio.
Featured in Issue #16 ·
Garware Technical Fibres Ltd GARFIBRES.NS (IN) · MCAP $649M · EV $619M
Fwd P/E: 25.8x · EV/EBITDA: 16.4x · EV/Sales: 3.5x · EV/GP: 8.1x (FY2027)
Garware Technical Fibres Ltd manufactures technical textiles, ropes, and netting solutions for aquaculture, agriculture, and industrial applications.
Garware Technical Fibres (GARFIBRES.NS) announced a board-approved tender-route buyback for up to 1,617,500 equity shares at an offer price of Rs 680 per share. The total buyback size is Rs 110 crore. The record date for eligibility is May 20, 2026, and the stock trades ex-date the week of May 18, 2026. Garware Technical Fibres manufactures technical textiles, ropes, and netting solutions for aquaculture, agriculture, and industrial applications. This tender-route buyback at a fixed price can provide a near-term exit at a premium for shareholders while creating a definitive price floor.
Featured in Issue #16 ·
Wipro Limited WIT (IN) · $2.01 · MCAP $22.2B · EV $18.7B
Fwd P/E: 0.1x · EV/EBITDA: 10.1x · EV/Sales: 2.2x · EV/GP: 7.5x (FY2027)
Wipro Limited is a leading global information technology, consulting, and business process services company headquartered in Bengaluru, India, listed on the NYSE (WIT), NSE, and BSE.
Wipro Ltd (WIT) shareholders approved a buyback of equity shares via postal ballot e-voting on May 21, 2026. The resolution was one of three special proposals initiated by the board on April 16, 2026, and a Scrutinizer's Report confirms the measure passed with the required majority. No specific buyback size, price, or record date was disclosed in the filing. While the authorization signals capital return intentions, actionable terms remain pending a forthcoming detailed announcement.
Featured in Issue #16 ·
United Kingdom 8 situations
FIH Group plc FIH.L (GB) · MCAP $48M · EV $49M
EV/GP: 2.3x
FIH Group is an AIM-listed specialist services group operating in the Falkland Islands and the UK, with businesses including Momart (fine-art logistics and storage) and formerly Portsmouth Harbour Ferry Company.
FIH Group (FIH.L), an AIM-listed specialist services group operating in the Falkland Islands and the UK, declared a 40p special interim dividend per share following the £11.8 million net sale-leaseback of Momart Leyton and the £10.7 million net sale of Portsmouth Harbour Ferry Company. The dividend is payable July 14, 2026, to holders of record June 5, with an ex-date of June 4. Combined with a 70p special dividend paid in October 2025, total returns from the disposal program reach 110p per share, or approximately £13.8 million. Shareholders may reinvest distributions through a reinvestment plan with an election deadline of June 23. The 40p special dividend represents a 14.5% yield on the pre-announcement price of 225p, with the total 110p return signaling a management team returning approximately half the current share price directly to shareholders.
Featured in Issue #17 ·
BlackRock Latin American Investment Trust plc BRLA.L (GB) · MCAP $178M · EV $239M
BlackRock Latin American Investment Trust plc is a UK-listed closed-end investment company providing exposure to Latin American equities across Brazil, Mexico, and other regional markets.
BlackRock Latin American Investment Trust plc (BRLA.L) announced that its self-tender offer for up to 24.99% of issued share capital was oversubscribed, with 29.6% of shares tendered. Basic Entitlement tenders will be satisfied in full, while Individual Excess Tenders have been scaled back to a proration rate of 76.8%. The tender price is set at 98% of the May 30, 2026 unaudited NAV per share, adjusted for portfolio realization costs, with Cavendish Capital Markets Ltd advising on the 7,359,215-share transaction. Final results and pricing are scheduled for June 2, 2026, with payments to be dispatched beginning June 3, 2026. The 76.8% proration rate provides a clean fill for arbitrageurs as the offer closes the exit window for 7.36M shares at a 2% discount to NAV, potentially tightening the discount for continuing holders as the remaining float shrinks.
Featured in Issue #17 ·
BlackRock Smaller Companies Trust plc BRSC.L (GB) · MCAP $741M · EV $829M
BlackRock Smaller Companies Trust plc is a UK investment trust focused on smaller UK-listed companies, offering exposure to a diversified portfolio of small-cap equities.
BlackRock Smaller Companies Trust (BRSC.L) issued a valuation update for the tender pool established in connection with its combination with BlackRock Throgmorton Trust plc. The pool supports 11,147,581 ordinary shares held in escrow following the March 2026 tender offer. As of 28 May 2026, the pool is valued at £162.6M, consisting of £159.5M in cash and £3.1M in equities, resulting in a tender pool NAV per share of 1,458.63p. This update confirms the pool is 98 percent cash, implying limited market risk to the final repurchase price and setting a near-final floor for the capital return.
Featured in Issue #17 ·
CVS Group plc CVSG.L (GB) · MCAP $1.2B · EV $1.5B
Fwd P/E: NM · EV/EBITDA: 8.6x · EV/Sales: 1.5x · EV/GP: 3.9x (FY2027)
CVS Group is a leading UK-listed veterinary services provider operating over 475 practices across the UK and Australia, including specialist referral hospitals and out-of-hours sites. The Group also runs diagnostic laboratories and an online pet retail business, employing approximately 9,000 staff including 2,500 veterinary surgeons.
CVS Group (CVSG.L) launched a £50 million open-market share buyback programme, with Peel Hunt LLP and Joh. Berenberg, Gossler & Co. KG appointed to execute purchases for cancellation. The group concurrently refinanced £350 million in debt facilities with a syndicate of eight banks, extending the maturity to May 2030 and reducing the drawn margin by 20 bps. Irrevocable, non-discretionary arrangements have been established to allow share purchases to continue through closed periods. The board noted that macro and political uncertainty has impacted the company's share rating despite growth drivers following CMA clearance and FTSE 250 inclusion. This £50 million buyback signals board conviction that the post-CMA and post-refinancing valuation is dislocated, with the irrevocable mandate indicating the program will be used immediately rather than as a shelf announcement.
Featured in Issue #17 ·
Johnson Matthey PLC JMAT.L (GB) · MCAP $4.8B · EV $5.4B
Fwd P/E: NM · EV/EBITDA: 25.4x · EV/Sales: 1.6x · EV/GP: 31.1x (FY2027)
Johnson Matthey is a UK-listed specialty chemicals and sustainable technologies company focused on clean air catalysts, platinum group metal (PGM) services, and hydrogen technologies. Following the Catalyst Technologies divestiture, it becomes a focused PGM-circular-economy group with leading positions in automotive emissions control and precious metal refining.
Johnson Matthey PLC (JMAT.L) is proceeding with the £1,325M enterprise value sale of its Catalyst Technologies business, which is on track to complete by the end of August 2026. The group intends to return £1 billion of net sale proceeds to shareholders, comprising an £800M special dividend with an associated share consolidation and a £200M on-market buyback. Concurrently, the company agreed to acquire CORMETECH Inc. for a $360M enterprise value, or 10.3x expected 2026 EBITDA pre-synergies, to expand its stationary emissions control business. A final ordinary dividend of 55.0p has been proposed with an ex-dividend date of 4th June 2026 and payment on 4th August 2026. The £800M special dividend and consolidation represents a material return of capital contingent on the single catalyst of the Catalyst Technologies sale closing by late August 2026, while the CORMETECH acquisition recycles proceeds into a growth adjacency tied to US data centre buildouts.
Featured in Issue #17 ·
Schroder UK Mid Cap Fund plc SCP.L (GB) · MCAP $328M · EV $346M
Schroder UK Mid Cap Fund plc is a UK-listed investment trust managed by Schroders, investing in mid-cap UK equities with a focus on long-term total returns. It has outperformed its benchmark by 18.5% over 10 years to March 2026.
Schroder UK Mid Cap Fund (SCP.L) proposed a tender offer for up to 16,661,822 shares, representing 49.87% of issued capital, at NAV less costs. The proposal follows an agreement with 19.5% holder Saba Capital Management, which has committed to support the resolution, tender its full stake, and enter a three-year standstill agreement. The offer is conditional on a 75% approval threshold at a June 24, 2026 general meeting and the Maximum Tender Condition not being exceeded. Investec is advising on the transaction, with completion expected by August 1, 2026. Directors will not participate in the tender, and three directors intend to purchase an additional £120,000 in shares. Post-completion, the trust will target a mid-single digit discount through a new management policy.
Featured in Issue #16 ·
Maven Renovar VCT PLC MRVM.L (GB)
Maven Renovar VCT PLC is a UK-listed Venture Capital Trust that invests in a diversified portfolio of unquoted and AIM-quoted growth companies.
Maven Renovar VCT (MRVM.L) shareholders today approved a self-tender offer for up to 12% of issued share capital with 95.29% of votes in favor. The offer provides a liquidity exit for the Venture Capital Trust, a structure that often trades at a discount to net asset value. The tender deadline is set for 1:00 p.m. on May 21, 2026, with results and pricing expected on May 26, 2026. Shareholders anticipate payment of tender proceeds by June 3, 2026. Total voting rights consist of 140,227,975 shares with none held in treasury.
Featured in Issue #16 ·
3i Group plc III.L (GB) · £22.10 · MCAP $30.0B · EV $32.7B
3i Group plc is a UK-based multinational private equity and venture capital company focused on mid-market private equity and infrastructure investments.
3i Group (III.L) announced a share buyback programme of up to £750 million, commencing 14 May 2026. Barclays Bank PLC will execute the programme as a riskless principal through 31 December 2026. Purchased shares will be cancelled to reduce share capital, and repurchases will be announced within seven market sessions. The programme represents a significant capital return for the FTSE 100-listed private equity and venture capital firm and serves as a catalyst for EPS accretion through year-end.
Featured in Issue #15 ·
China 6 situations
Shanghai Tianji Technology Co., Ltd. 300245.SZ (CN) · ¥6.45 · MCAP $282M · EV $216M
Shanghai Tianji Technology provides IT infrastructure services and solutions in China, including data center operations and cloud services. The company is listed on the Shenzhen ChiNext board under the ST (Special Treatment) designation, indicating financial distress or other regulatory concerns.
Shanghai DragonNet Technology Co.,Ltd. (300245.SZ) announced progress on its RMB 50M–100M share repurchase program authorized at a price not exceeding 16 CNY/share. As of May 29, the company has repurchased 6.51M shares, representing 2.13% of total equity, for RMB 49.3M at an average price of approximately 7.58 CNY/share. This utilization represents 98.7% of the lower bound of the board’s authorized range. Under Shenzhen Stock Exchange rules, these shares are earmarked for resale rather than cancellation. The near-exhaustion of the buyback removes the mechanical bid from the market, and the program’s resale purpose indicates this was price-support flow rather than a permanent reduction in share count.
Featured in Issue #18 ·
Jinzai Food Group Co., Ltd. 003000.SZ (CN) · MCAP $695M · EV $636M
Fwd P/E: 16.7x · EV/EBITDA: 11.1x · EV/Sales: 1.5x · EV/GP: 5.1x (FY2026)
劲仔食品 (Jinzai Food Group) is a China-listed packaged snack-food company, best known for its '劲仔' brand of seasoned fish products. It operates through a nationwide distribution network and targets the mass-market casual food consumer.
Jinzai Food Group Co.,Ltd. (003000.SZ) has proposed a share repurchase for cancellation and registered capital reduction targeting between RMB 50M and RMB 100M. The plan sets a maximum repurchase price of RMB 16.00 per share to retire 3.125M to 6.25M shares, representing 0.69% to 1.39% of total outstanding equity. Financing involves a combination of internal cash and a three-year stock buyback special loan facility of up to RMB 90M from CITIC Bank Changsha Branch. Implementation is subject to approval by at least two-thirds of shareholders at the upcoming 2026 second extraordinary general meeting. The transaction utilizes a 90% loan backing under China's new stock-buyback relending program, serving as a policy-supported capital-return execution that directly accretes EPS.
Featured in Issue #18 ·
Jinyu Biotechnology Co., Ltd. 600201.SS (CN) · MCAP $1.8B · EV $1.6B
Fwd P/E: 42.9x · EV/EBITDA: 21.9x · EV/Sales: 5.9x · EV/GP: 11.1x (FY2026)
Jinyu Biotechnology Co., Ltd. is a Chinese company engaged in the research, development, production, and sale of animal vaccines and biological products.
Jinyu Bio-technology Co., Ltd. (600201.SS) received a proposal from Chairman Zhang Chongyu on June 3, 2026, to repurchase between CNY 200 million and CNY 400 million of shares via Shanghai Stock Exchange centralized bidding. The buyback period would span three months from board approval, with funding sourced from internal or self-raised capital and a price cap set at 150% of the 30-day average trading price prior to the board resolution. Repurchased shares are intended to maintain company value and will be sold after 12 months or cancelled if not used within three years. Separately, the chairman’s concerted-action party, Inner Mongolia Jinyu Biological Holdings, has an ongoing 50 million to 100 million share accumulation plan. This proposed CNY 200-400M buyback represents a meaningful capital return for the mid-cap name, though the 150% price cap and 12-month resale window suggest a stabilizing rather than retiring action.
Featured in Issue #18 ·
Guobang Pharma Group Co., Ltd. 605507.SS (CN) · MCAP $1.8B · EV $1.6B
Fwd P/E: 12.8x · EV/EBITDA: 6.6x · EV/Sales: 1.6x · EV/GP: 6.4x (FY2026)
Guobang Pharma Group Co., Ltd. is a Chinese pharmaceutical company focused on the research, development, production, and sale of veterinary drugs, active pharmaceutical ingredients (APIs), and pharmaceutical intermediates.
Guobang Pharma Ltd. (605507.SS) executed its first share repurchase on June 3, 2026, acquiring 643,360 shares representing 0.08% of total shares outstanding. The pharmaceutical company deployed RMB 10,021,037.40 in the initial transaction at a price range of RMB 15.30 to RMB 15.77 per share. This execution follows a May 30, 2026, authorization for a buyback program of between RMB 100M and RMB 200M through May 29, 2027, capped at RMB 23.00 per share. Acquired shares are designated for future employee stock ownership plans or equity incentives and will not be cancelled. While the program provides pricing support with capacity to absorb approximately 1.3-2.6% of the float, the use of shares for employee plans means the transaction will not result in a permanent reduction of share count.
Featured in Issue #18 ·
Shanghai Bailian Group Co., Ltd. 600827.SS (CN) · MCAP $2.0B · EV $2.3B
Fwd P/E: 18.2x · EV/EBITDA: 18.1x · EV/Sales: 0.8x · EV/GP: 3.4x (FY2026)
Shanghai Bailian Group is one of China's largest department-store and retail chains, operating hypermarkets, supermarkets, and shopping malls concentrated in the Shanghai and Yangtze River Delta region.
Shanghai Bailian (Group) Co., Ltd. (600827.SS) has received board approval for a centralized-competitive-price buyback of ¥100 million to ¥200 million with a price cap of ¥12.48 per share. All repurchased shares will be cancelled to reduce registered capital, representing a direct yield-accretive capital return. The company is now publishing its top-10 shareholder register, a procedural step signaling the repurchase window is about to open. Controlling shareholder Bailian Group maintains a 47.62% stake, while the second- and third-largest holders account for 2.88% and 2.66% respectively. This transaction constitutes a direct capital-return signal for a Chinese SOE where a tight float amplifies per-share accretion, requiring monitoring of daily purchase volumes against the ¥12.48 ceiling to gauge execution discipline.
Featured in Issue #18 ·
Giant Biogene Holding Co., Ltd. 2367.HK (CN) · MCAP $4.1B · EV $3.2B
Fwd P/E: 15.8x · EV/EBITDA: 8.3x · EV/Sales: 4.0x · EV/GP: 5.0x (FY2026)
Giant Biogene Holding Co., Ltd. is an investment holding company that researches, develops, manufactures, and sells bioactive material-based beauty and health products, including functional skincare, medical dressings, and functional foods, primarily in the Chinese domestic market.
Giant Biogene Holding Co., Ltd. (2367.HK) received shareholder approval at its May 28, 2026, annual general meeting for a special dividend of RMB 0.6714 per ordinary share for the fiscal year ended December 31, 2025. The ex-dividend date is June 1, 2026, with the register of members closing from June 3 to June 8, 2026. To qualify for the distribution, which is scheduled for payment on or around June 25, 2026, investors must lodge transfer documents by June 2, 2026. For the issuer currently trading at HKD 30.06, this RMB 0.6714 incremental capital return represents a short-dated entitlement and a defined window for dividend-capture strategies.
Featured in Issue #17 ·
Canada 4 situations
Kaymus Resources Inc. KYS.H (CA) · $0.45 · MCAP $1M
Kaymus Resources Inc. is a Calgary-based company listed on the NEX Board of the TSX Venture Exchange. No active operating business is described in the filing.
Kaymus Resources Inc. (KYS.H) will pay a one-time return of capital of $1.00 per common share on a post-10:1 consolidation basis. This distribution follows a 10:1 share consolidation completed June 2, 2026, and shareholder approval obtained May 22, 2026. The payment is scheduled for June 11, 2026, for holders of record during the due bill period. Shares trade on a due bill basis from June 4 through June 11, 2026, with ex-dividend trading starting June 12, 2026. Kaymus Resources Inc. is a Calgary-based company listed on the NEX Board of the TSX Venture Exchange with no active operating business described in the filing. The $1.00 per share distribution creates a meaningful return event where execution timing is critical, as only trades during the June 4–11 due bill window carry the entitlement.
Featured in Issue #18 ·
Lundin Gold Inc. LUG.TO (CA) · MCAP $16.1B · EV $14.2B
Fwd P/E: 20.1x · EV/EBITDA: 13.3x · EV/Sales: 8.2x · EV/GP: 12.5x (FY2026)
Lundin Gold Inc. is a Canadian mining company that owns and operates the Fruta del Norte gold mine in southeast Ecuador, a high-grade underground operation producing gold concentrate and doré. It also holds a portfolio of exploration concessions near the mine.
Lundin Gold (LUG) declared a special dividend-in-kind of Lunr shares on May 28, 2026. The company, which operates the Fruta del Norte gold mine in Ecuador, set the ex-dividend date for the distribution as June 10, 2026. This in-kind distribution represents a return of capital that will create a new publicly traded entity for Lundin Gold shareholders. Portfolio managers should assess the value of the distributed shares and any potential forced-selling dynamics around the June 10 ex-date.
Featured in Issue #17 ·
Lightspeed Commerce Inc. LSPD.TO (CA) · MCAP $1.2B · EV $586M
Fwd P/E: 18.9x · EV/Sales: 0.6x · EV/GP: 2.1x (FY2027)
Lightspeed Commerce Inc. provides a unified omnichannel commerce platform for retail, hospitality, and golf businesses in over 100 countries, offering point-of-sale, payments, and inventory management solutions.
Lightspeed Commerce Inc. (LSPD) authorized the renewal of its normal course issuer bid to repurchase up to approximately 10% of its public float as of May 11, 2026. The authorization follows Q4 FY2026 earnings reporting $290.8M in revenue and $15.1M in Adjusted EBITDA. As of March 31, 2026, the company maintained a $453.9M cash and cash equivalents balance to support buyback capacity. Lightspeed Commerce Inc. (LSPD) is dual-listed on the NYSE and TSX and provides a unified omnichannel commerce platform for retail, hospitality, and golf businesses in over 100 countries.
Featured in Issue #16 ·
Barrick Mining B (CA) · $40.59 · MCAP $68.0B · EV $72.3B
Fwd P/E: 10.8x · EV/EBITDA: 6.1x · EV/Sales: 3.2x · EV/GP: 6.1x (FY2026)
Barrick Mining is a major global gold producer with operations including the Nevada Gold Mines joint venture with Newmont, the Loulo-Gounkoto complex in Mali, and Kibali in the Democratic Republic of Congo. The company is planning to spin off its North American assets into a separately listed entity.
Barrick Mining (B) authorized a $3bn share repurchase program alongside Q1 2026 earnings, reporting net earnings of $1.6bn as realized gold prices reached $4,823/oz. The buyback precedes a proposed spin-off and New York listing of North American Barrick, including the Nevada Gold Mines joint venture and the Fourmile project. Joint venture partner Newmont Corp issued a notice of default in February alleging resource diversion and called for operational improvements prior to the separation. This strategic reset follows the September 2025 exit of long-serving CEO Mark Bristow. The capital return is positioned to address a perceived trading discount and facilitate a sum-of-the-parts unlock ahead of the North American operations IPO later this year.
Featured in Issue #15 ·
Hong Kong 4 situations
Topsports International Holdings Limited 6110.HK (HK) · MCAP $2.2B · EV $2.2B
Fwd P/E: 13.6x · EV/EBITDA: 5.5x · EV/Sales: 0.7x · EV/GP: 2.1x (FY2027)
Topsports International Holdings is a leading sportswear retailer in China, distributing and selling footwear and apparel from major global brands like Nike and Adidas through an extensive network of stores. It operates as a key downstream partner for international sportswear brands in the Greater China market.
Topsports International Holdings (6110.HK) declared a special dividend of RMB 0.12 per share, or HKD 0.1371, for the fiscal year ended 28 February 2026. The retailer of global sportswear brands in the Greater China market scheduled a shareholder approval vote for 24 July 2026. The ex-dividend date is 3 August 2026, leading to a record date of 10 August 2026 and a payment date of 20 August 2026. This special dividend provides a near-term catalyst with a set record and payment schedule, useful for dividend-capture and event-driven strategies focused on Hong Kong-listed consumer names.
Featured in Issue #17 ·
Haier Smart Home Co., Ltd. 6690.HK (HK) · MCAP $23.5B · EV $28.1B
Fwd P/E: 9.2x · EV/EBITDA: 6.6x · EV/Sales: 0.7x · EV/GP: 2.6x (FY2026)
Haier Smart Home Co., Ltd. is a leading global home appliance and consumer electronics company headquartered in China, listed on the Hong Kong Stock Exchange.
Haier Smart Home Co., Ltd. (6690.HK) delayed the dispatch of a circular regarding its proposed voluntary public share buy-back of D Shares to no later than 3 June 2026 to finalize the independent financial adviser's letter. The circular, which will contain offer details and independent financial advice, was originally due by 18 May 2026. Somerley Capital Limited is acting as financial adviser to the company. The buy-back offer is subject to pre-conditions and board determination and may not proceed.
Featured in Issue #16 ·
Beng Soon Machinery Holdings Limited 1987.HK (HK) · MCAP $30M · EV $28M
Beng Soon Machinery Holdings Limited provides demolition services in Singapore, mainly for the construction industry, and is listed on the Hong Kong Stock Exchange.
Beng Soon Machinery Holdings Limited (1987.HK) clarified that its previously announced special dividend does not require shareholder approval, correcting a drafting error in its March 31, 2026 annual results and April 23, 2026 annual report. The board confirmed the dividend has been duly declared and the payout will proceed under its original timetable. The ex-dividend, record, and payment dates remain unchanged from the prior announcement. This clarification confirms the direct return of capital to shareholders is proceeding as scheduled.
Featured in Issue #16 ·
China Financial International Investments Limited 721.HK (HK) · MCAP $84M
China Financial International Investments Limited is a Hong Kong-listed investment holding company with primary operations in investment and asset management in the PRC.
China Financial International Investments Limited (721.HK) is pursuing a recapitalization through a 5-to-1 share consolidation to create Consolidated Shares of HK$0.05 each. Phancy International Limited has agreed to subscribe for 2,194,326,806 new Existing Shares at approximately HK$0.04 per share and will receive non-listed warrants for up to 2,501,532,559 Existing Shares atHK$0.058 per share with a 24-month exercise period. The transaction involves connected transactions, material dilution, and a warrant overhang for the investment holding company. Nuada Limited is acting as Independent Financial Adviser ahead of a Special General Meeting on May 29, 2026. Shareholders will vote on the share consolidation, subscription, and warrant issuance during the meeting.
Featured in Issue #15 ·
Australia 3 situations
Senetas Corporation Limited SEN.AX (AU) · MCAP $36M · EV $37M
Fwd P/E: 24.6x · EV/Sales: 2.5x · EV/GP: 6.1x (FY2027)
Senetas Corporation Limited (SEN.AX) announced an equal capital reduction on June 1, 2026, utilizing a special dividend mechanism. The Australian cybersecurity company specializes in high-assurance data encryption hardware and services for protecting sensitive data in motion. Senetas Corporation Limited has a $36M market capitalization and a $37M enterprise value, with its stock last priced at AUD 3.10. The next catalyst is scheduled for July 24, 2026.
Featured in Issue #18 ·
Tasmea Limited TEA.AX (AU) · MCAP $1.5B · EV $1.6B
Fwd P/E: 21.1x · EV/EBITDA: 5.9x · EV/Sales: 1.1x · EV/GP: 3.6x (FY2027)
Tasmea owns and operates 27 interdependent Australian specialist trade services businesses, providing essential shutdown, maintenance, emergency breakdown, brownfield upgrade services, and labour hire to essential asset owners.
Tasmea Limited (TEA.AX) declared a fully franked special dividend of A$0.10 per share, representing a total capital return of $18M. The ex-dividend date is June 10, 2026, with a record date of June 11 and payment scheduled for June 25, 2026. The payout is eligible for a Dividend Reinvestment Plan (DRP) at A$6.85 per share, with founder and executive director participation expected. Management reaffirmed FY26 earnings guidance and expects net leverage to remain below 1.0x with total FY26 cash dividends at the lower end of the 30-50% policy range. This special dividend provides a near-term catalyst with an ex-date five days from announcement and a DRP participation signal from insiders, indicating confidence in organic cash generation for the sub-1.0x leveraged entity without impairing its acquisition strategy.
Featured in Issue #18 ·
Venus Metals Corporation Limited VMC.AX (AU) · MCAP $31M · EV $8M
Venus Metals is a Western Australia-focused explorer holding gold, lithium, base metals, and vanadium projects including the Sandstone (Bellchambers) gold project, plus a significant minority stake in ASX-listed Rox Resources.
Venus Metals (VMC.AX) closed the A$46M cash sale of a 1.0% NSR royalty on the Youanmi Gold Project to Franco-Nevada Corporation on May 29, 2026. The board intends to distribute a capital return of A$45.6M, or approximately A$0.221 per share, through a cash special dividend and an in-specie share distribution. The ~A$35M cash dividend is expected to be more than 75% franked with a targeted late August 2026 ex-date, while the distribution of ~25M Rox Resources (RXL) shares is scheduled for a July 2026 ex-date. ASX confirmed that shareholder approval is not required for the transactions under Listing Rules 11.1.2, 11.1.3, or 11.2. Post-distribution, the company will retain approximately 23M RXL shares valued at A$9.8M. The staggered July and August ex-dates for the total A$0.221 per share return represent a material capital-return catalyst with two observable event windows for the explorer.
Featured in Issue #17 ·
Italy 3 situations
CIR S.p.A. CIR.MI (IT) · MCAP $742M · EV $1.7B
Fwd P/E: 13.6x · EV/EBITDA: 5.4x · EV/Sales: 0.8x · EV/GP: 9.5x (FY2026)
CIR S.p.A. is an Italian holding company with interests in automotive components (Sogefi), healthcare (KOS), and financial services, listed on Euronext Milan.
CIR S.p.A. (CIR.MI) announced final results for its voluntary partial self-tender, which saw 32,191,925 shares tendered at the offer price of €0.70 per share. This represents 64.38% of the 50 million share cap and 3.51% of total share capital, resulting in a total cash outlay of €22.53M. Following settlement on June 1, 2026, the Italian holding company will hold 88.74 million treasury shares, increasing its stake from 6.19% to 9.69% of share capital. Equita SIM S.p.A. advised on the transaction, which had no minimum acceptance condition. The under-subscribed tender retires €22.5M of equity at the €0.70 floor without reaching its maximum cap, leaving a post-paydown treasury-stock overhang of 9.69%.
Featured in Issue #17 ·
GVS S.p.A. GVS.MI (IT) · MCAP $929M · EV $1.1B
Fwd P/E: 16.3x · EV/EBITDA: 9.0x · EV/Sales: 2.2x · EV/GP: 17.0x (FY2026)
GVS S.p.A. is an Italian manufacturer of filtration solutions for healthcare, life sciences, automotive, and industrial applications, listed on Euronext Milan.
GVS S.p.A. (GVS.MI) received CONSOB approval for a voluntary partial self-tender offer to repurchase up to 23,255,813 shares at a cash price of €4.30 per share. The tender period is scheduled to run from June 8, 2026, through July 10, 2026, with payment expected on July 17, 2026. The transaction represents a total value of €100M and will be subject to proration if the offer is oversubscribed. The fixed €4.30 consideration and July 10 close date establish a definitive arbitrage timeline, while the application of proration mechanics makes the final acceptance ratio the key variable for monitoring.
Featured in Issue #17 ·
GVS S.p.A. GVS.MI (IT) · MCAP $952M · EV $1.1B
Fwd P/E: 16.7x · EV/EBITDA: 9.0x · EV/Sales: 2.2x · EV/GP: 17.0x (FY2026)
GVS S.p.A. is an Italy-based global manufacturer of filters and components for healthcare, life sciences, automotive, appliance, safety, and industrial filtration markets.
GVS S.p.A. (GVS.MI) received an order from Italy’s market watchdog CONSOB to resume the approval procedure for its voluntary partial tender offer document as of May 20, 2026. The self-tender, announced on April 13, 2026, involves up to 23,000,000 shares (12.29%) and is structured as a capital return to shareholders. CONSOB had previously halted the approval process, and the resumption clears a regulatory hurdle to move the offer toward launch. GVS S.p.A. is an Italy-based manufacturer of filters and components for healthcare, life sciences, automotive, appliance, safety, and industrial filtration markets.
Featured in Issue #16 ·
Taiwan 2 situations
Nankang Rubber Tire Corp., Ltd. 2101.TW (TW) · MCAP $728M · EV $947M
EV/GP: 8.0x
Manufactures and sells tires and rubber products under the Nankang brand, operating primarily in Taiwan and China.
NAN KANG RUBBER TIRE (2101.TW) board authorized a 21st treasury share buyback program for 2,200,000 common shares on June 3, 2026. The repurchase period and price range will be determined according to Taiwan Stock Exchange regulations. Disclosed via a Market Observation Post System filing, the program represents a board-level capital allocation decision. The repeated use of the treasury share mechanism offers a recurring capital-return catalyst for the Taiwan-listed tire maker, though the small size limits materiality.
Featured in Issue #18 ·
Radiant Opto-Electronics Corporation 6176.TW (TW) · MCAP $1.5B · EV $796M
Fwd P/E: 9.9x · EV/EBITDA: 2.8x · EV/Sales: 0.5x · EV/GP: 2.6x (FY2026)
Radiant Opto-Electronics Corporation designs and manufactures backlight modules and light guide plates for LCD panels, serving major global electronics brands.
Radiant Opto-Electronics Corp (6176.TW) subsidiary Radiant Opto-Electronics (Suzhou) Co., Ltd. resolved to implement a cash capital reduction on June 1, 2026. The resolution was disclosed as a material fact filing via the Taiwan Stock Exchange Market Observation Post System. Specific details regarding the reduction ratio and the total cash return amount were not disclosed in the announcement. This subsidiary capital reduction will generate a cash inflow to the parent, creating a potential vehicle for upstreaming cash or funding future parent-level distributions, though the return magnitude remains unclear without the specific reduction amount.
Featured in Issue #18 ·
Malaysia 2 situations
IJM Corporation Berhad IJM.KL (MY) · MCAP $2.0B · EV $3.1B
Fwd P/E: 16.0x · EV/EBITDA: 8.6x · EV/GP: 7.7x
IJM Corporation Berhad is a Malaysian conglomerate with four core divisions: construction (including data centre and industrial projects), property development, building materials manufacturing, and infrastructure concessions (toll roads and ports). Market capitalization is approximately RM9.56 billion.
IJM Corporation Berhad (IJM.KL) announced a multi-year capital return plan targeting RM3 billion in total distributions through dividends, special dividends, and treasury share distributions. The plan is supported by a new policy to distribute at least 40% of core PATAMI, with additional special dividends funded by a listing of the company's construction arm, the monetization of mature Malaysian toll concessions, and an exit from India. For FY2026, IJM declared a total dividend of 8 sen per share, including a 1 sen special dividend, while reporting core PBT of RM671.2 million. The RM3 billion target implies total distributions of 83 sen per share over three years, suggesting an annualized yield above 13% at current prices. This 13%+ annualized dividend yield target rewrites the income profile for the RM9.56 billion market-cap conglomerate, establishing a multi-year execution catalyst stream as the named IPO and monetization initiatives proceed.
Featured in Issue #18 ·
Padini Holdings Bhd PADINI.KL (MY) · MCAP $356M · EV $283M
Fwd P/E: 9.7x · EV/EBITDA: 3.3x · EV/GP: 1.7x
Padini Holdings Bhd is a Malaysian fashion retailer offering affordable apparel and accessories through its multi-brand network of stores across Malaysia and select regional markets. It operates under house brands including Padini, Vincci, Seed, and PDI.
Padini Holdings Bhd (PADINI) declared a 2 sen per share special dividend and 1.8 sen fourth interim dividend on May 26, both payable June 29. The capital return follows a 15.9% year-on-year decline in 3Q net profit to RM60.5M on flat revenue of RM624.5M, while cumulative 9M net profit fell 17.3% to RM122.2M. Management cited weakening consumer purchasing power and elevated costs as headwinds, with shares hitting a five-year low of RM1.41 on May 21. Several subsidiaries currently have bank accounts frozen by the Malaysian Anti-Corruption Commission in connection with an external investigation. The RM1.4B market-cap retailer is effectively returning a ~1.4% yield on the special component alone, creating a discrete capture event for income-oriented event traders while the frozen-account risk remains unresolved for a name down 21% YTD.
Featured in Issue #17 ·
OTHER 2 situations
Adams Street Private Equity Navigator Fund LLC is a non-diversified, closed-end management investment company organized as a Delaware LLC, advised by Adams Street Advisors, LLC.
Adams Street Private Equity Navigator Fund Llc (00640Q207) filed a Schedule TO-I on May 15, 2026, commencing an issuer self-tender offer for up to 2,679,703 shares. Representing approximately 5% of outstanding shares as of March 31, 2026, the offer is valued at approximately $28.6 million. The tender applies to Class D, Class I, Class M, and Class S shares at prices based on NAV, ranging from $10.67 to $10.69 per share. Kirkland & Ellis LLP is acting as legal advisor for the transaction, which is scheduled to expire at midnight Eastern Time on June 12, 2026. The offer provides a liquidity opportunity and potential NAV discount capture for shareholders.
Featured in Issue #15 ·
Advantage Advisers Xanthus Fund, L.L.C. is a closed-end management investment company registered under the 1940 Act, operating as a diversified fund. It is a Delaware LLC whose interests are not publicly traded.
Advantage Advisers Xanthus Fund, L.L.C. (L.L) commenced an issuer tender offer to purchase up to $834.70M of its own limited liability company interests. The offer represents approximately 25% of the fund’s $3.34B in capital outstanding as of April 30, 2026, and is scheduled to expire at midnight ET on June 12, 2026. Net asset value will be determined as of a June 30, 2026 valuation date. Members tendering full interests will receive at least 95% of the unaudited NAV by July 14, 2026, with the balance paid via promissory note. Kirkland & Ellis LLP is serving as advisor. Fund interests are not publicly traded and are subject to strict transfer limitations.
Featured in Issue #15 ·
Poland 1 situations
MOSTOSTAL ZABRZE S.A. MSZ.WA (PL) · MCAP $125M · EV $105M
Fwd P/E: 6.5x · EV/EBITDA: 3.6x · EV/Sales: 0.3x · EV/GP: 2.3x (FY2026)
MOSTOSTAL ZABRZE S.A. is a Polish construction company specializing in industrial construction. It is listed on the Warsaw Stock Exchange's main market.
Mostostal Zabrze S.A. (MSZ.WA) issued a formal invitation for shareholders to tender their shares for repurchase following a board resolution authorizing the buyback on May 29, 2026. The company published detailed terms, deadlines, and settlement procedures for the transaction on June 2, 2026. This Polish self-tender offer, regulated by the KNF, moves the buyback from authorization to an actionable tender with specific deadlines for shareholders to submit sale offers.
Featured in Issue #18 ·
South Africa 1 situations
Altron Limited AEL.JO (ZA) · MCAP $702M · EV $733M
Fwd P/E: NM · EV/EBITDA: 2.7x · EV/Sales: 0.8x · EV/GP: 7.2x (FY2027)
JSE-listed technology group operating platform-based digital businesses including FinTech, vehicle tracking (Netstar), and HealthTech. Platforms contribute 95% of operating profit with 67% annuity revenue, serving the South African enterprise and consumer markets.
Altron (AEL) declared a R500 million special dividend of 120 cents per share following the completion of a three-year restructuring that tripled headline earnings per share. The group also increased its final ordinary dividend 44% to 72 cents per share, bringing the payout ratio to 50%. Following FY26 results showing operating profit growth of 25% to R1.2 billion, Altron reports an ungeared balance sheet with R1.3 billion in cash and over R1 billion in undrawn committed facilities. The June 9 Capital Markets Day serves as a near-term catalyst for forward guidance on capital allocation into the next strategy phase.
Featured in Issue #17 ·
South Korea 1 situations
SeAH Holdings Co., Ltd. 058650.KS (KR) · MCAP $425M · EV $1.6B
Fwd P/E: 8.8x · EV/EBITDA: 6.8x · EV/Sales: 0.4x · EV/GP: 5.4x (FY2026)
SeAH Holdings is a pure holding company and the representative entity of the SeAH business group. It derives income from dividends, trademark royalties, and rental income from its subsidiaries, which produce specialty steels, high-strength aluminum alloys, and other advanced materials.
SeAH Holdings (058650.KS) launched a self-tender offer to acquire up to 187,000 common shares, representing 4.41% of its outstanding stock, at KRW 160,000 per share. The total maximum consideration is KRW 29.92 billion, and the company intends to cancel all acquired shares to enhance shareholder value. The tender period is scheduled from May 20 to June 8, 2026, with a settlement date of June 10, 2026. NH Investment & Securities is acting as the tender offer agent. The controlling shareholder and related parties currently hold 76.1% of the shares outstanding. As of December 31, 2025, the company's treasury stock acquisition limit was KRW 782.2 billion.
Featured in Issue #16 ·
Get the full Special Situations Digest weekly
300+ situations across 30+ countries every Sunday. Excel/PDF/JSON exports. 14-day free trial.
Start 14-day free trial →