A running index of going-private transactions covered in the Special Situations Digest. Below are recent take-private deals, leveraged buyouts, and merger agreements that would convert public companies into private entities, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 17 countries. Earlier coverage includes 54+ additional situations from prior issues.
Going-private deals are among the most studied event-driven situations: a clear price floor (the announced offer), a defined timeline (shareholder vote, regulatory approval), and a measurable spread to closing. Activist campaigns, strategic reviews, and competing bidders frequently lift the eventual closing price above the announced offer, while regulatory or financing risks can break the deal.
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United States 34 situations
TruBridge, Inc. TBRG (US) · $25.97 · MCAP $384M · EV $518M
Fwd P/E: 9.9x · EV/EBITDA: 15.3x · EV/Sales: 1.5x · EV/GP: 2.8x (FY2026)
TruBridge provides healthcare information technology solutions, including revenue cycle management and electronic health records, to hospitals and healthcare systems.
TruBridge, Inc. (TBRG) filed its definitive proxy statement scheduling a July 7, 2026, stockholder vote on its proposed all-cash merger with Inventurus Knowledge Solutions, Inc. (IKS). Under the definitive agreement announced April 23, 2026, IKS will acquire TruBridge for $26.25 per share, valuing the company at approximately $394 million. Financing for the transaction is supported by $670 million in debt commitment letters against an estimated $572 million total funds requirement. The TruBridge board, which received a fairness opinion from Solomon Partners, unanimously recommends the deal featuring termination fees of $12.3 million for the target and a $24.6 million reverse fee for IKS. Stockholders representing 27.3% of the outstanding voting power have committed to vote in favor of the transaction via support agreements. The transaction offers a 1.1% premium to the last closing price, concentrating the arbitrage on the no-vote bloc and potential appraisal demands that could delay the scheduled close.
Featured in Issue #18 ·
Cross Country Healthcare, Inc. CCRN (US) · $13.12 · MCAP $407M · EV $303M
Fwd P/E: NM · EV/EBITDA: 5.5x · EV/Sales: 0.3x · EV/GP: 1.7x (FY2026)
Cross Country Healthcare provides healthcare staffing and workforce solutions, including travel nurse, allied health, and physician staffing, across the United States.
Cross Country Healthcare, Inc. (CCRN) entered into a definitive merger agreement to be acquired by KL Criss Cross Intermediate, LLC for $13.25 per share in an all-cash take-private. The offer represents a 31% premium to the May 6 closing price and a 45% premium to the 90-day VWAP. The board unanimously recommends that shareholders vote in favor of the transaction, which requires approval by a majority of outstanding shares. Cross Country Healthcare filed its preliminary proxy on June 3, 2026, detailing deal mechanics and appraisal rights under DGCL Section 262 as it moves toward scheduling a special meeting. This filing clears the path to a shareholder vote where the arbitrage spread remains subject to shareholder approval and the risk of a superior proposal during the go-shop period.
Featured in Issue #18 ·
Emerald Holding, Inc. EEX (US) · $4.98 · MCAP $986M · EV $1.4B
Fwd P/E: 23.7x · EV/EBITDA: 10.6x · EV/Sales: 2.8x · EV/GP: 5.0x (FY2026)
Emerald Holding operates business-to-business trade shows, conferences, and events across sectors including retail, design, technology, and healthcare, with a portfolio of over 140 annual events.
Apollo funds acquire Emerald via all-cash merger at $5.03 per share, a take-private transaction with board and majority-stockholder approval. Majority stockholder Onex (93% voting power) delivered written consent on May 9, 2026, eliminating the need for a shareholder meeting. Goldman Sachs provided a fairness opinion; the deal is not subject to a financing condition per the merger agreement. Minority stockholders have 20 days from the preliminary information statement mailing date to demand appraisal under DGCL Section 262 instead of accepting $5.03.
Featured in Issue #18 ·
The Wendy's Company WEN (US) · $6.71 · MCAP $1.3B · EV $5.1B
Fwd P/E: 11.7x · EV/EBITDA: 9.5x · EV/Sales: 2.3x · EV/GP: 8.7x (FY2026)
The Wendy's Company operates and franchises quick-service restaurants globally under the Wendy's brand, serving hamburgers, chicken sandwiches, and other fast-food items. It is one of the largest hamburger chains in the US.
Trian Fund Management is reportedly exploring financing for a potential take-private of The Wendy's Company (WEN) and has discussed funding with potential backers, including Middle Eastern investors. No formal offer has been submitted for the restaurant operator, which saw global systemwide sales fall 5.5% to $3.22 billion in the first quarter. The exploration follows a share price decline of over 40% in the past year and a JPMorgan downgrade to Underweight with a $6 price target. This confirmed financing exploration led by a sitting board member and top shareholder transforms vague speculation into an actionable catalyst where a formal offer could establish a price floor.
Featured in Issue #18 ·
Select Medical Holdings Corporation SEM (US) · $16.51 · MCAP $2.0B · EV $5.4B
Fwd P/E: 13.5x · EV/EBITDA: 8.3x · EV/Sales: 0.9x · EV/GP: 8.2x (FY2026)
Select Medical Holdings Corporation operates critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics across the United States.
Select Medical Holdings Corporation (SEM) has entered a definitive agreement to be acquired by a consortium including co-founder Robert A. Ortenzio, Martin F. Jackson, and Welsh, Carson, Anderson & Stowe for $16.50 per share in cash. Under the terms of the $2.0 billion take-private, public stockholders receive cash consideration while insiders Ortenzio and Jackson retain a rollover option in the post-merger entity. A stockholder vote is scheduled for June 26, 2026, and the transaction is expected to close shortly thereafter. Law firm Bleichmar Fonti & Auld is investigating the board for potential fiduciary breaches related to the insider-led structure and deal fairness. This transaction invites appraisal and fiduciary scrutiny due to the differential consideration between public shares and management’s rollover, with the June 26 vote serving as the primary near-term catalyst before an expected quick close.
Featured in Issue #18 ·
LiveRamp Holdings, Inc. RAMP (US) · $37.58 · MCAP $2.3B · EV $1.9B
Fwd P/E: 12.7x · EV/EBITDA: 6.0x · EV/Sales: 2.1x · EV/GP: 3.0x (FY2027)
LiveRamp is a data-connectivity platform that enables companies to safely use first-party data for marketing, analytics, and identity resolution across the digital advertising ecosystem.
LiveRamp Holdings, Inc. (RAMP) entered into a definitive agreement to be acquired by Publicis Groupe in an all-cash transaction valued at $38.50 per share. The company filed definitive additional soliciting materials on June 3, 2026, following the June 2 signing, to initiate the proxy solicitation phase of the acquisition. Post-transaction, LiveRamp will operate as an independent business and its employee time-based equity awards will convert into cash awards at the deal price. Closing is expected before year-end 2026, subject to regulatory clearances, LiveRamp shareholder approval, and customary conditions. This all-cash take-private agreement removes financing contingency risk, leaving actionable spreads against the year-end 2026 close as monitors shift to the shareholder vote timeline and antitrust or CFIUS clearances.
Featured in Issue #18 ·
Organon & Co. OGN (US) · $13.36 · MCAP $3.5B · EV $11.0B
Fwd P/E: 3.9x · EV/EBITDA: 7.0x · EV/Sales: 1.8x · EV/GP: 3.3x (FY2026)
Organon & Co. is a global healthcare company focused on women's health, biosimilars, and established brands, spun off from Merck in 2021.
Organon & Co. (OGN) entered into a definitive merger agreement on April 26, 2026, to be acquired by Sun Pharmaceutical Holdings USA, Inc. for $14.00 per share in cash. The transaction is structured as a reverse triangular merger that will result in the global healthcare company becoming a private, wholly-owned subsidiary of Sun Pharma USA and delisting from the NYSE. On June 1, 2026, the company filed its preliminary proxy statement, though the record date and special meeting date for the required majority stockholder vote are yet to be determined. Completion remains subject to regulatory approvals and other customary closing conditions. The all-cash deal by a strategic sponsor provides a take-private spread where the primary arb focus now shifts to the stockholder vote timeline and any Delaware Section 262 appraisal demand dynamics.
Featured in Issue #18 ·
Caesars Entertainment CZR (US) · $29.20 · MCAP $5.9B · EV $31.3B
EV/EBITDA: 6.7x · EV/Sales: 2.6x · EV/GP: 7.0x (FY2026)
Caesars Entertainment operates casino resorts, sports betting, and iGaming platforms across the US under brands including Caesars Palace, Harrah's, and Horseshoe.
Caesars Entertainment, Inc. (CZR) signed a definitive agreement to be acquired by Fertitta Entertainment in an all-cash take-private transaction valued at $17.6B. The $31.00 per share offer price represents a 49% premium to the company’s February 25, 2026, closing price. Deutsche Bank downgraded the stock to Hold with a $31.00 price target, valuing the deal at 7.5x 2026E adjusted EBITDAR and a 19.1% gross free cash flow yield. Raymond James, Susquehanna, and JPMorgan also moved to neutral-equivalent ratings post-announcement. Global regulatory and financing risks have not been flagged for the acquisition, which will remove the CZR ticker from the public gaming landscape. Since no deal-specific hurdles are currently identified, the spread to the $31.00 offer price represents a timing and deal-certainty arbitrage.
Featured in Issue #18 ·
Taylor Morrison Home Corporation TMHC (US) · $71.55 · MCAP $6.7B · EV $8.5B
Fwd P/E: 13.5x · EV/EBITDA: 8.7x · EV/Sales: 1.3x · EV/GP: 5.6x (FY2026)
Taylor Morrison is a U.S. homebuilder focused on the move-up and resort-lifestyle buyer segment, with homes in the $500,000–$800,000+ range and a national brand recognized as America's Most Trusted Home Builder. It operates alongside Clayton Properties Group, Berkshire's entry-level site-built builder, in a complementary market position.
Taylor Morrison Home Corporation (TMHC) has entered into a definitive agreement to be acquired by Berkshire Hathaway in an all-cash take-private transaction valued at $72.50 per share. Announced on May 31, 2026, the deal is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions. Upon completion, TMHC will delist from the NYSE, and CEO Sheryl Palmer will continue in her role while also leading the site-built operations of Berkshire’s Clayton Properties Group. The transaction converts all outstanding RSUs and PSUs into cash-equivalent rights at the offer price, and the company intends to redirect its $400 million annual share-repurchase allocation toward land and market expansion post-close. The arbitrage spread on this definitive-agreement deal reflects regulatory approval risk and the timeline into H2 2026, with no financing contingency and no contingent consideration for public shareholders.
Featured in Issue #18 ·
Electro-Sensors, Inc. ELSE (US) · $7.67 · MCAP $27M · EV $16M
EV/GP: 3.0x
Electro-Sensors designs and manufactures industrial speed monitoring and motor control systems used in grain elevators, feed mills, and other processing facilities. Based in Minnetonka, Minnesota, it is a micro-cap Nasdaq-listed company.
Electro Sensors Inc (ELSE) filed a preliminary proxy statement on May 28, 2026, for its pending all-cash take-private merger with steute Industrial Controls, Inc. Under the definitive agreement entered on April 20, 2026, ELSE shareholders will receive $7.75 per share in cash. The deal was negotiated by a special independent committee and has received a unanimous recommendation for approval from the board of directors. A virtual special shareholder meeting will be scheduled once the record and meeting dates are finalized in subsequent filings. The filing establishes a spread to monitor against the $7.75 offer as the micro-cap transaction moves toward a shareholder vote. A key risk to consider is the approval threshold, which requires a majority of all outstanding shares and therefore treats abstentions as effective votes against the merger.
Featured in Issue #17 ·
Affinity Bancshares, Inc. AFBI (US) · $22.47 · MCAP $137M · EV $126M
Affinity Bancshares is the Covington, Georgia-based holding company for Affinity Bank, a community bank with $924.7 million in total consolidated assets as of March 31, 2026.
Affinity Bancshares (AFBI) entered into a definitive agreement to be acquired by Fidelity BancShares (N.C.), Inc. for $23.00 per share in an all-cash take-private transaction. Directors and officers holding a 6.3% stake have signed support agreements for the merger, which is scheduled for a shareholder vote on July 7, 2026. Performance Trust is serving as the advisor for the deal, which carries a $5.5 million termination fee and an expected close in the third quarter of 2026. The merger consideration includes a provision for downward adjustment if Affinity’s adjusted stockholders' equity at closing falls below its February 28, 2026 level. The transaction values the company at approximately 1.2x tangible book, but the primary arbitrage risk is a price adjustment mechanism linked to an allowance-for-credit-losses shortfall formula disclosed in the proxy that could reduce the $23.00 fixed consideration.
Featured in Issue #17 ·
XOMA Royalty Corporation XOMA (US) · $41.71 · MCAP $523M · EV $527M
Fwd P/E: 53.1x · EV/Sales: 8.7x · EV/GP: 9.2x (FY2026)
XOMA Royalty Corporation acquires and manages pharmaceutical royalty and milestone payment streams from drug developers, generating cash receipts from commercial royalties and milestone fees.
XOMA Royalty (XOMA) signed a definitive merger agreement for an all-cash take-private by Ligand Pharmaceuticals Incorporated on April 27, 2026. Terms provide for $39.00 in cash plus one non-transferable CVR per share tied to net proceeds from the Janssen litigation. Stockholders must approve both the merger and a preceding Holding Company Reorganization. XOMA, advised by Leerink Partners, filed its preliminary S-4 proxy on May 22, 2026, to begin the formal solicitation process. The arb spread is the gap to the $39.00 cash consideration minus the uncertain timing and outcome of the Janssen suit, as the non-transferable CVR may provide no value.
Featured in Issue #17 ·
Avanos Medical, Inc. AVNS (US) · $24.80 · MCAP $1.2B · EV $560M
Fwd P/E: 24.8x · EV/Sales: 0.8x · EV/GP: 1.6x (FY2026)
Avanos Medical is a medical device company focused on delivering clinically superior solutions in chronic care and pain management, including digestive health and respiratory health products.
Avanos Medical, Inc. (AVNS) entered into a definitive merger agreement on April 13, 2026, to be acquired by affiliates of American Industrial Partners in an all-cash transaction valued at $1.42B. Under the terms of the agreement, AVNS stockholders will receive $25.00 per share, a proposal which the board of directors has unanimously recommended for approval. The transaction requires the affirmative vote of a majority of outstanding shares at a special meeting to be scheduled in 2026. A preliminary proxy statement filed on May 29, 2026, moves the deal into the formal solicitation phase with Okapi Partners LLC serving as an advisor. The filing initiates the pre-vote timeline and creates a defined arb spread window, with the definitive proxy and special meeting date still pending to determine the closing timeline.
Featured in Issue #17 ·
Two Harbors Investment Corp. TWO (US) · $12.38 · MCAP $1.3B
Fwd P/E: 10.9x (FY2026)
Two Harbors Investment Corp. is a REIT that invests in mortgage servicing rights, residential mortgage-backed securities, and other financial assets. It is headquartered in St. Louis Park, MN.
Two Harbors Investment Corp. (TWO) adjourned its special meeting to June 11, 2026, to solicit more proxies in favor of its $12.00 per share all-cash merger with CCM. Supported by proxy solicitor D.F. King & Co., Inc., the deal represents a 21% premium and includes a pro-rated stub dividend for common stockholders upon closing. While the transaction has received HSR early termination and 41 of 53 state and agency approvals, a non-binding competing proposal from UWMC with an equity election worth approximately $7.23 per share has complicated the solicitation. This second adjournment signals a close vote and heightened deal risk as the UWMC bid provides cover for holdouts, with the arbitrage spread reflecting market skepticism regarding the board's ability to approve the deal without a binding fallback.
Featured in Issue #17 ·
Kennedy-Wilson Holdings, Inc. KW (US) · $11.01 · MCAP $1.5B · EV $5.7B
EV/EBITDA: 20.3x · EV/Sales: 14.9x · EV/GP: NM (FY2026)
Kennedy-Wilson is a global real estate investment company that owns, operates, and invests in multifamily, office, and other commercial properties across the US, UK, and Europe.
A finance subsidiary of Kennedy-Wilson Holdings, Inc. (KW), a global real estate investment company, completed an $1.8 billion senior notes offering on May 29, 2026, to fund its take-private merger with a consortium led by CEO William McMorrow and Fairfax Financial. The offering includes 7.000% notes due 2031 and 7.250% notes due 2033, with proceeds intended to redeem existing 2029 and 2030 notes and repay an unsecured credit facility contingent on the merger closing. If the transaction is not completed by the November 16, 2026, drop-dead date, the notes are subject to a special mandatory redemption at 100% of the issue price plus accrued interest. Fairfax Financial has committed to fund any shortfall in the escrow account for the redemption. Fairfax's backstop of the redemption shortfall removes one risk, but the structure ties the notes' fate entirely to deal completion—a binary outcome for credit arb funds tracking the merger spread.
Featured in Issue #17 ·
Sila Realty Trust, Inc. SILA (US) · $30.24 · MCAP $1.7B · EV $2.0B
Fwd P/E: 46.5x · EV/EBITDA: 13.0x · EV/Sales: 9.6x · EV/GP: 10.9x (FY2026)
Sila Realty Trust is a publicly registered non-traded REIT that owns a portfolio of 137 healthcare properties across the United States as of March 31, 2026.
Sila Realty Trust (SILA) is being acquired by an affiliate of Blue Owl in an all-cash take-private merger valued at $1.68B. Under the definitive agreement signed April 19, 2026, shareholders are to receive $30.38 per share, representing a 19% premium to the pre-announcement closing price of $25.53. Advisor BofA Securities conducted a multi-round sale process that yielded preliminary bids up to $30.25 per share prior to the final agreement. The transaction includes a company termination fee of $55.7 million and a parent termination fee of $152.0 million. A shareholder vote is scheduled for June 26, 2026, for shareholders of record as of May 19, with the merger expected to close shortly thereafter. The all-cash deal currently carries a tight spread to the offer price, leaving the June 26 vote outcome and the potential for late-stage competing bids as the primary focal points given the prior competitive marketing process.
Featured in Issue #17 ·
Global Business Travel Group, Inc. GBTG (US) · $9.34 · MCAP $4.9B · EV $5.1B
Fwd P/E: 52.6x · EV/Sales: 1.6x · EV/GP: 2.6x (FY2026)
Global Business Travel Group operates the B2B travel platform American Express Global Business Travel, providing corporate travel management, meetings, and expense solutions worldwide.
Global Business Travel Group, Inc. (GBTG) filed a preliminary proxy statement on May 28, 2026, regarding its definitive agreement to be acquired by affiliates of Long Lake Management Holdings Inc. for $9.50 per share in cash. Rothschild & Co served as the advisor on the transaction, which was signed May 2, 2026, and received a unanimous recommendation from the company’s special committee of independent directors. Voting agreements covering a majority stake have been secured with American Express, EG, QIA, and BR Investors. A virtual special meeting to approve the merger will be scheduled following the imminent mailing of the proxy to stockholders. The deal hinges on a majority-of-outstanding-shares threshold, with voting agreements likely locking in a quorum and leaving the spread to be gated by appraisal risk and the proxy-to-close timeline.
Featured in Issue #17 ·
Whitestone REIT WSR (US) · $18.99 · MCAP $976M · EV $1.3B
Fwd P/E: 49.2x · EV/EBITDA: 9.0x · EV/Sales: 7.9x · EV/GP: 11.5x (FY2026)
Whitestone REIT is a Maryland real estate investment trust that owns, operates, and redevelops community-centered retail and mixed-use properties primarily in Sun Belt markets.
Whitestone Reit (WSR) filed its definitive proxy statement for its acquisition by AREG Wizard Parent LP, an affiliate of Ares Real Estate, in an all-cash take-private merger. Whitestone is a Maryland real estate investment trust that owns, operates, and redevelops community-centered retail and mixed-use properties primarily in Sun Belt markets. Under the terms of the April 8, 2026 agreement, shareholders will receive $19.00 per share in cash. The Whitestone board has unanimously recommended that shareholders vote in favor of the proposal at a special meeting scheduled for July 9, 2026. Alliance Advisors, LLC is serving as an advisor on the transaction.
Featured in Issue #16 ·
Select Medical Holdings Corporation SEM (US) · $16.52 · MCAP $2.0B · EV $5.5B
Fwd P/E: 13.5x · EV/EBITDA: 8.5x · EV/Sales: 1.0x · EV/GP: 8.4x (FY2026)
Select Medical is a major U.S. operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational medicine centers.
Select Medical Holdings Corp (SEM) filed its definitive proxy statement for a June 26, 2026, special meeting to vote on a management-led take-private merger at $16.50 per share in cash. The offer represents an 18% premium to the $14.01 unaffected price on November 24, 2025. A buyer consortium led by co-founder and Executive Chairman Robert Ortenzio and executive Martin Jackson is backed by Welsh Carson fund WCAS XIV. A Special Committee of independent directors unanimously recommended the transaction as fair to unaffiliated shareholders. Approval requires a majority of outstanding shares and a separate majority-of-the-minority condition excluding parent-affiliated stockholders. Select Medical is a U.S. operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational medicine centers.
Featured in Issue #16 ·
LiveRamp Holdings, Inc. RAMP (US) · $37.70 · MCAP $2.3B · EV $1.3B
Fwd P/E: 12.7x · EV/EBITDA: 4.0x · EV/Sales: 1.4x · EV/GP: 2.0x (FY2027)
LiveRamp provides enterprise data connectivity and identity resolution platforms, enabling companies to connect, control, and activate customer data across digital marketing ecosystems.
LiveRamp Holdings, Inc. (RAMP) entered into a definitive merger agreement to be acquired by MMS USA Holdings, a wholly owned subsidiary of Publicis Groupe S.A., for $38.50 per share in cash. The LiveRamp Board of Directors unanimously approved the all-cash take-private transaction, which was disclosed in an 8-K filing on May 16, 2026. Closing is subject to stockholder approval, HSR clearance, non-U.S. antitrust and FDI approvals, and CFIUS approval. Upon completion, LiveRamp will become a wholly owned subsidiary of Publicis and be delisted from the NYSE.
Featured in Issue #16 ·
The AES Corporation AES (US) · $14.68 · MCAP $10.5B · EV $38.5B
Fwd P/E: 6.3x · EV/EBITDA: 7.1x · EV/Sales: 3.1x · EV/GP: 17.0x (FY2026)
The AES Corporation is a diversified power generation and utility company operating a global portfolio of electricity generation and distribution businesses.
AES (AES) entered into a definitive merger agreement on March 1, 2026, to be acquired by Horizon Parent, L.P., a GIP–EQT consortium, for $15.00 per share in an all-cash take-private deal valued at $10.69 billion. The offer price represents a 35.5% premium to the unaffected closing price on July 8, 2025, and a 40.3% premium to the 30-day VWAP. AES filed its definitive merger proxy on May 15, 2026, with a shareholder vote scheduled for June 26, 2026. The transaction is not subject to a financing condition and is supported by equity commitments and a $4.72 billion backstop term loan facility. The board unanimously recommends voting for the merger, which is expected to close in H2 2026 and result in the company being delisted from the NYSE and deregistered.
Featured in Issue #16 ·
Array Digital Infrastructure AD (US)
Array Digital Infrastructure is a digital infrastructure company listed on the NYSE under AD. It owns and operates communications infrastructure assets.
Telephone and Data Systems (TDS) submitted a non-binding all-stock proposal to acquire the shares of Array Digital Infrastructure (AD) it does not already own. The board of Array Digital Infrastructure has formed a special committee and engaged independent advisors to evaluate the offer. The proposal is subject to prior spectrum sales, a special dividend, and shareholder approvals from both parties. Array Digital Infrastructure currently trades at $51.51, compared to a $53.50 analyst target and a fair value estimate 24.8% below the current share price. The all-stock consideration introduces valuation uncertainty for AD minority holders.
Featured in Issue #15 ·
BuzzFeed Inc BZFD (US) · $1.49 · MCAP $56M · EV $113M
EV/Sales: 0.6x · EV/GP: 1.9x (FY2026)
BuzzFeed is a digital media company operating news, entertainment, and lifestyle brands including BuzzFeed News, Tasty, and HuffPost.
BuzzFeed (BZFD) announced a proposed majority stake investment by Byron Allen’s Family Office on May 11, signaling a potential take-private or control transaction. The proposal involves the family office acquiring a controlling interest in the digital media company, which operates brands including BuzzFeed News, Tasty, and HuffPost. While the transaction constitutes a firm offer, no definitive agreement has been reached. Truncated announcement details indicate leadership involvement referencing Jonah Peretti.
Featured in Issue #15 ·
Enhabit, Inc. EHAB (US) · $13.80 · MCAP $707M · EV $925M
Fwd P/E: 23.0x · EV/EBITDA: 24.3x · EV/Sales: 0.8x · EV/GP: 1.8x (FY2026)
Enhabit, Inc. is a provider of home health and hospice services operating across the United States, formerly spun off from Encompass Health in 2022.
Enhabit, Inc. (EHAB) completed its acquisition by Anchor Parent, LLC on May 15, 2026, via a merger of a subsidiary with the company. Shareholders are entitled to receive $13.80 per share in cash for each share of common stock held before the effective time. Per the merger agreement, all outstanding shares, stock options, RSUs, and PSUs were cancelled and converted into the right to receive cash payments. Concurrent with the closing, a $420M amended and restated credit agreement was entered to support the post-merger capital structure. The consummation of the going-private acquisition crystallizes the return and removes the provider of home health and hospice services from the market.
Featured in Issue #15 ·
FONAR Corporation FONR (US) · $18.86 · MCAP $116M · EV $77M
FONAR Corporation generates revenue primarily from managing diagnostic imaging centers, supplemented by product sales and servicing of MRI equipment.
FONAR (FONR) is advancing a going-private merger led by CEO Timothy Damadian, with a special meeting of stockholders scheduled for May 28, 2026. The definitive agreement provides $19.00 per common and Class B share, $6.34 per Class C share, and $10.50 per Class A preferred share. Completion requires dual stockholder approval and a separate disinterested shareholder vote, with a targeted close in fiscal Q4 2026. A Delaware stockholder class action is currently challenging whether a Section 203 supermajority voting threshold applies to the transaction. As of March 31, 2026, the company held $53.7 million in cash against $54.8 million in total liabilities. Net income for the third quarter fell to $1.6 million from $2.5 million in the prior-year period.
Featured in Issue #15 ·
Forian Inc. FORA (US) · $2.17 · MCAP $68M · EV $53M
EV/Sales: 1.6x · EV/GP: 3.1x (FY2026)
Forian Inc. provides data management and analytics solutions, primarily serving the life sciences and healthcare industries.
Forian Inc. (FORA) completed its take-private merger with 2025 Acquisition Company, LLC on May 15, 2026, following the expiration of a tender offer at $2.17 per share in cash. Approximately 91% of shares were validly tendered, and Forian became a wholly owned subsidiary of 2025 Acquisition Company, LLC. The company, which provides data management and analytics solutions for the life sciences and healthcare industries, notified the Nasdaq Capital Market to delist its common stock and will file a Form 15 to deregister its shares and suspend reporting. All pre-merger directors resigned upon closing, with Max Wygod remaining as the sole director of the surviving corporation. Houlihan Lokey served as advisor for the transaction.
Featured in Issue #15 ·
Kennedy-Wilson Holdings, Inc. KW (US) · $11.03 · MCAP $1.5B · EV $5.7B
EV/EBITDA: 20.3x · EV/Sales: 14.9x · EV/GP: NM (FY2026)
Kennedy-Wilson Holdings is a global real estate investment company operating primarily through its wholly-owned subsidiary Kennedy-Wilson, Inc., with headquarters in Beverly Hills, California.
Kennedy-Wilson Holdings, Inc. (KW) is proceeding with a going-private merger with Kona Bidco, LLC, a consortium led by Chairman/CEO William McMorrow and Fairfax Financial Holdings. On May 12, 2026, the company launched a $1.8 billion senior notes private offering to redeem 2029 and 2030 notes, offer to purchase 2031 notes, and repay credit facility debt. Proceeds will be held in escrow until the merger closes; if the transaction is not completed by November 16, 2026, the notes face a special mandatory redemption at 100% of the issue price plus accrued interest. Fairfax has committed to fund any shortfall between the escrowed funds and the redemption price. The deal is expected to close on or before November 16, 2026.
Featured in Issue #15 ·
Kezar Life Sciences, Inc. KZR (US) · $7.29 · MCAP $54M · EV $-24M
Kezar Life Sciences is a clinical-stage biotechnology company focused on developing novel small-molecule therapies for autoimmune diseases and cancer.
Kezar Life Sciences, Inc. (KZR) completed its going-private merger with Aurinia Pharma U.S., Inc. on May 11, 2026, following a tender offer at $6.955 per share in cash plus one contingent value right (CVR). As of the May 8 expiration, 80.2% of shares were validly tendered, allowing for a short-form merger under Section 251(h) of the DGCL without a stockholder vote. Kezar is now a wholly owned subsidiary of Aurinia and has moved to delist from Nasdaq and terminate SEC registration. All incumbent directors and certain officers resigned upon completion and were replaced by Aurinia designees. The transaction eliminates the public float and triggers the CVR as a stub-value tracking security.
Featured in Issue #15 ·
Salem Media Group, Inc. SALM (US) · $0.9520 · MCAP $25M · EV $68M
Salem Media owns ~62 radio stations across 16 states and syndicates Christian and conservative talk, news, and music to ~2,400 affiliates via its Salem Radio Network.
Salem Media (SALM) entered into a definitive agreement to be acquired by WaterStone for $1.00 per share in a $31.8 million going-private transaction. The offer price represents a 250% premium over the recent trading price for Salem Media, which owns approximately 62 radio stations across 16 states and syndicates Christian and conservative content to roughly 2,400 affiliates. WaterStone already holds a 49.5% voting interest in the company through prior preferred stock investments. The transaction has been unanimously approved by the Salem board and is expected to close in August 2026, subject to shareholder and regulatory approvals.
Featured in Issue #15 ·
Select Medical Holdings Corporation SEM (US) · $16.50 · MCAP $2.0B · EV $5.5B
Fwd P/E: 13.5x · EV/EBITDA: 8.5x · EV/Sales: 1.0x · EV/GP: 8.4x (FY2026)
Select Medical Holdings Corporation operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers across the United States. The company is a major provider of post-acute care services.
Select Medical Holdings Corp (SEM) filed amended preliminary proxy materials for a special meeting to vote on its $16.50 per share all-cash merger with a consortium led by Executive Chairman Robert Ortenzio and WCAS XIV, L.P. The management-led transaction represents an 18% premium to the company's $14.01 unaffected price as of November 24, 2025. Approval requires both a majority of outstanding shares and a majority of shares held by unaffiliated stockholders, with a record date of May 11, 2026. A Special Committee of independent directors unanimously recommended the deal, which includes rollover contributions from the consortium. Legal advisors include Cravath, Swaine & Moore LLP, Ropes & Gray LLP, Dechert LLP, and Skadden, Arps, Slate, Meagher & Flom LLP.
Featured in Issue #15 ·
Spire Healthcare Group plc SPI (US) · $1.50 · MCAP $602M · EV $1.9B
Spire Healthcare is a leading UK independent healthcare group operating 38 hospitals and over 60 clinics across England, Wales, and Scotland, serving private, NHS, and employer-funded patients.
Spire Healthcare (SPI) received a non-binding proposal from its second-largest shareholder, Toscafund Asset Management LLP, for a possible all-cash offer at 250 pence per share for the entire issued share capital. The board stated it is minded to recommend the proposal unanimously should a firm offer be made, subject to the agreement of terms and documentation. Toscafund is currently conducting confirmatory due diligence, and discussions remain at a relatively early stage. Under Rule 2.6(a) of the Takeover Code, Toscafund must announce a firm intention to make an offer or a statement that it does not intend to make an offer by 5:00 p.m. on June 11, 2026. Spire Healthcare operates 38 hospitals and over 60 clinics across England, Wales, and Scotland. Rothschild & Co, Gleacher Shacklock, J.P. Morgan Cazenove, and Berenberg are acting as advisors.
Featured in Issue #15 ·
The AES Corporation AES (US) · $14.47 · MCAP $10.3B · EV $38.5B
Fwd P/E: 6.2x · EV/EBITDA: 7.1x · EV/Sales: 3.1x · EV/GP: 17.0x (FY2026)
The AES Corporation is a Fortune 500 global power generation and distribution company, providing electric energy to customers in over a dozen countries through a diversified portfolio of generation assets and utilities.
AES (AES) filed a definitive proxy statement on May 15, 2026, for a June 26, 2026, special shareholder meeting to vote on its $10.69 billion going-private merger with a consortium led by GIP and EQT. Shareholders will receive $15.00 per share in cash, representing a 35.5% premium to the unaffected price on July 8, 2025, and a 40.3% premium to the 30-day VWAP. The board of the global power generation and distribution company has unanimously recommended approval of the deal. Funding for the $10.69 billion transaction is backed by equity commitments and debt facilities. AES will be delisted from the NYSE and deregistered upon completion of the merger.
Featured in Issue #15 ·
Tri Pointe Homes, Inc. TPH (US) · $46.96 · MCAP $4.0B · EV $3.0B
Fwd P/E: 24.5x · EV/EBITDA: 6.8x · EV/Sales: 1.0x · EV/GP: 4.5x (FY2026)
Tri Pointe Homes is a Delaware-incorporated homebuilder operating in multiple states, designing and constructing single-family homes. It was publicly traded on the NYSE under ticker TPH prior to the merger.
Tri Pointe Homes, Inc. (TPH) completed its merger with Sumitomo Forestry Co., Ltd. on May 14, 2026, with TPH becoming an indirect wholly owned subsidiary. Each share of common stock was converted into $47.00 cash, and the company requested its shares be delisted from the NYSE effective before the market open on the closing date. All existing directors resigned upon completion and were replaced by directors from the merger subsidiary. A May 13, 2026, letter agreement reduced the retention bonus for the President and COO to $10.865M.
Featured in Issue #15 ·
Wendy's WEN (US) · $8.02 · MCAP $1.5B · EV $5.5B
Fwd P/E: 13.9x · EV/EBITDA: 10.1x · EV/Sales: 2.5x · EV/GP: 9.2x (FY2026)
Wendy's is one of the largest quick-service restaurant chains globally, operating and franchising hamburger-focused restaurants under the Wendy's brand.
Nelson Peltz and Trian Fund Management are exploring a potential bid to take Wendy’s (WEN) private. Trian, which holds a significant stake in the company, is in preliminary talks with external investors to secure financing for a possible transaction. No formal proposal has been made, and the board's response remains an open question. Wendy’s stock closed at $8.11, up 19.6% over the past month but down 57.5% over five years. A take-private by an activist with a deep understanding of the business could unlock value after the prolonged share-price decline and create a catalyst around deal terms and potential competing bids.
Featured in Issue #15 ·
Japan 26 situations
Oricon Inc. 4800.T (JP) · MCAP $107M · EV $79M
Fwd P/E: 16.2x · EV/EBITDA: 5.7x · EV/Sales: 1.9x · EV/GP: 3.3x (FY2027)
Oricon Inc. is a Tokyo Stock Exchange Standard Market-listed company that provides statistical data and information services focused on music, publishing, and entertainment rankings in Japan.
Oricon Inc. (4800.T) is the subject of a take-private by Media Co., Ltd. following a May 28, 2026, master transaction agreement disclosed in a large shareholding filing by founder-vehicle Little Pond. Little Pond, which holds 31.16% of the company, will not tender into the bid and has agreed to vote for a reverse stock split at an extraordinary general meeting. CEO Koike Tsune has committed to tender his personal 0.47% stake within five business days of the bid’s launch. Oricon will repurchase Little Pond’s stake post-tender via a self-share buyback, with part of the consideration deferred and contributed-in-kind to bidder parent Technology Co., Ltd. Little Pond is subject to a no-shop clause requiring notification of competing proposals within three business days. This transaction functions as an implicit rollover for the founder, meaning the key arbitrage considerations are the minority tender price and potential dissenters’ appraisal rights under Japanese Companies Act Article 785.
Featured in Issue #18 ·
E-Grand Co., Ltd. 3294.T (JP) · MCAP $183M · EV $278M
E-Grand Co., Ltd. is a Tokyo Standard-listed company engaged in real estate-related businesses including asset management, condominium sales, urban and resort development, and sustainability operations.
e'grand Co.,Ltd (3294.T) is proceeding with a $187M take-private by Seibu Real Estate Co., Ltd. through a Japanese two-step squeeze-out. Seibu Real Estate reached a 95.72% stake following a tender offer that settled on May 25 and subsequently exercised its squeeze-out right under Article 179 of the Companies Act. The e'grand board approved the demand on May 27, setting the acquisition date for all remaining common shares at ¥4,858 per share on June 17, 2026. The transaction is fully debt-financed via a ¥29.9B loan from Seibu Holdings Inc., and 4,200 restricted shares held by directors will be forfeited for no consideration prior to the acquisition. The squeeze-out is mandatory with no further voting or regulatory conditions, leaving the locked-in ¥4,858 price as a pure timing play for final settlement.
Featured in Issue #18 ·
Career Bank Co., Ltd. 4834.T (JP) · ¥1,737 · MCAP $11M · EV $8M
Fwd P/E: 38.1x
Career Bank Co., Ltd. is a Japanese staffing and recruiting company providing temporary staffing, permanent placement, and business process outsourcing (BPO) services including administrative/clerical back-office operations across Hokkaido and other regions.
Career Bank Co., Ltd. (4834.T) scheduled an extraordinary shareholders meeting for June 24 to vote on a 150,000:1 reverse stock split to squeeze out minority shareholders. Following its tender offer that closed April 21, 2026, North Pacific Bank holds an 88.27% stake in the company. Minority holders will be cashed out at the original tender price of ¥1,755 per share, a 45.52% premium to the unaffected March 2 close. The company is expected to delist from the Sapporo Stock Exchange on July 14, with the consolidation effective July 16 and cash payments anticipated in late September 2026. IR Japan Co., Ltd., TMI General Law Office, and Daiwa Securities Co., Ltd. are advising on the transaction. This is the final liquidity event for non-tendered holders, whose exit price becomes binding upon the June 24 vote, though the required court-approved share sale process should be monitored for price adjustment risk.
Featured in Issue #17 ·
Watt Mann Co., Ltd. 9927.T (JP) · MCAP $53M · EV $45M
Watt Mann Co., Ltd. operates a chain of retail stores in Japan specializing in used and recycled goods, including books, CDs, DVDs, games, and consumer electronics, under the 'Watt Mann' brand.
Watt Mann Co., Ltd. (9927.T) is proceeding with a reverse stock split squeeze-out by counterparty IAPF3 Inc. following shareholder approval of a 2,112,184-for-1 share consolidation. The consolidation reduces outstanding shares to four units held entirely by IAPF3 Inc. and the CEO’s family, with minority holders to receive ¥972 per share for fractional interests. The Tokyo Stock Exchange has designated the stock for delisting effective June 19, 2026, with the final day of trading scheduled for June 18, 2026. IAPF3 Inc. is financing the fractional-share acquisition via a loan from the Bank of Yokohama. This final-stage squeeze-out creates a ~3.5-month gap between delisting and the late-September 2026 cash distribution, resulting in a longer-than-typical time-value drag for investors who did not tender.
Featured in Issue #17 ·
Jimoty, Inc. 7082.T (JP) · MCAP $87M · EV $47M
Fwd P/E: 36.4x · EV/EBITDA: 12.8x · EV/Sales: 3.6x · EV/GP: 3.9x (FY2026)
Jimoty, Inc. operates a local classifieds and community marketplace platform in Japan, connecting users for second-hand goods, services, and local information. Listed on the Tokyo Stock Exchange Growth market (code 7082).
Jimoty, Inc. (7082.T) is the subject of an all-cash tender offer and squeeze-out by Culture Convenience Club Co., Ltd. (CCC) valued at ¥9.32B. The offer price of ¥1,420 per share represents a 42% premium over CCC's initial proposal and requires a minimum acceptance of 6,560,000 shares, or 66.67%, to proceed with a mandatory share consolidation. Large shareholders CEO Kato, NTT Docomo, and Proto Corp have committed to tender a combined 41.51% interest. A May 26, 2026, amended filing confirmed the full release of a pledge on CEO Kato's 710,000 shares, or a 7.22% stake, that had been held by Daiwa Securities. This pledge release de-risks the minimum-acceptance threshold, as only approximately 25% of the remaining float must now tender to clear the 66.67% hurdle and trigger the squeeze-out.
Featured in Issue #17 ·
E-Grand Co., Ltd. 3294.T (JP) · MCAP $185M · EV $168M
EV/GP: 6.2x
E-Grand Co., Ltd. is a Japanese company listed on the Tokyo Stock Exchange Standard Market. It operates real estate-related businesses, including property sales, leasing, management, and brokerage.
E-Grand Co., Ltd. (3294.T) received a share surrender demand from Seibu Fudosan Co., Ltd. to acquire all remaining shares following a tender offer that resulted in a 90.83% voting stake. Under Article 179 of the Companies Act, Seibu Fudosan will execute the squeeze-out at ¥4,858 per share, representing a 126.37% premium to the undisturbed price of ¥2,146. E-Grand’s board has approved the transaction with Plutus Consulting Co., Ltd. serving as advisor. The shares will be delisted from the Tokyo Stock Exchange Standard Market on June 15, 2026, ahead of the June 17, 2026, acquisition date. This final-step squeeze-out completes a take-private following a competitive auction, forcing a cash exit for remaining minority holders with no trading liquidity after June 14, 2026.
Featured in Issue #17 ·
The Global Company 3271.T (JP) · MCAP $226M · EV $274M
EV/GP: 7.8x
THE GLOBAL CO. is a Tokyo Stock Exchange-listed entity (code 3271). No further business description is provided in the filing.
Daito Trust Construction completed a tender offer for THE GLOBAL CO. (3271) on May 22, acquiring 12.7 million shares at ¥1,280 per share. Combined with joint holder SBI Holdings’ 14.7 million shares, the group controls 27.4 million shares or 96.87% of the 28.3 million shares outstanding. The group intends to take the company private via a stock consolidation under Article 180 of Japan’s Companies Act and the abolition of minimum share units. While SBI Holdings did not tender into the offer, it will vote in favor of the squeeze-out before selling its stake back to the company post-consolidation. With 96.87% control, Daito and SBI can unilaterally pass the required two-thirds special resolution to squeeze out the remaining 3.13% minority float at the ¥1,280 floor price. Minority holders should monitor the extraordinary general meeting date for the final exit price and whether appraisal rights are pursued.
Featured in Issue #17 ·
INFORICH Inc. 9338.T (JP) · MCAP $285M · EV $107M
Fwd P/E: 40.4x · EV/Sales: 1.0x · EV/GP: 1.3x (FY2026)
INFORICH Inc. operates in Japan, providing corporate planning and IR-related services. Listed on the Tokyo Stock Exchange Growth Market.
INFORICH Inc. (9338.T) shareholders approved a 1,964,098:1 reverse stock split to consolidate 10 million outstanding shares into five units held by acquirer BCJ-102. Minority fractional shares will be sold to the acquirer at ¥4,560 per share using funding from parent equity and loans from SMBC, SBI Shinsei Bank, and Aozora Bank. The stock enters Tokyo Stock Exchange supervisory designation today, with a final trading day of June 15 and delisting on June 16. Consolidation is effective June 18, with cash delivery expected between August and September 2026 following court approval of the fractional share sale. This EGM approval locks in the going-private squeeze-out under the Japanese Companies Act, leaving timing as the primary risk as the cash-out price mirrors the prior tender offer.
Featured in Issue #17 ·
Solasto Corporation 6197.T (JP) · MCAP $630M · EV $679M
Fwd P/E: 23.1x · EV/EBITDA: 10.3x · EV/Sales: 0.7x · EV/GP: 4.8x (FY2027)
Solasto Corporation provides outsourced medical clerical, nursing-care, and childcare services in Japan, operating through three segments: medical outsourcing, elderly care, and child daycare.
Solasto Corporation (6197.T) scheduled an extraordinary general meeting for July 6, 2026, to approve a share consolidation and the abolition of share units following a successful tender offer by an MBK Partners-led consortium. The two-step squeeze-out will cash out remaining minority shareholders at ¥1,119 per share, with the stock designated for delisting from the Tokyo Stock Exchange Prime Market on August 6, 2026. Nomura Securities provided a fairness opinion and served as financial advisor, while Nishimura & Asahi acted as legal counsel. A 91.11% combined blocking stake held by MBK Partners, Daito Kentaku, and the employee shareholding association ensures the approval of the consolidation to forcibly cash out the remaining 8.89% minority float at the ¥1,119 offer price.
Featured in Issue #17 ·
MCJ Co., Ltd. 6670.T (JP) · MCAP $1.3B · EV $1.1B
Fwd P/E: 13.7x · EV/EBITDA: 8.8x · EV/Sales: 0.8x · EV/GP: 3.1x (FY2027)
MCJ Co., Ltd. is a Japanese holding company with subsidiaries engaged in the manufacturing and sale of electrical components and equipment, listed on the Tokyo Stock Exchange Standard Market.
MCJ Co., Ltd. (6670.T) shareholders approved a 23,500,000-for-1 reverse stock split at a general meeting on May 27, 2026, to facilitate a squeeze-out by BCPE Meta Cayman LP. Minority holders will receive a cash distribution of ¥2,200 per pre-split share, matching the prior tender offer price, while BCPE will emerge as the sole shareholder. BCPE has secured a ¥150 billion financing commitment from SMBC, Mizuho, Aozora, and Kiraboshi to settle the transaction. The Tokyo Stock Exchange has designated the shares as supervised stock, with the final trading day set for June 15, 2026, prior to delisting on June 16. This final phase of the Japanese two-step going-private process allows for monitoring the trading spread against the fixed ¥2,200 cash-out value as the transaction awaits the remaining procedural gate of court approval for the fractional-share sale.
Featured in Issue #17 ·
nms Holdings Corporation 2162.T (JP) · MCAP $47M · EV $141M
EV/GP: 2.0x
nms Holdings Corporation operates three business segments: human solutions (manufacturing staffing, dispatch, and contract manufacturing), electronics manufacturing services (EMS — design, development, and contract manufacturing of automotive and electronic equipment), and power supply (custom power supply development, manufacturing, and sales). Operates across Japan, China, and ASEAN with 25 consolidated subsidiaries.
World Holdings Co., Ltd., a 32.91% shareholder in nms Holdings Corporation (2162.T), has launched a ¥540 per share tender offer to take the company private through a two-step squeeze-out. The tender period runs from June 1 to July 10, 2026, targeting a minimum acceptance of 6,480,800 shares to achieve 66.67% voting control. Shareholders representing 26.27% of the company, including former CEO Ono Fumiaki and JAIC-related funds, have committed to tender their full holdings. The nms board expressed support for the deal but remains neutral on recommending the offer to shareholders. This transaction follows a capital-business alliance initiated in March 2025 and will result in the delisting of nms from the Tokyo Stock Exchange Standard Market. With the minimum condition effectively pre-met by existing stakes and commitments, the arbitrage focuses on the spread between the ¥540 offer and historical reference points of ¥372 and ¥585, as well as potential fairness challenges given the neutral board recommendation.
Featured in Issue #17 ·
Sawafuji Electric Co., Ltd. 6901.T (JP) · MCAP $35M · EV $68M
Sawafuji Electric Co., Ltd. is a Japanese manufacturer of automotive electrical equipment, including starters, alternators, and related components.
Sawafuji Electric Co., Ltd. (6901.T) is executing a going-private squeeze-out sequence via a self-tender for all ordinary shares held by 40% stakeholder Hino Motors, Ltd. and a reverse stock consolidation. Shareholders resolved on May 19, 2026, to repurchase the Hino Motors stake, which will reduce the counterparty's voting rights to 0% upon the scheduled completion date of May 26, 2026. A 6-into-5 reverse stock consolidation took effect on May 19, 2026, reducing issued shares to 5 after fractional elimination. Post-buyback, total issued shares for the automotive electrical equipment manufacturer will stand at 6 ordinary shares with ¥1,080 million in stated capital.
Featured in Issue #16 ·
Matsuya R&D Co., Ltd. 7317.T (JP) · MCAP $149M · EV $135M
Fwd P/E: 12.5x · EV/EBITDA: 5.0x · EV/Sales: 2.0x · EV/GP: 6.0x (FY2027)
Matsuya R&D Co., Ltd. designs, manufactures, and sells blood pressure monitor arm cuffs, operating as a key supplier to Omron Healthcare under an existing capital and business alliance agreement.
Matsuya R&D Co., Ltd. (7317.T) board resolved to support and recommend a tender offer from Omron Healthcare Co., Ltd. at ¥1,110 per share and ¥717,600 per stock acquisition right. The offer follows competition clearances in Taiwan and Vietnam and is scheduled to run from May 19, 2026, to June 15, 2026. Omron Healthcare currently holds a 14.64% stake and requires a minimum acceptance of 11,230,300 shares to reach a 66.57% ownership threshold for privatization. Following the tender offer, the acquirer intends to squeeze out remaining shareholders via share consolidation, resulting in a delisting from the Tokyo Stock Exchange Growth market. Matsuya R&D operates as a supplier to Omron Healthcare under an existing capital and business alliance agreement.
Featured in Issue #16 ·
The Global Ltd. 3271.T (JP) · MCAP $226M · EV $274M
EV/GP: 7.3x
The Global Ltd. engages in real estate sales agency, building management, condominium development, hotel operations, and income-generating property businesses in Japan.
The Global Ltd. (3271.T) announced the successful closure of a ¥16.3B tender offer by Daito Trust Construction Co., Ltd. on May 22, 2026. Daito Trust acquired 12,715,775 shares at ¥1,280 per share, resulting in a 44.92% voting rights stake alongside parent SBI Holdings' 51.95% position. Settlement for the first step of this two-step going-private transaction begins on May 28, 2026. The parties intend to proceed with a compulsory share consolidation to squeeze out remaining minority shareholders and delist the stock from the Tokyo Stock Exchange Standard Market. SMBC Nikko Securities Inc. is acting as advisor for the transaction.
Featured in Issue #16 ·
Solasto Corporation 6197.T (JP) · MCAP $632M · EV $679M
Fwd P/E: 23.1x · EV/EBITDA: 10.3x · EV/Sales: 0.7x · EV/GP: 4.8x (FY2027)
Solasto Corporation provides medical-related services including medical administration, nursing care, and childcare support. It operates primarily in Japan and is listed on the Tokyo Stock Exchange Prime Market.
MP-2605 Corporation completed its ¥1,119 per share tender offer for Solasto Corporation (6197.T), acquiring 51.06% of shares for a total deal value of ¥54.13B. The acquirer, together with Solasto management and an employee shareholding association, now controls an 87.18% stake and intends to effect a squeeze-out through a share consolidation. Daito Kentaku Co., Ltd., which holds 33.57% of the Japan-based provider of medical and nursing care services, did not tender and will sell its shares to the company post-consolidation. Financing for the transaction includes ¥37.07B in loans from Mizuho Bank, MUFG Bank, and Aozora Bank. MP-2605 is requesting an extraordinary shareholders meeting to initiate the squeeze-out process, with tender offer settlement scheduled to begin May 18, 2026.
Featured in Issue #16 ·
Itochu-Shokuhin Co., Ltd. 2692.T (JP) · MCAP $1.0B · EV $1.0B
EV/EBITDA: 14.0x · EV/Sales: 0.2x (LTM)
Itochu-Shokuhin is a Japanese food wholesaler and distributor, part of the Itochu Group, supplying food products and related services across multiple sales channels.
Itochu-Shokuhin (2692.T) will delist from the Tokyo Stock Exchange effective May 19, 2026, following board approval of a cash-out demand by controlling shareholder Itochu Corporation. Itochu Corporation is exercising squeeze-out rights to transition the Japanese food wholesaler and distributor into a wholly owned subsidiary. This final step in the going-private transaction will extinguish the remaining public float and provide an exit for minority shareholders. The company will continue its food distribution business as an integrated member of the Itochu Group.
Featured in Issue #16 ·
Kakaku.com, Inc. 2371.T (JP) · MCAP $4.2B · EV $2.3B
Fwd P/E: 29.1x · EV/EBITDA: 8.0x · EV/Sales: 3.4x · EV/GP: 11.6x (FY2027)
Kakaku.com operates Japan's leading price comparison and restaurant review platform, along with other consumer internet services including travel and real estate portals.
Kamgras 1 Inc. launched a JPY 3,000 per share tender offer on May 13, 2026, to take Kakaku.com (2371.T) private. Digital Garage and KDDI, which hold a combined 38.31% stake, entered into non-tender agreements on May 12, 2026, committing to remain as shareholders. The take-private is structured as a two-step transaction, incorporating a squeeze-out via share consolidation and subsequent treasury stock acquisition if the tender offer does not acquire all remaining shares. Digital Garage plans to reinvest a portion of the proceeds from the transaction into the parent of Kamgras 1 Inc. for approximately 20% of the post-transaction voting rights. The tender offer is scheduled to close on July 2, 2026.
Featured in Issue #16 ·
Nikkon Holdings Co., Ltd. 9072.T (JP) · MCAP $4.4B · EV $3.8B
Fwd P/E: 37.2x · EV/EBITDA: 14.1x · EV/Sales: 2.2x · EV/GP: 14.4x (FY2027)
Nikkon Holdings provides transportation, warehousing, packaging, and testing services primarily for completed automobiles, auto parts, housing equipment, and agricultural machinery. It employs 13,762 people across Japan.
Nikkon Holdings (9072.T) is reportedly weighing a going-private transaction as US-based funds prepare to bid for the company. Activist funds Oasis Management and Farallon Capital recently raised their stakes significantly to 17.66% and 23.00%, respectively. The company provides transportation, warehousing, packaging, and testing services primarily for completed automobiles, auto parts, housing equipment, and agricultural machinery. According to a May 20, 2026, Bloomberg News report, a take-private of the Japanese listed company creates a potential catalyst for price discovery and a near-term liquidity event. The presence of multiple US funds as potential bidders increases deal probability.
Featured in Issue #16 ·
V-cube, Inc. 3681.T (JP) · MCAP $4M · EV $36M
EV/EBITDA: 5.3x · EV/Sales: 0.5x · EV/GP: 1.5x (FY2026)
V-cube, Inc. provides IT services and consulting, primarily web conferencing and visual communication solutions in Japan. Listed on the Tokyo Stock Exchange Prime Market.
V-cube, Inc. (3681.T) signed a definitive agreement with AVA3 HD Co., Ltd. for a ¥521.6M third-party allotment of 73,461,700 Class V preferred shares at ¥7.10 per share. The transaction provides AVA3 HD with 90.74% voting rights, followed by a 6,469,357:1 share consolidation to make the counterparty the sole shareholder. Minority shareholders will receive cash consideration of approximately ¥10 per share, or roughly ¥260 million in total, as part of the squeeze-out. An Extraordinary General Meeting to approve the transaction is scheduled for mid-June 2026, which will lead to the company's delisting from the Tokyo Stock Exchange Prime Market. The take-private structure utilizes 90%+ dilution and a cash-out at a deep discount to par value.
Featured in Issue #16 ·
Global Information, Inc. 4171.T (JP) · MCAP $23M · EV $6M
Global Information is a Japan-based provider of market research reports, annual information services, custom survey services, and international conference/exhibition participation support. It sources reports from global publishers and distributes them to corporate clients, primarily through inbound web marketing.
Global Information (4171.T) has recommended a tender offer from Uzabase Inc. to acquire all outstanding shares for ¥1,680 each and all stock acquisition rights for ¥144,200 each. The offer period runs from May 21, 2026, to July 1, 2026, with a minimum acceptance threshold of 1,983,600 shares representing 66.83% ownership. Shareholders including management and the founder's family have entered into irrevocable tender agreements for 63.69% of the company. Uzabase intends to make Global Information a wholly-owned subsidiary through a subsequent squeeze-out via share consolidation and delisting. Global Information distributes market research reports, annual information services, and custom survey services to corporate clients.
Featured in Issue #16 ·
Takara Bio Inc. 4974.T (JP) · $1143.00 · MCAP $865M · EV $807M
Fwd P/E: 127.0x · EV/EBITDA: 12.9x · EV/Sales: 3.0x · EV/GP: 5.9x (FY2027)
Takara Bio develops and manufactures research reagents, gene therapy technologies, and CDMO services for the biotechnology and pharmaceutical industries.
Takara Bio (4974.T) shareholders approved a 15,332,374-to-1 reverse stock split to finalize a going-private transaction by Takara Holdings. Post-consolidation, Takara Holdings will hold the six remaining outstanding shares. Minority shareholders are set to receive ¥1,150 per pre-split share through a court-approved sale of fractional shares. The company will delist from the Tokyo Stock Exchange Prime Market on June 12, 2026, with the stock consolidation becoming effective on June 16, 2026. Takara Holdings financed the squeeze-out via a loan from Mizuho Bank. Cash distributions to minority holders are expected between late July and early September 2026.
Featured in Issue #16 ·
Koei Chemical Co., Ltd. 4367.T (JP) · ¥2,630 · MCAP $81M · EV $120M
Koei Chemical is a Japanese manufacturer of nitrogen-containing compounds, including gas-phase products and amines, and produces pharmaceutical/agrochemical intermediates and functional chemicals. It has been listed on the Osaka Stock Exchange since 1997 and is a consolidated subsidiary of Sumitomo Chemical.
Sumitomo Chemical Co., Ltd., which holds a 55.85% stake in Koei Chemical (4367.T), entered into a statutory share exchange agreement on May 13, 2026, to acquire all remaining shares and delist the company from the Tokyo Stock Exchange. Terms provide for an exchange ratio of 4.91 Sumitomo Chemical shares per Koei Chemical share, involving the expected delivery of 10,603,734 Sumitomo shares. A shareholder meeting is scheduled for June 25, 2026, to approve the transaction, which has an effective date of August 1, 2026. Koei Chemical established a special committee of independent directors in November 2025 and obtained a fairness opinion from Daiwa Securities, while Nomura Securities is acting as advisor to Sumitomo Chemical.
Featured in Issue #15 ·
Nippon Dry-Chemical Co., Ltd. 1909.T (JP) · ¥3,245 · MCAP $548M · EV $374M
Fwd P/E: 16.8x · EV/EBITDA: 4.1x · EV/Sales: 0.9x · EV/GP: 3.1x (FY2027)
Nihon Dry-Chemical is a Japanese total fire-protection engineering company, providing fire extinguishers, suppression systems, maintenance, and disaster-prevention solutions for buildings, plants, and infrastructure.
Nihon Dry-Chemical (1909.T) board recommends a management-supported tender offer by TCG2511株式会社, a 50/50 consortium of Carlyle and ALSOK. The offer of ¥3,730 per share represents a 19.94% premium and values the deal at approximately ¥83.6B. The tender period runs from May 14 to June 29, 2026, with settlement starting July 6, 2026. ALSOK holds non-tender agreement shares that, combined with the 50.22% minimum acceptance condition, result in a 66.67% stake. Mizuho Securities is the tender agent and Rakuten Securities is the sub-agent. A post-tender squeeze-out is planned for August 2026, with delisting from the Tokyo Stock Exchange Standard expected in September before a merger into Bousai Holdings.
Featured in Issue #15 ·
Nissin Shoji Co., Ltd. 7490.T (JP) · ¥1,375 · MCAP $58M · EV $58M
Japanese trading company specializing in petroleum products, gas/energy distribution, and service-station operations.
Nissin Shoji Co., Ltd. (7490.T) announced a management buyout tender offer by EDIAND Inc. at ¥2,210 per share. The offeror, which holds a 3.3% stake and is fully owned by President Hiroaki Tsutsui, launched the bid on May 12, 2026, with a minimum acceptance threshold of 2,291,500 shares. Two major shareholders representing 31.90% of shares have agreed to support a post-offer squeeze-out despite not tendering into the offer. Sumitomo Mitsui Banking Corporation is providing an ¥11.36 billion limited acquisition loan to fund the purchase, and Daiwa Securities Co., Ltd. is acting as advisor. Settlement is expected in late June 2026, with the squeeze-out projected for October or November 2026.
Featured in Issue #15 ·
Toyota Industries Corporation 6201.T (JP) · ¥20,425 · MCAP $38.4B · EV $47.0B
Fwd P/E: 24.1x · EV/EBITDA: 10.9x · EV/Sales: 1.7x · EV/GP: 7.6x (FY2027)
Toyota Industries Corporation manufactures and sells textile machinery, materials handling equipment, and automobile components. It is a core Toyota Group company listed on the Tokyo Stock Exchange.
Toyota Industries Corporation (6201.T) shareholders approved a 74,100,604:1 reverse share consolidation today, initiating a mandatory squeeze-out for a take-private by Toyota Asset Junbi Co., Ltd. and Toyota Motor. The completed tender component totaled ¥3.656879 trillion (against an authorization cap of ¥4.341277 trillion). The consolidation reduces outstanding shares to four, with minority holders receiving ¥20,600 per pre-consolidation share via a court-approved sale of fractional shares to Toyota Asset Junbi. Shares will be designated as supervisory post from May 12 and are scheduled to delist from the TSE Prime and Nagoya Stock Exchange Premier on June 1, 2026. Cash proceeds from the fractional share sale are expected to be distributed to shareholders around late August 2026.
Featured in Issue #15 ·
Mitsui Sumiken Road 1776.T (JP) · ¥13 · MCAP $115M · EV $75M
Mitsui Sumikin Road Co., Ltd. is a Tokyo-listed road construction and civil engineering company specializing in pavement, road maintenance, and infrastructure-related construction services in Japan.
Mitsui Sumikin Road Co., Ltd. (1776.T) is undergoing a compulsory squeeze-out to go private after 三井住友建設株式会社 increased its stake to 100%. Following off-market purchases that raised its holding from 95.38% to 9,277,447 shares, 三井住友建設株式会社 exercised squeeze-out rights under Article 179 of the Companies Act on May 8, 2026. Remaining minority shareholders will be cashed out at ¥2,000 per share. The acquisition is scheduled for June 2, 2026, at which point the company will delist from the Tokyo exchange. The stated purpose of the transaction is policy investment and the execution of a going-private transition.
Featured in Issue #15 ·
Canada 8 situations
Information Services Corporation ISV.TO (CA) · MCAP $360M · EV $405M
Fwd P/E: 10.6x · EV/EBITDA: 6.3x · EV/Sales: 2.0x · EV/GP: 3.1x (FY2026)
Information Services Corporation operates Saskatchewan's land titles, vital statistics, corporate registry, and personal property registry systems through long-term exclusive agreements with the provincial government.
Information Services Corporation (ISV.TO) mailed its management information circular for its proposed all-cash acquisition by Plenary Americas, which is backed by La Caisse/CDPQ, scheduling a shareholder vote for June 26, 2026. This $861M plan of arrangement offers C$51.00 per share, representing a 55% premium to the undisturbed price prior to the company's strategic review announcement. CIC and all directors and officers, holding 29.5% of Class A shares, have entered into support agreements to vote in favor. The transaction has fully committed financing and is not subject to due diligence or financing conditions. RBC Dominion Securities and National Bank Financial both delivered fairness opinions to the Special Committee. The 29.5% locked-up support leaves a low bar for the remaining float to approve the deal at the June 26 special meeting, with the spread reflecting only regulatory and timing risk.
Featured in Issue #18 ·
Blackline Safety Corp. BLN.TO (CA) · MCAP $564M · EV $543M
EV/EBITDA: 8.5x · EV/Sales: 4.4x · EV/GP: 7.0x (FY2026)
Blackline Safety is a Canadian connected-safety technology firm providing wearable IoT devices, personal and area gas monitoring, cloud-connected software, and data analytics to industrial workforce customers in over 75 countries.
Blackline Safety Corp. (BLN.TO) is proceeding with a going-private arrangement with Francisco Partners Management, L.P. for $9.00 in cash and one CVR per share worth up to $0.50 tied to fiscal 2027 annualized recurring revenue. ISS and other independent proxy advisory firms have recommended that shareholders vote in favor of the transaction. The special committee and board unanimously recommend the deal ahead of the June 15, 2026, special meeting and the June 11, 2026, proxy deadline. Proxy advisor endorsements increase the likelihood of deal approval at the upcoming vote, while the potential $9.50 total consideration implies a spread opportunity versus the current trading price for arbitrage investors.
Featured in Issue #18 ·
Boralex inc. BLX.TO (CA) · MCAP $2.7B · EV $6.2B
Fwd P/E: 58.8x · EV/EBITDA: 13.6x · EV/Sales: 7.9x · EV/GP: 20.7x (FY2026)
Boralex is a Canadian-listed independent power producer focused on wind, solar, and battery storage. 3,783 MW installed capacity as of Dec 2025, with an 8.2 GW development pipeline across Canada, France, the US, and the UK.
Final court order obtained from Quebec Superior Court approving the plan of arrangement with BIF Thunder Holdings Inc. (Brookfield / CDPQ consortium). Shareholders approved the arrangement at Boralex's annual and special meeting on June 4, 2026; management proxy circular filed May 1, 2026. Transaction now moves to customary regulatory approvals. Closing expected Q4 2026.
Featured in Issue #18 ·
SSC Security Services Corp. SECU.V (CA) · MCAP $57M · EV $31M
EV/GP: 1.7x
SSC Security Services Corp. provides physical security and electronic security services across Canada, operating as one of the best-capitalized security companies in the country.
SSC Security Services Corp. (SECU.V) has entered into a definitive agreement to be acquired by Allied Universal for C$4.4075 cash per share via a statutory plan of arrangement. The transaction is valued at C$80.5M and represents a 119% premium to the company's May 25, 2026 closing price. A concurrent management buyout will carve out SSC’s cyber security and legacy agriculture businesses for $1.5M cash and assumed liabilities. Directors and officers representing 34.4% of outstanding shares have signed voting support agreements ahead of a special meeting in July 2026. The deal includes no financing or due diligence conditions and is subject to two-thirds total shareholder approval and court clearance. The concurrent management carve-out adds structural complexity, requiring simple majority approval from minority shareholders under MI 61-101, while the $3M termination fee provides downside protection.
Featured in Issue #17 ·
Information Services Corporation ISC.TO (CA) · MCAP $364M · EV $409M
Fwd P/E: 10.6x · EV/EBITDA: 6.3x · EV/Sales: 2.0x · EV/GP: 3.1x (FY2026)
Information Services Corporation (ISC) is a Saskatchewan-based provider of registry and information management services, including land titles, personal property, and corporate registries.
Information Services Corporation (ISV.TO) entered into a definitive agreement to be acquired by a subsidiary of Plenary Americas LP in an all-cash take-private transaction at C$51.00 per Class A Limited Voting Share. The deal follows the conclusion of a strategic review launched in Fall 2025 and will result in approximately C$277M in proceeds for the Province of Saskatchewan. Crown Investments Corporation of Saskatchewan will retain a Golden Share and the right to appoint two directors to the board, while Information Services Corporation is required to keep its headquarters, intellectual property, and jobs in Saskatchewan. The all-cash C$51.00 per share deal provides a definitive exit price for minority holders although the Province's Golden Share introduces non-standard governance mechanics that may affect closing certainty and the regulatory path.
Featured in Issue #17 ·
Blackline Safety Corp. BLN.TO (CA) · MCAP $554M · EV $407M
EV/EBITDA: 6.3x · EV/Sales: 3.2x · EV/GP: 5.2x (FY2026)
Blackline Safety Corp. provides connected safety devices and cloud-based monitoring software for industrial workers, focusing on gas detection and lone-worker safety with recurring revenue from device subscriptions.
Francisco Partners Management LP entered a definitive agreement to acquire Blackline Safety Corp. (BLN) for $850M through a take-private offer of $9.00 per share in cash and a contingent value right of up to $0.50. The CVR payout is tied to achieving $148.9M in annual recurring revenue by fiscal year 2027, which requires a 33% CAGR. DAK Capital and CEO Cody Slater are rolling their combined 31% stake, representing 26.8 million shares, into the transaction. RBC analyst Paul Treiber downgraded the stock to sector perform with a $9.25 price target, citing that the market has priced in the deal terms. While the downgrade suggests the arbitrage spread has compressed, the CVR remains a binary upside kicker and the 31% insider rollover reduces the risk of a shareholder rejection.
Featured in Issue #17 ·
Information Services Corporation ISC.TO (CA) · MCAP $685M · EV $408M
Fwd P/E: 17.9x · EV/EBITDA: 6.3x · EV/Sales: 2.1x · EV/GP: 7.1x (FY2026)
Operates Saskatchewan's land titles, corporate and personal property registries, and provides registry technology and information management services across Canada and internationally.
ISC (ISC.TO) entered into a definitive agreement to be acquired by Plenary Americas LP for C$51.00 per share in an all-cash transaction valued at C$1.2B. The offer represents a 55% premium to the company’s unaffected price prior to the launch of its September 2025 strategic review. ISC's board and special committee unanimously approved the deal, which targets a Q3 2026 close following a shareholder vote in June 2026. Upon completion, ISC will delist from the Toronto Stock Exchange, though its Regina headquarters and Saskatchewan Golden Share protections will remain in place. RBC Capital Markets is advising ISC, while Barclays Capital is advising Plenary Americas, which is principally owned by CDPQ. Closing is subject to regulatory approvals and consent related to the Government of Saskatchewan’s Golden Share.
Featured in Issue #16 ·
Boralex BLX (CA) · $52.54 · MCAP $2.0B · EV $3.9B
Fwd P/E: 8.3x · EV/EBITDA: 27.9x · EV/Sales: 10.5x · EV/GP: 11.2x (FY2026)
Boralex is a Canadian renewable energy developer and operator with a diversified portfolio of wind, solar, and battery storage projects across North America and Europe.
Boralex (BLX) confirmed a proposed going-private acquisition by a consortium comprising Brookfield Infrastructure Fund V and La Caisse, with a closing expected in Q4 2026 subject to regulatory and shareholder approvals. The renewable energy developer and operator reported Q1 2026 operating income of $92 million, an increase of $27 million year-on-year, while net earnings fell to $9 million due to non-recurring expenses linked to the transaction. Boralex also reached the ready-to-build stage for a 125MW battery storage project in Canada and secured $202 million in financing. The confirmed transaction provides a clear exit path with a defined timeline, contingent on necessary approvals.
Featured in Issue #15 ·
United Kingdom 4 situations
Frenkel Topping Group plc FEN.L (UK) · MCAP $80M · EV $88M
Fwd P/E: 11.1x (FY2026)
Frenkel Topping is a UK financial adviser and professional services firm specializing in forensic accounting for personal injury and clinical negligence claims, with additional asset management and wealth management operations.
Frenkel Topping Group Plc (FEN.L) is proceeding with an $88M take-private by Harwood Private Equity following receipt of FCA regulatory approval for the scheme of arrangement. Shareholders will receive 50p cash plus one CVR per share, or an alternative of 10p cash plus shares in a new entity. The offer price represents a 12.9% premium to the company's 45.5p pre-announcement closing price. Completion is expected by July 29, 2026, subject to court sanction of the scheme. With FCA approval secured, the last regulatory hurdle is cleared and the spread reflects court sanction risk and CVR value ahead of the expected July 29 close.
Featured in Issue #18 ·
Bluefield Solar Income Fund Limited BSIF.L (UK) · MCAP $723M · EV $723M
Fwd P/E: 10.2x (FY2027)
Bluefield Solar Income Fund is a London-listed renewable energy investor owning 852 MW of operational solar, wind, and battery storage assets, plus a 2.8 GW development pipeline.
Drax Group plc reached an agreement for a recommended all-cash acquisition of Bluefield Solar Income Fund Limited (BSIF.L) valuing the fund at approximately £548 million. Shareholders are to receive 92.574 pence per share in cash and retain a 2.25 pence second interim dividend, representing a 31% premium to the closing price on 4 November 2025. The transaction follows a strategic review launched in November 2023 and includes an 852 MW operational portfolio and a 2.8 GW development pipeline. The deal is expected to close between July and September 2026. This take-private acquisition aims to close a long discount-to-NAV chapter for the trust, with next steps including the release of a scheme document, a shareholder vote, and court sanction.
Featured in Issue #18 ·
easyJet plc EZJ.L (UK) · MCAP $4.7B · EV $4.0B
Fwd P/E: 26.8x · EV/EBITDA: 5.4x · EV/Sales: 0.3x · EV/GP: 1.7x (FY2026)
easyJet plc is one of Europe's largest low-cost airlines, operating scheduled passenger services on over 1,000 routes across the continent, with an investment-grade balance sheet and a net cash position.
Castlelake, L.P. announced on 29 May 2026 that it is in the early stages of considering a possible offer for easyJet plc (EZJ.L). The easyJet board stated it has not received an approach or proposal and characterized the timing of the announcement as highly opportunistic. Management highlighted regulatory, financial, and execution challenges to a potential takeover, noting the company's investment-grade balance sheet and target of over £1 billion in medium-term profit before tax. Under UK Takeover Code Rule 2.6(a), Castlelake must announce a firm intention to make an offer or withdraw by 5:00 p.m. on 26 June 2026. This 26 June put-up-or-shut-up deadline creates a 3.5-week event-driven window, though the board's resistance and opportunistic labeling signal a transaction is far from certain, likely capping the spread.
Featured in Issue #18 ·
Evoke plc EVOK.L (UK) · MCAP $230M · EV $2.5B
EV/GP: 1.1x
Evoke plc is the UK-listed parent of William Hill, operating retail betting shops and online gaming across the UK and European markets. The company also owns the Mr Green brand and Italian operations.
Evoke (EVOK.L) extended the PUSU deadline for Bally’s Intralot to declare a firm intention to bid from May 18 to June 8, 2026. The indicative proposal values the company at £0.50 per share and is structured as an all-share combination with a partial cash alternative. Evoke is currently executing a strategic review involving the closure of 200 William Hill betting shops while managing net debt exceeding £3 billion and a UK Remote Gaming Duty increase to 40%. The June 8 deadline compresses the binary-event window to 10 calendar days, where any firm offer would likely require a debt restructuring element that could dilute or subordinate equity.
Featured in Issue #17 ·
South Korea 4 situations
Douzone Bizon Co., Ltd. 012510.KS (KR) · MCAP $2.2B · EV $1.8B
Fwd P/E: 35.3x · EV/EBITDA: 17.3x · EV/Sales: 5.5x · EV/GP: 11.6x (FY2026)
Douzone Bizon is a South Korean enterprise software company providing cloud-based ERP, accounting, and business management solutions for SMEs and large enterprises.
Douzone Bizon (012510.KS) filed a corrected material-fact report detailing disclosures on director fiduciary duties and fairness measures for its take-private by Doronicum Co., Ltd. Remaining minority shareholders will be cashed out via a stock exchange at KRW 120,000 per share, a 25% premium to the last close before the initial tender offer. Doronicum Co., Ltd. and Doronicum Singapore, LP currently hold 96.92% of shares following two successful tender offers. The stock exchange agreement was approved by the board on April 27, 2026, following a recommendation from an independent special committee of outside directors. Financial advisor Samil PwC and legal advisor Lin Law Firm provided fairness opinions confirming the exchange price is within or above the estimated fair value range. The transaction will result in the delisting of the enterprise software company from the Korea Exchange.
Featured in Issue #16 ·
Douzone Bizon Co., Ltd. 012510.KS (KR) · ₩120,000 · MCAP $2.3B · EV $1.9B
Fwd P/E: 32.6x · EV/EBITDA: 17.6x · EV/Sales: 5.6x · EV/GP: 11.7x (FY2026)
Douzone Bizon Co., Ltd. is a South Korean enterprise IT and software company providing ERP, cloud, and digital-platform solutions, listed on the KOSPI market.
Douzone Bizon (012510.KS) will be acquired by Doronicum Co., Ltd. in a comprehensive share exchange at KRW 120,000 per share in cash. The enterprise IT and software company filed a corrective disclosure on May 11, 2026, amending appraisal-rights procedures for the going-private transaction, which represents a 0.76% premium. Structured as a small-scale exchange under the Korean Commercial Act, the deal proceeds via board resolution and does not require a shareholder meeting. Douzone Bizon shares are expected to delist from the KOSPI market on July 15, 2026, with Hanul Accounting Corp. serving as advisor. The appraisal-rights exercise period runs from May 28 to June 17, 2026, following a May 12 record date for dissent. Transaction closing is scheduled for June 30, 2026.
Featured in Issue #15 ·
Finger Inc. 163730.KQ (KR) · ₩23,050 · MCAP $142M · EV $51M
Fwd P/E: 26.2x · EV/EBITDA: 15.7x · EV/Sales: 0.8x · EV/GP: 7.6x (FY2026)
Finger Inc. is a KOSDAQ-listed Korean company. Specific business operations are not detailed in the filing.
Finger Inc. (163730.KQ) founder Park Min-soo has transferred control to Seoryong Electronics Co., Ltd. through a shareholder agreement and the OTC sale of 2,390,959 shares to Seoryong and other investors. Seoryong Electronics acquired a 10.12% stake and gained the right to appoint two of three board directors and the auditor, with the total reported stake at 32.83%. Park reported a 0% stake after transferring shares and ceding representative reporter status. A put option allows Park to sell his remaining shares to Seoryong Electronics starting two years after the May 4, 2026 agreement date. This change-of-control transaction with board capture and a put option effectively takes the company private.
Featured in Issue #15 ·
Tongyang Life Insurance Co., Ltd. 082640.KS (KR) · ₩8,140 · MCAP $868M · EV $1.4B
Fwd P/E: 5.6x (FY2026)
Tongyang Life Insurance is a Korean life insurer listed on the KRX KOSPI market, majority-owned by Woori Financial Group. It offers individual and group life, health, and annuity products through a network of branches and bancassurance channels.
동양생명 (082640.KS) filed a corrective disclosure on May 14, 2026, updating the comprehensive share exchange agreement with its 75.34% owner, Woori Financial Group Inc. Minority shareholders will receive 0.2521056 Woori common shares per Tongyang Life share, resulting in the issuance of 8,696,875 new Woori shares and the subsequent delisting of the insurer from the KRX KOSPI. Significant termination risk was removed after only 0.6% of Woori shares opposed the transaction during the dissenting shareholder period ending May 13, well below the 20% threshold. The US registration strategy has shifted from Form F-4 to Form-CB under a Rule 802 exemption as US ownership represents less than 10% of the minority float. Following the acquisition, Tongyang Life plans to merge with ABL Life Insurance to eliminate intra-group inefficiencies. The transaction is expected to close on August 11, 2026, with the next catalyst scheduled for July 24, 2026.
Featured in Issue #15 ·
Italy 3 situations
Culti Milano S.p.A. CULT.MI (IT) · MCAP $60M · EV $58M
Fwd P/E: 16.2x · EV/EBITDA: 11.1x · EV/Sales: 2.0x · EV/GP: 4.3x (FY2026)
Culti Milano S.p.A. is an Italian lifestyle and home-fragrance company listed on Euronext Growth Milan, operating brands including Culti and Déco.
Culti Milano S.p.A. (CULT.MI) will be delisted from Euronext Growth Milan on June 10, 2026, following the completion of a mandatory tender offer by Berger International S.A.S. The offeror reached a 98.28% ownership stake, including treasury shares, crossing the 95% threshold required for a squeeze-out under Article 111 of the TUF. During the offer period, 283,625 shares were tendered at a cash price of €19.16 per share, with payment scheduled for June 5, 2026. The remaining 1.72% minority interest will be acquired at the same €19.16 price through the squeeze-out procedure on June 10, 2026. Final acceptance cements the squeeze-out and removes any remaining tender-arb spread, establishing the €19.16 per share consideration as the final exit price.
Featured in Issue #18 ·
Datalogic S.p.A. DAL.MI (IT) · €79.42 · MCAP $51.9B · EV $394M
Fwd P/E: 21.4x · EV/EBITDA: 6.4x · EV/Sales: 0.7x · EV/GP: 1.5x (FY2026)
Hydra Investimenti S.p.A. launched a $98 million voluntary tender offer to acquire the remaining shares of Datalogic S.p.A. (DAL.MI) at €5.82 per share, representing a 36% premium. The offer targets a delisting of the Italian manufacturer of automatic data capture and industrial automation equipment. Hydra Investimenti holds a 64.85% stake in the company, which has an enterprise value of $394 million and a market capitalization of $353 million. The firm offer was announced on May 29, 2026, though no definitive agreement has been reached. Datalogic shares last traded at EUR 5.83. This new going-private offer creates a near-term delisting catalyst with a follow-on event anticipated within 30 days.
Featured in Issue #18 ·
Recordati Industria Chimica e Farmaceutica SPA REC.MI (IT) · MCAP $12.2B · EV $14.0B
Fwd P/E: 16.1x · EV/EBITDA: 12.8x · EV/Sales: 4.3x · EV/GP: 6.3x (FY2026)
Recordati Industria Chimica e Farmaceutica is an Italian pharmaceutical group focused on prescription medicines, rare disease treatments, and consumer healthcare products, with a global operational footprint and a listing on Euronext Milan.
Respighi BidCo, backed by CVC and GBL, will launch a voluntary tender offer for all ordinary shares of Recordati (REC) with the intent to delist the pharmaceutical group from Euronext Milan. Rossini S.à r.l., which holds 46.82% of the share capital, has signed an irrevocable undertaking to tender its entire stake into the offer. Standstill agreements have been signed with a club of LP co-investors including ADIA, CPP Investments, and PSP to govern shareholdings during and after the offer. Recordati has a market capitalization of approximately €10.64 billion. The binding commitment from the majority shareholder effectively removes blocking risk for the CVC-led delisting bid, shifting the focus for arb spreads to whether the offer price clears the remaining minority float or triggers residual holdout litigation.
Featured in Issue #17 ·
Hong Kong 3 situations
Continental Aerospace Technologies Holding Limited 232.HK (HK) · MCAP $246M · EV $158M
EV/GP: 1.6x
Continental Aerospace Technologies Holding Limited is a Bermuda-incorporated, Hong Kong-listed holding company whose principal operating asset is Motto Investment Limited. Post-disposal, the company will become a cash shell with no operating business, prompting the proposed voluntary delisting and winding-up.
Continental Aerospace Technologies Holding Limited (232.HK) signed a definitive agreement to sell its core operating subsidiary, Motto Investment Limited, to Mobile AcquisitionCo, LLC for an estimated US$500M to US$520M. The company plans to distribute the full disposal consideration as a special dividend of approximately HK$0.419 to HK$0.436 per share, plus a separate property-disposal cash dividend of HK$0.0073 per share. This disposal-plus-liquidation structure involves a voluntary withdrawal of the company's listing from the Hong Kong Stock Exchange followed by a voluntary winding-up. Controlling shareholders representing a 46.4% stake have provided irrevocable undertakings to vote in favor of the disposal, delisting, and winding-up proposals. CICC and J.P. Morgan are advising on the transaction. The transaction functions as a back-door take-private where the spread between the market price and the total expected distribution serves as the primary arbitrage focus, with the 46.4% irrevocable offering high deal certainty.
Featured in Issue #18 ·
Skyworth Group Limited 0751.HK (HK) · MCAP $1.4B · EV $1.8B
Fwd P/E: 11.8x · EV/EBITDA: 4.5x · EV/Sales: 0.2x · EV/GP: 1.4x (FY2026)
Skyworth Group is a Hong Kong-listed consumer electronics and technology company that has expanded into renewable energy through its Skyworth Photovoltaic solar business.
Skyworth Group (0751.HK) provided an update on its proposal to delist from the Hong Kong Stock Exchange via a share buy-back scheme of arrangement. The plan includes a distribution of shares in its solar subsidiary, Skyworth Photovoltaic, which has completed corporate reformation and been renamed SKYWORTH Solar Co., Ltd. Pre-conditions for the transaction remain outstanding, including a late-May 2026 shareholder meeting at the solar unit to approve the share distribution and its listing. This going-private structure combined with a spin-off distribution creates a potential stub-value opportunity in the listed solar subsidiary. The delisting and buy-back scheme remain subject to conditions and may not proceed.
Featured in Issue #16 ·
China Energy Storage Technology Development Limited 1143.HK (HK) · MCAP $9M
China Energy Storage Technology Development Limited is a Hong Kong-listed company focused on energy storage technology development and related businesses.
China Energy Storage Technology Development Limited (1143.HK) issued a monthly update on its proposed privatisation by Fame Castle Enterprises Limited via a scheme of arrangement under Section 86 of the Companies Act of the Cayman Islands. The proposal, which entails a delisting from the SEHK, was first announced 30 March 2026. The deadline for despatching the scheme document has been extended to on or before 30 June 2026 with Takeovers Executive consent. China Energy Storage Technology Development Limited has applied for a Grand Court directions hearing to convene the Court Meeting, though a date has not been confirmed. An independent financial adviser has been appointed to the Independent Board Committee, and a financial adviser is acting for the offeror. This going-private transaction via scheme of arrangement creates an actionable spread for arbitrageurs focused on Hong Kong-listed take-privates, with court and regulatory milestones providing near-term catalysts.
Featured in Issue #16 ·
Norway 3 situations
Atlantic Sapphire ASA ASA.OL (NO) · MCAP $4M · EV $15M
EV/Sales: 2.2x (FY2026)
Atlantic Sapphire is a land-based salmon farming company operating a large recirculating aquaculture system (RAS) facility in Florida, USA.
Atlantic Sapphire (ASA.OL) reached a restructuring agreement with Coral HoldCo AS to delist from the Euronext Oslo Børs via a voluntary offer and subsequent squeeze-out at NOK 0.80 per share. An investor group holding 63% of shares and 93% of the company's convertible loan will inject at least $20M in new liquidity, including a private placement of up to $16M priced at NOK 0.10 per share. The restructuring involves a partial write-down of convertible debt, with the remaining balance converting into equity for participating lenders. The board reported that no alternative financing was available, even as it cautioned the deal does not fully cover estimated 12-month funding needs or restore equity to adequate levels. The NOK 0.80 offer price provides a concrete exit floor for minority holders, with the 63% shareholder bloc making the squeeze-out a formality once regulatory approval and a shareholder vote are obtained.
Featured in Issue #17 ·
Vantage Drilling International Ltd. VDI.OL (NO) · MCAP $244M · EV $184M
Vantage Drilling is an offshore drilling contractor that contracts rigs, equipment, and crews on dayrates to oil and gas companies worldwide. It also provides management services for third-party-owned drilling units.
Vantage Drilling International (VDI.OL) entered into a definitive merger agreement to be acquired by Eldorado Drilling AS for US$19.00 per share in cash, implying an equity value of US$257.6M. The Vantage board unanimously recommends the transaction, with a shareholder vote scheduled for June 18, 2026. Eldorado’s principal shareholder has committed $125M in equity funding through $64.5M in cash and a $60.5M shareholder note conversion. Post-closing, which is expected in early Q3 2026. Vantage will delist from the Euronext Growth Oslo. Vantage is advised by Clarksons Securities AS, and Fearnley Securities AS is advising Eldorado. The US$257.6M equity value against 13.56M shares outstanding offers a tight arb spread to monitor ahead of the June 18 vote, with deal-break risk reduced by the principal shareholder guarantee.
Featured in Issue #17 ·
Zalaris ASA ZAL.OL (NO) · MCAP $232M · EV $241M
Fwd P/E: 15.0x · EV/EBITDA: 5.2x · EV/Sales: 1.4x · EV/GP: 12.9x (FY2026)
Zalaris ASA provides HR and payroll outsourcing services across Northern Europe and the Baltic region, serving enterprises with cloud-based solutions for workforce management.
Zalaris ASA (ZAL.OL) received acceptances for 52.94% of shares in the recommended voluntary cash tender offer by Norvestor-backed Kona BidCo AS at the May 18 expiry. Total commitments, including rollover shareholders, reach 84.03% for the NOK 100 per share cash bid, which values the HR and payroll outsourcing provider at NOK 2.17 billion. Kona BidCo waived the minimum acceptance condition on May 15 and expects settlement on or before June 9, 2026, subject to remaining conditions including the absence of any material adverse change. Following completion, the offeror intends to launch a mandatory offer for the remaining shares and apply for delisting from the Euronext Oslo Børs. Arctic Securities AS is acting as advisor to the offeror, while ABG Sundal Collier is advising Zalaris.
Featured in Issue #16 ·
United Kingdom 3 situations
Advanced Medical Solutions Group plc AMS.L (GB) · MCAP $638M · EV $718M
Fwd P/E: NM · EV/EBITDA: 9.2x · EV/Sales: 2.2x · EV/GP: 4.6x (FY2026)
UK-based independent developer and manufacturer of tissue-healing and wound-care products. Sells surgical consumables under brands including LiquiBand and RESORBA, plus advanced wound dressings under ActivHeal and white-label arrangements across Europe and Asia.
Advanced Medical Solutions (AMS.L) confirmed receipt of an unsolicited, non-binding cash proposal from H.B. Fuller Company following the May 18 termination of buyout talks with TA Associates. The proposal reportedly values the UK-based tissue-healing and wound-care developer at over £600 million. H.B. Fuller shareholder Ancora publicly opposed the acquisition on May 26 and urged the bidder to withdraw its bid. The situation is currently in a pre-offer period with no UK Takeover Code timetable yet established. The emergence of a second suitor creates a contested take-private target, though Ancora’s opposition introduces a deal-break risk from the acquirer side while the lack of a PUSU deadline leaves either party able to walk before an arb spread can be established.
Featured in Issue #17 ·
essensys plc ESYS.L (GB) · £0.1600 · MCAP $14M · EV $20M
EV/Sales: 0.9x · EV/GP: 2.5x (FY2026)
Essensys plc provides flexible workspace technology and software solutions for landlords and occupiers of commercial real estate.
Bidco will implement the compulsory acquisition of remaining shares in Essensys (ESYS.L) following a recommended cash offer of 17 pence per share. The transaction follows the offer being declared unconditional on 8 May 2026 after receiving 97.01% acceptances. Essensys applied for AIM delisting on 11 May 2026, and Bidco is proceeding under sections 979-980 of the Companies Act for non-assenting holders ahead of a 26 June 2026 expiry date. The offer remains open for acceptances until 1:00 p.m. on 28 May 2026. Kroll Securities Limited is acting as advisor to Bidco, and Canaccord Genuity Limited is advising Essensys.
Featured in Issue #15 ·
Idox plc IDOX.L (GB) · £0.7000 · MCAP $436M · EV $450M
Fwd P/E: NM · EV/EBITDA: 12.3x · EV/Sales: 3.4x · EV/GP: 4.7x (FY2026)
Idox plc is a UK-based provider of information management software and services, delivering solutions for regulatory compliance, planning, and engineering document control to public and private sector organizations globally.
Idox plc (IDOX.L) has entered the final squeeze-out phase of its take-private by Bidco after reaching 90.2% valid acceptances as of 5pm on 11 May 2026. Crossing the 90% threshold under Chapter 3 of Part 28 of the Companies Act 2006 enables the immediate issuance of formal compulsory acquisition notices under sections 979-980. A six-week statutory period will precede compulsory vesting, though the offer remains open for acceptance until 1:00pm on 14 May 2026. Admission of shares to AIM is expected to be cancelled effective 7:00am on 29 May 2026, with Idox to be re-registered as a private limited company thereafter. Rothschild & Co is lead financial adviser to Idox, with Peel Hunt serving as joint financial adviser and Canaccord Genuity acting for Bidco and Long Path.
Featured in Issue #15 ·
China 3 situations
ENN Energy Holdings Ltd 2688.HK (CN) · MCAP $8.4B · EV $11.1B
Fwd P/E: 9.9x · EV/EBITDA: 6.3x · EV/Sales: 0.7x · EV/GP: 5.7x (FY2026)
ENN Energy is a leading Chinese city-gas distributor serving residential, commercial, and industrial customers through long-term pipeline concessions. It also operates integrated energy projects including distributed generation and energy efficiency services.
ENN Natural Gas Co. and affiliates announced a pre-conditional privatization proposal for ENN Energy Holdings Ltd (2688.SS) on May 15, 2026. The transaction would delist the Chinese city-gas distributor from the Hong Kong Stock Exchange, subject to specific conditions and shareholder approval. Regulators are monitoring share dealings under the Hong Kong Takeovers Code during the offer period. ENN Energy serves residential, commercial, and industrial customers through long-term pipeline concessions and operates integrated energy projects including distributed generation and services. The proposal provides a potential cash exit for minority shareholders and may signal an insider view that public markets undervalue the company's regulated Chinese cash-flow streams.
Featured in Issue #16 ·
Cloopen Group Holding Limited RAASY (CN) · $2.30 · MCAP $118M · EV $405M
Cloopen Group Holding Limited provides cloud-based communication platform as a service (CPaaS), cloud contact centers, and cloud-based unified communications and collaboration solutions in China.
Cloopen Group Holding Ltd (RAASY) entered into a definitive merger agreement to be acquired by a buyer consortium led by SpringX Holdings Limited for $2.9641 per ADS, representing a total equity value of approximately $162.89 million. The buyer group, which includes founder and CEO Changxun Sun, Trustbridge Partners, and a Dmall Inc. affiliate, currently controls a 28.42% stake and 57.25% of the voting power. The offer price reflects a 110.22% premium to the May 11, 2026 closing price and a 51.23% premium to the price prior to the initial December 2025 proposal. China Minsheng Bank is providing up to $42 million in debt financing to support the transaction. The deal is expected to close in Q4 2026 subject to a two-thirds shareholder vote and will result in a delisting from the OTC Pink Market. Kroll LLC acted as financial advisor to the Special Committee, while legal advisors include Hogan Lovells, Maples and Calder, Baker McKenzie, Han Kun Law Offices, and King & Wood.
Featured in Issue #15 ·
ENN Energy Holdings Limited 2688.HK (CN) · MCAP $8.6B · EV $10.3B
Fwd P/E: 10.3x · EV/EBITDA: 6.4x · EV/Sales: 0.7x · EV/GP: 5.7x (FY2026)
ENN Energy Holdings Limited is a Cayman-incorporated, Hong Kong-listed city gas distribution and integrated energy company operating primarily in mainland China.
ENN Energy Holdings Limited (2688.HK) issued a monthly update regarding a pre-conditional proposal for its privatization by ENN Natural Gas Co., Ltd. via a scheme of arrangement. Two of the four required pre-conditions have been fulfilled: PRC regulatory filings and approvals, and approval by independent shareholders of ENN Natural Gas Co., Ltd. Pre-conditions remaining outstanding include approval-in-principle from the Hong Kong Stock Exchange and CSRC-related filings or approvals. Independent shareholders of ENN Natural Gas Co., Ltd. approved a 12-month extension to the validity period for resolutions authorizing the proposal, which now extends to May 27, 2027. ENN Energy Holdings Limited is a Cayman-incorporated, Hong Kong-listed city gas distribution and integrated energy company operating primarily in mainland China.
Featured in Issue #15 ·
Australia 2 situations
Energy Resources of Australia Ltd ERA.AX (AU) · MCAP $705M · EV $293M
EV/Sales: 1.9x · EV/GP: 1.3x (FY2026)
Energy Resources of Australia Ltd (ERA) is a former uranium producer that operated the Ranger mine in Australia's Northern Territory until its 2021 closure. The company is now focused on rehabilitation of the Ranger Project Area on Aboriginal land surrounded by Kakadu National Park, and holds the Jabiluka Mineral Lease. ERA is a member of the Rio Tinto Group.
The Federal Court of Australia approved Rio Tinto’s compulsory acquisition of all remaining shares in Energy Resources of Australia Ltd (ERA.AX) at A$0.002 per share. The squeeze-out was originally lodged on April 11, 2025, under section 664F of the Corporations Act following objections from holders of more than 10 percent of the minority shares. ASX will automatically suspend trading in the shares at the close of June 15, 2026, five business days from the court’s approval. While the official delisting will not occur until a 28-day appeal period expires, quotation of shares will cease on the suspension date. The court ruling converts the contested squeeze-out into a binding process with a hard five-day trading window, forcing minority holders to choose between selling on-market before June 15 or waiting for the A$0.002 per share compulsory consideration.
Featured in Issue #18 ·
Matrix Composites & Engineering MCE.AX (AU) · MCAP $62M · EV $48M
Fwd P/E: 19.5x · EV/Sales: 0.7x · EV/GP: 5.0x (FY2027)
Matrix Composites & Engineering provides engineered composite products for the oil and gas, mining, and infrastructure industries.
Matrix Composites & Engineering (MCE.AX) received a no-objection notice from the Foreign Investment Review Board, satisfying a regulatory condition for the company's acquisition by Advanced Innergy Holdings. Structured as a members' scheme of arrangement at A$0.40 cash per share, the 100% take-private follows an implementation deed entered into on April 20, 2026. Advanced Innergy Holdings holds call options over 19.9% of Matrix shares at A$0.40 each as deal protection. The Matrix board has unanimously recommended that shareholders vote in favor of the scheme. FIRB clearance removes a major regulatory condition, de-risking the transaction and moving it closer to a shareholder vote and completion.
Featured in Issue #16 ·
Philippines 2 situations
MerryMart Consumer Corp. MM (PH) · $0.43 · MCAP $3.3B · EV $11.9B
MerryMart Consumer Corp. is a Philippine multi-format retail chain operating supermarkets, convenience stores, and wholesale clubs, with expansion plans spanning all 82 Philippine provinces.
MerryMart Consumer Corp. (MM) board members approved a voluntary delisting from the Philippine Stock Exchange and an integration into DoubleDragon Corp. via a tender offer. Offer consideration consists of 50% cash and 50% DoubleDragon shares at an implied equity value below MerryMart’s latest book value. If completed, the company will become a wholly owned unit of DoubleDragon, which has a 2035 roadmap targeting over P500B in consolidated revenue and P50B in net income. The July 7 shareholder vote is the decisive catalyst for the take-private, where the below-book exchange ratio may draw dissent or appraisal challenges from minority holders.
Featured in Issue #18 ·
Robinsons Retail Holdings Inc. RRHI.PS (PH)
Robinsons Retail Holdings Inc. is a major Philippine multi-format retailer operating supermarkets, department stores, drugstores, and convenience stores, listed on the PSE since November 2013.
Stockholders of Robinsons Retail Holdings Inc. (RRHI) approved a voluntary delisting from the Philippine Stock Exchange with 82.82% of shares voting in favor. JE Holdings is conducting a tender offer at P48.30 per share, representing a 32.23% premium to the one-year VWAP as of March 26, 2026. Completion of the offer is contingent on a minimum 95% acceptance threshold of total outstanding shares and Philippine Competition Commission approval. The board of the Philippine multi-format retailer unanimously approved the delisting on March 27, 2026. FTI Consulting Philippines Inc. is acting as advisor for the transaction.
Featured in Issue #15 ·
India 1 situations
Hitech Corporation Limited HITECHCORP.NS (IN) · MCAP $44M · EV $34M
EV/GP: 1.5x
Hitech Corporation Limited is a Mumbai-based industrial manufacturer operating under the Hitech Group brand. The company is ISO 9001:2008 certified and serves a broad base of corporate customers in Indian domestic capital markets.
Promoter group members of Hitech Corporation (HITECHCORP.NS), led by Geetanjali Trading and Investments Private Limited, have disclosed plans to launch a voluntary delisting offer to acquire all public float shares. The proposal is structured under SEBI's Delisting of Equity Shares Regulations, 2021, and targets the removal of the company's shares from trading on both the BSE and NSE. This announcement initiates a formal reverse book-building process to determine the final acquisition price for the Mumbai-based industrial manufacturer. The arbitrage opportunity hinges on the SEBI formula floor price versus the final discovered exit price, with the deal contingent on the promoter reaching a post-offer holding threshold of 90%.
Featured in Issue #17 ·
Spain 1 situations
Ercros, S.A. ERCROS.MC (ES) · €3.47 · MCAP $370M · EV $566M
Ercros is a Spanish chemical company producing chlorine derivatives, intermediate chemicals, and plastics including PVC, operating across multiple industrial sites in Spain.
Ercros (ERCROS.MC) has scheduled a shareholder meeting for June 30, 2026, to vote on a delisting from Bolsas y Mercados Españoles following a tender offer from Bondalti Iberica. Under the proposed terms, Bondalti Iberica will launch a delisting tender offer at €3.505 per share. The board is seeking to fix the director count at seven and install Bondalti-linked nominees João Maria Guimarães José de Mello, André Cabral Côrte-Real de Albuquerque, Luís Rebelo da Silva, and Agustín Franco Blasco as executive directors. The meeting agenda also includes the revocation of the 2025 shareholder remuneration policy and 2025 annual accounts. The delisting tender offer at €3.505 per share provides minority shareholders with a defined exit price and creates an arbitrage window following the June 30 vote and subsequent CNMV-approved offer period.
Featured in Issue #17 ·
Netherlands 1 situations
PPHE Hotel Group PPH.L (NL) · MCAP $1.1B · EV $2.4B
Fwd P/E: NM · EV/EBITDA: 8.3x · EV/Sales: 3.8x · EV/GP: 26.8x (FY2026)
PPHE Hotel Group is an international hospitality real estate company with a £2.2B portfolio of primarily freehold and long-leasehold hotel assets across Europe. Its UK brands include Art'otel and Park Plaza.
PPHE Hotel Group (PPH.L) received an indicative £930M cash takeover offer from Fattal Hotel Group at £22.00 per share. The company, which holds a £2.2B portfolio of hospitality assets across Europe, formed an independent committee after the board characterized the offer as fair value. Founders Eli Papouchado and President Boris Ivesha control 44% of voting rights and approved the strategic review that led to this bid. Fattal intends to announce a firm offer within the next four weeks. The 44% founder bloc signaling support provides an unusually clear deal path, while the UK Takeover Code Rule 2.6 deadline requires a firm offer or a mandatory six-month cooling-off period.
Featured in Issue #17 ·
Luxembourg 1 situations
InPost S.A. INPST.AS (LU) · MCAP $8.9B · EV $36.2B
Fwd P/E: 7.6x · EV/EBITDA: 6.1x · EV/Sales: 1.8x · EV/GP: 7.6x (FY2026)
InPost is a Polish automated parcel locker operator and e-commerce logistics provider with a fast-growing network across Europe, including France, Spain, Italy, Benelux, and the UK. Q1 2026 revenue was PLN3.9bn (€0.9bn) on 359mn parcels delivered, up 32% y/y.
A consortium led by Advent and FedEx launched a recommended €7.8 billion all-cash public offer to acquire and delist InPost (INPST.AS) at €15.60 per share. The offer represents a 53% premium to the undisturbed three-month VWAP as of January 2, 2026, and includes voting commitments from shareholders representing 48% of outstanding shares. The formal acceptance period runs from May 26 to July 27, 2026, with the transaction expected to close in H2 2026 following the receipt of regulatory clearances. This take-private of the Polish logistics provider offers remaining shareholders a cash exit at €15.60, with the primary execution risk centered on whether the consortium clears the 80% squeeze-out threshold during the acceptance period.
Featured in Issue #17 ·
New Zealand 1 situations
Rakon Limited RAK.NZ (NZ) · MCAP $208M · EV $75M
Fwd P/E: 31.0x · EV/EBITDA: 7.8x · EV/Sales: 1.2x · EV/GP: 2.7x (FY2027)
Rakon Limited is a New Zealand-based manufacturer of advanced frequency control and timing solutions, supplying high-reliability crystal oscillators to the telecommunications, space, and defense industries.
Rakon Limited (RAK.NZ) is moving to 100% ownership by Bourns, Inc. following the May 15, 2026, close of a NZ$355.1M takeover offer at NZ$1.55 per share. Bourns received acceptances for 97.6% of shares and has commenced compulsory acquisition for the remaining minority stake. NZX will suspend trading in the frequency control and timing solutions manufacturer at the close of trading on May 25, 2026, with delisting set for May 27, 2026. The compulsory acquisition process will run until June 16, 2026.
Featured in Issue #16 ·
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