Updated October 11, 2026 · through Special Situations Digest #36 (Oct 11, 2026) · 42 this week
A running index of strategic reviews and exploration of alternatives covered in the Special Situations Digest: recent strategic review announcements, board-authorized exploration of alternatives, and special committee formations across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 23 countries. Earlier coverage includes 746+ additional situations from prior issues.
Strategic reviews are explicit, board-authorized signals that the company is open to a transformation: sale, merger, spin-off, recapitalization, or liquidation. The announcement itself often catalyzes immediate price action, but the more sophisticated trade is identifying which reviews will result in a transaction versus which will conclude with 'no action.' Activist pressure, fiscal stress, and CEO turnover are common precursors that change the base rate.
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United States 40 situations
GHST World Inc. GHST (US) · $0.0358 · MCAP $5M · EV $5M
GHST World Inc. (GHST) is seeking a reverse merger or other business combination with a revenue-generating operating business as part of a strategic shift.
Featured in Issue #36 · Oct 11, 2026
PepsiCo PEP (US) · $125.89 · MCAP $175.2B · EV $216.1B
PepsiCo (PEP) faces investor pressure for structural changes after CEO Ramon Laguarta expressed dissatisfaction with U.S. performance.
Featured in Issue #36 · Oct 11, 2026
Murano Global Investments Plc MRNO (US) · $0.23 · MCAP $19M
Murano Global Investments Plc (MRNO) is conducting a strategic review of options to enhance shareholder value, including potential new business activities such as developing a data center on land in Baja California.
Featured in Issue #36 · Oct 11, 2026
F&G Annuities & Life Inc FG (US) · $19.53 · MCAP $2.6B · EV $2.8B
F&G Annuities & Life Inc (FG) is exploring strategic alternatives for its owned distribution business, Peak Altitude.
Featured in Issue #36 · Oct 11, 2026
Cadrenal Therapeutics, Inc. CVKD (US) · $0.92 · MCAP $3M · EV $1M
Cadrenal Therapeutics (CVKD) initiated a formal strategic review on October 7, 2026, to evaluate opportunities to maximize shareholder value.
Featured in Issue #36 · Oct 11, 2026
Ryman Hospitality Properties, Inc. RHP (US) · $119.29 · MCAP $8.1B · EV $12.4B
Ryman Hospitality Properties (RHP) is examining a possible sale of its entertainment business, including the Grand Ole Opry and Ryman Auditorium brands.
Featured in Issue #36 · Oct 11, 2026
1606 Corp. CBDW (US) · $0.0001 · MCAP $162.3K · EV $2M
closes Oct 31, 2026
1606 Corp. (CBDW) is evaluating the sale, assignment, financing, or joint venture of its contractual rights to the East Texas project.
Featured in Issue #36 · Oct 11, 2026
Polar Power, Inc. POLA (US) · $1.14 · MCAP $5M · EV $9M
Polar Power, Inc. (POLA) rejected an all-cash proposal from Solidion to acquire all of the company's assets.
Featured in Issue #36 · Oct 11, 2026
ASA Gold and Precious Metals Limited ASA (US) · $57.06 · MCAP $1.0B
ASA Gold and Precious Metals Limited has proposed converting from a gold-focused closed-end fund into a Delaware business development company managed by Saba Capital Management.
Featured in Issue #36 · Oct 11, 2026
Jupiter Neurosciences, Inc. JUNS (US) · $2.86 · MCAP $4M · EV $4M
Jupiter Neurosciences, Inc. (JUNS) engaged Tungsten Advisors to explore strategic options including a sale, asset licensing, partnerships, or business combinations.
Featured in Issue #36 · Oct 11, 2026
Caribou Biosciences, Inc. CRBU (US) · $1.14 · MCAP $122M · EV $35M
Caribou Biosciences, Inc. (CRBU) is evaluating strategic alternatives, including a merger, acquisition, or business combination, following board approval on October 2, 2026.
Featured in Issue #36 · Oct 11, 2026
Hyperscale Data GPUS (US) · $0.16 · MCAP $28M · EV $139M
Hyperscale Data (GPUS) scheduled an investor day for November 12 to discuss its Michigan AI expansion and strategic alternatives across its portfolio.
Featured in Issue #36 · Oct 11, 2026
Comtech Telecommunications Corp. CMTL (US) · $1.25 · MCAP $37M · EV $471M
Comtech Telecommunications Corp. (CMTL) appointed Christopher D.
Featured in Issue #36 · Oct 11, 2026
Forum Markets, Incorporated FRMM (US) · $4.75 · MCAP $63M
Forum Markets, Incorporated (FRMM) formed Forum Edge AI LLC with Edge Node Inc. on October 2, 2026.
Featured in Issue #36 · Oct 11, 2026
Granite Point Mortgage Trust Inc. GPMT (US) · $7.43 · MCAP $36M
Granite Point Mortgage Trust completed a 1-for-10 reverse stock split effective 5:00 p.m.
Featured in Issue #36 · Oct 11, 2026
PG&E Corp. PCG (US) · $12.40 · MCAP $27.1B · EV $92.7B
PG&E filed a 10-year Electrical Undergrounding Plan with the California Office of Energy Infrastructure Safety.
Featured in Issue #36 · Oct 11, 2026
Qiagen NV QGEN (US) · $44.75 · MCAP $9.3B · EV $10.1B
Qiagen shares jumped 7.3% following reports that acquisition negotiations have advanced.
Featured in Issue #36 · Oct 11, 2026
BNB Plus Corp. BNBX (US) · $0.14 · MCAP $868K
BNB Plus Corp. (BNBX) is transitioning from a digital asset treasury model to operating infrastructure for blockchain and AI applications.
Featured in Issue #35 · Oct 4, 2026
111, Inc. YI (US) · $3.22 · MCAP $28M · EV $155M
111, Inc. formed an independent special committee on September 28, 2026, to review a preliminary, non-binding buyout proposal dated September 16 and other strategic alternatives.
Featured in Issue #35 · Oct 4, 2026
MacKenzie Realty Capital, Inc. MKZR (US) · $1.34 · MCAP $4M
MacKenzie Realty Capital, Inc. (MKZR) engaged Maxim Group LLC as a financial advisor to explore strategic alternatives.
Featured in Issue #35 · Oct 4, 2026
Adagio Medical Holdings, Inc. ADGM (US) · $0.15 · MCAP $3M · EV $22M
Adagio Medical Holdings (ADGM) issued 4,978,869 common shares following one holder's conversion of $776,111 in aggregate principal of its 13% Senior Secured Convertible Notes, together with accrued interest, if any.
Featured in Issue #35 · Oct 4, 2026
Hyperscale Data, Inc. GPUS (US) · $0.16 · MCAP $28M · EV $139M
Hyperscale Data, Inc. (GPUS) is exploring a potential sale, strategic partnership, or divestiture of its subsidiary askROI and its AI business.
Featured in Issue #35 · Oct 4, 2026
Vital Farms, Inc. VITL (US) · $8.92 · MCAP $383M · EV $470M
Vital Farms is weighing strategic alternatives, including a possible sale or take-private transaction.
Featured in Issue #35 · Oct 4, 2026
La Rosa Holdings Corp. LRHC (US) · $1.56 · MCAP $863K · EV $22M
La Rosa Holdings acquired latest-generation NVIDIA B300 GPUs and leased them back under a long-term lease expected to generate recurring cash flows.
Featured in Issue #35 · Oct 4, 2026
NEXGEL, Inc. NXGL (US) · $0.17 · MCAP $2M · EV $9M
NEXGEL outlined a platform reorganization and strategic review in a shareholder presentation dated September 24, 2026.
Featured in Issue #35 · Oct 4, 2026
Compañía de Minas Buenaventura BVN (US) · $31.58 · MCAP $8.0B · EV $8.2B
Compañía de Minas Buenaventura (BVN) is seeking a strategic partner to develop its Trapiche copper project, which requires an investment of over $2 billion.
Featured in Issue #35 · Oct 4, 2026
Terex Corp TEX (US) · $53.37 · MCAP $6.1B · EV $8.4B
Terex Corp (TEX) is pursuing strategic alternatives for its Genie aerial work platform business.
Featured in Issue #35 · Oct 4, 2026
Natural Alternatives International Inc NAII (US) · $1.70 · MCAP $11M · EV $53M
Management initiated a comprehensive review process to explore strategic alternatives including potential mergers, acquisitions, joint ventures, or a strategic sale of the Company.
Featured in Issue #35 · Oct 4, 2026
Trimble TRMB (US) · $57.51 · MCAP $13.4B · EV $14.7B
Trimble’s strategic review of its transportation and logistics business remains underway, CEO Rob Painter said at the Insight 2026 conference.
Featured in Issue #35 · Oct 4, 2026
NeuroSense Therapeutics Ltd. NRSN (US) · $6.95 · MCAP $13M · EV $13M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 19.1x
NeuroSense Therapeutics is a late-clinical stage biotechnology company developing novel treatments for severe neurodegenerative diseases, including amyotrophic lateral sclerosis and Alzheimer’s disease.
NeuroSense Therapeutics Ltd. provided a business update and H1 2026 financial results on September 25, 2026. The company is targeting a December 2026 New Drug Submission (NDS) filing in Canada for PrimeC in ALS. NeuroSense continues to pursue financing opportunities and evaluate strategic alternatives, including potential business and corporate transactions. Cash and cash equivalents were $231 thousand as of June 30, 2026. PARADIGM achieved its primary endpoint in June 2026, demonstrating statistically significant reduction in TDP-43 compared with placebo. The company plans to discuss with FDA whether existing data may support full approval or an Accelerated Approval pathway.
Featured in Issue #34 · Sep 27, 2026
Coty Inc. COTY (US) · $2.65 · MCAP $2.3B · EV $5.8B
Fwd P/E: 8.1x · Fwd EV/EBITDA: 7.3x · Fwd EV/GP: 1.6x · LTM EV/Sales: 1.0x · LTM EV/GP: 1.6x
Coty Inc., together with its subsidiaries, manufactures, markets, distributes, and sells branded beauty products in the United States and internationally. The company provides fragrances, color cosmetics, and skin and body care products.
Coty Inc. (COTY) is conducting a strategic review of its consumer beauty segment, including its mass color cosmetics business and its Brazil business (DEFR14A). The review creates a catalyst for potential divestitures, although no advisor, timeline, or buyer has been named. JAB Group owns approximately 54% of the company's voting power, meaning any outcome will be driven by the controlling shareholder. The annual meeting of stockholders is scheduled for November 5, 2026.
Featured in Issue #34 · Sep 27, 2026
Trimble Inc. TRMB (US) · $57.85 · MCAP $13.5B · EV $14.7B
Fwd P/E: 15.0x · Fwd EV/EBITDA: 12.0x · Fwd EV/GP: 5.4x · LTM EV/Sales: 3.9x · LTM EV/GP: 5.4x
Trimble Inc. offers technology solutions and platform that enable office professionals and field workers to connect workflows and industry lifecycles in North America, Europe, the Asia Pacific, and internationally.
Trimble is considering divesting its transportation and logistics segment and is working with Goldman Sachs to explore potential buyers. CEO Robert Painter confirmed during the Q2 earnings call that the review was prompted by multiple credible inquiries. Trimble raised its 2026 revenue guidance to $3.925 billion and projected EPS of $3.65. Trimble's market capitalization is $13.49 billion; the stock trades at $57.85. Insiders sold $5.9 million of shares in the past year with no insider purchases.
Featured in Issue #34 · Sep 27, 2026
Vertical Aerospace Ltd. EVTL (US) · $0.74 · MCAP $127M · EV $65M
Vertical Aerospace Ltd., an aerospace and technology company, engages in designing, manufacturing, and selling zero operating emission electric vertical takeoff and landing (eVTOL) in the United Kingdom.
Vertical Aerospace Ltd. (EVTL) has initiated a review of strategic alternatives, including potential strategic and financial partnerships (Form 6-K). The company retained Jefferies LLC as financial advisor on 24 September 2026. The process follows the appointment of Fabrice Brégier as Chair of the Board and approximately $100 million of new financing. No timetable for completion has been set, and there is no assurance the review will result in a transaction. The review signals the company is exploring financing options for certification, industrialisation, and commercialisation as it moves beyond core technology de-risking.
Featured in Issue #34 · Sep 27, 2026
NexGel, Inc. NXGL (US) · $0.17 · MCAP $2M · EV $9M
Fwd EV/GP: 2.2x · LTM EV/Sales: 0.8x · LTM EV/GP: 2.2x
NEXGEL, Inc. manufactures high water content, electron beam cross-linked, and aqueous polymer hydrogels and gels for wound care, medical diagnostics, transdermal drug delivery, and cosmetics in the United States. In addition, the company engages in the converting and packaging business.
On September 24, 2026, NexGel, Inc. began utilizing a new shareholder update presentation entitled "Strategic Review & Proposed Platform Reorganization." The presentation is attached as Exhibit 99.1 to a Form 8-K filed under Item 7.01 (Regulation FD Disclosure). The 8-K states the information is furnished and shall not be deemed "filed" under the Securities Exchange Act of 1934. Brian Kieser signed the 8-K as Interim Chief Executive Officer.
Featured in Issue #34 · Sep 27, 2026
Hycroft Mining Holding Corporation HYMC (US) · $21.48 · MCAP $2.0B · EV $1.8B
Hycroft Mining Holding Corporation is a U.S.-based gold and silver exploration and development company focused on the Hycroft Mine in Nevada, one of the world's largest precious metals deposits.
Hycroft Mining Holding Corporation (HYMC) is evaluating multiple pathways to unlock shareholder value during the second half of 2026. The company announced this review alongside a technical project update for the Hycroft Mine on September 21, 2026. It is currently finalizing assessments of underground development options for the Brimstone and Vortex systems and comparing roasting versus pressure oxidation for metallurgical tests. The value-unlocking evaluation is internally initiated, spans the full company, and names no advisor or specific transaction structure.
Featured in Issue #34 · Sep 27, 2026
Adagio Medical Holdings, Inc. ADGM (US) · $0.20 · MCAP $4M · EV $23M
Adagio Medical Holdings, Inc., a medical technology company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. The company’s product portfolio includes iCLAS atrial ultra-low temperature ablation (ULTA) catheter and system.
Adagio Medical Holdings, Inc. (ADGM) initiated a formal process to explore strategic alternatives and reduced its workforce by 25 of 43 full-time employees on September 23, 2026. The company expects approximately $1.3 million in one-time cash expenditures for severance and related costs. To extend capital resources, Adagio notified holders of its 13% Senior Secured Convertible Notes that, for conversion dates from September 23 through October 31, 2026 (subject to extension), the Conversion Price will be reduced to the lower of the then-current Conversion Price or 85% of the lowest common-stock VWAP during the five consecutive trading days ending on and including the trading day immediately preceding delivery or deemed delivery of a conversion notice. The filing does not identify a specific buyer or transaction.
Featured in Issue #34 · Sep 27, 2026
Granite Point Mortgage Trust Inc. GPMT (US) · $0.92 · MCAP $44M
Granite Point Mortgage Trust Inc., a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments in the United States.
Granite Point Mortgage Trust (GPMT) is evaluating a business combination, a sale of all or part of its assets, or a capital raise. The board also approved a 1-for-10 reverse stock split, which does not affect the 7.00% Series A preferred stock. No advisor, timeline, or valuation has been disclosed. This strategic review opens the door to a potential sale or capital raise, while the concurrent reverse split signals balance-sheet pressure.
Featured in Issue #34 · Sep 27, 2026
Blue Gold Limited BGL (US) · $0.21 · MCAP $9M · EV $13M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 1.6x · LTM EV/GP: NM
Blue Gold Limited acquires, develops, finances, licenses, and operates gold mines in the Ashanti region of Ghana.
Blue Gold Limited (BGL) is conducting a strategic review of its full company portfolio to evaluate continued operations, divestitures, strategic partnerships, restructuring, or acquisition opportunities. A Special Committee consisting of Executive Chairman Kevin Clark and Director Gary Herman is overseeing the process. The Committee expects to present an initial strategic and value creation framework to the Board. The Board identified arbitration proceedings against the Republic of Ghana and the company's mine-to-wallet fintech strategy as significant potential value drivers. This internally-initiated review includes potential divestitures of non-core assets and capital structure enhancements, with the 14-day framework deadline serving as a near-term catalyst for a defined path forward. Blue Gold Limited (BGL) established a Special Committee on September 22, 2026, to review strategic alternatives across its portfolio.
Featured in Issue #34 · Sep 27, 2026
Cannae Holdings CNNE (US) · $15.74 · MCAP $683M · EV $766M
Fwd EV/GP: 48.8x · LTM EV/Sales: 1.9x · LTM EV/GP: 48.8x
Cannae Holdings, Inc. is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more.
Cannae Holdings (CNNE) is weighing strategic alternatives for Ninety Nine Restaurant & Pub. CEO Ryan Caswell has indicated the company expects proceeds from a sale, though no transaction has been announced. Ninety Nine operates 93 company-owned restaurants and remained profitable on an adjusted EBITDA basis in Q1, while sister chain O'Charley's abruptly closed company-owned locations on September 9. The event establishes a concrete divestiture catalyst for the segment, with Ninety Nine remaining as the last profitable restaurant asset following the operational collapse of O'Charley's.
Featured in Issue #34 · Sep 27, 2026
National Fuel Gas NFG (US) · $78.99 · MCAP $7.5B · EV $9.8B
Fwd P/E: 10.7x · Fwd EV/EBITDA: 5.9x · Fwd EV/GP: 6.2x · LTM EV/Sales: 3.9x · LTM EV/GP: 6.2x
National Fuel Gas Company operates as a diversified energy company. This segment also transports and stores natural gas for National Fuel Gas Distribution Corporation, as well as for utilities, industrial companies, and power producers in New York State.
National Fuel Gas hired Goldman Sachs to evaluate strategic options for its natural gas production business. The production unit, comprising Seneca Resources and National Fuel Gas Midstream Company, is valued at around $5 billion. Options under review include full or partial sale, merger with a publicly listed U.S. producer, or spinoff into a separate public company. National Fuel Gas received an unsolicited expression of interest in the production business earlier in 2026 from an undisclosed buyer. Seneca Resources and the midstream business together account for around 69% of the company's adjusted EBITDA. National Fuel Gas trades at roughly 11.2 times earnings, versus more than 16 times for pure-play natural gas utilities.
Featured in Issue #34 · Sep 27, 2026
United Kingdom 11 situations
Alien Metals Ltd UFO.L (UK) · GBp 0.07 · MCAP $10M · EV $6M
Alien Metals Ltd (UFO.L) is reviewing the commercial pathway for its Pilbara iron ore portfolio, including continued low-cost technical advancement, joint ventures, strategic partnerships, potential sales and other…
Featured in Issue #36 · Oct 11, 2026
Informa INF.L (UK) · £8.91 · MCAP $16.1B · EV $21.7B
Informa announced plans to separate its academic publishing business, Taylor & Francis.
Featured in Issue #36 · Oct 11, 2026
Comptoir Group COM.L (UK) · GBp 4 · MCAP $7M · EV $26M
Comptoir Group has initiated a review of its AIM quotation and potential alternatives, including a return of capital for shareholders wishing to exit.
Featured in Issue #36 · Oct 11, 2026
NAHL Group NAH.L (UK) · GBp 40.20 · MCAP $26M · EV $29M
NAHL Group (NAH.L) continues to explore strategic options to accelerate shareholder value and review its capital allocation policy.
Featured in Issue #36 · Oct 11, 2026
Petra Diamonds Ltd PDL.L (UK) · GBp 4.08 · MCAP $19M · EV $249M
Petra Diamonds Ltd (PDL.L) appointed Questco Corporate Advisory as financial advisor on October 5, 2026, to manage its strategic review.
Featured in Issue #36 · Oct 11, 2026
Petra Diamonds PDL.L (UK) · GBp 4.50 · MCAP $21M · EV $250M
His Majesty's Revenue & Customs filed a winding-up petition against Petra Diamonds (PDL.L) subsidiary Petra Diamonds UK Treasury over an unpaid £5.65 million (~$7.5M) corporation tax bill.
Featured in Issue #35 · Oct 4, 2026
Alien Metals UFO.L (UK) · GBp 0.07 · MCAP $11M · EV $10M
Alien Metals Limited (UFO.L) is exploring strategic alternatives for its Pilbara Iron Ore Portfolio, including a potential sale.
Featured in Issue #35 · Oct 4, 2026
Shepherd Neame SHEP.AQ (UK) · £4.69 · MCAP $91M
Shepherd Neame (SHEP.AQ) has begun a strategic review of its brewing operations to determine a way forward.
Featured in Issue #35 · Oct 4, 2026
Agronomics Limited ANIC.L (UK) · GBp 5.24 · MCAP $75M · EV -$110M (negative EV reflects cash in excess of market value)
Liberation Bioindustries concluded its four-month strategic review without acceptable sale or joint-venture offers and will work with its shareholders to complete its Richmond facility without an external partner.
Featured in Issue #35 · Oct 4, 2026
Vistry Group PLC VTY.L (UK) · GBp 264 · MCAP $1.1B · EV $1.9B
Vistry Group PLC (VTY.L) plans to reposition as a smaller specialist mixed-tenure housebuilder, targeting approximately 12,000 annual completions over the medium term, consolidating 25 regions into 12, and reducing its…
Featured in Issue #35 · Oct 4, 2026
Pollen Street Group POLN.L (UK) · £9.20 · MCAP $722M
Fwd P/E: 11.2x
Pollen Street Group operates private credit and private equity businesses with sustained fundraising and expansion in assets under management.
Pollen Street Group (POLN.L) initiated a strategic review to increase shareholder value, including the consideration of a take-private transaction. The board has entered preliminary discussions with a limited number of third parties to gauge interest in a possible offer, as announced via the Regulatory News Service. There is currently no certainty regarding the timing or terms of a potential offer, or whether the review will result in a transaction. This process puts the entire business in play.
Featured in Issue #34 · Sep 27, 2026
Canada 10 situations
AutoCanada Inc. ACQ.TO (CA) · C$24.60 · MCAP $394M · EV $1.7B
AutoCanada Inc. (ACQ.TO) engaged TD Securities Inc. to conduct a strategic review of its collision business.
Featured in Issue #36 · Oct 11, 2026
MTY Food Group Inc. MTY.TO (CA) · C$22.14 · MCAP $486M · EV $1.2B
MTY Food Group Inc. (MTY.TO) ended its strategic review on October 9, 2026, opting not to pursue a sale of the company.
Featured in Issue #36 · Oct 11, 2026
TNR Gold Corp. TNR.V (CA) · C$0.26 · MCAP $45M · EV $42M
TNR Gold Corp. (TNR.V) and Eucalyptus Resources Opportunities Fund 1, LP have agreed to discontinue a petition in the Supreme Court of British Columbia.
Featured in Issue #36 · Oct 11, 2026
Plaza Retail REIT PLZ.UN (CA)
Plaza Retail REIT (PLZ.UN) formed a special committee after receiving an unsolicited, non-binding take-private proposal from Axia Real Assets LP at C$5.28 per unit.
Featured in Issue #36 · Oct 11, 2026
Cineplex Inc. CGX.TO (CA) · C$12.39 · MCAP $548M · EV $1.7B
Cineplex's board began reviewing strategic alternatives, including a potential sale.
Featured in Issue #36 · Oct 11, 2026
Ag Growth International Inc. AFN.TO (CA) · C$6.92 · MCAP $97M · EV $797M
Ag Growth International Inc. (AFN.TO) provided an update on its strategic review, capital strategy, and balance sheet improvement initiatives on 30 September 2026.
Featured in Issue #35 · Oct 4, 2026
First Quantum Minerals Ltd. FM.TO (CA) · C$38.23 · MCAP $22.2B · EV $29.4B
A Panamanian commission recommended the government negotiate with First Quantum Minerals Ltd. (FM.TO) to restart production at the Cobre Panama open-pit copper mine.
Featured in Issue #35 · Oct 4, 2026
AutoCanada Inc. ACQ.TO (CA) · C$23.54 · MCAP $369M · EV $1.7B
AutoCanada Inc. is launching a strategic review of its collision repair business.
Featured in Issue #35 · Oct 4, 2026
Fobi AI Inc. FOBI.V (CA) · C$0.02 · MCAP $4M · EV $4M
Fobi AI Inc. (FOBI.V) is pursuing a sale of its Passwallet business and exploring a sale or strategic joint venture for Qples.
Featured in Issue #35 · Oct 4, 2026
Cineplex Inc. CGX.TO (CA) · C$12.98 · MCAP $578M · EV $1.7B
Fwd P/E: 25.3x · Fwd EV/EBITDA: 7.3x · Fwd EV/Sales: 1.7x · LTM EV/Sales: 1.8x · LTM EV/GP: 2.9x
Cineplex Inc., together with its subsidiaries, operates as an entertainment and media company in Canada and internationally. The company engages in theatre exhibitions; provision of food service.
Cineplex has initiated a strategic review to look at opportunities to enhance and maximize value for all shareholders, which could include selling the company. Bill Walker was announced as the company's new CEO in a memo released this week. The company said no decisions have been made and there can be no assurance the Strategic Review will result in any transaction. Cineplex reported box office revenues of close to $98 million in August, its highest monthly box office performance in company history. The chain was last up for sale in 2019, agreeing to a $2.8-billion buyout by Cineworld Group PLC that fell through during the COVID-19 pandemic.
Featured in Issue #34 · Sep 27, 2026
Australia 7 situations
Neurizon Therapeutics Limited NUZ.AX (AU) · A$0.09 · MCAP $50M · EV $43M
Neurizon Therapeutics Limited (NUZ.AX) is preparing for possible commercial pathways for NUZ-001, including independent development, partnering, licensing and a potential M&A transaction, depending on clinical results.
Featured in Issue #36 · Oct 11, 2026
Genesis Minerals Limited GMD.AX (AU) · A$7.13 · MCAP $5.8B · EV $5.7B
Executive chair Raleigh Finlayson said Genesis was conducting a strategic review and considering multiple structures, including outright mine sales and a separately listed vehicle.
Featured in Issue #36 · Oct 11, 2026
EVT Limited EVT.AX (AU) · A$14.00 · MCAP $1.6B · EV $2.5B
EVT Limited (EVT.AX) began a strategic review on September 17, 2026, and has identified AUD 800 million (~$559M) of non-core property for possible divestment.
Featured in Issue #36 · Oct 11, 2026
Elixir Energy Limited EXR.AX (AU) · A$0.06 · MCAP $106M · EV $105M
Elixir Energy Limited (EXR.AX) is continuing its strategic review, with discussions involving Beach Energy Limited and multiple other parties.
Featured in Issue #36 · Oct 11, 2026
Etherstack plc ESK.AX (AU) · A$0.63 · MCAP $62M · EV $65M
Etherstack's Board completed its initial strategic and capital management review announced 13 July 2026.
Featured in Issue #36 · Oct 11, 2026
Northern Star Resources Limited NST.AX (AU) · A$24.02 · MCAP $23.4B · EV $23.9B
Northern Star Resources (NST.AX) is preparing to sell non-core assets as a defensive measure against takeover attempts from Gold Fields.
Featured in Issue #35 · Oct 4, 2026
Impact Minerals IPT.AX (AU) · A$0.03 · MCAP $11M · EV $9M
Managing director Dr Mike Jones stepped down for health reasons, effective 25 September, after 20 years with Impact Minerals.
Featured in Issue #35 · Oct 4, 2026
Italy 4 situations
UniCredit UCG.MI (IT) · €76.13 · MCAP $127.8B
UniCredit (UCG.MI) convened an extraordinary board meeting on October 9, 2026, to assess M&A options in Italy and Europe.
Featured in Issue #36 · Oct 11, 2026
Banca Ifis S.p.A. IF.MI (IT) · €10.75 · MCAP $742M
Banca Ifis (IF.MI) disclosed Bank of Italy inspection findings concerning credit monitoring, classification, valuation, NPL recovery, and governance.
Featured in Issue #36 · Oct 11, 2026
Bff Bank BFF.MI (IT) · €2.72 · MCAP $577M
BFF Bank (BFF.MI) may enter discussions with Cerberus for one to two months to assess its non-binding proposal, according to Milano Finanza; the discussions may not constitute formal exclusivity and the bank declined to…
Featured in Issue #35 · Oct 4, 2026
The Italian Sea Group S.p.A. TISG.MI (IT) · €1.18 · MCAP $71M · EV $219M
Fwd P/E: 4.6x · Fwd EV/EBITDA: 5.3x · Fwd EV/Sales: 0.7x · LTM EV/Sales: 0.5x · LTM EV/GP: 1.6x
The Italian Sea Group S.p.A. operates in the yachting industry. In addition, the company offers interior and exterior furniture for the yachts.
The Italian Sea Group S.p.A. announced the deadline for submission of binding offers in Phase II of the sale process is October 19, 2026. The announcement updates the Company's prior announcement. The Company is a global operator in luxury yachting, listed on Euronext Milan. The Company builds and refits motor yachts and sailing yachts up to 140 metres under the brands Admiral, Tecnomar, Perini Navi, and Picchiotti. The date updates a prior disclosure made on 15 September 2026.
Featured in Issue #34 · Sep 27, 2026
New Zealand 3 situations
SkyCity Entertainment Group SKC.NZ (NZ) · NZ$0.68 · MCAP $422M · EV $764M
SkyCity Entertainment Group (SKC.NZ) has hired UBS and Chapman Tripp to run a structured sale process after receiving two takeover approaches that the board deemed inadequate.
Featured in Issue #35 · Oct 4, 2026
Tourism Holdings Limited THL.NZ (NZ) · NZ$2.93 · MCAP $366M · EV $730M
Tourism Holdings Limited (thl) has received non-binding indicative offers from the BGH Consortium and Indie Campers.
Featured in Issue #35 · Oct 4, 2026
KMD Brands KMD.NZ (NZ) · NZ$1.92 · MCAP $78M · EV $265M
Fwd P/E: 22.4x · Fwd EV/EBITDA: 3.1x · Fwd EV/Sales: 0.4x · LTM EV/Sales: 0.4x · LTM EV/GP: 0.8x
KMD Brands Limited, together with its subsidiaries, designs, markets, wholesales, and retails apparel, footwear, and equipment for surfing and the outdoors under the Kathmandu, Rip Curl, and Oboz brand names.
KMD Brands dropped 5% to $1.92 after its outlook fell short of analyst expectations. KMD's board said it was engaging with a number of potential suitors for the business. Revenue rose and underlying earnings recovered, although a $462.7m impairment charge left the bottom line in red ink. Briscoe Group, a small shareholder of KMD, gained 2.3% to $4.83.
Featured in Issue #34 · Sep 27, 2026
Singapore 3 situations
City Developments C09.SI (SG) · S$7.04 · MCAP $4.9B · EV $15.4B
City Developments closed down 8.1% at S$7.59 after its strategic review was detailed.
Featured in Issue #35 · Oct 4, 2026
City Developments Limited C09.SI (SG) · S$8.26 · MCAP $5.8B · EV $16.3B
Fwd P/E: 16.2x · Fwd EV/EBITDA: 17.3x · Fwd EV/GP: 11.8x · LTM EV/Sales: 4.5x · LTM EV/GP: 12.0x
City Developments Limited (CDL) is a leading global real estate company with a network spanning 167 locations across 28 countries and regions.
City Developments Limited (C09.SI) will release the findings of a strategic review before trading hours on 2026-09-28. The disclosure will include the company's future strategic direction, capital allocation framework, and implementation roadmap. Teneo is conducting the review, which was originally expected to be completed in June. The announcement is the first concrete articulation of strategy following a Kwek family feud that raised governance questions, with expectations for capital recycling and a capital-light platform signaling potential asset disposals.
Featured in Issue #34 · Sep 27, 2026
StarHub CC3.SI (SG) · S$1.12 · MCAP $1.5B · EV $2.3B
Fwd P/E: 41.1x · Fwd EV/EBITDA: 8.6x · Fwd EV/Sales: 1.3x · LTM EV/Sales: 1.3x · LTM EV/GP: 6.8x
StarHub Ltd engages in the operation and provision of telecommunications services and other businesses relating to the info-communications industry for individuals and businesses in Singapore. The company operates through two segments, Telecommunications and Cyber Security.
StarHub (BBG000BB9PT6) and Keppel are in talks over a potential deal involving M1. Temasek holds a 56.1% stake in StarHub and a 21.5% stake in Keppel, which controls M1. The parties have engaged financial advisers, and StarHub has reportedly made an offer to Keppel. A transaction would reduce the number of mobile network operators in Singapore from four to three, subject to regulatory approval. StarHub and M1 previously explored a merger in 2024, but no agreement was reached.
Featured in Issue #34 · Sep 27, 2026
China 2 situations
RONGFENGHOLDING GROUP CO., LTD. 000668.SZ (CN) · ¥18.69 · MCAP $411M · EV $403M
Shengshida Investment is planning a change in control of Rongfeng Holding Group (000668.SZ), where it holds a 39.97% stake.
Featured in Issue #36 · Oct 11, 2026
CECEP Techand Ecology&Environment Co.,Ltd. 300197.SZ (CN) · ¥1.97 · MCAP $872M · EV $3.4B
CECEP Techand Ecology&Environment (300197.SZ) is planning a full-company asset restructuring involving the sale of nearly all assets and liabilities to China Energy Conservation and Environmental Protection Group Co.…
Featured in Issue #35 · Oct 4, 2026
Norway 2 situations
Bruton Limited BRUT.OL (NO) · NOK 57.00 · MCAP $369M · EV $357M
Bruton Limited (BRUT.OL) initiated a strategic review on 8 October 2026 to explore ways to maximize shareholder value.
Featured in Issue #36 · Oct 11, 2026
Norse Atlantic Airways NORSE.OL (NO) · NOK 0.30 · MCAP $92M · EV $846M
Norse launched a formal process for a potential sale or merger in July.
Featured in Issue #36 · Oct 11, 2026
South Africa 2 situations
Raubex Group Limited RBX.JO (ZA) · MCAP $442M · EV $535M
Raubex Group Limited (RBX.JO) is evaluating the partial or full disposal of its investment in Bauba Resources (Pty) Ltd. The company renewed a cautionary announcement on 8 October 2026, stating the strategic-options…
Featured in Issue #36 · Oct 11, 2026
Accelerate Property Fund Limited APF.JO (ZA) · MCAP $50M · EV $226M
Accelerate Property Fund (APF.JO) announced a new Fourways Mall property, development and asset-management agreement with Flanagan and Gerard Frontiers and Luvon Investments.
Featured in Issue #35 · Oct 4, 2026
Japan 2 situations
Ricoh Company, Ltd. 7752.T (JP) · ¥1,670.50 · MCAP $6.0B · EV $8.1B
Ricoh announced a strategic review on October 6, 2026.
Featured in Issue #36 · Oct 11, 2026
Japan Post Holdings 6178.T (JP) · ¥2,503.50 · MCAP $42.7B
Japan Post Holdings (6178.T) established a wholly owned subsidiary, Japan Post Real Estate Investment Management, with JPY 300 million (~$1.9M) in capital to monetize its property portfolio.
Featured in Issue #36 · Oct 11, 2026
Other markets 2 situations
Immutable Holdings Inc. $0.04 · MCAP $4M · EV $3M
Immutable Holdings issued a corporate update on October 1, 2026 confirming an ongoing strategic review and digital asset portfolio management.
Featured in Issue #35 · Oct 4, 2026
American Hotel Income Properties $0.40 · MCAP $29M · EV $235M
LTM EV/Sales: 1.5x · LTM EV/GP: 6.4x
American Hotel Income Properties owns and operates a portfolio of hotel properties, including brands such as Holiday Inn Express & Suites and Embassy Suites.
American Hotel Income Properties (AHOTF) provided an update on hotel sales and its previously announced strategic review. AHIP signed purchase and sale agreements in September for five individual hotels, with one additional hotel expected under PSA within ten days. Total gross proceeds for the sale of these six hotels are estimated at approximately $95 million, if completed. The majority of these sales are targeted to close by end of Q4 2026, subject to PSA conditions. Net proceeds plus cash are intended to repay $25M Series C Preferred Shares and $49.7M of 6.0% unsecured subordinated convertible debentures maturing December 31. AHIP's unrestricted cash balance as of September 24 was approximately $42M, up from $21.5M as at June 30. The Strategic Review was announced on May 4; no definitive timeline to complete the review or any potential transaction has been established.
Featured in Issue #34 · Sep 27, 2026
Sweden 2 situations
Arlandastad Group AB AGROUP.ST (SE) · SEK 35.60 · MCAP $224M · EV $377M
Arlandastad (AGROUP.ST) is open to selling Stockholm-Skavsta Airport following a proposal by investigator Anders Flanking to nationalize the asset.
Featured in Issue #35 · Oct 4, 2026
Tobii AB TOBII.ST (SE) · SEK 1.07 · MCAP $25M · EV $77M
Fwd P/E: NM · Fwd EV/EBITDA: 5.4x · Fwd EV/Sales: 1.1x · LTM EV/Sales: 1.1x · LTM EV/GP: 1.4x
Tobii AB (publ) develops and sells eye-tracking technology and solutions in Sweden, Europe, Middle East, Africa, the United States, and internationally. The company offers Tobii Pro Glasses 3, a wearable eye tracker.
Tobii AB (TOBII.ST) is conducting a board-initiated strategic review that may include partnerships, capital raising, or business divestments. The company appointed Martin Johansson as Acting CFO effective 30 September 2026, following the departure of interim CFO Åsa Wirén. A permanent CFO will be appointed once the strategic review is complete. The process could reshape the company's portfolio and capital structure, though no specific transaction, timeline, or advisor has been disclosed.
Featured in Issue #34 · Sep 27, 2026
Austria 1 situation
Wienerberger AG WIE.VI (AT) · €15.40 · MCAP $1.9B · EV $4.6B
Wienerberger AG (WIE.VI) cut full-year operating EBITDA guidance to €640–650 million amid persistently weak demand and higher inflation-driven costs.
Featured in Issue #36 · Oct 11, 2026
Brazil 1 situation
Cosan CSAN3.SA (BR) · R$5.00 · MCAP $4.0B · EV $17.8B
Cosan (CSAN3.SA) is reassessing plans to sell assets after reducing its debt by half over the past year.
Featured in Issue #36 · Oct 11, 2026
Philippines 1 situation
EEI Corp. EEI.PS (PH) · PHP 1.96 · MCAP $32M · EV $330M
EEI Corp. is reviewing its subsidiaries and may exit underperforming businesses to prioritize resources toward those with clear paths to profitability.
Featured in Issue #35 · Oct 4, 2026
South Korea 1 situation
ContentreeJoongAng corp. 036420.KS (KR) · ₩1,548.00 · MCAP $22M
Contentree Central (036420.KS) is reviewing strategic alternatives for its subsidiary SLL Central, the producer of The Roundup film series.
Featured in Issue #35 · Oct 4, 2026
Taiwan 1 situation
IBF Financial Holdings Co., Ltd. 2889.TW (TW) · TWD 16.10 · MCAP $1.9B
IBF Financial Holdings Co., Ltd. (2889.TW) set a board meeting for September 30 to address compensation reform and merger evaluation.
Featured in Issue #35 · Oct 4, 2026
Malaysia 1 situation
AMMB Holdings Bhd AMBANK.KL (MY) · MYR 6.60 · MCAP $5.4B
AMMB Holdings Bhd (AMBANK) and MetLife International Holdings LLC are considering strategic options, including a possible sale, for their joint-venture insurance business.
Featured in Issue #35 · Oct 4, 2026
Saudi Arabia 1 situation
Saudi Arabian Oil Company 2222.SR (SA) · SAR 25.28 · MCAP $1.6T · EV $1.7T
Saudi Aramco (2222.SR) hired Evercore to advise on restructuring its business into a standalone gas division.
Featured in Issue #35 · Oct 4, 2026
Spain 1 situation
CaixaBank CABK.MC (ES) · €12.61 · MCAP $98.6B
CaixaBank has hired Morgan Stanley to analyze the potential acquisition of Cetelem in Spain and Portugal.
Featured in Issue #35 · Oct 4, 2026
Belgium 1 situation
Nyrstar NYR.BR (BE) · €0.06 · MCAP $7M · EV $8M
LTM EV/Sales: 2.1x · LTM EV/GP: NM
Nyrstar NV is the Euronext Brussels-listed former parent of a multi-metal zinc and lead mining and smelting group; since Trafigura took full ownership of the operating business in 2019, the listed entity itself has no significant operations.
Nyrstar (NYR.BR) launched a strategic review of its loss-making Budel zinc smelting operations in the Netherlands. CEO Guido Janssen cited elevated energy prices, low treatment and refining charges, and a lack of supportive government policy as drivers for the review. The Budel smelter produces 315,000 metric tons of zinc per year and previously suspended operations in January 2024 before restarting in May of that year. The review is expected to conclude by the end of 2026. This event opens the question of asset rationalization but specifies no actionable mechanism for a sale or closure.
Featured in Issue #34 · Sep 27, 2026
Finland 1 situation
Valmet Oyj VALMT.HE (FI) · MCAP $5.9B · EV $7.0B
Fwd P/E: 15.3x · Fwd EV/EBITDA: 8.3x · Fwd EV/GP: 4.3x · LTM EV/Sales: 1.2x · LTM EV/GP: 4.2x
Valmet Oyj develops and supplies process technologies, automation, and services for the pulp, paper, and energy industries in North America, Latin America, EMEA, China, and Asia-Pacific. The company also provides technologies for pulp, energy, circularity, packaging, paper, and tissue.
Valmet Oyj (VALMT.HE) is conducting a strategic review to assess the possible separation of its two segments into standalone publicly listed companies. The company plans to publish its January to September 2026 interim review on October 28, 2026. This review provides shareholders a clearer line of sight on the distinct operating profiles of the biomaterial/process and automation/services businesses. Shares currently trade 24.64 percent below a Nordea price target of EUR 35 (~$40).
Featured in Issue #34 · Sep 27, 2026
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