A running index of tender offers and exchange offers covered in the Special Situations Digest. Below are recent cash tender offers, exchange offers, and going-private tenders across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 22 countries. Earlier coverage includes 96+ additional situations from prior issues.
Tender offers are a classic event-driven setup: a defined offer price, a fixed expiration date, and clearly disclosed conditions. They take three primary forms: third-party tender offers (one company bidding for another), self-tender offers (companies buying back their own shares, often at a premium), and exchange offers (swapping one security for another). Each carries distinct arbitrage and odd-lot dynamics.
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Japan 22 situations
Yamadai Corp. 7426.T (JP) · MCAP $3M · EV $8M
EV/GP: 2.6x
Yamadai Corp. distributes timber, building materials, and housing equipment, and provides wood pre-cut processing and custom home construction, mainly in Japan's Tohoku region.
Nice Inc. launched a tender offer for Yamadai Corporation (7426.T) at ¥601 per share, scheduled to run from June 2 to July 13, 2026. The transaction aims for full privatization and includes a side-deal where the founding family will sell its 30.43% stake at ¥301 per share. Yamadai’s board unanimously recommended that shareholders tender into the offer, noting the company's TSE listing non-compliance and the benefits of a capital partnership with Nice Inc. The offer includes a minimum tender condition of 402,600 shares, or 36.24% of voting rights, which when combined with the family stake would secure the two-thirds majority required for a squeeze-out. Nice Inc. is being advised by Daiwa Institute of Research, AGS FAS, and Miura Law Office. This Japanese tender offer employs a dual-track pricing structure providing a premium for public shareholders over the founding family's exit price, with the 36.24% minimum threshold serving as the primary hurdle for the subsequent delisting and squeeze-out.
Featured in Issue #18 ·
Manabi Aid Co., Ltd. 184A.T (JP) · ¥326 · MCAP $7M
Manabi-aid Co.,Ltd. (184A.T) is awaiting the settlement of a tender offer for a 33.35% stake by NOVA Holdings Co., Ltd. The Tokyo Stock Exchange-listed education services company has a market cap of $7M and a last price of JPY 326. The transaction was announced on April 27, 2026, and is expected to close on June 4, 2026.
Featured in Issue #18 ·
nms Holdings Corporation 2162.T (JP) · MCAP $64M · EV $158M
nms Holdings Corporation is a Tokyo Stock Exchange-listed company (code 2162). World Holdings is a pure holding company based in Kitakyushu; MIRAI Research Institute is the founding family's asset management vehicle.
World Holdings Co., Ltd. resolved to launch a tender offer for all remaining shares of nms Holdings Corporation (2162.T) at ¥540 per share. The tender period runs from June 1, 2026, to July 10, 2026, targeting up to 12,881,041 shares to make the company a wholly-owned subsidiary. World Holdings and its associate MIRAI Research Institute Co. currently hold a combined 29.38% stake. The $43 million acquisition is financed through ¥2.9 billion in borrowings from Fukuoka Bank alongside ¥4.7 million in cash. The ¥540 offer price establishes a floor for the 40-day arbitrage timeline, but the acquirer must secure acceptance from approximately 70.6% of the remaining float to reach the two-thirds threshold required for a subsequent squeeze-out.
Featured in Issue #18 ·
Nice Corporation 8089.T (JP) · MCAP $139M · EV $301M
EV/GP: 2.9x
Nice Corporation is a Japanese building materials and housing conglomerate operating timber procurement, precut wood processing, building materials distribution, and residential real estate sales. Yamadai is a Tohoku-region lumber and wood-processing company with niche capabilities in non-residential wooden construction and CAD-driven specialty precut processing.
Nice Corporation (8089.T) launched a cash tender offer to acquire Yamadai Co., Ltd. (7426.T) at ¥601 per share, seeking full subsidiary status via a tender period running from June 2 to July 13, 2026. Concurrent share transfer agreements were signed with founding-family entities Estate Yamadain and Yamayu Shokurin to acquire a 30.43% stake at ¥301 per share. The offer requires a minimum tender of 402,600 shares, or 36.24% of voting rights, to reach the two-thirds threshold necessary for a squeeze-out through share consolidation. Yamadai’s board recommends the offer as the company faces imminent Tokyo Stock Exchange delisting risk for failing to meet market capitalization requirements by March 31, 2026. The two-tier pricing structure, featuring a 99.7% premium over the insider transfer price, tests minority-shareholder-protection standards alongside the TSE compliance-driven timeline.
Featured in Issue #18 ·
Kakaku.com, Inc. 2371.T (JP) · MCAP $4.1B · EV $3.8B
Fwd P/E: 28.5x · EV/EBITDA: 13.5x · EV/Sales: 5.7x · EV/GP: 19.6x (FY2027)
Kakaku.com operates Japan's leading price comparison and review platform, covering products, travel, dining, and automotive services.
Kakaku.com, Inc. (2371.T) announced that bidder Kamgras 1 Inc. filed a corrected tender offer registration statement on June 4, 2026, following the shortening of the waiting period under the Foreign Exchange and Foreign Trade Act (FEFTA). The update removes the FEFTA-related withdrawal condition from the offer for common shares and stock acquisition rights, with share purchases permitted to proceed as of June 3. The filing clarifies that the correction does not constitute a change to tender conditions under Article 27-3, Paragraph 2, Item 1 of the Financial Instruments and Exchange Act. The resolution of FEFTA clearance eliminates the last remaining regulatory condition that allowed the bidder to withdraw, materially narrowing deal-break risk.
Featured in Issue #18 ·
Manabu Aid Inc. 184A.T (JP) · MCAP $7M · EV $6M
Manabu Aid Inc. is a Japanese company listed on the Tokyo Stock Exchange (TSE). Specific business operations are not detailed in this filing; the new parent NOVA Holdings operates English conversation schools, cram schools, childcare, study abroad, sports, and publishing businesses.
Manabu Aid Inc. (184A.T) filed an extraordinary report confirming that NOVA Holdings Co., Ltd. completed a tender offer for 624,100 shares at ¥338 per share. Inayoshi Capital Partners will transfer its entire 33.35% stake to NOVA Holdings via an off-market transaction effective June 4, 2026. Following these transactions, NOVA Holdings will hold 51.63% of voting rights and become the new parent company. Toyosec Securities Co., Ltd. served as advisor for the deal. The assembly of this 51.63% controlling stake eliminates the previous major shareholder structure with no squeeze-out currently announced, leaving minority holders facing a new controller with potential for future consolidation.
Featured in Issue #17 ·
Tiemco Ltd. 7501.T (JP) · MCAP $29M · EV $18M
EV/GP: 2.4x
Tiemco Ltd. is a Japanese manufacturer and retailer of fishing tackle and outdoor goods, focusing on fly-fishing products with growing e-commerce and global expansion initiatives.
Tiemco Ltd. (7501.T) resolved on May 19, 2026, to oppose an unsolicited tender offer from Capital Nuts seeking between 43.18% and 60.00% of company shares. The board reversed its earlier reserved stance following a unanimous recommendation from a special committee of three independent directors and external experts. The offer was launched on April 7, 2026, without prior notice to Tiemco, which is a Japanese manufacturer and retailer of fishing tackle and outdoor goods. Tiemco cited a lack of disclosure on the bidder's financials, unclear post-acquisition plans, and the coercive nature of the offer as reasons for its opposition. Tokyo International Law Office is serving as an advisor. This contested situation creates potential for a raised bid, a white knight, or a poison pill defense.
Featured in Issue #16 ·
Global Information, Inc. 4171.T (JP) · MCAP $31M · EV $9M
EV/GP: 0.9x
Global Information, Inc. is a Japanese market research and digital media company providing business intelligence and information services.
Userbase, Inc. launched a tender offer for Global Information, Inc. (4171.T) on May 20, 2026. Global Information, Inc. is a Japanese market research and digital media company providing business intelligence and information services. The offer includes the acquisition of the 2nd series of stock acquisition rights issued on July 30, 2018, at an exercise price of ¥144,200. The tender offer announcement, filed via the Tokyo Stock Exchange, states a minimum number of shares to be purchased. This third-party tender offer creates a potential control premium and provides an actionable event for merger-arbitrage strategies.
Featured in Issue #16 ·
E-Grand Co., Ltd. 3294.T (JP) · MCAP $185M · EV $168M
E-Grand Co., Ltd. is a Japanese real estate company focusing on property ownership, sales, management, rental, leasing, and brokerage.
E-Grand Co., Ltd. (3294.T) filed an extraordinary report confirming the successful completion of Seibu Real Estate Co., Ltd.’s public tender offer for 5,610,751 shares and share acquisition rights. The offer period ended on May 18, 2026, and exceeded the minimum threshold of 4,105,200 shares. Upon settlement scheduled for May 25, 2026, Seibu Real Estate will hold 90.86% of voting rights, or 56,107 out of 61,748 units, becoming the new parent company. Seibu Holdings will simultaneously become an indirect parent of the Japanese real estate company. The acquisition of a 90.86% stake triggers a potential squeeze-out of remaining minority shareholders.
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 consumer review platform, providing online shopping support services and advertising solutions.
Kakaku.com (2371.T) announced that Kamgras 1 Corporation filed a corrected tender offer registration statement following regulatory clearance for its bid for the company's common shares and stock acquisition rights. The Japan Fair Trade Commission issued a clearance notice and a shortened prohibition-period notice on May 15, 2026, resolving antitrust risk. This development results in the removal of the JFTC-related withdrawal condition from the original tender offer commencement announcement dated May 13, 2026. The amendment does not constitute a change to purchase conditions under Article 27-3, Paragraph 2, Item 1 of the Financial Instruments and Exchange Act. Regulatory clearance removes a key conditionality from the active tender offer, narrowing deal risk and clarifying the path to closing.
Featured in Issue #16 ·
Ryomo Systems 9691.T (JP)
Ryomo Systems is a Japanese company that is the target of a tender offer by automotive component manufacturer Mitsuba Corporation and electric utility Chubu Electric Power. Its specific industry is not detailed in the dossier.
Mitsuba Corporation and Chubu Electric Power amended the terms of their tender offer for Ryomo Systems (7280.T). The revised offer doubles the planned annual dividend per share. Ryomo Systems’ board confirmed that no interim or year-end dividends will be paid for the fiscal period spanning late 2026 to early 2027. Consolidated net income and net asset figures for the target remain unchanged. These revised dividend terms and the suspension of future payouts reflect changes to the economic attractiveness of the tender offer and may influence shareholder acceptance rates.
Featured in Issue #16 ·
Anshin Guarantee Co., Ltd. 7183.T (JP) · MCAP $28M · EV $27M
EV/Sales: 1.1x (LTM)
Anshin Guarantee Co., Ltd. provides credit guarantee services in Japan, listed on Tokyo Stock Exchange Standard Market (code 7183).
Muninnova Holdings Co., Ltd. launched a tender offer on May 13, 2026, to acquire all shares of Anshin Guarantee Co., Ltd. (7183.T) at ¥257 per share. The transaction targets full ownership and the subsequent delisting of the credit guarantee services provider. Aiful Corporation and AG Capital, which collectively hold 37.75% of the target company or 6,786,000 shares, have pre-committed their support to the offer. These pre-committed holdings materially de-risk the tender's minimum acceptance condition, with Aiful entering an in-kind dividend agreement to contribute its 35.65% stake to Muninnova upon successful settlement. The tender period runs through July 2, 2026, followed by a shareholder meeting on July 3, 2026, to approve the in-kind dividend.
Featured in Issue #16 ·
Jimoty, Inc. 7082.T (JP)
Fwd P/E: 36.4x · EV/EBITDA: 12.8x · EV/Sales: 3.6x · EV/GP: 3.9x (FY2026)
Jimoty Inc. (TSE Growth: 7082) operates a local classifieds/listings platform in Japan, connecting users for second-hand goods, services, and community activities.
NTT DoCoMo entered into an agreement on May 15, 2026, to tender its 18.52% stake in Jimoty Inc. (7082.T) into a pending tender offer by Culture Convenience Club Co., Ltd. The agreement covers 1,846,316 shares and follows an increase from a prior reported stake of 16.36%. Culture Convenience Club’s offer targets common shares and share warrants. The filing indicates the tender agreement now supersedes NTT DoCoMo's original shareholding purpose of promoting a business alliance. This commitment locks in a significant block for the offer, making the tender more likely to succeed and signaling strategic endorsement from a key partner.
Featured in Issue #16 ·
Akatsuki Inc. 3932.T (JP) · ¥17 · MCAP $246M · EV $127M
EV/EBITDA: 3.5x · EV/Sales: 0.8x · EV/GP: 1.4x (FY2027)
Sunny Side Up Group is a Japanese holding company operating brand communication, food branding (including the 'bills' restaurant brand), and business development segments. Akatsuki is a mobile game developer and IP management company expanding into entertainment and lifestyle through M&A.
Akatsuki Inc. (3932.T) resolved on May 13, 2026, to launch a tender offer for all outstanding shares and subscription warrants of Sunny Side Up Group (2180.T). The offer carries a minimum threshold of 5,551,400 shares, or 37.48%, with the aim of achieving at least two-thirds voting control to facilitate a subsequent squeeze-out. Akatsuki has secured agreements with shareholders to tender 44.92% of shares, including a 36.94% stake held by founder Etsuko Jihara via Next Field. The transaction will be funded through cash on hand and a committed JPY 15.442 billion loan facility from Mizuho Bank. Following the tender offer, Akatsuki intends to make Sunny Side Up a wholly owned subsidiary through a share exchange, for which a basic agreement on the exchange ratio methodology has been executed.
Featured in Issue #15 ·
Anshin Guarantor Service Co., Ltd. 7183.T (JP) · ¥186 · MCAP $20M · EV $20M
Anshin Guarantor provides guarantee services for rental debts, focusing on the residential lease guarantee market in Japan.
Anshin Guarantor (7183.T) announced its board unanimously recommends shareholders tender into concurrent offers from controlling shareholder Muninova Holdings, Inc. Muninova is offering ¥257 per common share and ¥1 per stock acquisition right to make the company a wholly-owned subsidiary and delist its shares from the Tokyo Stock Exchange. Muninova currently holds a 39.02% indirect stake. The offers are subject to a minimum threshold of 5,186,700 shares. The transaction is expected to close between May 12, 2026, and July 2, 2026.
Featured in Issue #15 ·
Dai Nippon Printing Co., Ltd. 7912.T (JP) · ¥21 · MCAP $8.8B · EV $7.6B
EV/EBITDA: 6.1x · EV/Sales: 0.8x · EV/GP: 3.3x (FY2027)
AUSTRIACARD HOLDINGS AG manufactures payment IC cards, national ID solutions, and variable security printing, serving banks and fintechs across Europe, Africa, and North America. The group produces ~100M payment cards annually and has digital/AI solution capabilities.
Dai Nippon Printing (7912.T) launched a voluntary public tender offer to acquire 100% of AUSTRIACARD HOLDINGS AG at €10.00 per share, implying an equity value of approximately €364M. Controlling shareholder Nikolaos Lykos, who holds a 74.58% stake, has entered into a binding commitment to tender his shares towards a 75% minimum acceptance condition. The transaction is subject to foreign investment clearances in Austria, Greece, and Romania, alongside competition clearances in Austria, Germany, and Turkey. The offer period is expected to commence in mid-June 2026 for four to ten weeks, with a mandatory three-month extension period required under Austrian law. Dai Nippon Printing signed a framework agreement with the target and expects to complete the acquisition in the July–September 2026 quarter. AUSTRIACARD HOLDINGS AG manufactures payment IC cards, national ID solutions, and variable security printing, producing approximately 100M payment cards annually.
Featured in Issue #15 ·
Kakaku.com, Inc. 2371.T (JP) · ¥3,400 · MCAP $4.2B · EV $2.3B
Fwd P/E: 30.1x · EV/EBITDA: 8.0x · EV/Sales: 3.4x · EV/GP: 11.6x (FY2027)
Kakaku.com operates a leading Japanese online price comparison and shopping platform, aggregating product listings and reviews across multiple categories.
LINE Yahoo and Bain Capital submitted a revised acquisition proposal for Kakaku.com (2371.T) on May 13, increasing the indicative tender offer price to ¥3,232 per share from ¥3,000. This proposal competes with a ¥3,000 per share tender offer from EQT AB that launched May 13 with the support of the Kakaku.com board. Kakaku.com, which operates a Japanese online price comparison and shopping platform, confirmed it is reviewing the new LINE Yahoo and Bain Capital proposal. The board stated it will disclose material developments as it weighs the competing bids.
Featured in Issue #15 ·
Matsuya R&D Co., Ltd. 7317.T (JP) · ¥1,103 · MCAP $149M · EV $135M
Fwd P/E: 12.4x · EV/EBITDA: 5.0x · EV/Sales: 2.0x · EV/GP: 6.0x (FY2027)
Japanese manufacturer of automatic industrial sewing machines and OEM products for apparel and textile industries.
Founding family members Hidetaka Goto, Tomohiro Goto, Masahiro Goto, and Goto Holdings filed a large shareholding report confirming they will tender their collective 51.71% stake, representing 11,080,000 shares, in Matsuya R&D Co., Ltd. (7317.T). The entities entered into tender offer acceptance agreements on December 15, 2025, committing to tender their entire combined holding. On May 7, 2026, all share pledges on the family’s stock were fully released to clear the path for the tender settlement. The filing reflects no change in the 51.71% aggregate stake and no share acquisitions or disposals within the last 60 days. This binding commitment from the majority shareholders eliminates blocking risk for the transaction.
Featured in Issue #15 ·
Paltac Corp. 8283.T (JP) · $29.25 · MCAP $1.8B · EV $212.5B
EV/EBITDA: 5.6x · EV/Sales: 0.2x · EV/GP: 2.3x (FY2027)
Paltac Corp. is a major Japanese wholesaler of pharmaceuticals, cosmetics, and daily necessities, operating as a consolidated subsidiary within the Medipal Holdings group.
Paltac Corp. (8283.T) announced its board resolved to support a tender offer by Medipal Holdings to acquire all remaining shares and take the company private. Medipal Holdings currently holds a 50% stake in the company, which operates as a major Japanese wholesaler of pharmaceuticals, cosmetics, and daily necessities. Successful completion of the offer would result in Paltac Corp. becoming a wholly owned subsidiary and delisting. The board recommends shareholders tender their shares, though timing for the transaction is uncertain and no definitive agreement has been reached.
Featured in Issue #15 ·
Shinko Shoji 8141.T (JP) · $9.60 · MCAP $274M · EV $11.5B
Shinko Electric Industries supplies semiconductor packaging materials and electronic components, serving chip manufacturers with products tied to advanced packaging, AI hardware, and industrial automation cycles.
Kaga Electronics announced a tender offer for Shinko Electric Industries (JP3352200002) on May 15, 2026. The firm offer price of ¥1,580 per share targets full ownership as a wholly owned subsidiary. Shinko Electric Industries supplies semiconductor packaging materials and electronic components, serving chip manufacturers with products tied to advanced packaging, AI hardware, and industrial automation cycles. The offer sets a near-term valuation floor and creates completion-risk arbitrage dynamics tied to Japan's semiconductor supply chain consolidation. Closing is expected around June 26, 2026.
Featured in Issue #15 ·
Shinpo Co., Ltd. 5903.T (JP) · ¥1,214 · MCAP $60M · EV $49M
EV/EBITDA: 7.3x · EV/Sales: 0.9x
Manufacturer of smokeless roasters and commercial cooking equipment; specialized supplier for Japanese hospitality sector.
Shinpo Co., Ltd. (TSE: 5903) filed a correction to its April 28, 2026 MBO announcement, amending a typographical error in the special committee's opinion: the tendering parties' pre-existing shareholding is corrected from 22,022,900 shares to 2,022,900 shares, with the stated ownership ratio of 36.78% unchanged. Offer price was not available in the materials provided; the corrected filing confirms the MBO bidders hold 2,022,900 shares (36.78% ownership ratio) ahead of the tender offer. The correction resolves a 10x share-count discrepancy in the fairness opinion's public market check section, which is procedurally material because the bidders' pre-existing stake is a key factor in the committee's justification for waiving an active market check. The absence of an active market check — explicitly acknowledged and defended in the opinion — leaves minority shareholders with no competing bid process to validate whether the MBO price reflects full value.
Featured in Issue #13 ·
Toyota Tsusho Corporation 8015.T (JP) · ¥6,101 · MCAP $46.3B · EV $51.5B
Fwd P/E: 14.5x · EV/EBITDA: 12.0x · EV/Sales: 0.7x · EV/GP: 7.1x (FY2027)
Global trading and logistics company; diversified conglomerate across metals, automotive, machinery, energy, chemicals, and food sectors.
Toyota Tsusho Corporation (TSE: 8015) launched a tender offer to repurchase all 118,095,402 of its own shares held by Toyota Industries Corporation (an 11.19% stake), following the completion of Toyota Asset Preparatory Co.'s takeover of Toyota Industries, whose settlement began March 30, 2026; the board also resolved to cancel the repurchased shares. The buyback targets 118,095,402 shares (11.19% of outstanding); the purchase price is set at a discount to the lower of (i) the TSE Prime closing price on the business day preceding the final pricing board resolution and (ii) the simple average closing price over the prior one month, subject to a stated maximum cap price — specific yen figures for the discount rate, cap price, and total consideration are not disclosed in the materials provided. The unwinding of a longstanding cross-shareholding between Toyota Tsusho and Toyota Industries — embedded within the broader Toyota Group cross-holding dissolution — returns a structurally overhung 11.19% block to the company for immediate cancellation, removing a permanent technical seller and improving float quality in a single transaction. The below-market pricing mechanism (discount to the lower of spot or one-month average) means the company pays less than prevailing market prices, but the absence of disclosed cap figures leaves the consideration pending finalization.
Featured in Issue #13 ·
Hong Kong 17 situations
Metaspacex Limited 1796.HK (HK) · MCAP $31M · EV $33M
Metaspacex Limited is a Cayman-incorporated company listed on the Hong Kong Stock Exchange under stock code 1796. Business activities not disclosed in this filing.
Metaspacex Limited (1796.HK) is subject to a conditional voluntary cash partial offer by Rainbow Capital (HK) Limited for up to 15,800,000 shares. The company despatched its response document containing the Independent Board Committee recommendation and Independent Financial Adviser advice on June 1, 2026, following the offeror's document issued on May 18. This action triggers the formal Hong Kong Takeovers Code timetable and marks the start of the acceptance window for the partial offer. Acceptance proration mechanics and the independent board’s recommendation are key inputs for arbitrage sizing, as a reject recommendation could cause the offer to fail its acceptance condition.
Featured in Issue #18 ·
SG Group Holdings Limited 1657.HK (HK) · MCAP $255M · EV $243M
SG Group Holdings Limited is a Hong Kong-incorporated company listed on the HKEX (stock code 1657) involved in the software industry.
SG Group Holdings Limited (1657.HK) announced that Hong Kong Weiye Software Co. entered a share purchase agreement to acquire a 74.91% stake for HK$198.5 million. This transaction triggers a mandatory unconditional cash offer under Rule 26.1 of the Hong Kong Takeovers Code for all remaining shares at HK$8.323 per share. The offeror confirmed the offer price is final and will finance the maximum total consideration of HK$266.3 million through internal resources and a loan from Shanghai Pudong Development Bank. Trading is scheduled to resume on June 5, 2026, with DL Securities (HK) Limited and Dakin Capital Limited serving as advisors. The mandatory general offer serves as the statutory backstop for crossing the 30% threshold, but the fixed HK$8.323 cash price provides no upside and carries gap risk if the initial 74.91% block trade fails to close.
Featured in Issue #18 ·
Greentech Technology International Limited 195.HK (HK) · MCAP $49M · EV $40M
Greentech Technology International Limited is a Hong Kong-listed company whose shares have been suspended from trading on the Stock Exchange of Hong Kong since 2 September 2024.
Geo Environ (HK) Investment Limited announced a pre-conditional voluntary cash partial offer to acquire up to 220,000,000 shares, or 16.11% of the issued capital, of Greentech Technology International Limited (195.HK). The offer price of HK$0.25 per share represents a HK$55M total consideration, a 10.71% discount to the HK$0.28 last trading price, and a 66% discount to the audited NAV of HK$0.74. Shares of Greentech Technology have been suspended from trading since 2 September 2024, and the offeror currently holds no shares, convertible securities, or derivatives in the target. The offer is subject to SFC Executive consent under Takeovers Code Rule 28.1 and a Rule 28.7 waiver to specify a maximum number of shares. This third-party partial tender provides a potential liquidity exit for shareholders of the suspended stock, with the SFC consent timeline serving as the near-term catalyst to monitor ahead of the 30 June 2026 deadline for satisfying pre-conditions.
Featured in Issue #17 ·
Metaspacex Limited 1796.HK (HK) · MCAP $35M · EV $104M
Metaspacex Limited is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange (Stock Code: 1796).
Metaspacex Limited (1796.HK) appointed Messis Capital Limited as the independent financial adviser to its Independent Board Committee to evaluate a partial offer by Mr. Chan Yuen Tung. The offer was announced on 5 May 2026. This appointment signals the transition to the formal evaluation stage under the Hong Kong Takeovers Code. Messis Capital will advise on the fairness and reasonableness of the offer. The resulting opinion and the board’s recommendation for shareholders will be included in the upcoming offeree document.
Featured in Issue #16 ·
Riverine China Holdings Limited 1417.HK (HK) · MCAP $75M · EV $42M
Riverine China Holdings Limited is a Hong Kong-listed company incorporated in the Cayman Islands, providing property management and related services in mainland China.
Riverine China Holdings Limited (1417.HK) announced that its controlling shareholder, Partner Summit Holdings Limited, signed a non-binding MOU on May 11, 2026, to sell its entire 74.08% stake of 300,030,000 shares to an independent third party. If consummated, the sale would trigger a mandatory general offer under Rule 26.1 of the Hong Kong Takeovers Code. The MOU includes a three-month exclusivity period, earnest money, and due diligence provisions, though no legally binding agreement has been executed. Monthly update announcements will be provided per Rule 3.7 until a firm intention to make an offer is announced or the transaction is terminated. Trading in the shares was halted on May 15, 2026, and is scheduled to resume on May 19, 2026. This potential control sale at the 74%-shareholder level offers minority shareholders a full-takeout opportunity if the deal proceeds.
Featured in Issue #16 ·
Ju Teng International Holdings Limited 3336.HK (HK) · MCAP $323M · EV $462M
EV/GP: 19.6x
Ju Teng International Holdings manufactures notebook computer casings and other precision plastic and metal components, primarily for the IT industry.
Ju Teng International Holdings Limited (3336.HK) has entered into a sale and purchase agreement where Lens Technology Co., Ltd. will acquire an approximate 27.81% stake from vendors including Southern Asia, Mr. Cheng Li-Yu, and Ms. Lin Mei-Li for HK$734.2 million at HK$2.20 per share. Upon completion, CLSA Limited will launch a pre-conditional voluntary conditional general cash offer for all remaining shares at HK$2.20 per share, valuing the deal at HK$1,905,849,908.60. The offer is conditional on acceptances resulting in Lens Technology holding more than 50% of voting rights, and the offeror intends to maintain Ju Teng’s HKEX listing. Trading in Ju Teng shares resumes 19 May 2026 following a halt since 23 April 2026. CITICS HK is acting as financial adviser to the offeror, and an Independent Board Committee has been formed. Ju Teng International Holdings manufactures notebook computer casings and other precision plastic and metal components.
Featured in Issue #16 ·
Rimbaco Group Global Limited 1953.HK (HK) · MCAP $268M · EV $255M
Rimbaco Group Global Limited is a Malaysia-based construction and engineering contractor specializing in fast-track building projects, listed on the Hong Kong Stock Exchange.
Rimbaco Group Global Limited (1953.HK) issued a profit alert projecting consolidated net profit of approximately RM15.8M for H1 FY2026, compared to approximately RM3.2M in H1 FY2025. This disclosure constitutes a profit forecast under Rule 10 of the Hong Kong Takeovers Code following the 24 April 2026 mandatory unconditional cash offer for all shares not already owned by Aureole Halo Limited. The forecast does not currently meet required reporting standards, but Rule 10 requirements will lapse when interim results are published by 1 June 2026. The board is expected to consider an interim dividend upon publication of those results. The profit increase materially improves the target’s near-term earnings profile during the active offer period and may affect acceptance decisions.
Featured in Issue #16 ·
Bingo Group Holdings Limited 8220.HK (HK) · MCAP $40M · EV $45M
Bingo Group Holdings Limited is a Cayman-incorporated company listed on the HK GEM board (Stock Code: 8220), operating through subsidiaries.
Bingo Group Holdings Limited (8220.HK) issued a circular for an extraordinary general meeting on May 27, 2026, to approve amendments to HK$19 million in unsecured zero-coupon convertible bonds due 2025. The bonds, held by Mr. Chiau Sing Chi, are convertible at HK$0.275 per share into 69.09 million shares, which would increase Mr. Chiau’s stake to 39.47% and trigger a mandatory unconditional cash offer at HK$0.275 per share. The transaction includes an offer for outstanding share options. Sinolink Securities is acting as financial adviser to Mr. Chiau, and Capital 9 Limited is the independent financial adviser to the Independent Board Committee.
Featured in Issue #15 ·
CNT Group Limited 0701.HK (HK) · MCAP $22.5B · EV $39M
CNT Group Limited is a Bermuda-incorporated company listed on the Hong Kong Stock Exchange (Stock Code: 701). CPM Group Limited is a Cayman Islands-incorporated company listed on the HKSE (Stock Code: 1932).
CNT Group Limited (0701.HK) announced a delay in the despatch of the composite document regarding the mandatory general offer by Prime Surplus and SHK Hong Kong Industries from 12 May 2026 to no later than 29 May 2026. The extension, for which the Executive is minded to grant consent under Rule 8.2 of the HK Takeovers Code, is required to finalise the independent financial adviser's letter. Despatch of the composite document for CPM Group Limited has also been extended to within seven days of the CNT offer becoming unconditional. The CPM chain offers are contingent on the CNT offer crossing the 50% acceptance threshold. Yu Ming Investment Management Limited is serving as the advisor on the transaction.
Featured in Issue #15 ·
Coastal Greenland Limited 1124.HK (HK) · MCAP $10M · EV $36M
Coastal Greenland Limited is a Hong Kong-listed property developer incorporated in Bermuda, focused on real estate development in China.
Coastal Greenland Limited (1124.HK) issued a monthly update regarding a possible mandatory conditional cash offer triggered by the potential sale of 153,126,197 shares and a sale loan. Negotiations between the Vendor and Offeror were halted on May 1, 2026, due to a blackout period pending the publication of annual results for the year ended March 31, 2026. The blackout period is expected to conclude on June 30, 2026, at which point negotiations can resume. As of the announcement, no formal or legally binding agreement has been reached. Monthly updates will continue under Rule 3.7 until a firm intention to make an offer is announced or the proposal is terminated.
Featured in Issue #15 ·
LFG Investment Holdings Limited 3938.HK (HK) · MCAP $217M · EV $5M
LFG Investment Holdings Limited is a Hong Kong-listed financial services group operating licensed corporations providing corporate finance advisory, securities brokerage, and asset management services in Hong Kong.
LFG Investment Holdings Limited (3938.HK) issued a monthly update regarding mandatory unconditional cash offers by Octal Capital Limited and Fortune Origin Securities Limited to acquire all issued shares and cancel all outstanding options. As of the announcement date, no conditions to the Share Purchase Agreement have been satisfied or waived. The Securities and Futures Commission continues to query the Offeror and its main subsidiaries regarding the application for a change of controlling shareholders of the company's licensed corporations. Per a Takeovers Code waiver, the deadline for the despatch of the Composite Document is extended to the earlier of seven days from Completion or July 8, 2026. The offers will only proceed if Completion takes place.
Featured in Issue #15 ·
Rongzun International Holdings Group Limited 1780.HK (HK) · MCAP $217M · EV $192M
Hong Kong-listed construction company specializing in alterations, additions, and civil engineering contracting.
Rongzun International Holdings Group Limited (1780.HK) appointed Rainbow Capital (HK) Limited as the Independent Financial Adviser to its Independent Board Committee regarding a tender offer from Yang Jingyao. The adviser will report on the fairness and reasonableness of the offer terms originally disclosed in a Rule 3.5 joint announcement dated 7 May 2026. This appointment satisfies a procedural requirement under the Hong Kong Takeovers Code as the transaction progresses toward the dispatch of a composite document. The composite document will contain the independent financial advice and the board committee's recommendation for shareholders.
Featured in Issue #15 ·
MS Group Holdings Limited 1451.HK (HK) · HK$1.54 · MCAP $40M · EV $17M
Manufacturer of plastic bottles and baby feeding accessories; serves global markets with OEM and branded operations.
Rainbow Capital (HK) Limited, acting for and on behalf of L.V.E.P. Holdings Limited, has completed the purchase of a 35.5% stake in MS Group Holdings Limited (Stock Code: 1451) and launched a mandatory unconditional cash offer to acquire all remaining issued shares and cancel all outstanding options not held by excluded parties. The offer price is HK$0.80 per share in cash; the total consideration for the entire offer is HK$60,000,000. The offer is mandatory and unconditional. The mandatory unconditional structure removes execution risk for arbitrageurs holding shares below the HK$0.80 offer price, as acceptance does not depend on any regulatory approval or minimum acceptance condition. Liquidity in this small-cap Hong Kong vehicle is thin, and the minority free float is limited, meaning position-building at a meaningful discount to the offer price may be difficult to execute at scale.
Featured in Issue #14 ·
China Shengmu Organic Milk Limited 1432.HK (HK) · HK$0.32 · MCAP $345M · EV $524M
Fwd P/E: 3.3x · EV/EBITDA: 8.7x · EV/Sales: 1.4x
Producer of organic raw milk and dairy products; leading organic dairy brand in China's premium segment.
CMD's possible offer for China Shengmu Organic Milk is conditional on completion of the SPA; offer price is HK$0.35/share. SPA completion is expected by May 22, 2026, with the composite document to be dispatched within seven days thereafter.
Featured in Issue #14 ·
Rongzun International Holdings Group Limited 1780.HK (HK) · HK$1.74 · MCAP $141M · EV $121M
HK-listed industrial group; operations include trading and corporate services in Greater China.
Rongzun International's mandatory offer is conditional on acceptances taking Yang/concert parties above 50%. Yang owns 207M shares (33.39%) after acquiring 84M shares; maximum offer consideration is HK$214.76M.
Featured in Issue #14 ·
Metaspacex Limited 1796.HK (HK) · HK$0.66 · MCAP $40M · EV $42M
Provider of fitting-out services and materials for construction projects; operates through Hong Kong-based subsidiaries.
Rainbow Capital (HK) Limited, acting for Chan Yuen Tung, launched a pre-conditional voluntary cash partial offer to acquire 15,800,000 shares of Metaspacex Limited — representing approximately 3.29% of its 480,000,000 shares in issue — from shareholders other than the offeror and his concert parties. Offer price is HK$0.33 per share in cash; total consideration for 15,800,000 shares amounts to HK$5,214,000 (~USD 669,000). The offer is subject to a pre-condition and a further condition as set out in the announcement. Chan Yuen Tung and concert parties hold no shares as of the announcement date. As a pre-conditional partial offer targeting only 3.29% of shares outstanding, the structure is narrow — but it establishes Chan Yuen Tung as a new entrant with a formal foothold and sets a public reference price under the Hong Kong Takeovers Code, which governs any future creep above regulatory thresholds. The offer is partial and pre-conditional, meaning it can lapse before a formal offer document is dispatched; and at 3.29% of shares sought, holders tendering face pro-ration risk if acceptances exceed the target.
Featured in Issue #13 ·
Rimbaco Group Global Limited 1953.HK (HK) · HK$0.98 · MCAP $158M · EV $152M
Building construction contractor in Malaysia; specializes in factories, processing facilities, and institutional projects.
Aureole Halo Limited has launched a mandatory unconditional cash offer at HK$0.167 per share (HK$0.460 is the market reference price, not the offer), conducted through CMB International Capital Limited and CEB International Capital Corporation Limited, to acquire all issued shares of Rimbaco Group Global Limited not already held by the offeror or its concert parties. The offer is structured as a mandatory unconditional cash offer under Hong Kong Takeovers Code Rule 3.5. A mandatory unconditional cash offer leaves minority shareholders with a binary exit decision, and the appointment of an independent financial adviser signals the board is now formally evaluating fairness — the IFA recommendation will be the key determinant of shareholder participation rates. Without disclosed offer terms, minorities cannot assess adequacy; if the IFA deems the price fair but unattractive relative to intrinsic value, the float remaining post-offer creates liquidity risk.
Featured in Issue #13 ·
United States 11 situations
Assertio Holdings, Inc. ASRT (US) · $23.44 · MCAP $151M · EV $87M
EV/EBITDA: 2.9x · EV/Sales: 0.8x · EV/GP: 1.8x (FY2026)
Assertio Holdings, Inc. is a commercial-stage pharmaceutical company focused on branded and generic prescription products, primarily in neurology, pain, and inflammation.
Assertio (ASRT) filed a Schedule 14D-9 recommending that stockholders tender their shares into Zydus Worldwide DMCC’s $23.50 per-share all-cash offer. The $152 million transaction followed the termination of a prior merger agreement with Garda Therapeutics and will be executed as a post-offer merger under DGCL Section 251(h) requiring no stockholder vote. The board’s unanimous recommendation follows a definitive merger agreement signed May 13, 2026, with Moelis & Company LLC serving as advisor. Assertio is a commercial-stage pharmaceutical company that had 6,462,180 shares outstanding as of May 14, 2026. The definitive price and lack of a vote requirement create a near-certain closing path and a tight arbitrage spread for position sizing.
Featured in Issue #16 ·
Destination XL Group Inc. DXLG (US) · $0.74 · MCAP $41M · EV $221M
EV/EBITDA: 5.8x · EV/Sales: 0.5x · EV/GP: 1.3x (FY2027)
Destination XL Group is the largest men's big and tall specialty retailer in the U.S., operating brick-and-mortar stores and direct-to-consumer channels. It is merging with FullBeauty Brands, an inclusive-size retailer for men and women.
Destination XL Group (DXLG) is evaluating an unsolicited $46M all-cash tender offer from Zodiac Partners II to acquire the firm for $0.82 per share. The bid represents a 26% premium to the May 11 close and is supported by a conditional financing commitment from Eclipse Business Capital. Destination XL Group is currently party to a December 2025 all-stock merger agreement with FullBeauty Brands (FBB Holdings) that would leave the firm public with $172M in term debt. Zodiac characterizes the pending FullBeauty transaction as risky and reports positive dialogue with shareholders representing a meaningful stake. The board is reviewing the competing offer with advisors and expects to make a recommendation next week. The Zodiac tender offer is scheduled to expire on June 19, 2026.
Featured in Issue #16 ·
Destination XL Group, Inc. DXLG (US) · $0.7100 · MCAP $39M · EV $222M
EV/EBITDA: 5.8x · EV/Sales: 0.5x · EV/GP: 1.3x (FY2027)
Destination XL Group, Inc. is a specialty retailer of big and tall men's apparel and accessories, operating under the DXL and Casual Male XL brands across the United States.
Zodiac Partners II, LLC launched an unsolicited $46 million all-cash tender offer to acquire Destination XL Group, Inc. (DXLG) at $0.82 per share. The offer represents a ~26% premium to the May 11, 2026 closing price of $0.6513 and expires June 19, 2026. This bid creates a competing-bid dynamic against an existing all-stock merger proposal with Full Beauty Brands. Zodiac initiated the offer based on public information after the board denied diligence access, utilizing conditional financing from Eclipse Business Capital and a fully committed equity commitment. The purchaser intends to pursue a back-end short-form merger at the same price and may nominate directors at the DXL annual meeting.
Featured in Issue #15 ·
Genco Shipping & Trading Limited GNK (US) · $24.63 · MCAP $1.1B · EV $944M
Fwd P/E: 11.7x · EV/EBITDA: 7.9x · EV/Sales: 2.7x · EV/GP: 20.0x (FY2026)
Genco Shipping & Trading Limited is a Marshall Islands-incorporated dry bulk shipping company that operates a fleet of vessels transporting commodities such as iron ore, coal, and grain globally. The company is headquartered in New York and trades on the NYSE.
Genco Shipping & Trading Ltd (GNK) filed a Schedule 14D-9 on May 15, 2026, unanimously recommending that shareholders reject an unsolicited $23.50 per share all-cash tender offer from Diana Shipping Inc. The offer, which launched May 4, 2026, and expires June 2, 2026, follows Genco's previous rejection of the same proposal in March 2026. Diana Shipping also intends to nominate a director slate for Genco's 2026 Annual Meeting. Closing is conditioned on a minimum tender of a majority of shares, the execution of a definitive merger agreement, and the termination of Genco's shareholder rights agreement, which was amended on May 1, 2026. Genco dry bulk shipping company is advised by Sidley Austin LLP and Herbert Smith Freehills Kramer (US) LLP.
Featured in Issue #15 ·
GP-ACT III Acquisition Corp. GPAT (US) · $10.82 · MCAP $389M · EV $308M
GP-ACT III Acquisition Corp. is a blank-check company formed to effect a business combination, merger, share exchange, or similar transaction. Units, Class A ordinary shares, and warrants trade on Nasdaq under GPATU, GPAT, and GPATW.
GP-ACT III Acquisition Corp. (GPAT) filed a definitive proxy statement for a shareholder vote to extend its business combination deadline from May 13, 2026, to November 13, 2026. Class A ordinary shareholders have the right to redeem their public shares in connection with the extension vote, which established a March 24, 2026, record date. If the extension is not approved, the company must wind up operations and redeem all Class A IPO shares. The sponsor is transferring founder shares to selected investors, conditional on a completed business combination. Sodali & Co. is acting as advisor for the transaction, which faces a catalyst date of May 13, 2026.
Featured in Issue #15 ·
Hyperscale Data Inc. GPUS (US) · $0.1460 · MCAP $16M · EV $101M
EV/Sales: 2.8x · EV/GP: 13.1x (FY2027)
Hyperscale Data Inc. is a holding company focused on data center and cryptocurrency mining operations, providing digital infrastructure for high-performance computing.
Hyperscale Data Inc. (GPUS), a holding company focused on data center and cryptocurrency mining operations, intends to launch a cash self-tender offer for up to $5M of its outstanding common shares at $0.21 per share. Management stated the offer reflects confidence in the company's long-term value and that the share price does not fully reflect intrinsic value. Specific terms, the timetable, and final scale are subject to market conditions, regulatory approvals, and board approval. The self-tender signals management's view that shares are undervalued and provides shareholders a liquidity event.
Featured in Issue #15 ·
KalVista Pharmaceuticals, Inc. KALV (US) · $26.73 · MCAP $1.4B · EV $744M
EV/EBITDA: 6.2x · EV/Sales: 3.7x · EV/GP: 4.1x (FY2026)
KalVista Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering and developing oral small-molecule therapies for diseases with significant unmet need.
KalVista (KALV) entered into a definitive merger agreement under which Parent will launch a $27.00 per share all-cash tender offer. The KalVista board unanimously recommended stockholders tender their shares in the transaction, which represents a premium to prior proposals and is structured as a two-step merger under DGCL Section 251(h). The deal includes a $66.4 million termination fee, and Centerview Partners LLC is serving as advisor. The offer is scheduled to expire one minute after 11:59 p.m. Eastern Time on June 10, 2026. Disclosure filings specify CEO Benjamin Palleiko is eligible for a $5.07 million transaction bonus as part of the total executive golden parachute compensation.
Featured in Issue #15 ·
Vertiv Holdings Co VRT (US) · $370.94 · MCAP $142.5B · EV $63.5B
Fwd P/E: 57.7x · EV/EBITDA: 31.9x · EV/Sales: 4.6x · EV/GP: 13.4x (FY2026)
Vertiv Holdings Co provides critical digital-infrastructure technologies and lifecycle services for data centers, communication networks, and commercial/industrial facilities globally.
Vertiv (VRT) received an unsolicited mini-tender offer from Tutanota LLC for up to 500,000 shares, representing 0.13% of outstanding equity, at $410.00 per share in cash. The offer price is roughly 9% above the current trading price of $376.23 but is conditioned on the stock closing above $410.00 before the June 8, 2026, expiration. Tutanota may extend the offer for successive 45-180 day periods until the market price exceeds the offer price, and the deal is subject to financing. Vertiv formally recommended that shareholders reject the offer and not tender their shares. Shareholders who have already tendered may withdraw those shares before the expiration date. The offer remains below the 5% threshold that triggers standard SEC disclosure requirements.
Featured in Issue #15 ·
Lisata Therapeutics, Inc. LSTA (US) · $3.13 · MCAP $28M · EV $12M
EV/Sales: NM
Clinical-stage biopharma developing certepetide and cell therapies for solid tumors / pancreatic cancer.
Kuva Labs is conducting a cash tender for Lisata Therapeutics at $5.00/share plus a CVR. The deadline has been extended to May 29, 2026.
Featured in Issue #14 ·
Arcellx, Inc. ACLX (US) · $115.07 · MCAP $6.7B · EV $6.3B
EV/Sales: 91.3x
Develops engineered CAR-T immunotherapies for cancer; clinical-stage biotech focused on ddCAR platform technology.
Gilead Sciences completed its tender offer for Arcellx Inc. on April 28, 2026 with 77.2% of shares tendered, ahead of the potential commercial launch of anito-cel. Consideration: $115.00/share cash + a non-tradeable contingent value right (CVR) of up to $5.00/share, payable upon cumulative anito-cel net sales reaching $6.0 billion by 2029. Total deal value $7.8 billion. Back-end short-form merger to follow under DGCL §251(h).
Featured in Issue #13 ·
KalVista Pharmaceuticals, Inc. KALV (US) · $26.65 · MCAP $1.4B · EV $1.3B
EV/Sales: 3.0x (FY2027)
Commercial-stage rare-disease pharma; markets Ekterly (sebetralstat) for hereditary angioedema (HAE) — first oral on-demand HAE therapy.
Chiesi Farmaceutici S.p.A. (via Skyline Merger Sub) tender offer at $27.00/share cash, equity ~$1.9B; 36% premium to 30-day VWAP. Boards unanimous; not subject to financing condition. Close Q3 2026.
Featured in Issue #13 ·
United Kingdom 11 situations
Strix Group KETL.L (UK) · 41.40 GBp · MCAP $124M · EV $240M
Fwd P/E: NM · EV/EBITDA: 7.5x · EV/Sales: 1.9x · EV/GP: 5.3x (FY2026)
Designs and manufactures kettle safety controls and water heating components; global market leader in cordless kettle interfaces.
Strix Group completed its tender offer at 43p/share, accepting 23,255,813 shares (10.1% of issued), for approximately £10M. Payment to be made by May 14, 2026.
Featured in Issue #14 ·
Impax Environmental Markets IEM.L (UK) · 434.00 GBp · MCAP $1.1B · EV $1.2B
Closed-end equity fund investing globally in environmental markets and sustainable companies; focused on environmental solutions.
Deal terms: £719M tender pool, 148.2M shares. Impax Environmental Markets (IEM.L) has published an RNS filing announcing the allocation of its Exit Tender Offer Pools, providing shareholders with a defined liquidity event under a previously established exit tender offer mechanism. Exit tender offer mechanisms in closed-end funds typically price at or near NAV, offering shareholders a structured route to exit at a tighter discount than the secondary market — the allocation announcement marks the point at which redemption quantities are fixed. Without disclosed terms beyond the tender pool.
Featured in Issue #14 ·
Intertek Group plc ITRK.L (UK) · 4910.00 GBp · MCAP $10.3B · EV $11.7B
Fwd P/E: NM · EV/EBITDA: 10.2x · EV/Sales: 2.4x · EV/GP: 14.1x (FY2026)
Global provider of quality assurance and testing services; leading position across product safety, certification, and compliance.
EQT's £58/share approach for Intertek is unsolicited, indicative, and conditional. Intertek's board rejected the proposal on May 8, 2026. No firm Rule 2.7 offer has been announced; EQT must announce a firm intention by 5pm on May 14 under UK Takeover Panel rules.
Featured in Issue #14 ·
Schroders Capital Global Innovation Trust INOV.L (UK) · 15.00 GBp · MCAP $130M · EV $122M
Closed-end investment trust focused on smaller global innovation and growth equities; managed by Schroders Capital.
Schroders Capital Global Innovation Trust is conducting a tender for up to £20M (less costs), with an indicative price of 21.4299p/share. Subject to shareholder approval on June 2, 2026; completion expected June 12.
Featured in Issue #14 ·
Capricorn Energy plc CNE.L (UK) · 3.02 GBp · MCAP $282M · EV $164M
EV/EBITDA: 1.4x · EV/Sales: 0.5x · EV/GP: 2.3x (FY2026)
Oil and gas exploration and production company; operates assets across UK, Israel, Egypt, Mauritania, and Mexico.
Capricorn Energy plc (CNE.L) is in a UK Takeover Code Rule 2.6 "possible offer" period. No firm offer has been declared and no offer price disclosed. Rule 2.6 deadline applies — bidder must either announce a firm intention or walk away.
Featured in Issue #13 ·
Deltic Energy plc DELT.L (UK) · 0.06 GBp · MCAP $7M · EV $7M
EV/Sales: 46.2x
Oil and gas exploration and production company; focuses on North Sea licenses in UK waters.
Deltic Energy plc disclosed possible cash offers from third parties (including Capricorn Energy as one potential offeror) under UK Takeover Code Rule 2.6 under the UK Takeover Code, with the offer period having commenced at 16:10 on April 22, 2026, covering 93,096,600 shares in issue. Offer price was not available in the materials provided. The commencement of a formal UK Takeover Code offer period creates a hard regulatory timeline — Capricorn must either firm up or walk away by the Rule 2.6 deadline, giving Deltic shareholders a defined window for value realization. No offer price has been disclosed, leaving the adequacy of any eventual bid unassessable at this stage. Capricorn retains the right to lapse the offer before the Rule 2.6 deadline. Rule 2.6 announcement deadline is 17:00 on May 20, 2026 — Capricorn must either announce a firm intention to make an offer or walk away by that time.
Featured in Issue #13 ·
Intuitive Investments Group plc IIG.L (UK) · 2.20 GBp · MCAP $700M · EV N/A
Invests in early and later-stage life sciences companies; focused on UK, Europe, and US markets.
Acceler8 Ventures plc (AC8) is making an all-share takeover offer for Intuitive Investments Group plc under the UK Takeover Code at 2.6052 AC8 shares per IIG share (~£600M); Rule 2.6 deadline May 6, 2026; board to recommend.
Featured in Issue #13 ·
Intertek Group plc ITRK.L (UK) · 47.66 GBp · MCAP $10.0B · EV $11.9B
EV/EBITDA: 10.2x · EV/Sales: 2.4x · EV/GP: 14.1x (FY2026)
Global provider of quality assurance and testing services; leading position across product safety, certification, and compliance.
EQT Fund Management S.à.r.l., acting through its vehicles EQT X EUR SCSp and EQT X USD SCSp, has a live offer period for Intertek Group plc under the UK Takeover Code, commenced April 16, 2026 (153,931,794 shares in issue). EQT's sweetened £54/share indicative offer was rejected by the Intertek board on April 24, 2026; a prior £51.50 indicative offer was also rejected. EQT must either announce a firm intention to make an offer or walk away by 17:00 on May 14, 2026, per the Rule 2.6 deadline — that date is the next hard binary. Until a firm intention announcement, EQT retains the right to walk away and there is no basis to assess deal economics or arb spread.
Featured in Issue #13 ·
Maven Renovar VCT PLC MRV.L (UK) · 0.52 GBp · MCAP $99M · EV N/A
Fwd P/E: 0.7x · EV/EBITDA: 0.8x · EV/Sales: 0.8x
Maven Renovar VCT PLC is a publicly listed company covered for a tender offer situation.
Maven Renovar VCT plc has launched a tender offer for up to 12% of issued share capital at a 3.5% discount to NAV. Tender deadline 21 May 2026; price/results announcement scheduled for 26 May 2026; General Meeting on 20 May 2026 to approve the offer.
Featured in Issue #13 ·
Picton Property Income Limited PCTN.L (UK) · 0.76 GBp · MCAP $542M · EV $808M
Fwd P/E: 18.0x · EV/EBITDA: 18.2x · EV/Sales: 14.1x
UK commercial property REIT managing £665m diversified portfolio across 47 assets; focused on occupier relationships.
A consortium comprising LondonMetric Property and Schroder Real Estate Investment Trust is pursuing a takeover of Picton Property Income Limited under the UK Takeover Code, with the offer period having commenced January 13, 2026. Offer price was not available in the materials provided. Picton has 513,827,021 shares in issue. The Takeover Panel's Rule 2.6 dispensation removes the standard 28-day put-up-or-shut-up deadline, giving the consortium extended time to formalize terms while Picton remains in play — creating a holding pattern where any formal bid announcement becomes the key value event. Catalyst: Rule 2.7 announcement of firm offer terms from the LondonMetric/Schroder consortium.
Featured in Issue #13 ·
RM Infrastructure Income RMII.L (UK) · 0.56 GBp · MCAP $58M · EV N/A
EV/Sales: 2.9x
Invests in secured loans to UK SMEs and alternative assets; generates income-focused returns for shareholders.
RM Infrastructure Income (RMII.L) tender offer result: 16,556,106 shares tendered at 74.77p per share — a 21.88% basic entitlement. Tender entitlement followed by share cancellation; proceeds expected by 13 May 2026.
Featured in Issue #13 ·
Italy 5 situations
Braga Moro Sistemi di Energia S.p.A. BRM.MI (IT) · €6.70 · MCAP $15M · EV $22M
EV/GP: 2.0x
Braga Moro designs and manufactures high-performance power electronics and control solutions for mission-critical infrastructure in sectors such as telecom, energy, transport, robotics, medical devices, and industrial automation. The Group reported 2025 Value of Production of €19.7M (+22% YoY) and EBITDA of €3.7M with an 18.7% margin.
Braga Moro Sistemi di Energia S.p.A. (BRM) has scheduled an ordinary and extraordinary shareholders' meeting for June 16, 2026, to vote on a proposal to accelerate the vesting period of the "Termine di Fedeltà" loyalty term for its Bonus Shares. The move follows a voluntary public tender offer launched by Power Conversion Holding S.r.l. under Articles 102 et seq. of the Italian Consolidated Financial Act for all ordinary shares of the company. The meeting will be conducted via telecommunication with Monte Titoli S.p.A. designated as the proxy representative for the vote. Braga Moro, which is listed on Euronext Growth Milan, reported a 2025 Value of Production of €19.7M and EBITDA of €3.7M. The June 16 EGM to accelerate the loyalty-share vesting is a procedural step that can alter the tender economics for existing holders as accelerated vesting effectively unlocks the bonus premium earlier, tilting acceptance incentives.
Featured in Issue #18 ·
PLC S.p.A. PLC.MI (IT) · MCAP $96M · EV $39M
Fwd P/E: 9.6x · EV/EBITDA: 4.9x · EV/Sales: 0.3x · EV/GP: 2.1x (FY2026)
PLC S.p.A. provides engineering, procurement, construction, and maintenance services for high and medium voltage electrical infrastructure, primarily serving the energy and industrial sectors. Listed on Euronext Milan.
Lizard Renewables S.p.A. entered into a definitive agreement to acquire a 73.53% stake in PLC S.p.A. (PLC.MI) from Fraes S.r.l. The transaction triggers a mandatory public tender offer for the remaining 26.47% free float of the Euronext Milan-listed electrical infrastructure services provider. Lizard Renewables intends to delist the company following the offer. Advisors on the deal include LegisLAB and EY for the buyer, and Norton Rose Fulbright and Strada Borghetti Cavo e Associati for the seller. Crossing the 73.53% threshold activates a mandatory bid with a CONSOB-set floor based on 12-month highs, concentrating the arbitrage on the mandatory offer price versus the last unaffected close and the prospect of a squeeze-out at the 90% threshold.
Featured in Issue #17 ·
Banca Sistema S.p.A. BST.MI (IT) · MCAP $166M
Fwd P/E: 3.1x (FY2026)
Banca Sistema S.p.A. is an Italian commercial bank focused on corporate factoring services, including recourse/non-recourse factoring, reverse factoring, and VAT receivables. It also offers deposits, loans, and guarantees to public bodies and SMEs, operating in Italy and the UK.
Banca CF+ issued a formal denial on May 25, 2026, regarding reports that its ongoing tender offer for Banca Sistema (BST) would result in a delisting. This statement directly contradicts market speculation about a post-offer squeeze-out for the Borsa Italiana-listed target. Banca Sistema is an Italian commercial bank focused on corporate factoring services, including reverse factoring and VAT receivables, and corporate lending for public bodies and SMEs. The denial shifts the risk calculus from a priced-in take-private to the potential for a stub; the spread between the bidder's stated intention and the Italian 95% mandatory offer threshold is the primary arbitrage hook to track.
Featured in Issue #17 ·
Datalogic S.p.A. DAL.MI (IT) · MCAP $263M · EV $332M
Fwd P/E: 15.1x · EV/EBITDA: 5.3x · EV/Sales: 0.5x · EV/GP: 1.3x (FY2026)
Datalogic S.p.A. designs and manufactures automatic identification, data capture, and industrial automation equipment, including barcode scanners, mobile computers, sensors, and vision systems. Headquartered in Italy with approximately 2,628 employees, it serves retail, logistics, and manufacturing sectors globally.
Hydra Investimenti announced a voluntary public tender offer on May 29, 2026, for all ordinary shares of Datalogic (DAL) at EUR 5.82 per share. The offer represents a 35.7% premium to the closing price of EUR 4.29 and targets the delisting of the company from Euronext Star Milan. Datalogic designs and manufactures automatic identification, data capture, and industrial automation equipment for retail, logistics, and manufacturing sectors. The spread between the closing price and the EUR 5.82 offer price is the immediate arbitrage to monitor, with the acceptance threshold and Italian delisting mechanics serving as key go/no-go factors.
Featured in Issue #17 ·
MEGAIN Holding (Cayman) Co., Ltd. NR.MI (IT)
MEGAIN Holding (Cayman) Co., Ltd. is a Cayman-incorporated company listed on the Hong Kong Stock Exchange under stock code 6939.
MEGAIN Holding (Cayman) Co., Ltd. (6939.HK) issued a monthly update regarding the mandatory unconditional cash offer by Geehy International Limited. On 30 April 2026, the SPA ODI Approvals and Subscription ODI Approvals conditions were satisfied. Completion remains subject to the simultaneous completions of the Share Purchase Agreement and Subscription Agreements, including Stock Exchange approval for the listing of Subscription Shares. The transaction is subject to a Long Stop Date of 31 August 2026, which may be extended by written agreement. ICBC International Capital Limited is acting as financial adviser to the Offeror, and Lego Corporate Finance Limited is advising the Independent Board Committee.
Featured in Issue #15 ·
Australia 5 situations
ReadyTech Holdings Limited RDY.AX (AU) · MCAP $142M · EV $175M
Fwd P/E: 30.2x · EV/EBITDA: 7.1x · EV/Sales: 1.8x · EV/GP: 2.0x (FY2027)
ReadyTech provides mission-critical SaaS for education, employment services, workforce management, government, and justice sectors in Australia.
ReadyTech Holdings Limited (RDY.AX) received an unsolicited, non-binding indicative proposal from Total Specific Solutions to acquire 100% of the company via a scheme of arrangement at A$2.00 per share cash. The proposal included a parallel off-market bid at A$1.75 per share cash subject to a 50.1% minimum acceptance threshold. ReadyTech’s board rejected the offer, stating it was not executable and did not reflect inherent value in a change-of-control context. ReadyTech is currently working with Jefferies Australia as its advisor regarding the approach. The rejected two-tier cash offer puts a public floor under the valuation, while the "non-executable" board rejection and advisor appointment signal the company is in-play for a potential revised or hostile bid.
Featured in Issue #18 ·
Far East Gold Ltd FEG.AX (AU) · MCAP $33M · EV $34M
Far East Gold Ltd is an ASX-listed junior resources explorer holding a portfolio of early-stage gold and copper-gold projects, primarily in Indonesia. Its flagship assets — Wonogiri, Woyla, Trenggalek, Idenburg and Mount Clark West — have seen minimal or no development activity, with key licences revoked or exploration rights expired.
Xingye Gold (Hong Kong), a unit of Inner Mongolia Xingye Silver & Tin Mining, launched an off-market cash takeover for Far East Gold Ltd (FEG.AX) at A$0.13 per share. The bidder already holds 19.99% of the target and has set a minimum acceptance condition of more than 50% on a fully-diluted basis. The offer price represents a 34% premium to the A$0.097 last close and a 5.2% premium to the three-month VWAP of A$0.124 as of 26 May 2026. Far East Gold holds Indonesian gold and copper projects with revoked or expired licenses and expects its cash balance to be fully depleted by 23 July 2026. This rescue takeover grants the bidder significant leverage as Far East Gold faces potential insolvency, while the 19.99% pre-bid stake and 50% minimum condition may create a blocking minority for rival suitors.
Featured in Issue #17 ·
Atlas Arteria Limited ALX.AX (AU) · MCAP $5.0B · EV $6.1B
Fwd P/E: 16.9x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2026)
Atlas Arteria is a global developer, operator and investor in toll roads, owning interests in major toll roads in France (APRR), the US, and Germany's Warnow Tunnel.
The Australian Takeovers Panel declined to make a declaration of unacceptable circumstances regarding the off-market bid for Atlas Arteria (ALX.AX) by Diamond Infraco 1 (DICO). DICO is offering $4.75, increasing to $5.10 per share if its relevant interest reaches 45% before close. At the time of the application, DICO held a 34.48% relevant interest in the toll road operator. ASIC granted relief to extend the offer period by 14 days if the conditional price-increase threshold is triggered late. DICO further undertook not to exercise discretion on late-arriving acceptances to prevent crossing the 45% threshold before the price increase takes effect. The Panel's decision removes a regulatory overhang and clarifies the path to completion for the takeover bid.
Featured in Issue #16 ·
Atlas Arteria Limited ALX.AX (AU) · MCAP $4.9B · EV $6.1B
Fwd P/E: 16.7x · EV/EBITDA: NM · EV/Sales: NM · EV/GP: NM (FY2026)
Atlas Arteria is an ASX-listed global toll road owner-operator, holding a 66.67% majority interest in Chicago Skyway alongside Ontario Teachers' Pension Plan.
Diamond Infraco 1 Pty Ltd applied to Australia’s Takeovers Panel alleging material disclosure deficiencies by Atlas Arteria (ALX.AX) regarding a Chicago Skyway Right of First Offer (ROFO) notice and a put option. IFM Global Infrastructure Fund, which holds a 34.48% stake, launched an off-market bid for 100% of Atlas Arteria on 27 April 2026. Independent directors recommended rejecting the bid on 6 May 2026, disclosing that the ROFO notice provided to Ontario Teachers' Pension Plan breached an offer condition. A put option entitles Ontario Teachers to sell its 33.33% Chicago Skyway stake at fair market value plus 7.5% upon an Atlas Arteria change of control. IFM seeks Panel orders compelling disclosure of ROFO and put option details and restricting asset sales without 14 days' notice. The application targets disclosure affecting the bid outcome and identifies the ROFO sale process as a potential frustrating action.
Featured in Issue #15 ·
Cue Energy Resources Limited CUE.AX (AU) · MCAP $61M · EV $50M
Cue Energy Resources Limited is an ASX-listed oil and gas production and exploration company operating in Indonesia, onshore Australia, and offshore New Zealand, with 1H FY26 revenue of $25.7 million.
The Cue Energy Resources Limited (CUE.AX) Independent Board Committee continues to recommend that shareholders reject an unsolicited off-market takeover offer from Horizon Oil Limited. Horizon holds a 51.39% relevant interest in Cue, boosted by Echelon Offshore's acceptance of 29.94% of shares, while shareholders holding 48.61% of the register continue to reject the offer. The bid remains highly conditional and is scheduled to close at 7:00pm AEST on 5 June 2026. This divided register and hard close date create a binary catalyst with potential for a bump or bust by early June 2026.
Featured in Issue #15 ·
Finland 4 situations
Tecnotree Corporation TEM1V.HE (FI) · MCAP $119M · EV $97M
Fwd P/E: 8.8x · EV/EBITDA: 2.6x · EV/Sales: 1.1x · EV/GP: 1.6x (FY2026)
Tecnotree is a Finland-based global provider of IT solutions for Communications Service Providers, focusing on monetization and digital marketplace transformation. Listed on Nasdaq Helsinki.
Resilience Investment Holdings Ltd has extended the offer period for its voluntary recommended public cash tender offer for all shares, CCDs, warrants, and options of Tecnotree (TEM1V). The acceptance period is now extended from June 3, 2026, to June 26, 2026, at 4:00 p.m. Finnish time. Nigerian competition authority approval is the sole remaining regulatory condition following the receipt of clearance from Kuwaiti authorities. Resilience Investment Holdings Ltd, advised by Evli Plc and DNB Carnegie Investment Bank AB, expects to complete the transaction during Q2 2026. The extension of this Finnish voluntary tender offer shifts the expected closing into late Q2 2026, making Nigerian clearance the primary monitor for the June 26 expiry.
Featured in Issue #17 ·
Lemonsoft Oyj LEMON.HE (FI) · €4.90 · MCAP $101M · EV $134M
Fwd P/E: 12.9x · EV/EBITDA: 10.6x · EV/Sales: 3.7x · EV/GP: 11.6x (FY2026)
Lemonsoft Oyj is a Finnish software company providing enterprise resource planning (ERP) and business management solutions tailored for small and medium-sized enterprises.
Rite LS SPV AB completed the settlement of its mandatory tender offer for Lemonsoft Oyj (LEMON.HE) on 14 May 2026, acquiring 1,491,263 shares. Following the transaction, Rite LS SPV AB holds 10,487,380 shares, representing approximately 57.42% of the company’s 18,262,768 shares and voting rights. The offer was launched on 27 March 2026 by a consortium including Rite Internet Ventures Holding AB, Rite SPV 2025-1 AB, and Bird Cherry Holding AB. Crossing the 50% ownership threshold provides the consortium with outright control of the Finnish ERP and business management software provider and may trigger squeeze-out proceedings or delisting.
Featured in Issue #15 ·
Tecnotree Oyj TEM1V.HE (FI) · €6.00 · MCAP $116M · EV $97M
Fwd P/E: 9.3x · EV/EBITDA: 2.6x · EV/Sales: 1.1x · EV/GP: 1.6x (FY2026)
Provider of telecom IT solutions for billing, charging, and customer care; serves global telecom operators.
The Tecnotree tender offer is at EUR 5.70/share; the offer deadline has been extended to June 3, 2026.
Featured in Issue #14 ·
Lemonsoft Oyj LEMON.HE (FI) · €4.90 · MCAP $102M · EV $112M
Fwd P/E: 13.6x · EV/EBITDA: 10.5x · EV/Sales: 3.7x · EV/GP: 11.5x (FY2026)
Develops cloud-based ERP software for SMEs; leading Finnish provider of financial management solutions.
Rite Ventures (comprising Rite LS SPV AB, Rite Internet Ventures Holding AB, Rite SPV 2025-1 AB, and Bird Cherry Holding AB) has filed a third supplement to the tender offer document for its mandatory tender offer to acquire all issued and outstanding shares in Lemonsoft Oyj not already held by Rite Ventures or the company itself, with the Finnish Financial Supervisory Authority approving the supplement today. Offer price is €4.53 per share (adjusted from €4.67 after €0.14 dividend deduction); the offer period closes May 5, 2026. With the offer period expiring May 5, there is limited time for price discovery or competing bids; holders who have not yet tendered face binary risk if the offer closes without improvement. Tender offer period expires May 5, 2026 at 4:00 p.m. Finnish time — the final deadline for shareholder acceptance or any announced extension.
Featured in Issue #13 ·
India 4 situations
RBL Bank Limited RBLBANK.NS (IN) · MCAP $2.2B · EV $1.2B
Fwd P/E: 19.2x (FY2027)
RBL Bank Limited is a private-sector Indian bank providing corporate, commercial, and retail banking services including credit cards, loans, deposits, and trade finance.
Emirates NBD Bank launched a mandatory open offer for up to 415,586,443 shares of RBL Bank (RBLBANK.NS), representing 26% of the expanded voting share capital. The offer price of ₹282.38 per share includes a ₹280 base and ₹2.38 in interest, valuing the total tender at approximately ₹117.35 billion. Triggered under SEBI (SAST) Regulations after an underlying transaction crossed the 25% threshold, the offer is not conditional on minimum acceptance but is capped to keep total ownership below 75%. All required statutory approvals have been obtained. This mandatory tender at the SEBI-formula floor price creates a meaningful liquidity event for public shareholders at a fixed cash price.
Featured in Issue #17 ·
Dolphin Medical Services Limited 526504.BO (IN) · MCAP $1M · EV $1M
Dolphin Medical Services Limited is a Hyderabad-based company listed on BSE Limited, with a paid-up equity share capital of ₹15.10 crore.
Dolphin Medical Services (526504.BO) is subject to a mandatory open offer for a 26.00% stake, representing 3,925,988 shares, at a cash price of ₹480 per share. The offer follows a May 15, 2026, Share Purchase Agreement where acquirers agreed to purchase a 20.95% stake from existing promoters for ₹56.94 crore. Upon completion, the acquirers will hold up to 46.96% of the company and assume the role of new promoters. The deal is valued at ₹188 crore and is not contingent on a minimum level of acceptance. Rarever Financial Advisors Private Limited is serving as the advisor, with a detailed public statement due by May 22, 2026. The SEBI SAST regulated offer creates a time-limited exit window for public shareholders at the offer price.
Featured in Issue #16 ·
Shantai Industries Limited 512297.BO (IN) · MCAP $8M · EV $8M
Manufactures and trades yarn and exports textile fabrics. Shares listed on BSE under scrip code 512297, trading under Enhanced Surveillance Measure Stage 2.
Radhe Dhokla Private Limited launched a mandatory open offer for 25.60% of Shantai Industries (512297.KS) at ₹21 per share. The offer targets 1,920,000 shares for an aggregate consideration of ₹40.3M following the acquirers' purchase of a 74.40% promoter stake at ₹11.50 per share. Saffron Capital Advisors Private Limited is acting as advisor, and an escrow deposit of ₹10.1M has been placed with ICICI Bank. Shantai Industries manufactures and trades yarn and exports textile fabrics. The tendering period is scheduled to run from May 26 to June 9, 2026, with an identified date for eligible shareholders of May 12, 2026.
Featured in Issue #16 ·
Softbpo Global Services Ltd. SOFTBPO.BO (IN) · ₹359.30 · MCAP $561.1K · EV $586.0K
The announcement relates to IDream Film Infrastructure Company Limited, a company involved in film infrastructure, though limited business details are provided. Softbpo Global Services Ltd is the filing entity under LODR regulations.
SOFTBPO GLOBAL SERVICES LTD (SOFTBPO.BO) announced that SEBI issued an observation letter on February 26, 2026, regarding an open offer for IDream Film Infrastructure Company Limited. Northvale Capital Partners PTE Limited is the acquirer, supported by six persons acting in concert, and aims to purchase up to 703,43,853 equity shares. The transaction results in a change of control of IDream Film Infrastructure Company Limited in favor of the acquirer. Sobhagya Capital Options Private Limited is acting as the advisor for the offer. The issuance of the observation letter concerning the Draft Letter of Offer advances the open offer process for the film infrastructure company.
Featured in Issue #15 ·
United Kingdom 4 situations
Schroder UK Mid Cap Fund plc SCP.L (GB) · MCAP $328M · EV $346M
Schroder UK Mid Cap Fund plc is a London-listed closed-end investment trust investing in mid-cap UK equities, managed by Schroders.
Schroder UK Mid Cap Fund plc (SCP.L) will launch a 100% tender offer at NAV per share to facilitate a full exit by Saba Capital. Saba has agreed to tender its entire holding and signed a three-year standstill agreement. The deal requires 75% shareholder approval at a general meeting scheduled for 24 June 2026. Board directors will vote in favor but will not tender, with three directors committing to purchase £120k in additional shares. Following the exit, SCP will adopt a discount management policy targeting a mid-single-digit discount to NAV. The settlement resolves a long-running activist overhang and allows for a reset of the fund's capital base.
Featured in Issue #16 ·
Alternative Income REIT plc AIRE.L (GB) · £0.7000 · MCAP $75M · EV $130M
Alternative Income REIT plc is one of the smallest real estate investment trusts listed on the London Stock Exchange, holding a portfolio of commercial properties, and has not raised equity since its 2017 IPO.
Alternative Income REIT plc (AIRE.L) has received a possible all-cash offer from 24.0% shareholder Glenstone REIT PLC following the 21 April 2026 withdrawal of potential buyer AEW UK REIT. No offer price has been disclosed, and any bid remains subject to confirmatory due diligence, lender consents, and Glenstone board approval. Glenstone, advised by J Goodwin & Co, must announce a firm intention to bid or withdraw by 5:00 p.m. London time on 12 June 2026. If a transaction proceeds, Glenstone intends to transfer the listing to. The International Stock Exchange to maintain REIT status and reduce costs. Alternative Income REIT plc is a real estate investment trust listed on the London Stock Exchange that holds a portfolio of commercial properties and has not raised equity since its 2017 IPO.
Featured in Issue #15 ·
Tate & Lyle plc TATE.L (GB) · £3.75 · MCAP $2.3B · EV $9.8B
Fwd P/E: NM · EV/EBITDA: 20.6x · EV/Sales: 3.6x · EV/GP: 8.9x (FY2027)
Tate & Lyle is a British-headquartered global supplier of food and beverage ingredients, specializing in turning raw materials like corn and tapioca into taste, texture, and nutrient solutions. It is listed on the London Stock Exchange and is a FTSE 250 constituent.
Tate & Lyle plc (TATE.L) announced on 14 May 2026 that it received a possible all-cash offer from Ingredion Incorporated at 595 pence per share. This proposal for the FTSE 250 food and beverage ingredients supplier triggered a surge of Form 8.3 stakeholder and Form 8.5 exempt principal trader filings on 15 May 2026. Under the UK Takeover Panel’s Rule 2.6 deadline, Ingredion must announce a firm intention to offer or walk away. The potential bid for the specialty ingredients company creates a merger-arbitrage spread to track as regulatory deadlines force a binary catalyst.
Featured in Issue #15 ·
HRI.L (GB) · 3015.00 GBp · MCAP $1.9B · EV $1.8B
Herald Investment Trust is a London-listed closed-end fund investing primarily in technology and communications companies globally, with net assets of approximately £3.3 billion.
Herald Investment Trust net assets are approximately £1.4B. The tender is for up to 66% of outstanding shares at close to NAV, with cash or in-specie options.
Featured in Issue #14 ·
Austria 2 situations
Addiko Bank AG ADKO.VI (AT) · €28.00 · MCAP $622M
Fwd P/E: 12.2x (FY2026)
Addiko Bank AG is a Southeast Europe-focused retail and SME banking group operating across Croatia, Slovenia, Bosnia & Herzegovina, Serbia, and Montenegro, listed on the Vienna Stock Exchange.
Alta Group, a 9.63% shareholder in Addiko Bank AG (ADKO.VI), reaffirmed its commitment to tender its stake into the takeover bid from Raiffeisen Bank International (RBI). This commitment follows a move by Nova Ljubljanska Banka (NLB) to improve its competing buyout offer for the Southeast Europe-focused retail and SME banking group. Despite the amended terms from NLB, Alta Group maintains that the RBI proposal remains its preferred route. The 9.63% anchor shareholder lock-in for RBI materially shifts the probability weight toward RBI prevailing, while the competing tender dynamic creates a regulatory and acceptance-ratio arbitrage opportunity to track across both offer timelines.
Featured in Issue #18 ·
Addiko Bank AG RBI.VI (AT) · €46.14 · MCAP $15.1B · EV $52.3B
Fwd P/E: 7.1x (FY2026)
Addiko Bank AG is a Vienna-based banking group focused on consumer and SME lending in Central and Southeastern Europe.
Raiffeisen Bank International AG increased the price for its voluntary public tender offer for Addiko Bank AG (ADKO.VI) to EUR 26.50 per share, up from EUR 23.05. The cash offer, which was filed with the Takeover Commission on 27 April and remains under review, is on a cum dividend 2025 basis. RBI expects an initial CET1 impact of approximately minus 46 basis points assuming 75% participation, falling to minus 11 basis points after a planned carve-out of certain Balkan subsidiaries. The price bump signals bidder conviction and may pressure remaining holdouts to tender.
Featured in Issue #15 ·
Germany 2 situations
Commerzbank AG CBK.DE (DE) · €29.74 · MCAP $407M
Commerzbank AG (CBK.DE) recommended a critical assessment of UniCredit’s firm tender offer, alleging the counterparty provided potentially misleading information regarding shareholder support for the bid. UniCredit currently maintains a 27% stake in the German full-service bank, which accounts for approximately 30% of German foreign trade and holds over €400bn in assets under management. The hostile tender offer defense is currently in the regulatory approval phase. The situation remains an active catalyst event with a development window of 30 days.
Featured in Issue #18 ·
Northern Data AG NB2.DE (DE) · €13.56 · MCAP $1.0B · EV $2.0B
EV/Sales: 3.5x (FY2026)
Northern Data AG is a leading provider of full-stack AI and High-Performance Computing solutions, operating one of Europe's largest GPU clusters for HPC through its Taiga Cloud business and approximately 250MW of data center power across ten global sites.
Northern Data Ag (NB2.DE) secured approximately 81.3% of total shares following the initial acceptance period of an exchange offer from Rumble Inc. Shareholders tendered 5,708,665 shares at a best and final exchange ratio of 2.0281 Rumble Class A shares per Northern Data share. A final acceptance period runs from May 15, 2026, to June 1, 2026, with Northern Data’s. Management and Supervisory Boards unanimously recommending acceptance. All regulatory approvals have been received, and closing is expected in mid-June 2026. Northern Data shares will be delisted promptly following the completion of the transaction. Cantor Fitzgerald Europe is acting as advisor.
Featured in Issue #15 ·
South Korea 2 situations
Sammok S-FORM Co., Ltd. 018310.KQ (KR) · MCAP $163M · EV $1M
Sammok S-FORM Co., Ltd. manufactures and leases aluminum forms, gang forms, system forms, and specialty forms used in construction. It is listed on the KOSDAQ market in South Korea.
S-FORM Co., Ltd. launched a partial tender offer to acquire 1,200,000 shares of Sammok S-FORM (018310.KQ) at KRW 22,800 per share, totaling KRW 27.36B. The tender period for the 8.16% stake runs from May 18 to June 8, 2026, with settlement on June 10. NH Investment & Securities is acting as the tender offer agent. S-FORM Co., Ltd. currently holds a 38.80% stake, and the acquisition will increase the aggregate ownership of S-FORM and special related parties from 69.47% to 77.63%. The offer is intended to stabilize management control and increase decision-making efficiency, explicitly not for delisting or M&A purposes. Sammok S-FORM manufactures and leases aluminum and specialty forms used in construction and is listed on the KOSDAQ.
Featured in Issue #16 ·
TKG AEKANG Co., Ltd. 022220.KQ (KR) · ₩893 · MCAP $31M · EV $55M
Fwd P/E: 1.9x · EV/EBITDA: 14.1x · EV/Sales: 1.3x
TKG AEKANG Co., Ltd. engages in the manufacture and sale of piping materials for water supply, heating, and firefighting in South Korea and internationally. It provides chlorinated polyvinyl chloride, polybutylene (PB), brass fitting, water header, tap plate, flexible sprinkler pipe, PB pipe and fitting, faucet box, distributor, sprinkler head, flow control valve, and PE-RT products. The company was formerly known as Aikang Remetech Co., Ltd. and changed its name to TKG AEKANG Co., Ltd. in April 2
TKG Taekwang (티케이지태광) completed its tender offer for TKG Aikang Co., Ltd., purchasing 11,101,047 shares at ₩900 per share, raising its total stake from 47.53% to 68.96% of shares outstanding. Offer price: ₩900 per share (cash); 11,101,047 shares tendered and settled on April 29, 2026 against a maximum of 27,177,088 shares sought; the offer ran March 31 – April 24, 2026. TKG Taekwang now controls 68.96% — above the 50% control threshold but well below the ~95% Korean squeeze-out threshold — leaving minority shareholders exposed to a potential follow-on tender or mandatory delisting process if the acquirer elects to take the company fully private. TKG Taekwang has not indicated any intention to launch a second offer, and at 68.96% it may elect to hold at this level indefinitely, leaving remaining minority holders with no near-term liquidity event.
Featured in Issue #13 ·
New Zealand 2 situations
Rakon Limited RAK.NZ (NZ) · MCAP $205M · EV $75M
Fwd P/E: 30.9x · EV/EBITDA: 7.8x · EV/Sales: 1.2x · EV/GP: 2.7x (FY2027)
Rakon Limited is a New Zealand-based designer and manufacturer of frequency control and timing solutions, primarily crystal oscillators used in telecommunications, GPS, and aerospace applications.
Bourns, Inc. has declared its NZ$1.55 per share cash takeover offer for Rakon Limited (RAK.NZ) unconditional. Bourns now holds 224,188,399 shares, representing a 97.554% stake in the frequency control and timing solutions manufacturer. The stake increased from 97.407% since the previous disclosure on May 8, 2026. Payments are being issued to accepting shareholders, and Bourns has an unconditional obligation to acquire all remaining tendered shares. Crossing the 90% compulsory acquisition threshold creates a near-term exit and potential delisting catalyst for remaining minority positions. Simpson Grierson is acting as legal advisor to Bourns.
Featured in Issue #15 ·
Rakon Limited RAK.NZ (NZ) · NZ$1.54 · MCAP $210M · EV $212M
EV/EBITDA: 29.4x · EV/Sales: 3.1x · EV/GP: 4.6x (FY2027)
Rakon Limited is a publicly listed company covered for a tender offer situation.
Rakon Limited (NZX: RAK) takeover offer is now unconditional after acceptances exceeded 90% (May 1, 2026 source). Offer extended; squeeze-out under NZ Takeovers Code Rule 35 likely to follow.
Featured in Issue #13 ·
Sweden 1 situations
Cint Group AB CINT.ST (SE) · MCAP $222M · EV $211M
Fwd P/E: NM · EV/EBITDA: NM · EV/Sales: 13.0x · EV/GP: 34.4x (FY2026)
Cint Group AB provides a software platform for digital market research and survey-based data collection, connecting brands and agencies to consumers for insights.
TriCarbs BidCo AB has updated its public cash tender offer for Cint Group AB (publ) (CINT.ST) at SEK 5.60 per share, extending the acceptance period until June 22, 2026. Following Swedish Securities Council rulings AMN 2026:18 and AMN 2026:20, consortium members Patrick Comer and Brett Schnittlich were removed from the bidding group and instead provided irrevocable undertakings for their combined 4.4% stake. These undertakings remain binding even if a higher competing offer emerges, while all other terms of the tender offer remain unchanged at SEK 5.60 per share. The removal of these consortium members shifts 4.4% of the shares from buyers to locked-in sellers, reducing the free float available to block the deal but signaling possible regulatory friction and providing a fresh timetable for market participants through June 22.
Featured in Issue #18 ·
Taiwan 1 situations
Ennoconn Corporation 6414.TW (TW) · MCAP $1.8B · EV $3.3B
Fwd P/E: 15.5x · EV/EBITDA: 4.3x · EV/Sales: 0.6x · EV/GP: 3.0x (FY2026)
Ennoconn Corporation is a Taiwan-listed industrial computing and embedded systems provider, offering design and manufacturing services for industrial automation, networking, and IoT applications.
Ennoconn Corporation (6414.TW) announced that the board of its subsidiary, Chaonen Inc., resolved on June 3, 2026, to launch a public tender offer for the common shares of Boray Technology Co., Ltd. The transaction is structured as a third-party acquisition by the subsidiary. This Taiwanese tender offer filed via MOPS is being made by a subsidiary rather than the parent directly, a detail that matters for assessing Ennoconn's financial exposure and consolidation mechanics.
Featured in Issue #18 ·
China 1 situations
Jiamei Food Packaging (Chuzhou) Co., Ltd. 002969.SZ (CN) · MCAP $3.0B · EV $3.0B
Jiamei Food Packaging (Chuzhou) Co., Ltd. manufactures metal and plastic food and beverage packaging in China, serving major domestic beverage brands.
Jiamei Food Packaging (Chuzhou) Co.,Ltd (002969.SZ) shares were halted on June 1, 2026, following the May 29 expiration of a partial tender offer by Suzhou Zhuyue Hongzhi Technology Development Partnership. The $154M offer targeted 233,491,406 shares, representing 21.26% of total shares outstanding, at a price of CNY 4.45 per share. Resumption of trading is contingent on confirming the results and whether the post-tender share distribution meets Shenzhen Stock Exchange listing conditions. A next catalyst is scheduled for June 8, 2026. The halt pending results sets up a binary outcome for arbitrageurs where oversubscription would lead to proration against the CNY 4.45 offer price, while undersubscription or failure to meet listing conditions poses significant resumption risk.
Featured in Issue #18 ·
ID 1 situations
PT Mitra Adiperkasa Tbk MAPI (ID) · $1,485 · MCAP $1.4B · EV $1.7B
PT Mitra Adiperkasa Tbk is one of Indonesia's largest retail groups, operating a portfolio of international and local brands across department stores, fashion, food and beverage, and lifestyle segments throughout Southeast Asia.
CVC Capital Partners funds will launch a mandatory tender offer to acquire shares from minority shareholders of PT Mitra Adiperkasa Tbk (MAPI). The transaction is triggered by Indonesian regulations following CVC's proposed stake acquisition, which will result in CVC becoming a shareholder alongside the existing controlling holder rather than executing a full buyout. Clifford Chance is advising CVC on the deal, which has progressed to a formal launch phase. The mandatory tender offer under Indonesian OJK rules provides a minimum-price exit for minority shareholders, though the co-investment structure likely leaves MAPI listed with a residual stub for those who do not tender.
Featured in Issue #18 ·
Brazil 1 situations
Brava Energia BRAV3.SA (BR) · MCAP $1.9B · EV $5.5B
Fwd P/E: 8.6x · EV/EBITDA: 5.7x · EV/Sales: 2.1x · EV/GP: 9.1x (FY2026)
Brava Energia is a Brazilian oil and gas exploration and production company listed on the B3 exchange.
Ecopetrol, through its Brazilian subsidiary, launched a voluntary tender offer to acquire 116 million shares of Brava Energia (BRAV3.SA) at R$23.00 per share. The offer price represents a 20.9% premium and targets a 25% stake to bring Ecopetrol’s total holding to a controlling 51% interest. Financing for the transaction is provided via a bridge loan, and completion remains subject to regulatory approvals. The tender subscription window is scheduled to close on June 25, 2026. This third-party tender creates a defined arbitrage window with a firm price floor and may activate minority squeeze-out mechanics under Brazilian CVM rules if Ecopetrol secures a stake exceeding 50%.
Featured in Issue #17 ·
Marshall Islands 1 situations
Genco Shipping & Trading Limited GNK (MH) · $23.39 · MCAP $1.0B · EV $944M
Fwd P/E: 10.6x · EV/EBITDA: 7.8x · EV/Sales: 2.6x · EV/GP: 19.6x (FY2026)
Genco Shipping & Trading Limited is the largest U.S.-headquartered drybulk shipowner, operating a fleet of 43 vessels (Newcastlemax, Capesize, Ultramax, Supramax) that transport iron ore, coal, grain, and other commodities globally.
Genco Shipping & Trading Ltd (GNK) filed additional proxy materials urging shareholders to reject an unsolicited $23.50 per share cash tender offer from Diana Shipping Inc. and vote for the incumbent board at the upcoming annual meeting. Genco’s board unanimously recommended rejection, stating the offer is inadequate and does not reflect analyst net asset value estimates of $26.54 to $26.80 per share. Diana Shipping is concurrently pursuing a proxy contest to replace Genco’s six directors with its own nominees. Genco reported Q1 2026 net income of $9.3M and adjusted EBITDA of $36.2M while maintaining a poison pill through preferred stock purchase rights. The company also projected a Q2 dividend of $0.70 per share, representing a 367% year-over-year increase.
Featured in Issue #16 ·
Philippines 1 situations
DoubleDragon Corp. DD.PS (PH)
DoubleDragon Corp. is a Philippine diversified investment holding company with assets exceeding ₱217 billion, pivoting from real estate into essential retail and hospitality via its Hotel101 brand. MerryMart Consumer Corp. is a Philippine retailer generating over ₱7 billion in annual recurring revenue.
DoubleDragon (DD) will conduct a mandatory tender offer for MerryMart Consumer Corp. from May 18 to June 16, 2026, following Philippine Competition Commission clearance. The offer price of ₱0.48 per MerryMart share represents a 20% premium to the May 8 price of ₱0.40. Consideration is structured as 50% cash and 50% DoubleDragon common shares, with the share component valued at ₱9.30 per DD share. DoubleDragon, a Philippine diversified investment holding company with assets exceeding ₱217 billion, will consolidate MerryMart and its ₱7 billion in annual recurring revenue into its portfolio. The transaction is expected to close on June 16, 2026.
Featured in Issue #15 ·
OTHER 1 situations
Lionheart Holdings is a blank-check company formed to effect a merger, share exchange, or similar business combination with one or more businesses. It currently holds approximately $250 million in trust pending a deal.
Lionheart Holdings (CUB) filed a preliminary proxy statement seeking a nine-month extension to its business combination deadline from June 20, 2026, to March 20, 2027. This extension vote triggers a redemption offer for public shareholders for an estimated total trust account value of approximately $250 million. The meeting and redemption demand deadline are both scheduled for June 2026. The board unanimously recommends voting for the extension amendment and adjournment proposals. Failure to approve the extension would force SPAC liquidation and trust redemption. This event creates a redemption-driven catalyst around the $250 million trust value.
Featured in Issue #15 ·
INTL 1 situations
N2N Technologies Ltd 512279.BO (INTL) · ₹32.97 · MCAP ~$778.6K · EV N/A
Fwd P/E: 3.8x · EV/EBITDA: 7.8x · EV/Sales: 7.3x
N2N Technologies Limited provides IT professional services in North America, the Middle East, and India. The company offers consulting services comprising of QA management, business intelligence, engineering, SAP, and web services; and strategic permanent placement and contract staffing. The company was incorporated in 1985 and is based in Pune, India.
Harmony Remedies has launched an open offer for N2N Technologies Ltd (BSE: 512279) at ₹4.30 per share for 12,91,228 shares (40% of equity). Tender period: April 30 – May 14, 2026; settlement by May 29, 2026.
Featured in Issue #13 ·
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