M&A Update – May 13

– ORLA to be acquired by EQX for $0.0001 cash + 1.0x shares, 2.3% premium, $5.0 billion
– ASRT to be acquired by Zydus Lifesciences Limited for $23.50 cash per share, 75.8% premium, $166.4 million, superior to Garda deal which was terminated
– NSTS to be acquired by for Brookfield Bancshares, Inc. for $14.28 cash per share, 12.9% premium, $73.7 million
– TBI announced unsolicited proposal from HireQuest
– KALV / Chiesi Group launched tender offer, expires June 10
– CCO shareholders approved Mubadala Capital / TWG Global buyout
– TWO rejected UWMC proposal
– RUP.to / AEM.to filed management information circular, vote June 9, closing end of June 2026
– FCR-u.to / Choice Properties REIT / KingSett Capital filed Competition Canada
– LB.to / Fairstone Bank cleared Competition Canada
– KEY.to/r / KEY.to deal closed
– CSGS / NEC Corporation filed delisting notice, closing May 14
– MPX / MCFT filed delisting notice, closing May 15
– MCW / Leonard Green & Partners filed delisting notice, closing May 19
– NATL / BCO cleared HSR, closing by end of Q1 2027
– APLS tender expires

SPAC Update – May 13

– BREZU $125 million IPO
– TEACU filed S-1 for $75 million IPO
– AQUC stockholders approved deadline extension to May 6 2027
– FGMC filed DEFM14a for BOXABL deal, vote June 9, NAV $10.36
– TAVI filed DEF14a to extend deadline to Mar 5 2026, vote June 2, NAV $10.59
– WENC/U split

M&A Update – May 12

– SNCY / ALGT filed delisting notice, closing May 13
– GME / EBAY rejected unsolicited proposal
– TWO / CrossCountry Mortgage / ISS recommends vote Against due to competing UWMC $12.50 bid
– CSGS / NEC Corporation cleared CFIUS, all required regulatory approvals received
– KW commenced $1.8 billion notes offering for FFH.to merger
– ASCU.to shareholders approved HBM.to merger, closing Q2 2026
– APLS / BIIB cleared HSR
– NSA / PSA filed S-4, closing Q3 2026
– MPX / MCFT votes
– CCO vote
– EHAB vote

SPAC Update – May 12

– BAYA filed DEF14a to extend deadline to Dec 19 2026, vote May 28, NAV $12.03
– FVN filed S-4 for MicroTouch deal
– ALF filed PRER14a to extend deadline
– CAEP deal vote
– GPAT extension vote

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