Catalyst Bulletin

CB Daily Brief 30/04/26 $OML.AX: buyout offer from PEP at A$1.4 $CLI.JO: proposed delisting at ~R19.9 $HAV.OL: strategic review $DRVN: non-binding offer from ADW at $18 $FNT-U.CN: acquisition by $VREO.CN for 0.0705359x shares

CB Daily Brief 29/04/26 $5903.T: MBO at ¥1,700 $0397.HK: rights issue $1109.HK: proposed spin-off of malls into REIT $DCC.L: indicative offer from ECP/KKR $NEOLA.ST: rights issue $DICOT.ST: rights issue $SEQUA.BR: strategic review $TET.L: take-private by Döhler for 305p $DDI: take-private proposal from controlling holder at $11.25 $BNCC: acquisition by $OPFI for $19.375+1.9x shares $KALV: acquisition by Chiesi for $27 $TWO: price increase by CrossCountry Mortgage to $11.3

But eventually it works: the gap between $EUR.AX and $CRML was just too big, and if financial market participants are not bothered to close it, the companies themselves can do it, too 😀

Some encouragement for those who are into arb, if one is ever needed (though the article is mostly about physical goods). To quote: “the law of one price is in retreat” 😎

CB Daily Brief 27/04/26 $184A.T: tender offer by NOVA for 18% at ¥338 $1953.HK: mandatory offer by Cheng Tun Group at HK$0.167 $A31.SI: proposed spin-off of IDRS business $ALX.AX: takeover offer from IFM at A$4.75-5.1 $LLM.AX: acquisition by $BUMI.JK for A$0.45 $EUR.AX: proposed merger with $CRML at 0.035x shares $IMS.ST: rights issue $ARX.TO: acquisition by $SHEL.L/$SHEL for C$8.2+0.40247x shares $FIBRAMQ12.MX: takeover offer by $FMTY14.MX at MXN44/3x shares & price increase by $FIBRAPL14.MX to MXN44/0.535x shares $OGN: acquisition by $SUNPHARMA.NS for $14 $IMPM: bankruptcy $RMAX: acquisition by $REAX for $13.8/5.15x shares $XOMA: acquisition by $LGND for $39+CVR

CB Daily Brief 24/04/26 $ALZCUR.ST: rights issue $ELUX-B.ST: rights issue $MTG-A.ST/$MTG-B.ST: proposed spin-off of Indian studio $RMII.L: tender offer for 22% at 74.77p $BRAV3.SA: acquisition by Ecopetrol at R$23 $ESHA: liquidation $SEER: increased non-binding offer from Radoff/JEC at $2.35+CVR $TBRG: acquisition by $IKS.NS for $26.25

CB Daily Brief 22/04/26 $0701.HK: mandatory offer by major shareholder at HK$0.1 $1932.HK: mandatory offer by CEO at HK$0.0562 $KMAR.OL: spin-off from $KOG.OL $BFG.MI: offer by insiders/major shareholders at €5 $ELIC.ST: rights issue $SCE.L: bankruptcy $DELT.L: discussions with $CNE.L/Petrogas/Blue Concept $ITRK.L: buyout offer from EQT at £54 $ABF.L: planned spin-off of Primark $BNBX: strategic review $RYAM: strategic review $PASG: strategic review $CZNL: acquisition by $PEBO for 2.1x shares $BXLC: tender offer for ~7% at $53.25 $VIK.CN: rights issue $DTOL.TO: non-binding offer $EMO.V: increased offer from $DMET.NE at C$0.45 in stock

CB Daily Brief 20/04/26 $MCE.AX: acquisition by $AIH.AX at $A0.4 $ALARF.PA: take-private by parent Webdyn for €0.84 $AERO.ST: rights issue $EVOK.L: possible offer from $BYLOT.AT at 50p in cash & stock $AMS.L: possible buyout by TA $LCII: merger discussions with $PATK $GICSAB.MX: proposed delisting offer at MXN3.8 $RUP.TO: acquisition by $AEM.TO/$AEM for 0.0401x shares+C$3 CVR $AU.V: acquisition by $AEM.TO/$AEM for C$2.6 $TRAX: spin-off from $ANAB $BLD: acquisition by $QXO for $505/20.2x shares $SILA: acquisition by $OWL for $30.38 $JOF: proposed tender offer for 10% $NJF: proposed tender offer for 25% at 99% NAV $FRMM: strategic review

CB Daily Brief 16/04/26 $PEN.TA: merger into parent $MTAV.TA at 1/42.17x shares $CABP.L: non-binding offer increase by $SNEX to 110p $ANCR.L: buyout by Charterhouse at 336p $HVPE.L: proposed tender offer for ~10% $ITRK.L: buyout offer from EQT $FCR-UN.TO: acquisition by $CHP-UN.TO for C$19.24+0.3186x units $CPS.V: strategic review $QVCGA: bankruptcy

CB Daily Brief 15/04/26 $NORSE.OL: rights issue & strategic review $MHB.JO: take-private price increase to ZAR6 $ITRK.L: strategic review $DHY: rights issue $CXH: tender offer for 50% at 99% NAV

CB Daily Brief 14/04/26 $3191.T: merger with $9842 T at 1.15x shares $0784.HK: mandatory offer by HI Group at HK$0.2375 $1413.HK: rights issue $DTI.AX: takeover offer from Morris at A$0.012 $ALPOU.PA: take-private by controlling family for €9 $PTSB.IR/$PTSB.L: acquisition by $BG.VI for €2.97 $BKM.V: offer by $AE.V at 1.41x shares $AVNS: buyout by AIP for $25 $GSAT: acquisition by $AMZN for $90/0.321x shares

CB Daily Brief 13/04/26 $MVF.AX: increased non-binding offer from Genesis/$SOL AX at A$0.9 $DMYD-B.ST: strategic review $ANNX.ST: proposed rights issue $GVS.MI: tender offer for 12% at €4.2 $SUNE: strategic review $SEER: non-binding take-private proposal from Radoff/JEC at $2.25+CVR $LEG: acquisition by $SGI for 0.1455x shares $EMO.V: acquisition proposal from $DMET.NE at 15% premium in stock $SES.TO: acquisition by $GFL.TO/$GFL for C$24.75/0.4195x shares $SOMA21.MX: tender offer for 5% at MXN50

CB Daily Brief 09/04/26 $KETL.L: tender offer for 10% at 43p $ADKO.VI: acquisition by $RBI.VI for €23.05 $RMIX: deSPAC $ASRT: acquisition by Garda for $18+CVR $WSR: acquisition by $ARES for $19 $GTWO.TO: acquisition by $GMIN.TO for 0.212x shares+spin-off $LKSB: acquisition by $CLST for $19.58

CB Daily Brief 08/04/26 $7501.T: takeover offer by Capital Nuts at ¥1,900 $AKVA.OL: strategic review $SNR.L: buyout by Tinicum/Blackstone for 297.85p+2.15 dividend $APTD.L: strategic review & formal sale process $GAMA.L: preliminary offers $IIG.L: possible merger with $AC8.L at 2.6052x shares $ALOT: strategic review $BLN.TO: buyout by Francisco Partners for C$9+C$0.5 CVR

CB Daily Brief 07/04/26 $IFN.AX: strategic review $UMG.AS: SPAC merger proposal from Pershing Square $ATRUST.AT: acquisition by $ALPHA.AT for €20.2 $XPOF: strategic review $CPAC: proposed take-private by parent $HOLN.SW

CB Daily Brief 06/04/26 $8289.T: merger with $7532.T at 1.18x $3271.T: acquisition by $1878.T for ¥1,280 $SLNO: acquisition by $NBIX for $53 $PLTK: strategic review

CB Daily Brief 03/04/26 $FORA: take-private by management at $2.17 $LIPO: bankruptcy