Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

Niox Group PLC operates as a pharmaceutical company. The Company develops treatments and medicines for asthma diagnosis and management. Niox Group serves customers worldwide.

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.</li><li>Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.</li><li>Pacific Current Group's tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.Pacific Current Group's tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.

Event-Driven Investment Opportunities: NIOX Merger, NZME SOTP, SAGA Privatization and More

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.</li><li>NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.</li><li>Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Banco BPM S.p.A. operates as a bank. The Bank offers private and corporate banking, loans, e-banking, investment, and other related services. Banco BPM serves customers in Italy.

<ul>
<li>Despite losing access to favorable capital treatment under the Danish Compromise, Banco BPM is proceeding with its Anima acquisition, leveraging mitigation measures to maintain a CET1 ratio above 13%.</li>
<li>UniCredit’s €14B all-share offer for Banco BPM moves forward despite ECB rejecting the Danish Compromise, with capital strength and shareholder backing keeping the deal on a strong trajectory.</li>
<li>CEO Andrea Orcel’s dealmaking expertise and UniCredit’s 42.9% share price rise since the bid increase confidence in the bank’s ability to complete the acquisition and extract long-term value.</li>
</ul>


Despite losing access to favorable capital treatment under the Danish Compromise, Banco BPM is proceeding with its Anima acquisition, leveraging mitigation measures to maintain a CET1 ratio above 13%.
UniCredit’s €14B all-share offer for Banco BPM moves forward despite ECB rejecting the Danish Compromise, with capital strength and shareholder backing keeping the deal on a strong trajectory.
CEO Andrea Orcel’s dealmaking expertise and UniCredit’s 42.9% share price rise since the bid increase confidence in the bank’s ability to complete the acquisition and extract long-term value.


Danish or Not, UniCredit’s Consolidation Appetite Is Intact

ProSiebenSat.1 Media SE provides FTA and pay TV broadcasting services in Germany, Austria, and the German-speaking part of Switzerland. The Group operates digital entertainment activities such as advertising and subscription based VOD streaming services, a global multi-channel network, and online games. It also invests in digital commerce companies and produces TV programming.

<ul>
<li>MFE’s €5.70/share offer reflects strategic aims, not a traditional control premium, and values ProSieben near peer multiples amid industry disruption and weak organic growth prospects.</li>
<li>The deal structure and German takeover law enable MFE to carry out a creeping takeover strategy, allowing it to gradually increase its stake post-settlement without launching a new public offer.</li>
<li>Estimated net synergies of €1.00–1.39 per share, boosting the deal’s potential strategic return.Market skepticism is visible in the -10.2% gross spread.</li>
</ul>


MFE’s €5.70/share offer reflects strategic aims, not a traditional control premium, and values ProSieben near peer multiples amid industry disruption and weak organic growth prospects.
The deal structure and German takeover law enable MFE to carry out a creeping takeover strategy, allowing it to gradually increase its stake post-settlement without launching a new public offer.
Estimated net synergies of €1.00–1.39 per share, boosting the deal’s potential strategic return.Market skepticism is visible in the -10.2% gross spread.


MFE Tunes In to ProSieben for a Pan-European Broadcast Power Play

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.</li><li>NIOX's management is open to the offer, having previously run a limited private sale process with ongoing negotiations.</li><li>Valuation at 81p/share aligns with industry standards, given NIOX's growth, profitability, and upcoming product launches.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.NIOX's management is open to the offer, having previously run a limited private sale process with ongoing negotiations.Valuation at 81p/share aligns with industry standards, given NIOX's growth, profitability, and upcoming product launches.

NIOX Group Faces Potential Acquisition by Keensight Capital Amid Ongoing Private Sale

European event-driven, risk-arb & special-sits

Europe Event-Driven
European event-driven, risk-arb & special-sits

Event-Driven Investment Opportunities: NIOX Merger, NZME SOTP, SAGA Privatization and More

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread. ystein Spetalen surpassed 50% ownership...

Special Situation Investments

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.

Special Situation Investments

Danish or Not, UniCredit’s Consolidation Appetite Is Intact

Banco BPM pushes forward with Anima acquisition despite loss of capital treatment, UniCredit's offer remains strong with CEO Orcel's expertise and...

Jesus Rodriguez Aguilar

MFE Tunes In to ProSieben for a Pan-European Broadcast Power Play

MFE's offer for ProSieben reflects strategic aims, not a control premium, amid industry disruption and weak growth prospects. Market skepticism...

Jesus Rodriguez Aguilar

NIOX Group Faces Potential Acquisition by Keensight Capital Amid Ongoing Private Sale

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread. NIOX's management is open to the offer...

Special Situation Investments

Event-Driven Investment Opportunities: NIOX Merger, NZME SOTP, SAGA Privatization and More

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread. ystein Spetalen surpassed 50% ownership...

Special Situation Investments

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.

Special Situation Investments

Danish or Not, UniCredit’s Consolidation Appetite Is Intact

​Banco BPM pushes forward with Anima acquisition despite loss of capital treatment, UniCredit's offer remains strong with CEO Orcel's expertise and...

Jesus Rodriguez Aguilar

MFE Tunes In to ProSieben for a Pan-European Broadcast Power Play

​MFE's offer for ProSieben reflects strategic aims, not a control premium, amid industry disruption and weak growth prospects. Market skepticism...

Jesus Rodriguez Aguilar

NIOX Group Faces Potential Acquisition by Keensight Capital Amid Ongoing Private Sale

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread. NIOX's management is open to the offer...

Special Situation Investments

Banco BPM pushes forward with Anima acquisition despite loss of capital treatment, UniCredit's offer remains strong with CEO Orcel's expertise and...

MFE's offer for ProSieben reflects strategic aims, not a control premium, amid industry disruption and weak growth prospects. Market skepticism...