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

LENSAR, Inc. develops laser technologies. The Company provides autoprecision laser and proprietary 3-D imaging, measurement, and guidance system for refractive cataract surgery. LENSAR serves the healthcare industries throughout the United States.

<ul><li>Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.</li><li>OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.</li><li>Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.</li></ul>

Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.

Strategic Acquisitions, Merger Developments, and Takeover Bids: Key Updates

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Capri Holdings Limited retails apparel. The Company offers fashion luxury women's and men's accessories, footwear, apparel, watches, jewelry, eyewear, and fragrance products, as well as provides delivery services. Capri Holdings serves customers worldwide.

<ul>
<li>Capri Holdings’ sale of Versace to Prada removes a structurally weak asset, shifting its balance sheet from net debt to net cash, simplifying its brand portfolio for sharper strategic focus.</li>
<li>Post-Transaction, Capri trades at just 4.4x EBITDA despite becoming a leaner, debt-free luxury group with two globally recognized brands — a setup primed for significant multiple expansion and investor re-rating.</li>
<li>A sum-of-the-parts valuation excluding Versace suggests Capri’s fair value is $30–33 per share, offering investors over 100% upside as the company pivots from portfolio fixer-upper to focused luxury contender.</li>
</ul>


Capri Holdings’ sale of Versace to Prada removes a structurally weak asset, shifting its balance sheet from net debt to net cash, simplifying its brand portfolio for sharper strategic focus.
Post-Transaction, Capri trades at just 4.4x EBITDA despite becoming a leaner, debt-free luxury group with two globally recognized brands — a setup primed for significant multiple expansion and investor re-rating.
A sum-of-the-parts valuation excluding Versace suggests Capri’s fair value is $30–33 per share, offering investors over 100% upside as the company pivots from portfolio fixer-upper to focused luxury contender.


Capri Unstitched: A Versace Sale Could Unlock Value for CPRI

<ul><li>Lensar is being acquired by Alcon for $14/share in cash plus a CVR worth up to $2.75/share.</li><li>The CVR payout requires Lensar's systems to reach 614,000 procedures across 2026 and 2027, needing a 27% CAGR.</li><li>North Run, holding 56% economic ownership, will receive CVRs only on common shares and warrants, not preferred shares.</li></ul>

Lensar is being acquired by Alcon for $14/share in cash plus a CVR worth up to $2.75/share.The CVR payout requires Lensar's systems to reach 614,000 procedures across 2026 and 2027, needing a 27% CAGR.North Run, holding 56% economic ownership, will receive CVRs only on common shares and warrants, not preferred shares.

Alcon's Strategic Acquisition of Lensar: Potential 23% Upside with CVR Payout and Antitrust Considerations

Lifeway Foods, Inc. manufactures cultured, probiotic food products in the health food industry.  The Company's products include kefir, Basics Plus dairy based immune-supporting dietary supplement beverage, and Kefir Starter for consumers to make their own kefir.  Lifeway also manufactures and markets SoyTreat nondairy soy kefir.

<ul><li>Lifeway Foods (LWAY) faces a pending takeover by Danone, with a potential board overhaul and strategic acquisition synergies.</li><li>Liquidia (LQDA) anticipates FDA approval for Yutrepia, challenging UTHR's monopoly, with potential valuation gap closure post-commercialization.</li><li>Sage Therapeutics (SAGE) received a buyout offer from Biogen, with ongoing strategic review and potential for increased offer price.</li></ul>

Lifeway Foods (LWAY) faces a pending takeover by Danone, with a potential board overhaul and strategic acquisition synergies.Liquidia (LQDA) anticipates FDA approval for Yutrepia, challenging UTHR's monopoly, with potential valuation gap closure post-commercialization.Sage Therapeutics (SAGE) received a buyout offer from Biogen, with ongoing strategic review and potential for increased offer price.

Exploring Strategic Reviews: Key Opportunities in Biopharma and Food Sectors

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

ANGI Homeservices Inc. operates an online portal for home improvement. The Company offers a digital platform that connects homeowners with service professionals for home services. ANGI Homeservices serves customers worldwide.

<ul><li>This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st.</li><li>Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network)</li><li>ANGI has fallen sharply despite no tariff exposure.</li></ul>

This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st.Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network)ANGI has fallen sharply despite no tariff exposure.

US Event-Driven
US event-driven, risk-arb & special-sits

Strategic Acquisitions, Merger Developments, and Takeover Bids: Key Updates

Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024. OCI N.V. announced a $1bn...

Special Situation Investments

Capri Unstitched: A Versace Sale Could Unlock Value for CPRI

Capri Holdings' sale of Versace to Prada boosts financial health and strategic focus, setting the stage for significant growth potential and over...

Jesus Rodriguez Aguilar

Alcon's Strategic Acquisition of Lensar: Potential 23% Upside with CVR Payout and Antitrust Considerations

Lensar is being acquired by Alcon for $14/share in cash plus a CVR worth up to $2.75/share.

Special Situation Investments

Exploring Strategic Reviews: Key Opportunities in Biopharma and Food Sectors

Lifeway Foods (LWAY) faces a pending takeover by Danone, with a potential board overhaul and strategic acquisition synergies.

Special Situation Investments

Weekly Update (HAVAS, ANGI)

This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st. Angi operates the largest digital marketplace for home...

Richard Howe

Strategic Acquisitions, Merger Developments, and Takeover Bids: Key Updates

Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024. OCI N.V. announced a $1bn...

Special Situation Investments

Capri Unstitched: A Versace Sale Could Unlock Value for CPRI

​Capri Holdings' sale of Versace to Prada boosts financial health and strategic focus, setting the stage for significant growth potential and over...

Jesus Rodriguez Aguilar

Alcon's Strategic Acquisition of Lensar: Potential 23% Upside with CVR Payout and Antitrust Considerations

Lensar is being acquired by Alcon for $14/share in cash plus a CVR worth up to $2.75/share.

Special Situation Investments

Exploring Strategic Reviews: Key Opportunities in Biopharma and Food Sectors

Lifeway Foods (LWAY) faces a pending takeover by Danone, with a potential board overhaul and strategic acquisition synergies.

Special Situation Investments

Weekly Update (HAVAS, ANGI)

This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st. Angi operates the largest digital marketplace for home...

Richard Howe

Capri Holdings' sale of Versace to Prada boosts financial health and strategic focus, setting the stage for significant growth potential and over...