DCC.L's Offer Upgrade Signals Higher Success Odds
$DCC.L is following the script almost perfectly. Offer bumped 15%. Mgmt now plans to recommend and allow confirmatory DD. Spread is still ~9%, mostly non-binding/DD risk. Downside looks limited, yet the market prices only ~60% odds. I think odds are higher. Full pitch below👇 https://t.co/9DRDr7PxBo
X Poised for Wild Surge As
It’s the final countdown. X should go nuts tomorrow. The fact that part of it is literally going public too makes it even more poetic. Not involved in $SPCX, but this will be fun😅 https://t.co/NtwTsMFcEu
AGI Jumps 60% as Novomatic Loses Control
$AGI.AX is up 60% since Novomatic failed to squeeze out minorities. The setup has changed fast. Ainsworth has lifted its stake to c. 10%. Days before that, the management team that looked firmly aligned with Novomatic was basically replaced. Novomatic lost control here. Ainsworth...
Major Holders Back Improved Bid, Board Has Little Choice
Wide spread on a bid from major holders. Buyer group already owns a large stake, with other key holders backing the deal. The offer was materially improved, not called final, and the weakened outlook leaves the board with limited room to reject. Full...
TBPH Trial Fails, yet Cash Flow Fuels 40% Upside
$TBPH's failed trial crushed the stock but the cash machine is intact. - Yupelri royalties: $60-70M/yr, patent through 2039 - $500M+ cash by early '27, strategic review underway - R&D killed, G&A cut 50%, pure FCF story now - ~40% upside to $23 Pitch by...
TBI Rejects Lowball PeopleReady Offer, Remains Buyout Target
$TBI unsurprisingly rejects $HQI's latest lowball bid. This time for the PeopleReady segment alone at $100M cash, roughly 40% of EV. For context, HQI was bidding $7.50-$12/share for the entire company last year. All rejected. TBI now at $5.86. HQI also...
Activists Push SEER Liquidation Using Company Cash, Board Resists
$SEER proxy war is officially on. Friendly resolution is off the table. Radoff group nominating 3 directors for the 2026 AGM. Latest $2.40/share cash plus CVR offer rejected again. Board claims it undervalues the company relative to its own cash pile. Management...
Helloworld Nears 20% Cap, Prepares Formal Takeover Bid
$WJL.AX buyout thesis continues to escalate. Weiss (chair now) and BGH terminated the cooperation agreement. HelloWorld's director nominee was rejected for a conflict of interest. Helloworld tried to act, but has failed so far. But they did just buy more shares, now...
NVRI Cash Hit Low; SpinCo Valuation Appears Cheap
$NVRI cash distribution landed at $15, toward the lower end of the guided $14.5-$16.5 range. Slightly underwhelming, though the top end was never a guarantee. SpinCo kicks off when-issued trading on May 27. Management guiding to $140M in combined EBITDA for SpinCo....
Activist Targets 80%-Down Biopharma at Cash‑Discount
Clinical-stage biopharma down 80% after a failed trial, now at a massive discount to net cash Biopharma activist just took a sizeable position via 13G. Mgmt has prior wind-down and sell experienc. Clear path: halt trial, strategic review, re-rate higher. Full pitch on...
NDLS's Turnaround Makes 5x EBITDA a Bargain
$NDLS at 5x 2026E EBITDA. Turnaround continues well into Q1. Comparable restaurant sales up 9.1% system-wide. EBITDA up 218% vs last year, that's the scale of the transformation here. Multiple activists holding ~40% of the float. All of this progress since Mill...
Weiss Seizes Board, Sets Up Helloworld Takeover Play
$WJL.AX is moving fast. Weiss isn't just getting a board seat; he's taking over as interim Chairman. A former suitor now effectively controls the board. Plenty is going on behind the scenes. Bad news for Helloworld if they had any hopes of...
CSU.TO: Undervalued SaaS with Near‑Zero Churn
Giverny Capital thinks $CSU.TO is way too cheap - Critical, data-rich SaaS that's near impossible to rip out - Switching=data nightmare, so churn is near zero - FCF compounding 18%/yr while the stock barely moves - At 8% fwd FCF yield, mkt pricing in...
PRTH Q1 Beats; Stock Undervalued Below 5x FCF
$PRTH just delivered strong Q1 results. Bid is clearly way too low. Without a raise, this is a steal. Revenue up 9%, adj. EBITDA up 13% YoY. FCF matches Q4 levels, confirming the new baseline. Run-rate FCF at $1.34/diluted share vs a...
EBay Turns Down GME Offer; Cohen's Proxy Hopes Dim
$EBAY rejects the $GME bid. No surprise. Ryan Cohen has no chance of winning a proxy fight either. https://t.co/GGfZSDS1Mq