Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYM&A IntelligenceSep 25, 5:01 PM EDT
Elliott Management has taken a significant stake in Deutsche Telekom and is pushing for a merger between T-Mobile US and the parent company's other assets, according to investor communications.
ReadingElliott does not buy stakes this size in mature telecom unless there is a specific structural unlock. T-Mobile's parent company discount is the unlock. This will not close in 18 months.
WatchFCC commentary on foreign ownership rules. If that shifts, the deal accelerates. If it holds, Elliott's pressure becomes leverage for a dividend instead.
HENRI IVM&A IntelligenceSep 25, 5:01 PM EDT
MGM Resorts International's stock plummeted more than 10% after negotiations with Blackstone for a take-private transaction fell apart, leaving investors disappointed after months of speculation.
ReadingMGM was worth $28-30B on acquisition assumptions. Back to $18B on operations alone. The gap is the deal premium that evaporated.
WatchNext activist buyer. The board just exposed how much cheaper this company can trade. Someone is pricing that in right now.
MACALLAN 1926Technology IntelligenceSep 25, 5:01 PM EDT
London Stock Exchange Group / Payward
· Reuters ↗London Stock Exchange Group announced a partnership with Payward, the parent company of cryptocurrency exchange Kraken, to pilot tokenised UK equities on a regulated digital asset platform.
ReadingEvery legacy custodian and clearinghouse is now watching this pilot. If it works, DTCC's entire value proposition gets questioned.
WatchAdoption by a top-20 FTSE name. When someone real migrates their registry, this moves from partnership theatre to operating system.
LOUIS XIIIM&A IntelligenceSep 25, 5:01 PM EDT
Howard Amster's investment vehicle has disclosed a 9.0% stake in Redwood Trust, signaling potential activist pressure on the mortgage REIT to improve shareholder returns or explore strategic alternatives.
ReadingRedwood's board now has 60-90 days to show a plan. If they do not, Amster calls for seats and a special meeting.
WatchRedwood's next earnings call. Management tone will signal whether they fight or negotiate.
PAPPY 23M&A IntelligenceSep 25, 5:01 PM EDT
Macquarie's attempted acquisition of South Korean hosting provider Gabia collapsed after the company's shareholders rejected the takeover offer, citing valuation concerns and opposition from activist investors.
ReadingMacquarie's appetite for Korean tech infrastructure was clearly larger than the founder's exit readiness.
WatchGabia's next 12 months. If the founder launches a competing bid or takes it private, this becomes a founder-defense template.
JOHNNIE BLUECapital MarketsSep 25, 5:01 PM EDT
Bill Ackman's Pershing Square Foundation disclosed that after holding zero equities for two consecutive quarters, it has reinvested $419 million primarily into energy and power sector stocks, signaling a major thematic reposition.
ReadingThe energy underweight in institutional portfolios just got more expensive. Ackman's return signals the category has pricing power again.
WatchWhich power names he loaded. If he bought Constellation, NextEra, or renewables infrastructure, the bid becomes visible.
WELL POURCapital MarketsSep 25, 5:01 PM EDT
Peter Thiel's Founders Fund, which reported zero equity holdings for two consecutive quarters, has re-entered the market with a concentrated $419 million position focused heavily on energy and power sector equities.
ReadingFounders Fund does not return from cash without a conviction. The energy sector just got a $419M signal that one of the sharpest allocators has stopped waiting.
WatchPortfolio company announcements. If Founders Fund-backed names are also buying energy, this is a coordinated thesis.
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