Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYM&A IntelligenceOct 26, 2:02 AM EDT
Southeastern Asset Management, a major Mattel shareholder, is preparing a proxy fight and pressuring the company toward a sale, with Ariel Investments also signaling that change is necessary.
ReadingWhen two large holders move in concert on a toy company, they have already run the acquisition model. The sale is priced.
WatchWithin 45 days, either Mattel announces a strategic review or Southeastern files the slate of directors. The timing will signal whether management negotiated or resisted.
HENRI IVCapital MarketsOct 26, 2:02 AM EDT
GlobalFoundries announced that permitting is complete and early site work has begun at its Malta, New York chip fab, backed by an initial $10 billion Japanese investment as part of a two-phase program potentially reaching $21 billion.
ReadingJapanese capital flowing into U.S. chip manufacturing at this scale signals domestic supply chain strategy, not portfolio allocation. The second $11 billion is conditional on commercials.
WatchEquipment orders from ASML, Tokyo Electron, and Applied Materials for Malta will appear in Q4 earnings. That's the confirm.
MACALLAN 1926Executive AppointmentsOct 26, 2:02 AM EDT
Proxy advisory firm Glass Lewis backed investor Doug Bergeron's campaign to replace all five directors at Ethan Allen, including the chairman, in a contentious proxy fight.
ReadingProxy advisory support for a total board replacement signals the advisory firm found no argument for continuity. The vote margin will be closer than the recommendation suggests.
WatchEthan Allen's management will file a response within 10 days. Look for any director resignation before the vote. That signals the board knows the count.
LOUIS XIIIM&A IntelligenceOct 26, 2:02 AM EDT
Transom Capital Group, an operationally focused middle-market private equity firm, announced a tender offer for all issued and outstanding shares of SoundThinking at $8.00 per share in cash, plus one contingent value right per share.
ReadingThe CVR means Transom believes the current revenue base is at risk. Shareholders holding out for higher cash will watch the offer period closely for competing bids.
WatchSoundThinking's board will respond within 10 business days. If they reject, Transom will raise the cash and lower the CVR target—a telegraph of the final number.
PAPPY 23Technology IntelligenceOct 26, 2:02 AM EDT
An Ohio State lab received a $20 million investment to bridge the gap between semiconductor lab research and commercial production capacity.
ReadingA major equipment vendor or foundry is hedging against capacity constraints by funding academic pilot lines. The vendor gets first look at yield data.
WatchMonitor which equipment maker or semiconductor customer put the capital in. That company's supply strategy just shifted.
JOHNNIE BLUECapital MarketsOct 26, 2:02 AM EDT
SkyAI commenced a cash tender offer at $3.00 per share for up to 95% of shares and pre-funded warrants, while Bastion Trading immediately called on leadership to provide a better offer and demonstrate accountability.
ReadingWhen activist opposition begins on day one of a tender offer, the board never closes the deal at the first price. Shareholders are signaling they own the process now.
WatchSkyAI will announce a competing bid or a revised offer within 10 days. The revised price will anchor at $3.75.
WELL POURM&A IntelligenceOct 26, 2:02 AM EDT
Kim Dong-sun revised his tender offer for Hanwha M&S shares upward to 26.2 million shares, reaching approximately 31% of common stock, according to a Financial Supervisory Service filing.
ReadingRegulatory filings in Seoul move slower than U.S. disclosures. Watch for competing bids from other Hanwha family members within the next regulatory window.
WatchHanwha M&S will announce either a white knight negotiation or a counter-offer from rival shareholders within 20 days.
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