Tariffs

The Action

• President Donald Trump released a list of “reciprocal tariff” rates to be imposed on more than 180 countries and territories, including EU members, as part of a broad new trade policy. The administration shared charts outlining the tariff rates that other countries allegedly impose on U.S. goods, incorporating factors like purported currency manipulation and trade barriers. — CNBC

The Response

• President Trump’s announcement of new U.S. tariffs ranging from 10% to 50%, followed by retaliatory measures from China, triggered a broad global equities sell-off and heightened fears of a recession and trade war. The resulting market volatility has led to a wave of delayed acquisitions and IPOs across global markets. Delayed IPOs include Stubhub, Klarna, Chime, Circle, eToro, Medline Industries, MNTN, and Hinge Health.

• The U.S. leveraged finance market has stalled due to heightened recession fears triggered by President Trump’s sweeping tariff announcement, causing significant volatility. Two notable acquisition financings—a Canadian auto-parts maker and H.I.G. Capital’s bid for a software firm—have been delayed, and a $900 million leveraged loan failed to attract sufficient demand. Wall Street banks, including JPMorgan and Citigroup, risk being stuck with "hung" debt if conditions do not stabilize. Only one high-yield bond and no leveraged loans have launched in the past six sessions, underscoring the market's current freeze. — Bloomberg

• Prominent investors Bill Ackman and Stanley Druckenmiller publicly criticized President Trump’s global tariff plan, warning it would harm markets and economic stability. Ackman, a Trump supporter, called the April 9 tariff rollout a "mistake" and advocated for a 90-day delay to allow strategic negotiation. Druckenmiller stated he only supports tariffs up to 10%, distancing himself from the broader policy. Ray Dalio of Bridgewater also warned of stagflationary effects. Ackman clarified Pershing Square has minimal exposure to the tariffs (1.5% of portfolio in Nike call options) and no margin leverage, positioning the firm to buy undervalued assets in a downturn. Both investors stressed the tariffs undermine U.S. negotiating leverage during a market selloff. — Bloomberg

• U.S. stock futures plunged Sunday evening, with Dow, S&P 500, and Nasdaq-100 futures down 2.5%, 2.9%, and 3.9% respectively, extending last week’s historic selloff triggered by President Trump’s sweeping tariff hikes. The Dow recorded consecutive 1,500+ point losses for the first time, while the S&P 500 fell 10% in two days and the Nasdaq entered a bear market, down 22% from its peak. Investors were hoping for negotiations or a delay in the tariffs but instead, administration officials reaffirmed their commitment to the policy. Trump defended the move as necessary to address trade imbalances, and both Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent confirmed the tariffs would proceed as planned, despite growing fears of recession and intensified global trade tensions. — CNBC

AI

• SoftBank is seeking up to $16.5 billion in a 12-month USD bridge loan to finance its U.S. AI investments, including participation in OpenAI’s $40 billion funding round at a $300 billion valuation. The financing supports SoftBank’s role in the $500 billion Stargate data center initiative in partnership with OpenAI, Oracle, and Abu Dhabi’s MGX. Talks with banks are in early stages, and the loan would be SoftBank’s largest USD-denominated borrowing to date. — Bloomberg 

• The European Union is preparing to penalize Elon Musk's X Corp., which was acquired by his AI company XAi, for violations of the Digital Services Act, including a potential fine and mandated product changes, following an investigation into the platform’s handling of illicit content and disinformation. The penalties, expected to be announced this summer, could exceed $1 billion, although the European Commission has denied a specific fine is currently on the table. The case may escalate tensions with the U.S., as Musk is a key adviser to President Trump. A second, broader EU probe into X’s content moderation policies is ongoing. A settlement remains possible if X agrees to satisfactory reforms. —New York Times 

Space

• Apple and Elon Musk’s SpaceX are in conflict over satellite-based cellphone connectivity as both seek to expand coverage in areas lacking wireless signals. Apple is investing in satellite services through its partner Globalstar, while SpaceX is launching over 550 Starlink satellites and working with T-Mobile. Despite tensions over spectrum rights and ecosystem control, the companies have reached a limited agreement allowing Starlink service to operate on newer iPhones, though broader integration discussions remain unresolved. — WSJ

• SpaceX launched its first polar orbit crewed mission, Fram2, carrying four private astronauts including Chun Wang, a Chinese-born crypto entrepreneur who is funding and commanding the mission. Fram2 marks SpaceX’s 16th crewed mission using its Crew Dragon spacecraft and is the first to follow a pole-to-pole trajectory. — Reuters

IPO/ Listing Action

Past week

• By close on Tuesday, Newsmax (NMAX) shares had surged over 2,230% after its Reg A+ offering market debut. The stock temporarily reached as high as $265, giving it a market capitalization of over $30 billion—surpassing Fox Corp. The stock has since dropped down to $45, down over 80% from its highs. It is still at a 350% return from its IPO price. — Bloomberg

• CoreWeave (CRWV) shares rose more than 50% in the early part of the week, rebounding well above its $40 IPO price to a high of $64, despite a downsized offering last week that had initially disappointed investors. The Nvidia-backed cloud-computing provider gained as much as 23% intraday before settling up 7.6% on Wednesday. Following the tariff announcements, the stock has dropped significantly to $47.82, which is still a 20% gain from its IPO price. — Bloomberg

See more: Latest Listings

Postponements due to Tariffs

• Klarna (KLAR) has paused its U.S. IPO plans in response to market volatility triggered by President Trump's new tariff policy. The Swedish fintech had been targeting a $1 billion raise at a valuation above $15 billion. — Reuters

• Circle (CRCL) has paused its plans to proceed with a public listing amid heightened market volatility, following a $5 trillion market cap decline over two trading days—the largest weekly loss since the onset of the 2020 pandemic. The crypto company had been nearing its next IPO steps but is now closely monitoring the market before making a decision. The broader downturn has impacted IPO readiness across sectors. — WSJ

• StubHub (STUB) has paused its initial public offering plans due to increased stock market volatility following President Trump’s broad tariff announcements. The company had filed IPO paperwork with the SEC in March without disclosing deal size or price range. The delay follows similar action by Klarna, reflecting a broader pullback in IPO activity amid market uncertainty. — Bloomberg

• Israeli-based financial services company eToro postponed its Wall Street IPO investor presentations from April 1 to post-April 20, citing increased market volatility caused by new U.S. tariffs and the broader equities sell-off. The delay reflects the ongoing impact of geopolitical tensions on public market activity. — Reuters

• Medline Industries has delayed its IPO plans amid global market volatility driven by President Trump's new tariffs. The company, backed by Blackstone, Carlyle Group, and Hellman & Friedman following a $34 billion LBO in 2021, had reportedly targeted a valuation of up to $50 billion. The trade war has exacerbated instability in the IPO market, leading many firms to pause planned listings. — Bloomberg

• Fintech firm Chime and virtual physical therapy provider Hinge Health. — WSJ

• Adtech firm MNTN (MNTN) and insurance firm Ategrity Specialty Holdings (ASIC)  — Bloomberg

Prominent New Filings

• Stablecoin provider Circle (CRCL) filed for an IPO on the NYSE under the ticker CRCL, reporting 2024 revenue of $1.68 billion and net income of $156 million. Despite market volatility following the 2023 collapse of Silicon Valley Bank, where Circle held reserves, the company recovered and now seeks a public listing after scrapping a prior $9 billion SPAC merger. The IPO is being led by JPMorgan and Citigroup. — Bloomberg

See more: Upcoming Listings

Listing Plans and Rumors

See more: Listing Plans & Rumors

IPOs

• Cerebras Systems resolved all outstanding issues with CFIUS regarding its ties to UAE-based Group 42 Holding, clearing a key hurdle for its planned IPO. G42, previously entitled to purchase voting shares and accounting for 87% of Cerebras’s H1 2024 revenue, will now only receive non-voting shares under a revised agreement. The CFIUS clearance is critical given the national security sensitivity of AI chip firms. Cerebras is reportedly targeting a $1 billion IPO at a valuation between $7–8 billion. — Bloomberg

• Eric Trump and Donald Trump Jr., will merge with and take a 20% stake in American Bitcoin, a mining operation majority-owned by Hut 8. No cash was exchanged; instead, Hut 8 will contribute approximately 61,000 bitcoin-mining machines to the new entity. The combined venture aims to become the world’s largest bitcoin miner and potentially build a bitcoin reserve. American Bitcoin is expected to pursue a public listing. The company will remain a separate venture from the Trump Organization, though World Liberty, the Trumps' decentralized finance platform could collaborate with the bitcoin-mining operation in the future. American Bitcoin's board will include Justin Mateen, the co-founder of Tinder. — WSJ

Spinoffs

• Toro Corp.’s (TORO) spinoff of its subsidiary Robin Energy Ltd. will begin trading on a when-issued basis under the symbol RBNEV starting April 7, with regular way trading under the symbol RBNE to commence on April 15, 2025. — Nasdaq

SPACs and Reverse Mergers

• Classover (KIDZ) closed its SPAC merger wtith Battery Future Acquisition Corp. (BFAC) on Friday and will start trading under the symbols KIDZ and KIDZ today, Monday, April 7. — Nasdaq

• NewGenIvf (NIVF) has terminated its binding term sheet with European Wellness Investment Holdings Limited for a proposed reverse merger after EWIHL failed to deliver audited financials for 2023 and 2024 by the March 31, 2025 deadline. — PR

IPO Candidates

See more: IPO Candidates

Series C+ and Prominent Fundraising

AI

• OpenAI closed a record-breaking $40 billion private funding round at a $300 billion valuation, led by SoftBank with participation from Microsoft, Coatue, Altimeter, and Thrive. Approximately $18 billion of the proceeds are earmarked for Stargate infrastructure commitments. The investment includes $10 billion initially, with the remainder due by end of 2025. SoftBank may reduce its commitment to $20 billion if OpenAI does not restructure into a for-profit entity by December 31. — CNBC

• Cursor is reportedly set to close its $625 million funding round at a $9.6 billion valuation, led by Thrive Capital and Andreessen Horowitz (A16z), with Accel joining as a new investor. The company has achieved $200 million in annual recurring revenue (ARR), growing 4x since its $2.5 billion valuation round in November 2024, while maintaining a 50x ARR multiple. Cursor’s meteoric rise—from a $400 million valuation in mid-2024 to nearly $10 billion—has made it one of the most talked-about companies in tech, driven by its innovative AI workflows and the popularization of "vibe coding." — The Information

• Scale AI is pursuing a potential tender offer that could value the company at up to $25 billion, according to Business Insider. The transaction would allow existing shareholders to sell equity amid heightened demand for AI technologies. This would mark a significant jump from its prior $14 billion valuation in 2023. Terms of the tender offer are still being finalized, and the final valuation may change. — Reuters

• Runway AI, a developer of AI-powered video generation software, raised $308 million in a Series D round led by General Atlantic, with participation from Fidelity Management & Research Company, Baillie Gifford, NVIDIA, and SoftBank Vision Fund 2. The round more than doubled the company’s valuation to just over $3 billion. — Bloomberg

• Replit is in discussions to raise $200 million at a $3 billion valuation, nearly tripling its prior valuation, as investor demand surges for AI-driven software development platforms. The startup gained attention for its September launch of an AI agent capable of writing and deploying code, reflecting growing belief that AI tools may eventually operate with autonomy akin to tech employees. — Bloomberg

• Semiconductor startup Retym emerged from stealth with over $180 million raised to date, including a recent $75 million Series D led by Spark Capital. Retym develops programmable coherent DSP solutions critical for high-speed transmission in AI and cloud infrastructure. The latest funding, which also included Kleiner Perkins, Mayfield, and Fidelity Investments, will support scaling to production and further product roadmap development. Spark’s James Kuklinski will join the board. — PR

Enterprise Software / Cybersecurity

• Redpanda closed a $100 million Series D funding round led by GV with participation from Lightspeed Venture Partners, bringing its total funding to $265 million and valuing the company at $1 billion. The capital will support growth and enhance its real-time data platform, which now targets agentic enterprise use cases. — PR

• Temporal Technologies raised $146 million in a Series C round led by Tiger Global at a $1.72 billion post-money valuation. The round included participation from StepStone Group, Amplify Partners, Index Ventures, MongoDB Ventures, Sequoia Capital, Conversion Capital, Hanwha Next Generation Opportunity Fund, and 137 Ventures. The capital will be used to expand the Temporal Cloud managed service, accelerate R&D, particularly in AI use cases, and support go-to-market initiatives beyond its current footprint in critical sectors such as payments, e-commerce, and air travel. — PR

• ReliaQuest raised over $500 million in a funding round led by EQT, KKR, and FTV Capital, with participation from Ten Eleven Ventures and Finback Investment Partners, valuing the cybersecurity company at $3.4 billion. The funds will support international expansion and further development of its Agentic AI-based security operations platform. Since its last KKR-led round in 2020, ReliaQuest has grown ARR more than 4x, recently surpassing $300 million. — PR

• Cyberhaven, an AI-powered data security firm, raised $100 million in a Series D round led by StepStone Group with participation from Schroders and Industry Ventures. The funding brings total capital raised to $250 million and values the company at $1 billion, marking a 7x valuation increase in one year. The company’s platform leverages proprietary data lineage and AI technology to trace data movement and detect high-risk behaviors, enabling organizations to prevent data leaks and insider threats. — PR

• Business software firm Rippling is in early discussions to raise several hundred million dollars at a valuation of approximately $16 billion, up from $13.5 billion last year. The potential funding round coincides with the company’s high-profile legal battle against competitor Deel Inc., which it accuses of corporate espionage. Rippling alleges Deel conspired with a former employee to steal trade secrets, a claim supported by an affidavit filed in Ireland detailing alleged payments and direct involvement by Deel's CEO. — Bloomberg

• Glean, the enterprise search software startup, is reportedly in funding discussions after surpassing a $100 million annual revenue run rate, according to The Information. — The Information

Space/ Quantum

• Aetherflux, a Silicon Valley startup founded by Robinhood co-founder Baiju Bhatt, raised $50 million in a funding round co-led by Index Ventures and Interlagos to develop orbital solar power technology. The round also included Andreessen Horowitz, New Enterprise Associates, Breakthrough Energy Ventures (chaired by Bill Gates), and individuals such as Robinhood CEO Vlad Tenev, CLO Dan Gallagher, VC Tim Draper, and actor Jared Leto. Aetherflux aims to transmit solar power via lasers from satellites in low-Earth orbit to ground stations. The capital will support the company’s goal of launching a satellite via SpaceX in 2026. Bhatt initially invested $10 million personally, and the current valuation was not disclosed. — Bloomberg

• SandboxAQ, a Google spin-off focused on quantum-inspired AI for enterprise applications, raised $150 million from new investors including Google, Nvidia, and BNP Paribas, bringing its Series E total to $450 million and valuation to $5.75 billion. The company’s funding now totals $950 million, with previous backing from T. Rowe Price and Breyer Capital. SandboxAQ develops Large Quantitative Models (LQMs) used for high-performance computing in areas such as drug discovery and financial modeling, delivered through platforms like Google Cloud. — Reuters

Fintech / E-Commerce

• Plaid raised $575 million in a new funding round at a $6 billion valuation—down from its $13.4 billion peak in 2021—primarily to facilitate employee liquidity ahead of expiring RSUs. The round was led by new investors including Franklin Templeton, Fidelity, and BlackRock, with continued support from NEA and Ribbit Capital. The company plans to use part of the proceeds for an employee tender offer. CEO Zach Perret confirmed that while an IPO is planned for the future, Plaid is not yet ready and this round is expected to be its final private raise. — CNBC

• Verifone secured a $235 million preferred equity investment from Francisco Partners, British Columbia Investment Management Corporation (BCI), and other existing investors. Concurrently, the company completed extensions to its Revolving Credit, Term Loan, and A/R Securitization facilities, enhancing its capital structure and liquidity as it continues expanding its global payment and commerce platform. — PR

Healthcare

• Isomorphic Labs, an AI-driven drug discovery subsidiary of Alphabet, raised $600 million in its first external funding round to expand its AI drug design platform. The round was led by Thrive Capital with participation from Google Ventures and follow-on investment from Alphabet. The capital will be used to accelerate R&D and grow the team as the company targets multiple therapeutic areas. — WSJ

Tariff Tracker

President Trump announced the “Liberation Day” tariffs on Wednesday: a baseline 10% tariff on all imports starting April 5 and "reciprocal" tariffs reaching as high as 50% set to begin April 9. The Dow plunged 2,200 points on Friday, with the S&P 500 dropping 10% since the announcement. China has since retaliated, imposing a 34% tariff on US imports, with some countries like Vietnam and Argentina showing willingness to work with the administration.

To help investors navigate these developments, we've launched the Tariff Tracker on ListingTrack at https://www.listingtrack.io/theme/tariffs

This tool provides an overview of industries and companies most affected by the new tariffs, featuring filters to drill down by specific sectors and primary countries of import sourcing. The page includes a tariff news feed as well as deals and earnings for companies in the dataset.

We will be improving it and updating it with new developments. Take a look and let us know if you find it helpful!

Merger Announcements

• Rocket Companies (RKT) will acquire Mr. Cooper Group (COOP) in an all-stock deal valued at $9.4 billion, offering a fixed exchange ratio of 11.0 Rocket shares per Mr. Cooper share. This implies a per-share value of $143.33 as of March 28, 2025, representing a 35% premium to Mr. Cooper’s 30-day VWAP. Post-transaction, Rocket shareholders will own 75% and Mr. Cooper shareholders 25% of the combined entity on a fully diluted pro forma basis. The transaction, approved unanimously by both boards, is intended to be tax-free and includes a $2.00 per share dividend to Mr. Cooper shareholders. Closing is expected in Q4 2025. — PR

• FB Financial (FBK) has entered into a definitive agreement to acquire Southern States Bancshares (SSBK) in an all-stock transaction valued at approximately $381 million. Southern States shareholders will receive 0.800 shares of FB Financial stock for each share held, implying a per-share value of $37.64 based on FB Financial’s March 28, 2025 closing price of $47.05. The merger is expected to close in late Q3 or early Q4 2025. — PR

• Mechanics Bank and HomeStreet (HMST) have entered into a definitive all-stock merger agreement valuing HomeStreet at approximately $300 million and Mechanics Bank at $3.3 billion. Post-merger, HomeStreet Bank will merge into Mechanics Bank, with the latter continuing as a California banking corporation and wholly owned subsidiary of a new holding company. HomeStreet shareholders will own approximately 8.3% of the combined entity, while Mechanics shareholders—led by Ford Financial Fund and its affiliates—will hold 91.7%, including 74.3% by Ford. The transaction has received unanimous board approval and is expected to close in Q3 2025. — PR

• MDA Space Ltd. has agreed to acquire all outstanding shares of SatixFy Communications Ltd. (SATX) in an all-cash transaction valued at US$2.10 per share, representing an equity value of approximately US$193 million and a 75% premium to SatixFy's March 31, 2025 closing price. MDA will also retire SatixFy's US$76 million of debt at closing, bringing total transaction value to US$269 million (C$387 million). The acquisition enhances MDA’s satellite systems offering amid growing demand for digital satellite communications. The deal is expected to close in Q3 2025. — PR

• Dada Nexus (DADA) has agreed to be acquired by JD.com through a merger with JD Sunflower Merger Sub, making Dada a wholly owned subsidiary. Under the agreement, each ADS (representing four ordinary shares) will be canceled in exchange for $2.00 in cash, while each ordinary share will be exchanged for $0.50 in cash. The offer represents a 42% premium to the January 24, 2025 closing price. Excluded shares and dissenting shares are not entitled to the merger consideration. The transaction is expected to close in Q3 2025. — PR

• Concentra Biosciences will acquire Allakos (ALLK) for $0.33 per share in cash through a tender offer set to launch by April 15, 2025. The deal values Allakos at a significant discount, with closing contingent on a majority tender, at least $35.5 million in net cash at closing, and other customary conditions. Officers and affiliates representing 8.07% of shares have agreed to support the transaction, which is expected to close in May 2025. — PR

• TowneBank (TOWN) will acquire Old Point Financial Corporation (OPOF), parent of The Old Point National Bank of Phoebus, in a cash and stock transaction valued at approximately $203 million. Old Point shareholders will elect to receive either $41.00 in cash or 1.1400 shares of TowneBank stock per share, with stock consideration comprising 50% to 60% of the total deal. The transaction is expected to close in the second half of 2025 and will strengthen TowneBank’s regional presence in Virginia. — PR

See more: Active M&A

Closings

• Seagate Technology (STX) completed its acquisition of Intevac Inc. (IVAC), a provider of thin-film processing systems, through a previously announced cash tender offer at $4.00 per share. The transaction strengthens Seagate’s capabilities in mass-capacity data storage by integrating Intevac’s specialized technology into its manufacturing operations. — PR

• Johnson & Johnson (JNJ) has completed its acquisition of Intra-Cellular Therapies, which will now operate as a business unit within Johnson & Johnson Innovative Medicine. The acquisition strengthens J&J's position in neuroscience and mental health treatment, aligning with its broader pharmaceutical growth strategy. — PR

• Renasant Corporation (RNST) completed its previously announced merger with The First Bancshares, Inc., parent of The First Bank, effective April 1, 2025. The transaction expands Renasant’s regional banking footprint and is expected to enhance its scale and operating efficiencies. — PR

• Hope Bancorp (HOPE) completed its merger with Territorial Bancorp, with Territorial shareholders receiving 0.8048 shares of HOPE common stock for each share held. Territorial Savings Bank will continue operating under its established brand as a division of Bank of Hope. The deal enhances Hope Bancorp’s presence in Hawaii and maintains the local identity of the over 100-year-old Territorial franchise. — PR

• Nano Dimension (NNDM) has completed its $179.3 million acquisition of Desktop Metal (DM) at $5.295 per share, following regulatory approvals and customary closing conditions. The combined entity aims to become a global leader in digital manufacturing for high-value electronics, mechanical, and medical applications. Nano Dimension indicated it would explore synergies with its pending merger with Markforged. — PR

• TowneBank (TOWN) has completed its merger with Village Bank and Trust Financial Corp. and its subsidiary Village Bank. — PR

• Paycor HCM's (PYCR) acquisition by Paychex was expected to close on April 7 but now the expected closing date is TBA. — Nasdaq

• Accolade's (ACCD) acquisition by Transcarent is expected to close on April 8. — Nasdaq

• Logility (LGTY) has completed its acquisition by Aptean, Inc. for $14.30 per share in cash. The transaction provides a full exit to Logility shareholders and aligns the supply chain software company with Aptean’s broader enterprise software portfolio. — PR

• Globus Medical (GMED) has completed its acquisition of Nevro Corp., a medical device company specializing in chronic pain treatment solutions. — PR

See more: Closed M&A

Live Deal Coverage and Updates

• US Commerce Secretary Howard Lutnick is playing a key role in ongoing negotiations over the future of US Steel (X). Nippon Steel, which is seeking to preserve its $14.1 billion friendly takeover agreement, has pledged up to $7 billion in additional investments into US Steel facilities. Meanwhile, activist investor Ancora Holdings, with a 1% stake in US Steel, has proposed investing $6–$7 billion if the Nippon deal is blocked, while also pushing to replace the board and CEO. Meetings between Lutnick, Nippon, and Ancora continue this week, with potential revisions to the Nippon offer being considered. The outcome remains uncertain and dependent on political and regulatory considerations. — Bloomberg / Deal Page

• Getty Images (GETY) and Shutterstock (SSTK) have each received a Second Request from the DOJ, extending the antitrust review of their proposed merger under the Hart-Scott-Rodino Act. The Second Request delays the transaction timeline until 30 days after both companies substantially comply, unless otherwise extended or terminated. Both companies continue to anticipate closing the deal in the second half of 2025. — PR / Deal Page

• The DOJ has informed financial regulators it lacks sufficient evidence to block the proposed $35 billion merger between Capital One (COF) and Discover (DFS), clearing a major hurdle for the deal. This follows earlier internal DOJ concerns under the Biden administration about reduced competition for first-time credit card holders and potential regulatory arbitrage via Discover’s debit card network. New antitrust division head Gail Slater ultimately concluded there was no basis to challenge the deal. The Federal Reserve and OCC now have a clearer path to approve the merger. — Bloomberg / Deal Page

Potential M&A News

Talks / Offers

• United Microelectronics (UMC) and GlobalFoundries (GFS) are exploring a potential merger that would create a larger U.S.-based semiconductor company with manufacturing capabilities across Asia, the U.S., and Europe. The strategic rationale is to strengthen the U.S. chip supply chain amid geopolitical risks and Chinese competition in legacy chip production. A combined entity could emerge as a stronger competitor to Taiwan Semiconductor Manufacturing Co. (TSMC). — Reuters

• ON Semiconductor (ON) has retained Morgan Stanley and UBS as financial advisors as it continues to pursue an acquisition of Allegro Microsystems (ALGM), following the public disclosure of its $6.9 billion unsolicited bid, or $35.10 per share. Allegro's board previously rejected the revised proposal as "inadequate," raising uncertainty over the deal's prospects. UBS had previously disclosed its role via its equity research platform. — Bloomberg

• Four investment groups tied to the family that owns ~35% of Grifols SA (GRFS) confirmed they are in early discussions with Brookfield Asset Management regarding a potential acquisition of the Spanish blood-plasma company. The talks, initiated by Brookfield, are in preliminary stages and may not result in a transaction. The family groups, including Deria, Ponder Trade, Radellor, and Scranton Enterprises BV, indicated they would consider supporting a deal if favorable conditions are met and all shareholders benefit. This follows a previously failed attempt to take the company private. — Bloomberg

• LanzaTech (LNZA) confirmed receipt of a non-binding acquisition proposal from Carbon Direct Capital Management offering $0.02 per share. The Board is reviewing the offer as part of its ongoing strategic alternatives evaluation. — PR

• TTEC Holdings (TTEC) continues to evaluate the unsolicited, non-binding acquisition proposal from CEO Kenneth Tuchman to acquire all outstanding shares not held by him or his affiliates for $6.85 per share. The proposal, first submitted in September 2024, remains under review as the committee assesses the terms and considers strategic options. — PR

• VivoPower (VVPR) has agreed to revised terms with Energi Holdings Limited on its non-binding takeover offer, raising the proposed enterprise value from $120 million to $180 million, contingent on the completion of due diligence within an 8-week exclusivity period. Separately, VivoPower continues progressing with its previously announced Tembo business combination with Cactus Acquisition Corp 1 Ltd at a $904 million enterprise valuation, assuming no public trust redemptions. — PR

• ConnectM (CNTM) received a non-binding proposal from its three largest institutional investors—SriSid LLC, Arumilli LLC, and Win-Light Global Co. Ltd.—to acquire all remaining outstanding shares for $1.60 per share in cash, implying a total equity value of approximately $46.5 million. The transaction would take the company private and is currently under consideration. — PR

• Orbic North America submitted a non-binding proposal to acquire Sonim Technologies (SONM) for $4.00 per share in cash. The offer is subject to customary terms and conditions. Concurrently, Orbic filed a Section 220 books and records demand under Delaware law to review documents related to Sonim's governance and the upcoming 2025 annual meeting. Orbic, along with affiliated reporting persons, holds a significant equity stake in the company. — SF

• Davidson Kempner has submitted a fourth revised non-binding acquisition proposal to Vacasa’s (VCSA) Special Committee, increasing the offer price to $5.83 per share in cash. This follows a series of improvements since the initial February 3, 2025 offer, including removal of purchase price adjustment provisions, increased interim funding to $20 million, a higher reverse termination fee of $10 million (with a $2 million delay penalty cap), and the elimination of several closing conditions. The latest proposal continues DK's bid to acquire all outstanding Vacasa shares not already owned by it, in competition with an existing agreement with Casago. — SF / Deal Page

Exploring Sale / Strategic Alternatives

• Technology outsourcing firm WNS Holdings (WNS), with a market value of $2.8 billion, is exploring a potential sale after receiving acquisition interest from parties including Capgemini. The company has engaged JPMorgan Chase as its financial advisor to evaluate interest from Capgemini and other IT services competitors. Discussions are ongoing. — Reuters

• Carisma's (CARM) board has approved a revised operating plan to reduce cash burn and focus on evaluating strategic alternatives, including potential asset sales, partnerships, or a full company sale. The company has reduced its workforce, retaining only essential personnel, and expects to have sufficient cash to operate into the second half of 2025. Assets under review include its macrophage engineering and CAR-M platforms, and milestone/royalty rights from its collaboration with Moderna. — PR

• Versus Systems (VS) disclosed in its 10-K that it is actively exploring strategic alternatives, including a potential acquisition, merger, reverse merger, asset sale, strategic partnership, or capital raise. — SF

See more: Potential M&A

Prominent Private Deals (private targets, including public subsidiaries)

TikTok

• A planned spin-off of TikTok's U.S. business, which would have created a new American-based company majority-owned by U.S. investors with ByteDance holding less than 20%, was halted after China signaled it would not approve the deal. The agreement had received approval from ByteDance, the U.S. government, and key investors prior to being paused following President Trump's reciprocal tariffs announcement. — Reuters

• Additional Bidders:

  • Amazon (AMZN) and a consortium led by OnlyFans founder Tim Stokely via his startup Zoop. The Zoop-led group has partnered with a cryptocurrency foundation for a late-stage bid, while Amazon submitted a formal letter of interest to Vice President JD Vance and Commerce Secretary Howard Lutnick. — Reuters

  • AppLovin (APP) — Bloomberg

• Potential New Consortium Investors:

  • Blackstone BX — Reuters

  • Andreessen Horowitz — Reuters

Announcements/ Closings

• DHL will acquire 100% of U.S.-based Cryopdp, a pharmaceutical logistics company, as part of its expansion in life sciences and healthcare. While financial terms were not disclosed, Reuters reports the purchase price is in the three-digit million-euro range. Cryopdp provides temperature-controlled logistics, storage, and packaging services to pharma and biotech firms. The acquisition is expected to enhance DHL’s capabilities in its Life Sciences and Healthcare division, which generated over €5 billion in revenue in 2024. The deal also includes a strategic partnership to jointly bolster supply chain services globally. — Reuters

• AMD (AMD) has completed its acquisition of ZT Systems, a provider of AI and compute infrastructure for hyperscalers. The deal expands AMD’s AI infrastructure capabilities, enabling end-to-end solutions that integrate AMD CPUs, GPUs, networking silicon, and ROCm software. It also enhances AMD’s ability to design and deploy AI infrastructure optimized for cloud environments. — PR

Potential M&A

• Qualcomm (QCOM) is considering a potential offer for UK-based semiconductor firm Alphawave IP Group Plc following its continued underperformance since its 2021 IPO. Qualcomm has until April 29 to make a formal bid under UK takeover rules. Alphawave, which has struggled to trade above its IPO price of 410 pence, is evaluating strategic alternatives after failed talks with Arm Holdings. Qualcomm emphasized that no offer has been made and there is no certainty a transaction will occur. — Bloomberg

Activism, Investor Disputes & Shorts

Activism

• BP (BP) Chairman Helge Lund will step down following pressure from activist investor Elliott Investment Management, which holds a 5% stake and has criticized BP's recent strategy pivot. Lund, who championed BP’s net-zero transition, saw his position weakened after CEO Murray Auchincloss’s strategy “reset” failed to meet Elliott’s expectations. Amanda Blanc will lead the search for a successor, with Lund expected to remain on the board until 2026 to support the transition. — Bloomberg

• Activist investor Anson Funds Management nominated three director candidates for election to Match Group’s (MTCH) board at the 2025 Annual Meeting. Anson cited the need to improve long-term performance and raised concerns about inadequate board oversight, weak corporate governance, and misaligned culture. — PR

• Warner Bros. Discovery (WBD) is expanding its board to 14 members, adding Anton Levy, former General Atlantic co-president, amid pressure from activist investor Sessa Capital. Sessa, which holds a ~1% stake, has been urging the company to enhance governance and accelerate restructuring, potentially involving a divestiture of its cable networks. — WSJ

See more: Activism

Shorts

• Short seller Grizzly Research published a report targeting KULR Technology Group (KULR) titled 'Exposing the Hype, Overpromises, Insider-Mistrust and Operational Chaos in an ‘Everything-Tech’ Mirage'. — Grizzly Research

• Short publisher Bear Cave issued a report targeting KinderCare Learning Companies (KLC). — Bear Cave

See more: Short Reports

Separations

• European aerospace firms Airbus, Thales, and Leonardo have entered early-stage discussions with EU antitrust regulators regarding a potential merger of their satellite businesses. The talks are in the pre-notification phase, which precedes a formal merger filing and suggests no material outcome is expected until at least 2026. National governments in France and Italy are reportedly supportive, but the European Commission—previously opposed to satellite industry consolidation—remains the key decision-maker. — Reuters

• CEO Lip-Bu Tan, in his first public appearance, announced that Intel (INTC) will spin off non-core assets and focus on expanding its offerings in custom semiconductors as part of a broader effort to realign the company with customer needs. Tan emphasized the need to rebuild engineering talent, optimize manufacturing to suit client specifications, and strengthen the balance sheet. Specific business units targeted for divestiture were not disclosed. — Bloomberg

• Becton Dickinson (BDX) is in discussions with Thermo Fisher and Danaher regarding a potential sale of its life sciences unit, following pressure from activist investor Starboard Value. The unit, which includes biosciences and diagnostic solutions, was previously slated for separation. Analysts at Bank of America estimate the unit could fetch up to $21.5 billion. — Reuters

• Aptose Biosciences (APTO --> APTOF) was delisted by Nasdaq and began trading OTC.

• Global Lights Acquisition Corp (GLAC) was delisted from Nasdaq and will begin trading OTC.

• AIM ImmunoTech Inc. (AIM) was delisted by NYSE Amex and will begin trading OTC.

• Hennessy Capital Investment Corp. VI (HCVI) was delisted from Nasdaq and will begin trading OTC.

• Virpax Pharmaceuticals (VRPX) was delisted from Nasdaq and will begin trading OTC.