This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Stripe’s tender offer on Tuesday to purchase the shares of current and past employees values the payment processing behemoth at $159 billion.  The company said in a press release that most of the funds for the offer are from venture capital firms Thrive Capital, Coatue, a16z and others. Stripe is also purchasing some of the shares. The sale allows Stripe employees ...

Core Viewpoint - Genesis Energy, L.P. has successfully priced a public offering of $750 million in senior notes, up from the previously announced $500 million, with a fixed interest rate of 6.75% due in 2034 [1] Group 1: Offering Details - The public offering consists of $750 million in aggregate principal amount of senior notes, which will be co-issued with Genesis Energy Finance Corporation and guaranteed by all subsidiaries except unrestricted ones [1] - The notes will be sold at 100% of their principal amount, and the offering is expected to settle on March 4, 2026, pending customary closing conditions [1] Group 2: Use of Proceeds - The net proceeds from the offering will be used to purchase or redeem all outstanding 7.75% senior notes due 2028 and for general partnership purposes, including repaying a portion of revolving borrowings under the senior secured credit facility [1] Group 3: Market Participation - BofA Securities and Citigroup are acting as joint global coordinators for the offering, with several other financial institutions serving as joint book-running managers [1]

Core Viewpoint - Koninklijke KPN N.V. announced a tender offer for its outstanding notes to proactively manage its debt structure and reduce refinancing requirements while lowering the average coupon rate of its bond portfolio [2][3]. Group 1: Tender Offer Details - KPN offered to purchase £400 million of 5.00% notes due 2026 and £850 million of 5.75% notes due 2029, with £250 million and £549.996 million currently outstanding, respectively [1]. - The final acceptance amounts for the tender offer were £95.712 million for the 2026 notes and £182.458 million for the 2029 notes [4]. - The purchase price for the 2029 notes accepted for purchase was set at 105.557% [6]. Group 2: Financing and Settlement - The offers will be financed with part of the proceeds from a €500 million bond maturing on 12 May 2034, priced on 3 February 2026 [2]. - Settlement of the offers and payment of the tender consideration is expected to occur on 13 February 2026, with a total tender consideration of approximately £295 million [7]. - KPN will also make an accrued interest payment for the notes accepted for purchase [7].

Core Viewpoint - Applied Therapeutics, Inc. is undergoing a tender offer from AT2B, Inc., a subsidiary of Cycle Group Holdings Limited, to acquire the company, which is focused on developing treatments for rare diseases [1][2]. Company Overview - Applied Therapeutics is a clinical-stage biopharmaceutical company dedicated to creating transformative treatments for rare diseases, with its lead drug candidate, govorestat, targeting Classic Galactosemia, CMT-SORD, and PMM2-CDG, all of which currently lack FDA-approved treatments [3][14]. Tender Offer Details - The tender offer price is set at $0.088 per share in cash, plus one non-tradeable contingent value right per share, with the expiration date extended to January 29, 2026 [2]. - The Board of Directors recommends that stockholders tender their shares, believing the merger with Cycle represents the best path forward for maximizing stockholder value [3][5]. Financial Implications - If the tender offer does not succeed, the company may face significant risks, including potential liquidation, as the Board has determined that the offer price is more favorable than other alternatives [4]. - Cycle has issued a promissory note to Applied Therapeutics, advancing $8.5 million, which will become due if the merger agreement is terminated [4]. Strategic Alternatives - The company has explored various strategic alternatives and concluded that the merger with Cycle is the best option available, as no alternative proposals have been received since the merger agreement was signed [4][5]. Shareholder Actions - Stockholders who have already tendered their shares do not need to take further action due to the extension of the offer [6]. - Instructions for tendering shares are provided, emphasizing the importance of acting promptly to meet broker processing deadlines [8][10].

Core Viewpoint - EP Group plans to launch a voluntary cash tender offer for French retailer Fnac Darty, aiming to become the majority shareholder by the end of Q1 2026, with the offer supported by Fnac Darty's board [1][4]. Group 1: Tender Offer Details - The tender offer will include all shares and convertible bonds (OCEANEs) not already held by EP Group, with a set price of €36 ($42.72) per share and €81.09 per OCEANE, which includes accrued interest [2]. - The offer represents a premium of 19% over the closing price on January 23, 2026, 24% over the one-month volume-weighted average price, and 26% over the three-month VWAP, valuing Fnac Darty's equity at €1.1 billion [3]. Group 2: Strategic Intent and Management - EP Group's chairman and CEO, Daniel Kretinsky, emphasized the strength of Fnac Darty's omnichannel model and the importance of its 'Beyond Everyday' strategy, indicating a long-term commitment to the company [4]. - The company will maintain its registered office and management in France, keep the current leadership team, and adjust the board's composition to reflect the new ownership structure while maintaining its existing dividend policy [5]. Group 3: Regulatory and Financial Considerations - The transaction is subject to regulatory clearances, employee consultations, and a statutory threshold of over 50% of capital or voting rights, along with review by France's Financial Markets Authority [6]. - The deal is fully financed, with backstop facilities in place to cover any early debt repayment triggered by change-of-control clauses [5].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The Asian IG space tightened by 2 - 3bps this morning, while some bonds like KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider [3] - The IPT of new SHUION 29 at 10.625% is considered fair, and the proposed new issue and tender offer by Shui On Land should lengthen its maturity profile and reduce near - term refinancing pressure [7][9] - In the Chinese properties space, CHJMAO, DALWAN, FUTLAN/FTLNHD, GRNCH, and LNGFOR are favored [9] 3. Summary by Relevant Catalogs Trading Desk Comments - Last Friday, the new SNBAB 6.15 Perp was down 0.4pt from RO at par; KUAISH 31 - 36s opened heavy and initially widened 3 - 5bps, with the 5yr tranche closing at RO level and the 10yr tranche 4bps wider [2] - MEITUA curve traded softly, widening 1 - 2bps, while FRESHK curve outperformed and tightened 5 - 8bps; TW lifers were 1 - 2bps wider [2] - SHUION launched a tender offer for USD400mn SHUION 26 and circulated 10.625% IPT for a new USD bond; NWDEVL/VDNWDL complex was up 0.2 - 1.0pt; FAEACO 12.814 Perp/LASUDE 26 gained 0.5 - 0.6pt [2] - EHICAR 26 - 27 increased by 0.4 - 0.5pt; DALWAN 28 was 0.2pt lower; VNKRLE 27 - 29 rose 2.4 - 2.5pts; LNGFOR 27 - 32 increased by 0.4 - 0.8pt [2] - In the Korean space, KDB 27 - 31s and EIBKOR 29 FRNs tightened 1 - 2bps; AU and JP IG credits closed 1 - 4bps tighter; in the Middle East, there was block - size trading on FABUH 34s and PBs were buying FABUH FRNs; in SE Asia, BBLTB sub - curve was 2 - 5bps tighter; GLPSP Perps rose 1.8pts [2] - IHFLIN 27 - 30s/VEDLN 28 - 33s edged 0.2 - 0.8pt higher; MEDCIJ 26 - 30s and the ReNew Energy complex were unchanged to 0.4pt higher [2] Morning Market Update (19 Jan 2026) - Asian IG space was 2 - 3bps tighter this morning, KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider; SOFTBK 65/EHICAR 26 were down 0.6 - 0.7pt; PMBROV 30 edged 0.6pt higher [3] - SHUION 26 was 2.2pts higher this morning; the IPT of new SHUION 29 at 10.625% is fair [3][7] - China Oil and Gas launched a tender offer for CHIOIL 4.7 06/30/26 of USD361mn at par and mandated concurrent USD bond issuance, with the offer expiring on 26 Jan '26 4pm GMT, and the bond was unchanged this morning [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (up 2.5), VNKRLE 3 1/2 11/12/29 (up 2.4), ADSEZ 5 08/02/41 (up 2.0), GLPSP 4 1/2 PERP (up 1.8), COGARD 5 12/31/32 (up 1.8) [4] - Top underperformers include TENCNT 3.29 06/03/60 (down 0.8), CNPCCH 5.95 04/28/41 (down 0.7), HAOHUA 3.7 09/22/50 (down 0.7), APAAU 5 3/4 09/16/44 (down 0.7), SINOPE 3.68 08/08/49 (down 0.7) [4] Macro News Recap - Last Friday, S&P was down 0.06%, Dow was down 0.17%, and Nasdaq was down 0.06%. UST yield was higher, with 2/5/10/30 - year yields at 3.59%/3.82%/4.24%/4.83% [6] Desk Analyst Comments on SHUION - Shui On Land proposes to issue a 3NC1.5 Reg S USD senior unsecured bond (unrated) guaranteed by SOL, and the IPT of new SHUION 29 at 10.625% is fair considering peer valuation and tenor differential [7] - The net proceeds of the new bond will fund the tender offer for SHUION 5.5 06/29/26 of USD400mn, with a tender price of 100.25. SOL may prioritize holders subscribing to the new bond, and tender settlement is conditional on new bond issuance [8] - Despite sector headwinds, SOL honors offshore obligations, having redeemed two USD bonds totaling USD990mn since Aug '24. The new issue and tender offer should lengthen maturity and reduce refinancing pressure. The analyst is neutral on SHUION 5.5 06/29/26 [9] Offshore Asia New Issues - No offshore Asia new issues were priced today [13] - Shui On Land has a pipeline to issue a USD bond with a 3NC1.5 tenor, 10.625% coupon, and unrated [14] News and Market Color - On last Friday, 89 credit bonds were issued onshore with an amount of RMB63bn. Month - to - date, 948 credit bonds were issued with a total of RMB755bn raised, a 29.3% yoy decrease [17] - Fitch upgraded DWCM and Wanda Commercial Properties (Hong Kong) to CC from RD [17] - Media reported eHi Car plans a LME in 1H26 for EHICAR 7 09/21/26 of USD269mn and seeks RMB300 - 500mn syndicated loans [17] - ReNew Energy Global to hold investor meetings/calls to market USD 144A/Reg S bonds [17] - Sands Macao launched 'Pearl Gaming Room' targeting mass - market bet sizes [17] - Media reported Vanke reassured bondholders it can make 40% upfront payment for domestic bonds [17]

Core Viewpoint - Paramount is under pressure to persuade Warner shareholders before the upcoming tender offer deadline, following a setback in its lawsuit against Warner Bros. Discovery [1][2]. Group 1: Legal Proceedings - A Delaware judge denied Paramount's request to expedite its lawsuit against Warner Bros. Discovery, stating that Paramount did not demonstrate "cognizable irreparable harm" without the financial details it sought [2]. - Paramount filed a lawsuit claiming that Warner has not provided necessary information regarding how its board valued various assets, which is crucial for investors to compare the offers from Paramount and Netflix [3][7]. Group 2: Tender Offer and Shareholder Engagement - Paramount is offering $30 per share to Warner shareholders, with a deadline for investors to sell their stock by Wednesday, although Paramount may extend this deadline [2]. - The company aims to enhance its outreach to Warner shareholders to secure their support for its acquisition proposal [3]. Group 3: Competitive Landscape - Paramount argues that its $108 billion deal, which includes the absorption of Warner's debt, offers greater value to Warner shareholders compared to Netflix's cash-and-stock deal [4]. - Netflix is reportedly considering strengthening its bid by offering an all-cash proposal for Warner Bros. Discovery's assets, including HBO and HBO Max, amid a 17% decline in its stock since early December [5]. Group 4: Warner Bros. Discovery's Response - Warner Bros. Discovery dismissed Paramount's legal challenge as an unserious distraction and expressed satisfaction with the court's ruling, which rejected the need for special treatment of Paramount's lawsuit [6]. - The Warner board unanimously concluded that Paramount's proposed transaction is not superior to the existing merger agreement with Netflix [6].

Core Viewpoint - Mount Logan Capital Inc. is initiating a tender offer to purchase up to $15 million of its common stock at a price of $9.43 per share, representing a premium over the recent trading price and a discount to its book equity value [1][2]. Tender Offer Details - The tender offer will seek to buy approximately 1,590,600 shares, which is about 12% of the company's outstanding shares [1]. - The closing price of the company's common stock on December 26, 2025, was $8.26 per share, indicating the offer price is a substantial premium [1]. - The offer price reflects an 8% discount to the book equity value of $10.26 per share as of September 30, 2025 [1]. - The tender offer is not contingent upon a minimum number of shares being tendered but is subject to other terms and conditions outlined in the Offer to Purchase [2]. Offer Timeline and Conditions - The tender offer will expire at 5:00 p.m. New York City time on February 2, 2026, unless extended or terminated [3]. - Shareholders can withdraw their tenders at any time before the expiration [3]. - The company plans to fund the share purchases from its existing cash and cash equivalents, with no financing condition attached to the offer [4]. Future Transactions - After the expiration of the tender offer, the company may evaluate additional transactions in its securities, which could include open market stock repurchases and privately negotiated transactions [5]. Management and Advisory Roles - Ladenburg Thalmann & Co. Inc. will act as the Dealer Manager, while Alliance Advisors, LLC will serve as the Information Agent for the tender offer [6].

SOLANA BEACH, Calif., and VERO BEACH, Fla., Dec. 17, 2025 /PRNewswire/ -- Evoke Pharma, Inc. (formerlyNASDAQ: EVOK) ("Evoke") and QOL Medical, LLC ("QOL Medical") today announced that the tender offer (the "Offer") by QOL-EOS Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of QOL Medical (the "Merger Sub"), to acquire all of the outstanding shares of common stock, par value $0.0001 per share (the "Shares"), of Evoke, in exchange for $11.00 in cash per share (the "Offer Price"), ...

Core Viewpoint - Harley-Davidson Financial Services, Inc. has announced the expiration and results of its tender offers for its outstanding Medium-Term Notes, indicating a significant engagement in managing its debt obligations and optimizing its capital structure [1][2]. Summary by Sections Tender Offer Results - The tender offers for the 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029 expired on November 21, 2025, with a total of $792,209,000 in aggregate principal amount of Notes validly tendered [1][2]. - This amount excludes $8,090,000 in Notes submitted under the Guaranteed Delivery Procedures [2]. Breakdown of Tendered Notes - For the 2028 Notes, the aggregate principal amount outstanding is $700,000,000, with $437,112,000 tendered and $500,000 reflected in Notices of Guaranteed Delivery [4]. - For the 2029 Notes, the aggregate principal amount outstanding is $500,000,000, with $355,097,000 tendered and $7,590,000 reflected in Notices of Guaranteed Delivery [4]. Consideration and Settlement - The consideration for each $1,000 principal amount of Notes accepted for purchase is $1,055.12 for the 2028 Notes and $1,059.55 for the 2029 Notes, plus accrued interest from the last payment date to the Settlement Date [4][6]. - The Company expects to settle the purchase of all validly tendered Notes on November 24, 2025, and those under Guaranteed Delivery Procedures on November 26, 2025 [6]. Company Overview - Harley-Davidson Financial Services, Inc. is a subsidiary of Harley-Davidson, Inc., primarily engaged in financing and servicing wholesale inventory receivables and retail consumer loans for Harley-Davidson motorcycles [11].