Takeover Bid - Nordic Capital and Permira extended the offer period for Bavarian Nordic A/S takeover bid [1] - The offer price remains unchanged despite investor opposition to the valuation [1] Valuation Concerns - Key investors are pushing back against the valuation of the Danish vaccine maker [1]

Core Viewpoint - Strathcona Resources Ltd. expresses disappointment over MEG Energy Corp.'s Board of Directors' decision to favor the arrangement agreement with Cenovus Energy Inc. over Strathcona's superior Amended Offer, which provides an upfront premium and future growth potential for MEG shareholders [2][3]. Company Actions - Strathcona encourages MEG shareholders to vote against the MEG Board Deal and to deposit their shares under the Amended Offer before the expiration time of October 20, 2025 [4][3]. - The company has posted a new presentation on its website to correct what it claims are misleading statements made by the MEG Board [2]. Shareholder Engagement - Strathcona has received strong support from MEG shareholders for its Amended Offer and has thanked those who have already deposited their shares [3]. - The company holds approximately 14.2% of MEG's shares and intends to vote against the MEG Board Deal at the special meeting scheduled for October 9, 2025 [3][13]. Offer Details - The Amended Offer is set to expire at 5:00 p.m. Mountain time on October 20, 2025, following the special meeting of MEG shareholders [3]. - Strathcona's Amended Offer is characterized as superior due to its upfront premium and the opportunity for MEG shareholders to participate in a larger, stronger business [2].

Core Insights - An unidentified Wall Street trader made a significant profit of approximately $5 million by purchasing call options on Warner Bros Discovery stock just before news of a potential takeover bid by Paramount Skydance emerged [1][5][8] Group 1: Trader's Actions - The trader invested nearly $6 million in 100,000 call options for Warner Bros when the stock was priced at $13.10 [2] - The options allowed the trader to purchase 10 million shares at $15 each before December 19 [4] - Following the news of the potential bid, the stock price surged over 35%, closing at $16.17, which is a 28% increase from the opening price [5][7] Group 2: Market Reaction - The announcement of the potential takeover bid led to a significant increase in Warner Bros' stock price, making the trader's options "in the money," allowing for profitable selling or exercising of the contracts [7] - Bloomberg News estimated the trader's paper profit to be between $4 million and $6 million due to the stock price surge [8] Group 3: Background on Paramount Skydance - Paramount Skydance is reportedly preparing a bid for Warner Bros Discovery with assistance from Larry Ellison's family, specifically his son David, who is the chairman and CEO of Paramount Skydance [5][9]

Group 1 - BBVA is pursuing a takeover of Banco Sabadell, despite Sabadell's decision to sell its U.K. unit, TSB [1][2] - Sabadell plans to sell TSB to Banco Santander for £2.9 billion (approximately $4 billion) and will use the proceeds to fund a €2.5 billion (about $2.9 billion) extraordinary cash dividend for shareholders [3][4] - The sale of TSB is seen as a strategy by Sabadell to enhance shareholder value and defend against BBVA's takeover bid [2][5] Group 2 - BBVA may make a tender offer to Sabadell's shareholders within weeks, although it has not made a final decision and could potentially withdraw from the deal [2] - Banco Sabadell's Chairman stated that the transaction is beneficial for the bank and its shareholders, allowing for an extraordinary dividend while maintaining a capital ratio above 13% [4] - Santander's acquisition of TSB is expected to strengthen its position in the U.K. market, creating the third largest bank in the country by personal current account balances [5] Group 3 - The Spanish government has indicated that BBVA's offer can proceed, provided that BBVA and Sabadell maintain separate operations for a period of three to five years [6]