Liberty Global agrees to buy out its partner Vodafone Group in Dutch telecommunications company VodafoneZiggo for €1 billion in cash and a stake in a new holding company https://t.co/5OKlq8ycat ...

INVESTOR PRESENTATION | February 2026 Celebrating 70 years of making recreation and transportation better. NYSE: LCII This presentation also includes certain forward-looking non-GAAP financial measures, such as forward-looking targets for adjusted diluted EPS. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate ...

This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: Ridi Stores, an Ohio-based convenience store and car wash company, has acquired Midwest competitor McIntosh Energy Co., the companies announced on Tuesday. The deal includes McIntosh’s four retail locations and standalone fleet fueling site in Indiana. Ridi, which has 14 c-stores and five car washes across Ohio and Michigan, will enter Indiana throug ...

Core Insights - Estes Logistics has acquired Key Trucking, marking a significant expansion in the Pacific Northwest [8] - The acquisition adds over 25 power units and 100 trailers to Estes Logistics' fleet, with all Key Trucking employees retained [8] - The integration aims to enhance service levels for existing customers of Key Trucking, leveraging Estes' resources [8][5] Company Overview - Key Trucking, founded in 1987 and based in Kent, provides a range of logistics services including full truckload, same-day delivery, warehousing, and trailer rentals [4] - Estes Logistics operates a network of service centers across several states, including California, Illinois, Ohio, New Jersey, Texas, and Florida, separate from its LTL business [3] Industry Context - Recent mergers and acquisitions in the logistics sector have seen family-owned firms integrate with larger companies, indicating a trend towards consolidation in the industry [6]

Core Viewpoint - The WBD-Netflix transaction is positioned as the superior deal for WBD stockholders, promising regulatory approval and significant value creation for the entertainment industry [1][2]. Group 1: Transaction Details - WBD has filed a definitive proxy statement for a special meeting on March 20, 2026, to approve the Netflix acquisition of Warner Bros., including HBO Max and its film and television studios [1]. - The transaction is fully financed and is expected to enhance production capacity and investment in original content, leading to job creation [1][2]. - Netflix and WBD have submitted their Hart-Scott-Rodino filings and are actively engaging with global competition authorities to ensure a smooth regulatory process [1]. Group 2: Comparison with PSKY - Netflix emphasizes that the PSKY proposal lacks a clear path to regulatory approval and poses significant risks due to its financing challenges and rapid deleveraging plans [1]. - PSKY's bid is characterized by significant horizontal overlaps that could raise antitrust concerns, combining major sports distributors, news networks, and TV studios [1]. - The aggressive financing strategy of PSKY requires approximately $16 billion in cost savings, which may necessitate substantial job cuts, raising red flags for regulators [1]. Group 3: Industry Impact - The merger is expected to strengthen the entertainment industry by preserving consumer choice and providing creators with more opportunities [2]. - The transaction aims to deliver greater value to audiences worldwide through expanded access to films and series, both at home and in theaters [1][2]. - Netflix's strong cash flow supports the all-cash transaction structure, ensuring a healthy balance sheet and flexibility for future strategic priorities [1].

Core Insights - Chesnara PLC has acquired Scottish Widows Europe for €110 million, expected to generate approximately €250 million in lifetime cash [1][2] - The acquisition is part of Chesnara's strategy to enhance cash generation, with around €100 million forecasted within the first five years [2] - This marks Chesnara's 16th acquisition in nearly 20 years, with a notable acceleration in M&A activity in recent years [2] Acquisition Details - The acquisition represents Chesnara's first entry into Luxembourg, providing a local administrative platform for future consolidation opportunities in Europe [3] - The company sees a significant opportunity in the M&A pipeline, driven by a more active market and strategic focus from large financial institutions [3] Financial Performance - Chesnara currently manages 1.4 million policies and administers approximately £18 billion in assets [4] - The company boasts a strong dividend growth track record, planning a 6% increase for the full year 2025 [4]

Core Viewpoint - Warner Bros. Discovery (WBD) is considering engagement with Paramount following a revised takeover offer from the Ellison family, which includes significant concessions [1]. Group 1: Takeover Offers - Paramount has made multiple unsolicited takeover offers to WBD, all of which have been rejected so far [2]. - The latest bid from Paramount includes a cash offer of $30 per share, with additional incentives such as a $0.25-per-share "ticking fee" for each quarter the transaction remains open beyond December 31, 2026, amounting to approximately $650 million in cash value each quarter [6]. - Paramount has also agreed to cover a $2.8 billion termination fee payable to Netflix, along with concessions related to WBD's debt financing costs and obligations [6]. Group 2: Current Agreements and Responses - WBD has a signed deal with Netflix to acquire Warner Bros. Studios and streaming assets for $27.75 per share in cash, which was improved from an initial cash and stock deal [4]. - WBD's response to Paramount's amended offer indicated that it is under review while maintaining its commitment to Netflix [3]. - A special shareholders meeting for WBD to vote on the Netflix merger is tentatively planned for April, although the current direction remains uncertain [5]. Group 3: Market Reactions - Activist investor Ancora Capital has urged WBD's board to consider all options in light of the revised offer from Paramount [2]. - Reports suggest that WBD may be softening its stance towards Paramount, although representatives from both companies have declined to comment [7].

Core Viewpoint - The Reserve Bank of India's (RBI) new guidelines on acquisition financing are designed to facilitate mergers and acquisitions by allowing banks to provide funding under specific conditions, although the complexity of these conditions may deter some banks and borrowers [2][3][5]. Group 1: Acquisition Financing Guidelines - The RBI has permitted banks to fund acquisitions when the acquirer already controls the target company, increasing the stake from 26% to up to 90% [2]. - For listed companies, borrowers must have a minimum net worth of ₹500 crore and three consecutive years of net profits, while unlisted entities require an investment-grade credit rating [3]. - The cap on acquisition financing exposure has been raised to 20% of a bank's eligible capital base from the previously proposed 10% of Tier-1 capital [3][4]. Group 2: Industry Response - Experts believe the new guidelines are more accommodating than the draft, allowing 75% of the acquisition to be funded by banks, with 25% required from the acquirer's equity [5]. - Some bankers express concerns that the numerous conditions may limit the freedom of bank boards and complicate the financing process [6][7]. - There is a sentiment that the guidelines could lead to the creation of specialized M&A teams within banks to handle the complexities of these transactions [8]. Group 3: Broker Funding Rules - The RBI has tightened collateral requirements for bank funding to brokers, mandating that bank guarantees be supported by at least 50% tangible collateral, including cash and high-quality liquid assets [11][12]. - Proprietary trading exposure must now be fully secured with specified high-quality collateral, moving away from reliance on personal or corporate guarantees [12]. - This change is expected to enhance the resilience of the banking system and reduce stress transmission during market volatility [13]. Group 4: Market Impact - Analysts suggest that the impact on trading volumes may be minimal for well-capitalized brokers who maintain strong liquidity buffers [14]. - Proprietary traders accounted for 29.7% of gross turnover on the National Stock Exchange's cash segment in 2025, indicating their significant role in the market [15]. - However, there are concerns that the shift in collateral requirements could reduce activity among prop traders, potentially affecting market volumes [16].

Photographer: Caroline Brehman/Bloomberg Warner Bros Discovery Inc. is considering reopening sale talks with rival Hollywood studio Paramount Skydance Corp. after receiving its hostile suitor’s most recent amended offer, people with knowledge of the matter said. Members of the Warner Bros. board are discussing whether Paramount could offer a path to a superior deal, people familiar with the board’s thinking said, a move that may ignite a second bidding war with Netflix Inc. The board hasn’t decided how t ...

Core Viewpoint - The merger between Ryerson Holding Corporation and Olympic Steel, Inc. has been successfully completed, enhancing Ryerson's position as the second-largest metals service center in North America and expected to generate approximately $120 million in annual synergies by early 2028 [1][2]. Company Overview - Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China, employing around 4,300 people across 106 locations [2]. - Olympic Steel is a prominent U.S. metals service center focused on the direct sale and value-added processing of various steel and metal products, operating from 53 facilities [2]. Merger Details - Ryerson will issue 1.7105 shares of its common stock for each share of Olympic Steel, resulting in former Olympic Steel shareholders holding approximately 37% of Ryerson [1]. - The merger is expected to enhance product diversity, service offerings, and customer experience, promising greater speed to market and a wider selection of products [1]. Leadership Changes - Eddie Lehner remains as CEO of Ryerson, while Richard T. Marabito, former CEO of Olympic Steel, has been appointed as President and COO of Ryerson [1]. - Other key appointments include Richard A. Manson as Senior Vice President of Finance and Andrew Greiff as Executive Vice President and President of Olympic Steel [1]. Synergy Expectations - The combined company anticipates achieving approximately $120 million in annual synergies through procurement, scale, efficiency gains, and optimization of its commercial portfolio [1]. - The company plans to report progress on synergy attainment on a quarterly basis [1]. Board Composition - Michael D. Siegal, former Executive Chairman of Olympic Steel's Board, has been appointed chairman of the Ryerson Board, which now includes three additional members from Olympic Steel [1].