Core Viewpoint - The $1.8 billion takeover of Soho House has been revived with new funding commitments, allowing the company to proceed with a take-private deal with MCR Hotels [1][2]. Funding and Financial Arrangements - Soho House has secured a new $200 million funding commitment, which is crucial for closing the deal with MCR Hotels [1]. - Under the revised terms, Morse Ventures and MCR will each commit $50 million, while Soho House has extended its debt facilities from $150 million to $220 million [2]. - Major shareholders, including Richard Caring, have agreed to roll over their stakes, reducing the funding required for the deal by $50 million [2]. Market Reaction and Share Performance - The initial announcement of MCR's inability to provide the promised $200 million led to a drop in Soho House's stock price, which later rebounded after the new funding arrangement was confirmed [3]. Company Background and Growth - Soho House, founded in 1995, has expanded to 46 locations worldwide, but has faced challenges related to overcrowding and loss of exclusivity [4][7]. - The company temporarily halted membership applications in key cities but has since resumed accepting new members and opened new venues [8][9]. Deal Context and Historical Performance - The takeover deal is priced at $9 per share, representing an 83% premium over the company's recent share price, although it is significantly lower than the $13 per share at its IPO in July 2021 [5]. - MCR's recent acquisition of the BT Tower for £275 million is part of a broader strategy to transform the landmark into a hotel [6].

Core Viewpoint - Janus Henderson Group plc (NYSE:JHG) is set to be taken private by Trian Fund Management and General Catalyst for an equity value of $7.4 billion, or $49 per share, reflecting a premium over recent stock prices [2][4]. Group 1: Acquisition Details - The acquisition price of $49 per share represents a 6.5% premium to the stock's closing price on December 19 and an approximately 18% premium to the closing price on October 24 [4]. - The deal is expected to close in mid-2026, with Trian having been an investor in Janus since late 2020, during which time the stock has roughly doubled [4]. Group 2: Market Analysis - Evercore ISI lowered its price target for Janus Henderson to $49 from $50, maintaining an In Line rating, indicating that the acquisition price may not reflect the highest possible multiple for the company [2][3]. - The firm noted that while Janus has experienced six consecutive quarters of organic growth, there is no guarantee this trend will continue, making the transition to a private company appealing for its potential operational flexibility [3]. Group 3: Company Overview - Janus Henderson Group is a British-American global asset management firm headquartered in London, providing investment products to individual investors, financial advisors, and institutions worldwide under the Janus Henderson Investors brand [5].

Company Overview - Clearwater Analytics (NYSE:CWAN) provides software-as-a-service (SaaS) solutions for investment data aggregation, reconciliation, accounting, and reporting, positioning itself as a key player in the financial technology sector [1] Recent Developments - On December 22, 2025, Piper Sandler downgraded NYSE:CWAN from Overweight to Neutral, with the stock price at $24.06; however, the stock surged by 8.13% to close at $24.06 following the announcement of an $8.4 billion take-private deal [2][5] - The trading volume on the day of the announcement reached 99 million shares, significantly higher than the average volume of 5.8 million, indicating heightened investor interest [3][5] Financial Performance - Clearwater Analytics has a market capitalization of approximately $6.93 billion and a gross margin of 68.43%, reflecting a strong ability to convert revenue into profit [3][5] - The stock price fluctuated between $24.05 and $24.15 during the trading session, with a yearly high of $32 and a low of $15.73, showcasing the stock's volatility [4]

Upgrades - Bradesco BBI upgraded Volaris (VLRS) to Outperform from Neutral with a price target of $12 [2] - Loop Capital upgraded Ollie's Bargain Outlet (OLLI) to Buy from Hold with a price target of $135, increased from $130, citing underestimated comp potential in fiscal 2026 [2] - Raymond James upgraded Cummins (CMI) to Outperform from Market Perform with a price target of $585, noting a change in sentiment for the second half of 2026 despite a cautious near-term outlook [3] Downgrades - Janney Montgomery Scott downgraded Heritage Commerce (HTBK) to Neutral from Buy with a fair value estimate of $14 following an acquisition agreement with CVB Financial (CVBF) [4] - William Blair downgraded Clearwater Analytics (CWAN) to Market Perform from Outperform without a price target after a take-private deal at $24.55 per share [5] - Raymond James double downgraded Sealed Air (SEE) to Market Perform from Strong Buy without a price target, indicating reduced odds for a topping bid after the conclusion of the "go-shop" period [6] - Citi downgraded Amicus (FOLD) to Neutral from Buy with a price target of $14.50, down from $17, after BioMarin announced an acquisition for $4.8 billion or $14.50 per share [6] Initiations - Wells Fargo initiated coverage of Arcellx (ACLX) with an Overweight rating and a price target of $100, viewing its anti-cel as a future pillar in multiple myeloma treatment [7] - Jefferies initiated coverage of BlackSky (BKSY) with a Buy rating and a price target of $23, projecting sales to double to $211 million by 2028 [7] - BTIG initiated coverage of Invivyd (IVVD) with a Buy rating and a price target of $10, highlighting its effective antibody production [7] - Jefferies initiated coverage of Relmada Therapeutics (RLMD) with a Buy rating and a price target of $9, noting a transformation towards oncology and neuro pipeline [7] - Seaport Research initiated coverage of MasterCraft Boat (MCFT) with a Neutral rating and no price target, expressing caution due to competitive pressures in the marine industry [7]

Core Insights - Select Medical Holdings Corporation (SEM) has received a take-private proposal from its executive chairman, Robert A. Ortenzio, offering $16 to $16.20 per share, representing a premium of up to 15.6% from the recent closing price of $14.01 [1][8] - The proposal indicates a potential shift to private ownership, suggesting that the executive believes there is untapped value in the business that could be realized outside of the public market [2][3] - The company has experienced a significant decline in stock value, dropping 63.8% over the past year, which is worse than the industry average decline of 42.3% [4][8] Financial Performance - SEM's current valuation stands at 10.43X forward earnings, which is below its five-year median of 12.32X and the industry average of 15X [6] - The rehabilitation hospital segment of SEM is showing positive trends with rising occupancy, admissions, and patient days [6] Market Position - SEM currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook compared to other stocks in the medical sector [7] - Other promising stocks in the sector include Aveanna Healthcare and The Pennant Group, both also holding a Zacks Rank of 2 [7]

Core Insights - Electronic Arts (EA) missed Wall Street expectations for second-quarter bookings, reporting a decline of 13% to $1.82 billion, compared to the average estimate of $1.88 billion [5] - The company is facing challenges due to uncertain spending on its core sports portfolio and difficult growth comparisons to the previous year's strong launch of "College Football 25" [1][2] - EA's second-quarter net income decreased to $137 million from $294 million a year earlier [5] Company Strategy - EA is heavily investing in its core action and sports titles to navigate a challenging gaming market characterized by high console prices and competition [2] - The company launched "College Football 25" last year, which became one of the best-selling games, reviving the franchise after a long hiatus [2] - EA's take-private deal, valued at $55 billion, was announced just before the launch of "Battlefield 6," which sold over seven million copies in its first three days [3] Market Performance - Bookings for EA's soccer title "FC 26" increased in the mid-single digits compared to its predecessor, despite some analysts predicting softer performance [4] - The global popularity of soccer is expected to support the resilience of "EA Sports FC" in the coming years [4] - Investors are now focused on the long-term financial prospects of "Battlefield 6," especially as EA plans to release regular content updates to maintain player engagement [3]

Core Viewpoint - Hologic has agreed to be acquired by Blackstone and TPG in a take-private deal valued at up to $18.3 billion, with a cash price of $76 per share and additional contingent value rights based on future revenue goals [1][4]. Group 1: Acquisition Details - The acquisition deal values Hologic at up to $18.3 billion, with Blackstone and TPG offering a cash price of $76 per share [1][4]. - The merger agreement includes a 45-day 'go-shop' period, allowing Hologic to seek other offers [3]. - Analysts suggest that bids would need to be in the high $70s to low $80s for a deal to be successful, indicating potential for better investment opportunities elsewhere [3]. Group 2: Market Reaction - Following the announcement, Hologic's stock price increased by more than 3%, reaching $74.26, and is trading above its 50-day and 200-day moving averages [4].

Core Insights - A potential transaction is underway that could value Electronic Arts at $50 billion [1] Company Summary - Electronic Arts is currently in discussions for a transaction that may significantly increase its market valuation to $50 billion [1]

Group 1 - Activist hedge fund Irenic Capital Management is seeking interest in a take-private deal for SSP Group, the owner of Upper Crust, after increasing its stake in the company [1][2] - Irenic Capital Management is encouraging private equity groups to consider takeover bids, suggesting that SSP could be valued at a 50% premium to its current market value [2][3] - SSP Group's shares rose over 8% to 168.6 pence following the news, indicating positive market reaction [3] Group 2 - SSP Group operates food and beverage outlets in travel locations, focusing on airports, train stations, and other travel hubs [4] - Irenic Capital Management currently holds approximately 3% of SSP's stock, highlighting its significant but minority stake in the company [4]

Group 1 - TaskUs has postponed a shareholder meeting to vote on a take-private offer from Blackstone and the company's co-founders [1] - The delay is intended to provide more time to solicit shareholder support for the deal [1]