Core Viewpoint - Victory Capital has submitted a revised cash offer for Janus Henderson, increasing its efforts to disrupt Janus's existing deal with Trian and General Catalyst [1][2]. Group 1: Offer Details - Victory Capital's revised proposal includes an offer of $40 in cash and 0.25 of its shares for each Janus share, an increase from the previous offer of $30 in cash and 0.35 of its shares [2]. - Janus Henderson had previously rejected Victory's $8.6 billion cash-and-stock offer, stating it was not superior to the existing Trian-led deal [2]. Group 2: Background Context - In December, Janus Henderson agreed to a $7.4 billion all-cash buyout by Trian and General Catalyst after a five-year activist campaign led by Nelson Peltz [3].

Core Insights - Select Medical Holdings Corporation (SEM) plans to go private through an acquisition valued at $3.9 billion, led by Executive Chairman Robert Ortenzio and private equity firm Welsh, Carson, Anderson & Stowe, resulting in an 8.4% surge in stock price [1] Company Overview - Shareholders will receive $16.50 per share in cash, which is a 10% premium to the March 2, 2026 closing price and an 18% premium to the November 24, 2025 level, although it is below the average analyst target of $17.70 [2] - The current management is expected to remain in place post-acquisition, which is anticipated to be completed by mid-2026 [3] - As of the end of 2025, Select Medical operated in 39 states and the District of Columbia, focusing on critical illness recovery and rehabilitation services [3] - The company reported a fourth-quarter 2025 adjusted EPS of 16 cents, down 11.1% year over year, while net operating revenues increased by 6.4% to $1.4 billion [3] - Select Medical has a current market cap of $1.86 billion [3] Industry Context - The acquisition comes at a time when healthcare providers face reimbursement pressure and cost volatility, which may allow Select Medical's management to streamline operations and pursue long-term strategic goals outside the public market [4] - Peers like Universal Health Services, Inc. (UHS) and Tenet Healthcare Corporation (THC) are also navigating similar challenges, with UHS facing lower-than-expected admissions and higher operating costs, while THC benefited from stronger revenues but faced rising expenses [5][6] Financial Performance - Select Medical's shares have declined by 9.9% over the past year, underperforming the broader industry and the S&P 500 Index [7] - The Zacks Consensus Estimate for Select Medical's 2026 earnings suggests a 10.3% rise year over year, followed by a projected 17.9% growth in 2027 [10] - The company trades at a forward price-to-earnings ratio of 12.31X, which is higher than the industry average of 11.77X, and carries a Value Score of A [11][12]

Core Viewpoint - Alexander & Baldwin (ALEX), a REIT focused exclusively on Hawaii, is set to be taken private at a valuation of $21.20 per share, with the all-cash deal expected to close in Q1 2026 [1] Company Summary - Alexander & Baldwin is one of the few REITs that concentrates solely on the Hawaiian market [1] - The acquisition will be executed as an all-cash transaction, indicating a strong commitment from the acquiring party [1] Financial Summary - The valuation for the acquisition is set at $21.20 per share, which reflects the company's market value at the time of the announcement [1]