HHL Rühm Osaühing (the “Bidder”) made a voluntary takeover bid to all the shareholders of Aktsiaselts Ekspress Grupp (“Ekspress Grupp”) for acquiring all the shares of Ekspress Grupp (the “Shares”) not yet in the ownership of the Bidder (the “Bid”). The Bid was made based on the Bid notice (the “Bid Notice”) and the prospectus attached to it (the “Prospectus”, together with the Bid Notice, the “Bid Documents”). The Estonian Financial Supervision and Resolution Authority approved the Bid on 24 November 2025, ...

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Group 1 - The Riga City Court ruled that the insolvency petition against AS Delfi was unfounded, confirming the lack of factual or legal basis for the claim [1] - AS Delfi Latvia will evaluate its future actions based on the court's conclusions and the reasoning provided in the judgment [1] - Jānis Grīviņš, Chairman of the Management Board of AS Delfi Latvia, emphasized the company's commitment to fostering a free and well-informed society while providing high-quality services [2] Group 2 - AS Delfi is a significant part of the Baltic region's largest media group, with a revenue of EUR 5.53 million and a profit of EUR 594,200 in 2024 [2] - AS Ekspress Grupp, the parent company of AS Delfi, is the leading Baltic media group involved in web media content production, publishing, and various other services [3] - The Group has been operational since 1989 and employs approximately 1,000 people, indicating its substantial presence in the media industry [3]

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Core Insights - Amazon.com, Inc. is the world's largest online retailer with a market cap of $2.4 trillion, offering a wide range of products and services including retail sales, advertising, and cloud services [1][2] Company Overview - Amazon operates both online and physical stores, providing personalized shopping services and direct shipping to customers [1] - The company is categorized as a "mega-cap stock" due to its market cap exceeding $200 billion, reflecting its significant influence in the internet retail industry [2] Market Performance - Amazon's stock has decreased by 12.5% from its 52-week high of $258.60, which was reached on November 3 [3] - Over the past three months, AMZN stock declined by 1.1%, underperforming the Nasdaq Composite's 6.2% gains [3] - Year-to-date, Amazon shares have risen by 3.1% and increased by 14.8% over the past 52 weeks, but still lag behind the Nasdaq's YTD gains of 18.4% and a 20% increase over the last year [4] Technical Analysis - Amazon has been trading above its 200-day moving average since mid-May, although it has recently traded below its 50-day moving average [4] Investment Concerns - Analysts express concerns regarding the returns on AI investments and the growth of Amazon Web Services (AWS), citing "dilutive returns" from AI spending and limited upside potential [5] - Heavy capital expenditures on AI and infrastructure have put pressure on the stock [5] Recent Financial Results - In Q3, Amazon reported earnings per share (EPS) of $1.95, exceeding Wall Street's expectations of $1.58, with revenue of $180.2 billion, surpassing the forecast of $177.9 billion [6] - For Q4, Amazon anticipates revenue between $206 billion and $213 billion [6]

Core Insights - Amazon and Shein are in direct competition in the e-commerce market, with Shein gradually taking market share from Amazon since its entry in 2015 [1][2] - Shein's growth is now challenged by new tariffs and the removal of the de minimis exception, which has increased its costs and prices [3][4] - Despite these challenges, Shein reported a 20% increase in global revenues to $37 billion for 2024, although pre-tax profits fell by 13% to $1.3 billion [4] E-commerce Competition - Shein has been successful in offering a wide range of products at low prices, prompting Amazon to launch Amazon Haul in 2024 to attract budget-conscious consumers [2] - Amazon remains the leading e-commerce platform, with a net revenue of $638 billion for fiscal 2024, significantly surpassing Shein [13][15] - Amazon's robust infrastructure and ability to adapt to market changes provide it with a competitive advantage over Shein [16] New Market Entry - Shein is entering the U.S. book market through a partnership with Alibris, offering over 100,000 titles, including affordable textbooks [6][7] - This move is significant as it addresses the rising costs of education, with students spending an average of $1,220 per year on textbooks [11][12] - The partnership with Alibris allows Shein to improve delivery times and reduce shipping costs, potentially enhancing profit margins [7] Economic Context - The cost of attending a four-year university in the U.S. has more than doubled since the early 2000s, with tuition increasing at a compound annual growth rate of 4.04% [9][10] - While Shein's textbook offerings won't solve the student debt crisis, they provide a more affordable option in a market dominated by high-priced academic publishers [12]

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Core Viewpoint - HHL Rühm Osaühing intends to make a voluntary takeover bid for all shares of Aktsiaselts Ekspress Grupp not held by the Offeror, aiming to increase its shareholding to 90% [1][2]. Group 1: Takeover Bid Details - The Offeror plans to acquire shares at a price of 1.25 euros per share, which includes a premium of 0.13 euros per share (14.91%) over the average market price of 1.1165 euros per share during the first three quarters of 2025 [4]. - The bid is voluntary, meaning the Offeror is not obligated to follow specific pricing criteria set by takeover bid rules, and shareholders are not required to participate [5][3]. Group 2: Strategic Intentions - The Offeror's management believes that being listed on the stock exchange is unnecessary for Ekspress Grupp, as it does not require significant capital raising, and the costs associated with being publicly traded are considerable [6]. - The management emphasizes the need for the organization to focus on effectiveness in a challenging media landscape, particularly in preserving native-language media [6]. Group 3: Regulatory and Procedural Aspects - The Offeror will submit a takeover prospectus and bid notice to the Estonian Financial and Supervision Authority (EFSA) for approval before proceeding with the bid [6]. - The bid will comply with Estonian laws and will not require approval from foreign regulatory authorities [8].

Book Recommendations - Recommends adding recent books to reading list to meet end-of-year target [1] - Provides a link to a list of recommended books [1]

या फर्स्ट ऑफ ऑल थैंक यू सो मच फॉर इनवाइटिंग मी टू दिस लवली कैंपस एंड टू शिलॉन्ग आई हैव बीन हियर एज अ किड एंड आई वास आई रिमेंबर वैरी रेमिनेंस ऑफ इट बट व्हेन आई गॉट दिस इनविटेशन आई वाज लाइक चलो आई टोल्ड माय वाइफ चलो यार जल्दी आई मीन आई एम आई वांट टू सी द ब्यूटीफुल प्लेस एंड ऑब्वियसली विजिट यू गाइस एंड मीट द यंग माइंड्स ऑफ टुमारो टुमारो आई वाज़ अ यंग माइंड ऑफ़ टुमारो एस वेल वंस अपॉन अ टाइम एंड आई आई आई थिंक आई स्टिल एंड दो बट या माय माय ट्विस्ट विद सो द फनी पार्ट वाज़ दैट व्हेन आई सॉ द द टॉपिक व्हिच इज़ बियड द नोन ...