eBay rejects $56bn GameStop offer

BY Richard Summerfield

Online marketplace eBay has rejected the surprise $55.5bn takeover offer from video game retailer GameStop, calling the proposed deal “unsolicited” and “neither credible nor attractive”.

The deal would have seen GameStop, which has built up a 5 percent stake in eBay, acquire 100 percent of the company at $125 a share. The price would have represented a 46 percent premium to eBay’s unaffected closing price on 4 February 2026, the day GameStop started accumulating its position in eBay.

GameStop intended to use about $9.4bn in “cash on hand” and $20bn in potential debt financing from TD Securities to complete the deal. According to a statement announcing the offer, adding GameStop’s market capitalisation of just over $10bn, the total remains about $16bn short of what it offered in its unsolicited bid.

In a press release issued on Tuesday, eBay rejected the offer. “The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” said Paul S. Pressler, chairman of the board of directors of eBay.

“We have concluded that your proposal is neither credible nor attractive,” he continued. “We have taken into account such factors as 1) eBay’s standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay’s long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop’s governance and executive incentives.”

Mr Pressler described eBay as a robust and resilient business that has generated solid results in recent years. He noted that the company has refined its strategic direction, improved execution, strengthened its marketplace and seller experience, and consistently returned capital to shareholders. He also expressed the board’s confidence that, with its distinct global platform and clear strategy, the current management team is well positioned to sustain growth, operate with discipline and create long-term shareholder value.

The proposed deal was notable given GameStop’s significantly smaller value, uncertainty around the company’s financing proposal as well as its borrowing and the operational risks of a combined group. GameStop rose to prominence during the COVID-19 pandemic as a so-called ‘meme-stock’, which saw gen Z and millennial investors piling into stocks, including GameStop, in a frenzy that pushed a number of hedge funds close to bankruptcy.

GameStop had a market valuation of roughly $12bn before its bid, almost a quarter of eBay’s $46bn valuation. Since the height of the meme-stock craze, which saw GameStop shares up from $3.25 in April 2020 to $347.50 in late January 2021 – a rise of 10,692 percent – the company has subsequently closed hundreds of stores, including 590 in 2025. It currently has around 1600 remaining sites.

GameStop’s chief executive, Ryan Cohen, has previously said that the company was prepared to launch a hostile bid and take the offer directly to eBay’s shareholders if the board was not receptive to his proposal.

News: EBay rejects GameStop's $56 billion bid as ‘neither credible nor attractive’

Indicor sold to Ametek for around $5bn

BY Richard Summerfield

Industrial technology group Ametek has agreed to acquire the instrumentation businesses of Indicor, a portfolio company of private equity firm Clayton, Dubilier & Rice (CD&R), in an all-cash deal valued at around $5bn.

According to a statement announcing the deal, Ametek plans to fund the acquisition through borrowings under its existing credit facility and new debt issuance. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026.

Indicor, which is owned by CD&R, designs and produces testing and control equipment ​used for scientific and industrial applications. ​It generates $1.1bn in annual sales, according to Ametek.

“Indicor is an exceptional fit for Ametek,” said David A. Zapico, chairman and chief executive of Ametek. “In a single transaction, we are adding a high-quality group of businesses with differentiated technologies, complementary market positions, and attractive growth prospects. We see meaningful potential to create value through integration into AMETEK’s operating model.”

Indicor itself is a 16-brand industrial-instrumentation portfolio (including Alpha, AMOT, CCC, Cornell, Dynisco, Roper Pump, Struers, Uson and others) that originated as a 2022 carve-out from Roper Technologies, with CD&R taking a 51 percent majority stake at a $3.6bn enterprise value and Roper retaining a 49 percent minority equity interest plus $2.6bn in upfront cash. The company adopted the Indicor brand name in January 2023.

Under the terms of the deal, Ametek is not buying the whole Indicor portfolio; rather, the deal is for the test-and-measurement subset specifically. The pumps-and-valves businesses, namely Roper Pump, Cornell, AMOT and Hansen, will remain inside Indicor under CD&R’s continued majority ownership.

According to Private Equity Insights’ deal analysis, the total cash consideration of $5bn is in the 12-14x earnings before interest, taxes, depreciation and amortisation (EBITDA) range, and the firm is on track for a 2.5-3.5x money multiple on its original equity once the remaining pumps-and-valves businesses exit separately. This is a strong return, particularly in the context of PE industrial exits in 2025 and the first half of 2026 where exits have been difficult to achieve, thanks to rising rates and compressed strategic-buyer multiples.

Roper, the original seller, also benefits from the Indicor deal. Per its 2022 announcement, its 49 percent minority interest entitles it to a proportional share of exit proceeds. The sale to Indicor returns material cash to Roper on top of the original $2.6bn.

News: AMETEK Announces Agreement to Acquire Indicor Instrumentation

Bullish to acquire Equiniti for $4.2bn

BY Richard Summerfield

Cryptocurrency exchange Bullish has agreed to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, from private equity firm Siris Capital in a deal worth $4.2bn.

Under the terms of the deal, which is expected to close in January 2027, subject to regulatory approvals, Bullish will acquire around $1.85bn of assumed Equiniti debt. The rest of the transaction is comprised of approximately $2.35bn in Bullish stock consideration, subject to customary purchase price adjustments.

The transaction also includes a call option for Siris to acquire non-core Equiniti business lines. The financials of those business lines were excluded from the transaction disclosures. Siris is expected to receive two board seats as part of the deal. Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development over the last five years.

“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” said Tom Farley, chief executive of Bullish. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure,” said Dan Kramer, chief executive of Equiniti. “When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way. This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth,” said Frank Baker, co-founder and managing partner of Siris. “This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”

Equiniti is a global transfer agent serving nearly 3000 issuer clients, around 15,000 corporate clients and more than 20 million shareholders. The company processes about $500bn in annual payments.

After deal completion, Equiniti will operate under Bullish alongside Bullish Exchange and CoinDesk. Mr Kramer and the existing leadership team will continue to oversee day-to-day operations, regulatory obligations and client relationships.

News: Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push

UCB acquires Candid Therapeutics in $2.22bn deal

BY Fraser Tennant

Building upon its existing immunology pipeline, Belgian biopharmaceutical group UCB is to acquire Candid Therapeutics, a privately-held clinical-stage biotechnology company, in a transaction valued at up to $2.2bn

Under the terms of the definitive agreement, UCB will pay $2bn upfront and up to $200m in potential future milestone payments for the California-headquartered Candid – a deal that swiftly follows UCB’s acquisition of clinical-stage Asia-Pacific biopharmaceutical company Antengene in March 2026.

Reflecting a platform-driven strategy in next generation immunology, UCB’s investments expand its reach across multiple B cell targets and disease mechanisms, strengthening its ability to address antibody mediated autoimmune diseases through differentiated, biology driven approaches rather than reliance on a single asset or modality.

“This acquisition demonstrates our inorganic innovation strategy in action and marks a pivotal moment for UCB, as we secure a significant technological advancement in the field with the addition of cizutamig to our pipeline,” said Jean-Christophe Tellier, chief executive of UCB. “This exemplifies the next wave of therapies to treat immune mediated diseases and reflects our commitment to setting new standards to achieve immune reset.”

Clinically evaluated in over 100 patients with multiple myeloma and autoimmune diseases, cizutamig – an investigational drug that has not been approved by the Food and Drug Administration or other health authorities – is currently in multiple clinical studies in over 10 autoimmune indications.

“We consider cizutamig as a potential transformative asset,” continued Mr Tellier. “It complements our existing programmes, and is poised to redefine treatment expectations for severe, underserved immune-mediated diseases, offering the potential to deliver meaningful improvements in patient outcomes and quality of life.”

In addition to cizutamig, Candid is developing a differentiated pipeline of multispecific T-cell engagers (TCEs) designed to enable deep, targeted depletion of pathogenic B cell populations in immune mediated diseases to achieve immune reset.

“We purposefully built a broad portfolio of TCE assets against a number of clinical indications,” said Ken Song, chairman, chief executive and president of Candid Therapeutics. “Our focus has been to efficiently generate clinical data so as to identify where our TCEs could provide maximal clinical benefit for the broadest number of patients.”

The transaction is subject to certain closing conditions, including required antitrust clearance and other customary conditions, and is expected to close by end of the second quarter or early in the third of 2026.

Mr Song concluded: “UCB’s successful track record in immunology, including development, launch and commercialisation, will enable the continuation of Candid’s clinical programmes and help deliver on the potential for our pipeline.”

News: Belgian pharma group UCB to buy Candid Therapeutics for up to $2.2 billion

Chiesi Group to acquire KalVista in $1.9bn deal

BY Fraser Tennant

In the largest acquisition in its history, Italy’s family-owned Chiesi Group is to buy its peer – global pharmaceutical company KalVista Pharmaceuticals – in an all-cash deal valued at $1.9bn.

Under the terms of the definitive agreement – which is not subject to any financing condition – Chiesi will acquire all outstanding shares of KalVista for $27 per share in cash, representing a 36 percent premium to KalVista’s 30-day volume-weighted average share price as of 28 April 2026.

Upon completion of the transaction, Chiesi will assume responsibility for sebetralstat, a differentiated oral, on‑demand treatment for hereditary angioedema (HAE), developed by KalVista, which addresses a significant unmet need for patients requiring effective and accessible therapies.

In line with Chiesi’s mission and strategic objectives, Sebetralstat is also expected to meaningfully contribute to Chiesi’s 2030 strategic revenue target of €6bn, while significantly expanding its commercial infrastructure and market presence in the US.

“This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions,” said Giacomo Chiesi, executive vice president, global rare diseases at Chiesi. “In HAE, patients continue to face significant unmet needs, and KalVista’s innovation meaningfully expands our presence in rare immunology by adding a differentiated, on-demand treatment option that can bring meaningful advancement in how the disease can be managed.”

By combining KalVista’s innovation with Chiesi’s global rare diseases capabilities in rare immunology, the transaction aims to accelerate patient access and strengthen medical and scientific engagement.

“This transaction reflects a shared long-term commitment to patients and a strong alignment in how we translate scientific innovation into meaningful impact,” said Ben Palleiko, chief executive of KalVista. “With Chiesi’s global infrastructure, commercial capabilities and long-term commitment to rare diseases, we are confident in their ability to help expand access to sebetralstat for people living with HAE around the world.”

The transaction has been unanimously approved by both Chiesi’s and KalVista’s boards of directors and is expected to close in the third quarter of 2026, subject to the satisfaction of customary closing conditions.

“We look forward to working with KalVista towards a successful closing of the transaction,” added Mr Chiesi. “From day one, our focus will be on working closely with the HAE community and the scientific community to improve disease management and ensure more patients can benefit from timely, effective treatment.”

News: Italian pharma group Chiesi to buy US peer KalVista for $1.9 billion