New On The Block

GoPro (GoPro (GPRO)) has retained Houlihan Lokey as financial adviser and Fenwick & West as legal counsel as it explores a potential sale and other strategic alternatives. The company previously disclosed that it had launched a review process following multiple unsolicited inbound inquiries from parties spanning the defense, consumer, and financial sectors.

Neuphoria Therapeutics Inc. (Neuphoria Therapeutics (NEUP)) said its board has launched a review of strategic alternatives to explore a potential merger, partnership, or licensing opportunities. As of March 31, the company reported $20.1 million in working capital, $19.4 million in cash and cash equivalents, and an accumulated deficit of $186.9 million. Neuphoria has yet to generate product revenue or achieve profitability, and said there is no guarantee it will do so in the future.

XBP Global Holdings, Inc. (XBP Global Holdings (XBP)), a multinational technology and services company, announced that its Board of Directors has initiated a formal process to explore and evaluate a range of strategic alternatives to maximize value for all stakeholders, including the Company's shareholders.

REE Automotive (REE Automotive (REE)) is pursuing strategic alternatives, including asset or business sales and a change-of-control transaction. The company has experienced heavy losses, severe liquidity pressure, and has doubts about its ability to continue. The company has warned that proceeds may primarily repay creditors, potentially leaving shareholders with limited or no recovery.

Updates From The Block

Irth Capital is working with Nadeem Bajwa, Papa John's International's (Papa John's (PZZA)) largest U.S. franchisee, who operates approximately 10% of its stores, on a take-private bid valued at $1.5 billion. The bid is backed by Brookfield Asset Management, Reuters reported.

LVMH has agreed to sell Marc Jacobs to WHP Global and apparel company G-III Apparel Group for $850 million, in an effort to "accelerate the brand's next phase of growth." Marc Jacobs will sit alongside WHP Global's other fashion brands, which include Vera Wang, Rag & Bone, and G-Star. The acquisitions pushed WHP's global retail sales to $9.5 billion. G-III Apparel will acquire and operate certain areas of Marc Jacobs' direct-to-consumer and wholesale business. Founder Marc Jacobs will stay on in his role as creative director.

Apollo Global Management (Apollo Global Management (APO)) executives are in discussions for a potential sale of its $3 billion MidCap Financial Investment (MFIC), a publicly listed business development company (BDC) focused on private credit. Apollo purchased MidCap in 2013 to boost its direct lending platform. The fund is expected to attract interest from rival BDCs, with a potential deal structure involving the acquirer offering shares of its own fund as consideration.

The U.S. Bankruptcy Court for the Northern District of Texas has approved the sale of Omnicare LLC, a subsidiary of CVS Health (CVS Health (CVS)) to GenieRx Holdings. The transaction is expected to close later this year, subject to regulatory approval and customary closing conditions.

Allegiant has agreed to buy Sun Country Airlines for $1.5 billion cash and stock. Both carriers will continue to operate separately, and customers will not be affected by the merger. The deal is subject to regulatory and shareholder approval. The airlines will operate a combined fleet of 195 aircraft serving approximately 175 cities, CBS News reported.

Brookfield Asset Management (Brookfield Asset Management (BAM)) has entered into a deal to acquire World Freight Company for approximately $1.2 billion from EQT and PAI Partners, Reuters reported. The transaction is expected to close by the end of 2026, subject to customary closing conditions.

Intuitive Machines (Intuitive Machines (LUNR)) has bought Goonhilly Earth Station and its American subsidiary, Comsat, for $49.6 million split equally between cash and stock. The deal, which will expand deep space communication capabilities, is expected to close in the third quarter, pending regulatory approvals in both the U.S. and the U.K.

Off The Block

Cantaloupe, Inc. (Cantaloupe (CTLP)), a global technology leader offering end-to-end technology solutions for self-service commerce, was acquired by 365 Retail Markets in an all-cash transaction with an equity value of approximately $848 million. The transaction, which was approved unanimously by the Cantaloupe Board of Directors, closed on May 11, 2026.

H.I.G. Capital has announced that one of its affiliates has completed the acquisition of International Aerospace Coatings, a provider of aircraft painting solutions for airlines, operators, maintenance, repair, and overhaul providers.

Solvane Group, in partnership with David Carlson, co-founder of EagleView Technologies, announced the completed asset acquisition of the Evolve Restoration platform through Evolve Restoration, LLC. The transaction, valued at $50 million, "anchors the next phase of Solvane Group's national property restoration consolidation strategy," the company said in a press release. As part of the deal, the company will relocate its national headquarters to Dallas. Terms beyond the headline purchase price were not disclosed.

Bankruptcy Block

Prison healthcare company YesCare Corp. has filed for Chapter 11 bankruptcy after a slew of financial and legal problems, Reuters reported. The company listed its assets between $50 and $100 million, and its liabilities between $100 and $500 million. YesCare is a Brentwood, Tennessee-based company that serves more than 475 correctional facilities across the country.

Spanish Broadcasting System (SBS) filed for Chapter 11 bankruptcy after an agreement was made to eliminate $240 million in debt, Reuters reported. SBS, which owns 17 radio stations, said the bankruptcy proceedings will not affect customers or operations. Lenders are reducing SBS's debt from $310 million to $70 million.

Specialty material solutions provider Trinseo PLC has signed a restructuring agreement with key lenders that will reduce its debt by about $2 billion and lower annual interest expenses by roughly $140 million. The company plans to implement the deal through a pre-packaged Chapter 11 bankruptcy filing within the coming weeks, backed by committed financing packages including debtor-in-possession funding and an accounts receivable facility. Under the agreement, lenders will receive ownership of the reorganized company, while trade creditors, vendors, and suppliers are expected to be paid in full.