#mna

Innovent Biologics (01801.HK) rose about 11% after Pfizer $PFE agreed to a global oncology collaboration worth up to $10.5B. The package includes a $650M upfront payment and up to $9.85B in milestone payments.

International Flavors & Fragrances $IFF agreed to sell its Food Ingredients business to CVC for about $4.3B, above the $500M Tier-1 M&A threshold. The unit generated nearly $3.1B of 2025 sales and about $430M of EBITDA.

DigitalBridge $DBRG agreed to acquire ArcLight Capital Partners for $1.05B, split between $750M of cash and $300M of stock. The deal adds an energy infrastructure platform to a digital-infrastructure manager with more than $100B in AUM.

Eli Lilly $LLY moved higher after reports that the company plans nearly $4B of vaccine acquisitions. The planned deals clear the Tier-1 M&A threshold and extend Lilly’s GLP-1 cash flow into infectious-disease assets.

Delivery Hero confirmed Uber $UBER made an indicative €33/share takeover approach on 23 May. Reuters market data showed $DHER.DE up about 10% on 25 May, with reports pointing to a bid value above €11.5B.

Jardine Matheson agreed to buy 100% of I-MED Radiology Network at an AUD3.4B ($2.4B) enterprise value. The price equals roughly 11.5x projected adjusted EBITDA for the year ending June 2026, with cash and debt funding and 2026 EPS guidance unchanged.

Hanwha Investment Securities has acquired 1.361 million additional Dunamu shares from Kakao Investment for approximately KRW 597.8 billion (~$430M), raising its total stake from 5.94% to 9.84% and becoming the company's third-largest shareholder. Dunamu operates Upbit, South Korea's dominant crypto exchange, and the deal advances Hanwha's goal of building a global RWA (Real World Asset) tokenization hub.

German food delivery group Delivery Hero is running a formal sale process for its South Korean unit Woowa Brothers (Baemin), with a valuation of up to ₩8 trillion ($6 billion). Baemin generates approximately 20% of DH's ~₩25 trillion annual revenue and ₩600 billion in annual operating profit, implying an EV/EBIT multiple of roughly 13x. Naver (035420.KS), previously considered the frontrunner, has signaled it will not participate; Uber, Alibaba, and DoorDash have been approached but no binding bids have been made.

Greg Abel, Warren Buffett's successor at Berkshire Hathaway ($BRK.B), has invested approximately $2.8 billion in Delta Air Lines ($DAL) despite surging fuel costs pressuring the sector — a direct reversal of Buffett's 2020 pandemic-era exit from all airline positions. On the same day, Appaloosa Management disclosed it had sold its entire positions in Delta, American Airlines ($AAL), and United Airlines ($UAL).

LY Corp and Bain Capital sweetened their bid for Japanese price-comparison and restaurant-review platform Kakaku (2371.T) to ¥3,232 per share, valuing the company at approximately $4 billion and topping EQT's competing offer of ¥3,000 by 7.7%. Kakaku shares rose to ¥3,450 on the news. LY cited AI's rise as making Kakaku's data and platforms of extremely high strategic value. EQT's tender, backed by major shareholders Digital Garage and KDDI (38.1% combined), remains live.

eBay's board rejected GameStop CEO Ryan Cohen's unsolicited $56 billion offer of $125 per share in a cash-and-stock deal, calling it neither credible nor attractive in a formal letter from chairman Paul Pressler. Moody's labeled the deal credit negative for eBay due to the implied leverage surge, while Wall Street analysts questioned the strategic rationale. Cohen warned he may take the bid directly to eBay shareholders.

Kone $KNEBV agreed to buy TK Elevator for 29.4 billion euros ($34.4 billion), a deal that would create the world's largest elevator maker. Thyssenkrupp shares rose 8%, while Kone said the combination could deliver EUR 700 million of annual run-rate synergies.