#mna

$PSKY traded about 3% higher after hours after the DOJ cleared Paramount Skydance’s proposed acquisition of $WBD, a roughly $110B transaction that still awaits EU review and could face state-level challenges.

Hugo Boss shares rose 8% after Frasers Group launched a $2B takeover offer, according to CNBC. Frasers already owns roughly 26% of the German fashion group, making the bid a material European retail M&A event.

GSK $GSK agreed to acquire Nuvalent $NUVL for $10.6B in cash, offering $124 a share and a 40% premium to Nuvalent’s prior close. The transaction gives GSK two late-stage lung-cancer assets under U.S. FDA review for 2026 approvals.

$6.8B of equity value and an $8.5B enterprise value put Taylor Morrison $TMHC inside Berkshire Hathaway at $72.50 a share. The cash offer is 24% above the May 29 close of $58.50 and clears the Tier-1 M&A threshold.

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.