In today’s briefing:
- SPAC Developments, Merger Arbitrage Opportunities, and Strategic Acquisitions
- Ralliant Spin-off Deep Dive
- Peruvian Copper Supply Disruptions Gaining Momentum: Bullish Copper, Back To Over 10k USD This Week?
- Weekly Update (IGT/BRSL, FTV, RAL)
SPAC Developments, Merger Arbitrage Opportunities, and Strategic Acquisitions
- Yorkville Acquisition (YORKU) is a new SPAC sponsored by Yorkville Advisors, with Trump Media executives on its board.
- Banxa (BNXA:V) merger with OSL Group offers a 23% spread; shareholder vote scheduled for August, pending regulatory approval.
- Lifeway Foods (LWAY) board overhaul process initiated by major shareholders; management contests legality, potential buyout talks with Danone.
Ralliant Spin-off Deep Dive
Fortive (FTV) spun off Ralliant (RAL) on Monday June 30, 2025. Shareholders received a share of RAL for 3 shares of FTV owned.
Ralliant generated $2.2B of revenue in 2024.
Key segments: 56% of sales in Sensors & Safety (power‑grid monitors, defense, critical-environment sensors) and 44% in Test & Measurement (electronic instrumentation, systems, software).
Peruvian Copper Supply Disruptions Gaining Momentum: Bullish Copper, Back To Over 10k USD This Week?
- This follows our insight, Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term.
- Informal miners are disrupting Peruvian copper transport at the Las Bambas (320 kt annual production) and Constancia (110 kt) mines owned by MMG (1208 HK) and Hudbay Minerals (HBM CN).
- Peru is the third largest copper producing country in the world (2.6 million tons or 10% of global production), and so following these disruptions is critical.
Weekly Update (IGT/BRSL, FTV, RAL)
- Fortive (FTV) spun off 1 share of Ralliant (RAL) for each 3 shares owned.
- As such, Ralliant has 113MM shares outstanding and a market cap of $5.1BN and enterprise value of $6.1BN.
- The rationale for the spin-off is to separate the “BadCo” (Ralliant) from the “GoodCo” (Fortive RemainCo).
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