Special Situations Specialist Commentary

This report provides updates on EMEA special situations, highlighting increased tender acceptances for Commerzbank and regulatory deadlines for Prosus/Delivery Hero and Castlelake/easyJet.

Key Takeaways

• 1.The Commerzbank/UniCredit tender offer saw a significant increase in weekly acceptance to ~7.58% as of June 2.
• 2.The European Commission reportedly set a deadline of October 11, 2026, for Prosus to reduce its stake in Delivery Hero.
• 3.Unilever management reiterated its 2026 outlook and confidence in its Foods division exit during a conference presentation.

Table of Contents

• Special Sits Today
• News & Press
• M&A
• Soft Catalyst
• JPM Research
• Spec Sits Calendar - May
• Special Sits Desk Notes and Call Replays
• J.P. Morgan Special Situations Contacts
• Disclaimers