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Disney vs Hedge Funds
Citi cut jobs in some top IB groups, India is only second to US in ECM deals, Binance named its first board of directors, Ken griffin warned on US debt, yields surged on strong economic data, and Disney may win their heated battle against three activist hedge funds.
Litquidity Capital
April 02, 2024
Together with
Good Morning,
Citi cut jobs in some top IB groups, India is only second to US in ECM deals, Binance named its first board of directors, Ken griffin warned on US debt, yields surged on strong economic data, and Disney may win their heated battle against three activist hedge funds.
We’re excited to introduce Bond Life Club, the newest private members club opening in East Hampton this summer, co-founded by Litquidity. Memberships are now open. Learn more here and below!
Let’s dive in.
Before The Bell
As of 04/01/2024 market close.
Markets
US stocks mostly dipped as investors weighed a jump in manufacturing activity and fresh inflation data
Bond traders priced in a < 50% chance of a June rate cut, with swap contracts forecasting < 65 bps of rate cuts this year
The MOEX Russian index hit a two-year high
US 2Y, 10Y and 30Y yields jumped 10+ bps in their biggest increase YTD
US dollar index rose to a 4.5 month high against major peers and a six-week high versus the euro and pound
Gold hit fresh ATHs
UK and European stock markets were closed for Easter Monday
Earnings
What we're watching this week:
Today: Dave & Buster’s
Wednesday: Levi’s
Thursday: Lamb Weston
Full calendar here
Headline Roundup
Ken Griffin sees ‘modest’ economic growth but warned on US debt (BBG)
US manufacturing grew for the first time in 1.5 years (RT)
US and global equity funds see fifth straight week of inflows (RT)
India is second busiest market for ECM deals after US (RT)
Citi to cut 430 jobs including in IB TMT and ECM (BBG)
Banks face $2T of maturing US property debt over next 3 years (FT)
OpenAI removed Sam Altman from VC fund ownership (RT)
BlackRock launched its first active equity ETFs in Europe (FT)
S&P revised JPMorgan's ratings outlook to 'positive' (RT)
Japan service sector optimism hit a 33-year high (RT)
UBS is still reviewing risk of misstatement in Credit Suisse books (RT)
Bitcoin boom overshadows broadening of US ETF landscape (RT)
BlackRock backed Disney's board in blow to activist funds (WSJ)
Trump’s net worth dropped $1B as Trump Media stock sinks (BBG)
Microsoft to unbundle Teams and Office in antitrust response (CNBC)
Two Warner Bros. Discovery board members resigned after antitrust probe (CNBC)
Argentina won hedge fund suits over GDP-linked securities (BBG)
AI revolution may be boon for natural gas (FT)
Gen Z is embracing skilled trades (WSJ)
A Message From Bond Life Club
The members club that’s good for you.
What’s up everyone, it’s Hank from Litquidity here.
I want to use this section today to introduce Bond Life Club, the newest private members club I co-founded that will open in the Hamptons this summer.
Situated in the heart of East Hampton, Bond will cater to people who want a break from stuffy country clubs and are seeking a modern, vibrant "third place" to gather, exercise, work, dine and socialize.
Our inaugural club will include a diverse mix of amenities including tennis, padel, pickleball, saunas, cold plunges, gym, wellness / recovery, full service restaurant, weekly programming / events, and more.
Memberships are now live and we are curating an exclusive cohort of founding members (early members include notable celebrities, athletes, investors, and entrepreneurs).
As members of the Exec Sum community, we are offering you all the opportunity for priority review when you mention “Litquidity” in the application. Click the button below to apply and learn more.
Deal Flow
M&A / Investments
Advent International will take Canadian payments processor Nuvei private in a $6.3B all-cash deal deal (WSJ)
F1 owner Liberty Media will buy motorcycle racing league MotoGP from Bridgepoint and CPP Investments in a $3.8B deal (BBG)
Austrian fireproof materials maker RHI Magnesita plans to purchase Resco Group, a US-based producer of alumina and refractories, in a $430M deal (RT)
TV advertising solutions provider Cadent will acquire advertising company AdTheorent for $324M (PRN)
Asian PE firm Ocean Link and tourism investment firm Delonix Group are planning an equity investment in Japan’s Hotel MONday (BBG)
Abu Dhabi-backed investment firm CYVN is considering buying a stake in McLaren (BBG)
VC
ViaLase, a medtech building a femtosecond laser for glaucoma treatment, raised a $40M Series C (PRN)
XION, a blockchain purpose-built for mainstream adoption, raised $25M from investors including Animoca Brands, Laser Digital, Multicoin, and more (PRN)
Agritech startup BioConsortia raised a $15M round led by Otter Capital (BW)
Firecell, a startup providing connectivity solutions, raised a $7.2M seed round led by Ventech and Matterwave Ventures (FN)
Blockchain risk management platform Lockchain.ai raised a $4.6M seed round led by Lerer Hippeau (VC)
Freight forwarding startup Cargofive raised a $2.8M round led by Indico Capital and EIT Urban Mobility (FN)
Goodbill, a startup helping employers vet hospital claims, raised a $2M round led by Founders’ Co-op, Maveron, and Liquid 2 Ventures (FN)
IPO / Direct Listings / Issuances / Block Trades
Healthcare firm PACS Group is seeking to raise ~$420M at a $3.3B valuation in its US IPO (RT)
India's Afcons Infrastructure, a unit of the Shapoorji Pallonji conglomerate, filed for an India IPO worth up to $840M (RT)
MN8 Energy, an independent renewable energy company, raised $325M in a private placement comprising $200M from Mercuria and $125M from Ridgewood Infrastructure (BW)
Microsoft-backed cloud and data security startup Rubrik’s filed for an IPO, revealing a $354M loss; Goldman Sachs, Barclays, Citigroup and Wells Fargo are leading the offering (BBG)
Thailand’s largest crypto exchange Bitkub is planning a local IPO in 2025 (BBG)
SPAC
Debt
Bankruptcy / Restructuring / Distressed
Kemble Water Holdings, the owners of UK water utility Thames Water Utilities, will start restructuring talks amid potential insolvency (BBG)
Chilean PE-backed telecom provider WOM filed for Chapter 11 bankruptcy (WSJ)
Eiger BioPharmaceuticals filed for Chapter 11 bankruptcy with a deal in hand to sell its Zokinvy drug (WSJ)
Tupperware could run out of business as it faces a liquidity and demand crunch (RT)
Thai retailer Central Group is interested in some assets from insolvent Austrian property company Signa, including KaDeWe in Germany and Selfridges in London (RT)
Fundraising
Crypto Corner
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Check out WSJ’s insightful interactive on the the 'battle lines in the war over Disney’s board.'
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We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.
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