Kroger and Albertsons are taking their dispute over the collapse of their proposed $9 billion merger to court. Each company blames the other for the deal's failure.
6:00 AMFinancial Times13 stories from 6 sources
Big deals advance while disputes and financing risks reshape outcomes
Day’s Recap
Supporting Articles
H&R Real Estate Investment Trust faces growing investor opposition to its planned breakup and sale. Critics say the transaction assigns an excessive share of the value to the CEO’s family.
1:19 PMBloomberg MarketsSilgan and American Industrial Partners have agreed to acquire Trivium Packaging in a transaction valued at about $3.4 billion. Silgan CEO Adam J. Greenlee describes the industrial and shareholder rationale for the deal, along with its implications for packaging demand and the broader economy.
11:39 AMBloomberg MarketsInvestors are pursuing Australian assets at lower valuations, with EQT agreeing to a $6.5 billion deal for a waste management group and Dai-ichi Life targeting a wealth manager. The transactions point to a pickup in deal activity across the market.
1:28 AMFinancial Times6:00 AMFinancial Times
US grocery giants head to court in $9bn battle over failed merger
Summary
Kroger and Albertsons are taking their dispute over the collapse of their proposed $9 billion merger to court. Each company blames the other for the deal's failure.
The failed transaction has shifted from a regulatory defeat to a fight over financial responsibility.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The ruling could set a costly precedent for merger liability in regulated industries.
1:19 PMBloomberg Markets
H&R’s $4.8 Billion Deal Sparks Revolt Over CEO Family’s Share
Summary
H&R Real Estate Investment Trust faces growing investor opposition to its planned breakup and sale. Critics say the transaction assigns an excessive share of the value to the CEO’s family.
The dispute has shifted the deal from a valuation question to a governance test. Investor
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A contested sale can reduce the odds of closing and expose the premium paid to insiders.
11:39 AMBloomberg Markets
Inside a Packaging Industry Mega-Deal
Summary
Silgan and American Industrial Partners have agreed to acquire Trivium Packaging in a transaction valued at about $3.4 billion. Silgan CEO Adam J. Greenlee describes the industrial and shareholder rationale for the deal, along with its implications for packaging demand and the broader economy.
The transaction gives Silgan a larger position in packaging while pairing an operating buyer with
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal shows packaging consolidation advancing even as buyers remain focused on efficiency and uncertain demand.
2 stories · 2 sources
1:28 AMFinancial Times
‘Frenzy’ in Australian deals as investors swoop on cheap assets
Summary
Investors are pursuing Australian assets at lower valuations, with EQT agreeing to a $6.5 billion deal for a waste management group and Dai-ichi Life targeting a wealth manager. The transactions point to a pickup in deal activity across the market.
Cheap valuations are drawing large-scale private equity and Japanese strategic capital into Australian businesses. The
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Australia's valuation gap is turning into a source of acquisition opportunities and could accelerate consolidation across major service industries.
Other Developments
A curated list of other prominent stories from this day.
Starboard is pressing Solstice, the business Honeywell plans to spin off, to cut about $100 million in costs. The activist investor also sees growth potential in its nuclear operations as rising AI power demand reshapes the energy market.
10:04 AMFinancial Times
Mexico-based B2B financial platform Kapital plans to acquire AI startup Woz for $30 million. The deal would add Woz's coding agents, which Kapital says can handle complex business use cases, to its financial technology platform.
2:11 PMPYMNTSOmnichannel payments provider KORT Payments has agreed to acquire all of Toronto-based AptPay. AptPay specializes in real-time payments and payment orchestration, and the deal terms were not disclosed.
11:22 AMFinextraKimberly-Clark is marketing investment-grade bonds in up to five tranches to finance its pending acquisition of Kenvue, the maker of Tylenol.
8:26 AMBloomberg MarketsGreybull Capital has acquired Mid-West Textile, an El Paso-based business that collects, sorts and sells used clothing through thrift retail. The deal adds another operator to Greybull's textile holdings as it plans to expand the Thrift Town chain.
8:00 AMWWDPrimary Health Properties has formed a £700 million venture with Singaporean sovereign wealth fund GIC focused on UK private hospitals. The transaction forms part of PHP's effort to reduce debt after last year's merger.
2:34 AMBloomberg MarketsPaul-Emmanuel Reiffers has increased his ownership of creative consulting group Mazarine to 86 percent by buying out its private equity backers. He plans to double the company’s sales within five years.
1:00 AMWWDCharlesbank has taken a stake in Wood Smith Henning & Berman in one of the largest private equity investments in a US law firm. The deal could encourage more investment in liability defense firms.
12:00 AMFinancial Times10:04 AMFinancial Times
Activist Starboard targets Honeywell spin-off Solstice after failed megadeal
Summary
Starboard is pressing Solstice, the business Honeywell plans to spin off, to cut about $100 million in costs. The activist investor also sees growth potential in its nuclear operations as rising AI power demand reshapes the energy market.
Starboard's campaign shifts pressure from Honeywell's failed megadeal to the standalone company's operating plan. Solstice
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The campaign tests whether a newly separated industrial business can convert AI-driven power demand into growth while meeting activist demands for faster efficiency gains.
2:11 PMPYMNTS
Kapital Looks to Enhance Finance Platform With $30 Million Woz Deal
Summary
Mexico-based B2B financial platform Kapital plans to acquire AI startup Woz for $30 million. The deal would add Woz's coding agents, which Kapital says can handle complex business use cases, to its financial technology platform.
Kapital is buying AI capabilities rather than treating them as a separate add-on, signaling an
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
B2B fintechs are using acquisitions to move from financial services delivery toward AI-enabled business infrastructure.
11:22 AMFinextra
Kort Payments to buy AptPay
Summary
Omnichannel payments provider KORT Payments has agreed to acquire all of Toronto-based AptPay. AptPay specializes in real-time payments and payment orchestration, and the deal terms were not disclosed.
The acquisition gives KORT control of capabilities that can connect multiple payment rails and route
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
KORT is buying technology that could improve its ability to manage real-time and cross-channel payments.
8:26 AMBloomberg Markets
Kimberly-Clark Raises $4.9 Billion for Tylenol Maker Takeover
Summary
Kimberly-Clark is marketing investment-grade bonds in up to five tranches to finance its pending acquisition of Kenvue, the maker of Tylenol.
The bond sale moves the Kenvue acquisition into its funding phase and adds debt to
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The acquisition now depends on successful debt execution, with leverage becoming a central test for Kimberly-Clark.
8:00 AMWWD
Greybull Buys Mid-West Textile, Plans Thrift Town Expansion
Summary
Greybull Capital has acquired Mid-West Textile, an El Paso-based business that collects, sorts and sells used clothing through thrift retail. The deal adds another operator to Greybull's textile holdings as it plans to expand the Thrift Town chain.
Greybull is consolidating control across the used-textile supply chain, from collection and sorting to resale.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal shows investment capital moving deeper into the growing secondhand apparel market.
2:34 AMBloomberg Markets
PHP Agrees £700 Million UK Private Hospital Venture With GIC
Summary
Primary Health Properties has formed a £700 million venture with Singaporean sovereign wealth fund GIC focused on UK private hospitals. The transaction forms part of PHP's effort to reduce debt after last year's merger.
PHP is converting part of its hospital portfolio into partnership capital to ease leverage without
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal shows how healthcare property owners are using institutional partnerships to manage post-merger debt and preserve access to strategic assets.
1:00 AMWWD
EXCLUSIVE: Mazarine Founder Buys Out Private Equity Backers, Targets International Growth
Summary
Paul-Emmanuel Reiffers has increased his ownership of creative consulting group Mazarine to 86 percent by buying out its private equity backers. He plans to double the company’s sales within five years.
Reiffers now has greater control over Mazarine’s strategy and expansion pace. The sales target points
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The buyout gives Mazarine’s founder clearer authority to pursue an aggressive global growth plan.
12:00 AMFinancial Times
Private equity group Charlesbank closes one of the biggest law firm deals
Summary
Charlesbank has taken a stake in Wood Smith Henning & Berman in one of the largest private equity investments in a US law firm. The deal could encourage more investment in liability defense firms.
Private equity is moving deeper into a segment of legal services that has historically relied
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal could accelerate consolidation and reshape ownership across US liability defense law.
Make it yours
Build Your First Pass.
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!