JPM | EMEA Spec Sits Daily: EZJ LN, AMS LN, ITV LN, SPI LN, OCI NA

Research evidence excerpt

JPM | EMEA Spec Sits Daily: EZJ LN, AMS LN, ITV LN, SPI LN, OCI NA

Specialist Sales J P M O R G A N

25 June 2026

undervalued” them. On the negative side, EZJ note the fourth proposal continues to give rise to significant questions of

deliverability. On the positive side, it seems we are getting closer to the desired offer level because the EZJ Board is now

engaging, giving Castlelake access to limited commercial information, as this might produce a more attractive proposal. As

such, the EZJ board has sought a 9 day PUSU extension to facilitate limited diligence access - to allow Castlelake to work on

a further increased proposal and to address the Board’s deliverability concerns. The new PUSU deadline is 5pm on Sunday 5

July. As a reminder, Castlelake said earlier this week that they had already performed an extensive review of public informatin

and are well-positioned to make a firm offer announcement pursuant to Rule 2.7 of the Code on an expedited basis upon

receiving access to due diligence information. link

• ITV LN: M&E sale announcement in next two weeks? Reuters reported here that Sky has agreed to buy ITV’s broadcast and

streaming unit, two people familiar with the matter said. The article states the £1.6B deal moved in a positive direction in the

last week and is now being finalised by lawyers. A deal could be announced in the next two weeks. The reported £1.6B is

slightly below of our analyst Dan Kerven’s estimate of £1.7B. If a sale is announced, the RemainCo (studios) will be

interesting … Dan wrote last month “a standalone ITV studios would be a highly sought after strategic asset for global

streamers and other studios, and that it could attract a significant premium given the scope for synergies, savings and a

strategic premium”. Dan’snote from May here.