JPM | US Special Situations Daily: June 25, 2026: North America Special Situations Specialist Commentary

Research evidence excerpt

JPM | US Special Situations Daily: June 25, 2026: North America Special Situations Specialist Commentary

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A N

neetu.jhamb@jpmorgan.com JPM | US Special Situations Daily:

J.P. Morgan Securities LLC Merck KGaA Agrees to Acquire Bio-

Techne, LEG/SGI files prelim proxy

25 June 2026

contacted J.P. Morgan Dec. 5, 2025 but said it only wanted to buy certain Specialized Products assets (and reconfirmed Jan.

28, 2026 it was not interested in acquiring all of Leggett & Platt), and Party B contacted J.P. Morgan Dec. 9, 2025 but did not

express interest and, after follow up Jan. 26, 2026, did not pursue further.

JP Morgan Research

• Transocean: J.P. Morgan Natural Resources Conference Takeaways - Arun Jayaram - Link

We met with RIG’s President and CEO Keelan Adamson and EVP and CFO Thaddeus Vayda on the sidelines of our J.P.

Morgan Natural Resources Conference yesterday. Below are our takeaways. (1) Valaris combination would create a larger,

more diversified fleet. Management discussed the all-stock Valaris acquisition as the central strategic event, creating a

combined fleet of 33 drillships, 8 semi-submersibles, and 31 jackups with a pro forma backlog of ~$12bn. RIG characterizes

the deal as accretive to free cash flow and earnings per share, with pro forma ownership of 53% RIG/47% VAL. Management

noted that the transaction would consolidate the floater landscape alongside NE and SDRL at a point when deepwater

utilization is expected to tighten, which it views as supportive of day rate progression over time.

Event Driven Options Activity

• AMZN (51 trades over 500 contracts), WBD (14 trades over 500 contracts), DVN (6 trades over 500 contracts), QXO (4