JPM | US Special Situations Daily: July 06, 2026: North America Special Situations Specialist Commentary

Research evidence excerpt

JPM | US Special Situations Daily: July 06, 2026: North America Special Situations Specialist Commentary

ies on each of TXNM, Parent, and the Purchaser (an

aggregate penalty of $300,000). Additionally, the hearing examiners stayed the procedural schedule for the Merger

Application pending review of the compliance report.

• RAMP/PUB: The definitive proxy was filed. The vote is scheduled for August 17th. The HSR waiting period expires on

July 13, 2026. Non-U.S. antitrust and FDI approvals, consents or clearances and the approval of CFIUS are also required.

RAMP expects to complete the Merger by December 31, 2026.

• ZIM: Israel Defense Minister Israel Katz has adopted defense ministry officials’ recommendation to oppose the proposed sale

of Zim, according to a statement from the ministry.

Separately in a PR ZIM said, “The Company continues to act in accordance with the agreement and in ongoing collaboration

with the relevant state authorities as part of the regulatory review process.”

JP Morgan Research

• GFL Environmental: Thoughts on Take-Private Media Reports - Tami Zakaria here

Over the weekend, several media outlets reported that GFL is exploring a take-private deal amid buyout interest (see one such

source here). The reports did not specify potential deal terms, including valuation, given they are in preliminary stages. Recall,

we downgraded GFL to Underweight from Neutral in April following its announcement of a pending acquisition of Secure

Waste, as we believed the price being paid was unattractive and Secure Waste’s E&P exposure, along with high pro forma

leverage ratio, was likely to hurt valuation multiples (see full note here). Indeed, GFL’s FY1 EV/EBITDA multiple has

averaged ~12x since the announcement vs.