JPM | EMEA Spec Sits Daily: DCC LN (new deal), EVO SS, UCG IM, Cellnex CC today

Research evidence excerpt

JPM | EMEA Spec Sits Daily: DCC LN (new deal), EVO SS, UCG IM, Cellnex CC today

Specialist Sales J P M O R G A N

27 July 2026

Soft Catalyst

• ARCAD NA: WSP confirms submission of non-binding indicative expression of interest to Arcadis to acquire them for

€51.50 per share. Arcadis shareholders would be provided with the flexibility to elect for immediate certainty of value through

cash consideration, and/or to elect WSP stock and participate in the future value creation of the combined business. The

overall consideration would be approximately half shares and half cash. link

• EVO SS: Candle Lake acquired 2,050,000 shares in Evolution bringing their total holding to 30.02%. As the mandatory

threshold is passed, Candle Lake is required to launch a mandatory offer for the remaining shares within four weeks or sell

such shares such that their voting rights are <30%. link

• RI FP: Brown-Forman announced on Sunday 26 July that its Board of Directors has received an unsolicited proposal from

Sazerac to acquire Brown-Forman, and, taking into consideration Wolf Pen Branch, LP’s view as noted below, has concluded

that Sazerac's proposal is not actionable. Wolf Pen Branch, LP is a collection of Brown family members representing the

majority of Brown-Forman Class A shares. link

JPM Research

• Equity Strategy - A pickup in corporate activity and in shareholder activism in Europe- Mislav Matejka here

• Shareholder activism in Europe is likely to pick up. The common activist target profiles are undervalued companies

with identifiable governance, capital-allocation, or operational value levers, that are not in financial distress. European

equities broadly fit this description, trading at persistent valuation discounts to their US peers despite resilient cash