JPM | US Special Situations Daily: July 29, 2026

Research evidence excerpt

JPM | US Special Situations Daily: July 29, 2026

cipate that having secured all required regulatory approvals and satisfied other outstanding

closing conditions, they will promptly complete all necessary arrangements to close the transaction on Friday, July 31, 2026.

(I am using June 29-July 27 for the pricing period which gets me VWAP of $40.90 and ratio of 0.4889)

• KVUE/KMB: The companies have offered remedies to ACCC. “The remedy offer is the proposed divestiture of Kenvue’s

entire feminine hygiene business in Australia and New Zealand, consisting of the Stayfree and Carefree brands (the

Divestiture Brands), together with all accompanying assets, licences, agreements and other tangible and intangible property, to

the extent required to facilitate the operation of the Divestiture Business in Australia (Divestiture Business) to an independent

third-party purchaser approved by the ACCC (the Approved Purchaser).”

• WBD/PSKY: Brazil antitrust has approved the deal-Website

• D/NEE: The shareholder vote has been scheduled for Sept 3, 2026-Proxy

• QRVO/SWKS: The companies reported earnins. See research below for thoughts. Comments on the deal from the earnings

conf call.

*“The regulatory process continues to move forward. In China, the review has advanced to phase three with SAMR, and we

are working constructively with regulators in all remaining jurisdictions. We are now optimistic that we can close within the

calendar year, and we will be preparing to close as early as within this fiscal year. As always, the transaction remains subject

to regulatory approvals and customary closing conditions. In connection with the transaction, we anticipate raising

approximately $2 billion of debt financing in the near term, subject to market and other conditions.”