>>> US After Hours Summary: PNR -14.6% sharply reduces guidance; AEHR +28.6%, SH

After Hours Summary: PNR -14.6% sharply reduces guidance; AEHR +28.6%, SHMD +14.2% higher on earnings/guidance; LION +8.7% higher on Reuters report that co is considering buyout; KRMN +5.7% to join S&P SmallCap 600

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AEHR +28.6% (also receives $8 mln in new orders for silicon carbide WLBI WaferPaks), SHMD +14.2%, KMTS +0.1%

Companies trading higher in after hours in reaction to news: LION +8.7% (considering Bollore Group's interest in a buyout, according to Reuters), KRMN +5.7% (to join S&P SmallCap 600), QTRX +4.9% (Anthem to cover LucentAD Complete blood test), ORIC +3.3% (initiates Phase 3 Himalayas-1 trial for rinzimetostat in mCRPC; Bayer to supply NUBEQA), CSTL +2% (New York state approval for AdvanceAD-Tx atopic dermatitis test), OII +2% (selected by DIU for CAMP XLUUV design work), BUSE +1.7% (extends CEO contract), TLN +1.3% (reports PJM 2028/2029 auction results), BTSG +0.4% (to join S&P MidCap 400), AA +0.3% (reaches investment decision on Western Australia gallium plant), EQT +0.1% (discloses Q2 gain on derivatives)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: PNR -14.6% (sharply lowers Q2 and FY26 guidance; CFO steps down), PXED -8.3%

Companies trading lower in after hours in reaction to news: WNC -14.3% (launches $100 mln convertible notes offering), CELC -5% (FDA approves REVTORPYK), ACEL -1.4% (names new COO), MOBI -0.8% (publishes VNS-REHAB data), SEER -0.5% (issues letter to shareholders), KBH -0.2% (files mixed securities shelf offering)

Reuters - Lionsgate Studios attracts takeover interest from Bollore, Banijay, so

Lionsgate Studios attracts takeover interest from Bollore, Banijay, sources say

  • Lionsgate has been working with an investment bank to evaluate inbound approaches
  • Bollore Group, owner of Canal+, wants to bolster its production capabilities
  • TV production company Banijay has considered ​a bid for the studio
  • Some interested parties walked away over share price

July 14 (Reuters) - Lionsgate Studios (LION.N), opens new tab, the entertainment company behind the "Hunger Games" and "John Wick" franchises, is exploring a sale and has attracted takeover interest from France's Bollore Group (BOLL.PA), opens new tab, as consolidation accelerates across the media industry, three people familiar with the matter said.

The company, which has ​a market value of about $3.8 billion, has been working with an investment bank to evaluate inbound approaches, ​the sources said, requesting anonymity because the discussions are confidential. Sources warn a deal ⁠is not certain, and Lionsgate could still remain independent.

Banijay Group (BNJ.AS), opens new tab, the television production company behind hits such as "Big ​Brother" and "Survivor" that earlier this year completed its merger with All3Media, is among other suitors that have considered a ​bid for Lionsgate Studios, two of the people said. A bid from Banijay may take time as the company remains focused on integrating All3Media, another source added.

Bollore wants to bolster the production capabilities of Canal+, the pay-TV company in which it holds ​a controlling interest.

Lionsgate and Banijay declined to comment. Bollore did not respond to a request for comment made ​outside of business hours. Shares in Lionsgate jumped as much as 9% in after-hours trading following the report by Reuters on possible ‌takeover interest.

The ⁠interest reflects a broader push by European media companies to build scale and secure sought-after intellectual property as they compete with global streaming giants. Lionsgate Studios owns a catalogue of films and television series that includes "The Twilight Saga" franchises and the recent Michael Jackson biopic "Michael," which grossed more than $1 billion at the box office.

The discussions ​come as Lionsgate director and ​shareholder Mark Rachesky earlier ⁠this month transferred the roughly 10% stake he holds through his private equity fund into a newly created investment vehicle backed by RenWave Kore, according to a securities filing, opens new tab. ​RenWave Kore, founded in 2024 by Cody Kittle, a former portfolio manager at activist ​investor Elliott ⁠Investment Management, is backed by Sequoia Heritage.

The valuation sought by shareholders could make it difficult for bidders to reach an agreement, two of the sources said. One of them added that previous interested parties walked away because of price ⁠expectations. Investors ​are paying 26 times expected pretax profit for shares in Lionsgate, ​according to LSEG data, a premium to peer companies.

FT Lex : AkzoNobel’s merger of equals looks distinctly second-best Investors do

AkzoNobel’s merger of equals looks distinctly second-best
Investors do not seem to think the Dutch company will extract blockbuster value from its planned tie-up

For companies, being acquired is bittersweet. Shareholders get a premium price, but top executives tend to lose their jobs, and there’s a slight whiff of having failed to make it alone. That explains the timeless, face-saving appeal of the so-called merger of equals. The trouble is that such arrangements often feel like a booby prize for investors.

Consider the drama unfolding at AkzoNobel. Since the Dutch maker of Dulux paint announced a merger with the US’s Axalta last November, it has received a number of bids, some for the whole and some for part of it. Akzo has rebuffed them all. The latest, a €7.5bn cash offer from rival Nippon Paint, deserves a closer look.

Akzo’s €13bn enterprise value has not budged since the merger was announced, the stock instead performing roughly in line with its sector. That suggests investors do not think the Dutch company will extract blockbuster value from its planned tie-up. They are due to vote on the merger on August 5.


Meanwhile, the €7.5bn that Nippon is proposing to pay for Akzo’s paints division looks attractive. It would leave investors with a coatings business that, valued on the same multiple of 11 times ebitda as peer PPG, ought to be worth €9bn. In sum, that would leave Akzo shareholders about 30 per cent better off than they are now.

Better still, Akzo might still then get a deal of a different kind with Axalta, which itself only makes coatings. The vast majority of the expected $600mn of cost savings from the present merger would remain intact. And Akzo would still be the bigger partner of the two, entitling it to more than half of the value creation from a combination.

That makes Akzo’s opposition to apparently attractive offers a mystery. Its board may feel that the company’s current market capitalisation doesn’t reflect the value that the merger will create. Some other chemicals-themed tie-ups, such as Solstice Advanced Materials’ merger with Element Solutions and the union of Olin and Huntsman, have also received a lukewarm response.

Alternatively, this might all be a canny negotiating strategy: Akzo maybe hopes Nippon will offer more. Other paints businesses have been sold at higher ebitda multiples than that implied by the Japanese company’s bid. But it’s not obvious that playing tough is best for investors. Premiums, especially when paid in cash, are hard to brush off.

FT : European defence groups plan interceptor system to destroy missiles in spac

European defence groups plan interceptor system to destroy missiles in space
Programme intended to plug gaps in air defence and will draw on lessons from war in Ukraine

A group of European missile manufacturers is developing what they say will be the continent’s first interceptor able to destroy medium-range ballistic missiles in space, as the region rushes to plug gaps in air defence. 

The alliance will be led by Dutch aerospace start-up Destinus, and includes Airbus’ German-based defence and space arm, MBDA Deutschland, as well as France’s Safran and Thales. 

The group, dubbed the Bliksem EXO consortium, said the system would be designed to detect, track and defeat ballistic missiles above the atmosphere.

The programme will draw on lessons learnt from Ukraine’s experience in countering air and missile attacks from Russia. Moscow’s use of the Oreshnik ballistic missile in Ukraine, which is considered very difficult to intercept, has underlined Europe’s vulnerability in detecting launches.

Shorter-range ballistic missiles typically follow trajectories that remain within the atmosphere, while longer-range ones spend part of their midcourse flight outside the atmosphere. 

The new system is designed to intercept missiles through direct kinetic hit-to-kill impact rather than an explosive warhead.

Under a letter of intent signed on Tuesday, the companies said they planned to enter into a binding consortium agreement within three months, followed by a test in space in 2027.

Europe has “strong lower-layer missile defences but it still lacks a sovereign European upper layer against medium- and intermediate-range ballistic missiles,” said Mikhail Kokorich, Destinus chief executive. 

The announcement of the industrial alliance follows Monday’s launch of the Integrated Anti-Ballistic Missile Coalition, a wider coalition of nations. Backed by Ukraine and nine other countries including Sweden, France, Germany and the UK, the coalition pledged to come up with joint missile defence systems.

Separately on Monday, French President Emmanuel Macron said France had agreed to let Ukraine produce certain missiles under licence for the first time. The move is part of a bid to help Kyiv boost its arsenal and fend off Russia’s ballistic missile attacks. 

Ukraine will order four air defence systems known as SAMPT-NG — a next-generation rival to the US Patriot made by Franco-Italian Eurosam, which is backed by Thales and MBDA — and will produce the related Aster 30 interceptor missiles. To tide it over until deliveries starting in 2027, France will temporarily send two existing equivalents to Ukraine.  

Ukraine will also produce SCALP cruise missiles and the AASM guided bombs, Macron said, and has ordered 16 Rafale fighter jets made by France’s Dassault Aviation, for delivery by 2028-2029.

Electrek : These Volkswagen EVs could soon disappear, including Audi and Porsche

These Volkswagen EVs could soon disappear, including Audi and Porsche models

With plans to slash its lineup by up to 50%, several Volkswagen EVs, including those under the Audi and Porsche brands, may not be around for much longer.

Which EVs is Volkswagen dropping from its lineup?
After announcing plans last week to reduce its global headcount by up to 100,000 as part of its latest cost-cutting efforts, Volkswagen said it would also slash its lineup by up to 50% by 2030.

While VW didn’t reveal exactly which models it planned to discontinue, German newspaper Bild reported that 10 models are being axed, including a few EVs.

The list, first reported by Motor1, includes Volkswagen’s popular Jetta sedan and Taos SUV. Jetta was, for many years, one of the most popular sedans on the market and among VW’s top-selling vehicles, but buyers are shifting to SUVs or more efficient alternatives.

While it wasn’t mentioned in the report, the ID.5, Volkswagen’s electric SUV coupe sold in Europe, the UK, and other global markets (not the US), has also been rumored to be on the chopping block.

The “concrete list” also includes several gas and EV models from Porsche and Audi. According to Bild, the gas-powered 718 and electric Porsche Taycan will not receive a next-generation model. Porsche previously revealed plans to retire the gas-powered Macan, which goes out of production later this month.

While the gas 718 Boxster and Cayman are on their way out, the upcoming electric version was not on the list, suggesting it’s still in the works.

Under the Audi brand, the Q5 Sportback and electric Q6 E-Tron Sportback were on the list. However, the E-Tron GT was surprisingly not mentioned as a sibling to the Porsche Taycan.

Meanwhile, Audi is set to launch two of its most important vehicles this year: the entry-level electric A2 and the flagship Q9 SUV.

Other Volkswagen Group models mentioned include the Skoda Fabia and Cupra Raval, neither of which is sold in the US.

Electrek’s Take
While Volkswagen has yet to confirm (or deny) the vehicles it plans to pull from its lineup, the list makes sense.

The long-standing Jetta had its time, but Volkswagen failed to update it with a more efficient (or electric) alternative, essentially handing the market to Tesla, Toyota, Kia, and others. To a lesser extent, the same goes for the Taos.

Porsche has been struggling for years, so it’s not much of a surprise to see the Taycan go. Audi and Porsche are struggling to compete with upcoming Chinese brands, like BYD and Xiaomi, which offer more efficient, more advanced, and cheaper electric vehicles.

Volkswagen is betting on its new family of mass-market EVs, including the ID. Polo, to stay competitive over the next few years as it aims to compete with BYD and other low-cost Chinese automakers.