Moelis & Co

The special committee of Penske Automotive Group's board has retained Moelis & Company as its independent financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison as its independent legal counsel to evaluate the unsolicited take-private proposal from Penske Corporation and Mitsui & Co. The proposal, received on July 22, 2026, offers $210 per share in cash for the remaining common stock not already owned by the two entities and their affiliates. The committee was established to review the preliminary, non-binding offer, and the company cautioned that there is no assurance a deal will be reached or on what terms. Penske Automotive said it does not intend to comment further unless disclosure is deemed appropriate or required, and shareholders do not need to take any action at this time.

Shares of Moelis and Lazard rose sharply in afternoon trading after major banks reported strong second-quarter earnings driven by surging investment banking and trading revenues. Moelis gained 4.4 percent and Lazard jumped 5 percent as JPMorgan's CFO described a booming environment for dealmaking, with M&A and IPO advisory fees reaching their highest levels since 2021. The rally reflects a broader bullish sentiment for corporate transactions, exemplified by Goldman Sachs beating profit expectations partly due to increased dealmaking activity. Lazard's move follows its recent role as financial advisor to Warburg Pincus on a 3.6 billion dollar private equity transaction involving a 130 million dollar investment in data infrastructure provider Oxylabs.

Distressed debt funds that hold Strategy's preferred shares are in talks with Moelis & Co. about exchanging them for other securities, Bloomberg News reported. The discussions involve swapping the holdings for other preferred shares at a discounted price or for common shares, which have fallen nearly 75% over the past year. Any transaction would likely use a section 3(a)(9) exchange, allowing the swap without SEC registration. The move could give the funds a better chance to profit from any upside in Strategy, and a swap for common shares would reduce the company's dividend burden since it does not pay dividends on common stock.

ProFrac Holding Corp. has refinanced its asset-based revolving credit facility, replacing a $275 million facility with a new $300 million facility arranged by Eclipse Business Capital LLC. The new Eclipse ABL Credit Facility, entered into on July 1, 2026, matures in July 2030, extending the maturity from the previous September 2027 date and providing improved borrowing base terms for increased liquidity. The facility includes an uncommitted accordion feature allowing for up to an additional $25 million in commitments, potentially raising the maximum size to $325 million. Borrowings initially bear interest at Adjusted Term SOFR plus 4.25% until January 1, 2027, after which the rate will be based on a pricing grid tied to availability and a fixed charge coverage ratio. Moelis & Company LLC acted as exclusive placement agent and Gibson, Dunn & Crutcher LLP served as legal counsel to ProFrac in the transaction.