Commercial Services & Supplies

Copart has agreed to pay about $1.9 billion in cash for ACV, a digital automotive marketplace that sells cars for dealers, with the deal expected to close by the end of the calendar year. ACV sells more than 800,000 vehicles a year, while Copart sells over 4 million. The price works out at about 6% of Copart's $30.1 billion market value, and the acquisition targets dealer volume, a different funnel from the insurance salvage business that has shrunk. Copart's U.S. insurance volumes fell 8% in fiscal 2026, and total U.S. noninsurance volume fell 3.9% that year, with noninsurance work only about a quarter of its volume today. Management expects the deal to be breakeven at first and accretive in the first full year, fiscal 2028, and says over $2 billion will still sit on the balance sheet once it closes.

Waste Connections raised its full-year 2026 outlook after reporting second-quarter revenue growth of 6.4% year over year to $2.56 billion. The company now expects 2026 revenues of $10.02-$10.05 billion and adjusted EBITDA of $3.33-$3.34 billion, with adjusted free cash flow of $1.40-$1.45 billion. Adjusted EBITDA rose 6.8% to $840.1 million in the quarter, with the margin expanding to 32.8%, while solid waste internal growth of 3.6% was driven by a 5.6% core price increase. Waste Connections completed acquisitions representing more than $100 million in annualized revenues, and its board declared a regular quarterly cash dividend of $0.35 per U.S. common share, payable on Aug. 20, 2026, to shareholders of record as of Aug. 6, 2026. Operating income fell to $437.6 million from $459.5 million a year earlier as fuel and related costs rose and commodity values remained lower, and capital expenditures climbed to $598.9 million in the first six months of 2026 from $497.8 million a year ago.

Wolters Kluwer has completed the capital reduction approved by shareholders at its Annual General Meeting on May 21, 2026, cancelling 7,800,000 ordinary shares held in treasury. The cancellation reduces the company's total issued ordinary shares to 224,716,153 from 232,516,153. Following the move, Wolters Kluwer holds 2,276,510 treasury shares, or 1.01% of total issued ordinary shares, and has notified the Dutch Authority for the Financial Markets of the change in its issued share capital. Shares repurchased by the company are added to treasury holdings and used for capital reduction through cancellation, though part may be retained to meet future obligations under share-based incentive schemes. Wolters Kluwer, listed on Euronext Amsterdam under the ticker WKL, reported 2025 annual revenues of 6.1 billion euros.

RB Global reported second-quarter net income available to common stockholders of $132.0 million, up 33% year over year, with diluted earnings per share rising 34% to $0.71 on total revenue of $1.3 billion, an 11% increase. Gross transaction value rose 11% to $4.7 billion, led by the Automotive segment, where GTV climbed 13% to $2,448.7 million, while inventory sales revenue jumped 28% to $383.7 million and the inventory rate widened 180 basis points to 5.9%. The company closed its acquisition of BigIron and raised full-year guidance, lifting expected GTV growth to a range of 9% to 11% from 6% to 9% and nudging adjusted EBITDA guidance up to $1,495 million to $1,545 million; the board also raised the quarterly dividend from $0.31 to $0.33 per share on July 21, 2026, payable September 17, and the company bought back roughly 1.5 million shares for $150.0 million during the quarter. Excluding recent acquisitions, total GTV growth falls from 11% to 7%, and the service revenue take rate fell 110 basis points to 20.0%, while diluted adjusted EPS rose just 6% to $1.13. Hedge fund ownership fell from 41 funds to 37 over the two most recent quarters, short interest sits at 10.54% of float, and the stock trades at a forward price-to-earnings ratio of 17.12 as of September 17.

Siamrajathanee Public Company Limited, or SO, announced that its share buyback program for financial management, which ran from March 18 to September 17, 2026, has concluded. The company repurchased a total of 4,705,700 shares, representing 0.99% of all issued shares, for a total value of 21.89 million baht. Earlier, the company set a buyback limit of not more than 48 million baht, for no more than 10 million shares, or 2.10% of all shares. As for the sale of the repurchased shares, the company will present the matter to the board for consideration again. Under the relevant criteria, repurchased shares may be sold once three months have passed from the date the buyback was completed, and must be sold within three years from the program's end date. If the shares are not sold, or not fully sold, within the specified period, the company will reduce its capital by cancelling all remaining repurchased shares.

Copart, Inc. reported fourth-quarter results for the period ended July 31, 2026, and announced an all-cash acquisition of digital auto marketplace ACV Auctions at an implied equity value of $1.9 billion, or $10.50 per share in cash. Revenue grew 2.4% to $1.2 billion, but gross profit fell 5.5% to $481.4 million, net income dropped 17.4% to $327.4 million, and diluted EPS came in at $0.35 against $0.41 a year earlier. Barrington's Gary Prestopino upgraded Copart to Outperform from Market Perform with a $40 target, arguing the combination of Copart's physical network and ACV's digital marketplace creates an end-to-end remarketing platform and opens a new growth vector in dealer-to-dealer and commercial vehicle auctions. JPMorgan's Jash Patwa had already upgraded the stock to Overweight from Neutral ahead of the print, raising his target to $40 from $32, while Freedom Broker trimmed its target to $36 from $39 and Baird cut its target to $38 from $42. Management expects the ACV transaction to be neutral to EPS in the first full year of ownership and accretive in fiscal 2028 and beyond, leaving a period of integration risk while the core insurance business cools, with global insurance units down 4.2% and domestic assignments down 7.5%.

Cambiar SMID Fund highlighted ACV Auctions Inc. in its second-quarter 2026 investor letter, saying the wholesale car auction marketplace rebounded after reporting strong top-line growth and announcing a large share buyback program. The fund made the comments while reviewing a quarter in which the S&P 500 gained 15.2%, the Russell 2000 rose 21.5% and the Russell 2500 Value Index returned 18.5%, while the Cambiar SMID Fund returned 14.39% for both its investor and institutional classes, its best result since the fourth quarter of 2022. ACV Auctions closed at $10.42 per share on September 16, 2026, and has returned 35.85% over the past month but is up just 0.77% over the past year, with a market capitalization of $1.77 billion and a 52-week range of $4.07 to $10.55. The fund grouped ACV with WillScot Holdings as niche but essential business models that can be found in the smaller cap segment of the equity market. According to the article, 39 hedge fund portfolios held ACV Auctions at the end of the second quarter, down from 47 in the previous quarter.

RB Global has received Toronto Stock Exchange approval to expand its normal course issuer bid, lifting the potential repurchase pool to 14,224,129 shares or up to US$1 billion in total. The expanded buyback, alongside an earlier Q2 revenue beat, is helping rebuild momentum after a 90-day share price return decline of 19.76% and a 1-year total shareholder return fall of 25.77%, while the 5-year total shareholder return remains up 54.72%. RB Global shares closed at US$86.11, with a 1-day share price return of 2.48% and a 7-day gain of 5.17%. The company's most followed valuation narrative pegs fair value at $127.73, well above the last close, though RB Global trades on a P/E of 36.5x, higher than both the US Commercial Services industry at 19.8x and the peer average at 35.5x, and above an estimated fair ratio of 28.6x.

Wolters Kluwer Legal & Regulatory announced the integration of Kluwer Law International content into Libra by Wolters Kluwer, its all-in-one legal AI workspace. Customers in 11 European countries can now access content from Kluwer Arbitration, Kluwer Competition Law and Kluwer IP Law directly within Libra, expanding the platform's portfolio of trusted legal content and expert insight. The addition builds on Libra's existing legal intelligence capabilities, letting legal professionals reach specialist international expertise across arbitration, competition law and intellectual property law without leaving their workflow, and use it alongside the broader Wolters Kluwer legal resources already available in Libra. Linda Nieuwenhuis, VP Growth & Operations Libra by Wolters Kluwer, said the move expands the breadth and depth of trusted legal content available to customers, while Jill Weinstein, Vice President & General Manager, Legal Markets at Wolters Kluwer Legal & Regulatory U.S., said the future of legal AI depends on the quality of the knowledge behind it. Customers can activate the relevant content sets within Libra after purchasing and use them in research, drafting and review processes.

Hikari Tsushin announced that it will team up with two investment funds to launch a tender offer for Leopalace21, aiming to take the company private with an outlay of about 270 billion yen. The offer price is 1,000 yen per share, and on the Tokyo stock market on the 15th, Leopalace21 shares were indicated at 791 yen, up 14%, or 100 yen, from the previous day at the daily limit high, drawing buying that converged on the tender offer price. Besides Hikari Tsushin, the tender offer will involve Asian investment fund MBK Partners and a fund affiliated with NEC Capital Solutions. Leopalace21 has endorsed the tender offer and recommended that shareholders tender their shares. Junichi Tazawa, an analyst at SMBC Nikko Securities, said in a report that the premium of the offer price over the previous day's closing price is 44.7%, which is comparable to recent tender offer cases involving real estate-related companies, and that, given the company's expression of support, the tender offer is highly likely to succeed.

The Kroger Co. reported second-quarter fiscal 2026 earnings of $1.09 per share, beating the Zacks Consensus Estimate of $1.05, and its shares gained 2.7%. Adobe Inc. reported third-quarter fiscal 2026 earnings of $6.13 per share, beating the Zacks Consensus Estimate of $6.08, with its shares rising 1.4%. Copart, Inc. reported fourth-quarter fiscal 2026 earnings of 35 cents per share, missing the Zacks Consensus Estimate of 39 cents, and its shares declined 2.6%. T-Mobile US, Inc. shares added 2.9% as communications emerged as one of the biggest winning sectors of the day.

Suthirak Traichira-arporn, Chief Executive Officer of JMT Network Services Public Company Limited, or JMT, disclosed that several financial institutions have begun gradually bringing non-performing loans to auction in greater numbers from late in the third quarter through early in the fourth quarter. Although the volume of large debt packages is still not substantial, it is a signal that the bad-debt market is starting to move again after previously facing a condition known as "water full to the brim of the dam." At present, the company has more than 500 billion baht in debt under management and uses a "monkey cheek" strategy to manage the level of debt in its portfolio appropriately in order to maintain its capacity to absorb new batches of non-performing loans. On cash-flow collection, it has steadied at normal levels and has recovered clearly since May after being affected by the Songkran festival and higher oil prices, with the Thai Chai Thai Plus measure providing indirect support. Meanwhile, earnings trends for the third quarter of 2026 are expected to improve over the second quarter of 2026, and the company will consider adjusting its policy on setting aside expected credit loss provisions, or ECL, in line with trends in debtor behaviour. In addition, JMT is continuing to expand its debt mediation centres. It currently has 58 branches in total and aims to have nearly 40 debt mediation centres by the end of this third quarter.

Hikari Tsushin announced on the 14th that it will launch a tender offer for Leopalace21 together with investment funds affiliated with MBK Partners and NEC Capital Solutions. The offer price is 1,000 yen per share, above the closing price of 691 yen on the 14th, and the offer period will run from September 15 to October 30, with the total purchase amount reaching 267.6 billion yen. Through the series of procedures, the company aims to make Leopalace21 a wholly owned subsidiary. Leopalace21 has expressed its support for the tender offer and decided to recommend that shareholders tender their shares. Hikari Tsushin currently holds 18.11% of Leopalace21 shares through indirect holdings.

Jiaotou Ecology announced on September 14 that the company, as the lead member of a consortium with Jiankan Survey Co., Ltd. and Chongqing Yuhao Architectural Design and Research Institute Co., Ltd., has been identified as the first candidate for the design-build contract of the Guanlei Port Logistics Park Project Phase One. The pre-winning bid amount is 28.1907 million yuan.

Copart announced an all-cash agreement to acquire ACV, a digital auto marketplace that moved roughly $10 billion of vehicles last year, alongside fourth-quarter results that showed revenue rising 2.4% to $1.2 billion while net income fell 17.4% to $327.4 million and diluted earnings per share dropped 14.6% to $0.35. The deal, structured as an all-cash tender offer funded from cash on hand, pairs ACV's more than 22,000 active buyers and inspection and valuation technology with Copart's over 275 locations, roughly 4 million vehicles sold annually, and about 1 million members across more than 185 countries, with a close targeted by the end of the calendar year and earnings accretion expected in fiscal 2028. International revenue grew 11.7% to $222.1 million on 15% service revenue growth, and international buyers accounted for 45.7% of total US sales dollars despite making up only 38.2% of units, while global average selling prices climbed 3.5%. The core insurance business cooled, with global insurance units down 4.2% and domestic insurance assignments down 7.5%, though management said that figure would have been up 2.3% excluding the loss of a single customer. Operating expense per car jumped 12.7% year over year and US facility costs rose 7.7%, pressures that management hopes the ACV acquisition and continued international expansion will offset as the company diversifies beyond its traditional salvage engine.

Better World Green, or BWG, and Akkee Prakarn, or AKP, joined the government in supporting the annual ceremony to destroy seized items in finalized intellectual property infringement cases for 2026, organized by the Department of Intellectual Property under the Ministry of Commerce together with the Royal Thai Police, the Customs Department and the Department of Special Investigation at the reserve training ground of the 1st Anti-Aircraft Artillery Battalion, 7th Regiment, Air Defense Command, Royal Thai Army, in Don Mueang district, Bangkok. Dr. Piyanuch Wuttisorn, Assistant Minister to the Ministry of Commerce, presided over the ceremony. The seized items destroyed this year totaled 2,085,705 pieces, representing economic damage of more than 2.145 billion baht, an increase of more than 36.45% from the previous year. They covered consumer goods, clothing, bags, electronic devices, automotive parts, as well as sensitive product groups such as counterfeit medicines, medical supplies and cosmetics. The group of companies was entrusted to take responsibility for disposing of all the seized items under the ISO 14001:2015 environmental management standard. General non-hazardous items will be sent to the renewable energy center in Nakhon Luang Industrial Estate, Nakhon Luang district, Phra Nakhon Si Ayutthaya province, to be crushed and shredded to destroy their condition before being processed into industrial refuse-derived fuel, or RDF, to feed the power plant of Recovery House Company Limited under the ETC group. Meanwhile, seized items in the chemical, medicine, medical supply and counterfeit cosmetics groups will be sent to the high-temperature EKP incinerator at Bang Pu Industrial Estate in Samut Prakan province, which controls temperatures above 1,000 to 1,200 degrees Celsius, along with an air pollution treatment system and a real-time air quality monitoring system, or CEMS. Mr. Akarawit Khan Kaew, Vice Chairman of BWG, said the group of companies places importance on transparency at every step. Mr. Supawat Khunworawinit, Chief Executive Officer of ETC, said that using RDF from the seized items to generate electricity helps turn copyright-infringing goods into renewable energy. Mr. Wanchai Lueangwiriya, Chief Executive Officer and Managing Director of AKP, stressed that the specialized incinerator was designed according to international standards specifically to dispose of these hazardous wastes, in line with the obligations of the World Trade Organization, or WTO.

Copart Inc. has agreed to acquire ACV Auctions Inc. in an all-cash deal valuing the car auction marketplace at $1.9 billion, or $10.50 per share. The offer price represents a 45 percent premium over ACV's closing price of $7.22 on Thursday, September 10, prior to the announcement, and ACVA shares surged 49 percent week-on-week on the news. Copart said the takeover would create an industry-leading, fully complete remarketing platform spanning dealer trade-ins, wholesale marketing, salvage disposition, and international resale, supported by artificial intelligence tools for valuation and inspection. Following the announcement, Needham & Company downgraded ACVA to hold from buy and removed its $9 price target, calling Copart's offer fair and noting a competing bid is unlikely given the limited number of players in the auto wholesale market. The deal followed ACV's wider second-quarter net loss of $8.2 million, up 12.3 percent from $7.3 million a year earlier, though total revenues rose 10.4 percent to $213.9 million. The tender offer is subject to the successful acquisition of a majority stake in ACVA or expiration of the waiting period, with the transaction expected to close by the end of the year.

ABM Industries told investors on September 8 that nine-month free cash flow reached $199.6 million, up from $42.4 million a year earlier, prompting management to raise its full-year reported free cash flow outlook to $210 million and its normalized figure to $285 million. Adjusted EPS climbed 27% to $1.04, and the company hit its target leverage ratio of below 3 times a full quarter ahead of schedule. Semiconductor, microgrid, and data center work generated nearly $775 million in revenue over nine months, now more than 11% of the total, with semiconductor organic growth alone running 65%, while aviation revenue grew 12% to $328.1 million and manufacturing and distribution revenue rose 18% to $481 million. Not every segment cooperated: Business and Industry revenue fell 2.6% on a large UK client exit and soft Northern California commercial real estate, aviation operating margin slipped to 5.6% from 6.8%, and Technical Solutions revenue rose just 4% after $15 million in project deferrals. Hedge fund ownership fell from 28 funds to 21, short interest sits at 5.45% of float, and the stock trades at a forward price-to-earnings ratio of just 9.13 as of September 11.

Copart and ACV Auctions announced a definitive agreement under which Copart will acquire all outstanding shares of ACV Auctions for $10.50 per share in cash. According to a Form 8-K filed with the U.S. Securities and Exchange Commission, ACV entered into the Agreement and Plan of Merger with Copart and its wholly owned subsidiary, Apple Merger Sub, Inc., formalizing the terms of the buyout. The transaction represents an implied equity value of approximately $1.9 billion, delivering a premium of roughly 45% over ACV's unaffected closing stock price on August 10, 2026. The acquisition is designed to expand Copart's presence across the vehicle remarketing ecosystem. Shares of ACV Auctions jumped 43.5% in the morning session on the news before cooling to $10.43, up 0% from the previous close.

Copart beat Wall Street's revenue expectations in Q2 CY2026, with sales up 2.4% year on year to $1.15 billion, while non-GAAP profit of $0.35 per share came in 8.5% below analysts' consensus estimates. Revenue topped analyst estimates of $1.14 billion, a 1% beat, but adjusted EPS fell short of the expected $0.38, and operating margin slipped to 32% from 36.7% a year earlier. Management attributed the revenue outperformance to strength in international operations and higher average selling prices, with global insurance average selling prices up 3.1% year over year, domestic insurance ASPs up 3.7% and international ASPs up 3.3%. CEO A. Jayson Adair said the company is doubling down on technology, including AI-driven buyer matching, and noted that investments in new products and services raised operating expenses, with operating expenses per car up 12.7%. Copart also announced it will acquire ACV Auctions, a large digital automotive marketplace, which will operate as an independent subsidiary and is expected to be accretive in the first full year after closing, combining Copart's physical scale and logistics with ACV's digital marketplace.

Copart has agreed to acquire ACV, one of the largest primarily digital automotive marketplaces in the country, in an all-cash transaction funded from cash on hand with no financing conditions. ACV sells more than 800 thousand vehicles each year and transacted approximately $10 billion of gross merchandise value in 2025 across more than 22 thousand active buyers, while Copart brings more than 275 locations, over 4 million vehicles sold a year, and approximately 1 million members across more than 185 countries. The deal is structured as a tender offer, has been unanimously approved by both boards, is subject to customary conditions including regulatory review, and is expected to close by the end of the calendar year, with ACV operating as an independent subsidiary led by its existing team. Copart expects the transaction to be breakeven in the current year and accretive in the first full year, which will be fiscal 2028. For its fourth quarter, Copart reported consolidated revenue of $1.2 billion, up 2.4% year over year, with global gross profit of $481 million and net income attributable to Copart of $327.4 million, or $0.35 per diluted common share, down 17.4%. Global sold units declined 2.9% in the quarter, with domestic units down 5.7% and international units up 10%, while global insurance units fell 4.2% as domestic insurance dropped 7.5% and international insurance rose 11.2%.

Oracle shares surged 6.3% in premarket trading after the software and cloud computing company reported fiscal first-quarter 2027 results that beat Wall Street expectations across several key measures. Revenue rose 30% year over year to $19.35 billion, topping the $19.13 billion consensus, while adjusted earnings per share of $1.92 comfortably exceeded expectations in the $1.73 to $1.75 range. The strongest part of the report was Oracle's cloud infrastructure business, where revenue jumped 121% from a year earlier to $7.4 billion, and the company said GPU utilization stood at 97.9%. Oracle also secured about $30 billion in new AI-related contracts during the quarter and raised its fiscal 2027 revenue guidance to above $90 billion. Separately, ACV Auctions shares soared 43.6% in premarket trading after Copart announced a definitive agreement to acquire the online automotive marketplace in an all-cash deal valued at approximately $1.9 billion, with Copart launching a tender offer for all outstanding ACV Auctions shares at $10.50 in cash. Copart shares gained 6.2% premarket after reporting fiscal fourth-quarter revenue of $1.15 billion, narrowly beating the $1.14 billion consensus, though earnings per share of $0.35 fell below the $0.39 analyst estimate. Adobe shares fell 2.8% before the open after its fourth-quarter revenue guidance midpoint came in just below analyst expectations, even as fiscal third-quarter revenue of $6.76 billion and non-GAAP earnings per share of $6.13 each beat consensus by about 1%; longtime CEO Shantanu Narayen said Anil Chakravarthy will become President and CEO on Dec. 1, 2026, with Narayen moving to Executive Chair. Chewy slipped 1.9% after JPMorgan downgraded the online pet retailer to Neutral from Overweight and cut its price target to $24 from $29, while Frequency Electronics jumped 30.5% on record fiscal first-quarter 2027 results and Alliance Entertainment Holding surged 69.1% on fiscal 2026 results that beat expectations.

Copart agreed to acquire digital dealer auction platform ACV Auctions for $10.50 per share in cash, implying an equity value of about $1.9B, sending ACVA shares up 44% while Copart rose 7%. The offer represents a roughly 45% premium to ACV's unaffected August 10 close and 41% to its 30-day volume-weighted average price through September 9, and the deal, unanimously approved by both boards, is expected to close by the end of calendar 2026 subject to antitrust clearance. Oracle shares surged 7% after the IT giant reported FQ1 results and guidance that topped Wall Street estimates, with revenue up 30% Y/Y, cloud revenue rising 62% to $11.6B, infrastructure revenue jumping 121% to $7.4B, and remaining performance obligations climbing $209B to $664B, including more than $30B in new AI cloud contracts. Zumiez plunged 16% after the retailer reported a wider Q2 loss and weaker-than-expected sales, with GAAP EPS of -$0.17 missing by $0.03, revenue falling 2.5% Y/Y to $208.96M, and comparable sales declining 2.1%. Adobe fell 3% even though the Photoshop maker's FQ3 adjusted EPS of $6.13 beat by $0.05 and revenue rose 13% Y/Y to $6.76B, as its FQ4 revenue guidance of $6.8B-$6.85B came in slightly below the $6.84B consensus at the midpoint.

Copart Inc reported fourth-quarter consolidated revenue of $1.2 billion, up 2.4% year over year, with diluted EPS of $0.35, down 14.6%, as the company agreed to acquire ACV, a leading digital automotive marketplace, in an all-cash transaction funded from cash on hand with no financing conditions. The ACV deal is expected to be breakeven in the current year and accretive in the first full year, which CFO Leah Stearns identified as FY28 given uncertainty around the closing date, and is expected to close by the end of the calendar year. For the full fiscal year, revenue was $4.7 billion, up 0.4%, or up 2.4% excluding FY25 CAT events, while net income attributable to Copart fell 4.4% to $1.48 billion and diluted EPS came in at $1.55. Total loss frequency reached a record 23.3% in Q2 2026, up from 22.4% last year, driven by increasing vehicle complexity and repair costs, though global unit sales declined 2.9% in Q4 with US insurance units down 7.5% and global insurance units down 4.2%. The international segment showed momentum with Q4 revenue up 11.7% to $222.1 million and units sold up 10%, and all international markets are now profitable, while Copart ended the period with roughly $5.7 billion in total liquidity, comprising $4.5 billion in cash, cash equivalents and held-to-maturity securities plus $1.25 billion in revolving credit capacity with no debt outstanding, after deploying $1.63 billion into share repurchases earlier in the fiscal year.

Zacks Investment Research added five stocks to its Zacks Rank #1 (Strong Buy) List for September 11th. RCM Technologies, a national provider of business, technology and resource solutions in information technology and professional engineering to corporate and government customers, saw its Zacks Consensus Estimate for current-year earnings rise 13.3% over the last 60 days. Healthcare Services Group, which provides housekeeping, laundry, linen, facility maintenance and food services to the health care industry, posted a 12.9% increase in its consensus estimate for current-year earnings over the same period. Bloomin' Brands, the casual dining restaurant company with a portfolio of differentiated restaurant concepts, recorded a 10.1% gain in its current-year earnings estimate, while Argan, an engineering and construction firm operating through wholly owned subsidiaries across power generation, industrial construction and teledata infrastructure, saw a 6.7% increase. Globus Medical, a medical device company that develops and commercializes healthcare solutions for patients with musculoskeletal disorders, rounded out the list with a 5.3% rise in its current-year earnings estimate over the last 60 days.

Elis S.A. will proceed with the early redemption on 13 October 2026 of all of its €380,000,000 2.25% bonds convertible into new shares and/or exchangeable for existing shares due 2029, known as OCEANEs, ISIN FR001400AFJ9. Unless bondholders exercise their conversion or exchange right by the applicable deadline, the company will redeem each outstanding bond in cash at an early redemption price of EUR 100,129.45, equal to the EUR 100,000 par value plus EUR 129.45 in accrued interest from 22 September 2026 to the redemption date. The company said the calculation agent Conv-Ex Advisors Limited verified that the arithmetic mean over 20 consecutive trading days from 11 August 2026 to 7 September 2026 of the volume-weighted average price of the shares multiplied by the conversion ratio exceeded 130% of each bond's par value. Bondholders may exercise their conversion or exchange right provided the relevant request date falls no later than 2 October 2026, the seventh business day before the early redemption date, with Uptevia acting as centralising agent. As of the notice date, 3,800 bonds remain outstanding out of 3,800 initially issued, and with a conversion ratio of 6,256.8564 shares per bond, a maximum of 23,776,054 Elis shares could be delivered, representing approximately 10.21% of the company's current share capital. Elis said it intends to use existing shares held following the completion of its share buyback program on 9 July 2026, limiting the number of newly issued shares that may be required.

Johnson Service Group reported group revenue up 0.2% to GBP258 million in H1 2026, with organic revenue down 0.7%, as adjusted operating profit rose 3.8% to GBP29.8 million and operating margin expanded 50 basis points to 11.6%, according to CFO Ryan Govender on the company's earnings call. EPS rose 8.7% to 5p. CEO Peter Egan said the GBP55 million share buyback is progressing well and circa 50% executed, bringing total returns to shareholders since 2022 to GBP118.5 million, with the majority of the current program expected to complete by year-end. Within the group, Workwear revenue rose 2.6% to GBP74 million, entirely organic, with adjusted operating profit up almost 6% to GBP11 million and operating margin up 50 basis points to 14.9%, while HORECA revenue was GBP184 million, down 0.8% and down 2% organically, though its adjusted operating profit rose 4% to GBP23.4 million and operating margin improved 60 basis points to 12.7%. Govender said labour rose to 47.2% of revenue, up 80 basis points, reflecting a 4.1% UK national living wage increase, a 4.8% Irish national minimum wage increase, and higher UK national insurance contributions, and he expects labour costs to moderate in H2 toward the 2025 level of around 46%. Net debt increased to GBP188.6 million at the half year, with leverage of 1.1 times at the lower end of the target range and bank debt of GBP135.9 million, and the company declared an interim dividend of 1.8p per share, up 12.5%, while Egan said management remains on track to achieve the targeted adjusted operating margin of at least 14% in 2026.

Copart has agreed to acquire ACV, one of the largest primarily digital automotive marketplaces in the country, in an all-cash transaction funded from cash on hand with no financing conditions, Executive Chairman and CEO Jay Adair said on the company's Q4 FY 2026 earnings call. Copart expects the deal to close by the end of the calendar year, with ACV operating as an independent subsidiary led by its existing team, and expects the transaction to be breakeven initially and accretive to earnings in the first full year, which will be FY 2028, according to Senior VP and CFO Leah Stearns. For the fourth quarter, consolidated revenue grew to $1.2 billion, up 2.4% year-over-year, while net income attributable to Copart fell 17.4% to $327.4 million, or $0.35 per diluted common share, and operating income decreased 10.6% to $368.9 million. Global gross profit for the quarter was $481 million with gross margin of 41.8%, and for the fiscal year net income attributable to Copart decreased 4.4% to $1.48 billion, or $1.55 per diluted common share. Adair said OpEx per car in Q4 2026 versus Q4 2025 was up 12.7% and that the company will work toward reducing costs on a per car basis, while global unit sales fell 2.9%, with domestic units down 5.7% and international units up 10%. As of the end of July, Copart had approximately $5.7 billion of liquidity, comprising $4.5 billion in cash, cash equivalents and held-to-maturity securities plus $1.25 billion of capacity under its revolving credit facility with no debt outstanding.

Copart, Inc. has agreed to acquire ACV in an all-cash deal valuing the digital automotive marketplace at approximately $1.9 billion, the two companies announced September 10, 2026. Under the definitive merger agreement, Copart will pay $10.50 per share in cash for all outstanding shares of ACV common stock, a premium of approximately 45% to ACV's unaffected closing stock price on August 10, 2026, and approximately 41% to ACV's 30-day volume-weighted average price for the period ending September 9, 2026. Copart will promptly commence a tender offer for at least a majority of ACV's outstanding shares, subject to expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions, with any remaining shares to be cancelled and converted into the same $10.50 per share in cash in a subsequent merger. Copart intends to fund the transaction through cash on hand with no financing condition, and both boards have unanimously approved the deal, which is expected to close by calendar year-end 2026, after which ACV will operate as an independent subsidiary led by its existing leadership team. The combination is expected to be neutral on Copart's earnings per share in the first full year of ownership and accretive in fiscal 2028 and beyond, and Copart will host a conference call at 5:30 p.m. Eastern Time today to discuss the transaction and its fourth quarter and full fiscal year 2026 results.