Velan (VLN) got hammered yesterday after announcing Birch Hill would acquire the Velan family’s 72% stake for ~$204M, or $13.10 per share - a ~30% discount to the prior day’s close. With under 10K shares traded daily…

… and over 15M shares to unwind, there’s no easy way to move that block - but the haircut likely feels more like a scalping for investors that expected a takeout after the company’s French unit divestiture. It’s a win for Birch Hill though…

… who will have control (92% of the vote) of a growing backlog supported by nuclear tailwinds. Coming less than a month after its $860M GDI deal, they’re clearly seeing value in Canada right now.