ONEX CORP 4

What Happened

• ONEX Corporation (reported as a 10% owner) disposed of 184,049,617 and 470,583 shares of Emerald Holding, Inc. (total 184,520,200 shares) on July 14, 2026. The shares were cancelled and converted into cash as part of the merger of Emerald into a buyer controlled by Apollo affiliates. Under the merger terms, each Emerald share was paid $5.03 in cash, implying roughly $928.14 million received by ONEX (184,520,200 × $5.03). This was a disposition to the issuer in connection with a takeover, not an open‑market sale.

Key Details

• Transaction date: 2026-07-14. Transaction code: D (Disposition to issuer) in connection with the merger.
• Price / consideration: $5.03 per share in cash (merger consideration); estimated total ≈ $928.14M.
• Shares disposed: 184,049,617 and 470,583 (total 184,520,200).
• Shares owned after transaction: the reported shares were cancelled/converted under the merger; ONEX no longer holds those Emerald common shares except for any shares subject to valid appraisal rights or other narrow exceptions.
• Notable footnotes: transaction occurred pursuant to the Agreement and Plan of Merger (May 9, 2026). ONEX’s reported holdings were held through several affiliated entities (see filing footnotes for the ownership breakdown). Separate Form 4s were filed by related ONEX entities per the filing remarks.
• Filing timeliness: reported on 2026-07-14 (same date as transaction), not indicated as late.

Context

• This is an institutional disposition tied to a corporate merger—a liquidity/exit event—rather than a manager or director selling on market. For retail investors, merger conversions are routine corporate events and do not necessarily reflect insider sentiment about Emerald’s future operations. Some shares may have been excluded if appraisal rights were exercised; check company merger documents for those details.