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AGCO Corporation filed a Form 8-K on 9 July 2025 to disclose that its Board of Directors has authorized a new share repurchase program of up to US$1 billion. The authorization allows the company to buy back common stock in open-market or privately negotiated transactions at prevailing prices, subject to market conditions, legal requirements and the company鈥檚 capital allocation priorities. Management retains full flexibility: the program may be suspended, modified or terminated at any time, and there is no obligation to repurchase a specific amount.

Although the filing contains no additional financial statements, the announcement is material because a US$1 billion authorization represents roughly 9-10 % of AGCO鈥檚 recent market capitalization (鈮圲S$10-11 billion as of early July 2025). The move signals confidence in future free-cash-flow generation and provides a tool to offset dilution from equity compensation. However, execution risk remains: actual repurchase volume will depend on share price levels, broader agricultural equipment demand trends, and the company鈥檚 need to fund growth initiatives, R&D and potential acquisitions.

Toronto-Dominion Bank (TD) is offering US$1.263 million of Senior Debt Securities, Series H 鈥� Capped Notes linked to the S&P 500庐 Index, maturing 7 July 2028. The notes give investors unleveraged exposure to any positive performance of the index, capped at a Maximum Redemption Amount of US$1,240 per US$1,000 principal (24% total / c. 8% CAGR). If the Final Level of the index is equal to or below the Initial Level of 6,279.35, holders receive only their principal, resulting in full principal protection provided TD remains solvent. No periodic coupons are paid.

Key commercial terms

• Issue price: US$1,000 per note; minimum investment US$1,000.
• Term: ~3 years (Pricing Date 3 Jul 2025; Maturity 7 Jul 2028).
• Participation: 100% of positive index move, subject to the US$1,240 cap.
• Credit: senior unsecured obligations of TD; not CDIC/FDIC insured.
• Estimated value: US$986 鈥� 1.4% below issue price, reflecting structuring & hedging costs.
• Fees: up to 0.95% selling concession plus US$7 marketing fee; total underwriting discount c. 0.26% of notional shown (variable).
• Liquidity: no exchange listing; any secondary market making is discretionary and may be at significant discount.

Risk highlights

• Upside is capped; investors forego any index gain above 24%.
• No dividend participation 鈥� index tracked on a price-return basis.
• Return may underperform a conventional fixed-rate bond of similar maturity because the notes pay no coupons.
• Market value likely to fall below issue price after settlement due to bid/ask spreads, embedded fees and TD鈥檚 funding curve.
• Subject to TD credit risk; deterioration in TD credit spreads will pressure secondary pricing.
• Taxed as Contingent Payment Debt Instruments (CPDI); holders accrue taxable OID income annually despite no cash flows before maturity.

The instrument targets investors seeking principal protection with limited equity upside over a three-year horizon and who are comfortable with TD credit exposure and illiquidity. It is not appropriate for investors requiring current income, uncapped equity participation or near-term liquidity.

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO鈥檚 74.6 million outstanding shares (鈮�12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO鈥檚 Board and will not raise their ownership above the 鈥淥wnership Cap鈥� (鈮�16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the 鈥淢assey Ferguson鈥� brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO鈥檚 direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

Investar Holding Corporation (NASDAQ: ISTR) has entered into two material transactions that reshape its capital structure and growth trajectory.

1. Acquisition of Wichita Falls Bancshares (WFB)
鈥� On 1 July 2025, Investar signed a definitive Agreement and Plan of Merger to acquire WFB, parent of First National Bank, Wichita Falls, TX.
鈥� Consideration: $7.2 million cash plus 3,955,344 ISTR shares; based on 30 June 2025 close of $19.32, total value is 鈮� $83.6 million.
鈥� Post-close, WFB will merge into Investar; the bank subsidiary will merge into Investar Bank, N.A.
鈥� Deal approved unanimously by both boards; expected closing: Q4 2025, subject to customary shareholder and regulatory approvals.
鈥� Key protections: no-shop clause with matching right, outer termination date of 31 Mar 2026 (extendable to 30 Jun 2026 for regulatory delay), and a $3.3 million breakup fee payable by WFB under specified circumstances.

2. Capital Raise 鈥� Series A Preferred Stock Private Placement
鈥� Concurrently, Investar executed a Securities Purchase Agreement to sell 32,500 shares of newly created 6.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock at $1,000 per share.
鈥� Gross proceeds: $32.5 million; estimated net proceeds: 鈮� $30.4 million.
鈥� Purpose: finance the WFB acquisition, support organic growth, and maintain capital ratios. The preferred is intended to qualify as additional Tier 1 capital.
鈥� The preferred is perpetual, ranks senior to common, carries a 6.5% quarterly dividend (non-cumulative), is optionally redeemable after 1 July 2030, and convertible at the holder鈥檚 option into ISTR common at 47.619 shares per preferred share (鈮� $21.00 implied conversion price), subject to a 1.6 million share cap.
鈥� Mandatory conversion right for Investar after 1 July 2028 if the common stock trades above $26.25 for 20 of 30 consecutive trading days.
鈥� Registration rights require Investar to file a resale shelf within 60 days of closing; shares are sold under Rule 506(b).

Strategic Rationale and Impact
鈥� The acquisition adds a Texas franchise, deepening Investar鈥檚 Gulf South footprint and diversifying its loan/deposit base.
鈥� Stock consideration represents roughly 36% of Investar鈥檚 current shares outstanding (鈮�10.9 m), implying meaningful dilution but preserving regulatory capital.
鈥� The preferred raise back-stops the cash portion and transaction costs while boosting CET1 through AT1 treatment.
鈥� Closing risk includes regulatory approvals, integration execution, and potential dilution from both the acquisition shares and future preferred conversions.

Schedule 13D/A Overview: Tractors & Farm Equipment Ltd ("TAFE"), its subsidiary TAFE Motors & Tractors Ltd and Chairperson Mallika Srinivasan have filed Amendment No. 24 to their Schedule 13D on AGCO Corporation (NYSE: AGCO).

Current Ownership: Based on 74,586,793 shares outstanding as of 28 April 2025, TAFE beneficially owns 12,150,152 shares (鈮�16.3%), TAFE Motors & Tractors owns 3,263,321 shares (鈮�4.4%), and Ms Srinivasan owns an aggregate 12,173,865 shares (鈮�16.3%, including 23,713 shares held directly). Voting and dispositive power is shared across the group, except for Ms Srinivasan鈥檚 individually awarded shares.

Cost Basis: Excluding the director鈥恆warded shares, total cash deployed to accumulate the position equals $585.8 million, funded from the working capital of TAFE and its subsidiary.

Key New Development: On 25 June 2025 the parties executed Amendment No. 3 to the 2019 Letter Agreement with AGCO, primarily extending its termination date to 15 July 2025 while all other terms remain unchanged. The extension is linked to "advanced discussions" aimed at resolving ongoing litigation and other matters between TAFE and AGCO. The full amendment is included as Exhibit 99.1.

No Recent Trading: The Reporting Persons state they have conducted no AGCO share transactions in the past 60 days.

Implications for Investors: The 16% stake confirms TAFE鈥檚 position as AGCO鈥檚 largest outside shareholder, maintaining considerable influence. The agreement extension suggests negotiations are progressing but not yet finalized, leaving litigation risk and potential governance outcomes open until mid-July.