<SEC-DOCUMENT>0001140361-25-042090.txt : 20251114
<SEC-HEADER>0001140361-25-042090.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114060325
ACCESSION NUMBER:		0001140361-25-042090
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lakeshore Acquisition III Corp.
		CENTRAL INDEX KEY:			0002049248
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94993
		FILM NUMBER:		251480827

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		917-327-9933

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Westchester Capital Management, LLC
		CENTRAL INDEX KEY:			0001512805
		ORGANIZATION NAME:           	
		EIN:				273790558
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		100 SUMMIT LAKE DRIVE
		CITY:			VALHALLA
		STATE:			NY
		ZIP:			10595
		BUSINESS PHONE:		914-741-5600

	MAIL ADDRESS:	
		STREET 1:		100 SUMMIT LAKE DRIVE
		CITY:			VALHALLA
		STATE:			NY
		ZIP:			10595
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<submissionType>SCHEDULE 13G</submissionType>
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<securitiesClassTitle>Ordinary shares, $0.0001 par value per share</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0002049248</issuerCik>
<issuerName>Lakeshore Acquisition III Corp.</issuerName>
<issuerCusip>G5353S103</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>667 Madison Avenue</com:street1>
<com:city>New York</com:city>
<com:stateOrCountry>NY</com:stateOrCountry>
<com:zipCode>10065</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
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<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
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<reportingPersonName>Westchester Capital Management, LLC</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>57273</soleVotingPower>
<sharedVotingPower>625705</sharedVotingPower>
<soleDispositivePower>57273</soleDispositivePower>
<sharedDispositivePower>625705</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>682978</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>7.67</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<comments>* Based on 8,905,000 Shares outstanding as of October 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 28, 2025.</comments>
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<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Westchester Capital Partners, LLC</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>6458</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>6458</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6458</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
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<classPercent>0.07</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<comments>* Based on 8,905,000 Shares outstanding as of October 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 28, 2025.</comments>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Virtus Investment Advisers, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>625705</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>625705</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>625705</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>7.03</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<comments>* Based on 8,905,000 Shares outstanding as of October 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 28, 2025.

The amounts reported on this page are also included in the amounts reported by Westchester Capital Management, LLC on this Schedule 13G.</comments>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>The Merger Fund</reportingPersonName>
<citizenshipOrOrganization>MA</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>566036</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>566036</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>566036</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.36</classPercent>
<typeOfReportingPerson>IV</typeOfReportingPerson>
<comments>* Based on 8,905,000 Shares outstanding as of October 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 28, 2025.

The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G.</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>Lakeshore Acquisition III Corp.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>667 Madison Avenue, New York, New York, 10065</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>This statement is being filed jointly by the following (each, a "Reporting Person," and collectively, the "Reporting Persons"): Westchester Capital Management, LLC ("Westchester"), a Delaware limited liability company, Westchester Capital Partners, LLC ("WCP"), a Delaware limited liability company, Virtus Investment Advisers, LLC ("Virtus"), a Delaware limited liability company, and The Merger Fund ("MF"), a Massachusetts business trust.

Virtus, a registered investment adviser, serves as the investment adviser to MF, The Merger Fund VL ("MF VL"), Virtus Westchester Event-Driven Fund ("EDF") and Virtus Westchester Credit Event Fund ("CEF"). Westchester, a registered investment adviser, serves as sub-advisor to each of MF, MF VL, EDF, CEF, JNL/Westchester Capital Event Driven Fund ("JNL"), JNL Multi-Manager Alternative Fund ("JARB") and Principal Funds, Inc. - Global Multi-Strategy Fund ("PRIN").  WCP, a registered investment adviser, serves as investment adviser to Westchester Capital Master Trust ("Master Trust", together with MF, MF VL, EDF, CEF, JNL, JARB and PRIN, the "Funds").  The Funds directly hold Ordinary Shares of the Company for the benefit of the investors in those Funds.  Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester and WCP.

 Westchester and WCP often make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time.  Based on the foregoing and the relationships described herein, these parties may be deemed to constitute a "group" for purposes of Section 13(g)(3) of the Act. The filing of this statement shall not be construed as an admission that the Reporting Persons are a group, or have agreed to act as a group.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>Westchester Capital Management, LLC
100 Summit Lake Drive, Valhalla, NY 10595

Westchester Capital Partners, LLC
100 Summit Lake Drive, Valhalla, NY 10595

Virtus Investment Advisers, LLC
One Financial Plaza, Hartford, CT 06103

The Merger Fund
101 Munson Street, Greenfield, MA 01301-9683</principalBusinessOfficeOrResidenceAddress>
<citizenship>Each of Westchester, WCP and Virtus are organized under the laws of the State of Delaware. MF is organized under the laws of the State of Massachusetts.</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
<typeOfPersonFiling>IV</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>Westchester Capital Management, LLC: 682,978

Westchester Capital Partners, LLC: 6,458

Virtus Investment Advisers, LLC: 625,705

The Merger Fund: 566,036</amountBeneficiallyOwned>
<classPercent>Westchester Capital Management, LLC: 7.67%

Westchester Capital Partners, LLC: 0.07%

Virtus Investment Advisers, LLC: 7.03%

The Merger Fund: 6.36%</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>Westchester Capital Management, LLC: 57,273

Westchester Capital Partners, LLC: 6,458

Virtus Investment Advisers, LLC: 0

The Merger Fund: 0</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>Westchester Capital Management, LLC: 625,705

Westchester Capital Partners, LLC: 0

Virtus Investment Advisers, LLC: 625,705

The Merger Fund: 566,036</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>Westchester Capital Management, LLC: 57,273

Westchester Capital Partners, LLC: 6,458

Virtus Investment Advisers, LLC: 0

The Merger Fund: 0</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>Westchester Capital Management, LLC: 625,705

Westchester Capital Partners, LLC: 0

Virtus Investment Advisers, LLC: 625,705

The Merger Fund: 566,036</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
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<notApplicableFlag>Y</notApplicableFlag>
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<notApplicableFlag>Y</notApplicableFlag>
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<notApplicableFlag>Y</notApplicableFlag>
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<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>Westchester Capital Management, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ CaSaundra Wu</signature>
<title>CaSaundra Wu / Chief Compliance Officer</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Westchester Capital Partners, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ CaSaundra Wu</signature>
<title>CaSaundra Wu / Chief Compliance Officer</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Virtus Investment Advisers, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Chetram Persaud</signature>
<title>Chetram Persaud / Chief Compliance Officer</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>The Merger Fund</reportingPersonName>
<signatureDetails>
<signature>/s/ Daphne Chisolm</signature>
<title>Daphne Chisolm / Vice President, Counsel and Assistant Secretary</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
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<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>ef20058543_ex99-a.htm
<DESCRIPTION>EXHIBIT A
<TEXT>
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    <div style="text-align: right; font-weight: normal;">Exhibit A<br>
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    <div><br>
      <div style="text-align: center; margin-right: 43.2pt;">JOINT FILING AGREEMENT</div>
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      <div style="text-indent: 48.95pt;">In accordance with Rule&#160;13d-1(k) of the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule&#160;13G (including any and all
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        authorized, hereby execute this Joint Filing Agreement as of November 14, 2025.</div>
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      <div style="margin-right: 43.2pt;">Dated:&#160; November 14, 2025</div>
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              <div style="font-weight: bold;">WESTCHESTER CAPITAL MANAGEMENT, LLC</div>
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            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">/s/ CaSaundra Wu</td>
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            <td style="width: 3%; vertical-align: top;">&#160;</td>
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            <td style="width: 47%; vertical-align: top;">CaSaundra Wu</td>
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            <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="vertical-align: top;" colspan="2">&#160;</td>
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            <td style="width: 45%; vertical-align: top;"><br>
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              <div style="font-weight: bold;">WESTCHESTER CAPITAL PARTNERS, LLC</div>
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              <div>By:</div>
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            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;/s/ CaSaundra Wu</td>
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            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Name:<br>
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            <td style="width: 47%; vertical-align: top;">CaSaundra Wu</td>
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            <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="width: 47%; vertical-align: top;">Chief Compliance Officer</td>
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            <td rowspan="1" style="width: 45%; vertical-align: top;"><br>
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            <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="vertical-align: top;" colspan="2">&#160;</td>
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            <td style="width: 45%; vertical-align: top;"><br>
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              <div style="font-weight: bold;">VIRTUS INVESTMENT ADVISERS, LLC</div>
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              <div>By:</div>
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            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;/s/ Chetram Persaud</td>
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            <td style="width: 3%; vertical-align: top;">&#160;</td>
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            <td style="width: 47%; vertical-align: top;">Chetram Persaud</td>
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            <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
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            <td style="width: 3%; vertical-align: top;">&#160;</td>
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              <div style="font-weight: bold;">THE MERGER FUND</div>
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            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">/s/ Daphne Chisolm</td>
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            <td style="width: 47%; vertical-align: top;">Daphne Chisolm</td>
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