Merger Arbitrage Tracker
A full uncurrated list of all available M&A setups. Merger spreads are real time.
| Target | Buyer | Deal Type | Mcap | Cur. price | Offer | Spread | Summary | Report | Updates | Downside | Expected Close | Spread | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PETS | SilverCape Investments Limited | Non-binding | $39m | $1.81/share | $3.00/share | 65.7% | Buyout proposal for an online pet pharmacy by a family office Offer: $3.00/share in cash The transaction is highly uncertain as it remains an unsolicited, reduced non-binding proposal under a hostile 13D filing. The target board has previously resisted engagement and declined prior higher offers. The spread primarily reflects severe credibility and completion risks. | Jul 23, 2026 - PetMed Express entered into a $37M sale-leaseback agreement for its headquarters properties with Redfearn Capital Acquisitions, LLC. Jun 29, 2026 - Revised proposal received | 0.6% | 65.75% | |||
| NEUP | Scancell Holdings | Binding | $20m | $3.77/share | $4.91/share | 30.2% | Merger of two clinical-stage biotechnology companies Offer: 37.77199 SCLP-equivalent shares + 1 CVR Both shareholder approvals are required; support covers 42.7% of Scancell shares but less than 1% of NEUP shares. Closing also requires at least $75m of financing and $10m of NEUP closing net cash; roughly $60m is covered by the signed private placement and completed UK raises, leaving additional binding financing as the key execution risk. The exchange ratio is subject to adjustment for the planned share consolidation, final ADS ratio and closing capitalization. There is no borrow on the buyer stock at this time. | Jul 27, 2026 - UK placing and retail offer completed, bringing UK equity proceeds to approximately $21m. Jul 23, 2026 - Deal announcement. | -11.7% | Late Q4'26 | 30.16% | ||
| BHF | Aquarian Capital | Binding | $3,081m | $53.58/share | $70.00/share | 30.6% | Buyout of a U.S. annuity and life insurer by a specialized insurance investor Offer: $70.00/share in cash Shareholder approval has been obtained. FINRA and CFIUS approvals have been received. State insurance regulatory approvals in Delaware, New York, and Massachusetts remain pending. The outside date automatically extends to December 6, 2026 if the merger does not close by September 6, 2026. | Aug 6, 2026 - Q2 2026 10-Q reports FINRA change-of-control approval (May 19) and CFIUS clearance (Jun 18); insurance approvals in DE, NY, MA remain pending; outside date automatically extends to Dec 6, 2026 if not closed by Sep 6. Feb 24, 2026 - HSR review has been terminated. Feb 12, 2026 - Shareholder approval granted. Jan 7, 2026 – Definitive proxy filed; special meeting set for Feb 12, 2026; state insurance and broker-dealer filings completed in Dec 2025. Dec 23, 2025 – Preliminary proxy filed; HSR filed Dec 19. Nov 6, 2025 - Deal announcement. | -3.32% | End 2026 | 30.65% | ||
| PLNH | Vireo Growth Inc. | Binding | $67m | $0.15/share | $0.19/share | 28.7% | Merger of two U.S. multi-state cannabis operators Offer: 0.015383618 VREOF shares Approval from a majority of disinterested Planet 13 shareholders is required and appears likely following the special committee’s unanimous recommendation. The key risk is obtaining cannabis regulatory approvals, which could extend timing. | Jul 27, 2026 - Deal announcement | -20.0% | 28.71% | |||
| FTHM | Neighborhood Intelligence | Binding | $23m | $0.68/share | $0.88/share | 29.9% | Acquisition of real estate services platform by Neighborhood Intelligence formerly Bed Bath & Beyond Offer: 0.2236 NXH shares, likely adjusted to ~0.211 NXH The transaction requires Fathom shareholder approval and customary regulatory approvals. Voting support in place for 20%+ of shares, but this is not enough to secure approval on its own. The wide spread likely reflects the expected exchange-ratio reduction and significant downside if the deal breaks. Closing is expected in H2 2026. | Jun 17, 2026 - Deal announcement | -19.1% | H2 2026 | 29.89% | ||
| ZIM | Hapag-Lloyd | Binding | $3,444m | $28.58/share | $35.00/share | 22.5% | Buyout of an Israeli container shipping company by a global carrier Offer: $35.00/share in cash The key risk lies in Israeli state approval tied to its “golden share” in ZIM, which allows the government to block the transaction on national security grounds. The proposed “new ZIM" spinco, which would be operated by an Israeli fund, would run a much smaller fleet and could leave Israel with significantly reduced domestic shipping capacity. The involvement of Qatari and Saudi sovereign wealth funds as significant shareholders in Hapag-Lloyd may further complicate approval. Closing is targeted for Q4 2026. | Aug 19, 2026 - ZIM reports Q2 results; Hapag-Lloyd merger targeted to close in Q4 2026, subject to regulatory approvals including Israeli golden share. Jul 5, 2026 - Israeli PM and Defense Minister reportedly opposed ZIM sale to Hapag-Lloyd, saying the government would use its golden share to block the transaction. Apr 30, 2026 - Shareholders approve merger; regulatory approvals still pending. Apr 22, 2026 - Special shareholder meeting set for Apr 30, 2026; retention bonus reduced to 12 months' salary (from 18) following ISS feedback. Apr 15, 2026 - ZIM CEO will leave after a six‑month transition period while the board searches for a successor. Feb 16, 2026 - Deal announcement. | -53.5% | Late 2026 | 22.46% | ||
| ATAI | Eli Lilly and Company | Binding | $2,741m | $7.39/share | $9.25/share | 25.2% | Acquisition of a clinical-stage psychedelic medicines developer by Eli Lilly Offer: $6.75/share in cash + $2.50/share in CVR Stockholder approval is required but appears likely, with approximately 15% of shares subject to voting agreements. U.S. HSR waiting period has expired, UK CMA has no further questions, and Australian ACCC has cleared the merger subject to a 14-day waiting period expiring September 10, 2026. The CVR entitles holders to up to $2.50/share across three milestones tied to VLS-01 Phase 3 initiation and U.S. approval / DEA rescheduling for BPL-003 and VLS-01. The CVR is currently valued at around $0.47. | Aug 31, 2026 - U.S. HSR waiting period expired; UK CMA indicated no further questions; Australian ACCC cleared merger subject to 14-day waiting period expiring September 10, 2026. Aug 10, 2026 - Definitive proxy filed; special shareholder meeting set for September 8.Jul 30, 2026 - Preliminary proxy filed. Jul 16, 2026 - Deal announcement CVR condition: up to $2.50 per share, split across three independent milestones: 1) Pays $1.00 in cash per CVR upon initiation of a Phase 3 clinical trial for VLS-01 before the fourth anniversary of closing. 2) Pays $0.50 in cash per CVR upon U.S. regulatory approval and DEA rescheduling of BPL-003 before the fifth anniversary of closing. 3) Pays $1.00 in cash per CVR upon U.S. regulatory approval and DEA rescheduling of VLS-01 before the seventh anniversary of closing. | -100.0% | Q3'26 | 25.17% | ||
| MGM | People Incorporated | Non-binding | $10,371m | $41.22/share | $48.30/share | 17.2% | Takeover proposal of a hospitality and gaming operator by People Incorporated Offer: $48.30/share in cash The proposal is non-binding and remains subject to board review, due diligence, and negotiation of definitive documentation. Execution risks include securing third-party funding commitments and obtaining extensive gaming regulatory approvals across multiple jurisdictions. Most importantly, offer looks too low, the risk of the board rejection is high. | Jun 1, 2026 - Deal announcement | -10.2% | 17.18% | |||
| HHS | Star Equity Holdings | Binding | $32m | $4.27/share | $4.92/share | 15.2% | Acquisition of a customer-experience outsourcing company by a diversified holding company Offer: $5.00 cash or 0.50 STRRP; 50% cash cap Shareholder approval and Form S-4 effectiveness are required. The key execution condition is a $15m draw under HHS’s existing TCB revolver, which requires lender consent and an amendment; current borrowing availability appears sufficient. Financing risk is therefore limited but remains a contractual closing condition. | Aug 14, 2026 - Deal announcement | -34.2% | End 2026 | 15.16% | ||
| NSC | Union Pacific | Binding | $73,999m | $329.46/share | $378.44/share | 14.9% | Acquisition of a major Class I railroad by the largest U.S. freight carrier Offer: $88.82/share in cash + 1 UNP share Shareholder approval has been received. The Surface Transportation Board will conduct a detailed review involving shipper and competitor feedback. The STB process is the determining factor for timing and the outcome of this merger. | Jan 16, 2026 – STB rejects application as incomplete; revised filing required. Jan 12, 2026 – CNI files motion for additional information. Dec 19, 2025 – STB application filed; CNI files objections. Dec 17, 2025 – Teamsters announce strong opposition. Dec 1, 2025 – BNSF petitions STB to enforce prior merger conditions. Nov 24, 2025 – IBB union announces support. Nov 14, 2025 – Shareholders approve merger; state AGs file objections. Nov 10, 2025 – NCFO reaches job-security agreement with UNP. Oct 23, 2025 – BNSF argues merger is anti-competitive. Oct 1, 2025 – Definitive proxy filed; special meeting set for Nov 14. Sept 22, 2025 – SMART-TD shifts to support after job-security deal. Sept 19, 2025 – President indicates support. Sept 10–12, 2025 – UNP CEO expresses confidence in approval; White House signals favorable view. Sept 2–3, 2025 – Knight-Swift and Katoen Natie announce support. Aug 26, 2025 – CPKC opposes merger; Rio Grande Pacific supports. Aug 19, 2025 – Commerce Secretary signals support for industry consolidation. Aug 3, 2025 – Shipper groups publicly oppose merger. July 30, 2025 – Notice of intent to merge filed with STB; full application expected by Jan 29, 2026. July 29, 2025 – Major rail union (SMART-TD) announces opposition. | -13.2% | Early 2027 | 14.87% | ||
| IRDM | Rocket Lab Corporation | Binding | $5,003m | $47.21/share | $54.00/share | 14.4% | Acquisition of a global satellite communications provider by a space systems company Offer: $27.00/share in cash + $27.00/share in stock Transaction closure requires Iridium shareholder approval at a special meeting on September 24, 2026, and pending regulatory clearances (FCC, other). The HSR waiting period has expired. The stock component uses a floating exchange ratio governed by a collar between a $67.50 floor and a $112.50 cap of RKLB stock to deliver exactly $27.00 in value. The long timeline into mid-2027 reflects regulatory complexity. | Aug 26, 2026 - Definitive proxy filed; special shareholder meeting set for Sep 24, 2026. Jun 29, 2026 - Deal announcement | -6.8% | Mid-2027 | 14.38% | ||
| LNTH | Curium US Holdings | Binding | $6,591m | $100.97/share | $114.50/share | 13.4% | Buyout of a radiopharmaceutical diagnostics company by Curium Offer: $102.50/share in cash + $12.00/share in CVR Shareholder approval appears likely following a broad strategic process. Regulatory review is a real condition given both companies’ radiopharmaceutical exposure, though the portfolios are presented as complementary. The headline spread also reflects the long H1 2027 timeline and uncertain CVR value. | Aug 26, 2026 - Preliminary proxy statement filed. Aug 3, 2026 - Deal announcement | 0.0% | H1'27 | 13.40% | ||
| UNF | Cintas Corporation | Binding | $4,976m | $275.17/share | $309.76/share | 12.6% | Acquisition of a uniform and workplace services provider by a larger peer Offer: $155.00/share in cash + 0.7720 CTAS shares Shareholder approval is effectively locked in, with entities affiliated with the Croatti family controlling roughly two-thirds of the voting power and agreeing to vote in favor of the deal. Closing is expected in the second half of 2026 and remains subject to regulatory approvals. The merger will likely face antitrust scrutiny given it combines two of the largest players in the North American uniform rental market. | May 11, 2026 - Definitive proxy filed; shareholder vote set for June 11, 2026. Apr 27, 2026 - Form S-4 registration statement filed; H2 2026 close expected. Mar 11, 2026 - Deal announcement | -27.3% | H2'26 | 12.57% | ||
| PRTH | CEO | Non-binding | $458m | $5.55/share | $6.00/share | 8.1% | CEO-led privatization of a payments platform Offer: $6.00–$6.15/share in cash There is a meaningful risk the special committee rejects the bid. Two activists have already pushed back, arguing the proposal substantially undervalues the company. | Full report on SSI | Mar 17, 2026 - Company disclosed the dismissal of its incumbent independent registered public accounting firm and the appointment of a new auditor. Nov 12, 2025 - Special committee was formed. Nov 10, 2025 - Deal announcement. | -12.3% | TBD | 8.11% | |
| IMXI | Western Union | Binding | $438m | $14.51/share | $16.00/share | 10.3% | Merger between major remittance service providers Offer: $16/share in cash The deal has cleared HSR and received shareholder approval. State money-transmitter and corridor-specific regulatory reviews are still pending. | Jun 24, 2026 - Western Union/Intermex received approvals from 51 U.S. states/territories and all international jurisdictions; one U.S. state approval remains pending. May 13, 2026 - NYC Mayor urges New York financial regulator to block merger, citing reduced competition and harm to low-income consumers. Mar 6, 2026 - Money transmission regulators in 48 U.S. states and territories approved or did not object to the merger with WU; approvals remain pending in four jurisdictions. The UK Financial Conduct Authority has approved the deal, leaving the Bank of Spain as the only remaining international regulator. Dec 9, 2025 - Stockholder Approval. Oct 2025 - Proxy Released. Oct 7, 2025 - HSR Antitrust Waiting Period Expires. Aug 10, 2025 - Deal Announcement. | -36.04% | H2'26 | 10.27% | ||
| WBD | Netflix | Binding | $70,927m | $28.25/share | $31.00/share | 9.7% | Takeover of a large-cap media asset by Paramount Skydance Offer: $31.00/share in cash (+ $0.25/quarter ticking fee if closing is delayed past Sept 30, 2026) Shareholder approval has been obtained. On July 24, 2026, the parties agreed not to close the merger until after a merits trial (scheduled March 2-19, 2027) or June 1, 2027, due to a state AG lawsuit. Regulatory approvals remain pending. | Aug 6, 2026 - In its quarterly report, WBD disclosed that on July 24, 2026, defendants agreed not to complete the PSKY merger until after a merits trial (scheduled Mar 2-19, 2027) or June 1, 2027, following a TRO in the state AG lawsuit. Apr 23, 2026 – Shareholders approve merger (99.1% of votes cast); regulatory approvals still pending. Apr 13, 2026 – UK CMA seeks public comment on merger; formal investigation possible in coming weeks. Apr 10, 2026 – PSKY syndicated its ~$47B PIPE commitment for the WBD acquisition to institutional investors including Saudi Arabia's PIF, Abu Dhabi's L'imad, and Qatar's QIA; syndicated shares are non-voting, leaving Ellison and RedBird in sole control. Mar 25, 2026 - Definitive proxy filed; special meeting set for Apr 23. Mar 18, 2026 – DOJ signals no fast-track review for PSKY/WBD; heightened antitrust scrutiny expected. Mar 17, 2026 – Reports emerge of significant CEO change-of-control payouts tied to the PSKY transaction. Mar 16, 2026 – WBD files preliminary proxy; HSR process completed (Second Requests issued, now expired). Closing guided by end of Q3 2026; EC approval still required. Mar 12, 2026 – WBD files merger notification with Competition Canada. Mar 9, 2026 – U.S. senators raise national security concerns over PSKY bid due to Middle East sovereign wealth backing. Feb 28, 2026 – California regulators indicate they will closely scrutinize the proposed deal. Feb 27, 2026 - WBD enters into a definitive agreement with PSKY. Feb 26, 2026 – WBD Board formally determines PSKY’s revised $31/share cash proposal constitutes a “Company Superior Proposal,” triggering Netflix’s four-business-day match period; Netflix deal remains in effect for now. Feb 25, 2026 - WBD Board determines Paramount’s revised $31/share all-cash offer could reasonably be expected to lead to a Superior Proposal under WBD’s merger agreement with Netflix, triggering a four-business-day match period. Feb 24, 2026 - Paramount confirms submission of a revised proposal to acquire WBD following a waiver under WBD’s Netflix merger agreement; WBD board evaluating whether the bid constitutes a superior proposal. Feb 20, 2026 - PSKY has been cleared with the US anti-trust regulators; regulatory engagement with other global regulators continues. Feb 17, 2026 - PSKY would agree to pay $31/share if the WBD board authorized discussions; PSKY noted that the offer is also not the best and final. Feb 17, 2026 - Netflix grants a 7-day waiver permitting WBD to engage with Paramount Skydance to amend deficiencies in the offer. Feb 17, 2026 - Special shareholder meeting for Netflix deal set for Mar 20, 2026. Feb 11, 2026 - Activist opposes the WBD/Netflix merger. Feb 10, 2026 - Paramount Skydance sweetens its bid for Warner Bros. Discovery by adding a quarterly ticking fee of up to $0.25/share for regulatory delays and reiterates full financing support. Feb 4, 2026 - The CEO of WBD delivered testimony at a Senate antitrust hearing. Feb 3, 2026 - The co-CEO of Netflix delivered testimony at a Senate antitrust hearing. Jan 22, 2026 - Paramount has extended the expiration date of its tender offer to Feb 20, 2026. Jan 20, 2026 - Netflix and WBD amend merger agreement to an all-cash $27.75/share bid; WBD files preliminary proxy statement to accelerate stockholder vote, which is expected in April 2026. Jan 16, 2026 - Trump disclosures include NFLX/WBD bond purchases; EU theaters warn regulators about deal impacts. Jan 15, 2026 - Delaware judge declines to fast-track Paramount suit; Paramount engages European officials. Jan 14, 2026 - Major WBD holder questions Paramount offer; expects higher bids from both parties. Jan 13, 2026 - Netflix is reportedly working on a revised all-cash bid for studios and streaming. Jan 12, 2026 - Paramount plans to nominate directors and files lawsuit for disclosures. Jan 8, 2026 - Paramount reaffirms $30 all-cash offer; executives indicate WBD may reopen talks at a higher price. Jan 7, 2026 - WBD Board rejects Paramount’s amended offer; Netflix submits HSR filing and begins engaging with DOJ and European Commission. Dec 22, 2025 - Netflix secures up to $25 billion in committed bank financing for the deal. Dec 5 18, 2025 - Multiple unions, trade groups, and lawmakers publicly oppose the transaction; Paramount Skydance launches a competing $30/share hostile tender offer and later amends it; Comcast and other bidders fall away. Dec 5, 2025 - Deal announcement. | -57.5% | TBD | 9.73% | ||
| RSVR | Richmond Hill & Wesbild | Non-binding | $642m | $9.74/share | $10.50/share | 7.8% | Insider-led buyout proposal for a music rights company Offer: $10.50/share in cash The insider group (owns ~65%) has submitted a proposal to acquire the remaining shares of RSVR. Days before the family bid, activist Irenic (owns ~9%) indicated interest around $10–$11/share. A special committee is reviewing the proposals. The chances of a competing offer appear slim. The controlling group has stated it is unwilling to sell its stake to a third party; the proposed valuation is within the peer buyout range; and Irenic already sits on a substantial gain and is not known for pursuing take-privates. The insider offer is therefore the most likely outcome. | Mar 3, 2026 – Wesbild (owns ~44%) and Richmond Hill (21%) submit a non-binding proposal to acquire RSVR for $10.50/share in cash. Feb 26, 2026 – Bloomberg reports activist Irenic (owns ~9%) submitted an unsolicited bid around $10–$11/share. Feb 4, 2026 – RSVR reports Q3 FY26 results and raises full-year revenue and EBITDA guidance. Feb 3, 2026 – Irenic files an amended 13D disclosing a 9.2% stake and signals it may explore strategic alternatives, including a potential take-private. | -23.0% | TBD | 7.80% | ||
| ORBN | Gesa Credit Union | Binding | $70m | $40.18/share | $43.00/share | 7.0% | Sale of an Oregon community bank to a credit union Offer: $43.00-$45.00/share in cash Shareholder and regulatory approvals are required. The bank-to-credit-union structure and H1 2027 timeline make regulatory review the key risk. Final proceeds are subject to the dissolution and distribution expenses. ORBN stock is highly illiquid. | Jul 21, 2026 - Deal announcement | -32.8% | H1'27 | 7.02% | ||
| TXNM | Blackstone | Binding | $6,387m | $58.00/share | $61.25/share | 5.6% | Buyout of a regulated electric utility by a large PE Offer: $61.25/share in cash Shareholder approval has been obtained. The only meaningful hurdle is the broad set of state and federal regulatory approvals, driving a long timeline toward the expected first half of 2027 close. | Jul 31, 2026 - TXNM and Blackstone extended merger termination date to May 31, 2027; closing now expected in first half of 2027. Jul 31, 2026 - TXNM and Blackstone extended merger termination date to May 31, 2027; closing now expected in first half of 2027 (previously H2 2026). Jul 6, 2026 - TXNM disclosed NMPRC show-cause motion alleging the PIPE transaction violated New Mexico utility law due to lack of prior approval, adding a state regulatory complication to the Blackstone merger review. Dec 15, 2025 – PUCT settlement reached; H2 2026 close reiterated. Aug 28, 2025 – Shareholders approve merger. July 21, 2025 – Definitive proxy filed; special meeting set for Aug 28, 2025. July 11, 2025 – Preliminary proxy filed; H2 2026 close guided. May 19, 2025 – Deal announcement; extensive regulatory approvals required. | -8.8% | H2'26 | 5.60% | ||
| CZNL | Peoples Bancorp Inc. | Binding | $75m | $87.00/share | $91.98/share | 5.7% | Acquisition of an Eastern Kentucky-focused bank by a regional peer. Offer: $8.00/share in cash + 2.10 PEBO Shareholder approval and standard banking regulatory consents are required. Both are highly likely to be obtained. The premium is significant and offers insiders an attractive opportunity to exit a highly illiquid CZNL stock. Regulatory risk is a non-factor given the size of the merger. | Apr 21, 2026 - Deal announcement | -39.1% | H2 2026 | 5.72% | ||
| TECK | Anglo American | Binding | $33,917m | $69.10/share | $70.96/share | 2.7% | Merger of equals in the global critical-minerals sector Offer: 1.3301 AAUKF, ex $4.19/share special dividend Antitrust approvals have been secured in Canada, Australia and the EU. The merger is expected to close between September 2026 and March 2027, subject to final regulatory approval. | Sep 1, 2026 - Teck and Anglo American agree to an 11-trading-day closing period after conditions satisfied and extend Anglo Special Dividend payment to 45 days post-closing. Dec 15, 2025 – Investment Canada Act approval received; competition approvals secured in Canada and Australia. Dec 12, 2025 – Final court order granted. Dec 9, 2025 – Shareholders approve merger. Nov 28, 2025 – National security review cleared. Nov 26, 2025 – ISS and Glass Lewis recommend voting in favor. Oct 24, 2025 – Merger notification filed with Competition Canada. Sep 9, 2025 – Deal announcement. | -0.49 | H2'26 | 2.69% | ||
| GSAT | Amazon | Binding | $10,668m | $82.34/share | $85.79/share | 4.2% | Takeover of a satellite communications provider by Amazon Offer: $90/share in cash or 0.3210 AMZN shares (mixed, subject to proration) Shareholder approval is already secured, with Thermo and affiliated entities holding ~57.6% approving the deal by written consent. The HSR waiting period has expired; FCC spectrum transfer and international telecom approvals remain pending. The deal is largely vertical with no direct horizontal overlap, and FCC Chair Carr has publicly signaled openness, framing it as pro-competitive against Starlink. The most underappreciated risk is timeline slippage from international telecom approvals across dozens of Globalstar license jurisdictions. The merger is expected to close in 2027. | Jul 17, 2026 - HSR waiting period expired; regulatory approvals from FCC and international authorities remain pending. Apr 14, 2026 Deal announcement | -11.3% | 2027 | 4.19% | ||
| SLAB | Texas Instruments | Binding | $7,360m | $220.58/share | $231.00/share | 4.7% | Merger between two large semiconductor companies Offer: $231.00/share in cash The spread primarily reflects the long regulatory timeline driven by multiple foreign investment and antitrust reviews. Clearance from China’s SAMR is expected to be particularly challenging given both companies’ substantial China exposure and the broader regulatory stance toward semiconductor M&A. | May 22, 2026 - HSR waiting period expired; other regulatory approvals still pending. Apr 30, 2026 - Shareholders approve merger; regulatory approvals still pending. Mar 27, 2026 - Definitive proxy filed; special shareholder meeting set for Apr 30, 2026. Mar 13, 2026 - Preliminary proxy filed; companies expect to submit HSR filings by Mar 20, 2026, starting the 30-day DOJ/FTC waiting period, with additional approvals required in China and other foreign jurisdictions. Feb 4, 2026 - Deal announcement. | -37.9% | H1'27 | 4.72% | ||
| CZR | Fertitta Entertainment | Binding | $6,048m | $29.68/share | $31.00/share | 4.4% | Buyout of Caesars Entertainment by Fertitta Entertainment Offer: $31.00/share in cash The transaction is subject to Caesars shareholder approval and extensive multi-jurisdictional state gaming regulatory reviews. The merger agreement includes a go-shop period running through July 11, 2026. The spread primarily reflects the extended regulatory timeline. | Aug 12, 2026 - Preliminary proxy filed. May 28, 2026 - Deal announcement | -22.5% | 2027 | 4.45% | ||
| NATH | Smithfield Foods | Binding | $404m | $98.67/share | $102.00/share | 3.4% | Acquisition of a branded packaged-food company by its main licensing partner Offer: $102.00/share in cash Management and insiders control roughly 30% of the vote and are already in support, making shareholder approval highly likely. Both HSR and CFIUS approvals are also required. | Full report on SSI | Mar 6, 2026 - Preliminary proxy filed. Jan 21, 2026 - Deal announcement. | -6.0% | H1'26 | 3.37% | |
| PERF | Louis Tsai | Non-binding | $197m | $1.93/share | $2.00/share | 3.6% | Privatisation led by the controlling group Offer: $2.00/share in cash The Board and Special Committee recommend the definitive merger agreement with the CEO and CyberLink. The insider group controls ~81.2% of voting power and has agreed to vote in favor, making shareholder approval highly likely. Closing is expected in H2 2026. | Full report on SSI | Aug 26, 2026 - Extraordinary general meeting to be held on October 19. Jul 10, 2026 - Definitive merger agreement signed at $2.00/share; Special Committee and Board recommend; shareholder vote required to close. Apr 20, 2026 - Special Committee selects financial and legal advisors; board evaluation of go-private proposal ongoing. Mar 18, 2026 - Deal announcement. | -9.3% | TBD | 3.63% | |
| LPSN | SoundHound AI | Binding | $38m | $3.10/share | $3.21/share | 3.4% | Acquisition of a conversational-AI software company by SoundHound AI Offer: 0.4673 SOUN + $3.31 cash Shareholder approval has been obtained. The merger is expected to close on Sep 4, 2026. | Full report on SSI | Sep 2, 2026 - LivePerson stockholders vote to approve the merger with SoundHound AI; closing expected Sep 4, 2026. Aug 20, 2026 - Special meeting adjourned to Sep 2, 2026 due to insufficient votes for merger approval; over 97% of votes cast in favor but majority of outstanding shares not yet reached. Aug 12, 2026 - ISS recommends stockholders vote FOR the transaction, joining Glass Lewis; special meeting set for Aug 20, 2026. Apr 21, 2026 - Deal announcement. | 6.5% | Q3'26 | 3.43% | |
| PBCO | Northrim BanCorp | Binding | $150m | $29.19/share | $30.68/share | 5.1% | Merger of Alaska and Oregon community banks Offer: 1.160 NRIM shares Approval from both shareholder bases and banking regulators is required. Limited geographic overlap should keep regulatory risk manageable. The shareholder approval is highly likely at the proposed valuation. PBCO stock is practically illiquid. | Jul 22, 2026 - Deal announcement | -16.1% | Q1'27 | 5.11% | ||
| ACA | CRH plc | Binding | $7,143m | $145.45/share | $150.00/share | 3.1% | Acquisition of an infrastructure products provider by a building materials group Offer: $150.00/share in cash The transaction is subject to Arcosa shareholder approval and regulatory clearances. The primary challenge is the antitrust review due to the combined entity's regional aggregates market footprint. The transaction is expected to close in the first quarter of 2027. | Aug 3, 2026 - Definitive proxy filed; special shareholder meeting set for September 4, 2026. Jul 24, 2026 - Preliminary proxy filed. Jun 22, 2026 - Deal announcement | -17.5% | Q1 2027 | 3.13% | ||
| PAYO | Nuvei | Binding | $2,430m | $7.17/share | $7.40/share | 3.2% | Acquisition of a cross-border payments platform by a fintech company Offer: $7.40/share in cash Shareholder approval is required but appears likely given the premium. The deal is backed by committed bank financing. The primary risk relates to the lengthy global regulatory review across multiple jurisdictions, with the spread reflecting timing through mid-2027. | Jul 31, 2026 - Preliminary proxy statement filed; HSR Act waiting period terminated early on July 28, 2026. Jun 15, 2026 - Deal announcement | -28.2% | Mid-2027 | 3.21% | ||
| D | NextEra Energy | Binding | $57,908m | $65.84/share | $68.31/share | 3.7% | Merger of two major U.S. electric utility operators Offer: 0.8138 NEE shares + cash Shareholder approval has been obtained. Extensive multi-jurisdictional regulatory approvals remain required. The primary risk lies in securing clearances from multiple state utility commissions and federal agencies given the immense scale of the transaction. The spread reflects this complex regulatory review. | Sep 3, 2026 - Shareholders approved the merger. Aug 3, 2026 - CEO provided regulatory timeline updates: Virginia SCC evidentiary hearings set for Nov 17, 2026; South Carolina hearing set for Dec 8, 2026 with final order by Jan 29, 2027; South Carolina regulatory staff do not object to schedule. Jul 28, 2026 - Definitive proxy filed; special shareholder meeting scheduled for September 3, 2026. May 18, 2026 - Deal announcement | -5.8% | 2027 | 3.74% | ||
| TYFG | HBT Financial | Binding | $189m | $81.00/share | $83.27/share | 2.8% | Merger of two Illinois community banks Offer: $71.01/share in cash or 2.4589 HBT shares, subject to election/proration Shareholder and banking regulatory approvals remain, with approximately 28% of shares committed in support. Regulatory risk appears manageable. The stock is highly illiquid. | Aug 10, 2026 - Deal announcement | -14.8% | Q1'27 | 2.80% | ||
| ARX | Thoma Bravo | Binding | $4,318m | $19.88/share | $20.25/share | 1.9% | Buyout of a specialty insurance platform by Thoma Bravo Offer: $20.25/share in cash Shareholder approval appears effectively secured, with Altamont affiliates holding approximately 82% of voting rights under a support agreement. Financing is committed and is not a closing condition. The key risk is regulatory, particularly the required insurance approvals, which also drive the ticking-payment mechanics. | Aug 13, 2026 - Deal announcement | -31.5% | H1'27 | 1.86% | ||
| RNW | Canada Pension Plan Investment Board and Sumant Sinha | Binding | $2,770m | $6.87/share | $7.02/share | 2.2% | Founder-backed privatization of an Indian renewable-energy platform Offer: $7.02/share in cash Shareholder approval is materially de-risked by irrevocable support covering approximately 51.1% of Scheme Shares. Indian antitrust, Belgium and France foreign-investment approvals, lender consent and UK court sanction remain outstanding. There is no acquisition financing condition, and the spread primarily reflects the Q1 2027 timeline. | Aug 11, 2026 - Deal announcement. | -9.0% | Q1'27 | 2.18% | ||
| FSRL | Colony Bankcorp, Inc. | Binding | $156m | $19.75/share | $20.31/share | 2.8% | Merger of two Southeast regional banks Offer: 0.752 CBAN shares + $3.95 in cash The transaction requires approval from First Reliance shareholders alongside banking regulatory consents. The combined modest asset size limits structural antitrust hurdles, with closing targeted for Q4 2026. | Jun 24, 2026 - Deal announcement | -100.0% | Q4 2026 | 2.82% | ||
| BRBS | HomeTrust Bancshares. | Binding | $355m | $3.96/share | $4.06/share | 2.6% | Merger of two Southeast regional banks Offer: 0.086 HTB shares Shareholder approval is required from both companies, together with Federal Reserve, OCC and state banking approvals. The parties state they are not aware of any reason the required approvals will not be obtained. The spread primarily reflects the regulatory timeline into early Q1 2027. | Aug 17, 2026 - Deal announcement | -5.3% | Early Q1 2027 | 2.61% | ||
| NATL | The Brink's Company | Binding | $3,406m | $46.09/share | $47.14/share | 2.3% | Acquisition of an ATM services provider by a global cash logistics company Offer: $30.00/share in cash + 0.1574 BCO shares Shareholders of both Brink’s and NCR Atleos have approved the transaction, and HSR clearance has already been obtained. Remaining conditions include various foreign antitrust and money transmitter license approvals. The two businesses are largely complementary, so horizontal antitrust risk appears limited; the main uncertainty is regulatory timing across multiple jurisdictions. Closing is expected by Q1 2027. | Aug 5, 2026 - NCR Atleos reports Q2 results; CEO states merger timeline accelerated to close early in Q1 2027. Jun 30, 2026 - Brink’s and NCR Atleos shareholders approved the merger; HSR cleared, with remaining regulatory approvals pending and closing expected by Q1 2027. May 27, 2026 - Definitive proxy filed; Brink's and NCR Atleos shareholder votes set for June 30, 2026. May 12, 2026 - HSR clearance received; money transmitter licenses and international regulatory approvals still pending. Apr 29, 2026 - Form S-4 registration statement filed; Q1 2027 close expected. Feb 26, 2026 - Deal announcement. | -9.2% | Q1'27 | 2.27% | ||
| MKTX | Intercontinental Exchange, Inc. | Binding | $5,750m | $163.38/share | $167.00/share | 2.2% | Acquisition of an institutional fixed-income trading platform by ICE Offer: $167.00/share in cash Shareholder approval appears likely at the offered premium. The key risk lies in antitrust and financial regulatory review, as ICE already operates fixed-income trading and data businesses and is not required to accept structural or behavioral remedies. | Jul 30, 2026 - Deal announcement | -97.0% | H1'27 | 2.22% | ||
| VAL | Transocean | Binding | $6,023m | $86.74/share | $89.12/share | 2.7% | Merger of two major global offshore drilling contractors Offer: 15.235 RIG shares Shareholder approval from both companies and HSR clearance remain outstanding. Given support agreements covering roughly 9% of Transocean and 18% of Valaris shares, shareholder approval appears likely. The regulatory path looks murkier given the scale of the combined offshore drilling fleet and broad global operations. The parties have already received a Second Request from the FTC, suggesting a more detailed antitrust review process ahead. | Jun 29, 2026 - Valaris/Transocean received CFIUS approval; DOJ Second Request remains ongoing, with parties agreeing not to certify substantial compliance before Jul 31. May 4, 2026 - DOJ issues Second Request, extending HSR review. Feb 9, 2026 - Deal announcement. | -28.5% | H2'26 | 2.75% | ||
| PSBQ | Bank First Corporation | Binding | $214m | $53.27/share | $54.21/share | 1.8% | Acquisition of a Wisconsin community bank by a regional peer Offer: 0.3470 BFC shares Shareholder approval and regulatory clearances are required. The 80%+ premium bid should more than guarantee shareholder approval. Regulatory approval should be easily obtained given the target’s size; all regulatory applications have been filed and approvals are expected in Q3 with closing potentially in early Q4. However, PSBQ’s liquidity is very limited, making it hard to establish a trade here. | Jul 27, 2026 - PSB reported that all regulatory applications for the Bank First merger have been filed and expects regulatory and shareholder approvals in Q3, with closing potentially in early Q4. May 19, 2026 - Deal announcement | -48.2% | Q4'26 | 1.77% | ||
| CCO | Mubadala Capital and TWG Global | Binding | $1,212m | $2.38/share | $2.43/share | 2.1% | Buyout of an out-of-home advertising company by a sovereign wealth fund Offer: $2.43/share in cash The only remaining condition is CFIUS approval, which is likely to be cleared. The merger should close smoothly in Q3'26. | May 15, 2026 - ABL credit agreement amended to facilitate merger closing; revolving commitments increased to $250M; amendment effective upon merger consummation. May 12, 2026 - Shareholders approve merger. Apr 13, 2026 - Definitive proxy filed; special shareholder meeting set for May 12; FTC clearance obtained. Apr 2, 2026 - Preliminary proxy filed. Mar 26, 2026 - Go-shop expired without any competing bids emerging. Feb 9, 2026 - Deal announcement. | -39.9% | Q3'26 | 2.10% | ||
| ROKU | Fox Corporation | Binding | $23,107m | $155.59/share | $159.41/share | 2.5% | Acquisition of a streaming platform by a media corporation Offer: $96.00/share in cash + 0.9693 FOXA shares Roku shareholder approval is effectively secured via a voting agreement with entities controlling a majority of the voting power. Regulatory approvals are required across multiple jurisdictions but look manageable given the vertical nature of the deal. The spread primarily reflects the extended timing into the first half of 2027. | Sep 1, 2026 - Definitive proxy filed; special shareholder meeting set for October 14, 2026. Jun 15, 2026 - Deal announcement | -22.9% | 1H 2027 | 2.46% | ||
| VREX | Teledyne Technologies | Binding | $780m | $18.51/share | $18.90/share | 2.1% | Acquisition of an X-ray imaging components manufacturer by Teledyne Offer: $18.90/share in cash Varex shareholder approval and regulatory clearances remain. Regulatory risk appears limited given the minimal product overlap. The spread primarily reflects the early-2027 closing timeline. | Aug 10, 2026 - Deal announcement | -33.2% | Early 2027 | 2.11% | ||
| DV | Nielsen Holdings | Binding | $2,071m | $13.36/share | $13.60/share | 1.8% | Acquisition of a digital media verification platform by a media measurement leader Offer: $13.60/share in cash Shareholder approval is required but appears likely, with Providence (11.8%) already committed to vote in favor. Regulatory approvals remain but appear manageable given the largely complementary product set. The spread primarily reflects the closing timeline into Q1 2027. | Aug 19, 2026 - HSR filing submitted for the merger; proxy statement targeted for submission to SEC by September 10. Aug 6, 2026 - Deal announcement | -12.3% | Q1'27 | 1.80% | ||
| NSTS | Brookfield Bancshares | Binding | $74m | $14.05/share | $14.28/share | 1.6% | Merger of two Illinois-based community banks Offer: $14.28/share in cash The transaction is subject to shareholder and banking regulatory approvals. Shareholder approval appears likely, with directors and executives already agreeing to vote in favor of the deal. Given the small size of the combined entity and limited market overlap, regulatory approval also appears manageable. Closing is expected in Q4 2026. | Aug 19, 2026 - Preliminary proxy statement filed; OCC approved Parent's application on August 10, 2026; FRB and Bank OCC applications remain pending. Jun 4, 2026 - Mortgage division divested as one of the required pre-closing conditions. May 12, 2026 - Deal announcement | -10.0% | Q4 2026 | 1.64% | ||
| SAFT | MAPFRE U.S.A. | Binding | $1,514m | $103.15/share | $105.00/share | 1.8% | Acquisition of a New England property and casualty insurer by a global insurer Offer: $105.00/share in cash Shareholder approval is required but appears likely given the 44% premium. The main hurdle is Massachusetts insurance approval, as the combination will create the second-largest private passenger auto writer and largest homeowners and commercial auto insurer in New England. HSR clearance is also required, and the spread primarily reflects regulatory timing and concentration risk. | Sep 3, 2026 - Preliminary proxy statement filed; HSR filed Aug 13; Massachusetts Form A filed Aug 25. Jul 23, 2026 - Deal announcement | -29.3% | Q1'27 | 1.79% | ||
| CHMI | TPG Mortgage Investment Trust | Binding | $109m | $2.96/share | $3.01/share | 1.8% | Merger of two residential mortgage REITs Offer: 0.3063 MITT shares + $0.93/share in cash Both companies require stockholder approval, along with regulatory clearances and customary closing conditions. Regulatory risk appears limited. | Aug 10, 2026 - Deal announcement | -18.9% | Q4'26 | 1.79% | ||
| SYNA | onsemi | Binding | $3,871m | $98.99/share | $100.41/share | 1.4% | Acquisition of an edge AI processing developer by onsemi Offer: 1.350 ON The transaction is subject to Synaptics shareholder approval and customary antitrust clearances. The extended timeline into mid-2027 represents the primary risk for arbitrageurs. | Aug 12, 2026 - FTC granted early termination of HSR waiting period for onsemi's acquisition of Synaptics; closing remains subject to stockholder approval and other regulatory clearances. Jun 25, 2026 - Deal announcement | 26.9% | mid-2027 | 1.44% | ||
| KVUE | Kimberly-Clark | Binding | $35,995m | $18.74/share | $18.85/share | 0.6% | Combination of two global consumer-health companies Offer: $3.50 in cash + 0.14625 KMB shares Shareholder approval on both sides has been granted. The principal hurdle is securing regulatory clearance across the U.S. and EU. | Jan 29, 2026 - Shareholder approvals granted. January 16, 2026 – ISS recommends voting in favor of the merger. Dec 16, 2025 – Definitive proxy filed; HSR not filed yet; EU approvals also pending. Dec 12, 2025 – Updated Form S-4 filed; special meeting set for Jan 29, 2026. Dec 4, 2025 – Form S-4 filed. Nov 3, 2025 – Deal Announcement. | -23.3% | H2'26 | 0.59% | ||
| AXTA | Akzo Nobel | Binding | $7,658m | $35.78/share | $36.56/share | 2.2% | Merger of two global coatings companies Offer: 0.6539 AKZOF, ex c. €12.6/share in special dividend The merger would create the world’s second-largest coatings company, making regulatory approvals across multiple jurisdictions potentially challenging. Several AXTA shareholders have already signaled they may vote against the deal. Akzo is already giving up 45% of the combined company, making it unlikely they would raise the offer and cede additional control. That dynamic creates meaningful deal risk if the activist push gains broader shareholder and proxy-advisory support. | May 27, 2026 - AkzoNobel rejects unsolicited €73.00/share bid from Nippon Paint/Sherwin-Williams joint proposal, citing inadequate price and insufficient deal certainty; boards reaffirm Axalta merger recommendation. Apr 16, 2026 - UK CMA opens public comment period on merger; comments due May 1, 2026. Feb 6, 2026 - Artisan Partners increases its stake to 11.5%. Feb 3, 2026 - Artisan Partners crosses a 5% holding threshold. Nov 21, 2025 - Shapiro Capital urges restructuring and signals intent to vote against the current deal terms. Nov 19, 2025 - Artisan Partners publicly opposes merger terms. Nov 18, 2025 - Deal announcement. | -21.4% | Early 2027 | 2.18% | ||
| OGN | Sun Pharmaceutical Industries | Binding | $3,619m | $13.78/share | $14.00/share | 1.6% | Acquisition of a global women's health and biosimilars specialist. Offer: $14.00/share in cash The shareholder approval has been obtained. The spread primarily reflects the extended timeline for multi-jurisdictional antitrust reviews. | Jul 23, 2026 - Shareholders voted to adopt the merger agreement with Sun Pharma. June 17, 2026 - Definitive proxy filed; special shareholder meeting set for July 23. June 1, 2026 - Preliminary proxy filed. Apr 26, 2026 - Deal announcement | -18.3% | Early 2027 | 1.60% | ||
| HZO | Safe Harbor Marinas | Binding | $1,152m | $52.16/share | $53.00/share | 1.6% | Buyout of a marine retailer and marina operator by Safe Harbor Offer: $53.00/share in cash Shareholder approval and regulatory clearances remain. Financing risk is minimal, with no financing condition. Regulatory review of the combined marina footprint is the key remaining hurdle. | Aug 10, 2026 - Deal announcement | -48.2% | End 2026 | 1.61% | ||
| AES | GIP and EQT led consortium | BInding | $10,552m | $14.79/share | $15.00/share | 1.4% | Buyout of a global energy platform by a PE consortium Offer: $15.00/share in cash Shareholder approval has been obtained. The HSR waiting period has expired. CFIUS approval has been obtained. Regulatory approvals from FERC and key state utility commissions remain pending. Given AES’s regulated utility footprint and international operations, regulatory review is the primary risk. Closing is guided for late 2026 or early 2027. | Aug 27, 2026 - CFIUS approval received; merger closing remains subject to other regulatory approvals and customary conditions. Jun 22, 2026 - HSR waiting period expired with respect to the merger. Jun 26, 2026 - AES shareholders approved the acquisition; federal, state and foreign regulatory approvals remain pending. May 15, 2026 - Definitive proxy filed; special shareholder meeting set for June 26. May 4, 2026 - Preliminary proxy filed. Mar 2, 2026 - Deal announcement. | -5.3% | Late 2026 or early 2027 | 1.42% | ||
| ATKR | Prysmian S.p.A. | Binding | $3,167m | $93.76/share | $95.00/share | 1.3% | Acquisition of an electrical infrastructure products manufacturer by Prysmian Offer: $95.00/share in cash Shareholder approval should not pose an issue given the 57% premium to the pre-strategic-review price. Regulatory risk appears limited. The closing is expected by the end of 2026. | Aug 28, 2026 - Preliminary proxy filed. Aug 3, 2026 - Deal announcement | -94.8% | End 2026 | 1.32% | ||
| FNWD | First Financial Bancorp. | Binding | $190m | $43.90/share | $44.52/share | 1.4% | Merger of two Midwestern community banks Offer: 1.35 FFBC shares Finward shareholder approval and banking regulatory approvals are required. Regulatory risk unlikely to be an issue. The shareholder approval looks likely given the offered premium. The merger is expected to close in Q4'26 | Jul 21, 2026 - Deal announcement | -16.9% | Q4'26 | 1.42% | ||
| NWE | Black Hills | Binding | $4,354m | $70.78/share | $71.75/share | 1.4% | Merger of two regulated electric and gas utilities Offer: 0.98 BKH shares Shareholder approval has been obtained. The federal regulatory approvals are pending, but the key issue is the long timeline driven by numerous state utility commission reviews, which explains most of the remaining spread. | Jul 30, 2026 - Q2 2026 10-Q filed; merger with Black Hills awaits MPSC final order after May 2026 hearing; FERC, NPSC, and SDPUC approvals received; closing expected by year-end 2026. Apr 2, 2026 - Shareholder approval has been granted. Feb 6, 2026 - Definitive proxy filed; submitted all joint applications to regulators in Montana, Nebraska, and South Dakota. Jan 30, 2026 - Special shareholder meeting set for April 2. Jan 22, 2026 - Montana Public Service Commission's public hearing schedule for May 2026. Dec 9, 2025 - IR deck for the merger filed commissions; FERC filing expected Q4 2025; H2 2026 close guided. Oct 30, 2025 – State merger applications filed with Montana, Nebraska, and South Dakota Aug 19, 2025 – Deal announcement. | -22.4% | Q4'26 | 1.36% | ||
| ITGR | KKR & Co | Binding | $4,300m | $126.50/share | $127.00/share | 0.4% | Buyout of a medical-device contract manufacturer by KKR Offer: $127.00/share in cash Shareholder approval is required but appears likely following a comprehensive strategic review and a 51.8% premium to the pre-review price. Regulatory risk appears limited for a financial buyer, and there is no financing contingency. The spread primarily reflects timing to the expected year-end close. | Sep 3, 2026 - Preliminary proxy filed; HSR waiting period expires Sep 30, 2026. Aug 3, 2026 - Deal announcement | -28.9% | End 2026 | 0.40% | ||
| SMTI | MiMedx Group | Binding | $319m | $34.73/share | $35.16/share | 1.2% | Acquisition of a surgical regenerative-medicine company by MIMEDX Offer: 0.4735 MDXG shares + $33.00/share in cash Shareholder approval appears likely, with holders representing approximately 38.9% of voting power committed in support. Regulatory approvals are likely to pass.The closing is expected by the end of 2026. | Jul 29, 2026 - Deal announcement | -13.6% | End 2026 | 1.25% | ||
| BOW | American Family Mutual Insurance Company | Binding | $1,109m | $33.65/share | $34.00/share | 1.0% | Acquisition of a specialty insurer by its strategic insurance partner Offer: $34.00/share in cash Shareholder approval is the key hurdle given the modest 11% premium. American Family is already a minority stockholder and longstanding strategic partner, limiting overbid potential. Regulatory approvals should be manageable, and there is no financing contingency. | Aug 28, 2026 - Preliminary proxy filed. Aug 3, 2026 - Deal announcement | -9.4% | Prior to end 2026 | 1.04% | ||
| LXFR | Wynnchurch Capital, L.P. | Binding | $498m | $17.21/share | $17.37/share | 0.9% | Buyout of a specialty materials manufacturer by a PE Offer: $17.37/share in cash Shareholder approval under the English scheme and Court sanction are required. The offer comes at a minimal premium to pre-announcement levels; shareholder approval could become a hurdle. HSR and foreign investment reviews appear procedural. | Aug 26, 2026 - Preliminary proxy filed. Jul 27, 2026 - Deal announcement | -1.2% | End 2026 | 0.93% | ||
| WEAV | Francisco Partners Management | Binding | $587m | $7.33/share | $7.40/share | 1.0% | Buyout of a healthcare patient-engagement software provider by Francisco Partners Offer: $7.40/share in cash Shareholder approval is required but appears likely given unanimous board support and the substantial premium. Regulatory approvals remain but appear largely procedural. | Aug 18, 2026 - Deal announcement | -23.6% | Q4'26 | 0.95% | ||
| BWMN | Bernhard Capital Partners | Binding | $735m | $42.43/share | $43.00/share | 1.3% | Buyout of an engineering services firm by infrastructure-focused PE Offer: $43.00/share in cash Shareholder approval and HSR clearance remain, with approximately 15.3% of voting power committed in support. Financing is committed and regulatory risk appears limited. | Aug 10, 2026 - Deal announcement | -36.4% | Q4'26 or Q1'27 | 1.34% | ||
| BZH | Dream Finders Homes, Inc. | Non-binding | $887m | $33.26/share | $33.50/share | 0.7% | Unsolicited acquisition proposal for a national homebuilder by Dream Finders Homes Offer: $33.50/share in cash Dream Finders Homes has entered into a definitive merger agreement to acquire Beazer for $33.50 per share in cash, representing a 78.5% premium. The Beazer board unanimously recommends the merger. | Sep 3, 2026 - Preliminary proxy filed. Jun 30, 2026 - Dream Finders raised Beazer proposal to $32.00/share cash, up from $29.25/share and ~70% premium to unaffected; proposal remains non-binding and diligence-/definitive-agreement conditional, with Beazer resisting diligence access via 12-month standstill demand. May 11, 2026 - Target rejects proposal; May 11, 2026 - Deal announcement; | -44.8% | TBD | 0.72% | ||
| LXP | Brookfield Asset Management | Binding | $3,583m | $60.78/share | $61.20/share | 0.7% | Acquisition of a U.S. industrial REIT by Brookfield and CPP Investments Offer: $61.20/share in cash Shareholder approval appears likely, and the transaction has no financing condition. Regulatory risk appears limited. The merged expected to close in Q4'26. | Jul 20, 2026 - Deal announcement | -4.6% | Q4'26 | 0.69% | ||
| DSGR | LKCM Headwater Investments | Non-binding | $1,603m | $34.66/share | $35.00/share | 1.0% | CEO-led privatization of an industrial distribution company Offer: $35/share in cash LKCM Headwater, which owns ~79% of the company, submitted a preliminary non-binding proposal to acquire the remaining shares. The transaction requires approval from a special committee and a majority-of-the-minority vote. The offer comes soon after a soft Q4 earnings release, making the timing appear somewhat opportunistic. There is a risk of special committee or disinterested shareholder rejection if a definitive agreement is reached. | Full report on SSI | March 16, 2026 - Deal announcement | -44.3% | TBD | 0.98% | |
| TECH | Merck KGaA, Darmstadt, Germany | Binding | $11,358m | $72.43/share | $73.00/share | 0.8% | Acquisition of a life sciences tools provider by Merck KGaA Offer: $73.00/share in cash Bio-Techne shareholder approval is required; German regulatory clearance has been obtained. The transaction lacks financing contingencies and is expected to close smoothly by late 2026 or early 2027. | Aug 17, 2026 - German Federal Cartel Office granted unconditional approval for the $73.00/share merger with Merck KGaA. Aug 20, 2026 - Definitive proxy filed; special shareholder meeting set for September 23, 2026 to vote on the $73.00/share merger with Merck KGaA. Aug 10, 2026 - Preliminary proxy filed. Jun 25, 2026 - Deal announcement | -100.0% | Early 2027 | 0.79% | ||
| QRVO | Skyworks Solutions | Binding | $9,073m | $102.84/share | $103.56/share | 0.7% | Merger of two U.S. RF and analog semiconductor companies Offer: $32.50/share in cash + 0.960 SWKS shares Shareholder approval has been obtained. The FTC HSR waiting period has expired without action, clearing U.S. antitrust review. Remaining regulatory approvals needed are China (SAMR) and South Korea (KFTC). The companies expect the transaction to close within calendar year 2026. | Aug 10, 2026 - Skyworks issued $2B in senior notes to finance the Qorvo merger cash consideration; 2028 and 2036 notes subject to special mandatory redemption if merger not completed by Nov 3, 2027. Aug 3, 2026 - FTC allowed HSR timing agreement to expire without action; HSR waiting period expired; only China (SAMR) and South Korea (KFTC) remain open. Jul 28, 2026 - Skyworks announced SAMR review advanced to Phase III, plans ~$2B debt financing, announced combined company leadership team, and approved new $2B buyback program while eliminating dividend. May 5, 2026 - China SAMR Phase II review entered; close now potentially late 2026 vs. prior early 2027 guidance. Feb 11, 2026 - Shareholder approval granted. Feb 6, 2026 - The FTC issued a second request review of the merger. Dec 23, 2025 - Definitive proxy filed; special meeting set for Feb 11, 2026. Dec 4, 2025 - Form S-4 filed; HSR filed; international approvals required. Oct 28, 2025 - Deal announcement. | -11.8% | Early 2027 | 0.70% | ||
| LCII | Patrick Industries | Binding | $2,494m | $102.60/share | $103.05/share | 0.4% | Merger of equals in the outdoor recreation and housing component sectors Offer: 1.2440 PATK shares The transaction requires approval from both shareholder bases and regulatory clearances. Regulatory risk appears meaningful, as Patrick and Lippert are two of the largest RV component suppliers and the potential merger had already drawn antitrust scrutiny before signing. Closing is expected in H1 2027. | Aug 5, 2026 - LCI and Patrick filed HSR premerger notification forms with the FTC and DOJ. June 30, 2026 - Deal announcement Apr 22, 2026 - Senator Mike Lee flags antitrust concerns around a potential Patrick-LCI merger, citing concentration across RV component categories and requesting information from both companies. | -7.4% | H1'27 | 0.44% | ||
| SLP | Altaris | Binding | $373m | $18.43/share | $18.50/share | 0.4% | Buyout of drug-development software provider by healthcare PE firm Offer: $18.50/share in cash The HSR waiting period has expired. Shareholder approval has been obtained. The transaction remains subject to French regulatory approvals. Closing is expected in Q4 2026. | Aug 27, 2026 - Shareholders approved merger with Altaris affiliate; closing remains subject to French regulatory approvals. Aug 13, 2026 - HSR waiting period for merger expired; closing remains subject to shareholder approval and French regulatory approvals. Jul 22, 2026 - Definitive proxy filed; special shareholder meeting set for August 27, 2026. Jul 20, 2026 - Preliminary proxy filed. Jun 16, 2026 - Deal announcement | -13.2% | Q4 2026 | 0.38% | ||
| FSEA | Cambridge Financial Group, Inc. | Binding | $81m | $17.18/share | $17.25/share | 0.4% | Acquisition of a community bank by a larger mutual bank Offer: $17.25/share in cash The deal appears relatively straightforward, with limited antitrust concerns given the small size of both banks. Shareholder approval has been obtained. The spread is mostly driven by timing and liquidity rather than substantive deal risk. Expected close is Q3 2026. | Aug 27, 2026 - Shareholders approved the merger. June 23, 2026 - Definitive proxy filed; special shareholder meeting set for August 27. May 05, 2026 - Deal announcement | -100.0% | Q3 2026 | 0.41% | ||
| DBRG | SoftBank | Binding | $2,987m | $15.93/share | $16.00/share | 0.4% | Buyout of a digital infrastructure asset manager by a Japanese tech conglomerate Offer: $16.00/share in cash The shareholder approval has been obtained. The regulatory approvals are pending. | May 27, 2026 - DigitalBridge announces acquisition of ArcLight Capital for up to $1.05B; conditioned on prior completion of SoftBank acquisition of DigitalBridge. Apr 23, 2026 - Shareholders approve acquisition; regulatory approvals still pending; H2 2026 close expected. Mar 24, 2026 - Definitive proxy filed; special shareholder meeting set for Apr 23. Mar 6, 2026 - Preliminary proxy filed. Dec 29, 2025 - Deal announcement. | -12.6% | H2'26 | 0.44% | ||
| IHS | MTN Group | Binding | $2,866m | $8.47/share | $8.50/share | 0.4% | Buyout of a large telecom tower operator by a pan-African telecom group Offer: $8.50/share in cash Shareholder approval has been obtained. The spread primarily reflects the risk of a prolonged regulatory review in Nigeria, where authorities have indicated close scrutiny for potential antitrust concerns. The buyer is the largest mobile network operator in Nigeria, while IHS is the country’s largest independent tower operator. | Aug 4, 2026 - Shareholders approved the merger at the Extraordinary General Meeting; all proposals passed. Jul 10, 2026 - IHS Holding filed definitive proxy; shareholder meeting scheduled for Aug 4. May 20, 2026 - Preliminary proxy filed. May 7, 2026 - IHS Towers completes sale of 51% stake in I-Systems to TIM S.A. Feb 17, 2026 - Deal announcement. | -2.8% | End 2026 | 0.35% | ||
| PEN | Boston Scientific | Binding | $12,690m | $322.17/share | $322.99/share | 0.3% | Acquisition of a neurovascular and peripheral device manufacturer by Boston Scientific Offer: $374/share in cash + 3.8721 BSX shares (subject to proration) The shareholder approval has already been secured. Remaining regulatory approvals are still pending but are likely to pass without major hurdles. | May 6, 2026 - Shareholders approve merger; HSR clearance and other regulatory approvals still pending. Mar 30, 2026 - Form S-4 filed by BSX; special shareholder meeting set for May 6, 2026. Jan 15, 2026 - Deal announcement. | -2.8% | End 2026 | 0.26% | ||
| CBZ | Grant Thornton Advisors | Binding | $2,976m | $54.85/share | $55.00/share | 0.3% | Acquisition of a professional services platform by Grant Thornton Offer: $55.00/share in cash Shareholder approval is required but appears likely given the substantial premium. HSR clearance remains outstanding, though regulatory risk appears manageable. A 45-day go-shop is put into the structure. | Aug 27, 2026 - Preliminary proxy statement filed. Jul 29, 2026 - Deal announcement | -16.1% | Q4'26 | 0.27% | ||
| GBTG | Long Lake Management | Binding | $4,952m | $9.48/share | $9.50/share | 0.2% | Privatization of a global business travel platform by a management-led group Offer: $9.50/share in cash Shareholder approval has been obtained. The transaction is subject to customary regulatory approvals. | August 3, 2026 - Stockholders approved the merger at the special meeting. July 6, 2026 - Definitive proxy filed; special shareholder meeting set for August 3. May 28, 2026 - Preliminary proxy filed. May 04, 2026 - Deal announcement | -36.7% | H2 2026 | 0.21% | ||
| TBPH | Zymeworks Inc. | Binding | $887m | $17.08/share | $17.00/share | -0.5% | Acquisition of a commercial-stage biopharma company by a biotechnology developer Offer: $17.00/share in cash + CVR Closing is subject to Theravance shareholder approval and standard regulatory consents. The CVR entitles holders to 80% of net proceeds realized from any future license, divestiture, or monetization of ampreloxetine over the next ten years. CVR is almost free at current prices. | Aug 21, 2026 - Definitive proxy filed; extraordinary general meeting set for September 18, 2026. Jun 29, 2026 - Deal announcement | 2.9% | Second half of 2026 | -0.47% | ||
| HUN | Olin Corporation | Binding | $1,687m | $9.62/share | $9.51/share | -1.1% | Merger of equals between two major North American chemical producers Offer: 0.5476 OLN shares Shareholder approval has been obtained. The transaction requires regulatory clearances; closing expected in H1 2027. | Aug 25, 2026 - Shareholders approved the merger. Jul 30, 2026 - Olin Q2 earnings presentation confirms merger timeline: HSR filed Jul 8, shareholder meeting Aug 25, expected close 1H27. Jul 15, 2026 - Huntsman and Olin set special stockholder meetings for August 25 to vote on proposed merger of equals; S-4 declared effective July 13. Jun 16, 2026 - Deal announcement | 65.2% | H1 2027 | -1.12% | ||
| DH | Advent International, L.P. | Non-binding | $152m | $1.05/share | $1.02/share | -2.9% | Founder-backed privatization proposal for a healthcare data analytics provider Offer: $1.02/share in cash The offer is non-binding and remains under special committee review. There is no financing condition, and regulatory risk appears limited. The key risk is whether the parties can reach definitive terms, including Jason Krantz’s rollover; competing-bid potential appears limited given Advent’s majority beneficial ownership. | Sep 2, 2026 - Deal announcement | -100.0% | -2.86% | |||
| PSNL | Tempus AI | Binding | $1,837m | $17.20/share | $16.25/share | -5.5% | Acquisition of a precision-oncology diagnostics company by Tempus AI Offer: $16.25/share in floating TEM stock, with up to 50% cash at Tempus' election Shareholder approval appears likely, with Merck supporting the transaction with approximately 13% of the vote. Regulatory risk appears limited. The key risk is the capped exchange ratio: consideration falls below $16.25 if the TEM closing VWAP is below $48.42, and Personalis may terminate below $46.00. | Jul 20, 2026 - Deal announcement | -12.8% | Early 2027 | -5.52% | ||
| PAG | Penske Corporation and Mitsui & Co. | Non-binding | $14,431m | $219.77/share | $210.00/share | -4.4% | Controlling shareholders' privatisation proposal for an automotive retailer Offer: $210.00/share in cash The proposal remains subject to special committee approval and definitive documentation. The bidders control 72.6% of the shares and will not support an alternative transaction, eliminating competing-bid optionality. The primary risk is rejection or renegotiation by the special committee. | Aug 10, 2026 - Special committee retained Moelis & Company as financial advisor and Paul, Weiss as legal counsel to evaluate the $210/share privatization proposal. Jul 22, 2026 - Deal announcement | -11.3% | TBD | -4.45% | ||
| SUPN | Indivior Pharmaceuticals | Binding | $2,530m | $43.53/share | $41.40/share | -4.9% | Merger of equals between two CNS biopharmaceutical companies Offer: 1.5401 INDV shares ex. $1bn special dividend Both shareholder approvals are required. The fixed exchange ratio and $1.0 billion special dividend to Indivior holders create relative-value and vote risk for Supernus shareholders. Regulatory risk appears limited given the complementary portfolios. | Aug 3, 2026 - Deal announcement | 4.8% | Q4'26 | -4.90% | ||
| VECO | Axcelis Technologies | Binding | $2,731m | $44.67/share | $41.14/share | -7.9% | Merger of equals in the U.S. semiconductor equipment market Offer: 0.3575 ACLS shares Shareholder approval has been received. Regulatory approvals in almost all jurisdictions have been cleared. The final regulatory condition is approval from China’s SAMR. | Feb 6, 2026 - Shareholder approval granted. Feb 2, 2026 - Regulatory hurdles in the UK and Sweden were cleared; the only remaining review is in China. Dec 31, 2025 - Definitive proxy filed. Dec 29, 2025 - Special shareholders' meeting set for Feb 6; no objections from German or Irish regulators. Dec 8, 2025 - ACLS files form S-4; HSR waiting period expired on Nov 28, 2025; required approvals in China, Germany, Ireland, Sweden, and the UK still pending. Sep 30, 2025 - Deal announcement | -25.8% | H2'26 | -7.90% | ||
| ANGH | OSN Streaming Limited | Non-binding | $32m | $3.52/share | $3.39/share | -3.7% | Takeunder proposal for a Middle Eastern music streaming platform by its controlling shareholder. Offer: $3.39/share in cash. The preliminary non-binding proposal remains subject to special committee review and negotiation of a definitive agreement. The buyer group controls 71.27% of the voting power, effectively blocking outside competing bids and leaving minorities with limited leverage. Limited arguments for a bid above the current levels; the transaction likely closes on the current terms. | Jun 30, 2026 - Anghami confirmed receipt of OSN’s $3.39/share non-binding take-private proposal; board appointed three independent directors and formed a special committee to review the offer. Jun 26, 2026 - Deal announcement | 34.9% | TBD | -3.69% | ||
| PPC | JBS N.V. | Non-binding | $7,258m | $30.48/share | $27.18/share | -10.8% | Controller-led privatization of a poultry producer Offer: 2.086 JBS shares The proposal is non-binding and remains subject to independent special committee approval and, if definitive documents are signed, approval by a majority of votes cast by unaffiliated PPC shares. JBS owns ~82% and has stated it will not support an alternative transaction, making a third-party overbid unlikely. Regulatory risk appears limited; the main risk is special committee and minority shareholder approval. | Aug 18, 2026 - Deal announcement | -6.8% | -10.82% | |||
| DDI | DoubleU Games | Non-binding | $635m | $12.82/share | $11.25/share | -12.2% | Privatization of a social casino developer by its controlling shareholder Offer: $11.25/share in cash The non-binding proposal requires a recommendation from a special committee and a high 95% shareholder approval threshold. The chances of the deal being rejected at current prices, either by the special committee or later by shareholders, are high. | Full report on SSI | Apr 27, 2026 - Deal announcement | -29.8% | TBD | -12.25% | |
| GPRO | Starman Optical | Binding | $306m | $1.70/share | $1.14/share | -32.9% | Recapitalization of a distressed action-camera manufacturer by an optical-photonics company Offer: $1.14/share in cash + retained ~10% ownership of the publicly listed combined company Shareholder approval appears likely given the CEO’s majority voting control, and regulatory risk appears limited. The deal remains quite uncertain because committed financing, termination protections, the outside date and precise working-capital mechanics have not been disclosed. GoPro’s going-concern uncertainty, debt repayment requirements and the lack of financial detail on the retained equity interest create meaningful execution and valuation risk. | Sep 1, 2026 - Deal announcement | -100.0% | Year-end 2026 | -32.94% |