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Summary Information
Target
Acquiror
Sector
Value ($mm)
Premium
Announce Date
Estimated Completion Date
Deal Type
Deal Nature
Transaction Data
Lock-up
Break Fee As % Deal
Upside
Downside
Implied Odds of Deal Breaking
Target Financial Advisor
Acquiror Financial
Consideration
Cash Consideration
Share Consideration
Spin-off/ Other Consideration
Implied Consideration Value
Arbitrage Return
Current Price
Current Spread
Deal Duration (Days)
Yield
Notes
Key Conditions
ticker
Acquiror Ticker
target_name
acquiror_name
Announce Date
Estimated Completion Date
type
nature
sector
cash
shares
ask_target
size_mm
premium
upside
downside
lock_up
break_fee_pct
odds_of_deal_breaking
spin_off_other
implied_consideration_bid
bid_target
bid_to_bid
Yield
days
target_financial
acquiror_financial
target_legal
acquiror_legal
notes
key_conditions
ACLX
GILD
Arcellx
Gilead Sciences, Inc.
23-February-26
10-April-26
Tender Offer
Friendly
Biotech
115.00000
0.00000
114.54000
7800.00000
0.79379
1.24000
-49.98189
0.21800
0.03
0.02
0.75000
115.75000
114.51000
1.23000
0.11115
37
Centerview
BofA / MS
Wilson
Ropes
Definitive agreement; Arcellx is a biotechnology company focused on delivering a new class of innovative immunotherapies for patients with cancer and other incurable diseases; Kite, a Gilead company, and Arcellx have an existing collaboration to co-develop and co-commercialize Arcellxs lead pipeline candidate, anitocabtagene autoleucel (anito-cel), an investigational BCMA-directed CAR T-cell therapy for patients with multiple myeloma. In clinical studies to date, anito-cel has demonstrated deep and durable responses with a predictable and manageable safety profile, addressing key challenges associated with current CAR T-cell therapies in multiple myeloma; The transaction was approved by both the Gilead and Arcellx Boards of Directors and is anticipated to close during the second quarter of 2026, subject to the satisfaction or waiver of customary closing conditions, including the tender of a number of shares of Arcellx common stock that, together with shares already owned by Gilead, equals at least a majority of the then-outstanding Arcellx shares, the receipt of regulatory approvals and other customary offer conditions; Gilead currently owns approximately 11.5 percent of Arcellxs outstanding common stock; Under the terms of the merger agreement entered into in connection with the transaction, a wholly-owned subsidiary of Gilead will commence a tender offer to acquire all of the outstanding shares of Arcellxs common stock that Gilead does not already own for an offer price of (1) $115 per share in cash, which represents a 68 percent premium to Arcellxs 30-day volume-weighted average share price as of February 20, 2026, plus (2) one non-transferable contingent value right (CVR) that entitles the holder to receive an additional $5 per CVR upon the achievement of cumulative global net sales of anito-cel of at least $6.0 billion from launch through year-end 2029; Upon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and thereafter; Each CVR will represent a non-tradable contractual contingent right to receive one contingent cash payment in an amount equal to $5.00 per CVR, in cash, without interest (except deemed interest for tax purposes, as applicable), payable if, after the closing of the Merger, the cumulative worldwide Sales (as defined in the CVR Agreement) of Arcellxs anitocabtagene autoleucel (anito-cel) product exceed $6,000,000,000 on or prior to December 31, 2029 (the Milestone Expiration Date); On February 22, 2026, in connection with the execution and delivery of the Merger Agreement, Parent entered into tender and support agreements (collectively, the Support Agreements) with each of the directors and executive officers of the Company and certain other members of the Companys management team, solely in their respective capacities as stockholders of the Company, entities affiliated with New Enterprise Associates, and entities affiliated with SR One Capital Fund I Aggregator, L.P., who collectively own or control an aggregate of approximately 10.3% of the outstanding Shares as of February 19, 2026; Outside date November 22, 2026;
>50% tender; HSR expiry;
AES
The AES Corporation
GIP / EQT / CalPERS / QIA
02-March-26
15-February-27
Merger
Friendly
Utilities
15.00000
0.00000
14.23000
33400.00000
0.35501
1.48380
-2.63060
0.01
0.36
0.00000
15.70380
14.22000
1.47380
0.10897
348
JPMorgan / Wells
GS
Skadden / Davis
Kirkland / Simpson
Definitive agreement; The AES Corporation is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, were improving lives by delivering the greener, smarter energy solutions the world needs; AES to have increased financial flexibility as a private company to advance its strategy and meet the needs of its customers and communities with reliable, affordable and sustainable energy solutions; Acquisition to address AES significant need for capital to support its growth beyond 2027, absent this transaction, funding for future growth investments would likely require a reduction or elimination of the dividend and/or significant new equity issuances; AES Indiana and AES Ohio will continue as locally operated and managed regulated utilities; In the United States, AES electric utilities in Indiana and Ohio are experiencing significant demand growth and remain focused on maintaining reliable service and affordable rates for all customers. As a private company, AES will continue to invest prudently in utility assets to meet the growing energy needs of all 1.1 million customers. AES Indiana and AES Ohio will remain locally operated and managed regulated utilities, with continued community commitment and investment; The transaction was unanimously approved by AES Board of Directors and is expected to close in late 2026 or early 2027, subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions; Dividends payable to AES stockholders are expected to continue in the ordinary course until the closing, subject to approval by AES Board of Directors; Outside date June 1, 2027 (subject to extension for an additional two successive three-month periods); Sigedn CA July 4, 2025; Consortium will fund 100% of purchase price with equity and no financing contingency, no incremental debt to be issued; Valuation: 6.3x EPS (2027E), 10.1x EBITDA (2027E), 2.54x sales (2027E);
>50% vote target; HSR expiry; New York Public Service Commission; Public Utility Commission of Ohio (PUCO); California Public Utilities Commission; CFIUS; FERC; FCC;
AL
Air Lease
Sumitomo Corporation / SMBC Aviation Capital / Apollo / Brookfie
02-September-25
15-March-26
Merger
Friendly
Industrial
65.00000
0.00000
64.65000
28200.00000
0.07955
0.36000
-4.43000
0.06170
0.01
0.08
0.00000
65.00000
64.64000
0.35000
0.19624
11
JPMorgan
Citi / GS
Skadden
Davis / McCann / Norton / Millbank
Definitive agreement; Air Lease is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world; Total valuation of approximately $7.4 billion, or approximately $28.2 billion including debt obligations to be assumed or refinanced net of cash; The Board of Directors of Air Lease has unanimously approved the agreement. The transaction is subject to customary closing conditions, including approval by Air Leases Class A common stockholders and receipt of certain regulatory approvals, and is expected to close in the first half of 2026. Air Leases directors and certain executive officers have agreed to vote the shares of Class A common stock held by them in favor of the transaction. The transaction is not subject to any financing contingency; Air Lease will be renamed Sumisho Air Lease Corporation (Sumisho Air Lease) and its orderbook is expected to transfer to SMBC Aviation Capital as part of the transaction; SMBC Aviation Capital will act as a servicer to Sumisho Air Leases portfolio; Apollo and Brookfield to provide capital to support the acquisition, joining Sumitomo Corporation and SMBC Aviation Capital as aligned investors; SMBC, Citi, and Goldman Sachs Bank USA have provided $12.1 billion of committed financing in connection with the transaction; Air Leases directors and certain executive officers have agreed to vote the shares of common stock held by them in favour of the transaction; Valuation: 8.4x EPS (2026E), 9.7x EBITDA (2026E), 8.9x sales (2026E); The Company is permitted to pay regular quarterly cash dividends up to $0.22 per share of Common Stock; Concurrently with the execution of the Merger Agreement, Parent obtained equity and debt financing commitments for the Merger and the transactions contemplated thereby. The Equity Investors delivered equity commitment letters to Parent, pursuant to which the Equity Investors have committed to invest up to an aggregate amount of $5,404,613,000 in equity securities of Parent (the Equity Financing) on the terms and subject to conditions set forth in the equity commitment letters (Equity Commitment Letters). Parent also obtained debt commitment letters from lenders (the Debt Commitment Letters and, together with the Equity Commitment Letter, the Commitment Letters) to provide, on the terms and subject to the conditions set forth in the Debt Commitment Letters, up to an aggregate amount of $12,100,000,000 in debt financing (the Debt Financing, and together with the Equity Financing, the Financing); Also on September 1, 2025, Parent entered into a Voting Agreement (the Voting Agreement) with each of the Companys directors as well as with executive officers Gregory Willis and Carol Forsyte (collectively, the Relevant Stockholders). As of August 29, 2025, the Relevant Stockholders directly beneficially owned, in the aggregate, 6,895,945 of the Companys issued and outstanding Common Stock, representing approximately 6.17% of the Companys total issued and outstanding Common Stock as of the same date; Outside date June 1, 2026 (automatically be extended for all purposes hereunder to December 1, 2026); Signed CA February 24, 2025, and amended on March 31, 2025 and May 8, 2025; Signed clean team agreement June 12, 2025; Background: Since 2023, Air Leases board and executives routinely reviewed performance, leverage, and strategic options following the 2022 write-off of aircraft detained in Russia, which elevated its debt-to-equity ratio above the 2.5 target. They explored deleveraging options, including joint ventures, asset sales, and capital partnerships to unlock value and reduce leverage. Party A Joint Venture: Began Sept 2023 with a global investment firm to contribute aircraft assets for cash, discussions extended into 2025 but never closed due to lack of capital partners. Party B and Party C were approached for similar partnerships but withdrew by early 2024. Preliminary merger interest surfaced from strategic Party D (aircraft lessor) and Party E (non-industry), both later declined due to Air Leases size and valuation. July 2024: SMBC Aviation Capital (SMBC AC) executives expressed informal interest in a potential transaction. Party F (a strategic backed by investors) informally valued Air Lease at $67 billion ($52$61 per share). The Board agreed to evaluate any credible premium offer but had no sale plan at that time. Sept 12 2024: SMBC AC CEO Peter Barrett met Air Lease leadership, expressing interest in an all-cash acquisition. Nov 4 2024: SMBC AC submitted a non-binding offer of $54$61 per share, a 2238 % premium. Air Lease retained Skadden Arps as counsel and J.P. Morgan as financial advisor (Nov 22 2024). The Board deemed the range inadequate and overly broad but invited a higher proposal. Dec 24 2024: SMBC AC and parent Sumitomo raised their indication to $57$61.50 per share (1727 % premium). Feb 24 2025: Parties executed a non-disclosure agreement (NDA) allowing limited information sharing with potential co-investors (Apollo Global Management and Brookfield Corporation). Mar 2025: Data-room access began, diligence commenced. Party H, another aircraft lessor, made a stock-based unsolicited approach around $55 per share, but offered no premium and withdrew later. Party F again failed to secure financing. No other strategic or financial bidders produced a superior alternative. Apr 17 2025: Sumitomo / SMBC AC reiterated the $57$61.50 range (3647 % premium to then-price $41.78). The Board pressed for $60 share minimum. June 4 2025: Investors lifted the upper band to $65 per share, discussions formalized in a July 3 2025 Letter of Intent (LOI) setting a $60$65 range and outlining regulatory and orderbook-transfer terms. July 15 2025: Investors proposed $63.00, Board countered $65.00. July 24 2025: Investors delivered a best-and-final $65.00 per share all-cash offer ( 12 % premium to prior close). Aug 29 2025: Board met to review final terms, J.P. Morgan delivered its fairness
>50% vote target; HSR expiry (filed Oct 8 2025, attained Nov 7 2025); U.S. Department of Transportation; FCC; CFIUS; Chile, China (filed Jan 15 2026), COMESA, Egypt, France, Germany (attained Nov 27 2025), Italy, Kazakhstan, Mexico, Moldova, Morocco, Poland, Romania, Saudi Arabia, South Africa, South Korea, Sweden, Switzerland, Taiwan, Turkey, Ukraine (attained Dec 29 2025), United Arab Emirates, United Kingdom, Vietnam;
ALEX
Alexander & Baldwin, Inc.
MW Group / Blackstone Real Estate / DivcoWest
08-December-25
13-March-26
Merger
Friendly
Real Estate
20.85000
0.00000
20.83000
2300.00000
0.37715
0.03000
-5.68000
0.01
0.01
0.00000
20.85000
20.82000
0.02000
0.03971
9
BofA
Wells
Skadden / Cades
Simpson / Carlsmith / Gibson
Definitive merger agreement; Alexander & Baldwin, Inc.is a Hawaii-based owner, operator and developer of high-quality commercial real estate in Hawaii. A&B is the largest owner of high-quality, grocery-anchored shopping centers in Hawaii. The Companys portfolio consists of approximately 4.0 million square feet of commercial space, including 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets; The transaction, which was unanimously approved by the A&B Board of Directors, is expected to close in the first quarter of 2026, subject to customary closing conditions including approval by the Companys shareholders; A&B also announced today that its Board of Directors approved a fourth quarter 2025 dividend of $0.35 per share. The dividend is payable on January 8, 2026, to shareholders of record as of the close of business on December 19, 2025. Under the terms of the merger agreement, the per-share consideration that shareholders will receive at the closing of the transaction will be reduced to reflect this dividend; Outside date June 8, 2026 (shall automatically be extended to September 8, 2026); Signed CA August 18, 2025; Signed clean team agreement September 4, 2025; Also on December 8, 2025, in connection with the execution of the Merger Agreement, Blackstone Real Estate Partners X L.P. (the Guarantor) delivered (i) to the Company, an Equity Commitment Letter, by and between Guarantor and Parent, pursuant to which Guarantor will contribute to Parent, subject to the terms and conditions thereof, equity financing in the amount of $2,150,000,000 and (ii) to Parent, a Guarantee in favor of the Company to guarantee, subject to the terms and limitations contained therein, Parents payment obligations with respect to the reverse termination fee and certain expenses under the Merger Agreement; Background: The companys board had long pursued a Hawaii focused REIT strategy and asset simplification but believed public markets were undervaluing the portfolio, leaving the stock at a persistent discount to estimated NAV amid a higher cost of capital and a difficult rate backdrop. In March 2025 MW Groups Stephen Metter approached the chair about a potential take private with DivcoWest, and in June the investor group delivered a nonbinding offer of $21.75 to $22.25 per share with no financing contingency, later confirmed to involve Blackstone. After the board reviewed the approach with BofA Securities and Skadden, it agreed to share non public information under confidentiality and clean team arrangements, opened a data room, and conducted management meetings and property tours through September and October. In mid October the investor group submitted a reduced revised proposal at $21.15 per share citing diligence related factors, the board pushed back on price and debated a broader auction versus exclusive negotiations, and ultimately chose to negotiate solely with the investor group while seeking better terms. On November 1 the investor group modestly increased to $21.20 per share and the parties negotiated key deal protections including a two tier company termination fee, a parent termination fee and limits on dividends and remedies, alongside an equity commitment letter and limited guarantee. On December 8 2025 the board reviewed BofAs fairness analysis, received BofAs fairness opinion, approved and recommended the merger agreement, declared a dividend that would reduce the per share consideration at closing, and the company announced the signed deal that day;
>50% vote target;
AMWD
MBC
American Woodmark Corporation
MasterBrand, Inc.
06-August-25
30-June-26
Merger
Friendly
Industrial
0.00000
5.15000
43.35000
1310.63477
0.07418
2.13700
-0.98560
0.02
0.68
0.00000
45.21700
43.08000
2.51456
0.19181
118
Jefferies
Rothschild
McGuireWoods
Skadden
Definitive agreement; With over 7,800 employees and more than a dozen brands, American Woodmark is one of the nations largest cabinet manufacturers; Industrys most comprehensive portfolio of trusted cabinet brands and products across the value chain to benefit customers and consumers; Broadened channel partnerships, expanded geographic reach, and enhanced operating agility; Anticipated run-rate cost synergies of approximately $90 million by the end of year three and accretion to MasterBrands adjusted Diluted EPS in year two; Fortified financial profile and increased resources expected to amplify returns, advance innovation, and accelerate growth; MasterBrand and American Woodmark shareholders will own approximately 63% and 37% of the combined company, respectively; The transaction, which has been unanimously approved by the Board of Directors of both companies, is expected to close in early 2026 subject to approval of the transaction by MasterBrand and American Woodmark shareholders, the receipt of regulatory approvals, and the satisfaction of other customary closing conditions; MasterBrand is the #1 producer, American Woodmark says its a top-3 player; Market shares: MasterBrand: ~22% (Fitch estimate, 2024). American Woodmark: ~11% (company 2025 annual report). Combined: ~33% (approximate, depends on market definition); Valuation: 9.1x EPS (2026E), 6.32x EBITDA (2026E), 4.4x Adj EBITDA after synergies (2026E), 0.76x sales (2026E); Outside date August 5, 2026; Signed CA April 25, 2025;
>66 2/3 vote target; >50% vote acquiror; HSR expiry (filed Sept 5 2025, pulled and refiled Oct 8 2025, received a second request from the FTC Nov 7 2025); Mexico COFECE (filed Sept 2 2025, attained Oct 3 2025); State of Vermont Department of Financial Regulation (filed Sept 3 2025);
AXTA
AKZA
Axalta Coating Systems Ltd.
Akzo Nobel N.V.
18-November-25
31-March-27
Merger
Friendly
Industrial
0.00000
0.65390
28.93000
9562.19727
0.11781
10.03929
0.03
0.00
0.00000
38.92929
28.89000
11.21883
0.35731
392
Evercore / JPMorgan
MS / Lazard
Cravath / NautaDutilh
De Brauw / Davis / Wakkie
Definitive agreement; Merger of equals; Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability; Creates a global coatings leader with $17 billion in revenue and an enterprise value of $25 billion; Significant value creation with approximately $600 million in cost synergies supporting strategic and capital allocation priorities; Combines highly complementary portfolios across end markets, driving stronger revenue growth, enhanced profitability and increased value for customers; In connection with the transaction, AkzoNobel will pay a special cash dividend to AkzoNobel shareholders equal to 2.5 billion minus the aggregate amount of any regular annual and interim dividends paid by AkzoNobel to AkzoNobel shareholders in 2026 prior to completion. AkzoNobel shareholders will own 55% and Axalta shareholders will own 45% of the combined company on a pro forma basis immediately after closing; The companies expect the transaction to close in late 2026 to early 2027; Combines #3 and #6 player to create #2; Outside date May 18, 2027 (subject to extension to November 18, 2027 under certain circumstances in the event that any Regulatory Clearance has not been obtained);
>50% vote target; >50% vote acquiror; HSR expiry; EC; UK CMA; China SAMR;
BBU
BBUC
Brookfield Business Partners L.P.
Brookfield Business Corporation
25-September-25
15-March-26
Plan
Friendly
Financial
0.00000
1.00000
33.73000
3201.56323
0.26495
0.18000
-6.82636
67.50000
0.00
0.03
0.00000
33.45000
33.27000
0.18109
0.19736
11
Origin
Stikeman
Torys
Arrangement agreement; Approved plans to simplify its corporate structure; All BBU limited partnership units, BBUC class A exchangeable shares and redemption-exchange units in BBU held by Brookfield will be exchanged for new class A shares of BBU Inc. on a one-for-one basis; The transaction is expected to be implemented pursuant to a court-approved plan of arrangement and will require BBU unitholder and BBUC shareholder approval, as well as customary regulatory approvals for a transaction of this nature; The Arrangement will be implemented pursuant to a court-approved plan of arrangement and completion of the Arrangement is subject to a number of conditions, including BBU and BBUC security holder approvals, approval by the British Columbia Supreme Court and customary regulatory approvals for a transaction of this nature. A special meeting of BBU unitholders and a special meeting of BBUC shareholders have been called for January 13, 2026 and security holders of record as of the close of business on November 25, 2025 will be entitled to vote at the meetings;
66 2/3 vote target; 66 2/3 vote acquiror;
BHF
Brighthouse Financial, Inc.
Aquarian Capital LLC
06-November-25
30-September-26
Merger
Friendly
Insurance
70.00000
0.00000
59.84000
4100.00000
0.35135
10.23000
-7.97000
0.04
0.56
0.00000
70.00000
59.77000
10.22000
0.31568
210
Wells / GS
RBC
Debevoise
Skadden
Definitive merger agreement; Brighthouse Financial is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S., Brighthouse Financial specializes in products designed to help people protect what theyve earned and ensure it lasts; Aquarian Capital LLC is a diversified global holding company with a strategic portfolio of insurance and asset management businesses; The transaction positions Brighthouse Financial to pursue strategic growth opportunities and strengthen its ability to continue to serve its customers, distribution partners and other stakeholders. Aquarian Capital plans to invest in Brighthouse Financials platform and distribution franchise while enhancing product design, development and innovation. Aquarian Capital also plans to bolster Brighthouse Financials investment management capabilities through a strategic relationship with Aquarian Investments, Aquarian Capitals investment management platform; The transaction is expected to close in 2026 and is subject to customary closing conditions, including approval by Brighthouse Financials common stockholders, antitrust clearance and the receipt of insurance regulatory approvals; The merger consideration will be funded with committed financing without incremental debt financing at the Aquarian Capital insurance businesses or Brighthouse Financial. The receipt of financing by Aquarian Capital is not a condition precedent to the completion of the transaction; All outstanding shares of each series of Brighthouse Financial preferred stock will continue as preferred shares of Brighthouse Financial immediately following the closing of the merger, and immediately following the closing of the merger the rights, terms and conditions of each series of preferred stock will remain entitled to the same dividends and all other preferences, privileges and other special rights, and qualifications, limitations and restrictions set forth in the certificate of designations applicable to such series of preferred stock. The outstanding junior subordinated debentures and each series of Brighthouse Financials outstanding senior notes will continue to remain outstanding as obligations of Brighthouse Financial immediately following the closing of the merger; The Board of Directors of Brighthouse Financial has unanimously approved and declared advisable the merger agreement and the transactions contemplated thereby, including the merger, and resolved to recommend that Brighthouse Financials common stockholders vote to adopt the merger agreement and to approve the merger; Valuation: 3.3x EPS (2026E), 3.11x EBIT (2026E), 0.45x sales (2026E); Parent has received an equity commitment letter from Aquarian Capital LLC, and Aquarian Holdings has received a debt commitment letter from certain lenders party thereto, the proceeds of which will be contributed indirectly to Parent prior to the Effective Time. The aggregate proceeds of the committed financing will provide Parent with the funds needed to consummate the Merger. The receipt of financing by Parent is not a condition precedent to the completion of the Merger; Outside date September 6, 2026 (extends to December 6, 2026); Signed CA February 3, 2025; Background: Brighthouse Financials board spent 2024 and 2025 evaluating strategic alternatives to enhance value, including reinsurance, asset management partnerships and a potential sale. In early 2025 the company launched a formal sale process with Goldman Sachs and Wells Fargo, contacting 20 potential buyers and receiving multiple bids. After two rounds, Aquarian and one other bidder advanced, with Aquarian emerging as the preferred counterparty despite repeated delays and questions around committed financing. Negotiations continued through the summer and fall as the board weighed Aquarians higher price against execution and financing risk, while also engaging with a lower priced competing bidder. By late October 2025 Aquarian resolved key financing, regulatory and contractual issues and agreed on definitive terms. In November 2025 the board approved the transaction after receiving fairness opinions, and Brighthouse Financial and Aquarian signed and announced the merger;
>50% vote target; HSR expiry (filed Dec 19 2025); Insurance approvals in Delaware, New York and Massachusetts; FINRA (filed Dec 8 2025); CFIUS;
BLFY
FULT
Blue Foundry Bancorp
Fulton Financial Corporation
24-November-25
01-April-26
Merger
Friendly
Financial
0.00000
0.65000
12.82000
243.00000
0.47399
0.08600
-4.06096
0.04
0.02
0.00000
12.89600
12.81000
0.10536
0.11268
28
Piper
Stephens
Luse
Holland
Definitive merger agreement; Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford, New Jersey, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities; This transaction accelerates Fultons growth efforts in the attractive northern New Jersey market. The transaction is expected to be accretive to first full-year earnings by over 5%, immediately accretive to tangible book value per share and neutral to regulatory capital ratios at close; The boards of directors of both Fulton and Blue Foundry have unanimously approved the definitive merger agreement. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by Blue Foundrys stockholders; Valuation: 0.77x BV, 0.77x TBV; Outside date August 24, 2026; Background: Blue Foundrys board began evaluating strategic alternatives in 2023 and engaged PSC to explore ways to enhance shareholder value including a potential merger. After reviewing market conditions and possible partners through 2024 the board authorized outreach to potential acquirers and formed a special committee. PSC contacted numerous financial institutions but only limited interest emerged. In August 2025 Blue Foundry entered discussions with Fulton which led to due diligence negotiations on an all stock transaction and a non binding indication of interest. The parties negotiated a fixed exchange ratio conducted extensive diligence and finalized transaction terms in late 2025. In November 2025 Blue Foundrys board received a fairness opinion from PSC and unanimously approved the merger and recommended it to shareholders. Fultons board also approved the transaction and the companies executed the merger agreement and announced the deal on November 24 2025; Feb 23 2026 announced the receipt of all required regulatory approvals, closing Apr 1;
>50% vote target; Fed; FDIC; OCC;
CCO
Clear Channel Outdoor Holdings, Inc.
Mubadala Capital / TWG Global
09-February-26
15-August-26
Merger
Friendly
Media
2.43000
0.00000
2.37000
6200.00000
0.71127
0.07000
-0.94000
0.48000
0.01
0.07
0.00000
2.43000
2.36000
0.06000
0.05747
164
MS / Moelis
Guggenheim / JPMorgan
Kirkland
Freshfields
Definitive agreement; Clear Channel Outdoor Holdings, Inc. is a leader in U.S. out-of-home (OOH) advertising; Mubadala Capital is a global alternative asset management platform that manages, advises and administers for clients and limited partners over $430 billion in assets through its asset managers and strategic partnerships; Led by Mark Walter and Thomas Tull, TWG Global has interests across financial services, insurance, AI and technology, sports / media / entertainment and energy. With an enterprise value over $40 billion, the portfolio of TWG Global and its principals includes Guggenheim Investments, Guggenheim Securities, Group 1001 Insurance, and prominent sports franchises such as the LA Dodgers, LA Lakers and Chelsea FC; Wade Davis, a media and technology veteran who partnered with Mubadala Capital and TWG on the transaction, is expected to join Clear Channel as Executive Chairman, bringing deep industry experience to support the companys next chapter of transformation; The agreement was unanimously approved by Clear Channels Board of Directors. The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals and approval by Clear Channels common shareholders; Equity financing will be provided by Mubadala Capital in partnership with TWG. Apollo-managed funds (NYSE: APO) (the "Apollo Funds") have committed to invest preferred equity in the transaction. Debt financing has been committed by a group led by JPMorgan Chase Bank, N.A. and Apollo Funds; Under the terms of the definitive agreement, Clear Channel will have a 45 day "go-shop" period during which it is permitted to actively solicit, evaluate, and consider alternative acquisition proposals from third parties. The go-shop period will expire at 11:59 PM ET on March 26, 2026; Certain holders of approximately 48% of Clear Channels outstanding shares of common stock as of September 30, 2025 have entered into voting agreements to support the transaction; Valuation: 11.x EBITDA (2027E), 3.6x sales (2027E); Inside date March 26, 2026; Outside date November 9, 2026, subject to extension to February 9, 2027; In connection with the execution of the Merger Agreement, on February 9, 2026, Parent entered into support agreements (the Support Agreements) with: (i) certain investment funds affiliated with Legion Partners, L.P., (ii) certain investment funds affiliated with Ares Management LLC, (iii) certain funds affiliated with Pacific Investment Management Company LLC and (iv) Arturo Moreno, in each case, pursuant to which the Company has certain third-party beneficiary rights. Under the Support Agreements, the stockholders party thereto have agreed to, among other things, vote or execute consents with respect to all of their shares of Company Common Stock in favor of the adoption of the Merger Agreement and approval of the Merger and against any Acquisition Proposal; Certain investment vehicles affiliated with, or advised by, the Consortium have committed, pursuant to the equity commitment letters, dated February 9, 2026 (the Equity Commitment Letters), to capitalize Parent, at or immediately prior to the closing of the Merger, with an aggregate equity contribution in an amount of up to $3.3 billion, on the terms and subject to the conditions set forth in the applicable Equity Commitment Letter; Certain lenders party to the Debt Commitment Letter (as defined below) (the Lenders) have committed to provide debt financing (the Debt Financing) in connection with the Merger consisting of a 364-day senior secured bridge facility in an aggregate principal amount of up to $3.369 billion, on the terms and subject to the conditions set forth in a commitment letter, dated February 9, 2026 (the Debt Commitment Letter);
>50% vote target; HSR expiry; CFIUS;
CFLT
IBM
Confluent, Inc.
IBM
08-December-25
31-March-26
Merger
Friendly
Tech
31.00000
0.00000
30.79000
11000.00000
0.49542
0.22000
-10.05000
0.62000
0.04
0.02
0.00000
31.00000
30.78000
0.21000
0.09628
27
MS
Cooley
Paul
Definitive agreement; Confluent provides a leading open-source enterprise data streaming platform that connects, processes and governs reusable and reliable data and events in real time, foundational for the deployment of AI; The acquisition of Confluent is expected to accelerate IBMs growth over time. IBM also anticipates that the transaction will be accretive to adjusted EBITDA within the first full year and free cash flow in year two, post close; Confluent will be acquired with available cash on hand; The board of directors of IBM and the board of directors and independent special committee of Confluent have each approved the transaction. The acquisition is subject to approval by Confluent shareholders, regulatory approvals and other customary closing conditions; Confluents largest shareholders and investors, who collectively hold approximately 62% of the voting power of Confluents outstanding common stock, entered into a voting agreement with IBM pursuant to which each has agreed to vote all of their common shares in favor of the transaction and against any alternative transactions; The transaction is expected to close by the middle of 2026; Outside date December 7, 2026, which may be extended to as late as June 7, 2027; Signed CA August 12, 2025; Valuation: 64.0x EPS (2026E), 69.7x EBITDA (2026E), 8.1x sales (2026E); Background: Confluents board regularly reviewed the companys strategy and, in 2025, began evaluating a broad set of strategic alternatives including partnerships and a potential sale. After a June 3, 2025 board meeting that highlighted opportunities and challenges, the board authorized management to consult financial advisors and ultimately selected Morgan Stanley in late June, formally engaging it on July 13, 2025. On July 9, 2025, the board formed an independent special committee with authority to evaluate, negotiate, and recommend any transaction, and it required a favorable committee recommendation before the full board could approve a deal. Over the following months, Morgan Stanley and management conducted outreach to multiple strategic buyers and financial sponsors. Several parties declined early, while IBM and a smaller set of remaining parties signed confidentiality agreements with standstill provisions and received access to non public diligence materials. As interest progressed, Confluent held management meetings, expanded diligence access through a virtual data room, and prepared forward looking financial projections that were first reviewed by the board on September 24, 2025 and later shared in controlled form with qualified counterparties. A Reuters report on October 7, 2025 that Confluent was exploring a sale increased market attention, but competing bidders still did not deliver actionable proposals. IBM became the only party to submit written offers, beginning with $27 per share in cash on October 30, 2025 with a request for exclusivity. The special committee rejected that proposal, then evaluated IBMs successive increases to $28 on November 3 and $29 on November 9. The committee countered with a firm floor of $31 and emphasized speed and closing certainty, which led IBM to submit a final $31 per share cash proposal on November 11, 2025, again conditioned on exclusivity. On November 12, 2025, after weighing execution risk in Confluents long range plan, the lack of alternative bids, and its view that IBMs $31 offer represented the best value reasonably obtainable, the special committee authorized exclusive negotiations through December 7, 2025 while seeking a shorter exclusivity period. IBM then conducted confirmatory due diligence, and the parties negotiated key merger agreement terms including closing conditions, regulatory efforts, no shop provisions with a superior proposal framework, and a reduced termination fee from an initial 5 percent concept to 2.75 percent. In parallel, IBM negotiated executive retention and transition arrangements including retention payments and post closing non compete and non solicitation commitments. On December 7, 2025, Morgan Stanley delivered a fairness opinion that $31 per share in cash was fair from a financial point of view to Confluent stockholders, the special committee unanimously recommended the transaction, and the full board unanimously approved the merger agreement and recommended that stockholders adopt it. The merger agreement, voting agreement, and related employee and executive arrangements were signed that afternoon, and Confluent and IBM publicly announced the deal the next morning;
>50% vote target (attained); HSR expiry (filed Def 12 2025, attained Jan 12 2026); German FCO (filed Jan 7 2026, attained Feb 9 2026); Brazil (attained Jan 20 2026); Austria FCO (attained Feb 20 2026); Australia ACCC (attained Mar 4 2026);
CSGS
6701
CSG Systems International, Inc.
NEC Corporation
29-October-25
30-June-26
Merger
Friendly
Tech
80.70000
0.00000
79.83000
2900.00000
0.17382
1.57000
-10.48069
0.03
0.13
0.00000
81.38000
79.81000
1.56000
0.06171
118
Jefferies
GS
Simpson
Freshfields
Definitive agreement; CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solution help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future and tap into guidance along the way from our fiercely committed and forward-thinking CSGers around the world; The transaction strengthens NECs position as a leader in next-generation digital solutions and accelerates AI and cloud-driven innovation for customers across industries. It will bring together complementary software and services across digital transformation, expanding NECs software-as-a-service (SaaS) portfolio, customer footprint, and global reach; The agreement has been unanimously approved by both companies Boards. The transaction is expected to close within the 2026 calendar year, subject to the satisfaction of customary closing conditions, including approval by CSG shareholders and receipt of required regulatory approvals; Valuation: 15.8x EPS (2026E), 10.6x EBITDA (2026E), 2.26x sales (2026E); Outside date Oct 29 2026; Background: January 2025: A news report stated NEC was considering an offer for CSG, though NEC had not yet contacted CSG. May 1422, 2025: NECs senior management met CSGs CEO and then delivered a non-binding $74/share all-cash offer. The board engaged Jefferies as financial advisor and continued to consult Simpson Thacher as legal counsel. JuneJuly 2025: Jefferies analyzed the proposal; the board concluded the $74 offer undervalued CSG relative to its standalone prospects. CSG asked NEC to improve price and agree to strong regulatory-effort protections. Legal teams (Simpson Thacher for CSG, Freshfields for NEC) negotiated a term sheet and regulatory framework, including a regulatory termination fee. A mutual confidentiality agreement was signed, and NEC received limited non-public information for diligence. Late JulyAugust 2025: At an in-person meeting, CSG presented base-case and upside projections and potential synergies. NEC signaled a higher range ($77$81/share); the CSG board countered at $82/share and pushed for tougher regulatory terms (including a ~5.25% regulatory fee). On August 21, NEC responded with a revised range of $80$81/share and updated regulatory terms, and CSG allowed deeper diligence to continue under an amended NDA and clean team agreement while a virtual data room was opened. SeptemberOctober 2025: Intensive due diligence and drafting of the merger agreement continued. On October 21, the board reviewed progress and authorized further commercial diligence by NEC. Final pricing and approval: October 26: NEC proposed $80/share, which the board rejected as insufficient. October 28 (morning): NEC made a best and final offer of $80.70/share in cash. October 28 (evening): Jefferies presented its financial analysis and delivered a fairness opinion that $80.70/share was fair from a financial point of view to CSG stockholders (other than NEC and its affiliates). The CSG board unanimously approved the merger agreement, determined the transaction was fair and in the best interests of stockholders, and recommended that stockholders adopt it. Shortly after, in the early morning of October 29, 2025, CSG, NECs acquisition entities (Parent and Merger Sub) signed the merger agreement and issued a joint press release announcing the transaction;
>50% vote target; HSR expiry (filed Dec 4 2025, attained Jan 5 2026); CFIUS (filed Dec 4 2025); Money Transmitter Laws;
CTLP
Cantaloupe, Inc.
365 Retail Markets, LLC (Providence Equity Partners)
16-June-25
31-March-26
Merger
Friendly
Tech
11.20000
0.00000
10.28000
874.48297
0.33811
0.93000
-1.90000
0.17800
0.04
0.33
0.00000
11.20000
10.27000
0.92000
2.18930
27
JPMorgan
William
King
Weil
Definitive agreement; Cantaloupe, Inc. is a global technology leader offering end-to-end technology solutions for self-service commerce; 365 Retail Markets, LLC ("365") is a leading innovator in unattended retail technologies. 365 is a portfolio company of Providence Equity Partners L.L.C. (Providence), a specialist private equity firm focused on growth-oriented investments in media, communications, education, and technology companies across North America and Europe; Cantaloupes and 365s complementary strengths will enable the combined company to offer a seamless unattended retail platform for customers around the globe, from hardware to software, and payment processing technology to data analytics. Cantaloupes offerings in delivering frictionless payments and software services combined with 365s innovation and focus in self-checkout technology primarily for foodservice operator (FSO) centric, enterprise-focused customers are expected to help expand the combined companys customer base, product suite, and vertical reach. Together, they will have a diversified portfolio and be better positioned to serve both FSO and non-FSO customers across convenience services, retail, hospitality, and sports and entertainment, with a growing footprint in North America, Latin America, and Europe. The combined company will have a strong financial foundation and the transaction is expected to unlock meaningful synergies to fuel further investment in the business and customer benefits. These synergies include customer cost savings, cross-sell opportunities, and growth through new product rollouts, increased software adoption, and payments expansion; Under the terms of the agreement, Cantaloupe shareholders will receive $11.20 per share in cash. The per share purchase price represents a 34% premium to Cantaloupes unaffected closing stock price on May 30, 2025 (the last trading day prior to published market speculation regarding a potential transaction involving Cantaloupe); The transaction, which was approved unanimously by the Cantaloupe Board of Directors, is expected to close in the second half of 2025, subject to customary closing conditions, including approval by Cantaloupe shareholders and the receipt of required regulatory approvals; The transaction is not subject to a financing condition and 365 has received fully committed financing for the transaction; Certain shareholders and members of the Cantaloupe Board of Directors have entered into voting agreements pursuant to which they have agreed, among other things, to vote their shares of Cantaloupe stock in favor of the transaction, subject to certain conditions. These shareholders currently represent approximately 14% of the voting power of Cantaloupes stock; Valuation: 23.8x EPS (2026E), 14.4x EBITDA (2026E), 2.51x sales (2026E); Outside date June 15, 2026 (subject to extension until September 15, 2026); As an inducement to Parent to enter into the Merger Agreement, Hudson Executive Capital LP and members of the Board of Directors of the Company who collectively own approximately 14% of the Companys Common Stock (collectively, the Supporting Shareholders), entered into voting and support agreements with Parent; With 365+Avanti already above 50% of U.S. selfcheckout/vending tech, adding Cantaloupe further boosts combined share in payment and telemetryapproaching potential 7080% in key U.S. segments; Background: December 2024 January 2025: Initial contact from Party D; no terms discussed until January 21, when Party D offered $10.00 per share. February 2025: Additional offers emerged: Party A: Verbal indication of $10.00-$10.50 per share. Party G: Offered $11.50 per share. Public report (Reuters, Feb 25) leaked that Cantaloupe was exploring strategic alternatives. Following the Reuters article, 12 more potential acquirors expressed interest. J.P. Morgan contacted a total of 36 parties (27 financial, 9 strategic). Multiple confidentiality agreements signed; numerous preliminary offers were received between March and April 2025 ranging between $9.00 and $11.00 per share from various parties (Parties B, C, E, F, H, 365). By April 2025, the Board, via a Transaction Committee, focused diligence access on four bidders deemed most credible: 365, Party C, Party D, and Party H. Party H withdrew in May 2025. Parties submitted revised proposals ranging between $9.20 and $11.20 per share. By June 10, 2025, final proposals were received: 365: $10.75/share (later increased to $11.20/share on June 12). Party D: $10.00/share (later increased to $10.50/share on June 11). Party B & I: $10.50/share, but financing and terms less certain. Party C: $10.00/share, mixed cash/stock offer, contingencies remained. The Board determined 365s offer provided the best certainty and value for shareholders, representing a 33.8% premium to the unaffected stock price. The Board unanimously approved the merger agreement on June 15, 2025. June 16, 2025: Cantaloupe and 365 publicly announced the merger at $11.20 per share in cash;
>50% vote target; HSR expiry (filed July 15 2025, pulled and refiled Aug 18 2025, received second request from FTC Sept 17 2025)
CTRA
DVN
Coterra Energy
Devon Energy
02-February-26
15-May-26
Merger
Friendly
Oil & Gas
0.00000
0.70000
31.23000
25012.49414
-0.02437
-0.02900
0.00
0.00000
31.18100
31.21000
0.13386
0.02193
72
GS / JPMorgan
Evercore
Gibson
Skadden
Definitive agreement; Coterra is a premier exploration and production company based in Houston, Texas with focused operations in the Permian Basin, Marcellus Shale, and Anadarko Basin; The combination will create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin; The formation of this premier company is expected to unlock substantial value by leveraging each companys core strengths and through the realization of $1 billion in annual pre-tax synergies; Accretive to key per-share financial measures, including free cash flow and net asset value; Upon completion, Devon shareholders will own approximately 54 percent of the go-forward company and Coterra shareholders will own approximately 46 percent on a fully diluted basis; The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions, including approvals by Devon and Coterra shareholders; Valuation: 9.7x EPS (2027E), 4.6x EBITDA (2027E)0, 3.9x Adj EBITDA after synergies (2027E), 2.97x sales (2027E);
>50% vote target; >50% vote acquiror; HSR expiry;
CVGW
AVO
Calavo Growers, Inc.
Mission Produce, Inc.
15-January-26
30-August-26
Merger
Friendly
Food
14.85000
0.97900
25.70000
430.00000
0.20829
2.61335
-2.25028
0.03
0.54
0.00000
28.21335
25.60000
2.78657
0.23453
179
Jefferies
Evercore
Cozen
Latham
Definitive agreement; Calavo Growers, Inc. is a leading provider of fresh avocados, tomatoes, papayas, and value-added prepared foods such as guacamole; Transaction seeks to enhance Missions position in the North American avocado category with expanded supply across Mexico and California; Vertically integrated platform with sourcing security and produce diversification to better serve customers and grower partners worldwide; Represents entry for Mission into the high-growth and attractive prepared food segment, complementing existing value-add avocado business; Significant value creation opportunity for both Mission and Calavo shareholders with expected cost synergies of approximately $25 million within 18 months post-close with meaningful upside potential; Mission shareholders are expected to own approximately 80.3% of the combined company and Calavo shareholders are expected to own approximately 19.7%; The Boards of Directors of both companies have approved the transaction, which is expected to close by the end of August 2026, subject to the receipt of required regulatory approvals, the approvals of Mission and Calavo shareholders, and the satisfaction of other customary closing conditions; Outside date July 14, 2026 (which date may be extended if the failure to close is due solely to any law or order under applicable antitrust law, for up to two periods, each of 90 days); Signed CA June 25, 2025; Valuation: 14.5x EPS (2026E), 8.1x EBITDA (2026E), 0.6x sales (2026E);
>50% vote target; >50% vote acquiror; HSR expiry;
CWAN
Clearwater Analytics
Permira / Warburg Pincus
22-December-25
21-April-26
Merger
Friendly
Tech
24.55000
0.00000
23.56000
8400.00000
0.47094
1.00000
-6.86000
0.01
0.13
0.00000
24.55000
23.55000
0.99000
0.36770
48
PJT / JPMorgan
GS
Cravath
Latham / Paul
Definitive agreement; Clearwater Analytics is transforming investment management with the industrys most comprehensive cloud-native platform for institutional investors across global public and private markets; After a thorough process including engaging with certain strategics and financial sponsors, the Special Committee of the CWAN Board of Directors, composed entirely of independent and disinterested directors, upon the advice of its independent outside legal counsel and financial advisor, unanimously recommended this transaction. The CWAN Board of Directors subsequently approved this transaction; The acquisition is subject to approval by CWANs stockholders (including a majority of votes cast by disinterested stockholders) and is expected to close in the first half of 2026, subject to customary closing conditions, including receipt of regulatory approvals.; The merger agreement provides for a go-shop period ending on January 23, 2026, during which CWAN, at the direction of the Special Committee and with the assistance of its advisors, will be permitted to actively solicit and evaluate alternative acquisition proposals, with a potential 10-day extension for certain parties that submit acquisition proposals during the initial go-shop period; Private Credit at Goldman Sachs Alternatives provided 100% committed debt financing to the Investor Group; Valuation: 36.5x EPS (2026E), 25.4x EBITDA (2026E), 8.9x sales (2026E); Outside date September 20, 2026; Parent has obtained equity financing commitments from certain affiliates of Parent, and debt financing commitments from certain third-party lenders, to fund the transactions contemplated by the Merger Agreement; Pursuant to the equity commitment letters, each dated December 20, 2025, funds affiliated with Permira Advisers LLC, Warburg Pincus LLC, Francisco Partners Management, L.P. and Temasek Holdings (Private) Limited have committed to provide Parent on the terms and subject to the conditions set forth in the equity commitment letters, an aggregate equity commitment to fund the aggregate Merger Consideration and certain other amounts required to be paid under the Merger Agreement (the Equity Financing). Pursuant to the debt commitment letter, dated December 20, 2025, Goldman Sachs Asset Management, L.P. and GLQ II Credit Investments LLC have committed to provide Parent and Merger Sub, on the terms and subject to the conditions set forth in the debt commitment letter, certain debt financing to fund a portion of the aggregate Merger Consideration and other amounts required to be paid under the Merger Agreement (the Debt Financing, and together with the Equity Financing, collectively, the Financing); Signed NDA November 4, 2025; Jan 23 2026 did not receive an alternative acquisition proposal during go-shop period; Background: The Company regularly reviewed strategic alternatives following its IPO, including remaining independent, pursuing acquisitions, or considering a sale. After earlier recapitalization efforts and a 2023 market check that did not result in any offers, the Company continued operating independently, though its stock price declined in 2025 amid market volatility and concerns about artificial intelligence impacts. In August 2025, representatives of Warburg Pincus and Permira, former major shareholders, informally expressed interest in a potential take-private transaction. The Boards independent directors began evaluating these discussions, ultimately forming an ad hoc transaction committee and later a fully empowered Special Committee composed solely of independent directors to oversee the process. On October 23, 2025, Warburg Pincus and Permira submitted a nonbinding proposal to acquire the Company for $24.50 per share in cash. The Special Committee engaged independent legal and financial advisors and initiated a targeted pre-signing market check to solicit interest from selected strategic and financial buyers while managing confidentiality risks and business disruption. Several parties conducted diligence, but most declined to submit bids due to valuation, financing constraints, or strategic considerations. By mid-December, only the Consortium led by Warburg Pincus and Permira and one financial sponsor remained active bidders. The competing sponsor proposed a lower valuation range of $20.00 to $22.00 per share and was deemed unlikely to exceed the Consortiums price. After negotiations and multiple revised proposals, the Consortium reduced its initial offer in light of market conditions and diligence findings, then incrementally increased its bid. On December 16, 2025, the parties agreed in principle to a cash price of $24.55 per share, representing significant premiums to the unaffected trading price. The agreed structure included a go-shop period, a Company termination fee of 3.25 percent of equity value with a reduced 1.5 percent fee during the go-shop, and a reverse termination fee of 7 percent. The Board granted short-term exclusivity to finalize documentation. On December 20, 2025, following fairness opinions from PJT Partners to the Special Committee and from J.P. Morgan to the Board, both concluding that the consideration was fair from a financial point of view, the Special Committee unanimously recommended approval of the merger. The Board approved the transaction and recommended it to stockholders. The merger agreement was executed that day. Following signing, the Company conducted a 45-day go-shop process, during which financial advisors contacted 44 additional potential buyers. Although several parties entered confidentiality agreements and reviewed materials, none submitted a superior proposal. The go-shop period expired on January 23, 2026 without any competing bids;
>50% vote target; Majority of minority vote target; HSR expiry (attained Feb 13 2026); Australia FIRB and ACCC; China SAMR; EC; Turkey;
DAWN
Day One Biopharmaceuticals, Inc.
Servier
06-March-26
20-April-26
Tender Offer
Friendly
Biotech
21.50000
0.00000
21.12000
2061.67993
0.68232
0.39000
-8.33000
0.04
0.00000
21.50000
21.11000
0.38000
0.14861
47
Centerview
GS
Fenwick
Baker
Definitive agreement; Day One Biopharmaceuticals, Inc. is a biopharmaceutical company dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases; Acquisition positions Servier as a leader in pediatric low-grade glioma and expands its pipeline with programs targeting adult and pediatric cancers with high unmet needs; The transaction remains subject to customary closing conditions and is expected to close in the second quarter of 2026.; This acquisition will reinforce Serviers position in oncology targeted therapies in line with its 2030 ambition to develop innovative treatments for patients with high unmet medical needs. It strengthens Serviers portfolio and expands its oncology pipeline with programs ranging from early stage to phase 3; Under the terms of the merger agreement, Servier will commence a cash tender offer to acquire all of the issued and outstanding shares of Day Ones common stock for $21.50 per share in cash, representing a total equity value of approximately of $2.5 billion. The offer price represents a premium of approximately 68% over the closing price of Day One on March 5, 2026; Servier expects to fund the transaction through existing cash and investments; The consummation of the tender offer is subject to certain customary closing conditions, including the tender by Day One shareholders of at least a majority of the issued and outstanding shares of Day One common stock and the receipt of U.S. antitrust clearance; Valuation: 6.6x sales (2026E); Outside date December 6, 2026 (provided that such date shall be extended for an additional 150 days pursuant to the Merger Agreement in the event that required regulatory approval has not been obtained),;
>50% tender; HSR expiry;
DBRG
9984
DigitalBridge Group, Inc.
SoftBank Group Corp.
29-December-25
30-September-26
Merger
Friendly
Tech
16.00000
0.00000
15.42000
4000.00000
0.64609
0.62000
-5.67177
0.02
0.10
0.00000
16.03000
15.41000
0.61000
0.06980
210
JPMorgan / Barclays
Simpson / White
Sullivan / Morrison
Definitive agreement; DigitalBridge Group, Inc. is a leading global alternative asset manager dedicated to investing in digital infrastructure, including data centers, cell towers, fiber networks, and edge infrastructure; The transaction has been unanimously recommended by a special committee of DigitalBridges Board of Directors comprised solely of independent directors. Following the recommendation of the special committee, DigitalBridges Board of Directors unanimously approved the transaction; After the closing of the transaction, DigitalBridge will continue to operate as a separately managed platform, led by Marc Ganzi. The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the second half of 2026; Valuation: 15.1x EPS (2026E), 29.5x EBITDA (2026E), 9.3x sales (2026E), 11.1% FFEUM; Outside date March 29, 2027 (may be extended by either party by up to 90 days if the closing conditions related to required regulatory approvals or absence of legal restraints prohibiting the Mergers have not been satisfied or waived); Signed NDA March 7, 2024;
>50% vote target; HSR expiry; CFIUS; FERC; FCC; Monetary Authority of Singapore; UK FCA; EC; Receipt of required consents for the Companys flagship investment funds and from fee-paying clients of the Company and its subsidiaries representing, in the aggregate, at least 85% of the base date revenue run rate;
DHIL
Diamond Hill Investment Group, Inc.
First Eagle Investments
11-December-25
31-July-26
Merger
Friendly
Financial
175.00000
0.00000
172.28000
473.00000
0.48962
3.45000
-54.07000
0.02
0.06
0.00000
175.00000
171.55000
3.44000
0.04984
149
Broadhaven
UBS
Davis / Vorys
Willkie
Definitive agreement; Diamond Hill Investment Group, Inc. is a boutique investment management firm with a long-term, valuation-disciplined approach across multiple asset classes; The transaction, which was unanimously approved by the Board of Directors of Diamond Hill, is expected to close by the third quarter of 2026, subject to the satisfaction of customary closing conditions, including approval by Diamond Hills common shareholders, mutual fund shareholder-related approvals, and regulatory approvals. The transaction has no financing contingencies; As part of the agreement, Diamond Hill will not pay quarterly dividends through closing; The definitive agreement includes a go-shop period. Under the terms of the merger agreement, Diamond Hill may, subject to certain terms and conditions, solicit alternative proposals to acquire Diamond Hill from third parties for a period of 35 days continuing through January 14, 2026; Valuation: 13.5x EPS (LTM), 6.4x EBITDA (LTM), 2.83x sales (LTM); Purchaser expects to fund the Merger Consideration with cash on hand and amounts available under its existing credit facilities; Outside date December 10, 2026; Signed NDA September 9, 2025; Background: Diamond Hills board regularly reviewed strategic alternatives and was approached in mid 2025 by First Eagle to discuss a potential transaction. After several months of discussions, information sharing, due diligence and negotiations supported by financial and legal advisors, First Eagle made a series of increasing cash offers, which the board initially rejected as undervaluing the company. Negotiations focused on price, dividends, client consent thresholds, deal certainty, governance matters and employee arrangements, ultimately resulting in an agreed price of 175 dollars per share with modified dividend and consent terms. The Diamond Hill board received fairness opinions, approved the merger agreement in December 2025 and recommended it to shareholders. A 35 day go shop period followed, during which no alternative proposals emerged, and the transaction was publicly announced and executed;
>50% vote target; HSR expiry (filed Jan 16 2026); Mutual fund shareholder-related approvals; Company obtaining the consent of Company clients generating an aggregate revenue run-rate of at least 78% of the Companys aggregate revenue run-rate as of November 30, 2025;
DVS
CTGO
Dolly Varden Silver Corporation
Contango ORE, Inc.
08-December-25
24-March-26
Merger
Friendly
Mining
0.00000
0.16520
4.34000
353.11536
-0.07446
0.00520
22.00000
0.04
0.00
0.00000
4.29520
4.29000
0.00597
0.02572
20
Haywood / RJ
Canaccord
Stikeman / Dorsey
Blakes / Holland
Arrangement agreement; Merger of equals; Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25km by road to tide water; The combination of Contango and Dolly Varden (the combined entity referred to as "MergeCo") would provide investors with a unique opportunity to participate in the upside of a well-funded North American asset portfolio consisting of the cash flowing high-grade Manh Choh gold mine in Alaska as well as several high-grade silver and gold projects located in British Columbia and Alaska including the Kitsault Valley and Johnson Tract projects; Upon completion of the Transaction, existing Contango and Dolly Varden shareholders will each own approximately 50% of the outstanding shares of MergeCo; All directors and officers of Contango and Dolly Varden, as well as significant shareholders of both companies, have signed voting support agreements in favour of the Transaction, representing approximately 22% of the outstanding Contango shares and approximately 22% of the outstanding Dolly Varden shares; The Transaction will be effected pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and will require approval by the British Columbia Supreme Court (the "Court"), the approval of 66 2/3% of the votes cast by Dolly Varden shareholders at a special meeting of Dolly Varden shareholders expected to be held in February 2026 (the "DV Meeting") and the affirmative vote of a majority of the shares present in person or by proxy and entitled to vote at the special meeting of Contango shareholders expected to also be held in February 2026; Subject to the satisfaction of such conditions, the Transaction is expected to close in late February or early March, 2026; Full details of the Transaction will be included in Dolly Vardens management information circular in respect of the DV Meeting and Contangos proxy statement in respect of the CTGO Meeting, both of which are expected to be mailed to shareholders in January 2026; Outside date May 7, 2026; Background: Contangos board and management regularly reviewed strategic alternatives and potential transactions as part of their long term value creation efforts, with support from financial and legal advisors. Beginning in 2020 these reviews emphasized growth through exploration and acquisitions that met Contangos criteria for high grade mineralization, infrastructure access and permitting feasibility. Although Contango and Dolly Varden had interacted at industry events for years, discussions of a transaction only emerged in August 2025 during joint consideration of a third party mining asset, which ultimately was not pursued. That process led Dolly Vardens leadership to propose a merger, highlighting the strategic fit between the companies high grade projects and direct ship ore strategies. The parties entered into a confidentiality agreement, conducted extensive technical, financial, legal and tax due diligence, and held frequent management, board and advisor discussions through the fall of 2025. Negotiations progressed toward a merger of equals structure, with Canaccord Genuity advising Contango and providing analysis supporting the strategic rationale and valuation. After reviewing updated drilling results, finalizing terms and agreeing on an exchange ratio that implied a modest premium to Contango shareholders, the Contango board received a fairness opinion and unanimously approved the transaction. The arrangement agreement and related documents were executed in early December 2025, and the proposed combination of Contango and Dolly Varden was publicly announced on December 8, 2025;
>66 2/3 vote target; >50% vote acquiror; HSR expiry; Competition Canada;
EA
Electronic Arts Inc.
PIF / Silver Lake / Affinity Partners
29-September-25
30-June-26
Merger
Friendly
Tech
210.00000
0.00000
198.00999
55000.00000
0.24762
12.20000
-29.51771
0.09900
0.02
0.29
0.00000
210.19000
197.99001
12.19000
0.20299
118
GS
JPMorgan
Wachtell
Kirkland / Gibson / Simpson / Sidley
Definitive agreement; Electronic Arts Inc. is a global leader in interactive entertainment; Under the terms of the agreement, the Consortium will acquire 100% of EA, with PIF rolling over its existing 9.9% stake in the Company; The transaction was approved by EAs Board of Directors, is expected to close in Q1 FY27 and is subject to customary closing conditions, including receipt of required regulatory approvals and approval by EA stockholders; The transaction will be funded by a combination of cash from each of PIF, Silver Lake, and Affinity Partners as well as roll-over of PIFs existing stake in EA, constituting an equity investment of approximately $36 billion, and $20 billion of debt financing fully and solely committed by JPMorgan Chase Bank, N.A., $18 billion of which is expected to be funded at close. Each of PIF, Silver Lake, and Affinity Partners plan to fund the equity component of the financing entirely from capital under their respective control; Outside date September 28, 2026 (shall automatically be extended to December 28, 2026); Valuation: 22.9x EPS (2027E), 18.8x EBITDA (2027E), 6.65x sales (2027E); Background: Mar 2: Silver Lake shares materials with CEO/Chair Andrew Wilson, notes Affinity involvement and potential PIF co-investment. AprJun: High-level info sharing, Board (Jun 4) authorizes continued dialogue and NDA process. Jun 30: Board reviews long- and short-range plans. Jul 25: Silver Lake, Affinity, PIF sign NDAs with standstills. Jul 89 & Jul 1516: Management meetings. Sep 12: Investors float $200/share cash (conditional on diligence/financing). Stock at $172.38 that day. Sep 15: Board reviews analyses, decides not to canvass others (price/certainty + leak/disruption risk, later window-shop would allow topping bids). Authorizes exploring $210$212/share. Sep 16: Company pushes $215, signals $200 insufficient. Sep 18: Company sends draft merger agreement with: 60-day window-shop, hell-or-high-water antitrust, reverse termination fee, and ability to continue $0.19 dividend. Sep 1822: Investors probe $205, then $208, send revised draft removing hell-or-high-water, reducing window-shop to 35 days, raising termination fees, eliminating reverse fee, and prohibiting dividend. Sep 22: Board counters best and final at $210 with dividend continuity, consents to Investors engaging J.P. Morgan for debt financing. Stock closed $173.42. Sep 24: Companys revised draft reinstates dividend, extends window-shop to 45 days, reduces termination fees, adds reverse fee. Sep 26: Investors agree to $210/share and dividend continuity, ongoing documentation/financing negotiations. Media leak (WSJ) reports advanced talks, prior close $168.32 (Sep 25). Sep 27: Draft reflects core economics: $210/share. Sep 28: Board meetingGoldman delivers fairness opinion (oral, then written) that $210 cash is fair to holders. Sep 28 (later): Parties execute merger agreement and related documents. Sep 29 (pre-open): Press release announces the transaction;
>50% vote target (attained); HSR expiry (filed Nov 3 2025, attained Feb 9 2026); CFIUS; Competition Canada (filed Nov 10 2025); EC; China SAMR (filed Dec 2 2025, attained Dec 19 2025); South Africa (attained);
EB
Eventbrite, Inc
Bending Spoons S.p.A.
02-December-25
31-March-26
Merger
Friendly
Tech
4.50000
0.00000
4.47000
500.00000
0.81452
0.04000
-1.98000
0.03
0.02
0.00000
4.50000
4.46000
0.03000
0.09486
27
Allen
JPMorgan
Skadden
Simpson
Definitive agreement; Eventbrite, Inc. is the leading global marketplace for shared experiences; The acquisition is subject to customary closing conditions and approvals, including regulatory approvals and approval by Eventbrites stockholders; The proposed transaction, which was unanimously approved by Eventbrites Board of Directors, is expected to close in the first half of 2026, subject to customary closing conditions and approvals, including receipt of required regulatory approvals and approval by Eventbrites stockholders. Upon the consummation of the proposed transaction, Eventbrite will become a privately held company and its capital stock will no longer be listed on any public stock exchange; Valuation: 19.3x EBITDA (2026E), 1.65x sales (2026E); Outside date June 1, 2026 (subject to one three (3)- month extension); Signed CA September 24, 2025; Background: The Eventbrite Board regularly reviewed the companys strategy, performance, and alternatives as part of its ongoing governance process. Initial contact with Bending Spoons occurred at industry conferences in 2024 and 2025, with substantive discussions beginning in mid 2025 when Bending Spoons expressed interest in a potential acquisition. In August 2025, Bending Spoons submitted a non binding indication of interest proposing an all cash acquisition at a price range of $4.10 to $4.60 per share, which prompted the Board to engage advisors, initiate due diligence, and establish a Transaction Committee to oversee the process. Over the following months, Eventbrite conducted diligence with Bending Spoons while also running a broader outreach process to strategic and financial buyers to test the market. Bending Spoons increased its offer to $4.40 per share in October and later to $4.50 per share, while the Board countered at a higher price and encouraged competition. Other potential bidders either declined to submit proposals or offered lower prices and ultimately withdrew, leaving Bending Spoons as the only viable counterparty with both the highest price and the greatest deal certainty. As negotiations progressed, the Board carefully managed potential conflicts involving Eventbrites CEO and co founder Julia Hartz, particularly after Bending Spoons indicated interest in discussing her post transaction treatment. To address this, the Board formed a fully empowered Special Committee of independent directors and authorized Ms. Hartz to engage in personal discussions while removing her from decision making authority. Negotiations ultimately resulted in Ms. Hartz agreeing to the same economic treatment as other stockholders, aside from an opportunity to reinvest after tax proceeds in Bending Spoons at the same valuation as its most recent financing and reimbursement of certain advisory expenses. By late November and early December 2025, the merger agreement and related documents were finalized. The Special Committee unanimously concluded that the transaction was fair and in the best interests of Eventbrite and its stockholders and recommended approval. The full Board received a fairness opinion from its financial advisor, unanimously approved the merger at $4.50 per share in cash, and recommended that stockholders vote in favor of the transaction. The merger agreement was signed on December 1, 2025, and the transaction was publicly announced the following morning;
>50% vote target; HSR expiry (filed Dec 31 2025, to pull and refile Feb 3);
EHAB
Enhabit, Inc.
Kinderhook Industries, LLC
23-February-26
24-May-26
Merger
Friendly
Healthcare
13.80000
0.00000
13.62000
1100.00000
0.24436
0.19000
-2.52000
0.02
0.07
0.00000
13.80000
13.61000
0.18000
0.06099
81
GS
Guggenheim
Jones
Kirkland
Definitive agreement; Enhabit, Inc. is a leading national home health and hospice provider; Founded in 2003, Kinderhook Industries, LLC is a private investment firm that has raised over $10 billion of committed capital; The acquisition was unanimously approved by Enhabits Board of Directors and is expected to close in the second quarter of 2026, subject to the receipt of approval of Enhabit stockholders and regulatory approvals, and the satisfaction of other customary closing conditions; Certain of Enhabits executive officers have entered into a customary voting and support agreement to vote in favor of the transaction at the special meeting of Enhabit stockholders to be held in connection with the transaction; Kinderhook has secured committed financing for the transaction, with a debt financing commitment letter from certain lenders, and equity commitment letters from funds advised by Kinderhook or an affiliate thereof that, in the aggregate, are sufficient to fund the purchase price and pay related fees and expenses at closing; Valuation: 21.6x EPS (2027E), 9.6x EBIDA (2027E), 0.95x sales (2027E); Outside date November 22, 2026; Signed CA January 3, 2025, as amended on December 11, 2025;
>50% vote target; HSR expiry;
EM
Smart Share Global Limited
Consortium
04-August-25
31-March-26
Merger
Friendly
Tech
1.25000
0.00000
1.14000
-72.91100
0.73611
0.07000
-0.43880
0.64000
-0.07
0.14
-0.05000
1.20000
1.13000
0.06000
1.01252
27
Kroll
Skadden / Maples
Davis / Weil / Harney / Haiwen
Definitive merger agreement; Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is a leading provider of mobile device charging service in China with an extensive network of partners powered by its own advanced service platform; Pursuant to the Merger Agreement, at the effective time of the Merger (the Effective Time), each American Depository Share of the Company (each, an ADS), representing two (2) class A ordinary shares of the Company, par value US$0.0001 each (the Class A Shares, together with class B ordinary shares of the Company, par value US$0.0001 each, collectively, the Shares), issued and outstanding immediately prior to the Effective Time, other than ADSs representing Excluded Shares (as defined in the Merger Agreement), together with the Shares represented by such ADSs, will be cancelled and cease to exist in exchange for the right to receive US$1.25 in cash per ADS without interest (less applicable fees, charges and expenses payable by ADS holders, and such consideration, the Per ADS Merger Consideration), and each Share issued and outstanding immediately prior to the Effective Time, other than Excluded Shares, Dissenting Shares (as defined in the Merger Agreement) and Shares represented by ADSs, will be cancelled and cease to exist in exchange for the right to receive US$0.625 in cash per Share without interest (together with the Per ADS Merger Consideration, the Merger Consideration); The Consortium includes Trustar Mobile Charging Holdings Limited (together with its affiliated investment entities), Mr. Mars Guangyuan Cai, Chairman of the Board of Directors (the Board) and Chief Executive Officer of the Company, Mr. Peifeng Xu, Director and President of the Company, Mr. Victor Yaoyu Zhang, Chief Marketing Officer of the Company, and Ms. Maria Yi Xin, Director and Chief Financial Officer of the Company; The Consortium intends to fund the Merger through a combination of (i) cash contributions from certain members of the Consortium pursuant to their respective equity commitment letters, (ii) proceeds from certain committed term loan facility to be provided by Bank of China Limited, Shanghai Branch, and (iii) rollover equity contributions by the Rollover Shareholders (as defined in the Merger Agreement); The Board, acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the Special Committee), approved the Merger Agreement and the Merger and resolved to recommend the Companys shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its independent financial and legal advisors; The Merger, which is currently expected to close during the fourth quarter of 2025, is subject to customary closing conditions, including, among others, (i) that the Merger Agreement shall be authorized and approved by an affirmative vote of at least two-thirds of the votes cast by the shareholders present and voting in person or by proxy at an extraordinary general meeting of the Companys shareholders, (ii) that the aggregate amount of Dissenting Shares shall be less than 15% of the total outstanding Shares immediately prior to the Effective Time, and (iii) receipt of certain regulatory approvals; As of the date of this press release, members of the Consortium and the Rollover Shareholders beneficially own Shares representing approximately 64% of the voting rights; Outside date Aug 4 2026;
66 2/3 vote target; <15% dissent;
EWCZ
European Wax Center, Inc.
General Atlantic
10-February-26
10-June-26
Merger
Friendly
Consumer
5.80000
0.00000
5.74000
666.97498
0.45000
0.07000
-1.73000
0.42000
0.01
0.04
0.00000
5.80000
5.73000
0.06000
0.03956
98
Moelis
BofA / Guggenheim
Ropes
Paul
Definitive agreement; European Wax Center, Inc. is a leading franchisor and operator of out-of-home waxing services in the United States; General Atlantic manages approximately $122 billion in assets under management, inclusive of all strategies, as of December 31, 2025, with more than 900 professionals in 20 countries across five regions; General Atlantic has been a strategic partner to the Company since its initial investment in 2018 and is currently the beneficial owner of approximately 42% of the Companys outstanding shares of the Companys common stock; The transaction was unanimously approved and recommended by a Special Committee of the European Wax Center Board of Directors, composed entirely of independent directors. Acting on the recommendation of the Special Committee, the Board of Directors approved the transaction; The transaction is expected to close in mid-2026, subject to certain closing conditions, including approval by a majority of the votes cast by holders of shares of the Companys common stock that are not affiliated with General Atlantic and the satisfaction of regulatory approvals; Outside date August 9, 2026; HPS Investment Partners, LLC (the Lender) has committed to provide Parent with debt financing in an aggregate principal amount of $74 million on the terms and subject to the conditions set forth in a debt commitment letter; Additionally, on February 9, 2026, in connection with the execution of the Merger Agreement, Parent has delivered an equity commitment letter from General Atlantic Partners 100, L.P. (the Guarantor) in favor of the Parent and pursuant to which, on the terms and conditions contained therein, the Guarantor is committed to contribute up to $110 million in cash at the Closing in respect of the Parents payment obligations (including merger consideration and related fees and expenses), subject to satisfaction or waiver of the closing conditions; Valuation: 8.3x EPS (2027E), 8.6x EBITDA (2027E), 3.09x sales (2027E);
>50% vote target; Majority of minority vote target; HSR expiry;
EXAS
ABT
Exact Sciences
Abbott
20-November-25
15-May-26
Merger
Friendly
Healthcare
105.00000
0.00000
103.44000
23000.00000
0.47224
1.57000
-32.11000
0.03
0.05
0.00000
105.00000
103.43000
1.56000
0.07884
72
Centerview / XMS
MS
Skadden
Wachtell
Definitive agreement; A leading provider of cancer screening and diagnostics tests, Exact Sciences helps patients and healthcare providers make timely, informed decisions before, during and after a cancer diagnosis. The companys growing product line includes well-established brands such as Cologuard and Oncotype DX, along with innovative solutions like the Cancerguard test for multi-cancer early detection and the Oncodetect test for molecular residual disease and recurrence monitoring; Acquisition adds a new growth vertical to Abbotts already high single-digit growth profile, gaining leadership in the fast-growing $60 billion U.S. cancer screening and precision oncology diagnostics segments; Acquisition will uniquely position Abbott to transform cancer care, advancing earlier detection and optimizing treatment and monitoring to help millions more people live healthier lives; Exact Sciences product lines feature advanced cancer screening and diagnostic solutions, including the market-leading Cologuard and Oncotype DX tests, and cutting-edge liquid biopsy tests for multi-cancer early detection and molecular residual disease testing; Acquisition will be immediately accretive to Abbotts revenue growth and gross margin; The closing is expected in the second quarter of 2026 and is subject to Exact Sciences shareholder approval, as well as receipt of applicable regulatory approvals and other customary closing conditions. The transaction was unanimously approved by both companies boards of directors; Morgan Stanley is serving as the exclusive financial advisor for Abbott and has provided fully committed debt financing; Outside date November 19, 2026; Signed CA October 21, 2025; Signed clean team agreement November 7, 2025; Both operate in the broad category of diagnostic testing (specifically laboratory-based molecular testing, genetic testing, and screening), but ABT is not a competitor of EXAS; Background: Exacts board and management regularly evaluated strategic alternatives while pursuing a standalone growth strategy. In March 2025 Abbotts CEO expressed interest in acquiring Exact but the board rejected an initial $65 per share proposal in April as premature and inadequate. After continued strong performance and updated long range plans, Abbott returned in September with an $85 proposal which was also rejected with the board stating it would only engage at a price above $100. In October Abbott submitted successive proposals at $93 and $101 per share. The board allowed limited engagement and due diligence under a confidentiality agreement while declining to solicit other bidders due to leak and execution risks. After negotiations and management presentations, Abbott increased its offer to $105 per share on October 29 and stated it was final. The board authorized full engagement at that level and due diligence proceeded in November alongside negotiation of merger terms including regulatory efforts, termination rights, fees and employee matters. Centerview delivered a fairness opinion on November 19 and the board unanimously approved the transaction, recommended it to shareholders and authorized execution of the merger agreement. Exact and Abbott signed the agreement on November 19 and publicly announced the deal on November 20 2025;
>50% vote target; HSR expiry (filed Jan 6 2026);
FFIC
OCFC
Flushing Financial Corp.
OceanFirst Financial Corp.
30-December-25
15-May-26
Merger
Friendly
Financial
0.00000
0.85000
15.31000
579.00000
-0.01412
0.02200
0.04
0.00
0.00000
15.28200
15.26000
0.09670
0.03254
72
Piper
Keefe / Jefferies
Hughes
Simpson / Wachtell
Definitive merger agreement; Flushing Financial Corporation is the holding company for Flushing Bank, an FDIC insured, New York State chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929. Today, it offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services; Creates a scaled, high performing regional bank with $23 billion in assets strategically located in attractive New Jersey, Long Island and New York markets; Meaningfully enhances profitability metrics with estimated EPS accretion of 16%, ROATCE of 13% and ROAA of 1.00% by 2027; $225 million equity raise, priced at-the-market, is fully committed at a fixed price after extensive investor due diligence by Warburg Pincus; The strategic acquisition accelerates OceanFirsts organic growth in New York by immediately expanding its presence within the highly attractive, deposit-rich markets of Suffolk, Nassau, Queens, Brooklyn, and Manhattan counties. Following closing of the merger, the combined company is expected to have approximately $23 billion in assets, $17 billion in total loans, and $18 billion in total deposits across 71 retail branches; Upon completion of the proposed transaction, (a) the shares issued to Flushing stockholders in the merger are expected to represent approximately 30% of the outstanding shares of the combined company, (b) the shares issued to Warburg Pincus in the equity capital raise transaction discussed above are expected to represent approximately 12% of the outstanding shares of the combined company and (c) the shares of OceanFirst common stock that are outstanding immediately prior to completion of the merger are expected to represent approximately 58% of the outstanding shares of the combined company; This transaction is expected to be financially attractive with an estimated 2027 EPS accretion of approximately 16%, a strong internal rate of return of approximately 24% and with tangible book value dilution of approximately 6%, to be earned back in approximately 3 years; In the equity capital raise transaction, OceanFirst will sell approximately (i) 9.7 million shares of its common stock at a purchase price of $19.76 per share and (ii) shares of a new class of non-voting, common-equivalent stock representing the economic equivalent of 1.7 million shares of OceanFirst common stock at a purchase price of $19.76 per share of common stock to Warburg Pincus. In addition, OceanFirst will issue Warburg Pincus a warrant to purchase shares of non-voting, common-equivalent stock of OceanFirst representing the economic equivalent of approximately 11.4 million shares of common stock; The transaction is expected to close in the second quarter of 2026, subject to the receipt of regulatory approvals, approval by OceanFirst and Flushing shareholders, and the satisfaction of other customary closing conditions. The equity capital raise is expected to close concurrently with the merger, subject to the concurrent closing of the merger and other closing conditions; Valuation: 10.6x EPS (2026E), 0.8x TBV; Outside date September 29, 2026; Signed CA April 23, 2025; Background: OceanFirst and Flushing regularly assessed strategic alternatives amid changing banking and regulatory conditions, with Flushing in particular considering organic growth, capital raises, balance sheet restructuring, and a potential sale. Initial CEO-level discussions began in October 2023, became more serious in 2024 with an NDA and shared analysis support, and were influenced by Flushings $70 million capital raise in December 2024 and ongoing diligence in early 2025. Negotiations through 2025 centered on valuation, board composition, employee retention, deal protections, and the need for additional capital, with Warburg introduced as a key equity financing partner for OceanFirst. After intermittent pricing proposals and Flushing rejecting outreach from another bank, the parties converged around a 0.85 all stock exchange ratio, entered exclusivity, and negotiated definitive merger and financing documents from mid November through late December 2025. On December 28 and 29, 2025, KBW and PSC delivered fairness opinions to their respective boards, both boards approved the merger, OceanFirst signed the Warburg investment agreement, and the companies announced the transaction;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC; New York Department of Financial Services;
FFWM
FSUN
First Foundation Inc.
FirstSun Capital Bancorp
28-October-25
30-April-26
Merger
Friendly
Financial
0.00000
0.16083
5.78000
785.00000
0.16348
0.05114
-0.76399
0.04
0.06
0.00000
5.80114
5.75000
0.07071
0.08141
57
Keefe / Jefferies
Stephens
Alston
Nelson
Definitive merger agreement; First Foundation Inc. (First Foundation) (NYSE: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and Irvine, California-based First Foundation Bank (First Foundation Bank); Transaction will create a premier $17 billion bank operating in the nations best growth markets; Combined entity will migrate to best-in-class performance metrics with a high quality business mix, including $6.8 billion in pro forma AUM and 20% fee income-to-revenue ratio; 30%+ accretion to FSUNs 2027 estimated EPS; Significant pro forma insider and affiliate ownership estimated at 48%; Unanimously approved by the respective board of directors of both FirstSun and First Foundation; FirstSun stockholders will own 59.5% and First Foundation stockholders will own 40.5% of the combined company following the merger; The parties expect the closing of the proposed transaction to occur early in the second quarter of 2026, subject to satisfaction of closing conditions, including receipt of customary required regulatory approvals and requisite approval by the stockholders of each company; Valuation: 0.8x BV, 0.73x TBV, 19.3x EPS (2026E); Outside date Oct 28 2026; Feb 23 2026 received Office of the Comptroller of the Currency approval, closing Q2 2026;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC (attained Feb 23 2026);
FOLD
BMRN
Amicus Therapeutics
BioMarin Pharmaceutical Inc.
19-December-25
18-April-26
Merger
Friendly
Biotech
14.50000
0.00000
14.33000
4800.00000
0.33150
0.18000
-3.43000
0.04
0.05
0.00000
14.50000
14.32000
0.17000
0.10046
45
Centerview / GS
MS / JPMorgan
Kirkland
Jones / Cooley
Definitive agreement; The agreement has been unanimously approved by the Boards of Directors of both companies and Amicus Board of Directors unanimously recommended that Amicus stockholders vote to adopt the agreement. The transaction is expected to close in the second quarter of 2026, subject to regulatory clearances, approval by the stockholders of Amicus and other customary closing conditions; The acquisition will strengthen BioMarins commercial portfolio, adding two new treatments to the companys existing portfolio of medicines that target lysosomal storage disorders: Galafold (migalastat), the first oral treatment for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat), a two-component therapy for Pompe disease. Amicus also has U.S. rights to DMX-200, a potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis (FSGS), a rare and fatal kidney disease in Phase 3 development; The acquisition is expected to increase BioMarins long-term CAGR through 2030 and beyond. Both Galafold and Pombiliti + Opfolda have high-growth potential and generated combined net product revenues over the past four quarters totaling $599 million. Based on the Galafold litigation settlements announced today, U.S. exclusivity for Galafold is expected through January 2037; The acquisition will add two therapies to BioMarins Enzyme Therapies Business Unit and provide expansion opportunities for Galafold and Pombiliti + Opfolda across BioMarins global footprint; The acquisition will add revenue immediately after the transaction closes. It is expected to be accretive to Non-GAAP Diluted EPS in the first 12 months after close and substantially accretive beginning in 2027; The consummation of the transaction is subject to customary closing conditions, including approval by the stockholders of Amicus, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other antitrust authority clearances, and other customary conditions; The transaction is not subject to financing conditions. BioMarin intends to finance the transaction through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing. Morgan Stanley Senior Funding, Inc. is acting as sole lead arranger and has provided a bridge commitment for this amount; Separately, Amicus has resolved the patent litigation it brought in response to Aurobindo Pharmas and Lupin Ltd.s Abbreviated New Drug Applications seeking approval to market a generic version of Galafold 123 mg capsules prior to expiration of the certain Amicus patents; On marketed products, they do not appear to be direct head-to-head competitors in the core disease areas being acquired (Fabry, Pompe). The transaction looks primarily complementary rather than a horizontal consolidation; Outside date June 19, 2026 (will be extended for two automatic three-month periods); Signed CA October 15, 2025; Background: Amicus spent years reviewing strategic alternatives while defending its key drug Galafold from generic challenges and engaging Goldman Sachs and later Centerview as financial advisors. After rejecting a low all stock proposal from Party A in mid 2025, Amicus began discussions with BioMarin which expressed interest in a strategic acquisition while making clear that resolution of the remaining patent litigation was essential. BioMarin made a series of increasing cash offers from 12.50 to 13.50 and then to 14.00 per share as it conducted due diligence, but the Amicus board repeatedly deemed these prices insufficient and pushed for higher value while also authorizing outreach to other potential buyers that ultimately declined to engage. At the same time Amicus pursued settlements of its Hatch Waxman litigation with Aurobindo and Lupin which BioMarin required as a condition to closing and which the board determined were in Amicus best interests regardless of the merger outcome. After further negotiation BioMarin raised its offer to 14.50 per share in cash and made clear it would not go higher, and Amicus agreed in principle once the patent disputes were resolved. The Aurobindo litigation was settled in early December and the Lupin license was fully executed on December 19 which removed the final closing obstacle. With both legal risks addressed and updated financial projections in hand, Centerview and Goldman Sachs delivered fairness opinions, the board concluded the transaction was fair and in the best interests of stockholders, and Amicus and BioMarin signed and announced the merger agreement on December 19 2025; Jan 26 2026 launched notes and term loan financing for merger;
>50% vote target; HSR expiry (filed Jan 21 2026, attained Feb 11 2026); EC; Japan;
FONR
FONAR Corporation
CEO / Insiders
30-December-25
12-March-26
Merger
Friendly
Healthcare
19.00000
0.00000
18.53000
116.25000
0.29604
0.50000
-3.84000
0.96579
0.00
0.12
0.00000
19.00000
18.50000
0.49000
2.29603
8
Marshall
Meister / DLA
Moritt
Definitive agreement; FONAR, The Inventor of MR ScanningTM, located in Melville, NY, was incorporated in 1978, and is the first, oldest and most experienced MRI Company in the industry; Buyer is controlled by the previously disclosed acquisition group led by Chief Executive Officer Timothy Damadian and consisting of certain members of the Companys management team and board of directors (the "Board") and third parties (collectively, the "Acquisition Group"); A special committee of the Board, consisting solely of disinterested members of the Board (the "Special Committee"), in consultation with its independent financial and legal advisors, unanimously recommended the entry into the Merger Agreement and the Transaction, and the Board (excluding directors that are members of the Acquisition Group who recused themselves from the vote) unanimously approved the entry into the Merger Agreement; The Transaction is expected to close in the third fiscal quarter of 2026 and is subject to the satisfaction of a number of customary closing conditions more thoroughly described in the Merger Agreement, including the approval at a special meeting of the Companys stockholders (the "Company Stockholders Meeting") by the affirmative vote (i) of the holders of a majority in voting power of the Companys capital stock outstanding and entitled to vote, and (ii) of a majority of the votes cast by disinterested stockholders, and is subject to other customary closing conditions. The Transaction is not subject to any financing conditions; The Transaction is being financed by Buyer through a combination of new debt, new equity and rollover of Company securities. Buyer has secured a commitment for a debt financing facility in the amount of $35 million from OceanFirst Bank, N.A., which commitment is subject to usual and customary closing conditions. The remaining debt of approximately $10 million and equity comprised of approximately $45 million is being provided by members of the Acquisition Group and third party lenders. The third party debt is subordinate to the OceanFirst Bank financing facility; Outside date March 12, 2026 (automatically extended to the later of 90 days following (i) the date the Companys definitive proxy statement on Schedule 14A is filed and (ii) the date, if applicable, upon which any governmental review or investigation, including, without limitation, any review or investigation by the Securities and Exchange Commission (the SEC), is completed); Parent has delivered to the Company (i) an executed bank financing commitment letter (the Bank Commitment Letter) from OceanFirst Bank, N.A. (OceanFirst), pursuant to which, and subject to the terms and conditions set forth in the Bank Commitment Letter, OceanFirst has committed to provide debt financing in an aggregate amount of $35,000,000, (ii) executed debt subscription agreements (the Debt Commitment Agreements) from certain financing sources (including investors in Parent) (each, individually, a Debt Financing Source and, collectively, the Debt Financing Sources), pursuant to which, and subject to the terms and conditions set forth in the Debt Commitment Agreements, the Debt Financing Sources have committed to provide debt financing in an amount of not less than $10,000,000 (the transactions described in the foregoing clauses (i) and (ii), collectively, the Debt Financing), and (iii) executed equity subscription agreements (the Equity Commitment Agreements and, collectively with the Bank Commitment Letter and the Debt Commitment Agreements, the Financing Commitments), from certain investors, pursuant to which such investors have committed, subject to the terms and conditions set forth in the Equity Commitment Agreements, to provide equity financing (comprised of cash and rollover securities) in an amount of not less than $45,000,000 (the Equity Financing and, together with the Debt Financing, the Financing); Valuation: 17.3x EPS (LTM), 7.4x EBITDA (LTM), 1.1x sales (LTM); Background: In July 2025, an Acquisition Group led by Mr. Damadian delivered a non binding proposal to acquire the public shares at a premium. The board formed a Special Committee of independent directors to evaluate and negotiate the proposal. After receiving a supplemental proposal of $17.25 per share, the Special Committee retained independent legal and financial advisors and negotiated over price and terms. Competing expressions of interest from stockholders, including a $24.00 per share non binding indication, did not progress due to lack of financing details and uncertainty regarding shareholder approval given the Acquisition Groups voting power. Following negotiations, the parties agreed to $19.00 per share for the Common Stock and $10.50 per share for the Class A Non voting Preferred Stock, subject to a fairness opinion. On December 23, 2025, the Special Committee received a fairness opinion from Marshall & Stevens concluding the consideration was fair from a financial point of view. The board approved the Merger Agreement, voting agreements were executed, financing commitments were secured, and the transaction was publicly announced. In February 2026, a stockholder filed litigation in Delaware challenging the transaction under Section 203 of the DGCL and alleging that a supermajority vote was required. FONAR disputes the claims. The merger will close if the required vote is obtained and other conditions are satisfied, subject to the outcome of the Section 203 dispute if necessary;
>50% vote target; Majority of minority vote target; HSR expiry;
GDEN
VICI
Golden Entertainment, Inc.
Blake Sartini / VICI Properties Inc.
06-November-25
30-June-26
Merger
Friendly
Gaming
2.75000
0.90200
28.46000
1249.32251
0.41309
0.67406
-7.79895
0.25000
0.01
0.08
0.00000
28.98406
28.31000
0.90403
0.10212
118
Macquarie
Santander
Latham
Greenberg
Definitive agreement; Golden Entertainment operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,600 slots, 80 table games and 6,000 hotel rooms; Golden stockholders will receive total consideration of a fixed exchange ratio of 0.902 shares of VICI common stock for the sale of seven casino real estate assets and a cash distribution with proceeds from Blake Sartini of $2.75 for each share of Golden stock held at the closing of the transaction; The Company will continue to pay shareholders regular quarterly cash dividends of $0.25 per share through the close of the transaction; An Independent Committee of the Board of Directors (the Independent Committee) was formed to evaluate the transaction. The Independent Committee provided unanimous approval of the transaction and recommended that the Companys stockholders approve the definitive agreement and the transactions contemplated thereby; The proposed transaction, which is expected to close in mid-2026, is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of Golden stockholders. Blake Sartini, Blake Sartini II and affiliated trusts, who own approximately 25% of the voting power of Goldens outstanding shares of common stock, have signed a voting and support agreement in favor of the transaction; Valuation: 41.2x EPS (2026E), 8.2x EBITDA (2026E), 1.89x sales (2026E); The agreement includes a go-shop period through December 5, 2025, during which time Golden and its advisors may solicit, consider and negotiate alternative acquisition proposals from third parties; Outside date February 5, 2027; Background: Goldens board regularly reviewed strategic options and believed the market undervalued its casino business, especially its real estate. From late 2024 through 2025, Golden explored sale-leaseback and opco / propco structures with several parties, including REITs VICI and Party A and financial sponsors Party B and Party C, focusing on tax efficiency and value maximization. VICI and Party A submitted competing non-binding proposals to buy Goldens real estate and lease it back under a long term triple net master lease, while Goldens controlling shareholder, Mr Sartini, expressed interest in acquiring the operating company in an opco / propco deal. The board formed an Independent Committee of disinterested directors, hired Macquarie as its financial advisor and Latham as counsel, and negotiated detailed terms with VICI and Mr Sartini, including structure, financing, lease terms, closing conditions, termination fees and a go-shop period. Macquarie delivered a fairness opinion that the aggregate consideration to Golden shareholders was fair from a financial perspective. On November 5, 2025, the Independent Committee unanimously determined the Master Transaction Agreement and related transactions were fair and in the best interests of Golden and its shareholders and recommended that shareholders approve the deal. During the go-shop process Macquarie contacted 20 potential bidders, but no superior proposal emerged. The Independent Committee concluded that the transactions are substantively and procedurally fair to unaffiliated security holders;
>50% vote target; HSR expiry; Gaming approvals;
GDOT
Green Dot Corporation
Smith Ventures / CommerceOne Financial Corporation
24-November-25
15-May-26
Merger
Friendly
Financial
8.11000
0.00000
11.52000
825.00000
0.20593
2.75000
0.00
0.00
6.12000
14.23000
11.48000
2.74000
1.95967
72
Citi
Stephens / Performance Trust
Wachtell
King / Sullivan
Merger agreement; Green Dot Corporation is a financial technology platform and registered bank holding company that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes; Smith Ventures will acquire and privatize Green Dots non-bank financial technology business assets and operations, which will continue running as an independent and growth-focused fintech and embedded finance company. Additionally, CommerceOne will acquire Green Dot Bank and its associated assets and operations, and together, they will become a new publicly traded bank holding company that serves as the fintechs exclusive issuing bank; Upon completion of the acquisition, each share of Green Dot will be exchanged for $8.11 in cash and 0.2215 shares of the new publicly traded bank holding company that will own CommerceOnes existing business, including CommerceOne Bank and Green Dot Bank. Former Green Dot shareholders will own approximately 72% of the new publicly traded bank holding company, and former CommerceOne shareholders will own approximately 28% of the company; Smith Ventures will acquire Green Dots non-bank financial technology business assets and operations from CommerceOne for $690 million in an all-cash transaction. Of that purchase price, $470 million will be distributed to Green Dot shareholders, while $155 million will be invested into the bank to provide additional regulatory capital and liquidity. Approximately $65 million will be used to pay off current indebtedness; The implied value to shareholders of Green Dot is estimated to be approximately $14.23 $19.18 per share (including $8.11 per share in cash) based on an assumed tangible book value multiple of approximately 1.00x-1.80x applied to the combined bank tangible book value at closing. The implied aggregate value is estimated to be $825 million $1.1 billion (including $470 million in cash); The transactions will occur concurrently and are subject to the receipt of required shareholder and regulatory approvals and other customary closing conditions. They are expected to close in the second quarter of 2026; These strategic transactions are the result of the strategic review announced in March 2025. The strategic review process evaluated a range of alternatives which included, but was not limited to, the potential sale of certain business lines/segments and Green Dot as a whole. Green Dot engaged with a broad group of interested parties, including both strategics and financial sponsors across financial technology, banking and consumer finance. Green Dot believes that the strategic transactions announced today represent an attractive opportunity to enhance value for Green Dot shareholders; Smith Ventures has partnered with TPG Credit, who provided a debt financing commitment; Valuation: 9.8x EPS (2026E), 0.72x BV; Outside date November 23, 2026 (subject to an automatic 90-day extension in certain circumstances, including if required regulatory approvals have not been obtained);
>50% vote target; >50% vote acquiror; HSR expiry;
GLDD
Great Lakes Dredge & Dock Corporation
Saltchuk Resources, Inc
11-February-26
31-March-26
Tender Offer
Friendly
Industrial
17.00000
0.00000
16.95000
1500.00000
0.05328
0.06000
-0.80000
0.02
0.07
0.00000
17.00000
16.94000
0.05000
0.04065
27
Guggenheim
Evercore
Sidley
Fried
Definitive agreement; Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States; Saltchuk Resources, Inc. ("Saltchuk"), a privately owned family of diversified freight transportation, marine service, and energy distribution companies; Under the terms of the agreement, which has been unanimously approved by the Board of Directors of both companies, Saltchuk will commence a tender offer to acquire all outstanding shares of the Company for $17.00 per share in cash; The closing of the tender offer will be subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Act waiting period and the tender of shares representing at least one share more than a majority of Great Lakes outstanding shares of common stock, and is expected to close in Q2 2026; The Companys Board of Directors unanimously recommends that Great Lakes stockholders tender their shares in the tender offer; The consummation of the Offer and the Merger are not subject to a financing condition; Outside date June 10, 2026 (autoextends 6 months); Valuation: 13.7x EPS (2027E), 9.0x EBITDA (2027E), 1.53x sales (2027E); Background: Parent had been evaluating acquisition opportunities to strengthen its competitive position and had identified the dredging industry as a potential area for investment. In early 2025 an infrastructure investor with an existing relationship with Parents chairman Mark Tabbutt suggested exploring a partnership related to a potential investment in or acquisition of Great Lakes Dredge & Dock Corporation (GLDD). On April 16 2025 Tabbutt contacted GLDD CEO Lasse Petterson and the companies held their first meeting on May 7 2025 to discuss GLDDs business though no transaction was proposed at that time. In August 2025 representatives of GLDDs financial advisor Guggenheim Securities contacted Parent to gauge interest in a strategic transaction. The parties held a meeting in September where GLDD management discussed the companys operations and advisers encouraged Parent to consider submitting a non binding indication of interest. After receiving board support Parent and GLDD entered into a confidentiality agreement on October 1 2025 that included standstill provisions. Parent and its advisor Evercore then conducted due diligence and met with GLDD management to review the business. On November 7 2025 Parent submitted a non binding proposal to acquire GLDD for between 13.25 dollars and 15.00 dollars per share. GLDDs board rejected the range as too low and indicated that a materially higher price would be required to continue discussions. After further conversations Parent submitted a revised proposal on November 20 2025 offering 17.00 dollars per share in cash which represented a significant premium to the companys trading price. GLDD then authorized further due diligence and the parties began detailed negotiations. Between late November 2025 and February 2026 the companies and their advisors conducted extensive due diligence and negotiated the terms of a merger agreement including deal protections and termination fees. Initial drafts included a go shop provision but Parent later pushed for a no shop structure with higher termination fees. Negotiations also addressed financing arrangements and the continued involvement of GLDDs senior management after closing. Parent required certain executives to sign agreements waiving specific employment rights related to the change in control. During January and early February 2026 the parties finalized the merger agreement and financing commitments while resolving open issues such as termination fee levels operational restrictions before closing and treatment of equity awards. On February 10 2026 the parties agreed on final terms including a termination fee of about 3.15 percent of equity value. Later that evening GLDD Parent and the acquisition vehicle executed the merger agreement. The following morning before markets opened the companies jointly announced the transaction;
>50% tender; HSR expiry (filed Mar 3 2026);
GORO
GGA
Gold Resource Corporation
Goldgroup Mining Inc.
26-January-26
15-May-26
Plan
Friendly
Mining
0.00000
1.44760
1.34000
372.00000
0.37891
0.22046
-0.20559
0.52
0.00000
1.55046
1.33000
0.21681
1.15024
72
Cormark
Davis / Cassels
Definitive agreement; Goldgroup is a Canadian-based mining company with two high-growth gold assets in Mexico. The company has a 100% interest in the producing Cerro Prieto heap-leach gold mine located in the State of Sonora; The proposed transaction will occur by way of a reverse triangular merger in which the Company will merge with a wholly owned subsidiary of Goldgroup under Colorado law and a plan of arrangement under the Business Corporations Act (British Columbia), with the Company surviving as a wholly owned subsidiary of Goldgroup. Upon completion of the Transaction, GRC stockholders are expected to own approximately 40% of the combined company on a fully-diluted in-the-money basis; The Transaction was unanimously approved by the boards of directors of the Company and Goldgroup. The Transaction is expected to close in the second quarter of 2026, subject to customary closing conditions (including approval by the stockholders of each of the Company and Goldgroup and approval by the Mexican National Antitrust Commission (Comision Nacional Antimonopolio));
66 2/3 vote target; Majority of minority vote target; >50% vote acquiror; Mexico antitrust COFECE;
GTLS
BKR
Chart Industries, Inc.
Baker Hughes
29-July-25
31-March-26
Merger
Friendly
Industrial
210.00000
0.00000
207.17999
13600.00000
0.29959
2.83000
-45.58000
0.02
0.06
0.00000
210.00000
207.17000
2.82000
0.20054
27
Wells
GS / Centerview / MS
Winston
Cleary / WilmerHale
Definitive agreement; Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of CleanTM - clean power, clean water, clean food, and clean industrials, regardless of molecule; Significant step high-grades the portfolio and adds value accretive customer offerings, transforms Baker Hughes Industrial & Energy Technology segment; Chart Industries brings differentiated capabilities across a diverse set of end markets advantaged by secular growth drivers such as natural gas, data centers and decarbonization; Highly complementary capabilities enable enhanced value-creation solutions for customers across the lifecycle of projects and accelerate aftermarket growth through increased service penetration of combined installed base; $325 million in annualized cost synergies expected to be realized at end of third year; Superior proposal to FLS friendly bid by 22.3%; Baker Hughes has secured fully committed bridge debt financing to fund the transaction, provided by Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc., which is expected to be replaced with permanent debt financing prior to close; The Boards of Directors of Baker Hughes and Chart have each unanimously approved the transaction, and the Chart Board of Directors has unanimously recommended that Chart shareholders approve the transaction. The transaction is subject to customary conditions, including approval by Chart shareholders, and the receipt of applicable regulatory approvals. The transaction is expected to be completed by mid-year 2026; Valuation: 14.4x EPS (2026E), 10.4x EBITDA (2026E), 8.3x Adj EBITDA after synergies (2026E), 2.68x sales (2026E); Outside date July 29 2026 (subject to two automatic extensions of six months each in the event that certain regulatory conditions are not satisfied); Baker Hughes has agreed to pay the termination fee of $250 million due to Flowserve Corporation; Background: Charts board and management regularly reviewed strategic options, including M&A, to enhance shareholder value. In early 2024, Chart hired Wells Fargo as financial advisor. In June 2024, Baker Hughes CEO Lorenzo Simonelli approached Charts CEO Jillian Evanko about a possible transaction. Discussions began, with Wells Fargo engaging Morgan Stanley (Baker Hughes advisor). July 23, 2024: Baker Hughes verbally proposed an all-stock acquisition (fixed ratio, 15% premium, ~20% ownership in combined company). Charts board reviewed but required a written proposal. After Charts Q2 earnings miss and share price decline, Baker Hughes revised its proposal to a floating exchange ratio (90-day VWAP + 15% premium). Aug. 29, 2024: Baker Hughes submitted a written all-stock proposal ($145$155 per Chart share). Charts board rejected it as inadequate. By November 2024, Baker Hughes suggested an at-market exchange with no premium, which Chart deemed unattractive. Chart and Wells Fargo confidentially contacted multiple industry peers (Companies AF). None were interested in a whole-company transaction; some explored only individual product lines. FebruaryMarch 2025: Flowserve expressed interest. Chart and Flowserve signed a confidentiality agreement in April and began diligence. Company E resurfaced with tentative interest but never advanced beyond preliminary talks. Flowserve Negotiations (Spring 2025): Flowserve proposed an all-stock merger of equals (exchange ratio to be based on VWAP). Chart and Flowserve conducted extensive due diligence, synergy workshops, and legal/financial negotiations. June 3, 2025: Charts board approved the merger with Flowserve (3.165 Flowserve shares per Chart share). Wells Fargo delivered a fairness opinion. A definitive agreement was signed, announced June 4. Baker Hughes Renewed Approach (Summer 2025): July 16, 2025: Simonelli delivered an unsolicited all-cash offer of $210/share (~30% premium, $10.1B equity value, $13.6B EV). Baker Hughes engaged Goldman Sachs and Centerview, and secured bridge financing. Charts board determined the proposal was (or could become) a Superior Proposal under the Flowserve agreement. Negotiations intensified. Baker Hughes agreed to cover the $250M Flowserve termination fee (plus $8M expenses) and include a $500M reverse termination fee. Final Decisions (July 2025): July 23, 2025: Charts board determined Baker Hughes cash proposal was superior to Flowserves stock-based merger, offering immediate, certain value with fewer integration risks. July 28, 2025: Chart terminated the Flowserve deal (paying $266M, funded mostly by Baker Hughes) and signed the definitive Merger Agreement with Baker Hughes;
>50% vote target; HSR expiry (filed Sept 2 2025, attained Nov 6 2025); Competition Canada (filed Oct 21 2025, attained Feb 19 2026); China SAMR (filed Nov 10 2025, attained Nov 24 2025); South Africa (attained Feb 20 2026);
HOLX
Hologic, Inc.
Blackstone / TPG
21-October-25
31-March-26
Merger
Friendly
Healthcare
76.00000
0.00000
75.59000
18300.00000
0.40015
0.42000
-21.30000
0.01
0.02
0.00000
76.00000
75.58000
0.41000
0.19664
11
GS
Citi
Wachtell
Kirkland / Ropes
Definitive agreement; Hologic, Inc. is a global leader in womens health dedicated to developing innovative medical technologies that effectively detect, diagnose and treat health conditions and raise the standard of care around the world; Under the terms of the agreement, Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash plus a non-tradable contingent value right (CVR) to receive up to $3 per share in two payments of up to $1.50 each, for total consideration of up to $79 per share in cash. The non-tradable CVR would be issued to Hologic stockholders at closing and paid, in whole or in part, following achievement of certain global revenue goals for Hologics Breast Health business in fiscal years 2026 and 2027; The transaction includes significant minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and an affiliate of GIC; The transaction is expected to close in the first half of calendar year 2026, subject to the approval of Hologics stockholders, the receipt of required regulatory approvals and the satisfaction of certain other customary closing conditions. The Hologic Board of Directors has unanimously approved the merger agreement and recommends that Hologic stockholders vote their shares to approve the transaction and adopt the merger agreement; Blackstone and TPG have secured committed financing for the transaction. They have delivered to Hologic a debt financing commitment letter from Citi, Bank of America, Barclays, Royal Bank of Canada and SMBC, and equity commitment letters from funds advised by Blackstone and TPG that, taking into account the Companys balance sheet, in the aggregate, are sufficient to fund the purchase price and pay related fees and expenses at closing. Blackstones private equity strategy for individual investors is also expected to invest as part of the transaction. TPG is investing in Hologic through TPG Capital, the firms U.S. and European private equity platform; The merger agreement includes a 45-day go-shop period, during which time Hologic and its advisors may solicit, consider and negotiate alternative acquisition proposals from third parties. The Hologic Board of Directors will have the right to terminate the merger agreement to enter into a transaction providing for a superior proposal, subject to the terms and conditions of the merger agreement; Valuation: 16.8x EPS (2026E), 13.2x EBITDA (2026E), 4.29x sales (2026E); Outside date July 21, 2026 (subject to (a) one three-month extension); Parent has obtained commitments for debt financing consisting of $9,500 million of senior secured first lien term loans, $2,000 million of senior secured second lien term loans and a $750 million senior secured first lien revolving credit facility, in each case, on the terms set forth in a debt commitment letter; Go-shop expires December 5, 2025; Each CVR represents the right to receive (i) an amount between $0.50 and $1.50, determined by linear interpolation, based on the amount by which the Revenue of the Companys Breast Health business in respect of fiscal year 2026 exceeds $1,556,844,377 but is less than $1,571,844,377, provided that in the event that Revenue of the Companys Breast Health business in respect of fiscal year 2026 is equal to or greater than $1,571,844,377, the amount will be equal to $1.50 and (ii) an amount between $0.50 and $1.50, determined by linear interpolation, based on the amount by which the Revenue of the Companys Breast Health business in respect of fiscal year 2027 exceeds $1,651,256,283 but is less than $1,666,256,283, provided that in the event that Revenue of the Companys Breast Health business in respect of fiscal year 2027 is equal to or greater than $1,666,256,283, the amount will be equal to $1.50. In addition, if the CVR payment with respect to fiscal year 2026 is less than $1.50 and Revenue of the Companys Breast Health business for fiscal year 2027 exceeds $1,666,256,283, then the CVR entitles the holder to an additional payment whereby Revenue of the Companys Breast Health business for fiscal year 2027 in excess of $1,666,256,283 will be added to actual Revenue of the Companys Breast Health business for fiscal year 2026 (such amount, the Catch-Up Revenue) and the CVR payment with respect to fiscal year 2026 will be re-tested utilizing the Catch-Up Revenue and the difference between such calculation and the amount actually paid per CVR in respect of Fiscal Year 2026 will be paid to CVR holders, if the Catch-Up Revenue is above $1,556,844,377; Signed CA June 21, 2025; Background: The board and management regularly reviewed strategic alternatives and fielded inbound interest from potential buyers. Blackstone began outreach in late 2024 and pursued the company with TPG in 2025, while the company and Goldman Sachs also tested interest with several strategic parties and one additional sponsor that did not proceed. Blackstone and TPG submitted a series of non binding offers, starting at $70 to $72 per share in May 2025, then $74.50 in July, then up to $80 with contingent value rights in late August. After a temporary break when Blackstone and TPG cut the price on October 7, they returned with a revised best and final proposal on October 9 that included a cash component plus CVRs with milestone based payouts and a sliding scale structure. The company opened diligence and negotiated the merger agreement and CVR terms with counsel, secured Goldman Sachs fairness opinion, and the board unanimously approved the merger on October 20, 2025. The parties signed and announced the deal before market open on October 21, 2025, followed by a go shop process that contacted 12 potential bidders and produced no competing proposals before it expired on December 5, 2025 ;
>50% vote target (attained); HSR expiry (filed Nov 19 2025, attained Dec 17 2025); CFIUS; EC (filed Jan 23 2026, attained Feb 16 2026); UK CMA; China SAMR (filed Jan 14 2026, attained Jan 28 2026); South Africa (attained Feb 3 2026);
HTBK
CVBF
Heritage Commerce Corp
CVB Financial Corp
18-December-25
15-April-26
Merger
Friendly
Financial
0.00000
0.65000
12.03000
811.00000
0.07801
-0.07950
-0.94357
0.04
0.00
0.00000
11.94050
12.02000
-0.04897
-0.03485
42
Piper
JPMorgan
Wachtell
Manatt
Definitive merger agreement; Heritage Commerce Corp (HTBK) is the publicly traded holding company for Heritage Bank of Commerce, member FDIC. Heritage offers a full range of commercial and small business loans, cash management services and personal deposit products throughout the Bay Area of California; The combination results in a top-performing California business bank with approximately $22 billion in assets, more than 75 offices and branches, and a deeply rooted presence in the States key economic centers; Upon closing, CVBF shareholders will own approximately 77% and HTBK shareholders will own approximately 23% of the combined company; This all-stock transaction is expected to be immediately accretive to Citizens earnings per share, with projected 2027 EPS accretion of 13.2%, a strong internal rate of return of approximately 20%, to be accretive to tangible book value per share, excluding the impact of interest rate marks, and to be 7.7% tangible book value per share dilutive, with an earn-back period of approximately 2.5 years, including interest rate marks; The proposed merger has been unanimously approved by the respective Boards of Directors of both companies and is expected to close in the second quarter of 2026, subject to customary regulatory approvals, Heritage and Citizens shareholder approvals, and other closing conditions; Valuation: 12.6x EPS (2027E), 1.51x TBV; Outside date January 15, 2027;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC;
IHS
IHS Holding Limited
MTN Group Limited
18-February-26
30-September-26
Merger
Friendly
Telecom
8.50000
0.00000
8.10000
6200.00000
0.03281
0.43000
0.40000
0.02
0.00
0.00000
8.50000
8.07000
0.42000
0.09219
210
JPMorgan
BofA / Citi
Latham
Cravath
Merger agreement; IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is solely focused on the emerging markets. The Company has over 37,000 towers across its seven markets, including Brazil, Cameroon, Colombia, Cote dIvoire, Nigeria, South Africa and Zambia; MTN Group Limited is a pan-African mobile operator; Transaction enables IHS Towers shareholders to crystallize the significant value created during the companys strategic review process; MTN has agreed to vote all of its IHS shares in favor of the transaction, and long-term IHS Towers shareholder, Wendel, has also provided a letter of support to vote in favor of the transaction; 239% premium over IHS Towers share price at the announcement of the Companys strategic review on March 12, 2024; The transaction provides shareholders with an immediate and certain opportunity to realize the value generated since the announcement of the Companys strategic review on March 12, 2024, which was initiated during a period of sustained geopolitical and macroeconomic volatility in key operating markets; IHS Towers Board of Directors, has unanimously approved the Agreement and the transaction, and resolved to recommend approval of the Agreement and the transaction by IHS Towers shareholders; MTN has agreed to vote all of its IHS shares in favor of the transaction, and long-term IHS Towers shareholder, Wendel, has also provided a letter of support to vote in favor of the transaction. With these two shareholders combined, more than 40% shareholder agreement or support has been secured for this proposed transaction to conclude; The transaction is expected to close in 2026, and is subject to certain closing conditions, including shareholder and regulatory approvals. The transaction will be funded through the rollover of MTNs existing approximately 24% fully diluted stake in IHS Towers, together with approximately $1.1 billion of cash from MTN, approximately $1.1 billion of cash from IHS Towers balance sheet, and the rollover of no more than the existing IHS Towers debt; Outside date November 17, 2026, as may be extended by mutual written consent of the Company and Parent, and as shall be extended automatically by an additional 45 days if the Required Cash Condition or the Minimum Operating Condition is not satisfied; Signed CA March 12, 2024; Valuation: 11.4x EPS (2027E), 5.3x EBITDA (2027E), 3.14x sales (2027E);
>66 2/3 vote target; Minimum cash of $355 million; Successful completion of the sales of both its Latin American tower and fiber operations, announced on February 17, 2026, and February 11, 2026; Antitrust approvals;
IMXI
WU
International Money Express, Inc.
The Western Union Company
11-August-25
30-June-26
Merger
Friendly
Financial
16.00000
0.00000
15.78000
500.00000
0.72414
0.23000
-6.49000
0.04
0.03
0.00000
16.00000
15.77000
0.22000
0.04379
118
Financial Technology Partners / Lazard
PJT
Holland
Sidley
Definitive agreement; Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries; Strategic acquisition strengthens North America retail presence and operating model, expands Intermex beyond its historically high growth Latin America corridors, and is expected to accelerate digital new customer acquisition; Unique opportunity for Western Union to acquire a well-positioned remittance business, adding scale in historically high-growth Latin America geographies; Opportunity to serve Intermexs 6 million customers, giving them access to Western Unions robust digital platforms and capabilities; Expands and stabilizes Western Unions U.S. retail footprint, enhancing resilience and improving customer access across the Americas; Creates an opportunity to leverage Intermexs decades of operational and cultural expertise to drive targeted, sustainable retail growth; Expect $30 million in annual run-rate cost synergies within 24 months; Potential for additional revenue synergies through broader distribution and product offerings, enhancing speed, reliability, and customer value; The acquisition is expected to be immediately accretive to Western Unions adjusted EPS by more than $0.10 in the first full year post close and to generate approximately $30 million in annual run-rate cost synergies within the first 24 months, with potential further upside from revenue synergies by integrating Intermexs capabilities into Western Unions partner and customer network; The transaction has been unanimously approved by Western Unions Board of Directors. Intermexs Board of Directors acting on the unanimous recommendation of its independent Strategic Alternatives Committee has also unanimously approved the transaction and recommends that Intermex stockholders vote in favor of the merger; The transaction, expected to close in mid-2026, is subject to customary closing conditions and regulatory approvals, including clearance under the Hart-Scott-Rodino Act and approvals from financial regulators, as well as approval by Intermexs stockholders; Valuation: 7.1x EPS (2026E), 4.5x EBITDA (2026E), 3.6x Adj EBITDA after synergies (2026E), 0.76x sales (2026E); Outside date May 11, 2026 (automatically extended to August 10, 2026 if certain of the conditions to closing have not been satisfied or waived, automatically further extended to November 10, 2026 if, as of August 10, 2026, there is any Restraint with respect to any Money Transmitter Requirement Approval or the condition as to the Money Transmitter Requirement Approval has not been satisfied or waived); Background: Board Initiates Formal Process (Fall 2024): In November 2024, the Board authorized a formal strategic alternatives process (Project Ivey), forming a Strategic Alternatives Committee of independent directors. Outreach began to 107 potential buyers (strategics + financial sponsors), with 20 NDAs executed. Early Counterparty Activity (Late 2024 Early 2025): Western Union initially showed interest (Dec. 2024) but dropped out on December 24. Party A submitted a preliminary bid of $22.00/share (Jan. 2025) but lacked committed financing. Party A struggled to raise funds and withdrew on February 6, 2025. By mid-February 2025, no actionable bids remained. Process Suspended (February 2025): Given weak interest and shifting fundamentals, the Board suspended the process on February 25. Intermex publicly communicated a renewed focus on digital investment; the stock fell on the announcement. Renewed Interest (March April 2025): Party B (a previously absent strategic) surfaced in early March. Management updated financial projections to reflect deteriorating retail conditions. In April: Western Union re-entered with a $12$14/share all-cash indication. Party B offered $15.25/share (35% stock / 65% cash). Comparative Bid Evaluation (May June 2025): Intermex requested best and final offers: June 16: Western Union raised to $14.50/share cash. Party B remained at $15.25/share (with equity risk). On June 23, the Board authorized exclusive negotiations with Party B, contingent on a stock-price collar. As the exclusivity deadline approached, Party B could not finalize financing. Exclusivity expired July 26 - Intermex immediately engaged Western Union. Western Union Accelerates Due Diligence (Late July Early August 2025). Party B returned with reduced pricing ($13.00, then possibly $12.50) and persistent concerns around financing. Final Negotiation and Approval (August 2025): Western Union held ground at $16.00/share in cash. Lazard delivered a fairness opinion on August 10. The Board unanimously approved the merger on August 10. The parties executed the merger agreement and issued a joint press release on August 10, 2025;
>50% vote target; HSR expiry (attained Oct 8 2025); Money Transmitter Requirement Approvals;
JHG
Janus Henderson Group plc
Trian Fund Management / General Catalyst
22-December-25
30-May-26
Merger
Friendly
Financial
49.00000
0.00000
51.22000
7656.79980
0.17704
-2.16000
-9.53000
0.41800
0.04
0.00
0.00000
49.00000
51.16000
-2.17000
-0.16626
87
GS / Centerview
Jefferies
Wachtell / Skadden
Debevoise / Kirkland
Definitive agreement; Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of September 30, 2025, Janus Henderson had approximately US$484 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide; The investor group includes strategic investors Qatar Investment Authority and Sun Hung Kai & Co. Limited, among others, all of whom are excited to partner with the Company, its employees, and clients; Trian, an investment firm with significant experience investing and operating in the asset management sector, currently owns 20.6% of the Companys outstanding shares and has been a shareholder since 2020 with Board representation since 2022; The transaction was unanimously approved and recommended by the Special Committee after evaluating the transaction with Trian and General Catalyst and completing an extensive review process. Acting upon the recommendation of the Special Committee, the Board subsequently approved the transaction by unanimous vote; The transaction is expected to close in mid-2026 and is subject to customary closing conditions, including receipt of applicable regulatory approvals, client consents, and approval by Janus Hendersons shareholders; The transaction will be funded in part by investment vehicles managed by Trian and General Catalyst (the Investor Group), supported by financing commitments from global investors including, as mentioned above, Qatar Investment Authority and Sun Hung Kai & Co. Limited, as well as MassMutual, and others, along with the roll-over of shares of Janus Henderson currently held by Trian and related parties; Fully committed debt financing is being provided by JPMorgan Chase Bank, N.A, Citi, Bank of America, N.A., Jefferies LLC and MUFG Bank, Ltd; Valuation: 10.5x EPS (2027E), 7.9x EBITDA (2027E), 2.4x sales (2027E); The Merger Agreement provides that, among other things, upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time (the Effective Time), Merger Sub will merge with and into the Company (the Merger) in accordance with the Companies (Jersey) Law 1991 (the Companies Law), with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent; Outside date June 22, 2026; As a result of the Proposed Transaction, the Company is suspending the payment of the regular quarterly dividend; Background: In October 2020, Trian disclosed a roughly 9.9 percent stake and said it planned to engage the company on strategic and operational initiatives, including possible combinations within asset management. Over the following years, Trian increased its ownership and, after a February 1, 2022 letter agreement, the company expanded its board and appointed two Trian representatives. Trian stopped buying more shares after March 31, 2022, but its ownership percentage rose through the companys repurchase programs, reaching about 20.23 percent as of May 1, 2025 and about 20.7 percent by the time of the proxy statement. Trian internally evaluated potential transactions involving the company, including a possible acquisition, and its representatives periodically discussed strategy, capital structure, and the potential value of bringing in additional institutional partners. On December 27, 2024, the CEO raised with the board the idea of exploring strategic investments by third parties and working with Trian on those discussions, and the board authorized management to begin outreach. Management, sometimes with Trian, met with multiple potential investors to gauge interest in a wide range of structures, from minority or majority investments to joint ventures or a full take private. Several of the parties later became part of the eventual buyer group, but none submitted a proposal until Trian and General Catalyst did in October 2025. On June 24, 2025, the board reviewed the status of investor discussions with outside counsel and received guidance on fiduciary duties and the potential need for an independent special committee because two directors were affiliated with Trian. On October 25, 2025, the CEO told the board he believed Trian and General Catalyst might be preparing a proposal. The next day, the board received a non binding offer from Trian and General Catalyst to acquire all shares not already owned by Trian for $46.00 per share in cash, with Trian rolling over its stake. The company announced receipt of the proposal and formed a special committee of independent directors, chaired by John Cassaday, with broad authority to evaluate the proposal, negotiate, and explore alternatives, and the board agreed it would not proceed with any such transaction without the committees affirmative recommendation. The special committee hired Wachtell Lipton as legal counsel, Goldman Sachs as financial advisor, and Walkers as Jersey counsel. It set a process that included updating and approving managements standalone projections before sharing them with bidders, setting up diligence materials, and confidentially contacting other possible counterparties. A single third party, Party A, expressed preliminary interest and later delivered a non binding indication of interest in the $50 to $52 range, combining cash and Party A stock, but it provided limited detail on stock terms and financing, required Party A shareholder approval, and effectively depended on a voting commitment from Trian. Party A was unable to provide key specifics, and Trian indicated it would not support any bid other than its own. After further review, including a revised Party A letter that did not resolve the same issues, the committee concluded Party As proposal was not actionable and carried meaningful closing and business risks. Meanwhile, the committee advanced negotiations with Trian and General Catalyst. After management proje
>66 2/3% vote target; HSR expiry (attained Feb 23 2026); FINRA; Receipt of consent of advisory clients and funds representing Closing Revenue Run-Rate (as defined in the Merger Agreement) of at least 80% of Base Date Revenue Run-Rate; Jersey Financial Services Commission; UK FCA; Commission de Surveillance du Secteur Financier Luxembourg; Monetary Authority of Singapore; Securities and Futures Commission of Hong Kong;
KORE
KORE Group Holdings, Inc.
Searchlight Capital Partners / Abry Partners
27-February-26
30-June-26
Merger
Friendly
Tech
9.25000
0.00000
9.00000
726.00000
1.32412
0.28000
-4.99000
0.36000
0.01
0.05
0.00000
9.25000
8.97000
0.27000
0.09607
118
Rothschild
TD
Richards / Troutman
Wachtell / Kirkland
Definitive agreement; KORE is a pioneer, leader, and trusted advisor delivering mission critical IoT solutions and services. We empower organizations of all sizes to improve operational and business results by simplifying the complexity of IoT. Our deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility accelerate and materially impact our customers business outcomes; Searchlight is a global private investment firm with more than $18 billion in assets under management and offices in New York, London, Miami and Toronto; Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America; The members of the KORE Board of Directors voted unanimously in favor of the transaction, at a special meeting by all members present, and was based on the recommendation of a Special Committee of the Board consisting solely of independent directors and advised by independent financial and legal advisors; Abry is presently the beneficial owner of approximately 28% of the Companys issued and outstanding shares of common stock, and Searchlight also is the holder of all of the Companys issued and outstanding Series A-1 preferred stock (with a present liquidation preference of approximately $275 million) and the holder of warrants to purchase approximately 14% of the Companys shares of common stock, on a fully diluted basis; Closing of the transaction is conditioned upon, among other things, approval of the holders of a majority of the voting power represented by the outstanding shares that are entitled to vote thereon and approval by the holders of a majority of the votes cast by stockholders other than Searchlight and Abry, Board members who are affiliated with Searchlight and Abry and certain Company officers, receipt of regulatory approvals, including clearance under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended, and by the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions; In addition, concurrent with the signing of the merger agreement, Cerberus Telecom Acquisition Holdings, LLC, the SPAC sponsor, executed and delivered a voting and support agreement with KORE in favor of the transaction. Searchlight and Abry also executed and delivered, and certain other stockholders holding not more than 2,500,000 shares of common stock of the Company will be asked to execute and deliver, voting, support and rollover agreements with KORE in favor of the transaction; The closing of the transaction is not subject to a financing condition. KORE expects the transaction to close during the second or third quarter of 2026; Outside date August 26, 2026 subject to an extension of the Outside Date to November 27, 2026; Parent has obtained equity financing commitments from the Guarantors in an aggregate amount of $175,000,000 to fund the transactions contemplated by the Merger Agreement. The consummation of the Merger is not subject to a financing condition. The Company is entitled to specific performance, subject to the terms and conditions of the Merger Agreement (including with those conditions with respect to Parent obtaining any alternative debt financing) and the applicable equity commitment, to require each Guarantor to fund its respective equity commitment and Parent to close the Merger, if all closing conditions are met; On February 26, 2026, concurrently with the execution of the Merger Agreement, the Company entered into (i) a Voting and Support Agreement (the Cerberus Voting Agreement) with Cerberus Telecom Acquisition Holdings, LLC (Cerberus), which, directly or indirectly, beneficially owns approximately 8% of the outstanding shares of Company Common Stock; Signed CA October 8, 2025; Valuation: 10.2x EBITDA (2026E), 2.38x sales (2026E);
>50% vote target; Majority of minority vote target; HSR expiry; CFIUS;
KVUE
KMB
Kenvue Inc.
Kimberly-Clark Corporation
03-November-25
31-October-26
Merger
Friendly
Healthcare
3.50000
0.14625
18.02000
48700.00000
0.46191
0.44517
-5.38595
0.02
0.08
0.00000
18.45517
18.01000
0.71446
0.06069
241
Centerview / GS
PJT / JPMorgan
Cravath
Kirkland / Gibson / Arnold
Agreement; Kenvue Inc. is the worlds largest pure-play consumer health company by revenue. Built on more than a century of heritage, our iconic brands, including Aveeno, BAND-AID Brand, Johnsons, Listerine, Neutrogena and Tylenol, are science-backed and recommended by healthcare professionals around the world; Kimberly-Clark (NASDAQ: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries and territories. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, Goodnites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries; This transaction brings together two iconic American companies to create a combined portfolio of complementary products, including 10 billion-dollar brands, that touch nearly half the global population through every stage of life; Kimberly-Clark and Kenvue have identified approximately $1.9 billion in cost synergies and approximately $500 million in incremental profit from revenue synergies, partially offset by reinvestment of approximately $300 million; Upon closing of the transaction, current Kimberly-Clark shareholders are expected to own approximately 54% and current Kenvue shareholders are expected to own approximately 46% of the combined company on a fully diluted basis; As part of the transaction, Kimberly-Clark has received committed financing from JPMorgan Chase Bank, N.A. and intends to fund the cash component of the transaction consideration through a combination of cash from its balance sheet, proceeds from new debt issuance, and proceeds from the previously announced sale of a 51% interest in its International Family Care and Professional ("IFP") business; The transaction is expected to close in the second half of 2026, subject to the receipt of Kenvue and Kimberly-Clark shareholder approvals, regulatory approvals and satisfaction of other customary closing conditions; Transaction follows rigorous Board review of all strategic alternatives; Valuation: 18.9x EPS (2026E), 13.5x EBITDA (2026E), 3.12x sales (2026E); Outside date November 2, 2026 (subject to an automatic extension until May 3, 2027); Signed CA August 16, 2025; Background: In March 2024, Kenvue hired Centerview to assist with strategic and financial evaluation. In Q2 2025, Kenvue began evaluating strategic options including divestitures, business combinations and a potential whole-company sale. In April 2025, Kenvue hired Goldman Sachs to advise on possible divestitures. By mid-2025, Kenvue began exploring whether remaining independent, selling assets or selling the whole company would maximize value. Party A and Party B were contacted about a whole-company bid but neither pursued a transaction. July 14, 2025: K-C communicated preliminary interest after Kenvue announced a CEO transition and strategic review. July 1728, 2025: Early discussions focused on synergies and strategic fit. July 28August 4, 2025: Kenvues advisors updated the board on inbound interest in asset sales and K-Cs interest in a whole-company transaction. August 28, 2025: K-C Submits the First Written Proposal: Offer included 0.1475 K-C shares plus 6 dollars per Kenvue share. Implied value was about 25 dollars per share, a premium of about 22 percent. September 5, 2025: Reports surfaced that a US government study might link prenatal acetaminophen exposure to autism. K-C paused its revised proposal and began deep regulatory and litigation due diligence. External counsel and scientific advisors were hired for acetaminophen and talc risk assessment. From late September to mid-October, both sides conducted extensive financial, legal, scientific and operational diligence. October 14, 2025: K-C Submits a Second Proposal: Offer: 0.1400 K-C shares plus 4 dollars in cash. Implied value: about 20.70 dollars per share. Premium: about 28 percent. Kenvue signaled the terms were insufficient and sought improved economics reflecting 48 percent ownership. October 16, 2025: Kenvue Counterproposal: Kenvue proposed an exchange ratio implying about 23 dollars per share. October 24, 2025: K-C Third Proposal: Offer: 0.1450 K-C shares plus 4 dollars cash. Implied value: roughly 21.22 dollars per share. Premium: about 41 percent. October 28, 2025: Texas filed suit against Kenvue and J&J alleging deceptive practices regarding acetaminophen. October 31, 2025: K-C Fourth Proposal: Offer: 0.1450 K-C shares plus 3 dollars cash. Kenvue board reviewed this proposal and prepared a counter. Kenvues Final Counterproposal (October 31): Counter: 0.14625 K-C shares plus 3.50 dollars cash. Implied value: about 21.01 dollars per share. Final Negotiations and Approvals (November 12, 2025): Legal teams finalized merger agreement terms including termination fees and material adverse effect provisions. K-C board reviewed fairness opinions from J.P. Morgan and PJT. Kenvue board reviewed fairness opinions from Centerview and Goldman Sachs. Both boards unanimously approved the merger agreement on November 2, 2025. Before markets opened on November 3, 2025, K-C and Kenvue jointly announced the merger agreement;
>50% vote target; >50% vote acquiror; HSR expiry (attained Feb 12 2026); Competition Canada; EC; UK CMA; China SAMR;
KW
FFH
Kennedy-Wilson Holdings, Inc.
Fairfax Financial Holdings Limited / William McMorrow
17-February-26
28-May-26
Merger
Friendly
Real Estate
10.90000
0.00000
10.88000
6553.65771
0.45917
0.15000
-3.31776
0.01
0.04
0.00000
11.02000
10.87000
0.14000
0.05649
85
Moelis
BofA / JPMorgan
Cravath / Latham / Ropes
Debevoise / Allen
Definitive agreement; Kennedy Wilson is a leading real estate investment company with $31 billion of assets under management in high growth markets across the United States, the UK and Ireland; Consortium led by William McMorrow, Chairman and Chief Executive Officer of the Company, and certain other senior executives of the Company (collectively, the KW Management Group), together with Fairfax (collectively, the Consortium); The per share purchase price represents a 46% premium to Kennedy Wilsons unaffected share price as of November 4, 2025, the last trading day prior to a publicly disclosed proposal received by the Company after market close on November 4, 2025 from the Consortium to acquire Kennedy Wilson (the Consortium Proposal); Each member of the Consortium has entered into a voting and support agreement whereby each has agreed to vote in favor of the Transaction; Concurrent with entering into the Merger Agreement, Fairfax has entered into a commitment letter pursuant to which Fairfax has committed to provide the Consortium with funding up to an aggregate amount of $1.65 billion, which is the amount necessary to fund the cash purchase price in respect of the Transaction, the redemption of those preferred shares of the Company not owned by the Consortium, and certain other amounts required to be paid under the terms of the Merger Agreement. The Transaction is not subject to a financing condition; Fairfax is expected to have a majority of the economic interest in the Company immediately following the closing of the Transaction; The Board of Directors of Kennedy Wilson approved the Transaction upon the unanimous recommendation of a special committee of independent directors (the Special Committee), in consultation with its independent financial and legal advisors; The Transaction is expected to close in the second quarter of 2026, subject to the satisfaction of a number of customary closing conditions, including the receipt of (i) the approval by holders of a majority in voting power of the Companys outstanding capital stock entitled to vote on the Transaction, (ii) the approval by a majority of the votes cast by holders of Kennedy Wilson equity securities (other than holders affiliated with the Consortium) and entitled to vote on the Transaction, and (iii) any required regulatory approvals and the expiration or termination of any applicable waiting periods; Under the terms of the Merger Agreement, the Board of Directors of Kennedy Wilson may elect to continue to declare up to two ordinary course quarterly dividends of up to $0.12 per share to the common stockholders until the requisite stockholder approvals for the Transaction are obtained; Outside date November 16, 2026; On February 16, 2026, concurrently with the execution and delivery of the Merger Agreement, the Company entered into Voting and Support Agreements (the Voting Agreements) with each Rollover Stockholder and each holder of the Company Series B Preferred Stock, the Company Series C Preferred Stock and the Company Warrants (collectively, the Security Holders) and, as applicable, Hamblin Watsa Investment Counsel Ltd., a corporation organized under the laws of Canada, pursuant to which, among other things, the Security Holders have agreed to vote all of their shares of Company Common Stock and Company Preferred Stock (based on the number of Company Warrants outstanding and in accordance with the Series B Certificate of Designations and the Series C Certificate of Designations, as applicable) entitled to vote thereon, as applicable, (a) in favor of the adoption of the Merger Agreement and the approval of the Transactions, including the Merger, and (b) against any alternative transactions and certain other specified actions that are intended, or would reasonably be expected, to impede, interfere with, delay, postpone, adversely affect or prevent the consummation of the Transactions, including the Merger, subject to the terms and conditions set forth in the respective Voting Agreement; Signed CA January 14, 2026; Valuation: 22.0x EBITDA (LTM), 12.0x sales (LTM);
>50% vote target; Majority of minority vote target; HSR expiry;
LBRDA
CHTR
Liberty Broadband Corporation
Charter Communications, Inc.
13-November-24
31-December-26
Merger
Friendly
Media
0.00000
0.23600
53.03000
15021.61621
0.30720
0.79292
-11.82303
0.52000
0.03
0.06
0.00000
53.68292
52.89000
2.02758
0.04652
302
JPMorgan
Centerview / Citi
OMelveny
Wachtell
Definitive agreement; Liberty Broadband Corporation (Nasdaq: LBRDA, LBRDK, LBRDP) operates and owns interests in a broad range of communications businesses. Liberty Broadbands principal assets consist of its interest in Charter Communications and its subsidiary GCI; Under the terms of the agreement, each holder of Liberty Broadband Series A common stock, Series B common stock, and Series C common stock (collectively, Liberty Broadband common stock) will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held, with cash to be issued in lieu of fractional shares; The companies currently expect the transaction to close on June 30, 2027 unless otherwise agreed, subject to the completion of the GCI spin-off and other customary closing conditions; Liberty Broadbands principal assets currently consist of approximately 45.6 million common shares of Charter and its subsidiary GCI, LLC (GCI), Alaskas largest communications provider. Liberty Broadband has agreed to spin off its GCI business by way of a distribution to the stockholders of Liberty Broadband prior to the closing of the acquisition of Liberty Broadband by Charter. The GCI distribution is expected to be taxable to Liberty Broadband and its stockholders, with Charter bearing the corporate level tax liability upon completion of the combination; As a result of the transaction, Charter expects to retire the approximately 45.6 million Charter shares currently owned by Liberty Broadband and to issue approximately 34.0 million shares to holders of Liberty Broadband common stock at the closing, resulting in a net decrease of approximately 11.5 million Charter shares outstanding; The companies currently expect the transaction to close on June 30, 2027 unless otherwise agreed, subject to the completion of the GCI spin-off and other customary closing conditions; The transaction was unanimously recommended to the Charter Board of Directors for approval by a special committee composed of independent, disinterested directors and advised by independent financial and legal advisors. The Boards of Directors of both Charter and Liberty Broadband have approved the transaction, which is subject to customary closing conditions, including (among others): Approval of the merger agreement and related transactions by holders of: A majority of the aggregate voting power of Charters outstanding stock eligible to vote, excluding shares owned by Liberty Broadband and certain other persons, A majority of the aggregate voting power of Liberty Broadbands outstanding stock eligible to vote, A majority of the aggregate voting power of Liberty Broadbands outstanding stock eligible to vote, excluding shares owned by John C. Malone and certain other persons and entities; Valuation: 9.9x EPS (2025E), 30.9x EBITDA (2025E), 14.9x sales (2025E); John Malone and certain related holders have agreed to vote, subject to certain exceptions, shares beneficially owned by them, representing approximately 48% of the aggregate voting power of Liberty Broadband, in favor of the transaction. Greg Maffei, President and Chief Executive Officer of Liberty Broadband, and certain related holders have also agreed to vote, subject to certain exceptions, shares beneficially owned by them, representing approximately 4% of the aggregate voting power of Liberty Broadband, in favor of the transaction; In addition, in connection with the entry into the transaction, Charter, Liberty Broadband and Advance/Newhouse Partnership have agreed to amend certain existing governance arrangements of Charter to, among other things, modify the way in which Charter repurchases its shares of common stock from Liberty Broadband during the pendency of the transaction. Charter intends to make repurchases of Charter shares from Liberty Broadband in amounts of approximately $100 million per month, subject to certain adjustments, and as needed incremental repurchases or loans to Liberty Broadband, to allow for the timely repayment of Liberty Broadband debt in anticipation of the combination of the companies at closing; Outside date August 31, 2027; Inside date: June 30, 2027; Jan 10 2025 filed S-4/a, closing June 30, 2027;
>50% vote target; >50% vote acquiror; Majority of minority vote target (excluding shares owned by John C. Malone and certain other persons and entities); Majority of minority vote acquiror (excluding shares owned by Liberty Broadband); Applicable regulatory approvals; HSR expiry; GCI Divestiture;
LNKB
BHRB
LINKBANCORP, Inc.
19-December-25
15-April-26
Merger
Friendly
Financial
0.00000
0.13500
8.37000
354.20001
0.10583
0.03755
-0.76514
0.04
0.05
0.00000
8.38755
8.35000
0.05890
0.06299
42
Stephens
Keefe
Luse
Troutman
Definitive merger agreement; Expands Burke & Herbert into Pennsylvania and significantly enhances the Companys existing footprint resulting in more than 100 locations across Delaware, Kentucky, Maryland, Pennsylvania, Virginia, and West Virginia; Creates a bank holding company with pro forma total assets of approximately $11.0 billion and pro forma total deposits of approximately $9.1 billion; The transaction is expected to result in a combined earnings per share of approximately $9.18 in the first full year of combined operations (assuming fully realized cost savings); Existing Burke & Herbert shareholders are expected to own approximately 75% of the outstanding shares of the combined company and LINK shareholders are expected to own approximately 25%; The transaction is expected to close in the second quarter of 2026, subject to satisfaction of customary closing conditions, including regulatory approvals and approvals of Burke & Herberts and LINKs common shareholders. LINK directors have entered into agreements with Burke & Herbert pursuant to which they have committed to vote their shares of LINK common stock in favor of the merger. Burke & Herbert directors have entered into agreements with LINK pursuant to which they have committed to vote their shares of Burke & Herbert common stock in favor of the merger; Valuation: 1.52x TBV, 9.7x EPS (2026E); Outside date September 18, 2026; Background: LNKB grew through acquisitions and a 2022 IPO then began exploring strategic options after a 2024 market check and several failed acquisition efforts, which led to discussions in 2025 with Burke & Herbert that progressed from informal talks to detailed modeling showing meaningful accretion and a value above LNKBs trading price. After mutual confidentiality and due diligence, Burke & Herbert submitted and refined a non binding all stock offer with board and management roles for LNKB executives, which LNKB accepted under exclusivity while both sides negotiated definitive documents and a fixed exchange ratio of 0.135. In December 2025 both boards received financial analyses and fairness opinions confirming the transaction was fair, approved the merger unanimously and executed the agreement, support agreements and management employment contracts before announcing the deal publicly;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC; Virginia Bureau of Financial Institutions; Pennsylvania Department of Banking and Securities;
LNSR
ALC
LENSAR, Inc.
Alcon
24-March-25
30-June-26
Merger
Friendly
Healthcare
14.00000
0.00000
12.24000
356.00000
-0.05533
2.56000
0.02
0.00
0.55000
14.55000
11.99000
2.55000
0.81569
118
Wells
Lazard
Latham
Norton
Definitive merger agreement; LENSAR, Inc. is a global medical technology company focused on advanced laser solutions for the treatment of cataracts; Alcon (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly; Acquisition of ALLY Robotic Cataract Laser Systems strengthens Alcons cataract equipment and technology portfolio; Next generation technology will be expanded globally, improving the efficiency of cataract surgery; The acquisition includes ALLY Robotic Cataract Laser Treatment SystemTM, LENSARs proprietary Streamline software technology and LENSAR legacy laser system, building Alcons femtosecond laser-assisted cataract surgery (FLACS) offering; Under the terms of the agreement, Alcon will purchase all outstanding shares of LENSAR for $14.00 per share in cash (an aggregate implied value of approximately $356 million*), with an additional non-tradeable contingent value right offering up to $2.75 per share in cash, conditioned on achievement of 614,000 cumulative procedures with LENSARs products between January 1, 2026, and December 31, 2027. The total potential consideration of $16.75 per share represents a premium of 24% to LENSARs 30-day VWAP and a premium of 47% to LENSARs 90-day VWAP, assuming the milestone is met. The transaction represents a total consideration of up to approximately $430 million; The transaction is anticipated to close in mid-to-late 2025, subject to customary closing conditions, including regulatory approval and approval by LENSARs stockholders; Outside date April 23, 2026, subject to an extension under certain circumstances solely at the election of Parent to July 23, 2026; The Company may also terminate the Merger Agreement if Parent declines to defend against any litigation or administrative proceeding brought by any governmental entity that would have the effect of enjoining consummation of the Merger Agreements under any competition law (provided, that the Company may not terminate pursuant to this right until a date that is on or after January 23, 2026; Pursuant to the terms of the Merger Agreement, within five business days following the execution of the Merger Agreement, Parent will deposit $10,000,000 into a segregated account (the Deposit). In connection with a termination of the Merger Agreement under other specified circumstances, including if Parent breaches is obligations such that the Company is entitled to terminate the Merger Agreement, the Defense Termination Right, or the Merger has not been successfully completed by the Termination Date, a governmental authority of competent jurisdiction has issued a final non-appealable governmental order prohibiting the Merger, and, at the time of such termination, the only remaining conditions to closing relate to certain regulatory approvals, the Company will be permitted to keep the Deposit. If the Merger Agreement is terminated for any other purpose, the Company shall refund the Deposit to Parent; The Board has unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby are advisable, fair to and in the best interests of the stockholders of the Company, (ii) approved the Merger Agreement and the transactions contemplated thereby, (iii) resolved, subject to the terms and conditions set forth in the Merger Agreement, to recommend approval and adoption of the Merger Agreement and the Merger and the other transactions contemplated thereby by the stockholders of the Company, and (iv) directed the adoption of the Merger Agreement and the approval of the Merger and the other transactions contemplated thereby be submitted to the Companys stockholders for consideration in accordance with the Merger Agreement; Valuation: 4.04x sales (2026E); May 23 2025 received second request from the FTC, closing expected H2 2025;
>50% vote target; HSR expiry (filed Apr 21 2025, received second request from the FTC on May 21 2025); Turkey; Taiwan;
MASI
DHR
Masimo Corporation
Danaher Corporation
17-February-26
30-September-26
Merger
Friendly
Healthcare
180.00000
0.00000
175.50000
9900.00000
0.38302
4.54000
-45.31000
0.03
0.09
0.00000
180.00000
175.46001
4.53000
0.04530
210
Centerview / MS
Citi
Sullivan / White
Kirkland
Definitive agreement; Masimo Corporation is a leading specialty diagnostics provider of pulse oximetry and other patient monitoring solutions, primarily in acute care settings; Masimo is expected to be accretive to adjusted diluted net earnings per common share by $0.15 to $0.20 in the first full year and approximately $0.70 in the fifth full year following completion of the acquisition; The transaction is anticipated to close in the second half of 2026 and is subject to customary conditions, including receipt of applicable regulatory clearances and Masimo shareholder approval. Danaher expects to fund the acquisition using cash on hand and proceeds from debt financing; The Board evaluated a broad range of opportunities over the past several months which included pursuing our standalone strategy and engaged with multiple other potential partners. Ultimately, it became evident that this transaction with Danaher was the most value-enhancing path for Masimo and all its stakeholders; Outside date November 16, 2026, which will be automatically extended to February 16, 2027; Signed CA December 11, 2025; Valuation: 27.6x EPS (2027E), 19.0x EBITDA (2027E), 5.66x sales (2027E);
>50% vote target; HSR expiry;
MCW
Mister Car Wash, Inc.
Leonard Green & Partners, L.P.
18-February-26
19-May-26
Merger
Friendly
Industrial
7.00000
0.00000
7.02000
3100.00000
0.16473
-0.01000
-1.00000
0.67000
0.01
0.00
0.00000
7.00000
7.01000
-0.02000
-0.01363
76
BofA / Centerview
Morris / Latham
Simpson
Definitive merger agreement; Mister Car Wash, Inc. is the nations leading car wash brand; LGP has been a long-term strategic partner to the Company since its initial investment in 2014 and is currently the beneficial owner of approximately 67% of the Companys outstanding shares of common stock; The transaction was unanimously approved and recommended by a Special Committee of the Mister Car Wash Board of Directors, composed entirely of independent directors and which was advised by its own financial and legal advisors. After receiving the Special Committees recommendation, the Board of Directors unanimously approved the transaction, with all directors affiliated with LGP recusing themselves from the decision; The transaction is expected to close in the first half of 2026, subject to obtaining regulatory approvals and the satisfaction or waiver of other customary closing conditions; Inside date April 20, 2026; Outside date June 18, 2026; Certain financial institutions have severally committed to provide Borrower with a $900 million senior secured first lien incremental term loan facility under the Company Credit Agreement, on the terms set forth in the related debt commitment letter. The obligations of such financial institutions to provide debt financing under the debt commitment letter are subject to a number of customary conditions; Signed CA January 9, 2026; Valuation: 13.1x EPS (2027E), 7.8x EBITDA (2026E), 2.57x sales (2027E);
HSR expiry;
MPX
MCFT
Marine Products Corporation
MasterCraft Boat Holdings, Inc
05-February-26
16-May-26
Merger
Friendly
Consumer
2.43000
0.23200
7.21000
232.20000
-0.21591
0.06448
0.54700
0.00
0.00000
7.18448
7.12000
0.08428
0.06060
73
Truist
Wells
Alston / Potter
King
Definitive agreement; Marine Products Corporation is a leading manufacturer of recreation and sport fishing powerboats; The combination of MasterCraft and Marine Products brings together two iconic, market leading American recreational marine companies. The combined company will benefit from a more diversified portfolio of leading brands MasterCraft, Crest, Balise, Chaparral, and Robalo in attractive categories supported by advanced product development and manufacturing platforms as well as an expanded dealer network; Upon closing of the transaction, MasterCraft shareholders will own 66.5% and Marine Products shareholders will own 33.5% of the combined company; The transaction has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Board of Directors of Marine Products. The transaction is expected to be financed through combined cash on hand; The transaction is expected to close in the second calendar quarter of 2026, subject to approval by both MasterCraft and Marine Products shareholders and the satisfaction of other customary closing conditions; LOR, Inc., Marine Products majority shareholder, has entered into a voting agreement to vote in favor of the transaction at the Special Meeting of Marine Products shareholders to be held in connection with the transaction; Valuation: 24.4x EPS (LTM), 31.4x EBITDA (LTM), 0.95x sales (LTM);
>50% vote target; >50% vote acquiror; HSR expiry;
NATH
SFD
Nathans Famous, Inc.
Smithfield Foods, Inc
21-January-26
01-May-26
Merger
Friendly
Food
102.00000
0.00000
100.95000
450.00000
0.09997
1.41000
-7.86000
0.29900
0.02
0.15
0.00000
102.00000
100.59000
1.40000
0.09088
58
Jefferies
GS
Akerman
Hunton
Definitive merger agreement; Nathans Famous, Inc. (Nasdaq: NATH) is a Russell 2000 company that currently distributes its products in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and 21 foreign countries through its restaurant system, foodservice sales programs and product licensing activities; Since March 2014, Smithfield Foods has held an exclusive license from Nathans Famous within the United States, Canada and Sams Clubs in Mexico for Smithfield to manufacture, distribute, market and sell Nathans Famous branded hot dogs, sausages, corned beef and certain other ancillary products through the retail channel, and to manufacture and distribute Nathans Famous branded hot dog and sausage products for the foodservice channel. The license is scheduled to expire in March 2032; The transaction represents a valuation of approximately 12.4x Nathans Famouss LTM adjusted EBITDA and a multiple of approximately 10.0x post-synergies. Smithfield Foods expects to achieve annual cost synergies of approximately $9 million by the second anniversary of the deal closing; The acquisition of Nathans Famous will be immediately accretive to Smithfields adjusted diluted earnings per share; The Board of Directors of Nathans Famous approved the merger agreement with Smithfield Foods and agreed to recommend that the Nathans Famous stockholders vote to adopt the merger agreement; The transaction is not subject to a financing contingency and will be funded by cash on hand. The closing of the transaction is expected to occur in the first half of 2026, subject to satisfaction of certain conditions set forth in the merger agreement, including obtaining approval by the holders of a majority of the outstanding Nathans Famous common stock, expiration or termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, approval from the Committee on Foreign Investment in the United States (CFIUS), and other customary closing conditions; The definitive merger agreement permits the Nathans Famous Board of Directors to declare and pay two regular quarterly cash dividends during the period pending closing; Members of the Nathans Famous Board of Directors who in the aggregate own or control approximately 29.9% of the outstanding shares of Nathans Famous common stock have entered into a voting agreement pursuant to which they have agreed, among other things, to vote their shares of common stock of Nathans Famous in favor of the transaction; Outside date June 22, 2026, subject to extension to October 20, 2026; Signed CA June 10, 2025; Valuation: 12.2x EBITDA (LTM), 2.82x sales (LTM);
>50% vote target; HSR expiry; CFIUS;
NATL
BCO
NCR Atleos Corporation
The Brinks Company
27-February-26
15-February-27
Merger
Friendly
Financial
30.00000
0.15740
46.03000
6600.00000
0.22618
2.81551
-6.16323
0.02
0.31
0.00000
48.67551
45.86000
3.31385
0.07592
348
JPMorgan
MS
King
Sidley
Definitive agreement; NCR Atleos has the largest independent network of ATMs consisting of approximately 78,000 owned and operated ATMs in secure, high foot-traffic retail locations, which are a portion of NCR Atleos expansive total global installed base of approximately 600,000 ATMs; Cash and stock transaction combines two complementary trusted and globally recognized financial technology infrastructure providers to better serve banking and retail customers; Positioned to accelerate Brinks growth in high-margin AMS and DRS businesses by expanding into large, under-penetrated addressable markets; Expected to deliver at least 35% accretion to EPS, while generating strong cash flow with an estimated $200 million in annual run-rate cost synergies; Brinks shareholders will own approximately 78%, and NCR Atleos shareholders will own approximately 22%, of the outstanding shares of Brinks common stock; The cash portion of the purchase price will be financed with a combination of cash on the balance sheet and new debt raised. Brinks has obtained $4.5 billion in committed bridge financing from Morgan Stanley Senior Funding, Inc; The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the first quarter of 2027, subject to customary closing conditions, including regulatory approvals and the approval of both companies shareholders; Valuation: 8.6x EPS (2027E), 6.6x EBITDA (2027E), 1.4x sales (2027E); Outside date February 26, 2027, subject to an automatic extension (a) until August 26, 2027; Signed NDA May 29, 2025;
>50% vote target; >50% vote acquiror; HSR expiry;
NFBK
CLBK
Northfield Bancorp, Inc.
Columbia Financial, Inc.
02-February-26
30-September-26
Merger
Friendly
Financial
14.25000
0.00000
13.29000
597.00000
0.15666
1.26000
-0.70521
0.26900
0.04
0.64
0.00000
14.51000
13.25000
1.25000
0.16963
210
RJ
Keefe
Luse
Kilapatrick
Agreement and Plan of Merger; Northfield Bancorp, Inc. is the parent holding company for Northfield Bank. Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey; Under the terms of the merger agreement, Northfield will merge into the Holding Company immediately following the completion of the second-step conversion. At the effective time of the merger, each outstanding share of Northfield common stock will be converted into the right to receive either shares of Holding Company common stock or cash, without interest, at the election of the holder, as follows: (i) if the final Independent Valuation is less than $2.3 billion, either 1.425 shares of Holding Company common stock or $14.25 in cash; (ii) if the Independent Valuation is equal to or greater than $2.3 billion and less than $2.6 billion, either 1.450 shares of Holding Company common stock or $14.50 in cash, or (iii) if the Independent Valuation is equal to or greater than $2.6 billion, 1.465 shares of Holding Company common stock or $14.65 in cash. Under the terms of the merger agreement, no more than 30% of the outstanding shares of Northfield common stock issued and outstanding as of the effective time of the merger may be converted into the cash consideration; The combination of the two organizations will create the third largest regional bank headquartered in New Jersey, with pro forma total assets of $18 billion based on financial data as of December 31, 2025; On a pro forma basis at the midpoint of the estimated valuation range for the second-step conversion based on a preliminary independent appraisal, Columbia anticipates that the merger with Northfield would be 50% accretive to Columbias 2027 earnings per share; The merger agreement has been unanimously approved by the Boards of Directors of both Columbia and Northfield. The completion of the merger is subject to the satisfaction of various closing conditions, including the completion of the second-step conversion, the receipt of all required regulatory approvals and the approval of the merger by the stockholders of both Columbia and Northfield. The completion of the second-step conversion is also subject to the satisfaction of various closing conditions, including the receipt of all required regulatory approvals, the approval of the conversion by the depositors and certain borrowers of Columbia Bank and the approval of the conversion by the stockholders of Columbia; The second-step conversion, the conversion offering and the merger are expected to be completed early in the third quarter of 2026; Outside date January 31, 2027; Signed CA December 12, 2025; Valuation: 10.6x EPS (2027E) 0.7x BV;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC;
NGD
CDE
New Gold Inc.
Coeur Mining, Inc.
03-November-25
31-March-26
Plan
Friendly
Mining
0.00000
0.49590
10.80000
7270.70020
0.16003
0.31320
-1.21850
0.04
0.20
0.00000
11.10320
10.79000
0.32864
0.50020
27
NBF / CIBC
BMO / RBC
Davies / Paul / Blakes
Goodmans
Definitive agreement; New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine and Rainy River gold mine.; Coeur is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia; The addition of New Golds two Canadian mines results in a combined company with seven North American operations generating $3 billion of expected EBITDA and $2 billion of expected free cash flow in 2026 from production of approximately 20 million ounces of silver, 900,000 ounces of gold and 100 million pounds of copper; Upon completion of the Transaction, existing Coeur stockholders and New Gold shareholders will own approximately 62% and 38% of the outstanding common stock of the combined company, respectively; The transaction is accretive on all of Coeurs key per share metrics, including net asset value, operating cash flow, and free cash flow, positioning the combined company for a potential share price re-rating; The combined company will be among the top 10 largest precious metals companies and top 5 largest silver producers globally, with silver representing 30% of total metals reserves. This enhanced scale is expected to provide investors with significantly enhanced daily trading liquidity of over $380 million with the potential for inclusion in key major U.S. indexes; The proposed Transaction will be effected pursuant to a plan of arrangement under the Business Corporations Act (British Columbia), which is required to be approved by a British Columbia court. The Transaction will require approval by 6623 percent of the votes cast by the shareholders of New Gold at a special meeting of New Gold shareholders expected to be held in the first quarter of 2026. The Transaction will also require approval of a simple majority of votes cast by the shareholders of New Gold, excluding those votes attached to New Gold common shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holder in Special Transaction. Registered shareholders of New Gold at the record date for New Golds shareholders meeting will have customary dissent rights. The issuance of shares by Coeur pursuant to the Transaction and an amendment to the Coeur certificate of incorporation to increase the number of authorized shares of Coeur stock is subject to approval by the Coeur stockholders at a special meeting also expected to be held in the first quarter of 2026; The directors and senior officers of New Gold and Coeur have entered into customary voting support agreements, pursuant to which they have committed to vote their common shares held in favor of the Transaction; Subject to the satisfaction of such conditions, the Transaction is expected to close in H1 2026; After consultation with its outside financial and legal advisors, the Board of Directors of Coeur has unanimously approved the Transaction. The Board of Directors of Coeur recommends that Coeur stockholders vote in favor of the Transaction; Valuation: 7.0x EPS (2026E), 4.2x EBITDA (2026E), 3.11x sales (2026E); Background: From late 2023 through mid-2024, Coeur evaluated combinations with SilverCrest, New Gold and others. A mutual NDA with New Gold was signed in March 2024, followed by information sharing and due diligence. However, the parties could not align on valuation, and Coeur ultimately moved forward with SilverCrest alone, signing and later closing a transaction in October 2024 / February 2025. After successfully integrating SilverCrests Las Chispas mine and improving leverage and financial metrics, Coeur resumed its review of opportunitiesincluding New Gold. In MarchAugust 2025, Coeur re-engaged New Gold: they amended and extended their NDA, conducted detailed due diligence (presentations, virtual data rooms, and site visits to New Afton and Rainy River), and the Coeur board repeatedly reaffirmed support for exploring a transaction with New Gold. On September 8, 2025, Coeur submitted a non-binding, all-stock proposal with a fixed exchange ratio of 0.4939 Coeur shares per New Gold share, implying $7.25 per share and a 15% premium to New Golds recent price, and requested six weeks of exclusivity. New Gold rejected exclusivity at those terms, arguing the ratio undervalued its contribution, and counter-framed a higher premium (about 27% to 20-day VWAPs). After further discussions among executives and advisors, Coeur submitted a revised proposal on September 17, 2025 to set the exchange ratio at signing such that New Gold shareholders would receive a 17.5% premium to 20-day VWAPs, with requested exclusivity. On September 1925, 2025, the parties agreed key terms, including mutual exclusivity through November 3, 2025, and extended standstill and non-solicit provisions. Both sides expanded due diligence and continued site visits through late September and October, while counsel exchanged drafts of a detailed Arrangement Agreement that included reciprocal non-solicitation, superior proposal fiduciary outs, and termination fees. At the end of October 2025, New Golds strong Q3 free cash flow and share price run-up created tension with the original 17.5% VWAP-based premium, which would have implied a price below the then-current trading level. New Gold proposed resetting to a 17.5% spot premium; Coeur responded that the board would not support that level but could support a 16% spot premium, which it viewed as still accretive on NAV, operating cash flow and free cash flow per share. New Gold indicated a 16% spot premium was acceptable, subject to board approv
>66 2/3 vote target; >50% vote acquiror; HSR expiry; Competition Canada (filed Nov 24 2025, attained Dec 5 2025);
NSC
UNP
Norfolk Southern Corporation
Union Pacific Corporation
29-July-25
31-March-27
Merger
Friendly
Industrial
88.82000
1.00000
304.17999
85000.00000
0.22926
40.61000
-23.62433
0.03
0.63
0.00000
344.42001
303.81000
48.26460
0.14716
392
BofA
MS / Wells
Wachtell / Sidley
Skadden / Covington
Definitive merger agreement; Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network; Transaction to transform the U.S. supply chain and economy, strengthen domestic manufacturing, and preserve union jobs; Two legendary railroads enter agreement to combine in stock and cash merger, creating a combined enterprise of over $250 billion; Transaction values Norfolk Southern at an enterprise value of $85 billion and is expected to unlock approximately $2.75 billion in annualized synergies and deliver substantial long-term value for Union Pacific and Norfolk Southern shareholders; These legendary companies will seamlessly connect over 50,000 route miles across 43 states from the East Coast to the West Coast, linking approximately 100 ports and nearly every corner of North America. This combination will transform the U.S. supply chain, unleash the industrial strength of American manufacturing, and create new sources of economic growth and workforce opportunity that preserves union jobs; Under the terms of the agreement, Union Pacific will acquire Norfolk Southern in a stock and cash transaction, implying a value for Norfolk Southern of $320 per share based on Union Pacifics unaffected closing stock price on July 16, 20251, and representing a 25% premium to Norfolk Southerns 30-trading day volume weighted average price on July 16, 2025. The value per share implies an enterprise value of $85 billion for Norfolk Southern, resulting in the creation of a combined enterprise of over $250 billion; Creating the Union Pacific Transcontinental Railroad is overwhelmingly in the public interest and will enhance competition, consistent with the test that will be applied in the review of the transaction by the Surface Transportation Board (STB). The companies expect to file their application with the STB within six months, in which the companies will describe how the combined rail network will provide safer, faster, and more reliable service and increased competition to a broad range of stakeholders. The Board of Directors of both Union Pacific and Norfolk Southern unanimously approved the transaction, which is subject to STB review and approval within its statutory timeline, customary closing conditions, and shareholder approval. The companies are targeting closing the transaction by early 2027; Union Pacific will issue a total of approximately 225 million shares to Norfolk Southern shareholders, representing 27% ownership in the combined company on a fully diluted basis, and providing the ability of Norfolk Southern shareholders to participate in the upside of the combined companys growth opportunities and synergies. The agreement is structured without a voting trust and includes a $2.5 billion reverse termination fee; The cash portion of the transaction will be funded through a combination of new debt and balance sheet cash; Valuation: 22.4x EPS (2026E), 13.7x EBITDA (2026E), 6.6x sales (2026E); Outside date January 28, 2028; Background: Dec 1213, 2024: UP CEO V. James Vena and UP directors discussed growth via merger. Dec 18, 2024Mar 2025: NS CEO Mark R. George and Vena held high-level talks at industry events about a potential transcontinental combination. JanApr 2025: Each board discussed consolidation; Apr 15 UP board green-lit preliminary exploration. Apr 22 NS board supported an initial management meeting. May 19: Mutual confidentiality agreement, June 20: Clean team agreement. May 15: First management meeting, UP named NS as its optimal counterparty, agreement to exchange non-public info. Late MayJune: Regular diligence, synergy modeling, and regulatory workstreams. June 20 (UP June Proposal): All-stock offer of 1.261 UP shares per NS share ( $280 per NS share at 6/18 close, 11% premium). NS said inadequate, asked for higher value and openness to cash/stock mix. July 20 (UP Revised): Stock-and-cash: 0.9387 UP shares + $93 cash per NS share ( $310 at 7/16 close, 21% premium to NS 30-day VWAP). Included $1.9B reverse termination fee (RTF) subject to regulatory limits. July 21 (NS Counter): 1.000 UP share + $100 cash per NS share ( $331 at 7/16, 29% premium). Sought board representation and a higher $3.5B RTF. Targeted announcement July 29. July 22 (UP Final Proposal): 1.000 UP share + cash valuing NS at $320 per share at 7/16 ( 25% premium), with $2.5B RTF, three NS directors on the combined board (incl. Anderson & George), and request for a July 24 joint confirmation due to market rumors. (UP also received an inbound from Party A the same day.) July 23: NS board indicated amenability to proceed on UPs Final Proposal, parties agreed to short-term exclusivity. July 24: Mutual exclusivity through July 29, joint press release confirming advanced discussions. July 2228: Skadden and Wachtell negotiated definitive merger agreement, parallel governance, regulatory, and synergy discussions continued. NS Board: Received BofA fairness opinion that the first-merger consideration is fair, unanimously approved and recommended the merger agreement. UP Board: Received fairness opinions from Morgan Stanley and Wells Fargo that consideration to be paid by UP is fair, unanimously approved merger agreement and share issuance for UP shareholders. July 28, 2025: Merger agreement executed. July 29, 2025: Joint press release announcing the signed agreement;
>50% vote target; >50% vote acquiror; HSR expiry; Surface Transportation Board (STB, filed Dec 18 2025);
NWE
BKH
NorthWestern Energy Group
Black Hills Corp.
19-August-25
15-November-26
Merger
Friendly
Utilities
0.00000
0.98000
69.27000
6844.94824
0.07670
2.92892
-2.18846
0.01
0.57
0.00000
71.83892
68.91000
4.31423
0.09044
256
Greenhill
GS
Morgan
Faegre
Definitive agreement; NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 800,000 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park; Increased scale and business line diversity to result in a stronger, more resilient platform to safely, reliably, and cost-effectively meet customers rising energy needs; Merger expected to be accretive to each companys EPS in the first year following the close of transaction; Combined company supports an increased long-term EPS target growth rate of 5% to 7%; Contiguous service territory with attractive growth profile expected to provide additional investment opportunities beyond each companys current capital investment plan; Strong and predictable earnings and cash flows with more efficient access to capital to be credit-enhancing and support a high-quality credit profile, an enhanced ability to invest in critical infrastructure, and a strong and growing dividend; Veteran leadership team and complementary cultures with shared commitments to safety, reliability, and exceptional customer service provided by a highly skilled workforce; Upon completion of the merger, Black Hills shareholders will own approximately 56% and NorthWestern shareholders will own approximately 44% of the combined company on a fully diluted basis; The combined company will serve approximately 2.1 million customers across eight contiguous states -- Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming; The transaction is expected to close in 12 to 15 months, subject to customary closing conditions, clearance under the Hart-Scott Rodino Act, approval from each companys shareholders, and regulatory approvals, including approval from commissions in the three states in which both companies operate (Montana, Nebraska, South Dakota) and in Arkansas if required, as well as the Federal Energy Regulatory Commission; Valuation: 15.5x EPS (2026E), 10.4x EBITDA (2026E), 4.13x sales (2026E); Outside date August 18, 2026 (or such alternative date as may be agreed by the parties), which date may be extended by three months up to two times, until as late as February 18, 2027; Signed CA April 2, 2025;
>50% vote target; >50% vote acquiror; HSR expiry; FERC; Montana PSC; Nebraska PSC; South Dakota PUC;
ONTF
ON24
Cvent
30-December-25
29-April-26
Merger
Friendly
Tech
8.10000
0.00000
8.03000
400.00000
0.61677
0.08000
-3.01000
0.39000
0.03
0.03
0.00000
8.10000
8.02000
0.07000
0.05828
56
GS
William
DLA
Simpson
Definitive agreement; ON24 is a leading intelligent engagement platform for B2B enterprise sales and marketing; The proposed transaction brings together two complementary platforms serving enterprise marketers and event professionals. ON24s reliable and secure enterprise-grade webinar and digital engagement capabilities, first party engagement data, and AI-powered workflows complement Cvents robust event technology offerings. With a full suite of solutions that power high-impact digital and in-person experiences, Cvent and ON24 are well positioned to support marketing, sales, customer success and event teams as buying journeys become more digital and complex; The proposed transaction, which has been unanimously approved by the ON24 Board of Directors, is expected to close in the first half of 2026, subject to approval by ON24 shareholders, the satisfaction of regulatory approvals, and other customary closing conditions; Valuation: 61.4x EPS (2026E), 74.6x EBITDA (2026E), 3.0x sales (2026E); Outside date December 29, 2026 (subject to an extension until March 29, 2027 under certain circumstances for the purpose of obtaining certain antitrust regulatory approvals); Parent has secured committed equity financing for the Merger, consisting of equity to be provided by certain investment funds affiliated with Blackstone Inc., on the terms and subject to the conditions set forth in the equity commitment letter provided by such funds, the aggregate proceeds of which will be sufficient for Parent to pay the aggregate Merger Consideration assuming the satisfaction of all conditions to Parent and Merger Subs obligations to effect the Merger and all conditions to each partys obligations to effect the Merger; In connection with the execution of the Merger Agreement, Parent entered into a separate voting and support agreement (the Voting and Support Agreement) with each of Sharat Sharan, Lynrock Lake Master Fund LP and Indaba Capital Management, L.P. The Company Shares beneficially owned by the Supporters represented approximately 39% of the outstanding shares of Company Common Stock as of December 26, 2025; Signed CA September 11, 2025; Background: The ON24 board and management conducted ongoing strategic reviews over several years while engaging Goldman Sachs as financial advisor and receiving intermittent inbound interest. In mid-2025 multiple parties expressed acquisition interest, prompting the board to evaluate proposals, reject lower valued offers, and authorize a formal strategic alternatives process. Between October and December 2025 ON24 and Goldman Sachs contacted numerous strategic and financial buyers, conducted diligence, and managed a competitive process that narrowed to Cvent and a smaller number of alternatives. Cvent progressively increased its all-cash offer while other bidders withdrew or proposed structures with greater uncertainty. After negotiating price, deal protections, financing certainty, and governance matters, the board concluded that Cvents $8.10 per share all-cash offer provided the highest value with the least execution risk. On December 29, 2025 the ON24 board unanimously approved the merger agreement, received a fairness opinion from Goldman Sachs, and recommended the transaction to stockholders, with the merger publicly announced on December 30, 2025;
>50% vote target; HSR expiry (filed Jan 28 2026, attained Feb 13 2026); CFIUS; $107 million minimum cash;
OS
OneStream, Inc.
Hg / General Atlantic / Tidemark
06-January-26
15-March-26
Merger
Friendly
Tech
24.00000
0.00000
23.71000
6400.00000
0.35440
0.30000
-5.98000
0.58000
0.03
0.05
0.00000
24.00000
23.70000
0.29000
0.49714
11
JPMorgan / Centerview
GS
Wilson / Jones
Skadden / Paul
Definitive agreement; OneStream, Inc. is the leading enterprise Finance management platform that modernizes the Office of the CFO by unifying core Finance and operational functions including financial close, consolidation, reporting, planning and forecasting; With a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Hgs portfolio spans more than 55 companies worth over $185 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 20% annually; Hg will be OneStreams majority voting shareholder. General Atlantic, a leading global investor, will also be a significant minority investor alongside Tidemark, a leading technology investment firm; An entity controlled by Hg will acquire all outstanding shares, including those shares owned by investment funds managed by KKR, a leading global investment firm, which took OneStream public in 2024. The transaction is expected to close in the first half of 2026. Upon completion of the transaction, OneStream will become a privately held company. Hg will invest in OneStream from its Saturn Fund; The transaction, which has been unanimously approved by OneStreams Board of Directors, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions. KKR, in its capacity as the holder of a majority of OneStreams voting power, has approved the transaction. No further approval of OneStreams stockholders is required or will be sought; Valuation: 54.1x EPS (2027E), 70.1x EBITDA (2027E), 7.63x sales (2027E); Inside date April 6, 2026; Outside date October 6, 2026, which date will be automatically extended to April 6, 2027 if required regulatory approvals have not been obtained at such time; Pursuant to an equity commitment letter, dated January 6, 2026 (the Equity Commitment Letter), investment funds managed by Hg committed to provide Parent with an equity contribution sufficient to (a) at the consummation of the Mergers, pay the merger consideration and certain other payments and expenses related to the Mergers; or (b) pay monetary damages and certain reimbursement obligations under the Merger Agreement, on the terms and subject to the conditions set forth in the Equity Commitment Letter. The investment commitments under the Equity Commitment Letter are generally subject to an aggregate cap of approximately $5.6 billion; Thomas Shea, OneStreams chief executive officer and a member of the Board, has agreed with Parent to rollover a portion of his equity holdings in OneStream in connection with the consummation of the Mergers; On January 6, 2026, in connection with the execution of the Merger Agreement, certain stockholders of OneStream affiliated with Kohlberg Kravis Roberts & Co. L.P (KKR) (the Consenting Stockholders) entered into a support agreement (the Support Agreement) with Parent and OneStream. The Consenting Stockholders hold shares of Common Stock representing approximately 58 percent of OneStreams outstanding voting power. Under the Support Agreement, the Consenting Stockholders have agreed, among other matters, to vote their shares of Common Stock in favor of the adoption of the Merger Agreement; Signed CA July 28, 2025; Signed clean team agreement October 9, 2025; Background: Through 2025, OneStream engaged several parties, but only Hg progressed to serious due diligence and submitted a sequence of non binding cash proposals, first at $24.75 per share on September 17, then $26.00 on October 1, and later reduced to $24.00 on November 11 amid concerns about customer acquisition and renewals and broader software market conditions. After a targeted outreach failed to produce competing bids and OneStream initially paused talks, Hg re affirmed interest in December and OneStream re engaged once the CEO agreed to discuss a rollover, eventually settling on rolling about half his equity into the parent control entity with performance and employment conditions. The board entered exclusivity on December 27, engaged Centerview for a second fairness opinion, negotiated the merger documents along with a TRA amendment to eliminate TRA payments in connection with the deal, received fairness opinions from J P Morgan and Centerview, approved the transaction on January 5, 2026, and executed the Merger Agreement, Support Agreement, and TRA Amendment on January 6, 2026, followed by stockholder written consent and a public announcement;
HSR expiry (filed Feb 3 2026);
PEN
BSX
Penumbra, Inc.
Boston Scientific Corporation
15-January-26
11-November-26
Merger
Friendly
Healthcare
273.99240
1.03540
338.95001
14500.00000
0.18376
9.24851
-44.75354
0.04
0.17
0.00000
347.87851
338.63000
10.66216
0.04593
252
Perella
Davis
Allen / Arnold
Definitive agreement; Penumbra, Inc., the worlds leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicit; Acquisition to expand Boston Scientifics cardiovascular portfolio and further address increasing prevalence of vascular diseases; Provides scaled entry into mechanical thrombectomy and neurovascular, key strategic adjacencies; Under the terms of the agreement, which has been approved by the board of directors of each company, the transaction values each Penumbra share at $374, with Penumbra stockholders having the right to elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock (valued at $374 based on the volume weighted average price of Boston Scientific common stock over the last 10 trading days, as of January 13, 2026), subject to proration, so that the total transaction consideration is paid approximately 73% in cash and approximately 27% in shares of Boston Scientific common stock. Adam Elsesser has indicated that he will elect to receive Boston Scientific shares for all his Penumbra shares; Boston Scientific expects to finance the approximately $11 billion cash portion of the transaction consideration with a combination of cash on hand and new debt; The transaction is expected to be $0.06-0.08 dilutive to adjusted earnings per share for Boston Scientific in the first full year following the close of the acquisition, neutral to slightly accretive in the second year and more accretive thereafter; The transaction is expected to be completed in 2026, subject to receipt of Penumbras stockholder approval and the satisfaction of other customary closing conditions; Signed CA December 19, 2025; Outside date January 14, 2027 (can extend to January 14, 2028); PEN names BSX as a competitor and both companies overlap in minimally invasive thrombectomy and vascular intervention devices in a multiplayer competitive market; Valuation: 58.3x EPS (2027E), 36.8x EBITDA (2027E), 8.1x sales (2027E); Background: Penumbras discussions with Boston Scientific evolved from informal industry conversations in early and late 2025 into formal merger negotiations by December. After presenting positive clinical data in October 2025, Penumbra leadership engaged in exploratory discussions with Boston Scientifics executives, which led to a December 15 meeting where Boston Scientific expressed interest in a potential acquisition. Following the execution of a nondisclosure agreement and management presentations, Boston Scientific submitted a preliminary non binding proposal on December 29, 2025 to acquire Penumbra for $365 per share in a mix of cash and stock, including regulatory commitments and a reverse termination fee. The Penumbra Board, advised by Perella Weinberg Partners and Davis Polk, determined the initial proposal was insufficient and sought improved price and terms. Boston Scientific revised its offer on December 31 to $370 per share with enhanced regulatory commitments but included exclusivity and a termination fee. After further negotiations, Boston Scientific increased its proposal to $374 per share, reduced the termination fee, removed exclusivity, and allowed stockholders to elect cash or stock subject to proration. The parties completed reciprocal due diligence and negotiated the merger agreement. On January 14, 2026, after reviewing financial analyses and receiving a fairness opinion from Perella Weinberg Partners, the Penumbra Board unanimously determined the transaction was fair and in the best interests of stockholders, approved the merger agreement, and recommended its adoption. The merger agreement was executed that day and publicly announced on January 15, 2026;
>50% vote target; HSR expiry (filed Feb 13 2026);
PKST
BAM
Peakstone Realty Trust
Brookfield Asset Management
02-February-26
13-May-26
Merger
Friendly
Real Estate
21.00000
0.00000
20.84000
1200.00000
0.34185
0.17000
-5.18000
0.01
0.03
0.00000
21.00000
20.83000
0.16000
0.04071
70
BofA
Citi
Latham
Gibson
Definitive agreement; Peakstone Realty Trust is an industrial real estate investment trust with a strategic focus on the industrial outdoor storage (IOS) sector; Following an offer from Brookfield, our Board of Trustees evaluated the proposed transaction with the assistance of external advisors and determined that it achieves the best value and other terms reasonably available for shareholders and is in the best interests of the Company; In December 2025, Peakstone completed the disposition of all of its office properties, thereby concluding its strategic transformation into an industrial-only REIT. The Companys portfolio comprises 76 industrial properties, consisting of 60 industrial outdoor storage (IOS) properties and 16 traditional industrial properties; The transaction has been unanimously approved by the Peakstone Board and is expected to close by the end of the second quarter of 2026, subject to customary closing conditions, including approval by the Companys shareholders; The definitive agreement includes a 30-day go-shop period expiring at 11:59 p.m. New York City time on March 4, 2026, during which time the Company, with the assistance of its advisors, may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties; As a condition to the transaction, Peakstone has agreed to suspend payment of its regular quarterly dividend, effective immediately, until the earlier of the closing or the termination of the definitive agreement; Outside date August 2, 2026; Signed CA December 24, 2025; Background: The board and management of the company routinely reviewed strategic options to enhance shareholder value, including capital raises, acquisitions, asset sales, joint ventures and share repurchases. Since its NYSE listing the company had also engaged with several shareholders, including activist investors and a party referred to as Shareholder Party A, who discussed potential strategic alternatives and board composition but initially made no formal acquisition proposals. In September 2025 management met with Shareholder Party A, which indicated potential interest in participating in a capital raise or acquiring the company. Around the same time the board discussed activism risks while the company was pursuing a disposition of its office assets. Through the fall the company continued discussions with activist investors but received no proposals. On December 2, 2025 Shareholder Party A informed management that it intended to submit a proposal to acquire the company and possibly nominate trustees. On the same day Parent separately expressed interest in acquiring the company. Later that evening Shareholder Party A submitted a non binding proposal to acquire the company for $17.00 per share in cash. The board reviewed the proposal on December 3 and concluded the price was insufficient for exclusivity but remained open to further discussions. The board also directed its advisors to explore Parents interest. Negotiations then took place regarding a confidentiality agreement with Shareholder Party A. After disagreements over standstill terms and the submission of a trustee nomination notice by Shareholder Party A, the parties ultimately entered into a confidentiality agreement on December 14 with a two month standstill. On December 15 Parent submitted a competing non binding proposal to acquire the company for $20.50 per share in cash and requested exclusivity. The board evaluated both proposals, considered the companys prospects as a standalone entity and sought improved offers. On December 22 Shareholder Party A increased its offer to $18.00 per share while Parent increased its offer to $21.00 per share and stated the price was its best and final offer. After reviewing the proposals and the significant premium offered by Parent, the board authorized entering into exclusivity with Parent through January 31, 2026 and executed confidentiality and exclusivity agreements on December 24. During January 2026 the parties conducted due diligence and negotiated the merger agreement. The company opened a virtual data room, management provided financial projections and legal counsel exchanged drafts of the agreement with Parents advisors. Key negotiation points included the length of the go shop period, the size of termination fees, regulatory covenants, financing cooperation obligations and whether the company could seek specific performance if Parent failed to close. Parent provided equity and debt commitment letters and negotiations continued through late January. The board met several times to review the progress of negotiations and provide guidance to its advisors. The board emphasized the importance of deal certainty, meaningful termination protections and a go shop process that would allow competing bids. After further revisions the parties agreed on final terms including a 30 day go shop period with a short extension, a company termination fee of roughly 1.9 percent during the go shop period and about 4 percent afterward, a parent termination fee of about 14.25 percent and regulatory commitments requiring strong efforts to obtain approvals. On February 1 and February 2, 2026 the board reviewed the final transaction terms, the financing commitments and financial analyses presented by BofA Securities. BofA Securities delivered its fairness opinion that the $21.00 per share cash consideration was fair from a financial point of view to the companys shareholders. After considering the terms of the transaction and the companys alternatives the board unanimously approved the merger agreement, determined the transaction was in the best interests of the company and its shareholders and recommended that shareholders vote in favor of the merger. The merger agreement was executed before market open on February 2, 2026 and the transaction was publicly announced;
>50% vote target;
PRA
ProAssurance Corporation
The Doctors Company
19-March-25
31-March-26
Merger
Friendly
Insurance
25.00000
0.00000
24.59000
1300.00000
0.60875
0.42000
-9.04000
0.04
0.04
0.00000
25.00000
24.58000
0.41000
0.25061
27
GS
Houlihan / Howden
Simpson / Willkie
Mayer
Definitive agreement; ProAssurance Corporation is a specialty insurer with extensive expertise in medical liability, products liability for medical technology and life sciences, and workers compensation insurance; The Doctors Company, the nations largest physician-owned medical malpractice insurer; Addition of ProAssurance Corporation fortifies the promise of The Doctors Company to the medical professional liability market for generations to come; The Board of Directors of ProAssurance has unanimously approved the transaction, and resolved to recommend that its shareholders approve the agreement; The transaction is expected to close in the first half of 2026, and is subject to customary closing conditions, including approval by ProAssurances stockholders and the receipt of regulatory approvals; The transaction is not subject to a financing condition; Valuation: 23.4x EPS (2026E), 15.0x EBIT (2026E), 1.15x sales (2026E), 1.06x BV, 1.12x TBV; Outside date September 19, 2026;
>50% vote target; HSR expiry (attained July 2 2025); Insurance approvals;
QIPT
Quipt Home Medical Corp.
Kingswood Capital Management / Forager Capital Management
15-December-25
16-March-26
Plan
Friendly
Healthcare
3.65000
0.00000
3.65000
260.00000
1.60714
0.01000
-2.24000
0.20900
0.03
0.00
0.00000
3.65000
3.64000
0.00000
0.00000
12
Truist / Evans
UBS
DLA / McDermott
Fasken
Definitive agreement; Quipt Home Medical Corp. is a U.S. based home medical equipment provider, focused on end-to-end respiratory care; The transaction is not subject to any financing condition. Kingswood has provided an equity commitment letter to fund the Purchasers obligations under the Arrangement Agreement; The transaction values Quipt at approximately US$260 million, including Quipts existing outstanding debt. Following the completion of the transaction, Quipt will become a privately held company and cease to report in the U.S. and Canada; Following a comprehensive review of alternatives conducted with its financial advisor, Truist Securities, Inc. (Truist), both the Quipt Board of Directors (the Board) and its Strategic Transactions Committee determined, after relying on fairness opinions of Truist and Evans & Evans, Inc. (Evans & Evans) and financial and legal advice, that the transaction is in the best interest of shareholders. The Board unanimously recommends that Quipt shareholders vote in favor of the transaction at the special meeting to be called to approve the transaction; The transaction will be implemented by way of statutory plan of arrangement under the Business Corporations Act (British Columbia) and is subject to court approval and the approval of at least 6623% of the votes cast by Quipt shareholders present in person or by proxy at the Meeting, as well as by a simple majority of the votes cast by the Quipt shareholders, excluding the votes cast by certain persons as required by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions; Directors and executive officers of the Company who collectively hold approximately 11.4% of all issued and outstanding Shares, have entered into customary support and voting agreements (Voting Support Agreements) with the Purchaser pursuant to which they have agreed to vote all their Shares at the Meeting in favor of the transaction, subject to certain conditions. Additionally, Forager Fund, LP has also entered into a Voting Support Agreement with the Purchaser pursuant to which it has agreed, among other things, to vote its Shares, which represent approximately 9.5% of all issued and outstanding Shares, in favor of the transaction, subject to certain conditions; The transaction is expected to close during the first half of 2026, subject to customary closing conditions, including receipt of required shareholder, regulatory and court approvals; Outside date June 15, 2026; Signed CA December 1, 2025; Valuation: 4.0x EBITDA (2026E), 0.84x sales (2026E); Background: Quipts board began evaluating strategic alternatives in 2024 and engaged advisors while activist shareholders accumulated stakes and pressed for change. Forager emerged as a frequent bidder but its early non binding proposals were repeatedly rejected as undervaluing the company while Quipt pursued a structured sale process with Truist that attracted multiple bidders and higher indications of interest. Following a formal outreach, litigation over confidentiality issues and several rounds of bidding, competing interest narrowed to Forager and one other party as market conditions evolved and diligence progressed. In late 2025 Forager improved its offer to $3.65 per share without a financing condition and, with Kingswood providing equity support, negotiated definitive terms. After receiving fairness opinions from Truist and Evans & Evans, the board and its strategic committee approved the arrangement and unanimously recommended it to shareholders, with the transaction announced on December 15 2025;
>66 2/3 vote target; Majority of minority vote target; <10% dissent; HSR expiry (filed Dec 23 2025, attained Jan 22 2026);
QRVO
SWKS
Qorvo
Skyworks
28-October-25
31-March-27
Merger
Friendly
Tech
32.50000
0.96000
77.89000
10119.17188
0.14302
4.68960
-5.62435
0.08000
0.01
0.45
0.00000
82.42960
77.74000
6.26002
0.07478
392
Centerview
Qatalyst / GS
Davis
Skadden
Definitive agreement; Qorvo is a leading global provider of connectivity and power solutions; Combines complementary product and technology portfolios and world-class engineering capabilities, creating R&D scale to deliver innovative RF solutions; Advances U.S. manufacturing position and improves factory utilization across manufacturing footprint; Immediately and meaningfully accretive to non-GAAP EPS post-close, with $500 million or more of annual cost synergies within 24-36 months post-close when the companies are fully integrated; Upon closing, Skyworks shareholders will own approximately 63 percent of the combined company, while Qorvo shareholders will own approximately 37 percent; Skyworks plans to fund the cash portion of the transaction using a combination of cash on hand and additional financing. Skyworks has obtained debt financing commitments from Goldman Sachs Bank USA. The transaction is not subject to any financing conditions; The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close in early calendar year 2027, subject to the receipt of required regulatory approvals, approval of Skyworks shareholders and Qorvo shareholders and the satisfaction of other customary closing conditions; Starboard Value LP, an approximately 8%shareholder of Qorvo, has signed a voting agreement in support of the transaction; Outside date April 27, 2027, which date may be extended to July 27, 2027 and to October 27, 2027; Signed CA April 8, 2025; Signed Clean Room Agreement October 13, 2025; Valuation: 15.2x EPS (2026E), 10.5x EBITDA (2026E), 2.60x sales (2026E); Background: Skyworks and Qorvo had periodically explored a combination in prior years and both boards routinely reviewed strategic alternatives, including mergers, to enhance stockholder value. In March and April 2025 the parties re-engaged, signed a confidentiality agreement and a joint defense agreement, and began high level discussions focused on strategic rationale, synergies and regulatory risk sharing. From April through mid June 2025 both boards and management teams met frequently, exchanged forecasts through 2027, and modeled significant cost and revenue synergies that supported an all stock merger concept. On May 24 2025 Skyworks delivered an initial all stock proposal: Exchange ratio 1.175 Skyworks shares per Qorvo share, Roughly 9 percent premium. Qorvo responded on June 9 2025 with a counterproposal: Higher exchange ratio of 1.337 shares, about a 22 percent premium. Through June and July 2025 the parties exchanged multiple proposals and counterproposals on exchange ratio and governance. A separate semiconductor company, Party 1, approached Qorvo in June 2025 and pursued parallel talks, giving Qorvo additional leverage and an alternative strategic path. By mid July 2025 negotiations between Skyworks and Qorvo reached an impasse over governance and exchange ratio, leading Skyworks on July 18 2025 to invoke the confidentiality agreement and terminate discussions. During August 2025 Qorvo continued to evaluate options, including Party 1, and concluded it could be open to a revised proposal from Skyworks that included a mix of cash and stock, a higher premium and more value certainty, which would allow flexibility on governance. In late September 2025 Skyworks decided to reengage. On September 28 it proposed 30 dollars in cash plus 0.940 Skyworks shares per Qorvo share, implying about 105 dollars per share and a 13 percent premium, with an 11 member board in which Skyworks would designate nine directors. On September 30 Qorvo countered with 30 dollars in cash plus 1.044 shares, about 110 dollars per share and roughly a 22 percent premium, and a board with eight Skyworks directors and three Qorvo directors. Party 1 declined to improve its proposal and terminated discussions on October 2 2025, leaving Skyworks as Qorvos primary merger partner. On October 3 2025 Skyworks made an improved offer that became the basis for the final deal: 32.50 dollars in cash plus 0.960 Skyworks shares per Qorvo share, Around 107 dollars per share and a 17 percent premium, No financing contingency. On October 5 2025 Qorvos board reviewed the revised offer, assessed Party 1 as unlikely to deliver a superior transaction, and authorized exclusive negotiations and confirmatory due diligence with Skyworks. From early to late October 2025 the parties conducted extensive mutual due diligence across finance, operations, tax, legal and integration planning, supported by FTI Consulting, KPMG and the financial advisors, and negotiated the merger agreement, debt financing commitment and a voting and support agreement with SBV. Both boards received updated long range plans and pro forma models and focused heavily on the size, timing and execution of expected synergies, employee retention arrangements and regulatory risk allocation. On October 27 2025: Centerview delivered a fairness opinion to Qorvos board and Qorvos board unanimously approved the merger agreement and recommended it to Qorvo stockholders. Qatalyst Partners and Goldman Sachs each delivered fairness opinions to Skyworks board and the Skyworks board unanimously approved the transaction, the issuance of Skyworks shares and related agreements, and recommended the stock issuance to Skyworks stockholders. Following these approvals Skyworks and Qorvo executed the merger agreement and Skyworks and SBV executed the voting and support agreement on October 27 2025, and the parties announced the signed merger publicly in a joint press release on October 28 2025 before the Nasdaq market open;
>50% vote target; >50% vote acquiror; HSR expiry (filed Dec 4 2025, Jan 5 2026 received second request from the FTC); China SAMR; Korea; Taiwan; Belgium; France; Germany; Ireland; Italy; Netherlands; Spain; United Kingdom;
SEE
Sealed Air Corporation
CD&R
17-November-25
30-April-26
Merger
Friendly
Industrial
42.15000
0.00000
41.97000
10300.00000
0.15860
0.49000
-5.32107
0.01
0.08
0.00000
42.45000
41.96000
0.48000
0.07556
57
Evercore
BofA / BNP / Citi / GS / JPMorgan / Lazard / Mizuho / RBC / UBS
Latham
Kirkland / Debevoise
Definitive agreement; Sealed Air Corporation is a leading global provider of food and protective packaging solutions; Conclusion of review of strategic alternatives; The transaction, which has been unanimously approved by Sealed Airs Board of Directors, is expected to close in mid-2026, subject to the receipt of stockholder approval, regulatory clearances, and the satisfaction of other customary closing conditions; Under the terms of the agreement, Sealed Air can actively solicit additional acquisition proposals from third parties during a "go-shop" period of 30 days from the signing of the agreement, with an additional 15 days to negotiate a definitive agreement with qualifying parties. There can be no assurance that this solicitation process will result in a superior proposal, and Sealed Air does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required; Equity financing for the transaction has been committed by investment funds affiliated with CD&R and debt financing for the transaction has been committed by a group led by J.P. Morgan Securities LLC, BofA Securities, BNP Paribas Securities Corp, Goldman Sachs, UBS Investment Bank and Wells Fargo. Citi, Mizuho and RBC Capital Markets also provided committed financing to CD&R; Under the terms of the Merger Agreement, the Company is permitted to pay the dividend previously announced for payment on December 19, 2025, and may declare and pay regular quarterly dividends consistent with past practice, subject to the terms and conditions of the Merger Agreement; Signed CA August 22, 2025; Outside date November 16, 2026; Valuation: 12.5x EPS (2026E), 8.9x EBITDA (2026E), 1.91x sales (2026E); Dec 17 2025 announced expiration of go-shop, closing mid 2026; Background: Sealed Air experienced declining performance in 2022 and 2023 and began a transformation focused on operational improvement while evaluating strategic alternatives including a separation of its Protective business. The board rejected early merger of equals proposals from industry peers and a standalone sale of the Protective business due to valuation, timing, execution risk and tax and dis synergy concerns. After a new CEO was appointed, Clayton Dubilier and Rice emerged as a serious buyer, initially proposing to acquire only the Protective business and later expressing interest in acquiring all of Sealed Air. Following multiple rounds of negotiations, updated projections and board deliberations, CD&R increased its offer through several steps and was granted exclusivity. The board concluded that an all cash sale to CD&R at $42.15 per share with a go shop period maximized value relative to remaining standalone or pursuing alternative transactions. A competing industry bidder explored a stock and cash transaction during the go shop period but withdrew due to valuation and complexity concerns. No superior proposals emerged and the board unanimously approved the merger, which was announced in November 2025;
>50% vote target; HSR expiry (attained Dec 23 2025); EC (attained Feb 11 2026; China SAMR (attained Feb 6 2026); Competition Canada (filed Dec 31 2025, attained Jan 23 2026); Brazil CADE (attained Jan 15 2026);
SEM
Select Medical Holdings Corporation
Consortium
03-March-26
30-June-26
Merger
Friendly
Real Estate
16.50000
0.00000
16.24000
3900.00000
0.17773
0.33250
-2.16693
0.11800
0.13
0.00000
16.56250
16.23000
0.32250
0.06275
118
GS
JPMorgan / Wells / Barclays
Skadden / Dechert
Cravath / Ropes / Paul
Definitive agreement; Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States based on number of facilities. As of December 31, 2025, Select Medical operated 104 critical illness recovery hospitals in 28 states, 38 rehabilitation hospitals in 15 states, and 1,917 outpatient rehabilitation clinics in 39 states and the District of Columbia. At December 31, 2025, Select Medical had operations in 39 states and the District of Columbia; Consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe; The Special Committee unanimously determined that the Merger Agreement and the Merger are fair to, and in the best interests of, Select Medicals stockholders that are unaffiliated with the Consortium and recommended approval of the Merger Agreement to the Board. The disinterested members of the Board, acting upon the recommendation of the Special Committee, unanimously approved the Merger Agreement and the Merger and resolved to recommend that Select Medicals stockholders vote to adopt the Merger Agreement; The Merger is expected to close mid 2026, subject to customary closing conditions, including (a) approval by a majority of the votes cast by holders of the shares of outstanding Select Medical common stock that are not held by any members of the Consortium, the Rollover Participants or their affiliates, (b) the expiration or termination of any waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and (c) the receipt of certain other required regulatory approvals. The Merger is not subject to a financing condition; J.P. Morgan and Wells Fargo are serving as joint lead arrangers and joint lead bookrunners in connection with the committed debt financing of the Consortium; Valuation: 11.6x EPS (2027E), 6.8x EBITDA (2027E), 0.66x sales (2027E);
>50% vote target; HSR expiry;
SEMR
ADBE
Semrush Holdings, Inc.
Adobe
19-November-25
15-March-26
Merger
Friendly
Tech
12.00000
0.00000
11.94000
1624.30396
0.77515
0.07000
-5.17000
0.75000
0.04
0.01
0.00000
12.00000
11.93000
0.06000
0.18112
11
Centerview
Davis
Wachtell
Definitive agreement; Semrush is a leading online visibility management SaaS platform that enables businesses globally to run search engine optimization, advertising, content, social media and competitive research campaigns and get measurable results from online marketing. Semrush offers insights and solutions for companies to build, manage and measure campaigns across various marketing channels; The transaction has been approved by the Board of Directors of both Adobe and Semrush. The transaction is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions, including the approval of Semrushs stockholders; Adobe has received commitments to vote in favor of the transaction from Semrushs founders and other stockholders representing over 75% of the voting power of Semrush; Outside date August 18, 2026, subject to an extension to November 18, 2026; Signed CA June 17, 2025; The market is fragmented: Semrush itself has only a modest share (~67 %) in the SEO/SEM tool market; Valuation: 28.7x EPS (2026E), 22.6x EBITDA (2026E), 3.18x sales (2026E); The merger partes do not compete horizontally and the transaction does not raise any antitrust issues; Background: Semrushs board regularly reviewed strategic alternatives and engaged advisors as Adobe expressed interest in a potential acquisition beginning in June 2025. After signing an NDA, the parties conducted diligence through July and August, leading to an initial nonbinding offer of $10.00 per share that Semrush rejected as inadequate. Adobe increased its proposal to $10.50 per share, which the board evaluated with the help of Centerview and legal counsel, and a transaction committee was formed to manage negotiations. Semrush sought to improve value by pushing for a higher price and by contacting other potential buyers, though no competing written offers emerged. Adobe later raised its offer to $12.00 per share and requested exclusivity, which the board approved after concluding no superior alternatives were likely. Following extended diligence, negotiations over deal terms, and multiple exclusivity extensions, Centerview delivered a fairness opinion supporting the transaction. On November 18, 2025, the Semrush board unanimously approved the merger agreement, determined the transaction was fair and in the best interests of stockholders, and recommended stockholder approval. Semrush and Adobe executed the merger agreement that day and publicly announced the transaction on November 19, 2025;
>50% vote target; HSR expiry (filed Dec 18 2025);
SKYT
IONQ
SkyWater Technology
IonQ
26-January-26
30-June-26
Merger
Friendly
Tech
15.00000
0.52650
29.35000
1800.00000
0.11750
4.93774
0.19870
0.03
0.00
0.00000
34.12774
29.19000
5.10271
0.64598
118
GS
Cantor / BofA
Foley
Paul / Joele
Definitive agreement; SkyWater Technology is the largest exclusively U.S.-based, pure-play semiconductor foundry; The combination of IonQ and SkyWater will create the first of its kind, vertically integrated quantum platform company; The stock component is subject to a collar under which SkyWater shareholders will receive IonQ stock valued at $20.00 per SkyWater share, based on the 20-day volume weighted average price of IonQ stock as of three business days before closing, unless such volume-weighted average is greater than $60.13 per share, in which case SkyWater shareholders will receive 0.3326 IonQ shares per SkyWater share, or less than $37.99 per share, in which case SkyWater shareholders will receive 0.5265 IonQ shares per SkyWater share; SkyWater shareholders will own between 4.4% and 6.7% of the combined company under the collar; The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close in the second or third quarter of 2026, subject to approval by SkyWater shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions; Outside date January 25, 2027 (subject to two automatic 90-day extensions); Signed CA December 21, 2025; Valuation: 23.06x EBITDA (2027E), 2.61x sales (2027E);
>50% vote target; HSR expiry;
SLAB
TXN
Silicon Labs
Texas Instruments
04-February-26
31-March-27
Merger
Friendly
Tech
231.00000
0.00000
203.36000
7500.00000
0.69082
27.97000
-66.41000
0.03
0.30
0.00000
231.00000
203.03000
27.96000
0.12765
392
Qatalyst
GS
DLA
A&O
Definitive agreement; Silicon Labs is a leader in secure, intelligent wireless technology; Enhances global leadership in embedded wireless connectivity solutions; Leverages Texas Instruments industry-leading, dependable, low-cost manufacturing capacity to better serve customers; Deepens customer engagement through Texas Instruments reach of market channels and cross-sell opportunities; Expected to generate ~$450 million of annual manufacturing and operational synergies within three years post-close; The acquisition will create a global leader in embedded wireless connectivity solutions by combining Silicon Labs strong portfolio and expertise in mixed signal solutions with Texas Instruments leading analog and embedded processing portfolio and internally owned technology and manufacturing capabilities. The combined company will accelerate growth by better serving existing and new customers through enhanced innovation and market access; Unanimously approved by the Board of Directors of both companies; Texas Instruments expects to fund the transaction with a combination of cash on hand and debt financing to be arranged prior to closing. The transaction is not subject to any financing contingency; The transaction is expected to close in the first half of 2027, subject to receipt of regulatory approvals and other customary closing conditions, including approval by Silicon Labs stockholders; The transaction is expected to be accretive to Texas Instruments earnings per share, excluding transaction-related costs, in the first full year post-close; Outside date February 4, 2027, which date may be extended to August 4, 2027 and to February 4, 2028; Signed CA December 4, 2025; Valuation: 57.7x EPS (2027E), 39.8x EBITDA (2027E), 6.97x sales (2027E);
>50% vote target; HSR expiry; EC; China SAMR;
SNCY
ALGT
Sun Country Airlines
Allegiant
12-January-26
30-September-26
Merger
Friendly
Industrial
4.10000
0.15570
16.26000
1500.00000
0.19764
0.29372
-2.42818
0.02
0.11
0.00000
16.49372
16.20000
0.48789
0.05293
210
GS
Barclays
Milbank
Skadden
Definitive merger agreement; Sun Country Airlines is a new breed of hybrid low-cost air carrier, whose mission is to connect guests to their favorite people and places to create lifelong memories and transformative experiences.; Upon closing, Allegiant and Sun Country shareholders will own approximately 67% and 33%, respectively, of the combined company on a fully diluted basis; Allegiant expects to achieve $140 million in annual synergies within three years following the closing and integration, primarily driven by the ability to provide more customers with more options across the combined network; Transaction expected to be accretive to earnings per share one year post closing, while enhancing long-term financial results; The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to receipt of U.S. federal antitrust clearance and other required regulatory approvals, the approval of both companies shareholders and other customary closing conditions; Outside date January 11, 2027, subject to certain extensions if needed to obtain required regulatory approvals; Signed CA September 16, 2025; Valuation: 8.5x EPS (2027E), 5.3x EBITDA (2027E), 1.14x sales (2027E);
>50% vote target; >50% vote acquiror; HSR expiry; U.S. Federal Aviation Administration; U.S. Department of Transportation; U.S. Department of Homeland Security;
SSTK
GETY
Shutterstock
Getty Images Holdings, Inc.
07-January-25
30-April-26
Merger
Friendly
Consumer
9.50000
9.17000
16.85000
1325.28418
0.10040
0.34643
-1.21339
0.31000
0.02
0.22
0.00000
17.09643
16.75000
-0.31733
-0.11528
57
Allen
Berenson / JPMorgan
White
Skadden
Definitive merger agreement; Merger of equals; Shutterstock, Inc. is a premier partner for transformative brands, digital media and marketing companies, empowering the world to create with confidence. Fueled by millions of creators around the world and a fearless approach to product innovation, Shutterstock is the leading global platform for licensing from the most extensive and diverse collection of high-quality 3D models, videos, music, photographs, vectors and illustrations; Merged company will be well-positioned to meet the evolving needs of creative, media, and advertising industries through combined investment in content creation, event coverage, and product and technology innovation; Expected annual cost synergies between $150 million and $200 million by year three; Expected to be accretive to earnings and cash flow beginning in year two; Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, Shutterstock stockholders at close can elect to receive one of the following: $28.84870 per share in cash for each share of Shutterstock common stock they own, 13.67237 shares of Getty Images common stock for each share of Shutterstock common stock they own, or a mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock they own. Shutterstock shareholder elections at close are subject to proration to ensure that the aggregate consideration payable by Getty Images consist of $9.50 in cash per Shutterstock share as of immediately before close and 9.17 shares of Getty Images stock per Shutterstock share as immediately before close; At close, Getty Images stockholders will own approximately 54.7% and Shutterstock stockholders will own approximately 45.3% of the combined company on a fully diluted basis. Shutterstock will, at the discretion of its Board of Directors, continue to declare and pay quarterly cash dividends, in accordance with its dividend policy, pending the close of the transaction; The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, the approval of Getty Images and Shutterstock stockholders and the extension or refinancing of Getty Images existing debt obligations; Valuation: 7.1x EPS (2026E), 4.4x EBITDA (2026E), 2.8x Adj EBITDA after synergies (2026E), 1.28x sales (2026E); Following execution of the Merger Agreement, on January 7, 2025, Getty Images delivered to Shutterstock a written consent (the Getty Images Stockholder Written Consent) executed by Getty Investments L.L.C., Mark Getty, the October 1993 Trust, The Options Settlement and Koch Icon Investments, LLC, collectively holding approximately 66% of the outstanding shares of Class A Common Stock, par value $0.0001 per share (Getty Images Common Stock) and thereby constituting a majority of the outstanding shares of Getty Images Common Stock, approving the issuance (the Getty Image Stock Issuance) of the Getty Images Common Stock in connection with the Transactions by the Getty Images stockholders (the Getty Images Stockholder Approval). No further approval of the Getty Images stockholders is required to approve the Getty Images Stock Issuance; Outside date January 6, 2026, subject to successive automatic extensions until as late as October 6, 2026; Mr. Oringer has committed to vote his shares of Shutterstock Common Stock (representing approximately 31% of the total voting power of the issued and outstanding Shutterstock Common Stock) in favor of, among other things, the adoption of the Merger Agreement and the approval of the Transactions and the other transactions contemplated thereby at any meeting of the Shutterstock stockholders called to vote upon the Transactions, and against any action or proposal in favor of any Shutterstock takeover proposal and certain other matters. In addition, Mr. Oringer has agreed to (a) certain restrictions on transfers of his shares of Shutterstock Common Stock and associated voting rights, (b) waive any appraisal rights to which he may be entitled pursuant to applicable law in connection with the Transactions and (c) cooperate with Getty Images in connection with seeking regulatory approvals required in connection with the Transactions. The Voting Agreement will terminate upon the earlier of (i) the termination of the Merger Agreement in accordance with its terms, (ii) the closing, or (iii) any amendment to the Merger Agreement that adversely affects the consideration payable to Mr. Oringer; The merger is expected to close in 12-18 months; Background: Initial contact was made in early 2024, when Gettys chairman Mark Getty informally discussed merger interest with Shutterstock via their advisor, Allen & Company. After early-stage discussions paused, interest reignited in August 2024 when Shutterstock asked Allen & Company to reconnect with Getty. This led to both parties signing a mutual nondisclosure agreement in October 2024 and beginning due diligence. Between October and December 2024, Getty and Shutterstock held extensive meetings and exchanged financial and strategic data. Each company worked closely with its respective financial advisorsBerenson for Getty and Allen & Company for Shutterstockto shape transaction terms. Discussions involved forecasts, financial modeling, and the development of multiple term sheets. By November 2024, Getty proposed a merger with a 55/45 economic split in favor of Getty and a $5.00 per share cash payment to Shutterstock shareholders. Shutterstock countered with a 50/50 split and a $7.50 cash component. The companies continued negotiating, moving toward middle ground: a 54.5/45.5 split and $6.25 per share in cash. Negotiations extended into January 2025, with financing, regulatory approval, and equity award treatment as key open issues. Final terms included a 9.17-to-1 share exchange ratio, $6.25 in cash per Shutterstock share, and a board composition
>50% vote target; >50% vote acquiror (attained Jan 7 2025); HSR expiry (filed Jan 28 2025, pulled and refiled Mar 3 2025, Apr 2 2025 received second request from the DOJ, attained Feb 23 2026); Extension or refinancing of Getty Images existing debt obligations; UK CMA (phase 1 inquiry launched Aug 22 2025, phase 2 inquiry launched Oct 20 2025);
STEL
PB
Stellar Bancorp, Inc.
Prosperity Bancshares, Inc.
28-January-26
15-May-26
Merger
Friendly
Financial
11.36000
0.38030
36.66000
2002.00000
0.19472
0.39489
-5.63154
0.08800
0.04
0.07
0.00000
36.97489
36.58000
0.52962
0.07559
72
Keefe
Norton
Wachtell
Definitive merger agreement; Stellar Bank operates fifty-two (52) banking offices in greater Houston, Beaumont and surrounding areas and Dallas, Texas. As of December 31, 2025, Stellar, on a consolidated basis, reported total assets of $10.807 billion, total loans of $7.301 billion and total deposits of $9.021 billion; The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close during the second quarter of 2026, subject to the receipt of required regulatory approvals, approval by Stellars shareholders and the satisfaction of other customary closing conditions; Valuation: 1.81x TBV, 17.9x EPS (2026E), 10.7x Adj EPS after synergies (2026E); Outside date January 27, 2027 (extends to April 27, 2027);
>50% vote target; Fed; FDIC; Texas Department of Banking;
STKL
SunOpta Inc.
Refresco
06-February-26
07-April-26
Plan
Friendly
Food
6.50000
0.00000
6.47000
1172.65100
0.34576
0.04000
-1.63000
0.19500
0.04
0.02
0.00000
6.50000
6.46000
0.03000
0.05100
34
Lazard / Scotia
MS
Faegre / Davies / Wildeboer
Simpson / BJ
Definitive agreement; SunOpta delivers customized supply chain solutions and innovation for top brands, retailers and foodservice providers across a broad portfolio of beverages, broths and better-for-you snacks. With over 50 years of expertise, SunOpta fuels customers growth with high-quality, sustainability-forward solutions distributed through retail, club, foodservice and e-commerce channels across North America; Refresco is the leading independent beverage solutions provider for preeminent global and local beverage brands, with production in North America, Europe, and Australia. Refresco offers an extensive range of product and packaging combinations from carbonated soft drinks, juices, RTD teas and mineral waters to energy drinks, sports drinks and plant-based beverages in carton, (Aseptic) PET, cans and glass; Strategic combination expands Refrescos North American capabilities; Expected to close in the second quarter of 2026, subject to customary closing conditions; The transaction, which has been unanimously approved by the boards of directors of both companies, will be implemented by way of a statutory court-approved plan of arrangement under the Canada Business Corporations Act. It is expected to close in the second quarter of 2026, subject to satisfaction of customary closing conditions, including receipt of court and regulatory approvals and subject to SunOpta shareholder approval; Morgan Stanley Senior Funding, Inc. and KKR Capital Markets LLC have provided committed financing for the transaction; Outside date November 6, 2026 (auto extended three months); As a condition and inducement to Parents willingness to enter into the Arrangement Agreement and concurrently with the execution and delivery of the Arrangement Agreement, certain funds managed by Oaktree Capital Management, L.P. ("Oaktree") entered into a voting and support agreement (the "Oaktree Voting and Support Agreement") with Parent and Purchaser pursuant to which they have agreed to, among other things, vote all the Common Shares and Special Shares beneficially owned or controlled by them in favor of the Arrangement and consent to the exchange of all the Series B-1 Preferred Stock beneficially owned by them in accordance with the Plan of Arrangement. Such Common Shares and Special Shares represent approximately 19.5% of the votes entitled to vote on the Arrangement at the Meeting; Signed CA June 10, 2025; Valuation: 16.3x EPS (2027E), 8.8x EBITDA (2027E), 1.19x sales (2027E); Background: The company spent most of 2025 exploring transformational strategic options, including acquisitions and a possible sale, and formed an independent special committee to oversee the process and manage conflict concerns. After initial outreach and discussions with several private equity parties, Parent emerged as the most credible buyer and made a series of increasing non binding offers that the company repeatedly pushed higher based on its internal value tied to a three year plan. With Lazard advising the company and Scotia Capital advising the special committee, the company ran a competitive diligence process with Parent and two other bidders, but their indications were lower and carried more financing and execution risk. On February 3, 2026 Parent delivered a time limited $6.50 per share final proposal and, despite a late oral $6.70 indication from another party with uncommitted financing and incomplete diligence, the special committee and board relied on fairness opinions and judged Parent offered the best value with the highest closing certainty. The parties finalized terms overnight, executed the arrangement agreement and voting support agreements on February 6, 2026, and announced the deal before market open;
66 2/3 vote target; Competition Canada; HSR expiry; <5% dissent;
TECK
NGLOY
Teck Resources Limited
Anglo American plc
09-September-25
31-December-26
Merger
Friendly
Mining
0.00000
2.66020
50.46000
16139.44434
0.01339
3.72619
0.79800
0.02
0.00
-2.09500
54.13619
50.41000
5.01621
0.12148
302
BMO / Ardea / Scotia
Wachtell / Stikeman / Freshfields / Felesky
Arrangement Agreement; Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline; At market merger of equals; US$800 million in pre-tax recurring annual synergies from combining both companies; Headquartered in Canada and committed to the heritage of both companies and their significant business leadership roles in Canada, South Africa and the UK; Special dividend to Anglo American shareholders of US$4.5 billion c.US$4.19 per share ahead of completion; Anglo American shareholders to own c.62.4% and Teck shareholders to own c.37.6% of Anglo Teck plc immediately post completion; Merger subject to customary closing and regulatory conditions, expected to complete within 12-18 months; Boards of Anglo American and Teck unanimously support and recommend the Merger; At or prior to completion, Anglo American and Teck will each nominate for appointment 50% of the non-executive directors of the Anglo Teck board, with Sheila Murray to serve as Chair of Anglo Teck upon completion. Upon completion, the executive directors of Anglo Teck plc will be Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO. The CEO, Deputy CEO, and CFO and a significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including meaningful representation from South Africa and the UK; Prior to completion, Anglo American will seek shareholder approval to change its legal name to Anglo Teck plc from completion of the Merger and, from and after completion of the Merger, Anglo Teck will conduct its business under the Anglo Teck trade name; The global headquarters of Anglo Teck will be located in Canada; Anglo Teck will invest at least approximately CAD$4.5 billion over five years in Canada, including in respect of the Highland Valley Copper Mine Life Extension, improving critical minerals processing capacity at Trail, advancing potential major new copper mines in Northwestern British Columbia, supporting critical minerals exploration, innovation, skills training, research and jobs growth in Canada; Anglo Teck will also explore opportunities to add copper processing capacity at Trail and support the establishment of new critical minerals processing facilities in Canada; A substantial proportion of Anglo Tecks board of directors will be Canadian; Anglo American and Teck have entered into an agreement (the Arrangement Agreement) to effect the Merger by way of a plan of arrangement of Teck under the Canada Business Corporations Act. Subject to satisfaction of certain conditions, the Anglo American Board also intends to declare the Anglo American special dividend of US$4.5 billion (expected to be approximately US$4.19 per ordinary share) to be paid by Anglo American to its shareholders on the Anglo American register of members ahead of completion of the Merger. At completion of the Merger, each class A common share and class B subordinate voting share of Teck will be exchanged for 1.3301 ordinary shares of Anglo American. The plan of arrangement will require the approval of at least 662/3% of the votes cast in person or by proxy by class A common and class B subordinate voting shareholders of Teck, voting as separate classes, at a special meeting of shareholders. The plan of arrangement will also require customary court approval in Canada; The Merger is also subject to completion conditions customary for a transaction of this nature, including approval under the Investment Canada Act and competition and regulatory approvals in various jurisdictions globally; The Arrangement Agreement includes customary deal protections, including provisions that allow Anglo American and Teck to consider unsolicited acquisition proposals and for either board to terminate the transaction to accept a superior proposal (subject to a right to match) or to change its recommendation that shareholders vote to approve the Merger in those circumstances. A break fee in the amount of US$330 million will be payable by Anglo American or Teck in certain circumstances; In connection with the Merger, Temagami Mining Company Limited (Temagami), SMM Resources Incorporated (SMM), Dr. Norman B. Keevil and certain of the directors and executive officers of Teck and Anglo American, in respect of approximately 79.8% of the outstanding Teck class A common shares, 0.02% of the outstanding Teck class B subordinate voting shares, and 0.1% of the Anglo American shares, as applicable, have entered into customary voting agreements agreeing to vote those Teck or Anglo American shares, respectively, in favour of the Merger and against any competing acquisition proposals, which agreements prohibit voting for, supporting or participating in a competing transaction unless the applicable board has changed its recommendation that the shareholders vote to approve the Merger or the Arrangement Agreement is otherwise terminated; Valuation: 20.4x EPS (2026E), 4.7x EBITDA (2026E), 2.0x sales (2026E); Nov 26 2025 announced ISS and Glass Lewis recommend vote For;
66 2/3 vote target (attained); >50% vote acquiror (attained); HSR expiry; Competition Canada (filed Oct 24 2025, attained Nov 14 2025); Investment Canada (attained Dec 15 2025); Australia (attained as at Dec 15 2025); Chile; China SAMR; EC (filed Jan 6 2026, attained Jan 30 2026); Japan; Mexico; South Korea;
TGNA
NXST
TEGNA Inc.
Nexstar Media Group, Inc.
19-August-25
15-November-26
Merger
Friendly
Media
22.00000
0.00000
20.92000
6200.00000
0.43697
1.46500
-5.33903
0.02
0.22
0.00000
22.37500
20.91000
1.45500
0.10066
256
Allen
BofA / JPMorgan / GS
Wachtell / Covington
Kirkland / Wiley / Morrison
Definitive agreement; TEGNA Inc. helps people thrive in their local communities by providing the trusted local news and services that matter most. With 64 television stations in 51 U.S. markets, TEGNA reaches more than 100 million people monthly across the web, mobile apps, connected TVs, and linear television; Nexstar Media Group, Inc. is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 316,000 hours of programming produced annually by its business units. Nexstar owns Americas largest local television broadcasting group comprised of top network affiliates, with more than 200 owned or partner stations in 116 U.S. markets reaching 220 million people; The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively; Transaction has been unanimously approved by TEGNAs Board of Directors; Committed financing in place from BofA Securities, J.P. Morgan Chase N.A., and Goldman Sachs & Co. LLC to finance the transaction; Increases operational and geographic diversity and scale. Upon closing, Nexstar, together with its partners, will have 265 full-power television stations in 44 states and the District of Columbia and 132 of the countrys 210 television DMAs. The combined company will have stations in 9 of the top 10 DMAs, 41 of the top 50 DMAs, 62 of the top 75 DMAs and 82 of the top 100 DMAs, covering, in total, 80% of U.S. television households; Enhances presence in local DMAs. Nexstars station footprint overlaps with TEGNA in 35 of TEGNAs 51 DMAs, providing improved synergy potential in these markets; Extends footprint to additional contested election DMAs. The addition of strong Big-4 affiliates in key contested election DMAs, such as Phoenix, AZ, Atlanta, GA, Toledo, OH, and Portland, ME, will enhance the political advertising outlook for Nexstar in even-numbered years; Based on our estimates for 2025, Nexstar expects to generate annual net synergies of approximately $300 million from a combination of revenue synergies and net operating expense reductions; After giving effect to the transaction, the incurrence of transaction-related debt, transaction expenses, and expected synergies, Nexstar expects its net leverage ratio to be approximately 4x at closing with de-leveraging to current leverage levels in 2028. As of June 30, 2025, Nexstars total net leverage ratio was 3.19x; The transaction is subject to customary closing conditions, including TEGNA shareholder and regulatory approvals; The transaction is expected to close by the second half of 2026; Outside date August 18, 2026, subject to one three-month extension; Valuation: 7.0x EPS (2026E), 7.0x EBITDA (2026E), 2.05x sales (2026E); Background: After terminating a 2022 agreement to sell to Standard General (due to regulatory delays), TEGNA continued exploring industry consolidation opportunities following the 2024 U.S. presidential election, amid expectations that the Trump administration would ease regulations for broadcasters. JanApr 2025: TEGNA CEO Mike Steib and Nexstar CEO Perry Sook met to discuss industry trends but not a deal. April 23, 2025: Sook first expressed Nexstars interest in a potential combination, without financial terms. April 25, 2025: Sook reiterated interest and mentioned a change-of-control premium. Steib outlined the boards focus on value, regulatory certainty, and operational flexibility. April 29, 2025: TEGNAs board reviewed Nexstars outreach with Allen & Company and Wachtell Lipton. They agreed to consider a formal proposal but continued exploring other strategic opportunities. May 13, 2025: Nexstar made a non-binding offer of $20.00 per share (80% cash, 20% stock). May 20, 2025: The board deemed the price inadequate and stressed the need for regulatory assurances and flexibility. May 2230, 2025: Discussions explored alternatives: $20.00 cash/stock mix (original offer), $21.50 all-cash, an all-stock merger (no premium). May 30, 2025: Nexstar raised its bid to $22.00 per share, all cash, with commitments to focus solely on this deal and regulatory approval. May 31, 2025: The board viewed the $22.00 all-cash proposal as superior to other strategic options and authorized management to negotiate while continuing to evaluate alternatives. June 27, 2025: TEGNA and Nexstar signed confidentiality and clean team agreements. Negotiations through JulyAugust 2025 addressed regulatory obligations, operating covenants, termination fees, and employee retention. August 614, 2025: Party A, an industry peer, expressed interest and submitted a complex all-stock merger proposal requiring a spin-off and offering uncertain value and higher execution risk. The board determined Nexstars $22.00 all-cash bid provided superior, more certain value. August 18, 2025: TEGNAs board unanimously approved the Nexstar merger agreement and recommended shareholder approval. August 19, 2025: TEGNA and Nexstar announced the merger publicly;
>50% vote target; HSR expiry (filed Sept 30 2025, Oct 30 2025 received second request from the DOJ); FCC (filed Sept 30 2025);
THR
CECO
Thermon Group Holdings, Inc.
CECO Environmental Corp.
24-February-26
30-June-26
Merger
Friendly
Industrial
10.00000
0.68400
45.84000
2200.00000
0.26843
0.53204
-9.22862
0.15200
0.03
0.05
0.00000
46.12204
45.59000
0.85036
0.05883
118
MS
Citi / TD
Sidley
Gibson
Definitive agreement; Thermon Group Holdings, Inc. is a diversified industrial technology company and a global leader in industrial process heating solutions; The combination will meaningfully extend CECOs leadership in industrial environmental and thermal solutions by adding Thermons established position in process heating, heat tracing and temperature management, creating a world-class industrial solutions platform. Thermons technologies will enhance CECOs exposure to durable secular trends, including energy transition, power generation, industrial reshoring, infrastructure development, decarbonization, and tightening environmental regulations, while deepening its role in mission critical customer applications where reliability, safety and efficiency are essential. The combination brings together two highly complementary businesses, creating opportunities to accelerate growth through expanded customer relationships and global reach; Unlocks significant value through cost synergies: The combined company is expected to generate approximately $40 million of annual cost synergies within 36 months; Thermon shareholders will have the ability to elect to receive, for each share of Thermon common stock they own, one of the following forms of consideration: (i) mixed consideration consisting of $10.00 in cash and 0.6840 shares of CECO common stock, (ii) all-cash consideration of $63.89 per share, or (iii) all-stock consideration of 0.8110 shares of CECO common stock per share, in each case subject to proration and allocation procedures designed to ensure that the aggregate amount of cash and stock paid in the transaction does not exceed specified limits; Upon completion of the transaction, CECO and Thermon shareholders are expected to own approximately 62.5% and 37.5%, respectively, of the combined company; Jason DeZwirek, Chairman of the Board of Directors of CECO, and certain related holders have agreed to vote, subject to certain exceptions, shares beneficially owned by them, representing approximately 15.2% of the aggregate voting power of CECO, in favor of the transaction; The transaction, which has been unanimously approved by the board of directors of both companies, is anticipated to close in mid-2026, subject to satisfaction of customary closing conditions; CECO has obtained a committed financing package from BofA Securities, Inc; Outside date August 24, 2026 (subject to a limited extension to November 23, 2026 for the sole purpose of obtaining antitrust clearances); In connection with, and concurrently with the entry into, the Merger Agreement, the Parent entered into a debt commitment letter (the Commitment Letter) dated February 23, 2026 with Bank of America, N.A. and BofA Securities, Inc. (BofA), pursuant to which BofA has committed, subject to satisfaction of standard conditions, to provide the Parent with an incremental term loan facility in an aggregate principal amount of $200 million (the Committed Loan Facility) and contemplates utilizing up to $365 million of revolving credit loans under the Parents existing credit facility, subject to obtaining certain requisite amendments under the Parents existing credit facility; Signed CA September 25, 2025; Valuation: 27.9x EPS (2027E), 17.5x EBITDA (2027E), 3.97x sales (2027E);
>50% vote target; >50% vote acquiror; HSR expiry;
TPH
1911
Tri Pointe Homes, Inc.
Sumitomo Forestry Co., Ltd.
13-February-26
14-May-26
Merger
Friendly
Real Estate
47.00000
0.00000
46.39000
4500.00000
0.28521
0.62000
-9.81000
0.02
0.06
0.00000
47.00000
46.38000
0.61000
0.06948
71
Moelis
MS
Paul
Morrison
Definitive agreement; Founded in 2009, Tri Pointe Homes has grown into one of the nations leading homebuilders with a strong presence across the Western, Southwestern, and Southeastern United States; Supports expansion of affordable U.S. housing supply in addition to accelerating growth of Tri Pointe Homes high-quality homebuilding operations and providing U.S. homebuyers with a broader array of housing options; Deepens Sumitomo Forestrys U.S. investment with addition of Tri Pointe Homes more than 150 active communities and presence across 13 high-growth states; For more than 20 years, Sumitomo Forestry has consistently invested in locally led builders across the U.S. homebuilding industry, with one of its stated strategic pillars being the continued expansion of the number of homes the Company delivers to U.S. homebuyers; Subject to and in accordance with the terms and conditions of the merger agreement, which was unanimously approved by the boards of directors of both companies, an indirect wholly owned subsidiary of Sumitomo Forestry will merge with and into Tri Pointe Homes, with Tri Pointe Homes continuing as a wholly owned subsidiary of Sumitomo Forestry America, Inc. Completion of the transaction is expected in the second quarter of 2026, subject to certain conditions, including approval of the merger by Tri Pointe Homes stockholders and other customary conditions. The transaction is not subject to a financing condition; Sumitomo Forestry already operates multiple U.S. homebuilding brands (examples reported include DRB Group, Bloomfield Homes, Edge Homes, MainVue Homes, and Brightland Homes, among others); Valuation: 16.4x EPS (2027E), 9.6x EBITDA (2027E), 1.34x sales (2027E); Outside date August 13, 2026; On February 13, 2026, Parent obtained a debt financing commitment of the Japanese yen equivalent of $5.4 billion from a certain financial institution, which will be used to finance a portion of the consideration due under the Merger Agreement and fees and expenses related to the Transactions, subject to the terms and conditions set forth in the related debt commitment letter; Signed CA December 22, 2025; Inside date Mar 14 2026; Background: The Companys board and management regularly reviewed long term strategy and potential alternatives to enhance stockholder value, including acquisitions divestitures and other strategic options. Moelis, through its ordinary course industry coverage, held periodic discussions with both the Company and Sumitomo Forestry America and its parent regarding the U.S. housing market and possible industry transactions. Early meetings in 2024 were introductory and focused on business philosophy culture and market conditions, with Company leadership updating the board afterward. Engagement deepened in 2025 when Company leaders visited Tokyo at Parents invitation for executive meetings and site tours, where Parent highlighted its U.S. growth plan and its Mission TREEING 2030 objective of delivering about 23,000 homes annually in the U.S. by 2030. Through the second half of 2025 discussions continued, and in November Parents leadership described a strategic fit and indicated its board would consider an acquisition offer. Company management emphasized the Company was not for sale but would consider proposals that created value for stockholders. On December 1 2025 Parent submitted a preliminary non binding cash proposal of 41.00 per share with no financing contingency and an expectation to complete diligence and sign within about 45 days. The board concluded the price was inadequate and rejected it through Moelis. After further dialogue about valuation and intrinsic value, Parent submitted a revised non binding proposal on December 11 2025 at 45.00 per share, still with no financing contingency. The board met on December 15 2025 to review fiduciary duties receive preliminary projections through 2030 and consider Moelis preliminary analyses. The board authorized negotiating a confidentiality agreement to allow deeper diligence aimed at prompting an improved offer and formally engaged Moelis as its financial advisor. A confidentiality agreement with customary standstill terms was executed on December 22 2025 and Parents advisors began extensive diligence through a virtual data room that was continually updated through February 12 2026. A proposed diligence plan in late December and early January created tension because it did not clearly reflect an expected revised offer. After the Company pressed the point Parent agreed it would provide a revised indication of interest after receiving certain materials and holding diligence sessions, including financial and business diligence calls and meetings in early to mid January. On January 16 2026 Parent submitted a further revised non binding proposal at 47.00 per share in cash. Parent framed this as the maximum valuation authorized by its board and pointed to macro concerns including the yens depreciation against the dollar, while also expressing a desire to sign and announce on February 13 2026. The Companys board met on January 18 2026, reviewed Moelis analyses and weighed volatility and the low likelihood of a higher third party bid against the risk of losing momentum. The board chose not to seek a higher price and instead focused on deal certainty and protective terms, setting conditions that included a 2 percent termination fee and limited closing conditions largely confined to stockholder approval and U.S. antitrust clearance. Negotiations over these terms continued immediately. Parent countered with a termination fee that stepped up after 30 days, and discussions also covered whether any additional third party approvals would be closing conditions. By January 21 2026 Parent agreed to the key conditions subject to agreeing an inside date, and the board authorized moving forward at 47.00 per share while also permitting management to engage on compensation and retention topics. Draft merger documentation began cir
>50% vote target; HSR expiry;
TWO
UWMC
Two Harbors Investment Corp.
UWM Holdings Corporation
17-December-25
15-May-26
Merger
Friendly
Financial
0.00000
2.33280
9.24000
1300.00000
0.10082
-0.14200
-0.97436
0.02
0.00
0.00000
9.08800
9.23000
-0.10917
-0.05853
72
Houlihan
BofA / Greenhill
Jones
Greenberg
Definitive merger agreement; Two Harbors Investment Corp. is an MSR-focused REIT and one of the largest servicers of conventional mortgages in the country through its wholly-owned subsidiary RoundPoint Mortgage Servicin; Transaction will extend UWMs leading industry positioning by expanding its servicing portfolio and capabilities, creating an even more profitable and resilient business; This transaction is expected to provide UWM with (i) expanded servicing expertise and scale as it continues to expeditiously bring servicing in-house, (ii) a high-quality $176 billion UPB MSR portfolio, nearly doubling its existing MSR portfolio to approximately $400 billion, which will create significant recurring revenues, and (iii) the opportunity for approximately $150 million of cost and revenue synergies on an annual basis to help drive meaningful earnings accretion; Upon completion of the transaction, UWM shareholders will own approximately 87% of the combined company on a pro forma fully diluted basis, while TWO shareholders will own approximately 13%; The transaction has been unanimously approved by the Boards of Directors of both UWMC and TWO. The transaction is expected to close in the second quarter of 2026, subject to approval of TWOs stockholders and the satisfaction of other closing conditions, including customary regulatory approvals; Valuation: 8.9x EPS (2026E); Outside date Dec 17 2026 ( automatically be successively extended to the date that is 15 months after the date of the Merger Agreement); Background: Two Harbors periodically reviews strategic options and had prior industry interactions with UWMC, including MSR transactions. In December 2024 Two Harbors received unsolicited, non binding acquisition proposals from UWMC and Company A. After board review in January 2025, Two Harbors rejected Company As cash offer and told UWMC its initial price was too low. UWMC raised its indication of interest in late January, and the board continued evaluating the idea while also retaining Houlihan Lokey to assess broader strategic alternatives. In March 2025 Two Harbors countered UWMC with a higher valuation and cash election structure, and UWMC paused discussions. Over 2025 Two Harbors resolved major litigation with Pine River through an August settlement that included a $375 million payment and mutual releases. In September 2025 Company B approached Two Harbors with a stock for stock proposal, prompting the board to form an ad hoc committee and engage Houlihan Lokey to run outreach and a market check. By late October and early November, Two Harbors had NDAs and indications from UWMC, Company C, and others, and received formal proposals from Company C and UWMC. Company As bid was deemed insufficient and Company B withdrew. Through November and early December 2025, Two Harbors negotiated in parallel with UWMC and Company C, exchanged diligence, and worked through merger agreement terms. Company Cs approach raised concerns around closing certainty, conditions, termination fee increases, and price determination tied to book value near closing. UWMC improved its economics to a higher multiple of tangible book value, agreed to a more acceptable termination fee framework, and progressed on documentation and diligence. Two Harbors entered a limited term exclusivity agreement with UWMC on December 12, 2025 while Company C indicated it could not increase price and sought adjustments that left more uncertainty. On December 16 and 17, 2025 both boards approved the deal and the parties signed and announced a stock for stock merger using a fixed exchange ratio with collar like limits driven by UWMCs trading prices. Houlihan Lokey delivered a fairness opinion to the Two Harbors board, which unanimously approved and recommended the transaction. After announcement, Company C made additional unsolicited all cash proposals, but could not provide sufficient financing clarity or agree to a fixed price, and ultimately dropped its effort on December 21, 2025;
>50% vote target; HSR expiry (filed Jan 26 2026);
TXNM
TXNM Energy
Blackstone Infrastructure
19-May-25
30-September-26
Merger
Friendly
Utilities
61.25000
0.00000
58.76000
11500.00000
0.27951
3.34500
-10.21959
0.02
0.25
0.00000
62.09500
58.75000
3.33500
0.10072
210
Wells / Citi
RBC / JPMorgan
Troutman
Kirkland
Agreement; TXNM Energy is an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM; Blackstone Infrastructure, with its $60 billion of assets under management, is focused on investing behind North American infrastructure platforms and leveraging its scale and expertise to support the growth of its portfolio companies. Blackstone Infrastructure has perpetual capital with no obligation to sell its investments, and is focused on long-term, multi-decade partnerships with the companies and communities in which it invests; Provides long-term infrastructure investment to support the continued build-out of PNM and TNMP in a rapidly changing energy environment, facilitating economic development during New Mexicos transition to clean energy and continued growth in Texas; TXNM Energy, PNM and TNMP to remain locally managed and operated with headquarters in New Mexico and Texas, retain employees and honor all union labor agreements; Customer rates will continue to be set by state regulators; Customers to receive a detailed package of benefits that will be developed after thorough and transparent engagement with stakeholders in New Mexico and Texas; Blackstone Infrastructure is funding the purchase price entirely with equity and does not anticipate increasing TXNM Energy leverage levels to fund the purchase of the company; Blackstone Infrastructure is also investing $400 million through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, to support TXNM Energys industry-leading growth plans. This issuance is expected to be completed in June 2025; The transaction is funded through equity and assumption of existing debt, and no incremental debt will be issued as a result of the transaction; Dividends payable to TXNM Energy shareholders are expected to continue through the closing of the transaction, subject to approval by the TXNM Energy Board of Directors; The transaction was unanimously approved by TXNM Energys Board of Directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions. Regulatory approvals are required from the NMPRC, PUCT, Federal Energy Regulatory Commission, Department of Justice (Hart Scott-Rodino Clearance), Nuclear Regulatory Commission and Federal Communications Commission; Formerly called PNM Resources Inc., TXNM owns two utilities serving more than 800,000 homes and businesses in New Mexico and Texas. The company had agreed to sell itself to Avangrid Inc., a US unit of Spains Iberdrola SA, for $4.3 billion in 2020 but the deal was scrapped after New Mexico regulators rejected the takeover; Valuation: 19.9x EPS (2026E), 11.0x EBITDA (2026E), 5.10x sales (2026E); Texas PUC has a 6-month time clock; New Mexico does not have time clock but expect 9-12 months review; Outside date: Aug 19 2026 (auto-extends to Dec 31 2026), plus additional 3-month extension; Pursuant to an equity commitment letter dated May 18, 2025 (the Equity Commitment Letter), BIP committed to provide Parent, at the consummation of the Merger, with an equity contribution in the amount set forth therein; In addition, pursuant to debt commitment letters (Debt Commitment Letters) delivered to Merger Sub, Royal Bank of Canada, MUFG Bank, Ltd., BNP Paribas, Sumitomo Mitsui Banking Corporation and Canadian Imperial Bank of Commerce have agreed to provide debt financing to Merger Sub following the Closing; Background: After a terminated merger with Avangrid in January 2024, TXNM re-engaged Wells Fargo in October 2024 to review alternatives, including restructuring or a sale. In December 2024, the Board decided to explore a sale, favoring infrastructure fund buyers over strategic buyers for reasons including financial strength and regulatory track records. In January 2025, TXNM formally hired Wells Fargo to run a sale process and contacted Blackstone Infrastructure and four other infrastructure funds (Parties A through D). First Round Bids (February 2025): Blackstone Infrastructure: $58/share. Party A: $60.25/share. Party D: $55/share. Party B and C did not submit bids. TXNM favored Blackstone and Party A due to financial strength and fit. Interim financing (PIPE) was part of the process. Narrowing the Field (March-April 2025): Party E submitted a late unsolicited bid ($60/share) but was slow to engage. Party A faced internal challenges and withdrew. Blackstone Infrastructure remained engaged and advanced discussions on regulatory approvals, financing, and interim PIPE funding. TXNMs stock price rose due to media leaks about the process. Party E and Party A failed to meet timelines or show capacity to complete a deal. Final Stages (April-May 2025): Blackstone submitted a second-round bid of $61/share for TXNM and $50/share for the PIPE. Blackstone agreed to a $61.25/share price and a $350M termination fee. Board Approval & Signing (May 2025): TXNMs Board reviewed fairness opinions (Wells Fargo, Citi) and the transactions benefits to shareholders and stakeholders. On May 18, 2025, TXNMs Board unanimously approved the merger with Blackstone Infrastructure. The PIPE closed on June 2, 2025 with TXNM issuing $400M in common stock to Blackstone Infrastructures affiliate; Aug 25 2025 announced that it filed regulatory applications with NMPRC, PUCT, and FERC; Dec 15 2025 reached a settlement with PUCT;
>50% vote target; HSR expiry; Public Utility Commission of Texas (filed Aug 25 2025, attained Feb 6 2026); New Mexico Public Regulation Commission (filed Aug 25 2025); FERC (filed Aug 25 2025, attained Feb 20 2026); NRC; FCC;
UBFO
CWBC
United Security Bancshares
Community West Bancshares
17-December-25
15-April-26
Merger
Friendly
Financial
0.00000
0.45200
10.45000
191.89999
0.04568
0.17520
-0.27633
0.04
0.39
0.00000
10.33520
10.16000
0.20081
0.18541
42
Piper
Janney
Stuart
Ottseon
Definitive merger agreement; United Security Bancshares is the holding company for United Security Bank, which was founded in 1987 and is headquartered in Fresno, California. United Security Bank provides a full range of commercial and personal banking services through a network of 13 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Fowler, Mendota, Oakhurst, San Joaquin, and Taft; The Community West Bancshares and United Security Bancshares boards of directors have unanimously approved the transaction, which is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals and shareholder approval from both parties; Existing Community West Bancshares shareholders would own approximately 70.6% of the outstanding shares of the combined company following the merger and United Security Bancshares shareholders would own approximately 29.4%; Valuation: 1.437x TBV, 12.3x EPS (2026E); Signed CA October 10, 2025;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC;
UDMY
COUR
Udemy, Inc.
Coursera, Inc.
17-December-25
30-September-26
Merger
Friendly
Tech
0.00000
0.80000
4.81000
558.56421
0.18287
0.06400
-0.68796
0.07
0.09
0.00000
4.86400
4.80000
0.13314
0.04870
210
MS
Qatalyst
Wilson
Wachtell / Cleary
Definitive merger agreement; Udemy is an AI-powered skills acceleration platform transforming how companies and individuals across the world build the capabilities needed to thrive in a rapidly evolving workplace; Generates meaningful operating efficiencies, including anticipated annual run-rate cost synergies of $115 million within 24 months of closing, and enhances capacity for sustained investment in AI-driven platform innovation, rapid product development, and durable growth initiatives; Upon the closing of the transaction, existing Coursera stockholders are expected to own approximately 59% and existing Udemy stockholders are expected to own approximately 41% of the combined company; The transaction has been unanimously approved by the Boards of Directors of both Coursera and Udemy. The transaction is expected to close by the second half of 2026, subject to the receipt of required regulatory approvals, approval by Coursera and Udemy shareholders, and the satisfaction of other customary closing conditions; In connection with the transaction, Insight Venture Partners and New Enterprise Associates, key shareholders of Udemy and Coursera, respectively, as well as Andrew Ng, the Chairman of the Board of Directors of Coursera, have entered into support agreements and agreed to vote in favor of the transaction; Valuation: 12.9x EPS (2026E); 6.2x EBITDA (2026E), 0.69x sales (2026E); Outside date December 17, 2026 (automatically extended until March 17, 2027, and if as of the Termination Date, as so extended, certain conditions related to the receipt of regulatory approvals have still not been satisfied or waived, then the Termination Date will be automatically extended until June 17, 2027); Signed NDA November 24, 2025; Background: Coursera and Udemy periodically reviewed strategic alternatives and began exploring a potential combination in early 2024, with Udemy forming a board strategic committee and the parties signing confidentiality and short term exclusivity arrangements. Coursera made an all stock proposal in April 2024 and Udemy favored pursuing it over an unsolicited cash approach from a financial sponsor, but the companies ended talks after considering the uncertainty around upcoming earnings and stock price reactions. Udemy then ran a market check, found limited interest beyond the sponsor, and ultimately ended its strategic review when no actionable alternatives emerged. In 2025 Coursera evaluated outreach from another public company but rejected a preliminary mixed cash and stock proposal, then re engaged Udemy and submitted new proposals that were initially rejected over valuation and ownership expectations. In November 2025 negotiations restarted in earnest, Udemy countered for higher pro forma ownership and ran a targeted market check that produced interest but no bids. The parties converged on a fixed all stock exchange ratio of 0.800 Coursera shares per Udemy share with governance terms giving Udemy three of nine board seats and Coursera retaining the CEO role. After mutual due diligence, both boards received fairness opinions from their advisors, approved the transaction and executed the merger agreement and voting agreements, then announced the deal on December 17, 2025;
>50% vote target; >50% vote acquiror; HSR expiry (attained Feb 9 2026);
UHG
United Homes Group, Inc.
Stanley Martin Homes, LLC
23-February-26
03-June-26
Merger
Friendly
Real Estate
1.18000
0.00000
1.17000
221.00000
-0.50420
0.02000
0.00
0.00000
1.18000
1.16000
0.01000
0.03503
91
Vestra
Paul
Definitive agreement; United Homes Group is a publicly traded homebuilder headquartered in Columbia, South Carolina, focused on delivering attainable single-family homes across high-growth markets in the Southeast, primarily serving entry-level and first-time move-up buyers; Under the terms of the agreement, United Homes shareholders will receive $1.18 per share in cash. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions; The transaction has been approved by the Mergers & Acquisitions Committee (the Special Committee) and Board of Directors of United Homes; Valuation: 0.53x sales (2027E);
>50% vote target;
VAL
RIG
Valaris Limited
Transocean Ltd.
09-February-26
30-September-26
Scheme
Friendly
Industrial
0.00000
15.23500
89.09000
5800.00000
0.31576
2.95235
-19.02111
9.00000
0.03
0.13
0.00000
91.56235
88.61000
4.34216
0.08671
210
GS
Evercore
Skadden / Conyers
Hogan
Definitive agreement; Valaris is an industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin; Creates the worlds highest-quality, highest-specification offshore drilling fleet; The shareholding percentages of the combined company, on a fully diluted basis, will be approximately 53% for Transocean and 47% for Valaris; Creates an industry leader with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups, to meet emerging growth opportunities; Unlocks more than $200 million in identified cost synergies, additive to Transoceans ongoing cost savings initiative; The transaction will be carried out by way of a court-approved scheme of arrangement under the Companies Act 1981, as amended, of Bermuda (the Bermuda Companies Act); The transaction was unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions, and approvals by the shareholders of each company. The parties received shareholder support agreements from Perestroika AS which owns approximately 9% of the shares outstanding of Transocean, and Famatown Finance Limited and Oak Hill Advisors, which collectively own approximately 18% of Valaris outstanding shares, committing to vote in favor of this transaction; Valuation: 11.6x EPS (2027E), 7.4x EBITDA (2027E), 5.9x Adj EBITDA after synergies (2027E), 2.33x sales (2027E); Outside date February 9, 2027;
>50% vote target; >50% vote acquiror; HSR expiry;
VECO
ACLS
Veeco Instruments Inc.
Axcelis Technologies, Inc.
01-October-25
30-September-26
Merger
Friendly
Tech
0.00000
0.35750
31.34000
2004.08862
0.14710
-1.24595
-5.06667
0.04
0.00
0.00000
29.79405
31.04000
-0.77153
-0.04280
210
UBS
JPMorgan
Morrison
Skadden
Definitive agreement; Veeco is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices; Together, Axcelis and Veeco will be a leading semiconductor equipment company serving complementary, diversified and expanding end markets. The combined company will have an attractive operating profile, a robust R&D innovation engine and an expanded product portfolio with opportunities for cost and revenue synergies; Axcelis shareholders are expected to own approximately 58%, and Veeco shareholders are expected to own approximately 42%, of the combined company, on a fully diluted basis. The merger agreement was approved unanimously by the boards of directors of both companies; The combination will create the fourth largest U.S. wafer fabrication equipment supplier by revenue, delivering meaningful scale and resources to better compete throughout the global semiconductor equipment value chain; The transaction is expected to close in the second half of 2026, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions; Outside date September 30, 2026, subject to successive automatic extensions until as late as June 30, 2027 if the only remaining conditions to be satisfied are regulatory approvals; Signed NDA August 22, 2025; Valuation: 25.0x EPS (2026E), 19.8x EBITDA (2026E), 2.80x sales (2026E); Background: Axcelis and Veeco engaged in intermittent discussions beginning in 2021 around industry trends and potential collaboration, which evolved into formal merger discussions in 2024 following leadership changes and identification of strategic synergies. Both boards formed transaction or strategic planning committees to manage the process, with shared directors recusing themselves to address conflicts. From mid 2024 through mid 2025, the parties conducted extensive mutual due diligence, explored multiple transaction structures, and exchanged several non binding proposals. Early proposals involving mixed cash and stock or no premium were rejected, largely due to disagreements over valuation, exchange ratio, and post closing governance including board composition and CEO succession. Talks were paused in early 2025 due to these gaps, particularly around governance. Discussions resumed in mid 2025 as Veeco reconsidered strategic alternatives amid stock underperformance. Negotiations ultimately converged on an all stock merger of equals framework with detailed governance compromises. These included an agreed board composition, leadership roles, committee structure, and a fixed exchange ratio of 0.3575 Axcelis shares for each Veeco share, representing a meaningful premium. Following final due diligence, regulatory analysis, and fairness opinions from J.P. Morgan for Axcelis and UBS for Veeco, both boards unanimously approved the merger agreement on September 30 2025 excluding recused directors. The transaction was publicly announced on October 1 2025 after execution of definitive agreements;
>50% vote target; >50% vote acquiror; HSR expiry (filed Oct 29 2025, attained Nov 28 2025); EC; China SAMR (filed Nov 20 2025);
VRE
Veris Residential, Inc.
Affinius Capital / Vista Hill Partners
23-February-26
03-June-26
Merger
Friendly
Real Estate
19.00000
0.00000
18.86000
3400.00000
0.23217
0.23000
-3.36507
0.05600
0.02
0.06
0.00000
19.08000
18.85000
0.22000
0.04764
91
JPMorgan / MS
UBS / GS
Weil
Skadden
Definitive merger agreement; Veris Residential, Inc. is a forward-thinking, Northeast-focused, Class A multifamily REIT; Affinius Capital is an integrated institutional real estate investment firm focused on value creation and income generation, with $61 billion in assets under management; This Transaction is the culmination of Veris strategic transformation and a comprehensive review of strategic alternatives conducted by the Company and assisted by financial advisors J.P. Morgan and Morgan Stanley & Co. LLC. Following inbound interest, the Company and its advisors engaged with a broad group of potential counterparties, including financial sponsors, sovereign wealth funds, pension funds and multifamily investment platforms. The Transaction has been unanimously approved by Veris Board of Directors and is expected to close in the second quarter of 2026, subject to approval by Veris shareholders and other customary closing conditions; Financing for the transaction will consist of a combination of equity investments and debt, including a $2.08 billion committed senior secured bridge loan facility. The Company expects to distribute its regular quarterly cash dividend on its common stock for the first quarter of 2026 but has agreed to suspend any dividends thereafter; Following the unanimous recommendation of the Transaction by the Boards Strategic Review Committee, Veris Board unanimously approved the Transaction; Bow Street LLC, which manages funds that beneficially own approximately 5.6% of the Companys outstanding shares, has agreed to vote its shares in favor of the transaction subject to the terms of a Support Agreement; Goldman Sachs & Co LLC is the lead arranger and underwriter on the bridge loan. UBS Securities LLC is also acting as co-arranger and underwriter on the bridge loan; Outside date August 23, 2026; Concurrently with the execution of the Merger Agreement, Parent has delivered to the Company fully executed Equity Commitment Letters relating to the commitment of each Sponsor, severally and not jointly, to invest, or cause to be invested, directly or indirectly, in the equity capital of Parent the amount set forth in each Sponsors respective Equity Commitment Letter, solely for the purpose of funding the payment of the applicable portion of the aggregate Merger Consideration, the Common Unit Merger Consideration and the Preferred Unit Merger Consideration and all other amounts payable pursuant to the Merger Agreement, including any related fees, costs and expenses. In addition, each Equity Commitment Letter provides a guarantee in respect of Parents payment obligations with respect to certain fees, costs and expenses under the Merger Agreement; Concurrently with the execution of the Merger Agreement, Parent directly or indirectly obtained an executed debt commitment letter pursuant to which the lenders party thereto have committed, subject to the terms, conditions precedent and special reserves provisions contained in such letter, to provide debt financing in the amounts set forth therein, to enable Parent to consummate the Mergers and make certain payments required under and in connection with the Merger Agreement; Concurrently with the execution of the Merger Agreement on February 23, 2026, Parent entered into a Support Agreement (the Support Agreement) with funds managed by Bow Street LLC (collectively, the Supporting Stockholder) with respect to Shares owned of record or beneficially by the Supporting Stockholder, representing 5.6% of the outstanding shares; Signed CA July 18, 2025; Valuation: 25.1x FFO (2027E), 30.9x AFFO (2027E), 23.9x EBITDA (2027E), 11.7x sales (2027E), 1.4% cap rate;
>50% vote target;
WBD
PSKY
Warner Bros. Discovery, Inc.
Paramount, a Skydance Corporation
08-December-25
30-September-26
Merger
Friendly / Hostile
Media
31.00000
0.00000
27.82000
100000.00000
1.47209
3.19000
-15.27000
0.03
0.17
0.00000
31.00000
27.81000
3.18000
0.20705
210
Allen / JPMorgan / Evervore
Centerview / RedBird / BofA / Citi / M Klein / LionTree
Wachtell / Debevoise
Cravath / Latham
Definitive merger agreement on Feb 23 2026 at $31.00; Unsolicited tender offer launched Dec 8 2025 at $30.00 cash per share; Offer provides superior value, and a more certain and quicker path to completion to WBD shareholders; Equity to be backstopped by Ellison Family and RedBird Capital in addition to debt fully committed by Bank of America, Citi and Apollo; Obligation to take offer directly to WBD shareholders over concerns they were not presented most compelling and superior transaction; Netflix transaction provides WBD shareholders with inferior and uncertain value, a protracted and uncertain multi-jurisdictional regulatory clearance process, a complex and volatile mix of equity and cash, and ownership of Global Networks as a standalone overleveraged company whose future trading value is uncertain; Combined business will execute on a $6+ billion cost synergy opportunity, in addition to the more than $3 billion in standalone cost efficiencies that Paramount expects to achieve in its current transformation plans; The proposed transaction will not be subject to any financing condition and will be financed by new equity backstopped by Paramounts well-capitalized principal equity holders, and $54 billion of debt commitments from Bank of America, Citi and Apollo; Valuation: 12.5x EBITDA (2026E), 2.92x sales (2026E); Background: Paramount and Warner Bros. held intermittent merger discussions in 2023 and 2024 that did not result in an agreement. After Paramount completed its merger with Skydance in August 2025 and Warner Bros. announced plans to separate its business, Paramount began pursuing Warner Bros. more urgently. Between September and December 2025, Paramount made six increasingly higher acquisition proposals, raising its offer from $19 per share to $30 per share in all cash. Each proposal emphasized committed financing, regulatory certainty, and speed to close. Warner Bros. repeatedly rejected the offers, provided minimal written feedback, and declined to engage in substantive negotiations or document markups. Paramount ultimately submitted a fully financed $30 per share all cash offer on December 4, 2025, backed entirely by the Ellison family and RedBird, with signed debt commitments and no regulatory financing conditions. Warner Bros. did not respond to the proposal or request further changes. Later on December 4, news reports indicated Warner Bros. had entered exclusivity with Netflix. On December 5, Warner Bros. announced a merger agreement with Netflix valued at $27.75 per share using a mix of cash and stock and subject to debt adjustments and higher regulatory risk. Paramount contends its offer was superior in value, certainty, and regulatory path, and that Warner Bros. failed to conduct a fair or interactive sale process. Paramounts board approved proceeding with a tender offer, which was formally launched on December 8, 2025; Dec 17 2025 WBD rejected PSKY tender offer, reiterates support of NFLX merger; Background: The WBD Board spent much of 2024 and 2025 evaluating strategic alternatives, including a planned tax free separation of its Global Linear Networks and Streaming and Studios businesses. During this period, WBD received multiple unsolicited acquisition proposals from PSKY, which the Board repeatedly rejected due to inadequate valuation, lack of voting rights for WBD stockholders, weak or conditional equity financing, significant regulatory uncertainty, and restrictive interim operating covenants that threatened WBDs financial flexibility. After media leaks and renewed PSKY interest in September 2025, WBD initiated a formal strategic alternatives review in October 2025. This process attracted interest from several parties, most notably Netflix and Company A, alongside PSKY. Netflix and Company A entered the process promptly, signed confidentiality agreements, and engaged constructively in diligence. PSKY was slower to engage, sought unusual concessions, and repeatedly violated process norms and confidentiality expectations. Following revised bids on December 1, 2025, the WBD Board determined that Netflix offered the best combination of value, certainty, regulatory protection, and operational flexibility. Netflix improved its proposal further by increasing cash consideration, strengthening regulatory commitments, and agreeing to flexible interim covenants. In contrast, PSKYs final proposals continued to present substantial execution risk, opaque financing backed by a revocable trust rather than firm family commitments, heightened regulatory exposure due to foreign investors, and inflexible financing constraints.On December 4, 2025, after extensive deliberation and receipt of fairness opinions from its financial advisors, the WBD Board unanimously approved the Netflix merger agreement and recommended it to stockholders. WBD and Netflix executed the merger agreement that evening and announced the transaction the following morning. PSKY subsequently launched an unsolicited tender offer on substantially the same terms previously rejected by the Board. After reviewing the offer and its associated risks, the WBD Board unanimously recommended that stockholders reject the PSKY offer and reaffirmed its recommendation in favor of the Netflix merger; Dec 22 2025 PSKY added irrevocable personal guarantee from Larry Ellison for $40.4 billion of equity financing; Jan 7 2026 WBD board rejected PSKY tender offer, does not meet the criteria of a "Superior Proposal"; Jan 12 2026 PSKY announced intention to launch proxy battle; Feb 23 2026 WBD determines revised $31.00 proposal from PSKY could reasonably be expected to lead to a "Company Superior Proposal"; Feb 26 2026 WBD board determined the revised proposal from PSKY constitutes a Company Superior Proposal, NFLX declines to match; The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances and a
>50% vote target ; HSR expiry (filed Dec 8 2025, received second request Feb 9 2026, attained Feb 19 2026); EC; Competition Canada; UK CMA; German FCO (attained Jan 27 2026);
WBS
SAN
Webster Financial Corporation
Banco Santander, S.A.
03-February-26
30-September-26
Merger
Friendly
Financial
48.75000
2.05480
68.31000
12300.00000
0.15286
3.42326
-6.08643
0.04
0.36
0.00000
71.72326
68.30000
3.76866
0.09785
210
JPMorgan / Piper
Centerview / GS / BofA
Wachtell
Davis / Uria
Definitive agreement; Webster Bank, N.A. is a diversified U.S. retail and commercial bank headquartered in Stamford, Connecticut; Under the terms of the definitive agreement, which has been unanimously approved by the board of directors of Webster and the relevant bodies of Santander, Webster will become a wholly-owned subsidiary of Santander; The transaction is subject to customary closing conditions, including necessary bank regulatory approvals in the U.S. and EU and the approval of the stockholders of both Webster and Santander. The transaction is expected to close in the second half of 2026; This acquisition, equivalent to approximately 4% of Santanders assets, complements the Santander U.S. franchise by positioning the combined business as a top-ten retail and commercial bank in the U.S. by assets and a top-five deposit franchise across key states in the U.S. Northeast; The combination is also expected to deliver significant combined cost synergies of approximately $800 million; Valuation: 2.0x TBV, 10.0x EPS (2026E), 6.8x Adj EPS after synergies (2026E); Outside date February 3, 2027; Signed CA January 7, 2026;
>50% vote target; >50% vote acquiror; Fed; FDIC; OCC; EC;
WTRG
AWK
Essential Utilities, Inc.
American Water Works Company, Inc.
27-October-25
31-March-27
Merger
Friendly
Utilities
0.00000
0.30500
39.68000
19921.30664
0.04792
1.86290
-0.03558
0.02
0.98
0.00000
41.51290
39.65000
3.08963
0.07237
392
Moelis
BofA
Gibson
Skadden
Definitive agreement; Essential Utilities, Inc. delivers safe, clean, reliable services that improve quality of life for individuals, families, and entire communities. With a focus on water, wastewater and natural gas, Essential is committed to sustainable growth, operational excellence, a superior customer experience, and premier employer status; Each companys board of directors has unanimously approved a definitive agreement to combine in an all-stock, tax-free merger as a leading regulated U.S. water and wastewater public utility with a pro forma market capitalization of approximately $40 billion and a combined enterprise value of approximately $63 billion; Upon completion of the merger, American Water shareholders will own approximately 69% and Essential shareholders will own approximately 31% of the combined company on a fully diluted basis; The transaction is expected to be accretive to American Waters earnings per share in the first year following close, and the combined company expects to maintain American Waters 7-9% earnings per share and dividend growth targets post close; The transaction is expected to close by the end of the first quarter of 2027, subject to customary closing conditions, including, among others, approval from each companys shareholders, clearance under the Hart-Scott-Rodino Act, and regulatory approvals, including approval from the applicable public utility commissions; Valuation: 19.3x EPS (2026E), 14.1x EBITDA (2026E), 8.16x sales (2026E); Outside date April 26, 2027, which date may be extended for a period of three months up to two times, until October 26, 2027; Signed CA August 25, 2025; Background: American Water and Essential had a long history of periodic discussions as neighboring utilities, with prior talks remaining exploratory. In mid 2025, newly appointed American Water CEO John Griffith re-engaged Essential CEO Christopher Franklin, leading to renewed dialogue about a potential all-stock merger. By July and August 2025, both boards authorized management to pursue discussions, aligned on strategic rationale, governance concepts, leadership roles, and a premium for Essential shareholders, and entered into a confidentiality agreement. From late August through October 2025, the parties conducted extensive mutual due diligence, negotiated a detailed merger agreement, and refined key terms including board composition, executive roles, regulatory commitments, termination fees, and the exchange ratio. Financial advisors BofA Securities and Moelis provided analyses and fairness opinions to their respective boards. After multiple board meetings and revisions to transaction documents, both boards unanimously approved the merger agreement in late October 2025. The merger agreement was executed on October 26, 2025, and the transaction was publicly announced on October 27, 2025, followed by a joint investor call;
>50% vote target; >50% vote acquiror; HSR expiry; Public utility commissions ( IL, KY, NJ, NC, PA, TX, VA);
ZIM
HLAGF
ZIM Integrated Shipping Services Ltd.
Hapag-Lloyd
17-February-26
31-December-26
Merger
Friendly
Industrial
35.00000
0.00000
28.12000
7914.70020
1.25806
8.32000
-11.96557
0.02
0.41
0.00000
36.41000
28.09000
8.31000
0.36782
302
Evercore / Barclays
Meitar / Skadden
Merger agreement; Founded in Israel in 1945, ZIM is a leading global container liner shipping company with established operations in more than 90 countries serving approximately 33,000 customers in over 300 ports worldwide; The combination of the two carriers further strengthens ZIMs global market position and secures Hapag-Lloyds status as the fifth-largest container shipping company worldwide; In connection with the transaction, Hapag-Lloyd has entered into a binding memorandum of understanding with FIMI, under which the Special State Share held by the State of Israel in ZIM is intended to be transferred to a newly created subsidiary of FIMI, subject to approval by the State of Israel. FIMI, headquartered in Tel Aviv, Israel, is the countrys largest and leading private equity fund with more than $11 billion in assets under management and one of the largest private employers in the country. FIMI will create a new container-network operator and liner-service provider, "New ZIM", with owned tonnage, incorporated in Israel. The new business, operating under the ZIM trademark, will be owned and run by FIMI, supported by a long-term strategic partnership with Hapag-Lloyd, which includes commercial support for the initial period to allow structured commencement of operations; The transaction has been unanimously approved by ZIM Board of Directors and is expected to close by late 2026, subject to approval by ZIM shareholders and upon satisfaction of customary closing conditions, including approvals by regulatory authorities and the State of Israel pursuant to the requirements of the Special State Share; Deal to be financed via available liquidity and supported by bridge financing; Annual synergies of USD 300-500m, mainly in network and procurement, are anticipated; Outside date February 17, 2027, subject to an extension to June 30, 2027; Signed CA August 28, 2025; Valuation: 6.9x EBITDA (2027E), 1.38x sales (2027E);
>50% vote target; HSR expiry; EC; State of Israel;