August 12, 2026 | Real Estate | Europe | Active
SEGRO / Prologis : Deal Insight
On 4-Aug-26, Prologis agreed to acquire UK logistics property group SEGRO in a share-based transaction, with a partial cash alternative. Our Deal Insight focuses on shareholder support, antitrust and foreign investment review, and the possibility that extended regulatory scrutiny could delay completion. We examine how the stock consideration, cash election arrangements and dividend provisions affect the trading risk, alongside the potential implications of competing interests among SEGRO shareholders. The report draws on relevant precedents, the scheme documentation and valuation analysis to assess completion risks, transaction timing and downside scenarios for risk-arbitrage investors. Published 12-Aug-26. Available to subscribers and qualified institutional investors upon request.
August 06, 2026 | Media | North America | Ended
Twelve state attorneys general (AGs), all Democrats and led by California’s Rob Bonta, sued on 13-Jul-26 to block PSKY’s acquisition of WBD, a deal the DoJ had declined to challenge a month earlier. The key question we explore in this report is whether the states are genuinely prepared to take the case to trial rather than settle, and, if they are, who would prevail.
July 23, 2026 | Technology | Europe | Active
Delivery Hero / Uber : Deal Insight
On 16-Jul-26, Uber agreed to acquire German food delivery company Delivery Hero through a voluntary public takeover offer. Our Deal Insight focuses on whether the proposed divestiture package adequately addresses competition concerns across multiple delivery markets and whether an extended merger control or foreign subsidies review could delay closing. We also examine the German acceptance process, shareholder support and the practical risks attached to the proposed separation and sale of overlapping businesses. Using regulatory precedents and the transaction documents, the report assesses the principal conditions to completion, potential timetable pressure and implications for investors trading the offer. Published 23-Jul-26. Available to subscribers and qualified institutional investors upon request.
July 21, 2026 | Health Care | North America | Ended
Crinetics Pharmaceuticals / Vertex Pharmaceuticals : Deal Insight
On 6-Jul-26, Crinetics Pharmaceuticals, an endocrine disease-focused biopharma, agreed to be acquired by Vertex Pharmaceuticals, a dominant biotech in cystic fibrosis (CF) drugs. Under the terms of this $10bn all-cash agreed deal, Vertex is offering $85.00 per Crinetics share, representing a 102.2% one-day premium. Vertex will fund the deal through it existing cash and debt, and it has secured fully committed bridge financing for $4.5bn from Bank of America and Morgan Stanley. The deal is subject to Crinetics shareholder approval (50%) and regulatory clearances, including HSR and unspecified foreign regulatory approvals. To date, the companies have filed with German and Austrian antitrust regulators on 10-Jul-26 and 14-Jul-26, respectively, implying an EU-wide notification may not be required. The merger agreement’s MAC contains carve-outs for force majeure events, including tariffs, war, and pandemic, as well as drug trial outcomes. A standard non-solicitation restriction with a fiduciary-out exemption applies only to Crinetics. Both parties agree to use reasonable best efforts to take all actions necessary to obtain regulatory approvals and close the deal, and the burdensome condition restricts offering any remedies relating to businesses of Vertex or, in the case of remedies relating to the business or assets of Crinetics, if such remedy would be material and adverse to Crinetics. Any remedy that is offered must, in any event, be conditioned on completion of the merger. A preliminary proxy as well as an HSR notification will be filed within ...
July 15, 2026 | Health Care | North America | Active
Bio-Techne / Merck KGaA : Deal Insight
On 25-Jun-26, Merck KGaA agreed to acquire US life science tools company Bio-Techne in an all-cash transaction. Our Deal Insight examines the possibility of extended antitrust scrutiny in life science tools and diagnostics, including how the merger agreement constrains potential regulatory remedies. We also consider the role of shareholder approval, rival interest and the timetable available to resolve competition concerns. The report uses market analysis, contractual protections and relevant transaction precedents to examine completion risk, potential delays and the implications for risk-arbitrage spreads and downside valuations. Published 15-Jul-26. Available to subscribers and qualified institutional investors upon request.
July 14, 2026 | Health Care | North America | Ended
Apogee Therapeutics / AbbVie : Deal Insight
On 22-Jun-26, AbbVie agreed to acquire Apogee Therapeutics for $10.9bn to bolster its drug pipeline in inflammatory and immunological (I&I) diseases such as atopic dermatitis and asthma. AbbVie will pay $135.11 per Apogee share, representing a 49.5% one-day premium. Both boards have unanimously approved the transaction, which requires the approval of the two classes of Apogee shareholders, being (i) 50% of the voting common stock (APGE US), and (ii) 50% of non-voting common stock (unlisted). Fairmount Funds Management and Venrock Associates, the two founding venture capital firms, together hold 100% of the non-voting shares, and Apogee co-founder Nimish Shah is a partner at Venrock. The funds have entered into voting agreements covering all unlisted non-voting shares and approximately 3.3% of Apogee’s outstanding voting shares. The companies filed a preliminary merger proxy on 2-Jul-26 and very shortly thereafter, a definitive, on 13-Jul-26, which has scheduled the shareholder meeting for 11-Aug-26. Closing is also conditional on regulatory approvals, including US and international antitrust clearances, and the definitive proxy confirmed that HSR notification was made on 6-Jul-26, implying the 30-day waiting period will expire on 5-Aug-26. Outside the US, the companies have notified the German Federal Cartel Office (FCO) and the Austrian Federal Competition Authority on 7-Jul-26. The statutory review period will expire on 7-Aug-26 (FCO) and on 4-Aug-26 (FCA). Additionally, the companies disclosed that they have initiated a pre-notification review with the ACCC. With regards to potential CMA and EC reviews, the companies will only make requisite filings if these regulators notify AbbVie in writing of their intention to formally investigate the combination. With the FCO and FCA notified, we expect the deal to ...
July 01, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : July 2026
What’s inside: This 68-page report covers latest deal developments, key catalysts, regulatory risks, risk arbitrage spread context, and our independent views across every live situation in our coverage universe. All situations covered in the July 2026 issue are listed below.
July 01, 2026 | Industrials | Europe | Ended
Intertek Group / EQT-led Consortium : Deal Insight
On 18-Jun-26, British product testing company Intertek agreed to be taken private by Swedish private equity firm EQT for £10.9bn, including debt, after months of negotiations. The headline consideration is 6,107.7p per Intertek share, but this includes the target’s 107.7p of FY’25 final dividend, which has already been paid to shareholders (ex-date: 28-May-26, paid: 24-Jun-26). Any subsequent dividends will result in EQT reducing the cash consideration proportionately. Inclusive of the final dividend, the total offer consideration represents 40.0% takeover premium to the Intertek’s undisturbed share price on 15-Apr-26, the last business day before the approach was made public. EQT is joined by Abu Dhabi Investment Authority and Mubadala, sovereign funds of Abu Dhabi (ADIA’s stake is held through its wholly owned subsidiary Luxinva). Per the agreement, the acquiring entity Bidco will be majority owned by EQT (76%), while ADIA and Mubadala will own 16% and 8%, respectively. Morgan Stanley, the lead financial advisor, confirmed the sufficiency of funds available to fund the deal. The deal is structured as a court-sanctioned scheme of arrangement and thus requires shareholder approvals at the Court Meeting (75% in number of shareholders) and General Meeting (75% of votes cast). Intertek directors, consider the offer terms to be “fair and reasonable”, and accordingly, unanimously recommend shareholders to vote in favour of the deal. Directors holding 0.42% of Intertek have offered irrevocable undertakings. A scheme document will be published within 28 days (by 16-Jul-26), and the shareholder meetings will be held ...
June 25, 2026 | Media | North America | Active
On 15-Jun-26, Fox agreed to acquire streaming platform Roku in a cash-and-stock transaction. Our Deal Insight focuses on US antitrust scrutiny, the risk of an HSR Second Request and possible intervention by state authorities. We assess how the combination could be viewed across advertising, streaming distribution and media markets, alongside shareholder voting dynamics and the trading implications of changes in Fox’s share price. Drawing on merger precedents, transaction terms and political considerations, the report examines the potential impact of regulatory delay, contractual obligations and downside risks on the prospects for completion. Published 25-Jun-26. Available to subscribers and qualified institutional investors upon request.
June 16, 2026 | Real Estate | North America | Ended
AvalonBay / Equity Residential : Deal Insight
On 21-May-26, AvalonBay Communities and Equity Residential agreed to combine through an all-stock merger-of-equals to create the largest US-listed apartment real estate investment trust (REIT). The agreed terms are structured such that AVB shareholders will receive 2.793 EQR shares for each AvalonBay share, at announcement valuing AvalonBay at $185.12 per share, a -0.8% discount to its previous day’s closing price. At closing, AvalonBay shareholders will own 51.2% of the combined company, while Equity Residential shareholders will own the remaining 48.8%. The deal has been unanimously approved by the boards of both companies. Through completion, the companies will continue to pay their regular quarterly dividends, subject to caps: AvalonBay not exceeding $1.78 per share and Equity Residential not exceeding $0.7025 per share. The companies will coordinate dividend schedules, and beginning in 3Q’26, their quarterly dividends will share the same record and payment dates. Merger completion is subject to approvals from both sets of shareholders. Since the companies are REITs, HSR clearance is not needed. Separately, since the deal is expected to qualify as a tax-free reorganisation for US federal income tax purposes, accordingly, the parties each require favourable tax opinions, alongside REIT qualification opinions. The merger agreement contains standard clauses on ...