June 16, 2026 | Health Care | North America | Ended
On 9-Jun-26, UK pharmaceutical group GSK announced its largest acquisition in more than a decade by agreeing to buy US cancer biotech Nuvalent for $10.6bn. Under the terms of the agreement, Nuvalent shareholders will receive $124 per share in cash, a 40.1% one-day takeover premium. The offer covers both Nuvalent’s Class A shares and unlisted Class B shares and is structured as a cash tender offer, with any shares not tendered subsequently acquired through a second-step merger under Delaware law at the same price per share. GSK intends to fund the deal primarily through new and existing debt facilities, plus cash, with no impact on its investment grade credit rating and with balance sheet capacity preserved for further business development. There is no financing condition. The Nuvalent board unanimously determined that the transaction is in the best interests of the company and recommends that shareholders tender their shares. The deal is conditional on a majority of Nuvalent’s outstanding Class A shares accepting the offer. Entities affiliated with Deerfield Management (Nuvalent’s sole founding investor, 23.7% of Class A, all of Class B), together with Nuvalent directors and certain officers, which collectively own 28% of the Class A shares, have entered into tender and support agreements. The companies also need to ...
June 01, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : June 2026
What’s inside: This 66-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 June 2026 issue are listed below.
May 26, 2026 | Energy | North America | Active
Dominion Energy / NextEra Energy : Deal Insight
On 18-May-26, NextEra Energy agreed to acquire Dominion Energy in a large all-stock US utility merger. Our Deal Insight focuses on the extensive federal and state regulatory process, particularly public utility commission scrutiny of consumer affordability, service commitments and public-interest standards. We examine the scope for state-level objections, the interaction between multiple approval processes and the risk of a prolonged timetable. Drawing on US utility merger precedents, regulatory commitments and shareholder considerations, the report assesses how approval conditions and delays could influence completion prospects and risk-arbitrage returns. Published 26-May-26. Available to subscribers and qualified institutional investors upon request.
May 12, 2026 | Energy | North America | Ended
ARC Resources / Shell : Deal Insight
On 27-Apr-26, oil major Shell agreed to acquire Canadian energy company ARC Resources in a cash-and-stock deal valued at $16.4bn. ARC shareholders will receive CAD 8.20 in cash plus 0.40247 Shell shares per ARC share, implying CAD 32.80 per share at announcement and a 27.3% premium to ARC’s undisturbed share price. The consideration implies a mix of 25% cash and 75% stock. Through completion, ARC can continue paying its regular CAD 0.21 quarterly distributions (next one ex-dividend on 30-Jun-26, paid on 15-Jul-26); similarly, Shell can continue its quarterly dividend with increases “materially consistent with Parent’s [Shell’s] past practice.” The deal has been unanimously approved by both boards and is structured as a plan of arrangement under the Alberta Business Corporations Act (ABCA). The transaction requires two-thirds approval from ARC shareholders, with a potential majority-of-minority requirement under Section 2.3(b)(ii) “if required under applicable Canadian Securities Laws.” No Shell vote is required. Other conditions include Canadian and US antitrust clearance, as well as approvals under the Investment Canada Act (ICA) and the Canada Transportation Act. The Arrangement Agreement contains customary representations, warranties and covenants, with non-solicitation provisions, a fiduciary-out and matching rights for Shell. The MAC definition is standard, with carve-outs for force majeure (war, pandemic) and trade war and tariffs. Both parties must use commercially reasonable efforts to secure approvals, but cannot offer any divestment, defend against any litigation or ...
May 06, 2026 | Telecom | Europe | Ended
Telecom Italia / Poste Italiane : Deal Insight
On 22-Mar-26, majority state-owned Italian national postal service Poste Italiane (“Poste”) announced an unsolicited cash-and-stock offer to acquire Telecom Italia (“TIM”) for €10.8bn, comprising €0.167 in cash and 0.0218 Poste shares for each TIM share. At announcement, the total consideration was worth €0.635 per TIM share and represented a 9.0% one-day premium. The offer is ex-Poste’s FY’25 final dividend of €0.85 which was announced 26-Feb-26 and trades ex- on 22-Jun-26; any other dividend by either party will trigger an adjustment to the consideration. Poste’s board has approved the plans to launch the tender offer, while TIM’s board met on 23-Mar-26 to acknowledge the offer and initiate an evaluation process. On 13-Apr-26, TIM announced it appointed financial and legal advisors, while Poste confirmed receipt of letters from two banks financial institutions regarding funding for the cash component. Il Sole 24 Ore reported that Poste plans to appoint 10 banks, including UniCredit, Intesa Sanpaolo, and BPM, each lending €300m, with targeted funding in place by end-June 2026. An earlier article, on 25-Mar-26, had Poste planning to raise €2.8bn. Poste already owns 27.3% of TIM’s ordinary shares (19.6% of total capital); however, on 28-Jan-26, TIM shareholders approved to convert each savings share into one ordinary share plus a cash adjustment of €0.12, and the voluntary conversion will be effective 20-May-26. A subsequent mandatory conversion and savings share delisting, both on 21-May-26, will issue 6bn new ordinary shares, and Poste’s stake will therefore soon drop to 20.1%. Poste aims to eventually acquire 100% of TIM and, once launched, the offer will be subject to a 66.67% minimum acceptance condition. A squeeze-out will be pursued if Poste reaches 95%; between 90% and 95%, Poste will not restore the free float, triggering a sell-out right under which minorities can require Poste to acquire their shares at the offer consideration, with a cash-only alternative available in lieu of the Poste share component. The share issuance requires Poste shareholder approval, with an EGM convened for 18-Jun-26. Launching the offer is subject to an approval from the Bank of Italy, with an application to be filed no later than submission of the offer document to CONSOB. Additionally, Poste will notify competition and communication regulators, including foreign regulators, the Italian government under ‘golden power’ rules, the EU under FSR, and other competent authorities. Other conditions include ...
April 29, 2026 | Industrials | North America | Ended
On 19-Apr-26, US construction supplies distributor QXO entered into a definitive agreement to acquire rival building products distributor TopBuild in a cash-and-stock transaction worth $17bn. QXO is offering $505 in cash or 20.2 QXO shares for each TopBuild share, subject to proration whereby a maximum of 45% of the total consideration will be distributed in cash. The default election is stock, and QXO can increase the stock portion beyond 55% if enough TopBuild shareholders elect to receive more stock. Neither party currently pays dividends. The offer is unanimously approved by both boards and the consideration implies a 23.1% one-day takeover premium. At closing, TopBuild shareholders will own 19% of the combined entity, with QXO shareholders holding the remaining 81%. The deal is conditional on approval from both sets of shareholders (50%), and QXO has secured a voting commitment from Brad Jacobs, the company’s chairman and CEO, who holds 35.9%. HSR is the only specified regulatory condition, and standard language requires the parties to use reasonable best efforts to secure regulatory approvals and to close the deal, while a burdensome condition restricts the companies from offering remedies that would be material to the business or financial condition of either company. Until the HSR expiry or early termination of the waiting period, or until 29-May-26, whichever is earlier, QXO has also agreed not to make any acquisition that could ...
April 22, 2026 | Technology | North America | Active
Globalstar / Amazon : Deal Insight
On 14-Apr-26, Amazon agreed to acquire satellite communications operator Globalstar through a cash-and-share transaction. Our Deal Insight focuses on the complex regulatory approvals needed for a satellite communications acquisition, including FCC and other national telecom and security reviews. We examine the potential political sensitivities surrounding the satellite sector, competitive responses and the transaction’s dependence on replacement satellite milestones. The report considers how regulatory timing, financing and contractual conditions, including potential consideration adjustments, could affect completion and the downside risks faced by risk-arbitrage investors. Published 22-Apr-26. Available to subscribers and qualified institutional investors upon request.
April 15, 2026 | Financials | North America | Ended
Equitable / Corebridge : Deal Insight
On 26-Mar-26, US insurers Equitable Holdings and Corebridge Financial agreed to combine in an all-stock merger-of-equals (MOE) to create a $22bn retirement, life insurance, and asset management company. Under the transaction terms, Corebridge and Equitable will form a new parent company (“HoldCo”), with Corebridge shareholders receiving one share of HoldCo for each Corebridge share, and Equitable shareholders receiving 1.55516 shares of HoldCo for each Equitable share. Through completion, both companies are permitted to continue paying regular dividends of no more than $0.30 per Equitable share and $0.25 per Corebridge share. They have agreed to coordinate dividend declaration and payment dates to ensure no shareholder receives a double dividend or misses a dividend. At closing, Corebridge shareholders will own 51% of the new company and Equitable shareholders the remaining 49%. The combined entity will operate under the Equitable name and brand, and its shares will trade under “EQH” on the NYSE. The deal has been unanimously approved by both boards and Corebridge’s current CEO, Marc Costantini, will serve as CEO of the combined company; Equitable’s current CEO, Mark Pearson, will be the executive chair. The new company will be headquartered in Houston, Texas, which is where Corebridge’s current headquarters is located. Deal completion is subject to approval by both sets of shareholders (50%) and regulatory approvals, which include approvals under HSR and from state insurance regulators in Arizona, Colorado, Missouri, New York and Texas, in addition to other unspecified domestic and foreign regulators. The companies have agreed to ...
April 01, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : April 2026
What’s inside: This 60-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 April 2026 issue are listed below.
March 23, 2026 | Health Care | North America | Ended
Masimo / Danaher : Deal Insight
Life sciences and diagnostics solutions provider Danaher has entered into a definitive agreement to acquire specialist diagnostics provider Masimo. The all-cash deal offers Masimo shareholders $9.9bn, or $180.00 per share, representing a 38.3% takeover premium and 18x ‘27E EBITDA (15x when including expected synergies). Danaher plans to fund the deal through its existing cash and debt financing. The deal has been unanimously approved by both boards and is conditional on Masimo shareholder approval (50%); Danaher approval is not required. Politan Capital Management (6.2%), an activist investor, has entered into a voting agreement. The transaction is subject to regulatory approvals, including HSR and foreign antitrust and investment clearances, and a burdensome clause restricts the companies from offering any regulatory remedies that would “reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company and its Subsidiaries, taken as a whole.” Furthermore, both companies have agreed to use reasonable best efforts to take all actions necessary to secure regulatory approvals and consummate the deal. The merger agreement, dated 16-Feb-26, contains customary clauses on representations, warranties, and covenants, with the MAC definition ...