Free research on tender offers, merger arbitrage, 13F filings, and special situations. Institutional-quality analysis built for individual investors.
Avidity Biosciences (RNAM) distributed shares of Atrium Therapeutics (RNA) at a 1:10 ratio ahead of its $72/share Novartis merger. Atrium launches with $270M and two preclinical cardiology programs.
Unilever (UL) spun off its ice cream division as The Magnum Ice Cream Company (MICC), distributing 1 MICC share per 5 UL shares. MICC trades at $15.12 with a $9.1B valuation and 2.4x leverage.
Comcast (CMCSA) completed its tax-free spinoff of Versant Media Group (VSNT), housing its legacy cable networks. At $36.13 per share, VSNT trades at roughly 2.4x EBITDA with $6.7B in revenue and a $1B buyback authorized.
Kuva Labs is acquiring Lisata Therapeutics (LSTA) for $5.00/share in cash plus a CVR worth up to $1.00 tied to a certepetide NDA filing. The board unanimously recommends tendering, with closing expected in Q2 2026.
Black Pearl Equities has commenced a $5.05/share cash tender offer for all outstanding shares of Selectis Health (GBCS), up from its preliminary $4.00 bid. The offer expires May 11, 2026, with a 51% minimum tender condition.
Wix launched a $1.75B modified Dutch auction tender offer at $80-$92/share — roughly 35% of its float. Stock at $93.89, above the range. No spread today, but actionable if WIX drops below $92. Expires April 1, 2026.
Saltchuk Resources is acquiring GLDD at $17.00/share in an all-cash tender offer with no financing condition. The spread is just 0.3%, but JPMorgan had a $20 target weeks before the deal was announced.
WHP Global offers $45/share for up to 2.2M LE shares (7% of float). Severe proration guaranteed with Lampert's 56% stake tendering. Blended return -4% to +5% at current prices if stock reverts to pre-announcement levels. Expires March 26.
Gilead is acquiring Arcellx (ACLX) at $115/share cash plus a non-transferable CVR worth up to $5.00. With the stock at $114.08, the 0.8% cash spread is noise. The real question is whether the CVR pays.
Docebo (DCBO) offers $20.40/share in a $60M issuer bid expiring March 10. Canadian deemed-dividend withholding tax eats most of the spread for U.S. taxable accounts; Roth IRA holders may fare better.
WBD to be acquired for $31/share all-cash. 10.6% spread (~21% annualized). HSR cleared. Main risk is regulatory. $7B termination fee protects downside. Expected close Q3 2026.