More on the New CDIs on Cross Border Tender Offers
The SEC issued new CDIs 166.02 and 166.03 that broaden exemptions for cross‑border tender offers. CDI 166.02 allows offerors to buy target shares after announcing a tender but before distributing offering documents, provided the purchases are disclosed and may continue during the offer. CDI 166.03 clarifies that affiliates of a financial advisor may purchase shares only when acting on their own behalf; if they act as the offeror's agent, the tender price must be matched. These changes give dealmakers more flexibility while tightening disclosure and pricing rules.
Omens of the 2022 Bust. Clues for the Next One?
U.S. M&A activity exploded from roughly 4,200 deals in 2020 to a record 10,600 in 2021, a 2.5‑fold jump. By 2023 the volume had slumped 42%, reflecting a sharp reversal. Analysts link the collapse to runaway inflation, soaring Fed rates,...
Private Credit Is Officially Fucked
The author predicts an imminent run on private credit, forecasting that liquidity pressures will materialize by the end of the week or early next week. A recent appearance on the Thoughtful Money podcast confirms the prediction, indicating that investors are...
Metals Acquisition Corp. II (MTAL.U) Prices $200M IPO
Metals Acquisition Corp. II priced a $200 million initial public offering and will begin trading on the NYSE under the ticker MTAL.U on March 12, 2026. The SPAC’s mandate is to pursue acquisitions across the natural‑resources value chain, focusing on metals and mining...
Veradermics $294.8M IPO to Fund Phase III Hair Loss Trials
Veradermics closed a $294.8 million IPO, pricing 17 dollars per share and debuting on the NYSE under the ticker MANE. The capital will fund its late‑stage clinical program for VDPHL01, an extended‑release oral minoxidil aimed at androgenetic alopecia. The company has completed...
The Partial Government Shutdown’s Impact on Deals
A partial U.S. government shutdown that began in mid‑February has left the Treasury and most CFIUS offices funded, but the Department of Homeland Security’s involvement remains halted. CFIUS statutory deadlines are tolled, meaning approvals can be delayed, especially for transactions...
InsideArbitrage Event Driven Monitor – March 11, 2026
Merger arbitrage activity intensified this week as Paramount’s $24 billion bid for Warner Bros. met criticism from Senator Warren over a pending national‑security review, while Udemy filed a definitive proxy and Eventbrite’s sale to Bending Spoons closed after 98 days. Activist investors...
Dealmaking Under Fire: How the Iran Conflict Might Reshape the 2026 M&A Landscape
The Iran‑Israel‑US conflict, barely two weeks old, has abruptly halted the 2026 M&A upswing that was driven by easing inflation and lower rates. Early signals show the market flipping from a seller‑friendly auction environment to a buyer’s market, with cash‑rich...
SUMA Acquisition Corporation (SUMAU) Prices $150M IPO
SUMA Acquisition Corporation announced pricing of its $150 million initial public offering, with units slated to begin trading on Nasdaq under the ticker “SUMAU” on March 11, 2026. The SPAC will seek a merger with a technology company, either in a next‑generation or...
The Closer – Big Bond Sale, BDC, Housing – 3/10/26
Amazon became the latest investment‑grade borrower to tap the bond market, issuing a tranche that ranks as the fourth‑largest IG bond sale ever to fund its data‑center expansion. The deal adds several billion dollars of capital at a competitive yield,...
Juggernaut Exploration Announces Bought Deal Private Placement Structured Flow-Through Financing for Gross Proceeds of C$10M
Juggernaut Exploration Ltd. announced a bought‑deal private placement of 3,906,250 units at C$2.56 per unit, generating C$10 million in gross proceeds. Each unit comprises one common share and half of a share purchase warrant, both structured as flow‑through securities under the...
Pershing Square IPO – Nevada
Pershing Square filed an S‑1 to raise between $5 billion and $10 billion, converting from a private vehicle into a Nevada corporation before the registration becomes effective. The filing highlights Nevada’s recent statutory changes, including a bench‑trial election and a narrow controlling‑stockholder...
Agomab IPO Raises $200M to Fund Fibrosis Therapies
Agomab Therapeutics NV closed its Nasdaq IPO, raising roughly $200 million by selling 12.5 million American Depositary Shares at $16 each. The capital will fuel its fibrosis‑focused pipeline, beginning with ontunisertib, an oral TGFβ‑ALK5 inhibitor for fibrostenosing Crohn’s disease that achieved its...
Eliot Kerlin and Broadwing: Principles over Playbooks
Eliot Kerlin, founder of Broadwing Capital, discussed the evolving lower‑middle‑market private‑equity landscape, highlighting larger fund sizes, higher purchase multiples, and greater equity contributions. He noted the rise of operational private equity, independent sponsors and family‑office capital, and the need for...
CVC Secures €3.7bn Financing for Global Sport Group Backed by KKR and Pimco
CVC has arranged a €3.7 billion financing package for its Global Sport Group, valuing the platform at about €7 billion. The deal combines €1.4 billion from KKR—partly via Global Atlantic—and €1.5 billion of debt from Pimco, with KKR eligible for up to €200 million of...
Morning SPAC News Roundup: March 10, 2026
The March 10, 2026 SPAC Insider roundup offers a curated snapshot of today’s special‑purpose acquisition company landscape, bundling headline stories, Intel‑related updates, and broader market movements. Access to the full content is gated behind a paid monthly subscription, underscoring the platform’s premium...
Calisa Acquisition Corp. (ALIS) to Combine with GoodVision AI in $180M Deal
Calisa Acquisition Corp., listed as ALIS, announced a definitive merger with GoodVision AI, an artificial‑intelligence‑driven computer‑vision company. The business combination values GoodVision at roughly $180 million, consisting of cash and stock consideration. After closing, GoodVision AI will become a publicly traded...
Plum Acquisition Corp. IV (PLMK) to Combine with Controlled Thermal Resources in $4.7Bn Deal
Plum Acquisition Corp. IV (PLMK) announced a definitive agreement to merge with Controlled Thermal Resources, a geothermal power developer, in a transaction valued at approximately $4.7 billion. The deal will result in PLMK becoming the public vehicle for Controlled Thermal, providing...
The SaaSpocalypse and Salesforce’s Massive Buyback – The Special Situations Report Episode 57
Episode 57 of the Special Situations Report podcast discusses four headline stories. Salesforce announced a $50 billion stock buyback, the largest ever for the company. The show also covers a bidding war for Reservoir Media, insider sales at Warner Bros. Discovery, and Elliott...
AN2 Therapeutics Announces $40 Million Private Placement Financing
AN2 Therapeutics announced a $40 million private placement, selling 8,245,611 common shares at $2.85 each and offering pre‑funded warrants for up to 5,789,493 additional shares. The placement, backed by Coastlands Capital, Commodore Capital, Vivo Capital and other investors, is slated to...
GIC-Backed Renewable Developer Greenko Lines up Potential $1bn IPO
Greenko, the GIC‑backed Indian renewable developer, is weighing a roughly $1 billion initial public offering that could launch as early as this year. The firm currently operates about 11 GW of renewable capacity across 20 states and has another 20 GW under construction....
Blackstone Taps Citi for Potential $1bn ShyaHsin Packaging Sale
Blackstone has engaged Citi to explore a sale of ShyaHsin Packaging, targeting a valuation of at least $1 billion. The Taiwanese‑based manufacturer supplies containers and components for colour cosmetics, skincare and fragrance brands, operating factories in China and Mexico. Blackstone bought...
Kuva Labs to Acquire Lisata Therapeutics in a $21.38 Million Deal
Kuva Labs Inc. announced a $21.38 million acquisition of Lisata Therapeutics, offering $5 in cash per share plus one contingent value right (CVR) per share. The cash price reflects a 19.62% premium to Lisata’s last closing price. The CVR triggers an...
SpyGlass Pharma IPO Raises $172.5M to Develop Implantable Eye Therapies
SpyGlass Pharma completed an IPO that raised $172.5 million, selling 10.78 million shares at $16 each and listing on Nasdaq under the ticker SGP. The company’s SpyGlass Platform uses small implants to deliver drugs inside the eye, with its lead BIM‑IOL system...
Servier to Acquire Day One Biopharmaceuticals in a $2.5 Billion Cash Deal
France‑based Servier announced a $2.5 billion all‑cash acquisition of U.S. biotech Day One Biopharmaceuticals. The tender offer prices Day One shares at $21.50, a 68.23% premium, equating to 8.34 times the company’s sales. Servier will fund the transaction with existing cash and...
Athora Raises €3.5bn to Fund Approved Pension Insurance Corporation Acquisition
Athora announced a €3.5 billion common‑equity raise, earmarked primarily for the acquisition of Pension Insurance Corporation Group (PICG). The deal, cleared by the PRA and FCA, is slated for completion around 27 March 2026, after which Athora’s assets under management and administration will...
The IPO Buzz: MiniMed (MMED) Prices IPO at $20 – 20 Percent Below Range – & Stock Falls
MiniMed priced its IPO at $20 per share, a 20% discount to the low end of its $25 range, raising $560 million and valuing the company at $5.62 billion. The stock opened below the IPO price and closed its first NASDAQ session...
Antitrust: Trump 2.0’s “Deal Friendly” Merger Review
The DOJ and FTC under the Trump‑era “Deal Friendly” approach have shifted toward expediting non‑problematic mergers, reviving early termination practices, and favoring structural remedies such as divestitures. In 2025, agencies filed 12 enforcement actions, with nine settled via consent orders,...
The Boeing Company (BA): Our Calculation of Intrinsic Value
Each week we run a DCF model on Boeing, arriving at an intrinsic share price of roughly $85, far below the current market level near $230. The analysis uses a 10% discount rate, 2.5% terminal growth, and forecasts free cash...
Top 3 SPAC Targets – Agriculture
The column revives its Top 3 SPAC Targets list, spotlighting Costa Group, Amber Wave and Better Beef as prime agricultural merger candidates. It ties renewed SPAC activity to shifting trade policies, notably the Supreme Court’s removal of Trump‑era tariffs, and...
Investor Skepticism Creates Opportunity
An asset manager’s bonds are priced 50‑75 basis points wider than those of its major peers. Rating agencies signal potential upgrades, while the bond market doubts the firm’s credit health. The company’s fourth‑quarter results revealed record fundraising, growing margins, and...
New Broker Search CDI Will Facilitate Shareholder Approval of Deals
The SEC’s Corporate Finance Division issued a new Compliance Disclosure Interpretation (CDI) that relaxes the 20‑business‑day rule for broker searches ahead of shareholder meetings. The guidance lets companies set record dates earlier, giving them more flexibility when seeking shareholder approval...
The Pros and Cons of IPOs and SPAC Mergers
The article examines whether fast‑growing firms should go public via a traditional IPO or a SPAC merger, emphasizing the role of forward‑looking statements. SPAC deals historically allow more detailed projections, which can attract both sophisticated and unsophisticated investors. The SEC’s...
Xanadu Highlights Path to Public Listing, Scalable Quantum Computing
Xanadu Quantum Technologies announced its plan to go public via a business combination with Crane Harbor Acquisition Corp, valuing the company at roughly $3.1 billion and leaving it with about $455 million in net cash. The firm showcased Aurora, its first networked,...
David Ellison’s $18 Billion Question
David Ellison’s Skydance is set to acquire Warner Bros. Discovery in a $111 billion transaction priced at $31 per share, representing roughly a five‑times multiple to the pre‑deal market price. The deal awards CEO David Zaslav about $800 million in proceeds and...
Backpack Teams Up with Superstate to Offer On-Chain IPO Access
Backpack, a centralized exchange and wallet app founded by former FTX and Alameda staff, announced a partnership with tokenization platform Superstate to provide early, on‑chain access to initial public offerings. The service will initially run on the Solana blockchain, allowing...
Fireside Chat with dMY Squared Technology Chairman, Horizon Quantum CEO & CFO, Mar 9 at 1:15PM ET
IPO Edge will host a 45‑minute fireside chat on March 9 featuring dMY Squared Technology Chairman Harry You and Horizon Quantum CEO Dr. Joe Fitzsimons. The session will detail the recently completed business combination that makes Horizon Quantum the first publicly...
Spellbook Gets $40m Debt For Legal AI M&A
Spellbook has secured a $40 million debt facility from RBCx, the tech‑focused arm of Royal Bank of Canada, to fund future acquisitions in the rapidly consolidating legal AI sector. The financing follows a $50 million Series B round that lifted the company's post‑money...
Royal Cup Coffee and Tea to Acquire Farmer Bros. For $89.62 Million in Cash
Royal Cup Coffee and Tea announced a cash acquisition of Farmer Bros. Co. for $89.62 million, paying $1.29 per share—a 13.42% discount to the prior close. The transaction values Farmer Bros. at roughly 16.66 times EBITDA. The deal, advised by North...
Guy Carpenter Adds QBE’s Paas as Head of European Capital & Advisory
Guy Carpenter, the global reinsurance broker within Marsh & McLennan, has appointed Al Paas as Head of European Capital & Advisory. Paas will steer the firm’s expansion and deepen its investment‑banking capabilities across Continental Europe. He brings over 30 years of...
M&A Activism: What to Expect in 2026
M&A‑focused activist campaigns surged in late 2025 and are projected to intensify throughout 2026. Activists are zeroing in on cash‑rich small‑ and mid‑cap public companies, especially those overlooked by the AI boom but with solid fundamentals. They are increasingly partnering...
GalaxyEdge Acquisition Corporation (GLED.U) Prices $100M IPO
GalaxyEdge Acquisition Corporation announced pricing of its $100 million initial public offering, with units slated to begin trading on the NYSE under the ticker GLED.U on March 4, 2026. The SPAC, led by CEO Ping Zhang and a board that includes Qi Gong,...
Guest Post: Will Allowing Companies to Block Shareholder Suits Create a D&O Mess?
In September 2025 the SEC overturned decades‑old guidance and now allows public companies to include forced arbitration clauses in their IPO registration statements. The change is expected to drive up legal expenses for securities claims, as firms will face dozens...
Kensington Capital Acquisition Corp. VI (KCAC.U) Prices $200M IPO
Kensington Capital Acquisition Corp. VI priced a $200 million initial public offering and will begin trading on the NYSE under the ticker KCAC.U on March 4, 2026. The SPAC targets a high‑growth merger in automotive, defense, energy, or artificial‑intelligence sectors. Its sponsor team...