Fund 1 Takes 10% Stake, Presses FNKO Sale
Fund 1 pops a 10% stake in $FNKO. Pushing for a sale of the struggling branded collectibles biz. Co trades ~5x Q3 run-rate EBITDA w/ room for further normalization. Staggered board though, so tough to see real movement unless mgmt is open to selling. https://t.co/TL5PhVvojA
Future Wedbush Take on ABVX M&A Will Be Hilariously Absurd
Looking forward to dusting off some of these absolutely asinine takes from the Wedbush report after $ABVX M&A. It’ll be even funnier then than it is today. Until then, 🥱
Vir Surges After Astellas Partnership and T‑cell Data
Vir climbs on Astellas deal, study results for ‘masked’ T cell engager https://t.co/336c9FJdjt by @Lilah_Alvarado $VIR + 27% $JANX $ALPMY
Buffett Chooses Companies with Durable, Layered Foundations
Vic Keller on Warren Buffett and Berkshire Hathaway acquiring three of his companies, and what he looked at in his companies: "Mr. Buffett acquired businesses that I was fortunate enough to be part of founding. I don't think anybody sells a...
SPAC IPO of $
I hadn't realized that $OWL came public via SPAC. It's now right back to its original price. Turns out it was all priced in. EMH undefeated https://t.co/Q6eyG9hYLM
WBD Pauses, Reviews Paramount Bid; Netflix May Renegotiate
After months of noisy fighting in public, these talks are once again quiet. WBD will take some time to assess the latest Paramount bid and Netflix will have a chance to amend its current agreement (if necessary).
Warner Bros. Discovery Acknowledges Paramount's Revised Offer, Terms Undisclosed
Warner Bros. Discovery Confirms Paramount Sent Revised Bid, But Doesn’t Divulge New Terms https://t.co/yD4mSbadQ7 via @variety
Ticketmaster‑LiveNation Faces Potential Standard Oil‑style Breakup
Ticketmaster - LiveNation has got to be the leading candidate for a return of the Standard Oil style breakup (i.e., the dissolution of an anticompetitive merger)
TICO Faces 99.5% Owned Toyota Tender
I've been a bit quiet on here for a while. I'm still busy over at @smartkarma. Over the weekend I published two pieces on TICO (Toyota Industries Co (6201 JP)) which is currently undergoing a Tender Offer by Toyota Asset...
Japanese Builders Double Down on U.S. Housing Market
Japan’s big bet on the U.S. housing market got even bigger today Japanese builders are rapidly acquiring U.S. homebuilders—now Daiwa House is buying United Homes That's just 10 days after Japan-based Sumitomo Forestry said it's buying Tri Point Homes https://t.co/UnPOshRdS1
SNDA Announces Major Merger and Massive PSU Grant
As a friend dm'd me, $SNDA just pulled the "Andrew Walker" special (big merger followed by a massive PSU grant with ambitious stock price versting targets) https://t.co/iEnOdITDX3
Paramount Submits Upgraded Offer to Acquire WBD
New: Paramount has made a new and improved offer for WBD. Expect WBD to respond soon. https://t.co/CW7caCn4xm
Insider Take‑Private Looms as Settlement Clears Weedmaps Squeeze‑Out Path
No Cheap Squeeze-Outs: My Process Letter to the Weedmaps Board The settlement AIP cleared the path for insiders to strike. With a renewed take-private looking imminent before the proxy, I just served formal notice to the $MAPS Special Committee. See full presentation,...
HZO Faces Activist Pressure, $35 Bid and Strategic Review Demand
$HZO continues to face pressure from Donerail. - Activist/bidder is opposing the CEO’s re-election at the upcoming AGM. - Donerail has reiterated its $35/share offer. - Levin Capital (~3%) is also calling for a strategic review after HZO failed to capitalize on...
Gilead Deal Validates FDA One‑Trial Path, Boosts IMMX
$GILD $ACLX $7.8 billion acquisition 68% premium, Ph3 just starting. Validates new FDA policy for a single pivotal trial validated by BLA acceptance. Large pharma moving faster, de-risked. $IMMX thesis and data grows stronger, 95% (CR), same parallel strategy, and clear...
Veris Residential Joins Wave of Apartment REIT Liquidations
Another one bites the dust ... Veris Residential becomes the latest apartment REIT sold or liquidated (18+ in the last 15 years vs. ~12 still remaining). Veris (6.6k units) is best known for its wildly high renter incomes ($480k or 10-12%...
Enel Adds 830 MW US Solar‑wind Portfolio
Enel acquires 830MW US PV and wind portfolio, ups renewables investment #energysky -- via pv-tech: https://t.co/3AfV5Qymhs
Presidential Remarks Won’t Sway DOJ Approval, but May Affect Sale
The president's comments about Netflix/Susan Rice shouldn't have bearing over the approval of any WBD deal — a decision to sue to block would be made by the DOJ which would face an indp judge in court — BUT his...
ONL Rejects $2.75 Offer, Provokes Kawa Proxy Battle
$ONL is a left-for-dead small-cap REIT spin-co. - Entered a cooperation agreement with Kawa Capital (~10%) and launched a strategic review - Kawa offered $2.75/sh last year (stock ~$2.55 today) - Board rejected it as undervaluing, triggering a proxy fight from Kawa. https://t.co/UAlAiUmg9p
M&A Spree Sees Premiums up to 79%, One Discount
Today's M&A and SPAC notes $ACLX to be acquired by GILD for $115 cash + CVR worth up to $5, 79.4% premium, $7.8 billion $VRE to be acquired by Affinius Capital / Vista Hill Partners for $19.00 cash per share, 23.2% premium,...
Oil & Gas Consolidation Accelerates; KNTK Near Deal Valuation
Consolidation in Oil & Gas keeps accelerating - $KNTK is reportedly being approached by $OXY-backed $WES. - Delaware Basin pipeline operator is up 10%+ on the news and even more ytd - Upside looks limited, any deal likely prices near the current mcap....
Rising Opposition Threatens Hapag-Lloyd's ZIM Acquisition Deal
Opposition to ZIM’s sale to Hapag-Lloyd grows. Will Hapag-Lloyd seek a lower price or walk away from the deal? Any other potential buyer would face the same issues. https://t.co/sE5hMJ28vO
Arcellx to Be Acquired for $115 Cash per Share
Merger Monday….ACLX (Arcellx ) being bght for $115 cash per shr +CVR worth as much as$5
Paramount Likely Raises WBD Bid, Netflix May Bail
Paramount Is Expected to Raise Price of Warner Bros. Discovery Bid. Will Netflix Walk Away? https://t.co/rRAxVO21Ls via @variety
LIS.V Merger Arb Cuts Spread From 19% to 3%
$LIS.V merger arb worked out just as expected. Despite vocal retail opposition, shareholder approval passed easily. The spread narrowed from 19% to 3% in exactly two months following the post on SSI. https://t.co/UWBmq2fWGx
Monday Deadline Is Negotiation Window, Not Offer Deadline
While it seems likely that next 24 hours will see news on Paramount - WBD - Netflix, the Monday deadline is the negotiating window between Paramount and WBD. It is not a deadline for an offer so in the unlikely...
Warner Must Remain Independent to Prevent Illegal Consolidation
This question by @MarkRuffalo is critical. Right now there's an attempt to force people to pick either Paramount or Netflix as the right acquirer, but both are wrong answers. An acquisition by either firm would consolidate the market and is...
Netflix Could Owe Warner Bros $
Doesn't @netflix owe @warnerbros $5.8 billion if the Trump administration fails to approve their merger, Netflix board member @AmbassadorRice ? https://t.co/P0FhHvuPid
Houston Firm Acquires Oil Assets via Concho, Shell Deals
"The oil and gas holdings in question were acquired by the Houston-based company through previous transactions involving Concho Resources and Shell, according to the report," @geolsubho https://t.co/OlyZeu35Mu
Trump’s Brief Pledge to Avoid WB Sale Fizzles
Donald Trump’s vow to stay out of the WB sale lasted all of a couple weeks. https://www.bloomberg.com/news/articles/2026-02-21/trump-threatens-netflix-with-consequences-over-rice-board-seat?taid=699a45d18e21f400010da132&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter
Latham Steals Additional Wachtell Partners in NY Talent War
Scoop: Latham poaches more partners from Wachtell in New York, in latest moves in M&A legal talent wars. https://t.co/aE9xDa5Hzk
NRG Acquires New York’s Largest Fossil Power Plant
Scoop: NRG Buys New York’s Biggest Fossil Fueled Power Plant #energysky -- via Heatmap News https://t.co/HYXV78yUOY https://t.co/YML0FTvZNJ
No Succession Plan Makes Sellers Ultra‑Motivated Negotiators
A seller with no succession plan Is the most motivated counterparty in any negotiation on earth
Celebs and Fighter Spotlight Paramount Amid Warner Takeover Saga
Anderson Cooper, Stephen Colbert and Sean Strickland Draw Scrutiny to Paramount While Bid for Warner Plays Out https://t.co/ou55mmDguf via @variety
Paramount Skydance May Up Offer; Netflix Watching
This has been another noisy week in the Warner Bros. sale, and yet it still comes back to the same question. Will Paramount Skydance increase its offer? If it does, by how much? And, will Netflix match?
Netflix: Paramount‑Skydance Deal Lacks DOJ Approval, Misleads Investors
Netflix says Paramount Skydance’s prospective Warner Bros. Discovery takeover has *not* received DOJ approval. “Paramount Skydance continues to mislead stockholders and distract from the facts,” Netflix chief legal officer David Hyman said in a statement https://t.co/NiKkflro8J
Customer Concentration and Founder Dependency Hide SaaS Risks
Customer concentration + founder dependency = hidden SaaS risk. In Ep. 233 of The SaaS CFO Podcast, Luca Cartechini breaks down what acquirers really look for beyond growth and EBITDA. 🎧 Watch here: https://t.co/CvZiAzWspt #SaaS #AI https://t.co/NnzH4dkR4I
Delrahim's Gambit Could Save Ellison Billions, Seal Merger
If this gambit works then Makan Delrahim saved the Ellison family many billions of dollars and potentially closed the merger.
SaaS Sell‑Off Explained: Avenir’s Outlook for Recovery
Avenir Management dropped a sharp slide deck on the state of SaaS. Great perspective on the current sell-off, and what the industry could look like going forward. Sharing a few of the most interesting slides below 👇 https://t.co/miawmwOz9C
Warner Should Stay Independent Amid Bidding Hype
Trade press are trying to present it as either Netflix or Paramount wins the bidding contest. But Warner should obviously remain independent.
Moelis Hired to Broker Sale of Wasserman Amid Sports M&A.
🚨NEWS: Moelis has been retained to sell Wasserman, source tells Sportico. Moelis has been active in the space. Presided over, among others, Goldman buy of Excel Sports and Athlete’s First sale to General Catalyst.
Democrats Question Ellison Over Trump Ties in Warner Deal
Senate Democrats Demand Answers From David Ellison About Paramount Skydance’s Dealings With Trump in Warner Bros. Takeover Bid, Accuse CEO of ‘Pattern of Evasion’ https://t.co/jeeblW2lVw via @variety
Neobank Middle Class Repriced: Acquisitions Turn Users Into Infrastructure
Two massive neobank acquisitions just happened. Stash sold to Grab for $425M (below its $747M raised) and Step got acquired by MrBeast. The neobank middle class is getting repriced: if you can't hit escape velocity, you become infrastructure for someone else's...
Stillwell Pushes Buybacks, Director Nomination as LSBK Climbs
$LSBK has performed well over the 6 months since Stillwell filed a 13D (+22%) Stillwell (owns ~10%) is making his next move: nominating a director for the 2026 AGM and pushing for buybacks while the stock trades below TBV. He also warned...
Airbus Space Rebounds 16% Revenue, Eyes Merger
.@AirbusSpace, after annus horribilis in 2024, reports 16% increase in revenue and return to profitability in 2025. Parent @Airbus says preparations for space merger with @Thales_Alenia_S @LDO_Space continue. @defis_eu @esa @EutelsatGroup. https://t.co/hqR8FTeOcS https://t.co/R22dQJ3mJk
Sunway‑IJM Merger Threatens Malaysia’s Construction Competition
Is Malaysia about to witness a construction monopoly? A "too big to fail" monopoly. 🏗️ The proposed Sunway-IJM merger is under fire for its potential to stifle competition and inflate costs. Here is the 5-point TL;DR on why this deal needs a rethink. 🧵👇
Deutsche Börse's €5.3B Allfunds Deal Creates Integrated DMI
Deutsche Börse is acquiring Allfunds for €5.3B, marking the largest infrastructure deal of 2026. Advancing towards a vertically integrated Digital Market Infrastructure (DMI). From clearing to owning the digital ledger of the entire fund lifecycle. Deutsche Börse Group and Allfunds Group Sign...
Propane Industry Deep Dive Reveals Hidden Value
One of the best deep dives I’ve seen recently is on the “boring” propane industry, by Emeth Value Capital. Covers regulation, supply & demand, and detailed public company breakdowns. Also part of the $SPB.TO pitch. If you like learning new industries, this...
Takeovers and Venue Shifts Hollow Out UK Market
Not much News again. All these Takeovers and changes of Listing Venue have really hollowed out the UK market.
Blue Owl Stops Retail Fund Redemptions, Opts for Asset Sales
Blue Owl is permanently halting redemptions at its inaugural non traded private credit fund for retail investors as part of a plan to instead sell down assets over time. With @EricGPlatt https://t.co/GmiIAdaLVK