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Industry Report: Healthcare Q1 2026 [Peakstone]
Healthcare M&A activity moderated in 2025, dropping to 898 transactions after a pandemic‑driven surge. Despite fewer deals, the median transaction value jumped to $151 million, the highest in 25 years, while EV/EBITDA multiples held steady near 12.5×. Public‑market returns diverged, with provider stocks delivering roughly 136% gain since 2015, outpacing health‑tech and life‑science peers. Large strategic acquisitions, such as Cencora’s $5 billion OneOncology deal and Sanofi’s $2.2 billion Dynavax purchase, underscore continued consolidation.
InsideArbitrage Special Situations Newsletter: March 2026
InsideArbitrage’s March 2026 Special Situations newsletter warns of a continuing "Software Nuclear Winter" in the SaaS sector, describing deep valuation pressure and market disruption. The firm recently acquired SaaS company Navan (NAVN) and highlights another discounted SaaS opportunity, suggesting the...
Paramount Skydance to Acquire Warner Bros. Discovery in a $110 Billion Deal
Paramount Skydance Corp. announced a $110 billion agreement to acquire Warner Bros. Discovery, offering $31 per share—a 10.05% premium. The transaction is financed by $47 billion in equity backed by the Ellison family and RedBird Capital, plus $54 billion of new debt from...
Roman DBDR Acquisition Corp. II (DRDB) to Combine with ThomasLloyd in $1.5Bn Deal
Roman DBDR Acquisition Corp. II (ticker DRDB) announced a definitive agreement to merge with ThomasLloyd, an impact‑investment manager. The transaction values the combined entity at roughly $1.5 billion, providing a substantial cash war chest for ThomasLloyd’s sustainable‑infrastructure pipeline. The deal will...
DE Supreme: Accountant May Resolve Earnout Claim Involving No Calculation
The Delaware Supreme Court in Fortis Advisors v. Stillfront held that an earn‑out dispute clause referencing the “calculation of the earn‑out amount” triggers arbitration, not merely expert determination. The court affirmed that the accounting firm acting as arbitrator could resolve...
Humm Group Limited: Our View on Takeovers Panel Findings
On February 27, 2026 Humm Group Limited issued a formal response to the Australian Takeovers Panel’s findings concerning its recent acquisition proposal. The company addressed the panel’s concerns about compliance with ASX listing rules, disclosed remedial actions, and reaffirmed its...
Illumination Acquisition Corp. I (ILLUU) Prices $200M IPO
Illumination Acquisition Corp. I announced the pricing of its $200 million initial public offering, with units slated to begin trading on Nasdaq under the ticker ILLUU on February 27, 2026. The SPAC, led by CEO John Lipman, Chairman David I. Rosenberg and Steve Kaplan, will seek...
February 2026 Reincorporation Update
The February 2026 reincorporation update adds seven new filings, expanding the list of companies shifting their legal domicile. Notable moves include Datadog’s transfer from Delaware to Nevada, boosting Nevada’s market‑cap share to roughly $44 billion, and ArcBest’s relocation to Texas with...
Case Study: A Broken LOI, the Right Advisor, and a Successful Exit
Owners of a concierge medical practice attempted a sale, but the first Letter of Intent (LOI) collapsed, leaving them to restart the process. They turned to Axial's Advisor Finder, which quickly presented four vetted M&A advisors with healthcare expertise. After...
Remarks by Commissioner Peirce on Private Secondaries in Capital Markets
Commissioner Hester Peirce highlighted the rapid expansion of private secondary markets, which grew from $162 billion in 2024 to $240 billion in 2025. She warned that this liquidity surge may lessen companies’ incentives to pursue initial public offerings, potentially reshaping capital formation...
TRG Latin America Acquisitions Corp. (TRGSU) Prices $200M IPO
TRG Latin America Acquisitions Corp. priced its $200 million initial public offering, with units slated to trade on Nasdaq under the ticker TRGSU on February 26, 2026. The SPAC, sponsored by CEO Nicolas Rohatyn and CFO Miguel Gutierrez, will seek a merger with...
APEX Tech Acquisition Inc. (TRAD.U) Prices $100M IPO
APEX Tech Acquisition Inc. priced a $100 million initial public offering and will begin trading on the NYSE under the symbol TRAD.U on February 26, 2026. The SPAC, led by CEO Shaoren Liu and a board that includes Zengwei Gao, Jiancheng Li and...
Fortress Value Acquisition Corp. V (FVAV) Prices $250M IPO
Fortress Value Acquisition Corp. V announced pricing of its $250 million initial public offering and will begin trading on Nasdaq under the ticker FVAV on February 26, 2026. The SPAC, led by Chairman Andrew A. McKnight and co‑CEOs Andrew Stroud and Micah Kaplan,...
Blackstone and Centerbridge Among Bidders Circling $1bn MarineMax Opportunity
MarineMax, the Clearwater‑based marina operator, has circulated confidentiality agreements as Blackstone, Centerbridge and other investors evaluate a potential acquisition valued around $1 billion. The company, which runs 65 marinas, 70 dealerships and serves high‑net‑worth boaters, is currently priced at roughly $628 million,...
Podcast REPLAY: D-Wave (QBTS), SPACs, and the Quantum Revival
Quantum computing has become a top‑performing de‑SPAC sector, driven by SPAC listings that fast‑tracked capital to the industry. After a bearish period in 2021‑22, recent hardware and algorithmic breakthroughs revived investor enthusiasm. The podcast revisits a February 2025 interview with D‑Wave...
Boaz Weinstein’s Saba Capital Targets Blue Owl Funds:
Boaz Weinstein’s Saba Capital, together with Cox Capital, launched tender offers for three Blue Owl semi‑liquid private‑credit funds, proposing cash exits at a 20%‑35% discount to NAV. The move follows Blue Owl’s recent shift from quarterly redemptions to episodic capital...
Gibson Dunn Discusses CFIUS’ Known Investor Program
On February 6, 2026, CFIUS issued a request for information (RFI) to refine its Known Investor Program (KIP), a fast‑track review mechanism for repeat foreign investors in U.S. advanced‑technology sectors. The RFI outlines eligibility thresholds—at least three covered filings in...
MOZAYYX Acquisition Corp. (MZYX.U) Prices Upsized $261M IPO
MOZAYYX Acquisition Corp. priced an upsized $261 million IPO, with units slated to begin trading on the NYSE under the ticker MZYX.U on February 25, 2026. The SPAC, led by CEO and CFO Benjamin Zucker, will seek a merger in high‑growth sectors such...
PIF Unit Jada to Ramp up Private Credit as Stride Targets $200m Saudi Deployment
Saudi sovereign wealth fund unit Jada is expanding its private‑credit footprint, partnering with India‑based Stride Ventures to deploy $200 million in the kingdom over the next two years. The initiative targets small‑ and medium‑sized enterprises as local banks curb new lending....
CECO Environmental to Acquire Thermon Group for $2.2 Billion
CECO Environmental Corp. announced a $2.2 billion merger agreement to acquire Thermon Group Holdings, offering shareholders a choice of mixed cash‑stock, all‑cash, or all‑stock consideration. The all‑cash option represents a 28.37% premium over Thermon's last closing price, valuing the target at...
Rule 14a-8 Shareholder Proposals: Proponents Are Litigating Exclusion Decisions
Three shareholder‑proponent lawsuits have been filed this week, marking the first challenges under the SEC’s revised Rule 14a‑8 no‑action letter process for 2026. The cases target AT&T’s exclusion of an EEO‑1 diversity disclosure, Axon’s exclusion of a political‑spending proposal, and...
Women Governance Trailblazers: Jen Sisson
The Women Governance Trailblazers podcast released a 31‑minute interview with Jen Sisson, CEO of the International Corporate Governance Network (ICGN). The conversation covered ICGN’s mission, its member base, and current initiatives, as well as the challenge of aligning global governance...
Shareholder Activism: Trends to Consider
Shareholder activists increasingly target CEO turnover as a catalyst for change, with 18% of U.S. campaigns launched after a CEO change—a 38% rise over the four‑year average. 2025 saw a record 32 activist‑driven CEO resignations, a 60% increase, including 16%...
ClearThink 1 Acquisition Corp. (CTAAU) Prices $125M IPO
ClearThink 1 Acquisition Corp. priced its $125 million initial public offering on February 24, 2026, with units slated to trade on Nasdaq under the ticker CTAAU. The SPAC is focused on merging with a financial‑services company operating in the United States and...
Converts: PIPE and Pre-IPO Considerations
A recent Cleary memo highlights a surge in convertible‑note issuances driven by the AI boom, with private‑placement (PIPE) and pre‑IPO converts adopting highly customized terms. Features now include governance and consent rights, guarantees, financial covenants, prepayment provisions, anti‑dilution ratchets, equity...
Forward-Looking Statements: 9th Cir. Says No Safe Harbor for “Hypothetical Risk Factor”
The Ninth Circuit in Const. Laborers Pension Trust v. Funko held that forward‑looking risk disclosures can lose the PSLRA safe‑harbor when they are framed as present‑state misrepresentations. The panel reasoned that an alleged omission about current inventory failures turns the...
DExit: Evidence From 2025 IPOs
Houlihan Lokey data shows Delaware’s share of IPO incorporations dropped from over 80% (2022‑2024) to just under 62% in 2025, while Nevada rose to nearly 17% and Texas to about 4%. The shift reflects a modest migration of companies to alternative...