His experience includes working with global financial services firms like Goldman Sachs. Prior to forming Peterson Capital Management, Matt split time between Wall Street and London as Capital Markets Manager at Diamond Management and Technology Consultants.

Episode 70 of our weekly Special Situations Report Podcast with Matt Peterson is out today and can be found on Spotify, YouTube and Apple Podcasts.

Our conversation with Matt centered around a number of fascinating topics, including his options related strategy, portfolio sizing, and the benefits of running extremely concentrated.

We also spoke about international markets such as China and Turkey, and how these markets enable investing in businesses and strategies not typically available to investors in the U.S. We learned so much from this discussion, and we hope our listeners will too.

You can find Matt at the following locations:

LinkedIn: https://www.linkedin.com/in/matthew-peterson-cfa-100/
Website: https://www.petersonfunds.com/

Disclaimer: This podcast is for general informational and educational purposes only. The content does not constitute financial, investment, legal, or tax advice. We do not warrant the completeness or accuracy of the content or data provided in this podcast. The views, opinions, and statements expressed by guests on this podcast are their own and do not necessarily reflect the views, opinions, or positions of the hosts, producers, or affiliates of this show. The hosts’ inclusion of a guest on this podcast does not imply endorsement of the guest or their views. Nothing discussed in this podcast should be interpreted as a recommendation to buy, sell, or hold any investment or security. Investing involves substantial risks, including the potential loss of principal. You should conduct your own research and due diligence before making any investment decisions.

Market Cap: $12.16 B

Offer Value: $41.89 B

Media mogul Barry Diller’s People Inc, previously known as IAC (IAC), announced a non-binding proposal to buy MGM Resorts, valuing ‌the casino operator at an enterprise value of $41.89 billion, marking the gambling industry’s second takeover bid in a week, as companies conte…

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Market Cap: $74.26B

Enterprise Value: $82.64B

Last week turned up a fascinating list of insider purchases at companies we have covered in the past across articles and our podcast. If I had to pick a company to discuss this week, it would have been Robinhood Markets (HOOD) on account of Director Meyer Malka’s $35 million pur…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Centerspace (CSR): The Board, in connection with its evaluation of strategic alternatives, has approved a portfolio optimization and deleveraging plan designed to enhance portfolio quality, strengthen the balance sheet, preserve embedded shareholder value, and maximize strategic flexibility. (Press Release)

• Genco Shipping & Trading (GNK): The Board unanimously rejected the revised unsolicited tender offer from Diana Shipping (DSX) for $24.8 per share in cash. (Press Release)

Rumors

• America’s Car-Mart (CRMT): The Board has retained Houlihan Lokey to serve as its financial advisor as the company continues to evaluate and pursue strategic alternatives, including potential financing, recapitalization, mergers and acquisitions, and other transactions. (SEC Filing)

• Dot AI (DAIC): Exploring a range of strategic alternatives, including a sale of the company, a merger or other business combination, a strategic partnership or joint venture, licensing arrangements, a recapitalization, additional financing transactions, continued execution of the company’s standalone operating plan, or a liquidation and dissolution. (Press Release)

• Fulcrum Therapeutics (FULC): Initiates a comprehensive review of strategic alternatives to maximize stockholder value. (Press Release)

• Jasper Therapeutics (JSPR): The Board has decided to initiate a comprehensive review of strategic alternatives aimed at maximizing shareholder value. (Press Release)

• MGM Resorts International (MGM): Barry Diller’s People Inc, previously IAC (IAC), announced that it has submitted a non-binding proposal to the Board of MGM to acquire all outstanding shares for $48.3 per share in cash. (Press Release)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations.

Update on Shareholder Activism

• Aurinia Pharmaceuticals (AUPH): Tang Capital Management announced that it beneficially owns 13.04 million common shares, representing approximately 10% of the company’s issued and outstanding common shares. (Press Release)

• Braemar (BHR): Al Shams sent a letter to Braemar’s outside directors urging them to promptly call the 2026 Annual Meeting so shareholders can elect new directors. (Press Release)

• GEE Group (JOB): Star Equity Fund announced the nomination of Rick Coleman for election to the GEE board at the 2026 annual meeting. (Press Release)

• Genco Shipping & Trading (GNK): Egan-Jones recommended that shareholders vote FOR all Genco nominees, namely Paramita Das, Kathleen Haines, Basil Mavroleon, Karin Orsel, Arthur Regan, and John Wobensmith. (Press Release)

• Victoria’s Secret (VSCO): All three independent proxy advisors, ISS, Glass Lewis, and Egan-Jones, have recommended that shareholders vote “FOR” all nine of the company’s director nominees, including Independent Chair Donna James, at the 2026 Annual Meeting. (Press Release)

• Voya Financial (VOYA): TOMS Capital sent a letter to the Board regarding its failure to oversee management and address the company’s persistent underperformance. (Press Release)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• Enviri (NVRI): Enviri completed the spin-off of its Harsco Environmental and Harsco Rail businesses into Enviri II Corporation, which started regular-way trading on the NYSE under the ticker NVRI on June 2, 2026, and was renamed Enviri Corporation. The separation was completed immediately before the sale of Clean Earth to Veolia, with shareholders receiving one NVRI share for every three Enviri shares held, plus $15.00 per share in cash. (Press Release)

• FedEx Freight (FDXF): FedEx completed the spin-off of FedEx Freight (FDXF), distributing 80.1% of its shares to FedEx shareholders at a ratio of one FDXF share for every two FDX shares held. FedEx retained a 19.9% stake, which it plans to monetize within 24 months, while FedEx Freight now operates as an independent publicly traded LTL carrier. (Press Release)

• Honeywell (HON): Honeywell will provide an updated 2026 outlook and a preliminary 2026 outlook for Honeywell Technologies on June 8, ahead of the planned Honeywell Aerospace separation. The update follows Honeywell Aerospace’s Investor Day on June 3 and precedes Honeywell Technologies’ Investor Day on June 11. During its Investor Day, Honeywell Aerospace reaffirmed its planned June 29, 2026 spin-off and announced that it will begin trading on Nasdaq under the ticker HONA. (Investor Presentation)

• Honeywell (HON): Honeywell set June 15, 2026, as the record date for the Honeywell Aerospace spin-off, with shareholders receiving one HONA share for every two HON shares held. Distribution is scheduled for June 29, 2026. When-issued trading for Honeywell Aerospace is expected under HONAV beginning around June 15, while Honeywell shares will trade ex-distribution under HONIV from June 15 through June 26. Honeywell also approved a 1-for-2 reverse stock split effective upon the separation, reducing shares outstanding from approximately 634 million to 317 million and authorized shares from 2 billion to 1 billion, while maintaining the HON ticker. (Press Release)

• Resideo (REZI): Resideo filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI’s financial statements through April 4, 2026, and reiterated that the separation remains on track for mid-Q3 to mid-Q4 2026. Resideo and ADI will host standalone Investor Days at the NYSE on July 13 and July 14, 2026. (Press Release)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Consumer Cyclical

• Taylor Morrison Home Corp (TMHC) / Berkshire Hathaway (BRK.A) (BRK.B) - $8.5 bn, H2 2026 (Press Release)

Energy

• NCS Multistage (NCSM) / Weatherford International (WFRD) - $113.78 mn, H2 2026 (Press Release)

Check out a list of nearly 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• BeyondSpring (BYSI): Chief Executive Officer Dr. Lan Huang resigns effective July 1, 2026. (Filing)

• CaliberCos (CWD): Chief Financial Officer Jade Leung resigns effective June 14, 2026. (Filing)

• Chaince Digital (CD): Chief Strategy Officer Wilfred Daye resigns effective June 3, 2026. (Filing)

• GEN Restaurant Group (GENK): Chief Financial Officer Thomas V. Croal resigns effective June 1, 2026. (Filing)

• Hub Group (HUBG): Chief Financial Officer Kevin Beth and Chief Operating Officer Brian Meents departed amid an accounting review tied to a $77 million accounting error. (Filing)

• Indaptus Therapeutics (INDP): Chief Operating Officer Walt A. Linscott resigns effective June 1, 2026. (Filing)

• Medifast (MED): Chief Legal Officer Jason L. Groves resigns effective May 29, 2026. (Filing)

• MillerKnoll (MLKN): President and Chief Executive Officer Andi R. Owen retires effective June 30, 2026. (Filing)

• New Fortress Energy (NFE): Chief Accounting Officer Michael Lowe resigns effective July 1, 2026. (Filing)

• Purple Innovation (PRPL): Chief Operating Officer Eric Haynor resigns effective June 5, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

Methodology

Luke started his project related to the impact of management transitions by segmenting our data based on the size of the company, the industry it operates in and more. He then reviewed the outcomes of CEO transitions across various time periods (from three months through three years) for those segments using our C-Suite Performance Report.

He did this for several weeks to build intuition and we reviewed the results together to see if we could find any patterns. He then pivoted to using Google’s NotebookLM tool to ingest as many as 40 academic papers and other resources related to management transitions and generated a meta-analysis that surfaced some really interesting insights.

The three insights that in some cases reinforced intuition I had about C-Suite transitions and in others surprised me, were:

• Boomerang CEOs, the ones that had a storied past with the company and were brought back again to turn it around, in aggregate did not perform very well. There were exceptions like Steve Jobs’ return to Apple (AAPL) or Howard Schultz taking over the reins at Starbucks (SBUX), but they are not representative of how most boomerang CEOs perform.

• New CEOs in turnaround situations often front-load all the bad news in a “big bath” quarter and the subsequent outperformance of the company after this event is significant over a 12-month period.

• Sudden CFO resignations without a named successor could be the canary in the coal mine, signaling that revelations of fraud, an admission of weak internal controls or an accounting restatement are around the corner.

The aftermath of the dot-com bubble of the late 1990s didn’t just lead to a massive decline in the NASDAQ and associated tech companies, but it also led to the unraveling of the golden age of fraud. It wasn’t just investors that were hurt when fraud was uncovered in companies like Enron and WorldCom in 2001 and 2002, but many employees at these companies who had their retirement savings invested almost entirely in their company’s stock were also wiped out.

The collapse of these large companies and Enron’s auditor Arthur Andersen triggered the passing of the Sarbanes-Oxley Act (SOX) in 2002 to restore public trust in corporate financial reporting. One of the provisions of this act was that senior company executives like CEOs and CFOs had to personally certify the company’s financial statements.

Executives who certified false financial reports faced not only large fines, but also anywhere from 10 years to 20 years in prison depending on whether the certification was done knowingly or willfully. This massive liability ties back to the third insight mentioned above related to sudden CFO resignations. CFOs would much rather resign and walk away from a highly compensated position than deal with the risk of jail time if they are not comfortable certifying the company’s financial statements.

If you think sudden CFO resignations are rare, you would be surprised to learn that there were three just last week. In some weeks, we have seen nearly 10 sudden CFO departures as you can see from this tweet.

Whether it is a new CEO at the helm of one of your portfolio companies or the sudden departure of the CFO, the work Luke has done and shared in his webinar will give you a framework to think about how these changes are likely to impact your portfolio.

If you like his webinar or the slides, you can connect with him on LinkedIn or drop him an email.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Last month, I wrote about how the current market makes me extremely uneasy because it feels like 1999. In response, the S&P 500 posted a gain of more than 5%, the NASDAQ registered gains of over 8% in a single month and our model portfolio managed to generate nearly 12% of gains. A good mix of AI related names (SanDisk, Marvell), …

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Market Cap: $5.92 B

Deal Value: $17.6 B

Caesars Entertainment entered a merger agreement on May 28, 2026, to be acquired by hospitality billionaire Tilman Fertitta’s company, Fertitta Entertainment, Inc., in a deal valued at $17.6 billion, as he seeks to grow his leisure business. Although Fertitta has built his em…

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Market Cap: $8.42B

Enterprise Value: $24.32B

Introduction

The COVID years still feel like a bit of a blur to me, in the sense that it simultaneously feels like a great amount of time has passed and no time has passed at all. It’s hard to believe we’re coming up on over 6 years since the pandemic, but I think…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

C-Suite Transitions: A Deep Dive into CEO Changes

A quick reminder that our intern Luke Hammerschmidt is doing a webinar next Wednesday at 1 PM ET regarding his research related to C-Suite transitions with a specific focus on CEO and CFO changes.

You can check out the webinar and sign up for it here.

Update on Developing M&A

• American Airlines (AAL): United Airlines (UAL) CEO Scott Kirby said the carrier does not expect to pursue airline consolidation for the foreseeable future, weeks after American Airlines rebuffed his approach for a potential merger. (Reuters)

• Destination XL Group (DXLG): The Board unanimously recommends that shareholders reject the tender offer launched by Zodiac Partners II for $0.82 per share. (Press Release)

• Genco (GNK): Diana Shipping (DSX) announced that it has increased its offer to purchase all outstanding shares of common stock of Genco to $24.8 per share in cash from $23.5 per share. (Press Release)

• iHeartMedia (IHRT): Early-stage talks over a potential sale of iHeartMedia to SiriusXM (SIRI), which would create an audio giant, have stalled after the two sides were unable to come to terms. (NYT)

• ReNew Energy Global (RNW): CEO Sumant Sinha and Canada Pension Plan Investment Board jointly submitted a non-binding proposal to the special committee of the board of ReNew Energy Global to acquire all of the shares of the company at a price per share equal to $6.75. (13D Filing)

Rumors

• Aclarion (ACON): Echo Lake Capital offered to acquire the company for $4 per share in cash plus a contingent value right representing the right for stockholders to receive 80% of the net proceeds from the sale of Nociscan. (Press Release)

• Monro (MNRO): The Board has initiated a review of strategic alternatives to maximize shareholder value. (Press Release)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations.

Update on Shareholder Activism

• Alkami Technology (ALKT): Jana Partners is pushing Alkami Technology to restart a sales process after the financial technology company tapped advisers to explore strategic options several months ago. (Bloomberg)

• BP (BP): Ousted BP Chairman Albert Manifold met with activist shareholder Elliott Management during his tenure without telling fellow board members directly. (Reuters)

• Brera Holdings (SLMT): RBCH delivered a letter to the company requesting to convene an extraordinary general meeting of shareholders. (13D Filing)

• Flowserve (FLS): Starboard Value announced that it has delivered a letter to Flowserve’s Board, voicing concerns regarding a prolonged period of operational underperformance. (Letter)

• H.B. Fuller (FUL): Activist investor Ancora Holdings is pushing US adhesives maker H.B. Fuller to abandon a proposed takeover of UK-based Advanced Medical Solutions Group. (Bloomberg)

• Investcorp Credit Management BDC (ICMB): Bulldog Investors is calling on Investcorp, ICMB’s investment manager, to take responsibility for the dramatic decline in the value of ICMB’s shares. (Press Release)

• Lululemon Athletica (LULU): Entered into a cooperation agreement with founder Chip Wilson, who owns approximately 8.7% of the company’s outstanding common stock. (Press Release)

• McCormick & Co (MKC): Toms Capital Investment Management, an activist U.S. hedge fund, has built a significant stake in McCormick. (Reuters)

• Nano Dimension (NNDM): Murchinson is seeking to replace three of the five directors, including two directors originally nominated by Murchinson in its prior proxy contests, as well as the CEO. (Press Release)

• Sempra (SRE): Activist investor Voss Capital ​has urged Sempra to spin off its Oncor electricity unit, creating a high-growth Texas-focused utility unencumbered by the $60 billion energy giant’s predominant California business. (Reuters)

• Synopsys (SNPS): Has entered into a cooperation agreement with Elliott Investment Management, including the appointment of Jesse Cohn to its board as an independent director, effective June 1, 2026. (Press Release)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• Mobility Global (MBGL): Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global. (Form 10-12B/A)

• Modine (MOD): Modine said the planned spin-off of its Performance Technologies business and subsequent merger with Gentherm remains on track for completion before the end of 2026, pending SEC, shareholder, and tax approvals. (Filing)

• Midera Food Processing (MFP): Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Consumer Cyclical

• Caesars Entertainment (CZR) / Fertitta Entertainment - $17.6 bn, 2027 (Press Release, Merger Agreement)

Check out a list of over 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Arq (ARQ): Chief Accounting Officer Stacia Hansen resigns effective June 12, 2026. (Filing)

• Blue Ridge Bankshares (BRBS): Chief Operations and Technology Officer Dean Brown resigns effective May 28, 2026. (Filing)

• Cartesian Therapeutics (RNAC): Chief Medical Officer Milos Miljkovic resigns effective May 31, 2026. (Filing)

• CVB Financial (CVBF): General Counsel Richard Wohl retires effective June 5, 2026. (Filing)

• Hershey Company (HSY): Chief Supply Chain Officer Jason Reiman resigns effective June 22, 2026. (Filing)

• Planet Green (PLAG): Chief Financial Officer Lili Hu resigns effective May 28, 2026. (Filing)

• Rollins (ROL): Chief Financial Officer Kenneth Krause resigns effective June 15, 2026. (Filing)

• Scienture (SCNX): Chief Financial Officer Eric Sherb resigns effective May 26, 2026. (Filing)

• UMH Properties (UMH): Chief Financial Officer Anna T. Chew retires effective June 1, 2026. (Filing)

• Utz Brands (UTZ): Chief Integrated Supply Chain Officer Mitchell Arends resigns effective June 19, 2026. (Filing)

• XPO (XPO): Chief Legal Officer Wendy Cassity resigns effective June 18, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

You can check out the webinar and sign up for it here.

I was recently reading a quarterly letter by Chris Pavese of Broyhill Asset Management and he included the following quote by Ernest Hemingway:

“There is nothing to writing. All you do is sit down at a typewriter and bleed.”

The “bleed” part of the quote reminded me of George Bernard Shaw and the children’s book author Roald Dahl who would step out into a small hut separate from their primary homes to write. This is a technique my daughter also uses as she moves to a separate physical location to focus on writing some of our Insider Weekends articles.

Chris went on to say the following in his letter:

“Writing has always been a valuable tool for me, both personally and professionally. It has never been a particularly easy or enjoyable process, but the result usually justifies the effort. Through writing, I am able to flesh out my thinking, find holes in my logic, and distinguish highly confident ideas from those held more loosely.”

Chris’ admission that writing is neither easy nor enjoyable reflects what George Orwell wrote towards the end of his essay Why I Write, where he said:

“Writing a book is a horrible, exhausting struggle, like a long bout of some painful illness. One would never undertake such a thing if one were not driven on by some demon whom one can neither resist or understand.”

I have been writing publicly for twenty years and while the process is hard (I had to go to a separate physical space for three months to write most of my book), I actually find it immensely useful. In an AI era where productivity is greatly improved and the first thing most people outsource to AI is writing, I would propose that it should be an activity you continue to personally persevere in.

The five reasons I continue to write are:

• Writing as meditation: I have tried to meditate numerous times, both with the use of apps (Calm, Headspace, etc.) and without them, but have had very little success with it. The more I thought about it, the more I realized that in many ways writing is my meditation. It requires several hours of focus on a single topic and you often achieve flow state. The creative process gets the neurons firing but it is also calming.

• Writing improves retention: In a world where we are constantly inundated with new information and the signal-to-noise ratio is slowly eroding, we are in many ways training our brains to continually discard information and retain very little. I find that writing significantly enhances my memory of the topic or company I am writing about. A precursor to writing is research, and you often spend as much time, if not more, on the research before you start writing. This one-two punch of research and writing is likely solidifying the memory pathways in my brain and helping with retention.

• Writing crystallizes information: This is a benefit that writers often bring up, just as Chris did in his letter. I have found that at times I start writing with a certain idea in mind but by the end of the process I have changed my mind and reached a very different conclusion. This is particularly useful in investment research, where you really need to flesh out your assumptions and reasoning before you decide whether to invest in an opportunity and how to size the position.

• Writing increases conviction: Buying an investment is just one part of the process. You also need to know when to hold for the long run and when to sell. Holding on to an investment when things appear to be going against you requires conviction. One way to build that conviction is to write about the investment before you buy it, and share that research with others. I have often gone back to read my own reports to either build conviction or determine if the latest development is something that invalidates the original thesis, and requires a change. The change could be related to:

  • selling the investment

  • buying more of it (as a rule I don’t double down on investments but allow for very rare exceptions) or

  • improving your investment process to help you anticipate something like this new development in the future

• Writing as a networking tool: Sharing your research broadly whether it is through your own site like I do on InsideArbitrage or through various social media platforms will help you connect with other investors who might have a common interest. Better yet, you might hear from someone who might have an opposing view. Writing in public and the critical feedback I received in my early years were fundamental to my development as an investor, especially as someone coming in from outside this world and without a mentor. Beyond that, writing also helped me:

  • land a book deal from Harriman House (now Pan MacMillan)

  • create lasting friendships with folks I often meet in person

  • start two businesses

  • launch a podcast

Is There a Role for AI?

I am not a luddite or AI denier. In fact, I have built software systems from the ground up for enterprise clients and implemented ERP or EHR solutions in a past life.

We use AI extensively at InsideArbitrage both to ingest data and help us ramp up rapidly on new companies or industries that our event-driven processes unearth. We have developed detailed prompts that help us with the research process. In some instances, data ingestion times have gone down by more than 50%, allowing us to do more.

Productivity on the programming side has improved even more dramatically with our programmers writing very little code. They are now mostly focused on orchestration, verification, testing, and deployment. We have a slew of features and enhancements we are currently working on that we hope to roll out in the coming weeks.

The temptation to hand over the reins to AI is strong but when it comes to writing and certain other tasks, I believe it is still best to exercise human ingenuity and not let our creative muscles atrophy. The most I do with AI for writing is run the article through my favorite LLM with the prompt “check this article for spelling, grammar, and clarity issues” and ask Gemini to generate an image for the article.

The hardest part for me, unlike other writers, is getting started and knowing when to end. The middle part, thankfully, takes care of itself. Towards that end, I hope this article encourages you to continue writing if you have already been battling this demon or to get started if you have been contemplating it.

Market Cap: $59.51 B

Deal Value: $130 B

NextEra Energy, Inc. (NEE) entered a merger agreement on May 18, 2026, to acquire Dominion Energy for $130 billion, creating one of the world’s largest electric utilities if the deal closes.

The deal is one of the biggest energy mergers ever. The new company’s total enterprise value o…

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Market Cap: $122.70M

Enterprise Value: $359.27M

Introduction and Company Overview

When compiling our list of top five insider purchases and sales every week, we often have to do quite a bit of clean up when it comes to the raw data in order to remove purchases that don’t meet our criteria – including private transacti…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Destination XL (DXLG): The Board is carefully evaluating the offer from Zodiac Partners. Guggenheim Securities is acting as financial advisor to DXL, and Greenberg Traurig is acting as its legal advisor. (Press Release)

• eBay (EBAY): GameStop (GME) expanded its economic exposure to eBay through options. (13D Filing)

• Seer (SEER): The Board has reviewed and unanimously rejected the revised unsolicited non-binding proposal received from Bradley Radoff and Michael Torok. (Press Release)

Rumors

• IMAX (IMAX): Is exploring a sale and has approached entertainment companies as potential buyers. (WSJ)

• Lantheus Holdings (LNTH): Weighing a sale after getting a takeover offer from Curium that values the radiopharma company at about $7 billion. (Bloomberg)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations.

Update on Shareholder Activism

• Bio-Rad Laboratories (BIO): Activist Elliott Investment Management has built a sizable stake in Bio-Rad Laboratories and plans to push the supplier of life-science tools and diagnostics products to boost its underperforming stock price. (WSJ)

• Central Plains Bancshares (CPBI): Stilwell Activist Fund served a notice of intent to nominate Francis Younes for election as a director at the upcoming 2026 annual meeting, with Mark Novotny as the alternate nominee. (13D Filing)

• Fermi (FRMI): Co-founder, largest shareholder, and former chief of Fermi has committed to holding a shareholder vote in late June to overhaul the embattled company’s board. (WSJ)

• Kelly Services (KELYB): Hunt Equity Opportunities requested that the Board form a special committee of independent and disinterested directors so that Kelly is prepared to discuss and evaluate one or more possible transactions involving the company. (13D Filing)

• Lululemon Athletica (LULU): Chip Wilson announced settlement discussions with the Board. (SEC Filing)

• Six Flags (FUN): Entered into a Cooperation Agreement with H Partners, under which Rehan Jaffer, Founder and Managing Member of H Partners, will be appointed to the board of Six Flags following the 2026 Annual Meeting, replacing Arik Ruchim, who will be stepping down from the Board. (Filing)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• S&P Global (SPGI): S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. (Press Release)

  • S&P Global (SPGI): S&P Global approved the announced spin-off of its Mobility division into a standalone public company. Shareholders of record as of June 15, 2026, will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under the ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1. (Press Release)

• Madison Square Garden Sports (MSGS): Madison Square Garden Sports announced that it has made progress towards a proposed spin-off of its New York Rangers business from its New York Knicks business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission. (Press Release)

• Enviri (NVRI): Enviri expects to complete the sale of Clean Earth and the spin-off of Harsco Environmental and Rail on June 1, 2026. Existing shareholders are expected to receive $15 per share in cash, after debt repayment and transaction costs, along with 1 share of the newly separated Enviri for every 3 shares currently held. “When Issued” trading for Enviri II (“new Enviri) is set to begin May 27 under ticker “NVRI WI,” while regular-way trading under ticker “NVRI” is expected to begin June 2. (Press Release)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Real Estate

• AvalonBay Communities (AVB) / Equity Residential (EQR) - $34.91 bn, H2 2026 (Press Release, Merger Agreement)

Technology

• LiveRamp Holdings (RAMP) / Publicis Groupe - $2.17 bn, Year-end 2026 (Press Release, Merger Agreement)

Utilities

• Dominion Energy (D) / NextEra Energy (NEE) - $130 bn, Nov 2027 (Press Release, Merger Agreement)

Check out a list of over 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Eagle Materials (EXP): Chief Accounting Officer William R. Devlin retires effective June 1, 2026. (Filing)

• Knife River (KNF): Chief Accounting Officer Marney L. Kadrmas resigns effective May 21, 2026. (Filing)

• LendingTree (TREE): Chief Human Resources Officer Jill Olmstead resigns effective May 31, 2026. (Filing)

• Rent the Runway (RENT): Chief Financial Officer Siddharth Thacker resigns effective June 3, 2026. (Filing)

• Schrödinger (SDGR): Chief Commercial Officer Mannix Aklian resigns effective May 18, 2026. (Filing)

• Z Squared (ZSQR): Co-Chief Executive Officer Michelle Burke resigns effective May 22, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

This article is about a merger arbitrage focused fund that recently made what I consider one of the greatest trades ever and it turns out that the trade was not even a merger arbitrage situation. Before we discuss that fund and its trade, we are going to pay homage to the OG of merger arbitrage, John Paulson, who was once called “the king of merger arbitrage”.

We will discuss three investments by Paulson and then get to a trade that could be a worthy successor to the one discussed in the book The Greatest Trade Ever.

In an Insider Weekends article Tamanna wrote a little less than a year ago, we discussed an insider purchase of Bausch Health Companies (BHC), a company that was previously know as Valeant Pharmaceuticals and was sometimes referred to as the “Enron of pharma”. While Bausch Health didn’t interest us much, what really stood out to us was the person buying the stock and we wrote the following about John Paulson:

“The market paying attention to John Paulson isn’t all that surprising. One of the first books I read about investing was The Man Who Solved the Market by Gregory Zuckerman. Mr. Zuckerman also wrote a book called The Greatest Trade Ever – which tells the story of how the hedge fund manager John Paulson (who had a background in special situations and M&A) bet against risky mortgages in 2006 and onwards, accurately timing the implosion of the housing market and the Great Recession, making more than $15 billion for his firm.

Mr. Paulson then went on to invest very heavily in gold, something he remains invested in today – looking at the snapshot of his portfolio as provided by his 13F filing. Other interesting things to note is that over 40% of his portfolio is invested in a single company, Madrigal Pharmaceuticals (MDGL) and that Bausch makes up approximately 7% of the portfolio. Naturally, a purchase from an insider with such a successful track record who has been with the Board since 2017 is a good signal, but we’re not fully seeing the thesis when it comes to a company with such a massive debt balance and slowing revenue growth.

It is also important to remember that after “The Greatest Trade Ever”, Paulson’s bet on rising inflation and his investments in gold didn’t play out the way he expected, leading to years of subpar performance. After a 26 year run, he returned external capital to investors in 2020 and converted the firm into a family office.”

A week after his Bausch Health purchase, he made an appearance in another Insider Weekends article when he added to his stake in Perpetua Resources (PPTA) and some of what we discussed about that purchase is as follows:

“We typically don’t include purchases from 10% owners as part of our list of top five insider buys and sells because although the SEC considers them to be insiders (and thus requires that 10% owners file Form 4s), they aren’t really involved with the inner workings and operations of a company in the same way in which the C-Suite team or some directors may be. Nevertheless, we made an exception for John Paulson on account of his past insider activity.

Perpetua Resources makes up over 15% of Mr. Paulson’s portfolio, and given that he’s filing a Form 4 as a 10% owner, he obviously has a major stake in the business. His nearly $100 million addition to his Perpetua position this week is surprising for a number of reasons. Firstly, Perpetua has a market cap of just $1.35 billion – Mr. Paulson is effectively purchasing 7.4% of the company through this transaction, a massive purchase by any measure.

Furthermore, Perpetua’s stock has risen by over 100% in the last year alone and the stock price very recently hit an all-time high. The fact that Mr. Paulson is picking up shares at a time where the stock price has already appreciated so much is peculiar.

Part of the extreme rally can be explained by macroeconomic conditions. Perpetua is a exploration-phase mining company, primarily involved with mining gold and silver, but the company also engages in the exploration for and mining of the metal antimony. Antimony is a naturally occurring, silvery-white metalloid, primarily used in alloys to enhance their strength and hardness, particularly in lead-acid batteries. It’s also a key component in flame retardants and is used in the semiconductor industry. Thus, antimony has applications ranging from technology and defense applications to grid capacity storage batteries. However, the US has no domestically mined source of antimony and China, Russia and Tajikistan control more than 90% of global production.

China has started to restrict exports of antimony to the United States, which makes finding a domestic source of antimony all the more important. Perpetua, via their Stibnite Gold Project, has one of the largest economic reserves of antimony and could supply approximately 35% of U.S. demand in the first six years of production. More can be read about the project at this link, and a more complete overview of Perpetua can be seen in the image below.”

About two months later, John Paulson made an appearance in one of our Insider Weekends articles for the fourth time (the third time was a block purchase of Bausch Health from Carl Icahn). This time it was because one of the most successful biotech hedge funds was buying Madrigal Pharmaceuticals (MDGL), a company in which John Paulson had a significant stake. Given below is a small part of what we wrote about Madrigal:

Madrigal Pharmaceuticals’ Key Investors

Before we get into Madrigal Pharmaceuticals and the kinds of drugs it develops, we wanted to take a moment to dive into Baker Brothers. The hedge fund was founded in 2000 by brothers Julian and Felix Baker, and is known for its extreme secrecy (the Baker Brothers notably avoid the press at all costs, and the fund itself has no website or real online presence).

In 1994, the pair started managing healthcare investments for the Tisch family, the namesake for the NYU Tisch School and the family best known for turning the theater chain Loews (L) into a massive conglomerate. The Bakers created a standalone business in 2000 and within six years, they oversaw about $1 billion as an exclusively biotech-focused investment firm. As it stands today, Baker Brothers Advisors has AUM of $21.98 billion, and a snapshot of their top holdings as given by their most recent 13F filing can be seen in the image below.

The firm counts Yale University’s endowment as one of their biggest investors, and the university must be pleased with the way many of the Baker Brothers investments have turned out – the two made $1.4 billion in two weeks in 2019 after massive successes at Seattle Genetics (later renamed Seagen and acquired by Pzifer (PFE) for $43 billion in 2023) and BeiGene (ONC).

We frequently see insider purchases from the Baker Brothers at various companies in their portfolio, but Madrigal is one of their largest positions. Given Paulson’s involvement in the business, the fact that the company’s stock has run up by over 62% in the last year alone, and that Julian Baker serves as the Chairman of the company’s Board, we figured a closer look at Madrigal Pharmaceuticals was warranted.

Madrigal Pharmaceuticals

Madrigal is a biopharmaceutical company focused on treating metabolic dysfunction-associated steatohepatitis (MASH), a progressive liver disease that can lead to cirrhosis, liver failure, and death. A full explanation of the disease and its different stages can be seen in the image below. Founded in 2006, the company achieved a major milestone in 2024 by becoming the first company to receive U.S. FDA approval to treat MASH via its therapy Rezdiffra. Until mid-August 2025, Madrigal enjoyed exclusivity in this market – but on August 15th, the FDA approved Novo Nordisk’s (NVO) GLP-1 drug Wegovy to treat MASH in adults with moderate-to-advanced fibrosis. Wegovy was intially approved in 2017 for the treatment of obesity to reduce the risk of cardiovascular events, but this additional approval expands the scope of the drug much further.

However, there are many differences between the two drugs that maintain Madrigal’s more dominant position in the market. Rezdiffra is an oral tablet as opposed to Wegovy’s injection, which is a lot easier on patients, and has a liver-specific drug mechanism, whereas Wegovy is primarily meant to regulate glucose and appetite, with liver benefits as a secondary effect of overall weight loss. Wegovy intends to improve MASH through anti-inflammatory effects and by reducing fat levels in the liver.

How did John Paulson’s Investments Turn Out?

Paulson started his buying of Bausch Health at prices that ranged from $5.05 to as high as $9.00 and he paid a premium to buy a stake from Carl Icahn in a privately negotiated transaction at $9.00 per share. In that context, with Bausch Health currently trading at $5.32, he is down more than 35% on those 2025 purchases.

The story looks much better when you look at how he did with Perpetua Resources, which is up nearly 87% since his June 2025 purchase. He is likely also pleased that Madrigal Pharmaceuticals is up 76% over the last year and it is currently his second largest position, as can be seen from his holdings based on a 13F filing that came out last Friday. It looks like he used this jump in the stock to scale back some exposure to the company. Funds have to file a 13F with the SEC within 45 days after the end of a quarter (May 15 for Q1 2026) if they have $100 million of 13F securities (stocks, ETFs, certain options, etc.).

Over the last two years the 13F portfolio value for Paulson & Co, which does not include international stocks, short positions and other types of investments that don’t have to be reported on 13F filings, has more than doubled from $1.45 billion in Q1 2024 to $3.11 billion in Q1 2026.

Which brings us to another merger arbitrage focused fund that has seen its 13F portfolio value also nearly double from $9.76 billion in Q1 2024 to $19.28 billion in Q1 2026.

The Avis Budget Group Trade by Pentwater Capital

The car rental company Avis Budget Group (CAR) was a case study in my Stock Buybacks chapter of my book The Event-Driven Edge in Investingand I mentioned the following about their share repurchases:

“Over a two-year period in 2021 and 2022, Avis Budget Group retired nearly a third of its shares outstanding through buybacks. The company’s diluted shares outstanding dropped from 70.5m at the end of 2020 to 48.4m by the end of 2022.

Avis Budget Group is an outstanding example of a management team that are both good operators and capital allocators, stepping up their buybacks at the right time to return value to shareholders. They also purchased shares for their own accounts multiple times in 2021 and 2022, putting the stock on my radar through the Double Dipper screen.”

In the two years since the book was published, the company has continued to buy back shares but not at the rate it was doing during the pandemic. The stock is also up 33% since the publication date of May 21, 2024 but that is not even half the story.

Last month, the stock suddenly went parabolic, rising from nearly $146 at the end of March to an intraday peak of nearly $766 three weeks later. A short squeeze in a company with a very thin float triggered the massive move. The little P you see in late February on the chart below is a $40 million purchase by the merger arbitrage focused fund Pentwater Capital Management at an average price of $94.26.

Pentwater was already a 10% owner of Avis Budget Group before they added to their position and hence we were able to see that $40 million purchase from their Form 4 filing and didn’t have to wait for their 13F filing. At the end of Q1 2026, their 13F that was filed last Friday revealed a $922 million stake in the company through stock and call options that gave them exposure to another $113 million worth of stock. Interestingly, it also showed that they sold any put options they had on Avis Budget Group.

We have been following what a small group of merger arbitrage related funds have been doing each quarter and we published eight updates on their portfolio moves until August 2025. In my previous article titled Concentrated Merger Arbitrage Funds – Q2 2025 Update, I referenced Pentwater Capital’s portfolio (without naming them) and wrote the following:

“One of the eight merger arbitrage funds I track decided to start a new position in UnitedHealth Group and it was interesting to see them do this through long stock exposure as well as both call options and put options.

This was the same fund that had a massive negative bet on the overall market in Q1 2025 and seems to consistently get these calls, whether they are related to merger arbitrage or otherwise, right.”

This year, they once again got the Avis Budget trade right and exited a sizable chunk of their position during that April parabolic move, as I mentioned in this tweet:

Pentwater likely generated more than $1 billion in profits from this trade, even after giving back some profits to the company for violating the short-swing rule (buying and selling within a six month period). We track insiders who either willingly or unknowingly violate the short-swing rule in a custom screen we like to call the Flip Floppers.

I don’t know if this trade is a worthy successor to Gregory Zuckerman’s The Greatest Trade Ever but I am ready to crown Pentwater’s Matt Halbower the “new king of merger arbitrage”. Looking beyond the excitement of this trade, the 13F filing for Pentwater for Q1 2026 shows them focusing on their bread and butter by starting new positions in merger arbitrage situations like Danaher’s acquisition of Masimo (MASI) and Eli Lilly’s acquisition of Centessa Pharmaceuticals (CNTA), which we covered in detail as a spotlight idea in our May 2026 Special Situations newsletter.

Voluntary Disclosure: I hold a long position in Eli Lilly (LLY).

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Market Cap: $388.17 M

Enterprise Value: $900.37 M

American media mogul Byron Allen, who recently bought a majority stake in BuzzFeed (BZFD) and is set to take over Stephen Colbert’s CBS late-night slot, has now set his sights on subscription video provider Starz.

Allen Sets Sights on Starz

Allen, in March, through his…

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Market Cap: $10.16B

Enterprise Value: $8.72B

Introduction:

As companies finally release their Q1 2026 earnings, we’ve started to see a spike in insider activity once again, with insiders purchasing $463 million of stock in a week and selling a little over $3.82 billion. Oddly enough, despite the elevated levels of transactions,…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Brown-Forman (BF.A)(BF.B): Rejected a $32-per-share cash takeover offer from U.S. spirits maker Sazerac. (Reuters)

• Caesars Entertainment (CZR): Several banks have committed to a multibillion-dollar debt financing package that would pave the way for Caesars to be acquired by Tilman Fertitta. (FT)

• eBay (EBAY): The Board rejected GameStop’s (GME) unsolicited, non-binding acquisition proposal. (Press Release)

• Genco Shipping & Trading (GNK): The Board rejected the unsolicited tender offer from Diana Shipping (DSX) to acquire all outstanding shares of Genco common stock for $23.5 per share in cash. (Press Release)

• Papa John’s International (PZZA): Irth Capital is working with Papa John’s U.S. franchisee, who controls ​around 10% of the pizza chain’s domestic restaurants, to take the company private. (Reuters)

• Repay (RPAY): Forager said it has requested an in-person meeting with the Board of Repay within the next ten days to discuss its proposal directly. (Press Release)

• Seer (SEER): Bradley Radoff and Michael Torok submitted an improved non-binding proposal to acquire Seer for $2.4 per share in cash plus a contingent value right (CVR). (Press Release)

Rumors

• Beazer Homes USA (BZH): Dream Finders Homes submitted a proposal to the board of Beazer to acquire all outstanding shares in an all-cash transaction for $25.75 per share. (Press Release)

• Destination XL Group (DXLG): Zodiac Partners commenced an all-cash tender offer to acquire all outstanding shares of Destination XL Group for $0.82 per share. (Press Release)

• Dominion Energy (D): U.S. power company NextEra Energy (NEE) is in talks to combine with rival Dominion in a tie-up that would create a roughly $400 billion utility giant. (FT)

• GoPro (GPRO): The Board has authorized the company to engage in a strategic process and to engage a financial advisor to assist with that process. (Press Release)

• Magnum Ice Cream Company (MICC): Blackstone (BX) and CD&R are among the private equity firms in the early stages of exploring bids for Magnum. (Reuters)

• MidCap Financial Investment (MFIC): Apollo Global Management (APO) has been holding talks to sell MidCap Financial Investment, its publicly listed business-development company, a type of private-credit fund. (WSJ)

• Starz Entertainment (STRZ): Is the next takeover target for media mogul Byron Allen, and he’s taken a notable stake so far. (The Hollywood Reporter)

• Wendy’s (WEN): Nelson Peltz’s Trian Fund Management is seeking investor backing for a bid to take US fast-food chain Wendy’s private. (FT)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations.

Update on Shareholder Activism

• ASA Gold and Precious Metals (ASA): Saba Capital, in response to the process being conducted by the Special Committee of the Board with the assistance of Cantor Fitzgerald, submitted a non-binding proposal to the Board indicating its interest in a potential transaction involving ASA Gold and Precious Metals. (13D Filing)

• BWX Technologies (BWXT): Activist fund Ananym Capital Management is pushing nuclear technology company BWX Technologies to tap its nuclear reactor manufacturing capabilities for commercial use. (Bloomberg)

• Dexcom (DXCM): Activis investor Elliott Investment Management has taken a stake in medical device firm Dexcom and reached a settlement that will add two independent directors to the board. (Press Release)

• Dynatrace (DT): Pictet Asset Management bought shares as part of its investment approach. (13D Filing)

• Fermi (FRMI): Caddis Capital reaffirmed the firm’s support for Fermi’s Board, management team, and its long-term strategic plan. (Press Release)

• Hewlett Packard Enterprise (HPE): Irenic Capital is among the new activist funds with positions in tech company Hewlett Packard Enterprise, and has discussed its holdings and frustrations with executives. (Semafor)

• James River Group Holdings (JRVR): Zimmer Partners believes that the shares are undervalued and represent an attractive investment opportunity. (13D Filing)

• Novavax (NVAX): Shah Capital sent a presentation to the board outlining what they believe to be the failures of the current leadership, specifically noting the marketing failure since 2023; the underwhelming Sanofi (SNY) partnership; capital market mismanagement; and leadership enriching itself instead of building value. (13D Filing)

• Shopify (SHOP): Joshua Kushner’s Thrive Capital has taken a stake in Shopify. (Bloomberg)

• WW International (WW): Galloway Capital believes that the company is materially undervalued. (Letter)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• The Middleby (MIDD): Middleby announced that its Food Processing business will operate as Midera Food Processing ahead of its planned spinoff into a standalone public company, expected to be completed on July 6, 2026. Middleby stockholders will receive one share of Midera common stock for each Middleby share held on the record date, and Midera plans to list on the Nasdaq Global Select Market under the ticker symbol “MFP.” (Press Release)

• Enviri (NVRI): Enviri announced that the spin-off of its Harsco Environmental and Harsco Rail segments is expected to become effective on June 1, 2026. The spun-off company, currently named Enviri II and expected to be renamed Enviri, plans to list on the NYSE under the ticker symbol “NVRI.” Enviri stockholders will receive one share of New Enviri common stock for every three shares of CE Holdings common stock held following the holding company merger. The SEC declared the Form 10 registration statement effective on May 8, 2026. (Filing)

• Resideo Technologies (REZI): Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between the mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions. (Filing)

• FedEx (FDX): FedEx announced that its Board of Directors approved the previously announced separation of its freight business, with the board declaring a pro rata dividend of 80.1% of the outstanding shares of FedEx Freight common stock to FedEx shareholders of record as of May 15, 2026. Following the separation, FedEx Freight is expected to begin trading on the NYSE on June 1, 2026, under the ticker symbol “FDXF.” FedEx shareholders will receive one share of FedEx Freight common stock for every two shares of FedEx common stock held on the record date, with cash paid in lieu of fractional shares. (Press Release)

• Honeywell (HON): Honeywell published an amended Form 10 Information Statement for Honeywell Aerospace on May 14, 2026. The spin-off is expected to be completed in Q3 2026. Investor Day is scheduled for June 3, 2026. (Form 10-12B/A)

• S&P Global (SPGI): Mobility Global hosted its Investor Day in New York City in connection with the planned separation on May 12, 2026. (Investor Presentation)

• Corteva (CTVA): Corteva announced that “New Corteva,” its future crop protection company, will be headquartered in Indianapolis, Indiana, and Vylor, its advanced seed and genetics company, will be headquartered in Johnston, Iowa, both following the current company’s planned separation in the fourth quarter of 2026. (Press Release)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Basic Materials

• Orla Mining (ORLA) / Equinox Gold (EQX) - $6.83 bn, Q3 2026 (Press Release)

Communication Services

• Emerald Holding (EEX) / Apollo Funds (APO) - $1.5 bn, H2 2026 (Press Release, Merger Agreement)

Financial Services

• NSTS Bancorp (NSTS) / Brookfield Bancshares - $73.7 mn, Q4 2026 (Press Release, Merger Agreement)

Heathcare

• Assertio Holdings (ASRT) / Zydus Worldwide DMCC - $166.4 mn, (Press Release, Merger Agreement)

Check out a list of over 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Anavex Life Sciences Corp. (AVXL): Chief Operating Officer Felix Lauscher departs effective May 11, 2026. (Filing)

• BuzzFeed, Inc. (BZFD): Chief Executive Officer Jonah Peretti resigns effective May 26, 2026. (Filing)

• Clearway Energy (CWEN): General Counsel Kevin P. Malcarney retires effective June 1, 2026. (Filing)

• CRH (CRH): Chief Financial Officer Nancy Buese retires effective May 11, 2026. (Filing)

• CSX (CSX): Chief Digital & Technology Officer Stephen Fortune resigns effective May 14, 2026. (Filing)

• First Interstate BancSystem (FIBK): Chief Operations Officer Kristina Robbins resigns effective May 13, 2026. (Filing)

• Global Business Travel (GBTG): terminates Chief Technology Officer John David Thompson effective May 31, 2026. (Filing)

• Indivior (INDV): eliminates Chief Scientific Officer Christian Heidbreder effective June 1, 2026. (Filing)

• Ironwood Pharmaceuticals (IRWD): Chief Financial Officer Gregory Martini resigns effective May 15, 2026. (Filing)

• Jack in the Box (JACK): Chief Executive Officer Lance Tucker and Chief Customer and Digital Officer Ryan Ostrom resign effective May 8, 2026. (Filing)

• Local Bounti (LOCL): Chief Commercial Officer Dane Almassy resigns effective May 14, 2026. (Filing)

• Nature’s Sunshine Products (NATR): Chief Financial Officer L. Shane Jones resigns effective June 5, 2026. (Filing)

• NeoVolta (NEOV): Chief Financial Officer Steve Bond resigns effective May 18, 2026. (Filing)

• Nusatrip (NUTR): Chief Operating Officer Albert Nicolas resigns effective May 13, 2026. (Filing)

• Ocugen (OCGN): Chief Medical Officer Huma Qamar resigns effective May 8, 2026. (Filing)

• Selective Insurance (SIGI): Chief Investment Officer Joseph O. Eppers retires effective June 2, 2026. (Filing)

• Tandem Diabetes Care (TNDM): terminates Chief Commercial Officer Mark Novara effective May 18, 2026. (Filing)

• Uber Technologies (UBER): Chief People Officer Nikki Krishnamurthy resigns effective May 11, 2026. (Filing)

• Waste Management (WM): Chief Operating Officer John J. Morris, Jr. resigns effective May 13, 2026. (Filing)

• Western Alliance (WAL): Chief Banking Officer Stephen Curley resigns effective May 8, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

Since then, the S&P 500 is up another 3% and is up more than 25% over the last ye…

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Market Cap: $47.81 B

Deal Value: $55.5 B

It isn’t Cuba Gooding Jr. convincing Tom Cruise to scream, “Show me the money!” in Jerry Maguire. This time, investors want GameStop (GME) to do exactly that after the company proposed to buy eBay for $55.5 billion, offering $125 per share in a half-cash, half-stock deal. GameStop’s CEO Rya…

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Market Cap:$1.92B

Enterprise Value: $2.20B

Introduction

When I first started writing these Insider Weekends articles, there was a brief period of time where week after week, I’d end up writing about some regional bank or another. At the time, regional bank insider purchases weren’t rare by any means, and after some time …

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