merger-arbitrage theme · 7 dossiers

All-cash $25.00/share take-private by American Industrial Partners (announced 2026-04-14, EV $1.272B, no financing condition) converted AVNS into a merger-arb pin. Narrative is dead; tape sits a few percent under the cash floor until a…

Closed deal, not a trade: Eli Lilly's definitive ~$6.3B-cash + up to $1.5B-CVR acquisition (announced 2026-03-31, ~40% premium) capped the orexin story at the bid. Stock pinned near the ~$40 cash value, PTs clustered $40–42, post-M&A…

Take-private kills the momentum trade: ARCHIMED $3.16/sh cash + CVR (announced 2026-05-01, close Q3-2026) pins the stock at the deal price. Last ~$3.14 = ~0.6% arb spread to cash plus a near-free CVR fixed-income-shaped, not narrative…

Signed take-private: Long Lake buys Amex GBT at $9.50/share cash (~$6.3B), close 2H 2026, 69% of holders locked via voting agreements. Stock pinned under $9.50 pure merger-arb, ~1.7% capped upside vs ~36% deal-break tail. No momentum leg;…

Near-closed $27.00/share all-cash Chiesi takeout: all antitrust/FDI gates cleared (HSR 5/28, Germany 5/27, Italy 5/29); only the majority-tender condition remains, expiring 2026-06-10. Stock pinned ~$26.66, ~1.3% to deal vs ~40% break…

Takeover binary already resolved: Sun Pharma signed a definitive $14.00/share all-cash merger (2026-04-26, $11.75B EV, 103% premium) and no Grünenthal topping bid emerged. OGN now trades as deal-pinned merger-arb ~6% spread to an…

Pending all-cash takeout, not a momentum name: Publicis $38.50/share cash deal (signed 2026-05-16) pins RAMP at $37.42 (June 5), a ~2.9% arb spread to a year-end-2026 close. Upside capped at the contract price; deal-break downside ~-21%…