Research
In-depth analysis of tender offers, odd-lot opportunities, and small-value strategies to help you make informed decisions.
Aterian (ATER) $18M Asset Sale: Cash Distribution Setup with a Tariff-Refund CVR
Aterian (ATER) is selling its brand portfolio to Trademark Global for $18M and pushing net proceeds plus a CVR to common holders in Q3 2026. Shares at $0.95 sit in the lower-middle of an estimated $0.83-$1.20 per-share distribution range.
American Eagle Gold Launches Hostile 1.41-Share Exchange Offer for Pacific Booker Minerals (PBMLF)
American Eagle Gold (AMEGF) launched a hostile all-stock bid for Pacific Booker Minerals (PBMLF), offering 1.41 AE shares per PBM share at a claimed 30.6% premium. Pacific Booker's CEO called it "half a sandwich." Here's the math, the risks, and the angle.
Neurocrine Launches $53/Share Tender Offer for Soleno Therapeutics (SLNO)
Neurocrine Biosciences is acquiring Soleno Therapeutics (SLNO) at $53/share in an all-cash tender offer worth $2.9B. The spread sits at just 1.2%.
Biogen Launches $41/Share Tender Offer for Apellis Pharmaceuticals (APLS)
Biogen is acquiring Apellis Pharmaceuticals (APLS) for $41/share cash plus a CVR worth up to $4/share. APLS trades at $40.70 with a 0.7% spread. All-cash, no financing contingency, expected Q2 2026 close.
Aurinia Pharmaceuticals to Acquire Kezar Life Sciences (KZR) for $6.955 Plus CVR
Aurinia is acquiring Kezar Life Sciences (KZR) for $6.955/share cash plus a non-transferable CVR. The tender offer commenced April 13, 2026. Partnership CVR buckets are worth ~$0. Excess cash above $50M is the only near-term value driver.
Agero Launches $5.50/Share Tender Offer for Urgent.ly (ULYX)
Agero is acquiring Urgent.ly (ULYX) at $5.50/share in cash via tender offer. The $12.1M deal has a ~2% spread, Nasdaq delisting risk, and an outside date of July 31, 2026.
Merck's $53.00 Tender Offer for Terns Pharmaceuticals (TERN): What Investors Need to Know
Merck is acquiring Terns Pharmaceuticals (TERN) for $53.00/share in an all-cash tender offer valued at ~$6.7 billion. The deal targets TERN-701, a novel CML drug. With TERN trading at $53.01, the spread is zero — the market has priced in completion.
Beretta Proposes $44.80 Partial Tender Offer for Sturm Ruger (RGR)
Beretta Holding has proposed a partial tender offer to acquire up to 20.05% of Sturm Ruger (RGR) shares at $44.80/share in cash, a roughly 9% premium to the current price. The offer has not yet commenced and is conditioned on Ruger waiving its poison pill.
Servier Launches $21.50/Share Tender Offer for Day One Biopharmaceuticals (DAWN)
Servier is acquiring Day One Biopharmaceuticals (DAWN) at $21.50/share in cash via tender offer, a 68% premium. The $2.5B deal is funded from existing cash and expected to close in Q2 2026.
Robin Energy (RBNE) Self-Tender at $3.00: 29% Spread on a Micro-Cap Shipping Play
Robin Energy (RBNE) is offering $3.00/share for up to 1M shares in an issuer self-tender expiring April 23, 2026. With RBNE at $2.32, the 29% spread looks attractive, but proration risk is high and liquidity is thin.
Scholastic (SCHL) $200M Self-Tender: Modified Dutch Auction at $36–$40
Scholastic (SCHL) is buying back up to $200M of its own stock at $36–$40/share via modified Dutch auction. With shares trading at $39.09 near the top of the range, the strategy choice matters. Expires April 20, 2026.
Urgent.ly (ULY) Tender Offer: Agero to Acquire All Shares at $5.50 Cash
Agero is acquiring Urgent.ly (ULY) at $5.50 per share in cash via tender offer followed by merger. The offer has not yet formally commenced. With shares at $5.38, the spread is roughly 2.2%. Expected close by end of May 2026.
Avidity Biosciences (RNAM) Spins Off Atrium Therapeutics (RNA): What Investors Need to Know
Avidity Biosciences (RNAM) distributed shares of Atrium Therapeutics (RNA) at a 1:10 ratio ahead of its $72/share Novartis merger. Atrium launches with $270M and two preclinical cardiology programs.
Unilever (UL) Completes Ice Cream Spin-Off: What to Know About Magnum Ice Cream (MICC)
Unilever (UL) spun off its ice cream division as The Magnum Ice Cream Company (MICC), distributing 1 MICC share per 5 UL shares. MICC trades at $15.12 with a $9.1B valuation and 2.4x leverage.
Comcast (CMCSA) Spins Off Versant Media Group (VSNT): What Investors Need to Know
Comcast (CMCSA) completed its tax-free spinoff of Versant Media Group (VSNT), housing its legacy cable networks. At $36.13 per share, VSNT trades at roughly 2.4x EBITDA with $6.7B in revenue and a $1B buyback authorized.
Kuva Labs Launches $5.00/Share Tender Offer for Lisata Therapeutics (LSTA) Plus $1.00 CVR
Kuva Labs is acquiring Lisata Therapeutics (LSTA) for $5.00/share in cash plus a CVR worth up to $1.00 tied to a certepetide NDA filing. The board unanimously recommends tendering, with closing expected in Q2 2026.
Black Pearl Raises Bid to $5.05/Share for Selectis Health (GBCS)
Black Pearl Equities has commenced a $5.05/share cash tender offer for all outstanding shares of Selectis Health (GBCS), up from its preliminary $4.00 bid. The offer expires May 11, 2026, with a 51% minimum tender condition.
Wix (WIX) Tender Offer: $1.75B Dutch Auction Buyback at $80-$92 — Full Analysis
Wix launched a $1.75B modified Dutch auction tender offer at $80-$92/share — roughly 35% of its float. Stock at $93.89, above the range. No spread today, but actionable if WIX drops below $92. Expires April 1, 2026.
Great Lakes Dredge & Dock (GLDD) - $17 Tender Offer From Saltchuk Resources
Saltchuk Resources is acquiring GLDD at $17.00/share in an all-cash tender offer with no financing condition. The spread is just 0.3%, but JPMorgan had a $20 target weeks before the deal was announced.
Lands' End (LE) Tender Offer: WHP Global Bids $45 Per Share
WHP Global offers $45/share for up to 2.2M LE shares (7% of float). Severe proration guaranteed with Lampert's 56% stake tendering. Blended return -4% to +5% at current prices if stock reverts to pre-announcement levels. Expires March 26.
Gilead to Acquire Arcellx (ACLX) for $115/Share Plus CVR in Cell Therapy Deal
Gilead is acquiring Arcellx (ACLX) at $115/share cash plus a non-transferable CVR worth up to $5.00. With the stock at $114.08, the 0.8% cash spread is noise. The real question is whether the CVR pays.
Docebo (DCBO) Tender Offer at $20.40: A 10% Premium Issuer Bid
Docebo (DCBO) offers $20.40/share in a $60M issuer bid expiring March 10. Canadian deemed-dividend withholding tax eats most of the spread for U.S. taxable accounts; Roth IRA holders may fare better.
Paramount Skydance's $31 Cash Bid for Warner Bros. Discovery (WBD)
WBD to be acquired for $31/share all-cash. 10.6% spread (~21% annualized). HSR cleared. Main risk is regulatory. $7B termination fee protects downside. Expected close Q3 2026.