The Special Situations Report

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The two discuss he completion of two large M&A transactions that had more twists and turns than a Christopher Nolan movie, the acquisition of a Chinese electric car company that is trading at a negative spread, an outsized CVR attached to the acquisition of Monogram’s acquisition by Zimmer, a flip flopping insider purchase at biotech company Dyne Therapeutics, Elliott’s activist involvement in Global Payments and a whole lot more.Keywords:M&A, merger arbitrage, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The two discuss Concentra Biosciences swooping in again to buy a yet another cash rich zombie biotech company, the Italian chocolate maker Ferrero acquiring the breakfast cereal company WK Kellogg, Kraft Heinz deciding to split itself by spinning off its grocery business, CoreWeave finally deciding to acquire Core Scientific after on again off again rumors that a deal was likely, a large buyback announcement at fintech platform provider The Bancorp, a new CEO announcement at Baxter that caught our attention because of his long stint in Danaher’s management ranks, and a whole lot more. Keywords:M&A, merger arbitrage, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

This week we discuss:Home Depot (HD) outbidding Brad Jacobs’ QXO (QXO) to acquire GMS (GMS)Concentra Biosciences acquiring yet another cash rich microcap biotech companyA potential deal for Verint Systems (VRNT) by Thoma BravoThe Sears spinoff Lands' End (LE) receiving competing bids from rival apparel companiesThe spinoff of Ralliant (RAL) from Fortive (FTV)A large number of buyback announcements at some of the biggest banks including JPMorgan (JPM)... and a whole lot more.Keywords:M&A, merger arbitrage, bidding wars, Brad Jacobs, QXO, credit, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The episode begins with a discussion of multiple deals in the works – including Brad Jacob’s newest bid for the construction products company GMS (and a potential rival bid from Home Depot) and briefly covers the since-squashed rumor that Shell would acquire its rival BP. Another important M&A headline covered in this episode include the closing of the Regulus and Novartis deal, the announced acquisition of Sage Therapeutics by Supernus Pharmaceuticals, the merger of two grocery chains, and more. The episode continues by breaking down the dilemna bondholders of Warner Bros Discovery faced regarding the planned spinoff and covers a large buyback at Vivek Ramaswamy’s Roivant. Asif and Tamanna then go onto discuss a number of fascinating buybacks, including a buyback announcement coupled with a secondary offering that sent Torrid’s stock price into free fall and a geopolitical buyback at the Indian travel company MakeMyTrip. The episode wraps up by covering a number of C-Suite transitions at companies such as Postal Realty Trust, Asana, Fastly, and FrontView REIT.Keywords:M&A, merger arbitrage, bidding wars, Brad Jacobs, QXO, credit, bonds, covenants, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

We’re proud to release this week’s special episode, our third-ever interview with our wonderful guest, Luis Sanchez. Luis Sanchez is the Founder and Managing Partner of LVS Advisory, a boutique investment advisory firm. His professional experience spans investment banking, consulting, and investment management. His investment insights have been featured in media outlets including CNBC, Yahoo Finance, Fox Business, The Motley Fool, The Manuel of Ideas, and more. Our conversation with Luis covered multiple fascinating topics – ranging from investment background, portfolio optimization, risk management, idea generation, and so much more. We also dived deep into how Luis's strategy has evolved over time, and the differences between and benefits of having both an event-driven and a growth strategy. During the course of our interview, we also delved into Luis's investment thesis for Netflix, and his thoughts on the biotech space in general - with a specific focus on contract research organizations (CROs) like Medpace and Icon and the impact of artificial intelligence. We learned so much from this discussion and we hope our listeners will too. Next week’s episode will cover the past week’s special situations activity as per usual, and also include any important announcements from this week as well.Check out InsideArbitrage here: https://www.insidearbitrage.com/Check out Luis Sanchez and LVS Advisory here: https://lvsadvisory.com/

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The episode begins with a discussion of numerous deals in the works at companies such as Foward Air, Calavo Growers, Papa John’s, and Telus International. Asif and Tamanna then go on to discuss the details between the proposed separation of Warners Bros Discovery and cover two fascinating insider purchases at Quanterix and Bausch Health, including an insider purchase by the hedge fund legend John Paulson. The episode continues by covering activist activity at Lamb Weston, Provident Bancorp, and Novo Nordisk. Last but not least, the episode concludes by highlighting a C-Suite transition that brings the CFO of Paramount over to the rapidly growing Roblox.Keywords:M&A, merger arbitrage, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

A minor correction at 17:50 – meant to be 15% of all shares outstanding, not 5%.Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They flip the script by beginning with a number of notable C-Suite transitions, including one at Shift4 Payments that has ties to the recent showdown between Elon Musk and Donald Trump. The episode continues by covering a range of M&A deals – including the Sanofi and Vigil Neuroscience deal with an attractive CVR and a twist on the typical thrift conversion playbook when it comes to NB Bancorp. Asif and Tamanna then discuss key buybacks at companies like Autoliv and Sprinklr, and a soon to be listed spinoff. Last but not least, the episode concludes by highlighting some of the most interesting insider purchases we’ve seen all year. This includes insider buying in the middle of an active merger at Regulus Therapeutics and the second-ever purchase by a long-standing Director at Topgolf Callaway.Keywords:M&A, tariffs, Elon Musk, Donald Trump, Twitter, X, merger arbitrage, CVRs, bidding war, competing offers, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a discussion of the terminated SPAR Group and Highwire Capital deal and new and rumored deals like the acquisition of Informatica by Salesforce and Golden Ocean Group by CMB.TECH. Asif and Tamanna then cover acquisition interest at the luxury real estate brokerage Douglas Elliman, which was spun out of Vector Group in late 2021. The episode continues by highlighting a buyback and C-Suite transition at Instacart, and a fascinating insider purchase at Phillips 66 tied to a battle by Elliott for control. The episode concludes with a discussion of a sudden termination at the battery storage solutions company EOS Energy Enterprises.Timestamps:(00:00) Intro(01:39) M&A(02:50) Key Story: Salesforce to Acquire Informatica(03:58) M&A Continued(05:23) Spinoffs(06:20) Key Story: Douglas Elliman Receives Takeover Interest(07:24) Buybacks(08:28) Key Story: Instacart Buyback and C-Suite Transition(12:26) Insiders(12:43) Key Story: Phillips 66 Continues to Face Activist Pressure From Elliott(15:41) C-Suite Transitions(16:52) OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/Check out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, tariffs, merger arbitrage, Elliott Management, deal terminations, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with yet another update to the US Steel and Nippon Steel deal, as well as a rare bump-up in deal price connected to the acquisition of Satixfy Communications. The episode continues with a few updates to spinoffs discussed in past episodes, including spinoffs at Sony Group and ABB. Asif and Tamanna then dive into Deckers Corporation, the parent company of brands like UGGs and Hoka, which recently announced a massive buyback. Other buybacks mentioned include buybacks at Xenia and Vertex Pharmaceutical, and the episode also highlights insider purchases at the health insurance giant United Health and the commercial kitchen equipment company Middleby. Asif and Tamanna conclude with a discussion of activist activity and management transitions at United Homes and Avadel.Timestamps:(0:00) Intro(01:54) Key Story: U.S. Steel and Nippon Steel Deal Update(03:54) M&A(11:07) Spinoffs(12:35) Key Story: Deckers Announces a Massive Buyback(14:35) Buybacks(16:04) Insider Transactions(16:45) Key Story: Fascinating Insider Purchase at Middleby(19:23) Activists(21:31) C-Suite Transitions(24:38) OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/Check out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, tariffs, merger arbitrage, Bill Ackman, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

We’re proud to release this week’s special episode, our second-ever interview with our wonderful guest, Rich Howe. Rich is best known for his extensive research on special situations, with a focus on spinoffs. Viewers may recognize Rich from his newsletters and detailed write-ups on various special situations he publishes via his site, Stock Spinoff Investing. Rich also has an excellent podcast of his own.Our conversation with Rich spanned multiple fascinating topics – ranging from investing background, attractive strategies, investments that worked out well like the South African thermal coal company Thungela Resources, key catalysts for spinoffs, differentiating valuable companies from toxic waste, and so much more. We also dived deep into two particular spinoffs – Resolute’s spinoff from CompoSecure and the final separation of the Starz business and Lionsgate. We learned so much from this discussion and we hope our listeners will too. Next week’s episode will cover the past week’s special situations activity as per usual, and also include any important announcements from this week as well.Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Rich Howe and Stock Spinoff Investing here: https://stockspinoffinvesting.com/ and https://x.com/stockspinoffss

This week we discuss:A big spike in M&A activity last week with six new deals announced including the acquisition of Sketchers (SKX) by the Brazilian PE firm 3G CapitalThe Beacon Roofing Supply - QXO (QXO) deal reaching the finish lineA downward revision in the amount of consideration Akoya Biosciences (AKYA) investors will receive when Quanterix (QTRX) acquires themThe confirmation of a rumored deal when Merck KGaA announced the acquisition of SpringWorks Therapeutics (SWTX)Sony Group's (SNE) decision to spinoff its semiconductor businessThe chapter 11 bankruptcy of Weight WatchersLarge stock buybacks by GoDaddy (GDDY), Align Technology (ALGN), Lyft (LYFT) and Turtle Beach (TBCH)A potential double dipper situation with Select Medical Holdings (SEM) where the company intends to buyback stock and insiders are also buying stock at the same timeA rare insider purchase of Tesla (TSLA) by its Director Joseph Gebbia, who is also a co-founder of Airbnb (ABNB)An unusual situation where a director of a company in the middle of an acquisition, Alumis (ALMS), purchases sharesCluster buying by five different insiders of Organon (OGN)Insider buying by the CEO and a director of Pebblebrook Hotel Trust (PEB)Bill Ackman's new proposal to acquire $900 million worth of Howard Hughes' (HHH) stock at a big premiumThe biggest C-suite transition of the year with Buffett handing over the reins to Berkshire Hathaway (BRK.B) to Greg AbelA massive drop in the stock price of Compass Diversified (CODI) after the CEO of a subsidiary was terminated without severanceDisclaimer: 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. 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.Keywords:M&A, Berkshire, merger arbitrage, Warren Buffet,, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, management transitions, special situations, event-driven investing, markets, stocks

This week’s special episode is our long-awaited first interview, with our wonderful guest, Chris DeMuth Jr. Chris DeMuth Jr founded Rangeley Capital in 2007 in order to exploit the seams between other hedge funds’ mandates. He also runs the investing group Sifting the World, in which he shares his best ideas, deep research, extensive resources and real time updates as investments play out. You may also recognize Chris from his fitness subtract Vale Tudo or his various appearances on Andrew Walker’s Yet Another Value Podcast.Our conversation with Chris spanned multiple fascinating topics – ranging from investing philosophies, portfolio sizing, merger arbitrage, understanding risk, busted biotechs, fitness achievements, and so much more. We learned so much from this discussion and we hope our listeners will too. Next week’s episode will cover the past week’s special situations activity as per usual, and also include any important announcements from this week as well.Check out InsideArbitrage here: https://www.insidearbitrage.com/Check out Chris DeMuth Jr.’s here: https://seekingalpha.com/author/chris-demuth-jr

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a potential rival offer by Authentic Brands to acquire Guess instead of WHP Global and cover an announcement from Alumis regarding a better offer for their acquisition of Acelyrin. Asif and Tamanna then dive into the spinoff of ABB’s robotics segment and cover some notable buybacks from the week at companies such as Google, Equifax, Medpace, and more. They then highlight a very fascinating insider purchase at an especially unique company, Lindblad Expeditions, and also cover some interesting activist activity at Harley-Davidson and Bausch Health by H Partners and Carl Icahn respectively. The episode concludes with a discussion of key management transitions at Avanos Medical and Match Group.Keywords:M&A, tariffs, merger arbitrage, Carl Icahn, bidding war, competing offers, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a discussion of a rumored deal between Theratechnologies and Future Pak and also provide an update on the Acelryin and Alumis deal discussed in prior episodes. Asif and Tamanna then cover notable buybacks at companies such as Goldman Sachs, which also saw some interesting insider activity. The episode also highlights two incredibly unique insider purchases at Fitlife Brands and Nutex, both of which serve as fascinating signals. The episode concludes with a discussion of activist activity at Hertz, HPE, and Harley-Davidson and a look at some notable C-Suite transitions in a relatively quiet week.Keywords:M&A, tariffs, merger arbitrage, contingent value rights, CVRs, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

There were two mistakes made during the recording of this podcast and our corrections are as follows:At 10:41, we mistakenly say Gen Digital’s stock price closed at $84.41. However, we instead meant to say that MoneyLion’s stock price closed at $85.41. At 16:12, we mistakenly note that Broadcom’s stock price is up 117% in the last five years when in reality it is up by roughly 580%.Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They once again revisit the US Steel and Nippon Steel deal, diving deep into the various updates and news reports that were released this week and how the deal’s spread has changed over time. Asif and Tamanna also discuss contingent value rights in mergers and acquisitions, with a particular focus on the unique CVR in the GenDigital and MoneyLion acquisition. The episode then highlights the unusual surge in insider buying following the recent market weakness, and features key insider transactions at Sinclair and Gamestop. The episode concludes with a look at a few important C-Suite transitions, at companies including Harley-Davidson and CVS.Keywords:M&A, tariffs, merger arbitrage, contingent value rights, CVRs, poison pills, hostile acquisitions, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks