TakeoverPE & activists

Deals

How the take-private model works

The model learns from 144 buyouts by private-equity firms, sponsor-backed platforms, holdcos and insider groups across 11,725 company-years. It weighs size, goodwill from past acquisitions, activist 13D stakes and what each 10-K says about the business. In backtests on 2020–2024, companies in its top tenth were about 3.8× as likely as average to be taken private.

Which signals showed up before a deal

Every company with at least $500M of public float, as of April 1 each year from 2019 to 2025, scored only on what it had filed by then, including companies since bought and delisted. 541 of 11,725 company-years (4.6%) had a merger proxy, tender offer or going-private filing within the next 12 months. Lift is how much more often that happened when the signal had fired.

SignalFiredThen a dealLift
Quiet on AI*4157.7%1.67×
Goodwill-heavy9667.5%1.62×
Active 13D9437.0%1.52×
Dilutive SBC2,0846.0%1.31×
Buyout-sized7,1075.8%1.26×
Net cash8384.9%1.06×
Payouts exceed cash flow9474.9%1.05×
Earnings not backed by cash9414.8%1.04×
Low revenue per employee*2,4194.5%0.97×
2%02,713
4%15,084
7%23,130
6%3715
13%479
33%53
0%61
Deal rate by score, out of the 7 signals that can be rebuilt historically. Small print: companies at that score.

* Read from the 10-K text, which comes from a sample of 3,244 company-years: every company that later had a deal, plus five random others for each, weighted back up to the full panel. Treat these two as estimates.

Not in the backtest, because their history isn't kept: TSR below peers (pay-versus-performance tables start with fiscal 2022); High CEO pay despite TSR (pay-versus-performance tables start with fiscal 2022); Shareholder dissent (vote results are kept for two years); Net insider selling (form 4s are kept for two years).

FiledCompanyFormAcquirerBuyerScore beforePricePremium
Dec 31, 2020SKINSkinHealth Systems Inc.PREM14AVesper Healthcare Acquisition Corp.——$10.00—
Dec 29, 2020Urovant Sciences Ltd.PREM14ASumitovant Biopharma Ltd.——$16.25—
Dec 29, 2020Cellular Biomedicine Group, Inc.DEFM14ACBMG Holdings——$19.75—
Dec 29, 2020COUNTERPATH CORPPREM14AAlianza, Inc.——$3.49—
Dec 29, 2020Urovant Sciences Ltd.SC 13E3Sumitovant Biopharma Ltd.————
Dec 23, 2020Nielsen Holdings plcDEFM14AAdvent International Corporation—0 / 7$2700000000.00—
Dec 23, 2020ASTSAST SpaceMobile, Inc.PREM14ANew Providence Acquisition Corp.——$10.0995%
Dec 23, 2020CIT GROUP INCDEFM14AFirst Citizens BancShares, Inc.Strategic1 / 7$36.2976%
Dec 23, 2020Newborn Acquisition CorpPREM14ANB Merger Corp.——$13.9514%
Dec 23, 2020Wanda Sports Group Co LtdSC 13E3Wanda Culture Holding Co. Ltd————
Dec 23, 2020China Distance Education Holdings LTDSC 13E3Champion Distance Education Investments Limited————
Dec 23, 2020Wanda Sports Group Co LtdSC TO-TWanda Culture Holding Co. Ltd————
Dec 23, 2020BIOTELEMETRY, INC.SC TO-TKoninklijke Philips N.V.Strategic2 / 7——
Dec 22, 2020Prevail Therapeutics Inc.SC TO-TELI LILLY & Co————
Dec 22, 2020MIKROS SYSTEMS CORPDEFM14AMcKean Defense Group, Inc.——$0.1313%
Dec 22, 2020NAVISTAR INTERNATIONAL CORPPREM14ATRATON SE——$44.5085%
Dec 22, 2020NAVISTAR INTERNATIONAL CORPSC 13E3TRATON SE————
Dec 21, 2020Telenav, Inc.SC 13E3V99, Inc.————
Dec 18, 2020Mid-Con Energy Partners, LPDEFM14AContango Oil & Gas Company——$1.7525%
Dec 18, 2020SEACOR HOLDINGS INC /NEW/SC TO-TAmerican Industrial PartnersSponsor1 / 7——
Dec 18, 2020Tottenham Acquisition I LtdDEFM14ANorwich Investment Limited——$10.000%
Dec 18, 2020FBRTFranklin BSP Realty Trust, Inc.SC TO-T/AComrit Investments 1, LP————
Dec 18, 2020Telenav, Inc.PREM14AV99, Inc.——$4.80—
Dec 18, 2020TXNMTXNM ENERGY INCPREM14AAvangrid, Inc.Strategic1 / 7$50.3031%
Dec 17, 2020COLLECTORS UNIVERSE INCSC TO-TCards Acquisition Inc.————
Dec 16, 2020UWMCUWM Holdings CorpDEFM14ASFS Holding Corp.——$0.00100%
Dec 15, 2020BBIOBridgeBio Pharma, Inc.DEFM14A———$73.2641%
Dec 15, 2020American Renal Associates Holdings, Inc.DEFM14ANautic Partners, LLC——$11.5066%
Dec 15, 2020Eidos Therapeutics, Inc.DEFM14ABridgeBio Pharma, Inc.——$1.8541%
Dec 14, 2020CLOVCLOVER HEALTH INVESTMENTS, CORP. /DEDEFM14A———$0.00—
Dec 14, 2020RSIRush Street Interactive, Inc.DEFM14AdMY Sponsor, LLC——$10.00100%
Dec 14, 2020Endurance International Group Holdings, Inc.DEFM14AClearlake Capital Group, L.P.——$9.5079%
Dec 11, 2020CONCHO RESOURCES INCDEFM14AConocoPhillipsStrategic0 / 7——
Dec 11, 2020Cole Office & Industrial REIT (CCIT II), Inc.DEFM14AGriffin Capital Essential Asset REIT, Inc.Strategic3 / 7$1.39—
Dec 11, 2020Evolve Transition Infrastructure LPSC 13E3Stonepeak Catarina Holdings LLC————
Dec 11, 2020BAY BANKS OF VIRGINIA INCDEFM14ABlue Ridge Bankshares, Inc.——$0.50—
Dec 10, 2020MIKROS SYSTEMS CORPPREM14AMcKean Defense Group, Inc.——$0.1313%
Dec 8, 2020Front Yard Residential CorpDEFM14APretium Partners, LLC——$16.2564%
Dec 8, 2020Standard AVB Financial Corp.DEFM14ADollar Mutual Bancorp——$33.00—
Dec 7, 2020Vincerx Pharma, Inc.DEFM14ALifeSci Acquisition Corp.——$10.000%
Dec 4, 2020TAUBMAN CENTERS INCDEFM14ASimon Property Group, Inc.—2 / 7$43.0031%
Dec 4, 2020Pioneer PE Holding LLCDEFM14APioneer Natural Resources CompanyStrategic1 / 7$0.1330%
Dec 4, 2020AeroGrow International, Inc.SC 13E3SMG Growing Media, Inc.————
Dec 4, 2020AeroGrow International, Inc.PREM14ASMG Growing Media, Inc.——$3.00—
Dec 2, 2020Golden Nugget Online Gaming, Inc.DEFM14ATilman J. Fertitta——$104.9595%
Dec 1, 2020GOLDFIELD CORPSC TO-TFR Utility Services Merger Sub, Inc.————
Dec 1, 2020Endurance International Group Holdings, Inc.PREM14AClearlake Capital Group, L.P.——$9.5079%
Dec 1, 2020BurgerFi International, Inc.DEFM14ALion Point Capital, LP and Lionheart Equities, LLC——$10.600%
Nov 30, 2020CONSOL Coal Resources LPDEFM14A———$0.7373%
Nov 30, 2020OPENOpendoor Technologies Inc.DEFM14ASocial Capital Hedosophia Holdings Corp. II——$0.00100%
Nov 27, 2020TIFFANY & CODEFM14ALVMH Moët Hennessy-Louis Vuitton SE——$131.5033%
Nov 25, 2020TAUBMAN CENTERS INCPREM14ASimon Property Group, Inc.—2 / 7$43.0031%
Nov 25, 2020Standard AVB Financial Corp.PREM14ADollar Mutual Bancorp——$33.00100%
Nov 24, 2020WPX ENERGY, INC.DEFM14ADevon Energy Corporation——$0.5266%
Nov 24, 2020Gridsum Holding Inc.SC 13E3—————
Nov 24, 2020MVC CAPITAL, INC.DEFM14ABarings LLC——$0.3944%
Nov 24, 2020American Renal Associates Holdings, Inc.PREM14ANautic Partners, LLC——$11.5066%
Nov 23, 2020Front Yard Residential CorpPREM14APretium Partners, LLC——$16.2563%
Nov 18, 2020BMC STOCK HOLDINGS, INC.DEFM14ABuilders FirstSource, Inc.Strategic2 / 7$1.3131%
Nov 18, 2020Tottenham Acquisition I LtdPREM14ANorwich Investment Limited——$10.0050%
Nov 16, 2020DUNKIN' BRANDS GROUP, INC.SC TO-TInspire Brands, Inc. (Roark Capital-backed)Sponsor platform0 / 7——
Nov 16, 2020TIFFANY & COPREM14ALVMH Moët Hennessy-Louis Vuitton SE——$131.5033%
Nov 12, 2020DOYUDouYu International Holdings LtdSC 13E3HUYA Inc.————
Nov 12, 2020East Stone Acquisition CorpPREM14AUfin Tek Limited——$11.50100%
Nov 10, 2020HL Acquisitions Corp.DEFM14AFusion Fuel Green PLC——$10.4747%
Nov 10, 2020Cole Office & Industrial REIT (CCIT III), Inc.DEFM14ACIM Real Estate Finance Trust, Inc. (CMFT)——$1.1010%
Nov 10, 2020Cole Credit Property Trust V, Inc.DEFM14ACIM Real Estate Finance Trust, Inc.——$2.8910%
Nov 9, 2020PLBYPlayboy, Inc.PREM14A———$10.0560%
Nov 5, 2020Orisun Acquisition Corp.DEFM14APubCo——$10.00100%
Nov 5, 2020FBRTFranklin BSP Realty Trust, Inc.SC TO-T/AComrit Investments 1, LP————
Nov 5, 2020PERCEPTRON INC/MIDEFM14AAtlas Copco North America LLC——$7.0066%
Nov 4, 2020Resource Real Estate Opportunity REIT, Inc.DEFM14A———$1.2222%
Nov 4, 2020Resource Apartment REIT III, Inc.DEFM14A———$10.009%
Nov 4, 2020TRANSATLANTIC PETROLEUM LTD.DEFM14ATAT Holdco LLC——$0.1330%
Nov 2, 2020FBRTFranklin BSP Realty Trust, Inc.SC TO-T/AComrit Investments 1, LP————
Nov 2, 2020BIOSPECIFICS TECHNOLOGIES CORPSC TO-TEndo International plc————
Nov 2, 2020Neurotrope, Inc.DEFM14APetros Pharmaceuticals, Inc.——$70.4470%
Oct 30, 2020GRIZZLY MERGER SUB 1, LLCDEFM14ALiberty Broadband Corporation—1 / 7——
Oct 30, 2020A. M. Castle & Co.SC 13E3—————
Oct 29, 2020Netfin Acquisition Corp.DEFM14A—————
Oct 29, 2020LBRTLiberty Energy Inc.DEFM14ASchlumberger Technology Corporation—2 / 7$10.0030%
Oct 28, 2020Life Partners Position Holder TrustSC TO-TCFunds Life Settlement, LLC————
Oct 28, 2020SOGOU INC.SC 13E3Tencent Holdings Limited————
Oct 28, 2020Acorn International, Inc.SC 13E3First Ostia Port Ltd.————
Oct 26, 2020MOBILEIRON, INC.DEFM14AIvanti, Inc.——$7.0523%
Oct 23, 2020FBRTFranklin BSP Realty Trust, Inc.SC TO-TComrit Investments 1, LP————
Oct 23, 2020EOSEEos Energy Enterprises, Inc.DEFM14AB. Riley Financial, Inc.——$10.000%
Oct 23, 2020Sirius International Insurance Group, Ltd.DEFM14AThird Point Reinsurance Ltd.——$9.5014%
Oct 21, 2020DIME COMMUNITY BANCSHARES INCDEFM14ABridge Bancorp, Inc.Strategic2 / 7$14.8049%
Oct 21, 2020PERCEPTRON INC/MIPREM14AAtlas Copco North America LLC——$7.0066%
Oct 20, 2020VIRTUSA CORPDEFM14ABaring Private Equity Asia Pte. Limited——$51.35—
Oct 19, 2020TOROTEL INCDEFM14ATT Group Industries, Inc.——$6.17300%
Oct 19, 2020CTOCTO Realty Growth, Inc.DEFM14A———$42.7520%
Oct 16, 2020DYNATRONICS CORPPREM14AAcme Corporation——$35.5026%
Oct 15, 2020AMAG PHARMACEUTICALS, INC.SC TO-TApollo Management IX, L.P.————
Oct 15, 2020Sunworks, Inc.DEFM14AThe Peck Company Holdings, Inc.Strategic0 / 7$3.23100%
Oct 15, 2020CF Finance Acquisition Corp.DEFM14A———$10.38100%
Oct 14, 2020MOBILEIRON, INC.PREM14AIvanti, Inc.——$7.0523%
Oct 13, 2020SandRidge Permian TrustSC TO-TPEDEVCO CORP————
Oct 13, 2020SINA CORPSC 13E3New Wave Holdings Limited————
Oct 9, 2020COGTCogent Biosciences, Inc.DEFM14AKiq Bio LLC——$104401000.00100%
Oct 9, 2020RSIRush Street Interactive, Inc.PREM14AdMY Sponsor, LLC——$0.00100%
Oct 9, 2020ADVAdvantage Solutions Inc.DEFM14ACenterview Capital——$10.00100%
Oct 9, 2020Cellular Biomedicine Group, Inc.PREM14AYunfeng Capital, TF Capital, Velvet Investment——$19.7598%
Oct 9, 2020Cellular Biomedicine Group, Inc.SC 13E3Yunfeng Capital Limited————
Oct 8, 2020SNFIStark Novus Financial Inc.DEFM14ADiamondPeak Sponsor LLC——$78.8080%
Oct 8, 2020Vincerx Pharma, Inc.PREM14AVincera Pharma, Inc.——$13.80138%
Oct 7, 2020VIRTUSA CORPPREM14ABaring Private Equity Asia Pte. Limited——$51.3547%
Oct 6, 2020Montage Resources CorpDEFM14ASouthwestern Energy Company——$1.87—
Oct 5, 2020Fisker Inc./DEDEFM14A—————
Oct 2, 2020UWMCUWM Holdings CorpPREM14ASFS Holding Corp.——$0.00100%
Oct 1, 2020TOROTEL INCPREM14ATT Group Industries, Inc.——$6.17300%
Oct 1, 2020Tattooed Chef, Inc.DEFM14AMyjojo, Inc.——$10.000%
Sep 30, 2020China XD Plastics Co LtdDEFM14AFaith Dawn Limited——$1.20—
Sep 25, 2020Hudson Ltd.SC 13E3Dufry AG————
Sep 25, 2020Landsea Homes CorpPREM14A———$10.569%
Sep 23, 2020Jernigan Capital, Inc.DEFM14ANexPoint RE Merger, Inc.——$17.3031%
Sep 23, 2020TRANSATLANTIC PETROLEUM LTD.SC 13E3TAT Holdco LLC————
Sep 22, 2020TRANSATLANTIC PETROLEUM LTD.PREM14ATAT Holdco LLC——$0.13300%
Sep 22, 2020CURICuriosityStream Inc.DEFM14A—————
Sep 21, 2020BM Technologies, Inc.PREM14AMFA Investor Holdings, LLC——$10.38104%
Sep 18, 2020CTEVClaritev CorpDEFM14AHellman & Friedman Capital Partners VIII, L.P.——$10.0084%
Sep 18, 2020FULING GLOBAL INC.SC 13E3Harvest Wind Investment Limited————
Sep 17, 2020GRIZZLY MERGER SUB 1, LLCSC 13E3Liberty Broadband Corp—1 / 7——
Sep 17, 2020GRIZZLY MERGER SUB 1, LLCPREM14ALiberty Broadband CorporationStrategic1 / 7——
Sep 17, 2020Liquidia Technologies IncDEFM14A———$46.7747%
Sep 16, 2020Yintech Investment Holdings LtdSC 13E3Yinke Holdings Ltd————
Sep 15, 2020Livongo Health, Inc.DEFM14ATeladoc Health, Inc.——$4.2450%
Sep 15, 2020AKCEA THERAPEUTICS, INC.SC 13E3Ionis Pharmaceuticals, Inc.————
Sep 15, 2020ROSETTA STONE INCSC TO-TEMPOWER MERGER SUB INC.————
Sep 14, 2020Aimmune Therapeutics, Inc.SC 13E3Société des Produits Nestlé S.A.————
Sep 14, 2020VARIAN MEDICAL SYSTEMS INCDEFM14ASiemens Healthineers Holding I GmbH——$177.5044%
Sep 14, 2020Aimmune Therapeutics, Inc.SC 13E3Societe des Produits Nestle S.A.————
Sep 14, 2020Velodyne Lidar, Inc.DEFM14A———$10.25100%
Sep 11, 2020EOSEEos Energy Enterprises, Inc.PREM14AB. Riley Principal Merger Corp. II——$10.000%
Sep 10, 2020ADVAdvantage Solutions Inc.PREM14ACVC Capital Partners, Leonard Green & Partners, Juggernaut Capital Partners, Centerview Capital——$10.00100%
Sep 9, 2020OTELCO INC.DEFM14AOak Hill Capital Management, LLC——$11.7543%
Sep 8, 2020HYLNHyliion Holdings Corp.DEFM14ATortoise Sponsor LLC——$10.0010%
Sep 8, 2020On Deck Capital, Inc.DEFM14AEnova International, Inc.——$1.76142%
Sep 4, 2020MAXIM INTEGRATED PRODUCTS INCDEFM14AAnalog Devices, Inc.——$0.6321%
Sep 2, 2020Vivint Solar, Inc.DEFM14ASunrun Inc.——$58.2745%
Sep 2, 2020micromobility.com Inc.PREM14AAccountable Healthcare America, Inc.——$10.1111%
Sep 1, 2020Garrison Capital Inc.DEFM14ASierra Crest Investment Management LLC——$19.1091%
Aug 31, 2020Water Now, Inc.PREM14ARigMax H2O, LLC——$0.00—
Aug 31, 2020MCHXMARCHEX INCSC TO-TEdenbrook Capital, LLC————
Aug 31, 2020Netfin Acquisition Corp.PREM14AMVR Netfin LLC——$11.500%
Aug 28, 2020Principia Biopharma Inc.SC TO-TSanofiStrategic2 / 7——
Aug 28, 2020CNX Midstream Partners LPDEFM14ACNX Resources CorporationStrategic1 / 7$0.8833%
Aug 28, 2020VARIAN MEDICAL SYSTEMS INCPREM14ASiemens Healthineers Holding I GmbH——$177.5030%
Aug 26, 2020NOBLE ENERGY INCDEFM14AChevron CorporationStrategic0 / 7$10.398%
Aug 26, 2020National General Holdings Corp.DEFM14AThe Allstate Corporation—1 / 7$34.5069%
Aug 25, 2020ASTA FUNDING INCDEFM14A———$13.1013%
Aug 24, 2020MCHXMARCHEX INCDEFM14AArchenia, Inc.——$2.25—
Aug 24, 2020SNFIStark Novus Financial Inc.PREM14ADiamondPeak Sponsor LLC——$60.5161%
Aug 24, 2020MajescoDEFM14AThoma Bravo, L.P.——$16.00112%
Aug 21, 2020INNERWORKINGS INCDEFM14AHH Global Group Limited——$3.00149%
Aug 21, 2020Orisun Acquisition Corp.PREM14APubCo——$10.00100%
Aug 20, 2020Jernigan Capital, Inc.PREM14ANexPoint RE Merger, Inc.——$17.3029%
Aug 20, 2020OTELCO INC.PREM14AOak Hill Capital Management, LLC——$11.7543%
Aug 19, 2020BARE METAL STANDARD INC.DEFM14ACode 96 LLC————
Aug 17, 2020Acreage Holdings, Inc.DEFM14ACanopy Growth Corporation—2 / 7$0.30120%
Aug 14, 2020MajescoPREM14AThoma Bravo, L.P.——$16.00112%
Aug 13, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 12, 2020Tingo Group, Inc.DEFM14AGlobal Fintech Holdings Ltd.——$1.10100%
Aug 12, 2020Golden Nugget Online Gaming, Inc.PREM14AJefferies Financial Group Inc.——$30.0044%
Aug 12, 2020CURICuriosityStream Inc.PREM14ASoftware Acquisition Group Inc.————
Aug 12, 2020HL Acquisitions Corp.PREM14AFusion Fuel Green Limited——$10.47100%
Aug 11, 2020BARE METAL STANDARD INC.PREM14ACode 96 LLC——$0.00—
Aug 11, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 11, 2020Tattooed Chef, Inc.PREM14AMyjojo, Inc.——$10.00100%
Aug 10, 2020INNERWORKINGS INCPREM14AHH Global Group Limited——$3.00—
Aug 10, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 7, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 7, 2020Fisker Inc./DEPREM14ASpartan Energy Acquisition Sponsor LLC——$10.00100%
Aug 7, 2020CF Finance Acquisition Corp.PREM14A———$10.37104%
Aug 6, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 6, 2020National General Holdings Corp.PREM14AThe Allstate CorporationStrategic1 / 7$34.5069%
Aug 5, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 4, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Aug 4, 2020Far Point Acquisition CorpDEFM14A———$10.72100%
Aug 4, 2020Goldman Sachs Middle Market Lending Corp.DEFM14A———$17.110%
Aug 3, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 31, 2020GLOBALSCAPE INCSC TO-TGrail Merger Sub, Inc.————
Jul 31, 2020CTEVClaritev CorpPREM14AH&F (Hellman & Friedman Capital Partners VIII, L.P.)——$10.0082%
Jul 27, 2020IFFINTERNATIONAL FLAVORS & FRAGRANCES INCDEFM14ADuPont de Nemours, Inc.—2 / 7$135.0035%
Jul 27, 2020BIOXBioceres Crop Solutions Corp.SC 13E3—————
Jul 27, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 24, 2020Advanced Disposal Services, Inc.DEFM14AWaste Management, Inc.——$30.309%
Jul 24, 2020Benefytt Technologies, Inc.SC TO-TDAYLIGHT BETA, CORP.————
Jul 23, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 21, 2020Acreage Holdings, Inc.PREM14ACanopy Growth CorporationStrategic2 / 7$0.30120%
Jul 20, 2020Pacific Oak Strategic Opportunity REIT II, Inc.DEFM14A———$0.9630%
Jul 20, 2020BITAUTO HOLDINGS LTDSC 13E3Tencent Holdings Limited————
Jul 20, 2020FORESCOUT TECHNOLOGIES, INCSC TO-TFerrari Merger Sub, Inc.————
Jul 20, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 17, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 16, 2020LiveVox Holdings, Inc.PREM14ACFI Sponsor LLC——$10.2410%
Jul 16, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 15, 2020E*TRADE FUTURES LLCSC TO-TAPERTURE TECHNOLOGIES INC————
Jul 15, 2020Velodyne Lidar, Inc.PREM14AGraf Acquisition LLC——$14.30144%
Jul 13, 2020WESTELL TECHNOLOGIES INCSC 13E3—————
Jul 13, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 10, 2020PEOADAMS NATURAL RESOURCES FUND, INC.SC TO-TBulldog Investors, LLC————
Jul 10, 2020HYLNHyliion Holdings Corp.PREM14A———$10.0010%
Jul 8, 2020WTWWILLIS TOWERS WATSON PLCDEFM14AAon plc—0 / 7$1.08—
Jul 8, 2020AONAon plcDEFM14A——0 / 7$1.0810%
Jul 6, 2020Advanced Disposal Services, Inc.PREM14AWaste Management, Inc.——$30.309%
Jul 6, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jul 6, 202058.com Inc.SC 13E3Warburg Pincus————
Jul 6, 2020Sky Solar Holdings, Ltd.SC 13E3Square Ltd————
Jul 6, 2020BPYPOBrookfield Property Partners L.P.SC TO-TBROOKFIELD ASSET MANAGEMENT INC.————
Jul 1, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jun 29, 2020Quintana Energy Services Inc.DEFM14AKLX Energy Services Holdings, Inc.——$107.3635%
Jun 29, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jun 29, 2020TETRAPHASE PHARMACEUTICALS INCSC TO-TLA JOLLA PHARMACEUTICAL CO————
Jun 29, 2020TerraForm Power NY Holdings, Inc.DEFM14ABrookfield Renewable Partners L.P.Sponsor platform1 / 7——
Jun 24, 2020Digital Media Solutions, Inc.DEFM14A—————
Jun 24, 2020FINJAN HOLDINGS, INC.SC TO-TCFIP Goldfish Merger Sub Inc.————
Jun 22, 2020China XD Plastics Co LtdSC 13E3Faith Dawn Limited————
Jun 22, 2020China XD Plastics Co LtdPREM14AFaith Dawn Limited——$1.20—
Jun 22, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jun 18, 2020SURGALIGN HOLDINGS, INC.DEFM14AMontagu Private Equity LLP——$440.0031%
Jun 15, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jun 12, 2020E TRADE FINANCIAL CORPDEFM14AMorgan StanleyStrategic0 / 7$50.7959%
Jun 12, 2020ABTCAmerican Bitcoin Corp.DEFM14AAmple Organics Inc.——$0.00—
Jun 12, 2020TETRAPHASE PHARMACEUTICALS INCSC TO-TMELINTA THERAPEUTICS, INC. /NEW/————
Jun 8, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
Jun 8, 2020SURGALIGN HOLDINGS, INC.PREM14AMontagu Private Equity LLP——$440.0031%
Jun 2, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
May 29, 2020TAUBMAN CENTERS INCDEFM14ASimon Property Group, Inc.—2 / 7$52.5031%
May 27, 2020LINE CorpSC TO-TNAVER Corp————
May 27, 2020LINE CorpSC 13E3NAVER Corporation————
May 27, 2020PORTOLA PHARMACEUTICALS INCSC TO-TAlexion Pharmaceuticals, Inc.Strategic2 / 7——
May 26, 2020Delphi Technologies PLCDEFM14ABorgWarner Inc.—1 / 7$0.43—
May 26, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
May 22, 2020MCX Technologies CorpDEFM14Amfifty, LLC——$52.00100%
May 22, 2020SENSTAR TECHNOLOGIES LTD.SC TO-TDAVIDI ISHAY————
May 20, 2020PROFICIENT ALPHA ACQUISITION CORPDEFM14AComplex Zenith Limited——$10.1910%
May 18, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
May 15, 2020PEOADAMS NATURAL RESOURCES FUND, INC.SC TO-TBulldog Investors, LLC————
May 13, 2020Whole Earth Brands, Inc.DEFM14AAct II Global Acquisition Corp.——$61.8162%
May 12, 2020STEMLINE THERAPEUTICS INCSC TO-TA. Menarini Industrie Farmaceutiche Riunite Srl————
May 11, 2020AONAon plcPREM14AAon plcStrategic0 / 7$187.4010%
May 11, 2020QGENQIAGEN N.V.SC TO-T/ATHERMO FISHER SCIENTIFIC INC.————
May 11, 2020MCX Technologies CorpPREM14Amfifty, LLC——$0.00—
May 11, 2020WTWWILLIS TOWERS WATSON PLCPREM14AAon plcStrategic0 / 7$187.408%
May 8, 2020SB ONE BANCORPDEFM14AProvident Financial Services, Inc.——$22.0919%
May 8, 2020AARON'S INCDEFM14A——1 / 7$0.00—
May 7, 2020ASTA FUNDING INCSC 13E3—————
May 7, 2020ASTA FUNDING INCPREM14A———$11.4730%
May 6, 2020MOBILE MINI INCDEFM14AWillScot CorporationStrategic1 / 7$2.4041%
May 6, 2020TD AMERITRADE HOLDING CORPDEFM14AThe Charles Schwab Corporation——$1.08—
May 4, 2020Franklin Financial Network Inc.DEFM14AFB Financial Corporation——$2.0037%
May 1, 2020EQM Midstream Partners, LPDEFM14AEquitrans Midstream CorporationStrategic2 / 7$2.4430%
May 1, 2020GAIN Capital Holdings, Inc.DEFM14AINTL FCStone Inc.——$6.0070%
Apr 29, 2020LRMRLarimar Therapeutics, Inc.DEFM14AChondrial Therapeutics, Inc.——$645.51—
Apr 29, 2020ChampionX CorpDEFM14AEcolab Inc.—2 / 7——
Apr 28, 2020TAUBMAN CENTERS INCSC 13E3Simon Property Group, Inc.Strategic2 / 7——
Apr 28, 2020QGENQIAGEN N.V.SC TO-TTHERMO FISHER SCIENTIFIC INC.————
Apr 28, 2020TAUBMAN CENTERS INCPREM14ASimon Property Group, Inc.—2 / 7$52.5030%
Apr 27, 2020FGL HoldingsDEFM14AFidelity National Financial, Inc.Strategic3 / 7$12.5031%
Apr 24, 2020TETRAPHASE PHARMACEUTICALS INCDEFM14AAcelRx Pharmaceuticals, Inc.——$0.6363%
Apr 22, 2020TiVo CorpDEFM14AXperi CorporationStrategic2 / 7—0%
Apr 22, 2020MSB FINANCIAL CORPDEFM14AKearny Financial Corp.——$18.0083%
Apr 22, 2020Meet Group, Inc.DEFM14AeHarmony Holding, Inc.——$6.3030%
Apr 21, 2020NWFLNORWOOD FINANCIAL CORPDEFM14AUpState New York Bancorp, Inc.——$33.3333%
Apr 20, 2020CenterState Bank CorpDEFM14ASouth State Corporation——$0.30—
Apr 16, 2020LEGG MASON, INC.DEFM14AFranklin Resources, Inc.——$50.00—
Apr 15, 2020Jumei International Holding LtdSC 13E3Chen Leo Ou————
Apr 15, 2020DraftKings Holdings Inc.DEFM14AEagle Equity Partners, LLC——$10.1086%
Apr 10, 2020SJScienjoy Holding CorpDEFM14AWealthbridge Acquisition Limited——$10.1210%
Apr 10, 2020GAIN Capital Holdings, Inc.PREM14AINTL FCStone Inc.——$6.0070%
Apr 9, 2020Jumei International Holding LtdSC 13E3Chen Leo Ou————
Apr 6, 2020POPE RESOURCES LTD PARTNERSHIPDEFM14ARayonier Inc.——$125.0030%
Apr 2, 2020Neon Therapeutics, Inc.DEFM14ABioNTech SE——$3.4765%
Apr 2, 2020Meet Group, Inc.PREM14AeHarmony Holding, Inc.——$6.3030%
Apr 1, 2020Jumei International Holding LtdSC 13E3Chen Leo Ou————
Apr 1, 2020HGTXUHUGOTON ROYALTY TRUSTSC TO-TXTO ENERGY INC————
Mar 31, 2020ID Auto, Inc.DEFM14ABlue Valor Limited——$10.41—
Mar 31, 2020HPQHP INCSC TO-T/AXerox Holdings Corp————
Mar 30, 2020ABTCAmerican Bitcoin Corp.PREM14AAkerna Corp.——$3.9139%
Mar 27, 2020ADESTO TECHNOLOGIES CorpDEFM14ADialog Semiconductor plc——$12.5530%
Mar 27, 2020LEGG MASON, INC.PREM14AFranklin Resources, Inc.——$50.00—
Mar 25, 2020CINCINNATI BELL INCDEFM14ARed Fiber Parent LLC—2 / 7$15.50—
Mar 24, 2020FORESCOUT TECHNOLOGIES, INCDEFM14AAdvent International Corporation—2 / 7$33.0030%
Mar 23, 2020LGHLLion Group Holding LtdPREM14AComplex Zenith Limited——$9.95100%
Mar 23, 2020Front Yard Residential CorpDEFM14ABAF Holdings, LLC——$12.5011%
Mar 23, 2020PROFICIENT ALPHA ACQUISITION CORPPREM14AComplex Zenith Limited——$9.95100%
Mar 20, 2020Wright Medical Group N.V.DEFM14AStryker B.V.—2 / 7$30.7531%
Mar 19, 2020IBERIABANK CORPDEFM14AFirst Horizon National Corporation——$4.5875%
Mar 19, 2020PROGENICS PHARMACEUTICALS INCDEFM14ALantheus Holdings, Inc.——$2.8231%
Mar 17, 2020NHPNational Healthcare Properties, Inc.SC TO-T/AComrit Investments 1, LP————
Mar 16, 2020ADESTO TECHNOLOGIES CorpPREM14ADialog Semiconductor plc——$12.55—
Mar 12, 2020FSB Bancorp, Inc.DEFM14AEvans Bancorp, Inc.——$17.8080%
Mar 12, 2020Tallgrass Energy, LPDEFM14APrairie Private Acquiror LP—2 / 7$22.45—
Mar 11, 2020Front Yard Residential CorpPREM14ABAF Holdings, LLC——$12.50—
Mar 11, 2020Delphi Technologies PLCPREM14ABorgWarner Inc.Strategic1 / 7$13.6645%
Mar 11, 2020ANIXTER INTERNATIONAL INCDEFM14AWESCO International, Inc.—1 / 7$100.00100%
Mar 10, 2020NHPNational Healthcare Properties, Inc.SC TO-T/AComrit Investments 1, LP————
Mar 10, 2020XRXXerox Holdings CorpPREM14AHP Inc.——$17.0050%
Mar 9, 2020FREVSFIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.DEFM14ASinatra Properties LLC——$31.7130%
Mar 6, 2020LRMRLarimar Therapeutics, Inc.PREM14AChondrial Therapeutics, Inc.——$1.1865%
Mar 3, 2020FORESCOUT TECHNOLOGIES, INCPREM14AAdvent InternationalSponsor2 / 7$33.0030%
Mar 2, 2020InsPro Technologies CorpDEFM14AMajesco——$0.00—
Mar 2, 2020AVX CorpSC TO-TKYOCERA CORP————
Mar 2, 2020HPQHP INCSC TO-TXerox Holdings Corp————
Mar 2, 2020AVX CorpSC 13E3Kyocera Corporation————
Mar 2, 2020STEIN MART INCSC 13E3Kingswood Capital Management, L.P.————
Mar 2, 2020STEIN MART INCPREM14AKingswood Capital Management, L.P.——$0.9090%
Feb 27, 2020CONTINENTAL MATERIALS CORPSC 13E3Bee Street Holdings LLC————
Feb 27, 2020EVANS & SUTHERLAND COMPUTER CORPSC TO-TElevate Entertainment Inc.————
Feb 26, 2020CMRFCIM GROUP, INC.SC TO-TComrit Investments 1, LP————
Feb 26, 2020Jumei International Holding LtdSC 13E3Super ROI Global Holding Limited————
Feb 26, 2020Jumei International Holding LtdSC TO-TChen Leo Ou————
Feb 26, 2020NHPNational Healthcare Properties, Inc.SC TO-TComrit Investments 1, LP————
Feb 24, 2020INSTRUCTURE INCSC TO-TPIV MERGER SUB, INC.—2 / 7——
Feb 24, 2020Far Point Acquisition CorpPREM14AGlobal Blue Group Holding AG——$10.72100%
Feb 21, 2020Wright Medical Group N.V.PREM14AStryker CorporationStrategic2 / 7$30.7531%
Feb 21, 2020Hall of Fame Resort & Entertainment CoDEFM14AGordon Pointe Management, LLC——$10.70100%
Feb 20, 2020Tiberius Acquisition CorpDEFM14ALagniappe Ventures LLC——$10.20100%
Feb 20, 2020InsPro Technologies CorpPREM14AMajesco——$12.8813%
Feb 19, 2020Habit Restaurants, Inc.DEFM14AYUM! Brands, Inc.——$14.0033%
Feb 19, 2020Changyou.com LtdSC 13E3Sohu.com Limited————
Feb 18, 2020CONTINENTAL MATERIALS CORPSC 13E3Bee Street Holdings LLC————
Feb 18, 2020AquaVenture Holdings LtdDEFM14AAdvent International Corporation——$27.1036%
Feb 14, 2020Centurium Capital Partners 2018, L.P.SC 13E3—————
Feb 13, 2020FREVSFIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.PREM14ASinatra Properties LLC——$266500000.0026%
Feb 13, 2020Telaria, Inc.DEFM14ARubicon Project, Inc.——$10.158%
Feb 13, 2020CAROLINA FINANCIAL CORPDEFM14AUnited Bankshares, Inc.——$44.6545%
Feb 10, 2020LUMOS PHARMA, INC.DEFM14A———$1.6250%
Feb 10, 2020GDYNGRID DYNAMICS HOLDINGS, INC.DEFM14A———$130000000.0010%
Feb 7, 2020LogMeIn, Inc.DEFM14AFrancisco Partners and Evergreen Coast Capital Corp.—2 / 7$86.0525%
Feb 7, 2020Kaspien Holdings Inc.DEFM14A2428392 Inc.——$0.00—
Feb 5, 2020WPX ENERGY, INC.DEFM14AFelix Investments Holdings II, LLC—0 / 7$10.4627%
Feb 4, 2020Wellesley Bancorp, Inc.DEFM14ACambridge Bancorp——$42.1038%
Feb 4, 2020Habit Restaurants, Inc.PREM14AYUM! Brands, Inc.——$14.0033%
Feb 4, 2020CINCINNATI BELL INCPREM14ABrookfield Infrastructure (Brookfield Funds) via Charlie AcquireCo Inc.Sponsor2 / 7$10.50—
Feb 4, 2020Pattern Energy Group Inc.DEFM14ACanada Pension Plan Investment Board (CPPIB)—1 / 7$26.7515%
Feb 4, 2020Cleveland-Cliffs Steel Holding CorpDEFM14ACleveland-Cliffs Inc.Strategic1 / 7$8.4137%
Feb 3, 2020KBS Real Estate Investment Trust II, Inc.SC TO-TEverest REIT Investors I, LLC————
Jan 31, 2020ENSCEnsysce Biosciences, Inc.PREM14AGTWY Holdings Limited——$10.00—
Jan 31, 2020CSS INDUSTRIES INCSC TO-TIG DESIGN GROUP AMERICAS, INC.————
Jan 29, 2020MUTUALFIRST FINANCIAL INCDEFM14ANorthwest Bancshares, Inc.——$41.7842%
Jan 28, 2020Primo Water Holdings LLCSC TO-TCott CorporationStrategic2 / 7——
Jan 28, 2020Kaspien Holdings Inc.PREM14A2428392 Inc.——$0.00—
Jan 27, 2020AquaVenture Holdings LtdPREM14AAdvent International Corporation——$27.1043%
Jan 24, 2020PAE IncDEFM14APlatinum Equity Advisors, LLC——$10.00100%
Jan 23, 2020ALTGALTA EQUIPMENT GROUP INC.DEFM14AB. Riley Principal Sponsor Co., LLC——$10.0010%
Jan 23, 2020Aircastle LTDDEFM14AMM Air Limited—1 / 7$32.00—
Jan 22, 2020Dermira, Inc.SC TO-TELI LILLY & Co————
Jan 21, 2020Tingo Group, Inc.PREM14AGFH Intermediate Holdings Ltd.——$1.01100%
Jan 21, 2020CRAFT BREW ALLIANCE, INC.DEFM14AAnheuser-Busch Companies, LLC——$16.5099%
Jan 21, 2020Tallgrass Energy, LPPREM14APrairie Private Acquiror LP—2 / 7$22.45—
Jan 21, 2020Tallgrass Energy, LPSC 13E3The Blackstone Group Inc.Sponsor2 / 7——
Jan 21, 2020STREAMLINE HEALTH SOLUTIONS INC.DEFM14AHyland Software, Inc.——$16.00—
Jan 17, 2020LogMeIn, Inc.PREM14AFrancisco Partners and Elliott Management (Evergreen Coast Capital)Sponsor2 / 7$86.0525%
Jan 17, 2020VRTVertiv Holdings CoDEFM14AGS DC Sponsor I LLC——$10.0051%
Jan 14, 2020Carey Watermark Investors IncDEFM14A———$10.3918%
Jan 14, 2020KEMET CORPDEFM14AYageo Corporation——$27.20—
Jan 10, 2020RBBNRibbon Communications Inc.DEFM14AEclipse Communications Ltd.——$414675000.0029%
Jan 10, 2020TECH DATA CORPDEFM14AApollo Global Management, Inc.—1 / 7$145.0030%
Jan 10, 2020CENTRAL EUROPEAN MEDIA ENTERPRISES LTDDEFM14ATV Bidco B.V.——$4.58—
Jan 9, 2020Diplomat Pharmacy, Inc.SC TO-TUnitedHealth Group IncorporatedStrategic2 / 7——
Jan 9, 2020TOROTEL INCDEFM14AStandex International Corporation——$7.77600%
Jan 8, 2020STREAMLINE HEALTH SOLUTIONS INC.PREM14AHyland Software, Inc.——$16.00—
Jan 7, 2020Foamix Pharmaceuticals Ltd.DEFM14AMenlo Therapeutics Inc.——$0.5959%
Jan 6, 2020TIFFANY & CODEFM14ALVMH Moët Hennessy-Louis Vuitton SE—1 / 7$135.0037%
Jan 3, 2020ANIXTER INTERNATIONAL INCDEFM14AClayton, Dubilier & Rice, LLC—1 / 7$93.5030%
Jan 3, 2020PB Bancorp, Inc.DEFM14ACentreville Bank——$15.2544%
Jan 2, 2020SORL Auto Parts, Inc.SC 13E3Ruili International Inc.————
Jan 2, 2020SORL Auto Parts, Inc.PREM14ARuili International Inc.——$4.7231%
Jan 2, 2020INSTRUCTURE INCDEFM14AThoma Bravo, LLC—2 / 7$47.6035%