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 28, 2023HAWAIIAN HOLDINGS INCPREM14AAlaska Air Group, Inc.Strategic1 / 7$18.00270%
Dec 27, 2023Rain Oncology Inc.SC TO-TPathos AI, Inc.————
Dec 27, 2023Icosavax, Inc.SC TO-TASTRAZENECA PLC————
Dec 22, 2023LNAILunai Bioworks Inc.PREM14AGEDi Cube Intl Ltd.——$0.00—
Dec 21, 2023ImmunoGen, Inc.PREM14AAbbVie Inc.Strategic2 / 7$31.26—
Dec 19, 2023SPIRIT REALTY CAPITAL, INC.DEFM14ARealty Income CorporationStrategic0 / 7$37.3415%
Dec 19, 2023EngageSmart, Inc.DEFM14AVista Equity Partners Management, LLC—3 / 7$23.0023%
Dec 19, 2023AMBRAmber International Holding LtdSC 13E3TSH Investment Holding Limited————
Dec 18, 2023Almacenes Exito S.A.SC TO-TCama Commercial Group, Corp.————
Dec 18, 2023Consolidated Communications Holdings, Inc.DEFM14ASearchlight Capital Partners, L.P.—1 / 7$4.70100%
Dec 18, 2023SP Plus CorpPREM14AMetropolis Technologies, Inc.Strategic2 / 7$54.00—
Dec 15, 2023SMNRWSemnur Pharmaceuticals, Inc.DEFM14ADenali Capital Global Investments LLC——$11.07111%
Dec 15, 2023GAN LtdPREM14ASEGA SAMMY CREATION INC.——$1.97120%
Dec 12, 2023Summit Materials, Inc.DEFM14AArgos North America Corp.—1 / 7$24.0030%
Dec 11, 2023Bluegreen Vacations Holding CorpDEFM14AHilton Grand Vacations Inc.——$75.00112%
Dec 8, 2023Freeline Therapeutics Holdings plcSC 13E3Syncona Investment Management Limited————
Dec 4, 2023Green Plains Partners LPDEFM14A———$2.4050%
Dec 1, 2023PATRIOT TRANSPORTATION HOLDING, INC.DEFM14ABlue Horizon Partners, Inc.——$16.2631%
Dec 1, 2023SomaLogic, Inc.DEFM14AStandard BioTools Inc.Strategic2 / 7$41.8442%
Nov 30, 2023National Western Life Group, Inc.DEFM14AS.USA Life Insurance Company, Inc.—1 / 7$500.00—
Nov 29, 2023CHICO'S FAS, INC.DEFM14ASycamore Partners Management, L.P.—2 / 7$7.60—
Nov 28, 2023Bluegreen Vacations Holding CorpPREM14AHilton Grand Vacations Inc.——$75.00112%
Nov 27, 2023Genetron Holdings LtdSC 13E3—————
Nov 21, 2023Eargo, Inc.PREM14APatient Square Capital, LP——$2.55100%
Nov 21, 2023Eargo, Inc.SC 13E3Patient Square Capital————
Nov 21, 2023Applied Molecular Transport Inc.DEFM14ACyclo Therapeutics, Inc.————
Nov 20, 2023EngageSmart, Inc.PREM14AVista Equity Partners Management, LLC—3 / 7$23.0023%
Nov 20, 2023Livent Corp.DEFM14AAllkem LimitedStrategic1 / 7$2.41—
Nov 20, 2023Consolidated Communications Holdings, Inc.SC 13E3Searchlight III CVL, L.P.—1 / 7——
Nov 20, 2023EngageSmart, Inc.SC 13E3Vista Equity Partners Fund VIII, L.P.Sponsor3 / 7——
Nov 20, 2023Consolidated Communications Holdings, Inc.PREM14ASearchlight Capital Partners, L.P.Sponsor1 / 7$4.70117%
Nov 17, 2023P&F INDUSTRIES INCDEFM14AShoreView Industries, LLC——$13.0030%
Nov 16, 2023Orchard Therapeutics plcDEFM14AKyowa Kirin Co., Ltd.——$1.60100%
Nov 16, 2023CHICO'S FAS, INC.PREM14ASycamore Partners Management, L.P.Sponsor2 / 7$7.60—
Nov 14, 2023Nukkleus Inc.DEFM14ABrilliant Acquisition Corporation————
Nov 14, 2023PATRIOT TRANSPORTATION HOLDING, INC.PREM14ABlue Horizon Partners, Inc.——$16.2631%
Nov 13, 2023MSAIWMultiSensor AI Holdings, Inc.DEFM14AInfrared Cameras Holdings, Inc.————
Nov 13, 2023FLYX-WTFLYEXCLUSIVE INC.DEFM14AEG Sponsor LLC——$10.59100%
Nov 13, 2023ADISAedis Energy Inc.DEFM14AAlternus Energy Group Plc——$10.00100%
Nov 13, 2023NMPRYNavios Maritime Holdings Inc.SC 13E3N Logistics Holdings Corporation————
Nov 9, 2023RPT RealtyDEFM14AKimco Realty CorporationStrategic1 / 7$11.3433%
Nov 9, 2023SBCWWSBC Medical Group Holdings IncPREM14AMehana Capital LLC——$10.00100%
Nov 9, 2023PC TEL INCDEFM14AAmphenol Corporation——$7.00—
Nov 9, 2023National Western Life Group, Inc.PREM14AS.USA Life Insurance Company, Inc.Strategic1 / 7$500.00—
Nov 8, 2023NIXXNixxy, Inc.PREM14AGoLogiq Inc.——$0.2020%
Nov 8, 2023STISolidion Technology Inc.DEFM14AGlobal Graphene Group, Inc.——$70000.00700%
Nov 7, 2023ENETI INC.SC TO-TCadeler A/S————
Nov 7, 2023HGASWGlobal Gas CorpDEFM14A—————
Nov 7, 2023Lightstone Value Plus REIT II, Inc.SC TO-TWest 4 Capital LP————
Nov 3, 2023Startek, Inc.SC 13E3CSP Management II Limited————
Nov 3, 2023P&F INDUSTRIES INCPREM14ATools AcquisitionCo, LLC——$13.00—
Nov 3, 2023Orchard Therapeutics plcPREM14AKyowa Kirin Co., Ltd.——$1.60100%
Nov 3, 2023Arlington Asset Investment Corp.DEFM14AEllington Financial Inc.——$41.7047%
Nov 2, 2023Mirati Therapeutics, Inc.DEFM14ABristol-Myers Squibb Company—2 / 7$58.00—
Oct 30, 2023PC TEL INCPREM14AAmphenol Corporation——$7.00—
Oct 30, 2023SPLUNK INCDEFM14ACisco Systems, Inc.—2 / 7$157.00—
Oct 27, 2023FLEXFLEX LTD.DEFM14ANextracker Inc.————
Oct 26, 2023Bannix Acquisition Corp.PREM14A———$0.00—
Oct 26, 2023HOLLY ENERGY PARTNERS LPDEFM14AHF Sinclair Corporation—2 / 7$21.7132%
Oct 25, 2023SharpLink Gaming Ltd.DEFM14A———$1.63—
Oct 24, 2023BSQUARE CORP /WASC TO-TKontron Merger Sub., Inc.————
Oct 23, 2023PACWEST BANCORPDEFM14ABanc of California, Inc.Strategic1 / 7$8.6424%
Oct 23, 2023Mirati Therapeutics, Inc.PREM14ABristol-Myers Squibb CompanyStrategic2 / 7$58.0038%
Oct 20, 2023MRDNMeridian Holdings Inc./NVPREM14AAleksandar Milovanović, Zoran Milošević and Snežana Božović——$1.25100%
Oct 18, 2023SPLUNK INCPREM14ACisco Systems, Inc.Strategic2 / 7$157.00—
Oct 17, 2023Green Plains Partners LPSC 13E3—————
Oct 16, 2023AVANTAX, INC.DEFM14AAretec Group, Inc.—3 / 7$26.00—
Oct 16, 2023SUMMIT FINANCIAL GROUP, INC.DEFM14ABurke & Herbert Financial Services Corp.——$49.9825%
Oct 13, 2023Blue Apron Holdings, Inc.SC TO-TWonder Group, Inc.————
Oct 13, 2023EONR-WTEON Resources Inc.DEFM14ACIC Pogo LP——$10.00100%
Oct 12, 2023Sculptor Capital Management, Inc.DEFM14ARithm Capital Corp.——$12.0027%
Oct 11, 2023LOGIQ, INC.DEFM14AAbri SPAC I, Inc.——$11.4011%
Oct 11, 2023ANG-PDAmerican National Group Inc.DEFM14ABrookfield Reinsurance Ltd.Strategic1 / 7$38.8543%
Oct 11, 2023INTERCEPT PHARMACEUTICALS, INC.SC TO-TAlfasigma S.p.A.————
Oct 11, 2023PSHGPerformance Shipping Inc.SC TO-TSphinx Investment Corp.————
Oct 10, 2023Acer Therapeutics Inc.DEFM14AZevra Therapeutics, Inc.——$5.30100%
Oct 10, 2023Unrivaled Brands, Inc.PREM14ABlum Holdings, Inc.————
Oct 6, 2023NEXTGEN HEALTHCARE, INC.DEFM14AThoma Bravo Discover Fund IV, L.P.——$23.9546%
Oct 6, 2023AVANTAX, INC.PREM14AAretec Group, Inc. (Cetera Holdings)Sponsor platform3 / 7$26.00—
Oct 3, 2023HERSHA HOSPITALITY TRUSTDEFM14AKSL Capital Partners, LLC——$10.00100%
Oct 3, 2023Green Giant Inc.PREM14A—————
Oct 2, 2023Cyteir Therapeutics, Inc.PREM14A—————
Sep 29, 2023Crestwood Equity Partners LPDEFM14AEnergy Transfer LP—2 / 7$2.07—
Sep 29, 2023LOGIQ, INC.PREM14ASponsor——$11.40103%
Sep 29, 2023EQRx, Inc.DEFM14ARevolution Medicines, Inc.——$32.1130%
Sep 29, 2023Tabula Rasa HealthCare, Inc.DEFM14ALocke Buyer, LLC——$10.50—
Sep 29, 2023RVMDRevolution Medicines, Inc.DEFM14ARevolution Medicines, Inc.Strategic2 / 7$32.1194%
Sep 29, 2023Western Asset Mortgage Capital CorpDEFM14AAG Mortgage Investment Trust, Inc.——$1.5050%
Sep 29, 2023AMERICAN NATIONAL BANKSHARES INC.DEFM14AAtlantic Union Bankshares Corporation——$41.7736%
Sep 29, 2023DENBURY INCDEFM14AExxon Mobil CorporationStrategic1 / 7$100.3514%
Sep 28, 2023Arco Platform Ltd.SC 13E3General Atlantic————
Sep 28, 2023MINERVA SURGICAL INCSC 13E3Accelmed Partners II L.P.————
Sep 27, 2023NYCAmerican Strategic Investment Co.SC TO-TBellevue Capital Partners, LLC————
Sep 27, 2023Crestwood Equity Partners LPDEFM14AEnergy Transfer LP—2 / 7$9.868%
Sep 26, 2023EARTHSTONE ENERGY INCDEFM14APermian Resources CorporationStrategic2 / 7$19.0019%
Sep 26, 2023Moody National REIT II, Inc.SC TO-TComrit Investments 1, LP————
Sep 26, 2023AMERINST INSURANCE GROUP LTDDEFM14AMAC 43, LLC——$1.50—
Sep 26, 2023NEXTGEN HEALTHCARE, INC.PREM14AThoma Bravo, L.P.——$23.9546%
Sep 25, 2023CMRFCIM GROUP, INC.SC TO-TComrit Investments 1, LP————
Sep 25, 2023NEW RELIC, INC.DEFM14ATPG Global, LLC——$87.00—
Sep 22, 2023Fiesta Restaurant Group, Inc.DEFM14A———$8.50—
Sep 22, 2023HOLLY ENERGY PARTNERS LPSC 13E3HF Sinclair CorporationStrategic2 / 7——
Sep 22, 2023HERSHA HOSPITALITY TRUSTPREM14AKSL Capital Partners, LLC——$10.0033%
Sep 20, 2023CPRICapri Holdings LtdDEFM14ATapestry, Inc.——$57.0059%
Sep 18, 2023Tabula Rasa HealthCare, Inc.PREM14ANautic Partners, LLC——$10.5030%
Sep 18, 2023Veritiv CorpDEFM14AClayton, Dubilier & Rice, LLC—2 / 7$170.0030%
Sep 15, 2023AVID TECHNOLOGY, INC.DEFM14AArtisan Bidco, Inc.—2 / 7$27.0531%
Sep 15, 2023Crestwood Equity Partners LPPREM14AEnergy Transfer LPStrategic2 / 7$10.0010%
Sep 15, 2023AMERINST INSURANCE GROUP LTDPREM14AMAC 43, LLC——$1.50—
Sep 15, 2023Ambrx Biopharma Cayman, Inc.DEFM14A———$9.940%
Sep 14, 2023NEW RELIC, INC.PREM14ACrewline Buyer, Inc.——$87.00—
Sep 14, 2023Thorne Healthtech, Inc.SC TO-THealthspan Merger Sub, Inc.————
Sep 13, 2023Vitru LtdSC 13E3Vitru Brazil Ventures, Holdings & Trade Inc.————
Sep 13, 2023GIPRGENERATION INCOME PROPERTIES, INC.PREM14AModiv Industrial, Inc.————
Sep 13, 2023Sovos Brands, Inc.DEFM14ACampbell Soup Company——$23.0030%
Sep 12, 2023TREX WIND-DOWN, INC.DEFM14ALEO US Holding, Inc.——$2.5757%
Sep 11, 2023SQNSSEQUANS COMMUNICATIONSSC TO-TRenesas Electronics Corp————
Sep 11, 2023Fiesta Restaurant Group, Inc.PREM14AGarnett Station Partners, LLC——$8.5026%
Sep 11, 2023SciPlay CorpSC 13E3Light & Wonder, Inc.————
Sep 11, 2023SQNSSEQUANS COMMUNICATIONSSC 13E3Renesas Electronics Corporation————
Sep 8, 2023CPRICapri Holdings LtdPREM14ATapestry, Inc.——$57.0059%
Sep 8, 2023Veritiv CorpPREM14AClayton, Dubilier & RiceSponsor2 / 7$170.0024%
Sep 5, 2023NEMNEWMONT Corp /DE/DEFM14A——0 / 7$18.5030%
Sep 1, 2023TREX WIND-DOWN, INC.PREM14ALEO US Holding, Inc.——$14000000.00140%
Sep 1, 2023AVID TECHNOLOGY, INC.PREM14ASTG PartnersSponsor2 / 7$27.05—
Aug 31, 2023Heritage-Crystal Clean, Inc.DEFM14AJFL-Tiger Acquisition Co., Inc.——$45.50—
Aug 31, 2023Sovos Brands, Inc.PREM14AAdvent International, L.P.——$23.0033%
Aug 31, 2023CHASE CORPDEFM14AKohlberg Kravis Roberts & Co. L.P.——$127.5031%
Aug 28, 2023Desktop Metal, Inc.DEFM14AStratasys Ltd.Strategic2 / 7$1.8383%
Aug 28, 2023Chindata Group Holdings LtdSC 13E3Bain Capital Asia Fund V, L.P.————
Aug 25, 2023SVASINOVAC BIOTECH LTDSC TO-TAlternative Liquidity Index LP————
Aug 24, 2023IROBOT CORPDEFM14AAmazon.com, Inc.——$51.7525%
Aug 23, 2023COMPUTER TASK GROUP INCSC TO-TChicago Merger Sub, Inc. \NY\————
Aug 22, 2023REATA PHARMACEUTICALS INCDEFM14ABiogen Inc.—2 / 7$172.5044%
Aug 22, 2023POLYMET MINING CORPSC 13E3Glencore AG————
Aug 21, 2023Sculptor Capital Management, Inc.PREM14ARithm Capital Corp.——$11.1518%
Aug 21, 2023CHASE CORPPREM14AKohlberg Kravis Roberts & Co. L.P.——$127.5031%
Aug 18, 2023Kaleyra, Inc.DEFM14ATata Communications Limited——$7.25—
Aug 18, 2023Zhangmen Education Inc.SC 13E3Ultimate Vitor II Holdings Limited————
Aug 17, 2023PARDES BIOSCIENCES, INC.SC 13E3FS Development Holdings II, LLC————
Aug 17, 2023Liminal BioSciences Inc.SC 13E3Thomvest Asset Management Ltd.————
Aug 14, 2023Altitude Acquisition Corp.PREM14AHunniwell Picard I, LLC————
Aug 14, 2023IROBOT CORPPREM14AAmazon.com, Inc.——$51.7525%
Aug 11, 2023REATA PHARMACEUTICALS INCPREM14ABiogen Inc.Strategic2 / 7$172.5044%
Aug 10, 2023CIRCCIRCLE8 GROUP INCDEFM14AAtlantic Acquisition Corp.—1 / 7$0.40100%
Aug 10, 2023AMEDISYS INCDEFM14AUnitedHealth Group Incorporated—2 / 7$101.00101%
Aug 10, 2023Heritage-Crystal Clean, Inc.PREM14AJFL-Tiger Acquisition Co., Inc.——$45.50—
Aug 4, 2023XBPEWXBP Global Holdings, Inc.DEFM14ACF&Co.————
Aug 4, 2023Kaleyra, Inc.PREM14ATata Communications Limited——$7.25—
Aug 3, 2023Technology & Telecommunication Acquisition CorpPREM14A———$10.00100%
Aug 2, 2023Paratek Pharmaceuticals, Inc.DEFM14AResistance Acquisition, Inc.——$2.15116%
Jul 31, 2023NEXTIER OILFIELD SOLUTIONS INC.DEFM14APatterson-UTI Energy, Inc.Strategic1 / 7$0.75—
Jul 31, 2023AMEDISYS INCPREM14AUnitedHealth Group IncorporatedStrategic2 / 7$101.0021%
Jul 31, 2023Quotient Technology Inc.DEFM14ACB Neptune Holdings, LLC——$4.00—
Jul 28, 2023PARDES BIOSCIENCES, INC.SC 13E3MediPacific, Inc.————
Jul 28, 2023PARDES BIOSCIENCES, INC.SC TO-TFS Development Holdings II, LLC————
Jul 26, 2023Surface Oncology, Inc.DEFM14ACoherus BioSciences, Inc.——$5.2830%
Jul 25, 2023GELESIS HOLDINGS, INC.SC 13E3PureTech Health LLC————
Jul 25, 2023Magellan Midstream Partners, L.P.DEFM14AONEOK, Inc.Strategic0 / 7$25.00100%
Jul 25, 2023GELESIS HOLDINGS, INC.PREM14APureTech Health LLC——$0.06278%
Jul 24, 2023Conformis IncDEFM14Arestor3d, Inc.——$2.27—
Jul 21, 2023DHCDIVERSIFIED HEALTHCARE TRUSTDEFM14AOffice Properties Income Trust——$4.0033%
Jul 20, 2023GYREGYRE THERAPEUTICS, INC.DEFM14AGNI USA————
Jul 20, 2023EMAGIN CORPDEFM14ASamsung Display Co., Ltd.——$2.08—
Jul 18, 2023CCIDCarlyle Credit Income FundSC TO-TCG Subsidiary Holdings L.L.C.————
Jul 18, 2023Necessity Retail REIT, Inc.DEFM14AGlobal Net Lease, Inc.Strategic1 / 7$60.0460%
Jul 17, 2023CIRCOR INTERNATIONAL INCDEFM14AKohlberg Kravis & Roberts & Co. L.P.——$56.0035%
Jul 14, 2023Conformis IncPREM14Arestor3d, Inc.——$2.27—
Jul 14, 2023Franchise Group, Inc.DEFM14AFreedom VCM, Inc.—1 / 7$30.00100%
Jul 14, 2023Quotient Technology Inc.PREM14ACB Neptune Holdings, LLC——$4.00—
Jul 13, 2023GREENHILL & CO INCDEFM14AMizuho Americas LLC——$15.00—
Jul 12, 2023iCoreConnect Inc.DEFM14AFG Merger Corp.——$55.23100%
Jul 12, 2023URSTADT BIDDLE PROPERTIES INCDEFM14ARegency Centers Corporation——$20.4020%
Jul 11, 2023Mobile Infrastructure CorpDEFM14AFifth Wall Acquisition Corp. III————
Jul 11, 2023GreenLight Biosciences Holdings, PBCSC 13E3SW MergerCo, Inc.————
Jul 10, 2023CNL Healthcare Properties, Inc.SC TO-TComrit Investments 1, LP————
Jul 10, 2023LIMEADE, INCDEFM14AWebMD Health Corp.——$0.42325%
Jul 10, 2023CHINOOK THERAPEUTICS, INC.DEFM14ANovartis AG—3 / 7$40.00100%
Jul 7, 2023PDC ENERGY, INC.DEFM14AChevron CorporationStrategic0 / 7$71.219%
Jul 6, 2023CNXCConcentrix CorpDEFM14AOSYRIS S. r.l.—1 / 7$500.0025%
Jul 6, 2023TRTN-PFTriton International LtdDEFM14AThanos Holdings Limited (Brookfield affiliate)Sponsor1 / 7$75.0013%
Jul 5, 2023CIRCOR INTERNATIONAL INCPREM14AKohlberg Kravis & Roberts & Co. L.P.——$56.0031%
Jun 30, 2023Paratek Pharmaceuticals, Inc.PREM14AResistance Acquisition, Inc.—1 / 7$2.15115%
Jun 30, 2023Apexigen, Inc.DEFM14APyxis Oncology, Inc.——$0.6464%
Jun 30, 2023MAXMediaAlpha, Inc.SC TO-T/AWHITE MOUNTAINS INSURANCE GROUP LTD—2 / 7——
Jun 30, 2023GREENHILL & CO INCPREM14AMizuho Americas LLC——$15.00—
Jun 30, 2023Paratek Pharmaceuticals, Inc.SC 13E3Resistance Acquisition, Inc.—1 / 7——
Jun 28, 2023WIRELESS TELECOM GROUP INCDEFM14AMaury Microwave, Inc.——$2.13100%
Jun 27, 2023MAXMediaAlpha, Inc.SC TO-T/AWHITE MOUNTAINS INSURANCE GROUP LTD—2 / 7——
Jun 27, 2023Berkshire Grey, Inc.DEFM14ASoftBank Group Corp.——$1.40—
Jun 27, 2023CHINOOK THERAPEUTICS, INC.PREM14ANovartis AGStrategic3 / 7$40.00—
Jun 27, 2023Syneos Health, Inc.DEFM14AElliott Investment Management L.P., Patient Square Capital, LP, Veritas Capital Fund Management, L.L.C.—1 / 7$43.0024%
Jun 26, 2023TULPBLOOMIA HOLDINGS, INC.DEFM14APark Printing, Inc.——$3.50—
Jun 26, 2023Embark Technology, Inc.DEFM14AApplied Intuition, Inc.——$2.88—
Jun 23, 2023LIMEADE, INCPREM14AWebMD Health Corp.——$0.42325%
Jun 21, 2023GreenLight Biosciences Holdings, PBCSC 13E3SW MergerCo, Inc.————
Jun 21, 2023GreenLight Biosciences Holdings, PBCSC 13E3Fall Line Endurance Fund, LP————
Jun 20, 2023EMAGIN CORPPREM14ASamsung Display Co., Ltd.——$2.0820%
Jun 20, 2023Bitcoin Depot Inc.DEFM14AGSR II Meteora Sponsor LLC——$10.38100%
Jun 20, 2023KRSAKorsana Biosciences, Inc.DEFM14AJW Celtics Investment Corp.——$8000000.00—
Jun 16, 2023WIRELESS TELECOM GROUP INCPREM14AMaury Microwave, Inc.——$2.13—
Jun 16, 2023Embark Technology, Inc.PREM14AApplied Intuition, Inc.——$2.88—
Jun 16, 2023Arconic CorpDEFM14AArsenal AIC Parent LLC—1 / 7$30.00—
Jun 16, 2023TPG Twin Brook Capital Income FundDEFM14AAG Twin Brook BDC, Inc.——$20.27—
Jun 16, 2023AG Twin Brook BDC, Inc.DEFM14A———$20.27—
Jun 16, 2023MIDWEST HOLDING INC.DEFM14AAntarctica Capital, LLC——$27.00100%
Jun 15, 2023Syneos Health, Inc.PREM14APatient Square Capital and Elliott Investment Management (via Star Parent, Inc.)Sponsor1 / 7$43.0024%
Jun 15, 2023SPECTRUM PHARMACEUTICALS INCDEFM14AAssertio Holdings, Inc.——$10.80108%
Jun 15, 2023TULPBLOOMIA HOLDINGS, INC.PREM14ATIMIBO LLC——$3.50—
Jun 14, 2023Stratim Cloud Acquisition Corp.PREM14A———$10.159%
Jun 14, 2023ABXLAbacus Global Management, Inc.DEFM14AEast Resources Acquisition Company——$10.00100%
Jun 13, 2023VIKING ENERGY GROUP, INC.DEFM14ACamber Energy, Inc.——$1.62—
Jun 12, 2023Focus Financial Partners Inc.DEFM14AClayton, Dubilier & Rice, LLC—2 / 7$53.0027%
Jun 12, 2023Charah Solutions, Inc.DEFM14AAcquisition Parent 0423 Inc.——$6.00—
Jun 12, 2023Moody National REIT II, Inc.SC TO-TComrit Investments 1, LP————
Jun 12, 2023INREInland Real Estate Income Trust, Inc.SC TO-TComrit Investments 1, LP————
Jun 12, 2023BANCO ITAU CHILESC 13E3ITB Holding Brasil Participações Ltda.————
Jun 9, 2023KRSAKorsana Biosciences, Inc.PREM14AJW Celtics Investment Corp.————
Jun 8, 2023Franchise Group, Inc.SC 13E3Vintage Opportunity Partners, L.P.—1 / 7——
Jun 8, 2023TESSCO TECHNOLOGIES INCDEFM14AAlliance USAcqCo 2, Inc.——$9.00—
Jun 8, 2023Franchise Group, Inc.PREM14AFreedom VCM, Inc. (Vintage Capital/Brian Kahn-affiliated, with B. Riley Financial as guarantor)Insiders1 / 7$30.0042%
Jun 6, 2023REDWOOD MORTGAGE INVESTORS VIIIDEFM14A—————
Jun 6, 2023LIFE STORAGE, INC.DEFM14AExtra Space Storage Inc.Strategic0 / 7$145.8235%
Jun 6, 2023INFINITY PHARMACEUTICALS, INC.DEFM14AMEI Pharma, Inc.————
Jun 6, 2023BANCO ITAU CHILESC 13E3Itau Unibanco Holding S.A.————
Jun 5, 2023HGASWGlobal Gas CorpPREM14A—————
Jun 5, 2023IVERIC bio, Inc.DEFM14AAstellas US Holding, Inc.——$40.00—
Jun 5, 2023Calithera Biosciences, Inc.DEFM14ATakeda Ventures, Inc.——$0.40—
Jun 5, 2023MIDWEST HOLDING INC.PREM14AAntarctica Capital, LLC——$27.00100%
Jun 2, 2023Arconic CorpPREM14AApollo Global Management (via Arsenal AIC Parent LLC)Sponsor1 / 7$30.00—
May 31, 2023Charah Solutions, Inc.PREM14AAcquisition Parent 0423 Inc.——$6.00—
May 31, 2023Strategic Realty Trust, Inc.DEFM14A—————
May 26, 2023Home Point Capital Inc.SC TO-TMr. Cooper Group Inc.————
May 26, 2023Calithera Biosciences, Inc.PREM14ATakeda Ventures——$0.40—
May 26, 2023MAXMediaAlpha, Inc.SC TO-TWHITE MOUNTAINS INSURANCE GROUP LTD—2 / 7——
May 25, 2023SSYSSTRATASYS LTD.SC TO-TNano Dimension Ltd.————
May 25, 2023CTI BIOPHARMA CORPSC TO-TSwedish Orphan Biovitrum AB (Sobi)Strategic2 / 7——
May 25, 2023NATIONAL INSTRUMENTS CORPDEFM14AEmerson Electric Co.—3 / 7$60.00—
May 24, 2023US XPRESS ENTERPRISES INCDEFM14AKnight-Swift Transportation Holdings Inc.—0 / 7$6.15—
May 23, 2023TESSCO TECHNOLOGIES INCPREM14ALee Equity Partners LLC and Twin Point Capital LLC——$9.00100%
May 23, 2023IVERIC bio, Inc.PREM14AAstellas US Holding, Inc.——$40.0068%
May 22, 2023MCAGUMountain Crest Acquisition Corp. VDEFM14AAUM Biosciences Pte. Ltd.——$10.00100%
May 22, 2023AG Twin Brook BDC, Inc.PREM14A———$20.27—
May 19, 2023TPG Twin Brook Capital Income FundPREM14AAG Twin Brook Capital Income Fund——$20.27—
May 19, 2023REDWOOD MORTGAGE INVESTORS VIIIPREM14A—————
May 18, 2023BAYTEX ENERGY USA, INC.DEFM14ABaytex Energy Corp.Strategic1 / 7$63.6630%
May 17, 2023Strategic Realty Trust, Inc.PREM14ASRT Advisor, LLC————
May 16, 2023Prometheus Biosciences, Inc.DEFM14AMerck & Co., Inc.—2 / 7$200.0075%
May 15, 2023Diversey Holdings, Ltd.DEFM14APlatinum Equity, LLC—1 / 7$8.40100%
May 15, 2023Gold Flora Corp.DEFM14A———$0.000%
May 12, 2023Radius Global Infrastructure, Inc.DEFM14AChord Parent, Inc.—3 / 7$15.00100%
May 12, 2023DTGIDigerati Technologies, Inc.DEFM14AMinority Equality Opportunities Acquisition Sponsor, LLC (Sponsor)——$10.0010%
May 12, 2023PARTNERS BANCORPDEFM14A———$1.1524%
May 12, 2023AEONAEON Biopharma, Inc.DEFM14APriveterra Acquisition Corp.——$68.4168%
May 11, 2023NATIONAL INSTRUMENTS CORPPREM14AEmerson Electric Co.Strategic3 / 7$60.00—
May 10, 2023MSAIWMultiSensor AI Holdings, Inc.PREM14AInfrared Cameras Holdings, Inc.——$10.5364%
May 8, 2023HESKA CORPDEFM14AAntech Diagnostics, Inc.—1 / 7$120.0030%
May 8, 2023COMMUNITY FINANCIAL CORP /MD/DEFM14A———$27.2263%
May 5, 2023Satsuma Pharmaceuticals, Inc.SC 13E3Shin Nippon Biomedical Laboratories, Ltd.————
May 5, 2023FLYX-WTFLYEXCLUSIVE INC.PREM14AEG Sponsor LLC————
May 5, 2023Radius Global Infrastructure, Inc.DEFM14AChord Parent, Inc.—3 / 7$15.02100%
May 5, 2023Satsuma Pharmaceuticals, Inc.SC 13E3Shin Nippon Biomedical Laboratories, Ltd.————
May 5, 2023GLOP-PCGasLog Partners LPSC 13E3—————
May 4, 2023iCoreConnect Inc.DEFM14AFG Merger Corp.——$50.4848%
May 3, 2023CVENT HOLDING CORP.DEFM14ABlackstone Inc.——$8.500%
May 2, 2023DTGIDigerati Technologies, Inc.PREM14AMinority Equality Opportunities Acquisition Sponsor, LLC——$10.00100%
May 2, 2023Berkshire Grey, Inc.PREM14ASoftBank Group Corp.——$1.40—
May 2, 2023Univar Solutions Inc.DEFM14AWindsor Parent, L.P.—1 / 7$36.15—
May 2, 2023Berkshire Grey, Inc.SC 13E3SoftBank Group Corp.————
May 2, 2023Gold Flora Corp.PREM14A—————
Apr 28, 2023Kayne Anderson NextGen Energy & Infrastructure, Inc.SC 13E3Kayne Anderson Energy Infrastructure Fund, Inc.————
Apr 28, 2023KIMBALL INTERNATIONAL INCDEFM14AHNI Corporation——$9.0031%
Apr 28, 2023Prometheus Biosciences, Inc.PREM14AMerck & Co., Inc.Strategic2 / 7$200.0075%
Apr 28, 2023Integrated Wellness Acquisition CorpPREM14ARefreshing USA, LLC——$63.1963%
Apr 28, 2023HESKA CORPPREM14AAntech Diagnostics, Inc. (wholly-owned subsidiary of Mars, Incorporated)Strategic1 / 7$120.00—
Apr 27, 2023MOMENTIVE GLOBAL INC.DEFM14ASTG Partners, LLC—4 / 7$9.4628%
Apr 25, 2023Focus Financial Partners Inc.SC 13E3Clayton, Dubilier & Rice Fund XII—2 / 7——
Apr 25, 2023Focus Financial Partners Inc.PREM14AClayton, Dubilier & RiceSponsor2 / 7$53.0031%
Apr 24, 2023ENZO BIOCHEM INCDEFM14ALabcorp——$146000000.00100%
Apr 24, 2023Seagen Inc.DEFM14APfizer Inc.—1 / 7$229.00—
Apr 21, 2023CVENT HOLDING CORP.PREM14ABlackstone Inc.——$8.50—
Apr 20, 2023Broadmark Realty Capital Inc.DEFM14AReady Capital CorporationStrategic1 / 7$42.9447%
Apr 20, 2023US XPRESS ENTERPRISES INCPREM14AKnight-Swift Transportation Holdings Inc.Strategic0 / 7$6.15—
Apr 20, 2023TCR2 THERAPEUTICS INC.DEFM14AAdaptimmune Therapeutics plc——$1.5151%
Apr 17, 2023MOMENTIVE GLOBAL INC.PREM14ASTG PartnersSponsor4 / 7$9.4628%
Apr 14, 2023INDUS REALTY TRUST, INC.DEFM14ACenterbridge Partners Real Estate Fund II, L.P. and GIC Real Estate, Inc.——$67.0026%
Apr 14, 2023Seagen Inc.PREM14APfizer Inc.Strategic1 / 7$229.00—
Apr 13, 2023ENZO BIOCHEM INCPREM14ALaboratory Corporation of America Holdings——$146000000.00—
Apr 13, 2023DMK PHARMACEUTICALS CorpDEFM14A———$0.12—
Apr 13, 2023Univar Solutions Inc.PREM14AApollo Global Management funds (via Windsor Parent, L.P.)Sponsor1 / 7$36.15—
Apr 11, 2023Evoqua Water Technologies Corp.DEFM14AXylem Inc.——$52.8953%
Apr 11, 2023Diversey Holdings, Ltd.PREM14APlatinum Equity, LLC—1 / 7$8.4043%
Apr 11, 2023Diversey Holdings, Ltd.SC 13E3Platinum Equity Capital Partners IV, L.P.—1 / 7——
Apr 7, 2023Radius Global Infrastructure, Inc.PREM14AEQT (via Chord Parent, Inc.)Sponsor3 / 7$15.00100%
Apr 5, 2023Sumo Logic, Inc.DEFM14AFrancisco Partners Management, L.P.—2 / 7$12.0557%
Apr 5, 2023Jounce Therapeutics, Inc.SC TO-TConcentra Merger Sub, Inc.————
Apr 3, 2023TravelCenters of America Inc. /MD/DEFM14ABP Products North America Inc.——$86.0074%
Mar 31, 2023Black Knight, Inc.DEFM14AIntercontinental Exchange, Inc. (ICE)—1 / 7$74.6818%
Mar 31, 2023DMK PHARMACEUTICALS CorpPREM14A———$0.12—
Mar 31, 2023INDUS REALTY TRUST, INC.PREM14ACenterbridge Partners Real Estate Fund II, L.P. and certain affiliates of GIC Real Estate, Inc.——$67.0026%
Mar 30, 2023GYREGYRE THERAPEUTICS, INC.PREM14A—————
Mar 30, 2023MALVERN BANCORP, INC.DEFM14A———$7.801%
Mar 30, 2023Oak Street Health, Inc.DEFM14ACVS Pharmacy, Inc.—1 / 7$39.00—
Mar 29, 2023Spectaire Holdings Inc.PREM14A—————
Mar 28, 2023Luther Burbank CorpDEFM14AWashington Federal, Inc.——$28.9734%
Mar 28, 2023NUVASIVE INCDEFM14AGlobus Medical, Inc.Strategic1 / 7$0.7531%
Mar 27, 2023Blue Safari Group Acquisition CorpDEFM14A———$10.61—
Mar 24, 2023Sumo Logic, Inc.PREM14AFrancisco Partners Management, L.P.Sponsor2 / 7$12.0557%
Mar 24, 2023Provention Bio, Inc.SC TO-TSanofi————
Mar 23, 2023Cardiovascular Systems IncDEFM14AAbbott Laboratories——$20.0050%
Mar 22, 2023TravelCenters of America Inc. /MD/PREM14ABP Products North America Inc.——$86.0074%
Mar 22, 2023DCP Midstream, LPSC 13E3Phillips 66Strategic1 / 7——
Mar 20, 2023STISolidion Technology Inc.PREM14AMach FM Acquisitions LLC——$7.00100%
Mar 20, 2023Argo Group International Holdings, Inc.DEFM14ABrookfield Reinsurance Ltd.—1 / 7$30.0090%
Mar 16, 2023Maxar Technologies Inc.DEFM14AAdvent International Corporation—1 / 7$53.0043%
Mar 16, 2023Trean Insurance Group, Inc.DEFM14AAltaris, LLC——$6.15—
Mar 13, 2023CNL Healthcare Properties, Inc.SC TO-TComrit Investments 1, LP————
Mar 13, 2023Cardiovascular Systems IncPREM14AAbbott Laboratories——$20.0050%
Mar 13, 2023CMRFCIM GROUP, INC.SC TO-TComrit Investments 1, LP————
Mar 10, 2023AgroFresh Solutions, Inc.DEFM14APaine Schwartz Partners, LLC——$3.00100%
Mar 9, 2023Oak Street Health, Inc.PREM14ACVS Health (CVS Pharmacy, Inc.)Strategic1 / 7$39.00—
Mar 9, 2023MALVERN BANCORP, INC.PREM14A———$7.801%
Mar 8, 2023Blue Safari Group Acquisition CorpPREM14ABitdeer Technologies Group——$106.1988%
Mar 6, 2023Quotient LtdDEFM14A———$0.01—
Mar 6, 2023Argo Group International Holdings, Inc.PREM14ABrookfield Reinsurance Ltd.Sponsor platform1 / 7$30.0067%
Mar 1, 2023ATLAS TECHNICAL CONSULTANTS, INC.DEFM14AGI Partners——$12.25124%
Mar 1, 2023SALISBURY BANCORP, INC.DEFM14ANBT Bancorp Inc.——$40.7420%
Feb 28, 2023DUCK CREEK TECHNOLOGIES, INC.DEFM14AVista Equity Partners Management, LLC——$19.00—
Feb 27, 2023Sisecam Resources LPSC 13E3—————
Feb 22, 2023Quotient LtdPREM14A———$0.01—
Feb 21, 2023Sio Gene Therapies Inc.DEFM14A—————
Feb 21, 2023Volta Inc.DEFM14AShell USA, Inc.——$0.86—
Feb 17, 2023AlerisLife Inc.SC 13E3ABP Acquisition LLC————
Feb 17, 2023AlerisLife Inc.SC 13E3ABP Acquisition LLC————
Feb 16, 2023DUCK CREEK TECHNOLOGIES, INC.PREM14AVista Equity Partners Management, LLC——$19.00—
Feb 14, 2023ATLAS TECHNICAL CONSULTANTS, INC.PREM14AGI Partners——$12.25124%
Feb 14, 2023Acreage Holdings, Inc.DEFM14ACanopy USA, LLC——$0.45—
Feb 14, 2023EONR-WTEON Resources Inc.PREM14ACIC Pogo LP——$10.00—
Feb 14, 2023Better World Acquisition Corp.PREM14AHeritage Distilling Group, Inc.————
Feb 14, 2023CHEMBIO DIAGNOSTICS, INC.SC TO-TBiosynex SA————
Feb 14, 2023RHEPAREGIONAL HEALTH PROPERTIES, INCSC 13E3—————
Feb 13, 2023AEROJET ROCKETDYNE HOLDINGS, INC.DEFM14AL3Harris Technologies, Inc.—3 / 7$58.0037%
Feb 13, 2023IsoPlexis CorpDEFM14ABerkeley Lights, Inc.——$1.3838%
Feb 13, 2023XBPEWXBP Global Holdings, Inc.PREM14ACantor Fitzgerald L.P.——$10.53100%
Feb 13, 2023KBS Growth & Income REIT, Inc.DEFM14A—————
Feb 10, 2023IAA, Inc.DEFM14ARitchie Bros. Auctioneers IncorporatedStrategic0 / 7$43.3843%
Feb 9, 2023CALCCalciMedica, Inc.DEFM14A—————
Feb 9, 2023Sio Gene Therapies Inc.PREM14A—————
Feb 8, 2023Volta Inc.PREM14AShell USA, Inc.——$0.86—
Feb 8, 2023Bitcoin Depot Inc.DEFM14AGSR II Meteora Sponsor LLC——$10.21100%
Feb 7, 2023Banco Santander Mexico S.A., Institucion de Banca Multiple, Grupo Financiero Santander MexicoSC 13E3Banco Santander, S.A.————
Feb 7, 2023Banco Santander Mexico S.A., Institucion de Banca Multiple, Grupo Financiero Santander MexicoSC TO-TBanco Santander, S.A.————
Feb 2, 2023CONCERT PHARMACEUTICALS, INC.SC TO-TSUN PHARMACEUTICAL INDUSTRIES LTD————
Jan 31, 2023Maxar Technologies Inc.PREM14AAdvent InternationalSponsor1 / 7$53.0043%
Jan 30, 2023AEROJET ROCKETDYNE HOLDINGS, INC.PREM14AL3Harris Technologies, Inc.Strategic3 / 7$58.0037%
Jan 27, 2023I-Minerals IncDEFM14ABV Lending, LLC——$3.00—
Jan 24, 2023Paya Holdings Inc.SC TO-TNuvei CorporationStrategic2 / 7——
Jan 23, 2023ADISAedis Energy Inc.PREM14AAlternus Energy Group Plc——$10.00100%
Jan 23, 2023Myovant Sciences Ltd.DEFM14ASumitovant Biopharma Ltd.——$27.00—
Jan 23, 2023CinCor Pharma, Inc.SC TO-TASTRAZENECA PLC————
Jan 23, 2023ALBIREO PHARMA, INC.SC TO-TIpsen S.A.Strategic2 / 7——
Jan 23, 2023Coupa Software IncDEFM14A——2 / 7$81.00—
Jan 23, 2023Horizon Therapeutics Public Ltd CoDEFM14AAmgen Inc.—0 / 7$116.5044%
Jan 20, 2023China Index Holdings LtdSC 13E3General Atlantic, L.P.————
Jan 20, 2023First Eagle Alternative Capital BDC, Inc.DEFM14ACrescent Capital BDC, Inc.————
Jan 19, 2023Trean Insurance Group, Inc.SC 13E3Treadstone Parent Inc.————
Jan 19, 2023Trean Insurance Group, Inc.PREM14AAltaris, LLC——$6.15—
Jan 17, 2023Movella Holdings Inc.DEFM14AFrancisco Partners (FP)——$10.000%
Jan 17, 2023Weber Inc.SC 13E3BDT Capital Partners, LLC————
Jan 17, 2023Elevate Credit, Inc.DEFM14APark Cities Asset Management LLC——$1.8799%
Jan 11, 2023Coupa Software IncPREM14AThoma BravoSponsor2 / 7$81.00—
Jan 10, 2023Apollo Endosurgery, Inc.DEFM14ABoston Scientific Corporation——$10.0067%
Jan 10, 2023Horizon Global CorpSC TO-TFirst Brands Group, LLC————
Jan 10, 2023LIMESTONE BANCORP, INC.DEFM14APeoples Bancorp Inc.——$30.8130%
Jan 6, 2023American Oncology Network, Inc.PREM14ADigital Transformation Sponsor LLC——$107.22107%
Jan 6, 2023Qumu CorpSC TO-TENGHOUSE SYSTEMS LTD————
Jan 5, 2023HV Bancorp, Inc.DEFM14ACitizens Financial Services, Inc.——$30.5065%
Jan 4, 2023OPIANT PHARMACEUTICALS, INC.DEFM14AIndivior Inc.——$20.00111%
Jan 4, 2023I-Minerals IncSC 13E3BV Lending, LLC————