The Special Situations Report

Summary:In this special Berkshire edition episode of the Special Situations Report, hosts Asif and Tamanna Suria cover two key stories, including a bidding war for the mortgage REIT Two Harbors and an accelerated stock buyback announcement by Five9 that represented 15% of the company’s market cap at announcement.Chapters:0:00 Introduction2:32 The Bidding War for Two Harbours9:39 Insider Purchases at SuRo Capital Pre-OpenAI IPO21:07 OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 cover four key stories, including an acquisition of a healthcare REIT by Blue Owl Capital, an insider purchase by the CEO of SuRo Capital, massive $25 billion buybacks at Netflix and Adobe, and a landmark C-Suite transition at Apple.Chapters:0:00 Introduction1:00 Blue Owl to Acquire Sila Realty Trust8:44 Insider Purchases at SuRo Capital Pre-OpenAI IPO18:31 Adobe Authorizes Repurchase Worth 1/4 of Market Cap27:16 Tim Cook Steps Down as Apple CEO and SNAP CFO Departure31:55 OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:We’re proud to release this week’s special episode, an interview with our wonderful guest, Paul Nary. Paul Nary is an Assistant Professor of Management at the Wharton School, University of Pennsylvania. Dr. Nary’s expertise is in corporate strategy, especially large M&A transactions, as well as private equity, shareholder activism, and many types of external transaction strategies and investments. Dr. Nary’s work has been published in top strategy journals, including the Strategic Management Journal and Academy of Management Review, and he is frequently quoted in top media outlets, including American Banker, Associated Press, Barron’s, Business Insider, CNBC, Forbes, Fortune, Investment News, NPR’s Marketplace, MarketWatch, and The Wall Street Journal.Our conversation with Dr. Nary centered around four key topics. We spoke the most extensively about the bidding and sales process for Warner Bros. Discovery, the widening spread on the deal, regulatory risks, and shareholder and management dynamics. We then dived into Irenic Capital's activist plan for SNAP (the parent company behind Snapchat) and the power of a dual-class share structure. We wrapped up the podcast by examining the complex bid Bill Ackman has made for Universal Music Group (UMG) and explored Dr. Nary's research on PE acquisitions and divestitures and how that connects to ongoing PE activity in the software space.Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pYou can find Paul at the following locations:LinkedIn: linkedin.com/in/paulnaryWebsite: https://www.paulnary.com/

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria cover four key stories, including a potential deal for the data protection software company Commvault Systems by Thoma Bravo, a stock buyback announcement by the apparel retailer Lands’ End, a unique insider purchase by the CEO of the health insurance company Oscar Health, and activist involvement in potato products company Lamb Weston.Chapters:0:00 Introduction1:20 Thoma Bravo and Other Acquirers Eye Commvault Systems6:41 Lands’ End Announces a $100M Buyback Following a Tender Offer11:37 CEO of Oscar Health Buys $12M of Stock Amidst ACA Coverage Concerns22:10 Starboard Value and JANA Partners Get Involved With Lamb Weston28:17 OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 cover four key stories, including a potential deal by Amazon for a satellite business partially owned by Apple, Eli Lilly’s acquisition of a biotech with a sizeable CVR attached, the planned Reverse Morris Trust transaction at Unilever, and activist involvement at the social media company Snap.Chapters:0:00 Introduction1:17 A Potential $9 Billion Deal For Globalstar8:20 Eli Lilly's Acquisition Of The Sleep Disorder Biotech Centessa16:41 The $65 Billion Unilever RMT21:20 An Activist Campaign Launched at Snap26:48 OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

We’re proud to release this week’s special episode, an interview with not one, but two wonderful guests: Steven Kiel and Viral Kothari.Steven Kiel is the President and Chief Investment Officer for Arquitos Capital Management, a firm he founded in 2009. He also serves on the board of directors of ENDI Corp, a holding company primarily focused on asset management. Prior to these roles, Steven served in the Army Reserves for 21 years and also served as a Trial Defense Attorney until his retirement in 2021. Viral Kothari is a Portfolio Manager at VKKapital, and has previously worked as a Portfolio Manager at companies such as Morgan Stanley and PIMCO. He's also worked across Wall Street in the credit space, equity and commodity option markets, and other trading operations.Our conversation with Steven and Viral centered around the case for Liquidia, a biotech company embroiled in a legal struggle with United Therapeutics. We covered the commercial stage and Phase 3 drugs that Liquidia currently markets or is developing, the various cases levied by United Therapeutics and Liquidia's chances of success, upside and downside potential for the company depending on how the cases are determined, the broader PAH and PH-ILD addressable markets (the disease space in which Liquidia operates), and so much more. This was an incredibly comprehensive deep dive into a unique legal special situation, and we hope our listeners enjoy this as much as we enjoyed recording it!Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pYou can find Steven and Viral at the following locations:Steven: https://www.arquitos.com/Viral: https://x.com/CFAs4CFPs

Summary:We’re proud to release this week’s special episode, an interview with our wonderful guest, Kris Kania. Kris Kania is the Founder & Portfolio Manager of KSK Capital and a Visiting Assistant Professor of Tax Law at NYU School of Law. He previously practiced tax law at Sullivan & Cromwell LLP and Kirkland & Ellis LLP and earlier worked as a technology investor at Susquehanna Growth Equity. Our conversation with Kris centered broadly around the topic of private credit, with a specific focus on what’s been happening in the business development company or BDC space. We spoke extensively about specific companies such as Blue Owl and Blackstone, drew comparisons to REITs and the bankruptcy situations with Tricolor and First Brands last year, questioned the presence of software and AI as it relates to these new forms of funding connected to data centers, and more. We learned so much from this discussion, and we hope our listeners will too!Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pYou can find Kris at the following locations:LinkedIn: https://www.linkedin.com/in/kris-kania/X/Twitter: https://x.com/LegalFinGuy

Summary:In this shortened episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss two key stories, including a new deal for a company that provides uniforms to corporations that is trading a double-digit spread and a massive insider purchase by a VC firm related to one of their portfolio companies.Chapters:0:00 Introduction1:18 Cintas Finally Wins The War For UniFirst6:32 The Coupang Data Breach and Investor Activity17:26 OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 cover four key stories, including a bidding war for an independent music company, a massive stock buyback announcement by Salesforce, a cluster of insider sales at Warner Bros. Discovery, and activist involvement in Pinterest.Chapters:0:00 Introduction1:13 A Potential Bidding War for Reservoir Media7:40 Massive Buyback at Salesforce Amidst The SaaSpocalypse14:25 Elliott Gets Involved With Pinterest16:28 Insider Sales At Warner Bros Following Paramount Deal24:07 OutroCheck out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

We’re proud to release this week’s special episode, an interview with our wonderful guest, Ehsan Ehsani. Ehsan Ehsani is an executive director at Crescendo Partners, an adjunct assistant professor at Columbia Business School, and the author of “Finding Value in Numbers: The Essential Investing Toolkit to Win on Wall Street.”Our conversation with Ehsan centered around his recently released book, “Finding Value in Numbers,” and the various strategies, quantitative tools, and case studies discussed within. We spoke extensively about the art and science of investing, the importance of developing a framework for investing, the Kelly Criterion (especially in relation to portfolio sizing), the differences between first and second level thinking, and much more. We learned so much from this discussion, and we hope our listeners will too! Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pYou can find Ehsan, his book, and his daily newsletter at the following locations:LinkedIn: Ehsan EhsaniEhsan's Book: Finding Value in Numbers Value Hedgehog Newsletter on LinkedIn: https://www.linkedin.com/newsletters/7099112971280203776/

We’re proud to release this week’s special episode, an interview with our wonderful guest, Chris Waller. Chris is the Founder and Portfolio Manager of Plural Investing. Before founding Plural, Chris worked in London at Goldman Sachs Asset Management, working as a member of the investment team for the Global and International Small Cap equity funds. He has an MBA from the Value Investing program at Columbia Business School and completed his bachelor's degree at Oxford University.Our conversation with Chris centered around the case for GCI Liberty, beginning with the company’s complex origins as part of John Malone’s Liberty Media empire and as a spinoff from Liberty Broadband. We then dive into the company’s core business operations, offering broadband services in remote parts of Alaska. We also spend most of our discussion covering the M&A play that lies at the crux of this thesis, and how John Malone seems to want to execute acquisitions in a similar fashion to the way the original Liberty Media was built up. This was one of the most comprehensive deep dives into a single business we’ve ever done on this podcast, andwe hope our listeners enjoy this as much as we enjoyed recording it!Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pYou can find Chris at the following locations:Plural Investing: https://www.pluralinvesting.com/Hidden Gems Investing: https://substack.com/@hiddengemsinvestingX: https://x.com/HiddenGemsInvesLinkedIn: https://www.linkedin.com/in/wallerchris/

We’re proud to release this week’s special episode, an interview with our wonderful guest, Matt McClintock. Matt is an expert in the consumer and retail sectors across the Americas. He spent over 15 years in equity research across firms such as Lehman Brothers, Barclays, and Raymond James, covering over 80 different companies and categories, including Retail Hardlines and Apparel Wholesale. He now runs M Squared Capital, an independent research firm focused on both retail and consumer insights.Our conversation with Matt centered around the thesis for Under Armour and the special situations bonanza taking place at the business (insider purchases and C-Suite transitions) as it navigates difficult sales and a possible turnaround. We also discussed a number of other retail businesses, drawing comparisons between Lululemon, Nike, Deckers, VFC, and more, developing a full picture of the athletic brands space. This was by far the most comprehensive deep dive into an industry we’ve ever done on this podcast, and as such, we learned so much from this discussion. We hope our listeners enjoy this as much as we loved recording it! Please note that there were a few audio issues with the recording and hopefully they don't detract too much from the conversation.Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pYou can find Matt at the following locations:X: https://x.com/MattJMcClintockLinkedIn: https://www.linkedin.com/in/mattjmcclintock/M Squared Capital: https://www.msquaredcapital.com/about

Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss cover two key stories, such as a new deal for a boat manufacturer that the two compare and contrast with a potential deal for a boat retailer. Asif and Tamanna then cover the sudden departure of PayPal's CEO, Alex Chriss, and the quick appointment of his sucesssor, who comes over from HP.Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 cover four key stories including a tender offer for the apparel retailer Land’s End, a deep dive into quantum computing in the context of IonQ acquiring SkyWater in a $1.8 billion deal, a massive buyback by the natural gas company CNX Resources, and an unusual insider purchase by the CEO of Abbott Laboratories while they are in the process of acquiring Exact Sciences. Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this special episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss two key stories, including the acquisition of Nathan’s Famous by Smithfield Foods and insider purchases by the CEO and a director of GameStop.Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:In this special episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss cover five key stories including a potential acquisition of oil and gas fracking company Coterra by Devon Energy, two back-to-back acquisitions by Eli Lilly, a $2 billion stock buyback announcement by SaaS company Veeva Systems, a fascinating insider purchase of Micron Technology by the former CEO of TSMC and management changes at Under Armour, which incidentally also saw insider buying by Prem Watsa. Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Welcome back to the new season of The Special Situations Report! We’re proud to release this week’s special episode, an interview with our wonderful guest, Gary Heffernan. Gary is an individual investor who has a background in investment banking, equity research, and more general finance applications. Gary has incredibly deep knowledge of both the special situations and value investing landscapes.Our conversation with Gary centered around the ever-developing Warner Bros. Discovery situation, beginning with a breakdown of the pre-deal environment and bidding war, and continuing with an in-depth examination of both competing bids once the official acquisition had been announced. We explore the considerations associated with the Discovery Global Networks spinoff as well as the key risks to this deal, including regulatory risks, leverage concerns, and opposition from key media players. This was easily one of the most comprehensive deep dives we’ve ever done on this podcast, and as such, we learned so much from this discussion. We hope our listeners enjoy this as much as we enjoyed recording it!A list of resources referenced during this podcast:Congressional Hearing: https://www.youtube.com/watch?t=1343&v=mY9fNZZLAuw&feature=youtu.bePentwater CEO Interview: https://www.cnbc.com/video/2026/01/07/halbowers-letter-to-wbd-netflix-merger-has-greater-regulatory-risk-than-paramount-merger.htmlCheck out InsideArbitrage here: https://www.insidearbitrage.com/Check out Gary Heffernan here: https://x.com/garyHeff

We’re proud to release this week’s special episode, an interview with our wonderful guest, Brett Gardner. Brett is a value investor and analyst at Discerene Group, and the author of the best-seller, Buffett's Early Investments. The book is incredibly insightful deep dive into Warren Buffet's earliest investment theses and original investment approach, with case studies featuring household names such as Disney and American Express, as well as some lesser-known businesses.Our conversation with Brett covered multiple fascinating topics – such as Buffett's key components for evaluating an arbitrage situation developed with the fight for British Columbia Power, the importance of a strong management team as tied to Marshall Wells, balancing the worries of key man risk and a complex corporate governance structure with a strong cash flow generating movie business as was the case with Disney, and so much more. We learned so much from this discussion, and we hope our listeners will too. Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Brett Gardner here: https://x.com/brettgardner_10 and https://amzn.to/3TvSHSc

Summary:In this special episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss two key stories, including an interesting insider purchase of DoorDash by Alfred Lin of Sequoia Capital and a breakdown of the various spinoffs at the industrial conglomerate Honeywell.Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 continue with the new format by focusing on four key stories, including the massive $23 billion acquisition of Exact Sciences by Abbott Laboratories, the spinoff of Topgolf from Topgolf Callaway being converted into an asset sale to a PE firm, a buyback at a clinical-stage biotech that is pivoting to a royalty-based business model, and a large secondary offering and insider purchases at Biohaven. Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 continue with the new format by focusing on four key stories, including a new higher bid for the narcolepsy focused drug company Avadel, a large $1.5 billion stock buyback announcement by grocery delivery company Instacart, several interesting insider purchases now that company executives are outside their earnings related quiet periods, and an activist who is trying to convince a pain management company Pacira BioSciences to put itself up for sale.Check out InsideArbitrage here: https://www.insidearbitrage.com/?s1=yt&c=pCheck out The Special Situations Report here: https://www.thespecialsituationreport.com/Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 continue with the new format by focusing on four key stories, including a potential take private of the real estate firm Kennedy-Wilson by its CEO and Fairfax Financial, a potential deal for the insurance and annuities provider company Brighthouse Financial coming to fruition, an insider purchase at the data center company Core Scientific, and a large $1 billion buyback at affordable luxury products company Capri representing 40% of its market cap at announcement.Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocksCheck out InsideArbitrage ⁠here⁠ and check out The Special Situations Report ⁠here.

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 continue with the new format by focusing on four key stories, including a potential deal for satellite connectivity company Globalstar, the battle between Pfizer and Novo Nordisk for the obesity drug company Metsera, an M&A deal with an embedded spinoff that reminds us a lot of Pfizer’s acquisition of Biohaven, and a large buyback at gas station operator Murphy USAKeywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

We’re proud to release this week’s special episode, an interview with our wonderful guest, Gautam Baid. Gautam is a CFA charterholder and the author of the international best-seller, The Joys of Compounding, a book that was shortlisted in the Berkshire Hathaway selection of 2025. Gautam is also the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US.Our conversation with Gautam covered multiple fascinating topics – such as special situations like spinoffs in India, his journey that included applying for 1,300 jobs before finding a portfolio manager position at a multi-billion dollar firm and the numerous lessons he learned along the way. We learned so much from this discussion, and we hope our listeners will too. Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Gautam Baid here: https://stellarwealthindia.com and https://a.co/d/2qPE68F

We apologize for the delay in this week's episode, caused by AWS issues that impacted our podcast recording and processing platform.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 continue with the new format by focusing on four key stories, including the merger of two timber REITs, a massive stock buyback at Synchrony Financial, insider purchases amidst some fascinating developments at Sable Offshore, and Starboard Value taking a stake in Keurig Dr Pepper.Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 continue with the new format by focusing on four key stories, including multiple investors opposing the acquisition of STAAR Surgical by Alcon, the acquisition of Akero Therapeutics by Novo Nordisk in a $4.7 billion deal, an intriguing insider purchase at Scholar Rock Holdings, and the appointment of a new CFO at Pepsi following activist involvement by Elliott Management. Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, 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 continue with the new format by focusing on five key stories, including the largest leveraged buyout when a consortium of investors decided to buy videogame publisher Electronic Arts, the spinoff of Alphabet’s lifesciences division, a large stock buyback announcement at rare diseases focused biotech Catalyst Pharmaceuticals, an intriguing insider purchase at Miami International Holdings and activist involvement in mental health company Acadia Healthcare.Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

Summary:We are continuing with our new format by focusing on four key stories, including a deal between the two largest real estate brokerage companies Anywhere Real Estate and Compass,  a combination of stock buybacks and insider buying at the semiconductor company Marvell, the largest insider purchase ever and Elliott’s involvement with enterprise software company Workday. Because we interviewed Evan Tindell for our podcast last week, we also have several updates related to special situations that have occurred over the last two weeks.Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, deals in the works, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, activist campaigns, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

We’re proud to release this week’s special episode, an interview with our wonderful guest, Evan Tindell. Evan is the Co-Founder and Chief Investment Officer of Bireme Capital, where he develops firm-wide investment strategy and performs both bottom-up research and portfolio management for the flagship Fundamental Value strategy. Evan was formerly a professional poker player, where his successes included a 10th-place finish at a European Poker Tour event. Our conversation with Evan covered multiple fascinating topics – ranging from investment background, idea generation, parallels between poker and investing, exploiting various investor biases, and so much more. We dived deep into specific companies such as Lyft, with a specific focus on the competitive landscape with the rise of robotaxis like Waymo and the partnership with Baidu. We also discussed the differences between investing in international markets as opposed to the U.S., noting that access to information has improved greatly with the help of AI. We learned so much from this discussion, and we hope our listeners will too. Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Evan Tindell here: https://www.biremecapital.com/ and https://x.com/evantindell

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 continue with the new style for today’s podcast – where they discuss four key stories, including a deal between the satellite company Echostar and SpaceX, shareholder opposition to Blackstone’s take-private of TaskUs, two different activists getting involved with the accounting and payments software company Bill.com, and the largest corporate pay package in history. Before we begin, we want to state that nothing on this podcast is meant as investment advice. Please refer to our disclaimer at the end for more details.Keywords:M&A, merger arbitrage, bidding wars, shareholder opposition, 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 try continue with the new style for today’s podcast – where they discuss five key stories, including the second largest acquisition of the year, a proposed spinoff by Keurig Dr. Pepper, a massive $20 billion buyback announcement by Salesforce, and insider buying at Resideo, a company that was spun out of Honeywell many moons ago and that is now planning a spinoff of its own.Keywords:M&A, merger arbitrage, bidding wars, 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 try out a bit of a different style for today’s podcast – where they discuss four key stories, including a potential bidding war for Canada Goose, a flip-flopping insider at a pediatric orthopedic company, a unique buyback at a Bitcoin treasury company, and a C-Suite transition at everyone’s favorite footwear brand Crocs.Keywords:M&A, merger arbitrage, bidding wars, 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:On today’s podcast we will discuss an even higher bid for Dallas News, multiple rumored deals that came to fruition including the acquisitions of Tegna, Soho House, Guess and DayForce.  Things heated up in the stock buybacks area as well with large buybacks announced by Pediatrix Medical Group, insurance company Old Republic, Sprouts Farmers Market and the dialysis services company DaVita. We also discuss a fascinating insider purchase of Madrigal Pharmaceuticals by the GOATs of biotech investing and multiple sudden C-suite departures.Keywords:M&A, merger arbitrage, bidding wars, 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 try out a bit of a different style for today’s podcast – where they discuss five key stories, including the bidding war for Dallas News, a look at busted biotechs, a proposed spinoff at the broadcasting company Sinclair, and insider purchases at SuRo Capital and Bausch HealthKeywords:M&A, merger arbitrage, bidding wars, 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

We’re proud to release this week’s special episode, an interview with our wonderful guest, Andrew Walker. Andrew is a portfolio manager at Rangeley Capital and the host of Yet Another Value Podcast. He also runs an investment newsletter service, Yet Another Value Blog, where he delivers value investing insights and perspectives applied to special situations investing. Our conversation with Andrew covered multiple fascinating topics – ranging from investment background, idea generation, market volatility, the SPAC resurgence, and so much more. We dived deep into specific companies such as Carvana, covering both the bull and bear theses for the business, as well as the Lionsgate spinoff. We also discussed crypto treasury companies, especially as tied to relative value arbitrage and taking advantage of these companies trading above NAV. We learned so much from this discussion and we hope our listeners will too. Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Andrew Walker and his Yet Another Value Empire here: https://www.yetanothervalueblog.com/

We’re proud to release this week’s special episode, an interview with our wonderful guest, Julian Klymochko. Julian is the Founder and CEO of Accelerate, a leading provider of alternative investment solutions. Julian is recognized as one of Canada’s leading experts in alternative investments and frequently speaks at industry events. He has been featured in some of the world’s top financial and business media including Bloomberg, CNBC, The Wall Street Journal, BNN, Business Insider, and The Globe and Mail. Julian is the author of the book Reminiscences of a Hedge Fund Operator and host of the Absolute Return Podcast.Our conversation with Julian covered multiple fascinating topics – ranging from investment background, portfolio structure, idea generation, and so much more. We dived deep into the different ETFs that Accelerate offers, and how those strategies developed over time. During the course of our interview, we also delved into specific companies and mergers, such as the acquisition of Core Scientific by CoreWeave. We then covered the overall resurgence in the SPAC market, especially as it tied to crypto treasury companies. We learned so much from this discussion and we hope our listeners will too. Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Julian Klymochko and Accelerate here: https://accelerateshares.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 two discuss a potential large acquisition of the railroad Norfolk Southern by Union Pacific, a potential bidding war for the DallasNews, the spinoff of Beyond’s blockchain assets, stock buybacks at Bank of America and Southwest Airlines, insider purchases at a Solana treasury company as well as a food products company, a new CFO appointment at a beaten down cancer focused biotech company and a whole lot more. Keywords:M&A, merger arbitrage, bidding wars, 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 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