InsideArbitrage

Event-driven platform focusing on Special Situations

[InsideArbitrage @InsideArbitrage]

Unlock the secrets of event-driven investing with Asif Suria's "The Event-Driven Edge in Investing"

[Hedgeye @Hedgeye]

Google is now selling $80B of its own stock to fund AI capex, ending a decade of buybacks

[Wolf of Harcourt Street @wolfofharcourt]

$NU announces a $1 billion share repurchase program at the 52 week low.

That’s how to do capital allocation.

[InsideArbitrage @InsideArbitrage]

Array Digital, a subsidiary of $TDS, sells spectrum to Verizon for $1 billion; Declares $11 special dividend with a record date of June 11, 2026, and payment scheduled for June 25, 2026

$AD

[Sneed @sneedweb]

📊 GameStop Q1 Highlights

Record quarterly net income in company history: $389.6 million

Highest first-quarter operating income ever: $143.3 million

Net sales jumped 14% year-over-year driven by collectibles

Board authorized a $2 billion $GME share repurchase program

Sitting on $9.7 billion in cash, marketable securities, digital assets, related receivables, and collateral pledged for derivative assets

[FSMN @faststocknewss]

Paramount seeks EU antitrust approval to acquire Warner Bros. EU decision due July 7.

[InsideArbitrage @InsideArbitrage]

🚗 Automotive parts retailer O’Reilly Automotive $ORLY is doubling down on buybacks

🔁 The company approved an additional $2B for its share repurchase program, lifting total authorization to $31.75B.

🗓️ The new authorization runs for three years beginning June 1, 2026

🔁 Since 2011, O'Reilly has repurchased 1.5 billion shares for a cumulative $28.7 billion at an avg price of $19.41. In Q1 2026 alone, they deployed $923M to buy 10M shares, plus another $398M after quarter-end

📈 Record Q1 revenue of $4.56B (+10%), comps +8.1%, EPS +16%. Stock is down ~10% since earnings despite the beat, creating the opportunity for the buyback to be deployed at lower prices

https://t.co/j96aI0Ej9n /?s1=tw&c=ia

$ORLY

[WSJ Business News @WSJbusiness]

Genco Board Unanimously Rejects Diana Shipping’s Latest Buyout Offer https://t.co/VQgTVj33Oh

[InsideArbitrage @InsideArbitrage]

@whiteink400 We will likely get that information on the June 3rd investor day.

[InsideArbitrage @InsideArbitrage]

✈️ Honeywell $HON will provide an updated 2026 outlook and unveil a preliminary 2026 outlook for Honeywell Technologies, the automation-focused company that will remain after the planned spin-off of Honeywell Aerospace.

📅 The update will be released on June 8, followed by an investor call with CFO Mike Stepniak. The event comes between Honeywell Aerospace’s investor day on June 3 and Honeywell Technologies’ investor day on June 11.

🚀 Honeywell Aerospace is expected to separate on June 29, 2026, creating one of the largest publicly traded pure-play aerospace and defense companies, trading under the ticker “HONA.”

🏭 Following the separation, Honeywell Technologies will focus on industrial automation, AI-enabled software, digital operations, and connected infrastructure as Honeywell continues its broader transformation into a more focused technology-driven company.

[Bloomberg @business]

A group of banks led by Wells Fargo kicked off a $3 billion leveraged loan sale as part of a larger debt package to finance building products distributor QXO's purchase of rival TopBuild https://t.co/Y2VF70I3lt

[InsideArbitrage @InsideArbitrage]

Barry Diller’s People Inc. $IAC Proposes To Acquire MGM Resorts $MGM -
🎰People Inc, previously IAC, announced that it has submitted a non-binding proposal to acquire MGM for $48.3 per share in cash.
🎰People owns 26.1% of the outstanding common stock of MGM.

[InsideArbitrage @InsideArbitrage]

Dropbox Completes New Senior Secured Revolving Credit Facility; Announces $900M Stock Repurchase Program, representing 14% of its current market cap!

🟢 Excellent execution of buybacks, reducing shares outstanding by more than one-third over the last 4 years!

$DBX

[InsideArbitrage @InsideArbitrage]

Weatherford International $WFRD to Acquire NCS Multistage Holdings $NCSM in a $113.78 Million Deal -
🛢️NCS Multistage stockholders can elect to receive either 0.554 shares of Weatherford common stock or a combination of 0.239 shares of Weatherford common stock and a cash amount equal to 0.137 shares of Weatherford common stock, subject to proration.
🛢️The all-stock option values NCS at $57.42 per share, while the cash plus stock option values it at about $38.97 per share.
🛢️The all-stock value represents a premium of 35.48% from the stock’s last close.
🛢️The merger is expected to close in the second half of 2026.

For an in-depth analysis of this merger, click on the link below:
https://t.co/QzAFFtylWC

[InsideArbitrage @InsideArbitrage]

🚚 FedEx $FDX completed the spin-off of FedEx Freight, creating an independent publicly traded LTL carrier.

FedEx Freight began trading on the NYSE under the ticker $FDXF, while FedEx continues trading as $FDX.

📦 FedEx distributed 80.1% of FedEx Freight shares to shareholders, with investors receiving one $FDXF share for every two FedEx shares owned as of May 15, 2026.

FedEx retained a 19.9% stake, which it plans to monetize within 24 months.

💰 FedEx Freight enters the public market as the largest North American less-than-truckload (LTL) carrier, with projected FY2026 revenue of approximately $8.7 billion and operating profit of roughly $1.1 billion.

🤖 FedEx Freight expects medium-term revenue growth of 4%–6% annually and core profit growth of 10%–12%, supported by automation, pricing initiatives, higher-yield freight, and operational improvements.

[InsideArbitrage @InsideArbitrage]

Berkshire Hathaway $BRK.A $BRK.B To Acquire Taylor Morrison Home Corp $TMHC for $8.5 Billion -
🏠Taylor Morrison stockholders will receive $72.50 per common share in cash, representing a 23.93% premium from the stock’s last close.
🏠The acquisition is expected to close in the second half of 2026.

For more in-depth information on this merger, click on the link below:
https://t.co/RWCGRtIbdO

[InsideArbitrage @InsideArbitrage]

Lisata Therapeutics $LSTA and Kuva Labs Amended the Merger Agreement -
🧬Amended the offer to $4 per share in cash plus one CVR to receive two contingent cash payments of an aggregate of $3 per CVR.
🧬The tender offer will commence on June 1, 2026.
🧬The Outside Date was extended from July 1, 2026, to July 6, 2026.

[InsideArbitrage @InsideArbitrage]

Kuva Labs to Acquire Lisata Therapeutics $LSTA in a $21.38 Million Deal -
🧬Kuva will commence a tender offer to acquire all the issued and outstanding shares of common stock of Lisata for $5 per share in cash plus one contingent value right (CVR) per share.
🧬The CVR entitles the holders to receive an additional cash payment of $1 per share.
🧬The cash consideration represents a 19.62% premium from the stock’s last close.
🧬The deal is expected to close in the second quarter of 2026.

In January, Lisata had entered a binding term sheet to be acquired by Kuva Labs. The stock was trading at $2.16 when Kuva had offered $4 per share in cash plus two CVRs of $1 per share each.

For more details regarding this M&A, click on the link below:
https://t.co/kZ3idsQzsE

[InsideArbitrage @InsideArbitrage]

UMH Properties $UMH appointed Kevin S. Miller as Executive Vice President, CFO, and Treasurer effective June 1, 2026, succeeding Anna Chew, who is retiring from her executive role after years with the manufactured housing REIT.

-Chew will remain with UMH in an advisory capacity and continue serving on the Board.

-Kevin S. Miller, currently CFO of UMH OZ Fund, will succeed her as CFO and Treasurer.

-Homebuilding stocks surged after the House passed a revised housing bill by a 396-13 vote. The legislation restricts institutional investors from buying single-family homes while removing a requirement that developers sell newly built rental homes within seven years.

📈 UMH operates 145 manufactured home communities across multiple states with roughly 27,100 developed homesites, positioning the company to benefit from continued demand for affordable housing solutions.

💰 The REIT recently reported Q1 2026 total income growth of 8% and returned to profitability, highlighting steady occupancy gains and rental income growth despite a higher interest-rate environment.

[Lauren Hirsch @LaurenSHirsch]

Scoop in today’s @dealbook

[Bloomberg @business]

Jana Partners is pushing Alkami Technology to restart a sales process after the fintech company tapped advisers to explore strategic options several months ago. https://t.co/BxIzwnsNKn

[InsideArbitrage @InsideArbitrage]

The Federal Trade Commission granted early termination of the waiting period under the HSR Act for the acquisition of Two Harbors Investment $TWO by CrossCountry Mortgage.

[FTC @FTC]

Transactions granted early termination of the HSR waiting period by the FTC and DOJ on May 21 & 26 are now posted: https://t.co/0LTU0ZO68L