Search Insider Transactions

Merger Arbitrage

When a company agrees to merge with another company of a similar size or get acquired by a large company, the target company typically trades at a discount to the acquisition price. Here at Inside Arbitrage, we have the best tools and content to help you capture that discount, otherwise referred to as the “spread.” Some of what we offer includes:

You can try out our Merger Arbitrage Tool below and view the top three deals with the largest spreads…

Merger Arbitrage Tool
  Target Announced Date Acquirer Deal
Type
Closing
Value
Deal
Price
Last
Price
Target
Volume
Options Div. Yield Estimated
Closing Date
Return Annualized
Return
FSTX chart 6/23/22 invoX Pharma (N/A) All Cash $161 M $7.12 $4.21 1,106,834 Yes N/A 1/31/23 69.12% 6307.30%
F-star Therapeutics, Inc. merger details:

Expected to close in the second half of 2022 for a closing value of $161 million. Upon completion of the deal, shareholders of F-star Therapeutics will receive $7.12 per share in cash.

Merger Agreement

F-star Therapeutics, Inc. Investor Relations

Termination Fee

Company Termination Fee: $7.25 million

Update(s)

September 15, 2022: In mid-August, the ISU under the NSIA (National Security and Investment Act) issued a call-in notice to F-star Therapeutics (FSTX) and invoX Pharma, resulting in an additional review period of thirty (30) working days, which may be further extended. CFIUS informed F-star Therapeutics that its review of the transaction will continue for an additional forty-five (45) calendar days, which may be further extended. The companies extended the offer expiration date to November 1, 2022, in order to allow additional time to obtain required regulatory approvals.

September 29, 2022: The United Kingdom’s Investment Security Unit informed F-star Therapeutics (FSTX) and invoX Pharma that its investigation was complete and that the parties were cleared to proceed with the proposed transaction under the UK’s National Security and Investment Act (“NSIA”). 

November 1, 2022: Pursuant to a request by CFIUS, on October 31, 2022, F-star Therapeutics (FSTX) and invoX Pharma voluntarily withdrew and immediately refiled the Notice in order to provide CFIUS with more time to complete its assessment. CFIUS’s acceptance of the refiled voluntary Notice is effective as of November 1, 2022. CFIUS will have a review period of up to 45 calendar days, subject to a further 45 calendar days if extended. 

November 20, 2022: F-star Therapeutics (FSTX) and Sino Biopharmaceutical Limited amended their merger agreement by extending the end date from November 19, 2022, to December 19, 2022. The parties are in discussions with the Committee on Foreign Investment in the United States (CFIUS) regarding the transaction and have extended the end date to provide for additional time to satisfy the Foreign Investment Condition with respect to CFIUS.

December 5, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the expiration date for the tender offer to December 16, 2022. The Offer was previously set to expire on December 2, 2022. The Expiration Date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.

December 19, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to December 23, 2022, unless further extended. The expiration date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.

December 21, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to December 28, 2022, unless further extended. The expiration date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.

December 28, 2022: The Committee on Foreign Investment in the United States issued an order preventing the consummation of the transactions pursuant to the merger agreement between F-star Therapeutics (FSTX) and invoX Pharma, citing unresolved national security risks. invoX has extended the tender offer to December 30, 2022.

December 30, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to January 17, 2023, unless further extended. In order to give the parties additional time to review the draft National Security Agreement and to continue discussions with CFIUS, the End Date of the Merger Agreement has been extended to January 31, 2023.

January 18, 2023: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to January 31, 2023, unless further extended.

January 26, 2023: invoX Pharma and F-star Therapeutics (FSTX) issued a statement, stating that they are actively negotiating with CFIUS regarding the definitive terms of a mitigation agreement in order to permit the removal of CFIUS’s Interim Order and the completion of the transaction by January 31, 2023.  

SIMO chart 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $109.56 $67.01 136,396 Yes 2.98% 6/30/23 63.50% 150.51%
Silicon Motion Technology Corporation merger details:

Expected to close in the first hand of 2023 for a closing value of $8 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $93.54 in cash and 0.388 shares of MaxLinear stock for each Silicon Motion ADS (American Depositary Share) and $23.385 in cash and 0.097 shares of MaxLinear common stock for each Silicon Motion ordinary share not represented by an ADS.

Merger Agreement

Silicon Motion Technology Corporation Investor Relations

MaxLinear, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Silicon Motion Technology Corporation): $132 million

Parent Termination Fee (To be paid by MaxLinear): $160 million

Update(s)

June 28, 2022: MaxLinear (MXL) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement under which MaxLinear will acquire Silicon Motion Technology Corporation (SIMO) in a cash and stock transaction.

August 31, 2022: Shareholders of Silicon Motion (SIMOapproved the previously announced merger agreement under which MaxLinear (MXL) will acquire Silicon Motion, and approved other proposals related to the transaction.

August 31, 2022: The State Administration for Market Regulation in the People’s Republic of China advised MaxLinear (MXLto refile for the planned acquisition of Silicon Motion Technology Corporation (SIMO).

September 2022: MaxLinear (MXL) and Silicon Motion (SIMO), which had previously filed with China’s State Administration for Market Regulation (“SAMR”) under the simplified procedures, refiled under the normal procedures as advised by SAMR. MaxLinear and Silicon Motion cannot predict with certainty the length of review under the normal procedure, but both parties continue to expect a final determination by SAMR in the second or third quarter of 2023. Closing of the Transaction is subject to certain customary closing conditions, including regulatory approval from SAMR and, if closing occurs after June 27, 2023, an additional filing under the HSR Act.

January 10, 2023: MaxLinear (MXL) CFO Steve Litchfield said at a Needham conference, that the company's planned purchase of Silicon Motion Technology (SIMO) is on track to be completed by mid 2023. He said, "Everything seems to be on track or moving as expected. Most of these deals are taking close to 12 months and that's why we set the time frame where it is and it seems to be playing out that way."

SAVE chart 7/28/22 JetBlue Airways Corporation (JBLU) All Cash $7.6 B $31.00 $19.76 792,446 Yes N/A 6/30/24 56.88% 39.93%
Spirit Airlines, Inc. merger details:

Expected to close in the first half of 2024 for a closing value of $7.6 billion. Upon completion of the deal, shareholders of Spirit Airlines will receive $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing.

Merger Agreement

Spirit Airlines, Inc. Investor Relations

JetBlue Airways Corporation Investor Relations

Termination Fee

Breakup Fee: $94.2 million

Update(s)

August 12, 2022: JetBlue (JBLU) and Spirit (SAVE) filed a Premerger Notification and Report Form under the HSR Act with the Antitrust Division and the FTC in connection with the merger contemplated by the merger agreement on August 12, 2022.

September 12, 2022: Spirit Airlines (SAVE) announced that the special meeting of stockholders will be on October 19, 2022.

September 16, 2022: Senator Elizabeth Warren urged federal airline regulators to block JetBlue Airways’s (JBLU) proposed merger with Spirit Airlines (SAVE) by invoking a rarely used authority from the 1950s to argue that the deal isn’t “consistent with the public interest.”

September 27, 2022: According to Reuters, the U.S. Justice Department urged a judge to force American Airlines (AAL) and JetBlue Airways (JBLU) to scrap their U.S. Northeast partnership because it would mean higher prices for consumers.

September 29, 2022: According to The Wall Street Journal, John Kirby, Spirit’s (SAVE) vice president of network planning, testified in federal court in Boston that the alliance between American Airlines Group  (AAL) and JetBlue Airways (JBLU) in the Northeast could eventually expand, and could inspire other large airlines to try to strike their own partnership deals, limiting competition in an already consolidated industry.

September 30, 2022: An NYSE notice indicated that shareholders of Spirit Airlines (SAVE) of record on September 12 would be the only holders able to get a $2.50/share special dividend as part of the original agreement with JetBlue Airways Corporation (JBLU) from late July.

October 6, 2022: Spirit Airlines (SAVE) announced that independent proxy advisory firms Institutional Shareholder Services and Glass, Lewis have recommended that Spirit stockholders vote FOR the merger agreement with JetBlue Airways Corporation (JBLU).

October 19, 2022: Spirit Airlines (SAVE) announced that its stockholders approved the merger agreement with JetBlue Airways Corporation (JBLU).

Spirit and JetBlue each received a request for additional information and documentary material (the “Second Request”) from the Antitrust Division of the Department of Justice pursuant to the HSR Act, on September 12, 2022.
On December 12, 2022, the companies certified substantial compliance with the Second Request.

December 14, 2022: Spirit (SAVE) and JetBlue (JBLU) each received a request for additional information and documentary material (the “Second Request”) from the Antitrust Division of the Department of Justice pursuant to the HSR Act, on September 12, 2022.On December 12, 2022, the companies certified substantial compliance with the Second Request.

January 13, 2023: JetBlue (JBLU) set January 25, 2023, as the record date for the January 2023 prepayment to Spirit (SAVE) stockholders of $0.10 per Spirit share, with payment of the January 2023 Additional Prepayment to occur on January 31, 2023. Pursuant to the Merger Agreement, Spirit stockholders as of the January 25, 2023, record date will be entitled to receive the January 2023 Additional Prepayment.

  Target Estimated
Closing Date
Return Annualized
Return
FSTX chart 1/31/23 69.12% 6307.30%
F-star Therapeutics, Inc. merger details:

Expected to close in the second half of 2022 for a closing value of $161 million. Upon completion of the deal, shareholders of F-star Therapeutics will receive $7.12 per share in cash.

Merger Agreement

F-star Therapeutics, Inc. Investor Relations

Termination Fee

Company Termination Fee: $7.25 million

Update(s)

September 15, 2022: In mid-August, the ISU under the NSIA (National Security and Investment Act) issued a call-in notice to F-star Therapeutics (FSTX) and invoX Pharma, resulting in an additional review period of thirty (30) working days, which may be further extended. CFIUS informed F-star Therapeutics that its review of the transaction will continue for an additional forty-five (45) calendar days, which may be further extended. The companies extended the offer expiration date to November 1, 2022, in order to allow additional time to obtain required regulatory approvals.

September 29, 2022: The United Kingdom’s Investment Security Unit informed F-star Therapeutics (FSTX) and invoX Pharma that its investigation was complete and that the parties were cleared to proceed with the proposed transaction under the UK’s National Security and Investment Act (“NSIA”). 

November 1, 2022: Pursuant to a request by CFIUS, on October 31, 2022, F-star Therapeutics (FSTX) and invoX Pharma voluntarily withdrew and immediately refiled the Notice in order to provide CFIUS with more time to complete its assessment. CFIUS’s acceptance of the refiled voluntary Notice is effective as of November 1, 2022. CFIUS will have a review period of up to 45 calendar days, subject to a further 45 calendar days if extended. 

November 20, 2022: F-star Therapeutics (FSTX) and Sino Biopharmaceutical Limited amended their merger agreement by extending the end date from November 19, 2022, to December 19, 2022. The parties are in discussions with the Committee on Foreign Investment in the United States (CFIUS) regarding the transaction and have extended the end date to provide for additional time to satisfy the Foreign Investment Condition with respect to CFIUS.

December 5, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the expiration date for the tender offer to December 16, 2022. The Offer was previously set to expire on December 2, 2022. The Expiration Date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.

December 19, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to December 23, 2022, unless further extended. The expiration date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.

December 21, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to December 28, 2022, unless further extended. The expiration date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.

December 28, 2022: The Committee on Foreign Investment in the United States issued an order preventing the consummation of the transactions pursuant to the merger agreement between F-star Therapeutics (FSTX) and invoX Pharma, citing unresolved national security risks. invoX has extended the tender offer to December 30, 2022.

December 30, 2022: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to January 17, 2023, unless further extended. In order to give the parties additional time to review the draft National Security Agreement and to continue discussions with CFIUS, the End Date of the Merger Agreement has been extended to January 31, 2023.

January 18, 2023: F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to January 31, 2023, unless further extended.

January 26, 2023: invoX Pharma and F-star Therapeutics (FSTX) issued a statement, stating that they are actively negotiating with CFIUS regarding the definitive terms of a mitigation agreement in order to permit the removal of CFIUS’s Interim Order and the completion of the transaction by January 31, 2023.  

SIMO chart 6/30/23 63.50% 150.51%
Silicon Motion Technology Corporation merger details:

Expected to close in the first hand of 2023 for a closing value of $8 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $93.54 in cash and 0.388 shares of MaxLinear stock for each Silicon Motion ADS (American Depositary Share) and $23.385 in cash and 0.097 shares of MaxLinear common stock for each Silicon Motion ordinary share not represented by an ADS.

Merger Agreement

Silicon Motion Technology Corporation Investor Relations

MaxLinear, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Silicon Motion Technology Corporation): $132 million

Parent Termination Fee (To be paid by MaxLinear): $160 million

Update(s)

June 28, 2022: MaxLinear (MXL) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement under which MaxLinear will acquire Silicon Motion Technology Corporation (SIMO) in a cash and stock transaction.

August 31, 2022: Shareholders of Silicon Motion (SIMOapproved the previously announced merger agreement under which MaxLinear (MXL) will acquire Silicon Motion, and approved other proposals related to the transaction.

August 31, 2022: The State Administration for Market Regulation in the People’s Republic of China advised MaxLinear (MXLto refile for the planned acquisition of Silicon Motion Technology Corporation (SIMO).

September 2022: MaxLinear (MXL) and Silicon Motion (SIMO), which had previously filed with China’s State Administration for Market Regulation (“SAMR”) under the simplified procedures, refiled under the normal procedures as advised by SAMR. MaxLinear and Silicon Motion cannot predict with certainty the length of review under the normal procedure, but both parties continue to expect a final determination by SAMR in the second or third quarter of 2023. Closing of the Transaction is subject to certain customary closing conditions, including regulatory approval from SAMR and, if closing occurs after June 27, 2023, an additional filing under the HSR Act.

January 10, 2023: MaxLinear (MXL) CFO Steve Litchfield said at a Needham conference, that the company's planned purchase of Silicon Motion Technology (SIMO) is on track to be completed by mid 2023. He said, "Everything seems to be on track or moving as expected. Most of these deals are taking close to 12 months and that's why we set the time frame where it is and it seems to be playing out that way."

SAVE chart 6/30/24 56.88% 39.93%
Spirit Airlines, Inc. merger details:

Expected to close in the first half of 2024 for a closing value of $7.6 billion. Upon completion of the deal, shareholders of Spirit Airlines will receive $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing.

Merger Agreement

Spirit Airlines, Inc. Investor Relations

JetBlue Airways Corporation Investor Relations

Termination Fee

Breakup Fee: $94.2 million

Update(s)

August 12, 2022: JetBlue (JBLU) and Spirit (SAVE) filed a Premerger Notification and Report Form under the HSR Act with the Antitrust Division and the FTC in connection with the merger contemplated by the merger agreement on August 12, 2022.

September 12, 2022: Spirit Airlines (SAVE) announced that the special meeting of stockholders will be on October 19, 2022.

September 16, 2022: Senator Elizabeth Warren urged federal airline regulators to block JetBlue Airways’s (JBLU) proposed merger with Spirit Airlines (SAVE) by invoking a rarely used authority from the 1950s to argue that the deal isn’t “consistent with the public interest.”

September 27, 2022: According to Reuters, the U.S. Justice Department urged a judge to force American Airlines (AAL) and JetBlue Airways (JBLU) to scrap their U.S. Northeast partnership because it would mean higher prices for consumers.

September 29, 2022: According to The Wall Street Journal, John Kirby, Spirit’s (SAVE) vice president of network planning, testified in federal court in Boston that the alliance between American Airlines Group  (AAL) and JetBlue Airways (JBLU) in the Northeast could eventually expand, and could inspire other large airlines to try to strike their own partnership deals, limiting competition in an already consolidated industry.

September 30, 2022: An NYSE notice indicated that shareholders of Spirit Airlines (SAVE) of record on September 12 would be the only holders able to get a $2.50/share special dividend as part of the original agreement with JetBlue Airways Corporation (JBLU) from late July.

October 6, 2022: Spirit Airlines (SAVE) announced that independent proxy advisory firms Institutional Shareholder Services and Glass, Lewis have recommended that Spirit stockholders vote FOR the merger agreement with JetBlue Airways Corporation (JBLU).

October 19, 2022: Spirit Airlines (SAVE) announced that its stockholders approved the merger agreement with JetBlue Airways Corporation (JBLU).

Spirit and JetBlue each received a request for additional information and documentary material (the “Second Request”) from the Antitrust Division of the Department of Justice pursuant to the HSR Act, on September 12, 2022.
On December 12, 2022, the companies certified substantial compliance with the Second Request.

December 14, 2022: Spirit (SAVE) and JetBlue (JBLU) each received a request for additional information and documentary material (the “Second Request”) from the Antitrust Division of the Department of Justice pursuant to the HSR Act, on September 12, 2022.On December 12, 2022, the companies certified substantial compliance with the Second Request.

January 13, 2023: JetBlue (JBLU) set January 25, 2023, as the record date for the January 2023 prepayment to Spirit (SAVE) stockholders of $0.10 per Spirit share, with payment of the January 2023 Additional Prepayment to occur on January 31, 2023. Pursuant to the Merger Agreement, Spirit stockholders as of the January 25, 2023, record date will be entitled to receive the January 2023 Additional Prepayment.

Mission Statement

Inside Arbitrage is an idea discovery platform. We provide institutional quality investment tools and research to investors that focus on specific events. These events could be transformative events such as one company merging with another or a simple one such as a company insider purchasing the company's stock on the open market. Inside Arbitrage provides up to date information for various event-driven or special situations strategies like merger arbitrage, spinoffs, legal insider transactions, stock buybacks and SPACs. We also track management transitions and the portfolios of investment gurus through their 13F filings.

  • MERGER ARBITRAGE
  • INSIDER TRANSACTION
  • STOCK BUYBACKS
  • SPACS
  • SPINOFFS
  • C - SUITE TRANSITION

“Own your work and compound credibility.”
― Charlie Munger

2,600+

M&A Deals Tracked

750,000+

Insider Filings

6,600+

Buyback Announcements

1,500+

Management Changes

Event Driven Screens

At Inside Arbitrage we have created custom screens that bring together signals from some of the strategies we follow or highlight a group of people that have a history of being right. Our Double Dipper screen identifies companies that are buying back their shares while their insiders are independently buying stock on the open market for their own portfolios. Our Spinsider screen looks for spinoffs where members of the management team (CEO, CFO, COO, SVP, etc.) are buying shares through open market purchases.

Top Performing Insiders

Rank
Insider's Name (Symbol)
Avg. Return %
1
Lee Carter Paul (OSTK)
Overstock.com Inc
2152.13%
2
Nielsen David J. (OSTK)
Overstock.com Inc
1699.52%
3
Molloy Robert S (DXLG)
Destination XL Group Inc
1193.75%

Double Dipper

Company (Symbol)
% Change
POR
FLEXSTEEL INDUSTRIES INC (FLXS)
-15.93 %
09/30/2022
Sharps Technology Inc. (STSS)
-13.98 %
09/30/2022
AZZ INC (AZZ)
-8.91 %
11/30/2022

Spinsider

Spinoff (Symbol)
Spinoff %
Parent %
F&G Annuities & Life (FG)
10.77 %
12.92 %
OmniAb, Inc. (OABI)
80.91 %
3.58 %
Mobileye Global Inc. (MBLY)
26.69 %
3.49 %

Guru Categories

Institutional investors and fund managers that are managing more than $100 million in assets have to file a form with the SEC called the 13F within 45 days after the end of each quarter. This filing provides a small window into the fund manager’s portfolio and is a great source for new investment ideas. The Gurus section of Inside Arbitrage includes curated lists of professional investors and fund managers categorized based on their investment style.

Event Driven

Event-driven or Special Situations funds invest in one or more strategies including but not limited to risk arbitrage, spinoffs, special purpose acquisition vehicles (SPACs), warrants, bankruptcies, etc. We have identified a curated list of funds that are either dedicated to these strategies or use them for a portion of their portfolio.

It is sometimes difficult to classify a fund under one investing style and in those cases, we may have the same fund listed under two or more categories. Investing styles also evolve over time and a fund that was event-driven focused may decide to adopt a different strategy.

We reviewed the fund websites, looked at SEC filings and reviewed the holdings of these funds to classify them into one or more categories but you can draw your own conclusion by clicking on the name of a fund to pull up their portfolio as of their last 13F filing.

Beyond the 13F filings, we have also incorporated 13G and 13D filings as well as form 4 insider filings. Funds are required to file a 13D or a 13G within 10 business days of acquiring a 5% position in a company. Funds are considered an insider if they own more than 10% of a company and are required to file a form 4 within two business days after a transaction.

For each fund, we have included new additions, stake increases, stake reductions and the complete sale of a position in separate tabs. You can also click on the "View All Funds" link for any category to see a list of funds that includes their assets under management (AUM), 13F portfolio value, number of positions, concentration in the top 10 positions and more.

If you have suggestions for additional funds we should track, we would love to hear from you.

Activists

A fund that acquires a 5% position in a company and that plans to influence the management or the direction of a company is requited to file a 13D with the SEC. The 13G filing is required for a 5% owner if they plan to remain passive.

Activist funds could be hostile to management with plans to get their own candidates elected to the Board of Directors or firms that collaborate with management to effect change. Good examples of the former are Elliott Investment Management and Carl Icahn, while good examples of the latter are Starboard Value and Third Point.

Activist funds play an important role in financial markets by effecting necessary change and investors follow activist positions with a lot of interest.

Value

Value is in the eye of the beholder and a company that trades at a premium multiple to the average P/E of the S&P 500 could be considered a value stock if its margins are high and the investor believes its future prospects are significantly better than the market is anticipating.

Other value investors might focus on companies that are trading at low multiples by looking at their favorite comparative valution metrics like price/earnings (P/E), price/tangible book, EV/EBITDA or Price/FCF. A third group might prefer building detailed financial models and then running discounted cash flow analysis using bull case, base case and bear case scenarios.

Value traps are their nemesis and many of these investors pay a heavy price battling this nemesis before they start to identify them from a long distance and steer clear.

Growth At A Reasonable Price

My favorite kind of investors. A company is like a living organism that is either growing or on its path to oblivion. These folks don't mind paying up a little if they can find a growth stock that is temporarily being discounted on account of an adverse event or an earnings miss.

Stocks that were formerly in the growth camp, might be temporarily in the growth at a reasonable price (GARP) camp on their way to value territory. These are best avoided if you can identify them in advance, which is no small feat.

Growth

These investors are drawn to rapidly growing companies. A mistake in valuing a company can be easily forgiven if the company continues to grow rapidly. Investors with a growth focus are willing to suffer a few quarters or years of bottom line losses to realize an eventual payoff. Think the "Tiger Cubs" of the investing world.

Volatility is a feature of this style of investing and not a bug. Broadly diversified portfolios could help smooth the roller coaster ride but we have seen highly concentrated growth portfolios.

Other

These are funds that are difficult to pin down to a specific style or belong to categories we have decided not to separate out into their own group. You will find your quantitative funds with thousands of positions (D. E. Shaw and Renaissance Technologies for example), the healthcare focused funds (Baker Bros. Advisors and Orbimed Advisors), the energy focused funds (Alps Advisors and Chicasaw Capital) as well as famous hedge fund managers that now run family offices (Soros, Paulson and Druckenmiller to name a few).

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