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This is our fourth update about new merger arbitrage related positions at funds that tend to have concentrated positions in their portfolio. You can find our first update here and our Q1 2024 update here.
There are currently 86 active M&A situations in the U.S. ranging from highly risky deals like the $14.9 billion acquisition of United States Steel (X) by Nippon Steel that is trading at a spread (potential profit) of more than 42% to the acquisition of Terran Orbital (LLAP) by Lockheed Martin (LMT) in a $450 million deal, which is trading at a negative spread of over 13%. Three of these 86 deals were announced just this morning.