This is our eighth update about new merger arbitrage related positions at funds that tend to have concentrated portfolios. You can find our first update here and our Q1 2025 update here. After we published our last update and thanks to an email exchange with a subscriber, I was able to add two more funds to the list of six merger arbitrage funds I was tracking.
There are currently 85 active M&A situations in the U.S. ranging from highly risky deals like the $615 million acquisition of Cross Country Healthcare, Inc. (CCRN) by Aya Healthcare that is trading at a spread (potential profit) of over 35% to the $9 billion acquisition of Core Scientific (CORZ) by CoreWeave (CRWV) that is trading at a negative spread of almost 20%. This wild deal went from a positive spread of over 40% to a negative spread in a matter of weeks and was a new long position for one of the eight funds I am now tracking.