ArbLens Weekly

Merger Arbitrage Insights

Weekly coverage of the top merger arbitrage deals by spread — current status, key risks, regulatory updates, and what to watch next. Written for investors who follow merger arbitrage closely.

Issue #3 May 23, 2026

The June Gauntlet: 14 Deals, $35B, 5 Weeks

WONDF June 1 · UNF dual catalyst June 11 · KALV tender June 10 · GTLS EC Phase I · 2 CFIUS deals — the busiest month in merger arb this year

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Issue #2 May 20, 2026

Best 5 Merger Arbitrage Deals by Risk-Reward

WBD 14.4% (July 15 close!) · BHF 12.3% · EA 4.1% · GSAT 10.1% · IMXI 4.6% — why the widest spread isn't always the best trade

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Issue #1 May 17, 2026

Top 6 Merger Arbitrage Deals by Spread

ZIM 36.9% · BLD 26.0% · WBD 14.9% · NSC 13.8% · BHF 11.9% · GSAT 9.8% — plus UNF June 11 binary, TWO bidding war, MPX vote results

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Special Situations

Deep dives into individual opportunities that don't fit traditional merger arb — NAV discounts, activist plays, spin-offs, stub trades, and other event-driven setups.

Special Sit May 25, 2026

Tiptree: The 40% NAV Discount

$TIPT selling Fortegra for $1.65B May 29 — stock at $16.96 vs $23.80 book. A governance bet, not merger arb. Pro-forma breakdown + 3 scenarios.

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