The spread that took 13 months to close. A hostile bid that vanished in 24 hours. Berkshire's first deal under Greg Abel. And the most contested vote in recent mortgage REIT history — all happening before next weekend.
60
Active Deals
2.8%
Median Spread
$746B
Total Value
3
New Deals
This Week's Top Moves
$AXTA26% → 0.4%
Nippon Paint and Sherwin-Williams withdrew their hostile bid for AkzoNobel — in 24 hours
The risk that was killing AXTA's merger is gone. Nippon Paint and Sherwin-Williams confirmed June 3 they are no longer pursuing AkzoNobel — ending weeks of deal-termination uncertainty. The spread that had widened to 26% on hostile bid fears collapsed to ~0.4% within 24 hours. AkzoNobel filed its F-4 with the SEC on May 28, signalling the Axalta merger is proceeding normally toward a late 2026 close.
WonderFi / Robinhood closed — a 13-month case study in patient capital
The Robinhood acquisition of WonderFi closed June 1 after 13 months. On November 10, 2025, the outside date was extended for regulatory approvals and the spread exploded to ~38%. The market treated a routine delay like a deal break — but CIRO had no precedent for blocking this type of deal. Patient capital won. We tracked this from announcement to close on ArbLens.
Berkshire Hathaway enters housing — Greg Abel's first major deal as CEO
Berkshire Hathaway agreed to acquire Taylor Morrison for $72.50/share all-cash ($8.5B EV) announced June 1. This is Greg Abel's first major deal since taking over as CEO from Buffett. Berkshire already owns Clayton Homes and holds stakes in Lennar and NVR — this completes a comprehensive housing platform. Zero financing risk with $397B+ cash on the balance sheet. Spread compressed to ~1.4% immediately. The cleanest arb setup in the tracker.
ZIM appoints new CEO — previous CEO resigned because he OPPOSED the deal
ZIM appointed Dr. Chen Lichtenstein as new President and CEO effective July 1. The real story: previous CEO Eli Glickman resigned because he OPPOSED the Hapag-Lloyd merger. The board replaced him and pushed forward anyway. Four Israeli government ministries now formally oppose the deal on national security grounds. Hapag-Lloyd hired former IDF Chief Gabi Ashkenazi to navigate Defense Ministry approval. 49% spread. The saga continues.
Electronic Arts — debt tender extended to June 15, close imminent
The $55B Silver Lake / Saudi PIF / Affinity buyout of Electronic Arts extended its debt tender offer to June 15 — a pre-close mechanic, not a delay signal. The deal is in final stages. Sovereign capital, no deal-break risk.
$UNF — Cintas/UniFirst HSR waiting period expires AND shareholder vote on June 11. FTC still reviewing. If HSR clears, deal is effectively done. Croatti family controls ~66% of votes — shareholder approval near certain.
$TWO — Two Harbors special meeting reconvenes June 11. Board backs CrossCountry at $12.00. UWMC counters at $12.50. ISS, Glass Lewis, AND Egan-Jones all recommend voting AGAINST the board. Warning: miss the UWMC stock election and default to stock worth only ~$5.81/share (UWMC at all-time low $2.49).
Top 6 by Spread — June 6, 2026
Ticker
Deal
Spread
Key Risk
$ZIM
Hapag-Lloyd / ZIM
38.7%
Israeli government veto
$AAUC
Zijin / Allied Gold
23.0%
NDRC Beijing approval
$WBD
Paramount Skydance / WBD
18.1%
EU regulatory review
$NSC
UNP / Norfolk Southern
15.2%
STB regulatory blockade
$BHF
Aquarian / Brighthouse
11.7%
Insurance state approvals
$UNF
Cintas / UniFirst
8.9%
HSR + June 11 vote
Top 6 by Risk / Reward
#
Ticker
Why
Spread
#1
$AAUC
Canada cleared, only Beijing left. July 29 deadline.
Q: Any update on ZIM? Israeli ministers nixing the deal?
Not dead — but real headwinds. Economy and Agriculture Ministries formally opposed the $35/share Hapag-Lloyd deal citing maritime and food security concerns. Hapag-Lloyd hired former IDF Chief Gabi Ashkenazi to navigate Defense Ministry hurdles. The wide spread lives on.
Q: If NDRC blocks the deal, does Zijin pay the C$220M termination fee?
No. The termination fee is one-way only — Allied pays Zijin in cases like a superior proposal or board change of recommendation. Regulatory failure is a standard no-fault termination. No payment from Zijin. This is an important nuance for arb investors sizing the downside.
EA debt tender extended to June 15 — pre-close mechanic, not a delay
At $203 vs $210 offer = 3.4% spread. Annualized by close month: June → ~54%, July → ~25%, August → ~16%, September → ~12%. Sovereign capital (PIF + Silver Lake + Affinity). Zero deal-break risk. Tender extensions are routine pre-close mechanics.
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For informational purposes only. Nothing here constitutes investment advice. Merger arbitrage involves significant risk including deal failure and loss of capital. Data sourced from public filings and third-party sources.