Tom Brennan
Markets Reporter

IPOs, M&A, and shareholder activism. Covered deal flow at Dealogic before switching to journalism. Still thinks in multiples.

Latest

Distribution Solutions Group (DSGR) agreed to be acquired by its controlling shareholder for $35 per share, with law firm Julie & Holleman investigating whether minority shareholders are receiving fair value.

Distribution Solutions Group to be bought at $35 as law firm probes deal

Distribution Solutions Group (DSGR) agreed to a controlling shareholder buyout at $35 per share. Law firm Julie & Holleman is investigating whether minority shareholders are receiving fair value in the transaction.

A federal judge granted a 14-day temporary restraining order blocking Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery after 12 states sued over antitrust concerns.

Judge blocks Paramount-WBD's $110B merger with 14-day order

**A federal judge halted Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery, handing state attorneys general an early victory in their antitrust challenge.**

Roblox Corporation faces multiple securities fraud class action lawsuits after shares plunged 66% from October 2025 to April 2026 following disclosures about age verification technology impact on growth.

Roblox faces 3 securities lawsuits as shares lost 66% in 6 months

Roblox Corp. faces at least three securities fraud class actions after losing more than $13 billion in market value when it disclosed age verification technology would slash bookings by $1 billion.

IndiGo signed a memorandum of understanding with CFM International for more than 1,000 LEAP-1A engines, the largest single order in the engine program's history, to power its Airbus A320neo family fleet.

IndiGo signs record deal for 1,000-plus LEAP engines to power fleet

**IndiGo placed the largest single order in CFM International's history, committing to more than 1,000 LEAP-1A engines to power 510 Airbus A320neo Family aircraft as the Indian carrier builds toward global operations.**

Photronics Inc. faces a securities class action lawsuit after its shares collapsed 36 percent, wiping out $1.1 billion in market value following a Q2 earnings miss.

Photronics faces class action after $1.1 billion wipeout on Q2 miss

**Key Takeaways:** - Photronics shares plunged 36% after Q2 results missed estimates - IC revenue fell 11% sequentially to $147.5 million - Lead plaintiff deadline for class action is Sept. 4, 2026

Hagens Berman is investigating a securities class action alleging Black Rock Coffee Bar misled investors about its expansion strategy during its September 2025 IPO.

Black Rock Coffee Bar faces class action over IPO expansion claims

Hagens Berman is investigating a securities class action alleging Black Rock Coffee Bar misled investors about its expansion strategy during its September 2025 IPO, with shares falling more than 61% from the IPO price.

Grail Inc. shares plunged 50.55% after its NHS-Galleri trial failed, triggering a securities class action lawsuit alleging data concealment.

Grail shares lose $51.32 as trial failure triggers class action

**Key Takeaways:** - Grail shares lost $51.32, or 50.55%, after the NHS-Galleri trial missed its primary endpoint - A securities class action alleges executives withheld adverse trial data from investors - Lead plaintiff deadline is Aug. 4 in the Northern District of California case

Microsoft faces a securities class action lawsuit with an August 11 lead plaintiff deadline after its stock dropped 10% on disappointing Azure growth and Copilot adoption data.

Microsoft faces $48 stock drop as class action deadline nears

**Key Takeaways:** - Lead plaintiff deadline for Microsoft class action is August 11, 2026 - Shares fell $48.13, or 10%, on Jan 29 after Azure growth slowed - Lawsuit alleges Copilot adoption and monetization claims were misleading

Erasca Inc faces a securities class action lawsuit after shares collapsed 54% following disclosures of a patient death and misleading drug comparisons.

Erasca faces securities class action after 54% stock collapse

**Key Takeaways:** - Erasca shares fell 53.9% ($11.59) after two corrective disclosures on April 27, 2026 - A patient died in the Phase 1 trial of ERAS-0015, a fact omitted from prior public statements - The company admitted its drug comparisons to Revolution Medicines' RMC-6236 were based on limited cross-study analyses, not head-to-head trials

Tempus AI agreed to acquire Personalis for about $1.5 billion, adding an ultrasensitive cancer monitoring test to its AI-enabled precision medicine portfolio.

Tempus AI to acquire Personalis for $1.5 billion in all-stock deal

**Key Takeaways:** - Tempus AI to buy Personalis for $1.5 billion in an all-stock transaction - Deal adds ultrasensitive MRD cancer test to Tempus' precision oncology platform - Closing expected in late 2026 or early 2027, pending approvals

USA Rare Earth CEO Barbara Humpton will retire October 1, with Serra Verde CEO Thras Moraitis succeeding her as the $2.8B merger nears completion.

USA Rare Earth names Serra Verde's Moraitis as CEO in $2.8B merger

**Key Takeaways:** - Barbara Humpton to retire as USA Rare Earth CEO on October 1, 2026 - Serra Verde CEO Thras Moraitis appointed successor as $2.8B merger nears close - Michael Blitzer elected Executive Chairman effective immediately

Standard BioTools filed a registration statement for its all-stock merger with Treeline Biosciences, creating a combined entity with over $900 million in cash and promising clinical data.

Standard BioTools, Treeline merge in deal backed by $900 million

**Key Takeaways:** - Standard BioTools filed S-4 for all-stock merger with Treeline Biosciences - Combined company to hold over $900 million in cash at closing - TLN-121 showed 84% overall response rate in Phase 1 lymphoma trial

Permira-backed womenswear retailer Reformation launched its US IPO roadshow targeting a valuation of up to $1 billion.

Reformation targets $1 billion valuation in Permira-backed US IPO

**Key Takeaways:** - Reformation seeks up to $239 million in its US IPO - The womenswear retailer targets a valuation of as much as $1 billion - J.P. Morgan and Morgan Stanley are leading the offering

Brookfield Asset Management and CPP Investments agree to acquire LXP Industrial Trust for $61.20 per share in an all-cash deal valued at approximately $5.2 billion.

Brookfield and CPP Investments buy LXP Industrial for $5.2 billion

**Key Takeaways:** - Brookfield and CPP Investments acquire LXP Industrial Trust for $61.20 per share in cash. - The $5.2 billion deal includes a 40-day go-shop period expiring Aug. 28. - LXP shareholders will vote on the transaction, expected to close in Q4 2026.

Bleichmar Fonti & Auld LLP launches an investigation into Barry Diller's $48.30-per-share bid to acquire MGM Resorts, citing potential conflicts of interest under Delaware law.

BFA Law probes Diller's $48.30 bid for MGM Resorts over conflicts

**Key Takeaways:** - BFA Law is investigating Barry Diller's $48.30-per-share bid for MGM Resorts - Diller sits on MGM's board and controls its largest shareholder, creating conflicts - The probe examines whether the deal meets Delaware's fairness standards

Healthpeak Properties and Brookfield Asset Management announced a $2.1 billion joint venture for a portfolio of 86 outpatient medical buildings across 11 U.S. states.

Healthpeak and Brookfield form $2.1 billion medical buildings joint venture

**Key Takeaways:** - Healthpeak and Brookfield formed a $2.1 billion joint venture for 86 outpatient medical buildings. - Healthpeak retains 51% control and received $1.025 billion in gross proceeds from the deal. - The portfolio is 95% leased across 11 states with a six-year weighted average lease term.

BP agreed to sell its Austrian mobility, convenience and EV charging businesses to Volenergy AG under confidential terms.

BP sells 250 Austrian retail sites to Volenergy in European pullback

**Key Takeaways:** - BP agreed to sell its Austrian mobility, convenience and EV charging businesses to Volenergy AG - The deal includes 250 BP-branded retail sites and EV charging infrastructure - The sale is part of BP's strategy to simplify its portfolio and refocus on oil and gas

ADMA Biologics faces a securities fraud class action lawsuit alleging it inflated 2025 revenue through a channel stuffing scheme, causing a 16.6% stock drop.

ADMA Biologics faces securities fraud lawsuit after 16.6% stock drop

**Key Takeaways:** - ADMA Biologics sued for securities fraud over alleged channel stuffing scheme - Stock fell 16.6% on March 24 after Culper Research report - Lead plaintiff deadline is August 10, 2026

Tencent is in exclusive talks to acquire Israeli mobile gaming studio SuperPlay from Playtika in a deal valued at up to $1.5 billion.

Tencent nears $1.5 billion deal for Playtika's SuperPlay

**Tencent is in exclusive talks to acquire SuperPlay from Playtika in a deal valued at $1 billion to $1.5 billion, a transaction that would transfer both a fast-growing mobile gaming studio and a ballooning earnout liability to the Chinese internet giant.**

SMBC Aviation Capital ordered 100 Boeing 737 MAX jets at the Farnborough Airshow, including 60 of the 737-10 variant in the largest lessor order for that model.

SMBC Aviation Capital orders 100 Boeing 737 MAX jets in landmark deal

**Key Takeaways:** - SMBC Aviation Capital ordered 100 Boeing 737 MAX jets at the Farnborough Airshow - The deal includes 60 of the largest 737-10 variant, the lessor's first order for that model - The 737-10 order is the single largest for that variant by any aircraft lessor

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