This week’s special episode is our long-awaited first interview, with our wonderful guest, Chris DeMuth Jr. Chris DeMuth Jr founded Rangeley Capital in 2007 in order to exploit the seams between other hedge funds’ mandates. He also runs the investing group Sifting the World, in which he shares his best ideas, deep research, extensive resources and real time updates as investments play out. You may also recognize Chris from his fitness subtract Vale Tudo or his various appearances on Andrew Walker’s Yet Another Value Podcast. Our conversation with Chris spanned multiple fascinating topics – ranging from investing philosophies, portfolio sizing, merger arbitrage, understanding risk, busted biotechs, fitness achievements, and so much more. We learned so much from this discussion and we hope our listeners will too. Next week’s episode will cover the past week’s special situations activity as per usual, and also include any important announcements from this week as well. Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Chris DeMuth Jr.’s here: https://seekingalpha.com/author/chris-demuth-jr…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a potential rival offer by Authentic Brands to acquire Guess instead of WHP Global and cover an announcement from Alumis regarding a better offer for their acquisition of Acelyrin. Asif and Tamanna then dive into the spinoff of ABB’s robotics segment and cover some notable buybacks from the week at companies such as Google, Equifax, Medpace, and more. They then highlight a very fascinating insider purchase at an especially unique company, Lindblad Expeditions, and also cover some interesting activist activity at Harley-Davidson and Bausch Health by H Partners and Carl Icahn respectively. The episode concludes with a discussion of key management transitions at Avanos Medical and Match Group. Keywords: M&A, tariffs, merger arbitrage, Carl Icahn, bidding war, competing offers, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a discussion of a rumored deal between Theratechnologies and Future Pak and also provide an update on the Acelryin and Alumis deal discussed in prior episodes. Asif and Tamanna then cover notable buybacks at companies such as Goldman Sachs, which also saw some interesting insider activity. The episode also highlights two incredibly unique insider purchases at Fitlife Brands and Nutex, both of which serve as fascinating signals. The episode concludes with a discussion of activist activity at Hertz, HPE, and Harley-Davidson and a look at some notable C-Suite transitions in a relatively quiet week. Keywords: M&A, tariffs, merger arbitrage, contingent value rights, CVRs, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

There were two mistakes made during the recording of this podcast and our corrections are as follows: At 10:41, we mistakenly say Gen Digital’s stock price closed at $84.41. However, we instead meant to say that MoneyLion’s stock price closed at $85.41. At 16:12, we mistakenly note that Broadcom’s stock price is up 117% in the last five years when in reality it is up by roughly 580%. Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They once again revisit the US Steel and Nippon Steel deal, diving deep into the various updates and news reports that were released this week and how the deal’s spread has changed over time. Asif and Tamanna also discuss contingent value rights in mergers and acquisitions, with a particular focus on the unique CVR in the GenDigital and MoneyLion acquisition. The episode then highlights the unusual surge in insider buying following the recent market weakness, and features key insider transactions at Sinclair and Gamestop. The episode concludes with a look at a few important C-Suite transitions, at companies including Harley-Davidson and CVS. Keywords: M&A, tariffs, merger arbitrage, contingent value rights, CVRs, poison pills, hostile acquisitions, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The episode begins with a discussion of arguably the most important piece of financial news this week - the Trump tariffs. Asif and Tamanna dive into how the tariffs may impact all sorts of companies and special situations activity, with a special focus on the M&A landscape. The episode continues with an analysis of recently announced M&A deals, including the acquisition of Mr. Cooper by Rocket Companies. Asif and Tamanna also explore the completed Angi spinoff from IAC, a buyback at the banking software company nCino, and notable insider and activist activity. The episode concludes with a look at two key C-Suite transitions, including Macy's CFO departing from his position. Keywords: M&A, tariffs, merger arbitrage, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The episode begins with an examination of recent significant M&A, including the acquisition of Dun & Bradstreet by Clear Lake Capital and the bankruptcy of 23andMe following the failed acquisition by the company's CEO. Tamanna and Asif then dive into corporate spinoffs, revisiting Honeywell's business divisions (specifically the Advanced Materials business) and the value-destroying sale of Dollar Tree's Family Dollar chain. The episode then covers two significant insider purchases at Sinclair and Globalstar, and also covers a few key buybacks - including a large buyback at Cannae that was tied to the Dun & Bradstreet acquisition. The episode concludes with a fascinating C-Suite transition and slew of other special situations activity at Crown Castle. Keywords: M&A, merger arbitrage, insider buying, insider sales, buybacks, restructuring, bankruptcy, C-suite transitions, spinoffs, activists, takeover, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. In this M&A and buyback heavy week, they dive into some of the week's top mergers and acquisition news – most notably, the conclusion of the QXO and Beacon Roofing Supply battle. Other key pieces of M&A activity include a potential bid for Guess, an ongoing family feud in relation to Lifeway Foods, the completion of the First Financial Northwest liquidation, and more. The episode continues with Asif and Tamanna exploring the Comcast media business spinoff and Starboard Value’s stance on the 3D printing company Autodesk. Lastly, the episode concludes with a discussion of a key insider sale at Apollo Global and shocking management transition at Green Brick Partners. Keywords: M&A, merger arbitrage, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, takeover, hostile bids, poision pills, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. In this particularly event-driven heavy week, they dive into some of the week's top mergers and acquisitions - including updates regarding the Beacon Roofing Supply and QXO hostile takeover, the acquisition of Redfin by Rocket Companies, the biotech Acelyrin adopting a poison pill provision to fend off Tang Capital Partners, and more. They also explore some major C-Suite level changes at companies such as Intel and Asana. The episode also highlights elevated insider buying, with a special focus on purchases at the bank First Citizens. The episode then concludes with an overview of two major buyback announcements at American Eagle Outfitters and Churchill Downs. Keywords: M&A, merger arbitrage, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, takeover, hostile bids, poision pills, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They explore the ongoing saga between Lifeway Foods and Danone and the announced acquisition of Chimerix by Jazz Pharmaceuticals. They dive deep into the details of the acquisition of Walgreens Boots Alliance by Sycamore Partners, fully breaking down the DAP rights associated with the deal. The episode also highlights the surge in insider buying amidst market volatility and the activist campaign led by Starboard Value against the Johnson & Johnson spinoff Kenvue. The episode concludes with a look at Kroger and Albertsons after their failed merger, specifically the CEOs of both companies departing from their positions. Keywords: M&A, merger arbitrage, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, takeover, failed mergers, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this eighth episode of the Special Situations Report, hosts Tamanna Suria and Asif Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They revisit a few top stories - including QXO's hostile bid for Beacon Roofing Supply and insider purchases at the biotech company Ardelyx. The episode continues with an analysis of the nation's largest egg producer, Cal-Maine Foods, and a recently announced buyback at the company. Also included in this episode are a few key actions by Elliott Management and the announced acquisition of Bridge Investment Group by Apollo Global Management. The episode concludes with a discussion of stand-out C-Suite transitions over the last week. Keywords: M&A, merger arbitrage, insider buying, insider sales, competing bids, superior proposals, buybacks, C-suite transitions, spinoffs, activists, takeover, Elliott Management, hostile bids, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In this seventh episode of the Special Situations Report, hosts Tamanna Suria and Asif Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They deep dive into Bill Ackman's updated offer and touch upon multiple competing bids/superior proposals in the M&A space. The episode continues with an analysis of insider buying in a recent spinoff and an evaluation of the massive insider sales at JPMorgan by CEO and Chairman Jamie Dimon. The episode concludes with an overview of notable recent buyback announcements and C-Suite transitions, especially sudden departures. Keywords: M&A, merger arbitrage, insider buying, insider sales, competing bids, superior proposals, buybacks, C-suite transitions, spinoffs, activists, takeover, JPMorgan, hostile bids, management transitions, special situations, event-driven investing, markets, stocks…

Summary: In the sixth episode of the Special Situations Report, hosts Tamanna Suria and Asif Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. The episode begins with updates on a few newly announced M&A deals, including the acquisition of Playa Hotels and Resorts by Hilton. They delve into Elliott Management's letter to Phillips 66, the recent stock buybacks by Lyft and DoorDash, and insider purchases at Match Group and Enanta. The episode concludes with insights into recent C-suite transitions, including the appointment of new executives at Southwest Airlines and Avis Budget Group. Keywords: M&A, merger arbitrage, insider buying, buybacks, C-suite transitions, spinoffs, activists, takeover, Elliott Management, hostile bids, management transitions, special situations, event-driven investing, markets, stocks…

Summary In the fifth episode of the Special Situations Report, hosts Tamanna Suria and Asif Suria discuss the latest developments in the merger arbitrage world, significant insider buying from both Directors and 10% owners, and significant corporate buybacks. They delve into Elliott Management's influence on Honeywell and its proposed spinoffs, the acquisition of SolarWinds, and the ongoing negotiations (and potential deal) between Hyatt and Playa Hotels. Concluding with a discussion of C-suite transitions at companies such as the IAC spinoff Match Group, the episode provides various insights into the current landscape of event-driven investing. Keywords M&A, merger arbitrage, insider buying, buybacks, C-suite transitions, spinoffs, activists, takeover, Elliott Management, Honeywell, Paypal, Children's Place, Match, IAC, special situations, REITS, event-driven investing…

Summary In the fourth episode of the Special Situations Report podcast, hosts Asif and Tamanna Suria discuss the latest event-driven activities, focusing on M&A activity, hostile takeovers, poison pill plans, spinoffs, buybacks, insider buying, and more. They analyze specific cases such as the US Steel and Nippon Steel deal, the Juniper Networks acquisition by HPE, and a number of poison pill or shareholder rights plans adopted in order to stop hostile takeovers. The episode also highlights a select C-suite transition and a few notable insider purchases at Adobe and TKO, providing insights into the current market landscape. Keywords M&A, hostile takeovers, poison pill plans, shareholder rights plans, spinoffs, buybacks, insider buying, corporate strategies, event-driven investing, special situations, markets, stocks…

Summary: In the third episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest event-driven activities, including numerous massive buybacks/share repurchases at companies such as Netflix and GE, rumored M&A deals, notable insider purchases and sales, and interesting C-suite transitions. They analyze TripAdvisor's recent proposal, NB Bancorp's thrift conversion and recent stock buyback announcement, and insider purchases across the biotech sector. The episode concludes with insights on spin-offs and C-suite transitions, providing a comprehensive overview of the current landscape in special situations investing. Keywords: M&A, mergers, acquisitions, insider buying, insider sales, special situations, C-suite transitions, buybacks, share repurchases, spinoffs, Netflix, GE…