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InsideArbitrage
12.5K posts
InsideArbitrage
@InsideArbitrage
Event-driven platform focusing on Special Situations
San Francisco Bay Area Katılım Ocak 2021
705 Takip Edilen6.3K Takipçiler
Corporate payments platform WEX authorized a $1 billion share repurchase program with no expiration date, representing ~21.5% of its current market cap
🟢 Great execution on buybacks: shares outstanding cut by 23% over 4 years. And the timing has been sharp: the company repurchased nearly 10% of its shares in Q2 2025, right at the lows
$WEX
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Blackstone $BX, CD&R Explore Bids for Ben & Jerry’s Owner Magnum $MICC - Reuters @AmyJoCrowley1 @Richa_Writes
🍦The private equity firms are in the early stages of exploring bids for Magnum.
🍦The firms are monitoring Magnum’s share price before deciding whether to make a move.
🍦Other private equity firms are also interested.
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UK CMA Conditionally Clears Getty's $GETY Merger with Shutterstock $SSTK -
📸@CMAgovUK concluded that the deal can proceed if Shutterstock sells its editorial business.
📸CMA concluded the merger would lead to competition concerns for editorial content supplied to UK media outlets, but not for stock content supplied globally.
📸The inquiry group concluded that a sale of Shutterstock’s global editorial business, which operates under the Shutterstock Editorial, Backgrid, and Splash brands and competes with Getty across live and archive news, sport, and entertainment content, could resolve the competition concerns identified.
InsideArbitrage@InsideArbitrage
Shutterstock $SSTK received notice from the UK's Competition and Markets Authority @CMAgovUK that it has referred the proposed merger of Shutterstock and Getty Images $GETY to a Phase 2 review process. The deadline for the investigation is April 19, 2026.
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Today, $FISV said they will generate $13.5 in free cash flow during 2027-29, and it will all go to share repurchases. That is 47% of the current market cap.
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Joshua Kushner’s Thrive Capital has taken a stake in Shopify, according to people familiar with the matter, marking a rare bet from the venture firm on a public company bloomberg.com/news/articles/…
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Yes the volume is very low. Most likely because these are the ADS and volume on the Tel Aviv Stock Exchange for common shares is higher.
They have been listed in the U.S. for decades, the market cap is in the billions and the stock price is triple digits. Not exactly things that would raise a red flag with us.
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Israeli IT holding company Formula Systems declares a massive $13.045/share special cash dividend totaling ~$200M, funded by the proceeds from the $2.5B sale of its subsidiary Sapiens (insurance SaaS platform) to private equity firm Advent
Record date: May 25, 2026
Pay date: June 4, 2026
$FORTY
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Exactly. This is one of the best 'hidden yield' setups in the market. Screeners pricing in only the regular ~1.3% div yield, while RLI has reliably dropped $2+ specials most years (and that $7 monster post-Maui Jim) means DRIPpers have been quietly buying on sale for years. Now they’re layering in a $250M buyback (~5.4% of mkt cap) at these depressed levels. Management is signaling the stock is cheap while the underwriting machine keeps printing. 51 years of raises and still tons of excess capital. Classic RLI.
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The other thing on $RLI:
Plenty of dividend screeners ignore the meaty $2/yr, so if you DRIP you have historically benefitted from better prices than otherwise. LT that compounding adds up.
5.3% presenting as 1.3%
That $7 yr post Maui Jim sale was glorious.
InsideArbitrage@InsideArbitrage
🛡️ Specialty insurer RLI Corp declares a $2.00/share special dividend (~$184M), hikes its regular dividend 12.5%, and authorizes its first $250M share repurchase program. 51 consecutive years of dividend increases and counting... 💰 The Buyback 🔁 New $250M share repurchase authorization with no expiration date 🔁 Represents ~5.4% of RLI's ~$4.6B market cap 🔁 The board explicitly stated that the company's stock price was one of the factors in the decision to authorize the program - a direct signal they view the stock as undervalued 📉 Stock is trading at ~$50, down roughly 35% from its 52-week high of ~$77 💵 The Dividends 🔸Special cash dividend: $2.00/share, totaling ~$184M 🔸Regular quarterly dividend: raised 12.5% to $0.18/share (from $0.16) 🗓️ Both payable June 12, 2026, to shareholders of record May 29 📊 Capital Return History 🔸RLI has been paying special dividends almost annually for over a decade 🔸Since 2011, RLI has returned well over $1.5B to shareholders through a combination of regular dividends, special dividends, and now buybacks 📈 Why Now? Stock Price Down, Business Performing Q1 2026: Revenue $424M (+4% YoY), EPS $0.83 (beat estimates) Combined ratio remains strong Just completed a $300M senior notes offering in Feb 2026 CEO Craig Kliethermes: "This share repurchase program, special dividend, and 51st consecutive annual increase in our regular dividend reflect the strength of our business and our confidence in RLI's long-term strategy. These actions underscore our disciplined approach to capital management while maintaining the flexibility to invest in growth opportunities." $RLI
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🛡️ Specialty insurer RLI Corp declares a $2.00/share special dividend (~$184M), hikes its regular dividend 12.5%, and authorizes its first $250M share repurchase program. 51 consecutive years of dividend increases and counting...
💰 The Buyback
🔁 New $250M share repurchase authorization with no expiration date
🔁 Represents ~5.4% of RLI's ~$4.6B market cap
🔁 The board explicitly stated that the company's stock price was one of the factors in the decision to authorize the program - a direct signal they view the stock as undervalued
📉 Stock is trading at ~$50, down roughly 35% from its 52-week high of ~$77
💵 The Dividends
🔸Special cash dividend: $2.00/share, totaling ~$184M
🔸Regular quarterly dividend: raised 12.5% to $0.18/share (from $0.16)
🗓️ Both payable June 12, 2026, to shareholders of record May 29
📊 Capital Return History
🔸RLI has been paying special dividends almost annually for over a decade
🔸Since 2011, RLI has returned well over $1.5B to shareholders through a combination of regular dividends, special dividends, and now buybacks
📈 Why Now? Stock Price Down, Business Performing
Q1 2026: Revenue $424M (+4% YoY), EPS $0.83 (beat estimates)
Combined ratio remains strong
Just completed a $300M senior notes offering in Feb 2026
CEO Craig Kliethermes: "This share repurchase program, special dividend, and 51st consecutive annual increase in our regular dividend reflect the strength of our business and our confidence in RLI's long-term strategy. These actions underscore our disciplined approach to capital management while maintaining the flexibility to invest in growth opportunities."
$RLI
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🍽️ Restaurant franchisor Dine Brands Global, owner of Applebee’s and IHOP, declared its Q2 2026 dividend and authorized a new $100M share repurchase program, equal to a massive ~27.5% of its current market cap!
➕ The new authorization comes on top of the company’s existing $250M buyback plan from 2022, which still had about $51M remaining. Combined, Dine now has roughly $151M of repurchase capacity outstanding.
🤵Interesting timing: Director Douglas M. Pasquale bought 7,500 shares in 6 consecutive open-market purchases in March 2026, spending a total of ~$217,560 at an average price of ~$29.01. His total position now stands at 32,469 shares, adding an insider confidence signal as the company ramps up shareholder returns
For more context: He is the Chairman of the Board at Dine Brands since June 2025 and has been a board member since 2013. He currently sits on four NYSE boards simultaneously: Dine Brands (Chairman), Sunstone Hotel Investors (Chairman), Alexander & Baldwin (Lead Independent Director), and Terreno Realty (Lead Independent Director)
insidearbitrage.com/symbol-metrics…
$DIN
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Mamdani is urging New York State’s top financial regulator to block Western Union’s $500 million deal for Intermex, a money transferrer that mostly services immigrants sending remittances back to Latin America.
Read more from @lizrhoffman and @rogoswami: semafor.com/article/05/13/…
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The Q1 beat was enormous
🟢Non-GAAP EPS: $5.22 vs guidance of $2.70-2.90- an 86% beat over their own guidance
🟢Revenue: $9.47B, up 39% YoY, beating consensus by 14.7%
🟢Cash from operations: $700M in Q1 alone
🟢 Expects Q2 sales of $9.15B -$9.75B and non-GAAP EPS of $4.32-$4.52 as components recovery accelerates
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Electronic components distributor Arrow Electronics announces a new $1 billion share repurchase program, which is 9% of its current market cap
True Cannibal: shares outstanding down ~25% in 4 years!
📈 Stock is up 86% YTD
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GameStop's @ryancohen tells @APompliano in a new interview published this morning that eBay "needs to be on Ozempic--it's literally obese." Cohen also says eBay's rejection yesterday was largely anticipated, and he isn't backing down. $GME $EBAY
wsj.com/livecoverage/s…
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Scoop: a number of activist investors have built positions in $HPE, including @IrenicCap. Elliott amassed a $1.5 billion position at HPE last year, and still has an unexercised option for a second board seat expiring in a few months. More via @semafor
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Zydus Lifesciences to Acquire Assertio Holdings $ASRT for $166.4 Million -
💊Assertio entered a merger agreement to be acquired by Zydus Worldwide DMCC after terminating its earlier merger with Garda Therapeutics.
💊Zydus will commence a tender offer to acquire all outstanding shares of Assertio common stock for $23.5 per share in cash, representing a premium of 4.21% from the stock’s last close.
💊The Assertio Board determined that Zydus’ offer qualified as a “Superior Proposal” and approved the termination of the Garda transaction.
💊The merger is expected to close in the second quarter of 2026.
For a more comprehensive understanding of the merger, click on the link below:
insidearbitrage.com/2026/05/zydus-…
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Equinox Gold $EQX to Acquire Orla Mining $ORLA in a $6.83 Billion Deal -
⛏️Orla shareholders will receive 1 Equinox common share and a nominal cash payment of $0.0001 for each Orla common share held, representing a value of $14.8 per Orla share.
⛏️The price is at a premium of 2.28% from the stock’s last close.
⛏️The deal is expected to close in Q3 2026.
For a detailed breakdown of the metrics involved in this M&A, click on the link below:
insidearbitrage.com/2026/05/equino…
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Brown-Forman has rejected a $32-per-share cash takeover offer from US spirits maker Sazerac, according to a source familiar with the matter, weeks after talks between the Jack Daniel's maker and France's Pernod Ricard fell apart. More here: reut.rs/4eEK8A5
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Activist fund Ananym is pushing nuclear technology company BWX to tap its nuclear reactor manufacturing capabilities for commercial use bloomberg.com/news/articles/…
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