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Tom Brennan - Markets Reporter at Edgen

Tom Brennan

Markets Reporter

IPOs, M&A, and shareholder activism. Covered deal flow at Dealogic before switching to journalism. Still thinks in multiples.
Latest
On May 12, 2026, eBay Inc.'s Board of Directors announced its rejection of an unsolicited, non-binding acquisition proposal from GameStop.

EBay Rejects GameStop's $56 Billion Bid Citing Governance and Debt Risks

**EBay's board has formally rejected Ryan Cohen's ambitious takeover, calling the $56 billion proposal from the much smaller GameStop "neither credible nor attractive."**
Tom Brennan
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May 12 2026
Deutsche Lufthansa AG announced on May 12, 2026, its plan to acquire a majority stake in ITA Airways for nearly $400 million, a move that will increase its control of the Italian national carrier to 90%.

Lufthansa to buy 90 percent stake in ITA Airways for consolidation

**Lufthansa’s move to control Italy’s flag carrier deepens the wave of consolidation sweeping the European airline industry, creating a formidable competitor to rivals Air France-KLM and IAG.**
Tom Brennan
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May 12 2026
Goldman Sachs' Private Equity business has acquired FGI Worldwide, a provider of working capital financing and trade credit insurance solutions.

Goldman Sachs Alternatives Acquires FGI Worldwide, Expanding Its $75 Billion Private Equity Reach

**The acquisition marks Goldman Sachs' first institutional investment into the 25-year-old commercial finance specialist, signaling a deeper push into asset-based lending.**
Tom Brennan
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May 12 2026
Prosus CEO Fabricio Bloisi announced that increased investment in its food delivery platform iFood will reduce the company's adjusted EBITDA for fiscal 2027 to a range of $100M-$150M, causing Prosus shares to fall 6.4% in early European trade on Tuesday.

Prosus shares drop 6.4% on warning of iFood investment profit hit

**Key Takeaways:** * Prosus NV shares fell as much as 6.4% in Amsterdam after the company warned that accelerated investments into its iFood delivery platform would reduce near-term profitability. * The technology investor guided for adjusted EBITDA of $100 million to $150 million in fiscal 2027, a direct consequence of the increased spending on the Brazilian food delivery unit. * The move signals a strategic pivot to consolidate iFood's market leadership, even as Prosus manages a complex portfolio of other food-tech assets like Just Eat and Delivery Hero.
Tom Brennan
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May 12 2026
Private equity firm Lone Star Funds has finalized its acquisition of DOMO Engineered Materials, a major producer of polyamide-based materials for the automotive and electronics sectors.

Lone Star finalizes DOMO materials deal on May 12

**Key Takeaways:** * Lone Star Funds has completed its acquisition of DOMO Engineered Materials, a key polyamide producer. * The deal includes the prominent TECHNYL® brand, a critical material for the automotive and electronics industries. * Financial terms of the transaction were not disclosed by either of the two parties involved.
Tom Brennan
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May 12 2026
On May 12, 2026, Siemens Energy announced it will accelerate its share buyback program after reporting a 42% increase in Q2 pre-tax free cash flow, attributed to demand from data centers for artificial intelligence.

Siemens Energy accelerates share buyback after 42% cash flow jump

**Key Takeaways:** * Siemens Energy to accelerate its share buyback after a 42% jump in pre-tax free cash flow. * Growth is fueled by strong demand for data centers powering artificial intelligence technology, boosting company performance. * The move signals management confidence and follows strong cash generation, rewarding shareholders with excess capital.
Tom Brennan
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May 12 2026
Tyler Technologies (NYSE: TYL) announced the pricing of an upsized $1.25 billion convertible senior notes offering, with proceeds intended for share repurchases and general corporate purposes, leading to a drop in its stock price.

Tyler Technologies falls 3% after $1.25 billion debt offering

**Key Takeaways** * Tyler Technologies announced an upsized $1.25 billion offering of 0.50% convertible senior notes due 2031, increasing the deal from an initial $1 billion. * The company will use $320.7 million of the proceeds to repurchase 1,026,900 shares of its common stock concurrently with the offering. * Shares of Tyler Technologies fell more than 3% on the news, which was announced while the broader S&P 500 and Nasdaq 100 indexes were setting record highs.
Tom Brennan
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May 12 2026
On May 11, 2026, law firms Dickinson Wright and Fox Rothschild filed a lawsuit in Delaware federal court on behalf of Lunai Bioworks, Inc. (Nasdaq: LNAI) against 'John Doe' defendants, alleging an illegal 'naked short selling' scheme to manipulate the company's stock.

Lunai Bioworks sues short sellers over alleged 15.3x trading volume

**Key Takeaways:** * Lunai Bioworks (LNAI) files a federal lawsuit in Delaware against "John Doe" defendants for alleged illegal "naked" short selling and stock manipulation. * The complaint cites trading volume of 554 million shares on one day, representing 15.3 times the company's total outstanding shares. * Lawsuit alleges share price fell 20.6% despite positive company news, and seeks compensatory damages and injunctive relief.
Tom Brennan
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May 12 2026
Hengrui Medicine and Bristol-Myers Squibb have entered into a global strategic cooperation and licensing agreement for 13 early-stage projects with a potential value of up to $15.2 billion.

Hengrui Medicine to get $950 million in near-term payments from Bristol-Myers Squibb deal

* **Total Value:** The strategic cooperation and licensing agreement with Bristol-Myers Squibb has a potential total value of approximately $15.2 billion. * **Payment Structure:** Hengrui will receive a $600 million upfront payment, with total near-term and anniversary payments reaching up to $950 million. * **Pipeline Assets:** The deal covers 13 early-stage programs spanning oncology, hematology, and immunology, granting Bristol-Myers Squibb global rights outside of Greater China.
Tom Brennan
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May 12 2026
Federal prosecutors charged 30 people, including several lawyers from elite M&A firms, in a decade-long insider trading scheme that allegedly generated tens of millions of dollars in illicit profits.

Elite M&A lawyers charged in 10-year insider trading ring worth millions

**A decade-long scheme allegedly saw lawyers at top Wall Street firms, including Goodwin Procter and Wachtell Lipton, systematically leak confidential M&A data to a global network of traders, resulting in tens of millions in illicit gains.**
Tom Brennan
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May 12 2026
Macerich priced an upsized public offering of 19.2 million common shares at $21.00 per share, expecting gross proceeds of approximately $403.2 million to repay debt.

Macerich Prices Upsized $403 Million Stock Sale to Repay Mall Debt

* Prices 19.2 million shares at $21.00 each, a discount to its recent trading price, to raise approximately $403.2 million in gross proceeds. * The offering was upsized from an initial 16 million shares, with underwriters holding an option for an additional 2.88 million shares. * Proceeds are designated to repay debt from the recent Annapolis Mall acquisition and for general corporate purposes, continuing a strategy of equity-for-debt swaps.
Tom Brennan
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May 12 2026
Robinhood has filed for a second retail venture fund, RVII, aiming to give ordinary investors access to early-stage startups after its first fund's success.

Robinhood preps 2nd retail venture fund after first one doubles

* Robinhood has filed to launch RVII, its second venture fund for retail investors, just two months after its first fund’s debut. * The new fund will target higher-risk, early-stage startups, unlike the first fund which focused on 10 late-stage companies. * The first fund, RVI, has more than doubled in value since its March IPO, fueled by investor excitement over its AI holdings.
Tom Brennan
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May 12 2026
On May 11, 2026, the board of directors of Brazilian state-run oil firm Petrobras approved a payment of 9.03 billion reais ($1.85 billion) in interest on equity to shareholders.

Petrobras to pay 9 billion reais to shareholders in new payout

**Key Takeaways** * Brazil's Petrobras approved a shareholder payment of 9.03 billion reais ($1.85 billion) in interest on equity. * The payment amounts to approximately 0.70 real per share and will be distributed in two tranches in August and September. * The move signals strong cash flow and comes amid a broader trend of increasing activity and investment in Brazil's deepwater oil sector.
Tom Brennan
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May 11 2026
A securities class action lawsuit has been filed against LKQ Corporation, alleging the company made misleading statements regarding its $2.1 billion acquisition of Uni-Select and its projected synergies.

LKQ faces investor lawsuit over $55 million synergy claim

**Key Takeaways:** * Securities class action lawsuits have been filed against LKQ Corporation over its acquisition of Uni-Select, covering investors who purchased shares from February 2023. * The complaint alleges LKQ misled investors with a $55 million synergy projection while concealing customer losses at its newly acquired FinishMaster business. * A series of corrective disclosures, revealing missed targets and customer attrition, triggered multiple stock drops, including a 13.8 percent decline in one day.
Tom Brennan
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May 11 2026
A shareholder lawsuit against semiconductor firm Skyworks Solutions, alleging the company misled investors about risks related to its largest customer, Apple, has been allowed to proceed by a federal court.

Skyworks Faces Investor Lawsuit Over Apple Risk After 7% Drop

**Key Takeaways** * A securities lawsuit alleging Skyworks misled investors about its Apple business will proceed after a court ruling. * The complaint claims the firm misrepresented the stability of its largest customer relationship. * The legal challenge follows a 7.3 percent stock drop after its Q2 earnings report in early May.
Tom Brennan
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May 11 2026
Faruqi & Faruqi, LLP reminds investors of the June 8, 2026 deadline to seek lead plaintiff status in a federal securities class action lawsuit against Upstart Holdings, Inc. (UPST).

Upstart Faces June 8 Deadline in Securities Fraud Lawsuit

**Key Takeaways:** * Faruqi & Faruqi reminds Upstart investors of the June 8, 2026 deadline. * Lawsuit alleges misleading statements between May and November 2025. * Investors who suffered losses are encouraged to seek lead plaintiff role.
Tom Brennan
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May 11 2026
Action camera maker GoPro is reviewing strategic alternatives, including a potential sale or merger, after receiving unsolicited interest, causing its stock to surge.

GoPro explores sale after stock jumps 27% on strategic review

**Key Takeaways:** * GoPro board authorizes a strategic review that could lead to a sale or merger, sending shares up over 27% after hours. * The review follows unsolicited inquiries received after GoPro engaged a firm to enter the defense and aerospace markets. * The announcement coincides with a 26% year-over-year revenue decline and a wider adjusted loss of 35 cents per share in Q1.
Tom Brennan
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May 11 2026
Rosen Law Firm reminds Pinterest investors of the May 29 deadline to seek lead plaintiff status in a securities fraud lawsuit alleging the company misled them about advertising revenue.

Pinterest Investors Face May 29 Deadline in Securities Fraud Lawsuit

**Key Takeaways** * A securities fraud lawsuit alleges Pinterest misled investors about tariff impacts on ad revenue. * The class period is for shares bought between Feb 7, 2025, and Feb 12, 2026. * Investors have until May 29, 2026, to file for lead plaintiff status in the case.
Tom Brennan
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May 11 2026
Victoria's Secret has accused its third-largest shareholder, Australian billionaire Brett Blundy, of corporate espionage, escalating a proxy battle ahead of its June 11 annual meeting.

Victoria's Secret Accuses 13% Owner Blundy of Corporate Espionage

**Key Takeaways:** * Victoria's Secret alleges a senior employee of Brett Blundy's firm BBRC International posed as a VS&Co affiliate to obtain confidential data. * The allegations come as BBRC, which owns a 13% stake, wages a proxy fight to unseat two board members at the June 11 meeting. * The board rejected Blundy's own candidacy, citing reputational risks and conflicts of interest with his competing lingerie brand, Léays.
Tom Brennan
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May 11 2026
MacroGenics, Inc. has announced a definitive agreement with Bora Pharmaceuticals Co., Ltd., under which MacroGenics will sell its GMP drug substance manufacturing operations to Bora for an upfront payment of $122.5 million.

MacroGenics to Sell Manufacturing Unit for $122.5 Million, Stock Gains 2%

**Key Takeaways** * MacroGenics to receive $122.5 million in an upfront cash payment from Bora Pharmaceuticals. * Deal includes transfer of two Maryland facilities and approximately 140 employees. * Transaction provides non-dilutive funding for MacroGenics' oncology drug pipeline.
Tom Brennan
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May 11 2026

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