CTFN is a market-leading news provider and aggregator of deal-related data. We are journalists and analysts with expertise in industries, sectors and regulatory processes, covering critical deals and corporate actions in North America and Europe/UK.

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Reset emails come from alerts@pressrisk.io — check your spam folder. If you still don't see it, contact our Director of Engagement or Director of Operations.

If I subscribe, can I speak with the journalist about an article?

Yes. Subscribers can schedule a 15-minute Direct Consultation with the journalist for any story published in the prior two weeks. All calls are supervised by CTFN's chief of compliance.

What is merger arbitrage?

Merger arbitrage is an investment strategy that involves buying shares of a company that is the target of an acquisition, profiting from the spread between the current market price and the announced deal price. Returns depend on the probability and timing of the deal closing successfully.

What is a deal spread in M&A?

A deal spread is the difference between the current trading price of an acquisition target and the price offered by the acquirer. A wider spread indicates greater market uncertainty about whether the deal will close. Merger arbitrage traders monitor spreads to assess risk and potential return.

How does FTC merger review work?

The FTC reviews mergers under the Hart-Scott-Rodino Act. After parties file an HSR notification, the FTC has 30 days to issue a Second Request for more information or clear the deal. If the FTC finds competitive concerns, it may negotiate remedies or file suit to block the transaction in federal court.

What is a Second Request in antitrust review?

A Second Request is a formal demand for additional documents and information issued by the DOJ or FTC during merger review. Receiving a Second Request extends the HSR waiting period and signals heightened regulatory scrutiny. Complying with a Second Request typically takes several months and significantly increases deal uncertainty.

How long does antitrust review take?

Basic HSR antitrust review takes a minimum of 30 days. If regulators issue a Second Request, the process typically extends to 6–18 months. Complex deals involving large market shares, sensitive sectors, or multiple jurisdictions — such as EU, UK CMA, and US reviews running simultaneously — can take longer.

What is CFIUS and when does it review deals?

CFIUS (Committee on Foreign Investment in the United States) reviews foreign acquisitions of US businesses for national security risks. Filing is mandatory when a foreign buyer acquires control of a US business in critical technology, critical infrastructure, or sensitive personal data sectors. CFIUS review typically takes 30–45 days, with a possible 45-day investigation extension.

What is the UK CMA merger review process?

The UK Competition and Markets Authority conducts a two-phase merger review. Phase 1 takes up to 40 working days and results in clearance, remedies, or a Phase 2 referral. Phase 2 is an in-depth investigation lasting up to 24 weeks. A Phase 2 referral significantly increases deal risk and is closely monitored by merger arbitrage traders.

What is a break fee in M&A?

A break fee, also called a termination fee, is a payment one party must make to the other if a merger agreement is terminated under specified conditions. Reverse break fees — paid by the acquirer — are particularly significant in deals facing regulatory risk, as they set a floor on downside for the target's shareholders.

THE ULTIMATE SOURCE ON M&A

News & data for financial professionals

Q: How does CTFN decide which deals to cover?

We follow mid-sized to large deals in North America and Europe, particularly announced or pre-announced deals likely to face regulatory scrutiny. We also take requests directly from readers.

Q: How reliable is CTFN information?

All CTFN content is reliably sourced and vetted by CTFN's general counsel and head of compliance.

Q: I saw CTFN published an article and I want to read it. What can I do?

CTFN is a subscription-based service. Subscribers receive immediate access to all stories. Contact our client engagement team or schedule a platform review to get access.

CTFN delivers data and sourced intelligence on M&A and other tradeable events, focusing on corporate finance, regulatory risk and antitrust processes across North America, Europe and Asia — before the market catches up.

TESTIMONIALS

Trusted by the world's top M&A professionals and investors

Corporate executives, investment bankers, legal professionals, deal advisors, portfolio managers, quants, market makers, options dealers and regulators rely on CTFN for timely, accurate news and data.

"WhenitcomestoresearchservicesandM&Anews,CTFNistheno-brainer.Ataminimumwehavetohavethatservicebeforeweconsideranyotheroptions."

— M.S., hedge-fund portfolio manager

SOURCED INTELLIGENCE

News articles

Our editorial team has decades of experience covering M&A, corporate finance, shareholder activism, antitrust processes and FDI, with deep sourcing on the market's highest-profile events. Our analyst team supports this work by crunching numbers and identifying key angles.

General services

Jun 5, 2026

UNF/CTAS: Third parties concerned, FTC to consult university as HSR expiration nears

FTC engages with customers, analysis of contracts and alternatives.

Read

Industrials

May 27, 2026

BLD/QXO: $17bn deal clears HSR

Merger gets HSR clearance, passes critical milestone.

Read

Media

Jun 12, 2026

ROKU: Bankers hired, price in mind for potential sale; Comcast, Fox, Netflix among potential buyers

Fox among suitors for Roku.

Read

Media

Mar 2, 2026

TGNA/NXST: Why deal approval is not just a federal story

California, Colorado and New York state AGs may launch litigation against the deal.

Read

Industrials

Apr 14, 2026

SES:CN/GFL: C$6.4bn deal an oilfield play, not garbage-business expansion

GFL breaks precedent with unquite rationale for acquisition.

Read

Media

Feb 5, 2026

WBD/PSKY: Draft EC filing and remedy proposal close, but progress unlikely before vote

Parties drafting merger filing with EC, Phase I divestiture of WBD’s children’s television assets likely

Read

Consumer, retail & leisure

Feb 27, 2026

CZR: Early talks focus on select assets, not full sale

Caesar likelier to break up than be acquired wholesale.

Read

General services

Feb 24, 2026

CTLP: Divestiture of 32M seen as likely horizontal remedy

Divestiture of 32M and interoperability likely remedies.

Read

Energy & resources

Feb 10, 2026

TXNM: Intervenors call out stock purchase by Blackstone affiliate

New Energy Economy & Prosperity Works focus in on $400mn stake purchase by Blackstone

Read

Media

Dec 26, 2025

WBD/NFLX/PSKY: Inside Netflix strategy, antitrust approach

NFLX’s bid for WBD to own a major studio and secure long-term access

Read

Consumer, retail & leisure

Sep 27, 2025

K/Mars

As EC investigation resumes, deal seems headed toward clearance

Read

Financial services

Sep 22, 2025

COOP

Merger appears on track to close in the fourth quarter of 2025

Read

Industrials

Oct 3, 2025

1COV

Long-stop date for XRG’s takeover of Covestro is top of mind at European Commission.

Read

WHO WE ARE

Our team

Deane McRobie — Head of data

Robert W. Welkos — Senior FCC & public-utilities reporter

Samantha Tomaszczyk — Senior reporter

Ryan Lynch — DC bureau chief

Graham Riss — Head of research

Fahad Ahmed — Analyst

Jonathan Spitzer — CEO

Melissa Walker — General counsel & director of compliance

Greg Falkowski — Director of finance & operations

Kara Sullivan — Director of engagement

Jonathan founded CTFN to provide high-quality financial and regulatory intelligence.

He was previously a merger-arbitrage analyst and portfolio manager at Arnhold and S Bleichroeder (First Eagle Investment Management).

He has a BA from Yale College (summa cum laude, Phi Beta Kappa) and an MBA from Columbia Business School (Beta Gamma Sigma).

Jonathan Spitzer

CEO

Graham Riss covers long-dated M&A situations and coordinates our research team.

He has spent four years an analyst, tracking deals for our editorial team, and he leads our industry in breaking open the market's most interesting and complex tradeable situations.

He holds a BS in finance from SCSU.

Graham Riss

Head of research

Graham Riss leads CTFN's research efforts. He has built out a suite of research tools for users, tracks dozens of deals at all times on behalf of our team of reporters, and consults subscribers on the market's most interesting and complex situations. He holds a BS in finance from SCSU and has years of experience as an M&A analyst.

Graham Riss

Lead analyst

Diane has over a decade of experience getting exclusive scoops on M&A and other event-driven situations.

She studied at Virginia Tech, Penn State and Brookdale College, earned Series 7 and 63 licenses, worked on the NYSE floor and at Merrill Lynch and Morgan Stanley, and spent two years at Dealreporter.

Diane Alter

Senior US antitrust & special-situations reporter

Melissa is a securities lawyer with litigation experience on insider trading, market timing, earnings management, the Investment Company Act of 1940 and corporate governance.

She previously worked at Ropes & Gray in Washington DC and New York.

She has a JD from George Washington University Law School and a BA in journalism and political science from the University of North Carolina.

Melissa Walker

General counsel & director of compliance

Based in Washington DC, Ryan covers healthcare & life-sciences M&A, as well as antitrust regulation for all sectors.

As a journalist, his work has featured in the Financial Times and CNBC. He has also worked in healthcare consulting and administration, and he has experience as a tech entrepreneur.

He has a BBA from Emory University and an MS in healthcare management from Georgetown University.

Ryan Lynch

DC bureau chief

Brandon Leuzzi is a junior analyst. He keeps our database fresh by researching deals, checking facts and dates, and monitoring corporate announcement and regulatory filings.

He is a recent graduate of Colgate University, where he earned a BA in mathematical economics and philosophy.

Brandon Leuzzi

Junior analyst

Fahad is an analyst, tracking M&A situations and regulatory processes.

He has a background in business analytics and financial modeling, with experience building BI dashboards and conducting sales and performance analysis across multiple industries.

Fahad holds a BBA in finance from BRAC University.

Fahad Ahmed

Analyst

Based in Los Angeles, Bob covers utilities and infrastructure M&A, focusing on FCC reviews as well as on state-level regulators, politics and courtroom processes.

He previously spent 20 years reporting for the Los Angeles Times, where he shared in two Pulitzer Prizes.

He has also been a correspondent for the Associated Press.

Robert W. Welkos

Senior FCC & public-utilities reporter

Samantha covers EU and UK antitrust regulation, EU FSR and TMT M&A.

She previously worked for MLex in Brussels, covering TMT regulation and trade, at Mergermarket Group (Acuris), covering TMT M&A for its Dealreporter and PaRR publications, and as an M&A analyst and editor at S&P Global Market Intelligence.

Samantha Tomaszczyk

Senior reporter

Greg oversees our day-to-day operations.

He worked for 15 years in financial news and data at Mergermarket Group (Acuris) in New York, building data-management systems, collaborating with client-management teams, and overseeing researchers.

He holds a BA in finance from Wake Forest University.

Greg Falkowski

Director of finance & operations

Kara leads our sales, client-management and marketing efforts.

She previously spent seven years in sales and marketing for A & E Television Networks, and five years in account management at various advertising agencies in New York and Connecticut.

She holds a BA in American studies from Smith College.

Kara Sullivan

Director of engagement

Deane is our head of data, edits our news articles, covers European M&A and builds our products.

He previously worked at Mergermarket Group (Acuris, then ION Analytics) in London.

He has a BA in political science and East Asian language studies from McGill University.

Deane McRobie

Head of data

OUR PRODUCT SUITE

CTFN News

CTFN News provides news and research tools to help you invest with confidence. Explore breaking, market-leading articles from our trusted team of experts in tradeable events and the associated regulatory regimes.

CTFN News is available on our in-browser platform or via an API. An independent data study, which we can share with you upon request, shows the effect our news articles have on prices.

Breaking news

Our reporters across North America and Europe deliver actionable intelligence on tradeable events. Our work is proven to move markets.

Breaking news

Our reporters across North America and Europe deliver actionable intelligence on tradeable events. Our work is proven to move markets.

Newsletters

Our daily and weekly newsletters feature exclusive write-ups, news aggregation and summaries of filings on M&A across North America, Europe and Asia.

Research tools

Our in-browser news platform hosts regulatory calendars, deal summaries, company announcements and public filings.

Direct consultations

Our reporters and analysts are available on demand to discuss the situations they cover. These calls are supervised by our director of compliance.

Direct consultations

Our reporters and analysts are available on demand to discuss the situations they cover. These calls are supervised by our director of compliance.

Speaker series

We host regular webinars and in-person events every few weeks, typically in New York or London, featuring speakers with insights on the situations we cover.

Research Tools

Regulatory calendars, active-situations summaries, pre-event lists and PUSU monitors.

API connectivity

Go to CTFN News

Newsletters

M&A Database

Events

Risk Advisor

Expert Insight

Excellent Reviews

Spitzer Data

Spitzer Data provides live and historical data, as well as interactive tools and dashboards, on M&A and other event-driven situations, for a broad range of financial professionals.

With Spitzer Data, investment bankers can track deal activity by sector, justify multiples, produce charts and chase mandates with confidence; risk-arb investors can run scenario-specific downside analyses; activist investors can build valuation targets; and antitrust lawyers can find precedent merger-review cases.

Spitzer Data is available on our in-browser platform, as an iOS app on the App Store, and via an API.

Live Metrics™

We model break prices, returns and closing odds, overlaid on our analysts' closing estimates. You can also plug your own inputs into our interactive system.

Live Metrics™

We model break prices, returns and closing odds, overlaid on our analysts' closing estimates. You can also plug your own inputs into our interactive system.

M&A database

Our database of deals and pre-event situations lets you look up M&A activity, acquirer profiles and regulatory precedents.

News aggregation

Our aggregation feeds help you stay on top of third-party news, regulatory filings and corporate announcements for the situations you follow.

Situation profiles

We provide a dedicated page for every M&A situation we follow, allowing you to easily track news, regulatory processes, next events, and price movements.

Situation profiles

We provide a dedicated page for every M&A situation we follow, allowing you to easily track news, regulatory processes, next events, and price movements.

League tables

Who are the top media-sector bankers in France? Which lawyers advised on the most deals with FTC second requests in 2023? We know, and so can you.

Company profiles

Every company on our system has its own page where you can model valuations, follow news, track price movements and see shareholdings.

API connectivity

API Connectivity

Consultations with CTFN reporters

Investment Help

Newsletters

M&A Database

Events

Risk Advisor

Go to Spitzer Data

See plans

BREADTH

Topics we cover

CTFN's reporters, backed by a team of experienced analysts, are experts in the subject areas they cover and are dedicated to providing market-leading articles. Our coverage, designed to increase the value and efficiency of our readers' research efforts, includes the following sectors and topics:

CFIUS & other FDI