===Taylor Morrison Home (TMHC) to be acquired by Berkshire Hathaway (BRK.A) for 72.50 per share

• This marks Greg Abel's first major deal as Berkshire CEO, expanding housing presence
• Taylor Morrison to operate as private entity post-deal subject to approvals

Taylor Morrison Home to be acquired by Berkshire Hathaway (BRK.A) for 72.50 per share 

• Taylor Morrison agreed to be acquired by Berkshire Hathaway for $72.50 per share in cash, valuing the company at approximately $6.8 bln equity value and $8.5 bln enterprise value.
  • The offer represents a 24% premium to Taylor Morrison's May 29 closing price of $58.50.
• Berkshire plans to combine Taylor Morrison with its existing housing and building products operations, expanding its presence in U.S. homebuilding.
• Taylor Morrison's management team, including CEO Sheryl Palmer, is expected to remain in place following the transaction.
• The deal is expected to close in H2 2026, subject to shareholder approval and customary regulatory clearances.

===Fermi America (FRMI): ex-CEO & co-founder Toby Neugebauer is terminated

 

May 18: 

• Fermi says ex-CEO Toby Neugebauer was terminated for cause over alleged misconduct, value-destructive sale plans
• Fermi filed a preliminary consent revocation statement with the SEC opposing Neugebauer’s bid to call a special meeting.

May 19: Toby Neugebauer, co-founder and largest shareholder of Fermi Inc., issued a letter to the owners of the Company

• "We need the opportunity to determine the future of Fermi ourselves, rather than having major decisions dictated by a small committee within a Board that has never answered to shareholders. The stakes are too high, and the opportunity too urgent, for directors who have never faced a shareholder vote to control the outcome."
• Neugebauer reiterates belief that Fermi's current cost of capital requires a dual-path process that must include a full-market-value sale or strategic partnership in order to maximize shareholder value.
• Given the Company's multiple legal tactics to suppress shareholder votes, Mr. Neugebauer announced that he plans to pause his solicitation of shareholders at the Special Meeting of Shareholders that he called for May 29, 2026, and will instead proceed with his solicitation to call a Special Meeting of Shareholders that he intends to hold on or around June 30, 2026.

===Healthpeak Properties (DOC) reported earnings on Tue 5 May 26 (a/h)

 

Healthpeak Properties beats by $0.02, beats on revs; guides FY26 FFO in-line

• Reports Q1 (Mar) funds from operations of $0.45 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.43; revenues rose 7.1% year/year to $752.9 mln vs the $694.59 mln FactSet Consensus.
• In March 2026, Janus Living, Inc. (JAN) completed its initial public offering at the high-end of the valuation range, generating approximately $880 million of net proceeds in an oversubscribed and upsized offering, to pursue accretive acquisition and investment opportunities.
• JAN reported post-IPO net loss of $(0.05) per share, first quarter net income of $0.13 per share and first quarter FFO as Adjusted of $0.23 per share.
• Co issues in-line guidance for FY26, sees FFO of $1.71-$1.75, excluding non-recurring items, vs. $1.73 FactSet Consensus.

===Global Business Travel Group (GBTG) to be acquired by Long Lake Management in $6.3B deal

 

American Express Global Business Travel is being acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion.

• Under the terms of the agreement, Amex GBT shareholders will receive $9.50 per share in cash, which represents a 60.2% premium to Amex GBT's closing stock price on May 1, 2026, the last full trading day prior to the transaction announcement, and a premium of approximately 65.1% over the volume weighted average price of Amex GBT's stock for the 30 days ending May 1, 2026.
• Transaction negotiations were led by a Special Committee of the Amex GBT Board of Directors, composed entirely of independent and disinterested directors. Following the unanimous recommendation of the Special Committee, the Amex GBT Board of Directors approved the merger agreement with Long Lake.
• The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including approval by Amex GBT's stockholders and receipt of requisite regulatory clearances. Upon completion of the transaction, Amex GBT's common stock will no longer be publicly listed, and Amex GBT will become a privately held company.
• The consummation of the merger is not subject to any financing condition. Long Lake intends to have discussions with certain significant stockholders of the Company relating to a potential rollover of a portion of their Amex GBT shares, which discussions have been authorized by the Special Committee, and may enter into rollover agreements with one or more of those parties in advance of the transaction closing.
• American Express (AXP), Expedia (EXPE), Qatar Investment Authority and BlackRock (BLK), collectively representing 69% of GBT's shares, have entered into voting agreements in support of the transaction.

Global Business Travel Group beats by $0.06, beats on revs; also to be acquired

• Reports Q1 (Mar) earnings of $0.10 per share, $0.06 better than the FactSet Consensus of $0.04; revenues rose 35.3% year/year to $840 mln vs the $815.97 mln FactSet Consensus.
• Note: American Express Global Business Travel, which is operated by Global Business Travel Group (GBTG), a software and services company for travel, expense and meetings & events, today announced that it has entered into a definitive agreement to be acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion.