Barry Diller's People Inc. withdrew its offer to acquire the remaining publicly held shares of MGM Resorts. MGM shares fell 9% after the offer was rescinded.
4:11 PMCNBC18 stories from 12 sources
Deal execution and regulatory friction dominated M&A
Day’s Recap
Supporting Articles
The Surface Transportation Board rejected motions to dismiss the proposed $85 billion merger of Union Pacific and Norfolk Southern. New board member Richard Kloster said the railroads still have substantial work to do to prove that the deal serves the public interest.
8:33 AMWWD
The Block the Merger coalition filed an emergency request seeking to oppose Paramount's proposed acquisition of Warner Bros. Discovery ahead of a California court hearing. The filing asks to participate in the case through an amicus brief.
6:52 AMVariety
Databricks has acquired Row Zero, whose spreadsheet platform is designed for people and AI agents to work together on data. Databricks plans to add those capabilities to its Genie AI coworker, giving users a spreadsheet interface for data analysis and collaboration.
7:57 PMPYMNTS
Argentina's central bank has approved Revolut's acquisition of Banco Cetelem Argentina from BNP Paribas Personal Finance. The approval clears a major regulatory step as Revolut builds its local banking operations.
8:41 PMPYMNTS4:11 PMCNBC
MGM Resorts shares sink 11% after Barry Diller's People Inc. rescinds takeover offer
Summary
Barry Diller's People Inc. withdrew its offer to acquire the remaining publicly held shares of MGM Resorts. MGM shares fell 9% after the offer was rescinded.
The withdrawal removes a near-term exit premium and leaves MGM exposed to renewed market pressure.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
MGM investors must now reassess the company on standalone earnings rather than takeover speculation.
2 stories · 2 sources
8:33 AMWWD
STB Keeps UP-NS Merger Alive, but Board Member Flags ‘Lack of Transparency’
Summary
The Surface Transportation Board rejected motions to dismiss the proposed $85 billion merger of Union Pacific and Norfolk Southern. New board member Richard Kloster said the railroads still have substantial work to do to prove that the deal serves the public interest.
The ruling keeps the application alive but does not signal approval, while the transparency criticism
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The largest US rail merger in decades remains viable, but regulatory scrutiny is becoming a central execution risk.
6:52 AMVariety
Block the Merger Coalition Files Legal Request to Oppose Paramount-Warner Bros. Deal
Summary
The Block the Merger coalition filed an emergency request seeking to oppose Paramount's proposed acquisition of Warner Bros. Discovery ahead of a California court hearing. The filing asks to participate in the case through an amicus brief.
Opponents are moving the dispute beyond corporate negotiations and into a broader challenge over media
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal now faces organized resistance from groups arguing that its effects extend beyond the two companies' balance sheets.
7:57 PMPYMNTS
Databricks Buys Spreadsheet Builder Row Zero to Enhance AI Coworker
Summary
Databricks has acquired Row Zero, whose spreadsheet platform is designed for people and AI agents to work together on data. Databricks plans to add those capabilities to its Genie AI coworker, giving users a spreadsheet interface for data analysis and collaboration.
The acquisition moves Genie beyond a conversational AI tool and into a familiar workplace application
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Databricks is using an acquisition to make AI-assisted data work more accessible and harder for enterprises to ignore.
8:41 PMPYMNTS
Revolut Wins Central Bank Approval to Acquire Argentine Bank
Summary
Argentina's central bank has approved Revolut's acquisition of Banco Cetelem Argentina from BNP Paribas Personal Finance. The approval clears a major regulatory step as Revolut builds its local banking operations.
Regulatory approval gives Revolut a licensed banking platform in Argentina rather than requiring it to
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Revolut is using bank acquisitions to turn international fintech expansion into locally licensed financial infrastructure.
Other Developments
A curated list of other prominent stories from this day.
Gen Digital, the owner of Norton and other cybersecurity brands, has approached GoDaddy about a takeover, though discussions remain at an early stage. The deal would expand Gen beyond cybersecurity into domains, hosting, and online services.
4:36 PMFinancial Times
A24 and The New York Times are reportedly among the potential buyers pursuing Letterboxd, the film-review and social platform. The sale could value the company at about $300 million, though no deal has been confirmed.
4:09 PMVariety
RedBird Capital Partners agreed to acquire a majority stake in Puck, valuing the five-year-old media company at $250 million. The investment expands RedBird's holdings across media and places Puck under an owner with ties to Paramount and other major industry deals.
10:46 AMVariety
Steve Case and Greg O’Hara are directing attention and capital toward scarce physical assets in travel. O’Hara is also considering new opportunities after the proposed $6.3 billion sale of American Express Global Business Travel.
10:13 AMSkiftScott Sheffield, a key figure in the US shale boom, said ExxonMobil CEO Darren Woods failed to honor a promise to support him in a dispute with the Federal Trade Commission after Exxon acquired Pioneer Natural Resources for $60 billion.
8:43 AMBloomberg Markets
Anarock has acquired a 51% stake in DSP Design Associates, valuing the architecture and design firm at roughly one times its reported FY26 revenue of ₹450 crore. Anarock funded the purchase through internal accruals.
8:22 AMEconomic Times RealtyKredete agreed to acquire Gravv, an infrastructure platform that connects banks, blockchain networks, and local payment rails for real-time international money movement. The deal will combine that infrastructure with Kredete's focus on emerging-market and diaspora communities.
8:12 AMFinextra
PLACE is acquiring Maxwell, a mortgage technology provider that supports more than $130 billion in annual mortgage transactions. The deal adds Maxwell's lending infrastructure and capabilities to PLACE's platform.
7:30 AMHousing WireDelivery Hero chief executive Niklas Östberg has abandoned plans to leave the company after Uber secured a deal to acquire parts of the German food delivery group. He will help oversee asset sales and the company's transition under its new US owner.
4:56 AMFinancial TimesKobayashi Pharmaceutical is reportedly weighing a buyout offer worth more than ¥500 billion, or about $3.2 billion, from private equity investors. The Japanese health products maker faced a supplement contamination scandal linked to suspected deaths.
4:49 AMBloomberg MarketsGlass Lewis is merging with Clarity AI, a European-focused provider of environmental, social and governance data and analytics. The combination expands Glass Lewis's capabilities as investors seek more tools to assess climate and sustainability risks.
3:00 AMBloomberg Markets4:36 PMFinancial Times
GoDaddy receives takeover offer from maker of Norton antivirus software
Summary
Gen Digital, the owner of Norton and other cybersecurity brands, has approached GoDaddy about a takeover, though discussions remain at an early stage. The deal would expand Gen beyond cybersecurity into domains, hosting, and online services.
The potential transaction would give Gen a broader consumer internet platform and add recurring revenue
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The approach signals continued consolidation among subscription-based digital services with overlapping consumer distribution.
4:09 PMVariety
Letterboxd Suitors Include A24 and New York Times; Sale Could Value Social Movie Platform at $300 Million: Report
Summary
A24 and The New York Times are reportedly among the potential buyers pursuing Letterboxd, the film-review and social platform. The sale could value the company at about $300 million, though no deal has been confirmed.
Interest from both an entertainment company and a major publisher signals that Letterboxd’s value extends
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Letterboxd has become valuable enough to draw buyers seeking a direct relationship with a highly active moviegoing audience.
2 stories · 2 sources
10:46 AMVariety
RedBird Capital Signs Deal to Acquire Majority Stake in Puck, Valuing Media-Biz Outfit at $250 Million
Summary
RedBird Capital Partners agreed to acquire a majority stake in Puck, valuing the five-year-old media company at $250 million. The investment expands RedBird's holdings across media and places Puck under an owner with ties to Paramount and other major industry deals.
Puck is moving from founder-led startup mode into institutional ownership at a substantial valuation. RedBird
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal signals continued investor appetite for specialized media brands that sell influence and access rather than mass reach.
10:13 AMSkift
Revolution’s Steve Case and Certares’ Greg O’Hara Are Betting on Scarce Travel Assets
Summary
Steve Case and Greg O’Hara are directing attention and capital toward scarce physical assets in travel. O’Hara is also considering new opportunities after the proposed $6.3 billion sale of American Express Global Business Travel.
Capital is moving toward travel assets that cannot be easily replicated, particularly as investors look
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Investment in constrained travel assets may reshape who controls capacity, destinations, and customer access.
8:43 AMBloomberg Markets
Scott Sheffield Claims Exxon CEO Betrayed Him in $60 Billion Pioneer Deal
Summary
Scott Sheffield, a key figure in the US shale boom, said ExxonMobil CEO Darren Woods failed to honor a promise to support him in a dispute with the Federal Trade Commission after Exxon acquired Pioneer Natural Resources for $60 billion.
The dispute shifts attention from the transaction's industrial logic to the commitments made around it.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Trust and regulatory assurances can remain material liabilities after an acquisition closes.
8:22 AMEconomic Times Realty
Anarock acquires 51% stake in DSP Design Associates for about ₹450 crore
Summary
Anarock has acquired a 51% stake in DSP Design Associates, valuing the architecture and design firm at roughly one times its reported FY26 revenue of ₹450 crore. Anarock funded the purchase through internal accruals.
The acquisition expands Anarock beyond real estate advisory into design and project capabilities while keeping
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Real estate firms are consolidating adjacent professional services to capture more value across the development cycle.
8:12 AMFinextra
Kredete acquires Gravv to build stablecoin infrastructure
Summary
Kredete agreed to acquire Gravv, an infrastructure platform that connects banks, blockchain networks, and local payment rails for real-time international money movement. The deal will combine that infrastructure with Kredete's focus on emerging-market and diaspora communities.
The acquisition gives Kredete a direct route to build stablecoin-based transfers across regulated banking and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Stablecoin companies are increasingly targeting the operational plumbing needed to make cross-border payments work in local markets.
7:30 AMHousing Wire
PLACE acquires Maxwell, adding mortgage fintech capabilities
Summary
PLACE is acquiring Maxwell, a mortgage technology provider that supports more than $130 billion in annual mortgage transactions. The deal adds Maxwell's lending infrastructure and capabilities to PLACE's platform.
The acquisition gives PLACE a faster route into mortgage workflows and adds scale through Maxwell's
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal could reshape how lenders access and integrate the software that supports mortgage origination.
4:56 AMFinancial Times
Delivery Hero chief reverses exit plan after Uber secures takeover deal
Summary
Delivery Hero chief executive Niklas Östberg has abandoned plans to leave the company after Uber secured a deal to acquire parts of the German food delivery group. He will help oversee asset sales and the company's transition under its new US owner.
Uber's agreement has changed Östberg's role from departing chief to transition operator responsible for executing
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Leadership continuity may ease the handover, but the transaction still puts Delivery Hero's assets and strategy under pressure to consolidate.
4:49 AMBloomberg Markets
Kobayashi in $3.2 Billion Buyout Talks After Red-Yeast Case
Summary
Kobayashi Pharmaceutical is reportedly weighing a buyout offer worth more than ¥500 billion, or about $3.2 billion, from private equity investors. The Japanese health products maker faced a supplement contamination scandal linked to suspected deaths.
The potential buyout puts a financial value on a company still carrying substantial legal, regulatory,
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal could turn a major product-safety crisis into a test of how private equity prices corporate liability and reputational damage.
3:00 AMBloomberg Markets
Proxy Adviser Glass Lewis Merges With Clarity AI: ESG Investing
Summary
Glass Lewis is merging with Clarity AI, a European-focused provider of environmental, social and governance data and analytics. The combination expands Glass Lewis's capabilities as investors seek more tools to assess climate and sustainability risks.
The deal combines proxy voting influence with ESG data infrastructure, giving Glass Lewis a broader
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The merger could make ESG measurement more central to proxy advice and shareholder voting.
Make it yours
Build Your First Pass.
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!