SpaceX acquires Cursor $60B: whale moves Jun 16

SpaceX (Nasdaq: SPCX) filed an 8-K Tuesday morning announcing a $60 billion all-stock acquisition of Anysphere, Inc. — maker of the Cursor AI code editor — the largest disclosed deal in this window and the headline move on a day that also delivered a $12B chemicals merger, Yum Brands' $2.7B Pizza Hut exit, four buyouts closing or fully announced, and a fourth consecutive day of open-market buying by Nerdy's CEO.

Quick scan: all items, Jun 15–16

Ticker	Filer / entity	Action	Key metric	Filing date
SPCX	SpaceX / Anysphere	8-K: $60B all-stock acquisition of Cursor	Stock-for-stock; close Q3 2026	Jun 16
YUM	Yum Brands	8-K: $2.7B Pizza Hut divestiture + $4B buyback	~$2.3B net proceeds; close Q3 2026	Jun 16
YUMC	Yum China	8-K: $1.2B Pizza Hut China brand acquisition	19.5x LTM P/E; immediately EPS-accretive	Jun 16
OLN / HUN	Olin + Huntsman	8-K: $12B+ all-stock merger of equals	$400M+ synergies; close H1 2027	Jun 16
KW	Kennedy-Wilson / Fairfax	8-K: take-private completed	$10.90/sh; $1.6B equity consideration	Jun 16
ASRT	Assertio / Zydus	SC 14D-9/A: tender completed; merger closing Jun 16	66.32% tendered; $23.50/sh	Jun 16
SLP	Simulations Plus / Altaris	8-K: $375M all-cash buyout agreed	$18.50/sh; 26% premium to 60-day VWAP	Jun 16
EQNR	Equinor	6-K: Capital Markets Day	2026 buyback doubled to $3B; $2–4B/yr from 2027	Jun 16
HOOD	Robinhood Markets	8-K: ~10% workforce reduction	~$28M total charges (Q2 2026)	Jun 16
PBH	Prestige Consumer Healthcare	8-K: $1.045B Breathe Right close	Net ~$900M after tax benefits	Jun 12
STM	STMicroelectronics	6-K: $1.5B convertible bond offering	Redeems $750M 2027 zero-coupon converts	Jun 16
OTLK	Outlook Therapeutics	8-K: FDA Class 1 BLA review accepted	PDUFA July 29, 2026	Jun 16
NRDY	CEO Charles Cohn	Form 4: Day 4 of buying streak	250,007 sh @ ~$1.00; trust total 978,311 sh	Jun 15
BLND	Haveli / Brian Sheth	Form 4: 1.16M shares bought Jun 11–15	~$1.70/sh; recent 2-week total ~2.28M sh	Jun 15
VANI	Director Gregg Williams	Form 4: $2M private purchase	1,587,301 sh @ $1.26	Jun 15
ALLT	Lynrock Lake	13G: 20.5% passive stake disclosed	10,011,295 sh; converted from 13D	Jun 15
GDOT/CONE	Green Dot / CommerceOne	425: supplemental merger disclosures	Citi equity range $590M–$755M; 3 lawsuits	Jun 16

Coverage: Jun 15 13:26 UTC → Jun 16 18:00 UTC

SpaceX acquires Cursor for $60B in all-stock deal

Space Exploration Technologies Corp. (Nasdaq: SPCX) agreed Tuesday to acquire Anysphere, Inc. — the company behind the Cursor AI-assisted code editor — in a stock-for-stock merger, with Cursor valued at $60.0 billion. 1

The merger sub is X67 Inc., a wholly owned SpaceX subsidiary. Cursor shareholders will receive SpaceX Class A common stock priced at the 7-day VWAP immediately before closing; shares are issued under Section 4(a)(2) as unregistered securities. The deal is expected to close in Q3 2026, pending regulatory approvals. The 8-K is a factual transaction disclosure — no management commentary was included in the filing. 1

Yum Brands spins out Pizza Hut; Yum China buys the China brand

Yum! Brands (NYSE: YUM) entered definitive agreements Tuesday to sell its entire Pizza Hut business in two transactions totaling $2.7 billion, and its board simultaneously authorized an incremental $4 billion share repurchase. 2

Pizza Hut Ex-China sold to LongRange Capital for approximately $1.5 billion (plus up to $75 million earn-out by 2030)
Pizza Hut Mainland China sold to Yum China (NYSE: YUMC) for $1.2 billion in cash

Net after-tax proceeds to Yum are expected at approximately $2.3 billion, with one-time separation costs of approximately $85 million through year-end 2026. Both deals are expected to close Q3 2026 subject to regulatory approval. Yum will stop reporting a Pizza Hut segment upon close and will continue providing its Byte by Yum! technology platform to Pizza Hut Ex-China during a transition period. 2 The strategic review of Pizza Hut commenced in November 2025.

"These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders," said Chris Turner, CEO of Yum! Brands. 2

Yum China's perspective: For Yum China, the $1.2 billion price implies 19.5x LTM P/E — a 17% discount to the peer group median of 23.5x and a 24% discount to the 1-year average of 25.7x. 3 The deal eliminates ~$62 million in annual license fees paid to Yum! Brands and is expected to be immediately accretive to diluted EPS from 2026, with mid-single-digit accretion in 2027–2028. Pizza Hut China has 4,375 restaurants across 1,100+ cities as of March 31, 2026; Yum China targets 6,000+ stores by 2028 and doubled operating profit vs. 2024 by 2029. Funded with cash and debt, with capital return plans maintained ($1.5 billion in 2026). "Moving from the exclusive licensee to the brand owner of Pizza Hut in Mainland China represents a transformative milestone for us," said Joey Wat, CEO of Yum China. 3

Olin + Huntsman: $12B+ chemicals merger of equals

Olin Corporation (NYSE: OLN) and Huntsman Corporation (NYSE: HUN) announced an all-stock merger of equals Tuesday that will create a combined chemicals company with $12 billion+ in revenue under the new name OlinHuntsman Corporation, headquartered in The Woodlands, Texas. 4

Exchange ratio: 0.5476 Olin shares per Huntsman share. Post-close ownership: approximately 54.5% Olin / 45.5% Huntsman. Management: Ken Lane (Olin CEO) → CEO; Peter Huntsman → non-executive Chairman; Phil Lister (Huntsman CFO) → CFO; Todd Slater (Olin CFO) → Chief Integration Officer. The board will have 10 members, with equal representation from each company. 4

Cost synergies targeted at $400 million+ annually ($300 million+ by year 3), with approximately $125 million in additional cash tax benefits from combined NOLs. Year-end 2025 combined net leverage at 4.6x (standalone basis), declining to 3.2x assuming full synergy realization; blended fixed-rate bond cost approximately 5.1%. The merger integrates operations across chlorine, epoxies, amines, and polyurethanes. Expected close: H1 2027, pending regulatory and shareholder approvals. 4

Three buyouts: KW delisted, ASRT merger closed, SLP agreed

Kennedy-Wilson (NYSE: KW) completed its Fairfax Financial Holdings-led take-private on Tuesday. Public common stockholders received $10.90 per share in cash, with approximately $1.6 billion in total equity consideration at closing. 5 6 Fairfax holds the majority economic interest; William McMorrow-led KW Management Group retains operational control. Financing: $1.8 billion in new senior notes ($1.1 billion at 7.000% due 2031; $700 million at 7.250% due 2033), used partly to redeem prior notes. KW common stock has been delisted from NYSE; preferred stock Series B and C remain outstanding.

Assertio Holdings (Nasdaq: ASRT) completed its merger with Zydus Lifesciences on Tuesday. The tender offer expired June 15 with 4,286,488 shares tendered (66.32% of outstanding shares), satisfying the minimum condition. 7 Merger price: $23.50 per share all-cash. The merger closed June 16 under DGCL Section 251(h) without a further stockholder vote. ASRT is being delisted from Nasdaq.

Simulations Plus (Nasdaq: SLP) — a life sciences simulation software company — agreed to be acquired by Altaris, LLC affiliates for $18.50 per share in cash (~$375 million total), a 26% premium to the 60-day VWAP as of June 15. 8 No financing contingency; cofounder Dr. Walter Woltosz signed a voting support agreement. Post-close, SLP will combine with Altaris portfolio company Chemical Computing Group (CCG) and operate privately. Expected close: Q4 2026. "The life sciences industry is at an inflection point, as software and services are rapidly evolving toward integrated, AI-driven platforms, cloud-based infrastructure, and more predictable, subscription-based business models," said Shawn O'Connor, CEO of Simulations Plus. 8

Insider accumulation: NRDY Day 4, Haveli keeps buying BLND

Blend Labs Form 4 filing cover — office desk with stock charts and Manhattan skyline — Blend Labs Form 4 filed Jun 15, 2026 9

NRDY / CEO Cohn — Day 4: Nerdy Inc. (NYSE: NRDY) CEO Charles K. Cohn's revocable trust bought 250,007 Class A shares on June 15 at a weighted average of $1.00 (range $0.97–$1.01), extending an unbroken open-market buying streak now at four consecutive trading days. 10 Cumulative four-day purchases total 978,311 shares at step-up prices: $0.91 (Jun 10, 219,019 shares), $0.97 (Jun 11, 258,204), $1.00 (Jun 12, 251,081), $1.00 (Jun 15, 250,007). None of these purchases are executed under a pre-scheduled 10b5-1 plan — all are coded "P" (open-market, discretionary). Cohn's total beneficial ownership spans 9.26 million direct shares, the 978,311-share revocable trust, multiple family trusts, and a position via Rarefied Air Capital LLC.

BLND / Haveli: Haveli Brooks Aggregator, L.P. (entities of Brian N. Sheth) bought 1,156,928 Blend Labs (NYSE: BLND) Class A shares across three trading days from June 11 to June 15 at approximately $1.70 per share. 9 Breakdown: Jun 11 (250,000 @ $1.7405), Jun 12 (256,928 @ $1.6976), Jun 15 (650,000 @ $1.7232). Combined with approximately 1.12 million shares bought around June 10, total recent Haveli accumulation reaches approximately 2.28 million shares. Post-transaction, Haveli entities hold 18,693,657 shares indirectly plus 130,000 via a Sheth family trust. A prior 13D/A had disclosed approximately 64.2 million total shares (22.5–22.6% of class), including shares from preferred conversion.

Capital markets and corporate actions

Equinor (NYSE: EQNR) used its Capital Markets Day on Tuesday to double its 2026 share buyback programme to $3 billion (from $1.5 billion), with the increase divided equally across Q3 and Q4. 11 From 2027, annual buybacks are guided at $2–4 billion based on $60–80/bbl oil and $7–11/MMBtu European gas, with quarterly dividend per share growth above 5% annually. Production target: 2.3 million boe/d by 2030 (+150,000 boe/d). Financial targets through 2030: more than 30% cumulative CFFO after-tax growth, more than $40 billion in cumulative free cash flow, and ROACE above 15% annually. "Demand continues to grow and Equinor is uniquely positioned to provide reliable energy. We will deliver more energy, growing cash flow and superior returns towards 2030," said Anders Opedal, President and CEO of Equinor. 11

Robinhood Markets (Nasdaq: HOOD) filed an 8-K Tuesday disclosing it is reducing approximately 10% of its full-time workforce and closing a small number of open roles. 12 Expected charges: approximately $20 million in cash (severance and benefits) and approximately $8 million in share-based compensation, both recognized in Q2 2026. The filing states the action is taken from "a position of business strength," citing June month-to-date average daily trading volumes at record levels across equities, options, and prediction markets.

Prestige Consumer Healthcare (NYSE: PBH) closed its $1.045 billion acquisition of the Breathe Right nasal strip brand (and certain adjacent brands) from Foundation Consumer Brands on June 12. 13 Net cost approximately $900 million after $150 million in anticipated tax benefits. Financing: $1.045 billion Term Loan B at Term SOFR + 2.00% and a $225 million ABL facility. Breathe Right becomes Prestige's largest brand.

STMicroelectronics (NYSE: STM) launched a $1.5 billion dual-tranche convertible bond offering Tuesday: a 5-year 2031 tranche (0.00%–0.50% coupon, 47.5%–52.5% conversion premium) and a 7-year 2033 tranche (0.625%–1.125% coupon, 50%–55% conversion premium), with a minimum of $500 million per tranche. 14 Proceeds will redeem the outstanding $750 million zero-coupon convertible bonds due 2027 (conversion price $45.10 per share; redeem July 16, 2026). Settlement expected June 23.

Outlook Therapeutics (Nasdaq: OTLK) received FDA acceptance of its resubmitted BLA for ONS-5010/LYTENAVA (bevacizumab-vikg ophthalmic solution) for wet age-related macular degeneration (AMD) as a Class 1 review, setting a PDUFA target action date of July 29, 2026. 15 If approved, ONS-5010 would be the first FDA-authorized ophthalmic formulation of bevacizumab. The product already holds EU and UK MHRA authorizations and has launched commercially in Germany, Austria, and the UK.

Watch-list updates

DELL / Silver Lake — Silver Lake entities sold 150,003 Dell (NYSE: DELL) Class C shares on June 11 across five separate Form 4 filings, generating approximately $57.04 million at weighted average prices of $370.02–$391.07 per share. 16 17 18 Simultaneously, Silver Lake converted 208,502 Class B shares into Class C in connection with the sales. Cumulative Silver Lake DELL sales since March 2026 now exceed $450 million. Remaining indirect Class B positions across five sub-entities: approximately 44.5 million unique shares. Dell's scheduled $3 billion senior notes closing (June 16) had not been confirmed by an 8-K filing as of the collection window close. A 13D/A #15 has not yet been filed.

IOT / Marc Andreessen — Andreessen's LAMA Community Trust sold 1,113,660 Samsara (Nasdaq: IOT) Class A shares on June 10–11 at approximately $32.18–$34.11 per share (~$36.64 million). 19 Cumulative sales from the June 8 Form 144 (which disclosed intent to sell 4,512,974 shares total): 2,256,487 shares sold, leaving approximately 2,256,487 shares (~50% of the Form 144 amount) still outstanding under the plan. No new Andreessen Form 4s were filed in the June 15–16 window.

RPAY / Forager — Forager Capital Management (~13% holder) issued a press release on June 15 stating that Repay Holdings' (Nasdaq: RPAY) directors received shareholder support in the lowest 1% of Russell 3000 directors during the 2026 proxy season. 20 Forager criticized the annual meeting as lasting only 14 minutes with no shareholder Q&A, and reiterated its call for board engagement on its $4.80 per share all-cash acquisition proposal (a 75% premium). Separately, Repay filed an 8-K on June 15 disclosing an amendment to its credit agreement: the term loan maturity was shortened from June 1, 2033 to June 1, 2032. 21 The amendment leaves aggregate lender commitments and interest rate margins unchanged.

NNDM / Nano Dimension — An 8-K and 425 filed June 15 confirm the non-binding term sheet with Infinite Epigenetics at an $890 million valuation remains in 30-day exclusivity (running through approximately July 15). No definitive agreement has been filed. The EGM to vote on the deal and Murchinson-related proposals remains scheduled for July 31 (record date June 23). No Murchinson DEFC14A has been filed.

BHR / Braemar Hotels — Al Shams Investments (9.55% holder, affiliated with Wafic Rida Said) filed a DFAN14A and 13D/A #10 on June 15, soliciting proxies with a WHITE Universal Proxy Card and preparing director nominations for Braemar Hotels & Resorts (NYSE: BHR). Al Shams alleges that Ashford executives manipulated the nomination process by expanding the director nominee questionnaire by 7 pages and 60+ additional questions. Braemar's self-managed REIT conversion and board refresh remain in process; the definitive proxy (DEF 14A) has not yet been filed.

Cover: Yum Brands / Pizza Hut divestiture 8-K filing cover via StockTitan.