FONR
Fonar Corporation
stock NASDAQ

I can't speak to the issue of a FONR as a merger arbitrage play.
However, I did look at in in 2021 and kicked it off the stage. My investment style is to buy boring shareholder-friendly companies that make money and quietly compound.
When I looked at FONR, it struck me as a candy store for the CEO. I recall that he had set up a number of insider deals (reported as related-party transactions), where he was funneling money or sales from FONR to companies he controlled. An example of this is when the public company leases office space from the CEO or BoD members, though I don't think this was the specific issue with FONR.
In any case, whenever I see something like this, I run. Taking FONR private may be a good solution for a BoD that doesn't care about its external shareholders.

I can't speak to the issue of a FONR as a merger arbitrage play.
However, I did look at in in 2021 and kicked it off the stage. My investment style is to buy boring shareholder-friendly companies that make money and quietly compound.
When I looked at FONR, it struck me as a candy store for the CEO. I recall that he had set up a number of insider deals (reported as related-party transactions), where he was funneling money or sales from FONR to companies he controlled. An example of this is when the public company leases office space from the CEO or BoD members, though I don't think this was the specific issue with FONR.
In any case, whenever I see something like this, I run. Taking FONR private may be a good solution for a BoD that doesn't care about its external shareholders.