In this article, we take a look at 12 Takeover Rumors Targeted By Short Sellers.
Takeover chatter can lift a stock, but it does not force short sellers to leave. That tension sits at the center of this list. In recent months, reported takeover interest has surfaced around companies across sectors such as QIAGEN, PayPal, JetBlue, Brown-Forman, Revolution Medicines, and Commvault, showing that deal speculation is not confined to a single sector or type of buyer.
The reason shorts can stay involved anyway is simple. Rumors are not signed agreements, and even real talks can fail due to price, financing, regulatory issues, or board resistance. That matters in a market where the Federal Reserve kept its target range for the federal funds rate at 3.50% to 3.75% in March 2026, leaving capital meaningfully more expensive than it was during the zero-rate era.
That is why short interest can remain elevated even when takeover stories circulate. The market may be willing to price in optionality, while short sellers may be betting that the chatter fades, the premium proves unjustified, or a buyer walks away. The stocks in this article sit in that narrow space between M&A hope and persistent skepticism.
Kritchanut/Shutterstock.com
Methodology
We focused on publicly traded companies that were the subject of reported takeover or sale speculation and had elevated short interest. To stay aligned with the theme of this article, we narrowed the list to stocks with a short percentage of float of at-least 8%, using the overlap between M&A chatter and persistent bearish positioning as the main screen. We then ranked these stocks on the short percentage of float. These stocks are also popular among Wall Street analysts and elite hedge funds. The data for a short percentage of float for most of the stocks is as of March 31, according to MarketBeat.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
12. Revolution Medicines, Inc. (NASDAQ:RVMD)
Short Percentage of Float: 8.47%
Revolution Medicines, Inc. (NASDAQ:RVMD) is one of the takeover rumors targeted by short sellers.
On April 13, Revolution Medicines priced an upsized $2.0 billion concurrent offering of common stock and convertible senior notes, just two days after reporting pivotal Phase 3 pancreatic cancer data for daraxonrasib. The raise followed a sharp revaluation of the stock after the trial showed a median overall survival of 13.2 months versus 6.7 months with chemotherapy in previously treated metastatic pancreatic cancer, with the company saying the data will support global regulatory filings. Reuters reported the readout sent the shares up about 40%, a move that helped explain why management chose to raise capital into strength.
That financing move also reinforces what made Revolution Medicines attractive in the first place. In January, Reuters reported Merck had held talks to buy the company in a deal valued at roughly $28 billion to $32 billion, before later reporting on January 25 that those talks had ended. Even without a deal, the sequence matters: a company with a late-stage asset that suddenly posts unusually strong survival data, draws large-cap buyer interest, and then successfully raises $2 billion is the kind of biotech that stays in takeover chatter.
Revolution Medicines, Inc. is a late-stage oncology company developing targeted therapies for RAS-addicted cancers. Its pipeline includes daraxonrasib and other RAS-directed candidates across pancreatic cancer, lung cancer, and related solid tumors.
11. Organon & Co. (NYSE:OGN)
Short Percentage of Float: 8.67%
Organon & Co. is one of the takeover rumors targeted by short sellers.
On April 10, 2026, Organon shares surged after reports said Sun Pharmaceutical Industries was preparing a binding bid for the company, with the potential transaction valued at about $12 billion. The rumor mattered because it abruptly shifted attention away from Organon’s usual overhangs and toward what a buyer might see in its portfolio, cash generation, and carve-out value.
That repricing was sharp. Organon’s stock jumped roughly 28% to 29% during the session following the report, a reminder that even a rumor can reset the market’s view when a stock has been weighed down by debt and muted growth expectations. Organon ended 2025 with $8.64 billion in debt and guided for 2026 revenue of $6.125 billion to $6.325 billion, versus $6.43 billion reported for 2025.
What makes Organon interesting in that context is the business mix. The company operates across women’s health, biosimilars, and a large established medicines portfolio, giving it a collection of cash-generating assets that can look more attractive to an acquirer than to a market focused mainly on leverage and slower top-line growth.
Organon & Co. is a global healthcare company focused on women’s health, biosimilars, and established medicines. The company was spun out of Merck in 2021 and markets products across reproductive health, cardiovascular, dermatology, respiratory, autoimmune, and other therapeutic areas.
10. DocuSign, Inc. (NASDAQ:DOCU)
Short Percentage of Float: 9.43%
DocuSign, Inc. (NASDAQ:DOCU) is one of the takeover rumors targeted by short sellers.
On March 31, DocuSign said it was bringing its Intelligent Agreement Management platform into Slackbot, letting teams generate, review, and route agreements inside Slack while pulling real-time Salesforce data into the workflow.
That mattered because the announcement was not just another feature add. It pushed DocuSign further toward agent-assisted contract workflows, with management explicitly framing the product around helping teams move from conversation to completed agreements faster and with less manual work.
The company has also been having buyer interest for the past couple of years. Reuters reported in December 2023 that the company was exploring a sale, then said in January 2024 that Bain Capital and Hellman & Friedman were vying to acquire it, before reporting in February 2024 that those talks had cooled over valuation. Takeover speculation around DocuSign re-emerged in October 2025 following a Betaville alert, with subsequent market coverage indicating that the report had renewed buyout interest around the company.
DocuSign, Inc. provides electronic signature, contract lifecycle management, and intelligent agreement workflow software for businesses worldwide.
9. BlackLine, Inc. (NASDAQ:BL)
Short Percentage of Float: 10.50%
BlackLine, Inc. (NASDAQ:BL) is one of the takeover rumors targeted by short sellers.
The key development came on March 10, 2026, when BlackLine disclosed that its strategic committee could lay the groundwork for a potential merger, sale, or similar strategic transaction, giving formal shape to the idea that the company could end up in play rather than merely being the subject of loose market chatter.
That same day, BlackLine said it had reached a cooperation agreement with activist Engaged Capital, added Storm Duncan and Megan Prichard to the board, and put Duncan on the strategic committee, which the company said: “has been, and continues to be, empowered to evaluate strategic transactions involving the Company.”
This did not come out of nowhere. In January, activist pressure had already escalated after Engaged pushed for new directors and pressed BlackLine to pursue strategic options, including a possible sale.
BlackLine, Inc. provides cloud software that helps finance and accounting teams automate financial close, intercompany, and invoice-to-cash workflows.
8. Gerresheimer AG (OTC:GRRMY)
Short Percentage of Float: 11.23%
Gerresheimer AG (OTC:GRRMY) is one of the takeover rumors targeted by short sellers.
On April 17, 2026, Reuters reported that Gerresheimer had rejected a takeover bid from U.S. packaging company Silgan, citing three sources familiar with the matter. Reuters said the two companies were no longer in talks and added that Silgan’s earlier non-binding approach had valued Gerresheimer at €41 per share, more than double the company’s then-current share price.
Reuters also reported that Gerresheimer wanted to focus on resolving its accounting problems and selling its U.S. subsidiary, Centor, before pursuing any deal. That detail mattered because it suggested the company was stepping back from a bid despite the large premium implied by Silgan’s approach.
The market reaction then shifted as investors absorbed the report. Investing.com, citing Reuters, said Gerresheimer shares were up about 1.7% in European trading by 09:28 GMT after initially falling more than 5%, showing that the stock regained ground even after news that the bid had been rejected.
Gerresheimer AG is a German manufacturer of pharmaceutical, biotech, and medical packaging and delivery systems.
7. Macy’s, Inc. (NYSE:M)
Short Percentage of Float: 11.24%
Macy’s, Inc. (NYSE:M) is one of the takeover rumors targeted by short sellers.
In a mid-April 2026 report, Macy’s was said to be closing another store in Northern California as part of its ongoing fleet reduction, keeping the retailer’s restructuring story active right up to publication. On its own, one more closure is not a thesis-changing event, but it does reinforce that Macy’s is still shrinking weaker parts of the chain while trying to improve the quality of what remains. That matters because the company is still selling investors on operational repair rather than a sale.
That framing fits with Macy’s March 6, 2026, earnings update, where management said the first 50 locations under its “Bold New Chapter” strategy continued to outperform the broader fleet. The company also stuck with its larger plan to close underproductive stores and improve execution across digital and physical retail. In other words, Macy’s is still trying to prove that a self-help turnaround can create more value than financial buyers offered.
That is the backdrop for why the takeover angle still lingers. In July 2024, Macy’s rejected a roughly $6.9 billion bid from Arkhouse Management and Brigade Capital and chose to pursue its own turnaround instead. The talks ended, but the logic behind the speculation never fully disappeared: Macy’s still has real estate, recognizable brands, and a turnaround plan that can look either patient or frustrating depending on the quarter. If store closures and operational fixes start to work, management looks vindicated. If progress remains uneven, takeover chatter can come back to life like retail mold.
Macy’s, Inc. is a department store operator whose portfolio includes Macy’s, Bloomingdale’s, and Bluemercury.
6. American Airlines Group Inc. (NASDAQ:AAL)
Short Percentage of Float: 11.35%
American Airlines Group Inc. (NASDAQ:AAL) is one of the takeover rumors targeted by short sellers.
On April 17, 2026, American Airlines said it was not in merger talks with United Airlines and had no interest in pursuing such a deal. The company added that a tie-up would be negative for competition and consumers and inconsistent with its understanding of the Trump administration’s antitrust posture. Shares dipped after that denial.
That response came only days after the rumor had jolted the stock. Reuters reported in mid-April that United CEO Scott Kirby had pitched a merger with American to President Donald Trump in late February, and American shares jumped more than 8% as investors briefly reassessed the airline through a strategic lens.
American Airlines still has enough scale to attract that kind of chatter. Its investor materials describe a network of more than 6,000 daily flights to more than 350 destinations in more than 60 countries, while management said in March that liquidity stood around $10 billion and debt was at a 10-year low. Even so, Reuters noted that American still carries roughly $25 billion of debt, which helps explain why takeover speculation can grab attention so quickly. A deal still looks remote given the route overlap and antitrust obstacles, but the market reaction showed that rumor alone was enough to change the conversation for a moment.
American Airlines Group Inc. is a premium global airline connecting the U.S. and international markets, with passenger operations supported by cargo and loyalty businesses.
5. Papa John’s International, Inc. (NASDAQ:PZZA)
Short Percentage of Float: 12.62%
Papa John’s International, Inc. (NASDAQ:PZZA) is one of the takeover rumors targeted by short sellers.
On April 15, 2026, Papa John’s shares jumped about 5.7% after Reuters reported that the pizza chain was in advanced discussions with Qatari-backed Irth Capital on a potential take-private deal. According to the report, Irth had been conducting due diligence for about a month, and some investors believed a deal could be reached before Papa John’s scheduled May 7 earnings report, though no agreement was guaranteed.
bleakstar/Shutterstock.com
That update built on an earlier March 11 report that Irth had offered about $47 per share, valuing Papa John’s at roughly $1.5 billion. Reuters said the bid followed an earlier 2025 approach in which Apollo Global Management and Irth had offered more than $60 per share before that effort fell apart. Papa John’s stock surged nearly 20% on the March 11 report, showing how quickly takeover chatter could reprice a battered consumer brand.
The interest landed against a soft operating backdrop. In its February 26, 2026, results, Papa John’s said fourth-quarter North America comparable sales fell 5%, while full-year adjusted EBITDA came in at $201.1 million, down from $227 million a year earlier. That does not guarantee a deal, but it helps explain why a recognizable brand with weaker recent momentum could look more attractive to financial buyers than to public-market investors.
Papa John’s International, Inc. operates and franchises pizza restaurants across domestic and international markets.
4. Brown-Forman Corporation (NYSE:BF.B)
Short Percentage of Float: 15%
Brown-Forman Corporation (NYSE:BF.B) is one of the takeover rumors targeted by short sellers. The latest development came on April 16, when Pernod Ricard CFO Helene de Tissot said talks with Brown-Forman were still “ongoing,” just a day after Reuters reported that Sazerac had offered about $15 billion, or $32 per share, for the Jack Daniel’s maker.
That keeps Brown-Forman in genuinely active deal territory rather than loose market chatter. It also leaves the company caught between two different transaction paths: Sazerac’s more traditional bid and a possible Pernod combination that Reuters said could involve a significant stock component, potentially allowing the Brown family to keep some influence over the business.
The market still looks cautious about how cleanly any deal could happen. Reuters said Brown-Forman shares closed at $29.57 on April 15, below Sazerac’s indicated offer price, suggesting investors were still weighing hurdles, including the Brown family’s controlling stake. Reuters had also reported on March 26 that Brown-Forman and Pernod were in discussions about a possible merger and said a tie-up could bring significant operational synergies at a time when spirits companies are dealing with softer demand and tariff pressure.
Brown-Forman Corporation is a global spirits company whose portfolio includes the Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, el Jimador, Herradura, Diplomático Rum, Chambord, and Gin Mare.
3. BILL Holdings, Inc. (NYSE:BILL)
Short Percentage of Float: 15.02%
BILL Holdings, Inc. (NYSE:BILL) is one of the takeover rumors targeted by short sellers.
On April 13, 2026, Goldman Sachs maintained a Buy rating on BILL Holdings and cut its price target to $44 from $52.
Even after that cut, overall analyst sentiment remains fairly supportive rather than broken. BILL has a Moderate Buy consensus from 22 analysts, made up of 13 Buy ratings, 8 Holds, and 1 Sell, while the average 12-month price target stands at $54.43. The target range is wide, from $20 to $85, which tells you the Street agrees more on the company being controversial than on exactly how much it is worth. Against the current share price of about $40.31, the average target implies roughly 35% upside.
Analysts still see upside in the stock, but the bigger reason BILL stays interesting is that takeover speculation has been hanging over the name for months.
On November 12, 2025, Reuters reported that BILL was exploring a sale after concluding its shares were undervalued, amid pressure from activist investors including Starboard Value and Elliott, and the stock jumped 14% in after-hours trading on that report.
BILL Holdings, Inc. provides software and payments tools that help businesses automate accounts payable, accounts receivable, spend and expense management, and related financial workflows.
2. JetBlue Airways Corporation (NASDAQ:JBLU)
Short Percentage of Float: 18.40%
JetBlue Airways Corporation (NASDAQ:JBLU) is one of the takeover rumors targeted by short sellers.
The freshest jolt to the story came on April 17, when founder David Neeleman warned that JetBlue could face bankruptcy if it did not materially improve its position. That sounds like pure bad news on its face, but in a consolidation-heavy industry, it also sharpens the question of whether a weakened JetBlue could eventually become somebody else’s opportunity.
That is the angle industry coverage has been leaning into. FlightGlobal wrote in late March that there was no deal for JetBlue “to seize on” at the time, but argued the carrier had become a more conceivable takeover candidate after the collapse of its Spirit Airlines ambitions, its diminished position, and a potentially friendlier merger climate. The same analysis pointed to United Airlines and American Airlines as the most obvious strategic fits, while acknowledging the antitrust baggage those pairings would carry.
The operating backdrop explains why the chatter exists at all. JetBlue reported fourth-quarter revenue of $2.3 billion, down 3.5% year over year, and a net loss of $69 million, while saying its JetForward plan and aircraft-delivery deferrals are meant to strengthen the balance sheet and improve earnings over time.
JetBlue Airways Corporation is a low-cost airline headquartered in Long Island City, New York.
1. Tripadvisor, Inc. (NASDAQ:TRIP)
Short Percentage of Float: 27.77%
Tripadvisor, Inc. (NASDAQ:TRIP) is one of the takeover rumors targeted by short sellers.
On March 23, 2026, Tripadvisor announced a cooperation agreement with activist investor Starboard Value that immediately added two independent directors to the board and will add two more at the 2026 annual meeting. The company said the agreement followed discussions with Starboard and included customary standstill and voting provisions.
The board deal came after Reuters reported on February 17, 2026, that Starboard was pressing Tripadvisor to consider a sale of the entire company, while also pushing for a faster review of strategic options for restaurant-booking unit TheFork. Reuters also said analysts viewed the activist campaign as something that could increase the odds of asset sales, including Viator.
That sequence mattered because it turned takeover talk into a live governance issue. Starboard was not merely criticizing performance from the outside. By late March, it had secured board representation, giving it a direct channel to influence strategic decisions if management and the board pursue a broader review.
Tripadvisor, Inc. operates online travel brands including Tripadvisor, Viator, and TheFork.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
