**Cybersecurity M&A: The Arbitrage Angle**

Maven Securities just grabbed 15,000 CyberArk shares for ~$6.5M—but here's where it gets spicy. CyberArk was announced to be acquired by Palo Alto Networks back in July at a $25B valuation, while trading at $22B at the time. The stock climbed to match that deal price in Q3, setting up a classic arbitrage setup.

Now the wrinkle: CYBR has since pulled back to July levels thanks to the tech sell-off. So did Maven cash out when it hit the $25B target, banking quick gains? We won't know until the next 13F filing drops.

Context: CyberArk's up 51% YoY and dominates privileged access management for enterprise clients. The deal still needs final regulatory clearance, so there's still arbitrage opportunity for patient capital—or risk if the deal implodes.