Thoma Bravo, L.P. announced on August 13, 2026 a definitive agreement to acquire an additional majority stake in Accelerant Holdings (NYSE: ARX) from Altamont Capital Management and other shareholders. The deal values Accelerant at an enterprise value of approximately $4 billion. ARX is the target in this transaction.
For holders, an M&A announcement typically narrows the stock's trading range toward any implied deal price, as the shares tend to reflect the probability of completion. For short sellers, the picture is more complex. With 10.8% of ARX's free float currently sold short, a meaningful portion of the float is borrowed. Short sellers face the risk that the stock trades toward deal terms, compressing the downside they were positioned for. Cost to borrow sits at a modest 0.53%, and days to cover stands at 1.8 days, suggesting the borrow market remains accessible for now — though that can change quickly if short sellers move to cover.
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