Irenic Acquisition Corp. Dismisses Auditor CBIZ, Appoints WithumSmith+Brown – Minichart

CBIZ, Inc. (NYSE:CBZ) rose 78.46% in four months after InvestingPro's Fair Value analysis identified it as undervalued. The stock traded at $30.50 on April 30, 2026, with a target of $48.98, reaching $54.43 by August 10. The company operates in the Industrials sector, providing business services. Grant Thornton later announced a $5 billion acquisition, validating the undervaluation thesis. InvestingPro's methodology combines multiple valuation approaches to estimate intrinsic value.

Grant Thornton will acquire CBIZ in an all-cash deal valued at $5bn, offering $55 per share, a 54% premium. The transaction, expected to close in Q4 2026, will create a top 5 US professional services firm. CBIZ's share price had fallen 40% over the prior year. The deal includes a go-shop period and shareholder protections. CBIZ's insurance segment will be spun off into a standalone company.

Afreximbank approved a US$190 million financing package for Zimbabwe’s CBZ Bank, signed in El Alamein. It includes a US$150 million revolving trade finance facility, a US$20 million dual-tranche SME facility, and a US$20 million on-lending facility for power reliability. Afreximbank says it supports exporters, SMEs and energy projects.

Afreximbank finalized three financing facilities totaling US$190 million for Zimbabwe’s CBZ Bank to support trade, SMEs, and energy. The package includes a US$150 million revolving trade finance facility, a US$20 million dual-tranche SME facility, and a US$20 million dual-tranche energy on-lending arrangement linked to a US$210 million syndicated power facility. Drawdowns are expected in coming months.

This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: Grant Thornton Advisors is looking to boost its position among U.S. tax and advisory firms through an agreement to acquire industry peer CBIZ.

Did you hear/read the big news? I’m sure you have by now. But if not, private equity-owned Grant Thornton said Wednesday it has a deal in place to acquire fellow top 10 firm CBIZ for $5 billion, which if it goes through, will likely place Chicago-based Grant Thornton right behind the Big Four in the U.S. accounting firm revenue rankings. It’s the largest M&A deal in the accounting profession in more than 25 years.