gloomberb 0.15.2 → 0.15.3

package/src/plugins/builtin/mna/model.ts

@@ -0,0 +1,208 @@
+import type { MnaDeal, MnaStatus, MnaTerms } from "../../../api-client/mna";
+import type { Quote } from "../../../types/financials";
+import { formatCompact } from "../../../utils/format";
+
+export const MNA_PANE_ID = "mna";
+export const MISSING = "--";
+
+const MS_PER_DAY = 86_400_000;
+
+const CURRENCY_SIGNS: Record<string, string> = { USD: "$", EUR: "€", GBP: "£", JPY: "¥", CNY: "¥", INR: "₹", KRW: "₩" };
+
+/** "$10.50", "€4.20", "1,250p", "CHF 88.00". */
+export function formatPerShare(amount: number, currency: string | null, maxDigits = 4): string {
+  const code = (currency ?? "USD").trim();
+  if (code === "GBp" || code === "GBX") return `${amount.toLocaleString("en-US", { maximumFractionDigits: 2 })}p`;
+  const fixed = amount.toLocaleString("en-US", { minimumFractionDigits: 2, maximumFractionDigits: maxDigits });
+  const sign = CURRENCY_SIGNS[code.toUpperCase()];
+  return sign ? `${sign}${fixed}` : `${code} ${fixed}`;
+}
+
+/** A headline amount: "$1.8B", "€420M", "GBP 1.2B". */
+export function formatDealValue(value: number | null, currency: string | null): string {
+  if (value == null || !Number.isFinite(value) || value <= 0) return MISSING;
+  const code = (currency ?? "USD").toUpperCase();
+  const compact = formatCompact(value, { fixedDecimals: false });
+  const sign = CURRENCY_SIGNS[code];
+  return sign ? `${sign}${compact}` : `${code} ${compact}`;
+}
+
+function ratioLabel(ratio: number, symbol: string | null): string {
+  const shares = ratio.toLocaleString("en-US", { maximumFractionDigits: 4 });
+  return symbol ? `${shares} ${symbol}` : `${shares} sh`;
+}
+
+/** What one target share gets, in as few characters as the terms allow. */
+export function termsLabel(terms: MnaTerms): string {
+  const parts: string[] = [];
+  if (terms.cashPerShare != null) {
+    parts.push(terms.exchangeRatio == null
+      ? `${formatPerShare(terms.cashPerShare, terms.currency)} cash`
+      : formatPerShare(terms.cashPerShare, terms.currency));
+  }
+  if (terms.exchangeRatio != null) parts.push(ratioLabel(terms.exchangeRatio, terms.ratioSymbol));
+  if (parts.length === 0) {
+    parts.push(terms.consideration === "cash" ? "Cash"
+      : terms.consideration === "stock" ? "Stock"
+        : terms.consideration === "mixed" ? "Cash and stock"
+          : MISSING);
+  }
+  let label = parts.join(" + ");
+  if (terms.cvr) label += " + CVR";
+  if (terms.partial) label += ", partial";
+  return label;
+}
+
+export const STATUS_LABELS: Record<MnaStatus, string> = {
+  talks: "Talks",
+  pending: "Pending",
+  completed: "Completed",
+  terminated: "Terminated",
+};
+
+/** The stage says more than "Pending" once a deal has one. */
+export function stageLabel(deal: MnaDeal): string {
+  if (deal.stale) return `No news since ${formatListDate(deal.lastReported)}`;
+  if (deal.status === "pending") return deal.hostile ? `Hostile${deal.stage ? `, ${deal.stage.toLowerCase()}` : ""}` : deal.stage ?? "Pending";
+  if (deal.status === "talks") return deal.acquirer ? "Talks" : "Exploring sale";
+  return STATUS_LABELS[deal.status];
+}
+
+const PENCE = new Set(["GBp", "GBX"]);
+
+/**
+ * London quotes arrive in pounds while UK offers are often in pence, so the
+ * two compare after scaling; any other currency mismatch has no price.
+ */
+function inQuoteCurrency(amount: number, from: string | null, quoteCurrency: string | undefined): number | null {
+  const offer = from ?? "USD";
+  const quote = quoteCurrency ?? "USD";
+  if (offer === quote) return amount;
+  if (offer === "GBP" && PENCE.has(quote)) return amount * 100;
+  if (PENCE.has(offer) && quote === "GBP") return amount / 100;
+  if (PENCE.has(offer) || PENCE.has(quote)) return null;
+  return offer.toUpperCase() === quote.toUpperCase() ? amount : null;
+}
+
+/**
+ * What the terms pay per target share at the latest prices, in the target
+ * quote's currency. Null when a leg cannot be priced: no terms, a ratio
+ * without its listing, or cash in another currency.
+ */
+export function offerValue(deal: MnaDeal, targetQuote: Quote | null, ratioQuote: Quote | null): number | null {
+  const { terms } = deal;
+  if (terms.cashPerShare == null && terms.exchangeRatio == null) return null;
+  let total = 0;
+  if (terms.cashPerShare != null) {
+    const cash = inQuoteCurrency(terms.cashPerShare, terms.currency, targetQuote?.currency);
+    if (cash == null) return null;
+    total += cash;
+  }
+  if (terms.exchangeRatio != null) {
+    const price = ratioQuote?.price;
+    if (!terms.ratioSymbol || price == null || !Number.isFinite(price) || price <= 0) return null;
+    const leg = inQuoteCurrency(price, ratioQuote?.currency ?? null, targetQuote?.currency);
+    if (leg == null) return null;
+    total += terms.exchangeRatio * leg;
+  }
+  return total > 0 ? total : null;
+}
+
+export interface DealSpread {
+  offer: number;
+  price: number;
+  /** Fraction of the target price, e.g. 0.004 for 0.4%. */
+  spread: number;
+  /** Simple annualized spread to the expected close; null past it or without a date. */
+  annualized: number | null;
+}
+
+/** Last day of a "Q1 2027", "H2 2026" or "2026" close; a full date passes through. */
+export function expectedCloseDate(value: string | null): Date | null {
+  if (!value) return null;
+  const text = value.trim();
+  const day = /^(\d{4})-(\d{2})-(\d{2})$/.exec(text);
+  if (day) {
+    const date = new Date(Date.UTC(Number(day[1]), Number(day[2]) - 1, Number(day[3])));
+    return date.toISOString().slice(0, 10) === text ? date : null;
+  }
+  const quarter = /^Q([1-4])\s+(\d{4})$/i.exec(text);
+  if (quarter) return new Date(Date.UTC(Number(quarter[2]), Number(quarter[1]) * 3, 0));
+  const half = /^H([12])\s+(\d{4})$/i.exec(text);
+  if (half) return new Date(Date.UTC(Number(half[2]), Number(half[1]) * 6, 0));
+  const year = /^(\d{4})$/.exec(text);
+  if (year) return new Date(Date.UTC(Number(year[1]), 12, 0));
+  return null;
+}
+
+/** "Oct 15", "Q1 27", "2027". */
+export function formatExpectedClose(value: string | null, now = new Date()): string {
+  if (!value) return MISSING;
+  const text = value.trim();
+  const day = /^(\d{4})-(\d{2})-(\d{2})$/.exec(text);
+  if (day) {
+    const date = new Date(`${text}T00:00:00Z`);
+    const month = date.toLocaleString("en-US", { month: "short", timeZone: "UTC" });
+    return date.getUTCFullYear() === now.getUTCFullYear() ? `${month} ${Number(day[3])}` : `${month} ${day[1]!.slice(2)}`;
+  }
+  const period = /^([QH][1-4])\s+(\d{4})$/i.exec(text);
+  if (period) return `${period[1]!.toUpperCase()} ${period[2]!.slice(2)}`;
+  return text;
+}
+
+/**
+ * The arbitrage spread of a pending deal at the latest prices. A partial
+ * offer's spread applies only to the prorated slice, so it has no
+ * annualized figure; neither has a negative spread, which says the market
+ * expects better terms rather than a return.
+ */
+export function dealSpread(
+  deal: MnaDeal,
+  targetQuote: Quote | null,
+  ratioQuote: Quote | null,
+  now = Date.now(),
+): DealSpread | null {
+  if (deal.status !== "pending" || !deal.target.symbol) return null;
+  const price = targetQuote?.price;
+  if (price == null || !Number.isFinite(price) || price <= 0) return null;
+  const offer = offerValue(deal, targetQuote, ratioQuote);
+  if (offer == null) return null;
+  const spread = offer / price - 1;
+  const close = expectedCloseDate(deal.expectedClose);
+  const days = close ? (close.getTime() - now) / MS_PER_DAY : null;
+  const annualized = !deal.terms.partial && spread > 0 && days != null && days >= 1
+    ? spread * 365 / days
+    : null;
+  return { offer, price, spread, annualized };
+}
+
+/** Days from `from` to `to`, both YYYY-MM-DD. */
+export function daysBetween(from: string, to: string): number {
+  return Math.round((Date.parse(`${to}T00:00:00Z`) - Date.parse(`${from}T00:00:00Z`)) / MS_PER_DAY);
+}
+
+/** Target name for a table cell: the symbol when listed, else the name. */
+export function partyCell(party: { name: string; symbol: string | null } | null, preferSymbol: boolean): string {
+  if (!party) return MISSING;
+  return preferSymbol && party.symbol ? party.symbol : party.name;
+}
+
+/** "Sep 10" this year, "Dec 2025" before it. */
+export function formatListDate(value: string, now = new Date()): string {
+  const date = new Date(`${value}T00:00:00Z`);
+  if (!Number.isFinite(date.getTime())) return MISSING;
+  const month = date.toLocaleString("en-US", { month: "short", timeZone: "UTC" });
+  return date.getUTCFullYear() === now.getUTCFullYear() ? `${month} ${date.getUTCDate()}` : `${month} ${date.getUTCFullYear()}`;
+}
+
+/** 0.0038 is "0.38%", -0.049 is "-4.9%": tight arb spreads keep two decimals. */
+export function formatPercentShort(value: number): string {
+  const percent = value * 100;
+  const digits = Math.abs(percent) < 1 ? 2 : 1;
+  const fixed = percent.toFixed(digits);
+  return `${/[1-9]/.test(fixed) ? fixed : fixed.replace("-", "")}%`;
+}
+
+export function formatPrice(value: number): string {
+  return value.toLocaleString("en-US", { minimumFractionDigits: 2, maximumFractionDigits: value < 1 ? 4 : 2 });
+}

package/src/plugins/builtin/mna/pane.tsx

@@ -0,0 +1,432 @@
+import { useCallback, useMemo, useRef, useState } from "react";
+import {
+  DataTableStackView,
+  EmptyState,
+  PaneStatusBody,
+  QueryBar,
+  useTableLoadMore,
+  usePaneFooter,
+  type DataTableCell,
+  type DataTableColumn,
+  type PaneHint,
+  type SelectControl,
+} from "../../../components";
+import { usePaneStatusFooter } from "../../../components/layout/pane/status-footer";
+import { usePaneRefreshKey } from "../../../components/data-table/table-pane";
+import { isAccessDenied } from "../../../api-client/errors";
+import type {
+  MnaDeal,
+  MnaDealsPayload,
+  MnaRegionFilter,
+  MnaStatusFilter,
+  MnaTargetFilter,
+} from "../../../api-client/mna";
+import { usePlanAccess } from "../../../api-client/plan-access";
+import { useAsyncResource, useAutoRefresh, usePaneSettingValue, usePluginPaneState, useShortcut } from "../../../public/react";
+import { usePaneTickerIdentity } from "../../../state/hooks/pane-ticker";
+import { blendHex } from "../../../theme/colors";
+import { useThemeColors } from "../../../theme/theme-context";
+import type { PaneProps, TickerResearchTabProps } from "../../../types/plugin";
+import { Box, Text, useUiCapabilities, type InputRenderable, type ScrollBoxRenderable } from "../../../ui";
+import { compareSortValues, nextHeaderSort, type SortPreference } from "../../../utils/sort-values";
+import { usePluginTickerActions } from "../../runtime";
+import { useCloudAccessFooter } from "../shared/cloud-upgrade";
+import { Blurred, UpgradeLabel } from "../shared/locked-rows";
+import { useResearchCloudSession } from "../shared/research-cloud-session";
+import { useQuoteBoard } from "../shared/use-quote-board";
+import { appendMnaDeals, fetchMnaDeals, loadMnaDeals } from "./client";
+import { MnaDealDetail, mnaDealTitle } from "./detail";
+import {
+  dealSpread,
+  expectedCloseDate,
+  formatDealValue,
+  formatExpectedClose,
+  formatListDate,
+  formatPercentShort,
+  formatPrice,
+  MISSING,
+  partyCell,
+  stageLabel,
+  termsLabel,
+} from "./model";
+
+const STATUS_OPTIONS: { value: MnaStatusFilter; label: string }[] = [
+  { value: "pending", label: "Pending" },
+  { value: "talks", label: "Talks" },
+  { value: "completed", label: "Completed" },
+  { value: "terminated", label: "Terminated" },
+  { value: "all", label: "All" },
+];
+const TARGET_OPTIONS: { value: MnaTargetFilter; label: string }[] = [
+  { value: "all", label: "All" },
+  { value: "public", label: "Public" },
+  { value: "private", label: "Private" },
+];
+const REGION_OPTIONS: { value: MnaRegionFilter; label: string }[] = [
+  { value: "all", label: "All" },
+  { value: "us", label: "US" },
+  { value: "intl", label: "International" },
+];
+
+type ColumnId = "date" | "target" | "acquirer" | "terms" | "value" | "price" | "spread" | "annualized" | "close" | "stage";
+
+const COLUMNS: Record<ColumnId, DataTableColumn> = {
+  date: { id: "date", label: "DATE", width: 8, align: "left" },
+  target: { id: "target", label: "TARGET", width: 16, align: "left", flexGrow: 1 },
+  acquirer: { id: "acquirer", label: "ACQUIRER", width: 16, align: "left", flexGrow: 1 },
+  terms: { id: "terms", label: "TERMS", width: 18, align: "left" },
+  value: { id: "value", label: "VALUE", width: 8, align: "right" },
+  price: { id: "price", label: "PRICE", width: 9, align: "right" },
+  spread: { id: "spread", label: "SPREAD", width: 7, align: "right" },
+  annualized: { id: "annualized", label: "ANN.", width: 7, align: "right" },
+  close: { id: "close", label: "CLOSE", width: 7, align: "left" },
+  stage: { id: "stage", label: "STAGE", width: 16, align: "left" },
+};
+
+const COLUMNS_BY_STATUS: Record<MnaStatusFilter, ColumnId[]> = {
+  pending: ["date", "target", "acquirer", "terms", "value", "price", "spread", "annualized", "close", "stage"],
+  talks: ["date", "target", "acquirer", "value", "stage"],
+  completed: ["date", "target", "acquirer", "terms", "value", "close"],
+  terminated: ["date", "target", "acquirer", "terms", "value", "close"],
+  all: ["date", "target", "acquirer", "terms", "value", "spread", "stage"],
+};
+
+/** What goes first when the pane is too narrow for every column. */
+const DROP_ORDER: ColumnId[] = ["price", "close", "date", "value", "annualized", "terms", "stage", "acquirer", "spread"];
+
+/** Columns that fit `width`; `targetWidth` widens the target column, e.g. for the unlock prompt. */
+export function mnaColumns(status: MnaStatusFilter, width: number, targetWidth = COLUMNS.target.width): DataTableColumn[] {
+  const widthOf = (id: ColumnId) => (id === "target" ? Math.max(COLUMNS.target.width, targetWidth) : COLUMNS[id].width);
+  let ids = [...COLUMNS_BY_STATUS[status]];
+  const need = (list: ColumnId[]) => list.reduce((sum, id) => sum + widthOf(id) + 1, 0);
+  for (const drop of DROP_ORDER) {
+    if (need(ids) <= width) break;
+    ids = ids.filter((id) => id !== drop);
+  }
+  const ended = status === "completed" || status === "terminated";
+  return ids.map((id) => ({
+    ...COLUMNS[id],
+    width: widthOf(id),
+    ...(id === "close" && ended ? { label: "CLOSED" } : {}),
+  }));
+}
+
+const NO_DEALS: MnaDeal[] = [];
+
+/** Placeholder rows standing for the deals a delayed list withholds. */
+const MAX_LOCKED_ROWS = 2;
+
+type Item = { kind: "deal"; deal: MnaDeal } | { kind: "locked"; index: number };
+
+const itemKey = (item: Item) => (item.kind === "deal" ? item.deal.id : `locked:${item.index}`);
+
+/** `MA`, or `MA ACVA` with the ticker kept in pane settings. */
+export function MnaPane(props: PaneProps) {
+  const [ticker] = usePaneSettingValue("ticker", "");
+  const symbol = typeof ticker === "string" ? ticker.trim().toUpperCase() : "";
+  return <MnaDealsView key={symbol} focused={props.focused} width={props.width} height={props.height} symbol={symbol || null} />;
+}
+
+export function MnaTickerTab({ focused, width, height }: TickerResearchTabProps) {
+  const { ticker } = usePaneTickerIdentity();
+  const symbol = ticker?.metadata.ticker;
+  if (!symbol) return <EmptyState title="Select a ticker." />;
+  return <MnaDealsView key={symbol} focused={focused} width={width} height={height} symbol={symbol} />;
+}
+
+export function MnaDealsView({ focused, width, height, symbol }: {
+  focused: boolean;
+  width: number;
+  height: number;
+  /** Deals where this company is the target or the buyer. */
+  symbol: string | null;
+}) {
+  const colors = useThemeColors();
+  const isDesktopWeb = useUiCapabilities().nativePaneChrome === true;
+  const pro = usePlanAccess().hasProAccess;
+  const session = useResearchCloudSession();
+  const { pinTicker } = usePluginTickerActions();
+  const prefix = symbol ? "ticker." : "";
+  const [status, setStatus] = usePluginPaneState<MnaStatusFilter>(`${prefix}status`, symbol ? "all" : "pending");
+  // Listed targets first: the spread is what makes the pending list worth opening.
+  const [target, setTarget] = usePluginPaneState<MnaTargetFilter>(`${prefix}target`, "public");
+  const [region, setRegion] = usePluginPaneState<MnaRegionFilter>(`${prefix}region`, "all");
+  const [selectedId, setSelectedId] = usePluginPaneState<string | null>(`${prefix}selected`, null);
+  // A closed detail is stored as "": pane state reads null as unset.
+  const [storedOpen, setOpen] = usePluginPaneState<string>(`${prefix}open`, "");
+  const openId = storedOpen || null;
+  const [query, setQuery] = useState("");
+  const [searching, setSearching] = useState(false);
+  const [searchFocus, setSearchFocus] = useState(0);
+  const [sort, setSort] = useState<SortPreference<ColumnId>>({ columnId: null, direction: "desc" });
+  const statusControl = useRef<SelectControl>(null);
+  const searchInput = useRef<InputRenderable | null>(null);
+  const scrollRef = useRef<ScrollBoxRenderable | null>(null);
+
+  const params = useMemo(() => ({
+    status,
+    target: symbol ? undefined : target,
+    region: symbol ? undefined : region,
+    symbol: symbol ?? undefined,
+    query: query.trim() || undefined,
+  }), [query, region, status, symbol, target]);
+  const paramsKey = JSON.stringify(params);
+  const loader = useCallback(
+    (force: boolean) => loadMnaDeals(params, pro, force),
+    // The session key reloads a list opened before sign-in or an upgrade.
+    // eslint-disable-next-line react-hooks/exhaustive-deps
+    [paramsKey, pro, session.requestKey],
+  );
+  const resource = useAsyncResource(loader, { clearOnError: isAccessDenied });
+  const first = resource.data?.payload ?? null;
+  const [paged, setPaged] = useState<{ owner: MnaDealsPayload; payload: MnaDealsPayload } | null>(null);
+  const data = paged && paged.owner === first ? paged.payload : first;
+  const [loadingMore, setLoadingMore] = useState(false);
+  const pageRequest = useRef<AbortController | null>(null);
+
+  const loadMore = useCallback(() => {
+    if (!data?.hasMore || !first || loadingMore || openId) return;
+    pageRequest.current?.abort();
+    const request = new AbortController();
+    pageRequest.current = request;
+    setLoadingMore(true);
+    void fetchMnaDeals({ ...params, offset: data.nextOffset }, undefined, request.signal)
+      .then((page) => {
+        if (pageRequest.current === request) setPaged({ owner: first, payload: appendMnaDeals(data, page) });
+      })
+      .catch(() => {})
+      .finally(() => {
+        if (pageRequest.current === request) setLoadingMore(false);
+      });
+  }, [data, first, loadingMore, openId, params]);
+  const onScroll = useTableLoadMore(scrollRef, !!data?.hasMore && !loadingMore && !openId, loadMore);
+
+  useAutoRefresh(resource.updatedAt, resource.load);
+  usePaneRefreshKey(() => void resource.reload(), { focused, enabled: !openId });
+
+  const deals = data?.deals ?? NO_DEALS;
+  const quoteSymbols = useMemo(() => {
+    const set = new Set<string>();
+    for (const deal of deals) {
+      if (deal.status !== "pending" || !deal.target.symbol) continue;
+      set.add(deal.target.symbol);
+      if (deal.terms.exchangeRatio != null && deal.terms.ratioSymbol) set.add(deal.terms.ratioSymbol);
+    }
+    return [...set];
+  }, [deals]);
+  // The cursor starts on the first deal, and moves there when its deal leaves the list.
+  const selected = deals.find((deal) => deal.id === selectedId) ?? deals[0] ?? null;
+  const { quotes } = useQuoteBoard(quoteSymbols, { selectedSymbol: selected?.target.symbol ?? null });
+  const spreadOf = useCallback((deal: MnaDeal) => {
+    const quote = deal.target.symbol ? quotes.get(deal.target.symbol)?.quote ?? null : null;
+    const ratio = deal.terms.ratioSymbol ? quotes.get(deal.terms.ratioSymbol)?.quote ?? null : null;
+    return dealSpread(deal, quote, ratio);
+  }, [quotes]);
+
+  const sorted = useMemo(() => {
+    if (!sort.columnId) return deals;
+    const value = (deal: MnaDeal): string | number | null => {
+      switch (sort.columnId) {
+        case "date": return deal.announced;
+        case "target": return partyCell(deal.target, true);
+        case "acquirer": return deal.acquirer?.name ?? null;
+        case "terms": return termsLabel(deal.terms);
+        case "value": return deal.valueUsd;
+        case "price": return spreadOf(deal)?.price ?? null;
+        case "spread": return spreadOf(deal)?.spread ?? null;
+        case "annualized": return spreadOf(deal)?.annualized ?? null;
+        case "close": return deal.closed ?? expectedCloseDate(deal.expectedClose)?.toISOString().slice(0, 10) ?? null;
+        case "stage": return stageLabel(deal);
+        default: return null;
+      }
+    };
+    return [...deals].sort((a, b) => compareSortValues(value(a), value(b), sort.direction));
+  }, [deals, sort, spreadOf]);
+
+  const locked = data?.access === "delayed" ? data.lockedDeals : 0;
+  const lockedText = `Unlock ${locked} newer deal${locked === 1 ? "" : "s"}`;
+  // The prompt sits in the target column, which widens to hold it.
+  const columns = useMemo(
+    () => mnaColumns(status, width, locked > 0 ? Math.min(lockedText.length + 3, Math.floor(width / 3)) : undefined),
+    [locked, lockedText, status, width],
+  );
+  const items = useMemo<Item[]>(() => [
+    ...Array.from({ length: Math.min(MAX_LOCKED_ROWS, locked) }, (_, index) => ({ kind: "locked" as const, index })),
+    ...sorted.map((deal) => ({ kind: "deal" as const, deal })),
+  ], [locked, sorted]);
+
+  const access = useCloudAccessFooter({
+    delayLabel: `${data?.delayDays || 7}d`,
+    focused,
+    shortcutScope: "mna",
+    degraded: data?.access === "delayed",
+  });
+  const openUpgrade = access.openUpgrade;
+
+  const openSearch = useCallback(() => {
+    setSearching(true);
+    setSearchFocus((value) => value + 1);
+  }, []);
+  const openTarget = useCallback(() => {
+    if (selected?.target.symbol) pinTicker(selected.target.symbol, { floating: true });
+  }, [pinTicker, selected]);
+  useShortcut((event) => {
+    if (!focused || openId || searching || event.targetEditable || event.ctrl || event.meta || event.alt || event.super) return;
+    if (event.name === "/") { event.preventDefault(); openSearch(); }
+    if (event.name === "s") { event.preventDefault(); statusControl.current?.open(); }
+    if (event.name === "t" && selected?.target.symbol) { event.preventDefault(); openTarget(); }
+  });
+
+  const hints = useMemo<PaneHint[]>(() => [
+    { id: "mna-search", key: "/", label: "search", onPress: openSearch },
+    { id: "mna-status", key: "s", label: "tatus", onPress: () => statusControl.current?.open() },
+    ...(selected?.target.symbol ? [{ id: "mna-target", key: "t", label: "arget", onPress: openTarget }] : []),
+    ...(access.hint ? [access.hint] : []),
+  ], [access.hint, openSearch, openTarget, selected?.target.symbol]);
+  usePaneStatusFooter({
+    registrationId: "mna",
+    enabled: !openId,
+    loading: (resource.loading && !!data) || loadingMore,
+    error: data ? resource.error ?? resource.data?.refreshError ?? null : null,
+    stale: resource.data?.stale ?? false,
+    hints,
+  });
+  usePaneFooter("mna:access", () => (access.segment && !openId ? { order: 5, info: [access.segment] } : null), [access.segment, openId]);
+
+  const placeholder = blendHex(colors.bg, colors.textMuted, 0.35);
+  const renderCell = useCallback((item: Item, column: DataTableColumn, _index: number, state: { selected: boolean }): DataTableCell => {
+    if (item.kind === "locked") {
+      if (column.id === "target" && item.index === 0) {
+        return { text: lockedText, content: <UpgradeLabel text={lockedText} onPress={openUpgrade} role="mna-upgrade" />, onMouseDown: openUpgrade };
+      }
+      const size = Math.max(1, Math.min(column.width - 1, column.id === "target" || column.id === "acquirer" ? 9 + ((item.index * 5) % 6) : 5));
+      if (isDesktopWeb) {
+        const sample = column.id === "target" || column.id === "acquirer" ? "Hidden Company Inc".slice(0, size) : "$1.2B";
+        return { text: "", content: <Blurred><Text fg={colors.textDim}>{sample}</Text></Blurred>, onMouseDown: openUpgrade };
+      }
+      return { text: "░".repeat(size), color: placeholder, onMouseDown: openUpgrade };
+    }
+    const { deal } = item;
+    const base = state.selected ? colors.selectedText : colors.text;
+    const muted = state.selected ? colors.selectedText : colors.textMuted;
+    switch (column.id) {
+      case "date": return { text: formatListDate(deal.announced), color: muted };
+      case "target": return { text: partyCell(deal.target, true), color: base };
+      case "acquirer": return deal.acquirer ? { text: deal.acquirer.name, color: base } : { text: "Undisclosed", color: muted };
+      case "terms": {
+        const text = termsLabel(deal.terms);
+        return { text, color: text === MISSING ? muted : base };
+      }
+      case "value": return { text: formatDealValue(deal.value, deal.valueCurrency), color: base };
+      case "price": {
+        const spread = spreadOf(deal);
+        return { text: spread ? formatPrice(spread.price) : MISSING, color: spread ? base : muted };
+      }
+      case "spread": {
+        const spread = spreadOf(deal);
+        if (!spread) return { text: MISSING, color: muted };
+        // Negative: the market expects better terms than the ones on the table.
+        return { text: formatPercentShort(spread.spread), color: spread.spread < 0 && !state.selected ? colors.warning : base };
+      }
+      case "annualized": {
+        const annualized = spreadOf(deal)?.annualized ?? null;
+        return { text: annualized == null ? MISSING : formatPercentShort(annualized), color: annualized == null ? muted : base };
+      }
+      case "close": {
+        const ended = deal.status === "completed" || deal.status === "terminated";
+        return ended
+          ? { text: deal.closed ? formatListDate(deal.closed) : MISSING, color: muted }
+          : { text: formatExpectedClose(deal.expectedClose), color: deal.expectedClose ? base : muted };
+      }
+      case "stage": {
+        const tone = state.selected ? colors.selectedText
+          : deal.status === "completed" ? colors.positive
+            : deal.status === "terminated" ? colors.negative
+              : deal.status === "talks" || deal.stale ? colors.textMuted
+                : deal.hostile ? colors.warning
+                  : colors.text;
+        return { text: stageLabel(deal), color: tone };
+      }
+      default: return { text: "" };
+    }
+  }, [colors, isDesktopWeb, lockedText, openUpgrade, placeholder, spreadOf]);
+
+  const openDeal = deals.find((deal) => deal.id === openId) ?? null;
+  const queryBar = (
+    <QueryBar
+      width={width}
+      search={{
+        value: query,
+        onChange: setQuery,
+        placeholder: symbol ? "company" : "company or ticker",
+        focused,
+        active: searching,
+        onActiveChange: setSearching,
+        focusToken: searchFocus,
+        inputRef: searchInput,
+        debounceMs: 250,
+      }}
+      filters={[
+        { id: "status", label: "Status", value: status, defaultValue: symbol ? "all" : "pending", options: STATUS_OPTIONS, onChange: setStatus, controlRef: statusControl },
+        ...(symbol ? [] : [
+          { id: "target", label: "Target", value: target, defaultValue: "public", options: TARGET_OPTIONS, onChange: setTarget },
+          { id: "region", label: "Region", value: region, defaultValue: "all", options: REGION_OPTIONS, onChange: setRegion },
+        ]),
+      ]}
+    />
+  );
+
+  if (!data && !openId) {
+    return (
+      <Box width={width} height={height} flexDirection="column">
+        {queryBar}
+        <PaneStatusBody loading={resource.loading} error={resource.error} subject="M&A deals" empty={false} />
+      </Box>
+    );
+  }
+
+  return (
+    <DataTableStackView<Item>
+      focused={focused && !searching}
+      rootWidth={width}
+      rootHeight={height}
+      rootBefore={queryBar}
+      columns={columns}
+      items={items}
+      getItemKey={itemKey}
+      isNavigable={(item) => item.kind === "deal"}
+      selection={{
+        kind: "id",
+        selectedId: selected?.id ?? null,
+        getId: itemKey,
+        onChange: (id) => { if (!String(id).startsWith("locked:")) setSelectedId(id); },
+      }}
+      onActivate={(item) => { if (item.kind === "deal") setOpen(item.deal.id); else openUpgrade(); }}
+      sortable
+      sortColumnId={sort.columnId}
+      sortDirection={sort.direction}
+      onHeaderClick={(id) => setSort((current) => nextHeaderSort(current, id as ColumnId, {
+        firstDirection: id === "target" || id === "acquirer" || id === "stage" || id === "close" ? "asc" : "desc",
+        resetTo: { columnId: null, direction: "desc" },
+      }))}
+      renderCell={renderCell}
+      scrollRef={scrollRef}
+      onBodyScrollActivity={onScroll}
+      resetScrollKey={paramsKey}
+      emptyStateTitle={query ? "No matching deals." : symbol ? `No deals involving ${symbol}.` : "No deals."}
+      detailOpen={!!openId}
+      onBack={() => setOpen("")}
+      detailTitle={openDeal ? mnaDealTitle(openDeal) : undefined}
+      detailContent={openId ? (
+        <MnaDealDetail
+          key={openId}
+          id={openId}
+          seed={openDeal}
+          focused={focused}
+          width={width}
+          height={Math.max(4, height - 2)}
+        />
+      ) : null}
+    />
+  );
+}