The merger is on track with regulatory clearances obtained and a scheduled stockholder vote. The key remaining risk is Tempus stock price volatility — if TEM trades below $46.00 at closing, Personalis can walk away. Monitor TEM price action and the November 30 vote outcome.
Price Chart
Executive Summary
Tempus AI filed Amendment No. 2 to its S-4 registration statement for the acquisition of Personalis, Inc. The merger consideration is $16.25 per Personalis share, payable in Tempus Class A common stock (with a floating exchange ratio and a floor of 0.3356 shares) and up to 50% cash at Tempus' election. The Personalis special stockholder meeting is scheduled for November 30, 2026, and the HSR waiting period expired on October 2, 2026, clearing a key regulatory condition. The merger is a going-private transaction that will delist Personalis from Nasdaq.
Key Facts
- Merger consideration: $16.25 per share of Personalis common stock, payable in Tempus Class A common stock (floating exchange ratio; floor of 0.3356 shares if Tempus stock price ≤ $48.42) and up to 50% cash at Tempus' election.
- Personalis special stockholder meeting to vote on the merger is scheduled for November 30, 2026; record date is October 15, 2026.
- HSR waiting period expired on October 2, 2026, without issue; UK CMA confirmed no further questions on August 13, 2026.
- Tempus and Merck (combined ~25% of Personalis voting power) have agreed to vote in favor of the merger.
- Personalis has the right to terminate if Tempus stock price falls below $46.00 per share at closing.
- Termination fee of $76,806,179 payable by Personalis in certain circumstances; reverse termination fee of same amount payable by Tempus for antitrust-related failures.
- The merger is expected to close in late 2026 or early 2027.
- Tax opinions from Latham & Watkins and Cooley LLP confirm the merger qualifies as a tax-free reorganization under Section 368(a) of the Code.
Financial Impact
Implied equity value of $16.25 per Personalis share; total stock consideration up to ~38.9 million Tempus shares (max Exchange Ratio 0.3356, no cash election). Cash consideration up to $762.4 million if Tempus elects 50% cash.
Risk Factors
- Tempus stock price falling below $46.00 per share, triggering Personalis' termination right.
- Stockholder vote failure — requires majority of outstanding shares; Merck and Tempus combined ~25% but need additional ~25% of other holders.
- Integration risk and potential failure to realize synergies post-merger.
- Potential shareholder litigation challenging the merger.
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4/A Filing (Primary) | 0001193125-26-426683 |
| Document: d864810dex81.htm | 0001193125-26-426683 |
| Document: d864810dex82.htm | 0001193125-26-426683 |
| Document: d864810dex991.htm | 0001193125-26-426683 |
| Document: d864810dex232.htm | 0001193125-26-426683 |
| Document: d864810dex231.htm | 0001193125-26-426683 |
| Document: 0001193125-26-426683-index-headers.html | 0001193125-26-426683 |
| Document: 0001193125-26-426683-index.html | 0001193125-26-426683 |
| Document: 0001193125-26-426683.txt | 0001193125-26-426683 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 144 | $71.67 | awaiting T+60 | — | $72.15 (+0.67%) |
Oct 23, 2026 4d ago | 8-K | $67.62 | awaiting T+60 | — | $72.15 (+6.71%) |
Oct 22, 2026 6d ago | EFFECT | $63.81 | awaiting T+60 | — | $72.15 (+13.07%) |
Oct 20, 2026 7d ago | S-4/A | $67.76 | awaiting T+60 | — | $72.15 (+6.48%) |
Sep 29, 2026 29d ago | Insider Cluster | $81.90 | awaiting T+60 | — | $72.15 (+11.90%) |
Sep 24, 2026 4w ago | Insider Cluster | $85.01 | awaiting T+60 | — | $72.15 (+15.13%) |
Sep 18, 2026 5w ago | Insider Cluster | $78.03 | awaiting T+60 | — | $72.15 (+7.54%) |
Sep 17, 2026 5w ago | 144 | $77.84 | awaiting T+60 | — | $72.15 (+7.31%) |
Sep 3, 2026 7w ago | Insider Cluster | $64.62 | awaiting T+60 | — | $72.15 (+11.65%) |
Sep 3, 2026 7w ago | Insider Cluster | $64.62 | awaiting T+60 | — | $72.15 (+11.65%) |
US Market Status
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