InsideArbitrage Event Driven Monitor – September 18, 2025

PGRE: The acquisition of Paramount Group, Inc. (PGRE) by Rithm Capital Corp. (RITM) for a closing value of $4.58 billion. Rithm Capital will acquire Paramount Group for total cash consideration to Paramount shareholders of approximately $1.6 billion. Rithm will acquire all of the outstanding shares of Paramount common stock for $6.60 per fully diluted share, representing a discount of 10.69% from the stock’s last close. (Press Release)
ETNB: The acquisition of 89bio, Inc. (ETNB) by Roche for a closing value of $2.4 billion. Roche will commence a tender offer to acquire all of the outstanding shares of 89bio common stock for $14.5 per share in cash at closing, plus a non-tradeable CVR to receive certain milestone payments of up to an aggregate of $6 per share in cash. The upfront cash price of $14.5 represents a 79.46% premium from the stock’s last close. (Press Release)
VSTA: The acquisition of Vasta Platform Limited (VSTA) by Cogna Educação S.A. for a closing value of $3.3 billion. Cogna will commence a tender offer to acquire all outstanding Class A common stock of Vasta for $5 per share, representing a 0.81% premium from the stock’s last close. The tender offer commenced on September 17, 2025, and is scheduled to expire on October 15, 2025. (Press Release)

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