InsideArbitrage Event Driven Monitor – September 26, 2025
Merger Arbitrage
- FSFG: The acquisition of First Savings Financial Group, Inc. (FSFG) by First Merchants Corporation (FRME) for a closing value of $797.22 million. The common shareholders of First Savings will have the right to receive 0.85 of a share of First Merchants common stock for each share of First Savings common stock owned. The implied merger consideration for each share of First Savings common stock is $33.60 per share, representing a premium of 21.39% over the stock’s last close. (Press Release)
- CYBR: The Federal Trade Commission granted early termination of the waiting period under the HSR Act for the acquisition of CyberArk Software (CYBR) by Palo Alto Networks (PANW).
- HONE: Eastern Bankshares (EBC) and HarborOne Bancorp (HONE) announced that Eastern has distributed the election form and letter of transmittal to holders of HarborOne common stock so HarborOne shareholders may elect to receive either Eastern common stock, cash, or a combination of both upon the completion of the merger. Eastern anticipates that all required approvals will be received by October 31, 2025, and the merger will become effective as of November 1, 2025.
You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.
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