InsideArbitrage Event Driven Monitor – October 28, 2025

Merger Arbitrage

1. SOHO: The acquisition of Sotherly Hotels Inc. (SOHO) by Kemmons Wilson Hospitality Partners, LP, and Ascendant Capital Partners LP for a closing value of $894.74 million. A joint venture entity, KW Kingfisher LLC, led by Kemmons and Ascendant, will acquire all outstanding shares of Sotherly common stock for $2.25 per share in cash, representing a premium of 152.81% over the stock’s last close. (Press Release)
2. WTRG: The acquisition of Essential Utilities, Inc. (WTRG) by American Water Works Company, Inc. (AWK) for a closing value of $20.24 billion. Essential shareholders will receive 0.305 shares of American Water for each share of Essential they own at the closing of the transaction. This exchange ratio implies a price of $43.18 per share, which is at a premium of 4.78% from the stock’s last close. (Press Release)
3. CADE: The acquisition of Cadence Bank (CADE) by Huntington Bancshares Incorporated (HBAN) for a closing value of $7.4 billion. Huntington will issue 2.475 shares of common stock for each outstanding share of Cadence common stock in a 100% stock transaction. The consideration implies the value of $39.77 per Cadence share, which is at a premium of 8.99% from the stock’s last close. (Press Release)

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