InsideArbitrage Event Driven Monitor – December 11, 2025

Merger Arbitrage

1. PGRE: Paramount Group (PGRE) announced that on December 8, Saray Capital submitted an updated non-binding proposal to acquire Paramount for $6.95 per share in cash. On December 9, the Board reviewed the proposal and concluded that the new proposal reflected a lower price from its previous offer and had materially weaker terms. The Board reaffirmed its recommendation to vote “FOR” the merger with Rithm (RITM).
2. PCH: Rayonier (RYN) filed Form S-4 for the acquisition of PotlatchDeltic (PCH). The companies expect to complete the merger in the late first quarter or early second quarter of 2026.
3. WBD: Congressman Sam Liccardo and Congresswoman Ayanna Pressley sent a letter to Warner Bros. Discovery (WBD) CEO David Zaslav and its board voicing serious national security concerns over its reported acquisition deal with Paramount Skydance (PSKY). Liccardo suggests Warner Bros. Discovery should immediately file a notice with the Committee on Foreign Investment in the United States (CFIUS), as major foreign sovereign-wealth funds and investments from entities with documented ties to foreign governments are backing Paramount Skydance in its proposed bid.

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