InsideArbitrage Event Driven Monitor – January 21, 2026

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WBD: Netflix (NFLX) and Warner Bros. Discovery (WBD) announced they have amended their definitive agreement for Netflix’s acquisition of Warner Bros. to an all-cash transaction. The all-cash transaction continues to be valued at $27.75 per WBD share, unchanged from the prior transaction structure. WBD stockholders will also receive the additional value of shares of Discovery Global following its separation from WBD.
EM: Smart Share (EM) announced that it received a letter from the Nasdaq Stock Market dated January 14, 2026, notifying the company that it is not in compliance with the requirements for continued listing because it did not timely file a Form 6-K containing an interim balance sheet and income statement for its fiscal half-year ended June 30, 2025. The Company has 60 calendar days from the date of the Letter to submit a plan to regain compliance with the Listing Rules.
AVDL: Avadel Pharmaceuticals (AVDL) announced that on January 19, the High Court of Ireland set a court hearing for February 10, 2026, to consider the application of Avadel to sanction the merger of Avadel with Alkermes (ALKS). The Court has directed that any interested party who intends to appear at the Sanction Court Hearing of the said application must notify Avadel’s solicitors in writing by no later than February 5, 2026.

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