InsideArbitrage Event Driven Monitor – February 11, 2026

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Merger Arbitrage

1. EWCZ: The acquisition of European Wax Center, Inc. (EWCZ) by General Atlantic for a closing value of $770 million. European Wax Center stockholders will receive $5.8 per share in cash for each share of European Wax Center class A common stock they own, representing a premium of 45% from the stock’s last close. (Press Release)
2. WBD: Paramount (PSKY) announced it has enhanced its $30 offer for Warner Bros. Discovery (WBD) with a $0.25 per share “ticking fee,” payable to WBD shareholders for each quarter its transaction has not closed beyond December 31, 2026. Paramount said it will fund the $2.8 billion termination fee payable to Netflix (NFLX) and offered solutions to WBD’s debt financing costs and obligations.
3. EA: Electronic Arts (EA) announced that the waiting period with respect to the merger under the HSR Act expired on February 9, 2026. The merger is expected to close during the first quarter of the company’s fiscal year ending March 31, 2027 (which corresponds to April 1, 2026, to June 30, 2026).

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