InsideArbitrage Event Driven Monitor – February 24, 2026

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Merger Arbitrage

1. ACLX: The acquisition of Arcellx, Inc. (ACLX) by Gilead Sciences, Inc. (GILD) for a closing value of $7.8 billion. A wholly-owned subsidiary of Gilead will commence a tender offer to acquire all of the outstanding shares of Arcellx’s common stock for an offer price of $115 per share in cash, plus one non-transferable contingent value right (CVR) that entitles the holder to receive an additional $5 per CVR upon the achievement of cumulative global net sales of anito-cel of at least $6 billion from launch through year-end 2029. The cash portion of $115 per share represents a premium of 79.38% from the stock’s last close. (Press Release)
2. VRE: The acquisition of Veris Residential, Inc. (VRE) by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners for a closing value of $3.4 billion. Veris shareholders will receive $19 per share in cash for each share of Veris common stock they own, representing a premium of 13.30% from the stock’s last close. The holders of common units in Veris’ operating partnership will also receive $19 per share in cash for each common unit they own. (Press Release)
3. UHG: The acquisition of United Homes Group, Inc. (UHG) by Stanley Martin Homes, LLC for a closing value of $221 million. United Homes shareholders will receive $1.18 per share in cash, representing a discount of 50.42% from the stock’s last close. (Press Release)

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