InsideArbitrage Event Driven Monitor – February 25, 2026

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Merger Arbitrage

1. THR: The acquisition of Thermon Group Holdings, Inc. (THR) by CECO Environmental Corp. (CECO) for a closing value of $2.2 billion. Thermon shareholders will have the ability to elect to receive one of the following forms of consideration: mixed consideration consisting of $10 in cash and 0.684 shares of CECO common stock; all-cash consideration of $63.89 per share; or all-stock consideration of 0.811 shares of CECO common stock per share, in each case subject to proration. Thermon shareholders who do not make an election will receive the mixed consideration. The cash consideration of $63.89 per share represents a premium of 28.37% from the stock’s last close. (Press Release)
2. RAPT: GSK (GSK) announced that the waiting period under the HSR Act for its acquisition of RAPT Therapeutics (RAPT) expired, effective February 23, 2026.
3. CWAN: Clearwater Analytics (CWAN) filed the preliminary proxy statement for its acquisition by Permira and Warburg Pincus. The company expects the merger to be completed in the second quarter of 2026.

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