InsideArbitrage Event Driven Monitor – February 3, 2026

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Merger Arbitrage

1. CTRA: The acquisition of Coterra Energy Inc. (CTRA) by Devon Energy Corporation (DVN) for a closing value of $25.35 billion. Coterra shareholders will receive a fixed exchange ratio of 0.70 shares of Devon common stock for each share of Coterra common stock. The transaction implies a value of $28.15 per Coterra share, at a discount of 2.44% from the stock’s last close. (Press Release)
2. PKST: The acquisition of Peakstone Realty Trust (PKST) by Brookfield Asset Management Ltd. (BAM) for a closing value of $1.2 billion. Brookfield private real estate fund would acquire all of the outstanding shares of Peakstone for $21 per share in cash, representing a premium of 34.44% from the stock’s last close. (Press Release)
3. NFBK: The acquisition of Northfield Bancorp, Inc. (NFBK) by Columbia Financial, Inc. (CLBK) for a closing value of $597 million. Northfield will merge into the Holding Co immediately following the completion of the second-step conversion with Columbia. Each outstanding share of Northfield will be converted into the right to receive either shares of Holding Co common stock or cash, at the election of the holder, as follows: (i) if the final Independent Valuation is less than $2.3 billion, either 1.425 shares of Holding Company common stock or $14.25 in cash; (ii) if the Independent Valuation is equal to or greater than $2.3 billion and less than $2.6 billion, either 1.450 shares of Holding Company common stock or $14.50 in cash, (iii) if the Independent Valuation is equal to or greater than $2.6 billion, 1.465 shares of Holding Company common stock or $14.65 in cash. (Press Release)

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