InsideArbitrage Event Driven Monitor – March 20, 2026

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Merger Arbitrage

1. TGNA: California Attorney General Rob Bonta, alongside a coalition of eight attorneys general, filed a lawsuit to block the acquisition of Tegna (TGNA) by Nexstar (NXST). In filing this lawsuit, Attorney General Bonta joins the attorneys general of New York, Colorado, Illinois, Oregon, North Carolina, Connecticut, and Virginia.
2. TGNA: Nexstar (NXST) announced that it has closed its acquisition of TEGNA (TGNA) following approval of the transaction from the Federal Communications Commission (FCC) and the United States Department of Justice (DOJ).
3. TWO: Two Harbors (TWO) announced that its Board received an unsolicited proposal to acquire all of the outstanding shares of TWO common stock for $10.7 per share in cash. The offer also provides for the payment of the $25.4 million termination fee that TWO would be required to pay to UWM Holdings (UWMC) to terminate their merger agreement.

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