InsideArbitrage Event Driven Monitor – March 31, 2026

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Merger Arbitrage

1. KZR: The acquisition of Kezar Life Sciences, Inc. (KZR) by Aurinia Pharmaceuticals Inc. (AUPH) for a closing value of $50.93 million. Aurinia will acquire Kezar Life Sciences for $6.955 in cash per share, plus one non-transferable contingent value right (CVR). The cash consideration represents a premium of 12.18% premium from the stock’s last close. In October last year, Kezar announced the initiation of a process to explore a full range of strategic alternatives. (Press Release)
2. EM: Smart Share Global (EM) announced that it has been granted an exception by Nasdaq Staff regarding the filing of a Form 6-K containing an interim balance sheet and income statement for its fiscal half-year ended June 30, 2025. The terms require the company to file the Interim Report before June 29, 2026.
3. EHAB: Enhabit (EHAB) filed the preliminary proxy statement for its acquisition by Kinderhook. The company expects the merger to be completed in the second quarter of 2026.

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