InsideArbitrage Event Driven Monitor – March 9, 2026

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Merger Arbitrage

1. DAWN: The acquisition of Day One Biopharmaceuticals, Inc. (DAWN) by Servier for a closing value of $2.5 billion. Servier will commence a cash tender offer to acquire all of the issued and outstanding shares of Day One’s common stock for $21.5 per share in cash, representing a premium of 68.23% from the stock’s last close. (Press Release)
2. LSTA: The acquisition of Lisata Therapeutics, Inc. (LSTA) by Kuva Labs Inc. for a closing value of $21.38 million. Kuva will commence a tender offer to acquire all the issued and outstanding shares of common stock of Lisata for $5 per share in cash plus one contingent value right (CVR) per share. The cash consideration represents a 19.62% premium from the stock’s last close. In January, Lisata had entered a binding term sheet to be acquired by Kuva Labs. (Press Release)
3. TGNA: WSJ reported that a coalition of states is preparing to challenge Nexstar Media Group’s (NXST) acquisition of rival broadcaster Tegna (TGNA). The states, which include California, Colorado, and New York, would sue on antitrust grounds, believing the deal would result in too much concentration in some local TV markets.

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