InsideArbitrage Event Driven Monitor – April 1, 2026

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Merger Arbitrage

1. CNTA: The acquisition of Centessa Pharmaceuticals plc (CNTA) by Eli Lilly and Company (LLY) for a closing value of $6.3 billion. Lilly will acquire all of the share capital of Centessa (including the American Depositary Shares (ADSs) representing ordinary shares) for $38 in cash per share plus one non-transferrable contingent value right (CVR) that entitles the holder to receive up to an aggregate of $9, subject to the achievement of three milestones. The cash consideration represents a premium of 37.78% from the stock’s last close. (Press Release)
2. APLS: The acquisition of Apellis Pharmaceuticals, Inc. (APLS) by Biogen Inc. (BIIB) for a closing value of $5.6 billion. Biogen will commence a tender offer to acquire all of the outstanding shares of Apellis for $41 per share in cash and a non-transferable CVR per share. The cash consideration represents a premium of 139.91% from the stock’s last close. (Press Release)
3. AFBI: The acquisition of Affinity Bancshares, Inc. (AFBI) by Fidelity BancShares (N.C.), Inc. for a closing value of $142.8 million. Each Affinity shareholder will receive $23 per share in cash, representing a premium of 17.35% from the stock’s last close. (Press Release)

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