InsideArbitrage Event Driven Monitor – April 20, 2026

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Merger Arbitrage

1. BLD: The acquisition of TopBuild Corp. (BLD) by QXO, Inc. (QXO) for a closing value of $17 billion. TopBuild stockholders will have the right to elect to receive $505 in cash or 20.2 shares of QXO common stock for each TopBuild share held, subject to proration, on the condition that the total transaction consideration is paid as approximately 45% in cash and 55% in shares of QXO common stock. The cash consideration of $505 per share represents a 23.08% premium from the stock’s last close. QXO may increase the maximum amount of stock consideration in the transaction if TopBuild stockholders elect to receive more than 55% of the consideration in shares of QXO common stock. (Press Release)
2. FOLD: The European Commission approved, under the EU Merger Regulation, the acquisition of Amicus (FOLD) by BioMarin (BMRN). The Commission concluded that the notified transaction would not raise competition concerns, given that the companies are not active in the same or vertically related markets.
3. STKL: SunOpta (STKL) announced that its shareholders approved the merger with Refresco at the special meeting of shareholders held on April 16, 2026. The hearing on the final order approving the Arrangement before the Ontario Superior Court of Justice is scheduled for April 22, 2026.

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