InsideArbitrage Event Driven Monitor – April 23, 2026

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Merger Arbitrage

1. STEL: Prosperity Bancshares (PB) and Stellar Bancorp (STEL) announced the receipt of all regulatory approvals necessary to complete their merger. Each of the Federal Deposit Insurance Corporation and the Texas Department of Banking has approved the merger of Stellar Bank with and into Prosperity Bank following the merger of the holding companies.
2. WBS: Santander (SAN) filed Form F-4 for the acquisition of Webster (WBS). The special meeting of shareholders will be held on May 26, 2026.
3. ZIM: ZIM Integrated Shipping Services (ZIM) announced that the special shareholders’ meeting will be held on April 30, 2026, with the agenda to approve a compensation policy as required by Israeli law. Following receipt of comments from the advisory firm Institutional Shareholders Services (ISS), ZIM is proposing an amendment to its proposed compensation policy such that the maximum retention bonus that the company may award to its officers for the going private transaction, will be 12 monthly base salaries of such officers instead of 18 monthly base salaries of such officers as proposed earlier, and the retention bonus will be awarded to the officer subject to meeting a minimum retention period of six months.

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