InsideArbitrage Event Driven Monitor – April 27, 2026

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Merger Arbitrage

1. OGN: The acquisition of Organon & Co. (OGN) by Sun Pharmaceutical Industries Limited for a closing value of $11.75 billion. Sun Pharma will acquire all outstanding shares of Organon for $14 per share, representing a 24.33% premium from the stock’s last close. Earlier this month, Bloomberg reported that Sun Pharmaceutical Industries and Germany’s Grünenthal were among firms vying for Organon.  (Press Release)
2. MCW: Mister Car Wash (MCW) filed a definitive information statement. The companies expect the merger to be completed in the first half of 2026.
3. TERN: Merck (MRK) announced that the waiting period under the HSR Act for its acquisition of Terns Pharmaceuticals (TERN) expired on April 23, 2026.

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