InsideArbitrage Event Driven Monitor – May 13, 2026

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Merger Arbitrage

1. NSTS: The acquisition of NSTS Bancorp, Inc. (NSTS) by Brookfield Bancshares, Inc. for a closing value of $73.7 million. NSTS stockholders will receive approximately $14.28 in cash for each share of NSTS common stock owned, representing a 12.89% premium from the stock’s last close. (Press Release)
2. EQH: Corebridge Financial (CRBG) and Equitable Holdings (EQH) announced the leadership team for the future combined company. Marc Costantini, the Chief Executive Officer of Corebridge, will serve as CEO of the combined company.
3. APLS: Biogen (BIIB) announced that the required waiting period under the HSR Act applicable to the tender offer for Apellis (APLS) expired on May 11, 2026.

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