InsideArbitrage Event Driven Monitor – May 15, 2026

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Merger Arbitrage

1. TWO: CrossCountry Mortgage announced that under its merger agreement with Two Harbors (TWO), the stockholders will now receive a pro-rated dividend for the quarter in which CrossCountry’s acquisition of Two closes, subject to funds being legally available. The pro-rated dividend would provide additional cash value of up to $0.34 per share to Two stockholders.
2. NSA: National Storage (NSA) announced that its Board declared regular cash dividends for the second quarter 2026 payable on June 30, 2026, to shareholders of record on June 15, 2026. A dividend of $0.57 per common share, representing an annualized dividend rate of $2.28; a dividend of $0.375 per share on 6% Series A Cumulative Redeemable Preferred Shares; and a dividend of $0.375 per share on 6% Series B Cumulative Redeemable Preferred Shares.
3. WTRG: American Water Works (AWK) and Essential Utilities (WTRG) announced that the Public Utilities Commission of Ohio (PUCO) issued an order approving the companies’ merger. The merger is expected to close by the end of the first quarter of 2027.

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