InsideArbitrage Event Driven Monitor – June 2, 2026

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Merger Arbitrage

1. NCSM: The acquisition of NCS Multistage Holdings, Inc. (NCSM) by Weatherford International plc (WFRD) for a closing value of $113.78 million. NCS Multistage stockholders can elect to receive either 0.554 shares of Weatherford common stock or a combination of 0.239 shares of Weatherford common stock and a cash amount equal to 0.137 shares of Weatherford common stock, subject to proration. The all-stock option values NCS at $57.42 per share, while the cash plus stock option values it at about $38.97 per share. The all-stock value represents a premium of 35.48% from the stock’s last close. (Press Release)
2. LSTA: Lisata Therapeutics (LSTA) announced that on the evening of May 31, Kuva Labs informed the company that it will not be commencing the tender offer on June 1, 2026. Kuva Labs is negotiating with its potential financing sources, and it is evaluating the timing of commencement of the offer.
3. OGN: Organon (OGN) filed the preliminary proxy statement for its acquisition by Sun Pharma. The company expects the merger to be completed in early 2027.

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