InsideArbitrage Event Driven Monitor – June 26, 2026

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Merger Arbitrage

1. TECH: The acquisition of Bio-Techne Corporation (TECH) by Merck KGaA for a closing value of $11.3 billion. Bio-Techne shareholders will receive $73 per share in cash, representing a premium of 23.98% over the stock’s last close. Last week, Bloomberg reported that activist investor Ananym Capital Management had built a stake in Bio-Techne and was pushing the board to conduct a strategic review that would include a potential sale. (Press Release)
2. SYNA: The acquisition of Synaptics Incorporated (SYNA) by ON Semiconductor Corporation (ON) for a closing value of $7 billion. Synaptics stockholders will receive 1.35 shares of onsemi common stock for each share of Synaptics common stock held, representing a value of $160.3 per Synaptics share, at a 27.61% premium from the stock’s last close. (Press Release)
3. LEG: Somnigroup (SGI) filed Form S-4 for the acquisition of Leggett & Platt (LEG). The companies expect to complete the merger by year-end 2026.

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