InsideArbitrage Event Driven Monitor – June 30, 2026

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Merger Arbitrage

1. TBPH: The acquisition of Theravance Biopharma, Inc. (TBPH) by Zymeworks Inc. (ZYME) for a closing value of $929 million. Theravance Biopharma shareholders will receive $17 in cash, representing a 3.57% discount to the stock’s last close. Theravance shareholders will also receive a CVR entitling them to 80% of net proceeds realized from any future license, divestiture or other monetization transaction involving ampreloxetine over the next ten years, with the remaining 20% to Zymeworks. In addition, if a license, divestiture or monetization transaction involving ampreloxetine is not executed by the closing, a designee from Theravance will explore potential opportunities to license, divest or otherwise monetize ampreloxetine on behalf of Zymeworks for 12-months following closing. (Press Release)
2. IRDM: The acquisition of Iridium Communications Inc. (IRDM) by Rocket Lab Corporation (RKLB) for a closing value of $8 billion. Iridium stockholders will receive $27 in cash and a number of shares of Rocket Lab common stock calculated pursuant to an exchange ratio (subject to a collar) for each share of Iridium common stock outstanding at the closing. The collar is banded from $67.5 to $112.5. The transaction has a notional value of $54 per share of Iridium common stock, representing a premium of 24.08% from the stock’s last close. (Press Release)
3. LPRO: Lakers Acquisition Sub, Inc., a wholly owned subsidiary of ANV Group, commenced the tender offer to acquire Open Lending (LPRO) for $3.15 per share in cash. The offer will expire on July 27, 2026.

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