InsideArbitrage Event Driven Monitor – July 1, 2026

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Merger Arbitrage

1. LCII: The acquisition of LCI Industries (LCII) by Patrick Industries (PATK) for a closing value of $4.08 billion. LCI shareholders will receive 1.244 shares of Patrick common stock for each share of LCI common stock they own, representing a price of $115.92 per LCI share, at a premium of 15.78% from the stock’s last close. In April, Patrick Industries announced that it was in discussions with LCI regarding a potential merger of equals. (Press Release)
2. SSTK: Getty Images (GETY) announced that after reviewing the merger of Getty and Shutterstock (SSTK), the U.K. Competition and Markets Authority (CMA) conditioned its required clearance upon a sale of Shutterstock’s editorial business. Getty’s Board unanimously agreed not to proceed with the process to sell Shutterstock’s editorial business under the supervision of the CMA, and to terminate the merger agreement following the passage of the Second Extended End Date on July 6, 2026.
3. WBD: Reuters reported that British Culture Minister Lisa Nandy said she was minded to intervene in Paramount Skydance’s (PSKY) takeover of Warner Bros. Discovery (WBD), citing concerns about maintaining media plurality. “Following engagement with the parties and independent research, my department has today written to the current and proposed owners of Warner Bros. Discovery on my behalf to inform them that I am minded to intervene,” Nandy said in a written statement.

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