InsideArbitrage Event Driven Monitor – July 14, 2026

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Merger Arbitrage

1. TCBK: The acquisition of TriCo Bancshares (TCBK) by First Hawaiian, Inc. (FHB) for a closing value of $1.77 billion. TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share, at a 17.67% premium from the stock’s last close. (Press Release)
2. WBD: California Attorney General Rob Bonta led a coalition of 12 attorneys general in filing a lawsuit challenging the acquisition of Warner Bros. Discovery (WBD) by Paramount Skydance (PSKY). In filing this lawsuit, AG Bonta leads the attorneys general of Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington.
3. AXTA: AkzoNobel (AKZOF) confirmed it has received multiple conditional and non-binding proposals from Nippon Paint regarding the potential acquisition of AkzoNobel’s Decorative Paints business at an indicative enterprise valuation of €7.5 billion. The Nippon Paint Proposal constitutes an Alternative Proposal, as per the merger with Axalta (AXTA), restricting AkzoNobel from any engagement. It also significantly undervalues AkzoNobel’s Decorative Paints business.

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