InsideArbitrage Event Driven Monitor – July 24, 2026

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Merger Arbitrage

1. NEUP: The acquisition of Neuphoria Therapeutics Inc. (NEUP) by Scancell Holdings plc (SCNLF) for a closing value of $25 million. Each outstanding share of Neuphoria common stock will be converted into 37.77199 Scancell American Depositary Shares (ADSs) and one Contingent Value Right (CVR). It is expected that 204.14 million Scancell consideration shares, represented by 20.41 million ADSs based on the ADS ratio, will be issued to Neuphoria shareholders. This implies a value of $4.55 per Neuphoria share. In November 2025, Neuphoria Therapeutics initiated a review of strategic alternatives to maximize stockholder value. The merger will only be completed if Neuphoria has at least $10 million in net cash as of December 31, 2026, or on the completion date if the deal closes earlier. (Press Release)
2. SAFT: The acquisition of Safety Insurance Group, Inc. (SAFT) by Mapfre S.A. for a closing value of $1.54 billion. Safety shareholders will receive $105 for each Safety common share in cash, representing a 43.95% premium from the stock’s last close. (Press Release)
3. EA: The European Commission approved, under the EU Merger Regulation, the acquisition of Electronic Arts (EA) by Public Investment Fund (PIF). The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active.

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