InsideArbitrage Event Driven Monitor – August 12, 2026

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Merger Arbitrage

1. RNW: The acquisition of ReNew Energy Global Plc (RNW) by a consortium led by the Canada Pension Plan Investment Board and CEO Sumant Sinha for a closing value of $10.2 billion. ReNew shareholders will be entitled to receive $7.02 per share in cash, representing a 14.52% premium over the stock’s last close. The shareholders may also elect to retain their shares and remain a shareholder of the company. Last year, the consortium submitted a non-binding proposal to the special committee of the ReNew Board, proposing to acquire all the shares for $8 per share. (Press Release)
2. TBPH: Theravance Biopharma (TBPH) filed the preliminary proxy statement for its acquisition by Zymeworks (ZYME). The company expects the merger to be completed in the second half of 2026.
3. MKTX: Bloomberg reported that Intercontinental Exchange (ICE) has begun the sale of US investment-grade bonds two weeks after announcing a deal to acquire MarketAxess (MKTX). The NYSE parent is looking to raise about $3.5 billion from the note sale, and the size may increase slightly depending on demand.

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