InsideArbitrage Event Driven Monitor – November 9, 2026

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Merger Arbitrage

1. GFR: The acquisition of Greenfire Resources Ltd. (GFR) by Strathcona Resources Ltd. for a closing value of $838.17 million. Greenfire shareholders may elect to receive either 0.25 shares of Strathcona for each share of Greenfire, or C$11 (~$7.80) in cash per Greenfire share. Neither the share option nor the cash option will be subject to proration, allowing all Greenfire shareholders to receive their election in full. The $7.80 cash consideration represents a 39.29% premium over the stock’s last close. (Press Release)
2. VRNS: Varonis (VRNS) filed the preliminary proxy statement for its acquisition by Proofpoint. The companies expect to close the merger in the first half of 2027.
3. AXTA: Akzo Nobel (AKZOF) and Axalta Coating Systems (AXTA) received conditional approval from the European Commission for their merger. The companies agreed to a targeted remedy involving the divestment of AkzoNobel’s European vehicle refinish business.

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