InsideArbitrage Event Driven Monitor – August 20, 2025
Merger Arbitrage
- TGNA: The acquisition of TEGNA Inc. (TGNA) by Nexstar Media Group, Inc. (NXST) for a closing value of $6.2 billion. Nexstar will acquire all outstanding shares of TEGNA for $22 per share in a cash transaction, representing a premium of 9.02% from the stock’s last close. (Press Release)
- NWE: The acquisition of Northwestern Energy Group Inc (NWE) by Black Hills Corporation (BKH) for a closing value of $6.96 billion. NorthWestern shareholders will receive a fixed exchange ratio of 0.98 shares of Black Hills for each share of NorthWestern they own at the close of the transaction. This represents an implied value of $59.14 per share, which is at a premium of 7.67% from the stock’s last close. (Press Release)
- KLG: WK Kellogg (KLG) filed a definitive proxy statement. The special meeting of shareholders will be held on September 19, 2025.
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