InsideArbitrage Event Driven Monitor – November 12, 2025

Merger Arbitrage

1. NSC: The National Conference of Firemen and Oilers (NCFO) and Union Pacific (UNP) reached an agreement to ensure job security for hundreds of railroaders as Union Pacific and Norfolk Southern (NSC) pursue their merger. The agreement commits to NCFO members who are employed at the time of the merger having a job for the length of their careers after the proposed merger.
2. PGRE: Paramount Group (PGRE) filed a definitive proxy statement. The special meeting of shareholders will be held on December 16, 2025.
3. EA: Electronic Arts (EA) filed the preliminary proxy statement for its acquisition by PIF, Silver Lake, and Affinity Partners. The company expects the merger to be completed in the first quarter of 2027.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

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