InsideArbitrage Event Driven Monitor – November 19, 2025

Merger Arbitrage

1. AXTA: The acquisition of Axalta Coating Systems Ltd. (AXTA) by Akzo Nobel N.V. (AKZOF) for a closing value of $9.24 billion. Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned. This implies a value of $47.08 per Axalta share, representing a premium of 67.07% from the stock’s last close. (Press Release)
2. HSII: Heidrick & Struggles International (HSII) announced that on November 17, the waiting period applicable to the merger under the HSR Act expired. The merger has also received clearance from the antitrust authorities in Germany on October 30, 2025, and from the antitrust authorities in Australia on November 5, 2025.
3. TGNA: TEGNA (TGNA) announced that at a special meeting, its shareholders voted to approve the merger with Nexstar Media (NXST). The transaction is expected to close by the second half of 2026.

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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