InsideArbitrage Event Driven Monitor – January 13, 2026

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Merger Arbitrage

1. DVAX: Samba Merger Sub, Inc., a wholly owned subsidiary of Sanofi (SNY), commenced the tender offer to acquire Dynavax (DVAX) for $15.5 per share in cash. The offer will expire on February 9, 2026.
2. GBIO: XOMA Royalty (XOMA) announced that it has amended the date on which the tender offer for Generation Bio (GBIO) will expire from February 8, 2026, to February 6, 2026.
3. NSC: CN (CNI) announced that it has filed a motion with the Surface Transportation Board (STB) to compel additional information in relation to the proposed merger agreement between Union Pacific (UNP) and Norfolk Southern (NSC). CN’s motion shows that the applicants have not been upfront with their assessment, failing to outline the full extent of competitive harms as a result of the merger.

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