InsideArbitrage Event Driven Monitor – January 16, 2026

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Merger Arbitrage

1. PEN: The acquisition of Penumbra, Inc. (PEN) by Boston Scientific Corporation (BSX) for a closing value of $14.5 billion. The deal values each Penumbra share at $374, with Penumbra stockholders having the right to elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock. The purchase price represents a premium of 19.32% from the stock’s last close. (Press Release)
2. WBD: Bloomberg reported that a judge refused to fast-track Paramount Skydance’s (PSKY) lawsuit accusing directors of Warner Bros. Discovery (WBD) of misleading investors about the buyout bid from Netflix (NFLX). Delaware Chancery Court Judge Morgan Zurn found Paramount’s demands didn’t meet legal tests for expediting a hearing into accusations that Warner Bros.’ board made erroneous disclosures about the deal.
3. FFWM: First Foundation (FFWM) filed a definitive proxy statement. The companies expect the merger to be completed early in the second quarter of 2026.

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