InsideArbitrage Event Driven Monitor – January 22, 2026

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Merger Arbitrage

1. NATH: The acquisition of Nathan’s Famous, Inc. (NATH) by Smithfield Foods, Inc. (SFD) for a closing value of $450 million. Smithfield Foods will acquire all of Nathan’s Famous’ issued and outstanding shares for $102 per share in cash, representing a premium of 10% from the stock’s last close. (Press Release)
2. SEE: Sealed Air (SEE) filed its merger notification with the European Commission for its acquisition by CD&R. The provisional deadline for the EU’s decision is set for February 23, 2026.
3. ATXS: Astria Therapeutics (ATXS) announced that at the special meeting of stockholders, Astria’s stockholders voted to approve the acquisition of Astria by BioCryst Pharmaceuticals (BCRX). The parties expect the merger to close on January 23, 2026.

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