InsideArbitrage Event Driven Monitor – January 29, 2026

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Merger Arbitrage

1. STEL: The acquisition of Stellar Bancorp, Inc. (STEL) by Prosperity Bancshares, Inc. (PB) for a closing value of $2 billion. Prosperity will issue 0.3803 shares of Prosperity common stock and $11.36 in cash for each outstanding share of Stellar common stock, representing a value of $39.08 per Stellar stock. The per share value is at a premium of 19.78% from the stock’s last close. (Press Release)
2. DVAX: Sanofi (SNY) announced that the waiting period under the HSR Act for the acquisition of Dynavax (DVAX) expired, effective January 27, 2026. German merger control clearance was received on January 14, 2026.
3. KVUE: Kenvue (KVUE) announced that its Board has declared a quarterly dividend of $0.2075 per share on its common stock. The quarterly dividend is payable on February 25, 2026, to shareholders of record as of February 11, 2026.

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