InsideArbitrage Event Driven Monitor – February 4, 2026

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Merger Arbitrage

1. WBS: The acquisition of Webster Financial Corporation (WBS) by Banco Santander, S.A. (SAN) for a closing value of $12.3 billion. Webster stockholders will receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share. This represents a per-share consideration of $75.59, representing a 14.53% premium from the stock’s last close. (Press Release)
2. WBD: Bloomberg reported that Paramount Skydance (PSKY) Chief Executive Officer David Ellison turned down an invitation to testify before the Senate at an antitrust hearing about the proposed tie-up between Netflix (NFLX) and Warner Bros. Discovery (WBD). Ellison said in a letter to New Jersey Senator Cory Booker, the panel’s top Democrat, that he didn’t believe it would be helpful for him to appear before the panel since Warner Bros rejected their offers.
3. IROQ: IF Bancorp (IROQ) announced that its shareholders approved their merger with ServBanc at its special shareholders’ meeting. The parties expect to close the merger on March 12, 2026.

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