InsideArbitrage Event Driven Monitor – April 14, 2026

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Merger Arbitrage

1. LEG: The acquisition of Leggett & Platt, Incorporated (LEG) by Somnigroup International Inc (SGI) for a closing value of $2.5 billion. Leggett & Platt shareholders will receive 0.1455 shares of Somnigroup common stock in exchange for each share of Leggett & Platt common stock they own, representing a value of $11.36 per Leggett & Platt share, at a premium of 13.69% from the stock’s last close. In December last year, Somnigroup submitted a proposal to the board of Leggett & Platt to acquire all outstanding common shares of the company through an all-stock transaction. (Press Release)
2. CCO: Clear Channel Outdoor (CCO) filed a definitive proxy statement. The special meeting of shareholders will be held on May 12, 2026.
3. KZR: Aurinia Pharma U.S., Inc., a wholly owned subsidiary of Aurinia Pharmaceuticals Inc. (AUPH), commenced the tender offer to acquire Kezar Life Sciences (KZR) for $6.955 per share in cash. The offer will expire on May 8, 2026.

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