InsideArbitrage Event Driven Monitor – April 28, 2026

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RMAX: The acquisition of RE/MAX Holdings, Inc. (RMAX) by The Real Brokerage Inc. (REAX) for a closing value of $880 million. RE/MAX stockholders will have the right to elect to receive 5.15 shares of Real REMAX Group or $13.8 in cash per share, representing a premium of 72.72% from the last close. The consideration is subject to proration such that aggregate cash proceeds to RE/MAX shareholders will be no less than $60 million and no greater than $80 million. Real (REAX) shareholders will receive 1 share of Real REMAX Group for each Real share. (Press Release)
XOMA: The acquisition of XOMA Royalty Corporation (XOMA) by Ligand Pharmaceuticals Incorporated (LGND) for a closing value of $739 million. XOMA Royalty stockholders will receive $39 per share in cash, representing a premium of 2.9% from the stock’s last close. The stockholders will also receive one non-transferable Contingent Value Right (CVR) per share entitling the holder to receive a portion of 75% of the net proceeds from certain pending litigation with Janssen Biotech regarding the commercialization of TREMFYA. (Press Release)
KW: Kennedy-Wilson (KW) filed the preliminary proxy statement for its acquisition by CEO McMorrow and Fairfax. The company expects the merger to be completed in the second quarter of 2026.

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