InsideArbitrage Event Driven Monitor – May 12, 2026
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Merger Arbitrage
- EEX: The acquisition of Emerald Holding, Inc. (EEX) by Apollo-managed funds (APO) for a closing value of $1.5 billion. Emerald stockholders will receive $5.03 per share in cash, representing a premium of 10.07% from the stock’s last close. (Press Release)
- NSC: Canadian Pacific Kansas City (CP) Chief Executive Officer Keith Creel, regarding the merger application refiled by Union Pacific (UNP) and Norfolk Southern (NSC) with the Surface Transportation Board (STB), said that the “new application doesn’t change the underlying reality that this mega-merger is unnecessary.” On May 8, CPKC filed comments addressing the completeness of the revised application.
- TWO: UWM Holdings (UWMC) announced that it will be submitting a revised proposal to the Board of Two Harbors (TWO) to acquire all outstanding shares for $12.5 per share in cash or 2.3328 shares of UWMC stock.
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