InsideArbitrage Event Driven Monitor – May 22, 2026

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Merger Arbitrage

1. AVB: The acquisition of AvalonBay Communities, Inc. (AVB) by Equity Residential (EQR) for a closing value of $34.91 billion. AvalonBay shareholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned, representing a value of $185.12 per AvalonBay share, which is at a discount of 0.84% from the stock’s last close. (Press Release)
2. WBD: Reuters reported that a group of six Democratic senators has expressed serious concerns about planned foreign ownership interests, including from Gulf sovereign ​wealth funds, in the Paramount (PSKY) – Warner Bros Discovery (WBD) merger. The senators raised concerns about Middle Eastern sovereign wealth funds and Chinese companies taking part.
3. LEG: Leggett & Platt’s (LEG) Board declared a dividend of $0.05 per share for the second quarter of 2026. The dividend will be paid on July 15, 2026, to shareholders of record on June 15, 2026.

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