InsideArbitrage Event Driven Monitor – June 3, 2026

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Merger Arbitrage

1. BLD: QXO (QXO) announced that its wholly owned subsidiary, QXO Building Products, intends to offer $1.5 billion in Senior Notes due 2031 and $1.5 billion in Senior Notes due 2034. QXO intends to use the proceeds from the offering of the notes, along with borrowings under new term loan facilities, proceeds from Series C Convertible Perpetual Preferred Stock of QXO, and available balance sheet cash from QXO and TopBuild (BLD), to fund the TopBuild Acquisition and the other transactions contemplated by the related merger agreement, including the repayment or repurchase of TopBuild’s debt and payment of related fees and expenses.
2. WBD: Warner Bros. Discovery (WBD) filed the merger notification with the European Commission for its acquisition by Paramount Skydance (PSKY). The EU has set July 7, 2026, as the provisional deadline for its decision on the merger.
3. PRA: ProAssurance (PRA) announced that The Doctors Company has received final approval from insurance regulators in Alabama, the District of Columbia, Illinois, Missouri, Pennsylvania, Texas, and Vermont. The company has also obtained final approval from Lloyd’s of London with respect to PRA Corporate Capital Ltd., and from the Cayman Islands Monetary Authority with respect to Inova Re and Eastern Re, each of which is a licensed entity in the Cayman Islands.

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