InsideArbitrage Event Driven Monitor – June 19, 2026

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REFI: Chicago Atlantic Real Estate Finance (REFI) and Chicago Atlantic BDC (LIEN) agreed to an all-stock merger structured as an adjusted NAV-for-NAV exchange. Chicago Atlantic Real Estate will convert into a BDC and merge into Chicago Atlantic BDC, which will remain the surviving Nasdaq-listed company under the ticker LIEN. Based on March 31, 2026, NAVs, REFI shareholders are expected to own approximately 50.5% of the combined company, which would have a pro forma NAV of about $613 million and a $771 million investment portfolio. The transaction value was not disclosed. Note: We are not adding the deal to our Merger Arbitrage Tool because the final exchange ratio will only be determined shortly before closing. (Press Release)
WBD: Paramount Skydance (PSKY) received unconditional clearance from the Chinese antitrust authority (the Anti-Monopoly Enforcement Department II of State Administration for Market Regulation of China) for its merger with Warner Bros. Discovery (WBD).
JHG: Janus Henderson Group plc (JHG) announced that it has secured the regulatory approvals and client consents required to complete its previously announced take-private transaction with Trian Fund Management and its affiliated funds. The take-private transaction with Trian and General Catalyst is expected to close on June 30, 2026.

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