InsideArbitrage Event Driven Monitor – July 2, 2026

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Merger Arbitrage

1. WBD: The European Commission announced that in the merger of Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD), the parties submitted Phase 1 commitments on June 30, so the provisional deadline for the EU’s decision has been pushed to July 22, 2026, from July 7, 2026. Paramount Skydance announced that on June 28, the Competition Protection Agency of Kuwait unconditionally approved the merger.
2. UNF: UniFirst (UNF) announced that on June 11, UniFirst and Cintas (CTAS) each received a Second Request for additional information from the Federal Trade Commission (FTC) as part of its review of the proposed merger. The companies are cooperating with the FTC and continue to work through the regulatory review process.
3. VAL: Valaris (VAL) announced that on June 29, Valaris and Transocean (RIG) received written notice from CFIUS that constitutes CFIUS Approval. In connection with DOJ’s Second Request, the companies have agreed not to say they have finished providing all the requested information before July 31, 2026.

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