InsideArbitrage Event Driven Monitor – July 22, 2026

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UTZ: The acquisition of Utz Brands, Inc. (UTZ) by Intersnack Group GmbH & Co. KG for a closing value of $2.9 billion. Intersnack Group will acquire all outstanding shares of Class A common stock of Utz for $14.25 per share in cash, representing a premium of 91.28% from the stock’s last close. (Press Release)
FNWD: The acquisition of Finward Bancorp (FNWD) by First Financial Bancorp (FFBC) for a closing value of $208 million. Each outstanding share of Finward will be converted into the right to receive 1.35 shares of First Financial, representing a value of $48.15 per Finward share, at a 31.95% premium from the stock’s last close. (Press Release)
LSTA: Lisata Therapeutics (LSTA) announced that the tender offer expired on July 20, 2026. Equiniti Trust indicated that approximately 6.10 million shares have been validly tendered, representing about 66.8% of the 9.12 million shares outstanding. Kuva Labs has informed Lisata that it has been unable to obtain sufficient financing for purposes of funding the offer.

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