InsideArbitrage Event Driven Monitor – September 25, 2026

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Merger Arbitrage

1. WBD: A coalition of film, media, and free speech organizations (“Block the Merger” coalition) asked Judge Araceli Martínez-Olguín for a formal timeline so they can file legal briefs against the proposed settlement deal between Paramount Skydance (PSKY) and the States. Also, Senator Cory Booker wrote to the judge asking her to conduct an independent review of the settlement to ensure it genuinely protects the public interest before giving final approval. The companies asked the court to reject Senator Booker’s letter and block the outside groups from weighing in, arguing that because 12 state AGs already negotiated and agreed to the deal, the judge’s only role is to confirm that the settlement is fair and reasonable.
2. UTZ: Utz Brands (UTZ) filed the preliminary proxy statement for its acquisition by Intersnack Group. The companies expect the merger to close in the fourth quarter of 2026.
3. NATH: Nathan’s Famous (NATH) filed a definitive proxy statement. The special meeting of shareholders will be held on October 23, 2026.

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