InsideArbitrage Event Driven Monitor – November 5, 2026

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Merger Arbitrage

1. SHLS: The merger of Shoals Technologies Group, Inc. (SHLS) and ARRAY Technologies (ARRY) for a closing value of $1.52 billion. Shoals’ shareholders will receive a fixed exchange ratio of 1.6931 Array shares for each Shoals share they own, representing a value of $7.86 per Shoals share, at a discount of 7.2% over the stock’s last close. (Press Release)
2. WTRG: Essential Utilities (WTRG) announced that settlement agreements have also been reached with the relevant regulators in Pennsylvania, North Carolina, and Texas. Each settlement agreement remains subject to review and approval by the applicable public utility commission.
3. TECH: Bio-Techne (TECH) has decided to pay a dividend of $0.08 per share for the quarter ended September 30, 2026. The quarterly dividend will be payable November 23, 2026, to all common shareholders of record at the close of business on November 13, 2026, provided Bio-Techne’s merger with Merck KGaA has not closed before that.

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