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Pre-notification duration on EU FSR reviews, by acquirer geography: OECD: 1–3 mo UAE: ~6 mo Saudi (incl. PIF): ~6–8+ mo China: 8–12 mo The full distribution — and what it means for arb spreads — in our new Lighthouse FSR tutorial. Purchase here ↓ ctfnlighthouse.com #mergers #europeancommission #fsr

New from Lighthouse .... Curated deal snapshots with everything an investor or deal professional needs to track a merger in one place. Key risks, estimated closing dates, summaries of regulatory progress, links to filings and announcements, and more. Visit ctfnlighthouse.com/research #corpfin #corpgov #mergers

$AVB $EQR AvalonBay Communities and Equity Residential are reportedly in preliminary discussions regarding a potential megamerger to combine two of the largest apartment REITs in the United States. The transaction would create a dominant residential powerhouse, though a formal valuation and specific consideration mix have yet to be disclosed by the parties. Market analysts expect any definitive agreement to face rigorous antitrust scrutiny given the combined scale of their multi-family housing portfolios across major coastal markets. While deal terms remain fluid, the tie-up would represent a massive consolidation in the residential real estate sector aimed at optimizing operational efficiencies. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #RealEstate #REITs #AvalonBay #EquityResidential #Housing #Investing

$ESPR ARCHIMED has entered into a definitive agreement to acquire cardiovascular-focused biopharma company Esperion for a total equity value of approximately $813mn. Shareholders are set to receive $3.16 in cash per share plus $100mn in Contingent Value Rights, representing a 58% premium to the undisturbed closing price. The transaction is not subject to a financing condition and is expected to close in the third quarter of 2026 pending Esperion shareholder approval. Centerview and Goodwin Procter are advising the target as it prepares for the transition into a private entity under the healthcare-specialist private equity firm. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Biotech #Healthcare #Esperion #Pharma #Investing #Acquisitions

$ITRK $ITRK.LN $EQT $EQT.SS EQT is reportedly preparing a sweetened takeover bid for Intertek following the rejection of two prior offers valued at £51.50 and £54 per share. The improved proposal comes as the UK-based testing and inspection giant faces mounting internal pressure to consider a strategic breakup. Activist investor Lost Coast Capital is currently urging the company to split its core divisions to unlock shareholder value. Under UK Takeover Code rules, the potential bidder must navigate a formal PUSU deadline while Intertek evaluates its standalone restructuring options. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Industrials #Intertek #EQT #LondonStockExchange #Activism #Testing

$EL $EL.FP $PUIG $PUIG.SM Estée Lauder is reportedly in advanced talks to acquire Spanish beauty group Puig for an estimated enterprise value exceeding €15bn. The proposed offer is valued between €18 and €19 per Class B share, representing a 23% premium over recent trading levels. The transaction is structured as a mix of cash and stock, featuring a unique exchange of super-voting shares to allow both founding families to maintain joint control. Estée Lauder has engaged JP Morgan to secure €3.25bn in financing for the cash portion of the deal as negotiations continue toward a formal agreement. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Beauty #EsteeLauder #Puig #Luxury #Investing #ConsumerGoods

$PSKY $WBD Paramount Skydance has formally notified the Australian Competition and Consumer Commission regarding its proposed acquisition of Warner Bros Discovery. The ACCC has set June 12 as the determination date for its Phase I initial assessment of the transaction. Regulatory risk is mounting as Senator Cory Booker introduced the CLEAN Mergers Act, which could force the unwinding of deals exceeding $10bn approved during the current administration. This legislative headwind specifically targets the Paramount/Warner merger, requiring companies to prove their deals do not harm competition or workers to avoid divestiture. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Media #Entertainment #Antitrust #WBD #PSKY #Investing

$KALV Chiesi Group has entered into a definitive agreement to acquire KalVista Pharmaceuticals for an implied equity value of approximately $1.4bn. Shareholders are set to receive $27.00 per share in an all-cash tender offer, representing a 40.3% premium over the undisturbed closing price. The deal is expected to close in the third quarter of 2026, contingent on a successful tender of shares and HSR regulatory clearance. The merger agreement includes a $66.4mn termination fee and provides no obligation for the parties to divest assets or pursue litigation to defend the transaction. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Biotech #Healthcare #KalVista #ChiesiGroup #Pharma #Acquisitions

$BF/B $RI.FP $RI $BFB Pernod Ricard has officially terminated discussions regarding a potential merger with Jack Daniel’s owner Brown-Forman after failing to reach an agreement on deal economics. The collapse of the talks leaves the field open for rival bidder Sazerac, who is reportedly weighing a $15bn offer for the spirits giant. Market attention now shifts to whether Brown-Forman will engage with Sazerac or remain independent amid the sudden exit of its primary suitor. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #ConsumerStaples #PernodRicard #BrownForman #Sazerac #Whiskey #Acquisitions

$HBX.SM $HBX HBX Group (formerly Hotelbeds) is reportedly the subject of takeover speculation after its share price dropped 38% since its initial public offering. Various investment banks and strategic suitors have approached the company and its major shareholders to gauge interest in a potential acquisition. The significant valuation decline has made the Madrid-listed travel technology firm an attractive target for funds looking to capitalize on the current market disconnect. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Media #HBXGroup #Hotelbeds #Spain #Stocks #Investing

$CPRX Italy’s Angelini Pharma is reportedly exploring a potential acquisition of Catalyst Pharmaceuticals as it evaluates various strategic targets. The discussions remain in the preliminary stages with no certainty that a formal definitive agreement or transaction will materialize. Catalyst Pharmaceuticals could potentially attract interest from other rival suitors as the healthcare sector sees increased consolidation activity. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Healthcare #CatalystPharma #AngeliniPharma #BioTech #M&A

$ALX.AU $ALX IFM Investors has launched an unsolicited, off-market takeover bid for Atlas Arteria at a base price of A$4.75 per share. The offer price increases to A$5.10 per share if IFM secures a relevant interest of 45% or more prior to the close of the offer. The board of Atlas Arteria has established an Independent Board Committee to evaluate the proposal and advises shareholders to take no action at this stage. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Infrastructure #TollRoads #AtlasArteria #IFMInvestors #ASX #Australia

$OGN $SUNP.IN $SUNP Sun Pharmaceutical Industries has signed a definitive agreement to acquire Organon for a total implied equity value of $3.67bn. Shareholders are set to receive $14.00 per share in cash, representing a 102.6% premium to the undisturbed closing price on April 9. The deal is subject to HSR clearance and target shareholder approval, with a termination fee of $120mn and no requirement for the parties to divest assets. While the outside date is set for January 26, 2027, the companies anticipate the transaction will close in early 2027. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Biotech #Pharma #Healthcare #Organon #SunPharma #Acquisitions

$ARX.CN $ARX $SHEL.LN $SHEL Shell has entered a definitive agreement to acquire ARC Resources for a total implied equity value of C$22bn. ARC shareholders will receive C$8.20 in cash and 0.40247 Shell shares per share, representing a 27% premium to the April 24 closing price. The transaction requires approval under the Investment Canada Act and the Canada Transportation Act, alongside HSR clearance and a target shareholder vote. Closing is anticipated in the second half of 2026, with an EGM for ARC shareholders expected to be held in July. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #OilAndGas #Energy #ARCResources #Shell #Canada #Acquisitions

$SAN.MC $SAN $WBSF Banco Santander has entered a definitive agreement to acquire Webster Financial Corporation to significantly expand its footprint in the United States. Webster Bank shareholders will receive a fixed exchange ratio of 1.15 Santander shares for each share of Webster common stock held. The transaction is subject to a robust regulatory review process involving the Federal Reserve, the OCC, the DOJ, and the European Central Bank. Webster shareholders are scheduled to vote on the merger proposal on May 26 as the parties work toward a targeted close in the second half of 2026. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Banking #Finance #Santander #WebsterBank #WallStreet

$CECO $THR Ceco Environmental and Thermon Group have entered a definitive agreement to combine in a transaction valued at approximately $2.2bn. Thermon shareholders can elect to receive $10.00 in cash and 0.684 shares of CECO stock, representing a total value of $63.13 and a 26.8% premium. A shareholder vote is scheduled for May 27 at 8am CT, following early HSR termination and a confirmed mid-2026 closing timeline. The combined industrial platform is expected to generate $40m in annual cost synergies while expanding leadership in thermal and environmental solutions. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Industrials #Thermon #CECO #Infrastructure #MA

$SUNPHARMA.NSE $SUNP $OGN Sun Pharma has submitted a $13bn all-cash binding offer to acquire US-based women’s-healthcare firm Organon. The offer represents a competitive push to outshine rival bids from Swedish private-equity firm EQT and German drugmaker Grünenthal. The deal is backed by a syndicate of major banks and includes a primary focus on refinancing Organon’s $8.6bn debt load. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Healthcare #Pharmaceuticals #SunPharma #Organon #MA

$2371.JP $2371 $EQT EQT is exploring a potential takeover offer for Japanese internet-services firm Kakaku.com with the assistance of financial advisors. The report triggered a 24% surge in Kakaku's share price, bringing the company's equity value to approximately $3.3bn. While the situation remains in the pre-event stage, the spike in valuation reflects significant market heat surrounding a formal bid. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #Tech #Japan #EQT #Kakaku #Investing #Acquisitions

$ITRK.LN $ITRK $EQT Intertek Group confirmed receipt of a revised indicative bid from EQT valuing the company at £54 per share in cash. The board is currently reviewing the latest offer with its advisors while EQT’s PUSU deadline is set for May 14. Activists at Lost Coast Collective have built an £88mn stake and are reportedly pushing for a break-up of the industrial services firm. To learn more deal information with pre-event, shareholder activism, proxy fight and many more, subscribe to CTFN Lighthouse: ctfnlighthouse.com #Arbitrage #Mergers #IndustrialServices #Intertek #EQT #Activism #UKStocks #LondonStockExchange