InsideArbitrage Event Driven Monitor – October 20, 2022

Quick updates on the event-driven strategies we follow on InsideArbitrage.

Merger Arbitrage

1. The merger of HV Bancorp (HVBC) with Citizens Financial Services (CZFS) for $67.4 million in a cash or stock deal. Under the terms of the Agreement, the shareholders of HVBC will have the right to elect to receive for each share of HVBC common stock either $30.50 in cash or 0.400 shares of CZFS common stock.
2. The merger of Ayala Pharmaceuticals (AYLA) and Advaxis (ADXS) in an all stock deal. Under the terms of the agreement, each share of Ayala shall be automatically converted into the right to receive 0.1874 shares of Advaxis.
3. Spirit Airlines (SAVE) announced that its stockholders approved the merger agreement with JetBlue Airways Corporation (JBLU).

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