InsideArbitrage Event Driven Monitor – November 7, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage. Merger Arbitrage Yamana Gold (AUY) confirmed that it has received an unsolicited binding proposal from Agnico Eagle Mines Limited (AEM) and Pan American Silver Corp. (PAAS). Under the New Offer, shareholders of the company would receive $1.0406 in cash, 0.0376 of an Agnico Share, and 0.1598 of a Pan American Share for each common share held. The Board of Directors of the company has has notified Gold Fields (GFI) that the Board has determined that the new offer constitutes a Yamana Superior Proposal and that the five business day matching period has commenced. Shareholders of VMware (VMW) approved the company’s merger with Broadcom (AVGO) at a special meeting of shareholders. Albertsons Companies (ACI) announced that the Attorney General of the State of Washington has been granted a temporary restraining order, that restrains the company from paying the previously announced $6.85 per common share special dividend, originally scheduled to be paid on November 7, 2022. Albertsons intends to seek to overturn the restraint as quickly as possible because the temporary order was based on the incorrect assertion that payment of the special dividend would impair its ability to compete while its proposed merger with The Kroger Co....
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