InsideArbitrage Event Driven Monitor – January 24, 2023
Quick updates on the event driven strategies we follow on InsideArbitrage.
Merger Arbitrage
- Evoqua Water Technologies (AQUA) to be acquired by Xylem (XYL) for $7.52 billion in an all stock deal. Under the terms of the agreement, Evoqua shareholders will receive 0.480 shares of Xylem for each Evoqua share.
- Ritchie Bros. Auctioneers Incorporated (RBA) and IAA, Inc. (IAA) amended the terms of their previously announced merger agreement. Under the terms of the amended agreement, IAA shareholders will receive $12.801 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. Additionally, the Ritchie Bros. Board of Directors announced that it expects to approve the issuance of a one-time special dividend to Ritchie Bros. shareholders in the amount of $1.08 per common share, which will be payable to holders of record as of a pre-closing record date to be determined with the consent of the Toronto Stock Exchange (“TSX”) and contingent on the closing of the IAA transaction.
- Coupa Software Incorporated (COUP) announced that the special meeting of stockholders will be on February 23, 2023. The company obtained clearance for the consummation of the merger in Germany on January 10, 2023.
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