InsideArbitrage Event Driven Monitor – February 3, 2023
Quick updates on the event driven strategies we follow on InsideArbitrage. Merger Arbitrage Sun Pharmaceutical Industries Limited launched its tender offer for Concert Pharmaceuticals (CNCE). The tender offer will expire on March 3, 2023. The UK’s Competition and Markets Authority is expected to release its findings on the purchase of Activision Blizzard (ATVI) by Microsoft Corporation (MSFT) in a week’s time. Atlas Corp. (ATCO) received regulatory confirmation for its transaction with Poseidon Acquisition Corp., from Brazil’s Administrative Council for Economic Defence, Turkey’s Competition Authority and Australia’s Competition and Consumer Commission. You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here. Deal In The Works According to a regulatory filing, Private equity firm Clayton, Dubilier, and Rice is weighing a $4.1 billion buyout offer for investment adviser Focus Financial Partners (FOCS). Insider Purchases Gregory Hayes, a Director of oil and gas refining and manufacturing company Phillips 66 (PSX), purchased 10,250 shares at an average price of $97.75 totaling $1 million. Antonio del Valle Perochena, a Director of regional bank Byline Bancorp Inc. (BY), purchased 22,176 shares at an average price of $24.66 totaling $546,909. Tobias Lutke, a Director of cryptocurrency brokerage Coinbase Global, Inc....
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