InsideArbitrage Event Driven Monitor – April 13, 2023
Quick updates on the event driven strategies we follow on InsideArbitrage.
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Merger Arbitrage
- TESSCO Technologies Incorporated (TESS) to be acquired by Lee Equity Partners and Twin Point Capital for $161.4 million or $9 per share in cash,
- Triton International Limited (TRTN) to be acquired by Brookfield Infrastructure Partners L.P. (BIP) for $13.3 billion in a cash plus stock deal. The total consideration of $85.00 per Triton common share will consist of $68.50 in cash and $16.50 in BIPC class A exchangeable shares. The stock portion of the consideration is subject to a collar, ensuring Triton shareholders receive the number of BIPC shares equal to $16.50 in value for every Triton Share if the ten-day VWAP of BIPC Shares (measured two days prior to closing) is between $42.36 and $49.23. Triton shareholders will receive 0.390 BIPC Shares for each Triton Share if the BIPC Final Stock Price is below $42.36, and 0.335 BIPC Shares for each Triton Share if the BIPC Final Stock Price is above $49.23.
- National Instruments Corporation (NATI) to be acquired by Emerson Electric (EMR) for $8.34 billion or $60 per share in cash.
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