InsideArbitrage Event Driven Monitor – April 26, 2023

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

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Merger Arbitrage

1. Spectrum Pharmaceuticals (SPPI) is to be acquired by Assertio Holdings (ASRT) for $157.29 million in an all-stock deal. Under the terms of the agreement, Spectrum stockholders will receive a fixed exchange ratio of 0.1783 shares of Assertio common stock for each share of Spectrum common stock they own. Additionally, Spectrum stockholders will receive one CVR per Spectrum share entitling them to receive up to an additional $0.20 per share.
2. The CMA prevented Microsoft’s (MSFT) proposed purchase of Activision (ATVI) over concerns the deal would alter the future of the fast-growing cloud gaming market, leading to reduced innovation and less choice for UK gamers over the years to come.
3. BELLUS Health (BLU) announced that the special meeting of stockholders will be on June 16, 2023.

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