InsideArbitrage Event Driven Monitor – April 4, 2023
Quick updates on the event driven strategies we follow on InsideArbitrage.
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Merger Arbitrage
- Life Storage (LSI) to be acquired by Extra Space Storage (EXR) for a closing value of $16.36 billion in an all stock deal. Under the terms of the agreement, Life Storage shareholders will receive 0.8950 of an Extra Space share for each Life Storage share they own. We added LSI as a potential deal to the Deals in the Works section on February 5, 2023, and the price after the news of the potential deal came out was $123.05.
- The merger of World Wrestling Entertainment (WWE) and Endeavor Group Holdings (EDR) to form a new, publicly listed company. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company. Shareholders of the new company are expected to receive a post-closing dividend. We are treating this as a special conditions deal with a price of $106 per share for WWE shareholders.
- Heska Corporation to be acquired by (HSKA) by Mars, Incorporated for $1.24 billion or $120 per share in cash.
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