InsideArbitrage Event Driven Monitor – May 17, 2023

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

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Merger Arbitrage

1. Baytex Energy (BTE) announced that its shareholders approved the previously announced merger with Ranger Oil Corporation (ROCC).
2. The Federal Trade Commission released a statement, stating that it is seeking to block Amgen (AMGN) from acquiring Horizon Therapeutics (HZNP), saying the deal would allow Amgen to leverage its portfolio of blockbuster drugs to entrench the monopoly positions of Horizon medications used to treat two serious conditions, thyroid eye disease, and chronic refractory gout.
3. Darden Restaurants (DRI) launched its tender offer to acquire Ruth’s Hospitality Group (RUTH). The offer will expire on June 13, 2023.

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