InsideArbitrage Event Driven Monitor – June 12, 2023

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

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Merger Arbitrage

1. KDNY: Chinook Therapeutics enters into an agreement to be acquired by Novartis AG for $40 per share in cash, with the potential to receive up to an additional $4 per share in cash through contingent value rights.
2. HVBC: Citizens Financial Services (CZFS) announced that the exchange ratio for the pending merger HV Bancorp (HVBC) with and into CZFS has been finalized at 0.4040 shares of CZFS stock for each share of HVBC stock.
3. CS: According to a memo seen by Bloomberg News, Credit Suisse Group (CS) Chief Executive Ulrich Koerner has indicated to employees that the bank’s takeover by UBS AG (UBS) will close on Monday.

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