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InsideArbitrage Event Driven Monitor – July 20, 2023

  • July 20, 2023
Subscribe to receive our Event Driven Monitor by email every morning before the market opens. Merger Arbitrage HCCI: Heritage-Crystal Clean (HCCI) to be acquired by J.F. Lehman & Company for $1.2 billion or $45.50 per share in cash. BGRY: Berkshire Grey announced that its shareholders approved the merger with SoftBank. ATVI: Activision Blizzard and Microsoft (MSFT) entered into an agreement waiving certain rights to terminate the merger agreement if the merger has not been consummated prior to October 18, 2023. The terms of the agreement include an increase in the termination fee payable to Activision Blizzard from $3.0 billion to $3.5 billion if the transaction is terminated after August 29, 2023, and to $4.5 billion if the transaction is terminated after September 15, 2023. The agreement also includes amendments to Activision Blizzard’s commercial Xbox arrangements with Microsoft, valued at up to $250 million for each of fiscal years 2023 and 2024. The agreement further enables Activision Blizzard to declare and pay one regular cash dividend for fiscal year 2023 of up to $0.99 per share, prior to and not contingent on the closing of the transaction. REUN: Reunion Neuroscience (REUN) announced that the Ontario Superior Court of Justice granted a final order approving the proposed arrangement under...

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