InsideArbitrage Event Driven Monitor – July 28, 2023

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Merger Arbitrage

1. ABST: Crosspoint Capital Partners, L.P. has completed the acquisition of Absolute Software Corporation (ABST).
2. SIMO: Silicon Motion (SIMO) issued the following statement in response to a notice of purported termination of the Merger from MaxLinear (MXL):“MaxLinear’s eleventh-hour purported termination of its merger agreement with Silicon Motion is invalid and reflects a repudiation of MaxLinear’s obligations rather than any failure of Silicon Motion’s conditions to closing. In the 15 months since the signing of the merger agreement between the parties, Silicon Motion worked cooperatively with MaxLinear to obtain regulatory approvals for the merger, Silicon Motion complied with its obligations under the agreement and Silicon Motion has not suffered a material adverse effect. Silicon Motion expects MaxLinear to abide by its obligation under the merger agreement and intends to vigorously enforce its rights under the merger agreement.”
3. SPPI: Shareholders of Spectrum Pharmaceutical (SPPI) and Assertio Holdings (ASRT) approved the proposed definitive agreement pursuant to which Assertio will acquire Spectrum in an all-stock and contingent value rights (CVR) transaction.

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