InsideArbitrage Event Driven Monitor – August 17, 2023

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Merger Arbitrage

1. HEP: Holly Energy Partners to be acquired by HF Sinclair Corporation (DINO) for $4.64 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Holly Energy Partners will receive a combination of 0.315 shares of HF Sinclair Corporation and $4.00 in cash.
2. CEQP: Crestwood Equity Partners (CEQP) by Energy Transfer (ET) for $7.1 billion in an all stock deal. Under the terms of the agreement, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit.
3. SIMO: Silicon Motion Technology Corporation (SIMO) issued a written notice to MaxLinear (MXL), terminating the Agreement and Plan of Merger between the parties. Silicon Motion’s position is that MaxLinear’s Willful and Material Breaches of the Merger Agreement prevented the merger from being completed by August 7, 2023.

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