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InsideArbitrage Event Driven Monitor – August 22, 2023

  • August 22, 2023
Subscribe to receive our Event Driven Monitor by email every morning before the market opens. Merger Arbitrage TMBR: Timber Pharmaceuticals, Inc. to be acquired by LEO US Holding, Inc. for $36 million. Upon completion of the merger, shareholders of Timber Pharmaceuticals will receive $2.62 per share in cash and downstream value through Contingent Value Rights. ESTE: Earthstone Energy to be acquired by Permian Resources Corporation (PR) for $4.5 billion in an all stock deal. Under the terms of the transaction, each share of Earthstone common stock will be exchanged for a fixed ratio of 1.446 shares of Permian Resources common stock. ATVI: Microsoft Corporation (MSFT) announced that in order to address concerns raised by the UK Competition and Markets Authority about the impact on cloud game streaming, Microsoft is revising its acquisition plans. The new arrangement involves transferring cloud streaming rights for Activision Blizzard (ATVI) games of the next 15 years to Ubisoft Entertainment SA, a top game publisher, through an agreement effective at the merger’s close. Microsoft aims to conclude the CMA review before the October 18 deadline of its extended acquisition agreement with Activision Blizzard. VMW: Broadcom (AVGO) affirmed its expectation that its acquisition of VMware (VMW) will close...

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