InsideArbitrage Event Driven Monitor – August 31, 2023

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Merger Arbitrage

1. HZNP: A federal court status hearing on the FTC challenge to Amgen’s (AMGN) planned purchase of Horizon Therapeutics (HZNP) was rescheduled until next week.
2. SCU: Sculptor Capital Management (SCU) said the revised unsolicited proposals it had received from a consortium of bidders led by the founder of “Bidder J” do not constitute a superior proposal.
3. NEX: NexTier Oilfield Solutions and Patterson-UTI Energy (PTEN) announced that their shareholders voted in favor of all proposals necessary for the closing of the previously announced all-stock merger of equals transaction. The merger is expected to close on September 1, 2023.

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