InsideArbitrage Event Driven Monitor – September 12, 2023

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Merger Arbitrage

1. TWNK: Hostess Brands, Inc. to be acquired by The J. M. Smucker Company (SJM)  for a closing value of $5.6 billion in a cash plus stock deal. Under the terms of the agreement, J. M. Smucker will commence an exchange offer to acquire all outstanding shares of Hostess at a price of $34.25 per share of Hostess common stock, consisting of $30.00 of cash and .03002 of a share of J. M. Smucker’s common stock.
2. AVTA: Avantax Inc. to be acquired by Cetera Financial Group for $1.2 billion or $26 per share in cash.
3. SAVE: JetBlue Airways (JBLU) and Allegiant (ALGT) announced that the airlines have entered into a definitive agreement under which JetBlue will transfer to Allegiant all of the holdings of Spirit Airlines (SAVE) at Boston Logan International Airport and Newark Liberty International Airport.

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