InsideArbitrage Event Driven Monitor – September 13, 2023

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Merger Arbitrage

1. WRK: The merger of WestRock Company (WRK) and Smurfit Kappa (SMFTF) in a cash plus stock deal. Under the terms of the Agreement, for each share of common stock of WestRock, the common stockholders of WestRock will receive one new Smurfit WestRock share and $5.00 in cash. This represents a total consideration to WestRock stockholders equivalent to $43.51 per WestRock Share, based on the closing share price of Smurfit Kappa ordinary shares on 11 September 2023, being the last closing price prior to this announcement (and converted to U.S. Dollars using an exchange rate of 1.075x, being the exchange rate on 11 September 2023).
2. WWE: The merger of World Wrestling Entertainment (WWE) and Endeavor Group Holdings (EDR) was completed on September 12, 2023, to create TKO Group Holdings (TKO).
3. RTL: The merger of The Necessity Retail REIT (RTL) with Global Net Lease (GNL) was completed on September 12, 2023.

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