InsideArbitrage Event Driven Monitor – September 28, 2023

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Merger Arbitrage

1. FNCB: The merger of FNCB Bancorp (FNCB) with Peoples Financial Services (PFIS) for $129 million in an all stock deal. Under the terms of the agreement, shareholders of FNCB Bancorp will receive 0.1460 shares of Peoples common stock for each share of FNCB common stock they own.
2. ZYNE: In connection with the previously announced merger agreement, Harmony Biosciences Holdings (HRMY) announced that Xylophone Acquisition a wholly owned subsidiary of Harmony has extended the expiration of its tender offer to acquire all of the outstanding shares of common stock of Zynerba Pharmaceuticals (ZYNE) to October 10, 2023, unless further extended.
3. SAVE: Senator Elizabeth Warren (D-MA) sent a letter to JetBlue CEO Robin Hayes calling on him to provide an explanation for reports that recently revealed internal JetBlue (JBLU) analysis predicting massive fare increases and service cuts if regulators approve the proposed JetBlue-Spirit (SAVE) merger.

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