InsideArbitrage Event Driven Monitor – October 11, 2023

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Merger Arbitrage

1. PXD: Pioneer Natural Resources Company to be acquired by Exxon Mobil Corporation (XOM) for $64.5 billion in an all-stock deal. Under the terms of the agreement, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing.
2. SRT: Startek, Inc. to be acquired by Capital Square Partners for $217 million or $4.30 per share in cash.
3. MIXT: The business combination between MiX Telematics Limited (MIXT) and PowerFleet, Inc. (PWFL) for $140 million in an all-stock deal.  Under the terms of the agreement, MiX shareholders will own approximately 65%, and current Powerfleet shareholders will own approximately 35% of the combined entity immediately following the closing of the transaction.

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