InsideArbitrage Event Driven Monitor – November 2, 2023

Merger Arbitrage

1. SIX: Six Flags Entertainment Corporation (SIX) and Cedar Fair (FUN) to combine in an all stock merger of equals transaction, for an enterprise value of approximately $8 billion. Under the terms of the agreement, Cedar Fair unitholders will receive one share of common stock in the new combined company for each unit owned, and Six Flags shareholders will receive 0.5800 shares of common stock in the new combined company for each share owned. Following the close of the transaction, Cedar Fair unitholders will own approximately 51.2%, and Six Flags shareholders will own approximately 48.8%.
2. PATI: Patriot Transportation Holding (PATI) to be acquired by United Petroleum Transports for $65.9 million or $16.26 per share in cash.
3. EQRX: EQRx, Inc. (EQRX) and Revolution Medicines (RVMD) determined the final exchange ratio in accordance with the terms of the Agreement and Plan of Merger. Under the terms of the agreement, each share of EQRx will be converted into the right to receive 0.1112 of a share of Revolution Medicines.

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