InsideArbitrage Event Driven Monitor – December 13, 2023

Merger Arbitrage

1. ICVX: Icosavax (ICVX) to be acquired by AstraZeneca (AZN) for $435.14 million. Under the terms of the agreement, AstraZeneca, through a subsidiary, will initiate a tender offer to acquire all of Icosavax’s outstanding shares for a price of $15.00 per share in cash at closing, plus a non-tradable contingent value right for up to $5.00 per share in cash payable upon achievement of a specified regulatory milestone and a sales milestone.
2. CVLY: The merger of Codorus Valley Bancorp (CVLY) with Orrstown Financial Services (ORRF) for $207 million in an all stock deal. Under the terms of the definitive agreement, each outstanding share of Codorus Valley common stock will be exchanged for the right to receive 0.875 shares of Orrstown common stock.
3. SGEN: Seagen and Pfizer (PFE) announced that the waiting period under the HSR Act expired on December 11, 2023. Having received all required regulatory approvals for the closing of the Merger, Seagen now expects to complete the Merger on December 14, 2023.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Only plus or premium subscribers can access this post. Subscribe today.