InsideArbitrage Event Driven Monitor – December 26, 2023
Merger Arbitrage
- KRTX: The acquisition of Karuna Therapeutics (KRTX) by Bristol-Myers Squibb Company (BMY) for a closing value of $12.7 billion or $330.00 per share in cash.
- DSKE: The acquisition of Daseke (DSKE) by TFI International (TFII) for a closing value of $1.12 billion or $8.30 per share in cash.
- THRX: The acquisition of Theseus Pharmaceuticals (THRX) by Concentra Biosciences for a negative closing value of -$27.71 million. Under the terms of the agreement, Concentra through a subsidiary, will initiate a tender offer by January 9, 2024 to acquire all outstanding shares of Theseus. The price will range between $3.90 and $4.05 per share in cash consisting of a base price of $3.90 plus one non-tradeable contingent value right (CVR) of no more than $0.15 per share. The CVR represents the right to receive 80% of the net proceeds from any license or disposition of Theseus’ programs effected within 180 days of closing of the merger and 50% of the potential aggregate value of certain specified potential cost savings realized within 180 days of the close of the merger, pursuant to a Contingent Value Rights Agreement.
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