InsideArbitrage Event Driven Monitor – December 6, 2023

Merger Arbitrage

1. PXD: Pioneer and ExxonMobil (XOM) each received a request for additional information and documentary materials (a “Second Request”) from the Federal Trade Commission in connection with the FTC’s review of the merger.
2. SAVE:  The month-long antitrust trial between JetBlue (JBLU) and Spirit (SAVE) ended. The DOJ argued potential harm to consumers in the merger, while JetBlue asserted that it boosts competition. The judge contemplated conditional approval with extra divestitures, highlighting the broader industry consolidation challenge. The timing of the decision is uncertain, with the acquisition in question, and the judge previously suggested a possible ruling before year-end.
3. SQNS: Renesas Electronics Corporation received regulatory clearance from the Taiwan Fair Trade Commission for the acquisition of Sequans Communications (SQNS). Renesas also extended the expiration date of its tender offer to acquire Sequans from  December 6, 2023, to December 20, 2023

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

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