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InsideArbitrage Event Driven Monitor – January 12, 2024

  • January 12, 2024

Merger Arbitrage

  1. SWNThe acquisition of Southwestern Energy Company (SWN) by Chesapeake Energy Corporation (CHK) for $7.4 billion or $6.69 per share in an all-stock deal. Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock outstanding at closing.
  2. FFNW: The acquisition of First Financial Northwest (FFNW) by Global Federal Credit Union for $231.2 million. Under the terms of the agreement, shareholders of First Financial Northwest will receive approximately $23.18 to $23.75 per share upon liquidation.
  3. X: WSJ reported that the Biden administration is preparing to dig into the deal to sell US Steel (X) to Nippon Steel. According to the report, lawyers for U.S. Steel and Nippon Steel have consulted several times with Treasury Department officials, beginning the morning the transaction was announced last month. The phone and email exchanges have focused on the process for filing with the Committee on Foreign Investment in the U.S., a Treasury-led interagency panel that has the power to recommend the president block deals if they pose a national security threat.

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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