InsideArbitrage Event Driven Monitor – January 29, 2024

Merger Arbitrage

1. SAVE: JetBlue (JBLU) has informed Spirit (SAVE) that certain conditions of their planned deal may not be satisfied before the outside dates outlined in the merger agreement and that the deal may be terminable on and after January 28, 2024. JetBlue also stated that it is continuing to evaluate its options under the merger agreement. Spirit believes there is no basis for terminating the merger agreement.
2. HOLI: Glass, Lewis & Co. recommended shareholders of Beijing-based Hollysys Automation Technologies (HOLI) to vote against a $1.66 billion takeover proposal by private equity firm Ascendent Capital Partners. Institutional Shareholder Services also advised shareholders in Hollysys Automation Technologies (HOLI) to reject the takeover proposal from Ascendent Capital Partners.
3. ESMT: EngageSmart (ESMT) announced the completion of its acquisition by Vista Equity Partners. It took 95 days for this deal to complete.

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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