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InsideArbitrage Event Driven Monitor – January 3, 2024

  • January 3, 2024

Merger Arbitrage

  1. PNM: PNM Resources (PNM) announced the termination of its merger agreement with Avangrid (AGR). While the PNM Resources Board of Directors approved an extension, it was not accepted by Avangrid and Avangrid terminated the merger. The companies’ merger agreement, announced in October 2020, had been extended through December 31, 2023, while awaiting a decision from the New Mexico Supreme Court on the January 2022 appeal of the New Mexico Public Regulation Commission decision denying the transaction. All other federal and state approvals had been received in 2021.
  2. VIA: The acquisition of Via Renewables (VIA) by Retailco an entity controlled by the company’s Chairman and CEO William Keith Maxwell for $190 million or  $11 per share in cash.
  3. PGTI: PGT Innovations (PGTIreceived an unsolicited proposal from Miter Brands to acquire the company for $41.50 per share in cash. The company’s deal with  Masonite (DOOR) is a cash plus stock deal consisting of $33.50 in cash and 0.07353 shares of DOOR, which currently works out to $40.31.

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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