InsideArbitrage Event Driven Monitor – January 31, 2024
Merger Arbitrage CALB: The merger of California BanCorp (CALB) and Southern California Bancorp (BCAL) in an all-stock merger of equals valued at $233.6 million. MIXT: Powerfleet (PWFL) and MiX Telematics (MIXT) announced that their respective shareholders’ meetings will be held on February 28, 2024, to vote on the proposed business combination between the parties. SAVE: JetBlue Airways (JBLU) and Spirit Airlines (SAVE) are seeking an expedited appeal aimed at reversing a lower court ruling that blocked their $3.8 billion merger. The airlines, in a joint court filing, asked the First U.S. Circuit Court of Appeals to reverse the decision that they argue “disregards the benefits of the transaction to the majority of the flying public.” The airlines said if the appeal is not expedited, the court may have no opportunity to review the decision because the merger agreement includes an outside closing date of July 24. X: Japan’s three megabanks, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Mizuho Financial Group plan to lend Nippon Steel a combined $16 billion for its planned acquisition of U.S. Steel (X). LBC: WaFd (WAFD), the parent of Washington Federal Bank and Luther Burbank Corporation (LBC) announced on January 30, 2024 that they received the required regulatory...
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