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The Liquidation of First Financial Northwest – Merger Arbitrage Mondays

  • January 15, 2024

First Financial Northwest (FFNW): $20.65

Market Cap: $189 million

Last week turned out to be a very active week on the M&A front with multiple new healthcare deals announced, a report about two private equity firms potentially competing for DocuSign (DOCU), the resignation of JetBlue’s CEO and Hewlett Packard Enterprise (HPE) acquiring Juniper Networks (JNPR) in a massive $14.31 billion all cash deal.

We expanded on the Cereval Therapeutics (CERE) idea we discussed in last week’s Merger Arbitrage Mondays article in our January 2024 mid-month update that was published early because the HSR waiting period for Cereval expired at midnight on January 16th.

The deal that caught my eye was the liquidation of a microcap bank and the acquisition of its assets and liabilities by a credit union. Anchorage, Alaska based Global Federal Credit Union agreed to acquire Renton, Washington based First Financial Northwest (FFNW) for $231.2 million. Shareholders would receive approximately $23.18 to $23.75 per share subject to certain adjustments.

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