InsideArbitrage Event Driven Monitor – February 26, 2024

Merger Arbitrage

1. CPE: On February 23, 2024, Callon (CPE) and APA (APA) each filed a notification and report form pursuant to the HSR Act with respect to the merger with FTC and DOJ on January 23, 2024, and the applicable 30-day statutory waiting period expired on February 22, 2024. Pending shareholder approvals, Callon anticipates closing the merger around April 1, 2024.
2. RYZB: Bristol Myers Squibb (BMY) announced that its previously announced tender offer to acquire all of the outstanding shares of RayzeBio, Inc. (RYZB) expired on February 22, 2024. Bristol Myers Squibb (BMY) expects the transaction to close on February 26, 2024.
3. VZIO: U.S. Senator Elizabeth Warren wants regulators to “scrutinize” Walmart’s (WMT) planned $2.3 billion purchase of TV maker Vizio Holding (VZIO). Warren posted on X “Walmart’s deal with @VIZIO is a warning bell. Giant corporations are copying @Amazon’s playbook: buy or kill competitors in commerce, entertainment, and advertising. Regulators should scrutinize whether this merger will extend Walmart’s dominance and threaten competition.”

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Only plus or premium subscribers can access this post. Subscribe today.