InsideArbitrage Event Driven Monitor – March 1, 2024

Merger Arbitrage

1. STER: The acquisition of Sterling Check Corp (STER) by First Advantage Corporation (FA) for $2.2 billion in a cash or stock transaction. Under the terms of the agreement, Sterling shareholders will elect to receive either $16.73 in cash or 0.979 shares of First Advantage common stock for each Sterling share. The shareholder election will be subject to proration, resulting in approximately 72% of Sterling’s shares being exchanged for cash consideration and 28% being exchanged for First Advantage common stock.
2. CSTR: On February 29, 2024, shareholders of CapStar Financial Holdings (CSTR) approved the company’s merger with Old National Bancorp (ONB) at a special meeting of shareholders. The Merger is expected to be completed on April 1, 2024.
3. FGH: The business combination between FG Group Holdings (FGH) and FG Financial Group, Inc. (FGF) was completed on February 29, 2024. It took 57 days for this deal to be completed.

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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