InsideArbitrage Event Driven Monitor – March 26, 2024

Merger Arbitrage

1. LABP: The acquisition of Landos Biopharma (LABP) by AbbVie (ABBV) for -$34.16 million. Under the terms of the agreement, AbbVie will acquire Landos at a price of $20.42 per share in cash plus one non-tradable contingent value right per share with a value of up to $11.14 per share, subject to the achievement of a clinical development milestone.
2. ACI: According to Reuters, a Denver state judge said on Monday that he will hear arguments beginning on August 12 in Colorado’s case seeking to block Kroger’s (KR) purchase of rival grocer Albertsons (ACI).
3. LBAI: On March 25, 2024, Provident Financial Services (PFS) and Lakeland Bancorp (LBAI) received regulatory approvals from the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance to complete their previously announced merger. The only pending regulatory approval required to complete the merger is the approval of the Board of Governors of the Federal Reserve System. The two companies also expect to extend their merger agreement to June 30, 2024.

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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