InsideArbitrage Event Driven Monitor – March 28, 2024

Merger Arbitrage

1. HA: On March 27, 2024, Hawaiian (HA) and Alaska (ALK) entered into a timing agreement with the DOJ, agreeing not to finalize the merger until 90 days after both parties have certified substantial compliance with the Second Request, unless the DOJ notifies them in writing before the end of this 90-day period that it has completed its investigation of the merger.
2. VZIO: On March 27, 2024, following informal discussions with the FTC and the DOJ, Walmart (WMT) voluntarily withdrew the HSR notification and report form for its merger with VIZIO Holding Corp. (VZIO). Walmart expects to refile on March 29, 2024, in order to give the antitrust agencies additional time to review the proposed transaction. The waiting period under the HSR Act will expire on April 29, 2024.
3. DFS: On March 27, 2024, Discover Financial Services (DFS) announced that its CEO Michael Rhodes will step down from his role, effective April 1, 2024. Mr. Rhodes, who was not expected to have a long-term role at the combined company after completion of the company’s merger with Capital One Financial Corporation (COF), informed the Board that he has accepted a job offer and will take over the helm as Ally Financial’s (ALLY) top boss from April 29, 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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