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Apartment REIT Receives Some Love From Blackstone – Merger Arbitrage Mondays

  • April 15, 2024

Apartment Income REIT (AIRC): $38.36

Deal Size: $10 B

I was torn between writing about the drama that is playing out with Paramount Global (PARA), where Shari Redstone and family appear to be getting a sweet deal compared to common shareholders and the large acquisition of an apartment REIT by Blackstone.

Considering the Paramount situation is still under development and investor lawsuits have been threatened but not filed yet, I figured I would briefly discuss the $10 billion acquisition of Apartment Income REIT (AIRC), known as AIR Communities, for $10 billion in cash.

We wrote about the apartment REIT BRT Apartments (BRT) for our latest insider weekends article and I’ve in the past owned shares of both AvalonBay Communities (AVB) and AIMCO (AIV) after writing about those companies during the depths of the Great Recession in February 2009.

In a surprising move last week, Blackstone decided to pay $39.12 for each share of AIRC, representing a premium of about 24.78% to its last close.

AIRC was spun out of the Apartment Investment and Management Company (AIV), also known as AIMCO in late 2020 much to the opposition of activist investor Land & Buildings Investment Management. Considering the nearly 16% increase in price of AIRC since the spinoff and the 64% increase in price of the parent company AIMCO (not taking any dividends into account), the spinoff worked out great in the end for AIMCO investors.

AIRC generated funds from operations (FFO), a key metric used to track the performance of REITs, of $2.27 per share in 2023 and adjusted funds from operations (AFF) of $2.41, implying Blackstone paid 17 times FFO or 16 times AFFO for the company.

Considering the low regulatory risk this deal is likely to face and the expected Q3 2024 closing, the spread on the deal is just 1.98% or 4.30% annualized. AIRC currently pays a quarterly dividend of 0.45 per share, which works out of an annual dividend yield of 4.69%.

I was curious to see if this dividend would continue to be paid and if yes, then the return on this deal would be more interesting than the 4.30% annualized yield currently offered. Unfortunately section 6.01(b)(iii) of the merger agreement in pages 60 and 61 states that the company shall not “make, declare, set aside or pay any dividend or distribution with respect to Company Common Stock or Partnership Units”.

The only exception to this is if the company has to continue to pay dividends to maintain its REIT status. On page 65 of the agreement it states:

“In the event the Company makes dividends or distributions required for the Company to maintain its respective status as a REIT under the Code or to avoid the incurrence of any income or excise Taxes by the Company pursuant to this Section 6.01(c) (in each case after giving effect to distributions otherwise permitted by Section 6.01(b)(iii)), the Common Stock Merger Consideration shall be decreased by an amount equal to the per share amount of any such dividend or distribution on Company Common Stock so declared or paid by the Company pursuant to this Section 6.01(c) (provided that the per share decrease shall be adjusted, if applicable, in accordance with Section 3.01(e)).”

We will continue to monitor this deal like we do with all the active U.S. M&A situations and will adjust the acquisition price accordingly in the event of any dividends paid by AIRC.

M&A activity decreased last week, with four new deals announced and two deals completed.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) which automatically updates itself during market hours.

Merger Arbitrage

Deal Statistics:

Total Number of Deals Closed in 202443
Total Number of Deals Not Completed in 20245
Total Number of Pending Deals
Cash Deals45
Stock Deals15
Stock & Cash Deals4
Special Conditions9
Total Number of Pending Deals73
New Deals Announced in 2024$227.35 billion

New Deals:

  1. MODN:  The acquisition of Model N Inc. (MODN) by Vista Equity Partners for $1.25 billion. Under the terms of the agreement, Vista Equity Partners will acquire all the outstanding shares of Model N for $30.00 per share in cash.
  2. AIRC: The acquisition of Apartment Income REIT Corp. (AIRC) by Blackstone Inc (BX) for $10 billion. Under the terms of the agreement, Blackstone will acquire all the outstanding shares of AIRC for $39.12 per share in cash.
  3. ALPN:  The acquisition of Alpine Immune Sciences, Inc. (ALPN) by Vertex Pharmaceuticals Inc. (VRTX) for $4.9 billion. As per the terms of the merger agreement, Vertex will acquire Alpine for $65 per share in cash.
  4. WIRE: The acquisition of Encore Wire (WIRE) by Prysmian for $3.64 billion. Under the terms of the agreement, Encore Wire will be acquired by Prysmian at a price of $290 per share in cash.


  1. WRK: On April 8, 2024, the European Commission has approved the merger between Smurfit Kappa (SMFTF) and WestRock Company (WRK).
  2. TGAN: On April 10, 2024, Shareholders of Transphorm (TGANapproved the company’s merger with Renesas Electronics at a special meeting of shareholders held on April 9, 2024.
  3. LBAIOn April 11, 2024, Provident Financial Services (PFS) and Lakeland Bancorp (LBAIreceived regulatory approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to complete their previously announced merger. With this approval, no further regulatory approvals are required. The merger is expected to be completed in the second calendar quarter.
  4. X: On April 12, 2024, shareholders of United States Steel (Xapproved the company’s merger with Nippon Steel at the special meeting of shareholders.


  1. X: On April 10, 2024, Politico reported that the U.S. Justice Department has opened up an in-depth antitrust investigation of Nippon Steel’s $14.1 billion takeover of U.S. Steel (X).
  2. BATL: On April 11, 2024, Battalion Oil (BATL) announced that it was informed on April 10 by Fury Resources that it would fail to meet certain funding deadlines. Under the terms of agreement, Battalion Oil has the right to terminate the merger agreement if Fury Resources fails to deliver evidence of funding by the funding deadline, but has not terminated the merger agreement at this time.
  3. ANSS: On April 1, 2024, Synopsys (SNPS) and Ansys (ANSS) each received a second request for additional information from the FTC under the HSR Act.


  1. CTLT: On April 8, 2024, as per Reuters, Novo Nordisk (NVO) has refiled an application to the U.S. Federal Trade Commission (FTC) for the approval of their merger with Catalent (CTLT).
  2. BATL: On April 8, 2024, Battalion Oil (BATL) and Fury Resources filed their preliminary proxy statement. The merger is expected to close in the second quarter of 2024.
  3. ASTR: On April 8, 2024, Astra Space (ASTRfiled their preliminary proxy statement.
  4. NSOn April 9, 2024, Sunoco (SUN) and NuStar Energy (NS) announced the expiration of the waiting period under the HSR Act. NuStar’s special meeting of the shareholders is tentatively scheduled for May 1, 2024.
  5. TAST: On April 9, 2024, Carrols Restaurant Group (TAST) and Restaurant Brands International (QSRfiled their preliminary proxy statement. The merger is expected to close in the second quarter of 2024.
  6. ERF: On April 9, 2024, Chord Energy Corporation (CHRDfiled a definitive proxy statement. The special meeting of its shareholders will be held on May 14, 2024. Their merger with Enerplus Corporation (ERF) is expected to close by mid-2024.
  7. X: On April 9, 2024, Nippon Steel filed with the European Commission for its acquisition of U.S. Steel (X). The European antitrust regulator has set the provisional deadline as May 17, 2024.
  8. ANSS: On April 10, 2024, Ansys (ANSS) filed a definitive proxy statement. The special meeting of its shareholders will be held on June 7, 2024. Their merger with Synopsys (SNPS) is expected to close  in the first half of 2025.
  9. FUSN: On April 10, 2024, Fusion Pharmaceuticals (FUSN) and AstraZeneca (AZNfiled their preliminary proxy statement. On March 22, 2024, the companies submitted to the DOJ and FTC the notifications required under the HSR Act. The statutory waiting period expires on April 22, 2024.
  10. MOR: On April 11, 2024, Novartis (NVS) announced that it has commenced its tender offer to acquire all outstanding shares of MorphoSys (MOR) for an offer price of EUR 68 per share (or an aggregate of EUR 2.7 billion) in cash.
  11. ANSS: On April 11, 2024, Ansys (ANSSannounced that their special meeting of shareholders will be held on May 22, 2024. The merger is expected to be completed in the first half of 2025.
  12. SCX: On April 12, 2024, L.S. Starrett Company (SCXfiled a definitive proxy statement. The special meeting of shareholders will be held on May 21, 2024. The merger is expected to close in mid-2024.
  13. HES: On April 12, 2024, Hess Corp (HES) and Chevron Corp (CVXannounced that that they are working to finalize their merger at the earliest opportunity, aiming to secure all necessary approvals from shareholders and regulators by mid-2024. However, the arbitration proceedings concerning the Stabroek ROFR could potentially delay the completion of the transaction. Hess is pushing for the arbitration to be resolved by the third quarter of 2024 and expects to complete the arbitration by the end of 2024.
  14. TAST: On April 12, 2024, Carrols Restaurant Group (TASTfiled a definitive proxy statement for its merger with Restaurant Brands International (QSR). The special meeting of the stockholders of Carrols will be held on May 14, 2024. The company expects to complete the merger in the second quarter of 2024.

Closed Deals:

  1. SCTL:  The acquisition of Societal CDMO (SCTL) by CoreRx Inc. was completed on April 8, 2024. It took 40 days for the deal to be completed.
  2. EGLE: The acquisition of Eagle Bulk Shipping (EGLE) by Star Bulk Carriers (SBLK) was completed on April 9, 2024. It took 120 days for this deal to be completed.

Weekly Spread Changes:

The table below shows weekly spread changes between April 8, 2024, and April 12, 2024.

Company Quote
Last Week
Spread Change
BATL5.41Fury Resources, Inc. (N/A)81.15%50.77%30.38%All Cash
CPRI39.31Tapestry, Inc. (TPR)41.1445.00%30.29%14.71%All Cash
ASTR0.574Chris Kemp, Astra’s Co-founder, CEO and Chairman, and Dr. Adam London, Astra’s Co-founder, CTO and Director (N/A)-12.89%-26.70%13.81%All Cash
HMST12.85Firstsun Capital Bancorp. (FSUN)35.1918.99%11.88%7.11%All Stock
MGRC115.03WillScot Mobile Mini Holdings (WSC)41.096.93%2.11%4.82%Special Conditions
CALB21.75Southern California Bancorp (BCAL)14.364.98%5.98%-1.00%All Stock
ETRN12.71EQT Corporation (EQT)37.252.69%3.84%-1.15%All Stock
NS21.25Sunoco LP (SUN)53.350.42%1.77%-1.35%All Stock
FNCB5.31Peoples Financial Services Corp. (PFIS)36.70.91%2.31%-1.40%All Stock
SMMF25.29Burke & Herbert Financial Services Corp. (BHRB)52.634.95%6.56%-1.61%All Stock

Top 10 Merger Arbitrage Deals With The Largest Spreads:

Please do your own due diligence on deals with large spreads. Some of these large spreads might be related to regulatory issues or because of the way the deal is structured. We classify some of these deals as “special situation” deals in our merger arbitrage tool and provide additional details to help with the analysis. There may be unique situations related to special dividends, spinoffs, proration, etc. that need to be accounted for when looking at these spreads.

BATL12/15/2023Fury Resources, Inc. (N/A)$9.80$5.4106/12/202481.15%502.01%
GAN11/07/2023Sega Sammy Creation Inc. (N/A)$1.97$1.3312/31/202448.12%67.29%
CPRI08/10/2023Tapestry, Inc. (TPR)$57.00$39.3106/30/202445.00%213.32%
HA12/03/2023Alaska Air Group, Inc. (ALK)$18.00$13.01506/30/202538.30%31.63%
ACI10/14/2022The Kroger Co. (KR)$27.25$20.3808/17/202433.71%98.43%
X12/18/2023Nippon Steel (NISTF)$55.00$41.3309/30/202433.08%71.43%
HMST01/16/2024Firstsun Capital Bancorp. (FSUN)$15.29$12.8506/30/202418.99%90.01%
DFS02/19/2024Capital One Financial Corporation (COF)$142.30$120.9101/31/202517.69%22.11%
ANSS01/16/2024Synopsys (SNPS)$389.29$334.1606/30/202516.50%13.62%
OLK10/17/2023Thermo Fisher Scientific Inc. (TMO)$26.00$22.7806/30/202414.14%67.00%

Deals In The Works

  1. DCO: Ducommun Incorporated (DCO) confirmed that the company’s Board of Directors has received an unsolicited non-binding indication of interest from Albion River to acquire all outstanding shares of Ducommun for $60.00 per share in cash.
  2. JANX: According to Bloomberg, Drugmaker Janux Therapeutics (JANX) is exploring options, including a potential sale, after receiving takeover interest from larger pharmaceutical companies. The company is working with a financial adviser to evaluate possibilities including a sale.
  3. BLKB: According to Bloomberg, Clearlake Capital Group LP is exploring a renewed effort to take Blackbaud (BLKB) private, roughly a year after its last approach was rebuffed by the cloud software provider.
  4. INFA: According to WSJ, Salesforce (CRM) is in advanced talks to acquire data-management software provider Informatica (INFA).


  1. GIL: U.S. investment firm Browning West is seeking a court order preventing the board of Gildan Activewear Inc. (GIL) from signing any binding deal to sell the clothing maker until shareholders vote on new directors.
  2. M: Macy’s (M) agreed to add two directors, Richard Clark and Richard Markee, from Arkhouse Management to its board effective immediately , ending a proxy battle with the investor. Macy’s (M) also said its board continues to engage with Arkhouse and Brigade regarding their proposal to acquire the company for $24 a share.
  3. PARA: According to WSJ, Four Paramount Global (PARA) directors are expected to leave the board soon, as the Shari Redstone-controlled entertainment company discusses a merger with Skydance Media. According to Reuters, some Paramount Global (PARA), investors are speaking out about a possible merger with Skydance Media, calling on the U.S. media conglomerate to look at other options and to treat shareholders equitably if this deal should be inked.

SPAC Arbitrage:

Business Combinations

  1. JVSA: On April 8, 2024, JVSPAC Acquisition Corporation (JVSA) and Hotel101 Global Pte. Ltd. enter into a business combination.
  2. BCSA: On April 9, 2024, Blockchain Coinvestors Acquisition Corp. I (BCSA) and Linqto Inc. announced they have entered into a definitive business combination agreement.

SPAC Updates

  1. RMGC: On April 8, 2024, RMG Acquisition Corp. III (RMGC) announced that it intends to dissolve and liquidate, effective as of the close of business on April 22, 2024, and will redeem all of the outstanding shares in its IPO, at a redemption price of approximately $10.00 per-share.


  1. KYCH: On April 10, 2024, ZOOZ Power (ZOOZ) and Keyarch Acquisition Corporation (KYCH) announced that they completed their business combination on April 4, 2024.

List of all pending Merger Arbitrage deals:

Target VolumeEstimated
Closing Date
+BATL12/15/23Fury Resources, Inc. (N/A)All Cash$450 M$9.80$5.41129,0696/12/2481.15%510.66%
+GAN11/07/23Sega Sammy Creation Inc. (N/A)All Cash$85.73 M$1.97$1.3399,87012/31/2448.12%67.55%
+CPRI8/10/23Tapestry, Inc. (TPR)All Cash$8.5 B$57.00$39.313,449,1026/30/2445.00%216.12%
+HA12/03/23Alaska Air Group, Inc. (ALK)All Cash$1.19 B$18.00$13.015811,1136/30/2538.30%31.70%
+ACI10/14/22The Kroger Co. (KR)Special Conditions$24.6 B$27.25$20.383,621,9868/17/2433.71%99.23%
+X12/18/23Nippon Steel (NISTF)All Cash$14.9 B$55.00$41.334,317,5209/30/2433.08%71.86%
+HMST1/16/24Firstsun Capital Bancorp. (FSUN)All Stock$277.15 M$15.29$12.85230,7506/30/2418.99%91.20%
+DFS2/19/24Capital One Financial Corporation (COF)All Stock$35.3 B$142.30$120.911,019,7961/31/2517.69%22.19%
+ANSS1/16/24Synopsys (SNPS)Cash Plus Stock$35 B$389.29$334.16658,6456/30/2516.50%13.65%
+OLK10/17/23Thermo Fisher Scientific Inc. (TMO)All Cash$3.1 B$26.00$22.78364,6106/30/2414.14%67.89%
+FFNW1/11/24Global Federal Credit Union (N/A)Special Conditions$231.2 M$23.18$20.4432,00112/31/2413.41%18.82%
+CTLT2/05/24Novo Nordisk (NVO)All Cash$16.5 B$63.50$56.31,960,20712/31/2412.79%17.95%
+WIRE4/15/24Prysmian (N/A)All Cash$4.2 B$290.00$260.98135,95912/31/2411.12%15.61%
+AMED6/26/23UnitedHealth Group Incorporated (UNH)All Cash$3.8 B$101.00$91.93157,1423/31/249.87%0.00%
+CNSL10/16/23Searchlight Capital Partners and British Columbia Investment Management Corporation (N/A)All Cash$3.1 B$4.70$4.29170,6511/15/259.56%12.68%
+JNPR1/09/24Hewlett Packard Enterprise (HPE)All Cash$14.31 B$40.00$36.652,072,7113/31/259.14%9.53%
+STER2/29/24First Advantage Corporation (FA)Special Conditions$2.2 B$16.73$15.46494,7879/30/248.21%17.85%
+VZIO2/20/24Walmart Inc. (WMT)All Cash$1.88 B$11.50$10.693,621,45012/31/247.58%10.64%
+CERE12/06/23AbbVie Inc. (ABBV)All Cash$8.7 B$45.00$41.842,114,7406/30/247.55%36.27%
+MGRC1/29/24WillScot Mobile Mini Holdings (WSC)Special Conditions$3.8 B$123.00$115.03126,5216/30/246.93%33.28%
+HES10/23/23Chevron Corporation (CVX)All Stock$60 B$162.93$153.212,521,00612/31/246.35%8.91%
+AEL7/05/23Brookfield Reinsurance (BNRE) (BAM)Cash Plus Stock$4.3 B$58.42$55.11,062,3266/30/246.03%28.98%
+NVEI4/01/24Advent International (N/A)All Cash$6.3 B$34.00$32.261,846,4491/31/255.39%6.77%
+AXNX1/08/24Boston Scientific Corporation (BSX)All Cash$3.17 B$71.00$67.63907,02512/31/244.98%7.00%
+CALB1/30/24Southern California Bancorp (BCAL)All Stock$100.21 M$22.83$21.7516,5509/30/244.98%10.81%
+SMMF8/25/23Burke & Herbert Financial Services Corp. (BHRB)All Stock$371.5 M$26.54$25.2920,0223/31/244.95%0.00%
+TGAN1/11/24Renesas Electronics Corporation (N/A)All Cash$311.67 M$5.10$4.8794,25812/31/244.72%6.63%
+HOLI12/11/23Ascendent Capital Partners (N/A)All Cash$1.66 B$26.50$25.39218,1956/30/244.37%21.00%
+EDR4/02/24Silver Lake (N/A)All Cash$13 B$27.50$26.413,947,9313/31/254.13%4.30%
+ICLK11/24/23TSH Investment Holding Limited (N/A)All Cash-$12.92 M$4.08$3.936,9313/31/243.82%0.00%
+SP10/05/23Metropolis Technologies, Inc. (N/A)All Cash$1.9 B$54.00$52.04137,77812/31/243.77%5.29%
+WRK9/12/23Smurfit Kappa (SMFTF)Cash Plus Stock$23.24 B$49.78$47.992,839,9096/30/243.73%17.91%
+DOMA3/28/24Title Resources Group (N/A)All Cash$179.43 M$6.29$6.0724,08012/31/243.62%5.09%
+SWN1/11/24Chesapeake Energy Corporation (CHK)All Stock$7.4 B$7.68$7.4212,513,58812/31/243.51%4.93%
+PXD10/11/23Exxon Mobil Corporation (XOM)All Stock$64.5 B$279.67$270.81,962,7426/30/243.27%15.73%
+CHX4/02/24Schlumberger Limited (SLB)All Stock$8.22 B$38.22$37.22,091,80012/31/242.74%3.85%
+ETRN3/11/24EQT Corporation (EQT)All Stock$9.1 B$13.05$12.715,625,52712/31/242.69%3.78%
+CVLY12/12/23Orrstown Financial Services, Inc. (ORRF)All Stock$207 M$21.86$21.33513,0299/30/242.45%5.32%
+TARO1/17/24Sun Pharmaceutical Industries (N/A)All Cash$257.34 M$43.00$42.0426,3086/30/242.28%10.97%
+SWAV4/05/24Johnson & Johnson (JNJ)All Cash$13.1 B$335.00$327.762,055,3787/31/242.21%7.54%
+TDCX3/01/24Transformative Investments Pte Ltd (N/A)All Cash$663.36 M$7.20$7.0680,0126/30/241.98%9.52%
+AIRC4/08/24Blackstone Inc. (BX)All Cash$10 B$39.12$38.368,340,1829/30/241.98%4.30%
+TCN1/19/24Blackstone (BX)All Cash$3.5 B$11.25$11.0447,430,5906/30/241.90%9.14%
+NWLI10/09/23Prosperity Life Group (N/A)All Cash$1.9 B$500.00$491.313,2126/30/241.77%8.50%
+DOOR2/09/24Owens Corning (OC)All Cash$3.9 B$133.00$130.9677,6446/30/241.60%7.70%
+VIA1/02/24Retailco, LLC (N/A)All Cash$190 M$11.00$10.8517,7766/30/241.38%6.64%
+CATC9/19/23Eastern Bankshares, Inc. (EBC)All Stock$528 M$62.45$61.6217,7104/15/241.34%0.00%
+ZFOX2/06/24Haveli Investments (N/A)All Cash$350 M$1.14$1.12563,2806/30/241.33%6.40%
+MOR2/05/24Novartis AG (NVS)All Cash$2.90 B$18.28$18.055567,9766/30/241.25%5.99%
+SCX3/11/24MiddleGround Capital (N/A)All Cash$132.46 M$16.19$16.0140,5846/30/241.12%5.40%
+FREE2/13/24Sababa Holdings (N/A)All Cash$593.91 M$4.88$4.83201,5606/30/241.04%4.97%
+VERY10/03/23iA American Holdings, Inc. (N/A)All Cash$170 M$11.43$11.324836/30/240.97%4.67%
+ALPN4/10/24Vertex Pharmaceuticals Inc. (VRTX)All Cash$4.9 B$65.00$64.384,098,6596/30/240.96%4.63%
+MODN4/08/24Vista Equity Partners (N/A)All Cash$1.25 B$30.00$29.721,298,4856/30/240.94%4.52%
+FNCB9/27/23Peoples Financial Services Corp. (PFIS)All Stock$129 M$5.36$5.3119,1819/30/240.91%1.97%
+NGMS5/14/23Aristocrat Leisure Limited (ALL.AX)All Cash$1.2 B$29.50$29.25460,6595/14/240.85%10.76%
+HRT2/16/24General Atlantic and Stone Point Capital (N/A)All Cash$1.65 B$14.35$14.24219,9986/30/240.77%3.71%
+TAST1/16/24Restaurant Brands International (QSR)All Cash$1 B$9.55$9.48420,9026/30/240.74%3.55%
+ERF2/21/24Chord Energy Corporation (CHRD)Cash Plus Stock$3.63 B$20.81$20.672,787,9776/30/240.65%3.14%
+HAYN2/05/24North American Stainless (N/A)All Cash$970 M$61.00$60.64152,8539/30/240.59%1.29%
+LBAI9/27/22Provident Financial Services, Inc. (PFS)All Stock$1.3 B$11.70$11.64666,5916/30/240.49%2.33%
+NS1/22/24Sunoco LP (SUN)All Stock$7.3 B$21.34$21.25982,6276/30/240.42%2.03%
+EVBG2/05/24Thoma Bravo (N/A)All Cash$1.5 B$35.00$34.865249,9456/30/240.39%1.86%
+KAMN1/19/24Arcline Investment Management (N/A)All Cash$1.8 B$46.00$45.87122,0906/30/240.28%1.36%
+MDC1/18/24Sekisui House, Ltd. (SKHSY)All Cash$4.83 B$63.00$62.911,478,4826/30/240.14%0.69%
+ADTH4/01/24Cadent LLC (N/A)All Cash$324 M$3.21$3.21624,7059/30/240.00%0.00%
+AGTI2/26/24Thomas H. Lee Partners, L.P (N/A)All Cash$2.5 B$10.00$10.05398,5106/30/24-0.50%-2.39%
+FUSN3/19/24AstraZeneca (AZN)Special Conditions$2.4 B$21.00$21.36527,7636/30/24-1.69%-8.09%
+RAIN12/13/23Pathos AI, Inc. (N/A)Special Conditions-$35.53 M$1.16$1.2100N/A1/31/24-4.13%20.11%
+LABP3/25/24AbbVie Inc. (ABBV)Special Conditions90.65 M$20.42$21.533,0506/30/24-5.16%-24.76%
+SIX11/02/23Cedar Fair, L.P. (FUN)All Stock$4.86 B$22.73$24.01677,2556/30/24-5.33%-25.60%
+SDPI3/07/24Drilling Tools International Corp. (DTI)Special Conditions$32.3 M$1.00$1.12152,7849/30/24-10.71%-23.28%
+ASTR3/08/24Chris Kemp, Astra’s Co-founder, CEO and Chairman, and Dr. Adam London, Astra’s Co-founder, CTO and Director (N/A)All Cash$15.11 M$0.50$0.574112,3296/30/24-12.89%-61.92%
+INBX1/23/24Sanofi (SNY)Special Conditions$2.2 B$30.00$34.995326,4296/30/24-14.27%-68.55%

Disclaimer: I hold long positions in First Financial Northwest (FFNW), Cerevel Therapeutics (CERE) and Capri (CPRI). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.