InsideArbitrage Event Driven Monitor – April 12, 2024
Merger Arbitrage 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. 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). 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. LBAI: On April 11, 2024, Provident Financial Services (PFS) and Lakeland Bancorp (LBAI) received 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. You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage...
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