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InsideArbitrage Event Driven Monitor – April 15, 2024

  • April 15, 2024
Merger Arbitrage WIRE: The acquisition of Encore Wire (WIRE) by Prysmian for $4.2 billion. Under the terms of the agreement, Encore Wire will be acquired by Prysmian at a price of $290 per share in cash. ANSS: On April 11, 2024, Ansys (ANSS) announced that their special meeting of shareholders will be held on May 22, 2024. On April 1, 2024, Synopsys (SNPS) and Ansys each received a second request for additional information from the FTC under the HSR Act. The merger is expected to be completed in the first half of 2025. SCX: On April 12, 2024, L.S. Starrett Company (SCX) filed 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. HES: On April 12, 2024, Hess Corp (HES) and Chevron Corp (CVX) announced 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. TAST: On April...

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