InsideArbitrage Event Driven Monitor – April 30, 2024

Merger Arbitrage

1. DCPH: The acquisition of Deciphera Pharmaceuticals (DCPH) by ONO Pharmaceutical for a closing value of $2.4 billion. Under the terms of the agreement, ONO will acquire all outstanding shares of Deciphera for $25.60 per share in cash.
2. HTLF: The acquisition of Heartland Financial USA, Inc. (HTLF) by UMB Financial Corporation (UMBF) for a closing value of $2 billion. As per the terms of the merger agreement, Heartland Financial (HTLF) stockholders will receive a fixed exchange ratio of 0.55 shares of UMB Financial (UMBF) common stock for each share of HTLF common stock. This per share consideration is valued at $45.74 per share based on UMB’s closing price of $83.17 on April 26, 2024.
3. TBNK: The acquisition of Territorial Bancorp (TBNK) by Hope Bancorp (HOPE) for a closing value of $78.6 million. Under the terms of the agreement, Territorial shareholders will receive a fixed exchange ratio of 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock they own, representing a value of $8.82 per share of Territorial common stock.

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