InsideArbitrage Event Driven Monitor – April 4, 2024

Merger Arbitrage

1. JNPR: On April 2, 2024, Juniper Networks (JNPR) announced that the shareholders have approved their merger with Hewlett Packard Enterprise (HPE). The merger is expected to complete by late 2024 or early 2025.
2. KNTE:  The acquisition of Kinnate Biopharma Inc. (KNTE) by XOMA Corporation (XOMA) was completed on April 3, 2024. It took 47 days for this deal to be completed.
3. X: According to Reuters, the Union representing employees of United States Steel Corp.(X) said that it would not support Japanese firm Nippon Steel’s draft agreement to gain support for its takeover of the U.S. company. The Union also said that while Nippon has made several commitments, including not laying off employees through September 1, 2026 and defending U.S. Steel against unfair foreign trade, the letter “does not provide a meaningful basis for a resolution of the ongoing dispute.”

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