InsideArbitrage Event Driven Monitor – May 3, 2024

Merger Arbitrage

1. FUSN: Fusion Pharmaceuticals (FUSN) announced that it received a no-action letter from the Commissioner of Competition (Canada) informing the parties that he does not intend to challenge the transaction, after the 30-day statutory waiting period under the Competition Act (Canada) expired on April 30.
2. PXD: The FTC declined to challenge Exxon’s (XOM) acquisition of Pioneer (PXD), but approved a consent order preventing former Pioneer CEO Scott Sheffield from gaining a seat on Exxon’s board of directors or serving in an advisory capacity at Exxon once it acquires Pioneer.
3. HAYN: Austria’s antitrust regulator takes the acquisition of Haynes International (HAYN) by North American Stainless to the Cartel Court for Phase II in-depth examination. Due to competition concerns, the regulator believes the proposed merger should not be approved in its current form.

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