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InsideArbitrage Event Driven Monitor – May 6, 2024

  • May 6, 2024
Merger Arbitrage PRFT: The acquisition of Perficient, Inc. (PRFT) by EQT Asia, part of EQT AB, for $3 billion. Under the terms of the merger agreement, Perficient stockholders will receive $76 per share in cash for each share of common stock owned as of the closing of the transaction. PXD: The acquisition of Pioneer Natural Resources Company (PXD) by Exxon Mobil Corporation (XOM) was completed on May 3, 2024. It took 205 days for the deal to be completed. CTLT: Catalent (CTLT) and Novo Nordisk (NVO) received a request for additional information and documentary materials (Second Request) from the FTC, under the notification requirements of the HSR Act. SMMF: The merger of Summit Financial Group (SMMF) and Burke & Herbert Financial Services Corp. (BHRB) was completed on May 3, 2024. It took 252 days for the deal to be completed. BATL: On May 3, 2024, Battalion Oil (BATL) announced that Fury Resources failed to provide all required financing documents by the deadline stated in the Merger Agreement. While $160 million in equity financing agreements were submitted, $10 million was utilized, with the remainder contingent on conditions, including securing $200 million. Battalion’s Board and Special Committee decided not to terminate the agreement, allowing Fury more time to...

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