InsideArbitrage Event Driven Monitor – May 7, 2024
Merger Arbitrage ALE: The acquisition of ALLETE (ALE) by the Canada Pension Plan Investment Board and Global Infrastructure Partners, for a closing value of $6.2 billion. Under the terms of the agreement, CPP Investments and GIP, in a partnership, will acquire all of the outstanding common shares of ALLETE for $67.00 per share in cash. X: On May 6, 2024, The European Commission gives approval to the acquisition of U.S. Steel (X) by Nippon Steel, saying that the deal does not raise any competition concerns. HRT: On May 6, 2024, Holdings Corporation (HRT) and General Atlantic and Stone Point Capital filed their preliminary proxy statement. They received the HSR clearance and the waiting period under the HSR act expired on April 1, 2024. ANSS: On May 6, 2024, Synopsys (SNPS) announced that they have entered into an agreement to sell its Software Integrity Group business to private equity firms Clearlake Capital Group, L.P. and Francisco Partners for up to $2.1 billion which includes cash payments of up to $475 million. The deal is expected to close in the second half of 2024, subject to customary closing conditions and required regulatory approval receipts. This move follows Synopsys’ recent agreement to acquire Ansys (ANSS) for approximately $35 billion in cash and...
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