InsideArbitrage Event Driven Monitor – July 1, 2024
Merger Arbitrage
- INFN: The acquisition of Infinera Corp. (INFN) by Nokia Corp. (NOK), for a closing value of $2.3 billion. Under the terms of the agreement, Nokia is acquiring Infinera for $6.65 per share. For each Infinera share, Infinera shareholders will be able to elect to receive either: 1) $6.65 cash, 2) 1.7896 Nokia shares, or 3) a combination of $4.66 in cash and 0.5355 Nokia shares for each Infinera share.
- SPR: The acquisition of Spirit Aerosystems Holdings Inc. (SPR) by Boeing Co. (BA), for a closing value of $8.3 billion. Under the terms of the agreement, Spirit shareholders will receive 0.25 Boeing shares for each of their Spirit shares if the 15-day volume-weighted average price is at or below $149.00, and 0.18 Boeing shares for each of their Spirit shares if the 15-day volume-weighted average price is at or above $206.94.
- JNPR: The European Commission filed a notification stating that on August 1, 2024, the antitrust regulators will decide whether to clear the acquisition of Juniper Networks (JNPR) by Hewlett Packard Enterprise (HPE).
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