InsideArbitrage Event Driven Monitor – July 26, 2024

Merger Arbitrage

1. BALY: The acquisition of Bally’s Corporation (BALY) by Standard General, for a closing value of $4.6 billion. Under the terms of the agreement, Standard General will acquire Bally’s outstanding shares for $18.25 per share.
2. INST: The acquisition of Instructure Holdings, Inc. (INST) by investment funds managed by KKR (KKR) for a closing value of $4.8 billion. As per the terms of the merger agreement, KKR will acquire the outstanding shares of Instructure for $23.60 per share in cash.
3. SBOW: Crescent Energy (CRGY) and SilverBow Resources (SBOW) announced preliminary consideration election results for their merger, with 44.95% of shareholders choosing stock, 30.40% opting for a mixed consideration, and 24.65% selecting cash, leading to an estimated $358.1 million in cash payments, under the $400 million cap.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

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