InsideArbitrage Event Driven Monitor – August 13, 2024

Merger Arbitrage

1. RVNC: The acquisition of Revance Therapeutics Inc. (RVNC) by Crown Laboratories, Inc., for a closing value of $924 million. Under the terms of the agreement, Crown will commence a tender offer to acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash.
2. FRZA: The acquisition of Forza X1, Inc. (FRZA) by Twin Vee PowerCats Co. (VEEE) for -$5.33 million in an all-stock deal. As per the terms of the agreement, each holder of Forza Common Stock will receive 0.61166627 shares of Twin Vee Common Stock in exchange for each share of Forza Common Stock that they own on the effective date of the merger for a maximum of 5,355,000 shares of Twin Vee Common Stock (no fractional shares will be issued) and the 7,000,000 shares of Forza Common Stock held by Twin Vee will be cancelled.
3. INFN: Infinera (INFN) announced that on August 9, following informal discussions with the U.S. Department of Justice, Nokia (NOK) informed the DOJ that, as of August 12, 2024, it will withdraw its Premerger Notification and Report Form for the Merger, under the HSR Act, to give the DOJ additional time to review the Merger.

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