InsideArbitrage Event Driven Monitor – September 20, 2024

Merger Arbitrage

1. X: U.S. Steel (X) CEO David B. Burritt while providing third-quarter guidance said that they continue to work towards closing the Nippon Steel deal by the end of the year.
2. ANSS: Synopsys (SNPS) announced that they have agreed to sell its Optical Solutions Group to Keysight Technologies, Inc. (KEYS). This sale is part of the steps required to secure regulatory approval for Synopsys’ pending acquisition of Ansys (ANSS). The transaction with Keysight is expected to close in the first half of 2025, pending regulatory reviews and customary conditions.
3. BATL: Battalion Oil Corporation (BATL) announced an amendment to its previously disclosed Agreement and Plan of Merger with Fury Resources, Inc. Under the updated terms, Fury Resources will now acquire all outstanding shares of Battalion’s common stock for $7.00 per share in cash. The transaction is expected to close in the fourth quarter of 2024, pending shareholder approval and other conditions.

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