InsideArbitrage Event Driven Monitor – September 25, 2024
Merger Arbitrage
- SMAR: The acquisition of Smartsheet Inc. (SMAR) by Blackstone Inc. (BX) and Vista Equity Partners, for a closing value of $8.4 billion. Under the terms of the agreement, Blackstone and Vista Equity Partners will acquire all the outstanding shares held by Smartsheet shareholders for $56.50 per share in cash.
- VBFC: The acquisition of Village Bank and Trust Financial Corp. (VBFC) by TowneBank (TOWN) for $120 million in an all-cash deal. Under the terms of the agreement, shareholders of Village Bank will receive $80.25 per share in cash for each share of Village’s outstanding common stock.
- ENV: Envestnet (ENV) announced that its shareholders approved its acquisition by Bain Capital at the special meeting of shareholders. The waiting period under the HSR Act expired on September 03, 2024. The merger is expected to be completed by the end of the fourth quarter of 2024.
*Since the GBNY deal is a liquidation situation with significant variability in the potential final payout and the timing of payout, we are not going to track this deal in the Merger Arbitrage Tool.
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