InsideArbitrage Event Driven Monitor – October 15, 2024

Merger Arbitrage

1. LBPH: The acquisition of Longboard Pharmaceuticals, Inc. (LBPH) by H. Lundbeck A/S for $2.6 billion. Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, whereby Longboard shareholders will be offered a payment of $60 per share in cash. The acquisition values the company at approximately $2.6 billion in equity and $2.5 billion net of cash (around DKK 17 billion) on a fully diluted basis.
2. SQSP: Permira announced the successful completion of its funds’ cash tender offer for all outstanding shares of Squarespace, Inc. (SQSP) common stock for $46.50 per share.
3. ARCH: Arch Resources (ARCH) and Consol Energy (CEIX) announced that the waiting period under the HSR Act expired on October 11, 2024.

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