InsideArbitrage Event Driven Monitor – November 14, 2024

Merger Arbitrage

1. LBRDA: The acquisition of Liberty Broadband Corporation (LBRDA) by Charter Communications, Inc. (CHTR) for $17.05 billion in an all-stock transaction. As per the terms of the agreement, each holder of Liberty Broadband Series A, Series B, and Series C common stock will receive 0.236 shares of Charter common stock for each share of Liberty Broadband common stock they own, with cash provided in place of any fractional shares. Holders of Liberty Broadband Series A cumulative redeemable preferred stock (Liberty Broadband preferred stock) will receive one share of newly issued Charter cumulative redeemable preferred stock (Charter preferred stock) for each share of Liberty Broadband preferred stock they own. The Charter preferred stock will retain terms that closely align with those of the existing Liberty Broadband preferred stock.  (Press Release)
2. TWKS: The acquisition of Thoughtworks Holding Inc. (TWKS) by Apax Partners LLP was completed on November 13, 2024. It took 100 days for this deal to be completed.
3. FYBR: Shareholders of Frontier Communications (FYBR) approved the company’s merger with Verizon (VZ) at a special meeting of shareholders. The transaction is expected to close by the first quarter of 2026.

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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