InsideArbitrage Event Driven Monitor – November 19, 2024

Merger Arbitrage

1. BATL: Battalion Oil (BATL) was informed on November 14, by Fury Resources that it would not meet the deadline to provide proof of securing $160 million in funding, as required under their merger agreement. In response, Battalion Oil has postponed its stockholder meeting from November 19 to November 29, 2024, to allow Fury Resources more time to secure funding and provide updated disclosures to stockholders.
2. X: Bloomberg reported that Nippon Steel is promising unionized workers of United States Steel (X) that it won’t send steel shipments from its overseas mills. The commitment is among the undertakings highlighted by Nippon Steel’s Executive Vice President Takahiro Mori in a Monday letter to United Steelworkers members at two key US Steel operations.
3. JNPR: Bloomberg reported that Hewlett Packard Enterprise (HPE) and Juniper Networks (JNPR) representatives met with Justice Department antitrust enforcers last week in a final effort to persuade the agency not to challenge their proposed $14 billion deal.

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