InsideArbitrage Event Driven Monitor – November 20, 2024

Merger Arbitrage

1. BERY: The acquisition of Berry Global Group, Inc. (BERY) by Amcor plc (AMCR), for a closing value of $8.43 billion. Under the terms of the agreement, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively. The transaction values Berry’s common stock at $73.59 per share. (Press Release)
2. RCM: The acquisition of R1 RCM Inc. (RCM) by TowerBrook Capital Partners and Clayton, Dubilier & Rice was completed on November 19, 2024. It took 110 days for the deal to be completed.
3. RVNC:  Revance Therapeutics, Inc. (RVNC) announced that the commencement date for the tender offer by Crown Laboratories, Inc. has been further extended to November 26, 2024. The extension allows ongoing discussions between the parties, which may result in further delays, modifications to the terms, or adjustments to the offer price.

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