InsideArbitrage Event Driven Monitor – November 8, 2024

Merger Arbitrage

1. FYBR: Frontier Communications (FYBR) issued a statement disagreeing with ISS and Glass Lewis’ recommendation to “Abstain” from voting on its proposed merger with Verizon (VZ). Frontier’s Board believes Verizon’s $38.50 per share all-cash offer is a highly attractive deal; which is the result of an extensive review process, and it is considered superior to all other strategic options, including a standalone path, offering certainty and protection against potential stock decline. Frontier emphasized that abstaining from the vote is effectively a vote against the merger. Should shareholders reject the proposal on November 13, the deal may be terminated without penalty, in which case Frontier will refocus on its standalone strategy. The Board strongly recommends stockholders vote “FOR” the transaction.
2. EVBN: Evans Bancorp, Inc. (EVBN) filed a definitive proxy statement for their acquisition by NBT Bancorp Inc. (NBTB). The special meeting of Evans shareholders will be held on December 20, 2024. The companies anticipate the completion of their merger in the second quarter of 2025.
3. CPRI: Capri’s (CPRI) quarterly earnings report stated that Tapestry (TPR) and Capri had jointly filed a notice of appeal against the District Court’s decision in favor of FTC’s motion for a preliminary injunction.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Only plus or premium subscribers can access this post. Subscribe today.