InsideArbitrage Event Driven Monitor – December 11, 2024

Merger Arbitrage

1. ML: The acquisition of MoneyLion Inc. (ML) by Gen Digital Inc. (GEN) for $1 billion in a special conditions transaction. Under the terms of the agreement, Gen plans to acquire MoneyLion for $82.00 per share in cash at closing. Additionally, MoneyLion shareholders will receive one contingent value right (CVR) per share, allowing for an extra payment of $23.00 in Gen shares if Gen’s stock averages at least $37.50 for 30 consecutive trading days between December 10, 2024, and 24 months after the deal closes, though this payment is not guaranteed. (Press Release)
2. K: Bloomberg reported that Mars is seeking to raise at least $1 billion through the sale of private debt ahead of its acquisition of food maker Kellanova (K). The US confectioner is in talks with institutional investors, including insurers and asset managers, who may be interested in the high-grade debt.
3. AY: Atlantica Sustainable (AY) announced that the High Court of Justice of England and Wales has approved the acquisition of Atlantica by Energy Capital Partners, at a hearing held earlier today.

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