InsideArbitrage Event Driven Monitor – December 5, 2024

Merger Arbitrage

1. CCRN: The acquisition of Cross Country Healthcare, Inc. (CCRN) by Aya Healthcare, for a closing value of $615 million. Under the terms of the agreement, Aya will acquire Cross Country for $18.61 per share in cash. (Press Release)
2. ALTR: Altair Engineering (ALTR) filed the preliminary proxy statement for its acquisition by Siemens AG. On November 15, 2024, both companies filed notifications of the proposed merger with the FTC and DOJ under the HSR Act. The waiting period will expire on December 16, 2024; unless extended. The deal is currently expected to be completed in the second half of 2025.
3. X: Reuters reported that Japan’s Nippon Steel is committed to its acquisition of U.S. Steel (X) and is confident of completing it by year-end, despite strong U.S. opposition including from President-elect Donald Trump. “We will not give up on the deal… There is no global strategy without the U.S.,” Nippon Steel Vice Chairman Takahiro Mori said.

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