InsideArbitrage Event Driven Monitor – December 6, 2024

Merger Arbitrage

1. SMAR: Alamar Capital urges fellow Smartsheet (SMAR) stockholders to vote against the recently proposed $8.4 billion acquisition by private equity firms, Vista Equity Partners and Blackstone (BX), due to an undervalued offer that fails to reflect the company’s true potential.
2. EVRI: Hector Fernandez will become the CEO of the combined enterprise formed by the acquisition of IGT Gaming and Everi (EVRI) by Apollo Funds (APO). Fernandez will join the combined enterprise by the fourth quarter of 2025.
3. RVNC: Revance Therapeutics (RVNC) has announced another extension of the deadline for Crown Laboratories, Inc. to commence their tender offer. The deadline has now moved to December 9, 2024. Further delays or changes to the merger terms, including the offer price, remain possible.

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

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