InsideArbitrage Event Driven Monitor – January 10, 2025
We initially did not plan to publish the Event Driven Monitor today due to the markets and SEC being closed yesterday. However, given the numerous new M&A updates, we decided to proceed with publication.
Merger Arbitrage
- SMAR: The European Commission announced that they have approved the acquisition of Smartsheet Inc. (SMAR) by Blackstone Inc. (BX) and Vista Equity Partners under the EU Merger Regulation. The Commission concluded that the proposed transaction would not raise competition concerns, given the companies’ limited combined market position.
- SUM: Summit Materials (SUM) announced the expiration of the waiting period under the amended Competition Act (Canada) for its acquisition by Quikrete Holdings. The Merger is anticipated to close in the first quarter of 2025.
- ARCH: Arch Resources (ARCH) and Consol Energy Inc. (CEIX) announced that their shareholders have approved all proposals related to the pending merger of the two companies. The transaction is expected to close on January 14, 2025. Post-completion, the combined company will be renamed “Core Natural Resources, Inc.” and its common stock is expected to begin trading on the NYSE under the symbol “CNR” on January 15, 2025.
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