InsideArbitrage Event Driven Monitor – January 20, 2025

Merger Arbitrage

1. RVNC: Crown proposed non-binding amendments to its merger agreement with Revance (RVNC), offering a higher price of $3.65 per share and increased termination fees. The proposal, pending approval by both boards, expires on January 17, 2025.
2. CFB: First Busey (BUSE) announced it received the approval of the Federal Reserve to acquire CrossFirst Bankshares (CFB). Busey and CrossFirst intend to close the holding company merger on March 1, 2025, subject to approval from the Illinois Department of Financial and Professional Regulation.
3. ALTM: Reuters reported that Anglo-Australian mining giant Rio Tinto (RIO) plans to create a standalone lithium division after it closes its acquisition of Arcadium Lithium (ALTM). The new business, Rio Tinto Lithium, will assume control of Rio’s $2.5 billion Rincon project in Argentina but not its Jadar lithium project in Serbia.

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.