InsideArbitrage Event Driven Monitor – January 24, 2025

Merger Arbitrage

1. USAP: The acquisition of Universal Stainless & Alloy Products (USAP) by Aperam was completed on January 23, 2025. It took 98 days for the deal to be completed.
2. SPR: Spirit AeroSystems (SPR) and Boeing (BA) amended two existing agreements, the April 2024 MOA and the April 2023 MOA, to restructure Spirit’s repayment obligations for advances received from Boeing. Under the amended April 2024 MOA, Spirit will repay $425 million in six installments between April and September 2026, but if the planned merger between Spirit and Boeing is terminated, the full outstanding amount will be due on April 1, 2026. Similarly, the amended April 2023 MOA requires Spirit to repay $180 million in four installments between October 2026 and December 2027, with the entire amount also becoming due on April 1, 2026, if the merger is terminated.
3. BERY: Amcor (AMCR) and Berry Global (BERY) filed a joint definitive proxy statement for their merger. The special meeting for the shareholders of both companies to approve the transaction is scheduled to be held on February 25, 2025.

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