InsideArbitrage Event Driven Monitor – February 11, 2025

Merger Arbitrage

1. PLYA: The acquisition of Playa Hotels & Resorts N.V. (PLYA) by Hyatt Hotels Corporation (H), for a closing value of $2.6 billion. Under the terms of the agreement, Hyatt will acquire all outstanding shares of Playa for $13.50 per share. (Press Release)
2. X: Activist investor Ancora Holdings urged U.S. Steel (X) to terminate its Nippon merger, collect the $565 million breakup fee, end related litigation, and consider Alan Kestenbaum for a shareholder-focused turnaround.
3. AZPN: Emersub CXV, Inc., a wholly owned subsidiary of Emerson Electric (EMR), commenced the tender offer to acquire Aspen Technology (AZPN), for $265 per share. The offer will expire on March 10, 2025.

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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