InsideArbitrage Event Driven Monitor – February 19, 2025

Merger Arbitrage

1. GB: The acquisition of Global Blue Group Holding AG (GB) by Shift4 Payments, Inc. (FOUR), for a closing value of $2.5 billion. Under the terms of the agreement, Shift4 intends to acquire Global Blue for $7.50 per common share in cash, through a tender offer and a subsequent statutory squeeze-out merger. (Press Release)
2. X: Reuters reported that Japanese Prime Minister Shigeru Ishiba said the decision by a United States government review board and then-President Joe Biden to block Nippon Steel’s acquisition of U.S. Steel (X) was “unjust political interference.”
3. HEES: H&E Equipment Services (HEES) announced that it received a definitive offer from Herc Holdings (HRI) to acquire all of the outstanding shares of H&E common stock for a combination of cash and Herc common stock, which constitutes a “Superior Proposal”. The combination of cash and stock is equal to approximately $104.59 per share of H&E common stock. H&E notified United Rentals (URI) of the offer from Herc, following which United Rentals notified H&E that it does not intend to submit a revised proposal. At this time, H&E’s board has not terminated the United Rentals Merger Agreement.

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