InsideArbitrage Event Driven Monitor – February 21, 2025

Merger Arbitrage

1. AMED: Bloomberg reported that a trial between the Justice Department and UnitedHealth Group (UNH) over its proposed purchase of Amedisys (AMED) will take place in October 2025, a Maryland federal judge ruled Thursday. But Judge James K. Bredar warned that he couldn’t guarantee he would be able to issue a decision by December 31, the deal’s current deadline.
2. STAF: Staffing 360 (STAF) amended the Credit and Security Agreement with MidCap Funding IV Trust, extending the expiration date of the loan commitment to March 1, 2025. Staffing also signed a Fourth Omnibus Amendment and Reaffirmation Agreement with Jackson Investment Group, extending the maturity dates of the Third Amended and Restated 12% Senior Secured Note and the August 2023 Senior Note, both originally due October 14, 2024, to March 14, 2025.
3. SLRN: Concentra Biosciences submitted a non-binding proposal to acquire 100% of the equity of Acelyrin (SLRN) for $3 per share in cash, plus a contingent value right (CVR) that represents the right to receive 80% of the net proceeds from any out-license or disposition of Acelyrin’s development programs or intellectual property. Concentra has funds available to execute this transaction through an arrangement with Tang Capital Partners, its controlling shareholder, which owns 5.3% of Acelyrin’s common stock.

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