InsideArbitrage Event Driven Monitor – February 6, 2025

Merger Arbitrage

1. RVNC: Crown Laboratories and Revance Therapeutics (RVNC) announced that the tender offer to purchase all of Revance’s outstanding shares at $3.65 per share expired on February 4, 2025. The companies expect to consummate the acquisition on February 6, 2025.
2. CDMO: The acquisition of Avid Bioservices (CDMO) by GHO Capital Partners and Ampersand Capital Partners was completed on February 5, 2025. It took 91 days for the deal to be completed.
3. X: Reuters reported that United Steelworkers president David McCall filed a motion to dismiss a lawsuit against him by U.S. Steel (X) and Nippon Steel. McCall filed the motion in the Western District of Pennsylvania, with USW calling U.S. Steel and Nippon’s lawsuit a “frivolous and unsubstantiated attack” on the union for exercising its First Amendment rights.

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