InsideArbitrage Event Driven Monitor – March 11, 2025

Merger Arbitrage

1. RDFN: The acquisition of Redfin Corporation (RDFN) by Rocket Companies, Inc. (RKT), for a closing value of $1.75 billion. Under the terms of the agreement, each share of Redfin common stock will be exchanged for a fixed ratio of 0.7926 shares of Rocket Companies Class A common stock in an all-stock transaction, valuing each Redfin share at about $12.50. (Press Release)
2. VRN: The acquisition of Veren Inc. (VRN) by Whitecap Resources Inc., for a closing value of C$15 billion ($10.4 billion). Under the terms of the agreement, Veren shareholders will receive 1.05 common shares of Whitecap for each common share of Veren held, valuing Veren at about $6.84 per share. (Press Release)
3. TSVT: The acquisition of 2seventy bio, Inc. (TSVT) by Bristol-Myers Squibb Company (BMY), for a closing value of $286 million. Under the terms of the agreement, Bristol Myers Squibb will commence a tender offer to acquire all outstanding shares of 2seventy bio for $5.00 per share in an all-cash transaction. (Press Release)

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