InsideArbitrage Event Driven Monitor – March 18, 2025

Merger Arbitrage

1. FBMS: Renasant (RNST) and The First Bancshares (FBMS) announced that they have received all necessary regulatory approvals to complete the proposed merger of The First with and into Renasant. The companies expect to close the merger on April 1, 2025.
2. BECN: QXO (QXO) announced that it is extending its all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply (BECN) to March 18, 2025, from March 14, 2025. QXO also entered a fresh equity raise of $830 million as it aims to clinch the roughly $8 billion deal.
3. X: The U.S. Department of Justice filed on March 14, a motion to extend the briefing deadlines in the CFIUS Litigation by twenty-one days and reschedule the oral argument in the CFIUS Litigation from April 24, 2025, to the week of May 12, 2025. The aim of the extension is to allow the government to complete its ongoing discussions with the parties regarding the acquisition of U.S. Steel (X) by Nippon Steel, and eliminate the companies’ litigation against CFIUS. The companies consented to the motion, which remains subject to court approval.

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