InsideArbitrage Event Driven Monitor – March 20, 2025

Merger Arbitrage

1. PRA: The acquisition of ProAssurance Corporation (PRA) by The Doctors Company, for a closing value of $1.3 billion. Under the terms of the agreement, ProAssurance stockholders will receive $25.00 in cash per share. (Press Release)
2. BECN: WSJ reported that building-products distributor QXO (QXO) has signed a deal for Beacon Roofing Supply (BECN) after months of trying to clinch an agreement. QXO has agreed to pay $124.35 a share for the roofing-and building-products distributor, valuing Beacon at roughly $7.7 billion, or $11 billion including debt.
3. HEES: Herc (HRI) announced that its wholly-owned subsidiary HR Merger Sub Inc. has commenced the tender offer to acquire all of the outstanding shares of H&E Equipment Services (HEES) for $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share. The Offer will expire on April 15, 2025.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

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