InsideArbitrage Event Driven Monitor – March 7, 2025
Merger Arbitrage
- WBA: The acquisition of Walgreens Boots Alliance, Inc. (WBA) by Sycamore Partners, for a closing value of $23.7 billion. Under the terms of the agreement, Walgreens Boots Alliance shareholders will receive total consideration consisting of $11.45 per share in cash at closing of the Sycamore transaction and one non-transferable right (a Divested Asset Proceed Right or DAP Right) to receive up to $3.00 in cash per WBA share from the future monetization of WBA’s debt and equity interests in VillageMD, which includes the Village Medical, Summit Health and CityMD businesses. (Press Release)
- SRDX: The Federal Trade Commission sued to block GTCR’s acquisition of Surmodics (SRDX), alleging that the deal, which seeks to combine the two largest manufacturers of critical medical device coatings, is anti-competitive. The FTC charges that private equity firm GTCR’s proposed acquisition of Surmodics would create a combined company controlling more than 50% of the market for outsourced hydrophilic coatings.
- CYTH: Cyclo Therapeutics (CYTH) signed a new loan agreement with Rafael (RFL), under which Cyclo borrowed $2.5 million from Rafael through a convertible promissory note. The loan will mature on March 31, 2025, with an annual interest rate of 5%, payable at maturity.
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