InsideArbitrage Event Driven Monitor – May 1, 2025

RGLS: The acquisition of Regulus Therapeutics Inc. (RGLS) by Novartis AG (NVS), for a closing value of $800 million. Under the terms of the agreement, Novartis, through a subsidiary, will initiate a tender offer to acquire all of Regulus’ outstanding shares for a price of $7 per share in cash at closing, plus a non-tradeable CVR for an additional $7 per share in cash, payable upon the achievement of a specified milestone with respect to regulatory approval of farabursen. Total consideration, including the CVR, if the milestone is achieved, would be about $1.7 billion. (Press Release)
HEES: Herc (HRI) extended the tender offer to acquire H&E Equipment (HEES) to May 13, 2025, from April 29, 2025. Computershare Trust Company advised Herc that as of April 29, 2025, 18.98 million H&E shares have been validly tendered, representing about 51.76% of the outstanding H&E shares, and an additional 457,173 H&E shares were tendered pursuant to guaranteed delivery procedures, representing an additional approximate 1.25% of the outstanding H&E shares.
DNB: Bloomberg reported that Ares Management (ARES) has begun reaching out to other lenders to participate in a $5.5 billion financing to support Clearlake Capital’s buyout of Dun & Bradstreet (DNB) in what would be one of the largest private credit deals ever arranged. The package under discussion consists of a $5 billion funded term loan and a $500 million revolver.

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