InsideArbitrage Event Driven Monitor – May 16, 2025
Merger Arbitrage
- FL: The acquisition of Foot Locker, Inc. (FL) by DICK’S Sporting Goods, Inc. (DKS), for a closing value of $2.5 billion. Under the terms of the agreement, Foot Locker shareholders will elect to receive either $24.00 in cash or 0.1168 shares of DICK’S common stock for each share of Foot Locker common stock. The election is not subject to a minimum or maximum amount of cash or stock consideration. (Press Release)
- NVEE: The acquisition of NV5 Global, Inc. (NVEE) by Acuren Corporation (TIC), for a closing value of $1.7 billion. Under the terms of the agreement, NV5 stockholders will receive $23 per share, comprised of $10 in cash and $13 in Acuren common stock, subject to adjustment based on the 5-day volume-weighted average price (VWAP) of Acuren’s shares. The number of Acuren shares to be issued at closing will be determined using a floating exchange ratio calculated as $13 divided by the 10-day VWAP of Acuren’s stock prior to closing (Closing Price), with a floor of $9.53 and a ceiling of $11.65 per share. If the Closing Price is at or below $9.53, NV5 stockholders will receive 1.3636 Acuren shares per NV5 share. If the Closing Price is at or above $11.65, they will receive 1.1157 Acuren shares per NV5 share. (Press Release)
- HEES: Herc Holdings (HRI) announced the expiration of the waiting period under the HSR Act for its acquisition of H&E Equipment Services (HEES). The deal is expected to close by early June 2025.
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