InsideArbitrage Event Driven Monitor – May 20, 2025

Merger Arbitrage

1. TXNM: The acquisition of TXNM Energy, Inc. (TXNM) by Blackstone Inc. (BX), for a closing value of $11.5 billion. Under the terms of the agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash, representing a premium of 15.83% from the stock’s last close. (Press Release)
2. SVT: The acquisition of Servotronics, Inc. (SVT) by TransDigm Group Incorporated (TDG), for a closing value of $110 million. Under the terms of the agreement, a subsidiary of TransDigm will commence a tender offer to acquire all the outstanding shares of Servotronics for $38.50 per share in cash, representing a premium of 274.15% from the stock’s last close. (Press Release)
3. K: Kellanova (K) filed its notification with the European Commission on May 16, 2025. The regulator has set June 25, 2025, as the provisional deadline for its decision on the company’s merger with Mars.

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