InsideArbitrage Event Driven Monitor – June 13, 2025

CVAC: The acquisition of CureVac N.V. (CVAC) by BioNTech SE (BNTX), for a closing value of $1.25 billion. Under the terms of the agreement, each CureVac share will be exchanged for about $5.46 in BioNTech ADSs, representing a premium of 34.15% from the stock’s last close. The consideration is subject to a collar mechanism, such that if the 10-day volume weighted average price of the BioNTech ADSs ending on the fifth business day before the closing of the offer (VWAP) exceeds $126.55, the exchange ratio would be 0.04318, and if the VWAP is lower than $84.37, the exchange ratio would be 0.06476. Upon closing of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech. (Press Release)
FARO: FARO Technologies (FARO) filed a definitive proxy statement. The special meeting of shareholders will be held on July 15, 2025.
X: Reuters reported that U.S. President Donald Trump said the United States has a “golden share” in U.S. Steel (X), as part of a deal for Nippon Steel to buy the American company. It was not immediately clear what structural element of the deal Trump was referring to, but he said the share meant that Americans would have a 51% ownership in the American steelmaker.

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