InsideArbitrage Event Driven Monitor – June 30, 2025
Merger Arbitrage
- TSBX: The acquisition of Turnstone Biologics Corp. (TSBX) by XOMA Royalty Corp. (XOMA), for a closing value of $7.92 million. Under the terms of the agreement, XOMA Royalty will acquire Turnstone for $0.34 in cash per share of Turnstone common stock plus one non-transferable contingent value right (CVR). The cash consideration of $0.34 represents a premium of 3.03% from the stock’s last close. XOMA Royalty will commence a tender offer by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. (Press Release)
- AZEK: Shareholders of the AZEK Company (AZEK) approved the company’s merger with James Hardie (JHX) at a special meeting of shareholders. The deal is expected to close on July 1, 2025.
- HONE: HarborOne Bancorp (HONE) filed a definitive proxy statement. The merger is expected to be completed during the fourth quarter of 2025.
You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.
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