InsideArbitrage Event Driven Monitor – June 5, 2025
Merger Arbitrage
- GTLS: The merger between Chart Industries, Inc. (GTLS) and Flowserve Corporation (FLS), for a closing value of $10.71 billion. Under the terms of the agreement, Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. The ratio represents an implied value of $159.90 per share, which is at a discount of 1.05% from the stock’s last close. (Press Release)
- RDFN: Reuters reported that a group of U.S. Senators has demanded that federal antitrust enforcers explain why they did not seek to block Rocket Companies’ (RKT) acquisition of real estate listing platform Redfin (RDFN), saying the deal could raise costs for homebuyers. U.S. senators, including Elizabeth Warren and Cory Booker, the top Democrats on the Senate banking and antitrust committees, wrote to the U.S. Department of Justice and Federal Trade Commission on Wednesday asking why they had not challenged the merger announced in March.
- X: Reuters reported that Mexico’s antitrust watchdog is expected to renew its approval of Nippon Steel’s bid for U.S. Steel (X) as soon as Thursday. Mexican approval of the proposed acquisition, first announced in December 2023, has since expired and must be renewed for the merger to proceed.
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