InsideArbitrage Event Driven Monitor – June 6, 2025

Merger Arbitrage

1. PVBC: The acquisition of Provident Bancorp, Inc. (PVBC) by NB Bancorp, Inc. (NBBK), for a closing value of $211.8 million. Under the terms of the agreement, stockholders of Provident will receive for each share of Provident common stock, at the holder’s election, either 0.691 shares of Needham common stock (Stock Consideration) or $13.00 in cash (Cash Consideration), subject to allocation procedures to ensure that 50% of the shares of Provident common stock will receive the Stock Consideration. The cash consideration represents a 14.34% premium from the stock’s last close. (Press Release)
2. RDFN: Shareholders of Redfin (RDFN) approved the company’s merger with Rocket Companies (RKT) at a special meeting of shareholders held on June 4, 2025. The closing of the merger is expected to occur on July 1, 2025.
3. KRON: Concentra Biosciences revised its CVR estimate to at least $0.29 following Kronos’ (KRON) office lease termination, which is expected to save about $18.2 million. As of June 4, 1.5% of shares were tendered, and the offer expiry was extended to June 18, 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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