InsideArbitrage Event Driven Monitor – July 25, 2025
Merger Arbitrage
- CIO: The acquisition of City Office REIT, Inc. (CIO) by MCME Carell Holdings for a closing value of $1.1 billion. Under the terms of the agreement, MCME Carell will acquire all of the issued and outstanding shares of City Office for $7.00 per share of common stock in cash, representing a premium of 25.90% from the stock’s last close. (Press Release)
- SNV: The acquisition of Synovus Financial Corp. (SNV) by Pinnacle Financial Partners, Inc. (PNFP) for a closing value of $8.6 billion. Under the terms of the agreement, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. This exchange ratio represents a Synovus per share value of $61.18, which is a 7.86% premium from the stock’s last close. (Press Release)
- FL: Foot Locker (FL) announced that on July 23, 2025, DICK’S Sporting Goods (DKS) voluntarily withdrew its pre-merger Notification and Report Form filed under the HSR Act, to provide the Federal Trade Commission (FTC) with additional time to review the merger. DICK’S Sporting Goods plans to resubmit its HSR Act Notification and Report Form on July 25, 2025, commencing a new 30-day waiting period under the HSR Act.
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