InsideArbitrage Event Driven Monitor – July 30, 2025

Merger Arbitrage

1. NSC: The acquisition of Norfolk Southern Corporation (NSC) by Union Pacific Corporation (UNP) for a closing value of $85 billion. Under the terms of the agreement, Norfolk Southern shareholders will receive 1 Union Pacific common share and $88.82 in cash for each share of Norfolk Southern, representing an implied value of $320 per share. The purchase price is at a 11.72% premium from the stock’s last close. (Press Release)
2. GTLS: Chart Industries (GTLS) announced that it has terminated its merger agreement with Flowserve (FLS). Flowserve will receive a $266 million termination payment.
3. GTLS: The acquisition of Chart Industries, Inc. (GTLS) by Baker Hughes Company (BKR) for a closing value of $13.6 billion. Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash, representing a premium of 22.34% from the stock’s last close. (Press Release)

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