InsideArbitrage Event Driven Monitor – July 31, 2025

Merger Arbitrage

1. CYBR: The acquisition of CyberArk Software Ltd. (CYBR) by Palo Alto Networks, Inc. (PANW) for a closing value of $25 billion. CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share, representing an implied value of $471.54 per share. The purchase price is at a premium of 8.53% from the stock’s last close. (Press Release)
2. CCRD: The acquisition of CoreCard Corporation (CCRD) by Euronet Worldwide, Inc. (EEFT) for a closing value of $248 million. Euronet will acquire CoreCard in a stock-for-stock merger that values CoreCard at $30 per share of CoreCard common stock, representing a 14.03% premium from the stock’s last close. Each CoreCard share will be exchanged for Euronet shares based on Euronet’s average stock price over the 15 trading days before the deal closes. CoreCard shareholders will receive 0.3142 Euronet shares per CoreCard share if Euronet’s stock price is $95.48 or lower, and 0.2783 shares if the price is $107.80 or higher. If Euronet’s stock price falls between $95.48 and $107.80, the exchange ratio will be calculated by dividing $30 by the average stock price. (Press Release)
3. WNS: WNS (WNS) filed the Scheme Document for its merger with Capgemini. The general meeting is scheduled for August 29, 2025.

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