InsideArbitrage Event Driven Monitor – August 26, 2025

Merger Arbitrage

1. VTLE: The acquisition of Vital Energy, Inc. (VTLE) by Crescent Energy Company (CRGY) for a closing value of $3.1 billion. Vital shareholders will receive 1.9062 shares of Crescent Class A common stock for each share of Vital common stock, representing an implied value of $18.95 per share. The stock is at a premium of 20% from its last close. (Press Release)
2. SCPH: The acquisition of scPharmaceuticals Inc. (SCPH) by MannKind Corporation (MNKD) for a closing value of $360 million. MannKind will commence a tender offer to acquire all of the outstanding shares of scPharmaceuticals common stock at a price of $5.35 per share in cash at closing, plus one non-tradable CVR per share to receive certain milestone payments of up to an aggregate of $1 per CVR in cash. The cash payment of $5.35 is at a premium of 10.31% from the stock’s last close. (Press Release)
3. VRNT: The acquisition of Verint Systems Inc. (VRNT) by Thoma Bravo for a closing value of $2 billion. Verint common shareholders will receive $20.50 per share in cash, representing a premium of 0.15% from the stock’s last close. (Press Release)

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