InsideArbitrage Event Driven Monitor – August 27, 2025

Merger Arbitrage

1. DRRX: Bausch Health (BHC) announced that the tender offer to acquire DURECT (DRRX) has been extended to September 10, 2025, from September 9, 2025.
2. FL: DICK’S Sporting Goods (DKS) announced that the waiting period under the HSR Act expired on August 25, 2025, for the acquisition of Foot Locker (FL). The merger is expected to close on September 8, 2025.
3. NSC: Canadian Pacific Kansas City (CP) opposed Union Pacific’s (UNP) and Norfolk Southern’s (NSC) proposed merger, saying it will result in a disproportionately large railway whose size and scope will force others to take action. The proposed merger will “trigger permanent restructuring of the industry,” said CPKC CEO Keith Creel.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Only plus or premium subscribers can access this post. Subscribe today.