InsideArbitrage Event Driven Monitor – August 4, 2025

PHLT: The acquisition of Performant Healthcare, Inc. (PHLT) by Machinify for a closing value of $670 million. Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction, representing a premium of 118.31% from the stock’s last close. (Press Release)
EM: The acquisition of Smart Share Global Limited (EM) by Mobile Charging Group Holdings Limited for a closing value of $327 million. Smart Share will be acquired by a consortium of investors, which includes Trustar Mobile Charging, Smart Share CEO Mars Guangyuan Cai, President Peifeng Xu, Chief Marketing Officer Victor Yaoyu Zhang, and CFO Maria Yi Xin. Each American Depository Share (ADS) of Smart Share, representing two class A ordinary shares, will be exchanged for $1.25 in cash per ADS. Each outstanding share will be exchanged for $0.625 in cash per share. The purchase price of $1.25 per ADS represents a 7.76% premium from the stock’s last close. (Press Release)
ITOS: Concentra Merger Sub VIII, Inc., a wholly owned subsidiary of Concentra Biosciences, commenced the tender offer to acquire iTeos Therapeutics (ITOS) for $10.047 per share in cash. The offer will expire on August 28, 2025.

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