InsideArbitrage Event Driven Monitor – August 5, 2025

Merger Arbitrage

1. SCS: The acquisition of Steelcase Inc. (SCS) by HNI Corporation (HNI) for a closing value of $2.2 billion. Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase they own, representing the implied per share purchase price of $18.30, which is at a 79.76% premium from the stock’s last close. (Press Release)
2. HLVX: The acquisition of HilleVax, Inc. (HLVX) by XOMA Royalty Corp. (XOMA) for a closing value of $75.36 million. HilleVax stockholders will receive $1.95 in cash per share of HilleVax common stock at the closing of the merger, plus one non-transferable contingent value right (CVR), which represents the right to receive potential payments following the closing of a pro rata portion of: (i) any remaining HilleVax cash in excess of $102.95 million; (ii) between 90 and 100% of certain savings realized by XOMA Royalty following closing on the company’s Boston office lease obligations, including the net proceeds received from the sublease of the premises, and (iii) 90% of any net proceeds received by XOMA Royalty within five years following regulatory approval from any sale, transfer, license or other disposition of any and all remaining norovirus vaccine programs of HilleVax if such disposition or a financing of such program occurs within two years following closing, each pursuant to a contingent value rights agreement. The cash price of $1.95 per share represents a discount of 4.41% from the stock’s last close. (Press Release)
3. LVTX: The acquisition of LAVA Therapeutics N.V. (LVTX) by XOMA Royalty Corp. (XOMA) for a closing value of $30.19 million. XOMA Royalty will acquire LAVA for a base price of $1.16 in cash per share, plus an additional amount of cash of up to $0.08 per share, plus a non-transferable contingent value right (CVR) per share representing the right to receive 75% of the net proceeds related to LAVA’s two partnered assets and 75% of any net proceeds from any out license or sale of LAVA’s unpartnered programs. The base price of $1.16 per share represents a discount of 18.31% from the stock’s last close. (Press Release)

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