InsideArbitrage Event Driven Monitor – September 9, 2025
Merger Arbitrage
- TRML: The acquisition of Tourmaline Bio, Inc. (TRML) by Novartis AG (NVS) for a closing value of $1.4 billion. A subsidiary of Novartis will commence a tender offer to acquire all of Tourmaline’s outstanding shares for a price of $48 per share in cash, representing a 59.05% premium from the stock’s last close. (Press Release)
- TECK: The acquisition of Teck Resources Limited (TECK) by Anglo American plc (AAUKF) for a closing value of $33.62 billion. Each class A common share and class B subordinate voting share of Teck will be exchanged for 1.3301 ordinary shares of Anglo American, implying a value of $42.20 per share. This represents a 20.19% premium over the stock’s last close. (Press Release)
- AMWD: MasterBrand (MBC) filed Form S-4 for the acquisition of American Woodmark (AMWD). The companies expect to complete the merger in early 2026.
You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.
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