InsideArbitrage Event Driven Monitor – October 15, 2025

Merger Arbitrage

1. PCH: The acquisition of PotlatchDeltic Corporation (PCH) by Rayonier Inc. (RYN) for a closing value of $4.44 billion. PotlatchDeltic shareholders will receive 1.7339 common shares of Rayonier for each share of common stock of PotlatchDeltic. The exchange ratio represents an implied price of $44.11 per PotlatchDeltic share, which is at a premium of 5.93% from the stock’s last close. (Press Release)
2. ATXS: The acquisition of Astria Therapeutics, Inc. (ATXS) by BioCryst Pharmaceuticals, Inc. (BCRX) for a closing value of $700 million. BioCryst will acquire all outstanding shares of Astria for consideration per share consisting of $8.55 in cash and 0.59 shares of BioCryst common stock, which reflects an implied value of $13 per share of Astria. The total implied price is at a premium of 53.48% from the stock’s last close. (Press Release)
3. TIXT: TELUS International (Cda) (TIXT) announced that independent proxy advisory firm, Institutional Shareholder Services (ISS), has recommended that TELUS Digital shareholders vote FOR the merger with TELUS Corporation (TU).

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