InsideArbitrage Event Driven Monitor – November 10, 2025

Merger Arbitrage

1. GIFI: The acquisition of Gulf Island Fabrication, Inc. (GIFI) by IES Holdings, Inc. (IESC) for a closing value of $192 million. IES will pay $12 in cash per Gulf Island share, representing a premium of 52.48% from the stock’s last close. (Press Release)
2. MTSR: Metsera (MTSR) announced that it has entered into an amended merger agreement with Pfizer (PFE), under which Pfizer will acquire Metsera for up to $86.25 per share, consisting of $65.6 per share in cash and a contingent value right (CVR) entitling holders to additional payments of up to $20.65 per share in cash. The Metsera Board believes the updated deal is the best option for shareholders because it offers good value and a strong chance of being completed, following contact with the U.S. Federal Trade Commission (FTC), which raised concerns about potential antitrust issues with the deal proposed by Novo Nordisk (NVO).
3. GTLS: Chart Industries (GTLS) announced that the waiting period under the HSR Act expired on November 6, 2025. Both parties continue to expect the merger to close in mid-year 2026.

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