InsideArbitrage Event Driven Monitor – November 11, 2025
Merger Arbitrage
- THS: The acquisition of TreeHouse Foods, Inc. (THS) by Industrial F&B Investments III Inc. (Investindustrial) for a closing value of $2.9 billion. TreeHouse Foods shareholders will receive $22.5 per share in cash for each share of common stock owned at closing, and one non-transferable Contingent Value Right (CVR) per common share. The CVR will provide holders with an opportunity to receive, on a per unit basis, 85% of net proceeds, if any are recovered, from the ongoing TreeHouse Foods, Inc. et al. v. Green Mountain Coffee Roasters, Inc. et al. litigation. The upfront cash payment of $22.5 per share represents a premium of 18.11% from the stock’s last close. (Press Release)
- MRUS: Genmab (GMAB) announced that its wholly owned subsidiary Genmab Finance LLC intends to offer $1.5 billion of senior secured notes due 2032 and $1 billion of senior unsecured notes due 2033. Genmab intends to use the net proceeds from this offering of the notes to fund the consideration payable for the acquisition of Merus (MRUS).
- MTSR: Pfizer (PFE) CEO Albert Bourla, in an interview with CNBC, said that he thinks Pfizer will end up paying the entire CVR of $20.65 per share for Metsera (MTSR).
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