InsideArbitrage Event Driven Monitor – November 18, 2025

Merger Arbitrage

1. SEE: The acquisition of Sealed Air Corporation (SEE) by Clayton Dubilier & Rice (CD&R) for a closing value of $10.3 billion. Sealed Air stockholders will receive $42.15 in cash per share, representing a discount of 2.61% from the stock’s last close. (Press Release)
2. AVDL: Avadel Pharmaceuticals (AVDL) announced that, following discussions and negotiations with H. Lundbeck A/S on the terms of its proposal, its Board has determined that the unsolicited proposal that Avadel received from Lundbeck constitutes a “Company Superior Proposal”. The Lundbeck Proposal values Avadel at up to $23 per ordinary share, implying a total equity value of approximately $2.4 billion.
3. EVOK: QOL-EOS Merger Sub, Inc., a wholly owned subsidiary of QOL Medical, commenced the tender offer to acquire Evoke (EVOK) for $11 per share in cash. The offer will expire on December 15, 2025.

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