InsideArbitrage Event Driven Monitor – November 20, 2025

Merger Arbitrage

1. SEMR: The acquisition of Semrush Holdings, Inc. (SEMR) by Adobe Inc. (ADBE) for a closing value of $1.9 billion. Adobe will acquire Semrush in an all-cash transaction for $12 per share, representing a premium of 77.51% from the stock’s last close. (Press Release)
2. AVDL: Alkermes (ALKS) and Avadel Pharmaceuticals (AVDL) announced that the companies have reached agreement on the terms of an increased recommended offer under which Alkermes will acquire Avadel for total consideration of up to $22.5 per share, consisting of $21 in cash and one non-transferable contingent value right (CVR) entitling holders to a potential additional cash payment of $1.5 per share, contingent upon final U.S. Food and Drug Administration (FDA) LUMRYZ Approval for the treatment of idiopathic hypersomnia in adults by the end of 2028. The Increased Offer values Avadel at up to approximately $2.37 billion.
3. VRNT: Shareholders of Verint Systems (VRNT) approved the company’s merger with Thoma Bravo at a special meeting of shareholders held on November 18, 2025.

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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