InsideArbitrage Event Driven Monitor – November 7, 2025
Merger Arbitrage
- FRGE: The acquisition of Forge Global Holdings, Inc. (FRGE) by The Charles Schwab Corporation (SCHW) for a closing value of $660 million. Schwab will acquire all of Forge’s issued and outstanding common shares for $45 cash per common share, representing a premium of 72.28% from the stock’s last close. (Press Release)
- BHF: The acquisition of Brighthouse Financial, Inc. (BHF) by Aquarian Capital LLC for a closing value of $4.1 billion. Each issued and outstanding share of Brighthouse Financial common stock will be entitled to receive $70 in cash, representing a premium of 35.14% from the stock’s last close. (Press Release)
- MTSR: FT reported that Pfizer (PFE) matched Novo Nordisk’s (NVO) offer to buy weight-loss drug start-up Metsera (MTSR) for up to $10 billion. The U.S. drugmaker submitted its sweetened bid, which matched Novo’s offer from Tuesday, valuing Metsera at $86.2 a share. But, Novo Nordisk once again sweetened its bid for obesity biotech Metsera. The value of the new offer could not immediately be established.
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