InsideArbitrage Event Driven Monitor – December 2, 2025

Merger Arbitrage

1. DENN: Denny’s (DENN) filed a definitive proxy statement. The special meeting of shareholders will be held on January 13, 2026.
2. VTLE: Crescent Energy (CRGY) announced that it has commenced an offer to exchange all 7.75% Senior Notes due 2029 issued by Vital Energy (VTLE) for up to $298.21 million of new 7.75% Senior Notes due 2029 issued by CE Finance, and all 9.75% Senior Notes due 2030 issued by Vital Energy for up to $302.36 million aggregate principal amount of new 9.750% Senior Notes due 2030 issued by CE Finance. The Exchange Offers and Consent Solicitations will expire on December 30, 2025.
3. CDTX: Bloomberg reported that Merck (MRK) is selling corporate bonds in as many as eight parts to help fund its acquisition of Cidara Therapeutics (CDTX). The company is marketing the U.S. dollar offering with maturities ranging from three to 40 years.

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