InsideArbitrage Event Driven Monitor – December 5, 2025

Merger Arbitrage

1. SNCR: The acquisition of Synchronoss Technologies, Inc. (SNCR) by Lumine Group Inc. for a closing value of $258.4 million. Synchronoss shareholders will receive $9 per share in cash for each share of common stock they own, representing a premium of 69.81% from the stock’s last close. The $9 per share price could be lowered if the company’s transaction expenses exceed a certain threshold. (Press Release)
2. CCRN: Cross Country Healthcare (CCRN) announced the termination of its merger with Aya Healthcare. Aya Healthcare is required to pay Cross Country a termination fee of $20 million. Due to the historic 43-day government shutdown, the expiry of the HSR waiting period was extended day by day while the shutdown persisted. This resulted in an HSR waiting period end date of December 30, 2025, which exceeded the December 3, 2025, termination date of the Merger Agreement, providing Aya with an opportunity to exit the deal.
3. KVUE: Kimberly-Clark (KMB) filed Form S-4 for the acquisition of Kenvue (KVUE). The companies expect to complete the merger in the second half of 2026.

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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