InsideArbitrage Event Driven Monitor – December 9, 2025

Merger Arbitrage

1. CFLT: The acquisition of Confluent, Inc. (CFLT) by International Business Machines Corporation (IBM) for a closing value of $11 billion. IBM will acquire all of the issued and outstanding common shares of Confluent for $31 per share in cash, representing a premium of 33.97% from the stock’s last close. (Press Release)
2. DVS: The acquisition of Dolly Varden Silver Corporation (DVS) by Contango Ore, Inc. (CTGO) for a closing value of $495.3 million. Contango will acquire all of the issued and outstanding common shares of Dolly Varden at an exchange ratio of 0.1652 of a share of voting common stock of Contango for each DV Share held. The exchange ratio values Dolly Varden at about $4.33 per share, representing a discount of 7.45% from the stock’s last close. (Press Release)
3. ALEX: The acquisition of Alexander & Baldwin, Inc. (ALEX) by a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate (BX) and DivcoWest for a closing value of $2.3 billion. Alexander & Baldwin shareholders will receive $21.2 per share in cash for each share of A&B common stock they own, representing a 40.03% premium from the stock’s last close. (Press Release)

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