InsideArbitrage Event Driven Monitor – October 7, 2022
Quick updates on all six event-driven strategies we follow on InsideArbitrage.
Yet another insider purchase at the Biohaven (BHVN) spinoff. This time by the CEO. The “new” Biohaven is now up more than 80% since it started trading two weeks ago, which is unusual for spinoffs.
Merger Arbitrage
- According to The Wall Street Journal, a Delaware judge has postponed the trial, giving both Elon Musk and Twitter (TWTR) until 5 PM on October 28th to close the deal.
- House Speaker Nancy Pelosi Commerce Chairman Frank Pallone (D-NJ) sent a letter to the Federal Trade Commission to express their concerns about the proposed purchase of Tegna (TGNA). In response, Standard General issued a statement regarding its pending acquisition of TEGNA, stating that the proposed TEGNA transaction complies with all FCC rules without the need for any waivers, divestitures, or special treatment.
- Terminix Global Holdings (TMX) shareholders voted to adopt and approve the previously announced agreement for Terminix to be acquired by Rentokil Initial plc.
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