InsideArbitrage Event Driven Monitor – March 8, 2024

Merger Arbitrage

1. SDPI: The acquisition of Superior Drilling Products, Inc. (SDPI) by Drilling Tools International Corp. (DTI) for $32.3 million in a cash plus stock deal. Under the terms of the agreement, each common share of  Superior Drilling Products will be exchanged for 0.313 shares of Chord common stock and $1.00 per share in cash.
2. ASTR: The acquisition of Astra Space (ASTR) by Chris Kemp, Astra’s Co-founder, CEO and Chairman, and Dr. Adam London, Astra’s Co-founder, CTO and Director for $15.11 million or $0.50 per share in cash.
3. CPRI: Tapestry (TPR) filed with the European antitrust regulator for its planned acquisition of Capri Holdings (CPRI). The European Commission has set a provisional deadline for April 15, 2024.

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