InsideArbitrage Event Driven Monitor – March 31, 2025

Merger Arbitrage

1. SLRN: Alumis (ALMS) filed form S-4 for the acquisition of Acelyrin (SLRN). The transaction is expected to be completed in the second quarter of 2025.
2. DFS: Discover Financial Services (DFS) entered into a letter agreement with J. Michael Shepherd, under which Shepherd will continue to serve as Interim CEO and President of the company and Interim President of Discover Bank from April 1, 2025 through the completion of the merger with Capital One Financial (COF) or, if earlier, June 30, 2025. Shepherd will be eligible to earn a one-time cash award of $2.4 million as Merger Completion Bonus, subject to closing on or before June 30, 2025.
3. WMPN: Mid Penn (MPB) and William Penn (WMPN) announced that they have received all required approvals from the applicable bank regulatory agencies to complete the proposed merger of William Penn with and into Mid Penn. The parties intend to close the transaction in the second quarter of 2025.

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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