InsideArbitrage Event Driven Monitor – June 2, 2025

Merger Arbitrage

1. BPMC: The acquisition of Blueprint Medicines Corporation (BPMC) by Sanofi (SNY), for a closing value of $9.1 billion. Under the terms of the agreement, Sanofi will commence a cash tender offer to acquire all outstanding shares of Blueprint for $129 per share in cash, representing a 27.28% premium on the stock’s last close. In addition, Blueprint’s shareholders will receive one non-tradeable CVR per Blueprint share with two potential milestone payments; $2 per share, conditioned upon the achievement of a clinical development milestone for BLU-808, and $4 per share, conditioned upon the achievement of a regulatory milestone for BLU-808. (Press Release)
2. BLUE: Carlyle (CG) and SK Capital announced that the tender offer to acquire all of the outstanding common stock of bluebird bio (BLUE) expired on May 29, 2025. Equiniti Trust advised Beacon Merger Sub that as of May 29, a total of 5.87 million shares, representing about 59.8% of the outstanding shares of common stock of bluebird, were validly tendered.
3. HEES: Herc (HRI) and H&E Equipment (HEES) announced the expiration of their tender offer on May 29, 2025. The Depository and Paying Agent advised Herc that as of May 29, a total of 25.37 million H&E Shares were validly tendered, representing about 69.33% of the outstanding H&E Shares.

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