InsideArbitrage Event Driven Monitor – July 1, 2025
Merger Arbitrage
- GMS: The acquisition of GMS Inc. (GMS) by Home Depot, Inc. (HD), for a closing value of $5.5 billion. GMS entered into a definitive agreement with The Home Depot to be acquired by its specialty trade distribution subsidiary, SRS Distribution. Under the terms of the agreement, a subsidiary of SRS will commence a cash tender offer to purchase all outstanding shares of GMS common stock for $110.00 per share, representing a premium of 13.02% from the stock’s last close. (Press Release)
- BGFV: The acquisition of Big 5 Sporting Goods Corporation (BGFV) by Worldwide Golf and Capitol Hill Group, for a closing value of $112.7 million. Under the terms of the agreement, Big 5 stockholders will receive $1.45 per share in cash, representing a premium of 21.85% from the stock’s last close. (Press Release)
- SPR: The UK’s Competition and Markets Authority (CMA) launched a merger inquiry into the acquisition of Spirit AeroSystems (SPR) by Boeing (BA). The deadline for the CMA to announce its decision on whether to refer the merger for a phase 2 investigation is set for August 28, 2025.
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