InsideArbitrage Event Driven Monitor – July 10, 2025

Merger Arbitrage

1. VRNA: The acquisition of Verona Pharma plc (VRNA) by Merck & Co., Inc. (MRK) for a closing value of $10 billion. Under the terms of the agreement, Merck, through a subsidiary, will acquire Verona Pharma for $107 per American Depository Share (ADS), each of which represents eight Verona Pharma ordinary shares. The per ADS price represents a premium of 23.19% from the stock’s last close. (Press Release)
2. FL: DICK’S Sporting Goods (DKS) filed Form S-4 for the acquisition of Foot Locker (FL). The special meeting of shareholders will be held on August 22, 2025.

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