InsideArbitrage Event Driven Monitor – August 13, 2025

Merger Arbitrage

1. SPNS: The acquisition of Sapiens International Corporation N.V. (SPNS) by Advent for a closing value of $2.5 billion. Sapiens shareholders will receive $43.50 per common share in cash, representing a 47.46% premium over the stock’s last close. (Press Release)
2. DRRX: BHC Lyon Merger Sub, Inc., a wholly owned subsidiary of Bausch Health (BHC), commenced the tender offer to acquire DURECT Corporation (DRRX) for $1.75 per share in cash. The offer will expire on September 9, 2025.
3. STRM: The acquisition of Streamline Health Solutions (STRM) by MDaudit was completed on August 12, 2025. It took 75 days for the deal to be completed.

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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