InsideArbitrage Event Driven Monitor – October 20, 2025

Merger Arbitrage

1. LVTX: XOMA Royalty (XOMA) and LAVA Therapeutics (LVTX) announced that they have amended their merger agreement. LAVA shareholders will now receive an initial cash amount per share of $1.04 (as compared to the range between $1.16 and $1.24 that was originally agreed), plus a non-transferable contingent value right (CVR) per share representing the right to receive certain cash payments.
2. SCS: HNI Corporation (HNI) filed Form S-4 for the acquisition of Steelcase (SCS). The companies expect to complete the merger by the end of 2025.
3. MTSR: Metsera (MTSR) filed a definitive proxy statement. The special meeting of shareholders will be held on November 13, 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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