InsideArbitrage Event Driven Monitor – October 23, 2025

Merger Arbitrage

1. AVDL: The acquisition of Avadel Pharmaceuticals plc (AVDL) by Alkermes plc (ALKS) for a closing value of $2.1 billion. Alkermes will acquire all outstanding ordinary shares of Avadel for $18.5 per share, payable in cash at closing, representing a premium of 3.53% from the stock’s last closing. In addition, Alkermes will provide Avadel shareholders with a non-transferable contingent value right (CVR) entitling holders to a potential additional cash payment of $1.5 per share, contingent upon final FDA approval of LUMRYZ for the treatment of idiopathic hypersomnia in adults by the end of 2028. (Press Release)
2. MBCN: The acquisition of Middlefield Banc Corp. (MBCN) by Farmers National Banc Corp. (FMNB) for a closing value of $299 million. Each share of Middlefield common stock outstanding will be converted into the right to receive 2.6 shares of Farmers common stock. The proposed transaction is valued at roughly $36.17 per Middlefield share, which is at a premium of 26.42% from the stock’s last close. (Press Release)
3. DAY: Dayforce (DAY) announced that the HSR Waiting Period expired on October 20, 2025. As of October 20, 2025, the conditions of the merger in respect of the Competition Act (Canada) were also met.

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