InsideArbitrage Event Driven Monitor – November 6, 2025

Merger Arbitrage

1. SCS: Steelcase (SCS) filed a definitive proxy statement. The special meeting of shareholders will be held on December 5, 2025.
2. DAY: Dayforce (DAY) announced that two leading independent proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, have both affirmed the Board’s recommendation that stockholders vote “FOR” the merger with Thoma Bravo.
3. MTSR: Bloomberg reported that the FTC warned Novo Nordisk’s (NVO) proposed bid for Metsera (MTSR) may violate premerger review laws under the HSR Act. A Delaware judge denied Pfizer’s (PFE) request to block Novo’s $10 billion bid, saying the claims didn’t justify a delay. WSJ said Pfizer is preparing to sweeten its offer again for Metsera, with a new bid expected Wednesday.

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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