InsideArbitrage Event Driven Monitor – April 15, 2026

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Merger Arbitrage

1. GSAT: The acquisition of Globalstar, Inc. (GSAT) by Amazon.com, Inc. (AMZN) for a closing value of $11.68 billion. Globalstar stockholders will elect to receive either $90 in cash or 0.3210 shares of Amazon common stock for each share of Globalstar common stock they own, with a cap of $90 per share. The cash consideration is at a premium of 23.47% from the stock’s last close. This consideration is subject to a proration mechanism that caps aggregate cash elections to a maximum of 40% of total Globalstar shares, and automatically converts excess cash consideration into stock consideration on a pro rata basis. The total transaction consideration is also subject to a downward adjustment of a maximum of $110 million in the event Globalstar does not achieve certain operational milestones. In October last year, Bloomberg reported that Globalstar was exploring a potential sale. (Press Release)
2. AVNS: The acquisition of Avanos Medical, Inc. (AVNS) by affiliates of American Industrial Partners for a closing value of $1.27 billion. Avanos stockholders will receive $25 per share in cash for each share of common stock they own, representing a premium of 72.06% from the stock’s last close. (Press Release)
3. APLS: Aspen Purchaser Sub, Inc., a wholly owned subsidiary of Biogen (BIIB), commenced the tender offer to acquire Apellis (APLS) for $41 per share in cash. The offer will expire on May 13, 2026.

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