Merger arbitrage
Vynt reads the full DEF 14A, extracts every term that can break your trade, and tracks the deal timeline to close — in under 90 seconds.
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90-second workflow
Merger arbitrage workflow demo: Vynt reads the full DEF 14A in under 90 seconds, extracting deal price, termination fee, reverse break fee, outside date, matching rights, regulatory conditions (HSR, CFIUS, EU), and MAE carve-outs — all with page-level citations from the source document.
From announcement through HSR clearance, shareholder vote, and close — Vynt maps every regulatory condition in the proxy to a live milestone, so the spread you model always reflects the deal's actual state.
DEF 14A · Proxy Statement
Announce → HSR → shareholder vote → close, tracked against the outside date
Deal price
$95.00 / share (cash)
Deal value
~$68.7B
Termination fee (seller)
$2.27B
Extracted from filing in <90s · All fields cited to source page
Extracts every material deal term from DEF 14A and DEFM14A filings: deal price, termination fee, reverse break fee, outside date, matching rights, regulatory conditions, go-shop period, and MAE definition — with section-level citations.
90-second latency from EDGAR filing to notification. Covers deal amendments (Item 1.01), regulatory determinations (Item 8.01), and any 8-K in your deal watchlist. Alert includes item classification and key changed terms.
Tracks HSR waiting periods, CFIUS review timelines, and EU Phase I/II windows against the outside date. Each regulatory condition from the proxy maps to a tracked milestone that updates as clearance filings arrive.
Annualized return calculation from deal price, current spread, and outside date. Break scenario modeled from target standalone value and termination fee. Saphira Excel add-in keeps all values live as new filings update the terms.
Every proxy filing is parsed into a structured, citation-linked output — deal economics, regulatory conditions, and legal provisions — sourced directly from the document, with page references.
Every required regulatory approval — HSR, CFIUS, EU Phase I/II — mapped to a tracked milestone from the proxy.
MAE definition and carve-outs extracted verbatim with section references for legal review.
Termination fee, reverse break fee, and specific performance rights surfaced with exact contractual language.
DEF 14A · Proxy Statement
Activision Blizzard ← Microsoft
Deal price
$95.00 / share (cash)
Deal value
~$68.7B
Termination fee (seller)
$2.27B
Reverse break fee (buyer)
$3.0B
Outside date
April 18, 2023 (ext. Oct 18, 2023)
Matching rights
3 business days
Required approvals
HSR · CMA (UK) · EU Commission
Go-shop period
None
Extracted from 312-page proxy in 83s
Answers for merger arb practitioners
The spread is the reward. The proxy is where the risk lives. Vynt reads the proxy in 60 seconds, alerts you within 90 seconds of any deal event, and tracks every milestone from announcement to close.
