Merger activity remained the same with five new deals announced and four deals closing. You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
We are very excited to release a new feature this week called Merger Arbitrage News that displays latest news from various sources as well as latest SEC filings for all active deals. Users who have logged in can filter the news and filings for just the companies they are interested in instead of seeing all news and filings. We hope to continue enhancing this feature by adding more news sources and fine tuning the types of SEC filings that are displayed.
Given below is a screenshot of this feature in action with news and SEC filings displayed for some of the six deals I am invested in. I would love to hear from you if you have any thoughts or suggestions about this new feature.
The acquisition of FBR & Co. (FBRC) by B. Riley Financial (RILY) for $160.1 million in an all stock deal. Under the terms of the agreement, FBR shareholders will receive .671 shares of B. Riley common stock and an anticipated pre-closing cash dividend of $8.50 per share assuming sufficient funds are available for distribution.
The acquisition of DigitalGlobe (DGI) by MacDonald, Dettwiler and Associates (MDA.TO) for $3.6 billion in a cash plus stock deal. Under the terms of the agreement, each DigitalGlobe common share will be exchanged for US$17.50 in cash and 0.3132 MDA common shares, representing a per share value of US$17.50 based on MDA’s unaffected closing share price of C$73.40 on the Toronto Stock Exchange (TSX) on February 16, 2017.
Deal Updates:
On February 20, 2017, InterOil Corporation (IOC) announced that the Supreme Court of Yukon had granted a final order approving the arrangement between InterOil and Exxon Mobil Corporation (XOM). We updated the closing date for this deal to February 27, 2017.
On February 21, 2017, Caesars Entertainment Corporation (CZR) and Caesars Acquisition Company (CACQ) announced that they have amended the terms of their proposed merger. Under the terms of the Merger Agreement, as amended, Caesars Acquisition stockholders will receive 1.625 shares of Caesars Entertainment for each Caesars Acquisition share they own, subject to anti-dilution adjustments in certain circumstances set forth in the Merger Agreement, as amended. Closing of the merger is subject to regulatory and stockholder approval, receipt of certain tax opinions and other customary closing conditions.
On February 23, 2017, Time Warner (TWX) said it plans to sell a broadcast station in Atlanta to Meredith (MDP) for $70 million, which could help speed the company’s planned merger with AT&T Inc (T).
On February 23, 2017, Mentor Graphics (MENT) and Siemens Industry, received clearance by the Korea Fair Trade Commission under the Monopoly Regulation and Fair Trade Act to complete the pending acquisition of the Company by Parent pursuant to the Agreement and Plan of Merger.
On February 23, 2017, China National Chemical Corporation extended until April 28 its $43 billion tender offer for Swiss pesticides and seeds group Syngenta (SYT).
On February 23, 2017, Canadian Imperial Bank of Commerce (CM) said that it would be “disciplined” in assessing whether to raise its C$3.8 billion ($2.9 billion) offer for Chicago-based PrivateBancorp (PVTB) and could buy back shares if the deal collapses.
On February 24, 2017, Qunar Cayman Islands Limited (QUNR) announced that, at an extraordinary general meeting, the Company’s shareholders voted in favor of, among others, the proposal to authorize and approve the previously announced agreement and plan of merger by and among the Company, Ocean Management Holdings Limited and Ocean Management Merger Sub Limited.
February 27, 2017: We have updated the Trina Solar (TSL) deal to take into account the 7 cents ADR delisting fees.
Disclaimer: I hold positions in WhiteWave Foods (WWAV), Rite Aid (RAD), Syngenta (SYT), Valspar (VAL), Trina Solar (TSL) and Fortress Investment Group (FIG). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
