Merger Arbitrage Mondays – July 3, 2017

Merger activity increased last week with nine new deals announced, six deals closing and a much followed deal failing after a length FTC review process. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

The failure of Rite Aid’s (RAD) acquisition by Walgreens Boots Alliance (WBA) culminated with Walgreens offering a new deal for nearly half of Rite Aid’s stores and paying a termination fee to Rite Aid as discussed in the deal updates section below. The entire saga lasted 20 months. While 96% of all deals announced since 2010 have closed, the 4% of the deals that don’t close can do a lot of damage to a portfolio and it is prudent to avoid deals with large spreads.

With this new deal with Walgreens, shareholders unfortunately don’t have any recourse as the deal is not subject to shareholder approval. The only silver lining is that a leaner less leveraged Rite Aid probably faces better prospects than the current depressed share price appears to indicate provided there are significant changes to the leadership of the company.

There were two new deals announced in the Deals in the Works section.

Deal Statistics:

Total Number of Deals Closed in 2017 106
Total Number of Deals Not Completed in 2017 6
Total Number of Pending Deals
Cash Deals 57
Stock Deals 20
Stock & Cash Deals 13
Special Conditions 7
Total Number of Pending Deals 97
Total Deal Size $817.37 billion

New Deals:

  1. The acquisition of Handy & Harman (HNH) by Steel Partners Holdings (SPLP-PA) for $693.48 million in an all stock deal. Under the agreement, Steel Partners will commence an exchange offer to acquire all the outstanding shares of Handy & Harman’s common stock for 1.484 Series A preferred units of Steel Partners for each Handy & Harman share tendered.
  2. The acquisition of Sinovac Biotech (SVA) in a going private transaction for $437.59 million or $7.00 per share in cash.
  3. The acquisition of First Potomac Realty Trust (FPO) by Government Properties Income Trust (GOV) for $1.4 billion or $11.15 per share in cash.
  4. The acquisition of The Spectranetics Corporation (SPNC) by Philips (PHG) for $2.2 billion or $38.50 per share in cash.
  5. The acquisition of Staples (SPLS) by Sycamore Partners for $6.9 billion or $10.25 per share in cash.
  6. The acquisition of Forestar Group (FOR) by D.R. Horton (DHI) for $367.1 million or $17.75 per share in cash. D. R. Horton is only acquiring 75% of Forestar Group and the company will continue to be listed as a public company. Cash and stock elections will be prorated, as appropriate, such that 75% of the shares of Forestar common stock outstanding before the Merger are converted into the $17.75 per share cash consideration. We are not going to list this deal in the MAT as it is not a true merger arbitrage situation.
  7. The acquisition of West Marine (WMAR) by a wholly owned affiliate of Monomoy Capital Partners for $258 million or $12.97 per share in cash.
  8. The acquisition of Sun Bancorp (SNBC) by OceanFirst Financial (OCFC) for $640.73 million in a cash plus stock deal. Under the terms of the agreement, Sun shareholders will receive 0.7884 shares of OceanFirst common stock and $3.78 in cash per share of Sun common stock. Sun shareholders will have the right to elect to receive stock or cash consideration for their shares, subject to proration, and the merger agreement will include a mechanic whereby the per share cash consideration and the implied value of the stock consideration will be equivalent based on the average OceanFirst share price over the five trading day period ending on the trading day immediately prior to the closing date.
  9. The acquisition of Parkway (PKY) by Canada Pension Plan Investment Board for $1.2 billion or $23.05 per share in cash. The $23.05 per share consideration, which consists of $19.05 per share plus a $4.00 special dividend to be paid prior to closing.

Deal Updates:

  1. On June 26, 2017, at the General Meeting of Shareholders of Syngenta AG (SYT), the 16 shareholders representing 95.11% of the total share capital approved all the motions proposed by the Board of Directors.
  2. On June 26, 2017, Alimentation Couche-Tard has won U.S. antitrust approval to buy rival CST Brands (CST) on condition that it sell up to 71 stores in eight states according to the Federal Trade Commission. Alimentation Couche-Tard, which is still seeking antitrust clearance in Canada, said in a statement that it expected the deal to close on June 28.
  3. On June 27, 2017, Norsat International (NSAT) announced that the previously announced transaction, pursuant to which Hytera Communications will indirectly acquire all of the issued and outstanding shares of Norsat by way of a court-approved plan of arrangement was approved by a final order of the Supreme Court of British Columbia.
  4. On June 28, 2017, Alon USA Energy (ALJ) announced that the stockholders of Alon have approved all proposals related to the previously announced merger transaction pursuant to which Delek US Holdings will acquire all of the outstanding shares of Alon common stock which it does not already own in an all-stock transaction. Alon expects the transaction to close effective as of July 1, 2017.
  5. On June 28, 2017, Consolidated Communications Holdings (CNSL) announced that it has completed pre-close regulatory approval and notification processes in all 17 of FairPoint’s (FRP) operating states and is on track to complete the Consolidated Communications–FairPoint Communications merger. The Company expects to close on the transaction on July 3.
  6. On June 29, 2017, Rite Aid Corporation (RAD) and Walgreens Boots Alliance (WBA) decided to mutually terminate the deal because regulatory approval appeared unlikely. Walgreens will pay Rite Aid a termination fee of $325 million and Walgreens has agreed to acquire 2,186 stores from Rite Aid for $5.175 billion. This new deal does not require shareholder approval.
  7. On June 29, 2017, Forestar (FOR) announced that it has terminated its previously announced merger agreement with Starwood Capital Group and has also cancelled its special meeting of stockholders which was scheduled to be held on July 7, 2017.
  8. On June 29, 2017, Allied World Assurance Company Holdings (AWH) agreed to be acquired by Fairfax Financial Holdings Limited (FFH.TO) in a final exchange offer of $23.00 cash per share and 0.057937 of the latter’s shares. In addition, Allied World will pay a special cash dividend of $5.00 per share, without interest, simultaneously with the payment of the offer consideration. The acquirer announced that it has received all necessary approvals to pursue the transaction.
  9. On July 1, 2017, Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).

Closed Deals:

  1. The acquisition of LMI Aerospace (LMIA) by Sonaca Group on June 27, 2017. It took 130 days for this deal to be completed.
  2. The acquisition of CST Brands (CST) by Alimentation Couche-Tard on June 28, 2017. It took 310 days for this deal to be completed.
  3. The acquisition of Syngenta AG (SYT) by ChemChina on June 28, 2017. It took 511 days for this deal to be completed.
  4. The acquisition of First Community Financial Partners (FCFP) by First Busey Corporation (BUSE) on June 30, 2017. It took 144 days for this deal to be completed.
  5. The acquisition of Alon USA Energy (ALJ) by Delek US Holdings (DK) on July 1, 2017. It took 179 days for this deal to be completed.
  6. The acquisition of ONEOK Partners (OKS) by ONEOK (OKE) on July 1, 2017. It took 150 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) $5.43 $3.77 07/31/2017 44.03% 573.99%
DEST 12/20/2016 Orchestra-Pr�maman S.A. (KAZI.PA) $4.29 $3.24 10/31/2017 32.53% 98.94%
LSCC 11/03/2016 Canyon Bridge Capital Partners, Inc. (N/A) $8.30 $6.66 09/30/2017 24.62% 100.99%
WR 05/31/2016 Great Plains Energy Incorporated (GXP) $60.00 $53.02 11/30/2017 13.16% 32.03%
MON 09/14/2016 Bayer AG (BAYRY) $128.00 $118.36 12/31/2017 8.14% 16.42%
TWX 10/22/2016 AT&T, Inc. (T) $107.50 $100.41 12/31/2017 7.06% 14.24%
SGBK 03/27/2017 Home Bancshares, Inc. (HOMB) $49.00 $46.18 12/31/2017 6.11% 12.31%
WGL 01/25/2017 AltaGas Ltd. (N/A) $88.25 $83.43 06/30/2018 5.78% 5.83%
XCRA 04/10/2017 an affiliate of Sino IC Capital and Unic Capital Management (N/A) $10.25 $9.77 12/31/2017 4.91% 9.91%
TRCO 05/08/2017 Sinclair Broadcast Group, Inc. (SBGI) $42.57 $40.77 12/31/2017 4.41% 8.89%

List of all pending deals:

  Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing
Date
Profit Annu.
Profit
+ GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) All Cash $2.7 billion $5.43 $3.77 3,907,483 07/31/2017 44.03% 573.99%
+ DEST 12/20/2016 Orchestra-Pr�maman S.A. (KAZI.PA) All Stock $100 million $4.29 $3.24 559,807 10/31/2017 32.53% 98.94%
+ LSCC 11/03/2016 Canyon Bridge Capital Partners, Inc. (N/A) All Cash $1.3 billion $8.30 $6.66 234,720 09/30/2017 24.62% 100.99%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $53.02 458,469 11/30/2017 13.16% 32.03%
+ MON 09/14/2016 Bayer AG (BAYRY) All Cash $66 billion $128.00 $118.36 8,209,445 12/31/2017 8.14% 16.42%
+ TWX 10/22/2016 AT&T, Inc. (T) Special Conditions $108.7 billion $107.50 $100.41 4,674,634 12/31/2017 7.06% 14.24%
+ SGBK 03/27/2017 Home Bancshares, Inc. (HOMB) Special Conditions $778.4 million $49.00 $46.18 44,342 12/31/2017 6.11% 12.31%
+ WGL 01/25/2017 AltaGas Ltd. (N/A) All Cash $6.4 billion $88.25 $83.43 608,358 06/30/2018 5.78% 5.83%
+ XCRA 04/10/2017 an affiliate of Sino IC Capital and Unic Capital Management (N/A) All Cash $439.97 million $10.25 $9.77 404,166 12/31/2017 4.91% 9.91%
+ TRCO 05/08/2017 Sinclair Broadcast Group, Inc. (SBGI) Cash Plus Stock $6.6 billion $42.57 $40.77 1,711,532 12/31/2017 4.41% 8.89%
+ MGI 01/26/2017 Ant Financial Services Group (N/A) All Cash $1.2 billion $18.00 $17.25 655,250 12/31/2017 4.35% 8.77%
+ HUN 05/22/2017 CLARIANT N (CLN.VX) All Stock $6.72 billion $26.85 $25.84 6,101,032 12/31/2017 3.91% 7.88%
+ AMFW 03/13/2017 John Wood Group Plc (WG.L) All Stock $4.3 billion $6.25 $6.02 16,580 12/31/2017 3.84% 7.75%
+ SVA 06/26/2017 Sinovac Limited and Sinovac Amalgamation Sub Limited (N/A) All Cash $437.59 million $7.00 $6.75 612,752 12/31/2017 3.70% 7.47%
+ CAB 10/03/2016 Bass Pro Shops (N/A) All Cash $5 billion $61.50 $59.42 1,843,244 09/30/2017 3.50% 14.36%
+ RBPAA 01/30/2017 Bryn Mawr Bank Corporation (BMTC) All Stock $127.7 million $4.36 $4.23 N/A 09/30/2017 2.98% 12.24%
+ HNH 06/26/2017 Steel Partners Holdings L.P. (SPLP-PA) All Stock $693.48 million $32.28 $31.40 19,794 12/31/2017 2.79% 5.63%
+ WFBI 05/16/2017 Sandy Spring Bancorp, Inc. (SASR) All Stock $489 million $35.43 $34.53 37,167 12/31/2017 2.60% 5.24%
+ ASBB 05/01/2017 First Bancorp (FBNC) All Stock $175 million $45.01 $43.95 5,646 12/31/2017 2.42% 4.88%
+ STRP 05/11/2017 Verizon Communications Inc. (VZ) All Cash $3.1 billion $184.00 $179.65 78,891 03/15/2018 2.42% 3.47%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $19.50 $19.05 220,630 07/31/2017 2.36% 30.79%
+ LVLT 10/31/2016 CenturyLink, Inc. (CTL) Cash Plus Stock $34 billion $60.61 $59.30 1,453,732 09/30/2017 2.22% 9.09%
+ XBKS 05/22/2017 Union Bankshares Corporation (UBSH) All Stock $701.2 million $31.71 $31.06 15,170 01/15/2018 2.09% 3.90%
+ SNBC 06/30/2017 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $640.73 million $25.16 $24.65 480,305 01/31/2018 2.07% 3.57%
+ ANCB 04/11/2017 Washington Federal, Inc. (WAFD) Special Conditions $63.9 million $25.75 $25.25 497 09/30/2017 1.98% 8.12%
+ BCR 04/23/2017 Becton, Dickinson and Company (BDX) Cash Plus Stock $24 billion $321.99 $316.11 387,398 11/30/2017 1.86% 4.52%
+ SPLS 06/28/2017 Sycamore Partners (N/A) All Cash $6.9 billion $10.25 $10.07 43,402,012 12/31/2017 1.79% 3.60%
+ CUNB 04/06/2017 PacWest Bancorp (PACW) Cash Plus Stock $705 million $36.79 $36.15 114,743 12/31/2017 1.77% 3.56%
+ SCLN 06/08/2017 a consortium consisting of entities affiliated with GL Capital Management GP Limited, Bank of China Group Investment Limited, CDH Investments, Ascendent Capital Partners and Boying (N/A) All Cash $605 million $11.18 $11.00 782,180 12/31/2017 1.64% 3.30%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.3 billion $51.00 $50.19 1,271,744 09/30/2017 1.61% 6.62%
+ FSBK 06/12/2017 Carolina Financial Corporation (CARO) All Stock $162 million $16.81 $16.54 7,187 12/31/2017 1.61% 3.25%
+ EGAS 10/11/2016 First Reserve Energy Infrastructure (N/A) All Cash $196 million $13.10 $12.900 30,292 12/31/2017 1.55% 3.13%
+ WBKC 06/14/2017 Horizon Bancorp (HBNC) Cash Plus Stock $88.9 million $40.75 $40.15 5,902 10/31/2017 1.50% 4.55%
+ DGI 02/24/2017 MacDonald, Dettwiler and Associates Ltd. (MDA.TO) Cash Plus Stock $3.6 billion $33.78 $33.30 758,497 12/31/2017 1.44% 2.89%
+ AKRX 04/24/2017 Fresenius Kabi (N/A) All Cash $4.75 billion $34.00 $33.54 1,544,003 03/31/2018 1.37% 1.85%
+ PRXL 06/20/2017 Pamplona Capital Management, LLP (N/A) All Cash $5 billion $88.10 $86.91 1,147,451 10/31/2017 1.37% 4.16%
+ CCP 05/07/2017 Sabra Health Care REIT, Inc. (SBRA) All Stock $4.07 billion $27.06 $26.70 1,543,358 09/30/2017 1.36% 5.60%
+ RICE 06/19/2017 EQT Corporation (EQT) Cash Plus Stock $8.2 billion $26.98 $26.63 3,884,508 12/31/2017 1.31% 2.64%
+ ATW 05/30/2017 Ensco plc (ESV) All Stock $1.7 billion $8.26 $8.15 5,716,665 09/30/2017 1.30% 5.33%
+ PBNC 04/27/2017 TowneBank (TOWN) All Stock $323.7 million $53.13 $52.47 10,189 12/31/2017 1.26% 2.54%
+ MBLY 03/13/2017 Intel Corporation (INTC) All Cash $14.7 billion $63.54 $62.80 1,899,680 12/31/2017 1.18% 2.38%
+ CBF 05/04/2017 First Horizon National Corp. (FHN) Cash Plus Stock $2.2 billion $38.54 $38.10 461,869 12/31/2017 1.16% 2.34%
+ FIG 02/14/2017 SoftBank Group Corp. (SFTBY) All Cash $3.3 billion $8.08 $7.99 2,261,952 12/31/2017 1.13% 2.27%
+ BRCD 11/02/2016 Broadcom Limited (AVGO) All Cash $5.5 billion $12.75 $12.61 2,846,780 10/31/2017 1.11% 3.38%
+ PSTB 04/27/2017 South State Corporation (SSB) All Stock $690.8 million $12.00 $11.88 222,216 12/31/2017 0.99% 2.00%
+ GLBL 03/07/2017 Brookfield Asset Management Inc. (BAM) All Cash $1.3 billion $5.10 $5.05 1,628,043 12/31/2017 0.99% 2.00%
+ AF 03/07/2017 Sterling Bancorp (STL) All Stock $2.2 billion $20.34 $20.15 677,026 12/31/2017 0.96% 1.94%
+ WMAR 06/29/2017 a wholly owned affiliate of Monomoy Capital Partners (N/A) All Cash $258 million $12.97 $12.85 2,444,716 09/30/2017 0.93% 3.83%
+ UCP 04/11/2017 Century Communities, Inc. (CCS) Cash Plus Stock $336 million $11.05 $10.95 28,770 09/30/2017 0.88% 3.61%
+ NSAT 03/27/2017 Hytera Project Corp. (N/A) All Cash $62 million $11.50 $11.40 13,097 09/30/2017 0.88% 3.60%
+ OKSB 12/14/2016 Simmons First National Corporation (SFNC) Cash Plus Stock $564.4 million $25.76 $25.55 44,501 09/30/2017 0.81% 3.32%
+ WSTC 05/09/2017 affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (APO) All Cash $5.1 billion $23.50 $23.32 315,250 12/31/2017 0.77% 1.56%
+ WOOF 01/07/2017 Mars, Incorporated (N/A) All Cash $9.1 billion $93.00 $92.31 667,892 09/30/2017 0.75% 3.07%
+ LMOS 02/20/2017 EQT Infrastructure investment strategy (N/A) All Cash $950 million $18.00 $17.87 161,068 09/30/2017 0.73% 2.98%
+ VWR 05/05/2017 Avantor (N/A) All Cash $6.4 billion $33.25 $33.01 640,655 09/30/2017 0.73% 2.98%
+ ARIS 06/21/2017 True Wind Capital Management, LLC (N/A) All Cash $140 million $7.10 $7.05 117,513 09/30/2017 0.71% 2.91%
+ PKY 06/30/2017 Canada Pension Plan Investment Board (N/A) All Cash $1.2 billion $23.05 $22.89 10,255,452 12/31/2017 0.70% 1.41%
+ SWFT 04/10/2017 Knight Transportation, Inc. (KNX) All Stock $3.24 bilion $26.68 $26.50 707,431 09/30/2017 0.66% 2.72%
+ DFT 06/09/2017 Digital Realty Trust, Inc. (DLR) All Stock $7.6 billion $61.56 $61.16 1,431,355 12/31/2017 0.65% 1.31%
+ NXPI 10/27/2016 QUALCOMM Incorporated (QCOM) All Cash $38 billion $110.00 $109.45 2,570,208 12/31/2017 0.50% 1.01%
+ ELOS 04/03/2017 Funds advised by Apax Partners (N/A) All Cash $319.66 million $11.00 $10.95 726,316 07/15/2017 0.46% 13.89%
+ NSR 12/14/2016 private investment group led by Golden Gate Capital (N/A) All Cash $2.9 billion $33.50 $33.35 211,865 09/30/2017 0.45% 1.84%
+ NVET 04/13/2017 Zoetis Inc. (ZTS) All Cash $26.93 million $6.72 $6.69 100 12/31/2017 0.45% 0.90%
+ NUTR 05/22/2017 an affiliate of HGGC (N/A) All Cash $446 million $41.80 $41.6500 45,557 12/31/2017 0.36% 0.73%
+ FPO 06/28/2017 Government Properties Income Trust (GOV) All Cash $1.4 billion $11.15 $11.11 1,012,624 12/31/2017 0.36% 0.73%
+ PTHN 05/15/2017 Thermo Fisher Scientific Inc. (TMO) All Cash $7.2 billion $35.00 $34.88 199,721 12/31/2017 0.34% 0.69%
+ AWH 12/18/2016 Fairfax Financial Holdings Limited (FFH.TO) Cash Plus Stock $4.9 billion $53.07 $52.90 2,624,881 07/31/2017 0.33% 4.27%
+ KCG 04/20/2017 Virtu Financial, Inc. (VIRT) All Cash $1.56 billion $20.00 $19.94 478,859 09/30/2017 0.30% 1.23%
+ PCBK 01/09/2017 Columbia Banking System, Inc. (COLB) All Stock $644.1 million $25.62 $25.55 158,640 07/31/2017 0.29% 3.75%
+ SPNC 06/28/2017 Philips (PHG) All Cash $2.2 billion $38.50 $38.40 4,065,880 09/30/2017 0.26% 1.07%
+ NVDQ 06/19/2017 Stryker Corporation (SYK) All Cash $701 million $11.75 $11.72 1,012,131 09/30/2017 0.26% 1.05%
+ AMRI 06/06/2017 affiliates of The Carlyle Group and GTCR LLC (N/A) All Cash $1.49 billion $21.75 $21.70 1,086,657 09/30/2017 0.23% 0.94%
+ SAJA 04/26/2017 AMPLEXOR International SA (N/A) All Cash 28.5 million $5.83 $5.82 700 07/31/2017 0.17% 2.24%
+ FGL 05/24/2017 CF Corporation (CFCO) All Cash $1.835 billion $31.10 $31.05 362,063 12/31/2017 0.16% 0.32%
+ FRP 12/05/2016 Consolidated Communications Holdings, Inc. (CNSL) All Stock $1.5 billion $15.67 $15.6500 258,654 07/03/2017 0.15% 0.00%
+ PNRA 04/05/2017 JAB (N/A) All Cash $7.5 billion $315.00 $314.64 375,687 09/30/2017 0.11% 0.47%
+ DGAS 02/21/2017 Peoples Natural Gas (N/A) All Cash $227 million $30.50 $30.47 4,416 12/31/2017 0.10% 0.20%
+ KATE 05/08/2017 Coach, Inc. (COH) All Cash $2.4 billion $18.50 $18.49 982,171 09/30/2017 0.05% 0.22%
+ SNOW 04/10/2017 An entity controlled by affiliates of the Aspen Skiing Compan and KSL Capital Partners (N/A) All Cash $1.5 billion $23.75 $23.74 195,201 09/30/2017 0.04% 0.17%
+ GSOL 05/23/2017 Expo Holdings I Ltd. (N/A) All Cash N/A $20.00 $20.00 57,761 12/31/2017 0.00% 0.00%
+ XTLY 05/30/2017 Vista Equity Partners (N/A) All Cash $354.28 million $15.65 $15.65 134,164 09/30/2017 0.00% 0.00%
+ COVS 06/05/2017 Open Text Corporation (OTEX) All Cash $103 million $2.45 $2.4500 32,500 09/30/2017 0.00% 0.00%
+ NAME 06/14/2017 Donuts Inc. (N/A) All Cash $213 million $10.60 $10.6200 22,035 09/30/2017 -0.19% -0.77%
+ NORD 04/25/2017 Canada Pension Plan Investment Board and Baring Private Equity Asia (N/A) All Cash $4.3 billion $32.50 $32.57 1,281,164 08/31/2017 -0.21% -1.33%
+ FCH 04/24/2017 RLJ Lodging Trust (RLJ) All Stock $2.58 billion $7.19 $7.21 574,297 12/31/2017 -0.24% -0.48%
+ WFM 06/16/2017 Amazon.com, Inc. (AMZN) All Cash $13.7 billion $42.00 $42.11 6,192,910 12/31/2017 -0.26% -0.53%
+ CCN 05/29/2017 First Data Corporation (FDC) All Cash $750 million $15.00 $15.05 203,176 09/30/2017 -0.33% -1.36%
+ AIQ 04/11/2017 Tahoe Investment Group Co., Ltd. (N/A) All Cash $682 million $13.25 $13.30 3,271 09/30/2017 -0.38% -1.54%
+ OB 05/02/2017 Intact Financial Corporation (N/A) All Cash $1.7 billion $18.10 $18.23 128,982 12/31/2017 -0.71% -1.44%
+ VTTI 05/08/2017 VTTI B.V. (N/A) All Cash $1.59 billion $19.50 $19.65 392,016 09/30/2017 -0.76% -3.13%
+ ENOC 06/22/2017 Enel Green Power North America, Inc. (N/A) All Cash $300 million $7.67 $7.75 351,268 09/30/2017 -1.03% -4.23%
+ ZPIN 04/06/2017 SEEK International Investments Pty Ltd. (N/A) All Cash $678.59 million $18.20 $18.53 194,176 12/31/2017 -2.05% -4.14%
+ MSLI 05/11/2017 Norgine B.V. (N/A) All Cash $342 million $1.20 $1.26 3,550 09/30/2017 -4.76% -19.53%
+ GNCMA 04/04/2017 Liberty Ventures (LVNTA) Special Conditions $2.68 billion $32.50 $36.64 208,830 07/31/2017 -11.30% -147.29%
+ INNL 04/04/2017 Gurnet Point L.P. (N/A) Special Conditions $209 million $1.75 $2.28 19,953 07/31/2017 -23.25% -303.02%
+ RAI 01/17/2017 British American Tobacco p.l.c. (BTI) Cash Plus Stock $49.4 billion $47.47 $65.04 3,714,471 09/30/2017 -27.02% -110.81%
+ ANGI 05/02/2017 IAC/InterActiveCorp (IAC) Special Conditions $331.67 million $8.50 $12.79 288,150 12/31/2017 -33.54% -67.64%

Disclaimer: I hold positions in Staples (SPLS), Whole Foods (WFM), Cabela’s (CAB), Rite Aid (RAD) 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.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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