Merger activity increased last week with four new deals announced and nine pending deals closing. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were five new deals announced in the Deals in the Works section.
|Total Number of Deals Closed in 2017||200|
|Total Number of Deals Not Completed in 2017||11|
|Total Number of Pending Deals|
|Stock & Cash Deals||7|
|Total Number of Pending Deals||72|
|Total Deal Size||$949.59 billion|
- The acquisition of Bonanza Creek Energy (BCEI) by SandRidge Energy (SD) for $746 million in a cash plus stock deal. Under the terms of the agreement, Bonanza Creek shareholders will receive $36.00 per share under the terms of the agreement, comprised of $19.20 per share in cash and $16.80 per share in common shares of SandRidge stock, subject to the collar mechanism.The stock portion will be subject to a collar based on the volume weighted average price of SandRidge common shares over the 20 business days ending on the third business day prior to the closing. If the Average Parent Stock Price is greater than or equal to $17.50 but less than or equal to $21.38, Bonanza Creek shareholders will receive a number of SandRidge shares between 0.7858 and 0.9600 equal to $16.80 in value per Bonanza Creek share. Bonanza Creek shareholders will receive 0.9600 SandRidge common shares if the Average Parent Stock Price is below $17.50 and 0.7858 SandRidge common shares if the Average Parent Stock Price is above $21.38. We have entered this deal as a “Special Conditions” deal in the MAT.
- The acquisition of Almost Family (AFAM) by LHC Group (LHCG) for $1.06 billion in an all stock deal. Under terms of the transaction, Almost Family shareholders will receive 0.9150 shares of LHC Group for each existing Almost Family share.
- The acquisition of Atlantic Coast Financial Corporation (ACFC) by Ameris Bancorp (ABCB) for $145 million in a cash plus stock deal. Under the terms of the definitive merger agreement, each share of Atlantic Coast common stock will be converted into the right to receive 0.17 shares of Ameris common stock and $1.39 in cash.
- The acquisition of JA Solar Holdings (JASO) by JASO Holdings Limited, JASO Parent Limited and JASO Acquisition Limited in a going private transaction. Under the terms of the agreement, each ordinary share of the Company issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive $1.51 in cash without interest, and each American depositary share of the Company, representing 5 Shares, will be cancelled in exchange for the right to receive $7.55 in cash without interest.
- On November 9, 2017, NewStar Financial (NEWS) provided an update regarding the recent developments that could potentially affect the Contingent Value Rights that its shareholders are expected to receive based on the merger agreement with First Eagle Investment Management. The Tax Cuts and Jobs Act released by the House Ways and Means Committee, if enacted in its current form, would eliminate the ability to carryback net operating losses, arising in tax years beginning after 2017, subject to limited exceptions not relevant to the contingent value rights. As a result, if the Tax Bill were enacted as is and the transactions contemplated by the asset purchase agreement were to close in 2018, NewStar would not be able to carryback the losses generated in connection with the closing of the asset sale, and as such, holders of the contingent value rights would not be entitled to any payments thereunder.
- On November 13, 2017, TerraForm Global (GLBL) announced that its stockholders approved the Agreement and Plan of Merger with Orion US Holding, an affiliate of Brookfield Asset Management.
- November 15, 2017: In connection with the previously announced proposed acquisition and subsequent split-off of General Communication (GNCMA) by Liberty Interactive Corporation (LVNTA) on November 7, 2017, the Regulatory Commission of Alaska approved the applications for acquisition of a controlling interest in certain RCA certificates of public convenience and necessity, and on November 8, 2017, the Federal Communications Commission approved the applications for transfer of control and/or assignment of certain FCC licenses and authorizations. The proposed transactions are expected to close in the first quarter of 2018.
- On November 16, 2017, Alamos Gold (AGI) and Richmont Mines (RIC) announced that shareholders of both companies have overwhelmingly voted in favour of the plan of arrangement at their respective special meetings of shareholders. The Transaction is expected to close on November 23, 2017, subject to applicable regulatory approvals and the satisfaction of other customary conditions.
- On November 16, 2017, South State Corporation (SSB) announced today that it has received all necessary regulatory and shareholder approvals for its merger with Park Sterling Corporation (PSTB). The merger is scheduled to close on or around November 30, 2017.
- November 16, 2017, According to Reuters, the U.S. Justice Department has approached 18 state attorneys general to try to win their support for an antitrust lawsuit to block AT&T Inc’s (T) $85.4 billion deal to buy Time (TWX).
- On November 17, 2017, Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NXPI). The tender offer is now scheduled to expire on December 15, 2017, unless extended or earlier terminated.
- November 18, 2017: According to Reuters, Qualcomm (QCOM) is set to win “imminent” Japanese antitrust clearance for its $38-billion bid for NXP Semiconductors (NXPI) and gain Europe’s approval by the end of the year with slight tweaks to its concessions.
- The acquisition of Rice Energy (RICE) by EQT Corporation (EQT) on November 13, 2017. It took 147 days for this deal to be completed.
- The acquisition of CombiMatrix Corporation (CBMX) by Invitae Corporation (NVTA) on November 14, 2017. It took 106 days for this deal to be completed.
- The acquisition of Starwood Waypoint Homes (SFR) by Invitation Homes (INVH) on November 16, 2017. It took 98 days for this deal to be completed.
- The acquisition of Lumos Networks (LMOS) by EQT Infrastructure investment strategy on November 17, 2017. It took 270 days for this deal to be completed.
- The acquisition of Brocade Communications Systems (BRCD) by Broadcom Limited (AVGO) on November 17, 2017. It took 380 days for this deal to be completed.
- The acquisition of Exa Corporation (EXA) by Dassault Systèmes on November 17, 2017. It took 50 days for this deal to be completed.
- The acquisition of Onvia (ONVI) by Project Diamond Intermediate Holdings and Deltek on November 17, 2017. It took 43 days for this deal to be completed.
- The acquisition of State National Companies (SNC) by Markel Corporation (MKL) on November 17, 2017. It took 114 days for this deal to be completed.
- The acquisition of The Advisory Board Company (ABCO) by Optum and Vista Equity Partners on November 17, 2017. It took 80 days for this deal to be completed.
Top 10 deals with largest spreads:
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$3.38||12/31/2017||60.65%||539.94%|
|MGI||01/26/2017||Ant Financial Services Group (N/A)||$18.00||$14.59||12/31/2017||23.37%||208.07%|
|TWX||10/22/2016||AT&T, Inc. (T)||$107.50||$88.72||12/31/2017||21.17%||188.44%|
|NXTM||08/07/2017||Fresenius Medical Care (N/A)||$30.00||$25.99||06/30/2018||15.43%||25.37%|
|SNI||07/31/2017||Discovery Communications, Inc. (DISCK)||$90.00||$80.62||03/31/2018||11.63%||32.42%|
|SXE||11/01/2017||American Midstream Partners, LP (AMID)||$2.04||$1.83||06/30/2018||11.48%||18.87%|
|BCEI||11/15/2017||SandRidge Energy (SD)||$36.00||$32.84||03/31/2018||9.62%||26.81%|
|MON||09/14/2016||Bayer AG (BAYRY)||$128.00||$118.33||01/31/2018||8.17%||41.43%|
|YUME||09/05/2017||RhythmOne plc (RTHM.L)||$3.97||$3.74||03/31/2018||6.28%||17.50%|
|GLBL||03/07/2017||Brookfield Asset Management Inc. (BAM)||$5.10||$4.80||12/31/2017||6.25%||55.64%|
List of all pending deals:
|+||GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||All Cash||$2.7 billion||$5.43||$3.38||3,283,287||12/31/2017||60.65%||539.94%|
|+||MGI||01/26/2017||Ant Financial Services Group (N/A)||All Cash||$1.2 billion||$18.00||$14.59||199,336||12/31/2017||23.37%||208.07%|
|+||TWX||10/22/2016||AT&T, Inc. (T)||Special Conditions||$108.7 billion||$107.50||$88.72||8,439,691||12/31/2017||21.17%||188.44%|
|+||NXTM||08/07/2017||Fresenius Medical Care (N/A)||All Cash||$1.62 billion||$30.00||$25.99||259,552||06/30/2018||15.43%||25.37%|
|+||SNI||07/31/2017||Discovery Communications, Inc. (DISCK)||Special Conditions||$14.6 billion||$90.00||$80.62||1,334,660||03/31/2018||11.63%||32.42%|
|+||SXE||11/01/2017||American Midstream Partners, LP (AMID)||All Stock||$815 million||$2.04||$1.83||56,320||06/30/2018||11.48%||18.87%|
|+||BCEI||11/15/2017||SandRidge Energy (SD)||Special Conditions||$746 million||$36.00||$32.84||689,935||03/31/2018||9.62%||26.81%|
|+||MON||09/14/2016||Bayer AG (BAYRY)||All Cash||$63.5 billion||$128.00||$118.33||936,517||01/31/2018||8.17%||41.43%|
|+||YUME||09/05/2017||RhythmOne plc (RTHM.L)||Cash Plus Stock||$102.36 million||$3.98||$3.74||49,036||03/31/2018||6.40%||17.82%|
|+||GLBL||03/07/2017||Brookfield Asset Management Inc. (BAM)||All Cash||$1.3 billion||$5.10||$4.80||804,047||12/31/2017||6.25%||55.64%|
|+||COL||09/04/2017||United Technologies Corp. (UTX)||Special Conditions||$30 billion||$140.00||$132.27||892,532||09/30/2018||5.84%||6.79%|
|+||CALL||11/09/2017||B. Riley Financial, Inc. (RILY)||All Cash||$143 million||$8.71||$8.275||167,773||06/30/2018||5.26%||8.64%|
|+||WGL||01/25/2017||AltaGas Ltd. (N/A)||All Cash||$6.4 billion||$88.25||$84.32||346,073||06/30/2018||4.66%||7.66%|
|+||NEWS||10/17/2017||First Eagle Investment Management (N/A)||Special Conditions||$3.4 billion||$12.44||$11.90||123,559||12/31/2017||4.54%||40.40%|
|+||XCRA||04/10/2017||an affiliate of Sino IC Capital and Unic Capital Management (N/A)||All Cash||$439.97 million||$10.25||$9.81||193,154||12/31/2017||4.49%||39.93%|
|+||ANCB||04/11/2017||Washington Federal, Inc. (WAFD)||Special Conditions||$63.9 million||$25.75||$24.85||4,300||06/30/2018||3.62%||5.95%|
|+||TRCO||05/08/2017||Sinclair Broadcast Group, Inc. (SBGI)||Cash Plus Stock||$6.6 billion||$42.60||$41.18||1,182,370||12/31/2017||3.45%||30.73%|
|+||HCOM||07/10/2017||Cincinnati Bell (CBB)||Cash Plus Stock||$650 million||$31.30||$30.29||101,151||12/31/2018||3.33%||2.99%|
|+||ACFC||11/17/2017||Ameris Bancorp (ABCB)||Cash Plus Stock||$145 million||$9.35||$9.07||1,380,746||06/30/2018||3.04%||5.00%|
|+||FIG||02/14/2017||SoftBank Group Corp. (SFTBY)||All Cash||$3.3 billion||$8.08||$7.89||1,312,317||12/31/2017||2.41%||21.44%|
|+||AVA||07/19/2017||Hydro One Limited (N/A)||All Cash||$5.3 billion||$53.00||$51.92||282,404||12/31/2018||2.08%||1.87%|
|+||AKRX||04/24/2017||Fresenius Kabi (N/A)||All Cash||$4.75 billion||$34.00||$33.40||1,056,412||03/31/2018||1.80%||5.01%|
|+||OA||09/18/2017||Northrop Grumman Corporation (NOC)||All Cash||$9.2 billion||$134.50||$132.20||539,207||06/30/2018||1.74%||2.86%|
|+||SPA||07/07/2017||Ultra Electronics Holdings (N/A)||All Cash||$308.13 million||$23.50||$23.10||39,960||01/08/2018||1.73%||12.90%|
|+||DEL||10/23/2017||Potlatch Corporation (PCH)||All Stock||$1.18 billion||$96.30||$94.72||139,200||06/30/2018||1.67%||2.74%|
|+||CPN||08/18/2017||Energy Capital Partners (N/A)||All Cash||$17.3 billion||$15.25||$15.01||4,569,309||03/31/2018||1.60%||4.46%|
|+||CSBK||11/02/2017||Kearny Financial Corp. (KRNY)||All Stock||$408 million||$17.21||$16.97||82,421||04/15/2018||1.41%||3.53%|
|+||JASO||11/17/2017||JASO Holdings Limited, JASO Parent Limited and JASO Acquisition Limited (N/A)||All Cash||$677.43||$7.55||$7.45||1,134,849||03/31/2018||1.34%||3.74%|
|+||STRP||05/11/2017||Verizon Communications Inc. (VZ)||Special Conditions||$3.1 billion||$184.00||$181.59||45,973||03/15/2018||1.33%||4.21%|
|+||SBCP||08/14/2017||CenterState Banks, Inc. (CSFL)||All Stock||$176.7 million||$23.00||$22.71||12,738||03/31/2018||1.27%||3.53%|
|+||DYN||10/30/2017||Vistra Energy Corp. (VST)||All Stock||$12.3 billion||$12.49||$12.33||9,293,056||06/30/2018||1.26%||2.08%|
|+||RBPAA||01/30/2017||Bryn Mawr Bank Corporation (BMTC)||All Stock||$127.7 million||$4.44||$4.39||2,718||12/31/2017||1.22%||10.82%|
|+||PBNC||04/27/2017||TowneBank (TOWN)||All Stock||$323.7 million||$56.84||$56.23||4,850||12/31/2017||1.08%||9.64%|
|+||AAAP||10/30/2017||Novartis AG (NVS)||All Cash||$3.9 billion||$82.00||$81.20||326,543||03/31/2018||0.99%||2.75%|
|+||ARCX||08/29/2017||Zenith (N/A)||All Cash||$632.96 million||$16.50||$16.34||452,796||01/31/2018||0.98%||4.96%|
|+||TESO||08/14/2017||Nabors Industries Ltd. (NBR)||All Stock||$157.23 million||$3.94||$3.90||235,201||12/31/2017||0.95%||8.49%|
|+||CBF||05/04/2017||First Horizon National Corp. (FHN)||Cash Plus Stock||$2.2 billion||$40.27||$39.95||293,368||12/31/2017||0.79%||7.03%|
|+||CCC||09/21/2017||Kuraray (N/A)||All Cash||$1.3 billion||$21.50||$21.35||376,315||12/31/2017||0.70%||6.25%|
|+||BKMU||07/20/2017||Associated Banc-Corp (ASB)||All Stock||$482 million||$10.32||$10.25||60,766||03/31/2018||0.66%||1.85%|
|+||BSFT||10/23/2017||Cisco (CSCO)||All Cash||$1.9 billion||$55.00||$54.70||1,342,429||03/31/2018||0.55%||1.53%|
|+||MSFG||07/25/2017||First Financial Bancorp. (FFBC)||All Stock||$1 billion||$37.05||$36.86||26,714||03/31/2018||0.51%||1.41%|
|+||SSNI||09/18/2017||Itron, Inc. (ITRI)||All Cash||$712 million||$16.25||$16.17||1,042,884||03/31/2018||0.49%||1.38%|
|+||EXAC||10/23/2017||TPG Capital (N/A)||All Cash||$625 million||$42.00||$41.80||66,251||03/31/2018||0.48%||1.33%|
|+||OME||10/06/2017||Cooke Inc. (N/A)||All Cash||$520.88||$22.00||$21.90||845,956||01/31/2018||0.46%||2.31%|
|+||ENZY||10/29/2017||Frutarom (N/A)||All Cash||$156.88 million||$11.90||$11.85||8,838||03/31/2018||0.42%||1.18%|
|+||WFBI||05/16/2017||Sandy Spring Bancorp, Inc. (SASR)||All Stock||$489 million||$33.98||$33.85||8,637||12/31/2017||0.39%||3.44%|
|+||BCR||04/23/2017||Becton, Dickinson and Company (BDX)||Cash Plus Stock||$24 billion||$334.78||$333.56||297,237||11/30/2017||0.37%||13.37%|
|+||PMC||08/03/2017||KKR & Co. L.P. Unit (KKR)||All Cash||$1.39 billion||$29.25||$29.15||267,426||05/01/2018||0.34%||0.77%|
|+||BSF||08/22/2017||Arvest Bank (N/A)||All Cash||$391 million||$10.28||$10.25||69,415||03/31/2018||0.29%||0.82%|
|+||ALDW||11/08/2017||Delek US Holdings, Inc. (DK)||All Stock||$778.02 million||$14.56||$14.52||722,875||03/31/2018||0.26%||0.73%|
|+||SNAK||10/26/2017||Utz Quality Foods, LLC (N/A)||All Cash||$165 million||$4.00||$3.99||115,855||12/31/2017||0.25%||2.23%|
|+||XBKS||05/22/2017||Union Bankshares Corporation (UBSH)||All Stock||$701.2 million||$32.31||$32.23||12,768||01/15/2018||0.24%||1.59%|
|+||PLPM||10/26/2017||Fintrax Group (N/A)||All Cash||$184.93 million||$4.50||$4.49||150,567||12/31/2017||0.22%||1.98%|
|+||PSTB||04/27/2017||South State Corporation (SSB)||All Stock||$690.8 million||$12.26||$12.24||77,166||11/30/2017||0.14%||5.07%|
|+||CPLA||10/30/2017||Strayer Education, Inc. (STRA)||All Stock||$820.96 million||$81.46||$81.35||80,751||09/30/2018||0.14%||0.16%|
|+||AFAM||11/16/2017||LHC Group, Inc. (LHCG)||All Stock||$1.06 billion||$61.90||$61.85||417,832||06/30/2018||0.08%||0.13%|
|+||VWR||05/05/2017||Avantor (N/A)||All Cash||$6.4 billion||$33.25||$33.24||1,045,435||12/31/2017||0.03%||0.27%|
|+||RIC||09/11/2017||Alamos Gold Inc. (AGI)||All Stock||$455.53 million||$8.85||$8.85||229,330||11/23/2017||0.00%||0.21%|
|+||RT||10/16/2017||NRD Capital (N/A)||All Cash||$335 million||$2.40||$2.40||2,146,103||03/31/2018||0.00%||0.00%|
|+||SNBC||06/30/2017||OceanFirst Financial Corp. (OCFC)||Cash Plus Stock||$640.73 million||$24.64||$24.70||25,257||01/31/2018||-0.24%||-1.21%|
|+||GIMO||10/26/2017||Elliott Management (N/A)||All Cash||$1.6 billion||$38.50||$38.60||390,028||03/31/2018||-0.26%||-0.72%|
|+||CAA||10/30/2017||Lennar Corporation (LEN)||All Stock||$9.3 billion||$52.12||$52.31||3,336,578||03/31/2018||-0.37%||-1.02%|
|+||FGL||05/24/2017||CF Corporation (CFCO)||All Cash||$1.835 billion||$31.10||$31.25||474,229||12/31/2017||-0.48%||-4.27%|
|+||HSNI||07/06/2017||Liberty Interactive Corporation (QVCA)||All Stock||$2.6 billion||$41.02||$41.25||240,841||12/31/2017||-0.56%||-4.99%|
|+||NMRX||08/02/2017||Sierra Wireless, Inc. (SWIR)||All Stock||$107 million||$3.44||$3.46||12,711||12/31/2017||-0.64%||-5.66%|
|+||BOBE||09/19/2017||Post Holdings, Inc. (POST)||All Cash||$1.53 billion||$77.00||$77.55||216,185||03/31/2018||-0.71%||-1.98%|
|+||BYBK||09/27/2017||Old Line Bancshares, Inc. (OLBK)||All Stock||$128.6 million||$11.61||$11.75||6,357||06/30/2018||-1.18%||-1.95%|
|+||NXPI||10/27/2016||QUALCOMM Incorporated (QCOM)||All Cash||$38 billion||$110.00||$115.50||2,030,576||12/31/2017||-4.76%||-42.39%|
|+||IXYS||08/28/2017||Littelfuse, Inc. (LFUS)||All Cash||$655 million||$23.00||$24.40||113,510||03/31/2018||-5.74%||-15.99%|
|+||SVA||06/26/2017||Sinovac Limited and Sinovac Amalgamation Sub Limited (N/A)||All Cash||$437.59 million||$7.00||$7.79||679,826||12/31/2017||-10.14%||-90.28%|
|+||OCRX||11/02/2017||Mallinckrodt Public Limited Company (MNK)||Special Conditions||$42 million||$1.52||$1.77||203,398||12/31/2017||-14.12%||-125.74%|
|+||GNCMA||04/04/2017||Liberty Ventures (LVNTA)||Special Conditions||$2.68 billion||$32.50||$41.13||73,772||03/31/2018||-20.98%||-58.46%|
Disclaimer: I hold positions in Fortress Investment Group (FIG) and NewStar Financial (NEWS). 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.