Merger Arbitrage Mondays – May 12, 2014
Merger Activity decreased last week with three new mergers announced, and one deal closing.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
New Deals:
- The acquisition of SP Bancorp (SPBC) by Green Bank for $46.2 million or $29.55 per share in cash.
- The acquisition of 1st United Bancorp (FUBC) by Valley National Bancorp (VLY) for $312 million in an all stock deal. Under the terms of the agreement, shareholders of 1st United Bancorp will receive 0.89 shares of Valley National Bancorp common stock for each share of 1st United common stock. In the event Valley’s average share price during the 20 business day period ending 5 days prior to closing is less than $8.09, then Valley will increase the 0.89 exchange ratio so that 1st United shareholders receive $7.20 in Valley common stock or $7.20 in Valley common stock and cash for each 1st United share they hold. In the event Valley’s average share price during the 20 business day period ending 5 days prior to closing is greater than $12.13, then Valley will decrease the 0.89 exchange ratio so that 1st United shareholders receive $10.80 in Valley common stock for each 1st United share they hold.
- The acquisition of Chelsea Therapeutics International (CHTP) by H. Lundbeck A/S for $658 million. Under the terms of the agreement, shareholders of Chelsea Therapeutics International will receive $6.44 per share in cash and CVRs that may pay up to $1.50, for a total potential consideration of up to $7.94 per share.
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