Merger Arbitrage Mondays – May 19, 2014
Merger Activity remained the same 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 Pinnacle Foods (PF) by The Hillshire Brands Company (HSH) for $4.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Pinnacle Foods will receive $18.00 in cash for each share held, along with Hillshire common stock at a fixed exchange ratio of 0.50 Hillshire shares for each Pinnacle share.
- The acquisition of Digital Cinema Destinations (DCIN) by Carmike Cinemas (CKEC) in an all stock deal. Under the terms of the agreement, shareholders of Digital Cinema Destinations will receive 0.1775 shares (subject to certain potential reductions) of Carmike common stock.
- The acquisition of DIRECTV (DTV) by AT&T, Inc. (T) in a stock and cash deal valued at $48.5 billion. Under the terms of the agreement, DIRECTV shareholders will receive $95.00 per share under the terms of the merger, comprised of $28.50 per share in cash and $66.50 per share in AT&T stock. The stock portion will be subject to a collar such that DIRECTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing. If AT&T stock price at closing is between $34.90 and $38.58, DIRECTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value. On account of the collar, we are treating this deal as an all cash deal.
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