Merger Arbitrage Mondays – November 24, 2014
Merger Activity decreased last week with five new mergers announced and five deals 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 Valley Financial Corporation (VYFC) by BNC Bancorp (BNCN) for $101.3 million. Under the terms of the agreement, shareholders of Valley Financial Corporation will receive a fixed price of $20.50 for each share of Valley common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price (VWAP) of BNC common stock prior to the closing of the merger, subject to minimum and maximum exchange ratios. If the VWAP immediately prior to the merger is greater than or equal to $18.50 then each share of Valley common stock shall be converted into 1.1081 shares of BNC common stock. If the VWAP immediately prior to the merger is less than $14.25, then each share of Valley common stock shall be converted into 1.4386 shares of BNC common stock. We are categorizing this deal as a “special conditions” deal with a fixed price of $20.50.
- The acquisition of Baker Hughes Incorporated (BHI) by Halliburton Company (HAL) in a cash plus stock deal. Under the terms of the agreement, shareholders of Baker Hughes will receive 1.12 Haliburton shares plus $19.00 in cash for each share they own.
- The acquisition of ChyronHego (CHYR) by Vector Capital for $2.82 per share in cash.
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