Merger Arbitrage Mondays – May 11, 2015
Merger activity increased last week with seven new deals announced and four 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 PMFG (PMFG) by CECO Environmental (CECE) for approximately $150 million in a cash or stock deal. PMFG’s shareholders may elect to exchange each share of PMFG common stock for either $6.85 in cash or shares of CECO common stock having an equivalent value based on the volume weighted average trading price of CECO common stock for the 15 trading day period ending on the trading day immediately preceding the closing of the merger, subject to a collar. Elections are subject to proration such that PMFG‘s outstanding shares will be exchanged for approximately 55% of CECO common stock and 45% cash. We have entered this deal as a “special conditions” deal with a value of $6.85 because the amount of CECO stock PMFG’s shareholders will receive remains uncertain at this time.
- The acquisition of Cyan (CYNI) by Ciena Corporation (CIEN) for approximately $400 million in a stock and cash deal. Under the terms of the agreement, shareholders of Cyan will receive consideration equal to 0.224 shares of Cienna common stock. 89% of the consideration will be delivered in Ciena common stock and 11% will be delivered in cash based on the value of Ciena common stock at closing. We are treating this as an all stock deal with a 0.224 exchange ratio.
- The acquisition of Borderfree (BRDR) by Pitney Bowes for $395 million or $14 per share in cash.
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