Merger Arbitrage Mondays – November 23, 2015
Merger activity decreased last week with five new deals announced and three 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 Starwood Hotels & Resorts Worldwide (HOT) by Marriott International (MAR) for $12.2 billion in a cash plus stock deal. Under the terms of the agreement,Starwood shareholders will receive 0.92 shares of Marriott International common stock and $2.00 in cash for each share of Starwood common stock. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015. The timeshare transaction should close prior to the Marriott-Starwood merger closing. Since we are treating this deal as a ‘special conditions’ deal, the actual value is likely to fluctuate and hence will be different from what we have entered in the database.
- The acquisition of Airgas (ARG) by Air Liquide for $13.4 billion or $143 per share in cash.
- The acquisition of Fairchild Semiconductor International (FCS) by ON Semiconductor (ON) for $2.4 billion or $20.00 per share in cash.
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