Merger Arbitrage Mondays – April 18, 2016
Merger activity decreased last week with two new deals announced and four closing.
With anywhere from 80 to 100 active deals, it can get challenging to stay on top of all of them. One of the advantages of sharing information with investors that follow this strategy is the feedback we receive from time to time that helps us stay on top of updates to deals. I am thankful to several investors who have reached out over the last few weeks to help us update some closing dates or to notify us of deals we might have otherwise missed.
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 Hatteras Financial (HTS) by Annaly Capital Management (NLY) for $1.5 billion in a cash or stock deal. Under the terms of the agreement, Hatteras shareholders may elect to receive: (a) $5.55 in cash and 0.9894 shares of Annaly common stock; (b) $15.85 in cash (the “Cash Consideration Option”); or (c) 1.5226 shares of Annaly common stock (the “Stock Consideration Option”). Hatteras shareholders who elect the Cash Consideration Option or Stock Consideration Option will be subject to proration, in each of the exchange offer and the subsequent second step merger, so that the aggregate consideration will consist of approximately 65% of Annaly’s common stock and approximately 35% in cash.
- The acquisition of Polycom (PLCM) by Mitel Networks Corporation (MITL) for $1.96 billion in a cash plus stock deal. Under the terms of the agreement, Polycom stockholders will be entitled to $3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock.
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