Merger Arbitrage Mondays – April 4, 2016
There was no merger activity last week as no new deals were announced. Three of the pending deals closed.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
Deal Updates:
- On March 28, 2016, China’s Anbang Group again upped its offer to $14 billion, or $82.75 per share to acquire Starwood Hotels & Resorts Worldwide (HOT). Later, on April 1, 2016, Starwood announced that a consortium of companies headed by Chinese insurer Anbang Insurance Group has withdrawn its proposal to acquire Starwood for $82.75 per share and does not aim to make another offer. The withdrawal of the offer by the consortium of companies, which also included J.C. Flowers & Co. and Primavera Capital Limited, was primarily due to concerns related to the market. This announcement paves the way for Marriott International (MAR) to merge with Starwood. The two hoteliers will host their individual shareholder meetings on Apr 8 to vote for the planned merger.
- On March 28, 2016, Origin Technologies, a newly created entity owned by a group of former Affymetrix executives for the purpose of privatizing Affymetrix (AFFX) withdrew their offer to take the company private for $17 per share after Affymetrix decided to stay in favor of an existing bid from Thermo Fisher (TMO).
- On March 28, 2016, Cleco Corporation (CNL) received the final approval by the Louisiana Public Service Commission, for its sale to a group of North American infrastructure investors led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation. The transaction is expected to close in April.
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