Merger Activity increased last week with five new deals announced and two deals closing. You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
|Total Number of Deals Closed in 2016||183|
|Total Number of Deals Not Completed in 2016||16|
|Total Number of Pending Deals|
|Stock & Cash Deals||11|
|Total Number of Pending Deals||92|
|Total Deal Size||$1221.22 billion|
- The acquisition of Everyday Health (EVDY) by j2 Global (JCOM) for $465 million or $10.50 per share in cash.
- The acquisition of Time Warner (TWX) by AT&T (T) for $108.7 billion in a cash plus stock deal. Under the terms of the agreement, Time Warner shareholders will receive $107.50 per share under the terms of the merger, comprised of $53.75 per share in cash and $53.75 per share in AT&T stock. The stock portion will be subject to a collar such that Time Warner shareholders will receive 1.437 AT&T shares if AT&T’s average stock price is below $37.411 at closing and 1.3 AT&T shares if AT&T’s average stock price is above $41.349 at closing.
- The acquisition of Qunar Cayman Islands Limited (QUNR) by Ocean Management Holdings Limited and Ocean Management Merger Sub Limited for $4.44 billion or $30.39 per share in cash.
- The acquisition of Genworth Financial (GNW) by China Oceanwide Holdings Group for $2.7 billion or $5.43 per share in cash.
- The acquisition of B/E Aerospace (BEAV) by Rockwell Collins (COL) for $8.3 billion in a cash plus stock deal. Under the terms of the agreement, each B/E Aerospace shareowner will receive total consideration of $62.00 per share, comprised of $34.10 per share in cash and $27.90 in shares of Rockwell Collins common stock, subject to a 7.5% collar. If the volume weighted average price of Rockwell Collins common stock during this period is above $89.97, the stock portion of the consideration will be fixed at 0.3101 shares of Rockwell Collins common stock for each share of B/E Aerospace, and if it is below $77.41 per share, the stock portion of the consideration will be fixed at 0.3604 shares of Rockwell Collins common stock for each share of B/E Aerospace.
- On October 19, 2016, Joy Global (JOY) said that the company’s shareholders have overwhelmingly approved the proposed $3.7 billion acquisition of the Milwaukee surface and underground mining equipment maker by the U.S. unit of Japan’s Komatsu Ltd.
- On October 19, 2016, Allergan (AGN) and Tobira Therapeutics (TBRA) announced that the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, with respect to Allergan’s pending acquisition of Tobira.
- On October 20, 2016, InterOil Corporation (IOC) provided an update on the court approval process regarding the pending transaction with Exxon Mobil Corporation (XOM). The Court of Appeal of the Yukon has accommodated an expedited hearing with respect to the appeal lodged by Phil Mulacek, which is scheduled to be heard on October 31, 2016. In addition, the Court of Appeal of Yukon granted a stay of the Supreme Court of Yukon’s order approving the transaction, pending the hearing. We have extended the closing date for this deal through November 30, 2016.
- On October 20, 2016, Analog Devices (ADI) and Linear Technology Corporation (LLTC) announced that on October 19, 2016 the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the proposed combination of Analog Devices and Linear Technology expired. As a result, the transaction has been cleared for U.S. antitrust purposes. In addition, Analog Devices and Linear Technology received clearance for the transaction from the German Federal Cartel Office on October 11, 2016.
- On October 20, 2016, Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that, in accordance with the terms of their merger agreement dated 27 October 2015, they have mutually agreed to extend the end date of their merger agreement from 27 October 2016 to 27 January 2017. The companies now expect the transaction will close in early calendar 2017.
- On October 21, 2016, Alere (ALR) announced that its shareholders have voted to approve the previously announced merger with Abbott (ABT).
- The acquisition of Cynapsus Therapeutics (CYNA) by Sunovion Pharmaceuticals on October 21, 2016. It took 51 days for this deal to be completed.
- The acquisition of Press Ganey Holdings (PGND) by EQT Equity fund EQT VII on October 21, 2016. It took 73 days for this deal to be completed.
Top 10 deals with largest spreads:
|CI||07/24/2015||Anthem, Inc. (ANTM)||$167.03||$124.18||03/31/2017||34.50%||79.71%|
|RAD||10/27/2015||Walgreens Boots Alliance, Inc. (WBA)||$9.00||$7.04||01/31/2017||27.84%||102.65%|
|MON||09/14/2016||Bayer AG (BAYRY)||$128.00||$102.07||12/31/2017||25.40%||21.41%|
|ALR||02/01/2016||Abbott Laboratories (ABT)||$56.00||$45.01||12/31/2016||24.42%||131.06%|
|HUM||07/03/2015||Aetna Inc. (AET)||$218.17||$175.88||12/31/2016||24.05%||129.07%|
|BEAV||10/23/2016||Rockwell Collins (COL)||$62.00||$50.61||03/31/2017||22.51%||51.99%|
|WGBS||05/13/2016||Takara Bio USA Holdings, Inc. (N/A)||$0.95||$0.78||03/31/2017||21.79%||50.35%|
|TWX||10/22/2016||AT&T, Inc. (T)||$107.50||$89.48||12/31/2017||20.14%||16.98%|
|FGL||11/09/2015||Anbang Insurance Group Co., Ltd. (N/A)||$26.80||$22.45||12/31/2016||19.38%||104.01%|
|CVT||04/18/2016||affiliates of Vista Equity Partners (N/A)||$36.00||$30.91||04/15/2017||16.47%||34.74%|
List of all pending deals:
List of all pending deals:
Disclaimer: I hold long positions in WhiteWave Foods (WWAV), LinkedIn (LNKD), Tobira Therapeutics (TBRA), Apollo Education (APOL), Rite Aid (RAD) and Monster Worldwide (MWW). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.