Merger Arbitrage Mondays – October 24, 2016

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.

Deal Statistics:

New Deals:

1. The acquisition of Everyday Health (EVDY) by j2 Global (JCOM) for $465 million or $10.50 per share in cash.
2. 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.
3. 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.

Deal Updates:

1. 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.
2. 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.
3. 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.

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