Merger Arbitrage Mondays – October 3, 2016

Merger activity decreased last week with two new deals announced and six deals closing. You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

We are pleased to announce an update to our Merger Arbitrage Tool that was requested by one of our subscribers. This new feature will take into account the ADR or ADS cancellation fee when calculating the profit (%) and annualized profit (%) for foreign companies that have American Depositary Receipts (ADR) or American Depositary Shares (ADS). The cancellation fee is usually just a few cents per share but in the case of low priced stocks, it can have a significant impact on the merger arbitrage spread. As a result of this change, the spread on the ACTS and TSL mergers is smaller than before.

Deal Statistics:

New Deals:

1. The acquisition of EndoChoice Holdings (GI) by Boston Scientific Corporation (BSX) for $210 million or $8.00 per share in cash.
2. The acquisition of Bats Global Markets (BATS) by CBOE Holding (CBOE) for $3.2 billion in a cash plus stock deal. Under the terms of the agreement, Bats stockholders will receive $10.00 per share in cash and 0.3201 of a share of CBOE Holdings common stock, representing a total consideration of approximately $32.50 per share.

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