Merger Arbitrage Mondays – October 31, 2016
Merger Activity decreased last week with four new deals announced and four 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:
- The acquisition of Merchants Bancshares (MBVT) by Community Bank System (CBU) for $304 million. Under the terms of the agreement, shareholders of Merchants Bancshares will have the option to receive, at their election, consideration per share equal to (i) 0.963 shares of Community Bank System common stock, (ii) $40.00 in cash or (iii) the combination of 0.6741 shares of Community Bank System common stock and $12.00 in cash, subject to an overall proration to 70% stock and 30% cash. We are treating this as an all stock deal.
- The acquisition of JP Energy Partners (JPEP) by American Midstream Partners (AMID) in an all stock deal. Under the terms of the agreement, American Midstream common units will be issued to JP Energy public unitholders at an exchange ratio of 0.5775:1.
- The acquisition of Middleburg Financial Corporation (MBRG) by Access National Corporation (ANCX) for $233.1 million in an all stock deal. Under the terms of the merger agreement, Middleburg shareholders will receive a fixed exchange ratio of 1.3314 Access National shares for each share of Middleburg common stock owned.
Deal Updates:
- On October 24, 2016, The German government withdraws its approval for a Chinese takeover of chip equipment maker Aixtron (AIXG), raising an unexpected hurdle for a €670M ($728M) deal on the home stretch.
- October 25, 2016: Shareholders have filed five separate suits in two weeks against Spectra Energy (SE), alleging the Houston pipeline company is selling itself too cheaply to the Canadian energy firm Enbridge.
- On October 26, 2016, The European Commission said that it had approved U.S. laser tools and systems maker Coherent’s (COHR) $942 million acquisition of rival Rofin-Sinar Technologies (RSTI), subject to conditions.
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