Merger Arbitrage Mondays – November 28, 2016
Merger Activity decreased last week with four new deals announced and three 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 LifeLock (LOCK) by Symantec Corporation (SYMC) for $2.3 billion or $24.00 per share in cash.
- The acquisition of Headwaters Incorporated (HW) by Boral Limited for $2.6 billion or $24.25 per share in cash.
- The acquisition of Applied Micro Circuits Corporation (AMCC) by MACOM Technology Solutions Holdings (MTSI) for $688 million in a cash plus stock deal. Under the terms of the agreement, MACOM intends to commence a tender offer to purchase each outstanding common share of AppliedMicro for approximately $8.36 per share, consisting of $3.25 in cash and 0.1089 MACOM shares per share of AppliedMicro.
Deal Updates:
- On November 21, 2016, Anthem (ANTM) Cigna (CI) and the U.S. government offered a federal judge very different views of the impact their proposed $48 billion combination will have on health-insurance markets.
- On November 21, 2016, Grand Chip Investment GmbH provided certain updated information with respect to the Committee on Foreign Investment in the United States (“CFIUS”) approval process in connection with its voluntary public takeover offer to the shareholders of AIXTRON SE (AIXXF). CFIUS did not issue a close-out letter, but rather informed the Bidder and AIXTRON that, from CFIUS’ perspective, there are unresolved U.S. national security concerns regarding the proposed transaction, and CFIUS does not believe that those national security concerns can be resolved by mitigation proposals that the parties had presented or other mitigation measures CFIUS had considered. CFIUS informed the Bidder and AIXTRON that, if the parties did not withdraw their CFIUS notice and abandon the transaction, the matter would be referred to the President of the United States, who has the power to prohibit the transaction.
- On November 22, 2016, The WhiteWave Foods Company (WWAV) announced that holders of a majority in aggregate principal amount of its outstanding $500 million 5.375% Senior Notes due 2022 have delivered valid consents in connection with the Company’s previously announced consent solicitation for certain proposed amendments to the indenture governing the 2022 Notes.
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