Merger Arbitrage Mondays – December 12, 2016

Merger Activity increased last week with three 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.

Deal Statistics:

New Deals:

1. The acquisition of Fairpoint Communications (FRP) by Consolidated Communications Holdings (CNSL) for $1.5 billion in an all stock deal. Under the terms of the agreement, FairPoint shareholders will receive a fixed exchange ratio of 0.7300 shares of Consolidated Communications common stock for each share of FairPoint common stock.
2. The acquisition of IntraLinks Holdings (IL) by Synchronoss Technologies (SNCR) for $821 million or $13.00 per share in cash.
3. The acquisition of Stillwater Mining Company (SWC) by Sibanye Gold Limited (SBGL) for $2.2 billion or $18.00 per share in cash.

Deal Updates:

1. On December 6, 2016, A U.S. Justice Department attorney told a federal judge on Monday that health insurer Aetna’s (AET) planned acquisition of Humana (HUM) would break antitrust law by reducing competition in Medicare Advantage and Obamacare exchange businesses, kicking off a trial expected to last weeks. On December 8, 2016, The Justice Department hammered away in court at the viability of a plan by Aetna and Humana to sell off assets to alleviate antitrust concerns about their proposed $34 billion merger.
2. On December 7, 2016, Alere (ALR), issued a statement in response to a lawsuit filed by Abbott Laboratories (ABT) in the Delaware Court of Chancery to terminate Abbott’s pending merger agreement with Alere. On December 8, 2016, Abbott Laboratories fired the latest salvo in its legal battle with Alere over their $5.8 billion buyout agreement, suing the troubled Waltham diagnostics firm in an effort to terminate the deal.
3. On December 7, 2016, PrivateBancorp (PVTB) postponed a shareholder vote due Thursday on a proposed takeover by Canadian Imperial Bank of Commerce (CM), raising doubts about whether the deal will proceed.

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