Merger Arbitrage Mondays – January 16, 2017

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 Surgical Care Affiliates (SCAI) by UnitedHealth Group (UNH) for $2.3 billion or $57.00 per share in cash. The agreement calls for the acquisition of SCA’s outstanding common stock for a fixed price of $57.00 per share, to be funded between 51 percent and 80 percent with UnitedHealth Group common stock, with the final percentage to be determined at UnitedHealth Group’s option and the remainder in cash.
2. The acquisition of VCA (WOOF) by Mars, Incorporated for $9.1 billion or $93.00 per share in cash.
3. The acquisition of ARIAD Pharmaceuticals (ARIA) by Takeda Pharmaceutical Company Limited for $5.2 billion or $24.00 per share in cash.

Deal Updates:

1. On January 5, 2017, Boral Limited, in consultation with Headwaters Incorporated (HW), voluntarily withdrew its Premerger Notification and Report Form on January 6, 2017, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition of Headwaters by Boral. Boral plans to re-file the HSR Filing on January 10, 2017 in order to restart the initial waiting period under the HSR Act and to provide the U.S. Federal Trade Commission additional time to review the proposed transaction.
2. On January 6, 2017, The WhiteWave Foods Company (WWAV) announced that in accordance with the Merger Agreement, each of the Company and Danone has elected to extend the Long Stop Date under the Merger Agreement by 90 days to facilitate the completion of review of the transaction by the United States Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act. The Company continues to expect closing to occur in first quarter 2017, though there can be no assurance regarding timing of completion of regulatory processes.
3. On January 9, 2017, Time Warner (TWX) invited its stockholders to attend a special meeting of the shareholders of Time Warner that will be held on February 15. The deal could hit a roadblock unless Time Warner shareholders holding at least a majority of the shares outstanding as of the close of January 3, 2017 — the record for the special meeting — vote in favor of the transaction.

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