Merger Arbitrage Mondays – January 23, 2017

Merger Activity decreased last week with three 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:

1. The acquisition of Clayton Williams Energy (CWEI) by Noble Energy (NBL) for $3.2 billion in a cash plus stock deal. Under the terms of the agreement, Clayton Williams Energy shareholders will receive 2.7874 shares of Noble Energy common stock and $34.75 in cash for each share of common stock held. While the aggregate amount of cash and stock in the transaction will not change, on an individual basis shareholders will be able to elect to receive cash or stock, subject to proration.
2. The acquisition of Reynolds American (RAI) by British American Tobacco (BTI) for $49.4 billion in a cash plus stock deal. Under the terms of the agreement, BAT will acquire the 57.8% of RAI common stock that BAT does not currently own for $29.44 per share in cash and a number of BAT American Depositary Shares (ADS) representing 0.5260 of a BAT ordinary share. Each ADS represents two ordinary shares.
3. The acquisition of CoLucid Pharmaceuticals (CLCD) by Eli Lilly and Company (LLY) for $960 million or $46.50 per share in cash.

Deal Updates:

1. On January 3, 2017, Georgetown Bancorp (GTWN) invited its shareholders to attend a special meeting of stockholders that will be held at the headquarters of Georgetown Bancorp on February 13, 2017.
2. On January 12, 2017, CenturyLink (CTL) refiled its pre-merger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its previously-announced acquisition of Level 3 Communications (LVLT). Each company first filed its HSR notification on December 12, 2016 and, following consultations with the U.S. Department of Justice, Antitrust Division, CenturyLink withdrew its original HSR notification on January 11, 2017.
3. On January 16, 2017, Syngenta (SYT) Chief Executive Erik Fyrwald said that he expects regulatory approval soon for ChemChina’s proposed $43 billion takeover of the Swiss pesticides and seeds group.

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