Merger Arbitrage Mondays – February 6, 2017

Merger Activity decreased last week with four 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 MoneyGram International (MGI) by Ant Financial Services Group for $880 million or $13.25 per share in cash. This deal was announced the week prior but we missed it and are including it this week instead.
2. The acquisition of Ixia (XXIA) by Keysight Technologies (KEYS) for $1.6 billion or $19.65 per share in cash.
3. The acquisition of Royal Bancshares of Pennsylvania (RBPAA) by Bryn Mawr Bank Corporation (BMTC) for $127.7 million in an all stock deal. Under the terms of the Merger Agreement, Class A shareholders of Royal will receive 0.1025 shares of Bryn Mawr Bank common stock for each share of Royal’s Class A common stock and Class B shareholders of Royal will receive 0.1179 shares of the Bryn Mawr Bank’s common stock for each share of Royal Class B common stock.

Deal Updates:

1. On January 26, 2017, LifeLock (LOCK) announced that at a special meeting of stockholders, LifeLock stockholders voted to approve and adopt the previously announced merger agreement with Symantec (SYMC).
2. On January 30, 2017, Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an amendment and extension of their previously announced definitive merger agreement. Under the terms of the amendment, the parties have agreed to reduce the price for each share of Rite Aid common stock to be paid by Walgreens Boots Alliance. The revised price will be a maximum of $7.00 per share and a minimum of $6.50 per share. Additionally, Walgreens Boots Alliance and Rite Aid agreed to extend the end date under the previously announced agreement from 27 January 2017 to 31 July 2017 in order to allow the parties additional time to obtain regulatory approval.
3. On January 30, 2017, The FTC granted early termination of the required waiting period under the HSR Act with respect to the merger agreement between Ariad Pharmaceuticals (ARIA) and Takeda Pharmaceuticals. Accordingly, the Regulatory Condition has been satisfied. The Offer continues to be subject to the remaining conditions set forth in this Offer to Purchase.

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