Merger Arbitrage Mondays – May 8, 2017

Merger activity increased last week with eight new deals announced and two deals closing. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

There was one new deal announced in the Deals in the Works section.

In case you missed them, I wrote three articles over the last year that cover various aspects of the merger arbitrage strategy including the rate of success over a period of seven years, the effect of deal delays and analysis of failed mergers to determine why they failed. You can find them at the following links,

• Collecting Pennies In Front Of A Bulldozer: How Likely Are You To Be Run Over?
• Impact Of Deal Delays On Merger Arbitrage Returns
• Still Collecting Pennies In Front Of A Bulldozer

Deal Statistics:

New Deals:

1. The acquisition of Jive Software (JIVE) by ESW Capital for $462 million or $5.25 per share in cash.
2. The acquisition of ASB Bancorp (ASBB) by First Bancorp (FBNC) for $175 million in a cash or stock deal. Under the terms of the merger agreement, ASB Bancorp shareholders will receive 1.44 shares of First Bancorp’s common stock or $41.90 in cash, or a combination thereof, for each share of ASB Bancorp common stock. The total consideration will be prorated as necessary to ensure that 90% of the total outstanding shares of ASB Bancorp common stock will be exchanged for First Bancorp common stock and 10% of the total outstanding shares of ASB Bancorp common stock will be exchanged for cash.
3. The acquisition of Span-America Medical Systems (SPAN) by Savaria Corporation for $80.2 million or $29.00 per share in cash.

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