Merger Arbitrage Mondays – July 17, 2017
Merger activity decreased last week with three new deals announced, one deal closing. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were two new deals announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of ClubCorp Holdings (MYCC) by Certain Investment Funds Affiliated with Apollo Global Management for $1.1 billion or $17.12 per share in cash. The ClubCorp Board of Directors also declared a one-time quarterly dividend of $0.13 per share of common stock. The dividend is expected to be paid on July 28, 2017, to shareholders of record at the close of business on July 21, 2017.
- The acquisition of Hawaiian Telcom Holdco (HCOM) by Cincinnati Bell (CBB) for $650 million. Under the agreement, Hawaiian Telcom stockholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom, subject to proration such that the aggregate consideration to be paid to Hawaiian Telcom stockholders will be 60 percent cash and 40 percent Cincinnati Bell common stock. We are treating this as a cash plus stock type of deal.
- The acquisition of Neff Corporation (NEFF) by H&E Equipment Services (HEES) for $1.2 billion or $21.07 per share in cash. The per share merger consideration payable to Neff stockholders is subject to certain downward adjustments, not to exceed $0.44 per share, in the event that H&E incurs certain increased financing costs due to the transaction not being consummated on or prior to January 14, 2018.
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