Merger Arbitrage Mondays – October 2, 2017
Merger activity decreased last week with three new deals announced and eight 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.
Deal Statistics:
New Deals:
- The acquisition of Versar (NYSE: VSR and now OTCBB: VSRI) by affiliates of Kingswood Capital Management for $8.14 million or $0.15 per share in cash. The stock used to trade on the NYSE but was delisted after this announcement and so we will be removing it from the MAT. Disappointed investors did not mince words in the question/answer section of the company’s conference call on the day the deal was announced.
- The acquisition of Bay Bancorp (BYBK) by Old Line Bancshares (OLBK) for $128.6 million in an all stock deal. Under the terms of the Agreement, each share of Bay Bancorp common stock will be exchanged for a number of OLB Shares calculated by dividing $11.80 by the volume weighted average closing prices of Old Line Bancshares common stock for the 20 trading days ending five trading days before the closing date of the Merger, subject to a minimum average price of $25.65 and a maximum average price of $29.16 and adjustments for the proceeds recognized in the recent settlement of certain litigation and the resolution of certain loans. As such, the per share consideration may be as low as 0.4047 OLB Shares if the average price is $29.16 or more and as high as 0.4600 OLB Shares if the average price is $25.65 or less, subject to the adjustments provided for in the Merger Agreement. The closing price we have in the MAT takes the collar into account but not the adjustments related to litigation and problem loans.
- The acquisition of Exa Corporation (EXA) by Dassault Systèmes for $400 million or $24.25 per share in cash.
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