Merger Arbitrage Mondays – October 23, 2017
Merger activity increased last week with three new deals announced and three pending 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 were no new deals announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of Ruby Tuesday (RT) by a fund managed by NRD Capital for $335 million or $2.40 per share in cash.
- The acquisition of NewStar Financial (NEWS) by First Eagle Investment Management for $3.4 billion. Under the terms of the agreement, the NewStar stockholders will receive $11.44 in upfront cash and one non-transferable contingent value right (CVR) for each NewStar share held at the closing of the transaction. NewStar estimates these refunds to total $1.00 per share if the transaction closes in 2017 or $0.88 per share if the transaction closes in 2018. NewStar stockholders are expected to receive total consideration estimated at $12.32 to $12.44 per share.
- On October 20, 2017, EnerJex Resources (ENRJ) announced that it has entered into a definitive Merger Agreement with AgEagle Aerial Systems. Under the terms of the agreement, EnerJex’s Common and Series A Preferred shareholders will own approximately 15% of the combined company. We are not adding this deal to our database since this merger will lead to the creation of a new company.
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