Merger Arbitrage Mondays – November 20, 2017
Merger activity increased last week with four new deals announced and nine 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 five new deals announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of Bonanza Creek Energy (BCEI) by SandRidge Energy (SD) for $746 million in a cash plus stock deal. Under the terms of the agreement, Bonanza Creek shareholders will receive $36.00 per share under the terms of the agreement, comprised of $19.20 per share in cash and $16.80 per share in common shares of SandRidge stock, subject to the collar mechanism.The stock portion will be subject to a collar based on the volume weighted average price of SandRidge common shares over the 20 business days ending on the third business day prior to the closing. If the Average Parent Stock Price is greater than or equal to $17.50 but less than or equal to $21.38, Bonanza Creek shareholders will receive a number of SandRidge shares between 0.7858 and 0.9600 equal to $16.80 in value per Bonanza Creek share. Bonanza Creek shareholders will receive 0.9600 SandRidge common shares if the Average Parent Stock Price is below $17.50 and 0.7858 SandRidge common shares if the Average Parent Stock Price is above $21.38. We have entered this deal as a “Special Conditions” deal in the MAT.
- The acquisition of Almost Family (AFAM) by LHC Group (LHCG) for $1.06 billion in an all stock deal. Under terms of the transaction, Almost Family shareholders will receive 0.9150 shares of LHC Group for each existing Almost Family share.
- The acquisition of Atlantic Coast Financial Corporation (ACFC) by Ameris Bancorp (ABCB) for $145 million in a cash plus stock deal. Under the terms of the definitive merger agreement, each share of Atlantic Coast common stock will be converted into the right to receive 0.17 shares of Ameris common stock and $1.39 in cash.
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