Merger activity increased last week with five new deals announced, seven pending deals closing and one pending deal failing. It has been a tough couple of weeks for arbitrageurs with two deals failing and a big decline in Akorn’s (AKRX) stock. 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.
|Total Number of Deals Closed in 2018||32|
|Total Number of Deals Not Completed in 2018||5|
|Total Number of Pending Deals|
|Stock & Cash Deals||8|
|Total Number of Pending Deals||68|
|Total Deal Size||$649.21 billion|
- The acquisition of XL Group (XL) by AXA for $15.3 billion or $57.6 per share in cash.
- The acquisition of Rosetta Genomics (ROSG) by Genoptix for $2.35 million or $0.425 per share in cash. The $0.425 per share price is estimated because the companies indicated that “this purchase price equates to an amount that is preliminarily estimated to be $0.40 – $0.45”. This is the second time the companies are trying to merge. As we reported two weeks ago, they called off the merger when Rosetta Genomics was unable to get shareholder approval for the deal. The deal terms have changed and we are adding this as a new deal.
- The acquisition of CommerceHub (CHUBA) by GTCR and Sycamore Partners for $1.1 billion or $22.75 per share in cash.
- The acquisition of Bravo Brio Restaurant Group (BBRG) by Spice Private Equity, an affiliate of GP Investments for $100 million or $4.05 per share in cash.
- The acquisition of Express Scripts Holding Company (ESRX) by Cigna Corporation (CI) for $67 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $48.75 in cash and 0.2434 shares of stock of the combined company per Express Scripts share.
- On March 5, 2018, Sparton Corporation (SPA) announced the termination by Sparton and Ultra Electronics Holdings of their July 7, 2017 merger agreement.
- March 7, 2018: According to The Wall Street Journal, CVS Health (CVS) sold $40 billion of bonds on Tuesday to help pay for its acquisition of health insurer Aetna (AET) months before it needs the money, seeking to get ahead of an expected rise in interest rates and a flood of borrowing across the economy.
- March 9, 2018: According to Reuters, the U.S. Justice Department and AT&T (T) on Friday presented starkly different futures for online video if the wireless and pay-TV giant is allowed to buy Time Warner (TWX), as they laid out their cases for a blockbuster antitrust trial.
- On March 9, 2018, DST Systems (DST) announced Consent Solicitation, Solicitation of Approvals of the Termination Agreement and Tender Offer.
- The acquisition of Juno Therapeutics (JUNO) by Celgene Corporation (CELG) on March 6, 2018. It took 43 days for this deal to be completed.
- The acquisition of Scripps Networks Interactive (SNI) by Discovery Communications (DISCK) on March 6, 2018. It took 218 days for this deal to be completed.
- The acquisition of Bioverativ (BIVV) by Sanofi (SNY) on March 8, 2018. It took 45 days for this deal to be completed.
- The acquisition of Calpine Corporation (CPN) by Energy Capital Partners on March 8, 2018. It took 202 days for this deal to be completed.
- The acquisition of General Communication (GNCMA) by Liberty Ventures (LVNTA) on March 8, 2018. It took 338 days for this deal to be completed.
- The acquisition of Calgon Carbon Corporation (CCC) by Kuraray on March 9, 2018. It took 169 days for this deal to be completed.
- The acquisition of Cascadian Therapeutics (CASC) by Seattle Genetics (SGEN) on March 9, 2018. It took 37 days for this deal to be completed.
Top 10 deals with largest spreads:
|AKRX||04/24/2017||Fresenius Kabi (N/A)||$34.00||$18.98||03/31/2018||79.14%||1520.24%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$3.13||04/01/2018||73.48%||1341.05%|
|RAD||02/18/2018||Albertsons Companies, Inc. (N/A)||$2.50||$1.74||09/30/2018||43.68%||78.92%|
|SCG||01/03/2018||Dominion Energy, Inc. (D)||$48.75||$39.13||06/30/2018||24.58%||81.58%|
|NXTM||08/07/2017||Fresenius Medical Care (N/A)||$30.00||$24.37||06/30/2018||23.10%||76.66%|
|AET||12/03/2017||CVS Health (CVS)||$203.03||$177.38||12/31/2018||14.46%||17.96%|
|ESRX||03/08/2018||Cigna Corporation (CI)||$90.95||$80.75||12/31/2018||12.63%||15.68%|
|TWX||10/22/2016||AT&T, Inc. (T)||$106.99||$95.26||06/21/2018||12.31%||44.50%|
|AVA||07/19/2017||Hydro One Limited (N/A)||$53.00||$48.08||12/31/2018||10.23%||12.70%|
|ROSG||03/05/2018||Genoptix, Inc. (N/A)||$0.43||$0.400||06/30/2018||7.50%||24.89%|
List of all pending deals:
List of all pending deals:
Disclaimer: I hold positions in Rite Aid (RAD) and Southcross Energy Partners (SXE). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.