Merger activity decreased last week with four new deals announced and one pending 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.
|Total Number of Deals Closed in 2018||53|
|Total Number of Deals Not Completed in 2018||5|
|Total Number of Pending Deals|
|Stock & Cash Deals||18|
|Total Number of Pending Deals||84|
|Total Deal Size||$945.81 billion|
- The acquisition of Gramercy Property Trust (GPT) by affiliates of Blackstone Real Estate Partners VIII for $7.6 billion or $27.50 per share in cash.
- The acquisition of Xcerra Corporation (XCRA) by Cohu (COHU) for $627 million in a cash plus stock deal. Under the terms of the agreement, Xcerra shareholders will be entitled to receive $9.00 in cash and 0.2109 of a share of Cohu common stock, subject to the terms of the definitive agreement.
- The acquisition of Shire (SHPG) by Takeda Pharmaceutical Company Limited (TKPYY) for $77.78 billion in a cash plus stock deal. Under the terms of the acquisition, Shire shareholders will be entitled to receive, for each Shire share, $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs. We have used $20.61 as the price for the Takeda ADS and multiplied it by 1.678 for the stock portion of the deal. We have added this as a Special Conditions deal.
- The acquisition of ARMO BioSciences (ARMO) by Eli Lilly and Company (LLY) for $1.6 billion or $50 per share in cash. It is not often that we see deals where the acquiring company expects the deal to close in less than two months.
- On May 7, 2018, Monsanto (MON) Chairman and CEO Hugh Grant announced that he will leave the company after it’s acquired by Germany’s Bayer AG. The St. Louis company said that Grant will work to see the $57 billion deal through and oversee operations before it closes. Bayer expects the deal to close in the second quarter.
- On May 9, 2018, Media company Twenty-First Century Fox (FOX) agreed to buy seven TV stations from Sinclair Broadcast Group (SBGI) for $910 million. The move comes as Sinclair is selling some stations to meet regulatory approval for its pending acquisition of Tribune Media (TRCO).
- On May 10, 2018, Gener8 Maritime (GNRT) announced that it has established a record date of May 3, 2018, and a meeting date of June 11, 2018, for a special meeting of its shareholders to, among other things, consider and vote on a proposal to approve the previously announced Agreement and Plan of Merger with Euronav NV (EURN).
- On May 10, 2018, Linden Capital disclosed a 7.9% active stake in Layne Christensen (LAYN) and said that it has sent a letter to LAYN’s board voicing opposition to the current structure of the merger deal with Granite Construction (GVA).
- On May 11, 2018, Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 25, 2018, unless extended or earlier terminated.
- The acquisition of Chicago Bridge & Iron Company (CBI) by McDermott International (MDR) on May 10, 2018. It took 143 days for this deal to be completed.
Top 10 deals with largest spreads:
|AKRX||04/24/2017||Fresenius Kabi (N/A)||$34.00||$14.03||06/30/2018||142.34%||1105.39%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$3.07||07/01/2018||76.87%||584.55%|
|RAD||02/18/2018||Albertsons Companies, Inc. (N/A)||$2.50||$1.61||09/30/2018||55.28%||145.16%|
|NXPI||10/27/2016||QUALCOMM Incorporated (QCOM)||$127.50||$99.01||05/31/2018||28.77%||617.81%|
|ESRX||03/08/2018||Cigna Corporation (CI)||$91.04||$72.8||12/31/2018||25.05%||39.58%|
|SCG||01/03/2018||Dominion Energy, Inc. (D)||$43.28||$35.29||12/31/2018||22.65%||35.79%|
|STC||03/16/2018||Fidelity National Financial, Inc. (FNF)||$49.59||$41.93||06/30/2019||18.26%||16.18%|
|CAVM||11/20/2017||Marvell Technology Group Ltd. (MRVL)||$85.73||$72.97||06/30/2018||17.49%||135.83%|
|SHPG||05/08/2018||Takeda Pharmaceutical Company Limited (TKPYY)||$194.74||$166.45||06/30/2019||17.00%||15.06%|
|NXTM||08/07/2017||Fresenius Medical Care (N/A)||$30.00||$26.29||09/30/2018||14.11%||37.06%|
List of all pending deals:
List of all pending deals:
Disclaimer: I hold positions in WGL Holdings (WGL), AveXis (AVXS), GGP Inc. (GGP), magicJack VocalTec (CALL), Monsanto (MON), 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.