Merger Arbitrage Mondays – October 15, 2018
Merger activity increased last week with eight new deals announced and four 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 two new deals announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of Rowan Companies (RDC) by Ensco (ESV) for $3.44 billion in an all stock deal. Under the terms of the transaction agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share.
- The acquisition of Navios Maritime Midstream Partners (NAP) by Navios Maritime Acquisition Corporation (NNA) for $270.33 million in an all stock deal. Under the terms of the Transaction, public unitholders of Navios Midstream may exchange each Navios Midstream common unit for either i) 6.292 newly issued shares of Navios Acquisition common stock (or 0.42 shares, after giving effect to the 1:15 reverse stock split) or ii) 1.0 share of a newly issued series of convertible participating preferred stock of Navios Acquisition. Each share of Preferred Stock will be convertible by its holder into 5.1 shares of Navios Acquisition common stock (or 0.34 shares, after giving effect to the 1:15 reverse stock split described below) at any time beginning six months after closing of the transaction. The reverse split is expected to happen before the closing of the transaction.
- The acquisition of Antero Midstream Partners (AM) by Antero Midstream GP (AMGP) for $7.41 billion in a cash plus stock deal. Under the terms of the agreement, Antero Midstream Partners public unitholders will be entitled to receive a combination of $3.415 in cash and 1.635 shares of New AM stock per AM unit owned. Antero Resources (AR) will be entitled to receive a combination of $3.00 in cash and 1.6023 shares of New AM stock for each AM unit owned. AM public unitholders will be entitled to elect to receive their merger consideration in all cash, all stock or a combination of cash and stock.
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