Merger Arbitrage Mondays – November 19, 2018
Merger activity decreased last week with two new deals announced and five 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 was one new deal announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of athenahealth (ATHN) by an affiliate of Veritas and Evergreen for $5.7 billion or $135 per share in cash. We added ATHN as a potential deal to the Deals in the Works section on May 7, 2018 and the price after the news of the potential deal came out was $146.75.
- The acquisition of Tahoe Resources (TAHO) by Pan American Silver (PAAS) for $1.45 billion in a cash or stock deal. Under the terms of the agreement, Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share. In addition, Tahoe shareholders will receive contingent consideration in the form of contingent value rights (CVR), that will be exchanged for 0.0497 Pan American shares for each Tahoe share. We are treating this as a special conditions deal and are using the value of the CVR when calculating the closing price. The large spread on the deal reflects the discount on the CVR, as is usually the case in these types of deals.
Only plus or premium subscribers can access this post. Subscribe today.
