Merger Arbitrage Mondays – November 5, 2018
Merger activity increased last week with seven new deals announced and three 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 Penn Virginia Corporation (PVAC) by Denbury Resources (DNR) for $1.7 billion in a cah plus stock deal. Under the terms of the definitive merger agreement, shareholders of Penn Virginia will receive, subject to proration, a combination of 12.4 shares of Denbury common stock and $25.86 of cash for each share of Penn Virginia common stock. Penn Virginia shareholders will be permitted to elect all cash, all stock or a mix of stock and cash, subject to proration, which will result in the aggregate issuance of approximately 191.6 million Denbury shares and payment of $400 million in cash.
- The acquisition of WildHorse Resource Development Corporation (WRD) by Chesapeake Energy Corporation (CHK) for $3.977 billion in a cash plus stock deal. Under the terms of the agreement, at the election of each WildHorse common shareholder, the consideration will consist of either 5.989 shares of Chesapeake common stock or a combination of 5.336 shares of Chesapeake common stock and $3 in cash, in exchange for each share of WildHorse common stock. We are treating this as a cash plus stock type of deal.
- The acquisition of Electro Scientific Industries (ESIO) by MKS Instruments (MKSI) for $1 billion or $30.00 per share in cash.
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