Merger Arbitrage Mondays – January 21, 2019

Merger activity increased last week with four 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 were no new deals announced in the Deals in the Works section.

Deal Statistics:

New Deals:

1. The acquisition of Goldcorp (GG) by Newmont Mining Corporation (NEM) for $10 billion in an all stock deal. Under the terms of the agreement, Newmont will acquire each Goldcorp share for 0.3280 of a Newmont share and $0.02 for each Goldcorp share. We are tracking this as a cash plus stock deal in our Merger Arbitrage Tool (MAT) to calculate the spread  accurately on account of the $0.02 cash portion of the deal.
2. The acquisition of Entegra Financial (ENFC) by SmartFinancial (SMBK) for $158.2 million in an all stock deal. Under the terms of the merger agreement, each share of Entegra common stock outstanding immediately prior to the merger will be converted into the right to receive 1.215 shares of SmartFinancial common stock. In addition to the stated merger consideration, Entegra shareholders will receive one non-transferrable contingent value right (“CVR”) for each share of Entegra common stock held. This CVR is related to an ongoing dispute between Entegra and certain unrelated third-parties.
3. The acquisition of First Data Corporation (FDC) by Fiserv (FISV) for $22 billion in an all stock deal. Under the terms of the agreement, First Data shareholders will receive a fixed exchange ratio of 0.303 Fiserv shares for each share of First Data common stock they own.

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