Merger Arbitrage Mondays – February 11, 2019
Merger activity increased last week with five new deals announced including one of the largest bank mergers we have seen 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.
Deal Statistics:
New Deals:
- The acquisition of Maxwell Technologies (MXWL) by Tesla (TSLA) for $231 million or $4.75 per share in an all stock deal. Pursuant to the offer, each share of Maxwell common stock will be exchanged for a fraction of a share of Tesla’s common stock, equal to the quotient obtained by dividing $4.75 by a volume weighted average price of one share of Tesla’s common stock for the five consecutive trading days preceding the expiration of the offer, and which is subject to a floor that has been set at 80% of a volume weighted average price of Tesla common stock calculated prior to signing. For the purposes of our Merger Arbitrage Tool, we are treating this as a “Special Conditions” transaction.
- The acquisition of The Ultimate Software Group (ULTI) by Hellman & Friedman for $11 billion or $331.50 per share in cash.
- The acquisition of Top Image Systems (TISA) by Kofax, a portfolio company of Thoma Bravo, for $38.89 million or $0.86 per share in cash.
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