Merger Arbitrage Mondays – April 15, 2019

Happy tax day and welcome to the latest edition of Merger Arbitrage Mondays. Merger activity increased last week with four new deals announced and two 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.

We made a mistake last week when we indicated that the acquisition of Versum Materials (VSM) by Entegris (ENTG) closed. As some diligent readers pointed out immediately after we published the post last week, Merck KGaA (MKGAF) made a hostile bid of $53/share for Versum Materials, which was above its previous bid of $48/share and Versum deemed the new bid a superior proposal. Versum abandoned its merger with Entegris as indicated in the deal updates section below and signed a definitive merger agreement with Merck KGaA last Friday.

There were four new deals announced in the Deals in the Works section.

Deal Statistics:

New Deals:

1. The acquisition of Global Brass and Copper Holdings (BRSS) by Wieland-Werke AG for $1.2 billion or $44.00 per share in cash.
2. The acquisition of Papa Murphy’s Holdings (FRSH) by MTY Food Group for $190 million or $6.45 per share in cash. We added FRSH as a potential deal to the Deals in the Works section on November 7, 2018 and the price after the news of the potential deal came out was $4.41.
3. The acquisition of Versum Materials (VSM) by Merck KGaA for $6.4 billion or $53.00 per share in cash.

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