Merger Arbitrage Mondays – Sotheby’s Catches a Bid
Merger activity remained steady last week with four new deals announced and four 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 three new deals announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of LegacyTexas Financial Group (LTXB) by Prosperity Bancshares (PB) for $2.1 billion in a cash plus stock deal. Under the terms of the merger agreement, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each LegacyTexas share.
- The acquisition of Array BioPharma (ARRY) by Pfizer (PFE) for $11.4 billion or $48.00 per share in cash.
- The acquisition of C&J Energy Services (CJ) by Keane Group (FRAC) for $666.6 million in an all stock deal. Under the terms of the agreement, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The merger agreement permits C&J to pay its shareholders a cash dividend of $1.00 per share prior to closing. This is an all-stock deal but we are treating it as a cash plus stock deal because of the $1 per share pre-merger dividend.
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