Merger activity decreased last week with four new deals announced and six 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:
Total Number of Deals Closed in 2019 | 90 |
Total Number of Deals Not Completed in 2019 | 6 |
Total Number of Pending Deals | |
Cash Deals | 35 |
Stock Deals | 18 |
Stock & Cash Deals | 11 |
Special Conditions | 3 |
Total Number of Pending Deals | 67 |
Total Deal Size | $977.75 billion |
New Deals:
I had the good fortune of meeting the ex-CEO of TheStreet, Dave Callaway, at the headquarters of MarketWatch in San Francisco more than a decade ago when he was the Editor-in-Chief of MarketWatch. He then went on to become the Editor-in-Chief of USA Today before joining TheStreet as its CEO in 2016. The stock that had been declining and languishing for years finally started going up after he cut costs and eventually sold their RateWatch business for $33.5 million. He then sold the institutional units of TheStreet that included TheDeal for $87.3 million and left the company in December 2018 after seeing the stock more than double since he joined the company.
The company distributed most of the cash generated from these sales as a special dividend of $17.70/share in April 2019 (adjusted for the 10 for 1 reverse split in the same month) before selling the rest of the company in this latest deal to TheMaven. Turning around a business in secular decline is very difficult and Dave Callaway did an admirable job of unlocking value for shareholders during his tenure as the CEO of TheStreet.
Deal Updates:
Closed Deals:
Top 10 deals with largest spreads:
Symbol | Announced Date | Acquiring Company | Closing Price | Last Price | Closing Date | Profit | Annualized Profit |
---|---|---|---|---|---|---|---|
INUV | 11/05/2018 | ConversionPoint Technologies, Inc. (N/A) | $2.22 | $0.708 | 08/05/2019 | 213.56% | 1590.80% |
GNW | 10/23/2016 | China Oceanwide Holdings Group Co., Ltd. (N/A) | $5.43 | $3.07 | 06/30/2019 | 76.87% | 2158.36% |
STC | 03/19/2018 | Fidelity National Financial, Inc. (FNF) | $50.61 | $41.22 | 06/30/2019 | 22.78% | 639.60% |
PACB | 11/01/2018 | Illumina, Inc. (ILMN) | $8.00 | $6.65 | 06/30/2019 | 20.30% | 569.98% |
ONCE | 02/25/2019 | Roche Holding AG (RHHBY) | $114.50 | $97.7 | 06/30/2019 | 17.20% | 482.80% |
AVP | 05/22/2019 | Natura Cosméticos S.A. (NATU3.SA) | $4.40 | $3.82 | 01/31/2020 | 15.19% | 24.33% |
MLNX | 03/11/2019 | NVIDIA Corporation (NVDA) | $125.00 | $110.07 | 12/31/2019 | 13.56% | 25.13% |
LKSD | 10/31/2018 | Quad/Graphics, Inc. (QUAD) | $5.81 | $5.22 | 06/30/2019 | 11.23% | 315.33% |
UQM | 01/21/2019 | Danfoss Power Solutions (US) Company (N/A) | $1.71 | $1.56 | 07/15/2019 | 9.62% | 125.34% |
S | 04/29/2018 | T-Mobile US, Inc. (TMUS) | $7.68 | $7.01 | 07/29/2019 | 9.58% | 83.28% |
List of all pending deals:
Disclaimer: I hold long positions in Pacific Biosciences of California (PACB), Red Hat (RHT), Celgene (CELG), Bristol-Myers Squibb (BMY) and Finisar (FNSR). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
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