Merger Arbitrage Mondays – CBS Corporation acquires Viacom
Merger activity decreased last week with four new deals announced. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were four new deals announced in the Deals in the Works section.
Deal Statistics:
New Deals:
- The acquisition of Alcentra Capital Corporation (ABDC) by Crescent Capital BDC for $141.9 million or approximately $11.02 per share in cash. Alcentra Capital’s stockholders will receive approximately (i) $19.3 million in cash, or $1.50 per share, from Crescent BDC; (ii) 5.2 million shares of Crescent BDC common stock; and (iii) $21.6 million in cash, or $1.68 per share, from CBDC Advisors, LLC, Crescent BDC’s investment adviser (“Crescent Cap Advisors”). Since the deal value is uncertain, we are treating this as a “Special Conditions” deal in our Merger Arbitrage Tool.
- The acquisition of Viacom (VIAB) by CBS Corporation (CBS) for $20.38 billion in an all stock deal. Under the terms of the agreement, each Viacom class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively.
- The acquisition of Presidio (PSDO) by funds advised by BC Partners for $2.1 billion or $16.00 per share in cash.
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