Merger Arbitrage Mondays – Kerridge Commercial Systems Acquires MAM Software Group

Merger activity decreased last week with one new deal 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 three new deals announced in the Deals in the Works section.

Deal Statistics:

Total Number of Deals Closed in 2019 124
Total Number of Deals Not Completed in 2019 8
Total Number of Pending Deals
Cash Deals 51
Stock Deals 17
Stock & Cash Deals 13
Special Conditions 5
Total Number of Pending Deals 86
Aggregate Deal Consideration $1.13 trillion

New Deals:

  1. The acquisition of MAM Software Group (MAMS) by Kerridge Commercial Systems for $154.2 million or $12.12 per share in cash.

Deal Updates:

  1. On September 3, 2019, Roche Holding and Spark Therapeutics (ONCEannounced another extension of the takeover offer as regulatory reviews continue. The offer for Spark shares now runs to October 1, 2019. The offer was extended to provide additional time for the U.S. Federal Trade Commission and the UK Competition and Markets Authority to complete their previously disclosed reviews of Roche’s pending acquisition of Spark.
  2. On September 3, 2019, Hydrogenics Corporation (HYGS) announced that it has obtained a final order from the Ontario Superior Court of Justice approving the previously-announced plan of arrangement pursuant to which Atlantis AcquisitionCo Canada Corporation, a subsidiary of Cummins will acquire all of the outstanding common shares of the Company.
  3. September 3, 2019: According to Reuters, Illinois has joined a multistate lawsuit aimed at stopping the merger of U.S. wireless carriers T-Mobile (TMUS) and Sprint (S).
  4. On September 4, 2019, shareholders of ASV Holdings (ASVapproved the company’s merger with an affiliate of Yanmar Holdings at a special meeting of shareholders.
  5. On September 5, 2019, at a special meeting held in New York, Sotheby’s (BIDshareholders approved the proposed acquisition of the Company by BidFair USA, an entity wholly owned by Patrick Drahi.
  6. On September 5, 2019, S&T Bancorp (STBA) and DNB Financial Corporation (DNBF) jointly announced that they have received all required bank regulatory approvals for the pending acquisition of DNB by S&T. The closing of the transaction remains subject to approval by DNB shareholders at a special meeting of DNB shareholders scheduled for September 25, 2019.
  7. On September 6, 2019, Stewart Information Services Corporation (STC) announced that U.S. Federal Trade Commission notified the Company that it has filed a lawsuit to block Stewart’s proposed merger agreement with Fidelity National Financial (FNF). FTC commissioners voted 3-to-1 to authorize staff to file the lawsuit.
  8. On September 6, 2019, Autokiniton US Holdings announced that Tiger Merger Sub has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding shares of common stock of Tower International (TOWR). The tender offer is now scheduled to expire, on September 25, 2019, unless extended or earlier terminated.

Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
STC 03/19/2018 Fidelity National Financial, Inc. (FNF) $53.64 $33.65 09/30/2019 59.41% 1032.66%
PACB 11/01/2018 Illumina, Inc. (ILMN) $8.00 $5.57 12/31/2019 43.63% 140.92%
ABDC 08/13/2019 Crescent Capital BDC, Inc. (N/A) $11.02 $8.97 12/31/2019 22.85% 73.82%
GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) $5.43 $4.43 12/31/2019 22.57% 72.91%
S 04/29/2018 T-Mobile US, Inc. (TMUS) $8.12 $6.82 01/31/2020 19.03% 48.23%
MLNX 03/11/2019 NVIDIA Corporation (NVDA) $125.00 $109.6 12/31/2019 14.05% 45.39%
ONCE 02/25/2019 Roche Holding AG (RHHBY) $114.50 $101.07 04/30/2020 13.29% 20.73%
AVP 05/22/2019 Natura Cosméticos S.A. (NATU3.SA) $4.80 $4.28 01/31/2020 12.15% 30.80%
AGN 06/25/2019 AbbVie Inc. (ABBV) $178.86 $163.26 03/31/2020 9.55% 17.10%
ACIA 07/08/2019 Cisco Systems, Inc. (CSCO) $70.00 $64.36 07/31/2020 8.76% 9.81%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium members.

Disclaimer: I hold long positions in Mellanox Technologies (MLNX), Pacific Biosciences of California (PACB), 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.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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