Merger activity increased with five new deals announced and five 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 two new deals announced in the Deals in the Works section.
|Total Number of Deals Closed in 2019||181|
|Total Number of Deals Not Completed in 2019||9|
|Total Number of Pending Deals|
|Stock & Cash Deals||5|
|Total Number of Pending Deals||75|
|Aggregate Deal Consideration||$1.32 trillion|
- The acquisition of Audentes Therapeutics (BOLD) by Astellas Pharma for $2.65 billion or $60.00 per share in cash.
- The acquisition of AK Steel Holding Corporation (AKS) by Cleveland-Cliffs (CLF) for $3 billion in an all stock deal. Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own.
- The acquisition of Instructure (INST) by Thoma Bravo for $1.86 billion or $47.60 per share in cash.We added INST as a potential deal to the Deals in the Works section on November 13, 2019, and the price after the news of the potential deal came out was $50.44.
- The merger of Aevi Genomic Medicine (GNMX) and Cerecor (CERC) in an all stock deal for $16.1 million plus contingent value rights, or CVRs, for up to an additional $6.5 million in subsequent milestone payments on clinical or regulatory successes, or both. The per share price will be based on the number of Aevi shares outstanding immediately prior to closing, including the shares of Aevi stock to be issued to Children’s Hospital of Philadelphia Foundation upon conversion of its outstanding secured promissory note and to AstraZeneca in connection with the exercise by Aevi of its license option for MEDI2338, which, is anticipated to result in an approximate per share value of $0.134 to Aevi stockholders, assuming the maximum net asset related adjustment. On account of the various adjustments this deal is subject to as well as the CVR, we are treating this as a “special conditions” deal worth $0.134 per share.
- The merger of Wellesley Bancorp (WEBK) and Cambridge Bancorp (CATC) for $122 million in an all stock deal. Under the terms of the agreement, each share of Wellesley common stock will be exchanged for 0.580 shares of Cambridge common stock.
- On December 3, 2019, The Federal Trade Commission (FTC) has granted early termination of the required waiting period under the Hart-Scott-Rodino Act with respect to the acquisition of Carbonite (CARB) by Open Text Corporation (OTEX).
- On December 5, 2019, Eldorado Resorts (ERI) announced that, the Company received approval from the Missouri Gaming Commission in connection with its pending acquisition of Caesars Entertainment Corporation (CZR), subject to customary conditions.
- On December 5, 2019, Centene Corporation (CNC) and WellCare Health Plans (WCG) announced that the Illinois Department of Insurance, the New Jersey Department of Banking and Insurance and the New Jersey Division of Medical Assistance and Health Services have each approved Centene’s indirect pending acquisition of WellCare domestic insurers in those respective states.
- The acquisition of DNB Financial Corporation (DNBF) by S&T Bancorp (STBA) on November 30, 2019. It took 178 days for this deal to be completed.
- The acquisition of Viacom (VIAB) by CBS Corporation (CBS) on December 4, 2019. It took 113 days for this deal to be completed.
- The acquisition of Cambrex Corporation (CBM) by Permira funds on December 4, 2019. It took 119 days for this deal to be completed.
- The acquisition of SemGroup Corporation (SEMG) by Energy Transfer (ET) on December 5, 2019. It took 80 days for this deal to be completed.
- The acquisition of Roan Resources (ROAN) by Citizen Energy Operating on December 6, 2019. It took 66 days for this deal to be completed.
Top 10 deals with largest spreads:
|PACB||11/01/2018||Illumina, Inc. (ILMN)||$8.00||$5||03/31/2020||60.00%||193.81%|
|S||04/29/2018||T-Mobile US, Inc. (TMUS)||$7.97||$5.53||01/31/2020||44.18%||304.24%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$4.14||12/31/2019||31.16%||516.96%|
|ABDC||08/13/2019||Crescent Capital BDC, Inc. (N/A)||$11.02||$9||12/31/2019||22.44%||372.37%|
|OHAI||08/01/2019||Portman Ridge Finance Corporation (PTMN)||$1.46||$1.29||12/31/2019||13.18%||218.64%|
|MLNX||03/11/2019||NVIDIA Corporation (NVDA)||$125.00||$114.62||03/31/2020||9.06%||29.25%|
|FIT||11/01/2019||Google LLC (N/A)||$7.35||$6.74||06/30/2020||9.05%||16.19%|
|SORL||11/29/2019||Ruili International Inc. (N/A)||$4.72||$4.4||06/30/2020||7.27%||13.01%|
|TSG||10/02/2019||Flutter Entertainment PLC (PDYPF)||$25.74||$24.14||09/30/2020||6.63%||8.18%|
|ACIA||07/08/2019||Cisco Systems, Inc. (CSCO)||$70.00||$66.67||07/31/2020||4.99%||7.76%|
List of all pending deals:
List of all pending deals:
Disclaimer: I hold long positions in Sprint (S), Mellanox Technologies (MLNX) and Pacific Biosciences of California (PACB). 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.