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Merger Arbitrage Mondays – An Insurance Company Finds A New Home

  • February 10, 2020

Merger activity decreased last week with three new deals announced and five deals closing.

FGL Holdings (FG) previously known as Fidelity & Guaranty Life was founded in the year 1959. The company has been a leader in providing annuity and life-insurance product for nearly 60 years. This is the third time this company has made its way into our Merger Arbitrage Tool. We added Fidelity & Guaranty Life to our list of active deals in the year 2015, when the company announced it would be acquired by the Chinese insurance firm Anbang Insurance. The deal was terminated on April 17, 2017. Just over a month later, on May 24, 2017, Fidelity & Guaranty Life agreed to be acquired by CF Corporation. That deal was completed on November 30, 2017 and the company renamed itself FGL Holdings. Almost three years later, the company has made it to our list for the third time, now being acquired by Fidelity National Financial (FNF) in a cash or stock deal.

Opus Bank (OPB), an Irvine, California based regional bank, agreed to be acquired by Pacific Premier Bancorp (PPBI), another Irvine based bank for $1 billion in an all stock deal.

The acquisition of Forescout Technologies (FSCT) by Advent International was the third deal announced last week. Forescout provides agentless visibility, control and orchestration from campus to cloud. The company started exploring strategic alternatives including a possible sale in November of last year.

Weekly Spread Changes

The table below shows weekly spread changes for some of the deals from our Merger Arbitrage table between January 31, 2020 and February 7, 2020.

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