Merger activity remained stuck in neutral last week with no new deals announced and no deals closing. We did have one deal enter into litigation and arbitrageurs are watching it closely to see if the courts can force the acquiring company to close the deal on the original terms.
There were a few updates for some active deals in our table. Forescout Technologies (FSCT) commenced a litigation against Advent International after Advent notified Forescout that it would not consummate the acquisition on May 18, 2020, as scheduled. The Board of Directors of Tetraphase Pharmaceuticals (TTPH) determined that the latest proposal from Melinta Therapeutics is a “Superior Offer”. Argonaut Gold and Alio Gold (ALO) announced that Argonaut (ARNGF) received approval from their shareholders for their merger agreement and CenterState Bank Corporation (CSFL) and South State Corporation (SSB) received approval from the Board of Governors of the Federal Reserve System for their merger of equals.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There was one new deal announced in the Deals in the Works section last week. The Board of Directors of comScore (SCOR) announced last week that they remain focused on evaluating all financial and operational strategies that would maximize shareholder value, including a sale of the Company.
Weekly Spread Changes:
The table below shows weekly spread changes between May 15, 2020, and May 22, 2020.