Merger activity decreased last week with one new deal announced, two deals closing and one deal called off.
After terminating deals with AcelRx Pharmaceuticals (ACRX) and Melinta Therapeutics, Tetraphase Pharmaceuticals (TTPH) agreed to be acquired by La Jolla Pharmaceutical Company (LJPC) last week.
We had removed the Taubman Centers (TCO) deal from our list of active deals earlier this month, after Simon Property Group (SPG) attempted to walk away from its acquisition of the company. Shareholders of Taubman Centers, however approved and adopted the merger agreement last week, even though it seems very unlikely that Simon Property will complete the deal.
Two merger amendments were announced last week. More than a year after announcing their merger agreement, Waste Management (WM) and Advanced Disposal Services (ADSW) announced amendment to their merger agreement. The revised value of the deal is $30.3 per share. The deal’s previous value, when announced on April 15, 2019 was $33.15 per share. Asta Funding (ASFI) also announced an amendment to its merger agreement with the Stern Group, pursuant to which the purchase price has been increased by $1.63 per share from the original purchase price.
In the month of June, we have seen ten potential deals announced, five of which were announced last week.