Merger activity decreased last week with two new deals announced, and one deal closing.
One of the two new deals announced last week was on our list of potential deals and the other one was a “going private” transaction.
According to Reuters, Australian antitrust regulators expressed concerns regarding Google’s acquisition of Fitbit (FIT) and how it would give Google a large amount of user data thereby raising barriers for rivals. Oddly enough the spread on the deal narrowed despite this warning.
First Horizon National (FHN) and IBERIABANK Corporation (IBKC) received regulatory approval for their all stock merger of equals. The regulatory approval process also included previously-received approvals from the Tennessee Department of Financial Institutions and the Louisiana Office of Financial Institutions. Progenics Pharmaceuticals (PGNX) and Lantheus Holdings (LNTH) received approval from their shareholders and expect to complete the merger soon.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were no new deals announced in the Deals in the Works section last week.
Weekly Spread Changes:
The table below shows weekly spread changes between June 12, 2020, and June 19, 2020.
|GNW||2.68||China Oceanwide Holdings Group Co., Ltd. (N/A)||102.61%||72.38%||30.23%||All Cash|
|CDOR||4.21||NexPoint Hospitality Trust (N/A)||163.66%||149.44%||14.22%||All Cash|
|PGNX||4.1||Lantheus Holdings, Inc. (LNTH)||14.83||12.13%||-0.17%||12.30%||All Stock|
|FSCT||21.695||Advent International (N/A)||52.11%||46.93%||5.18%||All Cash|
|CXDC||1.15||Faith Dawn Limited and Faith Horizon (N/A)||0.00||4.35%||0.00%||4.35%||All Cash|
|TECD||142.99||Apollo Global Management (APO)||53.08||1.41%||6.44%||-5.03%||All Cash|
|FIT||6.38||Google LLC (GOOG)||1431.72||15.20%||20.29%||-5.09%||All Cash|
|GRUB||63.88||Just Eat Takeaway.com N.V. (TKAYF)||99.3||16.63%||24.26%||-7.63%||All Stock|
|TTPH||2.63||Melinta Therapeutics (N/A)||-31.94%||-23.18%||-8.76%||Special Conditions|
|LACQ||12.5125||GTWY Holdings Limited (N/A)||-8.09%||10.05%||-18.14%||Special Conditions|
|Total Number of Deals Closed in 2020||69|
|Total Number of Deals Not Completed in 2020||10|
|Total Number of Pending Deals|
|Stock & Cash Deals||3|
|Total Number of Pending Deals||46|
|Total Deal Size||$536.27 billion|
- The acquisition of China XD Plastics Company Limited (CXDC) by Faith Dawn Limited and Faith Horizon in a going private transaction for $1.2 billion or $1.2 per share in cash.
- The acquisition of 58.com (WUBA) by Quantum Bloom Group for $5.77 billion or $56.00 per share in cash. We added WUBA as a potential deal to the Deals in the Works section on April 2, 2020, and the price after the news of the potential deal came out was $52.98.
- On June 15, 2020, First Horizon National (FHN) and IBERIABANK Corporation (IBKC) announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete their previously announced all-stock merger of equals.
- On June 16, 2020, Progenics Pharmaceuticals (PGNX) announced that its stockholders voted to approve its proposed merger with Lantheus Holdings (LNTH). The parties expect to close the merger on or about June 19, 2020.
- On June 18, 2020, according to Reuters, Australia’s antitrust regulator warned Google’s (GOOG) planned $2.1 billion acquisition of fitness tracker maker Fitbit (FIT) may give it too much of people’s data, potentially hurting competition in health and online advertising markets. EU antitrust regulators will decide by July 20 whether to clear the deal.
- The acquisition of EQM Midstream Partners (EQM) by Equitrans Midstream Corporation (ETRN) on June 17, 2020. It took 111 days for this deal to be completed.
Top 10 deals with largest spreads:
|CDOR||07/22/2019||NexPoint Hospitality Trust (N/A)||$11.10||$4.21||06/30/2020||163.66%||6637.24%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$2.68||06/30/2020||102.61%||4161.48%|
|FSCT||02/06/2020||Advent International (N/A)||$33.00||$21.695||06/30/2020||52.11%||2113.30%|
|GILT||01/29/2020||Comtech Telecommunications Corp. (CMTL)||$8.52||$6.37||10/31/2021||33.82%||24.84%|
|CETV||10/27/2019||PPF Group N.V. (N/A)||$4.58||$3.57||06/30/2020||28.29%||1147.37%|
|GRUB||06/10/2020||Just Eat Takeaway.com N.V. (TKAYF)||$74.57||$63.88||03/31/2021||16.74%||21.59%|
|FIT||11/01/2019||Google LLC (GOOG)||$7.35||$6.38||06/30/2020||15.20%||616.60%|
|PGNX||10/02/2019||Lantheus Holdings, Inc. (LNTH)||$4.60||$4.1||06/19/2020||12.13%||-2213.59%|
|TIF||11/25/2019||LVMH Moët Hennessy Louis Vuitton SE (LVMUY)||$135.00||$120.88||06/30/2020||11.68%||473.73%|
List of all pending deals:
List of all pending deals:
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