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.
Symbol | Quote | Acquiring Company | Acquiring Company Quote | Current Spread | Last Week Spread | Spread Change Weekly | Deal Type |
---|---|---|---|---|---|---|---|
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 |
Deal Statistics:
Total Number of Deals Closed in 2020 | 69 |
Total Number of Deals Not Completed in 2020 | 10 |
Total Number of Pending Deals | |
Cash Deals | 25 |
Stock Deals | 15 |
Stock & Cash Deals | 3 |
Special Conditions | 3 |
Total Number of Pending Deals | 46 |
Total Deal Size | $536.27 billion |
New Deals:
Deal Updates:
Closed Deals:
Top 10 deals with largest spreads:
Symbol | Announced Date | Acquiring Company | Closing Price | Last Price | Closing Date | Profit | Annualized Profit |
---|---|---|---|---|---|---|---|
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% |
BREW | 11/12/2019 | Anheuser-Busch (N/A) | $16.50 | $15.43 | 12/31/2020 | 6.93% | 13.11% |
List of all pending deals:
Disclaimer: I hold a long position in Tech Data Corporation (TECD). 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.
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