Merger activity remained steady last week with three new deals announced and two deals closing.
There has not been any significant M&A activity this year in the energy sector with oil prices collapsing due to the COVID-19 pandemic. After choosing to walk away from a bidding war with Occidental (OXY) over Anadarko more than a year back, Chevron (CVX) has now announced an agreement to acquire oil and natural gas producer Noble Energy (NBL) in an all stock deal worth $13 billion.
Before the deal was announced, Noble Energy was down more than 50% over the last year compared to a drop of more than 30% in Chevron. At one point during the March 2020 lows, Noble Energy’s stock had lost more than 80% of its value since the start of the year. As is usually the case, the bottoming process for a sector involves both bankruptcies and mergers.
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 July 17, 2020, and July 24, 2020.
Symbol | Quote | Acquiring Company | Acquiring Company Quote | Current Spread | Last Week Spread | Spread Change Weekly | Deal Type |
---|---|---|---|---|---|---|---|
CDOR | 3.68 | NexPoint Hospitality Trust (N/A) | 201.63% | 189.82% | 11.81% | All Cash | |
QES | 1.1 | KLX Energy Services Holdings, Inc. (KLXE) | 2.34 | 3.05% | -8.55% | 11.60% | All Stock |
GILT | 5.17 | Comtech Telecommunications Corp. (CMTL) | 16.21 | 65.29% | 55.56% | 9.73% | Cash Plus Stock |
TTPH | 2.38 | La Jolla Pharmaceutical Company (LJPC) | 4.03 | -15.97% | -21.57% | 5.60% | Special Conditions |
INWK | 2.73 | HH Global Group Limited (N/A) | 0.00 | 9.89% | 6.01% | 3.88% | All Cash |
QGEN | 48.66 | Thermo Fisher Scientific Inc. (TMO) | 406.38 | 1.03% | 2.14% | -1.11% | All Cash |
EE | 68.05 | J.P. Morgan Investment Management Inc. (N/A) | 0.29% | 1.41% | -1.12% | All Cash | |
GNW | 2.19 | China Oceanwide Holdings Group Co., Ltd. (N/A) | 147.95% | 149.08% | -1.13% | All Cash | |
NBL | 10.89 | Chevron Corporation (CVX) | 90.13 | -1.43% | 0.00% | -1.43% | All Stock |
GRUB | 68.85 | Just Eat Takeaway.com N.V. (TKAYF) | 106.7 | 3.99% | 16.61% | -12.62% | All Stock |
Deal Statistics:
Total Number of Deals Closed in 2020 | 81 |
Total Number of Deals Not Completed in 2020 | 13 |
Total Number of Pending Deals | |
Cash Deals | 26 |
Stock Deals | 12 |
Stock & Cash Deals | 2 |
Special Conditions | 1 |
Total Number of Pending Deals | 41 |
Aggregate Deal Consideration | $577.78 billion |
New Deals:
Deal Updates:
Closed Deals:
Deals Terminated:
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 | $3.68 | 09/30/2020 | 201.63% | 1115.08% |
GNW | 10/23/2016 | China Oceanwide Holdings Group Co., Ltd. (N/A) | $5.43 | $2.19 | 09/30/2020 | 147.95% | 818.18% |
GILT | 01/29/2020 | Comtech Telecommunications Corp. (CMTL) | $8.55 | $5.17 | 10/31/2021 | 65.29% | 51.58% |
CETV | 10/27/2019 | PPF Group N.V. (N/A) | $4.58 | $3.86 | 09/30/2020 | 18.65% | 103.16% |
BREW | 11/12/2019 | Anheuser-Busch (N/A) | $16.50 | $14.62 | 12/31/2020 | 12.86% | 29.71% |
TIF | 11/25/2019 | LVMH Moët Hennessy Louis Vuitton SE (LVMUY) | $135.00 | $121.41 | 07/31/2020 | 11.19% | 817.12% |
INWK | 07/16/2020 | HH Global Group Limited (N/A) | $3.00 | $2.73 | 12/31/2020 | 9.89% | 22.85% |
FIT | 11/01/2019 | Google LLC (GOOG) | $7.35 | $6.80 | 09/30/2020 | 8.09% | 44.73% |
WLTW | 03/09/2020 | Aon plc (AON) | $223.74 | $211.52 | 06/30/2021 | 5.78% | 6.22% |
MXIM | 07/13/2020 | Analog Devices, Inc. (ADI) | $70.69 | $67.13 | 06/30/2021 | 5.31% | 5.71% |
List of all pending deals:
Disclaimer: 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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