Merger activity remained steady last week with one new deal announced, six deals closing and one deal called off.
The month of June ended with six active deals being completed and another deal terminated, resulting in a total of five deals terminated in a single month. June was also the most active month with respect to new deals announced in the second quarter of 2020, with six new deals announced and ten new potential deals announced.
The month of July began with the announcement of an all stock merger agreement between Dime Community Bancshares (DCOM) and Bridge Bancorp (BDGE), which will result in Dime shareholders owning approximately 52% and Bridge shareholders will own approximately 48% of the combined company.
There was one potential deal announced last week. The special committees of Liberty Broadband Corporation (LBRDA) and GCI Liberty (GLIBA) reached a preliminary understanding regarding a possible exchange ratio for a potential business combination transaction between Liberty Broadband and GCI Liberty, in which Liberty Broadband would acquire all of the outstanding shares of GCI Liberty in a stock-for-stock merger.
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.
Weekly Spread Changes:
The table below shows weekly spread changes between June 26, 2020, and July 3, 2020.
Symbol | Quote | Acquiring Company | Acquiring Company Quote | Current Spread | Last Week Spread | Spread Change Weekly | Deal Type |
---|---|---|---|---|---|---|---|
GNW | 2.28 | China Oceanwide Holdings Group Co., Ltd. (N/A) | 138.16% | 118.07% | 20.09% | All Cash | |
ASFI | 12.95 | Stern Group (N/A) | 1.16% | -11.22% | 12.38% | All Cash | |
LACQ | 10.78 | GTWY Holdings Limited (N/A) | 6.68% | -1.71% | 8.39% | Special Conditions | |
TTPH | 2.46 | La Jolla Pharmaceutical Company (LJPC) | 4.41 | -18.70% | -23.08% | 4.38% | Special Conditions |
CDOR | 4.11 | NexPoint Hospitality Trust (N/A) | 170.07% | 166.83% | 3.24% | All Cash | |
GILT | 6.3 | Comtech Telecommunications Corp. (CMTL) | 16.04 | 35.42% | 37.77% | -2.35% | Cash Plus Stock |
TIF | 122.22 | LVMH Moët Hennessy Louis Vuitton SE (LVMUY) | 89.99 | 10.46% | 12.90% | -2.44% | All Cash |
MSBF | 12.5 | Kearny Financial Corp. (KRNY) | 8.01 | -16.70% | -11.29% | -5.41% | All Stock |
QES | 1.005 | KLX Energy Services Holdings, Inc. (KLXE) | 2.11 | 1.70% | 11.67% | -9.97% | All Stock |
CETV | 3.74 | PPF Group N.V. (N/A) | 22.46% | 36.51% | -14.05% | All Cash |
Deal Statistics:
Total Number of Deals Closed in 2020 | 77 |
Total Number of Deals Not Completed in 2020 | 12 |
Total Number of Pending Deals | |
Cash Deals | 22 |
Stock Deals | 11 |
Stock & Cash Deals | 3 |
Special Conditions | 2 |
Total Number of Pending Deals | 38 |
Aggregate Deal Consideration | $536.44 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 | $4.1100 | 09/30/2020 | 170.07% | 713.52% |
GNW | 10/23/2016 | China Oceanwide Holdings Group Co., Ltd. (N/A) | $5.43 | $2.28 | 09/30/2020 | 138.16% | 579.63% |
FSCT | 02/06/2020 | Advent International (N/A) | $33.00 | $21.57 | 07/31/2020 | 52.99% | 743.90% |
GILT | 01/29/2020 | Comtech Telecommunications Corp. (CMTL) | $8.53 | $6.3 | 10/31/2021 | 35.42% | 26.77% |
CETV | 10/27/2019 | PPF Group N.V. (N/A) | $4.58 | $3.7400 | 09/30/2020 | 22.46% | 94.23% |
FIT | 11/01/2019 | Google LLC (GOOG) | $7.35 | $6.29 | 09/30/2020 | 16.85% | 70.70% |
GRUB | 06/10/2020 | Just Eat Takeaway.com N.V. (TKAYF) | $77.21 | $69.87 | 03/31/2021 | 10.51% | 14.26% |
TIF | 11/25/2019 | LVMH Moët Hennessy Louis Vuitton SE (LVMUY) | $135.00 | $122.22 | 07/31/2020 | 10.46% | 146.79% |
DLPH | 01/28/2020 | BorgWarner Inc. (BWA) | $15.16 | $14.2 | 12/31/2020 | 6.73% | 13.73% |
LACQ | 12/30/2019 | GTWY Holdings Limited (N/A) | $11.50 | $10.78 | 12/31/2020 | 6.68% | 13.62% |
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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