Merger activity increased last week with three new deals announced and one deal closing.
The biggest highlight for last week was the acquisition of Maxim Integrated Products (MXIM) by Analog Devices (ADI) in an all stock deal for $21 billion, which is the largest deal so far this year.
There were two amendments announced last week. While Forescout Technologies (FSCT) and Advent International agreed to amend their merger agreement by reducing the deal price, Thermo Fisher Scientific (TMO) and QIAGEN (QGEN) amended their agreement by increasing the original offer price.
The original deal for Forescout Technologies (FSCT) was priced at $33 per share in cash. Advent attempted to walk away from the deal in mid-May, which caused the spread on the deal to expand to over 66% at some point. Forescout Technologies filed a lawsuit claiming Advent had violated the terms of the merger agreement. With this newly negotiated deal, that lawsuit has now been dismissed.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were two new deals announced in the Deals in the Works section last week.
Weekly Spread Changes:
The table below shows weekly spread changes between July 10, 2020, and July 17, 2020.
Symbol | Quote | Acquiring Company | Acquiring Company Quote | Current Spread | Last Week Spread | Spread Change Weekly | Deal Type |
---|---|---|---|---|---|---|---|
CDOR | 3.83 | NexPoint Hospitality Trust (N/A) | 189.82% | 183.16% | 6.66% | All Cash | |
QGEN | 48.13 | Thermo Fisher Scientific Inc. (TMO) | 395.4 | 2.14% | -4.35% | 6.49% | All Cash |
INWK | 2.83 | HH Global Group Limited (N/A) | 0.00 | 6.01% | 0.00% | 6.01% | All Cash |
MXIM | 70.04 | Analog Devices, Inc. (ADI) | 116.75 | 5.01% | 0.00% | 5.01% | All Stock |
GRUB | 70.15 | Just Eat Takeaway.com N.V. (TKAYF) | 106.7 | 16.61% | 12.58% | 4.03% | All Stock |
TTPH | 2.55 | La Jolla Pharmaceutical Company (LJPC) | 4.7 | -21.57% | -17.70% | -3.87% | Special Conditions |
QES | 0.9852 | KLX Energy Services Holdings, Inc. (KLXE) | 1.86 | -8.55% | -0.37% | -8.18% | All Stock |
GILT | 5.48 | Comtech Telecommunications Corp. (CMTL) | 15.96 | 55.56% | 65.67% | -10.11% | Cash Plus Stock |
GNW | 2.18 | China Oceanwide Holdings Group Co., Ltd. (N/A) | 149.08% | 159.81% | -10.73% | All Cash | |
FSCT | 28.9 | Advent International (N/A) | 0.35% | 33.12% | -32.77% | All Cash |
Deal Statistics:
Total Number of Deals Closed in 2020 | 79 |
Total Number of Deals Not Completed in 2020 | 12 |
Total Number of Pending Deals | |
Cash Deals | 25 |
Stock Deals | 11 |
Stock & Cash Deals | 3 |
Special Conditions | 2 |
Total Number of Pending Deals | 41 |
Aggregate Deal Consideration | $565.08 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 | $3.83 | 09/30/2020 | 189.82% | 949.09% |
GNW | 10/23/2016 | China Oceanwide Holdings Group Co., Ltd. (N/A) | $5.43 | $2.18 | 09/30/2020 | 149.08% | 745.41% |
GILT | 01/29/2020 | Comtech Telecommunications Corp. (CMTL) | $8.52 | $5.48 | 10/31/2021 | 55.56% | 43.24% |
CETV | 10/27/2019 | PPF Group N.V. (N/A) | $4.58 | $3.86 | 09/30/2020 | 18.65% | 93.26% |
GRUB | 06/10/2020 | Just Eat Takeaway.com N.V. (TKAYF) | $81.83 | $70.15 | 03/31/2021 | 16.65% | 23.84% |
BREW | 11/12/2019 | Anheuser-Busch (N/A) | $16.50 | $14.845 | 12/31/2020 | 11.15% | 24.66% |
TIF | 11/25/2019 | LVMH Moët Hennessy Louis Vuitton SE (LVMUY) | $135.00 | $121.75 | 07/31/2020 | 10.88% | 331.02% |
FIT | 11/01/2019 | Google LLC (GOOG) | $7.35 | $6.75 | 09/30/2020 | 8.89% | 44.44% |
LACQ | 12/30/2019 | GTWY Holdings Limited (N/A) | $11.50 | $10.6 | 12/31/2020 | 8.49% | 18.78% |
INWK | 07/16/2020 | HH Global Group Limited (N/A) | $3.00 | $2.83 | 12/31/2020 | 6.01% | 13.29% |
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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