Merger activity increased significantly last week with eight new deals announced and one deal terminated.
This is the highest number of deals announced in a single week this year but most of these deals were relatively small compared to the multi-billion dollar deals we saw in the week prior. Two of the new deals announced were from the energy sector, one of the hardest hit sectors during the COVID-19 pandemic. Based in Irving, Texas, Montage Resources Corporation is an independent oil and natural gas exploration and production company. On August 12, 2020, Montage Resources Corporation (MR) agreed to be acquired by Southwestern Energy Company (SWN) in an all stock deal worth $835 million.
Another highlight from last week was Thermo Fisher Scientific (TMO) terminating its acquisition agreement with QIAGEN (QGEN) after QIAGEN shareholders refused to tender their shares.
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 August 7, 2020, and August 14, 2020.
|ONDK||1.7||Enova International, Inc. (ENVA)||18.13||5.17%||1.49%||3.68%||Cash Plus Stock|
|GILT||5.65||Comtech Telecommunications Corp. (CMTL)||17.6||53.32%||50.60%||2.72%||Cash Plus Stock|
|CDOR||4.5||NexPoint Hospitality Trust (N/A)||146.67%||166.19%||-19.52%||All Cash|
|GNW||2.57||China Oceanwide Holdings Group Co., Ltd. (N/A)||111.28%||131.06%||-19.78%||All Cash|
|Total Number of Deals Closed in 2020||88|
|Total Number of Deals Not Completed in 2020||14|
|Total Number of Pending Deals|
|Stock & Cash Deals||5|
|Total Number of Pending Deals||49|
|Aggregate Deal Consideration||$622.29 billion|
Top 10 deals with largest spreads:
|CDOR||07/22/2019||NexPoint Hospitality Trust (N/A)||$11.10||$4.5||09/30/2020||146.67%||1216.67%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$2.57||09/30/2020||111.28%||923.15%|
|GILT||01/29/2020||Comtech Telecommunications Corp. (CMTL)||$8.66||$5.65||10/31/2021||53.32%||44.23%|
|FIT||11/01/2019||Google LLC (GOOG)||$7.35||$6.34||12/31/2020||15.93%||42.75%|
|CETV||10/27/2019||PPF Group N.V. (N/A)||$4.58||$4.05||10/27/2020||13.09%||67.28%|
|TIF||11/25/2019||LVMH Moët Hennessy Louis Vuitton SE (LVMUY)||$135.00||$125||09/30/2020||8.00%||66.36%|
|MXIM||07/13/2020||Analog Devices, Inc. (ADI)||$73.82||$68.6||06/30/2021||7.61%||8.77%|
|CBMG||08/12/2020||CBMG management (N/A)||$19.75||$18.51||12/31/2020||6.70%||17.98%|
List of all pending deals:
List of all pending deals:
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