Merger Arbitrage Mondays – Condor Hospitality Terminates Merger Agreement With NHT Operating Partnership

Merger activity slowed down last week with no new deals announced, one completed active deal and one deal terminated.

Two potential deals were announced last week.

1. According to Bloomberg, UBS Group (UBS) Chairman Axel Weber has been studying the feasibility of a mega-merger with rival Credit Suisse Group (CS) as part of a regular thought-exercise on future strategic options.
2. 51job (JOBS) announced that its Board of Directors has received a preliminary non-binding proposal letter from DCP Capital Partners to acquire all of the outstanding common shares of the company for $79.05 in cash per common share.

Due to failure of NHT’s operating partnership to consummate the acquisition and for material breaches of the merger agreement, Condor Hospitality Trust (CDOR) decided to terminate its merger agreement with NHT Operating Partnership. The Company is entitled to receive a termination fee of $11.925 million within five business days of its termination of the merger agreement.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

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