The third quarter of 2020 ended with a big bang with 5 new deals announced worth $10.5 billion. Merger activity increased significantly last week with ten new deals announced and nine active deals completed. We were tracking four of the new deals announced as potential deals in the works.
We also saw a significant amount of active deals being completed last week including the acquisition of E*TRADE Financial Corporation (ETFC) by Morgan Stanley (MS) and the acquisition of Principia Biopharma (PRNB) by Sanofi (SNY).
Genworth Financial (GNW) continues to stay at the top of our list of active deals after announcing a 16th waiver with China Oceanwide Holdings Group to extend the previous deadline of September 30, 2020 to no later than November 30, 2020. It is astounding that this deal is still active nearly four years after it was announced in October 2016. We add updates to deals as they progress from announcement to culmination and in the case of Genworth we have added 43 updates over a nearly four year period.
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.