Merger activity remained steady last week with four new deals announced and two active deals completed.
Two of the four new deals announced were potential deals in the work. On September 28, 2020, Endurance International Group Holdings (EIGI) had announced that it was considering strategic options, including a possible sale. On November 2, 2020, the company agreed to be acquired by Clearlake Capital Group at a 79% premium over Endurance’s unaffected share price of $5.30, as of September 25, 2020, the last trading day prior to media speculation about a potential transaction.
On January 30, 2020, Navistar International Corporation (NAV) had confirmed that it had received an unsolicited proposal from TRATON SE regarding a potential transaction to acquire the company. TRATON is Volkswagen’s truck manufacturing subsidiary. This potential deal became successful on November 7, 2020 after the two companies entered into a definitive merger agreement. I came across Navistar after a cluster of insider purchases by Carl Icahn and his protege Dr. Mark Rachesky in 2012. Over the last 8 years, they kept adding to their stakes and a number of other insiders exercised options without selling them. The final deal price came below what Carl Icahn was hoping for and also well below what Dr. Rachesky was purported to hold out for.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were no new deals announced in the Deals in the Works section last week.