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Merger Arbitrage Mondays – Two More Blockbuster Deals Announced

  • December 14, 2020

Merger activity increased last week with seven new deals announced. None of the active deals were completed.

The month of December has started off with a surge of new deals being announced and two of the largest deals of the year announced in the first two weeks. Three of the new deals announced last week were potential deals in the works.

In one of the largest drug deals announced this year, AstraZeneca, the company that has developed a coronavirus vaccine with Oxford University entered into a $39 billion deal to buy Boston-based Alexion Pharmaceuticals. On May 12, 2020, Hedge fund Elliott Management had publicly called on Alexion Pharmaceuticals to sell itself. With this acquisition, Astra Zeneca looks forward to adding treatments for uncommon blood and immunological disorders to its portfolio.

On December 13, 2020, Huntington Bancshares Incorporated (HBAN) and TCF Financial Corporation (TCF) entered into a definitive agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion. We have not yet added this deal to our database because the terms of the agreement have not been specified.

Another highlight from last week was Alaska Communications Systems Group (ALSK) and GCM Grosvenor announcing an amendment to their merger agreement by increasing their per share consideration from $3.00 to $3.20.

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