Merger activity increased last week with two new deals announced and five deals completed. The two deals that were announced last week were potential deals in the works.
On December 15, 2020, Cardtronics (CATM) had entered into a definitive agreement with funds managed by affiliates of Apollo Global Management (APO) and Hudson Executive Capital to be acquired for $39 per share in cash. In the second week of January, there was significant change in the weekly spread for Cardtronics after it received an unsolicited proposal from NCR Corporation. On January 25, 2021, the company terminated its previous agreement and entered into a deal with NCR Corporation (NCR) to be acquired for $39.00 per share in cash.
On January 31, 2021, according to The Wall Street Journal, the chief executives of Exxon Mobil (XOM) and Chevron (CVX) spoke about combining the oil giants after the pandemic shook the world last year, testing the waters for what could be one of the largest corporate mergers ever.
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.
SPAC Arbitrage
There were 23 new IPOs filed last week and 9 new SPAC business combinations announced.
Weekly Spread Changes:
The table below shows weekly spread changes between January 22, 2021, and January 29, 2021.
Symbol | Quote | Acquiring Company | Acquiring Company Quote | Current Spread | Last Week Spread | Spread Change Weekly | Deal Type |
---|---|---|---|---|---|---|---|
GNW | 2.84 | China Oceanwide Holdings Group Co., Ltd. (N/A) | 91.20% | 74.60% | 16.60% | All Cash | |
APHA | 12.18 | Tilray, Inc. (TLRY) | 18.1 | 24.55% | 16.89% | 7.66% | All Stock |
DOYU | 13.13 | HUYA Inc. (HUYA) | 25.89 | 43.94% | 36.94% | 7.00% | All Stock |
CXDC | 1.09 | Faith Dawn Limited and Faith Horizon (N/A) | 10.09% | 5.26% | 4.83% | All Cash | |
FBSS | 18.55 | Virginia National Bankshares Corporation (VABK) | 29.1 | 5.89% | 1.25% | 4.64% | All Stock |
CPAH | 3.41 | Alianza, Inc. (N/A) | 2.35% | 3.25% | -0.90% | All Cash | |
QEP | 2.85 | Diamondback Energy, Inc. (FANG) | 56.69 | -0.54% | 1.82% | -2.36% | All Stock |
HPR | 10.88 | Bonanza Creek Energy, Inc. (BCEI) | 20.66 | -78.35% | -74.74% | -3.61% | All Stock |
NEOS | 0.78 | Aytu BioScience, Inc. (AYTU) | 7.14 | -0.41% | 3.55% | -3.96% | All Stock |
CBMG | 19.6 | CBMG management (N/A) | 0.77% | 8.28% | -7.51% | All Cash |
Deal Statistics:
Total Number of Deals Closed in 2021 | 15 |
Total Number of Deals Not Completed in 2021 | 1 |
Total Number of Pending Deals | |
Cash Deals | 47 |
Stock Deals | 17 |
Stock & Cash Deals | 10 |
Special Conditions | 3 |
Total Number of Pending Deals | 77 |
Aggregate Deal Consideration | $434.91 billion |
New Deals:
Deal Updates:
Closed Deals:
Terminated Deals:
Top 10 deals with largest spreads:
Symbol | Announced Date | Acquiring Company | Closing Price | Last Price | Closing Date | Profit | Annualized Profit |
---|---|---|---|---|---|---|---|
GNW | 10/23/2016 | China Oceanwide Holdings Group Co., Ltd. (N/A) | $5.43 | $2.84 | 01/31/2021 | 91.20% | 0.00% |
DOYU | 10/12/2020 | HUYA Inc. (HUYA) | $18.90 | $13.13 | 06/30/2021 | 43.94% | 106.93% |
APHA | 12/16/2020 | Tilray, Inc. (TLRY) | $15.17 | $12.18 | 06/30/2021 | 24.55% | 59.73% |
XLNX | 10/27/2020 | Advanced Micro Devices, Inc. (AMD) | $147.59 | $130.57 | 12/31/2021 | 13.04% | 14.25% |
GSUM | 10/01/2020 | Gridsum Corporation (N/A) | $2.00 | $1.81 | 03/31/2021 | 10.50% | 64.94% |
CXDC | 06/15/2020 | Faith Dawn Limited and Faith Horizon (N/A) | $1.20 | $1.09 | 02/07/2021 | 10.09% | 526.21% |
IPHI | 10/29/2020 | Marvell Technology Group Ltd. (MRVL) | $185.54 | $168.61 | 12/31/2021 | 10.04% | 10.97% |
OSN | 12/17/2020 | New Ossen Group Limited (N/A) | $5.10 | $4.64 | 06/30/2021 | 9.91% | 24.12% |
HCAP | 12/23/2020 | Portman Ridge Finance Corporation (PTMN) | $8.53 | $7.78 | 06/30/2021 | 9.59% | 23.33% |
ALXN | 12/12/2020 | AstraZeneca (AZN) | $167.49 | $153.33 | 09/30/2021 | 9.23% | 13.93% |
List of all pending deals:
Disclaimer: I have long positions in Otelco (OTEL) and Zagg (ZAGG). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
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