Merger Arbitrage Mondays – MKS Instruments’ Rumored Deal With Atotech Materializes

Merger activity decreased last week with five new deals announced and five deals completed.

M&A activity continues to increase with 115 deals announced in the first half of this year. Over 70 of these deals were multi-billion dollar deals. Some of the largest deals that have been announced this year include Microsoft’s (MSFT) acquisition of Nuance (NUAN), Thermo Fisher’s acquisition of PPD (PPD), Canadian National Railway’s (CNI) acquisition of Kansas City Southern (KSU), UnitedHealth Group’s (UNH) acquisition of Change Healthcare (CHNG), Realty Income’s (O) acquisition of VerReit (VER), Rogers Communications’ (RCI) acquisition of Shaw Communications (SJR), Thoma Bravo’s acquisition of ProofPoint (PFPT), and Icon’s purchase of PRAH Health Sciences (PRAH).

According to PWC,

“Corporate and private acquirers have set a blistering pace for megadeals — transactions of at least $5 billion — and at this tempo, 2021 would top not only 2020 but also the volumes of the past several years. Megadeals have included several mergers with special purpose acquisition companies (SPACs), as well as the largest leveraged buyout in a decade.”

Another multi-billion dollar deal announced last week was the acquisition of Atotech Limited (ATC) by MKS Instruments (MKSI).  Founded in 1851 in Berlin and headquartered in West Bromwich, United Kingdom, Atotech is a specialty chemicals company that provides surface-finishing solutions to various industries across the world. We added ATC to our list of potential deals in the works on June 11, 2021 when semiconductor equipment maker MKS Instruments (MKSI) approached Atotech with an acquisition offer to expand its chip manufacturing capabilities. The cash plus stock deal was announced on Thursday last week.

SPAC activity continues to rise as well with 13 new SPAC IPOs filed last week, which included Chamath Palahapitiya’s new SPACs that raised $880 million in 4 upsized IPOs.

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 13 SPAC IPOs filed and 5 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. DFP Healthcare Acquisitions Corp (DFPHUentered into a definitive agreement for a business combination with The Oncology Institute.
  2. Pardes Biosciences, Inc. and FS Development Corp. II (FSIIentered into a definitive merger agreement.
  3. System1, and Trebia Acquisition Corp. (TREBannounced a definitive agreement for a business combination.
  4. Inspirato and Thayer Ventures Acquisition (TVACentered into a definitive merger agreement
  5. Bowlero Corp and Isos Acquisition Corporation (ISOSannounced a definitive agreement for a business combination that would result in Bowlero becoming a publicly listed company.

Weekly Spread Changes:

The table below shows weekly spread changes between June 25, and July 2, 2021.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
TEDU 2.68 Kidedu Holdings Limited (N/A) 49.25% 39.86% 9.39% All Cash
XEC 73.71 Cabot Oil & Gas Corporation (COG) 17.84 -2.83% -7.56% 4.73% All Stock
DOYU 6.64 HUYA Inc. (HUYA) 16.5 81.40% 77.61% 3.79% All Stock
BWL-A 8.8501 Bowlero Corp. (N/A) 3.16% -0.22% 3.38% All Cash
WBT 23.18 The Middleby Corporation (MIDD) 173.78 -7.04% -10.09% 3.05% All Stock
BOCH 14.56 Columbia Banking System, Inc. (COLB) 37.51 3.05% 5.22% -2.17% All Stock
CLDB 27.25 Farmers National Banc Corp. (FMNB) 15.55 -0.14% 3.67% -3.81% All Stock
CHMA 4.71 Amryt Pharma (AMYT) 12.2 2.57% 9.40% -6.83% All Stock
NEWA 3.45 Crouching Tiger Holding Limited (N/A) 5.80% 13.00% -7.20% All Cash
SBBP 3.08 Xeris Pharmaceuticals, Inc. (XERS) 4.25 8.18% 19.72% -11.54% All Stock

Deal Statistics:

Total Number of Deals Closed in 2021 95
Total Number of Deals Not Completed in 2021 5
Total Number of Pending Deals
Cash Deals 44
Stock Deals 35
Stock & Cash Deals 12
Special Conditions 2
Total Number of Pending Deals 93
Aggregate Deal Consideration $781.44 billion

New Deals:

  1. The acquisition of QAD (QADA) by Thoma Bravo for $2 billion or $87.50 per share in cash.
  2. The acquisition of New Senior Investment Group (SNR) by Ventas (VTR) for $2.3 billion in an all stock deal. Under the terms of the agreement, New Senior shareholders will receive 0.1561 shares of newly issued Ventas stock per share of New Senior common stock.
  3. The acquisition of Riverview Financial Corporation (RIVE) by Mid Penn Bancorp (MPB) for $124.7 million in an all stock deal. Under the terms of the merger agreement, shareholders of Riverview common stock will receive 0.4833 shares of Mid Penn common stock for each share of Riverview common stock they own.
  4. The acquisition of Atotech Limited (ATC) by MKS Instruments (MKSI) for $6.5 billion in a cash plus stock deal. Under the terms of the agreement, MKS will acquire Atotech for $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech common share. We added ATC as a potential deal to the Deals in the Works section on June 11, 2021, and the price after the news of the potential deal came out was $26.19.
  5. The acquisition of J. Alexander’s Holdings (JAX) by SPB Hospitality for $220 million or $14 per share in cash.

Deal Updates:

  1. June 29, 2021: According to Bloomberg, Salesforce.com (CRM) wrapped up an $8 billion bond sale on Tuesday to fund its $27.7 billion acquisition of Slack Technologies (WORK).
  2. On June 29, 2021, Canadian National Railway Company (CNI) and Kansas City Southern (KSU) announced that three local union committees representing CN and KCS employees in the United States that are affiliated with the Brotherhood of Locomotive Engineers and Trainmen have filed four letters in support of the proposed voting trust with the Surface Transportation Board. CNI and KSU also noted that the Surface Transportation Board’s comment period regarding the companies’ application for approval of a voting trust has closed, marking another key step toward the combination of the two companies.
  3. On June 29, 2021, The U.K. Competition and Markets Authority said that it has decided not to refer Advanced Micro Devices’s (AMD) anticipated acquisition of Xilinx (XLNX) to a Phase 2 investigation.
  4. On June 30, 2021, Navistar International Corporation (NAV) announced that all regulatory approvals necessary to proceed with the previously announced merger with Dusk, a wholly owned indirect subsidiary of TRATON SE were received.  The closing date of the merger is expected to be on July 1, 2021.
  5. On June 30, 2021, Magnachip Semiconductor’s (MX) planned sale to PE firm Wise Road was approved by China’s antitrust regulator.
  6. On July 1, 2021, Premier Financial Bancorp (PFBI) announced that it has received shareholder approval to be acquired by an affiliate of Peoples Bancorp (PEBO).
  7. On June 30, 2021, The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the previously announced proposed merger between  Constellation Pharmaceuticals (CNST) and MorphoSys AG (MOR).
  8. July 2, 2021: Following informal discussions with the staff at the Federal Trade Commission, AbbVie and Soliton (SOLY) have agreed to voluntarily provide the FTC with additional time in which to review the Merger. On July 2, 2021, AbbVie, as the acquiring party, voluntarily withdrew its pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act. In accordance with the regulations under the HSR Act, AbbVie plans to resubmit its HSR Act filing on or before July 7, 2021, commencing a new 30-day waiting period under the HSR Act.

Closed Deals:

  1. The acquisition of Linx S.A. (LINX) by StoneCo (STNE) on June 28, 2021. It took 321 days for this deal to be completed.
  2. The acquisition of Boston Private Financial Holdings (BPFH) by SVB Financial Group (SIVB) on July 1, 2021. It took 178 days for this deal to be completed.
  3. The acquisition of Navistar International Corporation (NAV) by Traton SE on July 1, 2021. It took 236 days for this deal to be completed.
  4. The acquisition of PRA Health Sciences (PRAH) by ICON Public Limited Company (ICLR) on July 1, 2021. It took 127 days for this deal to be completed.
  5. The acquisition of Watford Holdings (WTRE) by Arch Capital Group (ACGL) on July 2, 2021. It took 266 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
DOYU 10/12/2020 HUYA Inc. (HUYA) $12.05 $6.64 06/30/2021 81.40% -7427.80%
TEDU 04/30/2021 Kidedu Holdings Limited (N/A) $4.00 $2.68 09/30/2021 49.25% 204.29%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $23.8 12/31/2021 21.85% 44.30%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $163.21 $144.56 12/31/2021 12.90% 26.16%
KSU 05/21/2021 Canadian National Railway Company (CNI) $320.55 $284.61 12/31/2022 12.63% 8.46%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $22.92 12/31/2021 12.35% 25.04%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $29 06/30/2022 11.72% 11.85%
OSN 12/17/2020 New Ossen Group Limited (N/A) $5.10 $4.565 06/30/2021 11.72% -1069.41%
WLTW 03/09/2020 Aon plc (AON) $258.76 $231.7 07/31/2021 11.68% 157.87%
COHR 03/25/2021 II-VI Incorporated (IIVI) $286.60 $261.78 12/31/2021 9.48% 19.23%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium members.

Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing
Date
Profit Annu.
Profit
+ DOYU 10/12/2020 HUYA Inc. (HUYA) All Stock $3.95 billion $11.80 $5.55 17,018,248 06/30/2021 112.55% 0.00%
+ TEDU 04/30/2021 Kidedu Holdings Limited (N/A) All Cash $230.6 million $4.00 $2.95 607,482 09/30/2021 35.59% 152.84%
+ MX 03/26/2021 South Dearborn Limited (N/A) All Cash $1.4 billion $29.00 $23.95 222,405 12/31/2021 21.09% 43.48%
+ SJR 03/15/2021 Rogers Communications Inc. (RCI) Special Conditions $26 billion $32.40 $28.63 154,601 06/30/2022 13.17% 13.43%
+ XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 billion $162.81 $144.17 1,769,145 12/31/2021 12.93% 26.66%
+ CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) All Cash $13.28 billion $25.75 $22.84 1,827,714 12/31/2021 12.74% 26.27%
+ OSN 12/17/2020 New Ossen Group Limited (N/A) All Cash $84.96 million $5.10 $4.54 4,673 06/30/2021 12.33% 0.00%
+ KSU 05/21/2021 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 billion $317.65 $283.21 544,766 12/31/2022 12.16% 8.19%
+ WLTW 03/09/2020 Aon plc (AON) All Stock $34.45 billion $256.74 $229.95 1,102,230 07/31/2021 11.65% 177.17%
+ COHR 03/25/2021 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 billion $287.41 $262.57 187,236 12/31/2021 9.46% 19.51%
+ CHMA 05/05/2021 Amryt Pharma (AMYT) All Stock $53.61 million $4.74 $4.4 712,025 09/30/2021 7.64% 32.81%
+ DSSI 03/31/2021 International Seaways, Inc. (INSW) All Stock $1.09 billion $11.00 $10.34 273,449 09/30/2021 6.36% 27.30%
+ AJRD 12/20/2020 Lockheed Martin Corporation (LMT) All Cash $3.79 billion $51.00 $48.22 461,368 12/31/2021 5.77% 11.89%
+ ATH 03/08/2021 Apollo Global Management, Inc. (APO) All Stock $6.01 billion $73.20 $69.3 1,241,792 01/31/2022 5.63% 9.88%
+ FBC 04/26/2021 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 billion $44.37 $42.18 353,724 12/31/2021 5.18% 10.69%
+ SBBP 05/24/2021 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 million $3.09 $2.96 637,357 11/15/2021 4.36% 12.14%
+ SLCT 06/01/2021 First Bancorp (FBNC) All Stock $314.3 million $16.14 $15.53 77,642 12/31/2021 3.90% 8.05%
+ TRMT 04/26/2021 RMR Mortgage Trust (RMRM) All Stock $252.33 million $6.21 $5.99 20,788 09/30/2021 3.74% 16.06%
+ WORK 12/01/2020 salesforce.com, inc. (CRM) Cash Plus Stock $27.7 billion $46.21 $44.57 5,893,133 07/31/2021 3.68% 55.94%
+ MXIM 07/13/2020 Analog Devices, Inc. (ADI) All Stock $21 billion $106.04 $102.56 1,127,640 06/30/2021 3.39% 0.00%
+ INFO 11/30/2020 S&P Global (SPGI) All Stock $44 billion $117.97 $114.11 961,328 12/31/2021 3.38% 6.97%
+ ESXB 06/03/2021 United Bankshares, Inc. (UBSI) All Stock $303.3 million $11.26 $10.91 138,776 12/31/2021 3.22% 6.63%
+ PPD 04/15/2021 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 billion $47.50 $46.07 2,045,755 12/31/2021 3.10% 6.40%
+ BWL-A 05/28/2021 Bowlero Corp. (N/A) All Cash $42.58 million $9.13 $8.8601 2,476 12/31/2021 3.05% 6.28%
+ RIVE 07/01/2021 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 million $13.25 $12.857 27,555 12/31/2021 3.04% 6.26%
+ MRLN 04/19/2021 HPS Investment Partners LLC (N/A) All Cash $109.4 million $23.50 $22.81 16,629 03/31/2022 3.02% 4.14%
+ PNM 10/21/2020 Avangrid, Inc. (AGR) All Cash $8.05 billion $50.30 $48.95 415,915 12/31/2021 2.76% 5.69%
+ BOCH 06/24/2021 Columbia Banking System, Inc. (COLB) All Stock $266 million $14.56 $14.19 92,933 12/31/2021 2.64% 5.44%
+ FOE 05/11/2021 Prince International Corporation (N/A) All Cash $2.1 billion $22.00 $21.45 758,654 09/30/2021 2.56% 11.01%
+ PMBC 03/23/2021 Banc of California (BANC) All Stock $235 million $8.45 $8.24 26,391 09/30/2021 2.55% 10.94%
+ ALSK 12/31/2020 ATN International (ATNI) All Cash $332 million $3.40 $3.32 208,971 12/31/2021 2.41% 4.97%
+ NUAN 04/12/2021 Microsoft Corp (MSFT) All Cash $19.7 billion $56.00 $54.7 3,784,167 12/31/2021 2.38% 4.90%
+ VER 04/29/2021 Realty Income Corporation (O) All Stock $17.66 billion $48.12 $47.03 1,604,695 12/31/2021 2.31% 4.76%
+ MMAC 05/24/2021 Fundamental Advisors LP (N/A) All Cash $161.7 million $27.77 $27.16 24,451 09/30/2021 2.25% 9.64%
+ AMRB 04/19/2021 Bank of Marin Bancorp (BMRC) All Stock $134.5 million $18.07 $17.67 829 09/30/2021 2.24% 9.64%
+ ORBC 04/08/2021 GI Partners (N/A) All Cash $1.1 billion $11.50 $11.26 501,811 12/31/2021 2.13% 4.40%
+ JOBS 06/21/2021 Garnet Faith Limited (N/A) All Cash $3.63 billion $79.05 $77.44 503,176 12/31/2021 2.08% 4.29%
+ ATC 07/01/2021 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 billion $25.49 $24.99 2,009,564 12/31/2021 1.99% 4.11%
+ FRTA 02/22/2021 Quikrete Holdings, Inc. (N/A) All Cash $2.74 billion $24.00 $23.54 204,584 12/31/2021 1.95% 4.03%
+ JAX 07/02/2021 SPB Hospitality LLC (N/A) All Cash $220 million $14.00 $13.74 1,269,710 11/15/2021 1.89% 5.27%
+ CORE 05/18/2021 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 billion $44.49 $43.73 255,869 06/30/2022 1.75% 1.78%
+ MFNC 04/13/2021 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 million $20.16 $19.82 65,546 09/30/2021 1.73% 7.44%
+ SHSP 06/22/2021 Clearlake Capital Group, L.P. (N/A) All Cash $240 million $17.10 $16.81 196,996 09/30/2021 1.73% 7.41%
+ LDL 06/21/2021 Unifrax (N/A) All Cash $1.3 billion $62.10 $61.05 435,773 12/31/2021 1.72% 3.55%
+ SOGO 09/29/2020 Tencent Parties (N/A) All Cash $2.19 billion $8.95 $8.75 1,744,992 07/31/2021 1.71% 26.07%
+ ALTA 05/18/2021 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 million $42.79 $42.1 40,680 12/31/2021 1.63% 3.37%
+ SOLY 05/10/2021 Allergan Aesthetics (N/A) All Cash $550 million $22.60 $22.24 1,377,199 09/30/2021 1.62% 6.95%
+ PFBI 03/29/2021 Peoples Bancorp Inc. (PEBO) All Stock $292.3 million $16.77 $16.52 22,068 09/30/2021 1.54% 6.59%
+ EBSB 04/23/2021 Independent Bank Corp. (INDB) All Stock $1.15 billion $19.82 $19.53 144,827 12/31/2021 1.50% 3.08%
+ ALXN 12/12/2020 AstraZeneca (AZN) Cash Plus Stock $39 billion $187.25 $184.54 2,499,409 09/30/2021 1.47% 6.30%
+ SPWH 12/21/2020 The Great American Outdoors Group (N/A) All Cash $1.5 billion $18.00 $17.74 494,287 12/31/2021 1.47% 3.02%
+ CADE 04/12/2021 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 billion $20.25 $19.97 372,489 12/31/2021 1.39% 2.87%
+ FMBI 06/01/2021 Old National Bancorp (ONB) All Stock $2.86 billion $19.40 $19.15 804,422 01/31/2022 1.28% 2.25%
+ PFPT 04/26/2021 Thoma Bravo (N/A) All Cash $12.3 billion $176.00 $174 525,916 09/30/2021 1.15% 4.94%
+ UFS 05/11/2021 Paper Excellence (N/A) All Cash $3.02 billion $55.50 $54.89 582,622 12/31/2021 1.11% 2.29%
+ CNBKA 04/07/2021 Eastern Bankshares, Inc. (EBC) All Cash $642 million $115.28 $114.02 4,182 12/31/2021 1.11% 2.28%
+ STL 04/19/2021 Webster Financial Corporation (WBS) All Stock $5.12 billion $23.71 $23.46 1,586,668 12/31/2021 1.07% 2.20%
+ GRA 04/26/2021 Standard Industries Holdings Inc. (N/A) All Cash $7 billion $70.00 $69.35 437,767 12/31/2021 0.94% 1.93%
+ FCBP 04/26/2021 Enterprise Financial Services Corp (EFSC) All Stock $397.7 million $29.83 $29.56 37,278 09/30/2021 0.92% 3.96%
+ RAVN 06/21/2021 CNH Industrial N.V (CNHI) All Cash $2.1 billion $58.00 $57.5 754,101 12/31/2021 0.87% 1.79%
+ QADA 06/28/2021 Thoma Bravo (N/A) All Cash $2 billion $87.50 $86.82 318,427 12/31/2021 0.78% 1.62%
+ MGLN 01/04/2021 Centene Corporation (CNC) All Cash $2.2 billion $95.00 $94.37 113,377 12/31/2021 0.67% 1.38%
+ CIT 10/16/2020 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 billion $49.25 $48.94 562,380 06/30/2021 0.63% 0.00%
+ FLY 03/29/2021 Carlyle Aviation Partners (N/A) All Cash $2.36 billion $17.05 $16.95 161,794 09/30/2021 0.59% 2.53%
+ TLND 03/10/2021 Thoma Bravo (N/A) All Cash $2.4 billion $66.00 $65.62 100,751 12/31/2021 0.58% 1.19%
+ KIN 06/16/2021 Elanco Animal Health Incorporated (ELAN) All Cash $440 million $9.25 $9.2 821,392 09/30/2021 0.54% 2.33%
+ SYKE 06/18/2021 Sitel Group (N/A) All Cash $2.2 billion $54.00 $53.71 515,671 12/31/2021 0.54% 1.11%
+ CBB 03/13/2020 Macquarie Infrastructure Partners (N/A) All Cash $2.9 billion $15.50 $15.42 484,987 09/30/2021 0.52% 2.23%
+ LMNX 04/11/2021 DiaSorin S.p.A. (N/A) All Cash $1.8 billion $37.00 $36.81 621,816 09/30/2021 0.52% 2.22%
+ WRI 04/15/2021 Kimco Realty Corporation (KIM) Cash Plus Stock $6.12 billion $31.99 $31.83 1,073,770 12/31/2021 0.51% 1.06%
+ ICON 06/11/2021 Iconix Acquisition Corp. (N/A) All Cash $585 million $3.15 $3.135 486,345 09/30/2021 0.48% 2.05%
+ PROS 01/15/2021 TowerBrook Capital Partners and Further Global Capital Management (N/A) All Cash $586 million $12.85 $12.79 50,395 09/30/2021 0.47% 2.01%
+ SNR 06/28/2021 Ventas, Inc. (VTR) All Stock $2.3 billion $9.01 $8.98 3,218,985 12/31/2021 0.37% 0.76%
+ KNL 04/19/2021 Herman Miller, Inc. (MLHR) Cash Plus Stock $1.8 billion $26.05 $25.96 784,223 09/30/2021 0.33% 1.43%
+ BMTC 03/10/2021 WSFS Financial Corporation (WSFS) All Stock $976.4 million $39.90 $39.79 44,281 12/31/2021 0.27% 0.55%
+ SVBI 03/03/2021 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 million $11.83 $11.8 4,841 09/30/2021 0.27% 1.15%
+ QTS 06/07/2021 Blackstone (BX) All Cash $10 billion $78.00 $77.9 1,425,806 12/31/2021 0.13% 0.26%
+ HOME 05/06/2021 Hellman & Friedman (N/A) All Cash $2.8 billion $37.00 $36.98 1,843,798 09/30/2021 0.05% 0.23%
+ CNST 06/02/2021 MorphoSys AG (MOR) All Cash $958.32 million $34.00 $33.99 713,436 09/30/2021 0.03% 0.13%
+ ENBL 02/17/2021 Energy Transfer LP (ET) All Stock $7.2 billion $9.16 $9.16 627,003 06/30/2021 0.02% 0.00%
+ NEWA 10/02/2020 Crouching Tiger Holding Limited (N/A) All Cash $48.85 million $3.65 $3.65 1,006,782 06/30/2021 0.00% 0.00%
+ CAI 06/17/2021 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 billion $56.00 $56 364,977 12/31/2021 0.00% 0.00%
+ CCRC 03/12/2021 Taiying Group Ltd. and Taiying International Inc. (N/A) All Cash $101.37 million $6.50 $6.5 136,782 06/30/2021 0.00% 0.00%
+ CLDR 06/01/2021 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 billion $16.00 $16 11,816,487 12/31/2021 0.00% 0.00%
+ USCR 06/07/2021 Vulcan Materials Company (VMC) All Cash $2.32 billion $74.00 $74.13 452,873 12/31/2021 -0.18% -0.36%
+ PBCT 02/22/2021 M&T Bank Corporation (MTB) All Stock $7.6 billion $16.71 $16.75 3,220,631 12/31/2021 -0.25% -0.52%
+ XOG 05/10/2021 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 billion $55.64 $55.81 156,694 09/30/2021 -0.31% -1.32%
+ CLDB 06/23/2021 Farmers National Banc Corp. (FMNB) All Stock $124 million $26.46 $26.55 2,273 12/31/2021 -0.34% -0.70%
+ ICBK 06/22/2021 Nicolet Bankshares, Inc. (NCBS) All Stock $219 million $33.87 $34.15 7,079 12/31/2021 -0.82% -1.70%
+ MSGN 03/26/2021 Madison Square Garden Entertainment Corp. (MSGE) All Stock $1.74 billion $14.29 $14.48 358,143 09/30/2021 -1.29% -5.54%
+ XEC 05/24/2021 Cabot Oil & Gas Corporation (COG) All Stock $8.59 billion $68.25 $70.78 925,197 12/31/2021 -3.58% -7.38%
+ BPY 04/01/2021 Brookfield Asset Management Inc. (BAM) Special Conditions $6.5 billion $18.17 $18.93 9,346,532 09/30/2021 -4.01% -17.24%
+ MNR 05/04/2021 Equity Commonwealth (EQC) Cash Plus Stock $3.4 billion $18.02 $19.09 269,733 12/31/2021 -5.63% -11.61%
+ WBT 04/21/2021 The Middleby Corporation (MIDD) All Stock $4.3 billion $21.57 $25.02 3,703,655 12/31/2021 -13.79% -28.44%

Conclusion:

The M&A spree is likely to continue in the second half of the year fueled by cheap access to capital and burgeoning economic activity. Activity on the SPAC front seems to be picking up as well after the slow down in the past few months. The regulatory landscape remains interesting especially for cross-border deals and deals that require approval by industry-specific regulators but it has not stopped a lot of deals yet.

Disclaimer: I have long positions in Nuance Communications (NUAN), Change Healthcare (CHNG) and Brookfield Property Partners (BPY). 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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