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

  • July 5, 2021

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.

SymbolQuoteAcquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
TEDU2.68Kidedu Holdings Limited (N/A)49.25%39.86%9.39%All Cash
XEC73.71Cabot Oil & Gas Corporation (COG)17.84-2.83%-7.56%4.73%All Stock
DOYU6.64HUYA Inc. (HUYA)16.581.40%77.61%3.79%All Stock
BWL-A8.8501Bowlero Corp. (N/A)3.16%-0.22%3.38%All Cash
WBT23.18The Middleby Corporation (MIDD)173.78-7.04%-10.09%3.05%All Stock
BOCH14.56Columbia Banking System, Inc. (COLB)37.513.05%5.22%-2.17%All Stock
CLDB27.25Farmers National Banc Corp. (FMNB)15.55-0.14%3.67%-3.81%All Stock
CHMA4.71Amryt Pharma (AMYT)12.22.57%9.40%-6.83%All Stock
NEWA3.45Crouching Tiger Holding Limited (N/A)5.80%13.00%-7.20%All Cash
SBBP3.08Xeris Pharmaceuticals, Inc. (XERS)4.258.18%19.72%-11.54%All Stock

Deal Statistics:

Total Number of Deals Closed in 202195
Total Number of Deals Not Completed in 20215
Total Number of Pending Deals
Cash Deals44
Stock Deals35
Stock & Cash Deals12
Special Conditions2
Total Number of Pending Deals93
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:

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnualized
Profit
DOYU10/12/2020HUYA Inc. (HUYA)$12.05$6.6406/30/202181.40%-7427.80%
TEDU04/30/2021Kidedu Holdings Limited (N/A)$4.00$2.6809/30/202149.25%204.29%
MX03/26/2021South Dearborn Limited (N/A)$29.00$23.812/31/202121.85%44.30%
XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)$163.21$144.5612/31/202112.90%26.16%
KSU05/21/2021Canadian National Railway Company (CNI)$320.55$284.6112/31/202212.63%8.46%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$25.75$22.9212/31/202112.35%25.04%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$2906/30/202211.72%11.85%
OSN12/17/2020New Ossen Group Limited (N/A)$5.10$4.56506/30/202111.72%-1069.41%
WLTW03/09/2020Aon plc (AON)$258.76$231.707/31/202111.68%157.87%
COHR03/25/2021II-VI Incorporated (IIVI)$286.60$261.7812/31/20219.48%19.23%

List of all pending deals:

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

SymbolAnnounced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
VolumeClosing
Date
ProfitAnnu.
Profit
+DOYU10/12/2020HUYA Inc. (HUYA)All Stock$3.95 billion$11.80$5.5517,018,24806/30/2021112.55%0.00%
+TEDU04/30/2021Kidedu Holdings Limited (N/A)All Cash$230.6 million$4.00$2.95607,48209/30/202135.59%152.84%
+MX03/26/2021South Dearborn Limited (N/A)All Cash$1.4 billion$29.00$23.95222,40512/31/202121.09%43.48%
+SJR03/15/2021Rogers Communications Inc. (RCI)Special Conditions$26 billion$32.40$28.63154,60106/30/202213.17%13.43%
+XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)All Stock$33.43 billion$162.81$144.171,769,14512/31/202112.93%26.66%
+CHNG01/06/2021UnitedHealth Group Incorporated (UNH)All Cash$13.28 billion$25.75$22.841,827,71412/31/202112.74%26.27%
+OSN12/17/2020New Ossen Group Limited (N/A)All Cash$84.96 million$5.10$4.544,67306/30/202112.33%0.00%
+KSU05/21/2021Canadian National Railway Company (CNI)Cash Plus Stock$33.6 billion$317.65$283.21544,76612/31/202212.16%8.19%
+WLTW03/09/2020Aon plc (AON)All Stock$34.45 billion$256.74$229.951,102,23007/31/202111.65%177.17%
+COHR03/25/2021II-VI Incorporated (IIVI)Cash Plus Stock$6.84 billion$287.41$262.57187,23612/31/20219.46%19.51%
+CHMA05/05/2021Amryt Pharma (AMYT)All Stock$53.61 million$4.74$4.4712,02509/30/20217.64%32.81%
+DSSI03/31/2021International Seaways, Inc. (INSW)All Stock$1.09 billion$11.00$10.34273,44909/30/20216.36%27.30%
+AJRD12/20/2020Lockheed Martin Corporation (LMT)All Cash$3.79 billion$51.00$48.22461,36812/31/20215.77%11.89%
+ATH03/08/2021Apollo Global Management, Inc. (APO)All Stock$6.01 billion$73.20$69.31,241,79201/31/20225.63%9.88%
+FBC04/26/2021New York Community Bancorp, Inc. (NYCB)All Stock$2.6 billion$44.37$42.18353,72412/31/20215.18%10.69%
+SBBP05/24/2021Xeris Pharmaceuticals, Inc. (XERS)All Stock$267 million$3.09$2.96637,35711/15/20214.36%12.14%
+SLCT06/01/2021First Bancorp (FBNC)All Stock$314.3 million$16.14$15.5377,64212/31/20213.90%8.05%
+TRMT04/26/2021RMR Mortgage Trust (RMRM)All Stock$252.33 million$6.21$5.9920,78809/30/20213.74%16.06%
+WORK12/01/2020salesforce.com, inc. (CRM)Cash Plus Stock$27.7 billion$46.21$44.575,893,13307/31/20213.68%55.94%
+MXIM07/13/2020Analog Devices, Inc. (ADI)All Stock$21 billion$106.04$102.561,127,64006/30/20213.39%0.00%
+INFO11/30/2020S&P Global (SPGI)All Stock$44 billion$117.97$114.11961,32812/31/20213.38%6.97%
+ESXB06/03/2021United Bankshares, Inc. (UBSI)All Stock$303.3 million$11.26$10.91138,77612/31/20213.22%6.63%
+PPD04/15/2021Thermo Fisher Scientific Inc. (TMO)All Cash$20.9 billion$47.50$46.072,045,75512/31/20213.10%6.40%
+BWL-A05/28/2021Bowlero Corp. (N/A)All Cash$42.58 million$9.13$8.86012,47612/31/20213.05%6.28%
+RIVE07/01/2021Mid Penn Bancorp, Inc. (MPB)All Stock$124.7 million$13.25$12.85727,55512/31/20213.04%6.26%
+MRLN04/19/2021HPS Investment Partners LLC (N/A)All Cash$109.4 million$23.50$22.8116,62903/31/20223.02%4.14%
+PNM10/21/2020Avangrid, Inc. (AGR)All Cash$8.05 billion$50.30$48.95415,91512/31/20212.76%5.69%
+BOCH06/24/2021Columbia Banking System, Inc. (COLB)All Stock$266 million$14.56$14.1992,93312/31/20212.64%5.44%
+FOE05/11/2021Prince International Corporation (N/A)All Cash$2.1 billion$22.00$21.45758,65409/30/20212.56%11.01%
+PMBC03/23/2021Banc of California (BANC)All Stock$235 million$8.45$8.2426,39109/30/20212.55%10.94%
+ALSK12/31/2020ATN International (ATNI)All Cash$332 million$3.40$3.32208,97112/31/20212.41%4.97%
+NUAN04/12/2021Microsoft Corp (MSFT)All Cash$19.7 billion$56.00$54.73,784,16712/31/20212.38%4.90%
+VER04/29/2021Realty Income Corporation (O)All Stock$17.66 billion$48.12$47.031,604,69512/31/20212.31%4.76%
+MMAC05/24/2021Fundamental Advisors LP (N/A)All Cash$161.7 million$27.77$27.1624,45109/30/20212.25%9.64%
+AMRB04/19/2021Bank of Marin Bancorp (BMRC)All Stock$134.5 million$18.07$17.6782909/30/20212.24%9.64%
+ORBC04/08/2021GI Partners (N/A)All Cash$1.1 billion$11.50$11.26501,81112/31/20212.13%4.40%
+JOBS06/21/2021Garnet Faith Limited (N/A)All Cash$3.63 billion$79.05$77.44503,17612/31/20212.08%4.29%
+ATC07/01/2021MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 billion$25.49$24.992,009,56412/31/20211.99%4.11%
+FRTA02/22/2021Quikrete Holdings, Inc. (N/A)All Cash$2.74 billion$24.00$23.54204,58412/31/20211.95%4.03%
+JAX07/02/2021SPB Hospitality LLC (N/A)All Cash$220 million$14.00$13.741,269,71011/15/20211.89%5.27%
+CORE05/18/2021Performance Food Group Company (PFGC)Cash Plus Stock$2.5 billion$44.49$43.73255,86906/30/20221.75%1.78%
+MFNC04/13/2021Nicolet Bankshares, Inc. (NCBS)Cash Plus Stock$248 million$20.16$19.8265,54609/30/20211.73%7.44%
+SHSP06/22/2021Clearlake Capital Group, L.P. (N/A)All Cash$240 million$17.10$16.81196,99609/30/20211.73%7.41%
+LDL06/21/2021Unifrax (N/A)All Cash$1.3 billion$62.10$61.05435,77312/31/20211.72%3.55%
+SOGO09/29/2020Tencent Parties (N/A)All Cash$2.19 billion$8.95$8.751,744,99207/31/20211.71%26.07%
+ALTA05/18/2021Glacier Bancorp, Inc. (GBCI)All Stock$933.5 million$42.79$42.140,68012/31/20211.63%3.37%
+SOLY05/10/2021Allergan Aesthetics (N/A)All Cash$550 million$22.60$22.241,377,19909/30/20211.62%6.95%
+PFBI03/29/2021Peoples Bancorp Inc. (PEBO)All Stock$292.3 million$16.77$16.5222,06809/30/20211.54%6.59%
+EBSB04/23/2021Independent Bank Corp. (INDB)All Stock$1.15 billion$19.82$19.53144,82712/31/20211.50%3.08%
+ALXN12/12/2020AstraZeneca (AZN)Cash Plus Stock$39 billion$187.25$184.542,499,40909/30/20211.47%6.30%
+SPWH12/21/2020The Great American Outdoors Group (N/A)All Cash$1.5 billion$18.00$17.74494,28712/31/20211.47%3.02%
+CADE04/12/2021BancorpSouth Bank (BXS)Cash Plus Stock$2.7 billion$20.25$19.97372,48912/31/20211.39%2.87%
+FMBI06/01/2021Old National Bancorp (ONB)All Stock$2.86 billion$19.40$19.15804,42201/31/20221.28%2.25%
+PFPT04/26/2021Thoma Bravo (N/A)All Cash$12.3 billion$176.00$174525,91609/30/20211.15%4.94%
+UFS05/11/2021Paper Excellence (N/A)All Cash$3.02 billion$55.50$54.89582,62212/31/20211.11%2.29%
+CNBKA04/07/2021Eastern Bankshares, Inc. (EBC)All Cash$642 million$115.28$114.024,18212/31/20211.11%2.28%
+STL04/19/2021Webster Financial Corporation (WBS)All Stock$5.12 billion$23.71$23.461,586,66812/31/20211.07%2.20%
+GRA04/26/2021Standard Industries Holdings Inc. (N/A)All Cash$7 billion$70.00$69.35437,76712/31/20210.94%1.93%
+FCBP04/26/2021Enterprise Financial Services Corp (EFSC)All Stock$397.7 million$29.83$29.5637,27809/30/20210.92%3.96%
+RAVN06/21/2021CNH Industrial N.V (CNHI)All Cash$2.1 billion$58.00$57.5754,10112/31/20210.87%1.79%
+QADA06/28/2021Thoma Bravo (N/A)All Cash$2 billion$87.50$86.82318,42712/31/20210.78%1.62%
+MGLN01/04/2021Centene Corporation (CNC)All Cash$2.2 billion$95.00$94.37113,37712/31/20210.67%1.38%
+CIT10/16/2020First Citizens BancShares, Inc. (FCNCA)All Stock$2.42 billion$49.25$48.94562,38006/30/20210.63%0.00%
+FLY03/29/2021Carlyle Aviation Partners (N/A)All Cash$2.36 billion$17.05$16.95161,79409/30/20210.59%2.53%
+TLND03/10/2021Thoma Bravo (N/A)All Cash$2.4 billion$66.00$65.62100,75112/31/20210.58%1.19%
+KIN06/16/2021Elanco Animal Health Incorporated (ELAN)All Cash$440 million$9.25$9.2821,39209/30/20210.54%2.33%
+SYKE06/18/2021Sitel Group (N/A)All Cash$2.2 billion$54.00$53.71515,67112/31/20210.54%1.11%
+CBB03/13/2020Macquarie Infrastructure Partners (N/A)All Cash$2.9 billion$15.50$15.42484,98709/30/20210.52%2.23%
+LMNX04/11/2021DiaSorin S.p.A. (N/A)All Cash$1.8 billion$37.00$36.81621,81609/30/20210.52%2.22%
+WRI04/15/2021Kimco Realty Corporation (KIM)Cash Plus Stock$6.12 billion$31.99$31.831,073,77012/31/20210.51%1.06%
+ICON06/11/2021Iconix Acquisition Corp. (N/A)All Cash$585 million$3.15$3.135486,34509/30/20210.48%2.05%
+PROS01/15/2021TowerBrook Capital Partners and Further Global Capital Management (N/A)All Cash$586 million$12.85$12.7950,39509/30/20210.47%2.01%
+SNR06/28/2021Ventas, Inc. (VTR)All Stock$2.3 billion$9.01$8.983,218,98512/31/20210.37%0.76%
+KNL04/19/2021Herman Miller, Inc. (MLHR)Cash Plus Stock$1.8 billion$26.05$25.96784,22309/30/20210.33%1.43%
+BMTC03/10/2021WSFS Financial Corporation (WSFS)All Stock$976.4 million$39.90$39.7944,28112/31/20210.27%0.55%
+SVBI03/03/2021Shore Bancshares, Inc. (SHBI)Cash Plus Stock$146 million$11.83$11.84,84109/30/20210.27%1.15%
+QTS06/07/2021Blackstone (BX)All Cash$10 billion$78.00$77.91,425,80612/31/20210.13%0.26%
+HOME05/06/2021Hellman & Friedman (N/A)All Cash$2.8 billion$37.00$36.981,843,79809/30/20210.05%0.23%
+CNST06/02/2021MorphoSys AG (MOR)All Cash$958.32 million$34.00$33.99713,43609/30/20210.03%0.13%
+ENBL02/17/2021Energy Transfer LP (ET)All Stock$7.2 billion$9.16$9.16627,00306/30/20210.02%0.00%
+NEWA10/02/2020Crouching Tiger Holding Limited (N/A)All Cash$48.85 million$3.65$3.651,006,78206/30/20210.00%0.00%
+CAI06/17/2021Mitsubishi HC Capital Inc. (N/A)All Cash$2.9 billion$56.00$56364,97712/31/20210.00%0.00%
+CCRC03/12/2021Taiying Group Ltd. and Taiying International Inc. (N/A)All Cash$101.37 million$6.50$6.5136,78206/30/20210.00%0.00%
+CLDR06/01/2021Clayton, Dubilier & Rice and KKR (N/A)All Cash$5.3 billion$16.00$1611,816,48712/31/20210.00%0.00%
+USCR06/07/2021Vulcan Materials Company (VMC)All Cash$2.32 billion$74.00$74.13452,87312/31/2021-0.18%-0.36%
+PBCT02/22/2021M&T Bank Corporation (MTB)All Stock$7.6 billion$16.71$16.753,220,63112/31/2021-0.25%-0.52%
+XOG05/10/2021Bonanza Creek Energy, Inc. (BCEI)All Stock$2.6 billion$55.64$55.81156,69409/30/2021-0.31%-1.32%
+CLDB06/23/2021Farmers National Banc Corp. (FMNB)All Stock$124 million$26.46$26.552,27312/31/2021-0.34%-0.70%
+ICBK06/22/2021Nicolet Bankshares, Inc. (NCBS)All Stock$219 million$33.87$34.157,07912/31/2021-0.82%-1.70%
+MSGN03/26/2021Madison Square Garden Entertainment Corp. (MSGE)All Stock$1.74 billion$14.29$14.48358,14309/30/2021-1.29%-5.54%
+XEC05/24/2021Cabot Oil & Gas Corporation (COG)All Stock$8.59 billion$68.25$70.78925,19712/31/2021-3.58%-7.38%
+BPY04/01/2021Brookfield Asset Management Inc. (BAM)Special Conditions$6.5 billion$18.17$18.939,346,53209/30/2021-4.01%-17.24%
+MNR05/04/2021Equity Commonwealth (EQC)Cash Plus Stock$3.4 billion$18.02$19.09269,73312/31/2021-5.63%-11.61%
+WBT04/21/2021The Middleby Corporation (MIDD)All Stock$4.3 billion$21.57$25.023,703,65512/31/2021-13.79%-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.