Merger Arbitrage Mondays – Welbilt Accepts Ali Group’s Higher Bid

Merger activity increased last week with eight new deals announced, four deals completed and one deal terminated. M&A and SPAC activity picked up once again last week. In a continuation of the trend we have seen all year, half of the deals announced last week were regional bank mergers. The largest deal announced last week was the acquisition of Covanta Holding Corporation (CVA) by EQT Infrastructure for $5.35 billion.

Founded in 1986 and headquartered in Morristown, New Jersey, Covanta provides energy from waste and industrial waste management services. Covanta’s facilities burn waste from municipalities and businesses and convert it into renewable electricity to power homes. The company generates 74% of its revenue from its waste to energy services. Last week, Covanta entered into a definitive agreement to be acquired by EQT Infrastructure for $20.25 per share, representing approximately 37% premium to Covanta’s unaffected share price of $14.78 on June 8th, the day prior to initial media speculation of a transaction.

Another highlight from last week was Welbilt (WBT) terminating its previous deal with The Middleby Corporation and agreeing to be acquired by Ali Group after accepting its second higher offer. Ali Group paid Middleby a $110 million termination fee on Welbilt’s behalf.

We wrote the following about Welbilt in our Merger Arbitrage Mondays post on May 31st,

The saga of bidding wars continued last week with Italy’s Ali Group bidding $3.3 billion for Welbilt (WBT) on Friday, representing a premium of 15.5% to Welbilt’s closing price on Thursday. 

Founded in 1864 and headquartered in New Port Richey, Florida, Welbilt has built 12 brands in the foodservice industry in a span of over 85 years. The company provides ghost kitchen solutions.  On April 21, 2021, Welbilt had entered into an all stock definitive agreement to be acquired by The Middleby Corporation (MIDD). Carl Icahn, Welbilt’s largest shareholder with an 8.4% stake, had agreed to that deal. Ali Group’s bid trumps Middleby’s offer. Welbilt will have to pay a break-up fee of $110 million to Middleby if it decides to abandon it at the altar and tie the knot with Ali Group.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

There were five new deals announced in the Deals in the Works section last week.

SPAC Arbitrage

There were 7 SPAC IPOs filed and 6 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. Ivanhoe Capital Acquisition (IVANentered into a definitive agreement for a business combination with SES Holdings.
  2. Altus Power and CBRE Acquisition Holdings (CBAHannounced a definitive agreement for a business combination that would result in Altus Power becoming a public company.
  3.  HeartFlow Holding and Longview Acquisition Corp. II (LGVentered into a definitive business combination agreement.
  4. Aurora entered into a definitive business combination agreement with Reinvent Technology Partners Y (RTPY).
  5. ServiceMax entered into a business combination agreement with Pathfinder Acquisition Corporation (PFDR).
  6. Fathom Digital Manufacturing Corporation and Altimar Acquisition Corp. II (ATMRentered into a definitive business combination agreement.

Weekly Spread Changes:

The table below shows weekly spread changes between July 9, and July 16, 2021

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
MX 22.73 South Dearborn Limited (N/A) 27.58% 22.16% 5.42% All Cash
RIVE 12.54 Mid Penn Bancorp, Inc. (MPB) 27.4 5.60% 2.73% 2.87% All Stock
XEC 66.08 Cabot Oil & Gas Corporation (COG) 16.16 -1.82% -4.64% 2.82% All Stock
KSU 266.33 Canadian National Railway Company (CNI) 104.38 19.34% 17.23% 2.11% Cash Plus Stock
ATC 24.16 MKS Instruments, Inc. (MKSI) 157.59 3.06% 1.37% 1.69% Cash Plus Stock
CIT 47.15 First Citizens BancShares, Inc. (FCNCA) 771.28 1.42% 2.61% -1.19% All Stock
MNR 19.23 Equity Commonwealth (EQC) 27.11 -4.61% -3.12% -1.49% Cash Plus Stock
WORK 44.7 salesforce.com, inc. (CRM) 238.43 1.32% 3.01% -1.69% Cash Plus Stock
ICBK 34.6 Nicolet Bankshares, Inc. (NCBS) 71.22 -1.20% 0.53% -1.73% All Stock
SOGO 8.91 Tencent Parties (N/A) -0.11% 2.30% -2.41% All Cash

Deal Statistics:

Total Number of Deals Closed in 2021 101
Total Number of Deals Not Completed in 2021 7
Total Number of Pending Deals
Cash Deals 46
Stock Deals 35
Stock & Cash Deals 12
Special Conditions 2
Total Number of Pending Deals 95
Aggregate Deal Consideration $794.33 billion

New Deals:

  1. The acquisition of State Auto Financial Corporation (STFC) by Liberty Mutual Holding Company for $2.48 billion or $52 per share in cash.
  2. The acquisition of 1st Constitution Bancorp  (FCCY) by Lakeland Bancorp, Inc. (LBAI) for $244.4 million in an all stock deal. Under the terms of the merger agreement, shareholders of 1st Constitution Bancorp will receive 1.3577 Lakeland shares for each 1st Constitution share.
  3. The acquisition of Howard Bancorp (HBMD) by F.N.B. Corporation (FNB) for $418 million in an all stock deal. Under the terms of the agreement, shareholders of Howard Bancorp will be entitled to receive 1.8 shares of FNB common stock for each share of Howard common stock they own.
  4. The acquisition of Covanta Holding Corporation (CVA) by EQT Infrastructure for $5.35 billion or $20.25 per share in cash.
  5. The acquisition of Welbilt (WBT) by Ali Holding for $4.8 billion or $24.00 per share in cash.
  6. The acquisition of Reliant Bancorp (RBNC) by United Community Banks (UCBI) for $517 million in an all stock deal. Under the terms of the agreement, shareholders of Reliant Bancorp will receive 0.9842 shares of United common stock for each share of Reliant common stock outstanding.
  7. The acquisition of GP Strategies Corporation (GPX) by Learning Technologies Group for $394 million or $20.85 per share in cash.
  8. The merger of FVCBankcorp (FVCB) and Blue Ridge Bankshares (BRBS) for $113.36 million in an all stock deal. Under the terms of the agreement, FVCB shareholders will receive 1.1492 shares of Blue Ridge common stock for each share of FVCB common stock they own.

Deal Updates:

  1. On July 12, 2021, Aon (AONreceived conditional approval from the European Union (EU) antitrust regulators for its bid to acquire Willis Towers Watson (WLTW).
  2. July 13, 2021: According to Reuters, China’s antitrust regulator unconditionally approved on Tencent Holdings plan to take Sogou (SOGO) private.
  3. On July 13, 2021, Monmouth Real Estate Investment Corporation (MNR) announced that it received an unsolicited acquisition proposal from a large private investment firm primarily focused on global real estate that participated in the strategic alternatives review process undertaken by Monmouth’s Board of Directors earlier this year and made a proposal to acquire Monmouth as part of that process.
  4. On July 13, 2021, Diamond S Shipping (DSSI) announced that it has received shareholder approval to be acquired by International Seaways (INSW).
  5. On July 14, 2021, Herman Miller (MLHR) and Knoll (KNL) announced that, at their respective special meetings, their shareholders overwhelmingly approved their respective proposals required in order to consummate the pending acquisition of Knoll by Herman Miller.
  6. On July 14, 2021, The UK Competition and Markets Authority cleared AstraZeneca’s (AZN) proposed acquisition of Alexion Pharmaceuticals (ALXN). As a result, the acquisition is expected to close on 21 July 2021.
  7. On July 14, 2021, First Citizens BancShares (FCNCA) and CIT Group (CIT) jointly announced that the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation.
  8. On July 16, 2021, Monmouth Real Estate Investment Corporation (MNR) announced that it received an amendment to the unsolicited acquisition proposal it previously received on July 8, 2021. The amendment to the proposal reflects an increase of $0.18 per share in the consideration that would be paid for each share of Monmouth Common Stock, resulting in a net cash consideration of $18.88 per share, reflecting a stated purchase price of $19.51 per share reduced by the termination fee of approximately $62.2 million, or $0.63 per share, if Monmouth terminates the merger agreement it previously entered into with Equity Commonwealth (EQC).
  9. On July 16, 2021, shareholders of Mackinac Financial Corporation (MFNCapproved the company’s merger with Nicolet Bankshares (NCBS) at a special meeting of shareholders.
  10. On July 16, 2021, Brookfield Property Partners (BPY) announced that it has received unitholder approval for Brookfield Asset Management’s (BAM) acquisition of all of the limited partnership units of BPY. It is expected that the closing of the transaction will occur prior to the end of July 2021.
  11. On July 16, 2021, Ossen Innovation (OSN) announced that it has entered into an Amendment to the Agreement and Plan of Merger with New Ossen Group Limited. Pursuant to Amendment No. 1, the parties have agreed to extend the Termination Date by three months to September 17, 2021.

Closed Deals:

  1. The acquisition of Newater Technology (NEWA) by Crouching Tiger Holding Limited on July 13, 2021. It took 284 days for this deal to be completed.
  2. The acquisition of Luminex Corporation (LMNX) by DiaSorin S.p.A. on July 14, 2021. It took 94 days for this deal to be completed.
  3. The acquisition of Constellation Pharmaceuticals (CNST) by MorphoSys AG (MOR) on July 15, 2021. It took 43 days for this deal to be completed.
  4. The acquisition of Diamond S Shipping (DSSI) by International Seaways (INSW) on July 16, 2021. It took 107 days for this deal to be completed.

Terminated Deals:

  1. On July 13, 2021, The Middleby Corporation (MIDD) announced that, under the terms of its previously announced Merger Agreement with Welbilt (WBT), it will not exercise its right to propose any modifications to the terms of the Merger Agreement and will allow the five-day match period to expire. Middleby expects that the Merger Agreement will terminate at the end of the match period today.

Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
TEDU 04/30/2021 Kidedu Holdings Limited (N/A) $4.00 $2.86 09/30/2021 39.86% 196.61%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $22.73 12/31/2021 27.58% 60.65%
KSU 05/21/2021 Canadian National Railway Company (CNI) $317.85 $266.33 12/31/2022 19.34% 13.30%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $22.36 12/31/2021 15.16% 33.34%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $148.02 $128.63 12/31/2021 15.08% 33.15%
OSN 12/17/2020 New Ossen Group Limited (N/A) $5.10 $4.48 06/30/2021 13.84% -280.63%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $28.78 06/30/2022 12.58% 13.23%
WLTW 03/09/2020 Aon plc (AON) $250.27 $222.36 07/31/2021 12.55% 352.39%
COHR 03/25/2021 II-VI Incorporated (IIVI) $283.28 $256.6 12/31/2021 10.40% 22.86%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $48.01 12/31/2021 6.23% 13.69%

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
+ TEDU 04/30/2021 Kidedu Holdings Limited (N/A) All Cash $230.6 million $4.00 $2.86 318,650 09/30/2021 39.86% 199.30%
+ MX 03/26/2021 South Dearborn Limited (N/A) All Cash $1.4 billion $29.00 $22.73 418,823 12/31/2021 27.58% 61.02%
+ KSU 05/21/2021 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 billion $317.85 $266.33 1,493,630 12/31/2022 19.34% 13.32%
+ CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) All Cash $13.28 billion $25.75 $22.36 780,034 12/31/2021 15.16% 33.54%
+ XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 billion $148.02 $128.63 956,420 12/31/2021 15.08% 33.35%
+ OSN 12/17/2020 New Ossen Group Limited (N/A) All Cash $84.96 million $5.10 $4.4800 36,368 06/30/2021 13.84% 0.00%
+ SJR 03/15/2021 Rogers Communications Inc. (RCI) Special Conditions $26 billion $32.40 $28.78 252,982 06/30/2022 12.58% 13.27%
+ WLTW 03/09/2020 Aon plc (AON) All Stock $34.45 billion $250.27 $222.36 606,429 07/31/2021 12.55% 381.76%
+ COHR 03/25/2021 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 billion $283.28 $256.6 99,792 12/31/2021 10.40% 23.00%
+ AJRD 12/20/2020 Lockheed Martin Corporation (LMT) All Cash $3.79 billion $51.00 $48.01 363,160 12/31/2021 6.23% 13.78%
+ RIVE 07/01/2021 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 million $13.24 $12.54 16,068 12/31/2021 5.60% 12.39%
+ CHMA 05/05/2021 Amryt Pharma (AMYT) All Stock $53.61 million $4.59 $4.37 248,110 09/30/2021 5.12% 25.58%
+ HBMD 07/13/2021 F.N.B. Corporation (FNB) All Stock $418 million $20.54 $19.6 87,040 01/31/2022 4.79% 8.91%
+ BOCH 06/24/2021 Columbia Banking System, Inc. (COLB) All Stock $266 million $13.89 $13.28 88,892 12/31/2021 4.61% 10.19%
+ TRMT 04/26/2021 RMR Mortgage Trust (RMRM) All Stock $252.33 million $6.04 $5.78 13,043 09/30/2021 4.45% 22.25%
+ ATH 03/08/2021 Apollo Global Management, Inc. (APO) All Stock $6.01 billion $65.19 $62.44 1,115,926 01/31/2022 4.41% 8.21%
+ FBC 04/26/2021 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 billion $44.81 $42.93 249,042 12/31/2021 4.38% 9.68%
+ ESXB 06/03/2021 United Bankshares, Inc. (UBSI) All Stock $303.3 million $11.06 $10.61 79,549 12/31/2021 4.25% 9.40%
+ MXIM 07/13/2020 Analog Devices, Inc. (ADI) All Stock $21 billion $101.08 $97.1 1,514,618 06/30/2021 4.10% 0.00%
+ FOE 05/11/2021 Prince International Corporation (N/A) All Cash $2.1 billion $22.00 $21.15 321,864 09/30/2021 4.02% 20.09%
+ FCCY 07/12/2021 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 million $21.80 $21.03 31,368 01/31/2022 3.68% 6.86%
+ MRLN 04/19/2021 HPS Investment Partners LLC (N/A) All Cash $109.4 million $23.50 $22.67 14,422 03/31/2022 3.66% 5.24%
+ FVCB 07/14/2021 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 million $20.27 $19.56 174,819 01/31/2022 3.64% 6.78%
+ SLCT 06/01/2021 First Bancorp (FBNC) All Stock $314.3 million $16.08 $15.52 46,220 12/31/2021 3.60% 7.97%
+ STFC 07/12/2021 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 billion $52.00 $50.26 537,416 03/31/2022 3.46% 4.96%
+ SOLY 05/10/2021 Allergan Aesthetics (N/A) All Cash $550 million $22.60 $21.86 261,057 09/30/2021 3.39% 16.93%
+ GPX 07/15/2021 Learning Technologies Group (N/A) All Cash $394 million $20.85 $20.17 1,393,429 12/31/2021 3.37% 7.46%
+ PNM 10/21/2020 Avangrid, Inc. (AGR) All Cash $8.05 billion $50.30 $48.7 399,854 12/31/2021 3.29% 7.27%
+ PPD 04/15/2021 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 billion $47.50 $46 1,001,852 12/31/2021 3.26% 7.21%
+ INFO 11/30/2020 S&P Global (SPGI) All Stock $44 billion $117.61 $114.06 913,367 12/31/2021 3.11% 6.89%
+ ATC 07/01/2021 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 billion $24.90 $24.16 1,839,922 12/31/2021 3.06% 6.77%
+ ORBC 04/08/2021 GI Partners (N/A) All Cash $1.1 billion $11.50 $11.17 2,102,729 12/31/2021 2.95% 6.54%
+ SBBP 05/24/2021 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 million $2.71 $2.64 266,581 11/15/2021 2.75% 8.44%
+ MFNC 04/13/2021 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 million $20.31 $19.77 38,771 09/30/2021 2.72% 13.62%
+ WBT 07/14/2021 Ali Holding S.r.l. (N/A) All Cash $4.8 billion $24.00 $23.38 1,930,972 01/31/2022 2.65% 4.94%
+ STL 04/19/2021 Webster Financial Corporation (WBS) All Stock $5.12 billion $22.18 $21.62 1,163,012 12/31/2021 2.58% 5.71%
+ SHSP 06/22/2021 Clearlake Capital Group, L.P. (N/A) All Cash $240 million $17.10 $16.71 191,182 09/30/2021 2.33% 11.67%
+ BWL-A 05/28/2021 Bowlero Corp. (N/A) All Cash $42.58 million $9.13 $8.93 10,946 12/31/2021 2.24% 4.95%
+ MMAC 05/24/2021 Fundamental Advisors LP (N/A) All Cash $161.7 million $27.77 $27.17 46,532 09/30/2021 2.21% 11.04%
+ CORE 05/18/2021 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 billion $43.83 $42.93 182,590 06/30/2022 2.10% 2.22%
+ LDL 06/21/2021 Unifrax (N/A) All Cash $1.3 billion $62.10 $60.9 180,255 12/31/2021 1.97% 4.36%
+ AMRB 04/19/2021 Bank of Marin Bancorp (BMRC) All Stock $134.5 million $18.35 $18 2,258 09/30/2021 1.93% 9.67%
+ STMP 07/09/2021 Thoma Bravo (N/A) All Cash $6.6 billion $330.00 $324.02 584,118 09/30/2021 1.85% 9.23%
+ JAX 07/02/2021 SPB Hospitality LLC (N/A) All Cash $220 million $14.00 $13.75 109,178 11/15/2021 1.82% 5.58%
+ NUAN 04/12/2021 Microsoft Corp (MSFT) All Cash $19.7 billion $56.00 $55 3,382,371 12/31/2021 1.82% 4.02%
+ ALTA 05/18/2021 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 million $41.67 $40.95 55,744 12/31/2021 1.76% 3.90%
+ FMBI 06/01/2021 Old National Bancorp (ONB) All Stock $2.86 billion $18.86 $18.54 534,925 01/31/2022 1.74% 3.25%
+ PFBI 03/29/2021 Peoples Bancorp Inc. (PEBO) All Stock $292.3 million $16.64 $16.36 47,538 09/30/2021 1.71% 8.56%
+ PMBC 03/23/2021 Banc of California (BANC) All Stock $235 million $8.10 $7.97 17,555 09/30/2021 1.63% 8.16%
+ RAVN 06/21/2021 CNH Industrial N.V (CNHI) All Cash $2.1 billion $58.00 $57.17 302,863 12/31/2021 1.45% 3.21%
+ SVBI 03/03/2021 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 million $12.24 $12.06 17,577 09/30/2021 1.45% 7.26%
+ KIN 06/16/2021 Elanco Animal Health Incorporated (ELAN) All Cash $440 million $9.25 $9.12 935,851 09/30/2021 1.43% 7.13%
+ CADE 04/12/2021 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 billion $19.83 $19.55 310,786 12/31/2021 1.42% 3.15%
+ CIT 10/16/2020 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 billion $47.82 $47.15 376,103 06/30/2021 1.42% 0.00%
+ UFS 05/11/2021 Paper Excellence (N/A) All Cash $3.02 billion $55.50 $54.75 730,732 12/31/2021 1.37% 3.03%
+ WORK 12/01/2020 salesforce.com, inc. (CRM) Cash Plus Stock $27.7 billion $45.29 $44.7 4,204,026 07/31/2021 1.32% 40.29%
+ JOBS 06/21/2021 Garnet Faith Limited (N/A) All Cash $3.63 billion $79.05 $78.03 160,052 12/31/2021 1.31% 2.89%
+ VER 04/29/2021 Realty Income Corporation (O) All Stock $17.66 billion $49.04 $48.41 2,054,160 12/31/2021 1.30% 2.88%
+ CLDR 06/01/2021 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 billion $16.00 $15.8 3,427,864 12/31/2021 1.27% 2.80%
+ SPWH 12/21/2020 The Great American Outdoors Group (N/A) All Cash $1.5 billion $18.00 $17.78 412,910 12/31/2021 1.24% 2.74%
+ EBSB 04/23/2021 Independent Bank Corp. (INDB) All Stock $1.15 billion $19.58 $19.34 232,754 12/31/2021 1.23% 2.71%
+ CNBKA 04/07/2021 Eastern Bankshares, Inc. (EBC) All Cash $642 million $115.28 $113.91 4,900 12/31/2021 1.20% 2.66%
+ CVA 07/14/2021 EQT Infrastructure (N/A) All Cash $5.35 billion $20.25 $20.01 5,892,975 12/31/2021 1.20% 2.65%
+ SNR 06/28/2021 Ventas, Inc. (VTR) All Stock $2.3 billion $9.31 $9.2 2,140,247 12/31/2021 1.16% 2.57%
+ FRTA 02/22/2021 Quikrete Holdings, Inc. (N/A) All Cash $2.74 billion $24.00 $23.73 175,544 12/31/2021 1.14% 2.52%
+ PFPT 04/26/2021 Thoma Bravo (N/A) All Cash $12.3 billion $176.00 $174.15 1,397,691 09/30/2021 1.06% 5.31%
+ CBB 03/13/2020 Macquarie Infrastructure Partners (N/A) All Cash $2.9 billion $15.50 $15.34 167,144 09/30/2021 1.04% 5.22%
+ USCR 06/07/2021 Vulcan Materials Company (VMC) All Cash $2.32 billion $74.00 $73.28 190,422 12/31/2021 0.98% 2.17%
+ RBNC 07/15/2021 United Community Banks, Inc. (UCBI) All Stock $517 million $29.46 $29.21 121,172 03/31/2022 0.85% 1.21%
+ SYKE 06/18/2021 Sitel Group (N/A) All Cash $2.2 billion $54.00 $53.58 276,013 12/31/2021 0.78% 1.73%
+ ALSK 12/31/2020 ATN International (ATNI) All Cash $332 million $3.40 $3.375 370,033 12/31/2021 0.74% 1.64%
+ PBCT 02/22/2021 M&T Bank Corporation (MTB) All Stock $7.6 billion $16.14 $16.03 2,150,598 12/31/2021 0.72% 1.58%
+ GRA 04/26/2021 Standard Industries Holdings Inc. (N/A) All Cash $7 billion $70.00 $69.52 434,344 12/31/2021 0.69% 1.53%
+ MGLN 01/04/2021 Centene Corporation (CNC) All Cash $2.2 billion $95.00 $94.39 88,763 12/31/2021 0.65% 1.43%
+ ICON 06/11/2021 Iconix Acquisition Corp. (N/A) All Cash $585 million $3.15 $3.13 392,599 09/30/2021 0.64% 3.19%
+ CAI 06/17/2021 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 billion $56.00 $55.65 385,973 12/31/2021 0.63% 1.39%
+ FLY 03/29/2021 Carlyle Aviation Partners (N/A) All Cash $2.36 billion $17.05 $16.95 140,809 09/30/2021 0.59% 2.95%
+ QTS 06/07/2021 Blackstone (BX) All Cash $10 billion $78.00 $77.56 1,107,785 12/31/2021 0.57% 1.25%
+ TLND 03/10/2021 Thoma Bravo (N/A) All Cash $2.4 billion $66.00 $65.65 350,939 12/31/2021 0.53% 1.18%
+ WRI 04/15/2021 Kimco Realty Corporation (KIM) Cash Plus Stock $6.12 billion $32.63 $32.47 991,534 12/31/2021 0.48% 1.07%
+ PROS 01/15/2021 TowerBrook Capital Partners and Further Global Capital Management (N/A) All Cash $586 million $12.85 $12.8 61,340 09/30/2021 0.39% 1.95%
+ FCBP 04/26/2021 Enterprise Financial Services Corp (EFSC) All Stock $397.7 million $28.92 $28.81 21,639 09/30/2021 0.39% 1.93%
+ QADA 06/28/2021 Thoma Bravo (N/A) All Cash $2 billion $87.50 $87.2 85,917 12/31/2021 0.34% 0.76%
+ ALXN 12/12/2020 AstraZeneca (AZN) Cash Plus Stock $39 billion $180.64 $180.03 10,299,729 07/21/2021 0.34% 61.74%
+ HOME 05/06/2021 Hellman & Friedman (N/A) All Cash $2.8 billion $37.00 $36.91 696,885 09/30/2021 0.24% 1.22%
+ CLDB 06/23/2021 Farmers National Banc Corp. (FMNB) All Stock $124 million $26.46 $26.41 4,998 12/31/2021 0.19% 0.42%
+ XOG 05/10/2021 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 billion $46.50 $46.45 62,493 09/30/2021 0.12% 0.59%
+ SOGO 09/29/2020 Tencent Parties (N/A) All Cash $2.19 billion $8.95 $8.91 700,692 07/31/2021 -0.11% -3.41%
+ ENBL 02/17/2021 Energy Transfer LP (ET) All Stock $7.2 billion $8.32 $8.33 673,348 06/30/2021 -0.12% 2.32%
+ KNL 04/19/2021 Herman Miller, Inc. (MLHR) Cash Plus Stock $1.8 billion $24.77 $24.81 1,564,613 09/30/2021 -0.15% -0.75%
+ BMTC 03/10/2021 WSFS Financial Corporation (WSFS) All Stock $976.4 million $39.98 $40.17 69,201 12/31/2021 -0.48% -1.06%
+ ICBK 06/22/2021 Nicolet Bankshares, Inc. (NCBS) All Stock $219 million $34.19 $34.6 16,538 12/31/2021 -1.20% -2.65%
+ XEC 05/24/2021 Cabot Oil & Gas Corporation (COG) All Stock $8.59 billion $64.88 $66.08 622,502 12/31/2021 -1.82% -4.03%
+ BPY 04/01/2021 Brookfield Asset Management Inc. (BAM) Special Conditions $6.5 billion $18.17 $18.83 8,209,951 07/31/2021 -3.51% -106.61%
+ MNR 05/04/2021 Equity Commonwealth (EQC) Cash Plus Stock $3.4 billion $18.34 $19.23 513,568 12/31/2021 -4.61% -10.20%

Conclusion:

Multiple deals continued to receive required shareholder and regulatory approvals last week. The trend with respect to deals in the financial sector continues and so do the bidding wars. Welbilt (WBT) agreed to the higher offer it received from Ali Group and Monmouth Real Estate Investment Corporation (MNR) received an unsolicited acquisition proposal from a large private investment firm.

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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