Merger Arbitrage Mondays – Zoom Acquires Five9

  • July 26, 2021

Merger activity decreased last week with five new deals announced and six deals completed. Three of the five deals announced last week were multi billion dollar deals. The acquisition of Five9 (FIVN) by Zoom Video Communications (ZM) was the largest deal announced last week. In the past two years Zoom Video Communications (ZM) has gained momentum during the COVID-19 pandemic as people across the globe started working from home and school continued remotely due to the lockdown. The acquisition of Five9 will enable Zoom to enhance its presence with enterprise customers.

Zoom originally priced its IPO between $28 and $32 before pricing up and going public at $36 in April 2019. The stock closed its first day of trading at $62 implying a price/sales ratio of over 40 times trailing sales. This valuation was too rich for my liking and I decided to stay on the sidelines. Less than a year later the COVID-19 pandemic hit and the stock went parabolic. I did start a position in the early days of the pandemic as the world around us had changed and what had previously looked like very rich valuation seemed less so in this new world of remote work and school.

The stock eventually peaked over $568 this February and then gave back some of those gains in the ensuing months. Trading at $359, the stock is still expensive trading at 31 times trailing sales, 25 times forward sales and a forward P/E of 120. It makes perfect sense that Zoom is using its expensive stock to purchase assets like Five9 that will allow the company to enter adjacent markets. When Twilio (TWLO) acquired SendGrid in a $3 billion deal that almost didn’t happen, the market perceived that deal as indicating that Twilio’s organic growth had peaked and Twilio’s stock dropped after the deal was announced. As an investor in Twilio and a user of both products for several years, the deal made a lot of strategic sense to me and eventually the market warmed up to Twilio again. Zoom did not see its stock drop much in response to this deal either because the market saw the outcome of the Twilio – SendGrid deal or because partial remote work and school appear to be here to stay.

Five9 is a provider of cloud contact center software (“CCaaS”) and it has a $24 billion TAM (total addressable market). Five9’s TAM will join Zoom’s standalone $62B TAM for a cumulative TAM of $86B

Businesses spend significant resources annually on their contact centers, but still struggle to deliver a seamless experience for their customers,” said Rowan Trollope, Chief Executive Officer of Five9. “It has always been Five9’s mission to make it easy for businesses to fix that problem and engage with their customers in a more meaningful and efficient way. Joining forces with Zoom will provide Five9’s business customers access to best-of-breed solutions, particularly Zoom Phone, that will enable them to realize more value and deliver real results for their business. This, combined with Zoom’s ‘ease-of use’ philosophy and broad communication portfolio, will truly enable customers to engage via their preferred channel of choice.

After the completion of the deal, Five9 will be an operating unit of Zoom and Rowan Trollope will become a President of Zoom and continue as CEO of Five9, reporting to Eric Yuan.

Another highlight from last week was the Board of Directors of Monmouth Real Estate Investment Corporation (MNR) reaffirming their support for the company’s merger with Equity Commonwealth (EQC) after Starwood Capital Group made a proposal to acquire (MNR) for $19.51 per Monmouth share.

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 5 SPAC IPOs filed and 9 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. Ermenegildo Zegna Group and Investindustrial Acquisition (IIACannounced a definitive business agreement.
  2. Gelesis and Capstar Special Purpose Acquisition (CPSRentered into a definitive business combination agreement.
  3. Kin Insurance and Omnichannel Acquisition (OCAentered into a definitive business combination agreement.
  4. Fast Radius, Inc. and ECP Environmental Growth Opportunities (ENNVentered into a definitive agreement.
  5. BBQ Holding, LLC and Velocity Acquisition Corp. (VELOentered into a definitive business combination agreement that will result in BBQGuys becoming a publicly listed company.
  6. Core Scientific Holding Co. and Power & Digital Infrastructure Acquisition Corp. (XPDIentered into a definitive merger agreement pursuant to which XPDI will acquire the Company.
  7. PayLink Direct and announced that they will go public in a business combination with MDH Acquisition (MDH).
  8. Cvent and Dragoneer Growth Opportunities Corp. II (DGNSannounced their entry into a definitive business combination agreement.
  9. PropertyGuru and Bridgetown 2 Holdings Limited (BTNB) announced that they have entered into a business combination agreement.

Weekly Spread Changes:

The table below shows weekly spread changes between July 16, and July 23, 2021

Company Quote
Last Week
Spread Change
TEDU2.35Kidedu Holdings Limited (N/A)0.0070.21%39.86%30.35%All Cash
ICBK33.34Nicolet Bankshares, Inc. (NCBS)69.610.22%-1.20%1.42%All Stock
MX22.48South Dearborn Limited (N/A)29.00%27.58%1.42%All Cash
HBMD19.37F.N.B. Corporation (FNB)11.416.03%4.79%1.24%All Stock
BPY18.64Brookfield Asset Management Inc. (BAM)51.2-2.52%-3.51%0.99%Special Conditions
BWL-A9.13Bowlero Corp. (N/A)0.000.00%2.24%-2.24%All Cash
RAVN58.68CNH Industrial N.V (CNHI)16.16-1.16%1.45%-2.61%All Cash
TRMT5.78RMR Mortgage Trust (RMRM)11.291.57%4.45%-2.88%All Stock
FVCB19Blue Ridge Bankshares, Inc. (BRBS)16.49-0.26%3.64%-3.90%All Stock
RIVE12.72Mid Penn Bancorp, Inc. (MPB)26.520.76%5.60%-4.84%All Stock

Deal Statistics:

Total Number of Deals Closed in 2021107
Total Number of Deals Not Completed in 20217
Total Number of Pending Deals
Cash Deals46
Stock Deals37
Stock & Cash Deals9
Special Conditions2
Total Number of Pending Deals94
Aggregate Deal Consideration$820.66 billion

New Deals:

  1. The acquisition of Five9 (FIVN) by Zoom Video Communications (ZM) for $14.7 billion in an all stock deal. Under the terms of the agreement Five9 stockholders will receive 0.5533 shares of Class A common stock of Zoom Video Communications for each share of Five9.
  2. The merger of Retail Properties of America (RPAI) with Kite Realty Group Trust (KRG) for $4.96 billion in an all stock deal. Under the terms of the merger agreement, each RPAI common share will be converted into 0.6230 newly issued KRG common shares.
  3. The acquisition of Veoneer (VNE) by Magna International (MGA) for $3.3 billion or $31.25 per share in cash.
  4. The merger of Atlantic Capital Bancshares (ACBI) with SouthState Corporation (SSB) for $542 million in an all stock deal. Under the terms of the merger agreement, Atlantic Capital shareholders will receive 0.36 shares of SouthState common stock for each outstanding share of Atlantic Capital common stock.
  5. The acquisition of The New Home Company (NWHM) by Apollo Global Management for $338 million or $9.00 per share in cash.

Deal Updates:

  1. On July 16, 2021, Slack (WORK) and Salesforce (CRM) were informed that the DOJ had closed its investigation of the Transaction.
  2. On July 19, 2021, First Choice Bancorp (FCBP) announced that it has received shareholder approval to be acquired by Enterprise Financial Services (EFSC).
  3. On July 20, 2021, Brookfield Asset Management (BAM) and Brookfield Property Partners (BPY) announced that BPY has obtained a final order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement whereby BAM will acquire all of the limited partnership units of BPY.
  4. On July 21, 2021, Starwood Capital Group announced that its affiliate Starwood Real Estate Income Trust has made a proposal to acquire Monmouth Real Estate Investment Corporation (MNR) for $19.51 per Monmouth share reduced by the termination fee owed to Equity Commonwealth (EQC) of $62.2 million or $0.63 per share.
  5. On July 21, 2021, American River Bankshares (AMRB) announced that the special meeting of stockholders will be held on July 23, 2021.
  6. On July 21, 2021, Soliton (SOLY) announced that it has received shareholder approval to be acquired by Allergan Aesthetics.
  7. On July 21, 2021, U.S. Concrete (USCR) and Vulcan (VMCagreed to voluntarily provide DOJ with additional time in which to review the Merger. On July 21, 2021, Vulcan voluntarily withdrew its pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. In accordance with the regulations under the HSR Act, Vulcan plans to resubmit its HSR Act filing on or before July 23, 2021, commencing a new 30-day waiting period under the HSR Act.
  8. On July 22, 2021, Monmouth Real Estate Investment Corporation (MNR) announced that its Board of Directors has reaffirmed its unanimous support for the company’s pending merger with Equity Commonwealth (EQC).
  9. On July 23, 2021, Proofpoint (PFPT) announced that its stockholders voted to approve the acquisition of Proofpoint by Thoma Bravo.
  10. On July 23, 2021, Peoples Bancorp (PEBO) announced that it has received all necessary regulatory approvals for the merger between Peoples and Premier Financial Bancorp (PFBI).

Closed Deals:

  1. The acquisition of Knoll (KNL) by Herman Miller (MLHR) on July 19, 2021. It took 91 days for this deal to be completed.
  2. The acquisition of Slack Technologies (WORK) by (CRM) on July 21, 2021. It took 232 days for this deal to be completed.
  3. The acquisition of Alexion Pharmaceuticals (ALXN) by AstraZeneca (AZN) on July 21, 2021. It took 221 days for this deal to be completed.
  4. The acquisition of First Choice Bancorp (FCBP) by Enterprise Financial Services Corp (EFSC) on July 21, 2021. It took 86 days for this deal to be completed.
  5. The acquisition of Alaska Communications Systems Group (ALSK) by ATN International (ATNI) on July 22, 2021. It took 203 days for this deal to be completed.
  6. The acquisition of At Home Group (HOME) by Hellman & Friedman on July 23, 2021. It took 78 days for this deal to be completed.

Top 10 deals with largest spreads:

TEDU04/30/2021Kidedu Holdings Limited (N/A)$4.00$2.3509/30/202170.21%382.50%
MX03/26/2021South Dearborn Limited (N/A)$29.00$22.4812/31/202129.00%66.58%
KSU05/21/2021Canadian National Railway Company (CNI)$319.55$271.412/31/202217.74%12.36%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$25.75$22.212/31/202115.99%36.71%
XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)$158.81$137.8612/31/202115.20%34.89%
OSN12/17/2020New Ossen Group Limited (N/A)$5.10$4.450009/30/202114.61%79.57%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$29.0306/30/202211.61%12.46%
WLTW03/09/2020Aon plc (AON)$251.08$226.4107/31/202110.90%662.81%
COHR03/25/2021II-VI Incorporated (IIVI)$284.96$259.7912/31/20219.69%22.25%
AJRD12/20/2020Lockheed Martin Corporation (LMT)$51.00$4812/31/20216.25%14.35%

List of all pending deals:

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

+TEDU04/30/2021Kidedu Holdings Limited (N/A)All Cash$230.6 million$4.00$2.351,972,67109/30/202170.21%388.30%
+MX03/26/2021South Dearborn Limited (N/A)All Cash$1.4 billion$29.00$22.48142,41512/31/202129.00%67.00%
+KSU05/21/2021Canadian National Railway Company (CNI)Cash Plus Stock$33.6 billion$319.55$271.4330,20012/31/202217.74%12.38%
+CHNG01/06/2021UnitedHealth Group Incorporated (UNH)All Cash$13.28 billion$25.75$22.21,192,74312/31/202115.99%36.94%
+XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)All Stock$33.43 billion$158.81$137.86578,77412/31/202115.20%35.11%
+OSN12/17/2020New Ossen Group Limited (N/A)All Cash$84.96 million$5.10$4.450028,40509/30/202114.61%80.78%
+SJR03/15/2021Rogers Communications Inc. (RCI)Special Conditions$26 billion$32.40$29.03145,10706/30/202211.61%12.50%
+WLTW03/09/2020Aon plc (AON)All Stock$34.45 billion$251.08$226.41315,09507/31/202110.90%795.37%
+COHR03/25/2021II-VI Incorporated (IIVI)Cash Plus Stock$6.84 billion$284.96$259.79103,02612/31/20219.69%22.39%
+AJRD12/20/2020Lockheed Martin Corporation (LMT)All Cash$3.79 billion$51.00$48383,43012/31/20216.25%14.44%
+HBMD07/13/2021F.N.B. Corporation (FNB)All Stock$418 million$20.54$19.37219,50301/31/20226.03%11.65%
+FOE05/11/2021Prince International Corporation (N/A)All Cash$2.1 billion$22.00$20.98791,21609/30/20214.86%26.89%
+ATH03/08/2021Apollo Global Management, Inc. (APO)All Stock$6.01 billion$68.30$65.22629,02501/31/20224.72%9.11%
+CHMA05/05/2021Amryt Pharma (AMYT)All Stock$53.61 million$4.43$4.24192,90509/30/20214.42%24.43%
+FBC04/26/2021New York Community Bancorp, Inc. (NYCB)All Stock$2.6 billion$44.21$42.52259,63512/31/20213.97%9.16%
+FIVN07/18/2021Zoom Video Communications, Inc. (ZM)All Stock$14.7 billion$198.76$191.203,315,90306/30/20223.95%4.26%
+MXIM07/13/2020Analog Devices, Inc. (ADI)All Stock$21 billion$103.04$99.281,033,16306/30/20213.78%0.00%
+BOCH06/24/2021Columbia Banking System, Inc. (COLB)All Stock$266 million$13.82$13.3462,37312/31/20213.57%8.24%
+SLCT06/01/2021First Bancorp (FBNC)All Stock$314.3 million$15.62$15.146,34912/31/20213.46%7.99%
+FCCY07/12/2021Lakeland Bancorp, Inc. (LBAI)All Stock$244.4 million$21.82$21.153,81801/31/20223.40%6.57%
+PNM10/21/2020Avangrid, Inc. (AGR)All Cash$8.05 billion$50.30$48.67268,89412/31/20213.35%7.74%
+ESXB06/03/2021United Bankshares, Inc. (UBSI)All Stock$303.3 million$10.88$10.5558,72212/31/20213.13%7.23%
+MRLN04/19/2021HPS Investment Partners LLC (N/A)All Cash$109.4 million$23.50$22.796,18803/31/20223.12%4.59%
+PPD04/15/2021Thermo Fisher Scientific Inc. (TMO)All Cash$20.9 billion$47.50$46.161,538,23412/31/20212.90%6.71%
+INFO11/30/2020S&P Global (SPGI)All Stock$44 billion$118.77$115.441,414,14112/31/20212.88%6.66%
+WBT07/14/2021Ali Holding S.r.l. (N/A)All Cash$4.8 billion$24.00$23.41,021,47201/31/20222.56%4.95%
+CORE05/18/2021Performance Food Group Company (PFGC)Cash Plus Stock$2.5 billion$43.63$42.63227,21506/30/20222.35%2.53%
+SOLY05/10/2021Allergan Aesthetics (N/A)All Cash$550 million$22.60$22.09427,52409/30/20212.31%12.77%
+ACBI07/23/2021South State Corporation (SSB)All Stock$542 million$24.70$24.16974,47403/31/20222.25%3.31%
+GPX07/15/2021Learning Technologies Group (N/A)All Cash$394 million$20.85$20.487,47712/31/20212.21%5.10%
+STFC07/12/2021Liberty Mutual Holding Company Inc. (N/A)All Cash$2.48 billion$52.00$50.88159,56603/31/20222.20%3.24%
+ATC07/01/2021MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 billion$25.31$24.791,785,04112/31/20212.11%4.88%
+FMBI06/01/2021Old National Bancorp (ONB)All Stock$2.86 billion$18.22$17.84443,71401/31/20222.11%4.08%
+STL04/19/2021Webster Financial Corporation (WBS)All Stock$5.12 billion$22.15$21.751,146,08212/31/20211.86%4.30%
+JAX07/02/2021SPB Hospitality LLC (N/A)All Cash$220 million$14.00$13.7584,21211/15/20211.82%5.93%
+FRTA02/22/2021Quikrete Holdings, Inc. (N/A)All Cash$2.74 billion$24.00$23.5895,05012/31/20211.78%4.11%
+SVBI03/03/2021Shore Bancshares, Inc. (SHBI)Cash Plus Stock$146 million$12.19$11.986,53109/30/20211.71%9.48%
+ALTA05/18/2021Glacier Bancorp, Inc. (GBCI)All Stock$933.5 million$40.88$40.244,12112/31/20211.68%3.88%
+MMAC05/24/2021Fundamental Advisors LP (N/A)All Cash$161.7 million$27.77$27.328,05709/30/20211.65%9.11%
+JOBS06/21/2021Garnet Faith Limited (N/A)All Cash$3.63 billion$79.05$77.81784,61112/31/20211.59%3.68%
+TRMT04/26/2021RMR Mortgage Trust (RMRM)All Stock$252.33 million$5.87$5.7812,54609/30/20211.57%8.69%
+SHSP06/22/2021Clearlake Capital Group, L.P. (N/A)All Cash$240 million$17.10$16.84146,97609/30/20211.54%8.54%
+NUAN04/12/2021Microsoft Corp (MSFT)All Cash$19.7 billion$56.00$55.153,779,58712/31/20211.54%3.56%
+ORBC04/08/2021GI Partners (N/A)All Cash$1.1 billion$11.50$11.35727,11112/31/20211.32%3.05%
+SBBP05/24/2021Xeris Pharmaceuticals, Inc. (XERS)All Stock$267 million$2.63$2.6215,03711/15/20211.32%4.29%
+KIN06/16/2021Elanco Animal Health Incorporated (ELAN)All Cash$440 million$9.25$9.13967,63309/30/20211.31%7.27%
+STMP07/09/2021Thoma Bravo (N/A)All Cash$6.6 billion$330.00$325.84214,98709/30/20211.28%7.06%
+NWHM07/23/2021Apollo Global Management (N/A)All Cash$338 million$9.00$8.898,451,14912/31/20211.24%2.86%
+CVA07/14/2021EQT Infrastructure (N/A)All Cash$5.35 billion$20.25$20.012,008,15112/31/20211.20%2.77%
+CLDR06/01/2021Clayton, Dubilier & Rice and KKR (N/A)All Cash$5.3 billion$16.00$15.822,398,91412/31/20211.14%2.63%
+CADE04/12/2021BancorpSouth Bank (BXS)Cash Plus Stock$2.7 billion$19.03$18.82320,32012/31/20211.12%2.58%
+USCR06/07/2021Vulcan Materials Company (VMC)All Cash$2.32 billion$74.00$73.23345,63612/31/20211.05%2.43%
+VER04/29/2021Realty Income Corporation (O)All Stock$17.66 billion$49.69$49.21,360,58512/31/20210.99%2.29%
+CNBKA04/07/2021Eastern Bankshares, Inc. (EBC)All Cash$642 million$115.28$114.214,38812/31/20210.94%2.16%
+SNR06/28/2021Ventas, Inc. (VTR)All Stock$2.3 billion$9.34$9.26637,67412/31/20210.89%2.06%
+PFPT04/26/2021Thoma Bravo (N/A)All Cash$12.3 billion$176.00$174.501,704,93409/30/20210.86%4.75%
+UFS05/11/2021Paper Excellence (N/A)All Cash$3.02 billion$55.50$55.03393,46112/31/20210.85%1.97%
+CBB03/13/2020Macquarie Infrastructure Partners (N/A)All Cash$2.9 billion$15.50$15.37120,95509/30/20210.85%4.68%
+LDL06/21/2021Unifrax (N/A)All Cash$1.3 billion$62.10$61.61164,23812/31/20210.80%1.84%
+SOGO09/29/2020Tencent Parties (N/A)All Cash$2.19 billion$8.95$8.832,094,25607/31/20210.79%57.87%
+RIVE07/01/2021Mid Penn Bancorp, Inc. (MPB)All Stock$124.7 million$12.82$12.7215,75712/31/20210.76%1.76%
+ENBL02/17/2021Energy Transfer LP (ET)All Stock$7.2 billion$8.60$8.54522,74006/30/20210.64%0.00%
+PROS01/15/2021TowerBrook Capital Partners and Further Global Capital Management (N/A)All Cash$586 million$12.85$12.7716,25609/30/20210.63%3.46%
+PFBI03/29/2021Peoples Bancorp Inc. (PEBO)All Stock$292.3 million$16.77$16.6732,43809/30/20210.59%3.24%
+AMRB04/19/2021Bank of Marin Bancorp (BMRC)All Stock$134.5 million$18.80$18.714,70809/30/20210.55%3.03%
+MFNC04/13/2021Nicolet Bankshares, Inc. (NCBS)Cash Plus Stock$248 million$19.95$19.8592,27309/30/20210.52%2.90%
+GRA04/26/2021Standard Industries Holdings Inc. (N/A)All Cash$7 billion$70.00$69.65297,82612/31/20210.50%1.16%
+SYKE06/18/2021Sitel Group (N/A)All Cash$2.2 billion$54.00$53.74159,44212/31/20210.48%1.12%
+WRI04/15/2021Kimco Realty Corporation (KIM)Cash Plus Stock$6.12 billion$32.19$32.04567,92212/31/20210.47%1.08%
+MGLN01/04/2021Centene Corporation (CNC)All Cash$2.2 billion$95.00$94.6181,82212/31/20210.41%0.95%
+QTS06/07/2021Blackstone (BX)All Cash$10 billion$78.00$77.69840,50912/31/20210.40%0.92%
+PMBC03/23/2021Banc of California (BANC)All Stock$235 million$8.68$8.6522,12809/30/20210.35%1.92%
+EBSB04/23/2021Independent Bank Corp. (INDB)All Stock$1.15 billion$19.02$18.96167,26112/31/20210.33%0.75%
+ICON06/11/2021Iconix Acquisition Corp. (N/A)All Cash$585 million$3.15$3.14172,92609/30/20210.32%1.76%
+SPWH12/21/2020The Great American Outdoors Group (N/A)All Cash$1.5 billion$18.00$17.95662,70712/31/20210.28%0.64%
+VNE07/22/2021Magna International Inc. (MGA)All Cash$3.3 billion$31.25$31.1713,671,02312/31/20210.26%0.59%
+FLY03/29/2021Carlyle Aviation Partners (N/A)All Cash$2.36 billion$17.05$17.01139,39209/30/20210.24%1.30%
+ICBK06/22/2021Nicolet Bankshares, Inc. (NCBS)All Stock$219 million$33.41$33.3413,06112/31/20210.22%0.50%
+CIT10/16/2020First Citizens BancShares, Inc. (FCNCA)All Stock$2.42 billion$47.94$47.85291,84606/30/20210.19%0.00%
+QADA06/28/2021Thoma Bravo (N/A)All Cash$2 billion$87.50$87.3452,58712/31/20210.18%0.42%
+TLND03/10/2021Thoma Bravo (N/A)All Cash$2.4 billion$66.00$65.91440,60512/31/20210.14%0.32%
+RBNC07/15/2021United Community Banks, Inc. (UCBI)All Stock$517 million$28.23$28.2130,46503/31/20220.06%0.09%
+PBCT02/22/2021M&T Bank Corporation (MTB)All Stock$7.6 billion$15.26$15.262,918,58812/31/20210.01%0.01%
+BWL-A05/28/2021Bowlero Corp. (N/A)All Cash$42.58 million$9.13$9.1325512/31/20210.00%0.00%
+XOG05/10/2021Bonanza Creek Energy, Inc. (BCEI)All Stock$2.6 billion$43.59$43.5977,96709/30/20210.00%-0.02%
+RPAI07/16/2021Kite Realty Group Trust (KRG)All Stock$4.96 billion$12.07$12.092,447,93612/31/2021-0.13%-0.31%
+CAI06/17/2021Mitsubishi HC Capital Inc. (N/A)All Cash$2.9 billion$56.00$56.1323,85012/31/2021-0.18%-0.41%
+FVCB07/14/2021Blue Ridge Bankshares, Inc. (BRBS)All Stock$113.36 million$18.95$1987,08701/31/2022-0.26%-0.51%
+BMTC03/10/2021WSFS Financial Corporation (WSFS)All Stock$976.4 million$38.94$39.0743,02412/31/2021-0.33%-0.75%
+CLDB06/23/2021Farmers National Banc Corp. (FMNB)All Stock$124 million$26.39$26.61542112/31/2021-0.85%-1.95%
+RAVN06/21/2021CNH Industrial N.V (CNHI)All Cash$2.1 billion$58.00$58.68439,88212/31/2021-1.16%-2.68%
+XEC05/24/2021Cabot Oil & Gas Corporation (COG)All Stock$8.59 billion$63.35$64.55292,62112/31/2021-1.86%-4.29%
+BPY04/01/2021Brookfield Asset Management Inc. (BAM)Special Conditions$6.5 billion$18.17$18.641,076,46707/31/2021-2.52%-184.07%
+MNR05/04/2021Equity Commonwealth (EQC)Cash Plus Stock$3.4 billion$17.96$18.85850,58012/31/2021-4.75%-10.97%


A number of active deals received required regulatory and shareholder approvals last week. SPAC activity continues to grow with 9 new SPAC business combinations announced last week. Two active SPAC business combinations were terminated last week. Achronix Semiconductor Corporation and ACE Convergence Acquisition (ACEV) mutually agreed to terminate their merger agreement and DPCM Capital, Inc. (XPOA) and Jam City also mutually agreed to terminate the previously announced business combination agreement.

Disclaimer: I have long positions in, Zoom (ZM), Twilio (TWLO), 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.