Merger Arbitrage Mondays – Zoom Acquires Five9

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 Olive.com 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

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
TEDU 2.35 Kidedu Holdings Limited (N/A) 0.00 70.21% 39.86% 30.35% All Cash
ICBK 33.34 Nicolet Bankshares, Inc. (NCBS) 69.61 0.22% -1.20% 1.42% All Stock
MX 22.48 South Dearborn Limited (N/A) 29.00% 27.58% 1.42% All Cash
HBMD 19.37 F.N.B. Corporation (FNB) 11.41 6.03% 4.79% 1.24% All Stock
BPY 18.64 Brookfield Asset Management Inc. (BAM) 51.2 -2.52% -3.51% 0.99% Special Conditions
BWL-A 9.13 Bowlero Corp. (N/A) 0.00 0.00% 2.24% -2.24% All Cash
RAVN 58.68 CNH Industrial N.V (CNHI) 16.16 -1.16% 1.45% -2.61% All Cash
TRMT 5.78 RMR Mortgage Trust (RMRM) 11.29 1.57% 4.45% -2.88% All Stock
FVCB 19 Blue Ridge Bankshares, Inc. (BRBS) 16.49 -0.26% 3.64% -3.90% All Stock
RIVE 12.72 Mid Penn Bancorp, Inc. (MPB) 26.52 0.76% 5.60% -4.84% All Stock

Deal Statistics:

Total Number of Deals Closed in 2021 107
Total Number of Deals Not Completed in 2021 7
Total Number of Pending Deals
Cash Deals 46
Stock Deals 37
Stock & Cash Deals 9
Special Conditions 2
Total Number of Pending Deals 94
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 salesforce.com (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:

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 $2.35 09/30/2021 70.21% 382.50%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $22.48 12/31/2021 29.00% 66.58%
KSU 05/21/2021 Canadian National Railway Company (CNI) $319.55 $271.4 12/31/2022 17.74% 12.36%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $22.2 12/31/2021 15.99% 36.71%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $158.81 $137.86 12/31/2021 15.20% 34.89%
OSN 12/17/2020 New Ossen Group Limited (N/A) $5.10 $4.4500 09/30/2021 14.61% 79.57%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $29.03 06/30/2022 11.61% 12.46%
WLTW 03/09/2020 Aon plc (AON) $251.08 $226.41 07/31/2021 10.90% 662.81%
COHR 03/25/2021 II-VI Incorporated (IIVI) $284.96 $259.79 12/31/2021 9.69% 22.25%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $48 12/31/2021 6.25% 14.35%

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 $2.35 1,972,671 09/30/2021 70.21% 388.30%
+ MX 03/26/2021 South Dearborn Limited (N/A) All Cash $1.4 billion $29.00 $22.48 142,415 12/31/2021 29.00% 67.00%
+ KSU 05/21/2021 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 billion $319.55 $271.4 330,200 12/31/2022 17.74% 12.38%
+ CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) All Cash $13.28 billion $25.75 $22.2 1,192,743 12/31/2021 15.99% 36.94%
+ XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 billion $158.81 $137.86 578,774 12/31/2021 15.20% 35.11%
+ OSN 12/17/2020 New Ossen Group Limited (N/A) All Cash $84.96 million $5.10 $4.4500 28,405 09/30/2021 14.61% 80.78%
+ SJR 03/15/2021 Rogers Communications Inc. (RCI) Special Conditions $26 billion $32.40 $29.03 145,107 06/30/2022 11.61% 12.50%
+ WLTW 03/09/2020 Aon plc (AON) All Stock $34.45 billion $251.08 $226.41 315,095 07/31/2021 10.90% 795.37%
+ COHR 03/25/2021 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 billion $284.96 $259.79 103,026 12/31/2021 9.69% 22.39%
+ AJRD 12/20/2020 Lockheed Martin Corporation (LMT) All Cash $3.79 billion $51.00 $48 383,430 12/31/2021 6.25% 14.44%
+ HBMD 07/13/2021 F.N.B. Corporation (FNB) All Stock $418 million $20.54 $19.37 219,503 01/31/2022 6.03% 11.65%
+ FOE 05/11/2021 Prince International Corporation (N/A) All Cash $2.1 billion $22.00 $20.98 791,216 09/30/2021 4.86% 26.89%
+ ATH 03/08/2021 Apollo Global Management, Inc. (APO) All Stock $6.01 billion $68.30 $65.22 629,025 01/31/2022 4.72% 9.11%
+ CHMA 05/05/2021 Amryt Pharma (AMYT) All Stock $53.61 million $4.43 $4.24 192,905 09/30/2021 4.42% 24.43%
+ FBC 04/26/2021 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 billion $44.21 $42.52 259,635 12/31/2021 3.97% 9.16%
+ FIVN 07/18/2021 Zoom Video Communications, Inc. (ZM) All Stock $14.7 billion $198.76 $191.20 3,315,903 06/30/2022 3.95% 4.26%
+ MXIM 07/13/2020 Analog Devices, Inc. (ADI) All Stock $21 billion $103.04 $99.28 1,033,163 06/30/2021 3.78% 0.00%
+ BOCH 06/24/2021 Columbia Banking System, Inc. (COLB) All Stock $266 million $13.82 $13.34 62,373 12/31/2021 3.57% 8.24%
+ SLCT 06/01/2021 First Bancorp (FBNC) All Stock $314.3 million $15.62 $15.1 46,349 12/31/2021 3.46% 7.99%
+ FCCY 07/12/2021 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 million $21.82 $21.1 53,818 01/31/2022 3.40% 6.57%
+ PNM 10/21/2020 Avangrid, Inc. (AGR) All Cash $8.05 billion $50.30 $48.67 268,894 12/31/2021 3.35% 7.74%
+ ESXB 06/03/2021 United Bankshares, Inc. (UBSI) All Stock $303.3 million $10.88 $10.55 58,722 12/31/2021 3.13% 7.23%
+ MRLN 04/19/2021 HPS Investment Partners LLC (N/A) All Cash $109.4 million $23.50 $22.79 6,188 03/31/2022 3.12% 4.59%
+ PPD 04/15/2021 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 billion $47.50 $46.16 1,538,234 12/31/2021 2.90% 6.71%
+ INFO 11/30/2020 S&P Global (SPGI) All Stock $44 billion $118.77 $115.44 1,414,141 12/31/2021 2.88% 6.66%
+ WBT 07/14/2021 Ali Holding S.r.l. (N/A) All Cash $4.8 billion $24.00 $23.4 1,021,472 01/31/2022 2.56% 4.95%
+ CORE 05/18/2021 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 billion $43.63 $42.63 227,215 06/30/2022 2.35% 2.53%
+ SOLY 05/10/2021 Allergan Aesthetics (N/A) All Cash $550 million $22.60 $22.09 427,524 09/30/2021 2.31% 12.77%
+ ACBI 07/23/2021 South State Corporation (SSB) All Stock $542 million $24.70 $24.16 974,474 03/31/2022 2.25% 3.31%
+ GPX 07/15/2021 Learning Technologies Group (N/A) All Cash $394 million $20.85 $20.4 87,477 12/31/2021 2.21% 5.10%
+ STFC 07/12/2021 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 billion $52.00 $50.88 159,566 03/31/2022 2.20% 3.24%
+ ATC 07/01/2021 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 billion $25.31 $24.79 1,785,041 12/31/2021 2.11% 4.88%
+ FMBI 06/01/2021 Old National Bancorp (ONB) All Stock $2.86 billion $18.22 $17.84 443,714 01/31/2022 2.11% 4.08%
+ STL 04/19/2021 Webster Financial Corporation (WBS) All Stock $5.12 billion $22.15 $21.75 1,146,082 12/31/2021 1.86% 4.30%
+ JAX 07/02/2021 SPB Hospitality LLC (N/A) All Cash $220 million $14.00 $13.75 84,212 11/15/2021 1.82% 5.93%
+ FRTA 02/22/2021 Quikrete Holdings, Inc. (N/A) All Cash $2.74 billion $24.00 $23.58 95,050 12/31/2021 1.78% 4.11%
+ SVBI 03/03/2021 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 million $12.19 $11.98 6,531 09/30/2021 1.71% 9.48%
+ ALTA 05/18/2021 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 million $40.88 $40.2 44,121 12/31/2021 1.68% 3.88%
+ MMAC 05/24/2021 Fundamental Advisors LP (N/A) All Cash $161.7 million $27.77 $27.32 8,057 09/30/2021 1.65% 9.11%
+ JOBS 06/21/2021 Garnet Faith Limited (N/A) All Cash $3.63 billion $79.05 $77.81 784,611 12/31/2021 1.59% 3.68%
+ TRMT 04/26/2021 RMR Mortgage Trust (RMRM) All Stock $252.33 million $5.87 $5.78 12,546 09/30/2021 1.57% 8.69%
+ SHSP 06/22/2021 Clearlake Capital Group, L.P. (N/A) All Cash $240 million $17.10 $16.84 146,976 09/30/2021 1.54% 8.54%
+ NUAN 04/12/2021 Microsoft Corp (MSFT) All Cash $19.7 billion $56.00 $55.15 3,779,587 12/31/2021 1.54% 3.56%
+ ORBC 04/08/2021 GI Partners (N/A) All Cash $1.1 billion $11.50 $11.35 727,111 12/31/2021 1.32% 3.05%
+ SBBP 05/24/2021 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 million $2.63 $2.6 215,037 11/15/2021 1.32% 4.29%
+ KIN 06/16/2021 Elanco Animal Health Incorporated (ELAN) All Cash $440 million $9.25 $9.13 967,633 09/30/2021 1.31% 7.27%
+ STMP 07/09/2021 Thoma Bravo (N/A) All Cash $6.6 billion $330.00 $325.84 214,987 09/30/2021 1.28% 7.06%
+ NWHM 07/23/2021 Apollo Global Management (N/A) All Cash $338 million $9.00 $8.89 8,451,149 12/31/2021 1.24% 2.86%
+ CVA 07/14/2021 EQT Infrastructure (N/A) All Cash $5.35 billion $20.25 $20.01 2,008,151 12/31/2021 1.20% 2.77%
+ CLDR 06/01/2021 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 billion $16.00 $15.82 2,398,914 12/31/2021 1.14% 2.63%
+ CADE 04/12/2021 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 billion $19.03 $18.82 320,320 12/31/2021 1.12% 2.58%
+ USCR 06/07/2021 Vulcan Materials Company (VMC) All Cash $2.32 billion $74.00 $73.23 345,636 12/31/2021 1.05% 2.43%
+ VER 04/29/2021 Realty Income Corporation (O) All Stock $17.66 billion $49.69 $49.2 1,360,585 12/31/2021 0.99% 2.29%
+ CNBKA 04/07/2021 Eastern Bankshares, Inc. (EBC) All Cash $642 million $115.28 $114.21 4,388 12/31/2021 0.94% 2.16%
+ SNR 06/28/2021 Ventas, Inc. (VTR) All Stock $2.3 billion $9.34 $9.26 637,674 12/31/2021 0.89% 2.06%
+ PFPT 04/26/2021 Thoma Bravo (N/A) All Cash $12.3 billion $176.00 $174.50 1,704,934 09/30/2021 0.86% 4.75%
+ UFS 05/11/2021 Paper Excellence (N/A) All Cash $3.02 billion $55.50 $55.03 393,461 12/31/2021 0.85% 1.97%
+ CBB 03/13/2020 Macquarie Infrastructure Partners (N/A) All Cash $2.9 billion $15.50 $15.37 120,955 09/30/2021 0.85% 4.68%
+ LDL 06/21/2021 Unifrax (N/A) All Cash $1.3 billion $62.10 $61.61 164,238 12/31/2021 0.80% 1.84%
+ SOGO 09/29/2020 Tencent Parties (N/A) All Cash $2.19 billion $8.95 $8.83 2,094,256 07/31/2021 0.79% 57.87%
+ RIVE 07/01/2021 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 million $12.82 $12.72 15,757 12/31/2021 0.76% 1.76%
+ ENBL 02/17/2021 Energy Transfer LP (ET) All Stock $7.2 billion $8.60 $8.54 522,740 06/30/2021 0.64% 0.00%
+ PROS 01/15/2021 TowerBrook Capital Partners and Further Global Capital Management (N/A) All Cash $586 million $12.85 $12.77 16,256 09/30/2021 0.63% 3.46%
+ PFBI 03/29/2021 Peoples Bancorp Inc. (PEBO) All Stock $292.3 million $16.77 $16.67 32,438 09/30/2021 0.59% 3.24%
+ AMRB 04/19/2021 Bank of Marin Bancorp (BMRC) All Stock $134.5 million $18.80 $18.7 14,708 09/30/2021 0.55% 3.03%
+ MFNC 04/13/2021 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 million $19.95 $19.85 92,273 09/30/2021 0.52% 2.90%
+ GRA 04/26/2021 Standard Industries Holdings Inc. (N/A) All Cash $7 billion $70.00 $69.65 297,826 12/31/2021 0.50% 1.16%
+ SYKE 06/18/2021 Sitel Group (N/A) All Cash $2.2 billion $54.00 $53.74 159,442 12/31/2021 0.48% 1.12%
+ WRI 04/15/2021 Kimco Realty Corporation (KIM) Cash Plus Stock $6.12 billion $32.19 $32.04 567,922 12/31/2021 0.47% 1.08%
+ MGLN 01/04/2021 Centene Corporation (CNC) All Cash $2.2 billion $95.00 $94.61 81,822 12/31/2021 0.41% 0.95%
+ QTS 06/07/2021 Blackstone (BX) All Cash $10 billion $78.00 $77.69 840,509 12/31/2021 0.40% 0.92%
+ PMBC 03/23/2021 Banc of California (BANC) All Stock $235 million $8.68 $8.65 22,128 09/30/2021 0.35% 1.92%
+ EBSB 04/23/2021 Independent Bank Corp. (INDB) All Stock $1.15 billion $19.02 $18.96 167,261 12/31/2021 0.33% 0.75%
+ ICON 06/11/2021 Iconix Acquisition Corp. (N/A) All Cash $585 million $3.15 $3.14 172,926 09/30/2021 0.32% 1.76%
+ SPWH 12/21/2020 The Great American Outdoors Group (N/A) All Cash $1.5 billion $18.00 $17.95 662,707 12/31/2021 0.28% 0.64%
+ VNE 07/22/2021 Magna International Inc. (MGA) All Cash $3.3 billion $31.25 $31.17 13,671,023 12/31/2021 0.26% 0.59%
+ FLY 03/29/2021 Carlyle Aviation Partners (N/A) All Cash $2.36 billion $17.05 $17.01 139,392 09/30/2021 0.24% 1.30%
+ ICBK 06/22/2021 Nicolet Bankshares, Inc. (NCBS) All Stock $219 million $33.41 $33.34 13,061 12/31/2021 0.22% 0.50%
+ CIT 10/16/2020 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 billion $47.94 $47.85 291,846 06/30/2021 0.19% 0.00%
+ QADA 06/28/2021 Thoma Bravo (N/A) All Cash $2 billion $87.50 $87.34 52,587 12/31/2021 0.18% 0.42%
+ TLND 03/10/2021 Thoma Bravo (N/A) All Cash $2.4 billion $66.00 $65.91 440,605 12/31/2021 0.14% 0.32%
+ RBNC 07/15/2021 United Community Banks, Inc. (UCBI) All Stock $517 million $28.23 $28.21 30,465 03/31/2022 0.06% 0.09%
+ PBCT 02/22/2021 M&T Bank Corporation (MTB) All Stock $7.6 billion $15.26 $15.26 2,918,588 12/31/2021 0.01% 0.01%
+ BWL-A 05/28/2021 Bowlero Corp. (N/A) All Cash $42.58 million $9.13 $9.13 255 12/31/2021 0.00% 0.00%
+ XOG 05/10/2021 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 billion $43.59 $43.59 77,967 09/30/2021 0.00% -0.02%
+ RPAI 07/16/2021 Kite Realty Group Trust (KRG) All Stock $4.96 billion $12.07 $12.09 2,447,936 12/31/2021 -0.13% -0.31%
+ CAI 06/17/2021 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 billion $56.00 $56.1 323,850 12/31/2021 -0.18% -0.41%
+ FVCB 07/14/2021 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 million $18.95 $19 87,087 01/31/2022 -0.26% -0.51%
+ BMTC 03/10/2021 WSFS Financial Corporation (WSFS) All Stock $976.4 million $38.94 $39.07 43,024 12/31/2021 -0.33% -0.75%
+ CLDB 06/23/2021 Farmers National Banc Corp. (FMNB) All Stock $124 million $26.39 $26.615 421 12/31/2021 -0.85% -1.95%
+ RAVN 06/21/2021 CNH Industrial N.V (CNHI) All Cash $2.1 billion $58.00 $58.68 439,882 12/31/2021 -1.16% -2.68%
+ XEC 05/24/2021 Cabot Oil & Gas Corporation (COG) All Stock $8.59 billion $63.35 $64.55 292,621 12/31/2021 -1.86% -4.29%
+ BPY 04/01/2021 Brookfield Asset Management Inc. (BAM) Special Conditions $6.5 billion $18.17 $18.64 1,076,467 07/31/2021 -2.52% -184.07%
+ MNR 05/04/2021 Equity Commonwealth (EQC) Cash Plus Stock $3.4 billion $17.96 $18.85 850,580 12/31/2021 -4.75% -10.97%

Conclusion:

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.

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