Merger Arbitrage Mondays – BAMR Acquires American National Group At A Large Premium

Merger activity increased last week with seven new deals announced and one deal completed. Two of the seven new deals announced last week were potential deals in the works.

We added U.S. insurer American National Group (ANAT) to our list of potential deals on May 11, 2021, when Reuters reported that the company was exploring options that could include a sale of the company. The stock was trading at $141.50 after this announcement came out, representing a premium of 16.09% to the unaffected share price of $122.56 on May 11, 2021. American National was founded in 1905 by William Lewis Moody Jr. in Galveston, Texas. The majority of the stock of ANAT is controlled by the Moody family through various trusts and holdings. On August 9, 2021, the company entered into a definitive agreement to be acquired by Brookfield Asset Management Reinsurance Partners (BAMR) for $190 per share in cash.

The second successful potential deal was the acquisition of Sanderson Farms (SAFM) by Cargill and Continental Grain Company. We added Sanderson Farms as a potential deal on June 21, 2021, after The Wall Street Journal reported that the chicken producer had attracted interest from suitors including agricultural investment firm Continental Grain. SAFM stock was trading at $166.19, a 6.96% jump in stock price after this announcement. Founded in 1947 and is headquartered in Laurel, Mississippi, Sanderson Farms is the third largest chicken producer in the U.S. by processing capacity. SAFM entered into a definitive agreement to be acquired by Continental Grain on August 9, 2021 for $203 per share in cash, representing a 30.3% premium to Sanderson Farms’ unaffected share price of $155.74 on June 18, 2021, the last full trading day prior to media speculation about the potential sale of Sanderson Farms.

Another highlight from last week was Canadian Pacific Railway Limited (CP) submitting another proposal to acquire Kansas City Southern (KSU). The Board of Directors of KSU determined that the unsolicited bid did not constitute a “superior proposal”.

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

There was one new deal announced in the Deals in the Works section last week.

SPAC Arbitrage

There were 17 SPAC IPOs filed and 7 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. MultiMetaVerse and Model Performance Acquisition Corp (MPACUentered into a Merger Agreement.
  2. Leafly Holdings and Merida Merger Corp. I (MCMJentered into a definitive agreement with respect to a business combination.
  3. HotelPlanner and Astrea Acquisition Corp. (ASAXU) have entered into a definitive three-way merger agreement for a business combination.
  4. GreenLight Biosciences and Environmental Impact Acquisition Corp. (ENVI), have agreed to a business combination that will result in GreenLight becoming a publicly-listed company.
  5. ADS-TEC Energy GmbH and European Sustainable Growth Acquisition Corp. (EUSGentered into a definitive business combination agreement.
  6. Juuce Limited, which trades as EO Charging and First Reserve Sustainable Growth Corp. (FRSGannounced a definitive agreement for a business combination that would result in EO becoming a publicly listed company.
  7. Memic Innovative Surgery Ltd. and MedTech Acquisition Corporation (MTAC) announced that they have entered into a definitive agreement for a business combination.

Weekly Spread Changes:

The table below shows weekly spread changes between August 6 and August 13, 2021.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
AJRD 42.82 Lockheed Martin Corporation (LMT) 357.98 19.10% 9.91% 9.19% All Cash
SBBP 1.94 Xeris Pharmaceuticals, Inc. (XERS) 2.32 -6.24% -12.93% 6.69% All Stock
SOLY 20.73 Allergan Aesthetics (N/A) 9.02% 2.73% 6.29% All Cash
ENBL 8.01 Energy Transfer LP (ET) 9.51 2.05% -2.12% 4.17% All Stock
FVCB 19.52 Blue Ridge Bankshares, Inc. (BRBS) 17.86 5.15% 1.49% 3.66% All Stock
PMBC 8.93 Banc of California (BANC) 18.05 1.06% 3.00% -1.94% All Stock
CORE 44.01 Performance Food Group Company (PFGC) 46.52 0.76% 4.36% -3.60% Cash Plus Stock
KSU 292.66 Canadian National Railway Company (CNI) 107.46 9.79% 18.40% -8.61% Cash Plus Stock
TEDU 1.39 Kidedu Holdings Limited (N/A) 0.00 187.77% 198.51% -10.74% All Cash
OSN 4.85 New Ossen Group Limited (N/A) 5.15% 15.91% -10.76% All Cash

Deal Statistics:

Total Number of Deals Closed in 2021 116
Total Number of Deals Not Completed in 2021 8
Total Number of Pending Deals
Cash Deals 50
Stock Deals 36
Stock & Cash Deals 11
Special Conditions 3
Total Number of Pending Deals 100
Total Deal Size $838.15 billion

New Deals:

  1. The acquisition of Select Interior Concepts (SIC) by an affiliate of Sun Capital Partners for $411 million or $14.50 per share in cash.
  2. The acquisition of American National Group (ANAT) by Brookfield Asset Management Reinsurance Partners (BAMR) for $5.1 billion or $190 per share in cash. We added ANAT as a potential deal to the Deals in the Works section on May 11, 2021, and the price after the news of the potential deal came out was $142.28.
  3. The acquisition of Sanderson Farms (SAFM) by Cargill and Continental Grain Company for $4.49 billion or $203 per share in cash. We added SAFM as a potential deal to the Deals in the Works section on June 21, 2021, and the price after the news of the potential deal came out was $166.58.
  4. The acquisition of Golden Nugget Online Gaming (GNOG) by DraftKings (DKNG) for $1.52 billion in an all stock deal. Under the terms of the agreement, Golden Nugget Online Gaming stockholders would receive a fixed ratio of 0.365 shares of DraftKings’ Class A Common Stock for each Common Share of Golden Nugget Online Gaming they hold on the record date.
  5. The acquisition of Vine Energy (VEI) by Chesapeake Energy Corporation (CHK) for $2.2 billion in a cash plus stock deal. Under the terms of the agreement, Vine shareholders will receive fixed consideration of 0.2486 shares of Chesapeake common stock plus $1.20 cash per share of Vine common stock.
  6. The acquisition of The ExOne Company (XONE) by Desktop Metal (DM) for $418.26 million in a cash plus stock deal. Under the terms of the agreement, at closing, ExOne stockholders will receive total consideration of $575 million, consisting of $192 million in cash consideration and $383 million in share consideration of Desktop Metal common stock, subject to a collar mechanism on the share consideration. The share consideration component is subject to an exchange ratio adjustment if Desktop Metal’s 20-day volume weighted average price (VWAP) 3 days prior to closing is between $7.94 and $9.70. If the 20-day VWAP exceeds the higher end of that range, the exchange ratio will be fixed at 1.7522 per share, and if the 20-day VWAP goes below the lower end of that range, the exchange ratio will be fixed at 2.1416 per share. The final number of Desktop Metal shares estimated to be issued on a fully diluted basis will range between approximately 39.5 million and 48.3 million shares at closing. We have added this as a ‘special conditions’ deal with a closing price of $25.50 per share in cash.
  7. The acquisition of IEC Electronics (IEC) by Creation Technologies for $242.3 million or $15.35 per share in cash.

Deal Updates:

  1. On August 9, 2021, Cadence Bancorporation (CADE) announced that, during a special meeting  of its shareholders, CADE shareholders voted to approve the previously announced merger agreement entered into between the Company and BancorpSouth Bank.
  2. On August 9, 2021,  Sykes Enterprises (SYKE) announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) regarding the all-cash acquisition by Sitel Group has expired. The transaction, which is expected to be completed in the second half of 2021, remains subject to certain closing conditions, including the approval of SYKES’ shareholders at its Special Meeting, which is scheduled for August 24, 2021.
  3. On August 9, 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 CAI International (CAI) and Mitsubishi HC Capital.
  4. On August 10, 2021, Canadian Pacific Railway Limited (CPsubmitted a superior proposal to acquire Kansas City Southern (KSU) in a stock and cash transaction representing an enterprise value of approximately USD$31 billion1, offering KCS stockholders an alternative recognizing the premium value of KCS while providing more regulatory certainty. The proposed transaction, which has the unanimous support of the CP Board of Directors, values KCS at $300 per share, representing a 34% premium2, based on the CP closing price on August 9, 2021 and KCS unaffected closing price on March 19, 2021.
  5. On August 9, 2021, Core-Mark Holding Company (CORE) and Performance Food Group Company (PFGC) received a standard form letter from the FTC stating among other things, that, although the waiting period with respect to the HSR Act would be expiring, the FTC’s investigation of the Mergers remains open and ongoing.
  6. On August 10, 2021, shareholders of MMA Capital Holdings (MMACapproved the company’s merger with Fundamental Advisors at a special meeting of shareholders.
  7. On August 11, 2021, Bowl America Incorporated (BWL-A) announced that it has received shareholder approval to be acquired by Bowlero Corp.
  8. On August 11, 2021, The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Cloudera (CLDR) by KKR and Clayton, Dubilier & Rice.
  9. On August 11, 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 QAD Inc. (QADA) and Thoma Bravo.
  10. On August 12, 2021, Realty Income Corporation (O) and VEREIT (VER) announced that their stockholders approved all of the proposals necessary for the closing of the previously announced merger pursuant to which Realty Income will acquire VEREIT.
  11. On August 12, 2021, Kansas City Southern (KSU) announced that its Board of Directors has unanimously determined that the unsolicited proposal received from Canadian Pacific Railway Limited (CP) on August 10, 2021 to acquire KCS in a cash and stock transaction does not constitute a “Company Superior Proposal”.
  12. On August 12, 2021, Change Healthcare (CHNG) and UnitedHealth Group (UNH) entered into a timing agreement with the DOJ pursuant to which they agreed, among other things, not to consummate the Merger before 120 days following the date on which both parties have certified substantial compliance with the Second Request unless they have received written notice from the DOJ prior to the end of such 120-day period that the DOJ has closed its investigation of the pending Merger.

Closed Deals:

  1. The acquisition of MMA Capital Holdings (MMAC) by Fundamental Advisors on August 13, 2021. It took 81 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 $1.39 09/30/2021 187.77% 1489.91%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $19.05 12/31/2021 52.23% 138.15%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $190.52 $146.63 12/31/2021 29.93% 79.17%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $21.47 12/31/2021 19.93% 52.73%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $42.82 12/31/2021 19.10% 50.53%
COHR 03/25/2021 II-VI Incorporated (IIVI) $277.64 $239.4 12/31/2021 15.97% 42.25%
JOBS 06/21/2021 Garnet Faith Limited (N/A) $79.05 $69.83 12/31/2021 13.20% 34.92%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $29.16 06/30/2022 11.11% 12.71%
KSU 05/21/2021 Canadian National Railway Company (CNI) $321.32 $292.66 12/31/2022 9.79% 7.11%
SOLY 05/10/2021 Allergan Aesthetics (N/A) $22.60 $20.73 09/30/2021 9.02% 71.58%

List of all pending deals:

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

Target Announced
Date
Acquirer Deal
Type
Closing
Value
Deal
Price
Last
Price
Target Volume Estimated
Closing Date
Return Annualized
Return
+ TEDU 4/30/21 Kidedu Holdings Limited (N/A) All Cash $230.6 M $4.00 $1.39 799,050 9/30/21 187.77% 1523.02%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $19.05 204,815 12/31/21 52.23% 139.16%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $190.52 $146.63 1,432,852 12/31/21 29.93% 79.75%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $21.47 2,936,134 12/31/21 19.93% 53.11%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $42.82 1,772,804 12/31/21 19.10% 50.90%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $277.64 $239.4 66,887 12/31/21 15.97% 42.56%
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $69.83 253,019 12/31/21 13.20% 35.18%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $29.16 154,951 6/30/22 11.11% 12.75%
+ KSU 5/21/21 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 B $321.32 $292.66 452,182 12/31/22 9.79% 7.12%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $20.73 292,805 9/30/21 9.02% 73.17%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $20.26 265,943 3/31/22 8.59% 13.81%
+ MSON 7/29/21 Bioventus Inc. (BVS) Special Conditions $518 million $28.00 $25.97 21,092 12/31/21 7.82% 20.83%
+ MXIM 7/13/20 Analog Devices, Inc. (ADI) All Stock $21 B $107.15 $99.73 968,738 6/30/21 7.44% 0.00%
+ NFH 8/04/21 Unicorn II Holdings Limited (N/A) All Cash $2.09 billion $12.00 $11.23 133,533 12/31/21 6.86% 18.27%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.21 50,426 3/31/22 5.81% 9.34%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $21.10 $19.98 50,914 1/31/22 5.59% 12.14%
+ XONE 8/11/21 Desktop Metal, Inc. (DM) Special Conditions $418.26 M $25.50 $24.24 2,329,543 12/31/21 5.20% 13.85%
+ OSN 12/17/20 New Ossen Group Limited (N/A) All Cash $84.96 M $5.10 $4.85 22,899 9/30/21 5.15% 41.81%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $20.52 $19.52 8,384 1/31/22 5.15% 11.18%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $125.37 $119.54 1,001,815 12/31/21 4.87% 12.98%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $48.27 578,287 12/31/21 4.21% 11.20%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $68.22 $65.48 687,621 1/31/22 4.18% 9.08%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $49.93 196,824 3/31/22 4.15% 6.67%
+ FIVN 7/18/21 Zoom Video Communications, Inc. (ZM) All Stock $14.7 B $196.55 $189.09 496,519 6/30/22 3.95% 4.53%
+ CADE 4/12/21 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 B $21.27 $20.47 447,500 12/31/21 3.91% 10.41%
+ VEI 8/10/21 Chesapeake Energy Corporation (CHK) Cash Plus Stock $2.2 B $15.32 $14.77 1,021,367 12/31/21 3.71% 9.88%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $24.27 $23.4 304,569 12/31/21 3.71% 9.88%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $196.14 431,965 1/31/22 3.50% 7.60%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $45.99 797,728 12/31/21 3.28% 8.75%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.24 804,127 1/31/22 3.27% 7.10%
+ BOCH 6/24/21 Columbia Banking System, Inc. (COLB) All Stock $266 M $14.88 $14.43 46,862 12/31/21 3.15% 8.38%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $12.92 $12.5421 3,503 12/31/21 3.04% 8.10%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $11.36 $11.03 35,311 12/31/21 3.01% 8.03%
+ XENT 8/06/21 Medtronic plc (MDT) All Cash $1.1 billion $28.25 $27.51 1,041,832 3/31/22 2.69% 4.33%
+ ORBC 4/08/21 GI Partners (N/A) All Cash $1.1 B $11.50 $11.2 158,593 12/31/21 2.68% 7.14%
+ TRMT 4/26/21 RMR Mortgage Trust (RMRM) All Stock $252.33 M $5.87 $5.72 23,141 9/30/21 2.64% 21.38%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $22.29 $21.73 49,495 1/31/22 2.59% 5.63%
+ ACBI 7/23/21 South State Corporation (SSB) All Stock $542 M $25.82 $25.21 73,380 3/31/22 2.42% 3.89%
+ SCR 8/05/21 Penn National Gaming, Inc. (PENN) Cash Plus Stock $2 B $33.99 $33.2 377,283 3/31/22 2.37% 3.81%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $50.63 $49.46 234,511 12/31/21 2.37% 6.30%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $14.76 $14.42 1,786,625 6/30/22 2.33% 2.68%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $30.59 $29.91 64,920 3/31/22 2.27% 3.65%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $54.78 1,062,603 12/31/21 2.23% 5.93%
+ SLCT 6/01/21 First Bancorp (FBNC) All Stock $314.3 M $17.29 $16.93 14,078 12/31/21 2.11% 5.62%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $8.17 $8.01 500,888 6/30/21 2.05% 0.00%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $18.91 $18.53 252,899 1/31/22 2.04% 4.44%
+ MGP 8/04/21 VICI Properties Inc. (VICI) All Stock $17.2 billion $41.02 $40.22 702,912 6/30/22 1.99% 2.29%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.66 274,314 12/31/21 1.93% 5.13%
+ SIC 8/09/21 Sun Capital Partners, Inc. (N/A) All Cash $411 M $14.50 $14.23 555,912 10/31/21 1.90% 9.11%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $23.40 $22.98 1,777,307 12/31/21 1.85% 4.92%
+ EBSB 4/23/21 Independent Bank Corp. (INDB) All Stock $1.15 B $20.94 $20.56 367,177 12/31/21 1.83% 4.87%
+ CLDB 6/23/21 Farmers National Banc Corp. (FMNB) All Stock $124 M $27.76 $27.3 5 12/31/21 1.67% 4.44%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.61 139,644 12/31/21 1.65% 4.40%
+ GPX 7/15/21 Learning Technologies Group (N/A) All Cash $394 M $20.85 $20.52 58,372 12/31/21 1.61% 4.28%
+ ALTA 5/18/21 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 M $42.49 $41.85 17,742 12/31/21 1.54% 4.10%
+ CSOD 8/05/21 Clearlake Capital Group, L.P. (N/A) All Cash $5.2 B $57.50 $56.64 948,775 12/31/21 1.52% 4.05%
+ SOGO 9/29/20 Tencent Parties (N/A) All Cash $2.19 B $8.95 $8.77 178,967 7/31/21 1.48% 0.00%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $19.97 645,024 12/31/21 1.40% 3.74%
+ MDLA 7/26/21 Thoma Bravo (N/A) All Cash $6.4 B $34.00 $33.55 3,135,133 12/31/21 1.34% 3.57%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $54.79 181,595 12/31/21 1.30% 3.45%
+ USCR 6/07/21 Vulcan Materials Company (VMC) All Cash $2.32 B $74.00 $73.13 94,879 12/31/21 1.19% 3.17%
+ SVBI 3/03/21 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 M $12.63 $12.48 1,300 9/30/21 1.17% 9.49%
+ VER 4/29/21 Realty Income Corporation (O) All Stock $17.66 B $50.72 $50.14 1,820,825 12/31/21 1.17% 3.11%
+ PMBC 3/23/21 Banc of California (BANC) All Stock $235 M $9.03 $8.93 5,231 9/30/21 1.06% 8.63%
+ STMP 7/09/21 Thoma Bravo (N/A) All Cash $6.6 B $330.00 $326.86 180,431 9/30/21 0.96% 7.79%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $16.51 $16.36 1,554,510 12/31/21 0.93% 2.49%
+ SNR 6/28/21 Ventas, Inc. (VTR) All Stock $2.3 B $8.91 $8.84 430,276 12/31/21 0.81% 2.16%
+ CORE 5/18/21 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 B $44.34 $44.01 835,004 6/30/22 0.76% 0.87%
+ XOG 5/10/21 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 B $42.71 $42.39 107,146 9/30/21 0.75% 6.12%
+ CLDR 6/01/21 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 B $16.00 $15.89 1,334,087 12/31/21 0.69% 1.84%
+ QADA 6/28/21 Thoma Bravo (N/A) All Cash $2 B $87.50 $86.9 124,189 12/31/21 0.69% 1.84%
+ TBIO 8/03/21 Sanofi (SNY) All Cash $1.94 B $38.00 $37.74 3,301,816 9/30/21 0.69% 5.59%
+ IEC 8/12/21 Creation Technologies Inc. (N/A) All Cash $242.3 M $15.35 $15.245 395,135 10/31/21 0.69% 3.31%
+ GRA 4/26/21 Standard Industries Holdings Inc. (N/A) All Cash $7 B $70.00 $69.53 149,526 12/31/21 0.68% 1.80%
+ NWHM 7/23/21 Apollo Global Management (N/A) All Cash $338 M $9.00 $8.94 73,146 12/31/21 0.67% 1.79%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $36.06 $35.83 15,183 12/31/21 0.65% 1.73%
+ LDL 6/21/21 Unifrax (N/A) All Cash $1.3 B $62.10 $61.7 192,414 12/31/21 0.65% 1.73%
+ CNBKA 4/07/21 Eastern Bankshares, Inc. (EBC) All Cash $642 M $115.28 $114.56 5,300 12/31/21 0.63% 1.67%
+ MFNC 4/13/21 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 M $21.17 $21.04 4,913 9/30/21 0.61% 4.96%
+ PFPT 4/26/21 Thoma Bravo (N/A) All Cash $12.3 B $176.00 $174.98 645,142 9/30/21 0.58% 4.73%
+ JAX 7/02/21 SPB Hospitality LLC (N/A) All Cash $220 M $14.00 $13.92 45,407 11/15/21 0.57% 2.31%
+ SHSP 6/22/21 Clearlake Capital Group, L.P. (N/A) All Cash $240 M $17.10 $17.02 252,399 9/30/21 0.47% 3.81%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.56 67,870 12/31/21 0.47% 1.24%
+ GNOG 8/09/21 DraftKings Inc. (DKNG) All Stock $1.52 B $19.53 $19.44 1,492,208 3/31/22 0.45% 0.72%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $41.01 $40.84 41,514 12/31/21 0.42% 1.13%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $53.11 $52.89 242,638 6/30/21 0.42% 0.00%
+ QTS 6/07/21 Blackstone (BX) All Cash $10 B $78.00 $77.73 745,941 12/31/21 0.35% 0.93%
+ SYKE 6/18/21 Sitel Group (N/A) All Cash $2.2 B $54.00 $53.82 304,385 12/31/21 0.33% 0.89%
+ BWL-A 5/28/21 Bowlero Corp. (N/A) All Cash $42.58 M $9.13 $9.1 2,556 12/31/21 0.33% 0.88%
+ KIN 6/16/21 Elanco Animal Health Incorporated (ELAN) All Cash $440 M $9.25 $9.22 194,446 9/30/21 0.33% 2.64%
+ PFBI 3/29/21 Peoples Bancorp Inc. (PEBO) All Stock $292.3 M $18.01 $17.97 7,154 9/30/21 0.22% 1.76%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $55.88 216,230 12/31/21 0.21% 0.57%
+ CBB 3/13/20 Macquarie Infrastructure Partners (N/A) All Cash $2.9 B $15.50 $15.47 99,128 9/30/21 0.19% 1.57%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $58.11 204,126 12/31/21 -0.19% -0.50%
+ XEC 5/24/21 Cabot Oil & Gas Corporation (COG) All Stock $8.59 B $63.51 $63.99 534,781 12/31/21 -0.75% -1.99%
+ ANAT 8/09/21 Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) All Cash $5.1 B $190.00 $191.69 108,451 6/30/22 -0.88% -1.01%
+ RPAI 7/16/21 Kite Realty Group Trust (KRG) All Stock $4.96 B $12.32 $12.61 634,384 12/31/21 -2.28% -6.06%
+ MNR 5/04/21 Equity Commonwealth (EQC) Cash Plus Stock $3.4 B $18.04 $18.97 334,243 12/31/21 -4.93% -13.12%
+ SBBP 5/24/21 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 M $1.82 $1.94 382,201 11/15/21 -6.24% -25.04%
+ VNE 7/22/21 Magna International Inc. (MGA) All Cash $3.3 B $31.25 $37.59 576,323 12/31/21 -16.87% -44.94%

Conclusion:

With seven new deals announced last week, there have been a total of 13 new deals announced in August so far. According to a recent article by Reuters, “Global merger and acquisition (M&A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices”. SPAC activity has also been picking up with 17 new SPAC IPOs announced last week.

Disclaimer: I have long positions Nuance Communications (NUAN) and Change Healthcare (CHNG). I also have put options in Change Healthcare. 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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