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

  • August 16, 2021

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.

SymbolQuoteAcquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
AJRD42.82Lockheed Martin Corporation (LMT)357.9819.10%9.91%9.19%All Cash
SBBP1.94Xeris Pharmaceuticals, Inc. (XERS)2.32-6.24%-12.93%6.69%All Stock
SOLY20.73Allergan Aesthetics (N/A)9.02%2.73%6.29%All Cash
ENBL8.01Energy Transfer LP (ET)9.512.05%-2.12%4.17%All Stock
FVCB19.52Blue Ridge Bankshares, Inc. (BRBS)17.865.15%1.49%3.66%All Stock
PMBC8.93Banc of California (BANC)18.051.06%3.00%-1.94%All Stock
CORE44.01Performance Food Group Company (PFGC)46.520.76%4.36%-3.60%Cash Plus Stock
KSU292.66Canadian National Railway Company (CNI)107.469.79%18.40%-8.61%Cash Plus Stock
TEDU1.39Kidedu Holdings Limited (N/A)0.00187.77%198.51%-10.74%All Cash
OSN4.85New Ossen Group Limited (N/A)5.15%15.91%-10.76%All Cash

Deal Statistics:

Total Number of Deals Closed in 2021116
Total Number of Deals Not Completed in 20218
Total Number of Pending Deals
Cash Deals50
Stock Deals36
Stock & Cash Deals11
Special Conditions3
Total Number of Pending Deals100
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:

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnualized
Profit
TEDU04/30/2021Kidedu Holdings Limited (N/A)$4.00$1.3909/30/2021187.77%1489.91%
MX03/26/2021South Dearborn Limited (N/A)$29.00$19.0512/31/202152.23%138.15%
XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)$190.52$146.6312/31/202129.93%79.17%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$25.75$21.4712/31/202119.93%52.73%
AJRD12/20/2020Lockheed Martin Corporation (LMT)$51.00$42.8212/31/202119.10%50.53%
COHR03/25/2021II-VI Incorporated (IIVI)$277.64$239.412/31/202115.97%42.25%
JOBS06/21/2021Garnet Faith Limited (N/A)$79.05$69.8312/31/202113.20%34.92%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$29.1606/30/202211.11%12.71%
KSU05/21/2021Canadian National Railway Company (CNI)$321.32$292.6612/31/20229.79%7.11%
SOLY05/10/2021Allergan Aesthetics (N/A)$22.60$20.7309/30/20219.02%71.58%

List of all pending deals:

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

TargetAnnounced
Date
AcquirerDeal
Type
Closing
Value
Deal
Price
Last
Price
Target VolumeEstimated
Closing Date
ReturnAnnualized
Return
+TEDU4/30/21Kidedu Holdings Limited (N/A)All Cash$230.6 M$4.00$1.39799,0509/30/21187.77%1523.02%
+MX3/26/21South Dearborn Limited (N/A)All Cash$1.4 B$29.00$19.05204,81512/31/2152.23%139.16%
+XLNX10/27/20Advanced Micro Devices, Inc. (AMD)All Stock$33.43 B$190.52$146.631,432,85212/31/2129.93%79.75%
+CHNG1/06/21UnitedHealth Group Incorporated (UNH)All Cash$13.28 B$25.75$21.472,936,13412/31/2119.93%53.11%
+AJRD12/20/20Lockheed Martin Corporation (LMT)All Cash$3.79 B$51.00$42.821,772,80412/31/2119.10%50.90%
+COHR3/25/21II-VI Incorporated (IIVI)Cash Plus Stock$6.84 B$277.64$239.466,88712/31/2115.97%42.56%
+JOBS6/21/21Garnet Faith Limited (N/A)All Cash$3.63 B$79.05$69.83253,01912/31/2113.20%35.18%
+SJR3/15/21Rogers Communications Inc. (RCI)Special Conditions$26 B$32.40$29.16154,9516/30/2211.11%12.75%
+KSU5/21/21Canadian National Railway Company (CNI)Cash Plus Stock$33.6 B$321.32$292.66452,18212/31/229.79%7.12%
+SOLY5/10/21Allergan Aesthetics (N/A)All Cash$550 M$22.60$20.73292,8059/30/219.02%73.17%
+FOE5/11/21Prince International Corporation (N/A)All Cash$2.1 B$22.00$20.26265,9433/31/228.59%13.81%
+MSON7/29/21Bioventus Inc. (BVS)Special Conditions$518 million$28.00$25.9721,09212/31/217.82%20.83%
+MXIM7/13/20Analog Devices, Inc. (ADI)All Stock$21 B$107.15$99.73968,7386/30/217.44%0.00%
+NFH8/04/21Unicorn II Holdings Limited (N/A)All Cash$2.09 billion$12.00$11.23133,53312/31/216.86%18.27%
+MRLN4/19/21HPS Investment Partners LLC (N/A)All Cash$109.4 M$23.50$22.2150,4263/31/225.81%9.34%
+HBMD7/13/21F.N.B. Corporation (FNB)All Stock$418 M$21.10$19.9850,9141/31/225.59%12.14%
+XONE8/11/21Desktop Metal, Inc. (DM)Special Conditions$418.26 M$25.50$24.242,329,54312/31/215.20%13.85%
+OSN12/17/20New Ossen Group Limited (N/A)All Cash$84.96 M$5.10$4.8522,8999/30/215.15%41.81%
+FVCB7/14/21Blue Ridge Bankshares, Inc. (BRBS)All Stock$113.36 M$20.52$19.528,3841/31/225.15%11.18%
+INFO11/30/20S&P Global (SPGI)All Stock$44 B$125.37$119.541,001,81512/31/214.87%12.98%
+PNM10/21/20Avangrid, Inc. (AGR)All Cash$8.05 B$50.30$48.27578,28712/31/214.21%11.20%
+ATH3/08/21Apollo Global Management, Inc. (APO)All Stock$6.01 B$68.22$65.48687,6211/31/224.18%9.08%
+STFC7/12/21Liberty Mutual Holding Company Inc. (N/A)All Cash$2.48 B$52.00$49.93196,8243/31/224.15%6.67%
+FIVN7/18/21Zoom Video Communications, Inc. (ZM)All Stock$14.7 B$196.55$189.09496,5196/30/223.95%4.53%
+CADE4/12/21BancorpSouth Bank (BXS)Cash Plus Stock$2.7 B$21.27$20.47447,50012/31/213.91%10.41%
+VEI8/10/21Chesapeake Energy Corporation (CHK)Cash Plus Stock$2.2 B$15.32$14.771,021,36712/31/213.71%9.88%
+ATC7/01/21MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 B$24.27$23.4304,56912/31/213.71%9.88%
+SAFM8/09/21Cargill and Continental Grain Company (N/A)All Cash$4.49 B$203.00$196.14431,9651/31/223.50%7.60%
+PPD4/15/21Thermo Fisher Scientific Inc. (TMO)All Cash$20.9 B$47.50$45.99797,72812/31/213.28%8.75%
+WBT7/14/21Ali Holding S.r.l. (N/A)All Cash$4.8 B$24.00$23.24804,1271/31/223.27%7.10%
+BOCH6/24/21Columbia Banking System, Inc. (COLB)All Stock$266 M$14.88$14.4346,86212/31/213.15%8.38%
+RIVE7/01/21Mid Penn Bancorp, Inc. (MPB)All Stock$124.7 M$12.92$12.54213,50312/31/213.04%8.10%
+ESXB6/03/21United Bankshares, Inc. (UBSI)All Stock$303.3 M$11.36$11.0335,31112/31/213.01%8.03%
+XENT8/06/21Medtronic plc (MDT)All Cash$1.1 billion$28.25$27.511,041,8323/31/222.69%4.33%
+ORBC4/08/21GI Partners (N/A)All Cash$1.1 B$11.50$11.2158,59312/31/212.68%7.14%
+TRMT4/26/21RMR Mortgage Trust (RMRM)All Stock$252.33 M$5.87$5.7223,1419/30/212.64%21.38%
+FCCY7/12/21Lakeland Bancorp, Inc. (LBAI)All Stock$244.4 M$22.29$21.7349,4951/31/222.59%5.63%
+ACBI7/23/21South State Corporation (SSB)All Stock$542 M$25.82$25.2173,3803/31/222.42%3.89%
+SCR8/05/21Penn National Gaming, Inc. (PENN)Cash Plus Stock$2 B$33.99$33.2377,2833/31/222.37%3.81%
+FBC4/26/21New York Community Bancorp, Inc. (NYCB)All Stock$2.6 B$50.63$49.46234,51112/31/212.37%6.30%
+ISBC7/28/21Citizens Financial Group, Inc. (CFG)Cash Plus Stock$3.5 B$14.76$14.421,786,6256/30/222.33%2.68%
+RBNC7/15/21United Community Banks, Inc. (UCBI)All Stock$517 M$30.59$29.9164,9203/31/222.27%3.65%
+NUAN4/12/21Microsoft Corp (MSFT)All Cash$19.7 B$56.00$54.781,062,60312/31/212.23%5.93%
+SLCT6/01/21First Bancorp (FBNC)All Stock$314.3 M$17.29$16.9314,07812/31/212.11%5.62%
+ENBL2/17/21Energy Transfer LP (ET)All Stock$7.2 B$8.17$8.01500,8886/30/212.05%0.00%
+FMBI6/01/21Old National Bancorp (ONB)All Stock$2.86 B$18.91$18.53252,8991/31/222.04%4.44%
+MGP8/04/21VICI Properties Inc. (VICI)All Stock$17.2 billion$41.02$40.22702,9126/30/221.99%2.29%
+SPWH12/21/20The Great American Outdoors Group (N/A)All Cash$1.5 B$18.00$17.66274,31412/31/211.93%5.13%
+SIC8/09/21Sun Capital Partners, Inc. (N/A)All Cash$411 M$14.50$14.23555,91210/31/211.90%9.11%
+STL4/19/21Webster Financial Corporation (WBS)All Stock$5.12 B$23.40$22.981,777,30712/31/211.85%4.92%
+EBSB4/23/21Independent Bank Corp. (INDB)All Stock$1.15 B$20.94$20.56367,17712/31/211.83%4.87%
+CLDB6/23/21Farmers National Banc Corp. (FMNB)All Stock$124 M$27.76$27.3512/31/211.67%4.44%
+FRTA2/22/21Quikrete Holdings, Inc. (N/A)All Cash$2.74 B$24.00$23.61139,64412/31/211.65%4.40%
+GPX7/15/21Learning Technologies Group (N/A)All Cash$394 M$20.85$20.5258,37212/31/211.61%4.28%
+ALTA5/18/21Glacier Bancorp, Inc. (GBCI)All Stock$933.5 M$42.49$41.8517,74212/31/211.54%4.10%
+CSOD8/05/21Clearlake Capital Group, L.P. (N/A)All Cash$5.2 B$57.50$56.64948,77512/31/211.52%4.05%
+SOGO9/29/20Tencent Parties (N/A)All Cash$2.19 B$8.95$8.77178,9677/31/211.48%0.00%
+CVA7/14/21EQT Infrastructure (N/A)All Cash$5.35 B$20.25$19.97645,02412/31/211.40%3.74%
+MDLA7/26/21Thoma Bravo (N/A)All Cash$6.4 B$34.00$33.553,135,13312/31/211.34%3.57%
+UFS5/11/21Paper Excellence (N/A)All Cash$3.02 B$55.50$54.79181,59512/31/211.30%3.45%
+USCR6/07/21Vulcan Materials Company (VMC)All Cash$2.32 B$74.00$73.1394,87912/31/211.19%3.17%
+SVBI3/03/21Shore Bancshares, Inc. (SHBI)Cash Plus Stock$146 M$12.63$12.481,3009/30/211.17%9.49%
+VER4/29/21Realty Income Corporation (O)All Stock$17.66 B$50.72$50.141,820,82512/31/211.17%3.11%
+PMBC3/23/21Banc of California (BANC)All Stock$235 M$9.03$8.935,2319/30/211.06%8.63%
+STMP7/09/21Thoma Bravo (N/A)All Cash$6.6 B$330.00$326.86180,4319/30/210.96%7.79%
+PBCT2/22/21M&T Bank Corporation (MTB)All Stock$7.6 B$16.51$16.361,554,51012/31/210.93%2.49%
+SNR6/28/21Ventas, Inc. (VTR)All Stock$2.3 B$8.91$8.84430,27612/31/210.81%2.16%
+CORE5/18/21Performance Food Group Company (PFGC)Cash Plus Stock$2.5 B$44.34$44.01835,0046/30/220.76%0.87%
+XOG5/10/21Bonanza Creek Energy, Inc. (BCEI)All Stock$2.6 B$42.71$42.39107,1469/30/210.75%6.12%
+CLDR6/01/21Clayton, Dubilier & Rice and KKR (N/A)All Cash$5.3 B$16.00$15.891,334,08712/31/210.69%1.84%
+QADA6/28/21Thoma Bravo (N/A)All Cash$2 B$87.50$86.9124,18912/31/210.69%1.84%
+TBIO8/03/21Sanofi (SNY)All Cash$1.94 B$38.00$37.743,301,8169/30/210.69%5.59%
+IEC8/12/21Creation Technologies Inc. (N/A)All Cash$242.3 M$15.35$15.245395,13510/31/210.69%3.31%
+GRA4/26/21Standard Industries Holdings Inc. (N/A)All Cash$7 B$70.00$69.53149,52612/31/210.68%1.80%
+NWHM7/23/21Apollo Global Management (N/A)All Cash$338 M$9.00$8.9473,14612/31/210.67%1.79%
+ICBK6/22/21Nicolet Bankshares, Inc. (NCBS)All Stock$219 M$36.06$35.8315,18312/31/210.65%1.73%
+LDL6/21/21Unifrax (N/A)All Cash$1.3 B$62.10$61.7192,41412/31/210.65%1.73%
+CNBKA4/07/21Eastern Bankshares, Inc. (EBC)All Cash$642 M$115.28$114.565,30012/31/210.63%1.67%
+MFNC4/13/21Nicolet Bankshares, Inc. (NCBS)Cash Plus Stock$248 M$21.17$21.044,9139/30/210.61%4.96%
+PFPT4/26/21Thoma Bravo (N/A)All Cash$12.3 B$176.00$174.98645,1429/30/210.58%4.73%
+JAX7/02/21SPB Hospitality LLC (N/A)All Cash$220 M$14.00$13.9245,40711/15/210.57%2.31%
+SHSP6/22/21Clearlake Capital Group, L.P. (N/A)All Cash$240 M$17.10$17.02252,3999/30/210.47%3.81%
+MGLN1/04/21Centene Corporation (CNC)All Cash$2.2 B$95.00$94.5667,87012/31/210.47%1.24%
+GNOG8/09/21DraftKings Inc. (DKNG)All Stock$1.52 B$19.53$19.441,492,2083/31/220.45%0.72%
+BMTC3/10/21WSFS Financial Corporation (WSFS)All Stock$976.4 M$41.01$40.8441,51412/31/210.42%1.13%
+CIT10/16/20First Citizens BancShares, Inc. (FCNCA)All Stock$2.42 B$53.11$52.89242,6386/30/210.42%0.00%
+QTS6/07/21Blackstone (BX)All Cash$10 B$78.00$77.73745,94112/31/210.35%0.93%
+SYKE6/18/21Sitel Group (N/A)All Cash$2.2 B$54.00$53.82304,38512/31/210.33%0.89%
+BWL-A5/28/21Bowlero Corp. (N/A)All Cash$42.58 M$9.13$9.12,55612/31/210.33%0.88%
+KIN6/16/21Elanco Animal Health Incorporated (ELAN)All Cash$440 M$9.25$9.22194,4469/30/210.33%2.64%
+PFBI3/29/21Peoples Bancorp Inc. (PEBO)All Stock$292.3 M$18.01$17.977,1549/30/210.22%1.76%
+CAI6/17/21Mitsubishi HC Capital Inc. (N/A)All Cash$2.9 B$56.00$55.88216,23012/31/210.21%0.57%
+CBB3/13/20Macquarie Infrastructure Partners (N/A)All Cash$2.9 B$15.50$15.4799,1289/30/210.19%1.57%
+RAVN6/21/21CNH Industrial N.V (CNHI)All Cash$2.1 B$58.00$58.11204,12612/31/21-0.19%-0.50%
+XEC5/24/21Cabot Oil & Gas Corporation (COG)All Stock$8.59 B$63.51$63.99534,78112/31/21-0.75%-1.99%
+ANAT8/09/21Brookfield Asset Management Reinsurance Partners Ltd. (BAMR)All Cash$5.1 B$190.00$191.69108,4516/30/22-0.88%-1.01%
+RPAI7/16/21Kite Realty Group Trust (KRG)All Stock$4.96 B$12.32$12.61634,38412/31/21-2.28%-6.06%
+MNR5/04/21Equity Commonwealth (EQC)Cash Plus Stock$3.4 B$18.04$18.97334,24312/31/21-4.93%-13.12%
+SBBP5/24/21Xeris Pharmaceuticals, Inc. (XERS)All Stock$267 M$1.82$1.94382,20111/15/21-6.24%-25.04%
+VNE7/22/21Magna International Inc. (MGA)All Cash$3.3 B$31.25$37.59576,32312/31/21-16.87%-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.