Merger Arbitrage Mondays – Landmark Infrastructure Partners Acquired By Its General Partner At A Significant Premium

  • August 30, 2021

Merger activity increased last week with five new deals announced and five deals completed. There have been nineteen deals and eighteen SPAC business combinations announced in the month of August.

Two of the five deals announced last week were successful “deals in the works”. Founded in 1995 and headquartered in Dallas, Texas, Santander Consumer USA Holdings (SC) provides vehicle finance and third-party servicing in the United States. On July 2, 2021, SC received a non-binding proposal from its majority shareholder, Santander Holdings USA (“SHUSA”), to acquire all of the outstanding common shares of SC that are not currently owned by SHUSA. The price of SC after this announcement came out was $40.34, representing a premium of 11.3% to SC’s closing price on the previous day. On August 24, 2021, Santander Consumer USA Holdings (SC) entered into a definitive agreement to be taken private by SHUSA for $41.50 per share in cash representing a total equity value of $12.7 billion and a premium of 14% to SCs closing price on July 1, 2021.

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 3 SPAC IPOs filed and 3 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. Virgin Orbit and NextGen Acquisition Corp. II (NGCAentered into a definitive merger agreement under which Virgin Orbit will become a publicly-traded company.
  2. Ace Global Business Acquisition Limited (ACBAentered into a definitive share exchange agreement with DDC Enterprise Limited providing for a business combination that will result in DDC becoming a publicly listed company.
  3. Forbes Global Media Holdings and Magnum Opus Acquisition Limited (OPA) announced that they have entered into a definitive business combination agreement.

Weekly Spread Changes:

The table below shows weekly spread changes between August 20 and August 27, 2021.

Company Quote
Last Week
Spread Change
SBBP2.26Xeris Pharmaceuticals, Inc. (XERS)2.83-1.83%-9.70%7.87%All Stock
AJRD41.44Lockheed Martin Corporation (LMT)361.9923.07%20.08%2.99%All Cash
MSON26.02Bioventus Inc. (BVS)15.137.61%4.95%2.66%Special Conditions
PMBC8.83Banc of California (BANC)18.243.28%0.91%2.37%All Stock
RPAI13.13Kite Realty Group Trust (KRG)20.51-2.68%-4.61%1.93%All Stock
FOE20.77Prince International Corporation (N/A)5.92%8.96%-3.04%All Cash
MX19.07South Dearborn Limited (N/A)52.07%56.42%-4.35%All Cash
OSN4.93New Ossen Group Limited (N/A)3.45%8.28%-4.83%All Cash
XONE24.21Desktop Metal, Inc. (DM)8.35.33%11.79%-6.46%Special Conditions
TEDU1.51Kidedu Holdings Limited (N/A)0.00164.90%200.75%-35.85%All Cash

Deal Statistics:

Total Number of Deals Closed in 2021122
Total Number of Deals Not Completed in 20218
Total Number of Pending Deals
Cash Deals51
Stock Deals35
Stock & Cash Deals12
Special Conditions3
Total Number of Pending Deals101
Aggregate Deal Consideration$863.17 billion

New Deals:

  1. The acquisition of Landmark Infrastructure Partners (LMRK) by Landmark Dividend LLC for $997.25 million or $16.50 per unit in cash. We added LMRK as a potential deal to the Deals in the Works section on July 16, 2021, and the price after the news of the potential deal came out was $13.03.
  2. The acquisition of Trillium Therapeutics (TRIL) by Pfizer (PFE) for $1.2 billion or $18.50 per share in cash.
  3. The acquisition of Triple-S Management Corporation (GTS) by GuideWell Mutual Holding Corporation for $665.93 million or $36 per share in cash.
  4. The acquisition of Santander Consumer USA Holdings (SC) by Santander Holdings USA for $12.7 billion or $41.50 per share in cash. We added SC as a potential deal to the Deals in the Works section on July 2, 2021, and the price after the news of the potential deal came out was $40.34.
  5. The merger of Navios Maritime Acquisition Corporation (NNA) and Navios Maritime Partners (NMM) for $1.93 billion in an all stock deal. Under the terms of the agreement, Navios Acquisition’s shareholders will receive 0.1275 of a common unit of Navios Partners for each common share of Navios Acquisition.

Deal Updates:

  1. On August 20, 2021, Cincinnati Bell (CBBreceived all regulatory approvals required to complete the acquisition of the Company by an affiliate of Macquarie Infrastructure Partners. The completion of the proposed merger is currently expected to occur on September 7, 2021.
  2. On August 23, 2021, Analog Devices (ADI) and Maxim Integrated Products (MXIM) announced that China’s State Administration for Market Regulation has given antitrust clearance for Analog Devices’ previously announced acquisition of Maxim.
  3. On August 23, 2021, the UK Competition and Markets Authority opened a formal probe into S&P Global’s (SPGI) planned acquisition of IHS Markit (INFO).
  4. On August 23, 2021, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired in connection with the previously announced proposed merger between U.S. Concrete (USCR) and Vulcan Materials Company (VMC).
  5. On August 24, 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).
  6. On August 25, 2021, SharpSpring (SHSP) announced that it has received shareholder approval to be acquired by Clearlake Capital Group.
  7. On August 25, 2021, Core-Mark Holding Company (CORE) announced that it has received shareholder approval to be acquired by Performance Food Group Company (PFGC).
  8. On August 25, 2021, AVANGRID (AGR) and PNM Resources (PNMannounced additional support for the Stipulation agreement in the New Mexico Public Regulation Commission (NMPRC) proceeding to review the merger between the parent company of the Public Service Company of New Mexico (PNM), PNM Resources and AVANGRID.
  9. On August 25, 2021, Proofpoint (PFPTreceived all regulatory approvals required in connection with the previously announced Agreement and Plan of Merger.
  10. On August 25, 2021, Coherent (COHR) was notified, that its pending merger with II-VI Incorporated (IIVIreceived unconditional clearance by the Federal Cartel Office in Germany.
  11. On August 25, 2021, Kindred Biosciences (KIN) announced that it has received shareholder approval to be acquired by Elanco Animal Health Incorporated (ELAN).
  12. On August 25, 2021, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired in connection with the previously announced proposed merger between GP Strategies Corporation (GPX) and Learning Technologies Group.
  13. On August 26, 2021, Cloudera (CLDR) announced that it has received shareholder approval to be acquired by Clayton, Dubilier & Rice and KKR.
  14. On August 26, 2021, stockholders of QTS Realty Trust (QTSvoted to approve the acquisition of QTS by affiliates of Blackstone Infrastructure Partners (BX).
  15. On August 26, 2021, the board of trustees of Tremont Mortgage Trust (TRMT) declared a distribution of $0.17 per TRMT Common Share to the holders of the TRMT Common Shares as of the close of business on September 7, 2021, payable on or about September 29, 2021, and prior to the closing of the Merger. In connection with these distributions and pursuant to the Merger Agreement, TRMT and (RMRM) have adjusted the Merger exchange ratio from 0.52 of one RMRM common share for each issued and outstanding TRMT common share, to 0.516 of one RMRM common share for each issued and outstanding TRMT common share.

Closed Deals:

  1. The acquisition of U.S. Concrete (USCR) by Vulcan Materials Company (VMC) on August 26, 2021. It took 80 days for this deal to be completed.
  2. The acquisition of Maxim Integrated Products (MXIM) by Analog Devices (ADI) on August 26, 2021. It took 409 days for this deal to be completed.
  3. The acquisition of EXFO Inc. (EXFO) by 11172239 Canada on August 27, 2021. It took 81 days for this deal to be completed.
  4. The acquisition of Kindred Biosciences (KIN) by Elanco Animal Health Incorporated (ELAN) on August 27, 2021. It took 72 days for this deal to be completed.
  5. The acquisition of Sykes Enterprises, Incorporated (SYKE) by Sitel Group on August 27, 2021. It took 70 days for this deal to be completed.

Top 10 deals with largest spreads:

TEDU04/30/2021Kidedu Holdings Limited (N/A)$4.00$1.5109/30/2021164.90%1880.90%
MX03/26/2021South Dearborn Limited (N/A)$29.00$19.0712/31/202152.07%153.27%
AJRD12/20/2020Lockheed Martin Corporation (LMT)$51.00$41.4412/31/202123.07%67.91%
XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)$191.99$156.2712/31/202122.86%67.28%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$25.75$21.612/31/202119.21%56.55%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$29.3206/30/202210.50%12.57%
KSU05/21/2021Canadian National Railway Company (CNI)$324.59$294.4612/31/202210.23%7.64%
COHR03/25/2021II-VI Incorporated (IIVI)$277.88$253.3312/31/20219.69%28.52%
SOLY05/10/2021Allergan Aesthetics (N/A)$22.60$20.8509/30/20218.39%95.74%
MSON07/29/2021Bioventus Inc. (BVS)$28.00$26.0212/31/20217.61%22.40%

List of all pending deals:

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

Target VolumeEstimated
Closing Date
+TEDU4/30/21Kidedu Holdings Limited (N/A)All Cash$230.6 M$4.00$1.511,695,1579/30/21164.90%1941.57%
+MX3/26/21South Dearborn Limited (N/A)All Cash$1.4 B$29.00$19.07170,00312/31/2152.07%154.52%
+AJRD12/20/20Lockheed Martin Corporation (LMT)All Cash$3.79 B$51.00$41.44395,25612/31/2123.07%68.46%
+XLNX10/27/20Advanced Micro Devices, Inc. (AMD)All Stock$33.43 B$191.99$156.271,761,97212/31/2122.86%67.82%
+CHNG1/06/21UnitedHealth Group Incorporated (UNH)All Cash$13.28 B$25.75$21.6848,21612/31/2119.21%57.01%
+SJR3/15/21Rogers Communications Inc. (RCI)Special Conditions$26 B$32.40$29.32103,9686/30/2210.50%12.61%
+KSU5/21/21Canadian National Railway Company (CNI)Cash Plus Stock$33.6 B$324.59$294.46604,63912/31/2210.23%7.65%
+COHR3/25/21II-VI Incorporated (IIVI)Cash Plus Stock$6.84 B$277.88$253.33108,69312/31/219.69%28.75%
+SOLY5/10/21Allergan Aesthetics (N/A)All Cash$550 M$22.60$20.85187,7589/30/218.39%98.82%
+MSON7/29/21Bioventus Inc. (BVS)Special Conditions$518 million$28.00$26.0243,20612/31/217.61%22.58%
+TRIL8/23/21Pfizer Inc. (PFE)All Cash$1.2 B$18.50$17.325,227,33512/31/216.81%20.22%
+NFH8/04/21Unicorn II Holdings Limited (N/A)All Cash$2.09 billion$12.00$11.25185,87512/31/216.67%19.78%
+FOE5/11/21Prince International Corporation (N/A)All Cash$2.1 B$22.00$20.77328,1503/31/225.92%10.15%
+JOBS6/21/21Garnet Faith Limited (N/A)All Cash$3.63 B$79.05$74.95186,34812/31/215.47%16.23%
+HBMD7/13/21F.N.B. Corporation (FNB)All Stock$418 M$21.40$20.3162,6421/31/225.38%12.74%
+XONE8/11/21Desktop Metal, Inc. (DM)Special Conditions$418.26 M$25.50$24.21257,14112/31/215.33%15.81%
+FCCY7/12/21Lakeland Bancorp, Inc. (LBAI)All Stock$244.4 M$22.85$21.7654,0181/31/225.01%11.87%
+MRLN4/19/21HPS Investment Partners LLC (N/A)All Cash$109.4 M$23.50$22.3944,6303/31/224.96%8.50%
+SAFM8/09/21Cargill and Continental Grain Company (N/A)All Cash$4.49 B$203.00$193.82244,1881/31/224.74%11.23%
+INFO11/30/20S&P Global (SPGI)All Stock$44 B$124.39$119.331,076,83212/31/214.24%12.58%
+RIVE7/01/21Mid Penn Bancorp, Inc. (MPB)All Stock$124.7 M$12.93$12.446,37312/31/213.96%11.76%
+STFC7/12/21Liberty Mutual Holding Company Inc. (N/A)All Cash$2.48 B$52.00$50.12122,3093/31/223.75%6.43%
+OSN12/17/20New Ossen Group Limited (N/A)All Cash$84.96 M$5.10$4.9315,7359/30/213.45%40.60%
+PMBC3/23/21Banc of California (BANC)All Stock$235 M$9.12$8.8335,1389/30/213.28%38.67%
+FVCB7/14/21Blue Ridge Bankshares, Inc. (BRBS)All Stock$113.36 M$20.46$19.8215,9291/31/223.21%7.60%
+SCR8/05/21Penn National Gaming, Inc. (PENN)Cash Plus Stock$2 B$37.04$35.961,327,0413/31/223.00%5.14%
+ALTA5/18/21Glacier Bancorp, Inc. (GBCI)All Stock$933.5 M$43.26$42.01249,55612/31/212.97%8.82%
+ESXB6/03/21United Bankshares, Inc. (UBSI)All Stock$303.3 M$11.70$11.3684,06912/31/212.95%8.77%
+FIVN7/18/21Zoom Video Communications, Inc. (ZM)All Stock$14.7 B$188.57$183.241,287,7856/30/222.91%3.49%
+BOCH6/24/21Columbia Banking System, Inc. (COLB)All Stock$266 M$14.76$14.35364,70312/31/212.89%8.56%
+ATH3/08/21Apollo Global Management, Inc. (APO)All Stock$6.01 B$67.39$65.58363,6841/31/222.76%6.54%
+CLDB6/23/21Farmers National Banc Corp. (FMNB)All Stock$124 M$27.90$27.154,96212/31/212.74%8.14%
+ICBK6/22/21Nicolet Bankshares, Inc. (NCBS)All Stock$219 M$37.51$36.5212,01212/31/212.72%8.06%
+ATC7/01/21MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 B$24.50$23.85394,93912/31/212.71%8.03%
+PPD4/15/21Thermo Fisher Scientific Inc. (TMO)All Cash$20.9 B$47.50$46.26572,12712/31/212.68%7.95%
+MGP8/04/21VICI Properties Inc. (VICI)All Stock$17.2 billion$41.69$40.621,749,7916/30/222.63%3.16%
+SLCT6/01/21First Bancorp (FBNC)All Stock$314.3 M$17.27$16.8340,60312/31/212.62%7.77%
+WBT7/14/21Ali Holding S.r.l. (N/A)All Cash$4.8 B$24.00$23.415279,4361/31/222.50%5.92%
+XENT8/06/21Medtronic plc (MDT)All Cash$1.1 billion$28.25$27.58551,1193/31/222.43%4.16%
+ACBI7/23/21South State Corporation (SSB)All Stock$542 M$25.39$24.8283,6823/31/222.31%3.97%
+TRMT4/26/21RMR Mortgage Trust (RMRM)Cash Plus Stock$252.33 M$5.95$5.8226,1779/30/212.22%26.14%
+ISBC7/28/21Citizens Financial Group, Inc. (CFG)Cash Plus Stock$3.5 B$14.75$14.431,272,0706/30/222.20%2.64%
+TBIO8/03/21Sanofi (SNY)All Cash$1.94 B$38.00$37.231,533,4809/30/212.07%24.35%
+FBC4/26/21New York Community Bancorp, Inc. (NYCB)All Stock$2.6 B$50.31$49.32317,83012/31/212.01%5.95%
+EBSB4/23/21Independent Bank Corp. (INDB)All Stock$1.15 B$21.51$21.09287,33812/31/211.99%5.92%
+CADE4/12/21BancorpSouth Bank (BXS)Cash Plus Stock$2.7 B$21.86$21.46644,37612/31/211.85%5.50%
+FMBI6/01/21Old National Bancorp (ONB)All Stock$2.86 B$19.21$18.88379,1911/31/221.77%4.20%
+SIC8/09/21Sun Capital Partners, Inc. (N/A)All Cash$411 M$14.50$14.25182,43710/31/211.75%10.33%
+FRTA2/22/21Quikrete Holdings, Inc. (N/A)All Cash$2.74 B$24.00$23.59104,37312/31/211.74%5.16%
+NUAN4/12/21Microsoft Corp (MSFT)All Cash$19.7 B$56.00$55.052,924,31412/31/211.73%5.12%
+STL4/19/21Webster Financial Corporation (WBS)All Stock$5.12 B$23.84$23.44736,69112/31/211.71%5.06%
+ENBL2/17/21Energy Transfer LP (ET)All Stock$7.2 B$8.16$8.02321,0606/30/211.70%0.00%
+RBNC7/15/21United Community Banks, Inc. (UCBI)All Stock$517 M$30.20$29.7247,0113/31/221.60%2.74%
+VEI8/10/21Chesapeake Energy Corporation (CHK)Cash Plus Stock$2.2 B$14.97$14.74340,66112/31/211.54%4.58%
+LMRK8/23/21Landmark Dividend LLC (N/A)All Cash$997.25 M$16.50$16.25487,95812/31/211.54%4.57%
+GTS8/24/21GuideWell Mutual Holding Corporation (N/A)All Cash$665.93 M$36.00$35.47318,1606/30/221.49%1.79%
+PNM10/21/20Avangrid, Inc. (AGR)All Cash$8.05 B$50.30$49.661,016,76812/31/211.29%3.82%
+SVBI3/03/21Shore Bancshares, Inc. (SHBI)Cash Plus Stock$146 M$12.64$12.495,8829/30/211.19%14.00%
+SPWH12/21/20The Great American Outdoors Group (N/A)All Cash$1.5 B$18.00$17.79316,58612/31/211.18%3.50%
+CVA7/14/21EQT Infrastructure (N/A)All Cash$5.35 B$20.25$20.02860,80612/31/211.15%3.41%
+INOV8/19/21Nordic Capital (N/A)All Cash$7.3 B$41.00$40.542,339,1241/31/221.13%2.69%
+MFNC4/13/21Nicolet Bankshares, Inc. (NCBS)Cash Plus Stock$248 M$21.83$21.593,9579/30/211.13%13.25%
+UFS5/11/21Paper Excellence (N/A)All Cash$3.02 B$55.50$54.9205,01912/31/211.09%3.24%
+VER4/29/21Realty Income Corporation (O)All Stock$17.66 B$50.44$49.91,243,94612/31/211.09%3.23%
+CSOD8/05/21Clearlake Capital Group, L.P. (N/A)All Cash$5.2 B$57.50$56.91,329,12812/31/211.05%3.13%
+PBCT2/22/21M&T Bank Corporation (MTB)All Stock$7.6 B$16.78$16.621,578,37212/31/210.95%2.81%
+GPX7/15/21Learning Technologies Group (N/A)All Cash$394 M$20.85$20.6665,72212/31/210.92%2.73%
+SOGO9/29/20Tencent Parties (N/A)All Cash$2.19 B$8.95$8.82115,3917/31/210.91%0.00%
+JAX7/02/21SPB Hospitality LLC (N/A)All Cash$220 M$14.00$13.961,77911/15/210.72%3.41%
+MDLA7/26/21Thoma Bravo (N/A)All Cash$6.4 B$34.00$33.773,061,40012/31/210.68%2.02%
+STMP7/09/21Thoma Bravo (N/A)All Cash$6.6 B$330.00$327.84244,1929/30/210.66%7.76%
+GRA4/26/21Standard Industries Holdings Inc. (N/A)All Cash$7 B$70.00$69.55218,02212/31/210.65%1.92%
+IEC8/12/21Creation Technologies Inc. (N/A)All Cash$242.3 M$15.35$15.26117,73910/31/210.59%3.47%
+GNOG8/09/21DraftKings Inc. (DKNG)All Stock$1.52 B$21.90$21.781,055,9793/31/220.57%0.97%
+CNBKA4/07/21Eastern Bankshares, Inc. (EBC)All Cash$642 M$115.28$114.724,34712/31/210.49%1.45%
+SNR6/28/21Ventas, Inc. (VTR)All Stock$2.3 B$8.63$8.59299,65512/31/210.47%1.41%
+MGLN1/04/21Centene Corporation (CNC)All Cash$2.2 B$95.00$94.57208,35012/31/210.45%1.35%
+ORBC4/08/21GI Partners (N/A)All Cash$1.1 B$11.50$11.45424,1299/30/210.44%5.14%
+QADA6/28/21Thoma Bravo (N/A)All Cash$2 B$87.50$87.1764,21912/31/210.38%1.12%
+BMTC3/10/21WSFS Financial Corporation (WSFS)All Stock$976.4 M$41.49$41.3473,85212/31/210.36%1.08%
+CIT10/16/20First Citizens BancShares, Inc. (FCNCA)All Stock$2.42 B$55.25$55.05420,4996/30/210.36%0.00%
+NWHM7/23/21Apollo Global Management (N/A)All Cash$338 M$9.00$8.9768,01612/31/210.33%0.99%
+CLDR6/01/21Clayton, Dubilier & Rice and KKR (N/A)All Cash$5.3 B$16.00$15.951,111,82312/31/210.31%0.93%
+LDL6/21/21Unifrax (N/A)All Cash$1.3 B$62.10$61.93144,34812/31/210.27%0.81%
+CBB3/13/20Macquarie Infrastructure Partners (N/A)All Cash$2.9 B$15.50$15.48161,9999/07/210.13%5.89%
+QTS6/07/21Blackstone (BX)All Cash$10 B$78.00$77.922,969,23112/31/210.10%0.30%
+XOG5/10/21Bonanza Creek Energy, Inc. (BCEI)All Stock$2.6 B$46.77$46.74130,2379/30/210.07%0.85%
+PFPT4/26/21Thoma Bravo (N/A)All Cash$12.3 B$176.00$175.94808,8089/30/210.03%0.40%
+CAI6/17/21Mitsubishi HC Capital Inc. (N/A)All Cash$2.9 B$56.00$56.00141,53312/31/210.00%0.00%
+SHSP6/22/21Clearlake Capital Group, L.P. (N/A)All Cash$240 M$17.10$17.147,8109/30/210.00%0.00%
+CORE5/18/21Performance Food Group Company (PFGC)Cash Plus Stock$2.5 B$45.47$45.5382,1016/30/22-0.06%-0.07%
+PFBI3/29/21Peoples Bancorp Inc. (PEBO)All Stock$292.3 M$18.31$18.3750,0699/30/21-0.32%-3.81%
+SC8/24/21Santander Holdings USA, Inc. (N/A)All Cash$12.7 B$41.50$41.70650,48912/31/21-0.48%-1.42%
+RAVN6/21/21CNH Industrial N.V (CNHI)All Cash$2.1 B$58.00$58.33178,03012/31/21-0.57%-1.68%
+MNR5/04/21Equity Commonwealth (EQC)Cash Plus Stock$3.4 B$18.73$18.872,974,93112/31/21-0.77%-2.28%
+ANAT8/09/21Brookfield Asset Management Reinsurance Partners Ltd. (BAMR)All Cash$5.1 B$190.00$192.870,4276/30/22-1.45%-1.74%
+XEC5/24/21Cabot Oil & Gas Corporation (COG)All Stock$8.59 B$62.75$63.75942,46512/31/21-1.57%-4.66%
+SBBP5/24/21Xeris Pharmaceuticals, Inc. (XERS)All Stock$267 M$2.22$2.26296,70911/15/21-1.83%-8.66%
+RPAI7/16/21Kite Realty Group Trust (KRG)All Stock$4.96 B$12.78$13.13927,72212/31/21-2.68%-7.96%
+NNA8/26/21Navios Maritime Partners L.P. (NMM)All Stock$1.93 B$3.51$3.610035,070,95612/31/21-2.80%-8.32%
+VNE7/22/21Magna International Inc. (MGA)All Cash$3.3 B$31.25$36.12465,80412/31/21-13.48%-40.01%


Merger and SPAC activity were back on track last week after a significant decline in the week prior. Five active deals were completed successfully last week and a number of active deals received required approvals. The bidding war for Monmouth Real Estate Investment Corporation (MNR) came to rest after the board of MNR reaffirmed its unanimous support for the Company’s pending merger with Equity Commonwealth (EQC).

Disclaimer: I have long positions in 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.