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

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.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
SBBP 2.26 Xeris Pharmaceuticals, Inc. (XERS) 2.83 -1.83% -9.70% 7.87% All Stock
AJRD 41.44 Lockheed Martin Corporation (LMT) 361.99 23.07% 20.08% 2.99% All Cash
MSON 26.02 Bioventus Inc. (BVS) 15.13 7.61% 4.95% 2.66% Special Conditions
PMBC 8.83 Banc of California (BANC) 18.24 3.28% 0.91% 2.37% All Stock
RPAI 13.13 Kite Realty Group Trust (KRG) 20.51 -2.68% -4.61% 1.93% All Stock
FOE 20.77 Prince International Corporation (N/A) 5.92% 8.96% -3.04% All Cash
MX 19.07 South Dearborn Limited (N/A) 52.07% 56.42% -4.35% All Cash
OSN 4.93 New Ossen Group Limited (N/A) 3.45% 8.28% -4.83% All Cash
XONE 24.21 Desktop Metal, Inc. (DM) 8.3 5.33% 11.79% -6.46% Special Conditions
TEDU 1.51 Kidedu Holdings Limited (N/A) 0.00 164.90% 200.75% -35.85% All Cash

Deal Statistics:

Total Number of Deals Closed in 2021 122
Total Number of Deals Not Completed in 2021 8
Total Number of Pending Deals
Cash Deals 51
Stock Deals 35
Stock & Cash Deals 12
Special Conditions 3
Total Number of Pending Deals 101
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:

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 $1.51 09/30/2021 164.90% 1880.90%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $19.07 12/31/2021 52.07% 153.27%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $41.44 12/31/2021 23.07% 67.91%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $191.99 $156.27 12/31/2021 22.86% 67.28%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $21.6 12/31/2021 19.21% 56.55%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $29.32 06/30/2022 10.50% 12.57%
KSU 05/21/2021 Canadian National Railway Company (CNI) $324.59 $294.46 12/31/2022 10.23% 7.64%
COHR 03/25/2021 II-VI Incorporated (IIVI) $277.88 $253.33 12/31/2021 9.69% 28.52%
SOLY 05/10/2021 Allergan Aesthetics (N/A) $22.60 $20.85 09/30/2021 8.39% 95.74%
MSON 07/29/2021 Bioventus Inc. (BVS) $28.00 $26.02 12/31/2021 7.61% 22.40%

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 $1.51 1,695,157 9/30/21 164.90% 1941.57%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $19.07 170,003 12/31/21 52.07% 154.52%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $41.44 395,256 12/31/21 23.07% 68.46%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $191.99 $156.27 1,761,972 12/31/21 22.86% 67.82%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $21.6 848,216 12/31/21 19.21% 57.01%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $29.32 103,968 6/30/22 10.50% 12.61%
+ KSU 5/21/21 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 B $324.59 $294.46 604,639 12/31/22 10.23% 7.65%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $277.88 $253.33 108,693 12/31/21 9.69% 28.75%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $20.85 187,758 9/30/21 8.39% 98.82%
+ MSON 7/29/21 Bioventus Inc. (BVS) Special Conditions $518 million $28.00 $26.02 43,206 12/31/21 7.61% 22.58%
+ TRIL 8/23/21 Pfizer Inc. (PFE) All Cash $1.2 B $18.50 $17.32 5,227,335 12/31/21 6.81% 20.22%
+ NFH 8/04/21 Unicorn II Holdings Limited (N/A) All Cash $2.09 billion $12.00 $11.25 185,875 12/31/21 6.67% 19.78%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $20.77 328,150 3/31/22 5.92% 10.15%
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $74.95 186,348 12/31/21 5.47% 16.23%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $21.40 $20.31 62,642 1/31/22 5.38% 12.74%
+ XONE 8/11/21 Desktop Metal, Inc. (DM) Special Conditions $418.26 M $25.50 $24.21 257,141 12/31/21 5.33% 15.81%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $22.85 $21.76 54,018 1/31/22 5.01% 11.87%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.39 44,630 3/31/22 4.96% 8.50%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $193.82 244,188 1/31/22 4.74% 11.23%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $124.39 $119.33 1,076,832 12/31/21 4.24% 12.58%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $12.93 $12.44 6,373 12/31/21 3.96% 11.76%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $50.12 122,309 3/31/22 3.75% 6.43%
+ OSN 12/17/20 New Ossen Group Limited (N/A) All Cash $84.96 M $5.10 $4.93 15,735 9/30/21 3.45% 40.60%
+ PMBC 3/23/21 Banc of California (BANC) All Stock $235 M $9.12 $8.83 35,138 9/30/21 3.28% 38.67%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $20.46 $19.82 15,929 1/31/22 3.21% 7.60%
+ SCR 8/05/21 Penn National Gaming, Inc. (PENN) Cash Plus Stock $2 B $37.04 $35.96 1,327,041 3/31/22 3.00% 5.14%
+ ALTA 5/18/21 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 M $43.26 $42.01 249,556 12/31/21 2.97% 8.82%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $11.70 $11.36 84,069 12/31/21 2.95% 8.77%
+ FIVN 7/18/21 Zoom Video Communications, Inc. (ZM) All Stock $14.7 B $188.57 $183.24 1,287,785 6/30/22 2.91% 3.49%
+ BOCH 6/24/21 Columbia Banking System, Inc. (COLB) All Stock $266 M $14.76 $14.35 364,703 12/31/21 2.89% 8.56%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $67.39 $65.58 363,684 1/31/22 2.76% 6.54%
+ CLDB 6/23/21 Farmers National Banc Corp. (FMNB) All Stock $124 M $27.90 $27.15 4,962 12/31/21 2.74% 8.14%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $37.51 $36.52 12,012 12/31/21 2.72% 8.06%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $24.50 $23.85 394,939 12/31/21 2.71% 8.03%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $46.26 572,127 12/31/21 2.68% 7.95%
+ MGP 8/04/21 VICI Properties Inc. (VICI) All Stock $17.2 billion $41.69 $40.62 1,749,791 6/30/22 2.63% 3.16%
+ SLCT 6/01/21 First Bancorp (FBNC) All Stock $314.3 M $17.27 $16.83 40,603 12/31/21 2.62% 7.77%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.415 279,436 1/31/22 2.50% 5.92%
+ XENT 8/06/21 Medtronic plc (MDT) All Cash $1.1 billion $28.25 $27.58 551,119 3/31/22 2.43% 4.16%
+ ACBI 7/23/21 South State Corporation (SSB) All Stock $542 M $25.39 $24.82 83,682 3/31/22 2.31% 3.97%
+ TRMT 4/26/21 RMR Mortgage Trust (RMRM) Cash Plus Stock $252.33 M $5.95 $5.82 26,177 9/30/21 2.22% 26.14%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $14.75 $14.43 1,272,070 6/30/22 2.20% 2.64%
+ TBIO 8/03/21 Sanofi (SNY) All Cash $1.94 B $38.00 $37.23 1,533,480 9/30/21 2.07% 24.35%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $50.31 $49.32 317,830 12/31/21 2.01% 5.95%
+ EBSB 4/23/21 Independent Bank Corp. (INDB) All Stock $1.15 B $21.51 $21.09 287,338 12/31/21 1.99% 5.92%
+ CADE 4/12/21 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 B $21.86 $21.46 644,376 12/31/21 1.85% 5.50%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $19.21 $18.88 379,191 1/31/22 1.77% 4.20%
+ SIC 8/09/21 Sun Capital Partners, Inc. (N/A) All Cash $411 M $14.50 $14.25 182,437 10/31/21 1.75% 10.33%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.59 104,373 12/31/21 1.74% 5.16%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $55.05 2,924,314 12/31/21 1.73% 5.12%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $23.84 $23.44 736,691 12/31/21 1.71% 5.06%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $8.16 $8.02 321,060 6/30/21 1.70% 0.00%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $30.20 $29.72 47,011 3/31/22 1.60% 2.74%
+ VEI 8/10/21 Chesapeake Energy Corporation (CHK) Cash Plus Stock $2.2 B $14.97 $14.74 340,661 12/31/21 1.54% 4.58%
+ LMRK 8/23/21 Landmark Dividend LLC (N/A) All Cash $997.25 M $16.50 $16.25 487,958 12/31/21 1.54% 4.57%
+ GTS 8/24/21 GuideWell Mutual Holding Corporation (N/A) All Cash $665.93 M $36.00 $35.47 318,160 6/30/22 1.49% 1.79%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $49.66 1,016,768 12/31/21 1.29% 3.82%
+ SVBI 3/03/21 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 M $12.64 $12.49 5,882 9/30/21 1.19% 14.00%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.79 316,586 12/31/21 1.18% 3.50%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $20.02 860,806 12/31/21 1.15% 3.41%
+ INOV 8/19/21 Nordic Capital (N/A) All Cash $7.3 B $41.00 $40.54 2,339,124 1/31/22 1.13% 2.69%
+ MFNC 4/13/21 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 M $21.83 $21.59 3,957 9/30/21 1.13% 13.25%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $54.9 205,019 12/31/21 1.09% 3.24%
+ VER 4/29/21 Realty Income Corporation (O) All Stock $17.66 B $50.44 $49.9 1,243,946 12/31/21 1.09% 3.23%
+ CSOD 8/05/21 Clearlake Capital Group, L.P. (N/A) All Cash $5.2 B $57.50 $56.9 1,329,128 12/31/21 1.05% 3.13%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $16.78 $16.62 1,578,372 12/31/21 0.95% 2.81%
+ GPX 7/15/21 Learning Technologies Group (N/A) All Cash $394 M $20.85 $20.66 65,722 12/31/21 0.92% 2.73%
+ SOGO 9/29/20 Tencent Parties (N/A) All Cash $2.19 B $8.95 $8.82 115,391 7/31/21 0.91% 0.00%
+ JAX 7/02/21 SPB Hospitality LLC (N/A) All Cash $220 M $14.00 $13.9 61,779 11/15/21 0.72% 3.41%
+ MDLA 7/26/21 Thoma Bravo (N/A) All Cash $6.4 B $34.00 $33.77 3,061,400 12/31/21 0.68% 2.02%
+ STMP 7/09/21 Thoma Bravo (N/A) All Cash $6.6 B $330.00 $327.84 244,192 9/30/21 0.66% 7.76%
+ GRA 4/26/21 Standard Industries Holdings Inc. (N/A) All Cash $7 B $70.00 $69.55 218,022 12/31/21 0.65% 1.92%
+ IEC 8/12/21 Creation Technologies Inc. (N/A) All Cash $242.3 M $15.35 $15.26 117,739 10/31/21 0.59% 3.47%
+ GNOG 8/09/21 DraftKings Inc. (DKNG) All Stock $1.52 B $21.90 $21.78 1,055,979 3/31/22 0.57% 0.97%
+ CNBKA 4/07/21 Eastern Bankshares, Inc. (EBC) All Cash $642 M $115.28 $114.72 4,347 12/31/21 0.49% 1.45%
+ SNR 6/28/21 Ventas, Inc. (VTR) All Stock $2.3 B $8.63 $8.59 299,655 12/31/21 0.47% 1.41%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.57 208,350 12/31/21 0.45% 1.35%
+ ORBC 4/08/21 GI Partners (N/A) All Cash $1.1 B $11.50 $11.45 424,129 9/30/21 0.44% 5.14%
+ QADA 6/28/21 Thoma Bravo (N/A) All Cash $2 B $87.50 $87.17 64,219 12/31/21 0.38% 1.12%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $41.49 $41.34 73,852 12/31/21 0.36% 1.08%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $55.25 $55.05 420,499 6/30/21 0.36% 0.00%
+ NWHM 7/23/21 Apollo Global Management (N/A) All Cash $338 M $9.00 $8.97 68,016 12/31/21 0.33% 0.99%
+ CLDR 6/01/21 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 B $16.00 $15.95 1,111,823 12/31/21 0.31% 0.93%
+ LDL 6/21/21 Unifrax (N/A) All Cash $1.3 B $62.10 $61.93 144,348 12/31/21 0.27% 0.81%
+ CBB 3/13/20 Macquarie Infrastructure Partners (N/A) All Cash $2.9 B $15.50 $15.48 161,999 9/07/21 0.13% 5.89%
+ QTS 6/07/21 Blackstone (BX) All Cash $10 B $78.00 $77.92 2,969,231 12/31/21 0.10% 0.30%
+ XOG 5/10/21 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 B $46.77 $46.74 130,237 9/30/21 0.07% 0.85%
+ PFPT 4/26/21 Thoma Bravo (N/A) All Cash $12.3 B $176.00 $175.94 808,808 9/30/21 0.03% 0.40%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $56.00 141,533 12/31/21 0.00% 0.00%
+ SHSP 6/22/21 Clearlake Capital Group, L.P. (N/A) All Cash $240 M $17.10 $17.1 47,810 9/30/21 0.00% 0.00%
+ CORE 5/18/21 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 B $45.47 $45.5 382,101 6/30/22 -0.06% -0.07%
+ PFBI 3/29/21 Peoples Bancorp Inc. (PEBO) All Stock $292.3 M $18.31 $18.37 50,069 9/30/21 -0.32% -3.81%
+ SC 8/24/21 Santander Holdings USA, Inc. (N/A) All Cash $12.7 B $41.50 $41.70 650,489 12/31/21 -0.48% -1.42%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $58.33 178,030 12/31/21 -0.57% -1.68%
+ MNR 5/04/21 Equity Commonwealth (EQC) Cash Plus Stock $3.4 B $18.73 $18.87 2,974,931 12/31/21 -0.77% -2.28%
+ ANAT 8/09/21 Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) All Cash $5.1 B $190.00 $192.8 70,427 6/30/22 -1.45% -1.74%
+ XEC 5/24/21 Cabot Oil & Gas Corporation (COG) All Stock $8.59 B $62.75 $63.75 942,465 12/31/21 -1.57% -4.66%
+ SBBP 5/24/21 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 M $2.22 $2.26 296,709 11/15/21 -1.83% -8.66%
+ RPAI 7/16/21 Kite Realty Group Trust (KRG) All Stock $4.96 B $12.78 $13.13 927,722 12/31/21 -2.68% -7.96%
+ NNA 8/26/21 Navios Maritime Partners L.P. (NMM) All Stock $1.93 B $3.51 $3.6100 35,070,956 12/31/21 -2.80% -8.32%
+ VNE 7/22/21 Magna International Inc. (MGA) All Cash $3.3 B $31.25 $36.12 465,804 12/31/21 -13.48% -40.01%

Conclusion:

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.

Leave A Comment

You must be logged in to post a comment.