Merger Arbitrage Mondays – The Bidding War For Monmouth Real Estate Continues

Merger activity decreased significantly last week with just one new deal announced and one deal completed.

The third week of August saw a significant decline in both M&A and SPAC fronts with only one new deal announced and a single SPAC IPO filed.

On July 27, 2021, Bloomberg had reported that Nordic Capital was in advanced talks on a potential acquisition of Inovalon Holdings (INOV). The price of INOV after this announcement was $36.95, a 12.96% premium to INOV’s share price on the previous day. Founded in 1998 and headquartered in Bowie, Maryland, Inovalon provides cloud-based platforms to support data driven healthcare. On August 19, 2021, the company entered into a definitive agreement to be acquired by an equity consortium led by European buyout group Nordic Capital, which has been increasing its investments in the U.S. healthcare sector and U.S. based Insight Partners, which is also known for investing in private technology companies. Shareholders of Inovalon will receive $41 per share, representing a 25.3% premium over the closing price of Inovalon on July 26, 2021, the day before Bloomberg reported the potential acquisition.

The bidding war for Monmouth Real Estate Investment Corporation (MNR) continued last week after Equity Commonwealth (EQC) revised its offer to pay $19.00 per share in a combination of cash and stock. This was countered by Starwood Real Estate Income Trust submitting an enhanced all-cash proposal to acquire MNR for $19.93 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 was one new deal announced in the Deals in the Works section last week.

SPAC Arbitrage

There was 1 SPAC IPO filed and 3 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. Silver Crest Acquisition Corporation (SLCRentered into an Agreement and Plan of Merger with TH International Limited.
  2. Hagerty and Aldel Financial (ADFentered into a definitive business combination agreement.
  3. Aspiration Partners and InterPrivate III Financial Partners (IPVFannounced a definitive merger agreement that will result in Aspiration becoming a publicly listed company.

Weekly Spread Changes:

The table below shows weekly spread changes between August 13 and August 20, 2021.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
TEDU 1.33 Kidedu Holdings Limited (N/A) 0.00 200.75% 187.77% 12.98% All Cash
XONE 22.81 Desktop Metal, Inc. (DM) 7.58 11.79% 5.20% 6.59% Special Conditions
MX 18.54 South Dearborn Limited (N/A) 56.42% 52.23% 4.19% All Cash
MNR 19.07 Equity Commonwealth (EQC) 26.18 -1.17% -4.93% 3.76% Cash Plus Stock
VNE 36.1 Magna International Inc. (MGA) 77.66 -13.43% -16.87% 3.44% All Cash
FVCB 20.16 Blue Ridge Bankshares, Inc. (BRBS) 17.8 1.47% 5.15% -3.68% All Stock
MXIM 101.65 Analog Devices, Inc. (ADI) 166.64 3.28% 7.44% -4.16% All Stock
JOBS 72.95 Garnet Faith Limited (N/A) 0.00 8.36% 13.20% -4.84% All Cash
XLNX 144.27 Advanced Micro Devices, Inc. (AMD) 104.65 25.01% 29.93% -4.92% All Stock
COHR 249.47 II-VI Incorporated (IIVI) 60.42 10.23% 15.97% -5.74% Cash Plus Stock

Deal Statistics:

Total Number of Deals Closed in 2021 117
Total Number of Deals Not Completed in 2021 8
Total Number of Pending Deals
Cash Deals 51
Stock Deals 36
Stock & Cash Deals 11
Special Conditions 3
Total Number of Pending Deals 101
Aggregate Deal Consideration $845.68 billion

New Deals:

  1. The acquisition of Inovalon Holdings (INOV) by an equity consortium led by Nordic Capital, and joined by Insight Partners for $7.3 billion or $41.00 per share in cash. We added INOV as a potential deal to the Deals in the Works section on July 27, 2021, and the price after the news of the potential deal came out was $36.95.

Deal Updates:

  1. On August 11, 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 Raven Industries (RAVN) and CNH Industrial N.V. (CNHI). The closing of the Merger remains subject to certain other closing conditions, including, but not limited to, an affirmative vote of a majority of the votes cast by the holders of outstanding shares of the Company’s common stock at the Company’s shareholder meeting to be held on September 15, 2021.
  2. On August 13, 2021, EXFO (EXFO) announced that a significant majority of shareholders voted in favor of the special resolution approving the previously announced plan of arrangement pursuant to which 11172239 Canada, a corporation controlled by Germain Lamonde, EXFO’s founder and majority shareholder, will acquire all the issued and outstanding subordinate voting shares of EXFO.
  3. On August 16, 2021, Equity Commonwealth (EQC) and Monmouth Real Estate Investment Corporation (MNR) announced that they have entered into an amendment to the definitive merger agreement between the two companies. Under the terms of the Merger Agreement, Equity Commonwealth revised its offer to pay a total value of $19.00 per share in a combination of cash and stock.  The revised offer increases the exchange ratio from 0.67x to 0.713x, representing a 6.4% premium over the previous all-stock offer. Monmouth shareholders will have the option to elect to receive, for each Monmouth common share, either (i) $19.00 of cash or (ii) 0.713 shares of EQC stock.
  4. On August 16, 2021, shareholders of U.S. Concrete (USCRapproved the company’s merger with Vulcan Materials Company (VMC) at a special meeting of shareholders.
  5. On August 17, 2021, Webster Financial Corporation (WBS) and Sterling Bancorp (STL) announced that each company’s stockholders have approved the proposed merger between Webster and Sterling at their respective special meetings of stockholders.
  6. On August 18, 2021, Stamps.com (STMPannounced the expiration of the 40-day “go-shop” period under the terms of the previously announced merger agreement.
  7. On August 18, 2021, Starwood Real Estate Income Trust submitted an enhanced all-cash proposal to acquire Monmouth Real Estate Investment Corporation (MNR) for $19.93 per Monmouth share reduced by the termination fee owed to Equity Commonwealth of $72 million or $0.73 per share.
  8. On August 18, 2021, ORBCOMM (ORBC) announced that the Federal Communications Commission (FCC) has approved the transfer of control of ORBCOMM’s FCC authorizations in connection with the previously announced acquisition of ORBCOMM by GI Partners.
  9. On August 19, 2021, Kansas City Southern (KSU) announced that it has convened and adjourned the Special Meeting of Stockholders for KCS stockholders to vote on the previously announced definitive merger agreement with CN (CNI) and other proposals until September 3, 2021.
  10. On August 20, 2021, EXFO Inc. (EXFO) announced that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement with 11172239 Canada.

Closed Deals:

  1. The acquisition of Bowl America Incorporated (BWL-A) by Bowlero on August 16, 2021. It took 80 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 $1.33 09/30/2021 200.75% 1878.83%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $18.54 12/31/2021 56.42% 157.20%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $180.35 $144.27 12/31/2021 25.01% 69.69%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $42.47 12/31/2021 20.08% 55.96%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $21.5 12/31/2021 19.77% 55.08%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $28.75 06/30/2022 12.70% 14.85%
XONE 08/11/2021 Desktop Metal, Inc. (DM) $25.50 $22.81 12/31/2021 11.79% 32.86%
SOLY 05/10/2021 Allergan Aesthetics (N/A) $22.60 $20.42 09/30/2021 10.68% 99.91%
COHR 03/25/2021 II-VI Incorporated (IIVI) $274.98 $249.47 12/31/2021 10.23% 28.49%
KSU 05/21/2021 Canadian National Railway Company (CNI) $319.62 $290.26 12/31/2022 10.11% 7.44%

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 $1.33 232,096 9/30/21 200.75% 1928.27%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $18.54 395,824 12/31/21 56.42% 158.41%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $180.35 $144.27 1,717,725 12/31/21 25.01% 70.22%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $42.47 355,787 12/31/21 20.08% 56.39%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $21.5 607,495 12/31/21 19.77% 55.50%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $28.75 90,470 6/30/22 12.70% 14.90%
+ XONE 8/11/21 Desktop Metal, Inc. (DM) Special Conditions $418.26 M $25.50 $22.81 680,415 12/31/21 11.79% 33.11%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $20.42 182,901 9/30/21 10.68% 102.54%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $274.98 $249.47 89,889 12/31/21 10.23% 28.71%
+ KSU 5/21/21 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 B $319.62 $290.26 482,239 12/31/22 10.11% 7.46%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $20.19 409,767 3/31/22 8.96% 14.87%
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $72.95 429,387 12/31/21 8.36% 23.48%
+ OSN 12/17/20 New Ossen Group Limited (N/A) All Cash $84.96 M $5.10 $4.71 75,893 9/30/21 8.28% 79.53%
+ NFH 8/04/21 Unicorn II Holdings Limited (N/A) All Cash $2.09 billion $12.00 $11.25 218,604 12/31/21 6.67% 18.72%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $20.59 $19.35 98,247 1/31/22 6.42% 14.55%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.11 61,188 3/31/22 6.29% 10.43%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $192.5 344,084 1/31/22 5.45% 12.37%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $124.17 $118.1 1,473,567 12/31/21 5.14% 14.43%
+ MSON 7/29/21 Bioventus Inc. (BVS) Special Conditions $518 million $28.00 $26.68 198,129 12/31/21 4.95% 13.89%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $49.86 284,651 3/31/22 4.29% 7.12%
+ FIVN 7/18/21 Zoom Video Communications, Inc. (ZM) All Stock $14.7 B $186.38 $179.26 1,350,850 6/30/22 3.97% 4.66%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $22.43 $21.65 37,252 1/31/22 3.60% 8.16%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.2 1,131,653 1/31/22 3.45% 7.82%
+ CADE 4/12/21 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 B $21.14 $20.46 748,332 12/31/21 3.34% 9.39%
+ MXIM 7/13/20 Analog Devices, Inc. (ADI) All Stock $21 B $104.98 $101.65 2,832,014 6/30/21 3.28% 0.00%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $64.65 $62.67 400,598 1/31/22 3.17% 7.18%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $46.05 784,230 12/31/21 3.15% 8.84%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $23.97 $23.28 309,860 12/31/21 2.98% 8.37%
+ SCR 8/05/21 Penn National Gaming, Inc. (PENN) Cash Plus Stock $2 B $33.22 $32.27 394,931 3/31/22 2.95% 4.90%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $12.87 $12.5 3,360 12/31/21 2.92% 8.21%
+ USCR 6/07/21 Vulcan Materials Company (VMC) All Cash $2.32 B $74.00 $71.96 261,009 12/31/21 2.83% 7.96%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $36.24 $35.27 4,614 12/31/21 2.75% 7.72%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $29.33 $28.55 72,784 3/31/22 2.73% 4.53%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $48.98 474,491 12/31/21 2.69% 7.57%
+ XENT 8/06/21 Medtronic plc (MDT) All Cash $1.1 billion $28.25 $27.52 700,964 3/31/22 2.65% 4.40%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.41 120,065 12/31/21 2.52% 7.08%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $11.38 $11.1 111,524 12/31/21 2.51% 7.04%
+ SLCT 6/01/21 First Bancorp (FBNC) All Stock $314.3 M $17.09 $16.68 46,859 12/31/21 2.44% 6.85%
+ VEI 8/10/21 Chesapeake Energy Corporation (CHK) Cash Plus Stock $2.2 B $14.29 $13.97 210,479 12/31/21 2.32% 6.51%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $7.75 $7.58 800,235 6/30/21 2.28% 0.00%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $14.03 $13.74 1,667,266 6/30/22 2.15% 2.52%
+ SOGO 9/29/20 Tencent Parties (N/A) All Cash $2.19 B $8.95 $8.72 150,812 7/31/21 2.06% 0.00%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $49.43 $48.43 191,942 12/31/21 2.06% 5.77%
+ INOV 8/19/21 Nordic Capital (N/A) All Cash $7.3 B $41.00 $40.18 3,762,067 1/31/22 2.04% 4.63%
+ EBSB 4/23/21 Independent Bank Corp. (INDB) All Stock $1.15 B $21.33 $20.91 178,917 12/31/21 2.03% 5.70%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.65 332,504 12/31/21 1.98% 5.57%
+ SIC 8/09/21 Sun Capital Partners, Inc. (N/A) All Cash $411 M $14.50 $14.22 269,711 10/31/21 1.97% 10.42%
+ ACBI 7/23/21 South State Corporation (SSB) All Stock $542 M $24.74 $24.27 111,686 3/31/22 1.95% 3.23%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $18.69 $18.35 357,079 1/31/22 1.87% 4.24%
+ MGP 8/04/21 VICI Properties Inc. (VICI) All Stock $17.2 billion $40.02 $39.3 940,313 6/30/22 1.84% 2.16%
+ ALTA 5/18/21 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 M $42.64 $41.89 60,541 12/31/21 1.80% 5.06%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $55.04 2,669,840 12/31/21 1.74% 4.90%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $22.55 $22.18 898,490 12/31/21 1.66% 4.66%
+ BOCH 6/24/21 Columbia Banking System, Inc. (COLB) All Stock $266 M $14.61 $14.37 62,373 12/31/21 1.66% 4.65%
+ CSOD 8/05/21 Clearlake Capital Group, L.P. (N/A) All Cash $5.2 B $57.50 $56.65 1,381,894 12/31/21 1.50% 4.21%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $20.46 $20.16 24,521 1/31/22 1.47% 3.33%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $54.74 435,684 12/31/21 1.39% 3.90%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $16.01 $15.82 1,614,198 12/31/21 1.22% 3.42%
+ GPX 7/15/21 Learning Technologies Group (N/A) All Cash $394 M $20.85 $20.6 98,444 12/31/21 1.21% 3.41%
+ VER 4/29/21 Realty Income Corporation (O) All Stock $17.66 B $50.70 $50.14 707,735 12/31/21 1.11% 3.12%
+ CLDB 6/23/21 Farmers National Banc Corp. (FMNB) All Stock $124 M $27.35 $27.06 637 12/31/21 1.08% 3.03%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $20.04 1,125,647 12/31/21 1.05% 2.94%
+ IEC 8/12/21 Creation Technologies Inc. (N/A) All Cash $242.3 M $15.35 $15.2 80,683 10/31/21 0.99% 5.22%
+ JAX 7/02/21 SPB Hospitality LLC (N/A) All Cash $220 M $14.00 $13.87 23,597 11/15/21 0.94% 4.07%
+ PMBC 3/23/21 Banc of California (BANC) All Stock $235 M $8.87 $8.79 20,395 9/30/21 0.91% 8.74%
+ SHSP 6/22/21 Clearlake Capital Group, L.P. (N/A) All Cash $240 M $17.10 $16.95 65,089 9/30/21 0.88% 8.50%
+ GRA 4/26/21 Standard Industries Holdings Inc. (N/A) All Cash $7 B $70.00 $69.42 301,383 12/31/21 0.84% 2.35%
+ MDLA 7/26/21 Thoma Bravo (N/A) All Cash $6.4 B $34.00 $33.72 3,305,568 12/31/21 0.83% 2.33%
+ STMP 7/09/21 Thoma Bravo (N/A) All Cash $6.6 B $330.00 $327.37 253,651 9/30/21 0.80% 7.72%
+ CNBKA 4/07/21 Eastern Bankshares, Inc. (EBC) All Cash $642 M $115.28 $114.42 4,766 12/31/21 0.75% 2.11%
+ SVBI 3/03/21 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 M $12.32 $12.23 503 9/30/21 0.75% 7.22%
+ TRMT 4/26/21 RMR Mortgage Trust (RMRM) All Stock $252.33 M $5.75 $5.71 16,960 9/30/21 0.72% 6.92%
+ NWHM 7/23/21 Apollo Global Management (N/A) All Cash $338 M $9.00 $8.94 113,842 12/31/21 0.67% 1.88%
+ GNOG 8/09/21 DraftKings Inc. (DKNG) All Stock $1.52 B $18.98 $18.86 877,531 3/31/22 0.66% 1.09%
+ LDL 6/21/21 Unifrax (N/A) All Cash $1.3 B $62.10 $61.71 87,687 12/31/21 0.63% 1.77%
+ ORBC 4/08/21 GI Partners (N/A) All Cash $1.1 B $11.50 $11.43 431,780 9/30/21 0.61% 5.88%
+ TBIO 8/03/21 Sanofi (SNY) All Cash $1.94 B $38.00 $37.77 2,425,428 9/30/21 0.61% 5.85%
+ XOG 5/10/21 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 B $38.40 $38.19 89,790 9/30/21 0.55% 5.29%
+ PFPT 4/26/21 Thoma Bravo (N/A) All Cash $12.3 B $176.00 $175.05 514,943 9/30/21 0.54% 5.21%
+ SNR 6/28/21 Ventas, Inc. (VTR) All Stock $2.3 B $8.52 $8.48 1,242,875 12/31/21 0.49% 1.37%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.55 225,495 12/31/21 0.48% 1.34%
+ QADA 6/28/21 Thoma Bravo (N/A) All Cash $2 B $87.50 $87.1 48,736 12/31/21 0.46% 1.29%
+ CLDR 6/01/21 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 B $16.00 $15.94 2,387,319 12/31/21 0.38% 1.06%
+ CORE 5/18/21 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 B $42.85 $42.7 599,343 6/30/22 0.36% 0.42%
+ EXFO 6/07/21 11172239 Canada Inc (N/A) All Cash $383.69 M $6.25 $6.23 8,367 9/30/21 0.32% 3.08%
+ QTS 6/07/21 Blackstone (BX) All Cash $10 B $78.00 $77.79 1,123,579 12/31/21 0.27% 0.76%
+ SYKE 6/18/21 Sitel Group (N/A) All Cash $2.2 B $54.00 $53.86 425,585 12/31/21 0.26% 0.73%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $55.86 214,566 12/31/21 0.25% 0.70%
+ MFNC 4/13/21 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 M $21.25 $21.2 2,223 9/30/21 0.24% 2.27%
+ KIN 6/16/21 Elanco Animal Health Incorporated (ELAN) All Cash $440 M $9.25 $9.23 185,859 9/30/21 0.22% 2.08%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $52.54 $52.43 435,702 6/30/21 0.21% 0.00%
+ PFBI 3/29/21 Peoples Bancorp Inc. (PEBO) All Stock $292.3 M $18.15 $18.12 28,941 9/30/21 0.19% 1.80%
+ CBB 3/13/20 Macquarie Infrastructure Partners (N/A) All Cash $2.9 B $15.50 $15.48 741,486 9/30/21 0.13% 1.24%
+ XEC 5/24/21 Cabot Oil & Gas Corporation (COG) All Stock $8.59 B $57.89 $57.83 477,203 12/31/21 0.10% 0.29%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $40.23 $40.28 81,375 12/31/21 -0.12% -0.35%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $58.13 128,944 12/31/21 -0.22% -0.63%
+ ANAT 8/09/21 Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) All Cash $5.1 B $190.00 $191.35 50,493 6/30/22 -0.71% -0.83%
+ MNR 5/04/21 Equity Commonwealth (EQC) Cash Plus Stock $3.4 B $18.85 $19.07 673,213 12/31/21 -1.17% -3.29%
+ RPAI 7/16/21 Kite Realty Group Trust (KRG) All Stock $4.96 B $11.82 $12.39 1,003,056 12/31/21 -4.61% -12.96%
+ SBBP 5/24/21 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 M $1.72 $1.91 157,084 11/15/21 -9.70% -42.13%
+ VNE 7/22/21 Magna International Inc. (MGA) All Cash $3.3 B $31.25 $36.1 928,207 12/31/21 -13.43% -37.72%

Conclusion:

Even though there was a decline in both M&A and SPAC activity last week, multiple active deals including SPAC business combinations received required approvals for the successful completion of their respective deals.

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.

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