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.