Merger Arbitrage Mondays – Thoma Bravo Announces Two Large Deals In A Single Month

Merger activity decreased last week with four new deals announced and two deals completed. There were 19 new deals announced in the month of July with a total value of over $61.5 billion.

The largest deal announced last week was the acquisition of Medallia (MDLA) by Thoma Bravo for $6.4 billion. This is Thoma Bravo’s second acquisition in the month of July after Stamps.com.  Founded in 2000 and  headquartered in San Francisco, California, Medallia is an enterprise software firm that provides an enterprise Software-as-a-Service platform internationally. We added Medallia as a potential deal in the works on June 11, 2021 after Bloomberg reported that it was exploring options including a potential sale. The company entered into a definitive agreement to be acquired by Thoma Bravo on July 26, 2021 for $34.00 per share in cash representing a premium of approximately 20% to Medallia’s unaffected closing stock price on June 10, 2021.

Another highlight from last week was Aon  (AON) and Willis Towers Watson (WLTW) terminating their business combination agreement and ending litigation with the U.S. Department of Justice (DOJ). In connection with the termination of the business combination agreement, Aon will pay a massive $1 billion termination fee to Willis Towers Watson. This was the fifth failed deal this year, four of which failed on account of regulatory issues. We wrote briefly about the changing M&A regulatory landscape in our August 2021 special situations newsletter

Aon CEO Greg Case said, “Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S. Department of Justice. The DOJ position overlooks that our complementary businesses operate across broad, competitive areas of the economy. We are confident that the combination would have accelerated our shared ability to innovate on behalf of clients, but the inability to secure an expedited resolution of the litigation brought us to this point.”

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

There were two new deals announced in the Deals in the Works section last week.

SPAC Arbitrage

There were 6 SPAC IPOs filed and 4 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. AdTheorent and MCAP Acquisition Corporation (MACQ) announced that they have entered into a definitive business combination agreement .
  2. Allego Holding B.V. announced a business combination with Spartan Acquisition Corp. III (SPAQU).
  3. Swvl Inc. and Queen’s Gambit Growth Capital (GMBT) announced that they have entered into a definitive agreement for a business combination.
  4. Vacasa entered into an agreement to become a publicly traded company through a business combination with TPG Pace Solutions (TPGS).

Weekly Spread Changes:

The table below shows weekly spread changes between July 16, and July 23, 2021

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
TEDU 1.98 Kidedu Holdings Limited (N/A) 0.00 102.02% 70.21% 31.81% All Cash
MX 20.78 South Dearborn Limited (N/A) 39.56% 29.00% 10.56% All Cash
JOBS 72.02 Garnet Faith Limited (N/A) 0.00 9.76% 1.59% 8.17% All Cash
XLNX 149.84 Advanced Micro Devices, Inc. (AMD) 106.19 22.14% 15.20% 6.94% All Stock
COHR 245.94 II-VI Incorporated (IIVI) 69.81 15.28% 9.69% 5.59% Cash Plus Stock
MMAC 27.56 Fundamental Advisors LP (N/A) 0.76% 1.65% -0.89% All Cash
HBMD 19.7 F.N.B. Corporation (FNB) 11.46 4.71% 6.03% -1.32% All Stock
OSN 4.505 New Ossen Group Limited (N/A) 13.21% 14.61% -1.40% All Cash
MNR 19.04 Equity Commonwealth (EQC) 26.29 -6.54% -4.75% -1.79% Cash Plus Stock
CHMA 4 Amryt Pharma (AMYT) 10.31 2.07% 4.42% -2.35% All Stock

Deal Statistics:

Total Number of Deals Closed in 2021 109
Total Number of Deals Not Completed in 2021 8
Total Number of Pending Deals
Cash Deals 46
Stock Deals 36
Stock & Cash Deals 10
Special Conditions 2
Total Number of Pending Deals 94
Aggregate Deal Consideration $794.08 billion

New Deals:

  1. The acquisition of Medallia (MDLA) by Thoma Bravo for $6.4 billion or $34.00 per share in cash. We added MDLA as a potential deal to the Deals in the Works section on June 11, 2021, and the price after the news of the potential deal came out was $33.11.
  2. The acquisition of Investors Bancorp (ISBC) by Citizens Financial Group (CFG) for $3.5 billion in a cash plus stock deal. Under the terms of the agreement and plan of merger, Investors shareholders will receive 0.297 of a share of CFG common stock and $1.46 in cash for each share of Investors they own.
  3. The acquisition of Misonix (MSON) by Bioventus (BVS) for $518 million. Under the terms of the agreement, Misonix stockholders may elect to receive either (i) 1.6839 shares of Bioventus class A common stock or (ii) $28.00 in cash, without interest, for each share of Misonix common stock they hold.
  4. The merger of Benefit Street Partners Realty Trust and Capstead Mortgage Corporation (CMO). Under the terms of the agreement, Capstead common stockholders will receive a cash payment equal to a 15.75% premium to Capstead’s diluted book value per share and shares of BSPRT common stock calculated on an adjusted “book-for-book” basis. The book values for Capstead and BSPRT used to calculate the cash consideration and exchange ratio will be set on a date prior to the closing of the transaction. Considering that the exchange ratio will be set prior to the closing, we are not adding this deal to the MAT.

Deal Updates:

  1. On July 26, 2021, Talend (TLND) announced that its shareholders voted to approve a series of transactions that will result in the company structurally, but not operationally, redomiciling in the Netherlands following the consummation of Thoma Bravo’s tender offer.
  2. On July 26, 2021, outside legal counsel of each of Magnachip Semiconductor (MX) and South Dearborn Limited received a letter from the Acting CFIUS Staff Chairperson notifying the parties that CFIUS will undertake an investigation of the Merger pursuant to Section 721(b)(2) of the DPA, which will be completed no later than September 13, 2021.
  3. On July 27, 2021, WSFS Financial Corporation (WSFSreceived approval from the Office of the Comptroller of the Currency (OCC) to merge with Bryn Mawr Bank Corporation (BMTC).
  4. July 29, 2021: According to Reuters, Canadian Pacific Railway (CP) asked Kansas City Southern (KSU) shareholders to vote against a deal with Canadian National Railway (CNI) at a meeting next month.
  5. On July 29, 2021, stockholders of Domtar Corporation (UFSapproved a proposal to adopt a business combination with Paper Excellence.
  6. On July 29, 2021, American River Bankshares (AMRB) announced that it has received shareholder approval to be acquired by Bank of Marin Bancorp (BMRC).

Closed Deals:

  1. The acquisition of Brookfield Property Partners (BPY) by Brookfield Asset Management (BAM) on July 26, 2021. It took 116 days for this deal to be completed.
  2. The acquisition of Talend (TLND) by Thoma Bravo on July 30, 2021. It took 142 days for this deal to be completed.

Deals Terminated:

  1. On July 26, 2021, Aon (AON) and Willis Towers Watson (WLTW) announced that the firms have agreed to terminate their business combination agreement and end litigation with the U.S. Department of Justice (DOJ).

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 $1.98 09/30/2021 102.02% 620.62%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $20.78 12/31/2021 39.56% 94.99%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $183.01 $149.84 12/31/2021 22.14% 53.15%
KSU 05/21/2021 Canadian National Railway Company (CNI) $322.64 $267.8 12/31/2022 20.48% 14.46%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $21.71 12/31/2021 18.61% 44.69%
COHR 03/25/2021 II-VI Incorporated (IIVI) $283.53 $245.94 12/31/2021 15.28% 36.70%
OSN 12/17/2020 New Ossen Group Limited (N/A) $5.10 $4.505 09/30/2021 13.21% 80.35%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $29.18 06/30/2022 11.03% 12.10%
JOBS 06/21/2021 Garnet Faith Limited (N/A) $79.05 $72.02 12/31/2021 9.76% 23.44%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $47.18 12/31/2021 8.10% 19.44%

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 $1.98 242,828 9/30/21 102.02% 631.14%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $20.78 470,172 12/31/21 39.56% 95.62%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $183.01 $149.84 2,692,866 12/31/21 22.14% 53.51%
+ KSU 5/21/21 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 B $322.64 $267.8 506,511 12/31/22 20.48% 14.49%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $21.71 2,531,353 12/31/21 18.61% 44.98%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $283.53 $245.94 158,952 12/31/21 15.28% 36.94%
+ OSN 12/17/20 New Ossen Group Limited (N/A) All Cash $84.96 M $5.10 $4.505 143,497 9/30/21 13.21% 81.71%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $29.18 272,362 6/30/22 11.03% 12.13%
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $72.02 1,201,824 12/31/21 9.76% 23.59%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $47.18 348,671 12/31/21 8.10% 19.57%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $20.8 426,624 3/31/22 5.77% 8.74%
+ MXIM 7/13/20 Analog Devices, Inc. (ADI) All Stock $21 B $105.47 $99.91 1,365,330 6/30/21 5.57% 0.00%
+ MSON 7/29/21 Bioventus Inc. (BVS) Special Conditions $518 million $28.00 $26.54 660,352 12/31/21 5.50% 13.30%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $20.63 $19.7 74,271 1/31/22 4.71% 9.45%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $67.63 $64.62 547,607 1/31/22 4.66% 9.34%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.56 34,583 3/31/22 4.17% 6.31%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $121.67 $116.84 4,093,958 12/31/21 4.13% 9.99%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $48.33 526,264 12/31/21 4.08% 9.85%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $50 336,744 3/31/22 4.00% 6.06%
+ FIVN 7/18/21 Zoom Video Communications, Inc. (ZM) All Stock $14.7 B $209.20 $201.29 1,176,112 6/30/22 3.93% 4.32%
+ BOCH 6/24/21 Columbia Banking System, Inc. (COLB) All Stock $266 M $13.98 $13.47 61,179 12/31/21 3.76% 9.08%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $19.69 $19 29,805 1/31/22 3.61% 7.24%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $10.96 $10.6 68,981 12/31/21 3.39% 8.20%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $47.30 $45.76 200,817 12/31/21 3.36% 8.12%
+ ACBI 7/23/21 South State Corporation (SSB) All Stock $542 M $24.78 $24.00 217,123 3/31/22 3.26% 4.94%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $21.93 567,753 9/30/21 3.06% 18.90%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $46.12 971,127 12/31/21 2.99% 7.23%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $22.23 $21.59 17,944 1/31/22 2.94% 5.90%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $24.84 $24.15 1,344,298 12/31/21 2.84% 6.86%
+ SLCT 6/01/21 First Bancorp (FBNC) All Stock $314.3 M $16.32 $15.9 25,424 12/31/21 2.64% 6.39%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $22.27 $21.71 1,119,956 12/31/21 2.58% 6.24%
+ GPX 7/15/21 Learning Technologies Group (N/A) All Cash $394 M $20.85 $20.35 204,439 12/31/21 2.46% 5.94%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $12.59 $12.3 1,135 12/31/21 2.36% 5.70%
+ CORE 5/18/21 Performance Food Group Company (PFGC) Cash Plus Stock $2.5 B $44.04 $43.04 240,871 6/30/22 2.31% 2.54%
+ WRI 4/15/21 Kimco Realty Corporation (KIM) Cash Plus Stock $6.12 B $32.92 $32.19 804,806 12/31/21 2.28% 5.50%
+ PMBC 3/23/21 Banc of California (BANC) All Stock $235 M $8.56 $8.37 23,973 9/30/21 2.27% 14.04%
+ TRMT 4/26/21 RMR Mortgage Trust (RMRM) All Stock $252.33 M $5.93 $5.8 20,098 9/30/21 2.21% 13.65%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.49 2,195,554 1/31/22 2.17% 4.35%
+ CHMA 5/05/21 Amryt Pharma (AMYT) All Stock $53.61 M $4.08 $4 371,422 9/30/21 2.07% 12.80%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $54.9 2,263,848 12/31/21 2.00% 4.84%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $28.35 $27.8 67,096 3/31/22 2.00% 3.02%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.67 933,355 12/31/21 1.87% 4.51%
+ ORBC 4/08/21 GI Partners (N/A) All Cash $1.1 B $11.50 $11.29 281,729 12/31/21 1.86% 4.50%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $18.24 $17.92 502,813 1/31/22 1.78% 3.58%
+ ALTA 5/18/21 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 M $41.10 $40.39 36,401 12/31/21 1.75% 4.24%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.59 92,639 12/31/21 1.74% 4.20%
+ EBSB 4/23/21 Independent Bank Corp. (INDB) All Stock $1.15 B $19.44 $19.11 180,651 12/31/21 1.71% 4.14%
+ USCR 6/07/21 Vulcan Materials Company (VMC) All Cash $2.32 B $74.00 $72.81 194,866 12/31/21 1.63% 3.95%
+ CADE 4/12/21 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 B $19.31 $19 317,109 12/31/21 1.63% 3.94%
+ LDL 6/21/21 Unifrax (N/A) All Cash $1.3 B $62.10 $61.2 166,150 12/31/21 1.47% 3.55%
+ MFNC 4/13/21 Nicolet Bankshares, Inc. (NCBS) Cash Plus Stock $248 M $20.57 $20.27 31,189 9/30/21 1.46% 9.03%
+ KIN 6/16/21 Elanco Animal Health Incorporated (ELAN) All Cash $440 M $9.25 $9.12 286,424 9/30/21 1.43% 8.82%
+ JAX 7/02/21 SPB Hospitality LLC (N/A) All Cash $220 M $14.00 $13.81 23,689 11/15/21 1.38% 4.78%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $8.47 $8.36 630,106 6/30/21 1.37% 0.00%
+ CLDB 6/23/21 Farmers National Banc Corp. (FMNB) All Stock $124 M $26.86 $26.5 12,369 12/31/21 1.37% 3.31%
+ XOG 5/10/21 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 B $45.05 $44.49 152,247 9/30/21 1.26% 7.82%
+ SNR 6/28/21 Ventas, Inc. (VTR) All Stock $2.3 B $9.33 $9.22 1,810,125 12/31/21 1.21% 2.93%
+ VER 4/29/21 Realty Income Corporation (O) All Stock $17.66 B $49.55 $48.97 1,211,104 12/31/21 1.19% 2.88%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $13.98 $13.82 5,042,629 6/30/22 1.17% 1.28%
+ NWHM 7/23/21 Apollo Global Management (N/A) All Cash $338 M $9.00 $8.90 135,751 12/31/21 1.12% 2.72%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $54.91 532,449 12/31/21 1.07% 2.60%
+ CBB 3/13/20 Macquarie Infrastructure Partners (N/A) All Cash $2.9 B $15.50 $15.34 539,590 9/30/21 1.04% 6.45%
+ STMP 7/09/21 Thoma Bravo (N/A) All Cash $6.6 B $330.00 $326.76 332,684 9/30/21 0.99% 6.13%
+ SVBI 3/03/21 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 M $12.35 $12.24 1,596 9/30/21 0.92% 5.71%
+ QADA 6/28/21 Thoma Bravo (N/A) All Cash $2 B $87.50 $86.75 139,615 12/31/21 0.86% 2.09%
+ CLDR 6/01/21 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 B $16.00 $15.87 2,740,659 12/31/21 0.82% 1.98%
+ SOGO 9/29/20 Tencent Parties (N/A) All Cash $2.19 B $8.95 $8.83 264,700 7/31/21 0.79% 0.00%
+ CNBKA 4/07/21 Eastern Bankshares, Inc. (EBC) All Cash $642 M $115.28 $114.38 13,173 12/31/21 0.79% 1.90%
+ PFPT 4/26/21 Thoma Bravo (N/A) All Cash $12.3 B $176.00 $174.66 604,855 9/30/21 0.77% 4.75%
+ MMAC 5/24/21 Fundamental Advisors LP (N/A) All Cash $161.7 M $27.77 $27.56 60,372 9/30/21 0.76% 4.71%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $20.1 1,577,084 12/31/21 0.75% 1.80%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.32 281,048 12/31/21 0.72% 1.74%
+ SBBP 5/24/21 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 M $2.41 $2.39 485,486 11/15/21 0.71% 2.46%
+ PROS 1/15/21 TowerBrook Capital Partners and Further Global Capital Management (N/A) All Cash $586 M $12.85 $12.76 29,076 9/30/21 0.71% 4.36%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $39.40 $39.13 36,827 12/31/21 0.70% 1.68%
+ BWL-A 5/28/21 Bowlero Corp. (N/A) All Cash $42.58 M $9.13 $9.07 1,148 12/31/21 0.66% 1.60%
+ SHSP 6/22/21 Clearlake Capital Group, L.P. (N/A) All Cash $240 M $17.10 $16.99 259,338 9/30/21 0.65% 4.01%
+ SYKE 6/18/21 Sitel Group (N/A) All Cash $2.2 B $54.00 $53.66 255,355 12/31/21 0.63% 1.53%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $15.79 $15.7 13,122,632 12/31/21 0.60% 1.45%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $48.52 $48.24 623,205 6/30/21 0.58% 0.00%
+ GRA 4/26/21 Standard Industries Holdings Inc. (N/A) All Cash $7 B $70.00 $69.6 186,851 12/31/21 0.57% 1.39%
+ AMRB 4/19/21 Bank of Marin Bancorp (BMRC) All Stock $134.5 M $19.95 $19.85 3,524 9/30/21 0.52% 3.19%
+ PFBI 3/29/21 Peoples Bancorp Inc. (PEBO) All Stock $292.3 M $17.10 $17.02 12,799 9/30/21 0.49% 3.06%
+ MDLA 7/26/21 Thoma Bravo (N/A) All Cash $6.4 B $34.00 $33.87 4,513,220 12/31/21 0.38% 0.93%
+ QTS 6/07/21 Blackstone (BX) All Cash $10 B $78.00 $77.71 1,357,876 12/31/21 0.37% 0.90%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $55.81 127,864 12/31/21 0.34% 0.82%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $34.75 $34.69 6,383 12/31/21 0.16% 0.40%
+ FLY 3/29/21 Carlyle Aviation Partners (N/A) All Cash $2.36 B $17.05 $17.03 262,421 9/30/21 0.12% 0.73%
+ ICON 6/11/21 Iconix Acquisition Corp. (N/A) All Cash $585 M $3.15 $3.15 78,407 9/30/21 0.00% 0.00%
+ VNE 7/22/21 Magna International Inc. (MGA) All Cash $3.3 B $31.25 $31.32 1,669,224 12/31/21 -0.22% -0.54%
+ RPAI 7/16/21 Kite Realty Group Trust (KRG) All Stock $4.96 B $12.56 $12.61 1,841,626 12/31/21 -0.40% -0.96%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $58.25 380,261 12/31/21 -0.43% -1.04%
+ XEC 5/24/21 Cabot Oil & Gas Corporation (COG) All Stock $8.59 B $64.23 $65.2 866,940 12/31/21 -1.48% -3.58%
+ MNR 5/04/21 Equity Commonwealth (EQC) Cash Plus Stock $3.4 B $17.79 $19.04 468,831 12/31/21 -6.54% -15.81%

Conclusion:

There were fourteen potential deals in the works announced in the month of July. This is the highest number of potential deals we have added in a month. SPAC activity continues to grow with 28 SPAC IPOs filed in the month of July and 29 SPAC business combinations announced.

Disclaimer: I have long positions Nuance Communications (NUAN) and Change Healthcare (CHNG). 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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