Merger Arbitrage Mondays – Kansas City Southern Pays A Huge Fee To Walk Away

Merger activity increased last week with five new deals announced, two deals completed and one terminated.

Kansas City Southern (KSU) has now managed to leave both its suitors, Canadian National Railway (CNI) and Canadian Pacific Railway (CP), at the altar once each. Under regulatory pressure, KCS terminated its alliance with Canadian National Railway Company (CNI) and once again entered into a merger agreement to be acquired by Canadian Pacific Railway Limited (CP). In connection with the termination of the CN merger agreement, KCS has to pay CN a huge breakup fee of $1.4 billion. This termination fee includes $700 million for walking away from the CN deal and an additional $700 million to return the $700 million previously paid by CN to KCS to reimburse the termination fee paid to CP in May.

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

Potential deals continued to increase last week with three new deals announced in the Deals in the Works section last week.

SPAC Arbitrage

There were 7 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. Forge Global announced it has entered into a definitive business combination agreement with Motive Capital Corp (MOTV).
  2. Pagaya Technologies and EJF Acquisition (EJFA) have entered into a definitive business combination agreement.
  3. Gogoro® Inc. and Poema Global Holdings Corp. (PPGHannounced a definitive agreement for a business combination that would result in Gogoro becoming a publicly listed company.
  4. Prenetics Group Limited and Artisan Acquisition (ARTAUentered into a definitive merger agreement.

Weekly Spread Changes:

The table below shows weekly spread changes between September 10 and September 17, 2021.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
TEDU 1.42 Kidedu Holdings Limited (N/A) 0.00 181.69% 166.67% 15.02% All Cash
KDMN 8.73 Sanofi (SNY) 48.38 8.82% 4.51% 4.31% All Cash
SBBP 2.12 Xeris Pharmaceuticals, Inc. (XERS) 2.6 -3.85% -7.79% 3.94% All Stock
MSON 24.82 Bioventus Inc. (BVS) 13.88 12.81% 9.25% 3.56% Special Conditions
AJRD 41.44 Lockheed Martin Corporation (LMT) 340.98 23.07% 20.34% 2.73% All Cash
SAFM 190.91 Cargill and Continental Grain Company (N/A) 6.33% 8.47% -2.14% All Cash
SCR 34.28 Penn National Gaming, Inc. (PENN) 74.59 1.77% 4.00% -2.23% Cash Plus Stock
RIVE 12.75 Mid Penn Bancorp, Inc. (MPB) 26.55 0.64% 3.63% -2.99% All Stock
FIVN 175.06 Zoom Video Communications, Inc. (ZM) 287.68 -9.07% -3.86% -5.21% All Stock
MX 17.98 South Dearborn Limited (N/A) 61.29% 67.63% -6.34% All Cash

Deal Statistics:

Total Number of Deals Closed in 2021 133
Total Number of Deals Not Completed in 2021 10
Total Number of Pending Deals
Cash Deals 52
Stock Deals 35
Stock & Cash Deals 9
Special Conditions 3
Total Number of Pending Deals 99
Aggregate Deal Consideration $881.05 billion

New Deals:

  1. The acquisition of Itamar Medical (ITMR) by ZOLL Medical Corporation for $399.11 million or $31.00 per share in cash.
  2. The acquisition of Corvus Gold (KOR) by AngloGold Ashanti Limited for $450 million or $3.20 per share in cash. We have converted the closing price to USD using the latest conversion rate.
  3. The acquisition of GreenSky (GSKY) by The Goldman Sachs Group (GS) for $2.24 billion in an all stock deal. Under the terms of the agreement, GreenSky stockholders will receive 0.03 shares of common stock of Goldman Sachs for each share of GreenSky Class A common stock.
  4. The acquisition of Kansas City Southern (KSU) by Canadian Pacific Railway Limited (CP) for $30.44 billion in a cash plus stock deal. Under the terms of the agreement, each share of KCS common stock will be exchanged for $90 in cash and 2.884 shares of CP common stock.
  5. The merger of Great Western Bancorp (GWB) and First Interstate BancSystem (FIBK) for $2 billion in an all stock deal. Under the terms of the agreement, GWB shareholders will receive 0.8425 shares of FIBK Class A common stock for each GWB share they own.

Deal Updates:

  1. On September 10, 2021, Magnachip Semiconductor Corporation (MX) announced that through outside legal counsel, asked CFIUS to permit them to withdraw and re-file their June 11, 2021 notice concerning the Merger, in order to permit further discussion with CFIUS concerning potential options for permanently mitigating risks to the national security that have been identified by CFIUS.
  2. On September 13, 2021, Veoneer (VNE) confirmed that it has received an updated non-binding proposal from Qualcomm providing for the acquisition of all of the outstanding shares of Veoneer at a price of $37.00 per share in cash, following Qualcomm’s public announcement of a proposal on August 5, 2021.
  3. On September 14, 2021, Xeris Pharmaceuticals (XERS) announced that its stockholders have voted to approve the previously announced proposed acquisition of Strongbridge Biopharma (SBBP) by Xeris.
  4. On September 14, 2021, Ventas (VTR) and New Senior Investment Group (SNR) announced that New Senior stockholders have approved the previously announced merger pursuant to which New Senior will merge with and into a subsidiary of Ventas.
  5. On September 14, 2021, shareholders of Lydall (LDLapproved the company’s merger with Unifrax at a special meeting of shareholders.
  6. On September 15, 2021, Raven Industries (RAVN) announced that its shareholders voted strongly to approve the pending transaction with CNH Industrial (CNHI).
  7. On September 16, 2021, First Midwest Bancorp (FMBI) announced that its stockholders have overwhelmingly approved the proposed merger between First Midwest and Old National Bancorp (ONB).
  8. On September 17, 2021, Proxy advisory firm Institutional Shareholder Services on recommended a vote by shareholders against Zoom Video Communications (ZM) deal for Five9 (FIVN).
  9. On September 17, 2021, W. R. Grace & (GRA) announced that, the Company’s shareholders approved a proposal to adopt the merger agreement between Grace and an affiliate of Standard Industries Holdings.

Closed Deals:

  1. The acquisition of Translate Bio (TBIO) by Sanofi  (SNY) on September 14, 2021. It took 42 days for this deal to be completed. It took 42 days for this deal to be completed.
  2. The acquisition of Premier Financial Bancorp (PFBI) by Peoples Bancorp (PEBO) on September 17, 2021. It took 172 days for this deal to be completed.

Terminated Deals: 

  1. On September 15, 2021, Kansas City Southern (KSUterminated the Canadian National Railway Company (CNI) merger agreement and is entering into a merger agreement with Canadian Pacific Railway Limited (CP).

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 $1.42 09/30/2021 181.69% 6028.81%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $17.98 12/31/2021 61.29% 217.19%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $41.44 12/31/2021 23.07% 81.75%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $21.84 12/31/2021 17.90% 63.44%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $179.03 $153.78 12/31/2021 16.42% 58.18%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $28.45 06/30/2022 13.88% 17.84%
MSON 07/29/2021 Bioventus Inc. (BVS) $28.00 $24.82 12/31/2021 12.81% 45.40%
JOBS 06/21/2021 Garnet Faith Limited (N/A) $79.05 $71.62 12/31/2021 10.37% 36.76%
COHR 03/25/2021 II-VI Incorporated (IIVI) $275.02 $250.83 12/31/2021 9.64% 34.17%
KDMN 09/08/2021 Sanofi (SNY) $9.50 $8.73 12/31/2021 8.82% 31.26%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus 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 $1.42 151,796 9/30/21 181.69% 6631.69%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $17.98 552,834 12/31/21 61.29% 219.32%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $41.44 526,220 12/31/21 23.07% 82.55%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $21.84 2,425,146 12/31/21 17.90% 64.06%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $179.03 $153.78 2,818,490 12/31/21 16.42% 58.75%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $28.45 1,083,825 6/30/22 13.88% 17.91%
+ MSON 7/29/21 Bioventus Inc. (BVS) Special Conditions $518 million $28.00 $24.82 137,331 12/31/21 12.81% 45.85%
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $71.62 328,461 12/31/21 10.37% 37.12%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $275.02 $250.83 310,817 12/31/21 9.64% 34.51%
+ KDMN 9/08/21 Sanofi (SNY) All Cash $1.64 B $9.50 $8.73 8,750,732 12/31/21 8.82% 31.56%
+ XONE 8/11/21 Desktop Metal, Inc. (DM) Special Conditions $418.26 M $25.50 $23.48 337,365 12/31/21 8.60% 30.79%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $20.94 305,863 9/30/21 7.93% 289.35%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.02 342,781 3/31/22 6.72% 12.78%
+ TRIL 8/23/21 Pfizer Inc. (PFE) All Cash $1.2 B $18.50 $17.34 2,578,229 12/31/21 6.69% 23.94%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $20.63 953,525 3/31/22 6.64% 12.62%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $190.91 238,776 1/31/22 6.33% 17.38%
+ NFH 8/04/21 Unicorn II Holdings Limited (N/A) All Cash $2.09 billion $12.00 $11.34 210,158 12/31/21 5.82% 20.83%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $19.73 $18.87 228,119 1/31/22 4.55% 12.48%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $126.69 $121.73 4,986,248 12/31/21 4.08% 14.59%
+ XENT 8/06/21 Medtronic plc (MDT) All Cash $1.1 billion $28.25 $27.25 365,819 3/31/22 3.67% 6.98%
+ HRC 9/02/21 Baxter International Inc. (BAX) All Cash $12.4 B $156.00 $150.5 2,318,294 3/31/22 3.65% 6.95%
+ GWB 9/16/21 First Interstate BancSystem, Inc. (FIBK) All Stock $2 B $32.64 $31.57 2,620,809 3/31/22 3.38% 6.43%
+ TRMT 4/26/21 RMR Mortgage Trust (RMRM) Cash Plus Stock $252.33 M $5.76 $5.58 11,700 9/30/21 3.15% 115.10%
+ BOCH 6/24/21 Columbia Banking System, Inc. (COLB) All Stock $266 M $13.66 $13.25 241,416 12/31/21 3.12% 11.18%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $72.16 $70.05 747,744 1/31/22 3.01% 8.26%
+ GTS 8/24/21 GuideWell Mutual Holding Corporation (N/A) All Cash $665.93 M $36.00 $35.08 249,347 6/30/22 2.62% 3.38%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $14.43 $14.07 5,202,705 6/30/22 2.58% 3.33%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $20.39 $19.9 13,810 1/31/22 2.45% 6.71%
+ KSU 9/15/21 Canadian Pacific Railway Limited (CP) Cash Plus Stock $30.44 B $283.89 $277.46 1,179,784 12/31/21 2.32% 8.29%
+ ITMR 9/13/21 ZOLL Medical Corporation (N/A) All Cash $399.11 M $31.00 $30.30 252,285 12/31/21 2.31% 8.27%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.46 1,804,035 1/31/22 2.30% 6.32%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.5 752,340 12/31/21 2.13% 7.61%
+ SLCT 6/01/21 First Bancorp (FBNC) All Stock $314.3 M $16.75 $16.42 71,625 12/31/21 2.00% 7.16%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.65 1,558,721 12/31/21 1.98% 7.10%
+ GNOG 8/09/21 DraftKings Inc. (DKNG) All Stock $1.52 B $22.05 $21.63 1,290,998 3/31/22 1.96% 3.72%
+ ACBI 7/23/21 SouthState Corporation (SSB) All Stock $542 M $23.30 $22.86 325,924 3/31/22 1.92% 3.65%
+ SOGO 9/29/20 Tencent Parties (N/A) All Cash $2.19 B $8.95 $8.74 449,125 12/31/21 1.83% 6.55%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $51.07 184,339 3/31/22 1.82% 3.46%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $10.49 $10.3 183,803 12/31/21 1.81% 6.49%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $49.41 2,023,909 12/31/21 1.80% 6.45%
+ SCR 8/05/21 Penn National Gaming, Inc. (PENN) Cash Plus Stock $2 B $34.89 $34.28 1,627,711 3/31/22 1.77% 3.36%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $24.45 $24.04 181,383 12/31/21 1.71% 6.11%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $55.1 5,891,440 12/31/21 1.63% 5.84%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $46.75 2,078,891 12/31/21 1.60% 5.74%
+ CXP 9/07/21 Pacific Investment Management Company LLC (N/A) All Cash $3.9 B $19.30 $19 3,266,737 12/31/21 1.58% 5.65%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $7.82 $7.7 1,258,584 12/31/21 1.58% 5.64%
+ NNA 8/26/21 Navios Maritime Partners L.P. (NMM) All Stock $1.93 B $3.72 $3.66 202,972 12/31/21 1.51% 5.41%
+ INOV 8/19/21 Nordic Capital (N/A) All Cash $7.3 B $41.00 $40.39 1,842,029 1/31/22 1.51% 4.14%
+ VEI 8/10/21 Chesapeake Energy Corporation (CHK) Cash Plus Stock $2.2 B $16.38 $16.14 775,217 12/31/21 1.50% 5.37%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $28.54 $28.13 110,500 3/31/22 1.46% 2.78%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $51.07 $50.4 385,261 12/31/21 1.33% 4.77%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $16.23 $16.02 8,021,244 12/31/21 1.32% 4.71%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $22.67 $22.38 16,262 1/31/22 1.31% 3.60%
+ KOR 9/13/21 AngloGold Ashanti Limited (N/A) All Cash $450 M $3.20 $3.1600 289,961 3/31/22 1.27% 2.41%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $54.84 916,173 12/31/21 1.20% 4.31%
+ DSPG 8/30/21 Synaptics Incorporated (SYNA) All Cash $399.78 M $22.00 $21.74 660,439 12/31/21 1.20% 4.28%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $57.35 1,579,954 12/31/21 1.13% 4.06%
+ GSKY 9/15/21 The Goldman Sachs Group (GS) All Stock $2.24 B $11.74 $11.62 6,462,642 3/31/22 1.07% 2.03%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $22.54 $22.31 3,403,387 12/31/21 1.05% 3.74%
+ MGP 8/04/21 VICI Properties Inc. (VICI) All Stock $17.2 billion $40.39 $40.02 575,041 6/30/22 0.93% 1.20%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $18.09 $17.93 1,750,592 1/31/22 0.90% 2.48%
+ ECHO 9/10/21 The Jordan Company, L.P. (N/A) All Cash $939.64 M $48.25 $47.82 1,120,443 12/31/21 0.90% 3.22%
+ CNBKA 4/07/21 Eastern Bankshares, Inc. (EBC) All Cash $642 M $115.28 $114.31 75,876 12/31/21 0.85% 3.04%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $20.11 1,272,063 12/31/21 0.70% 2.49%
+ GPX 7/15/21 Learning Technologies Group (N/A) All Cash $394 M $20.85 $20.71 290,200 12/31/21 0.68% 2.42%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $12.83 $12.75 13,925 12/31/21 0.64% 2.29%
+ CSOD 8/05/21 Clearlake Capital Group, L.P. (N/A) All Cash $5.2 B $57.50 $57.15 1,767,595 12/31/21 0.61% 2.19%
+ VER 4/29/21 Realty Income Corporation (O) All Stock $17.66 B $47.71 $47.43 1,776,770 12/31/21 0.60% 2.15%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $40.01 $39.78 302,314 12/31/21 0.59% 2.10%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $50.84 $50.56 519,723 9/30/21 0.54% 19.86%
+ JAX 7/02/21 SPB Hospitality LLC (N/A) All Cash $220 M $14.00 $13.94 111,807 11/15/21 0.43% 2.81%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.62 597,697 12/31/21 0.40% 1.44%
+ STMP 7/09/21 Thoma Bravo (N/A) All Cash $6.6 B $330.00 $328.7 408,378 9/30/21 0.40% 14.44%
+ CLDR 6/01/21 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 B $16.00 $15.94 2,291,442 12/31/21 0.38% 1.35%
+ EBSB 4/23/21 Independent Bank Corp. (INDB) All Stock $1.15 B $19.67 $19.6 398,243 12/31/21 0.36% 1.29%
+ ANAT 8/09/21 Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) All Cash $5.1 B $190.00 $189.35 325,577 6/30/22 0.34% 0.44%
+ JMP 9/08/21 Citizens Financial Group, Inc. (CFG) All Cash $149 M $7.50 $7.48 66,556 12/31/21 0.27% 0.96%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $55.86 664,732 12/31/21 0.25% 0.90%
+ LDL 6/21/21 Unifrax (N/A) All Cash $1.3 B $62.10 $61.95 373,752 12/31/21 0.24% 0.87%
+ MDLA 7/26/21 Thoma Bravo (N/A) All Cash $6.4 B $34.00 $33.92 3,818,746 12/31/21 0.24% 0.84%
+ RPAI 7/16/21 Kite Realty Group Trust (KRG) All Stock $4.96 B $12.86 $12.83 3,010,251 12/31/21 0.22% 0.80%
+ SC 8/24/21 Santander Holdings USA, Inc. (N/A) All Cash $12.7 B $41.50 $41.41 2,258,029 12/31/21 0.22% 0.78%
+ XEC 5/24/21 Cabot Oil & Gas Corporation (COG) All Stock $8.59 B $77.92 $77.76 2,290,786 12/31/21 0.21% 0.75%
+ SIC 8/09/21 Sun Capital Partners, Inc. (N/A) All Cash $411 M $14.50 $14.47 296,450 10/31/21 0.21% 1.85%
+ ALTA 5/18/21 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 M $40.27 $40.2 115,940 12/31/21 0.17% 0.62%
+ QADA 6/28/21 Thoma Bravo (N/A) All Cash $2 B $87.50 $87.38 413,133 12/31/21 0.14% 0.49%
+ IEC 8/12/21 Creation Technologies Inc. (N/A) All Cash $242.3 M $15.35 $15.33 703,548 10/31/21 0.13% 1.16%
+ SVBI 3/03/21 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 M $12.50 $12.49 35,458 9/30/21 0.10% 3.48%
+ GRA 4/26/21 Standard Industries Holdings Inc. (N/A) All Cash $7 B $70.00 $69.98 2,313,050 12/31/21 0.03% 0.10%
+ CADE 4/12/21 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 B $21.19 $21.19 924,192 12/31/21 -0.02% -0.07%
+ SNR 6/28/21 Ventas, Inc. (VTR) All Stock $2.3 B $8.91 $8.92 1,650,633 12/31/21 -0.08% -0.27%
+ LMRK 8/23/21 Landmark Dividend LLC (N/A) All Cash $997.25 M $16.50 $16.52 31,235 12/31/21 -0.12% -0.43%
+ XOG 5/10/21 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 B $50.97 $51.34 1,002,476 9/30/21 -0.73% -26.57%
+ PMBC 3/23/21 Banc of California (BANC) All Stock $235 M $8.93 $9.01 130,571 9/30/21 -0.94% -34.43%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $34.59 $35.3 10,802 12/31/21 -2.01% -7.21%
+ SBBP 5/24/21 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 M $2.04 $2.12 233,462 11/15/21 -3.85% -25.09%
+ CLDB 6/23/21 Farmers National Banc Corp. (FMNB) All Stock $124 M $26.53 $27.63 6,668 12/31/21 -3.98% -14.25%
+ FIVN 7/18/21 Zoom Video Communications, Inc. (ZM) All Stock $14.7 B $159.17 $175.06 4,663,216 6/30/22 -9.07% -11.70%
+ VNE 7/22/21 Magna International Inc. (MGA) All Cash $3.3 B $31.25 $34.69 875,691 12/31/21 -9.92% -35.49%

Conclusion:

While one bidding war came to an end last week, another one continues. Veoneer (VNE) confirmed last week that it received an updated non-binding proposal from Qualcomm Incorporated (QCOM). After evaluating Qualcomm’s proposal, Veoneer will engage in negotiations with Qualcomm and/or Magna to ascertain the best possible outcome for its stockholders.

Disclaimer: I have long positions in Nuance Communications (NUAN), Change Healthcare (CHNG) and Trillium Therapeutics (TRIL). 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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