Merger Arbitrage Mondays – Sanofi’s Second Purchase In Six Weeks

Merger activity increased last week with four new deals announced and three deals completed.

Incorporated in 2019 and headquartered in New York, Kadmon Holdings (KDMN) is a biopharmaceutical company that focuses on discovery, and development of transformative therapies for unmet medical needs. Rezurock (belumosudil), an oral, once-daily tablet, is approved by the FDA in the United States for the treatment of adult and pediatric patients 12 years and older with chronic graft-versus-host disease (cGVHD) after failure of at least two prior lines of systemic therapy. In just over a month after announcing the acquisition of Translate Bio (TBIO), French drugmaker, Sanofi entered into a definitive agreement to acquire Kadmon Holdings for $9.50 per share in cash, representing a premium of 79% over Kadmon’s closing price on September 7, 2021.

We have been writing about successful deals in the works in our past few posts. Another potential deal became successful last week. We added Columbia Property Trust to our list of potential deals on March 18, 2021, after Bloomberg reported that a group of CXP investors made an unsolicited proposal to acquire the company. CXP’s price after this announcement was $16.76. On September 7, 2021, Columbia Property Trust entered into an agreement to be acquired by PIMCO for $19.30 per share in cash.

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 5 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.  Novus Capital Corporation II (NXU) and Energy Vault announced that they have entered into a definitive agreement for a business combination.
  2. Packable entered into a definitive agreement to merge with Highland Transcend Partners I Corp. (HTPA).
  3. Golden Path Acquisition Corporation (GPCO) and MC Hologram announced that they have entered into a definitive merger agreement.

Weekly Spread Changes:

The table below shows weekly spread changes between September 3 and September 10, 2021.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
MX 17.3 South Dearborn Limited (N/A) 67.63% 61.74% 5.89% All Cash
JOBS 72.96 Garnet Faith Limited (N/A) 0.00 8.35% 2.66% 5.69% All Cash
XONE 23.76 Desktop Metal, Inc. (DM) 8.14 7.32% 2.70% 4.62% Special Conditions
SAFM 187.15 Cargill and Continental Grain Company (N/A) 8.47% 4.10% 4.37% All Cash
SJR 28.89 Rogers Communications Inc. (RCI) 47.79 12.15% 8.91% 3.24% Special Conditions
TRMT 5.69 RMR Mortgage Trust (RMRM) 10.88 1.65% 3.01% -1.36% Cash Plus Stock
ESXB 10.49 United Bankshares, Inc. (UBSI) 33.47 1.24% 2.79% -1.55% All Stock
SBBP 2.27 Xeris Pharmaceuticals, Inc. (XERS) 2.67 -7.79% -4.80% -2.99% All Stock
FVCB 19.72 Blue Ridge Bankshares, Inc. (BRBS) 17.28 0.70% 4.76% -4.06% All Stock
XLNX 155.06 Advanced Micro Devices, Inc. (AMD) 105.2 16.92% 21.46% -4.54% All Stock

Deal Statistics:

Total Number of Deals Closed in 2021 131
Total Number of Deals Not Completed in 2021 9
Total Number of Pending Deals
Cash Deals 50
Stock Deals 35
Stock & Cash Deals 9
Special Conditions 3
Total Number of Pending Deals 97
Aggregate Deal Consideration $879.2 billion

New Deals:

  1. The acquisition of Columbia Property Trust (CXP) by PIMCO for $3.9 billion or $19.30 per share in cash. We added CXP as a potential deal to the Deals in the Works section on March 18, 2021, and the price after the news of the potential deal came out was $16.76.
  2. The acquisition of Kadmon Holdings (KDMN) by Sanofi (SNY) for $1.64 billion or $9.50 per share in cash.
  3. The acquisition of JMP Group (JMP) by Citizens Financial Group (CFG) for $149 million or $7.50 per share in cash.
  4. The acquisition of Echo Global Logistics (ECHO) by The Jordan Company for $939.64 million or $48.25 per share in cash.

Deal Updates:

  1. On September 3, 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 IEC Electronics (IEC) and Creation Technologies.
  2. On September 7, 2021, Medallia (MDLA) announced the expiration of the 40-day “go-shop” period under the terms of the previously announced merger agreement pursuant to which Thoma Bravo will acquire Medallia in an all-cash transaction.
  3. On September 7, 2021, Intersect ENT (XENT) announced that the special meeting of stockholders will be held virtually on October 8, 2021.
  4. On September 7, 2021, W. R. Grace & Co. (GRA) announced that it has received all required regulatory approvals to complete the merger with Standard Industries Holdings. Assuming receipt of the Company Stockholder Approval at the special meeting of stockholders to be held on September 17, 2021, closing of the Merger is expected to occur on September 22, 2021.
  5. On September 7, 2021, Nicolet Bankshares (NCBS) announced that is has received all regulatory approvals for the Merger with County Bancorp (ICBK). Completion of the Merger remains subject to approval by shareholders of both Nicolet and County, as well as other customary closing conditions. Assuming shareholder approval is received and other closing conditions are satisfied, Nicolet expects to complete the Merger on December 3, 2021.
  6. On September 8, 2021, Golden Nugget Online Gaming (GNOG) announced that its shareholders voted overwhelmingly to approve its acquisition by DraftKings (DKNG).
  7. On September 8, 2021, Strongbridge Biopharma (SBBP) announced that its shareholders have voted to approve the previously announced proposed acquisition of Strongbridge by Xeris Pharmaceuticals (XERS).
  8. On September 9, 2021, QAD Inc. (QADA) announced that the special meeting of stockholders will be held virtually on October 15, 2021.
  9. On September 9, 2021, Ferro Corporation (FOE) announced that its shareholders voted overwhelmingly to approve its acquisition by an affiliate of Prince International Corporation.
  10. On September 9, 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 Medallia (MDLA) and Thoma Bravo.
  11. On September 12, 2021, Kansas City Southern (KSU) announced that the KCS Board of Directors determined that CP’s (CP) revised proposal constitutes a “Company Superior Proposal” as defined in KCS’s merger agreement with Canadian National Railway Company (CNI). Under the terms of CP’s proposal, each share of KCS common stock would be exchanged for 2.884 CP common shares and $90 in cash.

Closed Deals:

  1. The acquisition of  Cincinnati Bell (CBB) by Macquarie Infrastructure Partners on September 7, 2021. It took 543 days for this deal to be completed.
  2. The acquisition of The New Home Company (NWHM) by Apollo Global Management on September 8, 2021. It took 47 days for this deal to be completed.
  3. The acquisition of Ossen Innovation (OSN) by New Ossen Group Limited on September 10, 2021. It took 267 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 $1.5 09/30/2021 166.67% 3379.63%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $17.3 12/31/2021 67.63% 224.41%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $42.38 12/31/2021 20.34% 67.49%
KSU 05/21/2021 Canadian National Railway Company (CNI) $334.24 $280 12/31/2022 19.37% 14.88%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $21.77 12/31/2021 18.28% 60.66%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $181.30 $155.06 12/31/2021 16.92% 56.16%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $28.89 06/30/2022 12.15% 15.24%
COHR 03/25/2021 II-VI Incorporated (IIVI) $275.90 $251.97 12/31/2021 9.50% 31.52%
MSON 07/29/2021 Bioventus Inc. (BVS) $28.00 $25.63 12/31/2021 9.25% 30.68%
SAFM 08/09/2021 Cargill and Continental Grain Company (N/A) $203.00 $187.15 01/31/2022 8.47% 21.92%

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 $1.5 208,786 9/30/21 166.67% 3578.43%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $17.3 211,957 12/31/21 67.63% 226.47%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $42.38 170,486 12/31/21 20.34% 68.11%
+ KSU 5/21/21 Canadian National Railway Company (CNI) Cash Plus Stock $33.6 B $334.24 $280.00 1,080,296 12/31/22 19.37% 14.92%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $21.77 745,522 12/31/21 18.28% 61.22%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $181.30 $155.06 1,351,058 12/31/21 16.92% 56.67%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $28.89 266,765 6/30/22 12.15% 15.29%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $275.90 $251.97 77,659 12/31/21 9.50% 31.80%
+ MSON 7/29/21 Bioventus Inc. (BVS) Special Conditions $518 million $28.00 $25.63 46,214 12/31/21 9.25% 30.96%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $187.15 322,493 1/31/22 8.47% 22.08%
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $72.96 236,266 12/31/21 8.35% 27.95%
+ XONE 8/11/21 Desktop Metal, Inc. (DM) Special Conditions $418.26 M $25.50 $23.76 332,875 12/31/21 7.32% 24.52%
+ TRIL 8/23/21 Pfizer Inc. (PFE) All Cash $1.2 B $18.50 $17.29 1,987,747 12/31/21 7.00% 23.43%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $21.18 129,982 9/30/21 6.70% 143.95%
+ NFH 8/04/21 Unicorn II Holdings Limited (N/A) All Cash $2.09 billion $12.00 $11.25 111,633 12/31/21 6.67% 22.32%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.2 21,714 3/31/22 5.86% 10.74%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $127.78 $120.82 2,391,887 12/31/21 5.76% 19.28%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $21 661,185 3/31/22 4.76% 8.73%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $19.82 $18.96 132,283 1/31/22 4.53% 11.80%
+ KDMN 9/08/21 Sanofi (SNY) All Cash $1.64 B $9.50 $9.09 17,480,572 12/31/21 4.51% 15.10%
+ XENT 8/06/21 Medtronic plc (MDT) All Cash $1.1 billion $28.25 $27.06 213,922 3/31/22 4.40% 8.07%
+ SCR 8/05/21 Penn National Gaming, Inc. (PENN) Cash Plus Stock $2 B $36.14 $34.75 281,647 3/31/22 4.00% 7.33%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $12.58 $12.14 4,038 12/31/21 3.63% 12.14%
+ HRC 9/02/21 Baxter International Inc. (BAX) All Cash $12.4 B $156.00 $150.87 1,834,662 3/31/22 3.40% 6.24%
+ ACBI 7/23/21 SouthState Corporation (SSB) All Stock $542 M $23.95 $23.31 204,045 3/31/22 2.73% 5.01%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $69.77 $68 562,324 1/31/22 2.60% 6.78%
+ SLCT 6/01/21 First Bancorp (FBNC) All Stock $314.3 M $16.32 $15.91 20,615 12/31/21 2.58% 8.63%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $28.19 $27.48 43,689 3/31/22 2.57% 4.72%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $22.55 $22.03 6,604 1/31/22 2.37% 6.17%
+ GTS 8/24/21 GuideWell Mutual Holding Corporation (N/A) All Cash $665.93 M $36.00 $35.19 149,985 6/30/22 2.30% 2.90%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.5 520,279 1/31/22 2.13% 5.55%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $7.99 $7.83 262,230 12/31/21 2.09% 6.99%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $51 93,769 3/31/22 1.96% 3.60%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.68 1,429,099 12/31/21 1.81% 6.06%
+ GNOG 8/09/21 DraftKings Inc. (DKNG) All Stock $1.52 B $22.80 $22.4 950,339 3/31/22 1.78% 3.26%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $46.69 1,316,512 12/31/21 1.73% 5.81%
+ CADE 4/12/21 BancorpSouth Bank (BXS) Cash Plus Stock $2.7 B $21.70 $21.34 548,215 12/31/21 1.71% 5.71%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $14.19 $13.95 1,244,701 6/30/22 1.69% 2.13%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $49.59 $48.77 175,449 12/31/21 1.67% 5.61%
+ TRMT 4/26/21 RMR Mortgage Trust (RMRM) Cash Plus Stock $252.33 M $5.78 $5.69 35,920 9/30/21 1.65% 35.50%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $24.39 $24 622,816 12/31/21 1.64% 5.48%
+ TBIO 8/03/21 Sanofi (SNY) All Cash $1.94 B $38.00 $37.41 536,412 9/30/21 1.58% 33.86%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $55.21 1,351,554 12/31/21 1.43% 4.79%
+ SVBI 3/03/21 Shore Bancshares, Inc. (SHBI) Cash Plus Stock $146 M $12.48 $12.31 3,821 9/30/21 1.41% 30.22%
+ SOGO 9/29/20 Tencent Parties (N/A) All Cash $2.19 B $8.95 $8.78 207,556 12/31/21 1.37% 4.58%
+ CXP 9/07/21 Pacific Investment Management Company LLC (N/A) All Cash $3.9 B $19.30 $19.04 6,935,169 12/31/21 1.37% 4.57%
+ INOV 8/19/21 Nordic Capital (N/A) All Cash $7.3 B $41.00 $40.45 826,093 1/31/22 1.36% 3.54%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $49.65 522,039 12/31/21 1.31% 4.38%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $10.62 $10.49 115,846 12/31/21 1.24% 4.15%
+ NNA 8/26/21 Navios Maritime Partners L.P. (NMM) All Stock $1.93 B $3.95 $3.9 215,990 12/31/21 1.22% 4.07%
+ ECHO 9/10/21 The Jordan Company, L.P. (N/A) All Cash $939.64 M $48.25 $47.70 4,564,410 12/31/21 1.15% 3.86%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $22.50 $22.25 640,686 12/31/21 1.13% 3.79%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.74 96,669 12/31/21 1.10% 3.67%
+ VEI 8/10/21 Chesapeake Energy Corporation (CHK) Cash Plus Stock $2.2 B $16.00 $15.83 250,285 12/31/21 1.08% 3.63%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $18.14 $17.95 362,121 1/31/22 1.05% 2.72%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $20.05 553,999 12/31/21 1.00% 3.34%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $53.58 $53.06 232,272 9/30/21 0.98% 21.03%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $54.98 189,717 12/31/21 0.95% 3.17%
+ DSPG 8/30/21 Synaptics Incorporated (SYNA) All Cash $399.78 M $22.00 $21.8 351,567 12/31/21 0.92% 3.07%
+ EBSB 4/23/21 Independent Bank Corp. (INDB) All Stock $1.15 B $19.50 $19.33 94,592 12/31/21 0.87% 2.90%
+ BOCH 6/24/21 Columbia Banking System, Inc. (COLB) All Stock $266 M $13.46 $13.35 52,726 12/31/21 0.85% 2.86%
+ SIC 8/09/21 Sun Capital Partners, Inc. (N/A) All Cash $411 M $14.50 $14.39 68,363 10/31/21 0.76% 5.81%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $39.11 $38.82 77,042 12/31/21 0.73% 2.46%
+ CNBKA 4/07/21 Eastern Bankshares, Inc. (EBC) All Cash $642 M $115.28 $114.47 6,443 12/31/21 0.71% 2.37%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $19.86 $19.72 14,680 1/31/22 0.70% 1.83%
+ MDLA 7/26/21 Thoma Bravo (N/A) All Cash $6.4 B $34.00 $33.79 2,270,546 12/31/21 0.62% 2.08%
+ PFBI 3/29/21 Peoples Bancorp Inc. (PEBO) All Stock $292.3 M $17.91 $17.8 21,786 9/30/21 0.62% 13.32%
+ GPX 7/15/21 Learning Technologies Group (N/A) All Cash $394 M $20.85 $20.73 48,479 12/31/21 0.58% 1.94%
+ MGP 8/04/21 VICI Properties Inc. (VICI) All Stock $17.2 billion $40.61 $40.39 1,394,409 6/30/22 0.55% 0.69%
+ JMP 9/08/21 Citizens Financial Group, Inc. (CFG) All Cash $149 M $7.50 $7.46 197,240 12/31/21 0.54% 1.80%
+ VER 4/29/21 Realty Income Corporation (O) All Stock $17.66 B $47.88 $47.63 886,388 12/31/21 0.53% 1.78%
+ CSOD 8/05/21 Clearlake Capital Group, L.P. (N/A) All Cash $5.2 B $57.50 $57.2 700,274 12/31/21 0.52% 1.76%
+ CLDR 6/01/21 Clayton, Dubilier & Rice and KKR (N/A) All Cash $5.3 B $16.00 $15.92 2,756,399 12/31/21 0.50% 1.68%
+ ALTA 5/18/21 Glacier Bancorp, Inc. (GBCI) All Stock $933.5 M $40.29 $40.09 85,430 12/31/21 0.49% 1.63%
+ PMBC 3/23/21 Banc of California (BANC) All Stock $235 M $8.63 $8.59 19,946 9/30/21 0.47% 10.00%
+ XOG 5/10/21 Bonanza Creek Energy, Inc. (BCEI) All Stock $2.6 B $51.38 $51.15 125,159 9/30/21 0.44% 9.49%
+ STMP 7/09/21 Thoma Bravo (N/A) All Cash $6.6 B $330.00 $328.58 229,150 9/30/21 0.43% 9.28%
+ XEC 5/24/21 Cabot Oil & Gas Corporation (COG) All Stock $8.59 B $73.55 $73.24 795,356 12/31/21 0.42% 1.41%
+ JAX 7/02/21 SPB Hospitality LLC (N/A) All Cash $220 M $14.00 $13.95 174,109 11/15/21 0.36% 2.08%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.68 207,276 12/31/21 0.34% 1.13%
+ QADA 6/28/21 Thoma Bravo (N/A) All Cash $2 B $87.50 $87.26 59,025 12/31/21 0.28% 0.92%
+ IEC 8/12/21 Creation Technologies Inc. (N/A) All Cash $242.3 M $15.35 $15.31 100,746 10/31/21 0.26% 1.99%
+ SNR 6/28/21 Ventas, Inc. (VTR) All Stock $2.3 B $8.77 $8.75 542,446 12/31/21 0.24% 0.81%
+ SC 8/24/21 Santander Holdings USA, Inc. (N/A) All Cash $12.7 B $41.50 $41.4 459,385 12/31/21 0.24% 0.81%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $55.88 88,136 12/31/21 0.21% 0.72%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $16.02 $15.99 2,011,752 12/31/21 0.19% 0.62%
+ LDL 6/21/21 Unifrax (N/A) All Cash $1.3 B $62.10 $62.01 76,853 12/31/21 0.15% 0.49%
+ GRA 4/26/21 Standard Industries Holdings Inc. (N/A) All Cash $7 B $70.00 $69.92 647,423 12/31/21 0.11% 0.38%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $57.94 199,264 12/31/21 0.10% 0.35%
+ LMRK 8/23/21 Landmark Dividend LLC (N/A) All Cash $997.25 M $16.50 $16.49 213,688 12/31/21 0.06% 0.20%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $35.11 $35.16 13,487 12/31/21 -0.14% -0.46%
+ ANAT 8/09/21 Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) All Cash $5.1 B $190.00 $190.3 61,564 6/30/22 -0.16% -0.20%
+ RPAI 7/16/21 Kite Realty Group Trust (KRG) All Stock $4.96 B $12.41 $12.61 800,195 12/31/21 -1.58% -5.31%
+ CLDB 6/23/21 Farmers National Banc Corp. (FMNB) All Stock $124 M $26.09 $26.6 3,462 12/31/21 -1.91% -6.39%
+ FIVN 7/18/21 Zoom Video Communications, Inc. (ZM) All Stock $14.7 B $166.82 $173.51 1,682,425 6/30/22 -3.86% -4.85%
+ SBBP 5/24/21 Xeris Pharmaceuticals, Inc. (XERS) All Stock $267 M $2.09 $2.27 295,777 11/15/21 -7.79% -45.10%
+ VNE 7/22/21 Magna International Inc. (MGA) All Cash $3.3 B $31.25 $34.81 436,618 12/31/21 -10.23% -34.25%

Conclusion:

We have added twenty three potential deals in the works since the beginning of the third quarter of 2021 and five of them have already been successful with four of them at significant premiums. Multiple deals received required regulatory and shareholder approvals last week. SPAC activity continued to grow last week with 5 new SPAC IPOs filed.

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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