Merger activity remained steady last week with four new deals announced and three deals completed. Two of the new deals announced last week included contingent value rights and one was a successful deal-in-the-works.
Headquartered in Bedford, Massachusetts, Aspen Technology (AZPN) was founded in the year 1981 as a result of a joint research project between the Massachusetts Institute of Technology (MIT) and US Department of Energy, called the Advanced System for Process Engineering (ASPEN) Project. The company provides industrial optimization software to capital-intensive industries.
We added Aspen Technology to our list of potential deals in the works on October 6, 2021, when Bloomberg reported that Emerson Electric (EMR) was in talks over a combination with Aspen Technology to create an industrial software giant. Aspen’s price on the day before this announcement was $125.52. Emerson is combining its industrial software businesses – OSI Inc. and the Geological Simulation Software business with AspenTech to create a diversified, high-performance industrial software company (“new AspenTech”) with greater scale, capabilities and technologies. Shareholders of AspenTech will receive approximately $87 per share in cash and 0.42 shares of common stock of the newly formed company (new AspenTech), implying a total consideration of approximately $160 per AspenTech share, which represents a premium of approximately 27% compared to AspenTech’s closing stock price on October 6, 2021.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were no new deals announced in the Deals in the Works section last week.