Merger Arbitrage Mondays – Raymond James Financial Acquires TriState Capital Holdings

  • October 25, 2021

Merger activity decreased last week with two new deals announced and five deals completed.

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 18 SPAC IPOs filed and 1 new SPAC business combination announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. Trump Media & Technology Group and Digital World Acquisition (DWAC) have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company.

Weekly Spread Changes:

The table below shows weekly spread changes between October 15 and October 22, 2021.

Company Quote
Last Week
Spread Change
JOBS63.98Garnet Faith Limited (N/A)0.0023.55%15.76%7.79%All Cash
CADE21.48BancorpSouth Bank (BXS)30.715.90%0.34%5.56%Cash Plus Stock
XLNX172.59Advanced Micro Devices, Inc. (AMD)119.8219.65%15.60%4.05%All Stock
TEDU1.06Kidedu Holdings Limited (N/A)277.36%273.83%3.53%All Cash
RIVE13.124Mid Penn Bancorp, Inc. (MPB)28.093.44%1.22%2.22%All Stock
FVCB20.6Blue Ridge Bankshares, Inc. (BRBS)18.161.31%4.66%-3.35%All Stock
CHNG21.2UnitedHealth Group Incorporated (UNH)449.1621.46%24.82%-3.36%All Cash
MSON25.78Bioventus Inc. (BVS)15.288.61%12.49%-3.88%Special Conditions
MX17.97South Dearborn Limited (N/A)61.38%65.81%-4.43%All Cash
KDMN9.405Sanofi (SNY)49.921.01%8.82%-7.81%All Cash

Deal Statistics:

Total Number of Deals Closed in 2021154
Total Number of Deals Not Completed in 202112
Total Number of Pending Deals
Cash Deals47
Stock Deals28
Stock & Cash Deals8
Special Conditions6
Total Number of Pending Deals89
Total Deal Size$921.51 billion

New Deals:

  1. The acquisition of TriState Capital Holdings (TSC) by Raymond James Financial (RJF) for $1.1 billion in a cash plus stock deal. Under the terms of the agreement, TriState Capital common stockholders will receive $6.00 cash and 0.25 Raymond James shares for each share of TriState Capital common stock.
  2. The acquisition of FTS International (FTSI) by ProFrac Holdings for $407.5 million or $26.52 per share in cash.

Deal Updates:

  1. October 19, 2021: According to Reuters, IHS Markit (INFO) and S&P Global (SPGI) will offer remedies to quell the UK competition regulator’s concerns that the $44 billion merger between the companies could curb competition in the country.
  2. On October 19, 2021, Kite Realty Group Trust (KRG) and Retail Properties of America (RPAI) announced that their stockholders approved all of the proposals necessary for the closing of the previously announced merger.
  3. On October 20, 2021, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the previously announced proposed merger between Kadmon Holdings (KDMN) and Sanofi (SNY).
  4. On October 20, 2021, Santander Holdings USA announced that it has extended the expiration date of its previously announced tender offer to acquire all outstanding shares of common stock of Santander Consumer USA Holdings (SC) to November 2, 2021.
  5. October 21, 2021: According to Bloomberg, Bristol-Myers Squibb (BMY) is planning to tender its shares in Acceleron Pharma (XLRN) after Merck (MRK) agreed to buy the biotechnology company.
  6. On October 21, 2021, Rogers announced that John A. MacDonald has assumed the role of Chairman of the Board of Directors of Rogers Communications (RCI) after Edward Rogers was moved from the role.
  7. On October 21, 2021, M&T Bank Corporation (MTB) announced that it has received approval from the New York State Department of Financial Services and the Connecticut Department of Banking to complete the merger of M&T Bank with People’s United Bank (PBCT).
  8. On October 21, 2021, Sanderson Farms (SAFM) announced that its stockholders approved the previously announced agreement for a joint venture between Cargill and Continental Grain to acquire Sanderson Farms for $203 per share in cash.
  9. On October 22, 2021, S&P Global (SPGI) and IHS Markit (INFO) announced that they have received a conditional Phase 1 approval for their $44 billion merger from the European Commission (EC), marking another significant step toward the combination of these highly complementary companies.
  10. On October 22, 2021, Shore Bancshares (SHBI) and Severn Bancorp (SVBI) announced that, Shore’s shareholders approved the merger of Severn with and into Shore.
  11. On October 22, 2021, Realty Income Corporation (O) and VEREIT (VER) announced that they anticipate closing their previously announced merger on November 1, 2021.

Closed Deals:

  1. The acquisition of Select Bancorp (SLCT) by First Bancorp (FBNC) on October 18, 2021. It took 139 days for this deal to be completed.
  2. The acquisition of Pacific Mercantile Bancorp (PMBC) by Banc of California (BANC) on October 19, 2021. It took 210 days for this deal to be completed.
  3. The acquisition of Score Media and Gaming (SCR) by Penn National Gaming (PENN) on October 19, 2021. It took 75 days for this deal to be completed.
  4. The acquisition of Select Interior Concepts (SIC) by Sun Capital Partners on October 21, 2021. It took 73 days for this deal to be completed.
  5. The acquisition of Retail Properties of America (RPAI) by Kite Realty Group Trust (KRG) on October 22, 2021. It took 98 days for this deal to be completed.

Top 10 deals with largest spreads:

TEDU04/30/2021Kidedu Holdings Limited (N/A)$4.00$1.0612/31/2021277.36%1510.98%
MX03/26/2021South Dearborn Limited (N/A)$29.00$17.9712/31/202161.38%334.38%
JOBS06/21/2021Garnet Faith Limited (N/A)$79.05$63.9812/31/202123.55%128.32%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$25.75$21.212/31/202121.46%116.92%
XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)$206.50$172.5912/31/202119.65%107.03%
XONE08/11/2021Desktop Metal, Inc. (DM)$25.50$22.0812/31/202115.49%84.38%
AJRD12/20/2020Lockheed Martin Corporation (LMT)$51.00$44.3312/31/202115.05%81.97%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$28.7806/30/202212.58%18.51%
SOLY05/10/2021Allergan Aesthetics (N/A)$22.60$20.6712/31/20219.34%50.87%
MSON07/29/2021Bioventus Inc. (BVS)$28.00$25.7812/31/20218.61%46.91%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

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.