Merger Arbitrage Mondays – CyrusOne (CONE) And CoreSite (COR) To Be Acquired In Mega Data Centre Deals

  • November 22, 2021

Merger activity decreased last week with five new deals announced, three deals completed and one deal terminated.

Two of the five new deals announced last week were successful potential deals in the works. Accounting for a combined deal value of $25 billion, both of these companies are data center REITs.

Data centers have been a significant area of growth over the last couple of decades as more and more companies got comfortable with moving to the cloud and having a different company house their data and clusters of servers. The arrangement was a win-win as most companies no longer had to worry about physical security, backups, cooling the heat intensive server rooms, etc.

CyrusOne (CONE) and CoreSite (COR) agreed to be acquired in deals valued at $15 billion and $10 billion respectively, making them the largest deals in the data center industry so far. Earlier this year, Blackstone acquired QTS Realty for $10 billion and Cyxtera (CYXT) completed a SPAC business combination with Starboard Value Acquisition. Ranked by colocation and data center revenues, CyrusOne and CoreSite are the third and fourth largest data center operators in the US according to a report by Synergy Research.

We added CyrusOne to our list of potential deals on September 28, 2021, when Reuters reported that the company was exploring strategic alternatives that included a potential sale of the company. CONE’s price after this announcement was $77.57. KKR and Global Infrastructure Partners entered into a definitive agreement to acquire CyrusOne at a 25% premium on its closing stock price of $72.57 per share back on September 27.  Headquartered in Dallas, Texas, CyrusOne operates 57 data centers internationally and 55% of its revenue comes from cloud customers.

The other mega data center deal announced last week was the acquisition of CoreSite Realty Corporation (COR) by American Tower Corporation (AMT). We added COR to our list of potential deals on November 9, 2021, when Reuters reported that the company was working with an investment bank to explore its options after attracting acquisition interest. CoreSite’s price after this announcement was $160.90. As of the third-quarter 2021, CoreSite’s portfolio spans 25 data centers, 21 cloud on-ramps and over 32,000 interconnections in eight major U.S. markets. Tom Bartlett, American Tower’s Chief Executive Officer stated,

We are in the early stages of a cloud-based, connected and globally distributed digital transformation that will evolve over the next decade and beyond. We expect the combination of our leading global distributed real estate portfolio and CoreSite’s high quality, interconnection-focused data center business to help position American Tower to lead in the 5G world. As the convergence of wireless and wireline networks accelerates and classes of communications infrastructure further align, we anticipate the emergence of attractive value creation opportunities within the digital infrastructure ecosystem.

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 11 SPAC IPOs filed and 2 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. On November 15, 2021, Waldencast Acquisition (WALDentered into definitive simultaneous business combination agreements with skin care brand Obagi and makeup and skin care brand Milk Makeup.
  2. Semantix, Latin America’s first fully integrated data software platform, announced that it has entered into a definitive agreement to merge with Alpha Capital (ASPC).

Weekly Spread Changes:

The table below shows weekly spread changes between November 12 and November 19, 2021.

Company Quote
Last Week
Spread Change
JOBS50.33Garnet Faith Limited (N/A)57.06%45.63%11.43%All Cash
CHNG20.56UnitedHealth Group Incorporated (UNH)44025.24%20.55%4.69%All Cash
AJRD42.87Lockheed Martin Corporation (LMT)341.4418.96%16.87%2.09%All Cash
XLNX220.87Advanced Micro Devices, Inc. (AMD)155.4121.26%19.21%2.05%All Stock
FCCY24.76Lakeland Bancorp, Inc. (LBAI)18.591.94%-0.10%2.04%All Stock
XLRN178.75Merck (MRK)80.70.70%3.98%-3.28%All Cash
SOLY21.22Allergan Aesthetics (N/A)6.50%10.14%-3.64%All Cash
AZPN154.46Emerson Electric Co. (EMR)93.343.59%7.43%-3.84%Special Conditions
ABTX43.92CBTX, Inc. (CBTX)29.95-3.28%0.91%-4.19%All Stock
MX18.85South Dearborn Limited (N/A)53.85%59.34%-5.49%All Cash

Deal Statistics:

Total Number of Deals Closed in 2021170
Total Number of Deals Not Completed in 202113
Total Number of Pending Deals
Cash Deals56
Stock Deals30
Stock & Cash Deals6
Special Conditions5
Total Number of Pending Deals97
Total Deal Size$1.01 trillion

New Deals:

  1. The acquisition of CyrusOne (CONE) by KKR and Global Infrastructure Partners for $15 billion or $90.50 per share in cash. We added CONE as a potential deal to the Deals in the Works section on September 28, 2021, and the price after the news of the potential deal came out was $77.57.
  2. The acquisition of CoreSite Realty Corporation (COR) by American Tower Corporation (AMT) for $10.1 billion or $170 per share in cash. We added COR as a potential deal to the Deals in the Works section on November 9, 2021, and the price after the news of the potential deal came out was $160.90.
  3. The acquisition of Casper Sleep (CSPR) by Durational Capital Management for $318.49 million or $6.90 per share in cash.
  4. The acquisition of Dicerna Pharmaceuticals (DRNA) by Novo Nordisk (NVO) for $2.09 billion or $38.25 per share in cash.
  5. The acquisition of Spirit of Texas Bancshares (STXB) by Simmons First National Corporation (SFNC) for $581 million in an all stock deal. Under the terms of the Merger Agreement, Simmons will issue approximately 18,325,000 shares of its common stock, which is equal to 1.035 shares of Simmons for each STXB share, subject to certain conditions and potential adjustments, including substituting cash for Simmons’ common stock to the extent necessary to cash out Spirit’s stock options and warrants.

Deal Updates:

  1. On November 15, 2021, Mid Penn Bancorp (MPB) and Riverview Financial Corporation (RIVE) issued a joint press release announcing the receipt of all bank regulatory approvals required to consummate the merger of Riverview with and into Mid Penn.
  2. On November 15, 2021, Meredith Corporation (MDP) announced that its pending acquisitions by Gray Television (GTN) and IAC’s (IAC) Dotdash Media received key regulatory approvals.
  3. On November 16, 2021, Chatham Asset Management made a binding offer for RR Donnelley & Sons (RRD) that would value the printing company at $663.4 million, outbidding a rival deal from investment firm Atlas Holdings. Chatham, the largest investor in RR Donnelley with a 14.9% stake, offered $9.10 per share for the remaining stock in the company.
  4. On November 16, 2021, Rogers Communications (RCI) announced that Joe Natale has left his role as President and CEO of the company. Tony Staffieri has been appointed Interim President and CEO.
  5. On November 16, 2021, shareholders of Community Bankers Trust Corporation (ESXBapproved the company’s merger with United Bankshares (UBSI) at a special meeting of shareholders.
  6. On November 17, 2021, Merck (MRK) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Merck’s pending acquisition of Acceleron Pharma (XLRN) has expired.
  7. On November 17, 2021, Kraton Corporation (KRA) and DL Chemical received CFIUS Clearance. The Merger remains subject to other closing conditions, including the receipt of certain antitrust approvals outside of the United States, and is expected to be completed by the end of the first half of 2022.
  8. On November 18, 2021, Paper Excellence and Domtar Corporation (UFS) jointly announced that they have received Canadian Competition Act approval for their business combination.
  9. On November 19, 2021, shareholders of Echo Global Logistics (ECHOapproved the company’s merger with The Jordan Company at a special meeting of shareholders.
  10. On November 19, 2021, Investors Bancorp (ISBC) announced that stockholders of the Company approved the planned merger with Citizens Financial Group (CFG) at a special meeting of the Company’s stockholders.

Closed Deals:

  1. The acquisition of JMP Group (JMP) by Citizens Financial Group (CFG) on November 15, 2021. It took 68 days for this deal to be completed.
  2. The acquisition of Trillium Therapeutics (TRIL) by Pfizer (PFE) on November 17, 2021. It took 86 days for this deal to be completed.
  3. The acquisition of Flexion Therapeutics (FLXN) by Pacira BioSciences (PCRX) on November 19, 2021. It took 39 days for this deal to be completed.

Terminated Deals:

  1. Tarena International (TEDU) announced that the Company and the buyer group consisting of Mr. Han Shaoyun, Ascendent Capital Partners, Kidedu Holdings Limited, Kidarena Merger Sub and Kidtech Limited mutually agreed to terminate the previously announced Agreement and Plan of Merger.

Top 10 deals with largest spreads:

JOBS06/21/2021Garnet Faith Limited (N/A)$79.05$50.3312/31/202157.06%520.70%
MX03/26/2021South Dearborn Limited (N/A)$29.00$18.8512/31/202153.85%491.35%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$25.75$20.5602/28/202225.24%93.07%
XLNX10/27/2020Advanced Micro Devices, Inc. (AMD)$267.83$220.8712/31/202121.26%194.02%
AJRD12/20/2020Lockheed Martin Corporation (LMT)$51.00$42.8703/31/202218.96%53.25%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$29.2106/30/202210.92%18.04%
STXB11/19/2021Simmons First National Corporation (SFNC)$31.73$28.9206/30/20229.72%16.05%
NFH08/04/2021Unicorn II Holdings Limited (N/A)$12.00$11.0312/31/20218.79%80.25%
SAFM08/09/2021Cargill and Continental Grain Company (N/A)$203.00$187.101/31/20228.50%43.69%
COHR03/25/2021II-VI Incorporated (IIVI)$278.31$256.9212/31/20218.33%75.98%

List of all pending deals:

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

Target VolumeEstimated
Closing Date
+JOBS6/21/21Garnet Faith Limited (N/A)All Cash$3.63 B$79.05$50.33367,79412/31/2157.06%534.05%
+MX3/26/21South Dearborn Limited (N/A)All Cash$1.4 B$29.00$18.85290,44312/31/2153.85%503.94%
+CHNG1/06/21UnitedHealth Group Incorporated (UNH)All Cash$13.28 B$25.75$20.561,246,2682/28/2225.24%94.02%
+XLNX10/27/20Advanced Micro Devices, Inc. (AMD)All Stock$33.43 B$267.83$220.871,591,50612/31/2121.26%199.00%
+AJRD12/20/20Lockheed Martin Corporation (LMT)All Cash$3.79 B$51.00$42.87729,1243/31/2218.96%53.66%
+SJR3/15/21Rogers Communications Inc. (RCI)Special Conditions$26 B$32.40$29.21215,8306/30/2210.92%18.12%
+NFH8/04/21Unicorn II Holdings Limited (N/A)All Cash$2.09 billion$12.00$11.0358,94512/31/218.79%82.30%
+SAFM8/09/21Cargill and Continental Grain Company (N/A)All Cash$4.49 B$203.00$187.1212,4081/31/228.50%44.31%
+COHR3/25/21II-VI Incorporated (IIVI)Cash Plus Stock$6.84 B$278.31$256.9238,33212/31/218.33%77.93%
+STXB11/19/21Simmons First National Corporation (SFNC)All Stock$581 M$30.98$28.92851,2386/30/227.14%11.84%
+SOLY5/10/21Allergan Aesthetics (N/A)All Cash$550 M$22.60$21.2268,7643/31/226.50%18.40%
+GSS11/01/21Chifeng Jilong Gold Mining Co., Ltd. (N/A)All Cash$470 M$3.91$3.691,247,2041/31/225.96%31.09%
+PTRS11/04/21OceanFirst Financial Corp. (OCFC)Special Conditions$186 M$10.38$9.819196/30/225.81%9.64%
+CSPR11/15/21Durational Capital Management LP (N/A)All Cash$318.49 M$6.90$6.551,075,5263/31/225.34%15.12%
+FBC4/26/21New York Community Bancorp, Inc. (NYCB)All Stock$2.6 B$49.67$47.43389,67612/31/214.72%44.14%
+VNE10/04/21Qualcomm Incorporated (QCOM)All Cash$3.87 B$37.00$35.41849,0616/30/224.49%7.45%
+NPTN11/04/21Lumentum Holdings Inc. (LITE)All Cash$745.24 M$16.00$15.351,220,16612/31/224.23%3.83%
+XENT8/06/21Medtronic plc (MDT)All Cash$1.1 billion$28.25$27.15353,6553/31/224.05%11.46%
+AZPN10/11/21Emerson Electric Co. (EMR)Special Conditions$12.34 B$160.00$154.46186,4476/30/223.59%5.95%
+ISBC7/28/21Citizens Financial Group, Inc. (CFG)Cash Plus Stock$3.5 B$16.19$15.642,116,2326/30/223.54%5.88%
+SPWH12/21/20The Great American Outdoors Group (N/A)All Cash$1.5 B$18.00$17.44415,01012/31/213.21%30.05%
+CIT10/16/20First Citizens BancShares, Inc. (FCNCA)All Stock$2.42 B$50.77$49.26512,2333/31/223.07%8.69%
+MILE11/08/21Lemonade (LMND)All Stock$201.47 M$2.78$2.73,139,6696/30/222.90%4.81%
+FOE5/11/21Prince International Corporation (N/A)All Cash$2.1 B$22.00$21.38318,2933/31/222.90%8.21%
+PVG11/09/21Newcrest Mining Limited (NCMGY)All Stock$2.8 B$14.42$14.031,336,1063/31/222.79%7.90%
+TSC10/20/21Raymond James Financial, Inc. (RJF)Cash Plus Stock$1.1 B$30.54$29.76242,0726/30/222.60%4.32%
+ROG11/02/21DuPont de Nemours, Inc. (DD)All Cash$5.2 B$277.00$270.06799,3586/30/222.57%4.26%
+MRLN4/19/21HPS Investment Partners LLC (N/A)All Cash$109.4 M$23.50$22.9229,6093/31/222.53%7.16%
+KOR9/13/21AngloGold Ashanti Limited (N/A)All Cash$450 M$3.29$3.2134,9233/31/222.49%7.05%
+PBCT2/22/21M&T Bank Corporation (MTB)All Stock$7.6 B$18.57$18.153,710,71312/31/212.31%21.64%
+OMP10/26/21Crestwood Equity Partners LP (CEQP)All Stock$1.8 B$24.09$23.55105,2091/31/222.29%11.96%
+FCCY7/12/21Lakeland Bancorp, Inc. (LBAI)All Stock$244.4 M$25.24$24.7615,9571/31/221.94%10.10%
+FVCB7/14/21Blue Ridge Bankshares, Inc. (BRBS)All Stock$113.36 M$20.94$20.553,4751/31/221.89%9.86%
+MCFE11/08/21Investor Group comprised of Advent, Permira, Crosspoint Capital, CPP Investments, GIC and ADIA (N/A)All Cash$14 B$26.00$25.55909,6566/30/221.76%2.92%
+PNM10/21/20Avangrid, Inc. (AGR)All Cash$8.05 B$50.30$49.45700,32812/31/211.72%16.09%
+HBMD7/13/21F.N.B. Corporation (FNB)All Stock$418 M$22.14$21.7744,9261/31/221.70%8.86%
+RBNC7/15/21United Community Banks, Inc. (UCBI)All Stock$517 M$35.49$34.9218,1243/31/221.63%4.62%
+KRA9/27/21DL Chemical Co., Ltd. (N/A)All Cash$2.5 B$46.50$45.76141,7436/30/221.62%2.68%
+WBT7/14/21Ali Holding S.r.l. (N/A)All Cash$4.8 B$24.00$23.62436,1541/31/221.61%8.39%
+GSKY9/15/21The Goldman Sachs Group (GS)All Stock$2.24 B$11.62$11.441,083,0003/31/221.59%4.49%
+GWB9/16/21First Interstate BancSystem, Inc. (FIBK)All Stock$2 B$36.58$36.06227,1043/31/221.45%4.09%
+INFO11/30/20S&P Global (SPGI)All Stock$44 B$130.92$129.151,750,49312/31/211.37%12.82%
+NUAN4/12/21Microsoft Corp (MSFT)All Cash$19.7 B$56.00$55.254,277,22212/31/211.36%12.70%
+LMRK8/23/21Landmark Dividend LLC (N/A)All Cash$997.25 M$16.50$16.2842,30512/31/211.35%12.65%
+CONE11/15/21KKR and Global Infrastructure Partners (N/A)All Cash$15 B$90.50$89.375,902,3246/30/221.26%2.10%
+ESXB6/03/21United Bankshares, Inc. (UBSI)All Stock$303.3 M$12.12$11.9754,83812/31/211.23%11.55%
+PAE10/25/21Amentum Government Services Holdings LLC (N/A)All Cash$1.9 B$10.05$9.93333,4023/31/221.21%3.42%
+ITMR9/13/21ZOLL Medical Corporation (N/A)All Cash$399.11 M$31.00$30.63129,96112/31/211.21%11.31%
+STFC7/12/21Liberty Mutual Holding Company Inc. (N/A)All Cash$2.48 B$52.00$51.447,0483/31/221.17%3.30%
+GTS8/24/21GuideWell Mutual Holding Corporation (N/A)All Cash$665.93 M$36.00$35.661,8646/30/221.12%1.86%
+LEVL11/04/21First Merchants Corporation (FRME)Cash Plus Stock$323.5 M$39.98$39.557,0856/30/221.10%1.82%
+ESBK10/04/21Community Bank System, Inc. (CBU)All Cash$82.8 M$23.10$22.8510,6693/31/221.09%3.10%
+ENBL2/17/21Energy Transfer LP (ET)All Stock$7.2 B$7.48$7.4912,27812/31/211.05%9.82%
+ATC7/01/21MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 B$25.22$24.96160,72412/31/211.05%9.80%
+MGP8/04/21VICI Properties Inc. (VICI)All Stock$17.2 billion$38.88$38.48892,3856/30/221.03%1.71%
+GNOG8/09/21DraftKings Inc. (DKNG)All Stock$1.52 B$13.19$13.06361,4833/31/221.00%2.84%
+RIVE7/01/21Mid Penn Bancorp, Inc. (MPB)All Stock$124.7 M$14.28$14.141,12912/31/211.00%9.37%
+FTSI10/22/21ProFrac Holdings (N/A)All Cash$407.5 M$26.52$26.27111,3313/31/220.95%2.69%
+CPLG11/08/21Highgate and Cerberus Capital Management, L.P. (N/A)Special Conditions$1.5 B$15.65$15.51751,5553/31/220.90%2.55%
+IHC11/09/21Geneve Holdings, Inc. (N/A)All Cash$813.9 M$57.00$56.57,92312/31/210.88%8.28%
+DRNA11/18/21Novo Nordisk (NVO)All Cash$2.09 B$38.25$37.927,837,24012/31/210.87%8.14%
+DWSN10/25/21Wilks Brothers, LLC (N/A)All Cash$18.56 M$2.34$2.32169,19912/31/210.86%8.07%
+FMBI6/01/21Old National Bancorp (ONB)All Stock$2.86 B$20.73$20.56681,6141/31/220.84%4.40%
+KL9/28/21Agnico Eagle Mines Limited (AEM)All Stock$9.53 B$43.13$42.771,643,4963/31/220.83%2.36%
+FRTA2/22/21Quikrete Holdings, Inc. (N/A)All Cash$2.74 B$24.00$23.81132,93112/31/210.80%7.47%
+CXP9/07/21Pacific Investment Management Company LLC (N/A)All Cash$3.9 B$19.30$19.16612,79712/31/210.73%6.84%
+MNR11/05/21Industrial Logistics Properties Trust (ILPT)All Cash$3.72 B$21.00$20.85760,1316/30/220.72%1.19%
+TGP10/05/21Stonepeak (N/A)All Cash$6.2 B$17.00$16.88356,91812/31/210.71%6.65%
+XLRN9/30/21Merck (MRK)All Cash$10.8 B$180.00$178.757,474,38712/31/210.70%6.54%
+ACBI7/23/21SouthState Corporation (SSB)All Stock$542 M$29.21$29.0251,2493/31/220.67%1.89%
+STL4/19/21Webster Financial Corporation (WBS)All Stock$5.12 B$26.40$26.25717,35412/31/210.57%5.36%
+DVD11/09/21Speedway Motorsports, LLC (N/A)All Cash$94.69 M$3.61$3.5974,38712/31/210.56%5.21%
+PPD4/15/21Thermo Fisher Scientific Inc. (TMO)All Cash$20.9 B$47.50$47.25703,24112/31/210.53%4.95%
+ZIXI11/08/21OpenText (N/A)All Cash$860 M$8.50$8.46715,6782/06/220.47%2.27%
+MDP10/06/21IAC/InterActiveCorp and Gray Television, Inc. (IAC)All Cash$6.02 B$59.17$58.90504,70212/01/210.46%18.59%
+ATH3/08/21Apollo Global Management, Inc. (APO)All Stock$6.01 B$86.12$85.73738,0421/31/220.45%2.36%
+UMPQ10/12/21Columbia Banking System, Inc. (COLB)All Stock$4.5 B$20.28$20.19973,0986/30/220.45%0.75%
+MGLN1/04/21Centene Corporation (CNC)All Cash$2.2 B$95.00$94.58168,80612/31/210.44%4.16%
+KSU9/15/21Canadian Pacific Railway Limited (CP)Cash Plus Stock$30.44 B$305.84$304.49491,97312/31/210.44%4.15%
+ANAT8/09/21Brookfield Asset Management Reinsurance Partners Ltd. (BAMR)All Cash$5.1 B$190.00$189.369,4246/30/220.37%0.61%
+RAVN6/21/21CNH Industrial N.V (CNHI)All Cash$2.1 B$58.00$57.82100,03812/31/210.31%2.91%
+HRC9/02/21Baxter International Inc. (BAX)All Cash$12.4 B$156.00$155.54439,2323/31/220.30%0.84%
+DSPG8/30/21Synaptics Incorporated (SYNA)All Cash$399.78 M$22.00$21.95102,41412/02/210.23%8.31%
+UFS5/11/21Paper Excellence (N/A)All Cash$3.02 B$55.50$55.422,261,84612/31/210.14%1.35%
+PSXP10/27/21Phillips 66 (PSX)All Stock$14.5 B$34.82$34.78508,5533/31/220.12%0.33%
+CVA7/14/21EQT Infrastructure (N/A)All Cash$5.35 B$20.25$20.231,145,13912/31/210.10%0.93%
+ECHO9/10/21The Jordan Company, L.P. (N/A)All Cash$939.64 M$48.25$48.22256,35612/31/210.06%0.58%
+INOV8/19/21Nordic Capital (N/A)All Cash$7.3 B$41.00$40.99478,9021/31/220.02%0.13%
+CAI6/17/21Mitsubishi HC Capital Inc. (N/A)All Cash$2.9 B$56.00$55.99219,45212/31/210.02%0.17%
+BMTC3/10/21WSFS Financial Corporation (WSFS)All Stock$976.4 M$48.55$48.5876,91712/31/21-0.07%-0.66%
+ADMS10/11/21Supernus Pharmaceuticals, Inc. (SUPN)Special Conditions$460.12 M$8.10$8.16348,2241/31/22-0.74%-3.83%
+COR11/15/21American Tower Corporation (AMT)All Cash$10.1 B$170.00$171.401,130,35212/31/21-0.82%-7.64%
+MNTV10/28/21Zendesk (ZEN)All Stock$4.21 B$21.87$22.09667,8906/30/22-0.99%-1.64%
+SC8/24/21Santander Holdings USA, Inc. (N/A)All Cash$12.7 B$41.50$41.92175,93012/31/21-1.00%-9.38%
+ICBK6/22/21Nicolet Bankshares, Inc. (NCBS)All Stock$219 M$35.16$35.6574112/31/21-1.37%-12.86%
+ABTX11/10/21CBTX, Inc. (CBTX)All Stock$1.5 B$42.48$43.9254,4036/30/22-3.28%-5.44%
+RRD11/03/21Atlas Holdings LLC (N/A)All Cash$2.1 B$8.52$9.25477,8786/30/22-7.89%-13.09%


SPAC activity continued to increase last week with 11 new SPAC IPOs filed. With two mega data center deals announced last week, the total value of active deals has crossed the $1 trillion mark after two years. We wrote the following in our M&A 2020 report titled: U.S. Mergers and Acquisitions: A 2020 Report

“Looking at the full year however, there were 154 deals worth over $605 billion announced in 2020, a sharp decline when compared to the $938 worth of deals announced in 2019 and over $1 trillion worth of deals announced in 2018.”

Disclaimer: I have long positions in Magnachip Semiconductor (MX), Nuance Communications (NUAN) and Change Healthcare (CHNG). 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.