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Merger Arbitrage Mondays – Pfizer Acquires Arena Pharmaceuticals At A 100% Premium

  • December 20, 2021

Merger activity increased significantly last week with eight new deals announced, four deals completed and two deals terminated. Three of the eight new deals announced last week were potential deals in the works. It was a busy week with respect to SPAC business combinations as well with 11 new SPAC business combinations announced.

The acquisition of Bottomline Technologies (EPAY) was Thoma Bravo’s 6th acquisition for the year. Proofpoint, QAD Inc., Talend, Stamps.com and Medallia were the other five companies in our list of active deals that entered into a definitive agreement to be acquired by Thoma Bravo this year.

Founded in 1989 and headquartered in Portsmouth, New Hampshire, Bottomline Technologies provides cloud-based business payments, and document automation solutions to financial institutions, corporations, and banks. These solutions provided by the company are used to streamline payment processes across global businesses, automate, and manage processes that involve payments, invoicing, global cash management, supply chain finance, and transactional documents.

 

We added Bottomline Technologies (EPAY) to our list of potential deals on on December 9, 2021, when Bloomberg reported that the company was exploring a sale. EPAY’s price after the news of the potential deal came out was $53.05. On December 17, 2021, Bottomline Technologies entered into a definitive agreement to be acquired by Thoma Bravo for $57 per share in cash.

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