Merger Arbitrage Mondays – The Bidding War For Spirit Airlines Continues

After twelve new deals were announced during the prior two weeks, merger activity ground to a halt last week with no new deals announced. Oracle completed its massive $24.3 billion deal for healthcare software company Cerner and in a trend we have been seeing for several weeks, yet another SPAC business combination fell apart. There was plenty of activity in current deals that are yet to consummated, including Thoma Bravo negotiating a slightly lower price (a 3.41% cut) for Anaplan (PLAN), additional saber rattling between Elon Musk and Twitter (TWTR) where the company agreed to give Mr. Musk unrestricted access to its data through its “firehose” API and JetBlue (JBLU) sweeting its offer for Spirit (SAVE).

Editor’s Note: Our apologies if you are getting this article for a second time. For the first time in nearly 12 years of publishing the Merger Arbitrage Mondays series of posts, we happened to accidentally click on the publish button instead of the preview button while working on the article on Sunday. It is possible that some of you received an incomplete version of the article before we were done putting all the data together.

Starting next month, we will be rolling the Merger Arbitrage Mondays series into our paid subscription services, Inside Arbitrage Plus and Inside Arbitrage Premium. The more affordable Plus service focuses on content including a monthly special situations newsletter, a model portfolio and mid-month updates. The Premium service includes both content and a plethora of tools including our popular Merger Arbitrage Tool and various custom screeners like the Spinsider and The Double Dipper. You can sign up for these services here.

The Battle for Spirit Airlines (SAVE)

We wrote the following in our Merger Arbitrage post regarding Frontier Group’s (ULCC) acquisition of Spirit Airlines (SAVE).

On February 7, 2022, Frontier Group Holdings (ULCC) announced that it is acquiring Spirit Airlines (SAVE) for $6.6 billion in a cash plus stock deal, representing a premium of of 19% over the February 4 closing price of Spirit, and a 26% premium based on the 30 trading-day volume-weighted average prices of Frontier and Spirit. Bill Franke, Chairman of Frontier Airlines has been the visionary behind this deal for over a decade. He was the Chairman of Spirit Airlines from 2006 to 2013. Bill Franke was involved in the IPOs of both Spirit and Frontier through Indigo Partners, a private equity firm that was co-founded by him.

Headquartered in Mirama, Florida, Spirit Airlines is a low-cost carrier that is known for its low ticket prices and for charging fees for other amenities like carry-ons, water, and even for printing a boarding pass. Spirit’s merger with Frontier would create a big player in the low-budget airfare market. The deal is currently trading at a spread of 7% or an annualized return of 8% assuming the deal closes by the end of the year.

The deal has been on a roller coaster ride since it was announced. Here is a timeline of all the events since announcement:

  • On February 8, 2022, a day after the deal was announced, Reuters reported that lawyers from the U.S. Justice Department say that Spirit and Frontier’s merger to create the fifth-largest airline in the country would face close scrutiny.
  • On March 10, 2022, legislators including Sen. Elizabeth Warren, Bernie Sanders and Rep. Alexandria Ocasio-Cortez asked the Department of Justice to investigate Frontier Airlines (ULCC) planned purchase of Spirit Airlines (SAVE) to see if would hurt competition.
  • On April 5, 2022, Spirit Airlines (SAVE) received an unsolicited proposal from JetBlue Airways (JBLU) to acquire all of the outstanding shares of Spirit’s common stock in an all-cash transaction for $33.00 per share.
  • On April 7, 2022, the Board of Directors of Spirit Airlines (SAVE) determined that the unsolicited proposal received from JetBlue Airways (JBLU) could reasonably be likely to lead to a “Superior Proposal”.
  • On April 13, 2022, Spirit (SAVEreceived a request for additional information from the U.S. Department of Justice (DOJ) with respect to its proposed merger with Frontier (ULCC).
  • On May 2, 2022, the Board of Directors of Spirit Airlines (SAVE) unanimously determined that the unsolicited proposal received from JetBlue Airways (JBLUdoes not constitute a ‘Superior Proposal’ as defined in Spirit’s merger agreement with Frontier Group Holdings (ULCC).
  • On May 11, 2022, Spirit Airlines (SAVE) announced that it will hold a shareholder meeting on June 10 for a vote on its proposed merger with Frontier Group Holdings (ULCC).
  • On May 16, 2022, JetBlue Airways Corporation (JBLU) made a hostile offer to purchase all of the outstanding shares of Spirit Airlines (SAVE), at $30.00 per share.
  • On May 19, 2022, Spirit Airlines (SAVE) announced that its Board of Directors, after consultation with its outside financial and legal advisors, has unanimously determined that the unsolicited tender offer from JetBlue Airways Corporation (JBLU) to acquire all outstanding shares of Spirit’s common stock for $30 per share in cash is NOT in the best interests of Spirit and its stockholders.
  • On May 23, 2022, Spirit Airlines (SAVE) announced that it will host a conference call for analysts to discuss the Spirit Board of Directors’ decision to reject the unsolicited tender offer from JetBlue Airways Corporation (JBLU) and its recommendation that stockholders vote FOR the merger with Frontier Airlines (ULCC).
  • On May 31, 2022, Spirit Airlines (SAVEdisagreed with Institutional Shareholder Services’ recommendation regarding the company’s definitive merger agreement with Frontier Group Holdings (ULCC).
  • On June 2, 2022, Spirit Airlines (SAVE) and Frontier Group Holdings (ULCCannounced an amendment to their previously announced merger agreement. Under the terms of the amended merger agreement, Frontier would pay a reverse termination fee of $250 million, or $2.23 per share, to Spirit in the unlikely event the combination is not consummated for antitrust reasons.
  • On June 3, 2022, shareholder advisory firm Glass Lewis recommended Spirit Airlines (SAVEinvestors approve Frontier Group Holdings’s (ULCC) takeover bid, saying it was the “best available” at this time.
  • On June 6, 2022, JetBlue (JBLU) announced that it has submitted an improved proposal to the Board of Directors of Spirit (SAVE). The proposal includes an enhanced reverse break-up fee of $350 million. Spirit stockholders will receive an aggregate consideration of $31.50 per share in cash, comprised of $30 per share in cash at the closing of the transaction and the prepayment of $1.50 per share of the reverse break-up fee.
  • On June 8, 2022, Spirit Airlines (SAVE) announced that it has postponed its Special Meeting of Stockholders relating to the proposed merger agreement with Frontier Group Holdings (ULCC) until June 30, 2022.

The current spread on the deal is -5.28%, reflecting the sweetened offer from JetBlue.

Spirit Airlines Spread History

 

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

Deals In The Works

There were two new deals announced in the Deals in the Works section last week.

SPAC Arbitrage

There was one new SPAC IPO filed and one new SPAC combination announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. On June 10, 2022, Blue Nile and Mudrick Capital Acquisition Corporation II (MUDSentered into a definitive agreement for a business combination that will result in Blue Nile becoming a public company. Founded in 1999 as an online jeweler, Blue Nile was taken private by Bain Capital in a deal valued at $500 million in 2017. This new SPAC business combination is expected to generate $450 million of capital and the transaction implies an enterprise value for Blue Nile of approximately $683 million, making this a less than optimal exit for Bain.

Terminated

  1. On June 9, 2022, Eleusis and Silver Spike Acquisition Corp. II (SPKB) announced that they have mutually agreed to terminate their previously announced agreement and plan of merger.

Weekly Spread Changes:

The table below shows weekly spread changes between June 3 and June 10, 2022.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
VG 18.31 Ericsson (ERIC) 7.53 14.69% 8.25% 6.44% All Cash
HLG 13.5 Hailiang Education International Limited (N/A) 6.00% 0.14% 5.86% All Cash
AUY 5.65 Gold Fields Limited (GFI) 10.19 8.21% 2.46% 5.75% All Stock
VMW 125.41 Broadcom Inc. (AVGO) 541.27 13.63% 7.96% 5.67% Special Conditions
BKI 66.51 Intercontinental Exchange, Inc. (ICE) 97.78 27.80% 22.20% 5.60% Special Conditions
PTRS 9 OceanFirst Financial Corp. (OCFC) 19.13 -4.09% -2.39% -1.70% All Stock
SUMR 11.54 Kids2, Inc. (N/A) 0.00 3.99% 5.82% -1.83% All Cash
RDBX 13.2 Chicken Soup for the Soul Entertainment, Inc. (CSSE) 8.76 -94.23% -91.22% -3.01% All Stock
PCSB 19.07 Brookline Bancorp, Inc. (BRKL) 13.39 -6.73% -3.33% -3.40% All Stock
SAVE 22.28 Frontier Group Holdings, Inc. (ULCC) 9.92 -5.28% 0.74% -6.02% Cash Plus Stock

Deal Statistics:

Total Number of Deals Closed in 2022 80
Total Number of Deals Not Completed in 2022 4
Total Number of Pending Deals
Cash Deals 57
Stock Deals 15
Stock & Cash Deals 8
Special Conditions 8
Total Number of Pending Deals 88
Aggregate Deal Consideration $933.26 billion

Deal Updates:

  1. On June 6, 2022, JetBlue (JBLU) announced that it has submitted an improved proposal to the Board of Directors of Spirit (SAVE). The proposal includes an enhanced reverse break-up fee of $350 million. Spirit stockholders will receive an aggregate consideration of $31.50 per share in cash, comprised of $30 per share in cash at the closing of the transaction and the prepayment of $1.50 per share of the reverse break-up fee.
  2. On June 6, 2022, Anaplan (PLAN) and Thoma Bravo amended the terms of their previously announced transaction, pursuant to which Anaplan will be acquired by Thoma Bravo. Under the terms of the amended merger agreement Anaplan stockholders will receive $63.75 per share in cash, instead of the original purchase price of $66.00 per share in cash.
  3. On June 6, 2022, Elon Musk said that Twitter (TWTR) has “materially breached” its obligations under the merger agreement due to Musk’s requests for more information about spam accounts.
  4. On June 7, 2022, Preferred Apartment Communities (APTS) announced that it adjourned the Special Meeting of Stockholders until June 17, 2022.
  5. On June 7, 2022, Tenneco (TEN) announced that its shareholders voted to approve Tenneco’s pending acquisition by affiliates of Apollo Global Management.
  6. On June 8, 2022, Spirit Airlines (SAVE) announced that it postponed its Special Meeting of Stockholders relating to the proposed merger agreement with Frontier Group Holdings (ULCC) until June 30, 2022.
  7. On June 8, 2022, Renewable Energy Group (REGIwon European Commission approval for its planned sale to Chevron (CVX).
  8. On June 8, 2022, Edenbrook Capital, one of the largest public shareholders of Hemisphere Media Group (HMTV), sent a letter to the company’s Group Special Committee, stating that HMTV should be taken private for at least $16-$23/share.
  9. On June 9, 2022, Alleghany Corporation (Y) announced that its stockholders voted to approve and adopt the Agreement and Plan of Merger, pursuant to which Alleghany will be acquired by Berkshire Hathaway (BRK.ABRK.B).
  10. June 9, 2022: According to Reuters, Canada’s anti-trust regulator wants to speed up its case against Rogers Communications (RCI) purchase of Shaw Communications (SJR) with a process that would schedule a dispute hearing in five to six months.
  11. On June 10, 2022, LHC Group (LHCG) and UnitedHealth Group each received a request for additional information and documentary materials from the FTC in connection with the FTC’s review of the Merger.

Closed Deals:

  1. The acquisition of Cerner Corporation (CERN) by Oracle Corporation (ORCL) on June 8, 2022. It took 170 days for this deal to be completed.

Top 10 deals with largest spreads:

Please do your own due diligence on deals with large spreads. Some of these large spreads might be related to regulatory issues or because of the way the deal is structured. We classify some of these deals as “special situation” deals in our merger arbitrage tool and provide additional details to help with the analysis. There may be unique situations related to special dividends, spinoffs, proration, etc. that need to be accounted for when looking at these spreads.

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
TWTR 04/25/2022 Elon Musk (N/A) $54.20 $38.98 12/31/2022 39.05% 70.55%
BKI 05/04/2022 Intercontinental Exchange, Inc. (ICE) $85.00 $66.51 06/30/2023 27.80% 26.49%
ATVI 01/18/2022 Microsoft Corporation (MSFT) $95.00 $76.48 06/30/2023 24.22% 23.08%
TEN 02/23/2022 Apollo Global Management, Inc. (APO) $20.00 $16.6 12/31/2022 20.48% 37.01%
BLCT 04/30/2022 Multelements Limited (N/A) $1.60 $1.34 12/31/2022 19.40% 35.06%
SIMO 05/05/2022 MaxLinear, Inc. (MXL) $108.67 $91.04 06/30/2023 19.37% 18.46%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $27.75 $23.38 12/31/2022 18.69% 33.77%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $27.64 06/30/2022 17.22% 349.21%
NLSN 03/29/2022 Evergreen Coast Capital Corporation (N/A) $28.00 $24.4 12/31/2022 14.75% 26.66%
TGNA 02/22/2022 Standard General L.P. (N/A) $24.00 $20.92 12/31/2022 14.72% 26.60%

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
+ TWTR 4/25/22 Elon Musk (N/A) All Cash $44 B $54.20 $38.98 10,277,004 12/31/22 39.05% 70.90%
+ TMX 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $41.27 474,608 9/30/22 33.27% 111.40%
+ BKI 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $66.51 522,840 6/30/23 27.80% 26.56%
+ ATVI 1/18/22 Microsoft Corporation (MSFT) All Cash $68.7 B $95.00 $76.48 3,716,102 6/30/23 24.22% 23.14%
+ TEN 2/23/22 Apollo Global Management, Inc. (APO) All Cash $7.1 B $20.00 $16.6 813,065 12/31/22 20.48% 37.19%
+ BLCT 4/30/22 Multelements Limited (N/A) All Cash $60 M $1.60 $1.34 21,559 12/31/22 19.40% 35.23%
+ SIMO 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $108.67 $91.04 228,247 6/30/23 19.37% 18.51%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $27.75 $23.38 1,530,905 12/31/22 18.69% 33.94%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $27.64 337,645 6/30/22 17.22% 369.75%
+ NLSN 3/29/22 Evergreen Coast Capital Corporation (N/A) All Cash $16 B $28.00 $24.4 2,824,302 12/31/22 14.75% 26.79%
+ TGNA 2/22/22 Standard General L.P. (N/A) Special Conditions $8.6 B $24.00 $20.92 934,503 12/31/22 14.72% 26.74%
+ VG 11/22/21 Ericsson (ERIC) All Cash $6.2 B $21.00 $18.31 4,379,507 6/30/22 14.69% 315.43%
+ CDR 3/02/22 Wheeler Real Estate Investment Trust, Inc. (WHLR) All Cash $291.3 M $29.00 $25.51 113,343 6/30/22 13.68% 293.74%
+ VMW 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $125.41 1,462,642 4/30/23 13.63% 15.50%
+ MGI 2/15/22 Madison Dearborn Partners, LLC (N/A) All Cash $1.8 B $11.00 $9.74 586,815 12/31/22 12.94% 23.49%
+ FHN 2/28/22 The Toronto-Dominion Bank (TD) Special Conditions $13.4 B $25.00 $22.14 3,751,902 11/27/22 12.92% 28.23%
+ BRG 12/20/21 Blackstone Real Estate (N/A) Special Conditions $3.6 B $29.85 $26.6 293,430 6/30/22 12.22% 262.33%
+ TSEM 2/15/22 Intel Corporation (INTC) All Cash $5.4 B $53.00 $47.4 353,282 2/15/23 11.81% 17.46%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $22.41 $20.1 571,653 9/30/22 11.52% 38.57%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $45.85 317,801 6/30/22 9.71% 208.38%
+ WLL 3/07/22 Oasis Petroleum Inc. (OAS) Cash Plus Stock $2.82 B $108.07 $99.25 287,638 12/31/22 8.89% 16.14%
+ MBII 3/16/22 Bioceres Crop Solutions Corp. (BIOX) All Stock $236 M $1.20 $1.11 370,855 9/30/22 8.37% 28.04%
+ AUY 5/31/22 Gold Fields Limited (GFI) All Stock $6.7 B $6.11 $5.65 34,704,148 12/31/22 8.21% 14.91%
+ HTA 2/28/22 Healthcare Realty Trust Incorporated (HR) Cash Plus Stock $10.74 B $31.11 $29 2,693,065 9/30/22 7.28% 24.36%
+ MILE 11/08/21 Lemonade (LMND) All Stock $201.47 M $0.94 $0.8747 654,997 6/30/22 7.10% 152.45%
+ ROG 11/02/21 DuPont de Nemours, Inc. (DD) All Cash $5.2 B $277.00 $259.91 86,036 6/30/22 6.58% 141.18%
+ CTXS 1/31/22 Vista Equity Partners and Elliott Investment Management LP (N/A) All Cash $16.5 B $104.00 $97.94 996,399 6/30/22 6.19% 132.85%
+ MNDT 3/08/22 Alphabet Inc. (GOOG) All Cash $5.4 B $23.00 $21.66 10,751,494 12/31/22 6.19% 11.23%
+ SAIL 4/11/22 Thoma Bravo (N/A) All Cash $6.9 B $65.25 $61.52 2,967,613 12/31/22 6.06% 11.01%
+ TUFN 4/06/22 Turn/River Capital (N/A) All Cash $570 M $13.00 $12.26 435,335 6/30/22 6.04% 129.59%
+ HLG 5/09/22 Hailiang Education International Limited (N/A) All Cash $368.89 M $14.31 $13.5 486 9/30/22 6.00% 20.09%
+ SJI 2/24/22 Infrastructure Investments Fund (N/A) All Cash $8.1 B $36.00 $34.06 704,101 12/31/22 5.70% 10.34%
+ CTEK 5/23/22 Clearwater Compliance LLC (N/A) All Cash $13.9 M $1.25 $1.19 200,967 9/30/22 5.04% 16.88%
+ EXTN 1/24/22 Enerflex Ltd. (EFX.TO) All Stock $735 M $6.05 $5.78 92,559 9/30/22 4.60% 15.42%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $37.02 $35.58 173,354 10/31/22 4.05% 10.55%
+ SUMR 3/16/22 Kids2, Inc. (N/A) All Cash $97.44 M $12.00 $11.54 319 6/30/22 3.99% 85.58%
+ RNDB 3/28/22 Hometown Financial Group, Inc. (N/A) All Cash $146.5 M $27.00 $26.19 9,333 12/31/22 3.09% 5.62%
+ BHVN 5/10/22 Pfizer Inc. (PFE) Special Conditions $11.6 B $148.50 $144.12 944,485 3/31/23 3.04% 3.81%
+ NPTN 11/04/21 Lumentum Holdings Inc. (LITE) All Cash $745.24 M $16.00 $15.55 389,486 12/31/22 2.89% 5.26%
+ GTYH 4/29/22 GI Partners (N/A) All Cash $383.29 M $6.30 $6.125 582,475 9/30/22 2.86% 9.57%
+ MN 4/01/22 Callodine (N/A) All Cash $137.1 M $12.85 $12.52 73,053 9/30/22 2.64% 8.83%
+ PBIP 3/02/22 Fulton Financial Corporation (FULT) Cash Plus Stock $142.1 M $15.35 $14.96 5,819 9/30/22 2.59% 8.68%
+ NTUS 4/18/22 ArchiMed (N/A) All Cash $1.2 B $33.50 $32.71 188,660 9/30/22 2.42% 8.09%
+ GCP 12/06/21 Saint-Gobain (N/A) All Cash $2.3 B $32.00 $31.3 605,509 12/31/22 2.24% 4.06%
+ UMPQ 10/12/21 Columbia Banking System, Inc. (COLB) All Stock $4.5 B $16.91 $16.55 1,152,764 6/30/22 2.20% 47.32%
+ BKEP 4/22/22 Ergon, Inc. (N/A) All Cash $199.72 M $4.65 $4.55 55,109 6/30/22 2.20% 47.19%
+ LHCG 3/28/22 Optum (N/A) All Cash $6.2 B $170.00 $166.37 442,091 12/31/22 2.18% 3.96%
+ SWCH 5/11/22 DigitalBridge Group, Inc. (DBRG) All Cash $11 B $34.25 $33.54 3,094,720 12/31/22 2.12% 3.84%
+ TPTX 6/03/22 Bristol Myers Squibb (BMY) All Cash $1.66 B $76.00 $74.47 3,150,881 9/30/22 2.05% 6.88%
+ HMLP 5/25/22 Höegh LNG Holdings Ltd. (N/A) All Cash $167.6 M $9.25 $9.07 685,768 12/31/22 1.98% 3.60%
+ CCMP 12/15/21 Entegris, Inc. (ENTG) Cash Plus Stock $6.5 B $179.82 $176.35 194,417 12/31/22 1.97% 3.57%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $273.67 $268.73 202,423 5/31/22 1.84% 0.00%
+ STON 5/25/22 Axar Capital Management, LP (N/A) All Cash $927.7 M $3.50 $3.44 293,491 9/30/22 1.74% 5.84%
+ Y 3/21/22 Berkshire Hathaway (BRK.A) All Cash $11.6 B $848.02 $834.11 105,097 12/31/22 1.67% 3.03%
+ PCOM 5/09/22 Plusgrade Parent L.P. (N/A) All Cash $385 M $25.00 $24.59 224,432 7/15/22 1.67% 19.02%
+ MSP 4/11/22 Kaseya (N/A) All Cash $6.2 B $35.50 $34.96 629,362 12/31/22 1.54% 2.80%
+ MANT 5/16/22 The Carlyle Group Inc. (CG) All Cash $4.2 B $96.00 $94.58 451,519 12/31/22 1.50% 2.73%
+ CVET 5/25/22 Clayton, Dubilier & Rice and TPG Capital (N/A) All Cash $4 B $21.00 $20.7 1,756,175 12/31/22 1.45% 2.63%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.68 1,442,949 6/30/22 1.35% 29.01%
+ SREV 5/09/22 Concentrix Corporation (CNXC) All Cash $164.49 M $1.50 $1.48 88,526 12/31/22 1.35% 2.45%
+ TREC 5/11/22 Balmoral Funds, LLC (N/A) All Cash $247 M $9.81 $9.68 520,293 9/30/22 1.34% 4.50%
+ CTT 5/31/22 PotlatchDeltic Corporation (PCH) All Stock $1.06 B $11.14 $10.99 514,003 12/31/22 1.33% 2.42%
+ ACC 4/19/22 Blackstone (BX) All Cash $12.8 B $65.47 $64.77 1,378,755 9/30/22 1.08% 3.62%
+ MTOR 2/22/22 Cummins Inc. (CMI) All Cash $3.7 B $36.50 $36.12 871,489 12/31/22 1.05% 1.91%
+ POLY 3/28/22 HP Inc. (HPQ) All Cash $3.3 B $40.00 $39.62 621,436 12/31/22 0.96% 1.74%
+ CNR 3/07/22 Clayton, Dubilier & Rice (N/A) All Cash $5.8 B $24.65 $24.45 981,044 9/30/22 0.82% 2.74%
+ NSR 5/02/22 Sandstorm Gold Ltd. (SAND) All Stock $585.29 M $8.26 $8.2 25,874 12/31/22 0.78% 1.42%
+ PLAN 3/20/22 Thoma Bravo (N/A) All Cash $10.7 B $63.75 $63.31 1,722,105 6/30/22 0.69% 14.92%
+ RTLR 5/16/22 Diamondback Energy, Inc. (FANG) All Stock $2.36 B $17.57 $17.45 350,843 9/30/22 0.69% 2.31%
+ TVTY 4/05/22 Stone Point Capital (N/A) All Cash $2 B $32.50 $32.28 426,389 9/30/22 0.68% 2.28%
+ ABTX 11/10/21 CBTX, Inc. (CBTX) All Stock $1.5 B $38.95 $38.7 40,075 6/30/22 0.64% 13.83%
+ CDK 4/07/22 Brookfield Business Partners (N/A) All Cash $8.3 B $54.87 $54.54 1,396,595 9/30/22 0.61% 2.03%
+ TXMD 5/31/22 EW Healthcare Partners (N/A) All Cash $177 M $10.00 $9.95 722,941 7/13/22 0.50% 6.11%
+ ETTX 5/23/22 Innoviva, Inc. (INVA) All Cash $87.32 M $2.20 $2.19 64,347 9/30/22 0.46% 1.53%
+ APTS 2/16/22 Blackstone Real Estate Income Trust, Inc. (N/A) All Cash $5.8 B $25.00 $24.92 817,889 6/30/22 0.32% 6.89%
+ SRRA 4/13/22 GlaxoSmithKline plc (GSK) All Cash $1.1 B $55.00 $54.88 117,139 9/30/22 0.22% 0.73%
+ NSEC 1/26/22 VR Insurance Holdings, Inc. (N/A) All Cash $41.4 M $16.35 $16.32 143 6/30/22 0.18% 3.95%
+ PSB 4/25/22 Blackstone (BX) All Cash $7.6 B $187.50 $187.29 227,754 9/30/22 0.11% 0.38%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $202.91 192,073 6/30/22 0.04% 0.95%
+ REGI 2/28/22 Chevron Corporation (CVX) All Cash $2.75 B $61.50 $61.5 2,327,831 12/31/22 0.00% 0.00%
+ SRLP 6/02/22 Hartree Partners, LP (N/A) All Cash $1.44 B $19.00 $19.01 59,123 9/30/22 -0.05% -0.18%
+ NP 3/28/22 Schweitzer-Mauduit International, Inc. (SWM) All Stock $1.18 B $37.98 $38.03 48,650 12/31/22 -0.12% -0.22%
+ HMTV 5/09/22 Gato Investments LP (N/A) All Cash $658.07 M $7.00 $7.01 212,438 9/30/22 -0.14% -0.48%
+ PTRS 11/04/21 OceanFirst Financial Corp. (OCFC) All Stock $186 M $8.63 $9 3,644 6/30/22 -4.09% -87.92%
+ SAVE 2/07/22 Frontier Group Holdings, Inc. (ULCC) Cash Plus Stock $6.6 B $21.10 $22.28 6,252,295 12/31/22 -5.28% -9.59%
+ PCSB 5/24/22 Brookline Bancorp, Inc. (BRKL) All Stock $313 M $17.79 $19.07 57,069 12/31/22 -6.73% -12.21%
+ EMCF 3/24/22 Farmers National Banc Corp. (FMNB) All Stock $105 M $31.69 $35.16 31 12/31/22 -9.87% -17.92%
+ RDBX 5/11/22 Chicken Soup for the Soul Entertainment, Inc. (CSSE) All Stock $182.9 M $0.76 $13.2 73,829,332 12/31/22 -94.23% -171.11%

Conclusion:

There were no new deals announced last week but multiple deals faced hurdles and went through amendments. Elon Must accused Twitter (TWTR) for materially breaching its obligations under the merger agreement, Anaplan (PLAN) and Thoma Bravo amended their merger agreement, LHC Group (LHCG) and UnitedHealth Group received a request for additional information from the FTC, and Rogers Communications (RCI) and Shaw Communications (SJR) continue to face challenges from Canada’s anti-trust regulator.

Disclaimer: I have long positions in Biohaven Pharmaceutical (BHVN), Twitter (TWTR), First Horizon (FHN), Tower Semiconductor (TSEM), Healthcare Trust of America (HTA), TEGNA (TGNA) and Bluerock Residential Growth REIT (BRG). 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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