Merger Arbitrage Mondays – Euronav And Frontline To Combine In An All Stock Deal

Merger activity increased last week with six new deals announced, one deal completed and one merger that fell apart. One of the deals announced last week was a potential deal in the works.

We added Euronav (EURN) as a potential deal in the works on April 7, 2022, when Frontline (FRO) and Euronav announced that the companies had signed a term sheet on a potential stock-for-stock combination, that would result in Euronav and Frontline shareholders owning approximately 59% and 41% of the combined company respectively.

Euronav started operating as a subsidiary of CNN (Compagnie Nationale de Navigation) under the name ‘Euronav’ in 1989. In 1995, a joint venture called Euronav Luxembourg SA was formed between Compagnie Nationale de Navigation (CNN) and Compagnie Maritime Belge (CMB) to consolidate all the tanker activities of CNN. CMB is controlled by the Belgian family Saverys. The proposed merger between Euronav and Frontline was opposed by Alexander Saverys, scion of the Belgium shipping family that holds a near-20% stake in Euronav. He proposed that Euronav instead merge with the clean shipping division of his company.

On May 19, 2022, Euronav said that its shareholders voted to reject a proposal from Compagnie Maritime Belge to nominate three supervisory board members. As merger plans moved forward, Frontline bought nearly 6 million shares in Euronav in a privately negotiated share exchange transactions with some Euronav shareholders.

On Monday, July 11, 2022, Euronav and Frontline signed a definitive combination agreement, under which shares in Frontline, would be exchanged for those in Euronav at a ratio of 1.45 to 1, to create an oil tanker group with 146 vessels including 68 Very Large Crude Carriers (VLCCs). 55% of the combined company will be held by existing Euronav shareholders and approximately 45% by existing Frontline shareholders.

The combined group will be listed on Euronext Brussels, OSE and NYSE upon tender offer completion.

On the deal updates front, as we expected, Twitter filed a complaint against Musk in Delaware Court of Chancery and interestingly it was the Chancellor of the Court, Kathaleen McCormick, that decided to pick up the case. Twitter wants an expedited trial and wants to start in September while Musk and his lawyers want to push out the date to next year.

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 three new deals announced in the Deals in the Works section last week.

SPAC Arbitrage

There were two new SPAC combination announced last week. You can find new SPAC IPO announcements in our SPACs tool here.

  1. On July 12, 2022, Deep Medicine Acquisition (DMAQ) announced the signing of a definitive business combination agreement with Chijet Motor Company, a Chinese automaker.
  2. On July 12, 2022, Falcon’s Beyond, an entertainment development company specializing in intellectual property creation and expansion, and FAST II (FZT), entered into a definitive merger agreement.

SPAC Combination Terminated

  1. On July 12, 2022, DDC Enterprise Limited and Ace Global Business Acquisition Limited (ACBA) announced that both parties have mutually agreed to terminate their previously announced Share Exchange Agreement effective immediately.

Weekly Spread Changes:

The table below shows weekly spread changes between July 8 and July 15, 2022.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
MBII 0.7981 Bioceres Crop Solutions Corp. (BIOX) 10.1 11.36% 2.42% 8.94% All Stock
EXTN 3.38 Enerflex Ltd. (EFX.TO) 5.1 18.29% 10.51% 7.78% All Stock
RDBX 4.37 Chicken Soup for the Soul Entertainment, Inc. (CSSE) 8.95 -82.18% -88.91% 6.73% All Stock
TYME 0.2962 Syros Pharmaceuticals, Inc. (SYRS) 0.935 36.11% 30.16% 5.95% All Stock
SJR 26.65 Rogers Communications Inc. (RCI) 45.42 21.58% 15.92% 5.66% Special Conditions
USWS 0.7796 ProFrac Holding Corp. (PFHC) 14.72 5.93% 9.69% -3.76% All Stock
GSV 0.2863 Orla Mining Ltd. (ORLA) 2.4 0.01% 4.78% -4.77% All Stock
SIMO 86.21 MaxLinear, Inc. (MXL) 35.1 24.30% 29.98% -5.68% Cash Plus Stock
HTA 29.34 Healthcare Realty Trust Incorporated (HR) 24.63 0.37% 6.17% -5.80% Cash Plus Stock
VG 20.98 Ericsson (ERIC) 7.07 0.10% 7.58% -7.48% All Cash

Deal Statistics:

Total Number of Deals Closed in 2022 98
Total Number of Deals Not Completed in 2022 5
Total Number of Pending Deals
Cash Deals 55
Stock Deals 22
Stock & Cash Deals 4
Special Conditions 10
Total Number of Pending Deals 91
Aggregate Deal Consideration $986.19 billion

New Deals:

  1. The merger of Euronav (EURN) and Frontline (FRO) for a closing value of $4.08 billion in an all stock deal. Under the terms of the agreement, the proposed combination is structured as a voluntary conditional exchange offer by Frontline for all outstanding shares of Euronav at an exchange ratio of 1.45 Frontline shares for each Euronav share. We added EURN as a potential deal to the Deals in the Works section on April 7, 2022 and the price after the news of the potential deal came out was $11.94.
  2. The acquisition of La Jolla Pharmaceutical Company (LJPC) by Innoviva (INVA) for $149 million or $6.23 per share in cash. Under the terms of the agreement, Innoviva has agreed to pay $5.95 per share for La Jolla, and an incremental $0.28 per share for additional cash proceeds received in connection with the divestiture of a non-core asset.
  3. The acquisition of Glory Star New Media Group Holdings Limited (GSMG) by Cheers, an entity formed by the CEO of the company to take it private, for $105.59 million or $1.55 per share in cash.
  4. The merger of ironSource (IS) and Unity (U) for $3.61 billion in an all stock deal. Under the terms of the agreement, each ordinary share of ironSource will be exchanged for 0.1089 shares of Unity common stock.
  5. The acquisition of Sharps Compliance (SMED) by an affilliate of Aurora Capital Partners for $139.85 million or $8.75 per share in cash.
  6. The acquisition of TransGlobe Energy Corporation (TGA) by VAALCO Energy (EGY) for $273 million in an all stock deal. Under the terms of the agreement, shareholders of TransGlobe Energy Corporation will receive 0.6727 of a VAALCO share of common stock.

Deal Updates:

  1. On July 8, 2022, Marrone Bio Innovations (MBII) announced that its shareholders approved a proposal to adopt the previously announced Agreement and Plan of Merger.
  2. On July 11, 2022, The European Commission approved, under the EU Merger Regulation, the acquisition of Plantronics (POLY) by HP (HPQ).
  3. On July 11, 2022, Welbilt (WBT) received the required regulatory approval from the U.K. Competition and Markets Authority to complete the previously announced acquisition of the company by Ali Holding. The closing of the transactions is expected to occur on or around July 28, 2022.
  4. On July 12, 2022, Twitter (TWTRfiled a complaint in the Delaware Court of Chancery against Mr. Musk seeking a grant of specific performance ordering Mr. Musk to specifically perform their obligations under the merger agreement.
  5. On July 13, 2022, Spirit Airlines (SAVE) announced that, in response to the request set forth in the letter to the company from Frontier Group Holdings (ULCC) dated July 10, 2022, Spirit intends to reopen and immediately adjourn its special meeting of stockholders relating to the proposed merger agreement with Frontier until July 27, 2022.
  6. On July 13, 2022, TherapeuticsMD (TXMD) announced today that Athene Merger, an affiliate of EW Healthcare Partners, did not acquire the required majority of shares of TXMD through the previously announced tender offer by the extended offer deadline of July 12, 2022. As a result, the tender offer has expired according to its terms. The company anticipates that the Merger Agreement between TXMD and EW will be terminated pursuant to its terms on July 13, 2022.
  7. On July 13, 2022, Nomad Royalty Company (NSR) filed its management information circular for the special meeting of the company’s shareholders to be held on August 9, 2022.
  8. On July 14, 2022, The European Commission approved, under the EU Merger Regulation, the acquisition of joint control of Citrix Systems (CTXS) and TIBCO Software by Vista Equity Partners.
  9. On July 14, 2022, The European Commission approved, under the EU Merger Regulation, the acquisition of joint control of Nielsen Holdings (NLSN) by Elliott Investment Management.
  10. On July 15, 2022, Vonage Holdings (VG) and Ericsson (ERIChave satisfied all requisite foreign and U.S. regulatory requirements for the closing of the Merger, including as relates to the Hart-Scott-Rodino (HSR) Act and review by the Committee on Foreign Investment in the United States (CFIUS). The parties expect the Merger to close no later than July 21, 2022.
  11. On July 15, 2022, PS Business Parks (PSB) announced that its stockholders voted to approve the acquisition of PSB by affiliates of Blackstone Real Estate (BX).  The closing of the transaction in the merger agreement, the transaction is expected to be completed on or around July 20, 2022.
  12. On July 15, 2022, Healthcare Trust of America (HTA) announced that, based on a preliminary vote count, its stockholders have approved the previously announced combination with Healthcare Realty Trust Incorporated (HR). The transaction is expected to close on July 20, 2022.
  13. On July 15, 2022, proxy advisory firm Institutional Shareholder Services reversed its stance on Spirit Airlines’ (SAVE) planned tie-up with Frontier Airlines (ULCC) by calling JetBlue’s (JBLU) all-cash bid a “superior alternative.”
  14. July 15, 2022: According to Reuters, Elon Musk filed a motion opposing Twitter’s (TWTR) request to fast-track a trial over his plan to terminate his $44 billion deal for the social media firm.
  15. July 15, 2022: According to Reuters, CEO Chris Griffith said on Friday that Gold Fields (GFIshareholders are starting to better understand the miner’s proposed acquisition of Yamana Gold (AUY), as he tries to win investors over to the deal that was negatively received by the market.

Closed Deals:

  1. The acquisition of Entasis Therapeutics Holdings (ETTX) by Innoviva (INVA) on July 11, 2022. It took 49 days for this deal to be completed.
  2. The acquisition of Marrone Bio Innovations (MBII) by Bioceres Crop Solutions (BIOX) on July 13, 2022. It took 119 days for this deal to be completed.

Deal Terminated:

  1. On July 14, 2022, TherapeuticsMD (TXMDdelivered a written termination notice to EW Healthcare Partners terminating the Merger Agreement as the offer closing had not occurred on or before July 13, 2022.

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 $37.74 12/31/2022 43.61% 95.32%
TYME 07/05/2022 Syros Pharmaceuticals, Inc. (SYRS) $0.40 $0.2962 12/31/2022 36.11% 78.93%
BKI 05/04/2022 Intercontinental Exchange, Inc. (ICE) $85.00 $62.6 06/30/2023 35.78% 37.53%
VMW 05/26/2022 Broadcom Inc. (AVGO) $142.50 $110.62 04/30/2023 28.82% 36.65%
SIMO 05/05/2022 MaxLinear, Inc. (MXL) $107.16 $86.21 06/30/2023 24.30% 25.49%
ATVI 01/18/2022 Microsoft Corporation (MSFT) $95.00 $77.39 06/30/2023 22.75% 23.87%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $26.65 09/30/2022 21.58% 105.00%
NLSN 03/29/2022 Evergreen Coast Capital Corporation (N/A) $28.00 $23.37 12/31/2022 19.81% 43.30%
TGNA 02/22/2022 Standard General L.P. (N/A) $24.00 $20.2 12/31/2022 18.81% 41.12%
EXTN 01/24/2022 Enerflex Ltd. (EFX.TO) $4.00 $3.38 09/30/2022 18.29% 88.99%

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 $37.74 14,482,944 12/31/22 43.61% 95.90%
+ TYME 7/05/22 Syros Pharmaceuticals, Inc. (SYRS) All Stock $67.2 M $0.40 $0.2962 2,109,463 12/31/22 36.11% 79.41%
+ BKI 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $62.6 943,411 6/30/23 35.78% 37.64%
+ TMX 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $42.04 1,530,462 9/30/22 30.83% 152.06%
+ VMW 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $110.62 3,077,697 4/30/23 28.82% 36.78%
+ SIMO 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $107.16 $86.21 585,179 6/30/23 24.30% 25.56%
+ ATVI 1/18/22 Microsoft Corporation (MSFT) All Cash $68.7 B $95.00 $77.39 5,719,514 6/30/23 22.75% 23.94%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $26.65 546,585 9/30/22 21.58% 106.42%
+ NLSN 3/29/22 Evergreen Coast Capital Corporation (N/A) All Cash $16 B $28.00 $23.37 1,693,354 12/31/22 19.81% 43.56%
+ TGNA 2/22/22 Standard General L.P. (N/A) Special Conditions $8.6 B $24.00 $20.2 952,008 12/31/22 18.81% 41.36%
+ EXTN 1/24/22 Enerflex Ltd. (EFX.TO) All Stock $735 M $4.01 $3.38 474,753 9/30/22 18.65% 91.99%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $27.75 $23.52 1,852,254 12/31/22 17.98% 39.54%
+ FSTX 6/23/22 invoX Pharma (N/A) All Cash $161 M $7.12 $6.15 332,569 12/31/22 15.77% 34.68%
+ AUY 5/31/22 Gold Fields Limited (GFI) All Stock $6.7 B $5.27 $4.5700 15,930,658 12/31/22 15.40% 33.87%
+ TSEM 2/15/22 Intel Corporation (INTC) All Cash $5.4 B $53.00 $46.08 1,034,962 2/15/23 15.02% 25.86%
+ GSMG 7/11/22 Cheers Inc (N/A) All Cash $105.59 M $1.55 $1.35 310,950 12/31/22 14.81% 32.57%
+ FHN 2/28/22 The Toronto-Dominion Bank (TD) Special Conditions $13.4 B $25.00 $21.91 2,998,940 11/27/22 14.10% 39.00%
+ BRG 12/20/21 Blackstone Real Estate (N/A) Special Conditions $3.6 B $29.85 $26.22 315,494 9/30/22 13.84% 68.29%
+ HLG 5/09/22 Hailiang Education International Limited (N/A) All Cash $368.89 M $14.31 $13.08 1,103 9/30/22 9.40% 46.38%
+ RDUS 6/23/22 Gurnet Point Capital (N/A) All Cash $890 M $11.00 $10.13 452,830 9/30/22 8.59% 42.36%
+ MGI 2/15/22 Madison Dearborn Partners, LLC (N/A) All Cash $1.8 B $11.00 $10.16 440,089 12/31/22 8.27% 18.18%
+ BLCT 4/30/22 Multelements Limited (N/A) All Cash $60 M $1.60 $1.48 16,731 12/31/22 8.11% 17.83%
+ MILE 11/08/21 Lemonade (LMND) All Stock $201.47 M $1.03 $0.97 230,182 7/31/22 6.66% 187.11%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $47.18 294,198 9/30/22 6.61% 32.62%
+ SJI 2/24/22 Infrastructure Investments Fund (N/A) All Cash $8.1 B $36.00 $33.95 570,784 12/31/22 6.04% 13.28%
+ USWS 6/21/22 ProFrac Holding Corp. (PFHC) All Stock $546.29 M $0.83 $0.7796 309,869 12/31/22 5.93% 13.03%
+ IS 7/13/22 Unity (U) All Stock $3.61 B $3.67 $3.4900 29,108,033 12/31/22 5.19% 11.40%
+ TGA 7/14/22 VAALCO Energy, Inc. (EGY) All Stock $273 M $3.50 $3.3400 2,661,915 12/31/22 4.93% 10.85%
+ ROG 11/02/21 DuPont de Nemours, Inc. (DD) All Cash $5.2 B $277.00 $264 128,630 9/30/22 4.92% 24.29%
+ LHCG 3/28/22 Optum (N/A) All Cash $6.2 B $170.00 $162.43 315,056 12/31/22 4.66% 10.25%
+ VIVO 7/07/22 SD Biosensor and SJL Partners (N/A) All Cash $1.53 B $34.00 $32.5 815,134 12/31/22 4.62% 10.15%
+ AXU 7/05/22 Hecla Mining Company (HL) All Stock $75.24 M $0.44 $0.4185 1,453,641 9/30/22 4.50% 22.18%
+ ZEN 6/24/22 Permira and Hellman & Friedman LLC (N/A) All Cash $10.2 B $77.50 $74.33 2,981,911 12/31/22 4.26% 9.38%
+ CTEK 5/23/22 Clearwater Compliance LLC (N/A) All Cash $13.9 M $1.25 $1.2 90,487 9/30/22 4.17% 20.55%
+ TEN 2/23/22 Apollo Global Management, Inc. (APO) All Cash $7.1 B $20.00 $19.24 1,244,315 12/31/22 3.95% 8.69%
+ EURN 7/11/22 Frontline Ltd. (FRO) All Stock $4.08 B $12.89 $12.41 960,561 12/31/22 3.87% 8.51%
+ MNDT 3/08/22 Alphabet Inc. (GOOG) All Cash $5.4 B $23.00 $22.19 1,760,847 12/31/22 3.65% 8.03%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $37.58 $36.29 126,783 10/31/22 3.56% 12.37%
+ TUFN 4/06/22 Turn/River Capital (N/A) All Cash $570 M $13.00 $12.59 168,471 9/30/22 3.26% 16.06%
+ SMED 7/13/22 Aurora Capital Partners (N/A) All Cash $139.85 M $8.75 $8.48 885,626 9/30/22 3.18% 15.70%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $21.87 $21.23 1,233,131 9/30/22 3.02% 14.91%
+ SAVE 2/07/22 Frontier Group Holdings, Inc. (ULCC) Cash Plus Stock $6.6 B $25.26 $24.53 2,655,079 12/31/22 2.99% 6.58%
+ SAIL 4/11/22 Thoma Bravo (N/A) All Cash $6.9 B $65.25 $63.63 1,619,946 12/31/22 2.55% 5.60%
+ BKEP 4/22/22 Ergon, Inc. (N/A) All Cash $199.72 M $4.65 $4.54 226,367 9/30/22 2.42% 11.95%
+ MN 4/01/22 Callodine (N/A) All Cash $137.1 M $12.85 $12.57 106,623 9/30/22 2.23% 10.99%
+ NTUS 4/18/22 ArchiMed (N/A) All Cash $1.2 B $33.50 $32.79 100,550 9/30/22 2.17% 10.68%
+ USAK 6/24/22 DB Schenker (N/A) All Cash $435 M $31.72 $31.08 233,788 12/31/22 2.06% 4.53%
+ RNDB 3/28/22 Hometown Financial Group, Inc. (N/A) All Cash $146.5 M $27.00 $26.48 1,998 12/31/22 1.96% 4.32%
+ UMPQ 10/12/21 Columbia Banking System, Inc. (COLB) All Stock $4.5 B $17.39 $17.07 795,809 9/30/22 1.88% 9.29%
+ TPTX 6/03/22 Bristol Myers Squibb (BMY) All Cash $1.66 B $76.00 $74.65 1,249,949 9/30/22 1.81% 8.92%
+ RFP 7/06/22 The Paper Excellence Group (N/A) Special Conditions $2.7 B $20.50 $20.14 1,385,193 6/30/23 1.79% 1.88%
+ STON 5/25/22 Axar Capital Management, LP (N/A) All Cash $927.7 M $3.50 $3.44 942,650 9/30/22 1.74% 8.60%
+ BHVN 5/10/22 Pfizer Inc. (PFE) Special Conditions $11.6 B $148.50 $145.99 720,756 3/31/23 1.72% 2.45%
+ NSR 5/02/22 Sandstorm Gold Ltd. (SAND) All Stock $585.29 M $6.63 $6.52 6,337 12/31/22 1.70% 3.74%
+ NPTN 11/04/21 Lumentum Holdings Inc. (LITE) All Cash $745.24 M $16.00 $15.74 476,006 12/31/22 1.65% 3.63%
+ HMLP 5/25/22 Höegh LNG Holdings Ltd. (N/A) All Cash $167.6 M $9.25 $9.1 201,795 12/31/22 1.65% 3.62%
+ Y 3/21/22 Berkshire Hathaway (BRK.A) All Cash $11.6 B $848.02 $835.38 49,767 12/31/22 1.51% 3.33%
+ SWCH 5/11/22 DigitalBridge Group, Inc. (DBRG) All Cash $11 B $34.25 $33.74 1,108,255 12/31/22 1.51% 3.32%
+ CTXS 1/31/22 Vista Equity Partners and Elliott Investment Management LP (N/A) All Cash $16.5 B $104.00 $102.53 1,114,330 7/31/22 1.43% 40.25%
+ OBCI 6/22/22 OneWater Marine Inc. (ONEW) All Cash $125 M $13.08 $12.93 50,923 9/30/22 1.16% 5.72%
+ CTT 5/31/22 PotlatchDeltic Corporation (PCH) All Stock $1.06 B $10.41 $10.3 216,985 12/31/22 1.02% 2.25%
+ CVET 5/25/22 Clayton, Dubilier & Rice and TPG Capital (N/A) All Cash $4 B $21.00 $20.8 865,820 12/31/22 0.96% 2.11%
+ RTLR 5/16/22 Diamondback Energy, Inc. (FANG) All Stock $2.36 B $12.33 $12.23 236,695 9/30/22 0.84% 4.15%
+ LJPC 7/11/22 Innoviva, Inc. (INVA) All Cash $149 M $6.23 $6.18 183,070 8/11/22 0.81% 12.30%
+ DRE 6/13/22 Prologis, Inc. (PLD) All Stock $26 B $57.48 $57.03 1,990,542 12/31/22 0.79% 1.73%
+ CNVY 6/21/22 TPG Capital (N/A) All Cash $1.1 B $10.50 $10.42 127,187 12/31/22 0.77% 1.69%
+ SREV 5/09/22 Concentrix Corporation (CNXC) All Cash $164.49 M $1.50 $1.49 1,199,009 12/31/22 0.67% 1.48%
+ ACC 4/19/22 Blackstone (BX) All Cash $12.8 B $65.47 $65.11 1,017,752 9/30/22 0.55% 2.73%
+ CNR 3/07/22 Clayton, Dubilier & Rice (N/A) All Cash $5.8 B $24.65 $24.53 1,226,864 9/30/22 0.49% 2.41%
+ CDR 3/02/22 Wheeler Real Estate Investment Trust, Inc. (WHLR) All Cash $291.3 M $29.00 $28.86 305,427 9/30/22 0.49% 2.39%
+ MTOR 2/22/22 Cummins Inc. (CMI) All Cash $3.7 B $36.50 $36.33 1,206,189 12/31/22 0.47% 1.03%
+ MANT 5/16/22 The Carlyle Group Inc. (CG) All Cash $4.2 B $96.00 $95.59 163,383 12/31/22 0.43% 0.94%
+ POLY 3/28/22 HP Inc. (HPQ) All Cash $3.3 B $40.00 $39.83 697,669 12/31/22 0.43% 0.94%
+ HTA 2/28/22 Healthcare Realty Trust Incorporated (HR) Cash Plus Stock $10.74 B $29.45 $29.34 50,762,446 7/20/22 0.37% 68.42%
+ GCP 12/06/21 Saint-Gobain (N/A) All Cash $2.3 B $32.00 $31.89 477,448 12/31/22 0.34% 0.76%
+ PSB 4/25/22 Blackstone (BX) All Cash $7.6 B $187.50 $187.20 1,028,268 7/20/22 0.16% 29.25%
+ VG 11/22/21 Ericsson (ERIC) All Cash $6.2 B $21.00 $20.98 16,029,662 7/21/22 0.10% 11.60%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.99 2,112,263 7/28/22 0.04% 1.52%
+ GSV 6/13/22 Orla Mining Ltd. (ORLA) All Stock $138.14 M $0.29 $0.2863 315,367 8/31/22 0.01% 0.06%
+ STCN 6/13/22 Steel Partners Holdings L.P. (SPLP) All Cash $519.36 M $1.35 $1.35 37,059 12/31/22 0.00% 0.00%
+ ABTX 11/10/21 CBTX, Inc. (CBTX) All Stock $1.5 B $39.50 $39.64 58,705 9/30/22 -0.35% -1.71%
+ SRLP 6/02/22 Hartree Partners, LP (N/A) All Cash $1.44 B $19.00 $19.07 12,167 9/30/22 -0.37% -1.81%
+ EPZM 6/27/22 Ipsen (N/A) Special Conditions $247 M $1.45 $1.48 5,432,582 9/30/22 -2.03% -10.00%
+ PTRS 11/04/21 OceanFirst Financial Corp. (OCFC) All Stock $186 M $8.66 $9.03 3,052 9/30/22 -4.06% -20.04%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $212.72 166,629 9/30/22 -4.57% -22.54%
+ EMCF 3/24/22 Farmers National Banc Corp. (FMNB) All Stock $105 M $32.23 $34.53 1,218 12/31/22 -6.67% -14.66%
+ PCSB 5/24/22 Brookline Bancorp, Inc. (BRKL) All Stock $313 M $17.52 $18.96 62,405 12/31/22 -7.59% -16.68%
+ HMTV 5/09/22 Gato Investments LP (N/A) All Cash $658.07 M $7.00 $7.97 107,891 9/30/22 -12.17% -60.03%
+ ELSE 6/13/22 Mobile X Global, Inc. (N/A) All Cash $9.89 M $4.83 $5.82 1,113 9/30/22 -17.01% -83.90%
+ RDBX 5/11/22 Chicken Soup for the Soul Entertainment, Inc. (CSSE) All Stock $182.9 M $0.78 $4.37 2,234,262 12/31/22 -82.18% -180.70%

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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