Merger Arbitrage Mondays – Investor Group Led By Apollo Acquires Atlas Air

  • August 8, 2022

Merger activity increased last week with nine new deals announced and two deals completed. Four out of the nine deals announced last week were potential deals in the works.

Atlas Air Worldwide Holdings (AAWW)

Founded in 1992 and headquartered in Purchase, New York, Atlas Air Worldwide operates a fleet of over 100 all-Boeing planes. The company counts all three of the world’s largest logistics companies FedEx, UPS and DHL among its customers and extends its services to the military. Atlas has been training the pilots and engineers that operate Air Force One since October 2007. Over the years, the company signed additional agreements with Amazon that give Amazon the ability to acquire 39.9% of the company. A stockholders agreement that Atlas has with Amazon caps Amazon’s ability to vote in its discretion at 14.9%.

Atlas Air

We wrote in detail about Atlas Air Worldwide Holdings in our Special Situations Newsletter: March 2022, after the company announced a $200 million share buyback in February 2022, that amounted to nearly 9% of the company’s market cap. We wrote the following in the newsletter,

I find companies where the insiders are buying stock with their own money even as the company is buying back its own shares attractive and we track these kinds of companies in our Double Dipper screen for premium members. In the case of Atlas Air Worldwide, we are not seeing insider buying but we are seeing insiders exercise options and not sell all shares beyond the portion required to satisfy tax withholding. Some of these insiders were selling shares when the stock had eclipsed $90 and stopped selling after the recent pullback in the stock.

Rising input costs on account of rising oil prices caused us to exit the position in the model portfolio. We added Atlas Air as a potential deal in the works on August 1, 2022, when The Wall Street Journal reported that a group led by Apollo Global Management (APOwas in advanced talks to buy the airfreight company. Atlas Air’s price after this announcement was $84.99.

The potential deal materialized three days later on August 4, 2022, when Atlas Air entered into a definitive agreement to be acquired by the investor group led by funds managed by affiliates of Apollo together with investment affiliates of J.F. Lehman & Company and Hill City Capital in an all-cash transaction with an enterprise valuation of approximately $5.2 billion.

iRobot (IRBT)

iRobot Corporation was founded in 1990 by three members of MIT’s Artificial Intelligence Lab, who designed robots for space exploration and military defense. The company, headquartered in Bedford, Massachusetts, designs and builds consumer robots. Roomba, an automated vacuum cleaning robot is one of iRobot’s leading innovations.

iRobot's Roomba

On August 5, 2022, Amazon entered into a definitive merger agreement under which it will acquire iRobot for $61 per share in an all-cash transaction valued at approximately $1.7 billion, including iRobot’s net debt. The spread on the deal is small (2.45%) despite Lina Khan’s increased scrutiny of large tech companies. We wrote the following in a SeekingAlpha article titled ‘The FTC Throws A Wrench Into The Meta Machine

When we report on public company M&A every Monday in our Merger Arbitrage Mondays series of articles, one of the things that I look into is the level of regulatory risk an announced merger or acquisition is likely to run into. Regulatory risk can come from one of several governmental agencies including the FTC, DOJ, FCC, OCC, CFIUS, etc. depending on the industry and location of the company. Over the last decade, we have seen several deals fail because of regulatory issues and some of the larger ones that come to mind include Baker Hughes/Halliburton, Allergan/Pfizer, Office Depot/Staples, Cigna/Anthem and Pacific Biosciences/Illumina.

This is Amazon’s second deal in just over two weeks. The company is already in the process of closing its deal with 1Life Healthcare (ONEM), a deal we wrote about in detail in our August 2022 special situations newsletter. Given Amazon’s strength in consumer devices through its Echo line of product and Ring doorbells/cameras, I would expect increased regulatory scrutiny of the deal and am surprised by the small spread on the deal.

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 eight new potential deals added to the Deals in the Works section last week.

  1. On August 1, 2022, The Wall Street Journal reported that a group led by Apollo Global Management (APOis in advanced talks to buy airfreight company Atlas Air Worldwide Holdings (AAWW).
  2. On August 1, 2022, Bloomberg reported that Semtech (SMTCis in advanced talks to buy Canadian peer Sierra Wireless (SWIR).
  3. On August 2, 2022, The Wall Street Journal reported that Signify Health (SGFY) is working with bankers to explore strategic alternatives including a sale.
  4.  On August 3, 2022, Reuters reported that Brigham Minerals (MNRL) is exploring options that include a sale or a merger.
  5. On August 3, 2022, Ceragon Networks (CRNT), confirmed that it has received a revised non-binding indication of interest from Aviat Networks, Inc. (AVNW) to acquire all of the outstanding shares of Ceragon for $3.08 per share, consisting of $2.80 in cash and $0.28 in equity consideration of Aviat common stock.
  6. On August 4, 2022, Western Asset Mortgage Capital Corporation (WMC) announced that its Board of Directors has authorized a review of strategic alternatives for the Company aimed at enhancing shareholder value, which may include a sale or merger of the company.
  7. On August 4, 2022, Reuters reported that Atlas Corp (ATCO) has received a takeover offer from consortium group Poseidon Acquisition an all-cash deal for $3.64 billion.
  8. On August 4, 2022, Bloomberg reported that Global Blood Therapeutics (GBT) is attracting takeover interest.

SPAC Arbitrage

There were two new SPAC IPOs filed and six new SPAC combinations announced last week. You can find new SPAC IPO announcements in our SPACs tool here.

New Business Combinations

  1. Social Leverage Acquisition Corp I (SLACentered into a definitive business combination agreement with W3BCLOUD Holdings, a storage and compute infrastructure provider for Web3.
  2. Galata Acquisition (GLTAannounced execution of a definitive business combination agreement with Marti Technologies, Turkey’s leading mobility app.
  3. Seamless Group, a global fintech platform and INFINT Acquisition Corporation (IFIN) announced the signing of a definitive business combination agreement.
  4. Tomorrow Crypto Group and Globalink Investment (GLLI) announced that they have entered into a definitive merger agreement.
  5. Bridger Aerospace Group Holdings and Jack Creek Investment Corp. (JCIC) announced a definitive merger agreement.
  6. Plastiq, a B2B payment platform powering the small and midsize business economy, and Colonnade Acquisition Corp. II (CLAAentered into a definitive agreement and plan of merger.


  1. Duddell Street Acquisition Corp. (DSACannounced the completion of its business combination with FiscalNote Holdings on July 29, 2022.
  2. Apexigen announced the closing of its previously announced business combination with Brookline Capital Acquisition Corp. (BCAC) on August 1, 2022.
  3. Energem Corp (ENCPannounced the signing of a definitive share purchase agreement with Graphjet Technology Sdn. Bhd., a Malaysian private limited company that will result in Graphjet becoming a wholly-owned subsidiary of Energem on August 2, 2022.
  4.  Semantix (STIXcompleted its previously announced business combination with Alpha Capital on August 3, 2022.
  5. ZeroFox (ZFOX) reported the closing of its previously announced business combination with L&F Acquisition Corp. on August 3, 2022.

Merger Arbitrage

Weekly Spread Changes:

The table below shows weekly spread changes between July 29 and August 5, 2022.

Company Quote
Last Week
Spread Change
SIMO80.43MaxLinear, Inc. (MXL)42.336.71%28.03%8.68%Cash Plus Stock
NLSN23.04Evergreen Coast Capital Corporation (N/A)21.53%16.91%4.62%All Cash
IS4.82Unity (U)48.068.58%4.40%4.18%All Stock
EURN14.47Frontline Ltd. (FRO)10.495.12%2.62%2.50%All Stock
BKI64.51Intercontinental Exchange, Inc. (ICE)105.0231.76%29.42%2.34%Special Conditions
MGI10.43Madison Dearborn Partners, LLC (N/A)5.47%8.27%-2.80%All Cash
GSV0.38Orla Mining Ltd. (ORLA)3.231.41%4.21%-2.80%All Stock
FHN23The Toronto-Dominion Bank (TD)64.488.70%11.81%-3.11%Special Conditions
AUY4.97Gold Fields Limited (GFI)9.2912.15%15.48%-3.33%All Stock
CTEK1.22Clearwater Compliance LLC (N/A)2.46%5.93%-3.47%All Cash

Deal Statistics:

Total Number of Deals Closed in 2022110
Total Number of Deals Not Completed in 20226
Total Number of Pending Deals
Cash Deals61
Stock Deals22
Stock & Cash Deals4
Special Conditions10
Total Number of Pending Deals97
Aggregate Deal Consideration$1.02 trillion

New Deals:

  1. The acquisition of EVO Payments (EVOP) by Global Payments (GPN) for $4 billion or $34 per share in cash.
  2. The acquisition of Romeo Power (RMO) by Nikola Corporation (NKLA) for $58.34 million in an all stock deal. Under the terms of the agreement, Romeo stockholders will receive 0.1186 of a share of Nikola common stock for each Romeo share.
  3. The acquisition of Stealth BioTherapeutics (MITO) by a consortium of investors led by Morningside Venture (I) Investments for $29.64 million or $0.375 per share in cash. We added MITO as a potential deal to the Deals in the Works section on June 27, 2022 and the price after the news of the potential deal came out was $0.27.
  4. The acquisition of Cowen (COWN) by TD Bank Group (TD) for $1.3 billion or $39 per share in cash. We added COWN as a potential deal to the Deals in the Works section on July 1, 2022 and the price after the news of the potential deal came out was $30.93.
  5. The acquisition of Sierra Wireless (SWIR) by Semtech Corporation (SMTC) for $1.2 billion or $31 per share in cash. We added SWIR as a potential deal to the Deals in the Works section on August 1, 2022 and the price after the news of the potential deal came out was $29.98.
  6. The acquisition of Ping Identity Holding (PING) by Thoma Bravo for $2.8 billion or $28.50 per share in cash.
  7. The acquisition of ChemoCentryx (CCXI) by Amgen (AMGN) for $3.7 billion or $52 per share in cash.
  8. The acquisition of Atlas Air Worldwide Holdings (AAWW) by an investor group led by funds managed by affiliates of Apollo (APO) for $5.2 billion or $102.50 per share in cash. We added AAWW as a potential deal to the Deals in the Works section on August 1, 2022 and the price after the news of the potential deal came out was $84.99.
  9. The acquisition of iRobot Corporation (IRBT) by Amazon (AMZN) for $1.7 billion or $61 per share in cash.

Deal Updates:

  1. On August 3, 2022, Manning & Napier (MN) announced that its stockholders approved the acquisition of the company by Callodine.
  2. On August 4, 2022, American Campus Communities (ACC) announced that its stockholders approved the acquisition of the company by Blackstone. The transaction is expected to close on or about August 9, 2022.
  3. On August 4, 2022, CatchMark Timber Trust (CTTreported that its merger with PotlatchDeltic Corporation (PCH) is expected to close by the end of the third quarter.
  4. On August 4, 2022, U.S. Well Services (USWS) announced that it is executing a reverse stock split.  Holders of the company’s Class A common stock will receive 1 post-split share for every 6 pre-split shares of Class A common stock. Holders of USWS Class A common stock will now be entitled to receive 0.3366 shares of ProFrac (PFHC) Class A Common Stock for each share of USWS Class A common stock upon closing of the pending transaction, which is expected in the fourth quarter of 2022.
  5. On August 4, 2022, Twitter (TWTRfiled a response to Mr. Musk’s counterclaims, stating that his claims are factually inaccurate, legally insufficient, and commercially irrelevant.

Closed Deals:

  1. The acquisition of Meritor (MTOR) by Cummins (CMI) on August 3, 2022. It took 162 days for this deal to be completed.
  2. The acquisition of NeoPhotonics Corporation (NPTN) by Lumentum Holdings (LITE) on August 3, 2022. It took 272 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.

SAVE07/28/2022JetBlue Airways Corporation (JBLU)$33.50$24.506/30/202436.73%19.35%
SIMO05/05/2022MaxLinear, Inc. (MXL)$109.95$80.4306/30/202336.71%40.97%
MITO08/01/2022Stealth Parent Limited (N/A)$0.38$0.28812/31/202231.94%79.86%
BKI05/04/2022Intercontinental Exchange, Inc. (ICE)$85.00$64.5106/30/202331.76%35.45%
TWTR04/25/2022Elon Musk (N/A)$54.20$42.5212/31/202227.47%68.67%
VMW05/26/2022Broadcom Inc. (AVGO)$142.50$117.2504/30/202321.54%29.55%
NLSN03/29/2022Evergreen Coast Capital Corporation (N/A)$28.00$23.0412/31/202221.53%53.82%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$26.809/30/202220.90%141.24%
ATVI01/18/2022Microsoft Corporation (MSFT)$95.00$80.4906/30/202318.03%20.12%
CHNG01/06/2021UnitedHealth Group Incorporated (UNH)$27.75$23.8812/31/202216.21%40.52%

List of all pending deals:

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

Target VolumeEstimated
Closing Date
+SAVE7/28/22JetBlue Airways Corporation (JBLU)All Cash$7.6 B$33.50$24.5992,6396/30/2436.73%19.38%
+SIMO5/05/22MaxLinear, Inc. (MXL)Cash Plus Stock$8 B$109.95$80.43639,7786/30/2336.71%41.10%
+MITO8/01/22Stealth Parent Limited (N/A)All Cash$29.64 M$0.38$0.288358,19612/31/2231.94%80.41%
+BKI5/04/22Intercontinental Exchange, Inc. (ICE)Special Conditions$16 B$85.00$64.51394,4346/30/2331.76%35.56%
+TWTR4/25/22Elon Musk (N/A)All Cash$44 B$54.20$42.5215,881,78012/31/2227.47%69.15%
+TMX12/14/21Rentokil Initial plc (RTOKY)Special Conditions$6.7 B$55.00$44.86435,5979/30/2222.60%155.67%
+VMW5/26/22Broadcom Inc. (AVGO)Special Conditions$69 B$142.50$117.251,662,2564/30/2321.54%29.66%
+NLSN3/29/22Evergreen Coast Capital Corporation (N/A)All Cash$16 B$28.00$23.044,235,95512/31/2221.53%54.19%
+SJR3/15/21Rogers Communications Inc. (RCI)Special Conditions$26 B$32.40$26.8175,3919/30/2220.90%143.90%
+ATVI1/18/22Microsoft Corporation (MSFT)All Cash$68.7 B$95.00$80.492,296,1616/30/2318.03%20.18%
+CHNG1/06/21UnitedHealth Group Incorporated (UNH)All Cash$13.28 B$27.75$23.882,001,69712/31/2216.21%40.79%
+BRG12/20/21Blackstone Real Estate (N/A)Special Conditions$3.6 B$29.85$26.1263,2169/30/2214.28%98.35%
+TYME7/05/22Syros Pharmaceuticals, Inc. (SYRS)All Stock$67.2 M$0.39$0.34386,84612/31/2214.14%35.60%
+TGNA2/22/22Standard General L.P. (N/A)Special Conditions$8.6 B$24.00$21.21,359,88212/31/2213.21%33.25%
+EXTN1/24/22Enerflex Ltd. (EFX.TO)All Stock$735 M$4.40$3.8996,7759/30/2213.14%90.49%
+AUY5/31/22Gold Fields Limited (GFI)All Stock$6.7 B$5.57$4.9710,103,72112/31/2212.15%30.59%
+TSEM2/15/22Intel Corporation (INTC)All Cash$5.4 B$53.00$47.37192,8022/15/2311.89%22.71%
+GSMG7/11/22Cheers Inc (N/A)All Cash$105.59 M$1.55$1.4112,20412/31/2210.71%26.97%
+HLG5/09/22Hailiang Education International Limited (N/A)All Cash$368.89 M$14.31$13.17,4479/30/229.24%63.61%
+FHN2/28/22The Toronto-Dominion Bank (TD)Special Conditions$13.4 B$25.00$231,723,59811/27/228.70%28.59%
+IS7/13/22Unity (U)All Stock$3.61 B$5.23$4.8226,540,28712/31/228.58%21.61%
+RDUS6/23/22Gurnet Point Capital (N/A)All Cash$890 M$11.00$10.19957,0559/30/227.95%54.74%
+FSTX6/23/22invoX Pharma (N/A)All Cash$161 M$7.12$6.677,75912/31/227.88%19.83%
+RMO8/01/22Nikola Corporation (NKLA)All Stock$58.34 M$0.95$0.89005,629,19110/31/227.27%31.60%
+BLCT4/30/22Multelements Limited (N/A)All Cash$60 M$1.60$1.539,71012/31/226.67%16.78%
+TEN2/23/22Apollo Global Management, Inc. (APO)All Cash$7.1 B$20.00$18.81847,43312/31/226.33%15.93%
+ONEM7/21/22Amazon (AMZN)All Cash$3.9 B$18.00$16.963,517,14412/31/226.13%15.44%
+TUFN4/06/22Turn/River Capital (N/A)All Cash$570 M$13.00$12.29142,4759/30/225.78%39.79%
+MGI2/15/22Madison Dearborn Partners, LLC (N/A)All Cash$1.8 B$11.00$10.43619,65712/31/225.47%13.76%
+EURN7/11/22Frontline Ltd. (FRO)All Stock$4.08 B$15.21$14.471,541,81312/31/225.12%12.88%
+LHCG3/28/22Optum (N/A)All Cash$6.2 B$170.00$161.79382,40112/31/225.07%12.77%
+RNWK7/28/22Greater Heights LLC (N/A)All Cash$12.65 M$0.73$0.695181,83912/31/225.04%12.68%
+USWS6/21/22ProFrac Holding Corp. (PFHC)All Stock$546.29 M$5.88$5.6368,12412/31/225.01%12.60%
+VIVO7/07/22SD Biosensor and SJL Partners (N/A)All Cash$1.53 B$34.00$32.5483,33012/31/224.62%11.62%
+PNM10/21/20Avangrid, Inc. (AGR)All Cash$8.05 B$50.30$48.1298,2019/30/224.57%31.50%
+SJI2/24/22Infrastructure Investments Fund (N/A)All Cash$8.1 B$36.00$34.51467,44812/31/224.32%10.87%
+ZY7/25/22Ginkgo Bioworks (DNA)All Stock$145.14 M$2.82$2.721,199,0903/31/233.60%5.59%
+STON5/25/22Axar Capital Management, LP (N/A)All Cash$927.7 M$3.50$3.4331,5909/30/222.94%20.26%
+ROG11/02/21DuPont de Nemours, Inc. (DD)All Cash$5.2 B$277.00$269.164,6689/30/222.94%20.22%
+CCXI8/04/22Amgen Inc. (AMGN)All Cash$3.7 B$52.00$50.527,750,34612/31/222.93%7.37%
+AAWW8/04/22Apollo (APO)All Cash$5.2 B$102.50$99.653,756,7423/31/232.86%4.44%
+FBC4/26/21New York Community Bancorp, Inc. (NYCB)All Stock$2.6 B$40.91$39.85230,96010/31/222.67%11.60%
+CTEK5/23/22Clearwater Compliance LLC (N/A)All Cash$13.9 M$1.25$1.224,0049/30/222.46%16.93%
+IRBT8/05/22Amazon (AMZN)All Cash$1.7 B$61.00$59.5414,693,94412/31/222.45%6.17%
+ZEN6/24/22Permira and Hellman & Friedman LLC (N/A)All Cash$10.2 B$77.50$75.891,545,62312/31/222.12%5.34%
+AUTO7/25/22One Planet Group, LLC (N/A)All Cash$13.89 M$0.39$0.382160,1599/16/222.09%19.60%
+PING8/03/22Thoma Bravo (N/A)All Cash$2.8 B$28.50$27.973,938,84812/31/221.89%4.77%
+RNDB3/28/22Hometown Financial Group, Inc. (N/A)All Cash$146.5 M$27.00$26.51,11112/31/221.89%4.75%
+TGA7/14/22VAALCO Energy, Inc. (EGY)All Stock$273 M$3.13$3.081,022,81712/31/221.78%4.48%
+AXU7/05/22Hecla Mining Company (HL)All Stock$75.24 M$0.54$0.53633,1959/30/221.77%12.21%
+RFP7/06/22The Paper Excellence Group (N/A)Special Conditions$2.7 B$20.50$20.16818,6726/30/231.69%1.89%
+USAK6/24/22DB Schenker (N/A)All Cash$435 M$31.72$31.2279,08012/31/221.60%4.03%
+EVOP8/01/22Global Payments Inc. (GPN)All Cash$4 B$34.00$33.471,012,4413/31/231.58%2.46%
+CTXS1/31/22Vista Equity Partners and Elliott Investment Management LP (N/A)All Cash$16.5 B$104.00$102.5568,1827/31/221.46%0.00%
+UMPQ10/12/21Columbia Banking System, Inc. (COLB)All Stock$4.5 B$17.96$17.71600,7719/30/221.43%9.85%
+SWIR8/02/22Semtech Corporation (SMTC)All Cash$1.2 B$31.00$30.572,691,4581/31/231.41%2.92%
+GSV6/13/22Orla Mining Ltd. (ORLA)All Stock$138.14 M$0.39$0.38190,3338/31/221.41%22.30%
+GCP12/06/21Saint-Gobain (N/A)All Cash$2.3 B$32.00$31.56323,45912/31/221.39%3.51%
+TPTX6/03/22Bristol Myers Squibb (BMY)All Cash$1.66 B$76.00$74.97795,6179/30/221.37%9.46%
+Y3/21/22Berkshire Hathaway (BRK.A)All Cash$11.6 B$848.02$837.239,13512/31/221.29%3.25%
+SAIL4/11/22Thoma Bravo (N/A)All Cash$6.9 B$65.25$64.49862,11812/31/221.18%2.97%
+PZN7/26/22Pzena Investment Management, LLC (N/A)All Cash$795 M$9.60$9.49126,23912/31/221.16%2.92%
+CTT5/31/22PotlatchDeltic Corporation (PCH)All Stock$1.06 B$10.81$10.69324,1619/30/221.10%7.58%
+IEA7/25/22MasTec, Inc. (MTZ)Cash Plus Stock$1.17 B$14.43$14.27447,30012/31/221.10%2.76%
+HMLP5/25/22Höegh LNG Holdings Ltd. (N/A)All Cash$167.6 M$9.25$9.1522,60112/31/221.09%2.75%
+BHVN5/10/22Pfizer Inc. (PFE)Special Conditions$11.6 B$148.50$146.98310,5183/31/231.03%1.61%
+MN4/01/22Callodine (N/A)All Cash$137.1 M$12.85$12.7384,6129/30/220.94%6.49%
+CVET5/25/22Clayton, Dubilier & Rice and TPG Capital (N/A)All Cash$4 B$21.00$20.81298,56112/31/220.91%2.30%
+COWN8/02/22TD Bank Group (TD)All Cash$1.3 B$39.00$38.652,238,6923/31/230.91%1.41%
+SRLP6/02/22Hartree Partners, LP (N/A)All Cash$1.44 B$19.00$18.8324,2519/30/220.90%6.22%
+SWCH5/11/22DigitalBridge Group, Inc. (DBRG)All Cash$11 B$34.25$33.952,234,25412/31/220.88%2.22%
+MNDT3/08/22Alphabet Inc. (GOOG)All Cash$5.4 B$23.00$22.812,960,82212/31/220.83%2.10%
+RTLR5/16/22Diamondback Energy, Inc. (FANG)All Stock$2.36 B$13.71$13.62285,7649/30/220.70%4.79%
+NSR5/02/22Sandstorm Gold Ltd. (SAND)All Stock$585.29 M$7.07$7.026,20712/31/220.66%1.66%
+POLY3/28/22HP Inc. (HPQ)All Cash$3.3 B$40.00$39.76218,75812/31/220.60%1.52%
+SMED7/13/22Aurora Capital Partners (N/A)All Cash$139.85 M$8.75$8.7334,2589/30/220.57%3.96%
+LJPC7/11/22Innoviva, Inc. (INVA)All Cash$149 M$6.23$6.273,6108/11/220.48%58.87%
+CNVY6/21/22TPG Capital (N/A)All Cash$1.1 B$10.50$10.4594,94012/31/220.48%1.20%
+DRE6/13/22Prologis, Inc. (PLD)All Stock$26 B$62.41$62.12840,16912/31/220.47%1.18%
+BKEP4/22/22Ergon, Inc. (N/A)All Cash$199.72 M$4.65$4.6359,1889/30/220.43%2.97%
+HNGR7/21/22Patient Square Capital (N/A)All Cash$1.25 B$18.75$18.67367,27112/31/220.43%1.08%
+OBCI6/22/22OneWater Marine Inc. (ONEW)All Cash$125 M$13.08$13.0424,0709/30/220.31%2.11%
+MANT5/16/22The Carlyle Group Inc. (CG)All Cash$4.2 B$96.00$95.79261,53412/31/220.22%0.55%
+SHLX7/25/22Shell USA, Inc. (SHEL)All Cash$1.96 B$15.85$15.82679,65712/31/220.19%0.48%
+CDR3/02/22Wheeler Real Estate Investment Trust, Inc. (WHLR)All Cash$291.3 M$29.00$28.96179,3648/31/220.14%2.19%
+ACC4/19/22Blackstone (BX)All Cash$12.8 B$65.47$65.41,939,4209/30/220.11%0.74%
+ATC7/01/21MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 B$22.86$22.85249,8648/17/220.04%1.75%
+ABTX11/10/21CBTX, Inc. (CBTX)All Stock$1.5 B$43.60$43.969,6359/30/22-0.68%-4.68%
+STCN6/13/22Steel Partners Holdings L.P. (SPLP)All Cash$519.36 M$1.35$1.3674,83212/31/22-0.74%-1.85%
+PTRS11/04/21OceanFirst Financial Corp. (OCFC)All Stock$186 M$9.42$9.524909/30/22-1.09%-7.48%
+PBFX7/28/22PBF Energy Inc. (PBF)Cash Plus Stock$1.64 B$17.37$17.59172,4713/31/23-1.27%-1.98%
+EMCF3/24/22Farmers National Banc Corp. (FMNB)All Stock$105 M$30.08$31.394,64112/31/22-4.18%-10.52%
+EPZM6/27/22Ipsen (N/A)Special Conditions$247 M$1.45$1.521,193,0239/30/22-4.61%-31.72%
+PCSB5/24/22Brookline Bancorp, Inc. (BRKL)All Stock$313 M$18.20$19.3837,21912/31/22-6.09%-15.34%
+HMTV5/09/22Gato Investments LP (N/A)All Cash$658.07 M$7.00$7.822,4209/30/22-10.26%-70.63%
+ELSE6/13/22Mobile X Global, Inc. (N/A)All Cash$9.89 M$4.83$5.92372,2239/30/22-18.46%-127.15%
+RDBX5/11/22Chicken Soup for the Soul Entertainment, Inc. (CSSE)All Stock$182.9 M$0.94$5.0211,186,86612/31/22-81.21%-204.43%

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