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

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.

Completed

  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.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
SIMO 80.43 MaxLinear, Inc. (MXL) 42.3 36.71% 28.03% 8.68% Cash Plus Stock
NLSN 23.04 Evergreen Coast Capital Corporation (N/A) 21.53% 16.91% 4.62% All Cash
IS 4.82 Unity (U) 48.06 8.58% 4.40% 4.18% All Stock
EURN 14.47 Frontline Ltd. (FRO) 10.49 5.12% 2.62% 2.50% All Stock
BKI 64.51 Intercontinental Exchange, Inc. (ICE) 105.02 31.76% 29.42% 2.34% Special Conditions
MGI 10.43 Madison Dearborn Partners, LLC (N/A) 5.47% 8.27% -2.80% All Cash
GSV 0.38 Orla Mining Ltd. (ORLA) 3.23 1.41% 4.21% -2.80% All Stock
FHN 23 The Toronto-Dominion Bank (TD) 64.48 8.70% 11.81% -3.11% Special Conditions
AUY 4.97 Gold Fields Limited (GFI) 9.29 12.15% 15.48% -3.33% All Stock
CTEK 1.22 Clearwater Compliance LLC (N/A) 2.46% 5.93% -3.47% All Cash

Deal Statistics:

Total Number of Deals Closed in 2022 110
Total Number of Deals Not Completed in 2022 6
Total Number of Pending Deals
Cash Deals 61
Stock Deals 22
Stock & Cash Deals 4
Special Conditions 10
Total Number of Pending Deals 97
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.

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
SAVE 07/28/2022 JetBlue Airways Corporation (JBLU) $33.50 $24.5 06/30/2024 36.73% 19.35%
SIMO 05/05/2022 MaxLinear, Inc. (MXL) $109.95 $80.43 06/30/2023 36.71% 40.97%
MITO 08/01/2022 Stealth Parent Limited (N/A) $0.38 $0.288 12/31/2022 31.94% 79.86%
BKI 05/04/2022 Intercontinental Exchange, Inc. (ICE) $85.00 $64.51 06/30/2023 31.76% 35.45%
TWTR 04/25/2022 Elon Musk (N/A) $54.20 $42.52 12/31/2022 27.47% 68.67%
VMW 05/26/2022 Broadcom Inc. (AVGO) $142.50 $117.25 04/30/2023 21.54% 29.55%
NLSN 03/29/2022 Evergreen Coast Capital Corporation (N/A) $28.00 $23.04 12/31/2022 21.53% 53.82%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $26.8 09/30/2022 20.90% 141.24%
ATVI 01/18/2022 Microsoft Corporation (MSFT) $95.00 $80.49 06/30/2023 18.03% 20.12%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $27.75 $23.88 12/31/2022 16.21% 40.52%

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
+ SAVE 7/28/22 JetBlue Airways Corporation (JBLU) All Cash $7.6 B $33.50 $24.5 992,639 6/30/24 36.73% 19.38%
+ SIMO 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $109.95 $80.43 639,778 6/30/23 36.71% 41.10%
+ MITO 8/01/22 Stealth Parent Limited (N/A) All Cash $29.64 M $0.38 $0.288 358,196 12/31/22 31.94% 80.41%
+ BKI 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $64.51 394,434 6/30/23 31.76% 35.56%
+ TWTR 4/25/22 Elon Musk (N/A) All Cash $44 B $54.20 $42.52 15,881,780 12/31/22 27.47% 69.15%
+ TMX 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $44.86 435,597 9/30/22 22.60% 155.67%
+ VMW 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $117.25 1,662,256 4/30/23 21.54% 29.66%
+ NLSN 3/29/22 Evergreen Coast Capital Corporation (N/A) All Cash $16 B $28.00 $23.04 4,235,955 12/31/22 21.53% 54.19%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $26.8 175,391 9/30/22 20.90% 143.90%
+ ATVI 1/18/22 Microsoft Corporation (MSFT) All Cash $68.7 B $95.00 $80.49 2,296,161 6/30/23 18.03% 20.18%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $27.75 $23.88 2,001,697 12/31/22 16.21% 40.79%
+ BRG 12/20/21 Blackstone Real Estate (N/A) Special Conditions $3.6 B $29.85 $26.12 63,216 9/30/22 14.28% 98.35%
+ TYME 7/05/22 Syros Pharmaceuticals, Inc. (SYRS) All Stock $67.2 M $0.39 $0.34 386,846 12/31/22 14.14% 35.60%
+ TGNA 2/22/22 Standard General L.P. (N/A) Special Conditions $8.6 B $24.00 $21.2 1,359,882 12/31/22 13.21% 33.25%
+ EXTN 1/24/22 Enerflex Ltd. (EFX.TO) All Stock $735 M $4.40 $3.89 96,775 9/30/22 13.14% 90.49%
+ AUY 5/31/22 Gold Fields Limited (GFI) All Stock $6.7 B $5.57 $4.97 10,103,721 12/31/22 12.15% 30.59%
+ TSEM 2/15/22 Intel Corporation (INTC) All Cash $5.4 B $53.00 $47.37 192,802 2/15/23 11.89% 22.71%
+ GSMG 7/11/22 Cheers Inc (N/A) All Cash $105.59 M $1.55 $1.4 112,204 12/31/22 10.71% 26.97%
+ HLG 5/09/22 Hailiang Education International Limited (N/A) All Cash $368.89 M $14.31 $13.1 7,447 9/30/22 9.24% 63.61%
+ FHN 2/28/22 The Toronto-Dominion Bank (TD) Special Conditions $13.4 B $25.00 $23 1,723,598 11/27/22 8.70% 28.59%
+ IS 7/13/22 Unity (U) All Stock $3.61 B $5.23 $4.82 26,540,287 12/31/22 8.58% 21.61%
+ RDUS 6/23/22 Gurnet Point Capital (N/A) All Cash $890 M $11.00 $10.19 957,055 9/30/22 7.95% 54.74%
+ FSTX 6/23/22 invoX Pharma (N/A) All Cash $161 M $7.12 $6.6 77,759 12/31/22 7.88% 19.83%
+ RMO 8/01/22 Nikola Corporation (NKLA) All Stock $58.34 M $0.95 $0.8900 5,629,191 10/31/22 7.27% 31.60%
+ BLCT 4/30/22 Multelements Limited (N/A) All Cash $60 M $1.60 $1.5 39,710 12/31/22 6.67% 16.78%
+ TEN 2/23/22 Apollo Global Management, Inc. (APO) All Cash $7.1 B $20.00 $18.81 847,433 12/31/22 6.33% 15.93%
+ ONEM 7/21/22 Amazon (AMZN) All Cash $3.9 B $18.00 $16.96 3,517,144 12/31/22 6.13% 15.44%
+ TUFN 4/06/22 Turn/River Capital (N/A) All Cash $570 M $13.00 $12.29 142,475 9/30/22 5.78% 39.79%
+ MGI 2/15/22 Madison Dearborn Partners, LLC (N/A) All Cash $1.8 B $11.00 $10.43 619,657 12/31/22 5.47% 13.76%
+ EURN 7/11/22 Frontline Ltd. (FRO) All Stock $4.08 B $15.21 $14.47 1,541,813 12/31/22 5.12% 12.88%
+ LHCG 3/28/22 Optum (N/A) All Cash $6.2 B $170.00 $161.79 382,401 12/31/22 5.07% 12.77%
+ RNWK 7/28/22 Greater Heights LLC (N/A) All Cash $12.65 M $0.73 $0.695 181,839 12/31/22 5.04% 12.68%
+ USWS 6/21/22 ProFrac Holding Corp. (PFHC) All Stock $546.29 M $5.88 $5.6 368,124 12/31/22 5.01% 12.60%
+ VIVO 7/07/22 SD Biosensor and SJL Partners (N/A) All Cash $1.53 B $34.00 $32.5 483,330 12/31/22 4.62% 11.62%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $48.1 298,201 9/30/22 4.57% 31.50%
+ SJI 2/24/22 Infrastructure Investments Fund (N/A) All Cash $8.1 B $36.00 $34.51 467,448 12/31/22 4.32% 10.87%
+ ZY 7/25/22 Ginkgo Bioworks (DNA) All Stock $145.14 M $2.82 $2.72 1,199,090 3/31/23 3.60% 5.59%
+ STON 5/25/22 Axar Capital Management, LP (N/A) All Cash $927.7 M $3.50 $3.4 331,590 9/30/22 2.94% 20.26%
+ ROG 11/02/21 DuPont de Nemours, Inc. (DD) All Cash $5.2 B $277.00 $269.1 64,668 9/30/22 2.94% 20.22%
+ CCXI 8/04/22 Amgen Inc. (AMGN) All Cash $3.7 B $52.00 $50.52 7,750,346 12/31/22 2.93% 7.37%
+ AAWW 8/04/22 Apollo (APO) All Cash $5.2 B $102.50 $99.65 3,756,742 3/31/23 2.86% 4.44%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $40.91 $39.85 230,960 10/31/22 2.67% 11.60%
+ CTEK 5/23/22 Clearwater Compliance LLC (N/A) All Cash $13.9 M $1.25 $1.22 4,004 9/30/22 2.46% 16.93%
+ IRBT 8/05/22 Amazon (AMZN) All Cash $1.7 B $61.00 $59.54 14,693,944 12/31/22 2.45% 6.17%
+ ZEN 6/24/22 Permira and Hellman & Friedman LLC (N/A) All Cash $10.2 B $77.50 $75.89 1,545,623 12/31/22 2.12% 5.34%
+ AUTO 7/25/22 One Planet Group, LLC (N/A) All Cash $13.89 M $0.39 $0.382 160,159 9/16/22 2.09% 19.60%
+ PING 8/03/22 Thoma Bravo (N/A) All Cash $2.8 B $28.50 $27.97 3,938,848 12/31/22 1.89% 4.77%
+ RNDB 3/28/22 Hometown Financial Group, Inc. (N/A) All Cash $146.5 M $27.00 $26.5 1,111 12/31/22 1.89% 4.75%
+ TGA 7/14/22 VAALCO Energy, Inc. (EGY) All Stock $273 M $3.13 $3.08 1,022,817 12/31/22 1.78% 4.48%
+ AXU 7/05/22 Hecla Mining Company (HL) All Stock $75.24 M $0.54 $0.53 633,195 9/30/22 1.77% 12.21%
+ RFP 7/06/22 The Paper Excellence Group (N/A) Special Conditions $2.7 B $20.50 $20.16 818,672 6/30/23 1.69% 1.89%
+ USAK 6/24/22 DB Schenker (N/A) All Cash $435 M $31.72 $31.22 79,080 12/31/22 1.60% 4.03%
+ EVOP 8/01/22 Global Payments Inc. (GPN) All Cash $4 B $34.00 $33.47 1,012,441 3/31/23 1.58% 2.46%
+ CTXS 1/31/22 Vista Equity Partners and Elliott Investment Management LP (N/A) All Cash $16.5 B $104.00 $102.5 568,182 7/31/22 1.46% 0.00%
+ UMPQ 10/12/21 Columbia Banking System, Inc. (COLB) All Stock $4.5 B $17.96 $17.71 600,771 9/30/22 1.43% 9.85%
+ SWIR 8/02/22 Semtech Corporation (SMTC) All Cash $1.2 B $31.00 $30.57 2,691,458 1/31/23 1.41% 2.92%
+ GSV 6/13/22 Orla Mining Ltd. (ORLA) All Stock $138.14 M $0.39 $0.38 190,333 8/31/22 1.41% 22.30%
+ GCP 12/06/21 Saint-Gobain (N/A) All Cash $2.3 B $32.00 $31.56 323,459 12/31/22 1.39% 3.51%
+ TPTX 6/03/22 Bristol Myers Squibb (BMY) All Cash $1.66 B $76.00 $74.97 795,617 9/30/22 1.37% 9.46%
+ Y 3/21/22 Berkshire Hathaway (BRK.A) All Cash $11.6 B $848.02 $837.2 39,135 12/31/22 1.29% 3.25%
+ SAIL 4/11/22 Thoma Bravo (N/A) All Cash $6.9 B $65.25 $64.49 862,118 12/31/22 1.18% 2.97%
+ PZN 7/26/22 Pzena Investment Management, LLC (N/A) All Cash $795 M $9.60 $9.49 126,239 12/31/22 1.16% 2.92%
+ CTT 5/31/22 PotlatchDeltic Corporation (PCH) All Stock $1.06 B $10.81 $10.69 324,161 9/30/22 1.10% 7.58%
+ IEA 7/25/22 MasTec, Inc. (MTZ) Cash Plus Stock $1.17 B $14.43 $14.27 447,300 12/31/22 1.10% 2.76%
+ HMLP 5/25/22 Höegh LNG Holdings Ltd. (N/A) All Cash $167.6 M $9.25 $9.15 22,601 12/31/22 1.09% 2.75%
+ BHVN 5/10/22 Pfizer Inc. (PFE) Special Conditions $11.6 B $148.50 $146.98 310,518 3/31/23 1.03% 1.61%
+ MN 4/01/22 Callodine (N/A) All Cash $137.1 M $12.85 $12.73 84,612 9/30/22 0.94% 6.49%
+ CVET 5/25/22 Clayton, Dubilier & Rice and TPG Capital (N/A) All Cash $4 B $21.00 $20.81 298,561 12/31/22 0.91% 2.30%
+ COWN 8/02/22 TD Bank Group (TD) All Cash $1.3 B $39.00 $38.65 2,238,692 3/31/23 0.91% 1.41%
+ SRLP 6/02/22 Hartree Partners, LP (N/A) All Cash $1.44 B $19.00 $18.83 24,251 9/30/22 0.90% 6.22%
+ SWCH 5/11/22 DigitalBridge Group, Inc. (DBRG) All Cash $11 B $34.25 $33.95 2,234,254 12/31/22 0.88% 2.22%
+ MNDT 3/08/22 Alphabet Inc. (GOOG) All Cash $5.4 B $23.00 $22.81 2,960,822 12/31/22 0.83% 2.10%
+ RTLR 5/16/22 Diamondback Energy, Inc. (FANG) All Stock $2.36 B $13.71 $13.62 285,764 9/30/22 0.70% 4.79%
+ NSR 5/02/22 Sandstorm Gold Ltd. (SAND) All Stock $585.29 M $7.07 $7.02 6,207 12/31/22 0.66% 1.66%
+ POLY 3/28/22 HP Inc. (HPQ) All Cash $3.3 B $40.00 $39.76 218,758 12/31/22 0.60% 1.52%
+ SMED 7/13/22 Aurora Capital Partners (N/A) All Cash $139.85 M $8.75 $8.7 334,258 9/30/22 0.57% 3.96%
+ LJPC 7/11/22 Innoviva, Inc. (INVA) All Cash $149 M $6.23 $6.2 73,610 8/11/22 0.48% 58.87%
+ CNVY 6/21/22 TPG Capital (N/A) All Cash $1.1 B $10.50 $10.45 94,940 12/31/22 0.48% 1.20%
+ DRE 6/13/22 Prologis, Inc. (PLD) All Stock $26 B $62.41 $62.12 840,169 12/31/22 0.47% 1.18%
+ BKEP 4/22/22 Ergon, Inc. (N/A) All Cash $199.72 M $4.65 $4.63 59,188 9/30/22 0.43% 2.97%
+ HNGR 7/21/22 Patient Square Capital (N/A) All Cash $1.25 B $18.75 $18.67 367,271 12/31/22 0.43% 1.08%
+ OBCI 6/22/22 OneWater Marine Inc. (ONEW) All Cash $125 M $13.08 $13.04 24,070 9/30/22 0.31% 2.11%
+ MANT 5/16/22 The Carlyle Group Inc. (CG) All Cash $4.2 B $96.00 $95.79 261,534 12/31/22 0.22% 0.55%
+ SHLX 7/25/22 Shell USA, Inc. (SHEL) All Cash $1.96 B $15.85 $15.82 679,657 12/31/22 0.19% 0.48%
+ CDR 3/02/22 Wheeler Real Estate Investment Trust, Inc. (WHLR) All Cash $291.3 M $29.00 $28.96 179,364 8/31/22 0.14% 2.19%
+ ACC 4/19/22 Blackstone (BX) All Cash $12.8 B $65.47 $65.4 1,939,420 9/30/22 0.11% 0.74%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $22.86 $22.85 249,864 8/17/22 0.04% 1.75%
+ ABTX 11/10/21 CBTX, Inc. (CBTX) All Stock $1.5 B $43.60 $43.9 69,635 9/30/22 -0.68% -4.68%
+ STCN 6/13/22 Steel Partners Holdings L.P. (SPLP) All Cash $519.36 M $1.35 $1.36 74,832 12/31/22 -0.74% -1.85%
+ PTRS 11/04/21 OceanFirst Financial Corp. (OCFC) All Stock $186 M $9.42 $9.52 490 9/30/22 -1.09% -7.48%
+ PBFX 7/28/22 PBF Energy Inc. (PBF) Cash Plus Stock $1.64 B $17.37 $17.59 172,471 3/31/23 -1.27% -1.98%
+ EMCF 3/24/22 Farmers National Banc Corp. (FMNB) All Stock $105 M $30.08 $31.39 4,641 12/31/22 -4.18% -10.52%
+ EPZM 6/27/22 Ipsen (N/A) Special Conditions $247 M $1.45 $1.52 1,193,023 9/30/22 -4.61% -31.72%
+ PCSB 5/24/22 Brookline Bancorp, Inc. (BRKL) All Stock $313 M $18.20 $19.38 37,219 12/31/22 -6.09% -15.34%
+ HMTV 5/09/22 Gato Investments LP (N/A) All Cash $658.07 M $7.00 $7.8 22,420 9/30/22 -10.26% -70.63%
+ ELSE 6/13/22 Mobile X Global, Inc. (N/A) All Cash $9.89 M $4.83 $5.9237 2,223 9/30/22 -18.46% -127.15%
+ RDBX 5/11/22 Chicken Soup for the Soul Entertainment, Inc. (CSSE) All Stock $182.9 M $0.94 $5.02 11,186,866 12/31/22 -81.21% -204.43%

Disclaimer: I have long positions in Atlas Air Worldwide (AAWW), Biohaven Pharmaceutical (BHVN), Twitter (TWTR), First Horizon (FHN), Tower Semiconductor (TSEM), 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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