Merger Arbitrage Mondays – JetBlue Wins Bidding War For Spirit Airlines

  • August 1, 2022

Merger activity increased significantly last week with eight new deals announced, three deals completed and one deal terminated. Four out of the eight deals announced last week were potential deals in the works.

The bidding war for Spirit Airlines (SAVE) finally came to an end last week with Spirit terminating its deal with Frontier (ULCC) and agreeing to be acquired by JetBlue (JBLU).

We wrote in detail about the bidding war for Spirit Airlines on June 13, 2022, in an article titled, “Merger Arbitrage Mondays – The Bidding War For Spirit Airlines Continues“.

JetBlue Wins The Bidding War For Spirit Airlines

Ahead of the shareholder vote, Frontier had sweetened its offer for Spirit by increasing the cash and boosting the breakup fee it would have to pay if the deal was blocked by regulators. It also promised to pay part of the price instantly on receiving shareholder approval. JetBlue countered Frontier’s offer with a higher breakup fee, a bigger upfront payment and the addition of a ticking dividend-like payment that would start next year to counter uncertainty with respect to the amount of time it might take for the deal to be completed.

JetBlue’s initial counter offer for Spirit Airlines on April 5, 2022 was for $33 per share. The two airlines that battled it out for four months have finally decided to merge to create the fifth largest U.S. airline. The two companies also have a huge task ahead of them to persuade U.S. antitrust regulators to allow this merger to go through.

JetBlue’s acquisition of Spirit is expected to be completed in the first half of 2024. According to the merger agreement, “In the event the transaction is consummated on or before December 2023, the transaction consideration will be $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction is consummated at the outside date in July 2024.”

Back in 2016, JetBlue lost a bidding war to Alaska Air Group (ALK) and missed a chance to acquire Virgin America. The current spread on the deal is over 35%. According to an article in The Wall Street Journal,

“The airlines will likely face intense scrutiny from the Justice Department, which for years has been concerned that airline competition is dwindling and has been criticized by consumer groups and antitrust advocates for allowing so many combinations to go forward.”

Regulator’s jobs have been made a little easier with this deal because Spirit’s management kept reiterating regulatory concerns while rejecting JetBlue’s increasingly attractive offers in the past. Hence the very attractive 35%+ 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 two new potential deals added to the Deals in the Works section last week.

  1. On July 27, 2022, Reuters reported that BTRS Holdings (BTRS), the owner of business payments vendor Billtrust, is exploring options that include a potential sale.
  2. On July 28, 2022, Bloomberg reported that privately held Panopto is offering to buy its Intel backed rival, Kaltura (KLTR), in a deal that would value the video platform provider at $383 million.

SPAC Arbitrage

There was one new SPAC combination announced last week, three business combinations were completed and two terminated. You can find new SPAC business combinations in our SPACs tool here.

New Business Combinations

  1. On July 25, 2022, Anteco Systems, S.L. an IT security and support company, and DUET Acquisition Corp. (DUET) entered into a definitive business combination agreement.
  2. On July 25, 2022, NewAmsterdam Pharma Holding B.V., a late clinical-stage company focused on the research and development of transformative oral therapies for major cardiometabolic diseases, and Frazier Lifesciences Acquisition Corporation (FLACentered into a definitive business combination agreement.
  3. On July 25, 2022, GloriFi, a pro-America, mission-driven technology company built to empower consumers to put their money where their values are and take control of their personal finances, and DHC Acquisition Corp (DHCAentered into a definitive agreement for a business combination.
  4. On July 26, 2022, Security Matters Limited and Lionheart III Corp (LION) announced that they have entered into a business combination agreement.
  5. On July 28, 2022, Next.e.GO Mobile SE, a producer of urban electric vehicles based on disruptive production systems and Athena Consumer Acquisition (ACAQannounced a definitive agreement for a business combination.


  1. On July 25, 2022, Getty Images completed its merger with CC Neuberger Principal Holdings.
  2. On July 27, 2022,  Waldencast Acquisition (WALD) completed the business combination with Obagi Global Holdings Limited.


  1. On July 25, 2022, Abri SPAC I (ASPA) announced that it has terminated its previously announced agreement and plan of merger with Apifiny Group, by mutual agreement of all relevant parties.

Merger Arbitrage

Weekly Spread Changes:

The table below shows weekly spread changes between July 22 and July 29, 2022.

Company Quote
Last Week
Spread Change
GSV0.3446Orla Mining Ltd. (ORLA)3.014.21%-3.42%7.63%All Stock
VIVO31.66SD Biosensor and SJL Partners (N/A)7.39%4.26%3.13%All Cash
EXTN4.11Enerflex Ltd. (EFX.TO)5.914.57%11.79%2.78%All Stock
CTEK1.18Clearwater Compliance LLC (N/A)5.93%4.17%1.76%All Cash
HMTV7.78Gato Investments LP (N/A)-10.03%-11.62%1.59%All Cash
TSEM47.86Intel Corporation (INTC)36.3110.74%15.32%-4.58%All Cash
FSTX6.45invoX Pharma (N/A)10.39%15.40%-5.01%All Cash
TWTR41.61Elon Musk (N/A)30.26%36.04%-5.78%All Cash
RDBX4.36Chicken Soup for the Soul Entertainment, Inc. (CSSE)9.24-81.56%-74.01%-7.55%All Stock
TYME0.2945Syros Pharmaceuticals, Inc. (SYRS)0.78514.94%36.59%-21.65%All Stock

Deal Statistics:

Total Number of Deals Closed in 2022108
Total Number of Deals Not Completed in 20226
Total Number of Pending Deals
Cash Deals55
Stock Deals21
Stock & Cash Deals4
Special Conditions10
Total Number of Pending Deals90
Aggregate Deal Consideration$998.07 billion

New Deals:

  1. The acquisition of Infrastructure and Energy Alternatives (IEA) by MasTec (MTZ) for $1.17 billion in a cash plus stock deal. Under the terms of the agreement, IEA stockholders will receive $14.00 per share, comprised of $10.50 per share in cash and 0.0483 of a MasTec share.
  2. The acquisition of Zymergen (ZY) by Ginkgo Bioworks (DNA) for $145.14 million in an all stock deal. Under the terms of the agreement, Zymergen stockholders will receive a fixed exchange ratio of 0.9179 Ginkgo shares for each Zymergen share.
  3. The acquisition of AutoWeb (AUTO) by One Planet Group for $13.89 million or $0.39 per share in cash.
  4. The acquisition of Shell Midstream Partners (SHLX) by Shell USA (SHEL) for $1.96 billion or $15.85 per share in cash. We added SHLX as a potential deal to the Deals in the Works section on February 11, 2022 and the price after the news of the potential deal came out was $13.39.
  5. The acquisition of Pzena Investment Management (PZN) in a “going private” transaction by a newly formed subsidiary of the company, Pzena Investment Management, LLC for $795 million or $9.60 per share in cash.
  6. The acquisition of Spirit Airlines (SAVE) by JetBlue Airways Corporation (JBLU) for $7.6 billion. Under the terms of the agreement, shareholders of Spirit Airlines will receive $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing. We added SAVE as a potential deal to the Deals in the Works section on April 5, 2022 and the price after the news of the potential deal came out was $26.92.
  7. The acquisition of PBF Logistics (PBFX) by PBF Energy (PBF) for $1.64 billion in an a cash plus stock deal. Under the merger agreement, each outstanding common unit of PBF Logistics that PBF Energy does not already beneficially own will be converted into 0.270 shares of PBF Energy Class A common stock and $9.25 in cash, without interest. We added PBFX as a potential deal to the Deals in the Works section on June 24, 2022 and the price after the news of the potential deal came out was $14.75.
  8. The merger of RealNetworks (RNWK) with Greater Heights, an affiliate of the company’s founder, Chairman and CEO, Robert D. Glaser for $12.65 million or $0.73 per share in cash. We added RNWK as a potential deal to the Deals in the Works section on May 9, 2022 and the price after the news of the potential deal came out was $0.56.

Deal Updates:

  1. On July 25, 2022, Manning & Napier (MN) announced that the special meeting of stockholders will be on August 3, 2022.
  2. On July 25, 2022, CynergisTek (CTEK) announced that the special meeting of stockholders will be on August 31, 2022.
  3. On July 26, 2022, Twitter (TWTR) said that it would hold a shareholder meeting on September 13, 2022 to vote on the social media company’s proposed $44 billion takeover offer by Tesla chief Elon Musk.
  4. On July 27, 2022, Rogers Communications (RCI) and Shaw Communications (SJRagreed to extend the outside date of the proposed merger to December 31, 2022.
  5. On July 28, 2022, MKS Instruments (MKSI) and Atotech Limited (ATCreceived unconditional merger approval from China’s State Administration for Market Regulation for MKS’ pending acquisition of Atotech. The transaction has now received all required regulatory clearances and is anticipated to close on August 17, 2022.
  6. On July 28, 2022, Prologis (PLD) announced that its Board of Directors has called a special meeting of its stockholders to consider and vote on its proposed merger with Duke Realty Corporation (DRE). The special meeting will be conducted via a virtual live webcast on September 28, 2022.
  7. On July 28, 2022, U.S. Senator Josh Hawley (R-Mo.) sent a letter to the Federal Trade Commission calling for an investigation into Amazon’s (AMZN) planned acquisition of 1Life Healthcare (ONEM), a medical company that oversees an extensive network of primary care providers.
  8. On July 29, 2022, Nielsen Holdings (NLSN) announced it has received all necessary governmental regulatory approvals required to complete its previously announced proposed transaction with a consortium of private investment funds led by Evergreen Coast Capital Corp.
  9. On July 29, 2022, BlueCity Holdings Limited (BLCT) announced that the company’s shareholders voted to approve the previously announced agreement and plan of merger with Multelements Limited.
  10. On July 29, 2022, Lumentum Holdings (LITE) and NeoPhotonics Corporation (NPTN) announced, in connection with Lumentum’s pending acquisition of NeoPhotonics, that Lumentum has obtained antitrust clearance from the People’s Republic of China’s State Administration for Market Regulation.Lumentum currently expects that the NeoPhotonics acquisition will close on or around August 3, 2022.

Closed Deals:

  1. The acquisition of Cornerstone Building Brands (CNR) by Clayton, Dubilier & Rice on July 25, 2022. It took 140 days for this deal to be completed.
  2. The acquisition of Metromile (MILE) by Lemonade (LMND) on July 28, 2022. It took 262 days for this deal to be completed.
  3. The acquisition of Welbilt (WBT) by Ali Holding S.r.l. on July 29, 2022. It took 380 days for this deal to be completed.


  1. On July 27, 2022, Spirit Airlines (SAVE) announced that it has terminated the merger agreement with Frontier Group Holdings (ULCC).

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$24.7706/30/202435.24%18.38%
TWTR04/25/2022Elon Musk (N/A)$54.20$41.6112/31/202230.26%72.18%
BKI05/04/2022Intercontinental Exchange, Inc. (ICE)$85.00$65.6806/30/202329.42%32.15%
SIMO05/05/2022MaxLinear, Inc. (MXL)$109.22$85.3106/30/202328.03%30.63%
VMW05/26/2022Broadcom Inc. (AVGO)$142.50$116.204/30/202322.63%30.26%
SJR03/15/2021Rogers Communications Inc. (RCI)$32.40$27.0309/30/202219.87%118.88%
ATVI01/18/2022Microsoft Corporation (MSFT)$95.00$79.9506/30/202318.82%20.57%
NLSN03/29/2022Evergreen Coast Capital Corporation (N/A)$28.00$23.9512/31/202216.91%40.34%
AUY05/31/2022Gold Fields Limited (GFI)$5.52$4.7812/31/202215.48%36.93%
TYME07/05/2022Syros Pharmaceuticals, Inc. (SYRS)$0.34$0.294512/31/202214.94%35.64%

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$24.773,630,3606/30/2435.24%18.40%
+TWTR4/25/22Elon Musk (N/A)All Cash$44 B$54.20$41.6110,931,50112/31/2230.26%72.66%
+BKI5/04/22Intercontinental Exchange, Inc. (ICE)Special Conditions$16 B$85.00$65.68342,7146/30/2329.42%32.24%
+SIMO5/05/22MaxLinear, Inc. (MXL)Cash Plus Stock$8 B$109.22$85.31441,8036/30/2328.03%30.72%
+TMX12/14/21Rentokil Initial plc (RTOKY)Special Conditions$6.7 B$55.00$44.70861,2289/30/2223.04%140.18%
+VMW5/26/22Broadcom Inc. (AVGO)Special Conditions$69 B$142.50$116.2920,5574/30/2322.63%30.37%
+SJR3/15/21Rogers Communications Inc. (RCI)Special Conditions$26 B$32.40$27.03248,3009/30/2219.87%120.86%
+ATVI1/18/22Microsoft Corporation (MSFT)All Cash$68.7 B$95.00$79.953,850,1066/30/2318.82%20.63%
+NLSN3/29/22Evergreen Coast Capital Corporation (N/A)All Cash$16 B$28.00$23.954,410,63212/31/2216.91%40.61%
+AUY5/31/22Gold Fields Limited (GFI)All Stock$6.7 B$5.52$4.7812,971,92212/31/2215.48%37.18%
+TYME7/05/22Syros Pharmaceuticals, Inc. (SYRS)All Stock$67.2 M$0.34$0.2945225,30112/31/2214.94%35.87%
+TGNA2/22/22Standard General L.P. (N/A)Special Conditions$8.6 B$24.00$20.94772,91812/31/2214.61%35.09%
+EXTN1/24/22Enerflex Ltd. (EFX.TO)All Stock$735 M$4.71$4.11105,1049/30/2214.56%88.57%
+CHNG1/06/21UnitedHealth Group Incorporated (UNH)All Cash$13.28 B$27.75$24.271,658,68112/31/2214.34%34.43%
+BRG12/20/21Blackstone Real Estate (N/A)Special Conditions$3.6 B$29.85$26.27229,5849/30/2213.63%82.90%
+GSMG7/11/22Cheers Inc (N/A)All Cash$105.59 M$1.55$1.375172,18812/31/2212.73%30.56%
+FHN2/28/22The Toronto-Dominion Bank (TD)Special Conditions$13.4 B$25.00$22.362,329,91011/27/2211.81%36.52%
+TSEM2/15/22Intel Corporation (INTC)All Cash$5.4 B$53.00$47.86989,4012/15/2310.74%19.80%
+FSTX6/23/22invoX Pharma (N/A)All Cash$161 M$7.12$6.45215,26312/31/2210.39%24.94%
+HLG5/09/22Hailiang Education International Limited (N/A)All Cash$368.89 M$14.31$13.12,4329/30/229.24%56.19%
+RDUS6/23/22Gurnet Point Capital (N/A)All Cash$890 M$11.00$10.08741,5319/30/229.13%55.52%
+MGI2/15/22Madison Dearborn Partners, LLC (N/A)All Cash$1.8 B$11.00$10.16576,25612/31/228.27%19.85%
+VIVO7/07/22SD Biosensor and SJL Partners (N/A)All Cash$1.53 B$34.00$31.66567,82512/31/227.39%17.75%
+USWS6/21/22ProFrac Holding Corp. (PFHC)All Stock$546.29 M$1.03$0.9692965,00112/31/226.39%15.34%
+ZY7/25/22Ginkgo Bioworks (DNA)All Stock$145.14 M$2.63$2.47891,7063/31/236.28%9.48%
+ONEM7/21/22Amazon (AMZN)All Cash$3.9 B$18.00$16.946,285,31612/31/226.26%15.03%
+TEN2/23/22Apollo Global Management, Inc. (APO)All Cash$7.1 B$20.00$18.87538,24412/31/225.99%14.38%
+BLCT4/30/22Multelements Limited (N/A)All Cash$60 M$1.60$1.51188,08112/31/225.96%14.31%
+CTEK5/23/22Clearwater Compliance LLC (N/A)All Cash$13.9 M$1.25$1.1810,6939/30/225.93%36.09%
+TUFN4/06/22Turn/River Capital (N/A)All Cash$570 M$13.00$12.37367,6299/30/225.09%30.98%
+RNWK7/28/22Greater Heights LLC (N/A)All Cash$12.65 M$0.73$0.695637,99412/31/225.04%12.09%
+SJI2/24/22Infrastructure Investments Fund (N/A)All Cash$8.1 B$36.00$34.281,033,41412/31/225.02%12.05%
+IS7/13/22Unity (U)All Stock$3.61 B$4.07$3.97,184,20712/31/224.40%10.58%
+LHCG3/28/22Optum (N/A)All Cash$6.2 B$170.00$163.06192,30012/31/224.26%10.22%
+GSV6/13/22Orla Mining Ltd. (ORLA)All Stock$138.14 M$0.36$0.3446252,1968/31/224.21%51.17%
+PNM10/21/20Avangrid, Inc. (AGR)All Cash$8.05 B$50.30$48.27332,2389/30/224.21%25.58%
+FBC4/26/21New York Community Bancorp, Inc. (NYCB)All Stock$2.6 B$42.64$41.2584,11110/31/223.50%14.02%
+TGA7/14/22VAALCO Energy, Inc. (EGY)All Stock$273 M$3.99$3.861,153,06512/31/223.34%8.03%
+STON5/25/22Axar Capital Management, LP (N/A)All Cash$927.7 M$3.50$3.39646,0209/30/223.24%19.74%
+ROG11/02/21DuPont de Nemours, Inc. (DD)All Cash$5.2 B$277.00$269.25162,5789/30/222.88%17.51%
+AXU7/05/22Hecla Mining Company (HL)All Stock$75.24 M$0.53$0.511745,7999/30/222.83%17.24%
+ZEN6/24/22Permira and Hellman & Friedman LLC (N/A)All Cash$10.2 B$77.50$75.422,564,93712/31/222.76%6.62%
+EURN7/11/22Frontline Ltd. (FRO)All Stock$4.08 B$13.91$13.55697,96012/31/222.62%6.30%
+CTXS1/31/22Vista Equity Partners and Elliott Investment Management LP (N/A)All Cash$16.5 B$104.00$101.41654,7947/31/222.55%0.00%
+SAIL4/11/22Thoma Bravo (N/A)All Cash$6.9 B$65.25$63.77515,55012/31/222.32%5.57%
+UMPQ10/12/21Columbia Banking System, Inc. (COLB)All Stock$4.5 B$17.98$17.611,109,7299/30/222.07%12.62%
+PZN7/26/22Pzena Investment Management, LLC (N/A)All Cash$795 M$9.60$9.4367,35112/31/221.80%4.33%
+USAK6/24/22DB Schenker (N/A)All Cash$435 M$31.72$31.1882,65012/31/221.73%4.16%
+BHVN5/10/22Pfizer Inc. (PFE)Special Conditions$11.6 B$148.50$146.02707,5743/31/231.70%2.56%
+GCP12/06/21Saint-Gobain (N/A)All Cash$2.3 B$32.00$31.5270,22412/31/221.59%3.81%
+RNDB3/28/22Hometown Financial Group, Inc. (N/A)All Cash$146.5 M$27.00$26.6215,83612/31/221.43%3.43%
+NSR5/02/22Sandstorm Gold Ltd. (SAND)All Stock$585.29 M$7.20$7.14,82812/31/221.40%3.37%
+SMED7/13/22Aurora Capital Partners (N/A)All Cash$139.85 M$8.75$8.63148,4219/30/221.39%8.46%
+AUTO7/25/22One Planet Group, LLC (N/A)All Cash$13.89 M$0.39$0.384772,2189/16/221.38%10.93%
+IEA7/25/22MasTec, Inc. (MTZ)Cash Plus Stock$1.17 B$14.31$14.12728,07812/31/221.36%3.27%
+TPTX6/03/22Bristol Myers Squibb (BMY)All Cash$1.66 B$76.00$74.98599,3939/30/221.36%8.28%
+SWCH5/11/22DigitalBridge Group, Inc. (DBRG)All Cash$11 B$34.25$33.811,205,65412/31/221.30%3.13%
+Y3/21/22Berkshire Hathaway (BRK.A)All Cash$11.6 B$848.02$837.4888,31112/31/221.26%3.02%
+CVET5/25/22Clayton, Dubilier & Rice and TPG Capital (N/A)All Cash$4 B$21.00$20.77909,83212/31/221.11%2.66%
+MN4/01/22Callodine (N/A)All Cash$137.1 M$12.85$12.7186,8089/30/221.10%6.70%
+RFP7/06/22The Paper Excellence Group (N/A)Special Conditions$2.7 B$20.50$20.28656,3336/30/231.08%1.19%
+HMLP5/25/22Höegh LNG Holdings Ltd. (N/A)All Cash$167.6 M$9.25$9.1630,66112/31/220.98%2.36%
+HNGR7/21/22Patient Square Capital (N/A)All Cash$1.25 B$18.75$18.57593,37812/31/220.97%2.33%
+MNDT3/08/22Alphabet Inc. (GOOG)All Cash$5.4 B$23.00$22.781,186,01612/31/220.97%2.32%
+OBCI6/22/22OneWater Marine Inc. (ONEW)All Cash$125 M$13.08$12.9654,5459/30/220.89%5.40%
+RTLR5/16/22Diamondback Energy, Inc. (FANG)All Stock$2.36 B$14.47$14.36805,4419/30/220.74%4.50%
+DRE6/13/22Prologis, Inc. (PLD)All Stock$26 B$62.97$62.561,318,82512/31/220.65%1.56%
+POLY3/28/22HP Inc. (HPQ)All Cash$3.3 B$40.00$39.79389,42712/31/220.53%1.27%
+CNVY6/21/22TPG Capital (N/A)All Cash$1.1 B$10.50$10.4537,78412/31/220.48%1.15%
+CTT5/31/22PotlatchDeltic Corporation (PCH)All Stock$1.06 B$11.28$11.24682,34212/31/220.33%0.79%
+LJPC7/11/22Innoviva, Inc. (INVA)All Cash$149 M$6.23$6.21134,7598/11/220.32%11.76%
+ACC4/19/22Blackstone (BX)All Cash$12.8 B$65.47$65.321,954,5469/30/220.23%1.40%
+MTOR2/22/22Cummins Inc. (CMI)All Cash$3.7 B$36.50$36.42450,05112/31/220.22%0.53%
+ATC7/01/21MKS Instruments, Inc. (MKSI)Cash Plus Stock$6.5 B$22.72$22.683,505,6238/17/220.20%4.49%
+MANT5/16/22The Carlyle Group Inc. (CG)All Cash$4.2 B$96.00$95.82174,06112/31/220.19%0.45%
+NPTN11/04/21Lumentum Holdings Inc. (LITE)All Cash$745.24 M$16.00$15.991,547,4138/03/220.06%11.41%
+STCN6/13/22Steel Partners Holdings L.P. (SPLP)All Cash$519.36 M$1.35$1.3534,02512/31/220.00%0.00%
+CDR3/02/22Wheeler Real Estate Investment Trust, Inc. (WHLR)All Cash$291.3 M$29.00$29.06144,9839/30/22-0.21%-1.26%
+BKEP4/22/22Ergon, Inc. (N/A)All Cash$199.72 M$4.65$4.66113,3479/30/22-0.21%-1.31%
+ABTX11/10/21CBTX, Inc. (CBTX)All Stock$1.5 B$43.90$44.0466,9449/30/22-0.32%-1.94%
+SRLP6/02/22Hartree Partners, LP (N/A)All Cash$1.44 B$19.00$19.1666,8959/30/22-0.84%-5.08%
+SHLX7/25/22Shell USA, Inc. (SHEL)All Cash$1.96 B$15.85$16.054,296,51612/31/22-1.25%-2.99%
+PBFX7/28/22PBF Energy Inc. (PBF)Cash Plus Stock$1.64 B$18.25$18.63982,0943/31/23-2.02%-3.04%
+EPZM6/27/22Ipsen (N/A)Special Conditions$247 M$1.45$1.481,628,4389/30/22-2.03%-12.33%
+PTRS11/04/21OceanFirst Financial Corp. (OCFC)All Stock$186 M$9.28$9.4924,0339/30/22-2.25%-13.67%
+EMCF3/24/22Farmers National Banc Corp. (FMNB)All Stock$105 M$30.53$32.152712/31/22-4.89%-11.74%
+PCSB5/24/22Brookline Bancorp, Inc. (BRKL)All Stock$313 M$18.37$19.4961,07412/31/22-5.74%-13.78%
+HMTV5/09/22Gato Investments LP (N/A)All Cash$658.07 M$7.00$7.7843,1299/30/22-10.03%-60.99%
+ELSE6/13/22Mobile X Global, Inc. (N/A)All Cash$9.89 M$4.83$627,3829/30/22-19.50%-118.63%
+RDBX5/11/22Chicken Soup for the Soul Entertainment, Inc. (CSSE)All Stock$182.9 M$0.80$4.364,230,15912/31/22-81.56%-195.86%

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