Merger Arbitrage Mondays – JetBlue Wins Bidding War For Spirit Airlines

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.

Completed

  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.

Terminated

  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.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
GSV 0.3446 Orla Mining Ltd. (ORLA) 3.01 4.21% -3.42% 7.63% All Stock
VIVO 31.66 SD Biosensor and SJL Partners (N/A) 7.39% 4.26% 3.13% All Cash
EXTN 4.11 Enerflex Ltd. (EFX.TO) 5.9 14.57% 11.79% 2.78% All Stock
CTEK 1.18 Clearwater Compliance LLC (N/A) 5.93% 4.17% 1.76% All Cash
HMTV 7.78 Gato Investments LP (N/A) -10.03% -11.62% 1.59% All Cash
TSEM 47.86 Intel Corporation (INTC) 36.31 10.74% 15.32% -4.58% All Cash
FSTX 6.45 invoX Pharma (N/A) 10.39% 15.40% -5.01% All Cash
TWTR 41.61 Elon Musk (N/A) 30.26% 36.04% -5.78% All Cash
RDBX 4.36 Chicken Soup for the Soul Entertainment, Inc. (CSSE) 9.24 -81.56% -74.01% -7.55% All Stock
TYME 0.2945 Syros Pharmaceuticals, Inc. (SYRS) 0.785 14.94% 36.59% -21.65% All Stock

Deal Statistics:

Total Number of Deals Closed in 2022 108
Total Number of Deals Not Completed in 2022 6
Total Number of Pending Deals
Cash Deals 55
Stock Deals 21
Stock & Cash Deals 4
Special Conditions 10
Total Number of Pending Deals 90
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.

Terminated

  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.

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
SAVE 07/28/2022 JetBlue Airways Corporation (JBLU) $33.50 $24.77 06/30/2024 35.24% 18.38%
TWTR 04/25/2022 Elon Musk (N/A) $54.20 $41.61 12/31/2022 30.26% 72.18%
BKI 05/04/2022 Intercontinental Exchange, Inc. (ICE) $85.00 $65.68 06/30/2023 29.42% 32.15%
SIMO 05/05/2022 MaxLinear, Inc. (MXL) $109.22 $85.31 06/30/2023 28.03% 30.63%
VMW 05/26/2022 Broadcom Inc. (AVGO) $142.50 $116.2 04/30/2023 22.63% 30.26%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $27.03 09/30/2022 19.87% 118.88%
ATVI 01/18/2022 Microsoft Corporation (MSFT) $95.00 $79.95 06/30/2023 18.82% 20.57%
NLSN 03/29/2022 Evergreen Coast Capital Corporation (N/A) $28.00 $23.95 12/31/2022 16.91% 40.34%
AUY 05/31/2022 Gold Fields Limited (GFI) $5.52 $4.78 12/31/2022 15.48% 36.93%
TYME 07/05/2022 Syros Pharmaceuticals, Inc. (SYRS) $0.34 $0.2945 12/31/2022 14.94% 35.64%

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 $24.77 3,630,360 6/30/24 35.24% 18.40%
+ TWTR 4/25/22 Elon Musk (N/A) All Cash $44 B $54.20 $41.61 10,931,501 12/31/22 30.26% 72.66%
+ BKI 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $65.68 342,714 6/30/23 29.42% 32.24%
+ SIMO 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $109.22 $85.31 441,803 6/30/23 28.03% 30.72%
+ TMX 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $44.70 861,228 9/30/22 23.04% 140.18%
+ VMW 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $116.2 920,557 4/30/23 22.63% 30.37%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $27.03 248,300 9/30/22 19.87% 120.86%
+ ATVI 1/18/22 Microsoft Corporation (MSFT) All Cash $68.7 B $95.00 $79.95 3,850,106 6/30/23 18.82% 20.63%
+ NLSN 3/29/22 Evergreen Coast Capital Corporation (N/A) All Cash $16 B $28.00 $23.95 4,410,632 12/31/22 16.91% 40.61%
+ AUY 5/31/22 Gold Fields Limited (GFI) All Stock $6.7 B $5.52 $4.78 12,971,922 12/31/22 15.48% 37.18%
+ TYME 7/05/22 Syros Pharmaceuticals, Inc. (SYRS) All Stock $67.2 M $0.34 $0.2945 225,301 12/31/22 14.94% 35.87%
+ TGNA 2/22/22 Standard General L.P. (N/A) Special Conditions $8.6 B $24.00 $20.94 772,918 12/31/22 14.61% 35.09%
+ EXTN 1/24/22 Enerflex Ltd. (EFX.TO) All Stock $735 M $4.71 $4.11 105,104 9/30/22 14.56% 88.57%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $27.75 $24.27 1,658,681 12/31/22 14.34% 34.43%
+ BRG 12/20/21 Blackstone Real Estate (N/A) Special Conditions $3.6 B $29.85 $26.27 229,584 9/30/22 13.63% 82.90%
+ GSMG 7/11/22 Cheers Inc (N/A) All Cash $105.59 M $1.55 $1.375 172,188 12/31/22 12.73% 30.56%
+ FHN 2/28/22 The Toronto-Dominion Bank (TD) Special Conditions $13.4 B $25.00 $22.36 2,329,910 11/27/22 11.81% 36.52%
+ TSEM 2/15/22 Intel Corporation (INTC) All Cash $5.4 B $53.00 $47.86 989,401 2/15/23 10.74% 19.80%
+ FSTX 6/23/22 invoX Pharma (N/A) All Cash $161 M $7.12 $6.45 215,263 12/31/22 10.39% 24.94%
+ HLG 5/09/22 Hailiang Education International Limited (N/A) All Cash $368.89 M $14.31 $13.1 2,432 9/30/22 9.24% 56.19%
+ RDUS 6/23/22 Gurnet Point Capital (N/A) All Cash $890 M $11.00 $10.08 741,531 9/30/22 9.13% 55.52%
+ MGI 2/15/22 Madison Dearborn Partners, LLC (N/A) All Cash $1.8 B $11.00 $10.16 576,256 12/31/22 8.27% 19.85%
+ VIVO 7/07/22 SD Biosensor and SJL Partners (N/A) All Cash $1.53 B $34.00 $31.66 567,825 12/31/22 7.39% 17.75%
+ USWS 6/21/22 ProFrac Holding Corp. (PFHC) All Stock $546.29 M $1.03 $0.9692 965,001 12/31/22 6.39% 15.34%
+ ZY 7/25/22 Ginkgo Bioworks (DNA) All Stock $145.14 M $2.63 $2.47 891,706 3/31/23 6.28% 9.48%
+ ONEM 7/21/22 Amazon (AMZN) All Cash $3.9 B $18.00 $16.94 6,285,316 12/31/22 6.26% 15.03%
+ TEN 2/23/22 Apollo Global Management, Inc. (APO) All Cash $7.1 B $20.00 $18.87 538,244 12/31/22 5.99% 14.38%
+ BLCT 4/30/22 Multelements Limited (N/A) All Cash $60 M $1.60 $1.51 188,081 12/31/22 5.96% 14.31%
+ CTEK 5/23/22 Clearwater Compliance LLC (N/A) All Cash $13.9 M $1.25 $1.18 10,693 9/30/22 5.93% 36.09%
+ TUFN 4/06/22 Turn/River Capital (N/A) All Cash $570 M $13.00 $12.37 367,629 9/30/22 5.09% 30.98%
+ RNWK 7/28/22 Greater Heights LLC (N/A) All Cash $12.65 M $0.73 $0.695 637,994 12/31/22 5.04% 12.09%
+ SJI 2/24/22 Infrastructure Investments Fund (N/A) All Cash $8.1 B $36.00 $34.28 1,033,414 12/31/22 5.02% 12.05%
+ IS 7/13/22 Unity (U) All Stock $3.61 B $4.07 $3.9 7,184,207 12/31/22 4.40% 10.58%
+ LHCG 3/28/22 Optum (N/A) All Cash $6.2 B $170.00 $163.06 192,300 12/31/22 4.26% 10.22%
+ GSV 6/13/22 Orla Mining Ltd. (ORLA) All Stock $138.14 M $0.36 $0.3446 252,196 8/31/22 4.21% 51.17%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $48.27 332,238 9/30/22 4.21% 25.58%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $42.64 $41.2 584,111 10/31/22 3.50% 14.02%
+ TGA 7/14/22 VAALCO Energy, Inc. (EGY) All Stock $273 M $3.99 $3.86 1,153,065 12/31/22 3.34% 8.03%
+ STON 5/25/22 Axar Capital Management, LP (N/A) All Cash $927.7 M $3.50 $3.39 646,020 9/30/22 3.24% 19.74%
+ ROG 11/02/21 DuPont de Nemours, Inc. (DD) All Cash $5.2 B $277.00 $269.25 162,578 9/30/22 2.88% 17.51%
+ AXU 7/05/22 Hecla Mining Company (HL) All Stock $75.24 M $0.53 $0.511 745,799 9/30/22 2.83% 17.24%
+ ZEN 6/24/22 Permira and Hellman & Friedman LLC (N/A) All Cash $10.2 B $77.50 $75.42 2,564,937 12/31/22 2.76% 6.62%
+ EURN 7/11/22 Frontline Ltd. (FRO) All Stock $4.08 B $13.91 $13.55 697,960 12/31/22 2.62% 6.30%
+ CTXS 1/31/22 Vista Equity Partners and Elliott Investment Management LP (N/A) All Cash $16.5 B $104.00 $101.41 654,794 7/31/22 2.55% 0.00%
+ SAIL 4/11/22 Thoma Bravo (N/A) All Cash $6.9 B $65.25 $63.77 515,550 12/31/22 2.32% 5.57%
+ UMPQ 10/12/21 Columbia Banking System, Inc. (COLB) All Stock $4.5 B $17.98 $17.61 1,109,729 9/30/22 2.07% 12.62%
+ PZN 7/26/22 Pzena Investment Management, LLC (N/A) All Cash $795 M $9.60 $9.43 67,351 12/31/22 1.80% 4.33%
+ USAK 6/24/22 DB Schenker (N/A) All Cash $435 M $31.72 $31.18 82,650 12/31/22 1.73% 4.16%
+ BHVN 5/10/22 Pfizer Inc. (PFE) Special Conditions $11.6 B $148.50 $146.02 707,574 3/31/23 1.70% 2.56%
+ GCP 12/06/21 Saint-Gobain (N/A) All Cash $2.3 B $32.00 $31.5 270,224 12/31/22 1.59% 3.81%
+ RNDB 3/28/22 Hometown Financial Group, Inc. (N/A) All Cash $146.5 M $27.00 $26.62 15,836 12/31/22 1.43% 3.43%
+ NSR 5/02/22 Sandstorm Gold Ltd. (SAND) All Stock $585.29 M $7.20 $7.1 4,828 12/31/22 1.40% 3.37%
+ SMED 7/13/22 Aurora Capital Partners (N/A) All Cash $139.85 M $8.75 $8.63 148,421 9/30/22 1.39% 8.46%
+ AUTO 7/25/22 One Planet Group, LLC (N/A) All Cash $13.89 M $0.39 $0.3847 72,218 9/16/22 1.38% 10.93%
+ IEA 7/25/22 MasTec, Inc. (MTZ) Cash Plus Stock $1.17 B $14.31 $14.12 728,078 12/31/22 1.36% 3.27%
+ TPTX 6/03/22 Bristol Myers Squibb (BMY) All Cash $1.66 B $76.00 $74.98 599,393 9/30/22 1.36% 8.28%
+ SWCH 5/11/22 DigitalBridge Group, Inc. (DBRG) All Cash $11 B $34.25 $33.81 1,205,654 12/31/22 1.30% 3.13%
+ Y 3/21/22 Berkshire Hathaway (BRK.A) All Cash $11.6 B $848.02 $837.48 88,311 12/31/22 1.26% 3.02%
+ CVET 5/25/22 Clayton, Dubilier & Rice and TPG Capital (N/A) All Cash $4 B $21.00 $20.77 909,832 12/31/22 1.11% 2.66%
+ MN 4/01/22 Callodine (N/A) All Cash $137.1 M $12.85 $12.71 86,808 9/30/22 1.10% 6.70%
+ RFP 7/06/22 The Paper Excellence Group (N/A) Special Conditions $2.7 B $20.50 $20.28 656,333 6/30/23 1.08% 1.19%
+ HMLP 5/25/22 Höegh LNG Holdings Ltd. (N/A) All Cash $167.6 M $9.25 $9.16 30,661 12/31/22 0.98% 2.36%
+ HNGR 7/21/22 Patient Square Capital (N/A) All Cash $1.25 B $18.75 $18.57 593,378 12/31/22 0.97% 2.33%
+ MNDT 3/08/22 Alphabet Inc. (GOOG) All Cash $5.4 B $23.00 $22.78 1,186,016 12/31/22 0.97% 2.32%
+ OBCI 6/22/22 OneWater Marine Inc. (ONEW) All Cash $125 M $13.08 $12.965 4,545 9/30/22 0.89% 5.40%
+ RTLR 5/16/22 Diamondback Energy, Inc. (FANG) All Stock $2.36 B $14.47 $14.36 805,441 9/30/22 0.74% 4.50%
+ DRE 6/13/22 Prologis, Inc. (PLD) All Stock $26 B $62.97 $62.56 1,318,825 12/31/22 0.65% 1.56%
+ POLY 3/28/22 HP Inc. (HPQ) All Cash $3.3 B $40.00 $39.79 389,427 12/31/22 0.53% 1.27%
+ CNVY 6/21/22 TPG Capital (N/A) All Cash $1.1 B $10.50 $10.45 37,784 12/31/22 0.48% 1.15%
+ CTT 5/31/22 PotlatchDeltic Corporation (PCH) All Stock $1.06 B $11.28 $11.24 682,342 12/31/22 0.33% 0.79%
+ LJPC 7/11/22 Innoviva, Inc. (INVA) All Cash $149 M $6.23 $6.21 134,759 8/11/22 0.32% 11.76%
+ ACC 4/19/22 Blackstone (BX) All Cash $12.8 B $65.47 $65.32 1,954,546 9/30/22 0.23% 1.40%
+ MTOR 2/22/22 Cummins Inc. (CMI) All Cash $3.7 B $36.50 $36.42 450,051 12/31/22 0.22% 0.53%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $22.72 $22.68 3,505,623 8/17/22 0.20% 4.49%
+ MANT 5/16/22 The Carlyle Group Inc. (CG) All Cash $4.2 B $96.00 $95.82 174,061 12/31/22 0.19% 0.45%
+ NPTN 11/04/21 Lumentum Holdings Inc. (LITE) All Cash $745.24 M $16.00 $15.99 1,547,413 8/03/22 0.06% 11.41%
+ STCN 6/13/22 Steel Partners Holdings L.P. (SPLP) All Cash $519.36 M $1.35 $1.35 34,025 12/31/22 0.00% 0.00%
+ CDR 3/02/22 Wheeler Real Estate Investment Trust, Inc. (WHLR) All Cash $291.3 M $29.00 $29.06 144,983 9/30/22 -0.21% -1.26%
+ BKEP 4/22/22 Ergon, Inc. (N/A) All Cash $199.72 M $4.65 $4.66 113,347 9/30/22 -0.21% -1.31%
+ ABTX 11/10/21 CBTX, Inc. (CBTX) All Stock $1.5 B $43.90 $44.04 66,944 9/30/22 -0.32% -1.94%
+ SRLP 6/02/22 Hartree Partners, LP (N/A) All Cash $1.44 B $19.00 $19.16 66,895 9/30/22 -0.84% -5.08%
+ SHLX 7/25/22 Shell USA, Inc. (SHEL) All Cash $1.96 B $15.85 $16.05 4,296,516 12/31/22 -1.25% -2.99%
+ PBFX 7/28/22 PBF Energy Inc. (PBF) Cash Plus Stock $1.64 B $18.25 $18.63 982,094 3/31/23 -2.02% -3.04%
+ EPZM 6/27/22 Ipsen (N/A) Special Conditions $247 M $1.45 $1.48 1,628,438 9/30/22 -2.03% -12.33%
+ PTRS 11/04/21 OceanFirst Financial Corp. (OCFC) All Stock $186 M $9.28 $9.49 24,033 9/30/22 -2.25% -13.67%
+ EMCF 3/24/22 Farmers National Banc Corp. (FMNB) All Stock $105 M $30.53 $32.1 527 12/31/22 -4.89% -11.74%
+ PCSB 5/24/22 Brookline Bancorp, Inc. (BRKL) All Stock $313 M $18.37 $19.49 61,074 12/31/22 -5.74% -13.78%
+ HMTV 5/09/22 Gato Investments LP (N/A) All Cash $658.07 M $7.00 $7.78 43,129 9/30/22 -10.03% -60.99%
+ ELSE 6/13/22 Mobile X Global, Inc. (N/A) All Cash $9.89 M $4.83 $6 27,382 9/30/22 -19.50% -118.63%
+ RDBX 5/11/22 Chicken Soup for the Soul Entertainment, Inc. (CSSE) All Stock $182.9 M $0.80 $4.36 4,230,159 12/31/22 -81.56% -195.86%

Disclaimer: I have long positions in 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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