Merger Arbitrage Mondays – Phillips 66 to Acquire DCP Midstream

  • January 9, 2023
Editor’s Note: Last weekend we did a soft launch of a brand new version of the InsideArbitrage website. We are currently working through any issues and minor fixes in preparation for the full launch next week. The site now includes a new section called “Gurus” and a new premium screen of top performing insiders. We would love to hear your feedback after you get a chance to check out the new site. Merger Arbitrage activity picked up last week with two new deals announced and three deals closing. Both new deals were potential deals in the works. DCP Midstream (DCP) We added DCP Midstream as a potential deal in the works on August 17, 2022, when Phillips 66 (PSX) submitted a non-binding proposal to acquire all publicly held common units of DCP Midstream for $34.75 per share in cash. DCP’s stock was up by 10.5% on August 18, the day after this announcement. DCP Midstream is a natural gas company, with a portfolio of assets that stretches across the South-central part of the United States. It is one of the largest natural gas producers and processors in the country. DCP’s general partner owner is a joint venture between Enbridge and Phillips...

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