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The Liquidation of First Financial Northwest – Merger Arbitrage Mondays

  • January 15, 2024

First Financial Northwest (FFNW): $20.65

Market Cap: $189 million

Last week turned out to be a very active week on the M&A front with multiple new healthcare deals announced, a report about two private equity firms potentially competing for DocuSign (DOCU), the resignation of JetBlue’s CEO and Hewlett Packard Enterprise (HPE) acquiring Juniper Networks (JNPR) in a massive $14.31 billion all cash deal.

We expanded on the Cereval Therapeutics (CERE) idea we discussed in last week’s Merger Arbitrage Mondays article in our January 2024 mid-month update that was published early because the HSR waiting period for Cereval expired at midnight on January 16th.

The deal that caught my eye was the liquidation of a microcap bank and the acquisition of its assets and liabilities by a credit union. Anchorage, Alaska based Global Federal Credit Union agreed to acquire Renton, Washington based First Financial Northwest (FFNW) for $231.2 million. Shareholders would receive approximately $23.18 to $23.75 per share subject to certain adjustments.

The words “approximately” and “subject to certain adjustments” explain why the deal has a spread of 12.28% or 12.77% annualized assuming the deal closes by the end of 2024.

First Financial Northwest Deal Metrics
First Financial Northwest Deal Metrics (click to view full deal metrics page)

We entered the deal in our Merger Arbitrage Tool as a “special conditions” deal with the acquisition price per share at the lower end of the range provided. Despite using $23.18 as the acquisition price, the spread on the deal is 12.28%.

The adjustments mentioned can be found in page 16 and 17 of the merger agreement and mostly relate to making sure there are no significant outflows of deposits and certain loans are either refinanced or sold before the deal closes. The loan refinancing and disposal conditions are discussed in section 7.26 on page 51 and 52 of the merger agreement.

On the positive side, the first adjustment also discusses the ability of First Financial Northwest to pay a dividend in the fist quarter of 2024 as long as it does not exceed 50% of the earnings from Q4 2023.

First Financial Northwest pays a quarterly dividend of 13 cents per share. While earnings in Q4 2022 were 35 cents per share, they declined to just 16 cents per share by Q3 2023. I expect the first quarter dividend to add anywhere from 7 cents to 13 cents to the acquisition price. There will be no other dividends paid until closing.

Just like the Cereval Therapeutics deal last week, I believe this deal is worthy of further due diligence and plan to take a closer look in the next few days.


M&A activity increased last week with seven new deals announced and one deal completed.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) which automatically updates itself during market hours.

Merger Arbitrage

Deal Statistics:

Total Number of Deals Closed in 20245
Total Number of Deals Not Completed in 20241
Total Number of Pending Deals
Cash Deals37
Stock Deals20
Stock & Cash Deals3
Special Conditions8
Total Number of Pending Deals68
New Deals Announced in 2024$31.86 billion

New Deals:

  1. AXNXThe acquisition of Axonics (AXNX) by Boston Scientific (BSX) for $3.17 billion or $71 per share in cash.
  2. AMAM: The acquisition of Ambrx Biopharma (AMAM) by Johnson & Johnson (JNJ) for $1.33 billion or $28.00 per share in cash.
  3. HARP: The acquisition of Harpoon Therapeutics (HARP) by Merck & Co. (MRK) for $371.40 million or $23.00 per share in cash.
  4. JNPR: The acquisition of Juniper Networks (JNPR) by Hewlett Packard Enterprise (HPE) for $14.31 billion or $40 per share in cash.
  5. SWNThe acquisition of Southwestern Energy Company (SWN) by Chesapeake Energy Corporation (CHK) for $7.4 billion or $6.69 per share in an all-stock deal. Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock outstanding at closing.
  6. TGAN: The acquisition of Transphorm (TGAN) by Renesas Electronics for $311.67 million or $5.10 per share in cash.
  7. FFNW: The acquisition of First Financial Northwest (FFNW) by Global Federal Credit Union for $231.2 million. Under the terms of the agreement, shareholders of First Financial Northwest will receive approximately $23.18 to $23.75 per share upon liquidation.

Approvals:

  1. PXD: According to the definitive proxy statement filed on January 8, 2024, Pioneer Natural Resources Company (PXD) and Exxon Mobil Corporation require regulatory approvals from the DOJ and FTC.
  2. CPRIChina’s antitrust regulator approved Tapestry’s (TPR) $8.5 billion planned purchase of Capri Holdings (CPRI).
  3. ROVRAccording to the filing made on January 11, 2024, Rover Group (ROVR) and Blackstone require regulatory approvals from the DOJ and FTC. The applicable HSR waiting period is currently expected to expire on January 12, 2024.
  4. BVH: Shareholders of Bluegreen Vacations Holding (BVHapproved the company’s merger with Hilton Grand Vacations (HGV) at a special meeting of shareholders.

Hurdles:

  1. SRC: On January 8, 2024, Realty Income (O) said that three Spirit Realty Capital (SRC) stockholders filed lawsuits challenging its agreement to acquire Spirit.
  2. IRBT: According to a Politico report, Amazon (AMZN) won’t offer concessions to the European Commission to receive approval for its deal to acquire iRobot (IRBT) for $51.75 per share in cash. The news triggered a nearly 20% drop in iRobot’s stock.
  3. X: According to WSJ, The Biden administration is preparing to dig into the deal to sell US Steel (X) to Nippon Steel. Lawyers for U.S. Steel and Nippon Steel have consulted several times with Treasury Department officials, beginning the morning the transaction was announced last month. The phone and email exchanges have focused on the process for filing with the Committee on Foreign Investment in the U.S. (CFIUS), a Treasury-led interagency panel that has the power to recommend the president block deals if they pose a national security threat.

Updates:

  1. PGTI: Jan 8, 2024, PGT Innovations, Inc. (PGTI) announced that its Board of Directors has unanimously determined that, while the unsolicited proposal from Miter Brands to acquire all outstanding shares of PGTI common stock for $41.50 per share in cash is not superior to PGTI’s definitive agreement to be acquired by Masonite International (DOOR) depending on the outcome of future negotiations, Miter’s proposal would reasonably be expected to lead to a superior proposal if Miter is able to improve several aspects of its proposed transaction.
  2. JBLU: JetBlue Airways announced that Joanna Geraghty, currently the company’s president and chief operating officer, will succeed Robin Hayes as chief executive officer, effective February 12, 2024. Hayes will continue to serve on the company’s Board of Directors until that time.
  3. HA: Hawaiian Holdings (HA) and Alaska Airlines (ALK) filed their respective HSR Act notifications with the DOJ and FTC in connection with their pending merger on January 8, 2024. The initial 30-day waiting period expires on February 7, 2024.
  4. THRX: The tender offer for Theseus Pharmaceuticals (THRX) will expire on February 7, 2024.
  5. JNPRIn an interview with CNBC, Hewlett Packard Enterprises (HPE) CEO Antonio Neri said he believes there’s a possibility that the company’s planned $13.6 billion purchase of Juniper Networks (JNPR) won’t need Chinese approval.
  6. SP: SP Plus (SP) and Metropolis Technologies each made their respective filings required under the HSR Act on December 4, 2023. Metropolis Technologies withdrew its filing under the HSR Act on January 3, 2024, and subsequently refiled on January 5, 2024.
  7. SP: According to the filing made on January 10, 2024, SP Plus (SP) and Metropolis Technologies require regulatory approvals from the DOJ and FTC.
  8. BVH: Hilton Grand Vacations (HGV) has priced an offering of $900 million aggregate principal amount of new 6.625% senior secured notes due 2032 to be issued by its wholly-owned subsidiaries, Hilton Grand Vacations Borrower Escrow and Hilton Grand Vacations Borrower Escrow. The private offering is part of the financing for the company’s proposed acquisition of Bluegreen Vacations Holding (BVH).
  9. ACI: The Washington state attorney general is expected to file a lawsuit seeking to block Kroger Co.’s (KR) proposed takeover of Albertsons Cos. (ACI).

Shareholders Meeting Schedule:

  1. HOLI: Hollysys Automation Technologies (HOLIannounced that it will hold an extraordinary general meeting of shareholders on Thursday, February 8, 2024.
  2. PXD: Pioneer Natural Resources Company (PXD) announced that the special meeting of shareholders will be held virtually on February 7, 2024.
  3. HA: Hawaiian Holdings (HA) announced that the special meeting of stockholders to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Alaska Air Group (ALK) will be held on Friday, February 16, 2024.
  4. GRCL: Gracell Biotechnologies (GRCL) announced that the extraordinary general meeting to consider and vote on a proposal to adopt the Agreement and Plan of Merger with AstraZeneca (AZN) will be held on February 19, 2024.
  5. GAN: GAN (GAN) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Sega Sammy Creation will be held on February 13, 2024.
  6. DOC: Healthpeak Properties (PEAK) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Physicians Realty Trust (DOC) will be held on February 21, 2024.
  7. SP: SP Plus (SP) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Metropolis Technologies will be held on February 9, 2024.
  8. CNSL: Consolidated Communications (CNSLspecial meeting of shareholders to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Searchlight Capital and British Columbia Investment Management will be held on January 31, 2024.

Closed Deals:

  1. GPP: Green Plains Partners (GPP) announced the completion of its acquisition by Green Plains (GPRE) effective January 9, 2024. It took 113 days for this deal to complete.

Weekly Spread Changes:

The table below shows weekly spread changes between January 8, 2024, and January 12, 2024.

SymbolQuoteAcquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
IRBT29.97Amazon (AMZN)154.672.67%37.74%34.93%All Cash
SAVE14.97JetBlue Airways Corporation (JBLU)4.88107.08%95.21%11.87%All Cash
GAN1.53Sega Sammy Creation Inc. (N/A)28.76%25.88%2.88%All Cash
MIXT8.7PowerFleet, Inc. (PWFL)3.2663.37%60.71%2.66%All Stock
X47.4Nippon Steel (NISTF)23.0016.03%13.75%2.28%All Cash
SMMF28.06Burke & Herbert Financial Services Corp. (BHRB)57.162.73%5.11%-2.38%All Stock
SIX24.85Cedar Fair, L.P. (FUN)39.1-8.74%-5.97%-2.77%All Stock
FGH1.39FG Financial Group, Inc. (FGF)1.411.44%4.32%-2.88%All Stock
CWBC16.65Central Valley Community Bancorp (CVCY)20.66-1.97%0.95%-2.92%All Stock
CNSL4.56Searchlight Capital Partners and British Columbia Investment Management Corporation (N/A)3.07%6.21%-3.14%All Cash

Top 10 Merger Arbitrage Deals With The 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.

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnualized
Profit
SAVE07/28/2022JetBlue Airways Corporation (JBLU)$31.00$14.9706/30/2024107.08%232.65%
IRBT08/05/2022Amazon (AMZN)$51.75$29.9708/05/202472.67%130.03%
MIXT10/10/2023PowerFleet, Inc. (PWFL)$14.21$8.703/31/202463.37%300.41%
HA12/03/2023Alaska Air Group, Inc. (ALK)$18.00$13.7406/30/202431.00%67.36%
GAN11/07/2023Sega Sammy Creation Inc. (N/A)$1.97$1.5312/31/202428.76%29.82%
ACI10/14/2022The Kroger Co. (KR)$27.25$22.7103/31/202419.99%94.76%
X12/18/2023Nippon Steel (NISTF)$55.00$47.409/30/202416.03%22.51%
FFNW01/11/2024Global Federal Credit Union (N/A)$23.18$20.612/31/202412.52%12.99%
CPRI08/10/2023Tapestry, Inc. (TPR)$57.00$50.6606/30/202412.51%27.19%
GTH10/11/2023New Genetron Holding Limited and Genetron New Co Limited (N/A)$4.03$3.70503/31/20248.77%41.58%

Deals In The Works

  1. JNPR: According to WSJ, Hewlett Packard Enterprise (HPE) was in advanced talks to buy Juniper Networks (JNPR) for about $13 billion.
  2. PDAccording to Bloomberg, PagerDuty (PD) is considering options amid takeover interest from private equity firms.

Updates:

  1. ANSS: According to WSJ, Synopsys is in advanced talks to acquire Ansys for around $35 billion in a stock-and-cash deal.
  2. CYTK: According to WSJ, Novartis (NOVN) is close to clinching an acquisition of Cytokinetics (CYTK).
  3. WH: Choice Hotels (CHH) expects to receive FTC second request over Wyndham (WH) takeover offer on January 11, 2024.  Choice remains confident that it can complete the combination within a one-year customary timeframe.
  4. WH: On January 11, 2024, Wyndham Hotels & Resorts (WH) receives FTC second request over Choice Hotels takeover offer (CHH).
  5. CYTK: On January 11, 2024, According to Reuters, Novartis has backed away from its pursuit of Cytokinetics (CYTK).
  6. DOCU: On January 11, 2024, According to Reuters, Bain Capital and Hellman & Friedman are competing to acquire DocuSign (DOCU).

SPAC Arbitrage

Business Combination

  1. CLRC: On December 30, 2023, ClimateRock (CLRC) and GreenRock Corp entered into a definitive business combination.
  2. ATMC: On January 5, 2024, AlphaTime Acquisition Corp (ATMC) and HCYC Group Company Limited entered into a definitive business combination.

Completed

  1. ACAX: On January 8, 2024, Alset Capital Acquisition Corp. (ACAX) and HWH International (HWHcompleted their business combination.
  2. PTHR: On January 12, 2024, Pono Capital Three, Inc. (PTHR) and New Horizon Aircraft, Ltd. (HOVRcompleted their business combination.

List of all pending Merger Arbitrage deals:

TargetAnnounced

Date

AcquirerDeal

Type

Closing

Value

Deal

Price

Last

Price

Target VolumeEstimated

Closing Date

ReturnAnnualized

Return

+SAVE7/28/22JetBlue Airways Corporation

(
JBLU
)
All Cash$7.6 B$31.00$14.973,135,5086/30/24107.08%234.04%
+IRBT8/05/22Amazon

(
AMZN
)
All Cash$1.7 B$51.75$29.98771,1158/05/2472.62%130.56%
+MIXT10/10/23PowerFleet, Inc.

(
PWFL
)
All Stock$140 M$14.26$8.729,8413/31/2463.88%306.77%
+HA12/03/23Alaska Air Group, Inc.

(
ALK
)
All Cash$1.19 B$18.00$13.74726,5556/30/2431.00%67.76%
+GAN11/07/23Sega Sammy Creation Inc.
(N/A)
All Cash$85.73 M$1.97$1.52362,48112/31/2429.61%30.79%
+ACI10/14/22The Kroger Co.

(
KR
)
Special Conditions$24.6 B$27.25$22.712,534,9613/31/2419.99%96.01%
+X12/18/23Nippon Steel

(
NISTF
)
All Cash$14.9 B$55.00$47.44,213,0349/30/2416.03%22.60%
+CPRI8/10/23Tapestry, Inc.

(
TPR
)
All Cash$8.5 B$57.00$50.66995,4366/30/2412.51%27.35%
+FFNW1/11/24Global Federal Credit Union
(N/A)
Special Conditions$231.2 M$23.18$20.64595,62212/31/2412.28%12.77%
+GTH10/11/23New Genetron Holding Limited and Genetron New Co Limited
(N/A)
All Cash$126.44 M$4.03$3.722,5703/31/248.92%42.83%
+AMED6/26/23UnitedHealth Group Incorporated

(
UNH
)
All Cash$3.8 B$101.00$94.28223,3333/31/247.13%34.23%
+ICLK11/24/23TSH Investment Holding Limited
(N/A)
All Cash-$12.92 M$4.08$3.829,5593/31/246.81%32.69%
+JNPR1/09/24Hewlett Packard Enterprise

(
HPE
)
All Cash$14.31 B$40.00$37.5110,345,0903/31/256.64%5.49%
+HES10/23/23Chevron Corporation

(
CVX
)
All Stock$60 B$150.95$141.772,026,4356/30/246.48%14.16%
+SQNS8/07/23Renesas Electronics Corporation
(N/A)
All Cash$249 M$3.03$2.8555,2043/31/246.32%30.33%
+TGAN1/11/24Renesas Electronics Corporation
(N/A)
All Cash$311.67 M$5.10$4.8759,20912/31/246.25%6.50%
+CERE12/06/23AbbVie Inc.

(
ABBV
)
All Cash$8.7 B$45.00$42.72,878,5066/30/245.39%11.77%
+NGMS5/14/23Aristocrat Leisure Limited

(
ALL.AX
)
All Cash$1.2 B$29.50$28.0424,7925/14/245.21%15.84%
+SP10/05/23Metropolis Technologies, Inc.
(N/A)
All Cash$1.9 B$54.00$51.3584,73112/31/245.16%5.37%
+IMGN11/30/23AbbVie Inc.

(
ABBV
)
All Cash$7.29 B$31.26$29.765,815,2946/30/245.04%11.02%
+AEL7/05/23Brookfield Reinsurance (BNRE)

(
BAM
)
Cash Plus Stock$4.3 B$58.18$55.39263,5826/30/245.04%11.01%
+CCLP12/19/23Kodiak Gas Services

(
KGS
)
All Stock$854 M$1.84$1.7645,4006/30/244.71%10.30%
+CSTR10/26/23Old National Bancorp

(
ONB
)
All Stock$344.4 M$18.94$18.1251,4826/30/244.54%9.91%
+KRTX12/22/23Bristol-Myers Squibb

(
BMY
)
All Cash$12.7 B$330.00$316.751,052,1316/30/244.18%9.14%
+OLK10/17/23Thermo Fisher Scientific Inc.

(
TMO
)
All Cash$3.1 B$26.00$24.96688,6546/30/244.17%9.11%
+SOVO8/07/23Campbell Soup Company

(
CPB
)
All Cash$2.7 B$23.00$22.121,988,5026/30/243.98%8.70%
+WRK9/12/23Smurfit Kappa

(
SMFTF
)
Cash Plus Stock$23.24 B$43.30$41.691,581,9946/30/243.86%8.44%
+PXD10/11/23Exxon Mobil Corporation

(
XOM
)
All Stock$64.5 B$232.22$223.692,018,6166/30/243.82%8.34%
+VIA1/02/24Retailco, LLC
(N/A)
All Cash$190 M$11.00$10.6138,2166/30/243.68%8.03%
+NWLI10/09/23Prosperity Life Group
(N/A)
All Cash$1.9 B$500.00$483.3313,1986/30/243.45%7.54%
+AXNX1/08/24Boston Scientific Corporation

(
BSX
)
All Cash$3.17 B$71.00$68.723,865,6406/30/243.32%7.25%
+CNSL10/16/23Searchlight Capital Partners and British Columbia Investment Management Corporation
(N/A)
All Cash$3.1 B$4.70$4.561,931,0621/15/253.07%3.06%
+SPLK9/21/23Cisco

(
CSCO
)
All Cash$28.45 B$157.00$152.651,513,2199/30/242.85%4.02%
+HARP1/08/24Merck & Co., Inc.

(
MRK
)
All Cash$371.40 M$23.00$22.41,042,4526/30/242.68%5.85%
+SWN1/11/24Chesapeake Energy Corporation

(
CHK
)
All Stock$7.4 B$7.18$7.0136,824,8966/30/242.49%5.45%
+DSKE12/22/23TFI International Inc.

(
TFII
)
All Cash$1.12 B$8.30$8.11,380,9996/30/242.47%5.40%
+SMMF8/25/23Burke & Herbert Financial Services Corp.

(
BHRB
)
All Stock$371.5 M$28.80$28.1212,3593/31/242.40%11.54%
+LBC11/13/22Washington Federal, Inc.

(
WAFD
)
All Stock$654 M$10.31$10.0811,6942/29/242.32%18.82%
+HOLI12/11/23Ascendent Capital Partners
(N/A)
All Cash$1.66 B$26.50$25.91,458,2196/30/242.32%5.06%
+DOC10/30/23Healthpeak Properties, Inc.

(
PEAK
)
All Stock$4.63 B$14.05$13.763,131,3796/30/242.08%4.55%
+CPE1/04/24APA Corporation

(
APA
)
All Stock$4.5 B$33.92$33.25899,6926/30/242.02%4.42%
+CATC9/19/23Eastern Bankshares, Inc.

(
EBC
)
All Stock$528 M$68.74$67.416,9093/31/241.99%9.55%
+AYX12/18/23Clearlake Capital and Insight Partners
(N/A)
All Cash$4.4 B$48.25$47.432,911,1296/30/241.73%3.78%
+FRLN11/22/23Syncona Ltd
(N/A)
All Cash-$9.91 M$6.50$6.392,3563/31/241.72%8.27%
+LBAI9/27/22Provident Financial Services, Inc.

(
PFS
)
All Stock$1.3 B$14.13$13.9115,0813/31/241.62%7.80%
+FGH1/03/24FG Financial Group, Inc.

(
FGF
)
All Stock$38.87 M$1.41$1.39016,0033/31/241.43%6.88%
+VERY10/03/23iA American Holdings, Inc.
(N/A)
All Cash$170 M$11.43$11.271,6316/30/241.42%3.10%
+CVLY12/12/23Orrstown Financial Services, Inc.

(
ORRF
)
All Stock$207 M$24.89$24.5810,9089/30/241.28%1.80%
+TGH10/22/23Stonepeak
(N/A)
All Cash$7.4 B$50.00$49.44154,4253/31/241.13%5.44%
+RYZB12/26/23Bristol Myers Squibb

(
BMY
)
All Cash$3.6 B$62.50$61.952,376,8316/30/240.89%1.94%
+AMNB7/25/23Atlantic Union Bankshares Corporation

(
AUB
)
All Stock$416.8 M$47.51$47.1313,1183/31/240.80%3.84%
+ROVR11/29/23Blackstone
(N/A)
All Cash$2.3 B$11.00$10.92474,6153/31/240.73%3.52%
+EGLE12/11/23Star Bulk Carriers Corp.

(
SBLK
)
All Stock$947.77 M$53.68$53.34136,5346/30/240.64%1.39%
+THRX12/22/23Concentra Biosciences
(N/A)
Special Conditions-$27.71 M$4.05$4.03264,8482/29/240.50%4.03%
+FNCB9/27/23Peoples Financial Services Corp.

(
PFIS
)
All Stock$129 M$6.70$6.6823,2846/30/240.32%0.70%
+AMAM1/08/24Johnson & Johnson

(
JNJ
)
All Cash$1.33 B$28.00$27.972,653,5566/30/240.11%0.23%
+ESMT10/23/23Vista Equity Partners
(N/A)
All Cash$4 B$23.00$22.981,240,3643/31/240.09%0.42%
+SRC10/30/23Realty Income Corporation

(
O
)
All Stock$9.3 B$44.88$44.86924,1133/31/240.05%0.23%
+BVH11/06/23Hilton Grand Vacations Inc.

(
HGV
)
All Cash$1.5 B$75.00$74.99240,1576/30/240.01%0.03%
+GRCL12/26/23AstraZeneca

(
AZN
)
Special Conditions$1 B$10.00$102,073,7833/31/240.00%0.00%
+EAR10/30/23Patient Square Capital
(N/A)
All Cash-$27.49 M$2.55$2.67,1003/31/24-1.92%-9.24%
+MRTX10/08/23Bristol-Myers Squibb Company

(
BMY
)
Special Conditions$3.7 B$58.00$59.28660,1713/31/24-2.16%-10.37%
+CWBC10/11/23Central Valley Community Bancorp

(
CVCY
)
All Stock$99.4 M$16.32$16.711,9196/30/24-2.27%-4.95%
+ORTX10/05/23Kyowa Kirin Co., Ltd.
(N/A)
Special Conditions$387.4 M$16.00$16.4431,8533/31/24-2.68%-12.85%
+ICVX12/12/23AstraZeneca PLC

(
AZN
)
Special Conditions$435.14 M$15.00$15.61281,2833/31/24-3.91%-18.77%
+PGTI12/18/23Masonite International

(
DOOR
)
Cash Plus Stock$3 B$39.87$41.5443,8886/30/24-3.92%-8.57%
+RAIN12/13/23Pathos AI, Inc.
(N/A)
Special Conditions-$35.53 M$1.16$1.21100,2121/31/24-4.13%-94.27%
+SIX11/02/23Cedar Fair, L.P.

(
FUN
)
All Stock$4.86 B$22.68$24.85694,6456/30/24-8.74%-19.10%

Disclaimer: I hold long positions in DocuSign (DOCU), Cerevel Therapeutics (CERE), Capri (CPRI) and Genetron Holdings (GTH). 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.