×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

A New Twist In the Paramount Global Potential Acquisition – Merger Arbitrage Mondays

  • April 22, 2024

Paramount Global (PARA): $12.44

EV: $22.75B

The potential acquisition of Paramount Global heated up again last Friday when the New York Times reported that Sony is now in joint talks with Apollo for a potential bid for the media giant.

After the various twists and turns about this rumored deal we have been reporting since the start of this year, starting with Media mogul Byron Allen $14.3 billion offer and the more recent convoluted potential deal with Skydance, this joint Sony and Apollo deal makes the most sense.

Paramount Potential Deal

You can check out the play by play evolution of all the offers in our Deals In The Works Tool but a brief timeline of this potential deal is given below:

┌── Jan 31, 2024 ── 📈 Byron Allen – $14.3B offer (Bloomberg)

├── Feb 7, 2024 ── 🚫 Warner Bros. Discovery (WBD) – No Interest (CNBC)

├── Mar 12, 2024 ── 🤝 Apollo Global Management (APO) – Reaches Out (Reuters)

├── Mar 20, 2024 ── 💰 Apollo Global Management (APO) – $11B Offer – Film & TV Studio (WSJ)

├── Apr 3, 2024 ── 🎬 Skydance Media – Exclusive Talks (NYT & WSJ)

├── Apr 5, 2024 ── 💸 National Amusements – Sell to Skydance for $2B+ (WSJ)

├── Apr 10, 2024 ── 🎥 4 Paramount Directors to Leave Board (WSJ)

├── Apr 11, 2024 ── ⚠️ Investors Oppose Skydance Merger (Reuters)

├── Apr 17, 2024 ── 📉 Deal with Skydance/Redbird Unlikely by May 3 (CNBC)

└── Apr 18, 2024 ── 🔄 Sony (SONY) Discusses Joint Bid with Apollo (NYT)

Given the dual class shareholding structure of the company and the control the Redstone family had over the company through their class A shares (PARAA) that have voting rights, most of these offers did not make sense for holders of class B shares (PARA). It was no wonder that shareholders threatened a lawsuit and four directors of the company decided to leave shortly after details of the Skydance deal were revealed. In the Skydance deal, Shari Redstone’s National Amusements would have received more than $2 billion in cash as part of the first step of the transaction and then the rest of Paramount would merge into Skydance.

A potential $26 billion Sony plus Apollo all cash deal implies that there is additional upside of 10% or more for class B shareholders even after the 13.4% increase in the stock price last Friday. The actual upside will depend on the final acquisition price (if there is a deal), how the deal is structured and perceptions of regulatory risks given the size of the transaction.

I’ve stayed away from both Paramount Global (PARA) and Warner Bros. Discovery (WBD) primarily on account of their leveraged balance sheets but also because I already have exposure to the industry through both Netflix (NFLX) and Lions Gate Entertainment (LGF.B). In this case, I would prefer to watch the situation play out from the sidelines.


M&A activity decreased last week, with three new deals announced and two deals 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 202445
Total Number of Deals Not Completed in 20245
Total Number of Pending Deals
Cash Deals45
Stock Deals16
Stock & Cash Deals4
Special Conditions10
Total Number of Pending Deals75
New Deals Announced in 2024$232.61 billion

New Deals:

  1. SNPO The acquisition of Snap One Holdings Corp (SNPO) by Resideo Technologies (REZI) for $1.4 billion. Under the terms of the agreement, Resideo will acquire Snap One for $10.75 per share in cash.
  2. MCBC: The acquisition of Macatawa Bank Corporation (MCBC) by Wintrust Financial Corporation (WTFC) for a closing value of $510.3 million or $14.85 per share in an all-stock deal. As per the agreement, the per share consideration is subject to change based on a collar, where the share fraction of Wintrust common stock will increase or decrease depending on a lower-bound price of $89.03 and an upper-bound price of $113.03.
  3. AGFY: The acquisition of Agrify Corporation (AGFY) by Nature’s Miracle Holding (NMHI) for a closing value of $6.35 million in an all-stock deal. Under the terms of the agreement, Agrify shareholders will receive 0.45 shares of Nature’s Miracle common stock in exchange for each Agrify share.

Approvals:

  1. CPRI: On April 15, 2024, Capri Holdings (CPRI) announced that the Fair Trade Commission of Japan approved the acquisition of Capri by Tapestry (TPR) on April 10, 2024, and the European Commission approved the merger on April 15, 2024. The only outstanding antitrust regulatory approval is in the United States. The parties have obtained antitrust regulatory approval in all other jurisdictions for the merger.
  2. HAYN: On April 16, 2024, shareholders of Haynes International (HAYNapproved the company’s merger with North American Stainless at a special meeting of shareholders. The transaction is expected to close in the third calendar quarter of 2024.
  3. KAMN: On April 17, 2024, shareholders of Kaman Corporation (KAMNapproved the company’s merger with Arcline Investment Management at a special meeting of shareholders.
  4. NGMS: On April 18, 2024, NeoGames (NGMS) announced that all necessary regulatory approvals required for the completion of the business combination with Aristocrat Leisure Limited have been received or waived. In addition, all antitrust and foreign investment regulatory clearances have been received. The final shareholder meeting of NeoGames to vote on the Acquisition is scheduled to be held on or about April 25, 2024, with completion of the Acquisition expected to occur on or about April 25, 2024.
  5. SMMF: On April 19, 2024, Burke & Herbert Financial Services Corp (BHRB) and Summit Financial Group (SMMF) announced receipt of all required regulatory approvals or waivers necessary to complete the merger. The merger is expected to close on May 3, 2024. In addition, the Burke & Herbert board of directors has established July 15, 2024, as the date for its annual shareholder meeting.

Hurdles:

  1. CPRI: On April 17, 2024, NYT reported that the U.S. Federal Trade Commission is preparing to sue to block Tapestry’s (TPR) $8.5 billion takeover of Capri Holdings (CPRI). The F.T.C.’s five commissioners are expected to meet next week to discuss the case.

Updates:

  1. AGTI: On April 15, 2024, Agiliti Inc (AGTIfiled a definitive proxy statement. The company will not call a stockholders’ meeting as no further action by the stockholders is required to complete the merger. The merger is expected to be completed in the first half of 2024.
  2. CTLT: On April 15, 2024, Catalent (CTLT) filed a definitive proxy statement. The special meeting of shareholders is scheduled to be held on May 29, 2024. Their merger with Novo Nordisk (NVO) is expected to close towards the end of 2024.
  3. TARO: On April 15, 2024, Taro Pharmaceutical Industries (TAROannounced that their special meeting of shareholders for the merger approval with Sun Pharmaceutical Industries is scheduled to be held on May 22, 2024.
  4. MODN: On April 15, 2024, ClearBridge Investments sent a letter to the Chairman of the Board of Model N (MODN), to urge the board to reconsider its agreement to be acquired by Vista Equity Partners.
  5. DOOR: On April 15, 2024, Owens Corning (OCannounced that they have commenced the tender offer to acquire Masonite International Corporation (DOOR).
  6. LABP: On April 15, 2024, Landos Biopharma (LABPfiled the preliminary proxy statement for its merger with AbbVie (ABBV).
  7. MDC: On April 16, 2024, M.D.C. Holdings (MDCannounced that their merger with Sekisui House (SKHSY) is is expected to occur on April 19, 2024.
  8. NGMS: As per NasdaqTrader, NeoGames (NGMS) announced on April 16, 2024, that they expect to hold a special shareholder meeting on April 25, 2024 for shareholders to vote to approve the proposed merger with Aristocrat Leisure Limited. If the merger is approved, it is tentatively scheduled to close on April 25, 2024.
  9. ANSS: On April 17, 2024, Ansys (ANSSfiled a definitive proxy statement. The special meeting of shareholders will be held on May 22, 2024.
  10. BATL: On April 16, 2024, Battalion Oil Corporation (BATL) and Fury Resources entered into a Fourth Amendment to the Agreement and Plan of Merger initially dated December 14, 2023.
  11. SWAV: On April 18, 2024, Shockwave Medical, Inc. (SWAVfiled the preliminary proxy statement for its merger with Johnson & Johnson (JNJ). The completion of the merger is subject to the approvals and clearances under the foreign antitrust laws of Austria and Germany and any other specified approvals. The companies expect to complete the merger by mid-year 2024.
  12. FFNW: On April 19, 2024, First Financial Northwest (FFNWfiled the preliminary proxy statement for its merger with Global Federal Credit Union. The companies expect to complete the merger by the fourth quarter of 2024.

Closed Deals:

  1. MDC: The acquisition of M.D.C. Holdings (MDC) by Sekisui House (SKHSY) was completed on April 19, 2024. It took 92 days for this deal to be completed.
  2. KAMN: The acquisition of Kaman Corporation (KAMN) by Arcline Investment Management was completed on April 19, 2024. It took 91 days for this deal to be completed.

Weekly Spread Changes:

The table below shows weekly spread changes between April 15, 2024, and April 19, 2024.

SymbolQuoteAcquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
ICLK3.26TSH Investment Holding Limited (N/A)25.15%3.82%21.33%All Cash
X38.59Nippon Steel (NISTF)22.3142.52%33.08%9.44%All Cash
GAN1.28Sega Sammy Creation Inc. (N/A)53.91%48.12%5.79%All Cash
OLK21.85Thermo Fisher Scientific Inc. (TMO)544.7818.99%14.14%4.85%All Cash
MGRC110.425WillScot Mobile Mini Holdings (WSC)38.4711.39%6.93%4.46%Special Conditions
AEL55.4Brookfield Reinsurance (BNRE) (BAM)38.324.51%6.03%-1.52%Cash Plus Stock
WRK47.99Smurfit Kappa (SMFTF)42.79-0.42%3.73%-4.15%Cash Plus Stock
SMMF27.12Burke & Herbert Financial Services Corp. (BHRB)53.940.30%4.95%-4.65%All Stock
ASTR0.6249Chris Kemp, Astra’s Co-founder, CEO and Chairman, and Dr. Adam London, Astra’s Co-founder, CTO and Director (N/A)-19.99%-12.89%-7.10%All Cash
SDPI1.24Drilling Tools International Corp. (DTI)5.08-19.35%-10.71%-8.64%Special Conditions

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
BATL12/15/2023Fury Resources, Inc. (N/A)$9.80$5.4406/12/202480.15%573.60%
GAN11/07/2023Sega Sammy Creation Inc. (N/A)$1.97$1.2812/31/202453.91%77.77%
CPRI08/10/2023Tapestry, Inc. (TPR)$57.00$38.5306/30/202447.94%253.58%
AGFY04/17/2024Nature’s Miracle Holding Inc (NMHI)$0.41$0.2809/17/202447.07%116.08%
X12/18/2023Nippon Steel (NISTF)$55.00$38.5909/30/202442.52%96.41%
HA12/03/2023Alaska Air Group, Inc. (ALK)$18.00$12.9506/30/202539.00%32.80%
ACI10/14/2022The Kroger Co. (KR)$27.25$20.3508/17/202433.91%105.78%
ICLK11/24/2023TSH Investment Holding Limited (N/A)$4.08$3.2603/31/202425.15%-417.32%
OLK10/17/2023Thermo Fisher Scientific Inc. (TMO)$26.00$21.8506/30/202418.99%100.47%
HMST01/16/2024Firstsun Capital Bancorp. (FSUN)$15.03$12.6406/30/202418.94%100.18%

Deals In The Works

  1. ZUO: According to Reuters, Zuora (ZUO), which makes subscription management software for businesses, is exploring options that include a sale after receiving acquisition interest from potential suitors.
  2. ENV: According to Reuters, Envestnet (ENV), a U.S. software vendor with a market value of about $3.5 billion, is exploring options that could include a potential sale after receiving takeover interest.
  3. VNDA: Future Pak announced that it has submitted three proposals since February to acquire all of the outstanding shares of common stock of Vanda Pharmaceuticals (VNDA), and confirms that its most recent proposal to acquire Vanda for cash consideration of $7.25 to $7.75 per share remains open for Vanda and its Board of Directors to consider. On April 19, 2024, Butler Hall Capital issued an open letter to Vanda’s (VNDA) board asking them to immediately form an independent special committee to engage with Future Pak and run a full sales process
  4. BSY: According to Reuters, Bentley Systems (BSY), an engineering software company with a market value of about $15 billion, is exploring options that include a sale after attracting acquisition interests from electrical equipment maker Schneider Electric, and design software firm Cadence Design Systems (CDNS).
  5. ME: 23andMe Holding Co. (ME), a human genetics and biopharmaceutical company, has been made aware that Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, is considering making a proposal to acquire all of the outstanding shares of 23andMe that she does not currently own.

Update

  1. BLKB: Clearlake Capital Group LP has made a sweetened bid to acquire Blackbaud (BLKB) offering $80 a share. Clearlake Capital aims to complete due diligence and sign a definitive agreement within approximately four weeks.
  2. DCO: Ducommun Incorporated (DCO) rejects an unsolicited, non-binding indication of interest dated April 1, 2024, from Albion River to acquire all outstanding shares of Ducommun for $60.00 per share in cash.
  3. VNDA: On April 17, 2024, Vanda Pharmaceuticals (VNDA) announced that it rejected the unsolicited takeover proposals from Future Pak.
  4. PARA: According to The New York Times Sony (SONY) has been talking with Apollo Global Management (APO) about a joint bid to acquire Paramount (PARA) Sony Pictures CEO Tony Vinciquerra has been talking with Apollo over the past week about a possible joint all-cash bid.
  5. JWN: Nordstrom (JWN) said the founding family behind the department store chain had shown an interest in pursuing a potential go-private deal, prompting the company’s board to form a special committee of independent directors to evaluate any proposal.
  6. BSY: On April 19, 2024, Schneider Electric announced it has been holding discussions with Bentley Systems (BSY) with regards to a potential strategic transaction.
  7. INFA: WSJ reported that the talks between Salesforce (CRM) and data-management software firm Informatica (INFA) have fizzled after the companies couldn’t agree on terms.

SPAC Arbitrage:

Completed

  1. ARRW: On April 16, 2024, Arrowroot Acquisition Corp. (ARRW) and iLearningEngines (AILEannounced the completion of 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
+BATL12/15/23Fury Resources, Inc. (N/A)All Cash$450 M$9.80$5.4412,5526/12/2480.15%573.60%
+GAN11/07/23Sega Sammy Creation Inc. (N/A)All Cash$85.73 M$1.97$1.2896,75412/31/2453.91%77.77%
+CPRI8/10/23Tapestry, Inc. (TPR)All Cash$8.5 B$57.00$38.532,273,1066/30/2447.94%253.58%
+AGFY4/17/24Nature’s Miracle Holding Inc (NMHI)All Stock$6.35 M$0.41$0.28929,5059/17/2447.07%116.08%
+X12/18/23Nippon Steel (NISTF)All Cash$14.9 B$55.00$38.593,414,7279/30/2442.52%96.41%
+HA12/03/23Alaska Air Group, Inc. (ALK)All Cash$1.19 B$18.00$12.95359,3976/30/2539.00%32.80%
+ACI10/14/22The Kroger Co. (KR)Special Conditions$24.6 B$27.25$20.351,845,1308/17/2433.91%105.78%
+ICLK11/24/23TSH Investment Holding Limited (N/A)All Cash-$12.92 M$4.08$3.2684,7563/31/2425.15%0.00%
+OLK10/17/23Thermo Fisher Scientific Inc. (TMO)All Cash$3.1 B$26.00$21.85591,6666/30/2418.99%100.47%
+HMST1/16/24Firstsun Capital Bancorp. (FSUN)All Stock$277.15 M$15.03$12.6453,8346/30/2418.94%100.18%
+DFS2/19/24Capital One Financial Corporation (COF)All Stock$35.3 B$145.65$125.351,548,4901/31/2516.20%20.82%
+ANSS1/16/24Synopsys (SNPS)Cash Plus Stock$35 B$373.17$322.22422,9646/30/2515.81%13.30%
+CTLT2/05/24Novo Nordisk (NVO)All Cash$16.5 B$63.50$55.481,588,14112/31/2414.46%20.86%
+FFNW1/11/24Global Federal Credit Union (N/A)Special Conditions$231.2 M$23.18$20.3628,68412/31/2413.85%19.98%
+AMED6/26/23UnitedHealth Group Incorporated (UNH)All Cash$3.8 B$101.00$90.38384,9033/31/2411.75%0.00%
+STER2/29/24First Advantage Corporation (FA)Special Conditions$2.2 B$16.73$14.975399,4439/30/2411.72%26.57%
+MGRC1/29/24WillScot Mobile Mini Holdings (WSC)Special Conditions$3.8 B$123.00$110.425299,3496/30/2411.39%60.24%
+JNPR1/09/24Hewlett Packard Enterprise (HPE)All Cash$14.31 B$40.00$36.064,104,7393/31/2510.93%11.63%
+CNSL10/16/23Searchlight Capital Partners and British Columbia Investment Management Corporation (N/A)All Cash$3.1 B$4.70$4.2551,054,7531/15/2510.46%14.24%
+HOLI12/11/23Ascendent Capital Partners (N/A)All Cash$1.66 B$26.50$24.545290,8976/30/247.96%42.13%
+CERE12/06/23AbbVie Inc. (ABBV)All Cash$8.7 B$45.00$42.15805,7406/30/246.76%35.77%
+VZIO2/20/24Walmart Inc. (WMT)All Cash$1.88 B$11.50$10.782,113,39712/31/246.68%9.64%
+SP10/05/23Metropolis Technologies, Inc. (N/A)All Cash$1.9 B$54.00$50.66385,32712/31/246.59%9.51%
+HES10/23/23Chevron Corporation (CVX)All Stock$60 B$164.00$154.352,551,01512/31/246.25%9.02%
+TGAN1/11/24Renesas Electronics Corporation (N/A)All Cash$311.67 M$5.10$4.805382,90612/31/246.14%8.86%
+AXNX1/08/24Boston Scientific Corporation (BSX)All Cash$3.17 B$71.00$66.96594,10412/31/246.03%8.70%
+NVEI4/01/24Advent International (N/A)All Cash$6.3 B$34.00$32.07875,8541/31/256.02%7.73%
+MCBC4/15/24Wintrust Financial Corporation (WTFC)Special Conditions$510.3 M$14.85$14.08478,46612/31/245.47%7.89%
+DOMA3/28/24Title Resources Group (N/A)All Cash$179.43 M$6.29$6.01303,09412/31/244.66%6.72%
+AEL7/05/23Brookfield Reinsurance (BNRE) (BAM)Cash Plus Stock$4.3 B$57.90$55.4840,5076/30/244.51%23.85%
+SWN1/11/24Chesapeake Energy Corporation (CHK)All Stock$7.4 B$7.59$7.298,313,01012/31/244.09%5.90%
+CALB1/30/24Southern California Bancorp (BCAL)All Stock$100.21 M$22.29$21.4233,2879/30/244.07%9.23%
+EDR4/02/24Silver Lake (N/A)All Cash$13 B$27.50$26.51,460,7963/31/253.77%4.02%
+FNCB9/27/23Peoples Financial Services Corp. (PFIS)All Stock$129 M$5.53$5.339,4609/30/243.72%8.43%
+ETRN3/11/24EQT Corporation (EQT)All Stock$9.1 B$12.84$12.454,806,44812/31/243.15%4.54%
+CHX4/02/24Schlumberger Limited (SLB)All Stock$8.22 B$36.64$35.553,033,04612/31/243.07%4.42%
+PXD10/11/23Exxon Mobil Corporation (XOM)All Stock$64.5 B$278.53$270.312,843,1226/30/243.04%16.08%
+NWLI10/09/23Prosperity Life Group (N/A)All Cash$1.9 B$500.00$487.117,3526/30/242.65%14.00%
+CATC9/19/23Eastern Bankshares, Inc. (EBC)All Stock$528 M$63.54$62.2912,0804/15/242.00%0.00%
+WIRE4/15/24Prysmian (N/A)All Cash$3.64 B$290.00$284.41623,58012/31/241.97%2.84%
+AIRC4/08/24Blackstone Inc. (BX)All Cash$10 B$39.12$38.384,653,9749/30/241.93%4.37%
+SNPO4/15/24Resideo Technologies, Inc (REZI)All Cash$1.4 B$10.75$10.5551,621,85712/31/241.85%2.67%
+SWAV4/05/24Johnson & Johnson (JNJ)All Cash$13.1 B$335.00$329.021,290,2067/31/241.82%6.63%
+TCN1/19/24Blackstone (BX)All Cash$3.5 B$11.25$11.054,037,3846/30/241.81%9.57%
+MOR2/05/24Novartis AG (NVS)All Cash$2.90 B$18.28$17.96181,1956/30/241.78%9.43%
+TARO1/17/24Sun Pharmaceutical Industries (N/A)All Cash$257.34 M$43.00$42.2516,9386/30/241.78%9.39%
+TDCX3/01/24Transformative Investments Pte Ltd (N/A)All Cash$663.36 M$7.20$7.07532,2876/30/241.77%9.35%
+CVLY12/12/23Orrstown Financial Services, Inc. (ORRF)All Stock$207 M$22.70$22.3320,2669/30/241.65%3.73%
+MODN4/08/24Vista Equity Partners (N/A)All Cash$1.25 B$30.00$29.621,634,3416/30/241.28%6.79%
+VIA1/02/24Retailco, LLC (N/A)All Cash$190 M$11.00$10.8659,4976/30/241.24%6.57%
+DOOR2/09/24Owens Corning (OC)All Cash$3.9 B$133.00$131.39664,4006/30/241.23%6.48%
+HAYN2/05/24North American Stainless (N/A)All Cash$970 M$61.00$60.28164,1669/30/241.19%2.71%
+SCX3/11/24MiddleGround Capital (N/A)All Cash$132.46 M$16.19$16.0215,0986/30/241.06%5.61%
+ADTH4/01/24Cadent LLC (N/A)All Cash$324 M$3.21$3.18709,2929/30/240.94%2.14%
+FREE2/13/24Sababa Holdings (N/A)All Cash$593.91 M$4.88$4.835221,7076/30/240.93%4.92%
+ZFOX2/06/24Haveli Investments (N/A)All Cash$350 M$1.14$1.1388,0256/30/240.88%4.68%
+HRT2/16/24General Atlantic and Stone Point Capital (N/A)All Cash$1.65 B$14.35$14.24403,1556/30/240.77%4.09%
+ALPN4/10/24Vertex Pharmaceuticals Inc. (VRTX)All Cash$4.6 B$65.00$64.5353,978,9476/30/240.72%3.81%
+LBAI9/27/22Provident Financial Services, Inc. (PFS)All Stock$1.3 B$12.03$11.95452,5516/30/240.66%3.51%
+ERF2/21/24Chord Energy Corporation (CHRD)Cash Plus Stock$3.63 B$20.05$19.932,033,6506/30/240.62%3.26%
+VERY10/03/23iA American Holdings, Inc. (N/A)All Cash$170 M$11.43$11.361,9696/30/240.62%3.26%
+NS1/22/24Sunoco LP (SUN)All Stock$7.3 B$22.20$22.11560,8186/30/240.41%2.15%
+TAST1/16/24Restaurant Brands International (QSR)All Cash$1 B$9.55$9.515457,0686/30/240.37%1.95%
+EVBG2/05/24Thoma Bravo (N/A)All Cash$1.5 B$35.00$34.8751,190,9496/30/240.36%1.90%
+SMMF8/25/23Burke & Herbert Financial Services Corp. (BHRB)All Stock$371.5 M$27.20$27.1242,9813/31/240.30%0.00%
+NGMS5/14/23Aristocrat Leisure Limited (ALL.AX)All Cash$1.2 B$29.50$29.445764,7095/14/240.19%3.10%
+AGTI2/26/24Thomas H. Lee Partners, L.P (N/A)All Cash$2.5 B$10.00$10.04515,4006/30/24-0.40%-2.11%
+WRK9/12/23Smurfit Kappa (SMFTF)Cash Plus Stock$23.24 B$47.79$47.991,802,3506/30/24-0.42%-2.20%
+FUSN3/19/24AstraZeneca (AZN)Special Conditions$2.4 B$21.00$21.26442,3696/30/24-1.22%-6.47%
+RAIN12/13/23Pathos AI, Inc. (N/A)Special Conditions-$35.53 M$1.16$1.2100N/A1/31/24-4.13%18.39%
+SIX11/02/23Cedar Fair, L.P. (FUN)All Stock$4.86 B$22.09$23.45645,6076/30/24-5.81%-30.76%
+LABP3/25/24AbbVie Inc. (ABBV)Special Conditions90.65 M$20.42$21.7414,6826/30/24-6.07%-32.12%
+INBX1/23/24Sanofi (SNY)Special Conditions$2.2 B$30.00$34.36216,3906/30/24-12.69%-67.12%
+SDPI3/07/24Drilling Tools International Corp. (DTI)Special Conditions$32.3 M$1.00$1.24169,1179/30/24-19.35%-43.88%
+ASTR3/08/24Chris Kemp, Astra’s Co-founder, CEO and Chairman, and Dr. Adam London, Astra’s Co-founder, CTO and Director (N/A)All Cash$15.11 M$0.50$0.624991,4756/30/24-19.99%-105.73%

Disclaimer: I hold long positions in First Financial Northwest (FFNW), Cerevel Therapeutics (CERE) and Capri (CPRI). 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.