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ConocoPhillips Wins Marathon – Merger Arbitrage Mondays

  • June 3, 2024

Correction: In our June 2024 Special Situations Newsletter discussing the odd-lot tender offer for Monster Beverages (MNST), I mentioned that the company can call off the tender if the price drops 10% below the lower bound of the $53 to $60 range for the offer. As an astute subscriber pointed out to me this weekend, the tender offer document states that it can get called off if there is a 10% or more decline in the price from the May 7, 2024 closing price of $54.67, which works out to $49.20.

Marathon Oil Corporation (MRO): $28.96

Market Cap: $16.33B

Deal Size: $22.5 B

The M&A activity in the last week of May rose significantly with six new deals, the most notable being the large acquisition of Marathon Oil Corporation (MRO) by ConocoPhillips (COP).

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