Merger activity increased last week with four new deals announced and one deal completed. The action was mostly in the red hot SPAC area where we saw the pace of IPOs and business combination announcements continue unabated.
On Friday, February 5, 2020, Chevron Corporation (CVX) submitted a non-binding proposal to the Board of Directors of Noble Midstream Partners (NBLX), to acquire the company through a merger transaction at a value of $12.47 per share. This announcement came less than a week after the chief executives of Exxon Mobil (XOM) and Chevron spoke about combining the two companies for what could be one of the largest corporate mergers ever.
Another highlight from last week was an announcement from the Federal Trade Commission, with support from the Antitrust Division of the U.S. Department of Justice, stating that they will be temporarily suspending early termination to filings made under the Hart-Scott-Rodino Act. This could translate into mergers taking slightly longer to close, all things being equal.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There was one new deal announced in the Deals in the Works section last week.