Merger Arbitrage Tool

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  Target Announced Date Acquirer Deal
Type
Closing
Value
Deal
Price
Last
Price
Target
Volume
Options Div. Yield Estimated
Closing Date
Return Annualized
Return
MX chart 3/26/21 South Dearborn Limited (N/A) Cash $1.4 B $29.00 $17.47 466,080 Yes N/A 12/31/21 66.00% 892.21%

The following funds have a position in Magnachip Semiconductor Corporation:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Glazer Capital, LLC
4. Pentwater Capital Management LP

Magnachip Semiconductor Corporation merger details:

Expected to close in the second half of 2021 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of MagnaChip Semiconductor will receive $29.00 per share in cash.

Merger Agreement

MagnaChip Semiconductor Corporation Investor Relations

Update(s)

May 26, 2021: Outside legal counsel of Magnachip Semiconductor Corporation (MX) and South Dearborn Limited received an e-mail from the U.S. Department of Treasury on behalf of the Staff Chairperson of the Committee on Foreign Investment in the United States. In the e-mail, the CFIUS Staff Chairperson, acting on the recommendation of CFIUS, requested that the parties file a notice concerning the Merger and thereby undergo formal CFIUS review of the Merger.

June 11, 2021: Magnachip Semiconductor Corporation (MX) confirmed receipt of an unsolicited proposal from Cornucopia Investment Partners to acquire all of the outstanding shares of Magnachip common stock for $35.00 per share in cash.

June 15, 2021: Magnachip (MX) received an order from the Treasury Department on behalf of the Committee on Foreign Investment in the United States (CFIUS) telling the company to pause its acquisition by Wise Road Capital until a government review can be completed. The Company is assessing the impact of the Interim Order and the special meeting of stockholders scheduled for June 17, 2021 is expected to be postponed.

June 16, 2021: Magnachip Semiconductor (MX) received a letter from the Korean Ministry of Trade, Industry and Energy (“MOTIE”) requesting MSK to either apply for an approval or file a report, as may be applicable, under Article 11-2 of the Act on Prevention of Divulgence and Protection of Industrial Technology concerning the Merger.

June 30, 2021: Magnachip Semiconductor's (MX) planned sale to PE firm Wise Road was approved by China's antitrust regulator.

July 26, 2021: Outside legal counsel of each of Magnachip Semiconductor (MX) and South Dearborn Limited received a letter from the Acting CFIUS Staff Chairperson notifying the parties that CFIUS will undertake an investigation of the Merger pursuant to Section 721(b)(2) of the DPA, which will be completed no later than September 13, 2021.

August 30, 2021: Magnachip Semiconductor (MX) said that the Committee on Foreign Investment in the U.S. (CFIUS) has identified national security risks with the sale to Wise Road and the deal is expected be referred to the President Biden for his decision.

September 10, 2021: Magnachip Semiconductor Corporation (MX) announced that through outside legal counsel, asked CFIUS to permit them to withdraw and re-file their June 11, 2021 notice concerning the Merger, in order to permit further discussion with CFIUS concerning potential options for permanently mitigating risks to the national security that have been identified by CFIUS.

October 28, 2021: The Acting CFIUS Staff Chairperson notified Magnachip Semiconductor Corporation (MX) and South Dearborn Limited that CFIUS is undertaking an investigation of the Merger pursuant to Section 721(b)(2) of the Defense Production Act of 1950, as amended, which will be completed no later than December 13, 2021. There can be no assurance that the Company and Parent will develop or agree to any proposals that would result in CFIUS clearance.

JOBS chart 6/21/21 Garnet Faith Limited (N/A) Cash $3.63 B $79.05 $56.00 442,919 Yes N/A 12/31/21 41.16% 556.43%

The following funds have a position in 51job, Inc.:
1. Gabelli Funds LLC
2. Pentwater Capital Management LP

51job, Inc. merger details:

Expected to close in the second half of 2021 in a going-private transaction for a closing value of $3.63 billion. Upon completion of the merger, shareholders of 51job will receive $79.05 per share in cash.

51job, Inc Investor Relations

Update(s)

November 8, 2021: 51job (JOBS) announced that certain members of the buyer consortium that formed Garnet Faith Limited to acquire the Company, have been in consultation with Chinese regulators on recent regulatory changes in China that may be applicable to the Company and the Proposed Transaction. The consultation process by these buyer consortium members is currently ongoing and a clear timeline to its completion cannot be provided at this time.

CHNG chart 1/06/21 UnitedHealth Group Incorporated (UNH) Cash $13.28 B $25.75 $20.33 2,741,032 Yes N/A 2/28/22 26.66% 113.15%

The following funds have a position in Change Healthcare Inc.:
1. Alpine Global Management, LLC
2. Cheyne Capital Management (UK) LLP
3. Gabelli Funds LLC
4. Gardner Lewis Asset Management L P
5. Magnetar Financial LLC
6. Pentwater Capital Management LP
7. TIG Advisors, LLC
8. Tudor Investment Corp ET AL

Change Healthcare Inc. merger details:

Expected to close in the second half of 2021 for a closing value of $13.28 billion. Upon completion of the merger, shareholders of Change Healthcare will receive $25.75 per share in cash.

Merger Agreement

Change Healthcare Inc. Investor Relations
UnitedHealth Group Incorporated Investor Relations

Change Healthcare Inc. Investor Relations

UnitedHealth Group Incorporated Investor Relations

Update(s)

March 24, 2021: Change Healthcare (CHNG) and UnitedHealth Group (UNH) each received a request for additional information and documentary materials from the DOJ in connection with the DOJ’s review of the Merger. The effect of the Second Request is to extend the waiting period imposed under the HSR Act until the 30th day after substantial compliance by the Company and UnitedHealth Group with the Second Request, unless the waiting period is terminated earlier by the DOJ or extended by the parties to the Merger.

April 14, 2021: Change Healthcare (CHNG) announced that during a special meeting its stockholders voted to approve the previously announced combination with OptumInsight, part of UnitedHealth Group (UNH).

May 6, 2021: The American Antitrust Institute (AAI) warned that UnitedHealth Group's (UNH) planned acquisition of Change Healthcare (CHNG) could stifle competition. The nonprofit wrote in a letter to the Department of Justice (DOJ) that the deal is "likely to harm competition and consumers."

August 12, 2021: Change Healthcare (CHNG) and UnitedHealth Group (UNH) entered into a timing agreement with the DOJ pursuant to which they agreed, among other things, not to consummate the Merger before 120 days following the date on which both parties have certified substantial compliance with the Second Request unless they have received written notice from the DOJ prior to the end of such 120-day period that the DOJ has closed its investigation of the pending Merger.

November 1, 2021: Change Healthcare (CHNG) and UnitedHealth Group (UNH) entered into an amendment to the Timing Agreement with the DOJ pursuant to which they agreed not to consummate the Merger before February 22, 2022, unless they have received written notice from the DOJ prior to such date that the DOJ has closed its investigation.

AJRD chart 12/20/20 Lockheed Martin Corporation (LMT) Cash $3.79 B $51.00 $43.17 361,653 Yes N/A 3/31/22 18.14% 56.58%

The following funds have a position in Aerojet Rocketdyne Holdings, Inc.:
1. Gabelli Funds LLC
2. Gardner Lewis Asset Management L P
3. Harvest Management LLC
4. Magnetar Financial LLC
5. Sand Grove Capital Management LLP
6. TIG Advisors, LLC

Aerojet Rocketdyne Holdings, Inc. merger details:

Expected to close in the second half of 2021 for a closing value of $3.79 billion. Upon completion of the merger, shareholders of Aerojet Rocketdyne Holdings will receive $56.00 per share in cash. As part of the transaction, Aerojet Rocketdyne declared a $5.00 per share pre-closing special dividend to holders of its common shares and convertible senior notes, on an as-converted basis. The special dividend will be paid on March 24, 2021, to holders of record as of March 10, 2021. The payment of this special dividend, unless revoked, will adjust the consideration to be paid by Lockheed Martin to $51.00 per share at closing.

Aerojet Rocketdyne Holdings, Inc. Investor Relations
Lockheed Martin Corporation Investor Relations

Aerojet Rocketdyne Holdings, Inc. Investor Relations

Lockheed Martin Corporation Investor Relations

Update(s)

February 17, 2021: According to Reuters, antitrust regulators will likely lengthen their investigation into Lockheed Martin Corp's (LMT) proposed purchase of rocket maker Aerojet Rocketdyne Holdings (AJRD).

March 9, 2021: Aerojet Rocketdyne’s stockholders approved the merger agreement providing for the proposed acquisition of Aerojet Rocketdyne (AJRD) by Lockheed Martin Corporation (LMT).

March 24, 2021: Aerojet Rocketdyne Holdings (AJRD) announced payment of the previously-declared $5.00 per share special cash dividend to holders of its common shares. Under the terms of the acquisition agreement, Aerojet Rocketdyne’s payment of the special dividend adjusts the consideration to be paid by Lockheed Martin (LMT) at closing from $56.00 per share to $51.00 per share.

MNTV chart 10/28/21 Zendesk (ZEN) Stock $4.21 B $21.80 $18.91 1,560,686 Yes N/A 6/30/22 15.27% 26.80%

The following funds have a position in Momentive Global Inc.:
1. Gabelli Funds LLC
2. Tudor Investment Corp ET AL

Momentive Global Inc. merger details:

Expected to close in the first half of 2022 for a closing value of $4.21 billion in an all stock deal. Under the terms of the agreement, Momentive stockholders will receive 0.225 shares of Zendesk stock for each share of Momentive stock.

Merger Agreement

Momentive Global Inc. Investor Relations

Zendesk, Inc. Investor Relations

XLNX chart 10/27/20 Advanced Micro Devices, Inc. (AMD) Stock $33.43 B $248.19 $217.06 4,202,868 Yes 0.17% 12/31/21 14.34% 193.86%

The following funds have a position in Xilinx, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Gardner Lewis Asset Management L P
4. Harvest Management LLC
5. Magnetar Financial LLC
6. Pentwater Capital Management LP
7. Sand Grove Capital Management LLP
8. Taconic Capital Advisors LP
9. TIG Advisors, LLC
10. Tudor Investment Corp ET AL

Xilinx, Inc. merger details:

Expected to close by the end of calendar year 2021 for a closing value of $33.43 billion in an all stock deal. Under the terms of the agreement, Xilinx stockholders will receive a fixed exchange ratio of 1.7234 shares of AMD common stock for each share of Xilinx common stock they hold.

Merger Agreement

Xilinx, Inc. Investor Relations
Advanced Micro Devices, Inc. Investor Relations

Xilinx, Inc. Investor Relations

Advanced Micro Devices, Inc. Investor Relations

Update(s)

January 12, 2021: Xilinx (XLNX) announced that the Hart-Scott-Rodino waiting period on its acquisition by AMD has expired.

March 8, 2021: Advanced Micro Devices (AMD) and Xilinx (XLNX) announced that they have set April 7, 2021 as the date for the Special Meetings of Stockholders to vote on the proposed acquisition of Xilinx by AMD.

April 7, 2021: Advanced Micro Devices (AMD) and Xilinx (XLNX) announced that stockholders voted to approve their respective proposals relating to the pending acquisition of Xilinx by AMD.

May 26, 2021: Advanced Micro Devices (AMD) filed its planned acquisition of Xilinx (XLNX) with the European Union for review.

June 29, 2021: The U.K. Competition and Markets Authority said that it has decided not to refer Advanced Micro Devices's (AMD) anticipated acquisition of Xilinx (XLNX) to a Phase 2 investigation.

Note: Premium members can sort this table by Target, Return, Annualized Return and Estimated Closing Date. Desktop Version

  Target Estimated
Closing Date
Return Annualized
Return
MX chart 12/31/21 66.00% 892.21%

The following funds have a position in Magnachip Semiconductor Corporation:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Glazer Capital, LLC
4. Pentwater Capital Management LP

Magnachip Semiconductor Corporation merger details:

Expected to close in the second half of 2021 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of MagnaChip Semiconductor will receive $29.00 per share in cash.

Merger Agreement

MagnaChip Semiconductor Corporation Investor Relations

Update(s)

May 26, 2021: Outside legal counsel of Magnachip Semiconductor Corporation (MX) and South Dearborn Limited received an e-mail from the U.S. Department of Treasury on behalf of the Staff Chairperson of the Committee on Foreign Investment in the United States. In the e-mail, the CFIUS Staff Chairperson, acting on the recommendation of CFIUS, requested that the parties file a notice concerning the Merger and thereby undergo formal CFIUS review of the Merger.

June 11, 2021: Magnachip Semiconductor Corporation (MX) confirmed receipt of an unsolicited proposal from Cornucopia Investment Partners to acquire all of the outstanding shares of Magnachip common stock for $35.00 per share in cash.

June 15, 2021: Magnachip (MX) received an order from the Treasury Department on behalf of the Committee on Foreign Investment in the United States (CFIUS) telling the company to pause its acquisition by Wise Road Capital until a government review can be completed. The Company is assessing the impact of the Interim Order and the special meeting of stockholders scheduled for June 17, 2021 is expected to be postponed.

June 16, 2021: Magnachip Semiconductor (MX) received a letter from the Korean Ministry of Trade, Industry and Energy (“MOTIE”) requesting MSK to either apply for an approval or file a report, as may be applicable, under Article 11-2 of the Act on Prevention of Divulgence and Protection of Industrial Technology concerning the Merger.

June 30, 2021: Magnachip Semiconductor's (MX) planned sale to PE firm Wise Road was approved by China's antitrust regulator.

July 26, 2021: Outside legal counsel of each of Magnachip Semiconductor (MX) and South Dearborn Limited received a letter from the Acting CFIUS Staff Chairperson notifying the parties that CFIUS will undertake an investigation of the Merger pursuant to Section 721(b)(2) of the DPA, which will be completed no later than September 13, 2021.

August 30, 2021: Magnachip Semiconductor (MX) said that the Committee on Foreign Investment in the U.S. (CFIUS) has identified national security risks with the sale to Wise Road and the deal is expected be referred to the President Biden for his decision.

September 10, 2021: Magnachip Semiconductor Corporation (MX) announced that through outside legal counsel, asked CFIUS to permit them to withdraw and re-file their June 11, 2021 notice concerning the Merger, in order to permit further discussion with CFIUS concerning potential options for permanently mitigating risks to the national security that have been identified by CFIUS.

October 28, 2021: The Acting CFIUS Staff Chairperson notified Magnachip Semiconductor Corporation (MX) and South Dearborn Limited that CFIUS is undertaking an investigation of the Merger pursuant to Section 721(b)(2) of the Defense Production Act of 1950, as amended, which will be completed no later than December 13, 2021. There can be no assurance that the Company and Parent will develop or agree to any proposals that would result in CFIUS clearance.

JOBS chart 12/31/21 41.16% 556.43%

The following funds have a position in 51job, Inc.:
1. Gabelli Funds LLC
2. Pentwater Capital Management LP

51job, Inc. merger details:

Expected to close in the second half of 2021 in a going-private transaction for a closing value of $3.63 billion. Upon completion of the merger, shareholders of 51job will receive $79.05 per share in cash.

51job, Inc Investor Relations

Update(s)

November 8, 2021: 51job (JOBS) announced that certain members of the buyer consortium that formed Garnet Faith Limited to acquire the Company, have been in consultation with Chinese regulators on recent regulatory changes in China that may be applicable to the Company and the Proposed Transaction. The consultation process by these buyer consortium members is currently ongoing and a clear timeline to its completion cannot be provided at this time.

CHNG chart 2/28/22 26.66% 113.15%

The following funds have a position in Change Healthcare Inc.:
1. Alpine Global Management, LLC
2. Cheyne Capital Management (UK) LLP
3. Gabelli Funds LLC
4. Gardner Lewis Asset Management L P
5. Magnetar Financial LLC
6. Pentwater Capital Management LP
7. TIG Advisors, LLC
8. Tudor Investment Corp ET AL

Change Healthcare Inc. merger details:

Expected to close in the second half of 2021 for a closing value of $13.28 billion. Upon completion of the merger, shareholders of Change Healthcare will receive $25.75 per share in cash.

Merger Agreement

Change Healthcare Inc. Investor Relations
UnitedHealth Group Incorporated Investor Relations

Change Healthcare Inc. Investor Relations

UnitedHealth Group Incorporated Investor Relations

Update(s)

March 24, 2021: Change Healthcare (CHNG) and UnitedHealth Group (UNH) each received a request for additional information and documentary materials from the DOJ in connection with the DOJ’s review of the Merger. The effect of the Second Request is to extend the waiting period imposed under the HSR Act until the 30th day after substantial compliance by the Company and UnitedHealth Group with the Second Request, unless the waiting period is terminated earlier by the DOJ or extended by the parties to the Merger.

April 14, 2021: Change Healthcare (CHNG) announced that during a special meeting its stockholders voted to approve the previously announced combination with OptumInsight, part of UnitedHealth Group (UNH).

May 6, 2021: The American Antitrust Institute (AAI) warned that UnitedHealth Group's (UNH) planned acquisition of Change Healthcare (CHNG) could stifle competition. The nonprofit wrote in a letter to the Department of Justice (DOJ) that the deal is "likely to harm competition and consumers."

August 12, 2021: Change Healthcare (CHNG) and UnitedHealth Group (UNH) entered into a timing agreement with the DOJ pursuant to which they agreed, among other things, not to consummate the Merger before 120 days following the date on which both parties have certified substantial compliance with the Second Request unless they have received written notice from the DOJ prior to the end of such 120-day period that the DOJ has closed its investigation of the pending Merger.

November 1, 2021: Change Healthcare (CHNG) and UnitedHealth Group (UNH) entered into an amendment to the Timing Agreement with the DOJ pursuant to which they agreed not to consummate the Merger before February 22, 2022, unless they have received written notice from the DOJ prior to such date that the DOJ has closed its investigation.

AJRD chart 3/31/22 18.14% 56.58%

The following funds have a position in Aerojet Rocketdyne Holdings, Inc.:
1. Gabelli Funds LLC
2. Gardner Lewis Asset Management L P
3. Harvest Management LLC
4. Magnetar Financial LLC
5. Sand Grove Capital Management LLP
6. TIG Advisors, LLC

Aerojet Rocketdyne Holdings, Inc. merger details:

Expected to close in the second half of 2021 for a closing value of $3.79 billion. Upon completion of the merger, shareholders of Aerojet Rocketdyne Holdings will receive $56.00 per share in cash. As part of the transaction, Aerojet Rocketdyne declared a $5.00 per share pre-closing special dividend to holders of its common shares and convertible senior notes, on an as-converted basis. The special dividend will be paid on March 24, 2021, to holders of record as of March 10, 2021. The payment of this special dividend, unless revoked, will adjust the consideration to be paid by Lockheed Martin to $51.00 per share at closing.

Aerojet Rocketdyne Holdings, Inc. Investor Relations
Lockheed Martin Corporation Investor Relations

Aerojet Rocketdyne Holdings, Inc. Investor Relations

Lockheed Martin Corporation Investor Relations

Update(s)

February 17, 2021: According to Reuters, antitrust regulators will likely lengthen their investigation into Lockheed Martin Corp's (LMT) proposed purchase of rocket maker Aerojet Rocketdyne Holdings (AJRD).

March 9, 2021: Aerojet Rocketdyne’s stockholders approved the merger agreement providing for the proposed acquisition of Aerojet Rocketdyne (AJRD) by Lockheed Martin Corporation (LMT).

March 24, 2021: Aerojet Rocketdyne Holdings (AJRD) announced payment of the previously-declared $5.00 per share special cash dividend to holders of its common shares. Under the terms of the acquisition agreement, Aerojet Rocketdyne’s payment of the special dividend adjusts the consideration to be paid by Lockheed Martin (LMT) at closing from $56.00 per share to $51.00 per share.

MNTV chart 6/30/22 15.27% 26.80%

The following funds have a position in Momentive Global Inc.:
1. Gabelli Funds LLC
2. Tudor Investment Corp ET AL

Momentive Global Inc. merger details:

Expected to close in the first half of 2022 for a closing value of $4.21 billion in an all stock deal. Under the terms of the agreement, Momentive stockholders will receive 0.225 shares of Zendesk stock for each share of Momentive stock.

Merger Agreement

Momentive Global Inc. Investor Relations

Zendesk, Inc. Investor Relations

XLNX chart 12/31/21 14.34% 193.86%

The following funds have a position in Xilinx, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Gardner Lewis Asset Management L P
4. Harvest Management LLC
5. Magnetar Financial LLC
6. Pentwater Capital Management LP
7. Sand Grove Capital Management LLP
8. Taconic Capital Advisors LP
9. TIG Advisors, LLC
10. Tudor Investment Corp ET AL

Xilinx, Inc. merger details:

Expected to close by the end of calendar year 2021 for a closing value of $33.43 billion in an all stock deal. Under the terms of the agreement, Xilinx stockholders will receive a fixed exchange ratio of 1.7234 shares of AMD common stock for each share of Xilinx common stock they hold.

Merger Agreement

Xilinx, Inc. Investor Relations
Advanced Micro Devices, Inc. Investor Relations

Xilinx, Inc. Investor Relations

Advanced Micro Devices, Inc. Investor Relations

Update(s)

January 12, 2021: Xilinx (XLNX) announced that the Hart-Scott-Rodino waiting period on its acquisition by AMD has expired.

March 8, 2021: Advanced Micro Devices (AMD) and Xilinx (XLNX) announced that they have set April 7, 2021 as the date for the Special Meetings of Stockholders to vote on the proposed acquisition of Xilinx by AMD.

April 7, 2021: Advanced Micro Devices (AMD) and Xilinx (XLNX) announced that stockholders voted to approve their respective proposals relating to the pending acquisition of Xilinx by AMD.

May 26, 2021: Advanced Micro Devices (AMD) filed its planned acquisition of Xilinx (XLNX) with the European Union for review.

June 29, 2021: The U.K. Competition and Markets Authority said that it has decided not to refer Advanced Micro Devices's (AMD) anticipated acquisition of Xilinx (XLNX) to a Phase 2 investigation.

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