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
JOBS chart 6/21/21 Garnet Faith Limited (N/A) Cash $3.63 B $79.05 $49.20 819,720 Yes N/A 3/31/22 60.67% 363.03%

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.

December 31, 2021: Since this deal has not yet been completed, we have extended the closing date to March 31, 2022.

December 31, 2021: Since this deal has not yet been completed, we have extended the closing date to March 31, 2022.

January 12, 2022: 51job (JOBS) announced that its Board of Directors received a proposal letter from Garnet Faith Limited in connection with the proposed merger. In the Proposal Letter, the Merger Sub proposed to reduce the merger consideration from US$79.05 in cash per common share to US$57.25 in cash per common share.

AJRD chart 12/20/20 Lockheed Martin Corporation (LMT) Cash $3.79 B $51.00 $38.44 1,383,397 Yes N/A 3/31/22 32.67% 195.51%

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.

January 25, 2022: Aerojet Rocketdyne (AJRD) announced that it has been advised by the FTC that its concerns regarding the transaction cannot be addressed adequately by the terms of the proposed consent order. The company believes it is highly likely that the FTC will vote to sue to block the transaction and expect they will make a decision before January 27, 2022. If the FTC sues to block the transaction, Lockheed Martin (LMT) could elect to defend the lawsuit or terminate the merger agreement.

January 25, 2022: The Federal Trade Commission sued to block Lockheed Martin Corporation’s (LMT) proposed vertical acquisition of Aerojet Rocketdyne Holdings (AJRD), the last independent U.S. supplier of missile propulsion systems. The agency’s complaint alleges that if the deal is allowed to proceed, Lockheed will use its control of Aerojet to harm rival defense contractors and further consolidate multiple markets critical to national security and defense. This is the agency's first litigated defense merger challenge in decades.

CHNG chart 1/06/21 UnitedHealth Group Incorporated (UNH) Cash $13.28 B $25.75 $19.55 1,479,871 Yes N/A 6/30/22 31.71% 76.15%

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.

December 9, 2021: UnitedHealth Group Incorporated (UNH) delivered written notice to Change Healthcare (CHNG) that it was exercising its unilateral right to extend the Outside Date to April 5, 2022.

TMX chart 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $42.47 757,920 Yes N/A 12/31/22 29.50% 32.05%

The following funds have a position in Terminix Global Holdings, Inc.:
1. Gabelli Funds LLC
2. Twin Capital Management Inc

Terminix Global Holdings, Inc. merger details:

Expected to close in the second half of 2022 for a closing value of $6.7 billion in a cash or stock deal. Under the terms of the agreement, Under the terms of the Agreement, Rentokil Initial will issue to Terminix shareholders at closing aggregate consideration comprised of approximately 643.29 million new Rentokil Initial shares (representing approximately 128.66 million American depository shares (“ADSs”), based on a 1:5 ADS to Rentokil Initial share ratio) and approximately US$1.3bn in cash. Based on Rentokil Initial’s 5-day average daily volume weighted share price and the 5-day average of the Sterling-US Dollar exchange rate both over the period spanning 6 to 10 December 2021 inclusive, this values the entire share capital of Terminix at US$6.7 billion, implying a value of US$55.00 per share of Terminix common stock, and represents an aggregate consideration mix of 80% stock and 20% cash. Terminix shareholders may elect to receive all cash or all stock consideration, subject to proration in the event of oversubscription. Each Terminix share for which no election or an invalid election is received will be deemed to have elected for all stock consideration. The value of the per share cash election and the value of the per share stock election will be equalised ahead of closing such that the value of each election choice will be substantially the same.

Merger Agreement

Terminix Global Holdings, Inc. Investor Relations

Rentokil Initial Investor Relations

MNTV chart 10/28/21 Zendesk (ZEN) Stock $4.21 B $21.26 $16.96 1,295,996 Yes N/A 6/30/22 25.38% 60.95%

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

Update(s)

November 30, 2021: Jana Partners sent a letter to Zendesk (ZEN), urging the company to abandon the Momentive (MNTV) deal.

December 13, 2021: The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the previously announced proposed merger between Momentive Global (MNTV) and Zendesk (ZEN). 

Jaunary 3, 2022: JANA Partners LLC announced that it has sent a letter to the Zendesk (ZEN) Board of Directors highlighting shareholder opposition, revealing new concerns regarding the proposed acquisition of Momentive (MNTV), and calling on the Board to immediately terminate the transaction.

ATVI chart 1/18/22 Microsoft Corporation (MSFT) Cash $68.7 B $95.00 $79.14 10,787,994 Yes 0.59% 3/31/23 20.04% 17.17%

The following funds have a position in Activision Blizzard, Inc.:
1. Davidson Kempner Capital Management LP
2. Gabelli Funds LLC
3. HBK Investments L P
4. Tudor Investment Corp ET AL
5. Twin Capital Management Inc
6. UBS O'Connor LLC

Activision Blizzard, Inc. merger details:

Expected to close in fiscal year 2023 for a closing value of $68.7 billion. Upon completion of the deal, shareholders of Activision Blizzard will receive $95.00 per share in cash.

Merger Agreement

Activision Blizzard, Inc. Investor Relations

Microsoft Corporation Investor Relations

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
JOBS chart 3/31/22 60.67% 363.03%

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.

December 31, 2021: Since this deal has not yet been completed, we have extended the closing date to March 31, 2022.

December 31, 2021: Since this deal has not yet been completed, we have extended the closing date to March 31, 2022.

January 12, 2022: 51job (JOBS) announced that its Board of Directors received a proposal letter from Garnet Faith Limited in connection with the proposed merger. In the Proposal Letter, the Merger Sub proposed to reduce the merger consideration from US$79.05 in cash per common share to US$57.25 in cash per common share.

AJRD chart 3/31/22 32.67% 195.51%

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.

January 25, 2022: Aerojet Rocketdyne (AJRD) announced that it has been advised by the FTC that its concerns regarding the transaction cannot be addressed adequately by the terms of the proposed consent order. The company believes it is highly likely that the FTC will vote to sue to block the transaction and expect they will make a decision before January 27, 2022. If the FTC sues to block the transaction, Lockheed Martin (LMT) could elect to defend the lawsuit or terminate the merger agreement.

January 25, 2022: The Federal Trade Commission sued to block Lockheed Martin Corporation’s (LMT) proposed vertical acquisition of Aerojet Rocketdyne Holdings (AJRD), the last independent U.S. supplier of missile propulsion systems. The agency’s complaint alleges that if the deal is allowed to proceed, Lockheed will use its control of Aerojet to harm rival defense contractors and further consolidate multiple markets critical to national security and defense. This is the agency's first litigated defense merger challenge in decades.

CHNG chart 6/30/22 31.71% 76.15%

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.

December 9, 2021: UnitedHealth Group Incorporated (UNH) delivered written notice to Change Healthcare (CHNG) that it was exercising its unilateral right to extend the Outside Date to April 5, 2022.

TMX chart 12/31/22 29.50% 32.05%

The following funds have a position in Terminix Global Holdings, Inc.:
1. Gabelli Funds LLC
2. Twin Capital Management Inc

Terminix Global Holdings, Inc. merger details:

Expected to close in the second half of 2022 for a closing value of $6.7 billion in a cash or stock deal. Under the terms of the agreement, Under the terms of the Agreement, Rentokil Initial will issue to Terminix shareholders at closing aggregate consideration comprised of approximately 643.29 million new Rentokil Initial shares (representing approximately 128.66 million American depository shares (“ADSs”), based on a 1:5 ADS to Rentokil Initial share ratio) and approximately US$1.3bn in cash. Based on Rentokil Initial’s 5-day average daily volume weighted share price and the 5-day average of the Sterling-US Dollar exchange rate both over the period spanning 6 to 10 December 2021 inclusive, this values the entire share capital of Terminix at US$6.7 billion, implying a value of US$55.00 per share of Terminix common stock, and represents an aggregate consideration mix of 80% stock and 20% cash. Terminix shareholders may elect to receive all cash or all stock consideration, subject to proration in the event of oversubscription. Each Terminix share for which no election or an invalid election is received will be deemed to have elected for all stock consideration. The value of the per share cash election and the value of the per share stock election will be equalised ahead of closing such that the value of each election choice will be substantially the same.

Merger Agreement

Terminix Global Holdings, Inc. Investor Relations

Rentokil Initial Investor Relations

MNTV chart 6/30/22 25.38% 60.95%

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

Update(s)

November 30, 2021: Jana Partners sent a letter to Zendesk (ZEN), urging the company to abandon the Momentive (MNTV) deal.

December 13, 2021: The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the previously announced proposed merger between Momentive Global (MNTV) and Zendesk (ZEN). 

Jaunary 3, 2022: JANA Partners LLC announced that it has sent a letter to the Zendesk (ZEN) Board of Directors highlighting shareholder opposition, revealing new concerns regarding the proposed acquisition of Momentive (MNTV), and calling on the Board to immediately terminate the transaction.

ATVI chart 3/31/23 20.04% 17.17%

The following funds have a position in Activision Blizzard, Inc.:
1. Davidson Kempner Capital Management LP
2. Gabelli Funds LLC
3. HBK Investments L P
4. Tudor Investment Corp ET AL
5. Twin Capital Management Inc
6. UBS O'Connor LLC

Activision Blizzard, Inc. merger details:

Expected to close in fiscal year 2023 for a closing value of $68.7 billion. Upon completion of the deal, shareholders of Activision Blizzard will receive $95.00 per share in cash.

Merger Agreement

Activision Blizzard, Inc. Investor Relations

Microsoft Corporation Investor Relations

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