Merger Arbitrage Tool

Filter by Deal Type:

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

  Target Announced Date Acquirer Deal
Type
Closing
Value
Deal
Price
Last
Price
Target
Volume
Options Div. Yield Estimated
Closing Date
Return Annualized
Return
SAVE chart 7/28/22 JetBlue Airways Corporation (JBLU) Cash $7.6 B $33.50 $19.48 2,163,581 Yes N/A 6/30/24 71.97% 41.37%

The following funds have a position in Spirit Airlines, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. Magnetar Financial LLC
5. TIG Advisors, LLC

Spirit Airlines, Inc. merger details:

Expected to close in the first half of 2024 for a closing value of $7.6 billion. Upon completion of the deal, shareholders of Spirit Airlines will receive $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing.

Merger Agreement

Spirit Airlines, Inc. Investor Relations

JetBlue Airways Corporation Investor Relations

Termination Fee

Breakup Fee: $94.2 million

Update(s)

September 12, 2022: Spirit Airlines (SAVE) announced that the special meeting of stockholders will be on October 19, 2022.

September 16, 2022: Senator Elizabeth Warren urged federal airline regulators to block JetBlue Airways’s (JBLU) proposed merger with Spirit Airlines (SAVE) by invoking a rarely used authority from the 1950s to argue that the deal isn’t “consistent with the public interest.”

September 27, 2022: According to Reuters, the U.S. Justice Department urged a judge to force American Airlines (AAL) and JetBlue Airways (JBLU) to scrap their U.S. Northeast partnership because it would mean higher prices for consumers.

September 29, 2022: According to The Wall Street Journal, John Kirby, Spirit’s (SAVE) vice president of network planning, testified in federal court in Boston that the alliance between American Airlines Group  (AAL) and JetBlue Airways (JBLU) in the Northeast could eventually expand, and could inspire other large airlines to try to strike their own partnership deals, limiting competition in an already consolidated industry.

September 30, 2022: An NYSE notice indicated that shareholders of Spirit Airlines (SAVE) of record on September 12 would be the only holders able to get a $2.50/share special dividend as part of the original agreement with JetBlue Airways Corporation (JBLU) from late July.

SIMO chart 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $107.10 $66.10 206,629 Yes 3.03% 6/30/23 62.03% 84.17%

The following funds have a position in Silicon Motion Technology Corporation:
1. Alpine Global Management, LLC
2. Harvest Management LLC
3. Pentwater Capital Management LP
4. Sand Grove Capital Management LLP
5. TIG Advisors, LLC

Silicon Motion Technology Corporation merger details:

Expected to close in the first hand of 2023 for a closing value of $8 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $93.54 in cash and 0.388 shares of MaxLinear stock for each Silicon Motion ADS (American Depositary Share) and $23.385 in cash and 0.097 shares of MaxLinear common stock for each Silicon Motion ordinary share not represented by an ADS.

Merger Agreement

Silicon Motion Technology Corporation Investor Relations

MaxLinear, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Silicon Motion Technology Corporation): $132 million

Parent Termination Fee (To be paid by MaxLinear): $160 million

Update(s)

June 28, 2022: MaxLinear (MXL) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement under which MaxLinear will acquire Silicon Motion Technology Corporation (SIMO) in a cash and stock transaction.

August 31, 2022: Shareholders of Silicon Motion (SIMOapproved the previously announced merger agreement under which MaxLinear (MXL) will acquire Silicon Motion, and approved other proposals related to the transaction.

August 31, 2022: The State Administration for Market Regulation in the People’s Republic of China advised MaxLinear (MXLto refile for the planned acquisition of Silicon Motion Technology Corporation (SIMO).

LOTZ chart 8/09/22 Shift Technologies, Inc. (SFT) Stock -$12.88 M $0.46 $0.30 400,825 Yes N/A 12/31/22 55.68% 230.94%
CarLotz, Inc. merger details:

Expected to close in the fourth quarter of 2022 for a negative enterprise value considering net cash on the balance sheet exceeds the company's market cap. Under the terms of the merger agreement, CarLotz shareholders are expected to receive approximately 0.692158 shares of Shift common stock for each share of CarLotz common stock.

Merger Agreement

CarLotz, Inc. Investor Relations

Shift Technologies, Inc. Investor Relations

Termination Fee: $4.25 million

TMX chart 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $38.74 1,241,187 Yes N/A 10/12/22 41.97% 1914.98%

The following funds have a position in Terminix Global Holdings, Inc.:
1. Gabelli Funds LLC
2. Magnetar Financial LLC
3. P Schoenfeld Asset Management LP
4. TIG Advisors, LLC

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

Termination Payment:

Company Termination Payment (To be paid by Terminix Global Holdings): $200 million

Parent Termination Payment (To be paid by Rentokil Initial): $150 million

Update(s)

March 15, 2022: Rentokil Initial and Terminix (TMX) announced that with effect from the close of business on 14 March 2022, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has now expired.

May 9, 2022: Terminix Global Holdings (TMX) announced it has entered into a definitive agreement to divest its pest management businesses in the U.K. and Norway. These businesses are being divested by Terminix as a condition to the closing of its pending merger with Rentokil Initial (RTOKY).

June 1, 2022: Terminix Global Holdings (TMX) announced that it has completed the divestment of its pest management businesses in the U.K. and Norway. Completion of the divestment and the previously announced completion of the antitrust review process in the U.S. satisfy two of the closing conditions to the Company’s pending merger with Rentokil Initial (RTOKY).

August 5, 2022: The preliminary registration statement on Form F-4 with respect to the ordinary shares of Rentokil (RTOKY) underlying the Rentokil ADSs to be issued to Terminix (TMX) shareholders in connection with the Mergers was filed by Rentokil on June 7, 2022, and the first amendment thereto was filed by Rentokil on July 22, 2022. Accordingly, the parties continue to be on track to complete the transaction in the second half of 2022, with a target completion date at or around the end of the third quarter.

September 7, 2022: Terminix (TMX) and Rentokil Initial announced that they expect to complete the transaction on October 12, 2022, assuming the merger proposal is approved by Terminix stockholders on October 6, 2022.

VMW chart 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $108.56 741,077 Yes N/A 4/30/23 31.26% 54.86%

The following funds have a position in VMware, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. JET Capital Investors L P
5. Magnetar Financial LLC
6. P Schoenfeld Asset Management LP
7. Paulson & Co. Inc
8. Pentwater Capital Management LP
9. TIG Advisors, LLC

VMware, Inc. merger details:

Expected to close in Broadcom's fiscal year 2023 for a closing value of $69 billion in a cash or stock deal. The closing value includes $8 billion of VMware's net debt, that will be assumed by Broadcom. Under the terms of the agreement, VMware shareholders will elect to receive either $142.50 in cash or 0.2520 shares of Broadcom common stock for each VMware share. The shareholder election will be subject to proration, resulting in approximately 50% of VMware’s shares being exchanged for cash consideration and 50% being exchanged for Broadcom common stock.

Merger Agreement

VMware, Inc. Investor Relations

Broadcom Inc. Investor Relations

Go-Shop Period: 40 days

Termination Fee

Company Termination Fee (To be paid by VMware): If the agreement is terminated by the company prior to the No-Shop Period Start Date (July 5, 2022), an amount equal to $750 million and (b) if payable in any other circumstance pursuant to Article IX, an amount equal to $1.5 billion.

Parent Termination Fee (To be paid by Broadcom): $1.5 billion

Update(s)

July 5, 2022: Bloomberg reported that Broadcom's (AVGO) deal for VMware (VMW) will move forward after a rival bidder failed to emerge to break up the deal during the "go-shop" period.

September 12, 2022: The Securities and Exchange Commission charged VMware (VMW) for misleading investors about its order backlog management practices. VMware reached a settlement with the SEC to resolve the investigation by agreeing to pay a civil monetary penalty of $8 million.

October 3, 2022: VMware (VMW) announced that the special meeting of stockholders will be on November 4, 2022.

BKI chart 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $65.38 997,280 Yes N/A 6/30/23 30.01% 40.72%

The following funds have a position in Black Knight, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. JET Capital Investors L P
5. Magnetar Financial LLC
6. Sand Grove Capital Management LLP
7. TIG Advisors, LLC
8. Tudor Investment Corp ET AL

Black Knight, Inc. merger details:

Expected to close in the first half of 2023 for a closing value of $16 billion in a cash or stock deal. Upon completion of the deal, shareholders of Black Knight will receive $85 per share. Black Knight shareholders can elect to receive either cash or stock, subject to proration, with the value of the cash election and the stock election equalized at closing.

Merger Agreement

Black Knight, Inc. Investor Relations

Intercontinental Exchange, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Black Knight): $398 million

Parent Termination Fee (To be paid by Intercontinental Exchange): $725 million

Update(s)

May 5, 2022: Black Knight (BKI) announced unaudited financial results for the first quarter of 2022. The company reported revenues of $387.2 million, an increase of 11% and organic revenue growth of 9%. Operating income of $80.2 million was an increase of 18% as compared to the prior year quarter.

June 17, 2022:  Black Knight (BKI) and Intercontinental Exchange (ICE), each received a Request for Additional Information and Documentary Material, referred to as a “Second Request,” from the FTC with respect to the merger. Accordingly, the HSR waiting period will expire 30 days after ICE and Black Knight each certify their substantial compliance with the Second Request, unless earlier terminated by the FTC or extended by agreement of the parties or court order.

August 19, 2022: Black Knight (BKI) announced that the special meeting of stockholders will be on September 21, 2022.

September 21, 2022: Black Knight (BKI) announced that it has received shareholder approval to be acquired by Intercontinental Exchange (ICE).

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
SAVE chart 6/30/24 71.97% 41.37%

The following funds have a position in Spirit Airlines, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. Magnetar Financial LLC
5. TIG Advisors, LLC

Spirit Airlines, Inc. merger details:

Expected to close in the first half of 2024 for a closing value of $7.6 billion. Upon completion of the deal, shareholders of Spirit Airlines will receive $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing.

Merger Agreement

Spirit Airlines, Inc. Investor Relations

JetBlue Airways Corporation Investor Relations

Termination Fee

Breakup Fee: $94.2 million

Update(s)

September 12, 2022: Spirit Airlines (SAVE) announced that the special meeting of stockholders will be on October 19, 2022.

September 16, 2022: Senator Elizabeth Warren urged federal airline regulators to block JetBlue Airways’s (JBLU) proposed merger with Spirit Airlines (SAVE) by invoking a rarely used authority from the 1950s to argue that the deal isn’t “consistent with the public interest.”

September 27, 2022: According to Reuters, the U.S. Justice Department urged a judge to force American Airlines (AAL) and JetBlue Airways (JBLU) to scrap their U.S. Northeast partnership because it would mean higher prices for consumers.

September 29, 2022: According to The Wall Street Journal, John Kirby, Spirit’s (SAVE) vice president of network planning, testified in federal court in Boston that the alliance between American Airlines Group  (AAL) and JetBlue Airways (JBLU) in the Northeast could eventually expand, and could inspire other large airlines to try to strike their own partnership deals, limiting competition in an already consolidated industry.

September 30, 2022: An NYSE notice indicated that shareholders of Spirit Airlines (SAVE) of record on September 12 would be the only holders able to get a $2.50/share special dividend as part of the original agreement with JetBlue Airways Corporation (JBLU) from late July.

SIMO chart 6/30/23 62.03% 84.17%

The following funds have a position in Silicon Motion Technology Corporation:
1. Alpine Global Management, LLC
2. Harvest Management LLC
3. Pentwater Capital Management LP
4. Sand Grove Capital Management LLP
5. TIG Advisors, LLC

Silicon Motion Technology Corporation merger details:

Expected to close in the first hand of 2023 for a closing value of $8 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $93.54 in cash and 0.388 shares of MaxLinear stock for each Silicon Motion ADS (American Depositary Share) and $23.385 in cash and 0.097 shares of MaxLinear common stock for each Silicon Motion ordinary share not represented by an ADS.

Merger Agreement

Silicon Motion Technology Corporation Investor Relations

MaxLinear, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Silicon Motion Technology Corporation): $132 million

Parent Termination Fee (To be paid by MaxLinear): $160 million

Update(s)

June 28, 2022: MaxLinear (MXL) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement under which MaxLinear will acquire Silicon Motion Technology Corporation (SIMO) in a cash and stock transaction.

August 31, 2022: Shareholders of Silicon Motion (SIMOapproved the previously announced merger agreement under which MaxLinear (MXL) will acquire Silicon Motion, and approved other proposals related to the transaction.

August 31, 2022: The State Administration for Market Regulation in the People’s Republic of China advised MaxLinear (MXLto refile for the planned acquisition of Silicon Motion Technology Corporation (SIMO).

LOTZ chart 12/31/22 55.68% 230.94%
CarLotz, Inc. merger details:

Expected to close in the fourth quarter of 2022 for a negative enterprise value considering net cash on the balance sheet exceeds the company's market cap. Under the terms of the merger agreement, CarLotz shareholders are expected to receive approximately 0.692158 shares of Shift common stock for each share of CarLotz common stock.

Merger Agreement

CarLotz, Inc. Investor Relations

Shift Technologies, Inc. Investor Relations

Termination Fee: $4.25 million

TMX chart 10/12/22 41.97% 1914.98%

The following funds have a position in Terminix Global Holdings, Inc.:
1. Gabelli Funds LLC
2. Magnetar Financial LLC
3. P Schoenfeld Asset Management LP
4. TIG Advisors, LLC

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

Termination Payment:

Company Termination Payment (To be paid by Terminix Global Holdings): $200 million

Parent Termination Payment (To be paid by Rentokil Initial): $150 million

Update(s)

March 15, 2022: Rentokil Initial and Terminix (TMX) announced that with effect from the close of business on 14 March 2022, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has now expired.

May 9, 2022: Terminix Global Holdings (TMX) announced it has entered into a definitive agreement to divest its pest management businesses in the U.K. and Norway. These businesses are being divested by Terminix as a condition to the closing of its pending merger with Rentokil Initial (RTOKY).

June 1, 2022: Terminix Global Holdings (TMX) announced that it has completed the divestment of its pest management businesses in the U.K. and Norway. Completion of the divestment and the previously announced completion of the antitrust review process in the U.S. satisfy two of the closing conditions to the Company’s pending merger with Rentokil Initial (RTOKY).

August 5, 2022: The preliminary registration statement on Form F-4 with respect to the ordinary shares of Rentokil (RTOKY) underlying the Rentokil ADSs to be issued to Terminix (TMX) shareholders in connection with the Mergers was filed by Rentokil on June 7, 2022, and the first amendment thereto was filed by Rentokil on July 22, 2022. Accordingly, the parties continue to be on track to complete the transaction in the second half of 2022, with a target completion date at or around the end of the third quarter.

September 7, 2022: Terminix (TMX) and Rentokil Initial announced that they expect to complete the transaction on October 12, 2022, assuming the merger proposal is approved by Terminix stockholders on October 6, 2022.

VMW chart 4/30/23 31.26% 54.86%

The following funds have a position in VMware, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. JET Capital Investors L P
5. Magnetar Financial LLC
6. P Schoenfeld Asset Management LP
7. Paulson & Co. Inc
8. Pentwater Capital Management LP
9. TIG Advisors, LLC

VMware, Inc. merger details:

Expected to close in Broadcom's fiscal year 2023 for a closing value of $69 billion in a cash or stock deal. The closing value includes $8 billion of VMware's net debt, that will be assumed by Broadcom. Under the terms of the agreement, VMware shareholders will elect to receive either $142.50 in cash or 0.2520 shares of Broadcom common stock for each VMware share. The shareholder election will be subject to proration, resulting in approximately 50% of VMware’s shares being exchanged for cash consideration and 50% being exchanged for Broadcom common stock.

Merger Agreement

VMware, Inc. Investor Relations

Broadcom Inc. Investor Relations

Go-Shop Period: 40 days

Termination Fee

Company Termination Fee (To be paid by VMware): If the agreement is terminated by the company prior to the No-Shop Period Start Date (July 5, 2022), an amount equal to $750 million and (b) if payable in any other circumstance pursuant to Article IX, an amount equal to $1.5 billion.

Parent Termination Fee (To be paid by Broadcom): $1.5 billion

Update(s)

July 5, 2022: Bloomberg reported that Broadcom's (AVGO) deal for VMware (VMW) will move forward after a rival bidder failed to emerge to break up the deal during the "go-shop" period.

September 12, 2022: The Securities and Exchange Commission charged VMware (VMW) for misleading investors about its order backlog management practices. VMware reached a settlement with the SEC to resolve the investigation by agreeing to pay a civil monetary penalty of $8 million.

October 3, 2022: VMware (VMW) announced that the special meeting of stockholders will be on November 4, 2022.

BKI chart 6/30/23 30.01% 40.72%

The following funds have a position in Black Knight, Inc.:
1. Alpine Global Management, LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. JET Capital Investors L P
5. Magnetar Financial LLC
6. Sand Grove Capital Management LLP
7. TIG Advisors, LLC
8. Tudor Investment Corp ET AL

Black Knight, Inc. merger details:

Expected to close in the first half of 2023 for a closing value of $16 billion in a cash or stock deal. Upon completion of the deal, shareholders of Black Knight will receive $85 per share. Black Knight shareholders can elect to receive either cash or stock, subject to proration, with the value of the cash election and the stock election equalized at closing.

Merger Agreement

Black Knight, Inc. Investor Relations

Intercontinental Exchange, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Black Knight): $398 million

Parent Termination Fee (To be paid by Intercontinental Exchange): $725 million

Update(s)

May 5, 2022: Black Knight (BKI) announced unaudited financial results for the first quarter of 2022. The company reported revenues of $387.2 million, an increase of 11% and organic revenue growth of 9%. Operating income of $80.2 million was an increase of 18% as compared to the prior year quarter.

June 17, 2022:  Black Knight (BKI) and Intercontinental Exchange (ICE), each received a Request for Additional Information and Documentary Material, referred to as a “Second Request,” from the FTC with respect to the merger. Accordingly, the HSR waiting period will expire 30 days after ICE and Black Knight each certify their substantial compliance with the Second Request, unless earlier terminated by the FTC or extended by agreement of the parties or court order.

August 19, 2022: Black Knight (BKI) announced that the special meeting of stockholders will be on September 21, 2022.

September 21, 2022: Black Knight (BKI) announced that it has received shareholder approval to be acquired by Intercontinental Exchange (ICE).

Only premium members can access all active mergers and acquisitions. Subscribe today.