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
TWTR chart 4/25/22 Elon Musk (N/A) Cash $44 B $54.20 $37.81 6,404,226 Yes N/A 12/31/22 43.35% 85.53%

The following funds have a position in Twitter, Inc.:
1. Cheyne Capital Management (UK) LLP
2. Empyrean Capital Partners, LP
3. Farallon Capital Management LLC
4. Gabelli Funds LLC
5. Magnetar Financial LLC
6. Polygon Management Ltd.
7. Tudor Investment Corp ET AL
8. UBS O'Connor LLC

Twitter, Inc. merger details:

Expected to close in 2022 for a closing value of $44 billion. Upon completion of the merger, shareholders of Twitter will receive $54.20 per share in cash.

Merger Agreement

Twitter, Inc. Investor Relations

Termination Fee:

Parent Termination Fee (To be paid by Elon Musk): $1 billion

Termination Fee (To be paid by Twitter): $1 billion

Update(s)

May 12, 2022: According to Reuters, Twitter (TWTR) CEO Parag Agrawal told his employees in a memo, that two senior Twitter leaders who oversee the consumer and revenue divisions will depart the social media company.

May 13, 2022: According to Reuters, Elon Musk put his $44-billion deal for Twitter (TWTRtemporarily on hold.

May 17, 2022: Twitter (TWTR) filed its preliminary proxy statement with the U.S. Securities and Exchange Commission, stating that Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable.

May 25, 2022: Elon Musk revised the financing plan for his proposed $44 billion purchase of Twitter (TWTR) by eliminating the $6.25 billion margin loan and replacing it with an equity commitment, which will bring the stock-based — portion of the deal to $33.5 billion.

June 3, 2022: Twitter (TWTRannounced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with respect to the previously announced agreement for Twitter to be acquired by affiliates of Elon Musk.

June 6, 2022: Elon Musk said that Twitter (TWTR) has "materially breached" it's obligations under the merger agreement due to Musk's requests for more information about spam accounts.

June 21, 2022: Twitter's (TWTR) board of directors unanimously recommended that the social media company's shareholders vote to approve its sale to Elon Musk at a special meeting of shareholders.

TMX chart 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $40.90 907,498 Yes N/A 9/30/22 34.47% 135.30%

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
5. Tudor Investment Corp ET AL

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).

BKI chart 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $65.42 457,878 Yes N/A 6/30/23 29.93% 29.85%

The following funds have a position in Black Knight, Inc.:
1. Gabelli Funds LLC
2. Magnetar Financial LLC

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.

SIMO chart 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $106.98 $84.03 158,524 Yes 2.38% 6/30/23 27.31% 27.24%
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.

VMW chart 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $115.11 869,846 Yes N/A 4/30/23 23.79% 28.48%

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

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

ATVI chart 1/18/22 Microsoft Corporation (MSFT) Cash $68.7 B $95.00 $77.96 4,439,467 Yes 0.6% 6/30/23 21.86% 21.80%

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

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

Termination Fee:

Company Termination Fee (To be paid by Activision Blizzard): $2.27 billion

Parent Termination Fee (To be paid by Microsoft)

i) if termination notice is provided prior to January 18, 2023: $2 billion

ii) if termination notice is provided after January 18, 2023, and prior to April 18, 2023: $2.5 billion

iii) if termination notice is provided at any time after April 18, 2023: $3 billion

Update(s)

January 31, 2022: According to Bloomberg, The U.S. antitrust review of Microsoft Corp's (MSFT) proposed acquisition of Activision Blizzard (ATVI) will be handled by the Federal Trade Commission (FTC).

March 3, 2022: Activision Blizzard (ATVI) and Microsoft (MSFT) each received a request for additional information and documentary material (“Second Request”) from the FTC in connection with the FTC’s review of the transaction. 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 Activision Blizzard and Microsoft with the Second Request, unless the waiting period is terminated earlier by the FTC or as otherwise agreed between the parties and the FTC. Completion of the transaction remains subject to the termination or expiration of the waiting period under the HSR Act and the satisfaction or waiver of the closing conditions specified in the merger agreement. The parties expect to complete the transaction in Microsoft’s fiscal year ending June 30, 2023.

March 8, 2022: According to The Wall Street Journal, Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard (ATVI) shares in January, days before the videogame maker agreed to be acquired by Microsoft (MSFT).

March 21, 2022: Activision Blizzard (ATVI) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Microsoft Corporation (MSFT), will be held on April 28, 2022.

March 31, 2022: According to The Wall Street Journal, four U.S. senators sent a letter to the Federal Trade Commission citing concern about Microsoft’s (MSFT) proposed acquisition of Activision Blizzard (ATVI), saying the deal could undermine employees’ calls for accountability over alleged misconduct at the videogame company.

April 14, 2022: SOC Investment, an activist shareholder group urged investors to vote against the proposed Activision Blizzard (ATVI) and Microsoft (MSFT) merger during Activision’s upcoming meeting on April 28.

April 28, 2022: Activision Blizzard (ATVI) announced that its stockholders approved Microsoft Corporation’s (MSFT) proposal to acquire Activision Blizzard.

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
TWTR chart 12/31/22 43.35% 85.53%

The following funds have a position in Twitter, Inc.:
1. Cheyne Capital Management (UK) LLP
2. Empyrean Capital Partners, LP
3. Farallon Capital Management LLC
4. Gabelli Funds LLC
5. Magnetar Financial LLC
6. Polygon Management Ltd.
7. Tudor Investment Corp ET AL
8. UBS O'Connor LLC

Twitter, Inc. merger details:

Expected to close in 2022 for a closing value of $44 billion. Upon completion of the merger, shareholders of Twitter will receive $54.20 per share in cash.

Merger Agreement

Twitter, Inc. Investor Relations

Termination Fee:

Parent Termination Fee (To be paid by Elon Musk): $1 billion

Termination Fee (To be paid by Twitter): $1 billion

Update(s)

May 12, 2022: According to Reuters, Twitter (TWTR) CEO Parag Agrawal told his employees in a memo, that two senior Twitter leaders who oversee the consumer and revenue divisions will depart the social media company.

May 13, 2022: According to Reuters, Elon Musk put his $44-billion deal for Twitter (TWTRtemporarily on hold.

May 17, 2022: Twitter (TWTR) filed its preliminary proxy statement with the U.S. Securities and Exchange Commission, stating that Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable.

May 25, 2022: Elon Musk revised the financing plan for his proposed $44 billion purchase of Twitter (TWTR) by eliminating the $6.25 billion margin loan and replacing it with an equity commitment, which will bring the stock-based — portion of the deal to $33.5 billion.

June 3, 2022: Twitter (TWTRannounced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with respect to the previously announced agreement for Twitter to be acquired by affiliates of Elon Musk.

June 6, 2022: Elon Musk said that Twitter (TWTR) has "materially breached" it's obligations under the merger agreement due to Musk's requests for more information about spam accounts.

June 21, 2022: Twitter's (TWTR) board of directors unanimously recommended that the social media company's shareholders vote to approve its sale to Elon Musk at a special meeting of shareholders.

TMX chart 9/30/22 34.47% 135.30%

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
5. Tudor Investment Corp ET AL

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).

BKI chart 6/30/23 29.93% 29.85%

The following funds have a position in Black Knight, Inc.:
1. Gabelli Funds LLC
2. Magnetar Financial LLC

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.

SIMO chart 6/30/23 27.31% 27.24%
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.

VMW chart 4/30/23 23.79% 28.48%

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

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

ATVI chart 6/30/23 21.86% 21.80%

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

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

Termination Fee:

Company Termination Fee (To be paid by Activision Blizzard): $2.27 billion

Parent Termination Fee (To be paid by Microsoft)

i) if termination notice is provided prior to January 18, 2023: $2 billion

ii) if termination notice is provided after January 18, 2023, and prior to April 18, 2023: $2.5 billion

iii) if termination notice is provided at any time after April 18, 2023: $3 billion

Update(s)

January 31, 2022: According to Bloomberg, The U.S. antitrust review of Microsoft Corp's (MSFT) proposed acquisition of Activision Blizzard (ATVI) will be handled by the Federal Trade Commission (FTC).

March 3, 2022: Activision Blizzard (ATVI) and Microsoft (MSFT) each received a request for additional information and documentary material (“Second Request”) from the FTC in connection with the FTC’s review of the transaction. 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 Activision Blizzard and Microsoft with the Second Request, unless the waiting period is terminated earlier by the FTC or as otherwise agreed between the parties and the FTC. Completion of the transaction remains subject to the termination or expiration of the waiting period under the HSR Act and the satisfaction or waiver of the closing conditions specified in the merger agreement. The parties expect to complete the transaction in Microsoft’s fiscal year ending June 30, 2023.

March 8, 2022: According to The Wall Street Journal, Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard (ATVI) shares in January, days before the videogame maker agreed to be acquired by Microsoft (MSFT).

March 21, 2022: Activision Blizzard (ATVI) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Microsoft Corporation (MSFT), will be held on April 28, 2022.

March 31, 2022: According to The Wall Street Journal, four U.S. senators sent a letter to the Federal Trade Commission citing concern about Microsoft’s (MSFT) proposed acquisition of Activision Blizzard (ATVI), saying the deal could undermine employees’ calls for accountability over alleged misconduct at the videogame company.

April 14, 2022: SOC Investment, an activist shareholder group urged investors to vote against the proposed Activision Blizzard (ATVI) and Microsoft (MSFT) merger during Activision’s upcoming meeting on April 28.

April 28, 2022: Activision Blizzard (ATVI) announced that its stockholders approved Microsoft Corporation’s (MSFT) proposal to acquire Activision Blizzard.

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