Merger Arbitrage Tool

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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
TWTR chart 4/25/22 Elon Musk (N/A) Cash $44 B $54.20 $37.29 31,594,355 Yes N/A 12/31/22 45.35% 73.24%

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.

BLCT chart 4/30/22 Multelements Limited (N/A) Cash $60 M $1.60 $1.28 52,770 No N/A 12/31/22 25.00% 40.38%
BlueCity Holdings Limited merger details:

Expected to close in the second half of 2022 for a closing value of $60 million in a 'going-private' deal. Upon completion of the merger, shareholders of BlueCity Holdings will receive $1.6 per share in cash.

BlueCity Holdings Limited Investor Relations

TEN chart 2/23/22 Apollo Global Management, Inc. (APO) Cash $7.1 B $20.00 $16.36 1,174,676 Yes N/A 12/31/22 22.25% 35.93%

The following funds have a position in Tenneco Inc.:
1. Gabelli Funds LLC
2. Glazer Capital, LLC
3. Pentwater Capital Management LP
4. Tudor Investment Corp ET AL

Tenneco Inc. merger details:

Expected to close in the second half of 2022 for a closing value of $7.1 billion. Upon completion of the merger, shareholders of Tenneco will receive $20 per share in cash.

Merger Agreement

Tenneco Inc. Investor Relations

Apollo Global Management, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Tenneco): $54 million

Reverse Termination Fee / Parent Termination Fee (To be paid by Apollo): $108 million

Update(s)

May 5, 2022: Tenneco (TEN) announced results for the first quarter of 2022 ending on March 31, 2022. First quarter total revenue was $4.6 billion, down 2% year-over-year. The company also reported net loss of $38 million, or a loss of $0.46 per diluted share, compared to net income of $65 million, or $0.79 per diluted share, in the prior year. Tenneco also reported that it is on-track to complete pending transaction with Apollo Funds in the second half of 2022.

May 9, 2022: Tenneco's (TEN) sale to Apollo Global (APO) has been filed under "simplified procedure" for China's antitrust review.

ATVI chart 1/18/22 Microsoft Corporation (MSFT) Cash $68.7 B $95.00 $77.74 3,583,555 Yes 0.6% 6/30/23 22.20% 19.91%

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.

CHNG chart 1/06/21 UnitedHealth Group Incorporated (UNH) Cash $13.28 B $27.75 $23.00 995,852 Yes N/A 12/31/22 20.65% 33.35%

The following funds have a position in Change Healthcare Inc.:
1. Gabelli Funds LLC
2. Gardner Lewis Asset Management L P
3. Harvest Management LLC
4. Magnetar Financial LLC
5. Pentwater Capital Management LP
6. TIG Advisors, LLC

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

Termination Fee:

Company Termination Fee: $300 million

Parent Termination Fee: $650 million

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.

February 18, 2022: Change Healthcare (CHNG) and United Healthcare (UNH) disclosed that the U.S. Dept of Justice has until February 27 to sue to block the transaction.

February 24, 2022: Change Healthcare (CHNG) issued the following statement regarding the announcement that DOJ intends to pursue litigation to block the proposed merger between Change Healthcare and UnitedHealth Group (UNH): “We are aware and disappointed that DOJ has filed litigation to prevent Change Healthcare from closing our merger with UHG. As we previously disclosed, UHG extended our merger agreement through April 5, 2022. We will continue our support of UHG in working toward closing the merger as we comply with our obligations under the merger agreement.

April 5, 2022: Optum and Change Healthcare (CHNG) have agreed to extend their merger agreement to December 31, 2022. As part of the extension, Optum will pay a $650 million fee to Change Healthcare in the event the merger is unable to be completed because of the court’s decision. Change Healthcare will pay a special cash dividend of $2.00 per share to its shareholders at or about the time of the closing.

April 25, 2022: UnitedHealth Group Incorporated (UNH) entered into an equity purchase agreement and related agreements relating to the sale of the claims editing business (ClaimsXten) of Change Healthcare (CHNG) to an affiliate of investment funds of TPG Capital for a base purchase price in cash equal to $2.2 billion.

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 45.35% 73.24%

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.

BLCT chart 12/31/22 25.00% 40.38%
BlueCity Holdings Limited merger details:

Expected to close in the second half of 2022 for a closing value of $60 million in a 'going-private' deal. Upon completion of the merger, shareholders of BlueCity Holdings will receive $1.6 per share in cash.

BlueCity Holdings Limited Investor Relations

TEN chart 12/31/22 22.25% 35.93%

The following funds have a position in Tenneco Inc.:
1. Gabelli Funds LLC
2. Glazer Capital, LLC
3. Pentwater Capital Management LP
4. Tudor Investment Corp ET AL

Tenneco Inc. merger details:

Expected to close in the second half of 2022 for a closing value of $7.1 billion. Upon completion of the merger, shareholders of Tenneco will receive $20 per share in cash.

Merger Agreement

Tenneco Inc. Investor Relations

Apollo Global Management, Inc. Investor Relations

Termination Fee

Company Termination Fee (To be paid by Tenneco): $54 million

Reverse Termination Fee / Parent Termination Fee (To be paid by Apollo): $108 million

Update(s)

May 5, 2022: Tenneco (TEN) announced results for the first quarter of 2022 ending on March 31, 2022. First quarter total revenue was $4.6 billion, down 2% year-over-year. The company also reported net loss of $38 million, or a loss of $0.46 per diluted share, compared to net income of $65 million, or $0.79 per diluted share, in the prior year. Tenneco also reported that it is on-track to complete pending transaction with Apollo Funds in the second half of 2022.

May 9, 2022: Tenneco's (TEN) sale to Apollo Global (APO) has been filed under "simplified procedure" for China's antitrust review.

ATVI chart 6/30/23 22.20% 19.91%

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.

CHNG chart 12/31/22 20.65% 33.35%

The following funds have a position in Change Healthcare Inc.:
1. Gabelli Funds LLC
2. Gardner Lewis Asset Management L P
3. Harvest Management LLC
4. Magnetar Financial LLC
5. Pentwater Capital Management LP
6. TIG Advisors, LLC

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

Termination Fee:

Company Termination Fee: $300 million

Parent Termination Fee: $650 million

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.

February 18, 2022: Change Healthcare (CHNG) and United Healthcare (UNH) disclosed that the U.S. Dept of Justice has until February 27 to sue to block the transaction.

February 24, 2022: Change Healthcare (CHNG) issued the following statement regarding the announcement that DOJ intends to pursue litigation to block the proposed merger between Change Healthcare and UnitedHealth Group (UNH): “We are aware and disappointed that DOJ has filed litigation to prevent Change Healthcare from closing our merger with UHG. As we previously disclosed, UHG extended our merger agreement through April 5, 2022. We will continue our support of UHG in working toward closing the merger as we comply with our obligations under the merger agreement.

April 5, 2022: Optum and Change Healthcare (CHNG) have agreed to extend their merger agreement to December 31, 2022. As part of the extension, Optum will pay a $650 million fee to Change Healthcare in the event the merger is unable to be completed because of the court’s decision. Change Healthcare will pay a special cash dividend of $2.00 per share to its shareholders at or about the time of the closing.

April 25, 2022: UnitedHealth Group Incorporated (UNH) entered into an equity purchase agreement and related agreements relating to the sale of the claims editing business (ClaimsXten) of Change Healthcare (CHNG) to an affiliate of investment funds of TPG Capital for a base purchase price in cash equal to $2.2 billion.

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