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
TEDU chart 4/30/21 Kidedu Holdings Limited (N/A) Cash $230.6 M $4.00 $1.76 410,357 No N/A 9/30/21 127.27% 800.94%
Tarena International, Inc. merger details:

Expected to close in the third quarter of 2021 for a closing value of $230.6 million. Upon completion of the merger, shareholders of Tarena International will receive $4.00 per share in cash.

Tarena International, Inc. Investor Relations

MX chart 3/26/21 South Dearborn Limited (N/A) Cash $1.4 B $29.00 $20.70 23,661 Yes N/A 12/31/21 40.10% 97.57%

The following funds have a position in Magnachip Semiconductor Corporation:
1. Pentwater Capital Management LP

Magnachip Semiconductor Corporation merger details:

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

Merger Agreement

MagnaChip Semiconductor Corporation Investor Relations

Update(s)

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

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

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

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

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

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

CHNG chart 1/06/21 UnitedHealth Group Incorporated (UNH) Cash $13.28 B $25.75 $21.92 109,209 Yes N/A 12/31/21 17.50% 42.58%

The following funds have a position in Change Healthcare Inc.:
1. Gabelli Funds LLC
2. Magnetar Financial LLC
3. Omni Partners LLP
4. Pentwater Capital Management LP

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."

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
TEDU chart 9/30/21 127.27% 800.94%
Tarena International, Inc. merger details:

Expected to close in the third quarter of 2021 for a closing value of $230.6 million. Upon completion of the merger, shareholders of Tarena International will receive $4.00 per share in cash.

Tarena International, Inc. Investor Relations

MX chart 12/31/21 40.10% 97.57%

The following funds have a position in Magnachip Semiconductor Corporation:
1. Pentwater Capital Management LP

Magnachip Semiconductor Corporation merger details:

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

Merger Agreement

MagnaChip Semiconductor Corporation Investor Relations

Update(s)

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

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

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

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

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

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

CHNG chart 12/31/21 17.50% 42.58%

The following funds have a position in Change Healthcare Inc.:
1. Gabelli Funds LLC
2. Magnetar Financial LLC
3. Omni Partners LLP
4. Pentwater Capital Management LP

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."

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