Merger Arbitrage Tool

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  Symbol Announced Date Acquiring
Company
Deal
Type
Clo.
Value
Clo.
Price
Last
Price
Volume Optionable Div. Yield Clo.
Date
Profit Annu.
Profit
STC chart 03/19/2018 Fidelity National Financial, Inc. (FNF) Cash Plus Stock $1.2 billion $53.50 $35.62 14,491 Yes 3.37% 09/30/2019 50.20% 469.82%

The following funds have a position in Stewart Information Services Corporation:
1. Magnetar Financial LLC
2. Paulson & Co. Inc

Stewart Information Services Corporation merger details:

Expected to close in the first or second quarter of 2019 for a closing value of $1.2 billion in a cash plus stock deal. Under the terms of the agreement, Stewart shareholders will receive $25.00 in cash and 0.6425 common shares of Fidelity for each share of Stewart common stock they hold at closing.

Merger Agreement

Stewart Information Services Corporation Investor Relations
Fidelity National Financial, Inc. Investor Relations

Stewart Information Services Corporation Investor Relations

Fidelity National Financial, Inc. Investor Relations

Update(s)

August 21, 2018: Fidelity National Financial (FNF) announced that FNF received a "no-action letter" from the Canadian Competition Bureau, indicating that the Bureau does not intend to oppose completion of the previously announced acquisition of Stewart Information Services Corporation (STC).

September 5, 2018: Stewart Information Services Corporation (STC) announced that at its special meeting of stockholders, a majority of the outstanding shares of Stewart common stock voted to approve the Agreement and Plan of Merger, with Fidelity National Financial (FNF).

February 4, 2019: The New York State Department of Financial Services provided written notice to Fidelity National Financial (FNF) of its disapproval of FNF’s application to acquire control of Stewart Title Insurance Company (STC). Stewart and FNF continue to work actively to satisfy all of the regulatory conditions to the closing of the Acquisition, including with the Federal Trade Commission, the Texas Department of Insurance, and the NYDFS.

June 20, 2019: Stewart Information Services Corporation (STC) received a written notice from Fidelity National Financial (FNF), pursuant to which FNF exercised the second option under Section 10.01(b)(i) of the Agreement and Plan of Merger dated March 18, 2018 by and among the Company, FNF, A Holdco Corp. and S Holdco LLC, to extend the date upon which the Merger Agreement may be terminated by the Company or Stewart by another three months. The extended End Date is now September 18, 2019.

PACB chart 11/01/2018 Illumina, Inc. (ILMN) Cash $742.9 million $8.00 $5.73 159,783 Yes N/A 12/31/2019 39.74% 110.72%

The following funds have a position in Pacific Biosciences of California, Inc.:
1. Alpine Global Management, LLC
2. Arrowgrass Capital Partners (US) LP
3. Gabelli Funds LLC
4. Magnetar Financial LLC
5. TIG Advisors, LLC

Pacific Biosciences of California, Inc. merger details:

Expected to close by mid-2019 for a closing value of $742.9 million. Upon completion of the merger, shareholders of Pacific Biosciences of California will receive $8.00 per share in cash.

Merger Agreement

Pacific Biosciences of California, Inc. Investor Relations
Illumina, Inc. Investor Relations

Pacific Biosciences of California, Inc. Investor Relations

Illumina, Inc. Investor Relations

Update(s)

January 24, 2019: Pacific Biosciences of California (PACB) shareholders voted to approve the acquisition by Illumina (ILMN). 

June 18, 2019: The Competition and Markets Authority of the United Kingdom announced the completion of its Phase 1 review of the Merger between Pacific Biosciences of California (PACB) Illumina (ILMN) and that it will refer the Merger for a Phase 2 review if the Company and Illumina are unable to address the CMA’s concerns.. The companies now expect the merger to be completed in the fourth quarter of 2019 instead of the previously announced end of second quarter 2019 date.

July 19, 2019: Illumina (ILMN) and Pacific Biosciences of California (PACB) are down on merger concerns, in response to a final report from the UK Competition & Markets Authority (CMA) that concluded that their planned tie-up will lessen competition and has referred the matter for phase 2 assessment.

ABDC chart 08/13/2019 Crescent Capital BDC, Inc. (N/A) Special Conditions $141.9 million $11.02 $8.83 46,126 Yes 8.15% 12/31/2019 24.80% 69.10%
Alcentra Capital Corporation merger details:

Expected to close in the fourth quarter of 2019 for a closing value of $141.9 million. Upon completion of the merger, shareholders of Alcentara Capital Corporation will receive $11.02 per share in cash. Alcentra Capital’s stockholders will receive approximately (i) $19.3 million in cash, or $1.50 per share, from Crescent BDC; (ii) 5.2 million shares of Crescent BDC common stock; and (iii) $21.6 million in cash, or $1.68 per share, from CBDC Advisors, LLC, Crescent BDC’s investment adviser (“Crescent Cap Advisors”). Since the deal value is uncertain, we are treating this as a "Special Conditions" deal

Merger Agreement

Alcentra Capital Corporation Investor Relations

GNW chart 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) Cash $2.7 billion $5.43 $4.54 2,058,251 Yes N/A 12/31/2019 19.74% 54.99%

The following funds have a position in Genworth Financial, Inc.:
1. Gabelli Funds LLC
2. P Schoenfeld Asset Management LP
3. Pentwater Capital Management LP
4. Taconic Capital Advisors LP

Genworth Financial, Inc. merger details:

Expected to close in the middle of 2017 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Genworth Financial will receive $5.43 per share in cash.

Merger Agreement

Genworth Financial, Inc. Investor Relations

China Oceanwide Holdings Group Co., Ltd. Investor Relations

Update(s)

December 21, 2016: Genworth Financial (GNW) announced that under the HSR Act, the merger with China Oceanwide Holdings Group may not be completed until certain information and materials have been provided by Asia Pacific and Genworth to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission, and the applicable waiting period under the HSR Act has expired or been terminated. The parties filed the required notifications with the Antitrust Division and the FTC on December 7, 2016 and early termination of the applicable waiting period was granted on December 16, 2016.

January 25, 2017: Genworth Financial (GNW) announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission and will commence mailing to stockholders of record the definitive proxy materials in connection with the previously announced transaction with China Oceanwide Holdings Group. The special meeting of Genworth stockholders will be held on Tuesday, March 7, 2017.

March 7, 2017: Genworth Financial (GNW) announced that at its stockholders adopted the previously announced merger agreement with China Oceanwide Holdings Group.

April 29, 2017: China Oceanwide Holdings Group said that it had refiled its application for U.S. approval of its $2.7 billion acquisition of life insurance company Genworth Financial (GNW), in a bid to add more time to the regulatory review.

July 13, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) a second time to provide CFIUS more time to review and discuss the proposed transaction between Genworth and Oceanwide.

August 2, 2017: Genworth (GNW) and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.

September 19, 2017: China's Oceanwide Holdings is aiming to close its $2.7 billion acquisition of U.S. insurer Genworth Financial (GNW) by end of this year after securing approval from a U.S. government panel, said an executive of the Chinese firm.

October 2, 2017: A.M. Best commented that the Long-Term Issuer Credit Ratings of “bb-” of Genworth Financial (GNW) and Genworth Holdings as well as their existing Long-Term Issue Credit Ratings will remain under review with negative implications following the announcement that Genworth and China Oceanwide Holdings Group  have withdrawn their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS).

October 4, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the North Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corporation, as contemplated under the merger agreement entered into by Genworth and Oceanwide.

October 9, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the South Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's South Carolina-domiciled special purpose financial captive insurance subsidiary, Rivermont Life Insurance Company I, as contemplated under the merger agreement.

November 29, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to a second waiver and agreement of each party’s right to terminate the previously announced merger agreement. The second waiver and agreement extends the previous deadline of Nov. 30, 2017, to April 1, 2018, and allows additional time for regulatory reviews of the transaction.

January 4, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group issued an update on the status of their efforts to obtain clearance of their proposed transaction from CFIUS. There can be no assurances that CFIUS will ultimately agree to clear a transaction between Genworth and Oceanwide on terms acceptable to the parties or at all. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of state-level regulatory approvals that are pending in Delaware and New York, as well as regulatory reviews in China and other international jurisdictions and other closing conditions. 

February 6, 2018: Genworth Financial (GNW) said that its application for assent to a takeover by China Oceanwide Holdings Group had been refiled, after agreeing changes the duo hope will alleviate U.S. regulatory concerns.

March 27, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced they have agreed to a fourth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The fourth waiver and agreement extends the previous deadline of April 1, 2018 to July 1, 2018, and allows additional time for regulatory reviews of the transaction.

April 24, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) to provide CFIUS additional time to review and discuss the proposed transaction between Genworth and Oceanwide.

June 9, 2018: China Oceanwide Holdings Group and Genworth Financial (GNW) announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of their proposed transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction. The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China and other international jurisdictions. 

June 28, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced they have agreed to a fifth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The fifth waiver and agreement extends the previous deadline of July 1, 2018 to August 15, 2018 to allow additional time for continued regulatory review of the transaction.

August 14, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to a sixth waiver and agreement of each party's right to terminate the previously announced merger agreement. The sixth waiver and agreement extends the previous deadline of August 15, 2018 to December 1, 2018 to allow additional time to complete the regulatory review process.

September 13, 2018: Genworth Financial (GNW) announced it will hold its 2018 Annual Meeting of Stockholders on December 13, 2018, if its proposed merger with China Oceanwide Holdings Group has not yet been completed. On September 14, 2018, Genworth Financial and China Oceanwide Holdings Group announced that they are submitting supplemental information to the regulators who are reviewing their proposed transaction.

October 26, 2018: The Delaware Department of Insurance (DDI) announced it has scheduled a public hearing on November 28, 2018 on the proposed acquisition of control of Delaware-domiciled Genworth Life Insurance Company by entities affiliated with China Oceanwide Holdings Group in connection with the merger of Oceanwide and Genworth Financial (GNW).

November 30, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group entered into a Seventh Waiver and Agreement pursuant to which they agreed to extend the End Date to January 31, 2019.

December 21, 2108: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the Delaware Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's Delaware-domiciled insurance company. In addition, Fannie Mae and Freddie Mac have approved Oceanwide's control of Genworth Mortgage Insurance Corporation. Approval from regulators in Australia and New Zealand was also recently received for the proposed transaction.

January 11, 2019: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the Virginia State Corporation Commission, Bureau of Insurance, reapproved the proposed acquisition of control by Oceanwide of Genworth's Virginia-domiciled insurance companies, Genworth Life and Annuity Insurance Company and Jamestown Life Insurance Company, as contemplated under the merger agreement. 

January 13, 2019: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the New York State Department of Financial Services has approved the proposed acquisition of control of New York-domiciled Genworth Life Insurance Company of New York by entities affiliated with Oceanwide in connection with the merger of Oceanwide and Genworth.

January 30, 2019: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to an eighth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The eighth waiver and agreement extends the previous deadline of January 31, 2019 to March 15, 2019.

March 14, 2019: Genworth Financial (GNW) and China Oceanwide Holdings announced that they have agreed to a ninth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The ninth waiver and agreement extends the previous deadline of March 15, 2019 to April 30, 2019 in consideration of pending regulatory reviews.

April 29, 2019: Genworth Financial (GNW) and China Oceanwide Holdings announced that they have agreed to a tenth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The tenth waiver and agreement extends the previous deadline of April 30, 2019 to June 30, 2019 in consideration of pending regulatory reviews.

July 1, 2019: Genworth Financial (GNW) and China Oceanwide Holdings announced that they have agreed to a tenth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The tenth waiver and agreement extends the previous deadline of June 30, 2019 to November 30, 2019 in consideration of pending regulatory reviews.

July 25, 2019: Genworth (GNW) has taken the first steps in the sale process of at least the majority of its holding in Genworth MI Canada (MIC CN) which will obviate the requirement to get Canadian regulatory clearance for its own acquistion by China Oceanwide.

August 13, 2019: Genworth Financial (GNW) and Brookfield Business Partners (BBU) announced an agreement for Brookfield Business Partners to purchase Genworth’s majority interest in Genworth MI Canada. In connection with Oceanwide’s consent to the Transaction, Genworth and Oceanwide entered into the 12th Waiver and Agreement extending the merger agreement deadline to not later than December 31, 2019.

Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.
S chart 04/29/2018 T-Mobile US, Inc. (TMUS) Stock $59 billion $8.02 $6.84 3,294,844 Yes N/A 08/31/2019 17.41% 705.97%

The following funds have a position in Sprint Corporation:
1. Farallon Capital Management LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. Magnetar Financial LLC
5. Paulson & Co. Inc
6. Pentwater Capital Management LP
7. TIG Advisors, LLC
8. Tudor Investment Corp ET AL

Sprint Corporation merger details:

Expected to close in the first half of 2019 for a closing value of $59 billion in an all stock deal. Under the terms of the agreement, Sprint shareholders will receive 0.10256 T-Mobile shares for each Sprint share or the equivalent of 9.75 Sprint shares for each T-Mobile US share.

Merger Agreement

Sprint Corporation Investor Relations

T-Mobile US, Inc. Investor Relations

Update(s)

May 23, 2018: A U.S. Senate committee plans to hold a hearing on June 27 on the proposed  merger of T-Mobile US (TMUS) and Sprint (S). T-Mobile and Sprint said they expected to complete their deal no later than the first half of 2019.

June 7, 2018: According to Reuters, the U.S. Department of Justice is examining how the proposed merger between T-Mobile (TMUS) and Sprint (S) could affect prices for smaller wireless operators.

June 15, 2018: According to Reuters, Sprint (S) and T-Mobile (TMUS) have informed the Federal Communications Commission that they will formally file an application asking for approval to merge on Monday, June 18, 2018.

August 6, 2018: According to Reuters, U.S. antitrust enforcers are in the early stages of reviewing T-Mobile US’s (TMUS) plan to buy Sprint (S), and have reached no conclusions on how many wireless carriers the country needs.

September 10, 2018: According to The Wall Street Journal, FCC has paused the clock for reviewing the T-Mobile (TMUS), Sprint (S) deal. Regulator says it needs more time to review engineering and business information from the companies.

October 30, 2018: T-Mobile US (TMUS) announced that it has received shareholder approval on proposals related to the company’s previously announced merger with Sprint Corporation (S).

December 17, 2018: T-Mobile US (TMUS) and Sprint Corporation (S) announced that the companies have successfully received approval from the Committee on Foreign Investment in the United States (CFIUS) for their proposed merger transaction. Additionally, the U.S. Department of Justice, Department of Homeland Security, and Department of Defense confirmed it has no objections to the merger and has withdrawn its request to defer action on the transaction.

February 4, 2019: T-Mobile US (TMUS) told the U.S. Federal Communications Commission that it would not increase prices for three years, with few exceptions, if it gets approval to buy rival Sprint Corp (S).

February 12, 2019: According to Reuters, a group of eight Democratic U.S. senators and independent Senator Bernie Sanders urged the Justice Department and Federal Communications Commission on to reject the proposed merger of T-Mobile US (TMUS) and Sprint (S).

March 8, 2019: The Federal Communications Commission paused its months-long review of the proposed merger between Sprint (S)  and T-Mobile U.S. (TMUS) to examine what it called "significant new information”.

April 16, 2019: The U.S. Justice Department told T-Mobile (TMUS) and Sprint (S) that it has concerns about their merger in its current structure.

April 25, 2019: According to a filing, T-Mobile (TMUS) and Sprint (S) executives this week urged senior U.S. regulators to approve the proposed tie-up, saying the combined company would have the incentive to slash prices.

April 29, 2019: According to Reuters, Makan Delrahim, the head of the U.S. Justice Department's Antitrust Division, said that there had been no decision made on whether to approve the merger of Sprint (S) and T-Mobile (TMUS) but that meetings on the matter continued. Separately, the two companies announced that they had extended the deadline for completing the deal to July 29.

May 13, 2019: T-Mobile US (TMUS) and Sprint (S), fighting to win regulatory clearance for their merger, are considering possible concessions to salvage the deal, according to people familiar with the situation.

May 20, 2019: FCC Commissioner Brendan Carr announced his support for the merger between wireless providers T-Mobile (TMUS) and Sprint (S).

June 14, 2019: According to Reuters, the U.S. Justice Department is set to decide as early as next week whether to approve the merger of wireless carriers T-Mobile USA (TMUS) and Sprint (S).

July 3, 2019: According to Bloomberg, T-Mobile U.S. (TMUSis on the cusp of securing U.S. Justice Department approval for its merger with Sprint (S), after establishing the general outlines of asset sales to Dish Network (DISH).

July 11, 2019: According to The Wall Street Journal, negotiations to complete the merger of T-Mobile US (TMUS) and Sprint (S) are dragging on as the parties haggle over ownership restrictions and other conditions for Dish Network Corp. once it gets assets from the wireless companies.

July 24, 2019: According to Bloomberg, Dish Network (DISH) has agreed to pay $5 billion for wireless assets in a deal with T-Mobile (TMUS) and Sprint (S), setting the stage for the Justice Department to approve the merger between the two companies.

July 26, 2019: T-Mobile US (TMUS) and Sprint Corporation (S) announced they have taken an important step toward completing their proposed merger to create the New T-Mobile by entering into a consent decree with the U.S. Department of Justice (DOJ). The DOJ action moves the merger one step closer to closing, pending other regulatory approvals and the satisfaction of other closing conditions.

According to The Wall Street Journal, FCC has paused the clock for reviewing the T-Mobile, Sprint Deal. Regulator says it needs more time to review engineering and business information from the companies.According to The Wall Street Journal, FCC has paused the clock for reviewing the T-Mobile, Sprint Deal. Regulator says it needs more time to review engineering and business information from the companies.
RTEC chart 06/24/2019 Nanometrics Incorporated (NANO) Cash $673.87 million $27.16 $23.48 65,978 Yes N/A 12/31/2019 15.67% 43.67%
Rudolph Technologies, Inc. merger details:

Expected to close in the second half of 2019 for a closing value of $673.87 million. Under the terms of the agreement Rudolph stockholders will receive 0.8042 shares of Nanometrics common stock for each Rudolph share.

Merger Agreement

 

Rudolph Technologies, Inc. Investor Relations
Nanometrics Incorporated Investor Relations

Rudolph Technologies, Inc. Investor Relations

Nanometrics Incorporated Investor Relations

 

Note: Premium members can sort this table by Symbol, Profit, Annualized Profit and Closing Date. Desktop Version

  Symbol Clo. Date Profit Annu. Profit
STC chart 09/30/2019 50.20% 469.82%

The following funds have a position in Stewart Information Services Corporation:
1. Magnetar Financial LLC
2. Paulson & Co. Inc

Stewart Information Services Corporation merger details:

Expected to close in the first or second quarter of 2019 for a closing value of $1.2 billion in a cash plus stock deal. Under the terms of the agreement, Stewart shareholders will receive $25.00 in cash and 0.6425 common shares of Fidelity for each share of Stewart common stock they hold at closing.

Merger Agreement

Stewart Information Services Corporation Investor Relations
Fidelity National Financial, Inc. Investor Relations

Stewart Information Services Corporation Investor Relations

Fidelity National Financial, Inc. Investor Relations

Update(s)

August 21, 2018: Fidelity National Financial (FNF) announced that FNF received a "no-action letter" from the Canadian Competition Bureau, indicating that the Bureau does not intend to oppose completion of the previously announced acquisition of Stewart Information Services Corporation (STC).

September 5, 2018: Stewart Information Services Corporation (STC) announced that at its special meeting of stockholders, a majority of the outstanding shares of Stewart common stock voted to approve the Agreement and Plan of Merger, with Fidelity National Financial (FNF).

February 4, 2019: The New York State Department of Financial Services provided written notice to Fidelity National Financial (FNF) of its disapproval of FNF’s application to acquire control of Stewart Title Insurance Company (STC). Stewart and FNF continue to work actively to satisfy all of the regulatory conditions to the closing of the Acquisition, including with the Federal Trade Commission, the Texas Department of Insurance, and the NYDFS.

June 20, 2019: Stewart Information Services Corporation (STC) received a written notice from Fidelity National Financial (FNF), pursuant to which FNF exercised the second option under Section 10.01(b)(i) of the Agreement and Plan of Merger dated March 18, 2018 by and among the Company, FNF, A Holdco Corp. and S Holdco LLC, to extend the date upon which the Merger Agreement may be terminated by the Company or Stewart by another three months. The extended End Date is now September 18, 2019.

PACB chart 12/31/2019 39.74% 110.72%

The following funds have a position in Pacific Biosciences of California, Inc.:
1. Alpine Global Management, LLC
2. Arrowgrass Capital Partners (US) LP
3. Gabelli Funds LLC
4. Magnetar Financial LLC
5. TIG Advisors, LLC

Pacific Biosciences of California, Inc. merger details:

Expected to close by mid-2019 for a closing value of $742.9 million. Upon completion of the merger, shareholders of Pacific Biosciences of California will receive $8.00 per share in cash.

Merger Agreement

Pacific Biosciences of California, Inc. Investor Relations
Illumina, Inc. Investor Relations

Pacific Biosciences of California, Inc. Investor Relations

Illumina, Inc. Investor Relations

Update(s)

January 24, 2019: Pacific Biosciences of California (PACB) shareholders voted to approve the acquisition by Illumina (ILMN). 

June 18, 2019: The Competition and Markets Authority of the United Kingdom announced the completion of its Phase 1 review of the Merger between Pacific Biosciences of California (PACB) Illumina (ILMN) and that it will refer the Merger for a Phase 2 review if the Company and Illumina are unable to address the CMA’s concerns.. The companies now expect the merger to be completed in the fourth quarter of 2019 instead of the previously announced end of second quarter 2019 date.

July 19, 2019: Illumina (ILMN) and Pacific Biosciences of California (PACB) are down on merger concerns, in response to a final report from the UK Competition & Markets Authority (CMA) that concluded that their planned tie-up will lessen competition and has referred the matter for phase 2 assessment.

ABDC chart 12/31/2019 24.80% 69.10%
Alcentra Capital Corporation merger details:

Expected to close in the fourth quarter of 2019 for a closing value of $141.9 million. Upon completion of the merger, shareholders of Alcentara Capital Corporation will receive $11.02 per share in cash. Alcentra Capital’s stockholders will receive approximately (i) $19.3 million in cash, or $1.50 per share, from Crescent BDC; (ii) 5.2 million shares of Crescent BDC common stock; and (iii) $21.6 million in cash, or $1.68 per share, from CBDC Advisors, LLC, Crescent BDC’s investment adviser (“Crescent Cap Advisors”). Since the deal value is uncertain, we are treating this as a "Special Conditions" deal

Merger Agreement

Alcentra Capital Corporation Investor Relations

GNW chart 12/31/2019 19.74% 54.99%

The following funds have a position in Genworth Financial, Inc.:
1. Gabelli Funds LLC
2. P Schoenfeld Asset Management LP
3. Pentwater Capital Management LP
4. Taconic Capital Advisors LP

Genworth Financial, Inc. merger details:

Expected to close in the middle of 2017 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Genworth Financial will receive $5.43 per share in cash.

Merger Agreement

Genworth Financial, Inc. Investor Relations

China Oceanwide Holdings Group Co., Ltd. Investor Relations

Update(s)

December 21, 2016: Genworth Financial (GNW) announced that under the HSR Act, the merger with China Oceanwide Holdings Group may not be completed until certain information and materials have been provided by Asia Pacific and Genworth to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission, and the applicable waiting period under the HSR Act has expired or been terminated. The parties filed the required notifications with the Antitrust Division and the FTC on December 7, 2016 and early termination of the applicable waiting period was granted on December 16, 2016.

January 25, 2017: Genworth Financial (GNW) announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission and will commence mailing to stockholders of record the definitive proxy materials in connection with the previously announced transaction with China Oceanwide Holdings Group. The special meeting of Genworth stockholders will be held on Tuesday, March 7, 2017.

March 7, 2017: Genworth Financial (GNW) announced that at its stockholders adopted the previously announced merger agreement with China Oceanwide Holdings Group.

April 29, 2017: China Oceanwide Holdings Group said that it had refiled its application for U.S. approval of its $2.7 billion acquisition of life insurance company Genworth Financial (GNW), in a bid to add more time to the regulatory review.

July 13, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) a second time to provide CFIUS more time to review and discuss the proposed transaction between Genworth and Oceanwide.

August 2, 2017: Genworth (GNW) and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.

September 19, 2017: China's Oceanwide Holdings is aiming to close its $2.7 billion acquisition of U.S. insurer Genworth Financial (GNW) by end of this year after securing approval from a U.S. government panel, said an executive of the Chinese firm.

October 2, 2017: A.M. Best commented that the Long-Term Issuer Credit Ratings of “bb-” of Genworth Financial (GNW) and Genworth Holdings as well as their existing Long-Term Issue Credit Ratings will remain under review with negative implications following the announcement that Genworth and China Oceanwide Holdings Group  have withdrawn their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS).

October 4, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the North Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corporation, as contemplated under the merger agreement entered into by Genworth and Oceanwide.

October 9, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the South Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's South Carolina-domiciled special purpose financial captive insurance subsidiary, Rivermont Life Insurance Company I, as contemplated under the merger agreement.

November 29, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to a second waiver and agreement of each party’s right to terminate the previously announced merger agreement. The second waiver and agreement extends the previous deadline of Nov. 30, 2017, to April 1, 2018, and allows additional time for regulatory reviews of the transaction.

January 4, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group issued an update on the status of their efforts to obtain clearance of their proposed transaction from CFIUS. There can be no assurances that CFIUS will ultimately agree to clear a transaction between Genworth and Oceanwide on terms acceptable to the parties or at all. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of state-level regulatory approvals that are pending in Delaware and New York, as well as regulatory reviews in China and other international jurisdictions and other closing conditions. 

February 6, 2018: Genworth Financial (GNW) said that its application for assent to a takeover by China Oceanwide Holdings Group had been refiled, after agreeing changes the duo hope will alleviate U.S. regulatory concerns.

March 27, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced they have agreed to a fourth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The fourth waiver and agreement extends the previous deadline of April 1, 2018 to July 1, 2018, and allows additional time for regulatory reviews of the transaction.

April 24, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) to provide CFIUS additional time to review and discuss the proposed transaction between Genworth and Oceanwide.

June 9, 2018: China Oceanwide Holdings Group and Genworth Financial (GNW) announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of their proposed transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction. The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China and other international jurisdictions. 

June 28, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced they have agreed to a fifth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The fifth waiver and agreement extends the previous deadline of July 1, 2018 to August 15, 2018 to allow additional time for continued regulatory review of the transaction.

August 14, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to a sixth waiver and agreement of each party's right to terminate the previously announced merger agreement. The sixth waiver and agreement extends the previous deadline of August 15, 2018 to December 1, 2018 to allow additional time to complete the regulatory review process.

September 13, 2018: Genworth Financial (GNW) announced it will hold its 2018 Annual Meeting of Stockholders on December 13, 2018, if its proposed merger with China Oceanwide Holdings Group has not yet been completed. On September 14, 2018, Genworth Financial and China Oceanwide Holdings Group announced that they are submitting supplemental information to the regulators who are reviewing their proposed transaction.

October 26, 2018: The Delaware Department of Insurance (DDI) announced it has scheduled a public hearing on November 28, 2018 on the proposed acquisition of control of Delaware-domiciled Genworth Life Insurance Company by entities affiliated with China Oceanwide Holdings Group in connection with the merger of Oceanwide and Genworth Financial (GNW).

November 30, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group entered into a Seventh Waiver and Agreement pursuant to which they agreed to extend the End Date to January 31, 2019.

December 21, 2108: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the Delaware Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's Delaware-domiciled insurance company. In addition, Fannie Mae and Freddie Mac have approved Oceanwide's control of Genworth Mortgage Insurance Corporation. Approval from regulators in Australia and New Zealand was also recently received for the proposed transaction.

January 11, 2019: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the Virginia State Corporation Commission, Bureau of Insurance, reapproved the proposed acquisition of control by Oceanwide of Genworth's Virginia-domiciled insurance companies, Genworth Life and Annuity Insurance Company and Jamestown Life Insurance Company, as contemplated under the merger agreement. 

January 13, 2019: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the New York State Department of Financial Services has approved the proposed acquisition of control of New York-domiciled Genworth Life Insurance Company of New York by entities affiliated with Oceanwide in connection with the merger of Oceanwide and Genworth.

January 30, 2019: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to an eighth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The eighth waiver and agreement extends the previous deadline of January 31, 2019 to March 15, 2019.

March 14, 2019: Genworth Financial (GNW) and China Oceanwide Holdings announced that they have agreed to a ninth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The ninth waiver and agreement extends the previous deadline of March 15, 2019 to April 30, 2019 in consideration of pending regulatory reviews.

April 29, 2019: Genworth Financial (GNW) and China Oceanwide Holdings announced that they have agreed to a tenth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The tenth waiver and agreement extends the previous deadline of April 30, 2019 to June 30, 2019 in consideration of pending regulatory reviews.

July 1, 2019: Genworth Financial (GNW) and China Oceanwide Holdings announced that they have agreed to a tenth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The tenth waiver and agreement extends the previous deadline of June 30, 2019 to November 30, 2019 in consideration of pending regulatory reviews.

July 25, 2019: Genworth (GNW) has taken the first steps in the sale process of at least the majority of its holding in Genworth MI Canada (MIC CN) which will obviate the requirement to get Canadian regulatory clearance for its own acquistion by China Oceanwide.

August 13, 2019: Genworth Financial (GNW) and Brookfield Business Partners (BBU) announced an agreement for Brookfield Business Partners to purchase Genworth’s majority interest in Genworth MI Canada. In connection with Oceanwide’s consent to the Transaction, Genworth and Oceanwide entered into the 12th Waiver and Agreement extending the merger agreement deadline to not later than December 31, 2019.

Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.
S chart 08/31/2019 17.41% 705.97%

The following funds have a position in Sprint Corporation:
1. Farallon Capital Management LLC
2. Gabelli Funds LLC
3. Harvest Management LLC
4. Magnetar Financial LLC
5. Paulson & Co. Inc
6. Pentwater Capital Management LP
7. TIG Advisors, LLC
8. Tudor Investment Corp ET AL

Sprint Corporation merger details:

Expected to close in the first half of 2019 for a closing value of $59 billion in an all stock deal. Under the terms of the agreement, Sprint shareholders will receive 0.10256 T-Mobile shares for each Sprint share or the equivalent of 9.75 Sprint shares for each T-Mobile US share.

Merger Agreement

Sprint Corporation Investor Relations

T-Mobile US, Inc. Investor Relations

Update(s)

May 23, 2018: A U.S. Senate committee plans to hold a hearing on June 27 on the proposed  merger of T-Mobile US (TMUS) and Sprint (S). T-Mobile and Sprint said they expected to complete their deal no later than the first half of 2019.

June 7, 2018: According to Reuters, the U.S. Department of Justice is examining how the proposed merger between T-Mobile (TMUS) and Sprint (S) could affect prices for smaller wireless operators.

June 15, 2018: According to Reuters, Sprint (S) and T-Mobile (TMUS) have informed the Federal Communications Commission that they will formally file an application asking for approval to merge on Monday, June 18, 2018.

August 6, 2018: According to Reuters, U.S. antitrust enforcers are in the early stages of reviewing T-Mobile US’s (TMUS) plan to buy Sprint (S), and have reached no conclusions on how many wireless carriers the country needs.

September 10, 2018: According to The Wall Street Journal, FCC has paused the clock for reviewing the T-Mobile (TMUS), Sprint (S) deal. Regulator says it needs more time to review engineering and business information from the companies.

October 30, 2018: T-Mobile US (TMUS) announced that it has received shareholder approval on proposals related to the company’s previously announced merger with Sprint Corporation (S).

December 17, 2018: T-Mobile US (TMUS) and Sprint Corporation (S) announced that the companies have successfully received approval from the Committee on Foreign Investment in the United States (CFIUS) for their proposed merger transaction. Additionally, the U.S. Department of Justice, Department of Homeland Security, and Department of Defense confirmed it has no objections to the merger and has withdrawn its request to defer action on the transaction.

February 4, 2019: T-Mobile US (TMUS) told the U.S. Federal Communications Commission that it would not increase prices for three years, with few exceptions, if it gets approval to buy rival Sprint Corp (S).

February 12, 2019: According to Reuters, a group of eight Democratic U.S. senators and independent Senator Bernie Sanders urged the Justice Department and Federal Communications Commission on to reject the proposed merger of T-Mobile US (TMUS) and Sprint (S).

March 8, 2019: The Federal Communications Commission paused its months-long review of the proposed merger between Sprint (S)  and T-Mobile U.S. (TMUS) to examine what it called "significant new information”.

April 16, 2019: The U.S. Justice Department told T-Mobile (TMUS) and Sprint (S) that it has concerns about their merger in its current structure.

April 25, 2019: According to a filing, T-Mobile (TMUS) and Sprint (S) executives this week urged senior U.S. regulators to approve the proposed tie-up, saying the combined company would have the incentive to slash prices.

April 29, 2019: According to Reuters, Makan Delrahim, the head of the U.S. Justice Department's Antitrust Division, said that there had been no decision made on whether to approve the merger of Sprint (S) and T-Mobile (TMUS) but that meetings on the matter continued. Separately, the two companies announced that they had extended the deadline for completing the deal to July 29.

May 13, 2019: T-Mobile US (TMUS) and Sprint (S), fighting to win regulatory clearance for their merger, are considering possible concessions to salvage the deal, according to people familiar with the situation.

May 20, 2019: FCC Commissioner Brendan Carr announced his support for the merger between wireless providers T-Mobile (TMUS) and Sprint (S).

June 14, 2019: According to Reuters, the U.S. Justice Department is set to decide as early as next week whether to approve the merger of wireless carriers T-Mobile USA (TMUS) and Sprint (S).

July 3, 2019: According to Bloomberg, T-Mobile U.S. (TMUSis on the cusp of securing U.S. Justice Department approval for its merger with Sprint (S), after establishing the general outlines of asset sales to Dish Network (DISH).

July 11, 2019: According to The Wall Street Journal, negotiations to complete the merger of T-Mobile US (TMUS) and Sprint (S) are dragging on as the parties haggle over ownership restrictions and other conditions for Dish Network Corp. once it gets assets from the wireless companies.

July 24, 2019: According to Bloomberg, Dish Network (DISH) has agreed to pay $5 billion for wireless assets in a deal with T-Mobile (TMUS) and Sprint (S), setting the stage for the Justice Department to approve the merger between the two companies.

July 26, 2019: T-Mobile US (TMUS) and Sprint Corporation (S) announced they have taken an important step toward completing their proposed merger to create the New T-Mobile by entering into a consent decree with the U.S. Department of Justice (DOJ). The DOJ action moves the merger one step closer to closing, pending other regulatory approvals and the satisfaction of other closing conditions.

According to The Wall Street Journal, FCC has paused the clock for reviewing the T-Mobile, Sprint Deal. Regulator says it needs more time to review engineering and business information from the companies.According to The Wall Street Journal, FCC has paused the clock for reviewing the T-Mobile, Sprint Deal. Regulator says it needs more time to review engineering and business information from the companies.
RTEC chart 12/31/2019 15.67% 43.67%
Rudolph Technologies, Inc. merger details:

Expected to close in the second half of 2019 for a closing value of $673.87 million. Under the terms of the agreement Rudolph stockholders will receive 0.8042 shares of Nanometrics common stock for each Rudolph share.

Merger Agreement

 

Rudolph Technologies, Inc. Investor Relations
Nanometrics Incorporated Investor Relations

Rudolph Technologies, Inc. Investor Relations

Nanometrics Incorporated Investor Relations

 

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