Welcome to the European issue of M&A Daily
Microsoft (NASDAQ:MSFT) offered key concessions to the EU on its acquisition of LinkedIn (NYSE:LNKD). The $4.94 arb spread offers a 30% IRR if the deal closes in December. The commission will come back around Tuesday, December 6, with their response; on that date they should and probably will clear the deal. Meanwhile, Salesforce.com's (NYSE:CRM) Marc Benioff is trying to stir up trouble for the deal, complaining that Microsoft ownership of LinkedIn data is anticompetitive. His preference is for Microsoft to pay for it and then give it to him.
Today is the regulatory filing date for the bank purchase agreement for the Bass Pro acquisition of Cabela's (NYSE:CAB). The $4.80 arb spread offers a 12% IRR if the deal closes by July.
Chris DeMuth Jr.'s Blog
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Disclosure: I am/we are long LNKD.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. We invest with a margin of safety by buying securities at discounts to their intrinsic value and unlocking that value through corporate events. To maximize returns for our investors, we reserve the right to make investment decisions regarding any security without notification except where notification is required by law. This post may contain affiliate links, consistent with the disclosure in such links. We manage diversified portfolios with a multi-year time horizon. Positions disclosed in articles may vary in sizing, hedges, and place within the capital structure. Disclosed ideas are related to a specific price, value, and time. If any of these attributes change, then the position might change (and probably will).
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