Welcome to the Ludicrous issue of M&A Daily.
With Ludicrous mode, the Tesla (NASDAQ:TSLA) Model S P100D is the quickest production car ever, going from 0-60 in 2.5 seconds. If that doesn't get you where you are going in time, then you should leave earlier. The company will have to move almost that fast to get its Model 3 production ramped to capacity. To help with that effort, Panasonic (OTCPK:PCRFY) is seeking to expand its relationship with Tesla. They want to partner on sensors and other parts for self-driving cars.
It will be interesting to see where talks head - the Japanese company is already a major partner on the gigafactory, solar energy, and batteries and any expansion of that relationship would make it a major backer. Elon Musk has repeatedly had to go back to the capital markets to raise additional capital. With Panasonic's backing, that need might change in the future.
Sibanye (NYSE:SBGL) secured HSR early termination for its acquisition of Stillwater (SWC). The $0.97 arb spread offers a 15% IRR if the deal closes by June.
The termination date had been extended to April 30 for the Cigna (NYSE:CI) acquisition by Anthem (NYSE:ANTM). However, it is unclear whether Cigna is willing to continue efforts to close that deal. Their management would prefer to collect the breakup fee and move on. The arb spread is currently $37.93.
The first S-4 amendment was filed for the Tesoro (TSO) acquisition of Western Refining (NYSE:WNR).
Today is the HSR filing deadline for the TDK acquisition of InvenSense (NYSE:INVN).
The Missouri Public Service Commission filed its analysis of the Kansas PUC staff's recommendation of rejection of the Great Plains (NYSE:GXP)'s acquisition of Westar (NYSE:WR). The staff continues to recommend approving the settlement agreement. The $4.46 arb spread offers a 22% IRR if the deal closes by June. More to come in future editions of M&A Daily…
New 52-week Highs
- VMware (NYSE:VMW) tracker (NYSE:DVMT)
- La Quinta
- Reynolds (NYSE:RAI)
- B/E (BEAV)
- T-Mobile (NASDAQ:TMUS)
New 52-week Lows
- Icahn (NYSE:IEP) completed its Federal-Mogul (NASDAQ:FDML) deal.
- Synchronoss (NASDAQ:SNCR) closed its Intralinks (NYSE:IL) deal.
Elsewhere on Seeking Alpha
- How To Play Trump
- Double-Digit Market Decline Possible In Near Future
- Mead Johnson Takeover Rumors
- UnitedHealth's Latest Deal
- Luxottica And Essilor
- Madoff Corners Hot Chocolate Market
Beyond Seeking Alpha
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Disclosure: I am/we are long LQ, SWC, CSX, CI, WR, DVMT, RAI, BEAV, TMUS.
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.
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