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.
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.
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