Welcome to the Lemonade issue of M&A Daily
Endeavoring to make lemonade from lemons, General Motors (NYSE:GM) is in talks to sell money-losing Opel to Peugeot (OTCPK:PUGOY). Opel would catapult Peugeot into being the number two auto group in Europe. One way to get discounted exposure to Peugeot is via FFP in France.
Hologic (NASDAQ:HOLX) is buying Cynosure (NASDAQ:CYNO) in a $1.65 billion cash deal; the second laser treatment deal in as many days. CYNO holders get $66 per share. The buyer is working with Morgan Stanley (NYSE:MS).
Integrated Device (NASDAQ:IDTI) is buying GigPeak (NYSEMKT:GIG) in a $214 million cash deal. GIG holders get $3.08 per share. The buyer is working with JPMorgan (NYSE:JPM); the target is working with Cowen (NASDAQ:COWN).
The FTC issued a second request for the ChemChina acquisition of Syngenta (NYSE:SYT). The deal was cleared by the Canadian Competition Bureau. The $10.35 arb spread offers a 53% IRR if the deal closes by May.
The third S-4 amendment has been filed for the Tesoro (TSO) acquisition of Western Refining (NYSE:WNR). Shareholders vote March 24.
Anthem (NYSE:ANTM) filed with the US Court of Appeals seeking an expedited appeal of the decision to block its merger with Cigna (NYSE:CI). Anthem cannot extend the April 30 walk date because Cigna has not (and almost certainly will not) agreed to extend it.
Today is the HSR filing deadline for the ONEOK (NYSE:OKE) merger with ONEOK Partners (OKS).
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- Valentine's Day Gift Certificate
- CECO's Trump Risk
- Pebble Isn't Viable
- Trimble Acquires Beena
- Positive On The Zeltiq Deal
- Blackstone Buying Aon's Benefits And HR Platform
- Verizon's Data Death Match
Beyond Seeking Alpha
- Saber Capital Letter to Investors
- The Key to Good Luck Is an Open Mind
- Knowing the count
- The Rise and Fall of a K Street Renegade
Sifting the World
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Disclosure: I am/we are long SYT.
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).
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.