GM Breaking Up?

| About: General Motors (GM)

Summary

GM trying to stick Peugeot with Opel.

Hologic buys Cynosure.

Integrated Device buys GigPeak.

Welcome to the Lemonade issue of M&A Daily

General Motors

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.

Cynosure

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).

GigPeak

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).

Humana

Aetna (NYSE:AET) and Humana (NYSE:HUM) mutually ended their merger agreement. Aetna is paying Humana a $1 billion breakup fee.

Syngenta

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.

Pacific Continental

The preliminary S-4 was filed for the Columbia Banking (NASDAQ:COLB) acquisition of Pacific Continental (NASDAQ:PCBK).

Level 3

The definitive S-4 was filed for the CenturyLink (NYSE:CTL) acquisition of Level 3 (NASDAQ:LVLT).

Western Refining

The third S-4 amendment has been filed for the Tesoro (TSO) acquisition of Western Refining (NYSE:WNR). Shareholders vote March 24.

Popeyes

Restaurant Brands (NYSE:QSR) abandoned deal talks with Popeyes (NASDAQ:PLKI).

Cigna

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.

ONEOK

Today is the HSR filing deadline for the ONEOK (NYSE:OKE) merger with ONEOK Partners (OKS).

InterOil

InterOil (NYSE:IOC) shareholders vote today on their acquisition by Exxon (NYSE:XOM). More to come in future editions of M&A Daily

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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.

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Tagged: , M&A, , Auto Manufacturers - Major
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