Oh, Snap - A Blowout IPO

| About: Snap Inc. (SNAP)

Summary

Snap IPO massively oversubscribed.

Multiple suitors circle Time.

Sinclair looks to buy Tribune.

Welcome to the Introductory issue of M&A Daily

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Snap

Snap’s (SNAP) IPO prices after today’s close. It will probably price within a dollar of $18 based on strong demand for the offering. Everyone is working on the deal including Goldman (GS), Morgan Stanley (MS), Credit Suisse (CS), Deutsche Bank (DB) and Barclays (BCS).

Time

Time (TIME) asked suitors to make offers by next week. Five companies have expressed interest.

Tribune Media

Sinclair (SBGI) approached Tribune Media (TRCO) about a deal.

Cynosure

Today is the HSR filing deadline for the Hologic (HOLX) acquisition of Cynosure (CYNO).

Alere

Alere (ALR) delayed its 10-K filing because the company is reviewing revenue recognition at its Asian businesses. In particular, it is reviewing inappropriate conduct at its Standard Diagnostics South Korean subsidiary. The Abbott (ABT)-Alere arb spread is $19.09.

Bitcoin

Bitcoin hits a new high. More to come in future editions of M&A Daily

Done deal.

  • HIG closed its acquisition of Lionbridge (LIOX).
  • Parker-Hannifin (PH) closed its acquisition of CLARCOR (CLC).
  • Eli Lilly (LLY) closed its CoLucid (CLCD) deal.
  • Ocean Management closed its Qunar (QUNR) deal.
  • CBOE (CBOE) completed its acquisition of BATS (BATS).

Elsewhere on Seeking Alpha

Beyond Seeking Alpha

Disclosure: I am/we are long TIME, ALR.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. 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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