Welcome to the Definitive issue of M&A Daily
General Motors (NYSE:GM) and Peugeot parent company PSA are shooting for a Monday announcement of their deal to combine PSA with GM's Opel business, if they can work out details by then. PSA executives have been prepping various European politicians for the announcement in order to smooth over political concerns regarding jobs. My favorite way to get exposure to this combination is via FFP, which currently costs around 87 Euros for over 106 Euros of NAV.
The EU is heading towards clearing the ChemChina acquisition of Syngenta (NYSE:SYT). Based on the level of regulatory coordination between the EU and the US, this bodes well for HSR clearance. The $9.49 arb spread offers a 69% IRR if the deal closes by May.
Hewlett Packard Enterprise
Hewlett Packard Enterprise (NYSE:HPE) set a March 20 record date for its enterprise services spin-off.
KKR (NYSE:KKR) and other suitors have bid on Air Methods (NASDAQ:AIRM), which is undergoing a sale process in response to encouragement from its shareholders. More to come in future editions of M&A Daily…
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Disclosure: I am/we are long SYT, ALIOY.
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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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