Overbid Looming?

Summary

• F&G - the once and future target.
• Fox tries to trip up Sinclair.
• Will Akzo sell… or buy?

Welcome to the Last issue of M&A Daily

Thank you for reading M&A Daily; this is the last issue. I hope you have liked it. Thank you, Eli Hoffman, for the idea to launch it several years ago and for hosting it on Seeking Alpha ever since. Thanks, Marc Pentacoff, for editing it. Am I resigning to spend more time with my family? Nooooo. I am reallocating more of my time to Rangeley Capital and Sifting the World. In addition, I intend to roll out a new version of this publication, M&A News, roughly weekly as events warrant and time allows. If you have ideas about what you would like to see in the new version, you are welcome to comment below.

Fidelity & Guaranty

Fidelity & Guaranty (FGL) trades above the $26.80 deal price in its definitive merger agreement to be acquired by Anbang. In the increasingly likely event that the current deal formally breaks, F&G will probably sell to someone else. Athene (ATH) would be a particularly logical buyer.

Nimble

The Tender Offer and 14D-9 have been filed for the Hewlett Packard Enterprise (HPE) acquisition of Nimble (NMBL). The offer expires April 13th.

Level 3

Level 3 (LVLT) and CenturyLink (CTL) shareholders approved their deal.

Tribune Media

Fox (FOX/FOXA), which has to consent to transfers of Tribune Media (TRCO) affiliate agreement, is looking to disrupt a Sinclair (SBGI) takeover of the company.

DigitalGlobe

Today is the HSR filing deadline for the MDA (MDDWF) acquisition of DigitalGlobe (DGI).

Suffolk

The Fed approved the People's United acquisition (PBCT) of Suffolk (SCNB).

Time

Meredith (MDP) could be the top bidder for Time (TIME). Bids are expected by Monday.

Axalta

PPG (PPG) target Akzo Nobel (OTCQX:AKZOY) could buy Axalta (AXTA). No more to come in future editions of M&A Daily…

Elsewhere on

Analyst’s Disclosure: I am/we are long FGL. 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.

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).