- Merger activity decreased last week.
- The acquisition of AmeriGas Partners by UGI Corporation.
- SJW Group and Connecticut Water Service jointly filed a new application with the Connecticut Public Utilities Regulatory Authority (“PURA”) for approval of the merger.
Merger activity decreased last week with one new deal announced and five pending deals closing.
|Total Number of Deals Closed in 2019||63|
|Total Number of Deals Not Completed in 2019||2|
|Total Number of Pending Deals|
|Stock & Cash Deals||12|
|Total Number of Pending Deals||59|
|Total Deal Size||$778.65 billion|
- The acquisition of AmeriGas Partners (APU) by UGI Corporation (UGI) for $6.66 billion in a cash plus stock deal. Under the terms of the agreement, AmeriGas unitholders will receive 0.50 shares of UGI common stock plus $7.63 in cash consideration for each common unit of AmeriGas.
- On April 2, 2019, SI Financial Group (SIFI) announced that the stockholders of the company approved the previously announced merger of the Company with and into Berkshire Hills Bancorp (BHLB).
- On April 3, 2019, Roche (OTCQX:RHHBY) and Spark Therapeutics (ONCE) announced that Roche has withdrawn its Premerger Notification and Report Form under the Hart-Scott-Rodino Act in connection with Roche's pending acquisition of Spark. As a result of the withdrawal and refiling of the Premerger Notification and Report Form, Roche is extending the offering period of its previously announced tender offer to purchase all of the outstanding shares of common stock of Spark. The offer is being extended until May 2, 2019.
- On April 3, 2019, SJW Group (SJW) and Connecticut Water Service (CTWS) announced that they have jointly filed a new application with the Connecticut Public Utilities Regulatory Authority ("PURA") for approval of the merger of SJW Group and Connecticut Water.
- On April 4, 2019, Top Image Systems (TISA) announced that the shareholders of the company voted overwhelmingly to approve the previously announced acquisition by Kofax. Top Image Systems expects the merger to close during the second week of May.
- On April 4, 2019, Goldcorp (GG) announced that its shareholders voted overwhelmingly in favour of the plan of arrangement to combine with Newmont Mining Corporation (NEM).
- On April 4, 2019, Harris Corporation (HRS) and L3 Technologies (LLL) announced that their stockholders voted to approve all stockholder proposals necessary to complete the merger of equals transaction to create L3 Harris Technologies, Inc. The merger is expected to close in mid-calendar year 2019.
- The acquisition of BSB Bancorp (BLMT) by People's United Financial (PBCT) on April 1, 2019. It took 125 days for this deal to be completed.
- The acquisition of Immune Design (IMDZ) by Merck (MRK) on April 2, 2019. It took 40 days for this deal to be completed.
- The acquisition of Pershing Gold Corporation (PGLC) by Americas Silver Corporation (USAS) on April 3, 2019. It took 185 days for this deal to be completed.
- The acquisition of ARRIS International (ARRS) by CommScope (COMM) on April 4, 2019. It took 147 days for this deal to be completed.
- The acquisition of Versum Materials (VSM) by Entegris (ENTG) on April 4, 2019. It took 66 days for this deal to be completed.
Top 10 deals with largest spreads:
|Symbol||Announced Date||Acquiring Company||Closing Price||Last Price||Closing Date||Profit||Annualized Profit|
|INUV||11/05/2018||ConversionPoint Technologies, Inc. (N/A)||$2.22||$1.27||06/30/2019||74.80%||328.95%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$4||04/30/2019||35.75%||593.13%|
|S||04/29/2018||T-Mobile US, Inc. (TMUS)||$7.22||$5.63||06/30/2019||28.15%||123.81%|
|STC||03/19/2018||Fidelity National Financial, Inc. (FNF)||$49.47||$43.63||06/30/2019||13.39%||58.89%|
|LKSD||10/31/2018||Quad/Graphics, Inc. (QUAD)||$7.80||$6.93||06/30/2019||12.55%||55.21%|
|PACB||11/01/2018||Illumina, Inc. (ILMN)||$8.00||$7.26||06/30/2019||10.19%||44.82%|
|WCG||03/27/2019||Centene Corporation (CNC)||$308.74||$283.22||06/30/2020||9.01%||7.32%|
|CZFC||02/21/2019||German American Bancorp, Inc. (GABC)||$25.69||$23.95||09/30/2019||7.25%||15.13%|
|MLNX||03/11/2019||NVIDIA Corporation (NVDA)||$125.00||$118.89||12/31/2019||5.14%||7.03%|
|GPIC||11/27/2018||Angel Holdings Godo Kaisha (N/A)||$13.75||$13.19||06/30/2019||4.25%||18.67%|
This article was written by
I am an entrepreneur and investor with a focus on event driven strategies including merger arbitrage, spinoffs, (legal) insider trading, buybacks and SPACs. I was one of the earliest contributors on Seeking Alpha and started publishing here in 2005. For more than a decade I have been writing every week about M&A and interesting insider transactions. My work has been mentioned in Barron's, Dow Jones, BNN Bloomberg and other publications.
I have been an active investor for more than two decades and my background in technology has helped me built tools that inform my investing process, especially as it relates to event-driven strategies that require updated data and processes. The focus on my Inside Arbitrage service is to provide investors with the right combination of tools and analysis to help them take advantage of strategies that can perform well across market cycles.
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