Merger activity remained steady last week with four new deals announced and four pending deals closing.
|Total Number of Deals Closed in 2019||93|
|Total Number of Deals Not Completed in 2019||7|
|Total Number of Pending Deals|
|Stock & Cash Deals||13|
|Total Number of Pending Deals||67|
|Total Deal Size||$995.54 billion|
- The acquisition of LegacyTexas Financial Group (LTXB) by Prosperity Bancshares (PB) for $2.1 billion in a cash-plus-stock deal. Under the terms of the merger agreement, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each LegacyTexas share.
- The acquisition of Array BioPharma (ARRY) by Pfizer (PFE) for $11.4 billion, or $48.00 per share in cash.
- The acquisition of C&J Energy Services (CJ) by Keane Group (FRAC) for $666.6 million in an all-stock deal. Under the terms of the agreement, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The merger agreement permits C&J to pay its shareholders a cash dividend of $1.00 per share prior to closing. This is an all-stock deal, but we are treating it as a cash-plus-stock deal because of the $1 per share pre-merger dividend.
- The acquisition of Sotheby's (BID) by BidFair USA for $3.7 billion, or $57.00 per share in cash.
- On June 17, 2019, Versum Materials (VSM) announced that the stockholders of Versum have approved the merger with Merck KGaA (OTCPK:MKGAF), Darmstadt, Germany.
- On June 18, 2019, The Competition and Markets Authority of the United Kingdom announced the completion of its Phase 1 review of the Merger between Pacific Biosciences of California (PACB) Illumina (ILMN) and that it will refer the Merger for a Phase 2 review if the Company and Illumina are unable to address the CMA’s concerns. The companies now expect the merger to be completed in the fourth quarter of 2019 instead of the previously announced end of second-quarter 2019 date.
- On June 20, 2019, Harris Corp. (HRS) and L3 Technologies (LLL) won U.S. antitrust approval for their merger. On June 21, 2019, Harris Corp. won European Union approval for the acquisition of L3 Technologies on the condition that Harris sells its night vision global business and announced that they have received the necessary regulatory approvals for their all-stock merger and have set a closing date of June 29, 2019.
- On June 20, 2019, The U.S. Justice Department said that it had filed a lawsuit aimed at stopping Quad/Graphics (QUAD) from buying LSC Communications (LKSD).
- On June 21, 2019, Inuvo (INUV) announced that it has mutually agreed with ConversionPoint Technologies to terminate the previously announced agreement under which ConversionPoint was to acquire Inuvo.
- The acquisition of Quantenna Communications (QTNA) by ON Semiconductor Corporation (ON) on June 19, 2019. It took 84 days for this deal to be completed.
- The acquisition of Smart & Final Stores (SFS) by Apollo Global Management (APO) on June 20, 2019. It took 65 days for this deal to be completed.
- The acquisition of Mogo Finance Technology (MOGO) by Difference Capital Financial (OTC:TNTHF, DCF.TO) on June 21, 2019. It took 67 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|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (OTC:HHRBF)||$5.43||$3.67||06/30/2019||47.96%||2500.58%|
|PACB||11/01/2018||Illumina, Inc. (ILMN)||$8.00||$6.23||12/31/2019||28.41%||54.29%|
|STC||03/19/2018||Fidelity National Financial, Inc. (NYSE:FNF)||$51.19||$41.2||06/30/2019||24.24%||1264.12%|
|LKSD||10/31/2018||Quad/Graphics, Inc. (QUAD)||$5.70||$4.7300||06/30/2019||20.51%||1069.31%|
|AVP||05/22/2019||Natura Cosméticos S.A. (OTC:NUACF)||$4.65||$3.95||01/31/2020||17.60%||28.93%|
|S||04/29/2018||T-Mobile US, Inc. (TMUS)||$7.76||$6.87||07/29/2019||13.01%||131.91%|
|MLNX||03/11/2019||Nvidia Corporation (NVDA||$125.00||$111.49||12/31/2019||12.12%||23.16%|
|ONCE||02/25/2019||Roche Holding AG (OTCQX:RHHBY)||$114.50||$105.07||06/30/2019||8.97%||467.98%|
|CY||06/02/2019||Infineon Technologies AG (OTCQX:IFNNY)||$23.85||$22.17||01/31/2020||7.58%||12.46%|
|PNTR||03/15/2019||I.D. Systems, Inc. (IDSY)||$15.90||$14.86||06/30/2019||7.02%||366.00%|
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