Current Price – $15
Expected Buyout – $23
Upside – 50%
Expiration Date – TBD (expected in H1 2017)
Penntex Midstream is likely to be fully acquired by ETP, which already owns 65% of the company. This is similar to OCI/OCIP transaction that was posted on the site earlier as well as a number of other consolidations in the MLP space (TRP/CPPL, TLLP/QEPM) whereby general partner which owns majority of MLP buys out the remaining limited partner units.
Current Price –$79.34
Offer Price - $93
Upside – 17.5%
Expiration Date - TBD (likely in H1 2017)
Let me start by saying that this is a large cap transaction and the deal is widely followed and analysed – I do not have any superior insights with regards to the likelihood of the transaction going through so my opinion is as good as anybody’s else. However, I believe this opportunity is quite interesting, spread is large (17%) and therefore worth flagging.
Current Price –$8.25
Offer Price – $9.00
Upside – 9.0%
Expiration Date - Jan 2017
This is another large cap merger arbitrage deal where the spread of 9% is mostly due to pending regulatory approval. Recent developments suggest the deal is likely to close. At the same time there is opportunity to hedge the risk of the deal failing.
Current Price –$23
Offer Price - $25+ (expected)
Upside – 10%+ (expected)
Expiration Date - 13th of December, 2016
Current Price –$14.06;
Offer price – at least $15.36 + $0.4 in dividends, a total of $15.76;
Upside – 12%
The tender offer is expected to be announced at the beginning of Q4 2016 and completed by the end of the quarter. Dividends will be distributed for record holders as of 30th of September 2016.
Current Price – $9.39
Offer Price – $9.90
Upside – 5%
Expiration date – expected Q4 2014 or Q1 2015