Consol Coal Resources (CCR) – Merger Arbitrage – 4% Upside
Current Price: $3.16
Offer Price: $3.28
Upside: 4%
Expected Closing: Q1 2021
Inactive ideas
Active ideas
Inactive ideas
Riviera Resources (RVRA) – Liquidation – 27% Upside
Current Price: $1.73
Liquidation Value: $2.20
Upside: 27%
Expiration Date: TBD
Powerleader Science & Technology Group (8236.HK) – Going Private – 13% Upside
Current Price: HK$3.47
Offer Price: HK$3.92
Upside: 13%
Expected Closing: TBD
MVB Financial (MVBF) – Modified Dutch Tender Offer – TBD Upside
Current Price: $20.34
Offer Price: $18.00 – $20.25
Upside: TBD
Expiration Date: 18th of December
Great Canadian Gaming (GC.TO) – Increased Bid – 10% Upside
Current Price: C$37.24
Offer Price: C$41.00 (expected)
Upside: 10%
Expiration Date: TBD
BMW Group (BMW.DE) – Discount Mean Reversion – 7% Upside
Current Discount: 23%
Average Discount: 16%
Upside: 7%
Expiration Date: TBD
Altice USA (ATUS) – Odd Lot Dutch Tender Offer – $174 Upside
Current Price: $34.24
Offer Price: $32.25 – $36.00
Upside: $174 (for 99 shares)
Expiration date: 21st December 2020
Grifols (GRFS) – Discount Mean Reversion – 8% Upside
Current Discount: 36%
Average Discount: 28%
Upside: 8%
Expiration Date: TBD
TMAC Resources (TMR.TO) – Merger Arbitrage – 14% Upside
Current Price: C$1.54
Offer Price: C$1.75
Upside: 14%
Expected Closing: Q3 2020
Driven Deliveries (DRVD) – Merger Arbitrage – 11% Upside
Current Price: $0.35
Offer Price: $0.39
Upside: 11%
Expected Closing: Late 2020
GMP Capital (GMP.TO) – Odd Lot Tender Offer – C$47 Upside
Current Price: C$1.94
Offer Price: C$2.42
Upside: C$47
Expiration Date: 18th of November
Analysis of Split-off Trading Strategies
Split-Offs proved to be very lucrative
Analysis of US-Listed Chinese Going-Private Transactions
US-listed Chinese companies
Guide to Merger Arbitrage
Merger arbitrage has become a popular
Atlas Technical Consultants (ATCXW) – Warrant Exchange – 25% Upside
Current Price: $0.99
Offer Price: $1.25
Upside: 25%
Expiration Date: 16th of November 2020
Bristol-Myers Squibb (BMY-RT) – CVR – 159% Upside
Current Price: $3.48
Expected Payout: $9.00
Upside: 159%
Expiration Date: end of ’21
Hertz (HTZ) – Pending Delisting – Upside 50% (very risky)
Current Price: $1.50
Target Price: $0.75 (ultimatelly a $0.00)
Upside: 50%
Expected date: Q3 2020
Acorn International (ATV) – Going Private – 11% Upside
Current Price: $13.70
Offer Price: $15.22
Upside: 11%
Expected Closing: TBD
Fitbit (FIT) – Merger Arbitrage – 12% Upside
Current Price: $6.56
Offer Price: $7.35
Upside: 12%
Expected Closing: 2020
Tiffany (TIF) – Merger Arbitrage – 16% Upside
Current Price: $116
Offer Price: $135
Upside: 18%
Expected Closing: Late 2020 / Early 2021
Delmarva Bancshares (DLMV) – Merger Arbitrage – 8.5% Upside
Current Price: $8.21
Offer Price: $8.90
Upside: 8.5%
Expected Closing: Q4 2020
Water Now (WTNW) – Liquidation – 40% Upside (very risky)
Current Price: $0.089
Liquidation Value: $0.125
Upside: 40%
Expiration date: early 2021
Gilat Satellite Networks (GILT) – Merger Arbitrage – 22% Upside
Current Price: $7.20
Offer Price: $8.75
Upside: 22%
Expected Closing: H2 2020
Central European Media Enterprises (CETV) – Merger Arbitrage – 18% Upside
Current Price: $3.88
Offer Price: $4.58
Upside: 18%
Expected Closing: Q3 2020
Nomad Foods (NOMD) – Odd Lot Tender Offer – $100 Upside
Current Price: $24.45
Offer Price: $23.00-$25.50
Upside: $100 (for odd-lots)
Expiration Date: 9th of September
Carroll Bancorp (CROL) – Merger Arbitrage – 13% Upside
Current Price: $19.1
Offer Price: $21.63
Upside: 13%
Expected Closing Date: Q3 2020
Onevue Holdings (OVH.ASX) – Merger Arbitrage – 6% Upside
Current Price: A$0.375
Offer Price: A$0.40
Upside: 6%
Expected Close: Late September 2020
InnerWorkings (INWK) – Merger Arbitrage – 8% Upside
Current Price: $2.78
Offer Price: $3.00
Upside: 8%
Expected Closing: Q4 2020
Dundee Corporation (DC-PB.TO) – Odd Lot Tender Offer – C$139 Upside
Current Price: C$17.31
Offer Price: C$16.00-C$18.50
Upside: C$139 (if priced at the upper limit)
Expiration Date: 27th of August 2020
Guyana Goldfields (GUY.TO) – Merger Arbitrage – 7% Upside With Considerable IRR
Current Price: C$1.73
Offer Price: C$1.85
Upside: 7%
Expected Close: August 2020
Alt Resources (ARS.ASX) – Merger Arbitrage – 5% Upside With Considerable IRR
Current Price: A$0.048
Offer Price: A$0.0505
Upside: 5%
Expected Closing: August 2020
Renaissance Gold (REN.V) – Merger Arbitrage – 22% Upside
Current Price: C$0.60
Offer Price: C$0.73
Upside: 22%
Expected Closing: Q3 2020
Delphi Technologies (DLPH) – Merger Arbitrage – 7% Upside
Current Price: $11.92
Offer Price: $12.72
Upside: 7%
Expected Closing: H2 2020
Forescout Technologies (FSCT) – Merger Arbitrage – 35% Upside
Current Price: $24.50
Offer Price: $33.00 (likely to be amended/terminated)
Upside: 35%
Expected Closing: TBD
58.com (WUBA) – Merger Arbitrage – 15% Upside
Current Price: $48
Offer Price: $55
Upside: 15%
Expected Closing: TBD
TearLab (TEAR) – Merger Arbitrage – 15% Upside
Current Price: $0.0511
Offer Price: $0.0586
Upside: 15%
Expected Closing: beginning of June, 2020
Arctic Glacier Income Fund (AGUNF) – Liquidation – 6% Upside
Current price: $0.0173 (mid)
Distribution: $0.0184
Upside: 6%
Estimated distribution date: 17th of June, 2020
Quintana Energy Services (QES) – Merger Arbitrage – 14% Upside
Current Price: $1.11
Offer Price: $1.27
Upside: 14%
Expected Closing: H2’20
Bitauto (BITA) – Merger Arbitrage – 50% Upside
Current price: $10.45
Consideration price: $16.00
Upside: 50%
Expiration date: TBD
Empire Bancorp (EMPK) – Merger Arbitrage – 15% Upside
Current Price: $9.50
Current Offer: $10.97
Upside: 15%
Expected Closing Date: Q2 / Early Q3
IndigoVision (IND.L) – Merger Arbitrage – 5% Upside With Considerable IRR
Current Price: £3.85
Offer Price: £4.05
Upside: 5%
Expected Closing: 15th of June
VSB Bancorp (VSBN) – Merger Arbitrage – 15% Upside
Current Price: $18.48
Offer Price: $21.18
Upside: 15%
Estimated Closing Date: Early Q3
Moss Bross (MOSB.L) – Merger Arbitrage – 10% Upside
Current Price: £0.20
Offer Price: £0.22
Upside: 10%
Expected Closing: Q2 2020
Pihlajalinna (PIHLIS) – Merger and Arbitrage – 27% Upside
Current price: €12.62
Offer price: €16.00 in cash
Upside: 27%
Expected closing: Q3 ’20
Correvio Pharma (CORV) – Merger Arbitrage – 30% Upside
Current Price: $0.32
Offer Price: $0.42
Upside: 30%
Expected Closing Date: Q2 2020
Melrose Bank (MELR) – Merger Arbitrage – 10% Upside
Current Price: $22.70
Offer Price: $25.00
Upside: 10%
Expected Closing: Q2
Tegna (TGNA) – Merger Arbitrage – 45% Upside
Current Price: $13.73
Offer Price: $20
Upside: 45%
Expected Closing Date: TBD
Kemet (KEM) – Merger Arbitrage – 30% Upside
Current Price: $21.14
Offer Price: $27.20
Upside: 30%
Expected Closing Date: H2 2020
Strad (SDY.TO) – Going Private – 20% Upside
Current Price: C$1.99
Offer Price: C$2.39
Upside: 20%
Expected Closing Date: Late April’20
Maplewood International REIT (MWI-UN.V) – Asset Sale – 32% Upside
Current price: C$0.63
Distribution: C$0.83
Upside: 32%
Expected date: TBD
Neon Therapeutics (NTGN) – Merger Arbitrage – 31% Upside
Current Price: $1.76
Merger Consideration: $2.30
Upside: 31%
Closing: Q2 2020
Jumei International (JMEI) – Going Private – 5% Upside
Current Price: $19
Offer Price: $20
Upside: 5%
Expected Closing: Q2 2020
Sakura SOGO REIT (3473 JP) – Merger Arbitrage – 5% Upside
Current Price: ¥81000
Offer Price: ¥85000
Upside: 5%
Expected Closing Date: August 2020
Qumu (QUMU) – Merger Arbitrage – 7% Upside
Current Price: $1.80
Offer Price: $1.93
Upside: 7%
Closing date: mid 2020
Liquefied Natural Gas (LNG.ASX) – Merger Arbitrage – 48% Upside
Current Price: A$0.135
Offer price: A$0.20
Upside: 48%
Expiration date: TBD
Condor Hospitality Trust (CDOR) – Merger Arbitrage – 6% Upside
Current Price: $10.46
Offer Price: $11.10
Upside: 6%
Expected closing date: 16th of March
Yatra (YTRA) – Merger Arbitrage – 71% Upside
Current Price: $3.10
Merger Consideration: $5.31
Upside: 71%
Estimated closing: Q2 2020
Cineplex (CGX.TO) – Merger Arbitrage – 7% Upside
Current Price: C$31.70
Offer Price: C$34.00
Upside: 7%
Expected Closing: Q2 2020
Torotel (TTLO) – Merger Arbitrage – 4.5% Upside
Current Price: $7.43
Offer Price: $7.77
Upside: 4.5%
Expected Closing: March 31st, 2020
West End Indiana Bank (WEIN) – Merger Arbitrage – 3% Upside
Current Price: $34.80
Merger Consideration: $34.91 – $36.81
Spread: 0%-6%
Expiration Date: expected Q1 ’20
RIB Software (RIB.DE) – Merger Arbitrage – 9% Upside
Current Price: €26.66
Offer Price: €29.00
Upside: 9%
Expected Closing Date: Q2 2020
Ben Franklin Bank (BFFI) – Merger Arbitrage – 6% Upside
Current Price: $9.92
Merger Consideration: $10.33 – $10.70
Upside: 4% – 8%
Expiration Date: early 2020
Great Canadian Gaming (GC.TO) – Odd Lot Tender Offer – C$360 Upside
Current Price: C$30.24
Offer Price: C$39 – C$46
Upside: C$360-C$950 (odd lots)
Expiration Date: 25th of March 2020
MGM Resorts International (MGM) – Odd Lot Tender Offer – $230 Upside
Current Price: $26.71
Offer Price: $29 – $34
Upside: 8.5% – 27%
Expiration Date: 12th of March 2020
AVIC International Holdings (HK:0161) – Merger Arbitrage – 10% Upside
Current Price: HK$8.21
Merger Consideration: HK$9.00
Upside: 10%
Expiration Date: 6th of March
Orca Exploration (ORC-B.V) – Expected Tender Offer – 5% Upside
Current price: C$6.46
Offer price: TBD
Upside: TBD
Expiration Date: by the 7th of Feb’20
Evans & Sutherland Computer Corporation (ESCC) – Merger Arbitrage – 4% Upside
Current Price: $1.14
Offer Price: $1.19
Upside: 4%
Expected Closing: Q1 2020
Sirius Minerals (SXX.L) – Merger Arbitrage – 6% Upside
Current Price: 5.2p
Offer Price: 5.5p
Upside: 6%
Closing Date: March 2020
Intrinsyc Technologies (ITC) – Merger Arbitrage – 4% Upside
Current Price: C$1.74
Merger Consideration: C$1.81
Upside: 4%
Estimated Closing: January 2020
XBiotech (XBIT) – Tender Offer – $469 Upside
Current Price: $24.33
Offer: $26.52-$29.07
Upside: $217-$469 for odd-lots
Expiration date: 12th of February
Achilion Pharmaceuticals (ACHN) – Merger Arbitrage – 35% Upside With CVR
Current price: $6.13
Consideration: $6.30 in cash + $2 in CVR
Upside: 35% (with CVR)
Expected Closing Date: April’20
Posera (PAY.TO) – Merger Arbitrage – 7% Upside
Current price: C$0.115 – C$0.12
Consideration price: C$0.123+
Upside: 2.5% – 7%+
Estimated closing date: Jan-Feb 2020
Redde (REDD.L) – Merger Arbitrage – 5% Upside
Current Price: £1.07
Merger Consideration: £1.13
Upside: 5%
Expiration Date: Q1 ’20
Dream Hard Asset Alternatives Trust (DRA-UN.TO) – Odd Lot Tender Offer – 4% Upside
Current Price: C$7.91
Tender Price: C$8.25
Upside: 4% (C$33 for odd-lots)
Expiration Date: 12 March 2020
Northview Apartment REIT (NVU-UN.TO) – Merger Arbitrage – 10% Upside
Current Price: C$32.97
Offer Price: C$36.25
Upside: 10%
Expected Closing: by Q3 2020
Marchex (MCHX) – Tender Offer – 6% Upside
Current Price: $1.72
Offer Price: $1.96
Upside: 14%
Expiration Date: expected early October 2020