AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

Robert Sassoon has been an equity analyst for more than twenty years focusing primarily on global special situations. Robert has worked in research for several large sell-side institutions, including Credit Suisse, Natwest Capital Markets and Societe Generale. During his career, he has achieved top 5 rankings in various analyst surveys, including the Extel and Greenwich surveys.

In 2017, Robert founded AlphaSituations, an idea-generating investment research service with the goal of delivering a unique portfolio of ideas to drive client growth and returns by uncovering compelling and highly profitable value propositions as well as lucrative shorter-term trading situations arising from select dislocating corporate restructuring events and catalysts. Currently, the main geographical focus of the research is North America. Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%.

In January 2022, AlphaSituations was contracted  by Water Tower Research,  an investor engagement and stakeholder communication platform to provide coverage of Special Situations.

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

Pacific Biosciences Of California / Event-Driven

Pacific Biosciences Of California (PACB US)

<p>At AlphaSituations, we look for unusual spreads in announced US M&amp;A deals of  &gt;$400MN in size with the intention of identifying and highlighting misunderstood and/or under the radar risk arb opportunities. In this insight, we highlight three attractive opportunities for arbs for which we believe double-digits IRRs are available:</p>
<p><strong>Illumina (ILMN US)/Pacific Biosciences (PACB US):</strong> Despite a couple of not insignificant regulatory hurdles to overcome,<strong> </strong>the combination of ILMN’s recently re-stated confidence that the deal can close by mid-summer and the ~8% spread which we interpret as the market sitting on the fence over the timing risk, the risk-reward profile of this risk-arb opportunity looks reasonably attractive to us. Even if there is a delay in deal completion to the end of 3Q 2019, there is the prospect of snagging annualized returns in excess of 20%, while year-end closure still leaves a double-digit IRR on the table for the taking.</p>
<p><strong>China Oceanwide/Genworth Financial (GNW US):</strong> We provide an update on this situation which we highlighted in our Insight published on April 10, 2019. The spread continues to trade around an enticing 40% level as the transaction effectively waits for Canadian regulatory approval, which we and the company expect will be granted. We continue to believe with high conviction that this deal will close and most probably within the next 3 months. The prevailing  spread does therefore appear to be a very attractive situation for the arbs so late in this game.</p>
<p><strong>Fidelity National  National Financial (FNF US)/Stewart Information Services Corp (STC US): </strong>The prospective merger of two of the leading title insurance players in the US real estate market has naturally attracted regulatory scrutiny. Precedent demonstrates that regulatory issues are resolvable through select divestments. While timing risk has been elevated, the spread provides a reasonable opportunity for arbs to capture double-digits annualized returns.</p>
<h2><strong>Unusual Spreads As May 6, 2019</strong></h2>
<table class="table table-striped">
<tbody>
<tr>
<td>M&amp;A Situation</td>
<td>Spread</td>
<td>Targeted Close</td>
<td>Comment</td>
</tr>
<tr>
<td>CO/GNW</td>
<td>38%</td>
<td>Jun-19</td>
<td>Still waiting  Canada, China SAFE approvals/Delay concern</td>
</tr>
<tr>
<td>TMUS/S</td>
<td>33%</td>
<td>Jul-19</td>
<td>Potential antitrust complications/Extended review period</td>
</tr>
<tr>
<td>CNC/WCG</td>
<td>19%</td>
<td>Jun-20</td>
<td>Rumored Humana interest in CNC </td>
</tr>
<tr>
<td>FMF/STC</td>
<td>18%</td>
<td>Jun-19</td>
<td>Regulatory/Pricing Adjustment/Delay Risk</td>
</tr>
</tbody>
</table>
<h2>4Q 2016-2Q 2019 Live US M&amp;A Announced Deals (&gt;$400 MN) &amp; Spreads </h2>
<table class="table table-striped">
<tbody>
<tr>
<td>Acquirer</td>
<td>Target</td>
<td>Sector</td>
<td>Date Announced</td>
<td>Transaction Type</td>
<td>Expected Close </td>
<td>Offer Price</td>
<td> Target    Firm      Price</td>
<td>Spread</td>
</tr>
<tr>
<td><strong>4Q-2016</strong></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td><strong>May 6,   2019</strong></td>
<td><strong> </strong></td>
</tr>
<tr>
<td>China Oceanwide (China)</td>
<td>GNW</td>
<td>Financial -Life Insurance/Mortgage Insurance</td>
<td>23-Oct-16</td>
<td>Cash</td>
<td>Dec-18</td>
<td>$5.43</td>
<td>$3.93</td>
<td>38.2%</td>
</tr>
<tr>
<td>1Q-2018</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>SJW</td>
<td>CTWS</td>
<td>Water Utility</td>
<td>15-Mar-18</td>
<td>Stock</td>
<td>Dec-18</td>
<td>$72.09</td>
<td>$62.85</td>
<td>14.7%</td>
</tr>
<tr>
<td>SJW</td>
<td>CTWS</td>
<td>Water Utility</td>
<td>6-Aug-18</td>
<td>Cash (OfferRevised)</td>
<td>Jun-19</td>
<td>$70.00</td>
<td>$69.49</td>
<td>0.7%</td>
</tr>
<tr>
<td>FNF</td>
<td>STC</td>
<td>Insurance</td>
<td>19-Mar-18</td>
<td>Cash/Stock </td>
<td>Jun-19</td>
<td>$50.30</td>
<td>$43.14</td>
<td>16.6%</td>
</tr>
<tr>
<td>2Q-2018</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>TMUS</td>
<td>S</td>
<td>Wireless Communications Services</td>
<td>29-Apr-18</td>
<td>Stock</td>
<td>Jul-19</td>
<td>$7.64</td>
<td>$5.74</td>
<td>33.0%</td>
</tr>
<tr>
<td><strong>3Q-2018</strong></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>Amcor (Australia)</td>
<td>BMS</td>
<td>Packaging</td>
<td>6-Aug-18</td>
<td>Stock</td>
<td>Jun-19</td>
<td>$58.32</td>
<td>$59.04</td>
<td>-1.2%</td>
</tr>
<tr>
<td>HIG</td>
<td>NAVG</td>
<td>P&amp;C Insurance</td>
<td>22-Aug-18</td>
<td>Cash</td>
<td>Jun-19</td>
<td>$70.00</td>
<td>$69.95</td>
<td>0.1%</td>
</tr>
<tr>
<td><strong>4Q-2018</strong></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>HRS</td>
<td>LLL</td>
<td>Aerospace &amp; Defense</td>
<td>14-Oct-18</td>
<td>Stock</td>
<td>Jun-19</td>
<td>$232.05</td>
<td>$230.96</td>
<td>0.5%</td>
</tr>
<tr>
<td>Oncor Electric</td>
<td>HIFR</td>
<td>Utility REIT</td>
<td>18-Oct-18</td>
<td>Cash</td>
<td>Jun-19</td>
<td>$21.00</td>
<td>$21.08</td>
<td>-0.4%</td>
</tr>
<tr>
<td>IBM</td>
<td>RHT</td>
<td>Technology- Software</td>
<td>28-Oct-18</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$190.00</td>
<td>$184.30</td>
<td>3.1%</td>
</tr>
<tr>
<td>ILMN</td>
<td>PACB</td>
<td>Healthcare-Diagnostics</td>
<td>1-Nov-18</td>
<td>Cash</td>
<td>Jul-19</td>
<td>$8.00</td>
<td>$7.39</td>
<td>8.3%</td>
</tr>
<tr>
<td>IIVI</td>
<td>FNSR</td>
<td>Communication Equipment</td>
<td>9-Nov-18</td>
<td>Cash/Stock</td>
<td>Jun-19</td>
<td>$24.38</td>
<td>$24.07</td>
<td>1.3%</td>
</tr>
<tr>
<td>NXTR</td>
<td>TRCO</td>
<td>TV Broadcaster</td>
<td>3-Dec-18</td>
<td>Cash</td>
<td>Sep-19</td>
<td>$46.50</td>
<td>$46.40</td>
<td>0.2%</td>
</tr>
<tr>
<td>Siris Capital/Evergreen Coast Capital (Elliott)</td>
<td>TVPT</td>
<td>Leisure</td>
<td>10-Dec-18</td>
<td>Cash</td>
<td>Jun-19</td>
<td>$15.75</td>
<td>$15.66</td>
<td>0.6%</td>
</tr>
<tr>
<td>ABCB</td>
<td>LION</td>
<td>Regional Banks</td>
<td>17-Dec-18</td>
<td>Stock</td>
<td>Jun-19</td>
<td>$29.91</td>
<td>$29.84</td>
<td>0.2%</td>
</tr>
<tr>
<td><strong>1Q-2019</strong></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>BMY</td>
<td>CELG</td>
<td>Biopharmaceuticals</td>
<td>3-Jan-19</td>
<td>Cash/Stock</td>
<td>Sep-19</td>
<td>$98.10</td>
<td>$96.47</td>
<td>1.7%</td>
</tr>
<tr>
<td>DXC</td>
<td>LXFT</td>
<td>Technology-Software</td>
<td>7-Jan-19</td>
<td>Cash</td>
<td>Jun-19</td>
<td>$59.00</td>
<td>$58.58</td>
<td>0.7%</td>
</tr>
<tr>
<td>FISV</td>
<td>FDC</td>
<td>Business Services</td>
<td>16-Jan-19</td>
<td>Stock</td>
<td>Dec-19</td>
<td>$26.60</td>
<td>$26.10</td>
<td>1.9%</td>
</tr>
<tr>
<td>CHFC</td>
<td>TCF</td>
<td>Regional Banks</td>
<td>28-Jan-19</td>
<td>Stock</td>
<td>Oct-19</td>
<td>$22.71</td>
<td>$22.49</td>
<td>1.0%</td>
</tr>
<tr>
<td>SXC</td>
<td>SXCP</td>
<td>Coal MLP</td>
<td>5-Feb-19</td>
<td>Stock</td>
<td>Jul-19</td>
<td>$12.15</td>
<td>$12.65</td>
<td>-3.9%</td>
</tr>
<tr>
<td>BBT</td>
<td>STI</td>
<td>Regional Banks</td>
<td>7-Feb-19</td>
<td>Stock</td>
<td>Dec-19</td>
<td>$65.77</td>
<td>$65.04</td>
<td>1.1%</td>
</tr>
<tr>
<td>Roche</td>
<td>ONCE</td>
<td>Biotech</td>
<td>25-Feb-19</td>
<td>Cash</td>
<td>Jun-19</td>
<td>$114.50</td>
<td>$109.33</td>
<td>4.7%</td>
</tr>
<tr>
<td>Platinum Equity</td>
<td>LABL</td>
<td>Business Services</td>
<td>25-Feb-19</td>
<td>Cash</td>
<td>Sep-19</td>
<td>$50.00</td>
<td>$50.01</td>
<td>0.0%</td>
</tr>
<tr>
<td>BIIB</td>
<td>NITE</td>
<td>Biotech</td>
<td>4-Mar-19</td>
<td>Cash</td>
<td>Jun-19</td>
<td>$25.50</td>
<td>$25.50</td>
<td>0.0%</td>
</tr>
<tr>
<td>NVDA</td>
<td>MLNX</td>
<td>Technology - Semiconductors</td>
<td>11-Mar-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$125.00</td>
<td>$119.97</td>
<td>4.2%</td>
</tr>
<tr>
<td>FIS</td>
<td>WP</td>
<td>Business Services</td>
<td>18-Mar-19</td>
<td>Cash/Stock</td>
<td>Dec-19</td>
<td>$119.96</td>
<td>$118.93</td>
<td>0.9%</td>
</tr>
<tr>
<td>JLL</td>
<td>HFF</td>
<td>Commercial Real Estate Services</td>
<td>19-Mar-19</td>
<td>Cash/Stock</td>
<td>Sep-19</td>
<td>$47.34</td>
<td>$46.98</td>
<td>0.8%</td>
</tr>
<tr>
<td>CUZ</td>
<td>TIER</td>
<td>Office REIT</td>
<td>25-Mar-19</td>
<td>Stock</td>
<td>Sep-19</td>
<td>$28.22</td>
<td>$28.12</td>
<td>0.4%</td>
</tr>
<tr>
<td>CNC</td>
<td>WCG</td>
<td>Healthcare Plans</td>
<td>27-Mar-19</td>
<td>Cash/Stock</td>
<td>Jun-20</td>
<td>$309.42</td>
<td>$259.83</td>
<td>19.1%</td>
</tr>
<tr>
<td>ON</td>
<td>QTNA</td>
<td>Technology - Semiconductors</td>
<td>27-Mar-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$24.50</td>
<td>$24.38</td>
<td>0.5%</td>
</tr>
<tr>
<td>ZF Friedrichshafen</td>
<td>WBC</td>
<td>Auto Parts</td>
<td>28-Mar-19</td>
<td>Cash</td>
<td>Mar-20</td>
<td>$136.50</td>
<td>$132.74</td>
<td>2.8%</td>
</tr>
<tr>
<td><strong>2Q-2019</strong></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>UGI</td>
<td>APU</td>
<td>Utility - Regulated Gas</td>
<td>2-Apr-19</td>
<td>Cash/Stock</td>
<td>Sep-19</td>
<td>$35.11</td>
<td>$36.59</td>
<td>-4.0%</td>
</tr>
<tr>
<td>ENTG</td>
<td>VSM</td>
<td>Specialty Chemicals</td>
<td>28-Jan-19</td>
<td>Stock (Abandoned)</td>
<td>5-Apr-19</td>
<td>$42.43</td>
<td>$51.20</td>
<td>-17.1%</td>
</tr>
<tr>
<td>Merck KGaA (Germany)</td>
<td>VSM</td>
<td>Specialty Chemicals</td>
<td>12-Apr-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$53.00</td>
<td>$52.05</td>
<td>1.8%</td>
</tr>
<tr>
<td>Wieland-Werke AG (Germany)</td>
<td>BRSS</td>
<td>Industrials - Metal Fabrication</td>
<td>10-Apr-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$44.00</td>
<td>$43.83</td>
<td>0.4%</td>
</tr>
<tr>
<td>CVX</td>
<td>APC</td>
<td>Oil &amp; Gas E&amp;P</td>
<td>12-Apr-19</td>
<td>Cash/Stock (Abandoned)</td>
<td>6-May-19</td>
<td>$62.06</td>
<td>$75.49</td>
<td>-17.8%</td>
</tr>
<tr>
<td>OXY</td>
<td>APC</td>
<td>Oil &amp; Gas E&amp;P</td>
<td>6-May-19</td>
<td> </td>
<td>Dec-19</td>
<td>$76.24</td>
<td>$75.49</td>
<td>1.0%</td>
</tr>
<tr>
<td>WM</td>
<td>ADSW</td>
<td>Waste Management</td>
<td>15-Apr-19</td>
<td>Cash</td>
<td>Mar-20</td>
<td>$33.15</td>
<td>$32.35</td>
<td>2.5%</td>
</tr>
<tr>
<td>Siris Capital Group</td>
<td>EFII</td>
<td>Technology - Computer Systems</td>
<td>15-Apr-19</td>
<td>Cash</td>
<td>Sep-19</td>
<td>$37.00</td>
<td>$37.25</td>
<td>-0.7%</td>
</tr>
<tr>
<td>EXPE</td>
<td>LEXEA</td>
<td>Internet Content &amp; Information</td>
<td>16-Apr-19</td>
<td>Stock</td>
<td>Jul-19</td>
<td>$44.67</td>
<td>$44.48</td>
<td>0.4%</td>
</tr>
<tr>
<td>Apollo Global Management</td>
<td>SFS</td>
<td>Grocery</td>
<td>16-Apr-19</td>
<td>Cash</td>
<td>Sep-19</td>
<td>$6.50</td>
<td>$6.53</td>
<td>-0.5%</td>
</tr>
<tr>
<td>JEC</td>
<td>KEYW</td>
<td>Software Application</td>
<td>22-Apr-19</td>
<td>Cash</td>
<td>Aug-19</td>
<td>$11.25</td>
<td>$11.44</td>
<td>-1.7%</td>
</tr>
<tr>
<td>PK</td>
<td>CHSP</td>
<td>Lodging REIT</td>
<td>6-May-19</td>
<td>Cash/Stock</td>
<td>Sep-19</td>
<td>$31.01</td>
<td>$31.51</td>
<td>-1.6%pACIFIC bIOSCINCES AND sTR</td>
</tr>
</tbody>
</table>

At AlphaSituations, we look for unusual spreads in announced US M&amp;A deals of  &gt;$400MN in size with the intention of identifying and highlighting misunderstood and/or under the radar risk arb opportunities. In this insight, we highlight three attractive opportunities for arbs for which we believe double-digits IRRs are available:
Illumina (ILMN US)/Pacific Biosciences (PACB US): Despite a couple of not insignificant regulatory hurdles to overcome, the combination of ILMN’s recently re-stated confidence that the deal can close by mid-summer and the ~8% spread which we interpret as the market sitting on the fence over the timing risk, the risk-reward profile of this risk-arb opportunity looks reasonably attractive to us. Even if there is a delay in deal completion to the end of 3Q 2019, there is the prospect of snagging annualized returns in excess of 20%, while year-end closure still leaves a double-digit IRR on the table for the taking.
China Oceanwide/Genworth Financial (GNW US): We provide an update on this situation which we highlighted in our Insight published on April 10, 2019. The spread continues to trade around an enticing 40% level as the transaction effectively waits for Canadian regulatory approval, which we and the company expect will be granted. We continue to believe with high conviction that this deal will close and most probably within the next 3 months. The prevailing  spread does therefore appear to be a very attractive situation for the arbs so late in this game.
Fidelity National  National Financial (FNF US)/Stewart Information Services Corp (STC US): The prospective merger of two of the leading title insurance players in the US real estate market has naturally attracted regulatory scrutiny. Precedent demonstrates that regulatory issues are resolvable through select divestments. While timing risk has been elevated, the spread provides a reasonable opportunity for arbs to capture double-digits annualized returns.
Unusual Spreads As May 6, 2019



M&amp;A Situation
Spread
Targeted Close
Comment


CO/GNW
38%
Jun-19
Still waiting  Canada, China SAFE approvals/Delay concern


TMUS/S
33%
Jul-19
Potential antitrust complications/Extended review period


CNC/WCG
19%
Jun-20
Rumored Humana interest in CNC 


FMF/STC
18%
Jun-19
Regulatory/Pricing Adjustment/Delay Risk



4Q 2016-2Q 2019 Live US M&amp;A Announced Deals (&gt;$400 MN) &amp; Spreads 



Acquirer
Target
Sector
Date Announced
Transaction Type
Expected Close 
Offer Price
 Target    Firm      Price
Spread


4Q-2016
 
 
 
 
 
 
May 6,   2019
 


China Oceanwide (China)
GNW
Financial -Life Insurance/Mortgage Insurance
23-Oct-16
Cash
Dec-18
$5.43
$3.93
38.2%


1Q-2018
 
 
 
 
 
 
 
 


SJW
CTWS
Water Utility
15-Mar-18
Stock
Dec-18
$72.09
$62.85
14.7%


SJW
CTWS
Water Utility
6-Aug-18
Cash (OfferRevised)
Jun-19
$70.00
$69.49
0.7%


FNF
STC
Insurance
19-Mar-18
Cash/Stock 
Jun-19
$50.30
$43.14
16.6%


2Q-2018
 
 
 
 
 
 
 
 


TMUS
S
Wireless Communications Services
29-Apr-18
Stock
Jul-19
$7.64
$5.74
33.0%


3Q-2018
 
 
 
 
 
 
 
 


Amcor (Australia)
BMS
Packaging
6-Aug-18
Stock
Jun-19
$58.32
$59.04
-1.2%


HIG
NAVG
P&amp;C Insurance
22-Aug-18
Cash
Jun-19
$70.00
$69.95
0.1%


4Q-2018
 
 
 
 
 
 
 
 


HRS
LLL
Aerospace &amp; Defense
14-Oct-18
Stock
Jun-19
$232.05
$230.96
0.5%


Oncor Electric
HIFR
Utility REIT
18-Oct-18
Cash
Jun-19
$21.00
$21.08
-0.4%


IBM
RHT
Technology- Software
28-Oct-18
Cash
Dec-19
$190.00
$184.30
3.1%


ILMN
PACB
Healthcare-Diagnostics
1-Nov-18
Cash
Jul-19
$8.00
$7.39
8.3%


IIVI
FNSR
Communication Equipment
9-Nov-18
Cash/Stock
Jun-19
$24.38
$24.07
1.3%


NXTR
TRCO
TV Broadcaster
3-Dec-18
Cash
Sep-19
$46.50
$46.40
0.2%


Siris Capital/Evergreen Coast Capital (Elliott)
TVPT
Leisure
10-Dec-18
Cash
Jun-19
$15.75
$15.66
0.6%


ABCB
LION
Regional Banks
17-Dec-18
Stock
Jun-19
$29.91
$29.84
0.2%


1Q-2019
 
 
 
 
 
 
 
 


BMY
CELG
Biopharmaceuticals
3-Jan-19
Cash/Stock
Sep-19
$98.10
$96.47
1.7%


DXC
LXFT
Technology-Software
7-Jan-19
Cash
Jun-19
$59.00
$58.58
0.7%


FISV
FDC
Business Services
16-Jan-19
Stock
Dec-19
$26.60
$26.10
1.9%


CHFC
TCF
Regional Banks
28-Jan-19
Stock
Oct-19
$22.71
$22.49
1.0%


SXC
SXCP
Coal MLP
5-Feb-19
Stock
Jul-19
$12.15
$12.65
-3.9%


BBT
STI
Regional Banks
7-Feb-19
Stock
Dec-19
$65.77
$65.04
1.1%


Roche
ONCE
Biotech
25-Feb-19
Cash
Jun-19
$114.50
$109.33
4.7%


Platinum Equity
LABL
Business Services
25-Feb-19
Cash
Sep-19
$50.00
$50.01
0.0%


BIIB
NITE
Biotech
4-Mar-19
Cash
Jun-19
$25.50
$25.50
0.0%


NVDA
MLNX
Technology - Semiconductors
11-Mar-19
Cash
Dec-19
$125.00
$119.97
4.2%


FIS
WP
Business Services
18-Mar-19
Cash/Stock
Dec-19
$119.96
$118.93
0.9%


JLL
HFF
Commercial Real Estate Services
19-Mar-19
Cash/Stock
Sep-19
$47.34
$46.98
0.8%


CUZ
TIER
Office REIT
25-Mar-19
Stock
Sep-19
$28.22
$28.12
0.4%


CNC
WCG
Healthcare Plans
27-Mar-19
Cash/Stock
Jun-20
$309.42
$259.83
19.1%


ON
QTNA
Technology - Semiconductors
27-Mar-19
Cash
Dec-19
$24.50
$24.38
0.5%


ZF Friedrichshafen
WBC
Auto Parts
28-Mar-19
Cash
Mar-20
$136.50
$132.74
2.8%


2Q-2019
 
 
 
 
 
 
 
 


UGI
APU
Utility - Regulated Gas
2-Apr-19
Cash/Stock
Sep-19
$35.11
$36.59
-4.0%


ENTG
VSM
Specialty Chemicals
28-Jan-19
Stock (Abandoned)
5-Apr-19
$42.43
$51.20
-17.1%


Merck KGaA (Germany)
VSM
Specialty Chemicals
12-Apr-19
Cash
Dec-19
$53.00
$52.05
1.8%


Wieland-Werke AG (Germany)
BRSS
Industrials - Metal Fabrication
10-Apr-19
Cash
Dec-19
$44.00
$43.83
0.4%


CVX
APC
Oil &amp; Gas E&amp;P
12-Apr-19
Cash/Stock (Abandoned)
6-May-19
$62.06
$75.49
-17.8%


OXY
APC
Oil &amp; Gas E&amp;P
6-May-19
 
Dec-19
$76.24
$75.49
1.0%


WM
ADSW
Waste Management
15-Apr-19
Cash
Mar-20
$33.15
$32.35
2.5%


Siris Capital Group
EFII
Technology - Computer Systems
15-Apr-19
Cash
Sep-19
$37.00
$37.25
-0.7%


EXPE
LEXEA
Internet Content &amp; Information
16-Apr-19
Stock
Jul-19
$44.67
$44.48
0.4%


Apollo Global Management
SFS
Grocery
16-Apr-19
Cash
Sep-19
$6.50
$6.53
-0.5%


JEC
KEYW
Software Application
22-Apr-19
Cash
Aug-19
$11.25
$11.44
-1.7%


PK
CHSP
Lodging REIT
6-May-19
Cash/Stock
Sep-19
$31.01
$31.51
-1.6%pACIFIC bIOSCINCES AND sTR




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