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

<p>Until very recently, the merger spread in the low to mid-single-digit range appeared to signal few problems with respect to Nvidia's (NVDA US) proposed acquisition  of Mellanox (MLNX US) moving to consummation by year-end as targeted. However,  with one of the closing conditions of the deal being the receipt of antitrust clearance in China, the past two weeks have seen a significant widening of the merger spread to 14% amid a re-ratchetting up of trade tensions between the US and China. Financial media and pundits have been quick to reference Qualcom's (QCOM US) failed bid for NXP Semiconductors (NXPI US) last year as why this bodes ill for the NVDA/MLNX transaction. </p><p>Below, we set out a case as to why the QCOM/NXPI may not be the right reference for the NVDA/MLNX transaction and why we believe the recently widened spread offers an attractive risk-reward opportunity for arbs with a potential IRR of at least 25%.   </p><h2>Unusal Spreads As of May 23, 2019</h2><table class="table table-striped"><tbody>
<tr>
<td>M&amp;A Situation</td>
<td>Spread</td>
<td>Expected Close</td>
<td>Comment</td>
</tr>
<tr>
<td>CO/GNW</td>
<td>65%</td>
<td>Jun-19</td>
<td>Still waiting  Canada, China SAFE approvals/Delay concern</td>
</tr>
<tr>
<td>FMF/STC</td>
<td>17%</td>
<td>Jun-19</td>
<td>Regulatory/Pricing Adjustment/Delay Risk</td>
</tr>
<tr>
<td>ILMN/PACB</td>
<td>16%</td>
<td>Jul-19</td>
<td>Potential Antitrust Complications in UK/Extended Review Period</td>
</tr>
<tr>
<td>NVDA/MLNX</td>
<td>14%</td>
<td>Dec-19</td>
<td>China Regulatory Concern</td>
</tr>
<tr>
<td>TMUS/S</td>
<td>12%</td>
<td>Jul-19</td>
<td>Potential antitrust complications/Extended review period</td>
</tr>
<tr>
<td>CNC/WCG</td>
<td>12%</td>
<td>Jun-20</td>
<td>Rumored Humana interest in CNC </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><strong> </strong></td>
<td><strong> </strong></td>
<td><strong> </strong></td>
<td><strong> </strong></td>
<td><strong> </strong></td>
<td><strong> </strong></td>
<td><strong>5/23/2019</strong></td>
<td> </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>$3.29</td>
<td>65.0%</td>
</tr>
<tr>
<td><strong>1Q-2018</strong></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>$69.48</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>$49.90</td>
<td>$42.71</td>
<td>16.8%</td>
</tr>
<tr>
<td><strong>2Q-2018</strong></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>$7.80</td>
<td>$6.95</td>
<td>12.2%</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>$57.23</td>
<td>$57.25</td>
<td>0.0%</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>$69.96</td>
<td>0.1%</td>
</tr>
<tr>
<td>4Q-2018</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>$245.10</td>
<td>$243.78</td>
<td>0.5%</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>$186.01</td>
<td>2.1%</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>$6.91</td>
<td>15.8%</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>$22.65</td>
<td>$21.19</td>
<td>6.9%</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>$46.13</td>
<td>0.8%</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>$15.15</td>
<td>4.0%</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>$28.26</td>
<td>$28.30</td>
<td>-0.2%</td>
</tr>
<tr>
<td>1Q-2019</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>$95.40</td>
<td>$95.63</td>
<td>-0.2%</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>$57.84</td>
<td>2.0%</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>$26.42</td>
<td>$25.87</td>
<td>2.1%</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>$20.15</td>
<td>$20.04</td>
<td>0.5%</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>$10.84</td>
<td>$11.02</td>
<td>-1.7%</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>$62.30</td>
<td>$62.03</td>
<td>0.4%</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>$108.84</td>
<td>5.2%</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>$49.80</td>
<td>0.4%</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>$109.80</td>
<td>13.8%</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>$122.82</td>
<td>$121.98</td>
<td>0.7%</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>$44.18</td>
<td>$43.96</td>
<td>0.5%</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>$27.33</td>
<td>$27.24</td>
<td>0.3%</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>$307.32</td>
<td>$274.49</td>
<td>12.0%</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>$24.10</td>
<td>1.7%</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>$130.34</td>
<td>4.7%</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>$33.86</td>
<td>$34.15</td>
<td>-0.9%</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>$51.25</td>
<td>3.4%</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>$43.12</td>
<td>2.0%</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>$74.52</td>
<td>$72.29</td>
<td>3.1%</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>$32.18</td>
<td>3.0%</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>$36.96</td>
<td>0.1%</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>$41.92</td>
<td>$41.77</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>$6.54</td>
<td>-0.6%</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>$11.24</td>
<td>0.1%</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>$29.41</td>
<td>$29.72</td>
<td>-1.0%</td>
</tr>
<tr>
<td>MRVL</td>
<td>AQ</td>
<td>Technology - Semiconductors</td>
<td>6-May-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$13.25</td>
<td>$13.05</td>
<td>1.5%</td>
</tr>
<tr>
<td>MPLX</td>
<td>ANDX</td>
<td>Oil &amp; Gas Midstream</td>
<td>8-May-19</td>
<td>Stock</td>
<td>Dec-19</td>
<td>$35.40</td>
<td>$35.36</td>
<td>0.1%</td>
</tr>
<tr>
<td>Digital Colony Partners/EQT (Private Equity)</td>
<td>ZAYO</td>
<td>Communication Equipment</td>
<td>9-May-19</td>
<td>Cash</td>
<td>Jun-20</td>
<td>$35.00</td>
<td>$32.62</td>
<td>7.3%</td>
</tr>
<tr>
<td>Employers Mutual Casualty Co</td>
<td>EMCI</td>
<td>Property &amp; Casualty Insurance</td>
<td>9-May-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$36.00</td>
<td>$36.03</td>
<td>-0.1%</td>
</tr>
<tr>
<td>SnapAV</td>
<td>CTRL</td>
<td>Electronic Components</td>
<td>9-May-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$23.91</td>
<td>$23.64</td>
<td>1.1%</td>
</tr>
<tr>
<td>IFM Global Infrastructure Fund</td>
<td>BPL</td>
<td>Oil &amp; Gas Midstream</td>
<td>10-May-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$41.50</td>
<td>$40.87</td>
<td>1.5%</td>
</tr>
<tr>
<td>HPE</td>
<td>CRAY</td>
<td>Technology - Computer Systems</td>
<td>17-May-19</td>
<td>Cash</td>
<td>Jan-20</td>
<td>$35.00</td>
<td>$35.16</td>
<td>-0.5%</td>
</tr>
<tr>
<td>NASCAR</td>
<td>ISCA</td>
<td>Leisure</td>
<td>22-May-19</td>
<td>Cash</td>
<td>Dec-19</td>
<td>$45.00</td>
<td>$45.55</td>
<td>-1.2%</td>
</tr>
</tbody></table>

Until very recently, the merger spread in the low to mid-single-digit range appeared to signal few problems with respect to Nvidia's (NVDA US) proposed acquisition  of Mellanox (MLNX US) moving to consummation by year-end as targeted. However,  with one of the closing conditions of the deal being the receipt of antitrust clearance in China, the past two weeks have seen a significant widening of the merger spread to 14% amid a re-ratchetting up of trade tensions between the US and China. Financial media and pundits have been quick to reference Qualcom's (QCOM US) failed bid for NXP Semiconductors (NXPI US) last year as why this bodes ill for the NVDA/MLNX transaction. Below, we set out a case as to why the QCOM/NXPI may not be the right reference for the NVDA/MLNX transaction and why we believe the recently widened spread offers an attractive risk-reward opportunity for arbs with a potential IRR of at least 25%.   Unusal Spreads As of May 23, 2019

M&amp;A Situation
Spread
Expected Close
Comment


CO/GNW
65%
Jun-19
Still waiting  Canada, China SAFE approvals/Delay concern


FMF/STC
17%
Jun-19
Regulatory/Pricing Adjustment/Delay Risk


ILMN/PACB
16%
Jul-19
Potential Antitrust Complications in UK/Extended Review Period


NVDA/MLNX
14%
Dec-19
China Regulatory Concern


TMUS/S
12%
Jul-19
Potential antitrust complications/Extended review period


CNC/WCG
12%
Jun-20
Rumored Humana interest in CNC 

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
 
 
 
 
 
 
5/23/2019
 


China Oceanwide (China)
GNW
Financial -Life Insurance/Mortgage Insurance
23-Oct-16
Cash
Dec-18
$5.43
$3.29
65.0%


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
$69.48
0.7%


FNF
STC
Insurance
19-Mar-18
Cash/Stock 
Jun-19
$49.90
$42.71
16.8%


2Q-2018
 
 
 
 
 
 
 
 


TMUS
S
Wireless Communications Services
29-Apr-18
Stock
Jul-19
$7.80
$6.95
12.2%


3Q-2018
 
 
 
 
 
 
 
 


Amcor (Australia)
BMS
Packaging
6-Aug-18
Stock
Jun-19
$57.23
$57.25
0.0%


HIG
NAVG
P&amp;C Insurance
22-Aug-18
Cash
Jun-19
$70.00
$69.96
0.1%


4Q-2018
 
 
 
 
 
 
 
 


HRS
LLL
Aerospace &amp; Defense
14-Oct-18
Stock
Jun-19
$245.10
$243.78
0.5%


IBM
RHT
Technology- Software
28-Oct-18
Cash
Dec-19
$190.00
$186.01
2.1%


ILMN
PACB
Healthcare-Diagnostics
1-Nov-18
Cash
Jul-19
$8.00
$6.91
15.8%


IIVI
FNSR
Communication Equipment
9-Nov-18
Cash/Stock
Jun-19
$22.65
$21.19
6.9%


NXTR
TRCO
TV Broadcaster
3-Dec-18
Cash
Sep-19
$46.50
$46.13
0.8%


Siris Capital/Evergreen Coast Capital (Elliott)
TVPT
Leisure
10-Dec-18
Cash
Jun-19
$15.75
$15.15
4.0%


ABCB
LION
Regional Banks
17-Dec-18
Stock
Jun-19
$28.26
$28.30
-0.2%


1Q-2019
 
 
 
 
 
 
 
 


BMY
CELG
Biopharmaceuticals
3-Jan-19
Cash/Stock
Sep-19
$95.40
$95.63
-0.2%


DXC
LXFT
Technology-Software
7-Jan-19
Cash
Jun-19
$59.00
$57.84
2.0%


FISV
FDC
Business Services
16-Jan-19
Stock
Dec-19
$26.42
$25.87
2.1%


CHFC
TCF
Regional Banks
28-Jan-19
Stock
Oct-19
$20.15
$20.04
0.5%


SXC
SXCP
Coal MLP
5-Feb-19
Stock
Jul-19
$10.84
$11.02
-1.7%


BBT
STI
Regional Banks
7-Feb-19
Stock
Dec-19
$62.30
$62.03
0.4%


Roche
ONCE
Biotech
25-Feb-19
Cash
Jun-19
$114.50
$108.84
5.2%


Platinum Equity
LABL
Business Services
25-Feb-19
Cash
Sep-19
$50.00
$49.80
0.4%


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
$109.80
13.8%


FIS
WP
Business Services
18-Mar-19
Cash/Stock
Dec-19
$122.82
$121.98
0.7%


JLL
HFF
Commercial Real Estate Services
19-Mar-19
Cash/Stock
Sep-19
$44.18
$43.96
0.5%


CUZ
TIER
Office REIT
25-Mar-19
Stock
Sep-19
$27.33
$27.24
0.3%


CNC
WCG
Healthcare Plans
27-Mar-19
Cash/Stock
Jun-20
$307.32
$274.49
12.0%


ON
QTNA
Technology - Semiconductors
27-Mar-19
Cash
Dec-19
$24.50
$24.10
1.7%


ZF Friedrichshafen
WBC
Auto Parts
28-Mar-19
Cash
Mar-20
$136.50
$130.34
4.7%


2Q-2019
 
 
 
 
 
 
 
 


UGI
APU
Utility - Regulated Gas
2-Apr-19
Cash/Stock
Sep-19
$33.86
$34.15
-0.9%


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
$51.25
3.4%


Wieland-Werke AG (Germany)
BRSS
Industrials - Metal Fabrication
10-Apr-19
Cash
Dec-19
$44.00
$43.12
2.0%


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
$74.52
$72.29
3.1%


WM
ADSW
Waste Management
15-Apr-19
Cash
Mar-20
$33.15
$32.18
3.0%


Siris Capital Group
EFII
Technology - Computer Systems
15-Apr-19
Cash
Sep-19
$37.00
$36.96
0.1%


EXPE
LEXEA
Internet Content &amp; Information
16-Apr-19
Stock
Jul-19
$41.92
$41.77
0.4%


Apollo Global Management
SFS
Grocery
16-Apr-19
Cash
Sep-19
$6.50
$6.54
-0.6%


JEC
KEYW
Software Application
22-Apr-19
Cash
Aug-19
$11.25
$11.24
0.1%


PK
CHSP
Lodging REIT
6-May-19
Cash/Stock
Sep-19
$29.41
$29.72
-1.0%


MRVL
AQ
Technology - Semiconductors
6-May-19
Cash
Dec-19
$13.25
$13.05
1.5%


MPLX
ANDX
Oil &amp; Gas Midstream
8-May-19
Stock
Dec-19
$35.40
$35.36
0.1%


Digital Colony Partners/EQT (Private Equity)
ZAYO
Communication Equipment
9-May-19
Cash
Jun-20
$35.00
$32.62
7.3%


Employers Mutual Casualty Co
EMCI
Property &amp; Casualty Insurance
9-May-19
Cash
Dec-19
$36.00
$36.03
-0.1%


SnapAV
CTRL
Electronic Components
9-May-19
Cash
Dec-19
$23.91
$23.64
1.1%


IFM Global Infrastructure Fund
BPL
Oil &amp; Gas Midstream
10-May-19
Cash
Dec-19
$41.50
$40.87
1.5%


HPE
CRAY
Technology - Computer Systems
17-May-19
Cash
Jan-20
$35.00
$35.16
-0.5%


NASCAR
ISCA
Leisure
22-May-19
Cash
Dec-19
$45.00
$45.55
-1.2%



MergerTalk: NVIDIA/Mellanox - Why We Think There Is More Opportunity Than Risk In The Widened Spread

Mellanox Technologies

MergerTalk: NVIDIA/Mellanox - Why We Think There Is More Opportunity Than Risk In The Widened Spread