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Merger Arbitrage Blog

Bayer and Monsanto Merger Analysis-Part 2

In our 2nd part of merger analysis, let’s see if the products that are left with Bayer after the divestitures and Monsanto’s products will overlap. In the table I will list out all of Monsanto’s non roundup (Glyphosate, dicambia) herbicides and non BT insecticides as all biotech related herbicides / insecticides are divested by Bayer. […]

Bayer and Monsanto Merger Analysis-Part 1

Bayer is a global life science company with four major line of businesses including Pharmaceuticals, Consumer Health, Crop Science and Animal Health. The businesses we are interested in this merger analysis will be Corp Science and maybe a part of Animal Health. The two other divisions does not involve the same sector of business with […]

Market Turmoil And Opportunities

The market turmoil on 2nd Feb (Friday) and subsequent drubbing on 5th Feb (Monday) presented me with some opportunities to add to Monsanto as it dropped from $122 to $119. As Brazilian antitrust authority CADE will be ruling sometime around this month, probably followed by EU in early April and DOJ in the same month, […]

Brazil CADE’s Review of Bayer/Monsanto Merger

It is probably decision time for CADE’s review of Bayer/Monsanto’s merger. Comments and petitions had stopped flowing into the public merger register of CADE by 23 Jan 2018 and based on previous experience with the CADE review of ChemChina/Syngenta, CADE may have gathered all the information from they need from interested parties, competitors and market […]

Selling Puts For Merger Arbitrage Candidates (JUNO, BIVV, AKRX)

Merger Mondays never fail to disappoint! On 22nd Jan Monday, both Sanofi and Celgene announced separately that they had agreed on all cash mergers with Bioverativ Inc and Juno Therapeutics for $11.6 billion and $9 billion respectively. The cash deals translate into $105 per share for Bioverativ and $87 per share for Juno Therapeutics. During the previous […]

Softbank Closes Fortress Investment Merger

Softbank officially closed its acquisition of Fortress Investment, marking the end of an era of the first listed private equity investment company.  The entire process took 315 days or about slightly more than 10 months. Throughout the whole period, and from day one, investors are very confident that the merger will close, hence the spread did […]

Year 2017 Review

The year 2017 is coming to an end. Trading wise, I had a wonderful year with some bumper profits. My trading strategy does not allow me to take on too many trades as it takes time and effort to analyse merger arbitrage trades.  In total I participated in 21 different merger arbitrage trades, resulting in 5 […]

Merger Arbitrage Opportunity with Akorn Inc.

Happy holidays everyone! Its coming to the end of the year and I believe everyone including me is winding down, preparing for the holidays and taking well deserved breaks. After the successful Brocade merger arbitrage trade and the disasterous Time Warner trade, I took some time made some cash adjustments to my portfolio, taking out cash, […]

Bull Put Spread on $100/$97.5 as a way to play AT&T/Time Warner Merger Arbitrage

Time Warner shares traded down towards $101 in the last two days as AT&T announced profit warnings for its upcoming quarterly report due to the increased pressure from traditional cable TV cord cutting and loss of subscribers. AT&T's stock was down to near 52 week lows of $35.70.    The merger deal between the two […]

Sep 2017 Trade Update

ADDED Brocade, Time Warner, Monsanto: Brocade: My only major holding currently with about 40% allocation (Total long positions + buying power).  I'm still adding to my position if the price is favorable. I am highly confident of the completion of the merger by 30th Nov which will net about 4% profits from now. See my previous post […]

Broadcom Brocade Merger Moving Forward

First, the bad news… The Broadcom/Brocade merger deal completion has been delayed again as the investigations at CFIUS did not complete in time.  Now lets discuss the positives.  The parties had agreed to extend the merger deadline past 1st Nov 2017.  They now anticipate the merger to be completed by 30th Nov 2017. Broadcom is […]

Broadcom Brocade merger spread is becoming tasty

The Broadcom Brocade merger spread is currently at 4.2%. If the merger is completed, investors will get $12.75 per share. The current share price as of 15/9 is $12.23. All regulatory approval had been granted except CFIUS. Application to CFIUS had been withdrawn on 17 Jul 2017 and promptly refiled. Assumming the refiling is on […]

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