Benzinga

MAY 8, 2022

What Happened: With the deal still pending and shares trading well below the $95 level, Benzinga spoke to merger and arbitrage expert Julian Klymochko. Klymochko has a history of analyzing mergers and often invests in the arbitrage opportunity of deals, or the amount that can be made if the deal closes.

Marketability 98

Marketability 98

Harvard Corporate Governance

JANUARY 31, 2024

Using excess cash to arbitrage multiples. The trading multiple arbitrage will make the effort worth it. US-listed companies will use their excess cash to buy targets outside the US. When those earnings become housed under a US-listed company, they will trade at the US-listed company’s higher multiple.

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136

Benzinga

APRIL 4, 2022

Merger activity increased significantly last week with six new deals announced and eight deals completed. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates. There were 17 deals announced in the month of March, with a total value of $64.55 Nielsen Holdings (NYSE: NLSN ).

Private Equity Firm 52

Private Equity Firm Equity Marketability Technology 52

Financial Times M&A

JULY 11, 2022

Elon Musk’s agreement to buy Twitter is one of several deals that has thrown up opportunities for specialist funds

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Benzinga

MAY 7, 2022

Klymochko has a history of analyzing mergers and often invests in the arbitrage opportunity of deals, or the amount that can be made if the deal closes. Klymochko recently estimated that he has invested in/analyzed over 2,500 mergers over the last 15 years. Twitter Premium: Musk offered to buy Twitter shares for $54.20

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Benzinga

MAY 23, 2022

Merger activity decreased last week with two new deals announced and three deals completed. The deal is expected to close in the second half of 2022 and according to the merger agreement, the termination fee to be paid by ManTech if it terminates the deal is $115.88 ManTech International Corporation (NASDAQ: MANT ).

Private Equity Firm 52

Private Equity Firm Dividends Equity Banking 52

Benzinga

APRIL 11, 2022

Merger activity decreased last week with three new deals announced and six deals completed. Tivity Health (NASDAQ: TVTY ). Originally known as American Healthways, Tivity Health was founded in 1981. The company provides fitness, health improvement and social engagement solutions through programs that include.

Equity 52

Equity Compliance Marketability 52

Brian DeChesare

AUGUST 31, 2022

But there might be another equally valid answer: “If you can’t decide, do both and use your combined skills and experience to move into a convertible arbitrage hedge fund.”. But with convertible arbitrage and other relative value strategies, the overall market’s results do not matter (to the same degree).

Banking 64

Banking Risk-free Rate Equity Start-ups 64

Appraisal Rights

JANUARY 22, 2021

Is there social utility in appraisal arbitrageurs testing merger prices, such as by keeping buyers and sellers honest in what may otherwise be a rather unfair market? And another critique follows as well – if the legislature intended appraisal to simply revert to merger price, why have appraisal? What to do?

Appraisal 52

Appraisal Start-ups Marketability 52

Harvard Corporate Governance

AUGUST 19, 2022

Tags: Capital formation , Conflicts of interest , Corporate forms , Delaware articles , Delaware law , Mergers & acquisitions , SPACs , Special purpose vehicles.

Dividends 213

Dividends Equity Marketability 213

Appraisal Rights

OCTOBER 30, 2019

Appraisal arbitrage has long been a strategy of certain investment funds; the strategy isn’t new (see, e.g., this 2007 presentation on the topic), but remains somewhat misunderstood within the larger world of appraisal rights/dissenters’ rights. Camelot is no stranger to the space, since it uses appraisal strategies in an existing fund.

Appraisal 40

Appraisal 40

Appraisal Rights

NOVEMBER 19, 2019

Does the existence of the appraisal remedy, and its use, have an effect on arbitrage spreads? Highlighting instances where arbitrage spreads of 50 percent or even 100 percent appeared (and specifically referring to one instance where the data set recorded the spread as 52.46 data set, and that those outliers drive much of the result.

Appraisal 40

Appraisal 40

Appraisal Rights

NOVEMBER 2, 2018

In “ Appraisal Arbitrage: In Case of Emergency, Break Glass” – a student note published in the Notre Dame Law Review (93 Notre Dame L. 2191) – the author lays out a case for why appraisal, including appraisal arbitrage, remains critical to the overall scheme of shareholder protection.

Appraisal 40

Appraisal 40

Brian DeChesare

MARCH 16, 2022

Ask any banker interested in hedge funds about the specific strategies they like, and merger arbitrage will usually come up. who haven’t worked on mergers and acquisitions directly. who haven’t worked on mergers and acquisitions directly.

Start-ups 59

Start-ups Equity Marketability Banking 59

Appraisal Rights

MARCH 28, 2017

The Financial Times published this critical assessment [$$$] of the DFC Global ruling and of the appraisal arbitrage strategy more generally, observing that the pending DFC Global appeal frames the current debate about what role, if any, merger price should play in appraisal cases.

Appraisal 40

Appraisal Discounted Cash Flow 40

Appraisal Rights

MARCH 21, 2018

below the merger price. The authors observe that SWS is the first Delaware Supreme Court decision “in the era of ‘appraisal arbitrage’ to affirm an appraised valuation meaningfully below the deal price.” For more on SWS, see our coverage here .

Appraisal 40

Appraisal 40

Cooley M&A

MARCH 11, 2022

A recent Court of Chancery decision adds yet another wrinkle to the appraisal landscape and the potential for appraisal arbitrage. That result—attributable to buyer’s decreasing stock value—may indicate that transactions using mixed consideration are at greater risk for appraisal arbitrage, as previewed above.

Appraisal 40

Appraisal Marketability 40

Appraisal Rights

JULY 25, 2018

Does appraisal arbitrage create costly uncertainty for a putative corporate buyer? In The Cost of Appraisal Rights: How to Restore Certainty in Delaware Mergers , 52 Ga. This becomes an issue only if more shares seek appraisal than could have possibly voted against the merger or abstained.

Appraisal 40

Appraisal Equity Marketability 40

Appraisal Rights

OCTOBER 11, 2019

For those interested in appraisal outside the US, the recent text Cross-Border Mergers , now available, containing a chapter on EU appraisal and a discussion of why the EU has not seen a rise in appraisal activity – unlike the US.

Appraisal 52

Appraisal 52

Brian DeChesare

MAY 24, 2023

Part of the issue is that many different strategies fall within the “event-driven” category: merger arbitrage , activist investing , distressed investing, special situations, and more. With this one, you need to look at the entire category , which means merger arbitrage on one end and activist on the other.

Equity 64

Equity Start-ups EBITDA Banking 64

Cooley M&A

FEBRUARY 7, 2023

Antitrust and merger review – extended timelines amid increased scrutiny Heightened regulatory scrutiny of transactions shaped the global M&A market in 2022 by extending timelines and resulting in more enforcement actions, and this trend looks set to continue in 2023. the SEC does not shut the door on the use of projections in deSPACs).

Finance 59

Finance Start-ups Marketability Banking 59

Appraisal Rights

JULY 27, 2017

There, the lead petitioner instructed Cede (via its custodian) to vote in favor of the merger – but this was an error and the lead petitioner intended to vote against the merger. While appraisal arbitrage involves the idea of a “fungible bulk,” that may not rule the day with blockchain implementations.

Appraisal 52

Appraisal Equity Marketability Technology 52

Reynolds Holding

FEBRUARY 5, 2023

The strategic alternatives announcement return is negatively associated with the merger announcement return. If a takeover is subsequently announced, the merger announcement premium is already priced in. High transaction costs and prohibitive limits to arbitrage may cause the initial over-pricing, and prices may gradually correct.

Marketability 59

Marketability Alpha Equity Firm Value 59

Brian DeChesare

NOVEMBER 9, 2022

Besides that, relative value strategies such as convertible arbitrage could work well, and so could certain credit hedge funds. But you wouldn’t be the best candidate for most equity or event-driven strategies, such as merger arbitrage , since the skill sets are quite different. Do that, and the exit opportunities will follow.

Banking 69

Banking Equity Start-ups Marketability 69

Brian DeChesare

JANUARY 3, 2024

I traded individual stocks and had good results with few merger arbitrage and special situations ideas. The post 2024 Investment & Market Updates: How to Reverse a Painful Year with AI Hype and a Frenzied 2-Month Rally appeared first on Mergers & Inquisitions. I cut cut my allocations to commodities and real estate.

Marketability 59

Marketability Start-ups Equity Dividends 59

Brian DeChesare

JULY 20, 2022

per share: In the second step, known as the “De-SPAC” or “SPAC Merger,” this SPAC identifies a private company that wants to go public and negotiates an acquisition where this company becomes the majority owner. after the merger closes, and the Sponsor might still walk away with a profit – while the retail investors will be down 80%.

Start-ups 52

Start-ups Marketability Equity 52

Appraisal Rights

JANUARY 31, 2018

After Dell , one can safely assume that courts will focus even more intently on whether the merger price emerged from a robust and value-maximizing deal process.”. Magnetar, Eric Talley & Jeffrey Gordon, CLS Blue Sky Blog. Wachter, HLS Forum on Corporate Governance and Financial Regulation.

Appraisal 40

Appraisal Marketability 40

Brian DeChesare

JUNE 29, 2022

You’re less likely to be “siloed” than in a strategy like merger arbitrage. Your main goal is to persuade other shareholders , which means you spend more time on presentations and outreach than on reviewing the fine print on page 157 of the merger agreement. appeared first on Mergers & Inquisitions.

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Scott Mashuda

DECEMBER 22, 2021

The mergers and acquisitions process isn’t just about reaching the right deal—it’s about closing that deal with the right type of buyer. . It’s common for financial buyers to purchase add-on companies to increase economies of scale and use multiple arbitrage to maximize their returns when exiting. .

Private Equity Firm 52

Private Equity Firm Marketability EBITDA Technology 52

Reynolds Holding

APRIL 28, 2022

Shareholders generally only vote on a few fundamental events in a corporation’s life, including certain proposed mergers and acquisitions. 36] One question I will be thinking through is whether this alternative path to the public markets provides unjustified opportunities for legal or regulatory arbitrage when compared to the traditional IPO.

Marketability 56

Marketability Equity Alpha Capital Structure 56

Brian DeChesare

APRIL 6, 2022

Consumer Retail Investment Banking Definition: In consumer retail IB, bankers advise companies in the consumer staples, consumer discretionary, and retail industries on raising debt and equity and completing mergers, acquisitions, and restructuring/bankruptcy deals. appeared first on Mergers & Inquisitions.

Banking 96

Banking Start-ups Equity Marketability 96

Cooley M&A

JULY 9, 2021

With deal price acting as a ceiling on value in transactions with a meaningful sales process, the number of appraisal petitions filed in the Delaware Court of Chancery has significantly declined (as illustrated in the chart below), and the previous popularity of appraisal arbitrage appears to have dissipated.

Appraisal 52

Appraisal Fair Market Value Marketability Finance 52

Brian DeChesare

MARCH 8, 2023

If you get completely different views about pricing from these different sources, you’ve either made a mistake or discovered an arbitrage opportunity. appeared first on Mergers & Inquisitions. Given the amount of data analysis required, you might be wondering if it’s essential to have computer science skills for commodity trading.

Finance 104

Finance Start-ups Banking Alpha 104

Appraisal Rights

APRIL 18, 2018

In contrast to the United States, where an enabling legal regime and a fortunate confluence of a variety of factors have led to a surge of appraisal petitions and appraisal arbitrage, the appraisal remedy remains a sparingly utilized weapon in the arsenal of shareholders in the EU. Despite the fact that some U.S.

Appraisal 52

Appraisal Finance Marketability 52

Brian DeChesare

NOVEMBER 30, 2022

But there are some downsides: You’re not the best fit for all fund types – For example, you’d be a good candidate for long/short equity , merger arbitrage , and activist hedge funds , and possibly also credit and distressed funds. You become more specialized – Working at a hedge fund makes you “sharper but narrower.”

Equity 84

Equity Banking Start-ups Marketability 84

Appraisal Rights

MARCH 10, 2020

Section 238 has its origins in section 262 of the General Corporation Law of the US State of Delaware [1] , and was first introduced into the Cayman Islands Companies Law in May 2009 as part of a wider reform concerning mergers and consolidation.

Appraisal 52

Appraisal Start-ups 52

Appraisal Rights

JANUARY 27, 2020

In reviewing current “hot topics” in M&A, law firm Sullivan and Cromwell writes this about the current state of appraisal, given the continued developments from multiple major appraisal cases in the past couple years: “Post-Aruba Appraisal Landscape: Following the Delaware Supreme Court’s decision in Verition Partners Master Fund Ltd.

Appraisal 40

Appraisal Marketability 40