list of the largest all-cash dealspreads trading on major US exchanges. Namely, this is the most recent list update of merger arbitrage opportunities as ofspreadsheet below contains the latest essential deal information and criteria as per official company announcements. Thus providing the user with amergerarb spread tracker list andinvestable database of the largest 20 deal spread opportunities. We refer to this list of arbitrage spreads of pending mergers as the T20 portfolio. Finally, we demonstrate how examples of this information can provide a solid investment foundation. Review ourakerisk arbitragepart of your investment strategy. We encourage traders and investorsto perform their own due diligence before making investments.
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Rules for inclusion in thislist of the largest cash merger arbitrage spreads are on theSpread Tracker Rulespage. Also, this page also includes additional help and user guidelines. Common rules for inclusion on the list include (but are not limited to) minimum price and can have a dramatic effect on the value of a spread. Therefore, unlike some data providers, we includedividendsin the return calculation.Our forecast date for future ex-div dates uses historical payment dates in lieu of an official announcement. For this reason, we calculate the finaldividendamountup to theexpected completion dateas given by the respective parties.
In addition to our merger arbitrage spread list, you can also access moreFREEcontent using the menu bar above. Scroll through the listings on the performanceandstrategypages to view our regular weekly output. Also, to the right you can see what everyone else is reading in Popular Postsor click on the Archive links. Finally, ourWebsite Enhancements and Functionalitypage provides a comprehensive guide to maximising the information available on this site.
You can download ourFREEto use Excel merger arbitragespread calculation tool. This can calculate any stock-for-stock deal spreads you may be interested in along with detailed instructions for use. Subsequently, this tool can also be used in apairs tradingstrategy.
MergerArbitrageLimited provides a dedicated news feeed for the T20 portfolio spread tracker and potential candidate universe.Many of these deals are first appear on our sister page, theMergers and Acquisitions News Updates feed.We cant stress how important it is to stay abreast of the latest merger arbitrage news. Follow all the T20 portfolio news here.
Click the image to view all the latest T20 Portfolio spread tracker headlines.
The largestsimple spreadthis week is Pacific Biosciences of California
The average spread of the T20 components is 6.44%, which is lower than last week.
The average completion date is January 28, 2020. This gives an annualized return of 17.14%.
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There are no expected earnings announcements scheduled for this week
There are no expected regulatory announcements scheduled for this week
There are no expected meetings scheduled for this week
We will announce deal news relating to this weeks T20 list in real time via our twitter feed@MergeArbLimited.
We had previously suggested volatility would remain higher. The market continues to react sensitively to every scrap of information (or tweet) regarding the ongoing trade war. Things may have calmed down for the time being but it remains to be seen if solid progress can be made.
Spreads narrowed during the week as the broader market tracked back up towards all-time highs. However, despite this recent
loss, the volume of winners was sufficient to put the T20 portfolio in healthy positive territory.
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Hi there: For BPL, I notice that you have included Q4 2019 expected dividend of $0.75 in the spread tracker. Despite the fact that mgmt expects deal to complete by end of the year, the long stop date (termination date) of the deal is on November 9th, 2019. Just curious, to be conservative, should this Q4 dividend be excluded ? Thanks
Yes, Q4 is the currently expected completion timeframe as per management. November 9th is one of a series of possible long stop dates dependant on regulatory clearence. I think the conservative approach is to stay with the end Q4 date and thus include the dividend.
Hi there: TOWR, as part of the deal structure, there will be no dividend going forward. FYI.
Thanks Greg. The Future section ex-div dates were generated from a different source. Fortunately they have already been excluded from thespread tracker
Hi there, just curious why you are not including QEP in the spread list, as it is also a non-binding offer (from Elliott), similar to CIR (&WAGE). Thanks.
Hi there, just curious why you are not including QEP in the spread list, as it is also a non-binding offer (from Elliott), similar to CIR and WAGE. Thanks.
Hi Greg, well look into it. Thanks for reading. In the meantime, were piloting aMA news feed(beta version) on this site. All feedback welcome.
HI MAL, for the WAGE deal, the offer is still non-binding from HQY. Just curious to know why is included in the deal spread list and how you get the closing date? Thanks
WAGE is included because because an offer has been made. Pre-arbing which is speculation that an offer will be made is not included in thespread tracker list. The closing date is an estimate (subject to change) based on previous deals. We have also considered additional time necessary for initial negotiations before any agreement is reached.
Thanks for pointing this out, we shall clarify in theSpread Tracker Eligibility Rules
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