My Merger Arbitrage Journal

Discussion in 'Journals' started by mergerpie, Feb 8, 2018.

  1. mergerpie

    mergerpie

    Added more to NXPI...becomes my biggest position now..still only 20% size of my peak MON...

    Added tiny GNW position today after CFIUS approval...
     
    #61     Jun 11, 2018
  2. Butterball

    Butterball

    Is anyone playing TWX - T after the court ruling? The spread has obviously collapsed but there's still some left according to my calc.

    "“We are pleased that, after conducting a full and fair trial on the merits, the Court has categorically rejected the government’s lawsuit to block our merger with Time Warner,” David McAtee, AT&T’s general counsel, said in a statement. “We look forward to closing the merger on or before June 20.”"
     
    #62     Jun 13, 2018
  3. mergerpie

    mergerpie

    I sold all my TWX holdings at around 99.50... DOJ appeals may delay the closing a bit and if the discount is real big, I may dip in again. Believe different judge will still yield the same result to TWX.
     
    #63     Jun 13, 2018
  4. mergerpie

    mergerpie

    NXPI is my biggest holding now. It's now interesting that while the president had an agreement with China regarding ZTE, U.S senators are trying to scuttle the agreement with the defence bill and some reports indicate that the president is trying to talk them down. Obviously he is not happy. I think China may finally approve NXPI once ZTE had paid the fines and operations are allowed to restart. The senators' bill still need a few weeks to sort out with the House and I think the House will side with the president on this. Now NXPI is down to $111 and the spread is very attractive again.
     
    #64     Jun 13, 2018
  5. mergerpie

    mergerpie

    China approves! Looks like this is done and what's left is for the tender offer to cross 70% which i think will be done shortly...everybody in their right mind will tender their shares after seeing NXPI drop to $90s after the deal was in risk back in April. If tomorrow opens at $123, I will add some more shares as the spread is almost risk free now.
     
    #65     Jun 14, 2018
  6. mergerpie

    mergerpie

    Looks like I had said this too early... news proved to be false so back to the waiting game... In the meantime, I have added two new positions... http://www.mergerpie.com/bought-synaptics-and-convergys/
     
    #66     Jun 21, 2018
  7. mergerpie

    mergerpie

    Sold Convergys at a slight loss... merger announcement came soon after I bought but the cash and share offered at $28 didn't offer much premium and the stock fell slightly below my purchase price
     
    #67     Jul 3, 2018
  8. mergerpie

    mergerpie

    i sold a few NXPI Jan 2020 $90 puts for about $6.20 average... if the merger goes forward, the options will accelerate and close, netting me all the premium... if merger does not go forward, I will buy NXPI at $90 per share if the options got exercised.
     
    #68     Jul 4, 2018
  9. mergerpie

    mergerpie

    Update on my trading positions:

    I liquidated about 25% of my NXPI position at a big loss..holding the remaining still at a loss after last month's merger collapse.

    My tribune and synaptics position were also closed at a loss, together with NXPI losses which amounts to a big loss for the month of July... nearly wiping out my profits earlier this year...

    Got into a new big position in Express Scripts recently as I thought Cigna's shareholders would most likely give approval to the merger. Also had small positions in Genworth Financial and Arconic. I may give up on Arconic if there is no news going towards end of August.
     
    #69     Aug 15, 2018