M&A Update – February 20

– DFS to be acquired by COF for 1.0192x shares, 26.6% premium, $35.3 billion
– VZIO to be acquired by WMT for $11.50 cash per share, 47.1% premium, $2.3 billion
– OSI received a superior proposal from a foreign-based mining company at $1.90 cash per share, 68.1% premium, 32.7% premium to DPM deal, $368 million, DPM refused to match and will receive $10 million reverse break fee
– ICVX / AZN deal closed
– FRLN / SYNC deal closed
– SQNS / Renesas Electronics received French FDI approval, received adverse Japanese tax ruling, Renesas loaned SQNS $9 million, extended tender to Mar 4, discussing next steps in light of adverse Japanese tax ruling
– OLK / TMO announced German phase 2 review, closing mid-2024
– HA shareholders approved ALK merger
– GRCL shareholders approved AZN merger, closing Feb 22
– CERE shareholders approved ABBV merger, received second request from the FTC
– TCN / BX filed management information circular, vote Mar 28, filed Competition Canada Feb 5, filed Investment Canada Jan 31, closing Q2 2024