M&A Update – January 23

– AQUA to be acquired by XYL for 0.480x shares, 28.9% premium, $7.5 billion
– MAGT.to to be acquired by Thoma Bravo for $44.25 cash per subordinate voting share, 15.4% premium, $1.8 billion
– IAA / RBA amended consideration from $10.00 cash + 0.5804 shares to $12.80 cash + 0.5252 shares, RBA to pay $1.08 special dividend, premium falls from 17.6% to 12.5%, Starboard invests $500 million and supports transaction, activist Ancora supports transaction, closing H1 2023
– COUP / Thoma Bravo filed DEFM14a, vote Feb 23, closing H1, cleared HSR Jan 20, cleared Austria Jan 20, cleared Germany Jan 10
– HZNP / AMGN filed DEFM14a, vote Feb 24, closing H1
– ALBO / IPSEY launched tender offer, expiring Feb 21
– CINC / AZN launched tender offer, expiring Feb 23
– MFGP / OTEX delisting notice, closing Jan 31
– BNFT shareholders approved VOYA deal, closing Jan 24
– VVNT / NRG cleared HSR