Weekly Wrap: Bristol-Myers, Morgan Stanley, Centerbridge

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Target Acquirer Value ($millions) Synopsis
MyoKardia Inc Bristol-Myers Squibb Co 13,774.9 Bristol-Myers Squibb Co launched a tender offer to merge with MyoKardia Inc (MyoKardia), a South San Francisco-based clinical- stage biopharmaceutical company, for $225 in cash per share, or a total value of $13.775 billion. The offer was conditioned upon at least majority of MyoKardia shares being tendered.
Eaton Vance Corp Morgan Stanley 6,829.7 Morgan Stanley (MS) definitively agreed to merge with Eaton Vance Corp (Eaton), a Boston-based provider of investment strategies and wealth management solutions, in a stock swap transaction valued at $6.83 billion. MS offered $28.25 in cash and 0.5833 in common shares per Eaton common share. The shares were valued based on MS's closing stock price of $48.71 on 7 October 2020, the last full trading day prior to the announcement, each Eaton share was valued at $56.663.
Clover Health Investments Corp Social Capital Hedosophia III 4,304.0 Social Capital Hedosophia Holdings Corp III (SCH) definitively agreed to merge with Clover Health Investments Corp (Clover), a San Francisco-based healthcare insurance technology company, from GV Management Co LLC, a unit of Google Inc, ultimately owned by Alphabet Inc, Sequoia Capital Operations LLC and other shareholders, in a stock swap reverse takeover transaction valued at $4.304 billion. The consideration was to consist of a choice of $500 million in cash and 300 million SCH Class B common shares valued at $3.804 billion or $500 million SCH Class B common shares and 300 million SCH Class B common shares valued at $3.804 billion or $500 million in a combination of cash and SCH Class B common shares and 300 million SCH Class B common shares valued at $3.804 billion. The shares were valued based on SCH's closing stock price of $12.68 on 5 October 2020, the last full trading day prior to the announcement. Upon completion, SCH was to be renamed Clover Health Investments Corp. Originally, in October 2020, SCH was rumored to be planning to merge with Clover.
Morton International Inc K+S Operating Unit America SPV 3,200.0 K+S Operating Unit Americas SPV (SPV), a special acquisition vehicle formed by Stone Canyon Industries LLC, Mark Demetree, and other undisclosed investors, definitively agreed to acquire Morton International Inc, a Chicago-based manufacturer of spices and extracts, from K+S AG (K+S), in a leveraged buyout transaction. Concurrently, SPV definitively agreed to acquire KS Chile SA and K+S Windsor Salt. The three transactions were to have a combined value of $3.2 billion in cash. Originally, in March 2020, K+S announced that it was seeking a buyer for its Operating Unit Americas.
Sasol Ltd-LCCP Base Chemicals LyondellBasell Industries NV 2,000.0 LyondellBasell Industries NV (LyondellBasell) , definitively agreed to acquire a 50% ownership interest in Lake Charles Chemicals Project Base Chemicals Business of Sasol Ltd (Sasol), a Sandton-based manufacturer and wholesaler of petroleum refined products and chemicals, for total value of $2 bil, in the formation of the joint venture. Upon completion, LyondellBasell was to own 50% and Sasol the remaining 50% of Louisiana Integrated PolyEthylene JV LLC.
TC PipeLines LP TC Energy Corp 1,480.8 TC Energy Corp (TC Energy) of Canada planned to acquire the remaining 76.04% interest or 54.221 common shares, which it did not already own, in TC PipeLines LP (TC Pipe), a Houston-based provider of natural gas pipeline transportation services, in a stock swap transaction valued at $1. 481 bil, via an unsolicited offer. TC Energy offered 0.65 TC Energy shares for each TC Pipe share held. The shares were valued based on TC Energy's closing stock price of CAD 55.91 (USD 42.02) on 2 October 2020, the last full trading day prior to the announcement.
Momentus Inc Stable Road Acquisition Corp 1,131.0 Stable Road Acquisition Corp (SRAC) definitively agreed to merge with Momentus Inc (Momentus), a Santa Clara-based provider of in-space transportation and infrastructure services, in a stock swap reverse takeover transaction, for an estimated total value of $1.131 billion. Upon completion, SRAC and Momentus were to own 11% stake and 75% interest, respectively, and the remaining 14% were to own by other investors. The merged entity was to be named Momentus Inc, and will be listed on Nasdaq under symbol MNTS. Originally, SRAC was rumored to be planning to merge with Momentus.
Eidos Therapeutics Inc BridgeBio Pharma Inc 1,111.0 BridgeBio Pharma Inc (BridgeBio) definitively agreed to acquire the remaining 36.285% stake or 13.956 common shares, which it did not already own, in Eidos Therapeutics Inc (Eidos), a San Francisco-based biopharmaceutical company, in a stock swap transaction valued at $1.111 billion. BridgeBio offered a choice of 1.85 BridgeBio commnon share per Eidos share, or $73.26 in cash per share, subject to proration up to an aggregate maximum of $175 million in cash. Based on BridgeBio's closing stock price of $39.6 on 2 October 2020, the last full trading day prior to the announcement, each Eidos share was valued at $73.26. Upon completion, Eidos was to be delisted in Nasdaq.
OneDigital Health & Benefits Onex Corp 960.0 Onex Corp of Canada agreed to acquire an 83% interest in OneDigital Health & Benefits (OneDigital), an Atlanta-based insurance agency, from New Mountain Capital LLC (New Mountain), ultimately owned by New Mountain Capital Group LP, for an estimated $960 million in cash, in a leveraged buyout transaction. Originally, in February 2020, New Mountain was rumored to be seeking a buyer for OneDigital.
Romeo Systems Inc RMG Acquisition Corp 900.0 RMG Acquisition Corp (RMG) definitively agreed to merge with Romeo Systems Inc (Romeo Systems), a Vernon-based energy storage technology company, from BorgWarner Inc, for an estimated $900 mil, in a stock swap reverse takeover transaction. Upon completion, RMG and Romeo Systems were to own 17% and 67%, respectively, and the remaining 16% was to be owned by other investors. The merged entity was to be named Romeo Power Inc, and will be listed on New York Stock Exchange under symbol RMO.
Key Surgical LLC STERIS PLC 850.0 STERIS PLC of the UK definitively agreed to acquire the entire share capital of Key Surgical LLC, a Minneapolis-based medical equipment and supplies merchant wholesaler, from Water Street Healthcare Partners LLC, for a total $850 million in cash.
Meredian Holdings Group Inc Live Oak Acquisition Corp 491.5 Live Oak Acquisition Corp (LOAK), a unit of Live Oak Sponsor Partners LLC, definitively agreed to merge with Meredian Holdings Group Inc (Meredian), a Bainbridge-based manufacturer of plastics materials, for a total $491.5 mil, in a stock swap transaction. The consideration consisted of $430 million in common shares and $61.5 million in profit- related payments. Upon completion, LOAK and Meredian were to own a 6% stake and a 48% interest in the merged entity. The remaining 46% were to be owned by private investors and public shareholders.
Weir Group-Oil & Gas Division Caterpillar Inc 405.0 Caterpillar Inc agreed to acquire Oil & Gas Division (Weir Oil & Gas Division) of Weir Group PLC (Weir Group), a Glasgow-based manufacturer of industrial engineering machinery and equipment products, for an estimated $405 million in cash. Originally, in February 2020, Weir Group announced that it was seeking a buyer for its Weir Oil & Gas Division.
Amer Renal Assoc Hldg Inc Innovative Renal Care LLC 396.6 Innovative Renal Care LLC, a unit of Nautic Partners LLC, definitively agreed to acquire the entire share capital of American Renal Associates Holdings Inc, a Beverly-based kidney dialysis center operator, from Centerbridge Capital Partners LP, ultimately owned by Centerbridge Partners LP, for $11.50 per share, or a total $396.632 million in cash.
Transaction Tax Resources Inc Avalara Inc 377.0 Avalara Inc acquired Transaction Tax Resources Inc, a Mcminnville-based provider of tax preparation services, from Northwest Cloud Solutions LLC, for an estimated $377 million. The consideration consisted of $377 million in cash and undisclosed profit-related payments.
ReadCoor Inc 10X Genomics Inc 350.0 10X Genomics Inc definitively agreed to acquire the entire share capital of ReadCoor Inc, a Cambridge-based software publisher, for a total $350 mil, in a stock swap transaction. The transaction was to consist of $100 million in cash and $250 million in common shares.
Multifamily Ppty Portfolio(18) Morgan Properties Trust 323.0 Morgan Properties Trust acquired an 18 Multifamily Property Portfolio, located in North Carolina for $323 mil.
Kasten Inc Veeam Software Group GmbH 150.0 Veeam Software Group GmbH of Switzerland, a unit of Insight Venture Partners LLC, acquired Kasten Inc, a Los Altos-based software publisher, for a total $150 million. The consideration consisted of a combination of cash and stock.
Bartell Drug Co Inc Rite Aid Corp 95.0 Rite Aid Corp definitively agreed to acquire Bartell Drug Co Inc, a Seattle-based drug store operator, for an estimated $95 mil.
Baratza LLC Breville Group Ltd 59.5 Breville Group Ltd (Breville) of Australia acquired Baratza LLC, a Bellevue-based manufacturer of coffee and tea products, for a total $59.458 million. The consideration was consisted of $43 million in cash and $16.458 million in Breville's ordinary shares. The shares were valued based on Breville's closing stock price of $18.597 on 01 October 2020, the last full trading day prior to the announcement.
Personica LLC Tabula Rasa Healthcare Inc 51.1 Tabula Rasa Healthcare Inc (TRHI) acquired the entire share capital of Personica LLC, a Dover-based drug store operator, for a total $51.083 million. The consideration consisted of $10 million in cash, the issuance of 0.556 million common shares valued at $24.083 mil, and $17 million in promissory notes. The shares were valued based on TRHI's closing stock price of $43.35 on 4 October 2020, the last full trading day prior to the announcement. The transaction included PersonifilRx, Pharmastar and PersonifilRx New England.
Northeast Power Systems Inc Amer Superconductor Corp 38.5 American Superconductor Corp (ASMC) acquired the entire share capital of Northeast Power Systems Inc, a Queensbury-based manufacturer of electrical equipment, for a total $38.537 million. The consideration consisted of $26 million in cash plus $12.537 million in restricted common shares. The shares were valued based on ASMC's closing stock price of $14.35 on 2 October 2020, the last full trading day prior to the announcement.
Driven Deliveries Inc Stem Holdings Inc 34.1 Stem Holdings Inc (Stem) definitively agreed to acquire the entire share capital of Driven Deliveries Inc, a San Diego-based provider of courier services, for a total $34.071 mil, in a stock swap transaction. The shares were valued based on Stem's closing stock price of $0.44 on 05 October 2020, the last full trading day prior to the announcement. Upon completion, Stem will be renamed to Driven by Stem.
CONTAKT LLC Tracker Ventures Corp 2.6 Tracker Ventures Corp of Canada signed a Letter of Intent {LoI} to acquire the entire share capital of CONTAKT LLC, a Lake Forest-based software publisher, for a total $2.639 mil, in a stock swap reverse takeover transaction. The consideration was to consist of $1 million in cash and $1.639 million common shares.
Ascendant Hldg-AH Wells 1547 Data Ctr Re Fund II LP 1547 Data Center Real Estate Fund II LP acquired AH Wells Building of Ascendant Holdings LLC, a Madison-based real estate investment and development firm.
BrightPet Nutrition Group LLC A&M Capital Advisors LLC A&M Capital Advisors LLC acquired an undisclosed majority interest in BrightPet Nutrition Group LLC, a Lisbon-based manufacturer of dog and cat foods, in a leveraged buyout transaction. The financial terms of the transaction were not disclosed.
Myrtle Consulting Group Accenture PLC Accenture PLC of Republic of Ireland agreed to acquire Myrtle Consulting Group, a Houston-based provider of management consulting services. Terms were not disclosed.
Geodetics Inc AEVEX Aerospace LLC AEVEX Aerospace LLC (AEVEX), a unit of Madison Dearborn Partners LLC, acquired Geodetics Inc, a San Diego-based manufacturer of search, detection, navigation, guidance, aeronautical and nautical systems and instruments. Concurrently, AEVEX acquired IKHANA Group LLC.
IKHANA Group LLC AEVEX Aerospace LLC AEVEX Aerospace LLC (AEVEX), a unit of Madison Dearborn Partners LLC, acquired IKHANA Group LLC, a Murrieta-based manufacturer of aircrafts. Concurrently, AEVEX acquired Geodetics Inc.
Empowerment Financial Group Alpha Cubed Investments LLC Alpha Cubed Investments LLC agreed to acquire Empowerment Financial Group LLC, a Scottsdale-based provider of financial investment services. The financial terms of the transaction were not disclosed.
American Bath Group LLC Centerbridge Partners LP Centerbridge Partners LP definitively agreed to acquire American Bath Group LLC, a Savannah-based manufacturer of enameled iron and metal sanitary ware, from Lone Star Funds, in a leveraged buyout transaction. Originally, in September 2020, American Bath Group LLC, announced that it was seeking a buyer for the company. The terms of the transaction were not disclosed, but according to sources close to the transaction, the reported deal value was estimated at $2 billion.
Livegenic Inc Claim Cntrl Cnsld Pty Ltd Claim Central Consolidated Pty Ltd of Australia, a unit of Nesmeis Investment Pty Ltd, acquired the remaining stake, which it did not already own, in Livegenic Inc, a Philadelphia-based internet service provider, in a privately negotiated transaction.
Salas O'Brien Holdings Inc Employee Stock Ownership Plan Salas O'Brien Holdings Inc ESOP acquired Salas O'Brien Holdings Inc, a San Jose-based electric power generation facility operator. The financial terms of the transaction were not disclosed.
InvestEdge Inc Featheringill Capital Featheringill Capital acquired an undisclosed majority interest in InvestEdge Inc, a Bala Cynwyd-based software publisher.
Gateway Blend LLC Future PLC Future PLC of the UK acquired Gateway Blend LLC, a Portland-based internet portal operator.
Something Digital Inc Genpact Ltd Genpact Ltd acquired Something Digital Inc, a New York-based software publisher, from Rightpoint Consulting LLC. The financial terms of the transaction were not disclosed.
Children's Clinic East PC Heritage Medical Associates PC Heritage Medical Associates PC planned to merge with Children's Clinic East PC, a Hermitage-based physician's office operator.
Rocky Research Inc Honeywell International Inc Honeywell International Inc acquired Rocky Research Inc, a Boulder City-based provider of computer facilities management services. The financial terms of the transaction were not disclosed.
Wilshire Associates Inc Investor Group An investor group, comprised of CC Capital Partners LLC and Motive Partners GP LLC planned to acquire Wilshire Associates Inc, a Santa Monica-based provider of financial investment services. The financial terms of the transaction were not disclosed.
Ovation Sarah Chudnow Marcus Investments LLC Marcus Investments LLC acquired Ovation Sarah Chudnow, a Mequon-based elderly home operator, from Ovation Communities. Financial terms of the acquisition were not disclosed.
Animas Valley Land & Water-Wat New Mexico Water Service Co New Mexico Water Service Co, a unit of California Water Service Group, agreed to acquire Morning Star Water System assets of Animas Valley Land & Water Co LLC, a Farmington-based water supply system operator.
PECO Pallet Inc PECO Pallet Inc SPV PECO Pallet Inc SPV of the UK, a special purpose acquisition vehicle formed by Universities Superannuation Scheme Ltd and Alinda Capital Partners LLC, definitively agreed to acquire PECO Pallet Inc (PECO), an Irvington-based provider pallet rental and leasing services, from Pritzker Group (Pritzker), in a secondary buyout transaction. Terms were not disclosed. Originally, Pritzker acquired PECO.
MyShopManager.com Performant Capital Performant Capital acquired MyShopManager.com, an Odessa-based software publisher, in a leveraged buyout transaction. The financial terms of the transaction were not disclosed.
WestSide Bank,Hiram,Georgia Piedmont Bancorp Piedmont Bancorp Inc definitively agreed to acquire WestSide Bank, a Hiram-based commercial bank. The financial terms of the transaction were not disclosed.
Statco-DSI Process Systems Pro Mach Inc Pro Mach Inc, a unit of Leonard Green & Partners LP, acquired Statco-DSI Process Systems, a Huntington Beach-based wholesaler of process equipment.
The Stratford Apartments Providence Multifamily REIT Providence Multifamily REIT Inc, a unit of Providence Real Estate LLC, acquired The Stratford Apartments, an Atlanta-based lessor of residential buildings and dwellings.
Landdox LLC Quorum Business Solutions Inc Quorum Business Solutions Inc, a unit of Thoma Bravo LLC, acquired Landdox LLC, a Dallas-based provider of cloud-based land system. Financial details of the acquisition were not disclosed.
Carolina Envi Contracting Inc Resource Environmental Resource Environmental Solutions LLC acquired Carolina Environmental Contracting Inc, a Mount Airy-based housing constructor. The financial terms of the transaction were not disclosed.
Pure Chat Inc Ruby Receptionists Inc Ruby Receptionists Inc acquired Pure Chat Inc, a Scottsdale-based software publisher.
Intermarine Americas LLC SAL Heavy Lift GmbH SAL Heavy Lift GmbH of Germany, a unit of SALTO Holding GmbH & Co KG, acquired an undisclosed majority interest in Intermarine Americas LLC, a New Orleans-based manufacturer of travel trailers. The financial terms of the deal were not disclosed.
IBM-Managed Infrastructure Svc Shareholders International Business Machines Corp planned to spin off its Managed Infrastructure Services unit to its shareholders.
Grammer-Dry Bulk Business TFI International Inc TFI International Inc of Canada acquired dry bulk business of Grammer Industries Inc, a Columbus-based provider of specialized freight trucking services, ultimately owned by Stellex Capital Management LP. The financial terms of the transaction were not disclosed.
L&F Enterprises-Service Cntr Valvoline Inc Valvoline Inc (Valvoline) definitively agreed to acquire 12 quick lube service centers of L&F Enterprises Inc, a Meridian-based automotive lubrication shop operator. Concurrently, Valvoline definitively agreed to acquire 21 quick lube service centers of Westco Lube Inc. Terms of the transactions were not disclosed.
Wco Lube Inc-Q Lube Svc Cntr Valvoline Inc Valvoline Inc (Valvoline) definitively agreed to acquire 21 quick lube service centers of Westco Lube Inc, a Kansas City-based provider of automotive repair services. Concurrently, Valvoline definitively agreed to acquire 12 quick lube service centers of L&F Enterprises Inc. Terms of the transactions were not disclosed.
ZR Systems Group LLC VPLS Inc VPLS Inc acquired ZR Systems Group LLC, an Aiea-based software publisher.
US M&A Deals Announced October 02 to October 08, 2020