As published in Finance et Investissement on 3 June 2024 (in French). Can SPACs, those beleaguered blank-cheque companies whose recent history is as volatile and unpredictable as the emotional health of a certain former president of the United States, be staging a comeback? The SPAC sector, which raises money through public exchange listings and then acquires […]
Highlights After a euphoric March, April poured cold water on the euphoria halting the market’s year-to-date rise. Global M&A at the end of April was up 31% from last year. In Canada, technology sector leads deal volumes followed by the energy & power and financials sectors. We believe valuations for many small cap companies owned […]
Highlights Fund holding, Everbridge Inc (NASDAQ: EVBG, a critical event management enterprise software company) announced they had entered into an agreement to be acquired by private equity firm Thoma Bravo. The Fund initiated positions in 10 new merger deals with 9 deals held within the Fund closing. Dear Unitholders, The Pender Alternative Arbitrage Fund was […]
Dear Unitholders, The Pender Alternative Arbitrage Fund was up 0.9%[1] in February 2024. The Fund’s benchmark, the HFRI ED: Merger Arbitrage Index (USD) returned -0.2% during the same period. M&A Market Update Through mid-March Global M&A Activity totaled $630 billion, a 42% increase from last year as M&A activity continues to recover.[2] North America is […]
As published in Finance et Investissement on 6 March 2024 (in French), and Conseiller on 25 March, 2024. There is a wide subset of different variables that can affect a business and lead it into distress. If these various factors were arranged within a pyramid structure, at the base, would be macroeconomic—the economic cycle, global/national growth, inflation, central […]
Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals held within the Fund closed. There are signs of renewed interest in smaller cap companies. Dear Unitholders, The Pender Alternative […]
Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen merger deals held within the Fund closed in December and the Fund initiated positions in 19 new deals. There was […]
Highlights November was a strong month driven by the closing of several deals including many of the largest positions in the Fund. There were 19 merger deals held within the Fund that closed during the month and the Fund initiated positions in 11 new deals. As conditions improve, catalysts are forming within our small-cap universe […]
Highlights October was a tough month for markets as recessionary fears and higher bond yields pressured markets. In October, the Fund initiated positions in 23 new or previously announced mergers, while 20 merger deals held within the Fund closed during the month. We are cautiously optimistic on M&A potential through the year-end with commentary from […]
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