Linde / Praxair

Linde / Praxair: Antitrust Implications and Break Prices



Publication Date: January 23, 2018


Research Report Overview

The merger between Linde and Praxair offers alternative investment avenues: some funds are fixated on the ‘back-end’ squeeze-out in Linde, while others focus on the Linde untendered versus tendered share class trade. Many are combining these strategies and mix in a little merger arb. At this stage, we believe that deviating from the strict merger arbitrage situation introduces market-related risks and we refrain from looking beyond the deal at hand. In this research report, we offer our view on whether the merger can clear global antitrust scrutiny, and the implications and break scenarios if it does not.


Contents (47 Pages):

1. Antitrust: Industry Dynamics and Likely Assessments by Regulators 2. Antitrust: Market Shares, Overlaps and Issues in Key Regions 3. Break Prices and an Analysis of Recent Operations 4. The Break Spread and Risk Arbitrage Trading Considerations 5. Deal Structure and Timing 6. Strategic Rationale and Accretion/Dilution Numbers


How to Access this Research Report

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Deal Timeline

Linde / Praxair

End Date: October 31, 2018

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

Deal Announced: June 1, 2017
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