The biggest risk here seems to be antitrust scrutiny of the deal. The risk of the deal not closing is always an item for investor judgement in any merger arbitrage situation. Salesforce shares are easy to borrow for investors who wish to lock in the spread. The deal is large and both constituents are liquid. A close on that date would be a 16.7% internal rate of return, which is satisfactory. That is an equity-like return, especially considering the companies are still planning to close by July 31, 2021. With Slack shares at $40.70, that is a spread of 6.0%. In this case, with CRM at $210.80 which puts the value of the offer at $43.15 after accounting for both the cash and share components of the consideration. The easiest to determine is always the spread, as it can be calculated directly. The decision to invest in any specific merger arbitrage opportunity is largely based on three factors: the spread, the risk of the deal not closing, and the likely price response to the deal not closing. Should you play the merger arbitrage between Slack and CRM? The significant cash portion of the bid provides quite a bit of assured value to Slack shareholders, while the share portion of the consideration does allow them to benefit from any further upside from synergies related to the transaction. The agreement stipulates that Slack shareholders will receive $26.79 in cash and 0.0776 Salesforce shares per share of WORK owned. $2,000 Annually (Or Equivalent) For Professional DevelopmentĬome do the best work of your life here at Slack.Slack Technologies ( NYSE: WORK), the collaboration software firm, is the subject of a takeover bid from Salesforce ( NYSE: CRM). Generous Parental And New Child Bonding Leaves Full Health Coverage For You And Your Family Here are just a few of the benefits we’re proud to provide our team: We are an equal opportunity employer and a pleasant and supportive place to work.
We welcome people of different backgrounds, experiences, abilities and perspectives. Slack is where work happens.Įnsuring a diverse and inclusive workplace where we learn from each other is core to Slack’s values. It is a new layer of the business technology stack where people can work together more effectively, connect all their other software tools and services, and find the information they need to do their best work. Only Slack offers a secure, enterprise-grade environment that can scale with the largest companies in the world.
It’s the leading channel-based messaging platform, used by millions to align their teams, unify their systems, and drive their businesses forward. Slack has transformed business communication.
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