Merger Monday • Office Spin-Off • Week Ahead

November 15, 2021 | Hoya Capital

Merger Monday • Office Spin-Off • Week Ahead Daily Recap Nov 15 Written By Summary U.S. equity markets were mixed Monday amid a busy slate of M&A news while investors remained focused on the outlook for inflation and the path of Federal Reserve policy. Following slim losses last week that snapped a five-week winning streak, the S&P 500 finished fractionally lower today while the Mid-Cap 400 advanced 0.2% and the Small-Cap 600 slipped 0.3%.

Data center REIT CoreSite (COR) rallied 4% after finalizing a deal to be acquired by cell tower REIT American Tower (AMT) for $170 in cash per CoreSite share - amounting to $10.1B. Separately, CyrusOne (CONE) rallied nearly 5% after it finalized a deal to be taken private by KKR (KKR) for $90.50/share in cash - representing a total deal value of roughly $15B including debt. As part of its completed merger with Vereit, net lease stalwart Realty Income (O) announced it has completed the spin-off of its office assets into a new independent, publicly traded REIT - Orion Office REIT (ONL).

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U.S. equity markets were mixed Monday amid a busy slate of M&A news while investors remained focused on the outlook for inflation and the path of Federal Reserve policy ahead of key economic data reports later this week. Following slim losses last week that snapped a five-week winning streak, the S&P 500 finished fractionally lower today while the Mid-Cap 400 advanced 0.2% and the Small-Cap ...