Turning Point Therapeutics & Anaplan

The arb game is starting to get interesting once again. I really like the risk reward with Turning Point Therapeutics, which is being acquired by Bristol Myers for $76 in cash via a tender offer. Bristol Myers is good with the cash, and I really don’t see any regulatory issues with this deal. Right now this is offering a mid-teens annualized return. Lots of ways to play this via common and / or options.

I was very close to initiating a position in Anaplan last week. I got lucky in holding off as Thoma Bravo just cut its price for Anaplan to $63.75 from $66 per share in cash. I did not expect this at all. They are still targeting a close by June 30^th, but this deal is getting a bit hairy. I can see a bunch of unhappy Anaplan shareholders. Will they vote Yes to the revised deal? Probably… 

I have a position in Turning Point Therapeutics and may play small with Anaplan.