Description
We believe that the Allergan AbbVie deal presents a straightforward merger arbitrage with minimal risks. We think the current spread of 7.9% is attractive and provides a 17% IRR. However, we recognize that this spread seems too attractive in a low rate world. We are posting to share our idea but to also get feedback. Please let us know where we are wrong.
Deal
AbbVie announced its plan to acquire Allergan for $120.30 in cash and 0.8660 shares on June 25, 2019. At the current prices, there is a 7.9% spread. Management expects the deal to close in early 2020. We will generate a 17% IRR (after fees, borrow costs, dividends) if the deal goes through.
Return
Gross spread of 7.9%
Annualized spread, assuming a 4/11/2019 close, of 17.3%
Assuming a 10% IRR cost of capital, the implied probability the deal goes through is 90% (assumes AbbVie and Allergan share prices return to pre-deal prices)
Timeline:
Past:
|
|
Deal Announced
|
June 25,2019
|
Allergan schedules shareholder meeting for 10/14
|
September 10, 2019
|
FTC Second Request
|
September 27,2019
|
Allergan Shareholders Approve Merger
|
October 14, 2019
|
Future:
|
|
Expected Close
|
Early 2020
|
Risks
Financing
|
AbbVie entered into a $38B Bridge Credit Agreement. The credit agreement was pre-arranged and announced at the time of the acquisition.
|
Legal Approvals
|
U.S. Federal Trade Commission
European Commission, Brazil, Canada, China, Israel, Mexico, Japan, South Africa, South Korea, Turkey and the UK.
Irish Court Approvals
AbbVie expects some divestitures in overlapping products.
|
Material Adverse Effect
|
No undisclosed liabilities
No undisclosed investigations
Potentially more (difficult to understand legal document)
|
Shareholder Approval
|
Allergan shareholders have approved the transaction.
AbbVie shareholders do not get to vote on the transaction because less than 20% of shares will be issued (Allergan will own 17% of combined entity).
|
Transaction Economics
|
Humira is 60% of AbbVie sales and losses exclusivity in 2023. This deal diversifies Humira to less than 40% of sales.
|
Break Fee
|
AbbVie to pay 2% of equity deal value ($1.26B)
Allergan to pay 1% of equity deal value ($0.63B)
|
Buyer Health
|
Moody’s: Baa2, S&P: A-
Will be near 3x net debt/EBITDA after transaction.
Committed to remain Baa2/BBB or better
Plan to reduce debt by $15-18B within two years of closing
|
Close Time
|
Expected to close in early 2020.
|
Management
|
Both management teams support the deal. AbbVie’s CEO will continue as CEO and Allergan’s CEO will get a board seat. Prior to the acquisition announcement, Allergan was considering “all strategic options”.
|
Consumer Advocacy
|
On September 12, 2019, a coalition of Unions and Consumer Groups filed a letter with the FTC opposing the acquisition. The letter made three points:
The merger will continue a trend of consolidation and evidence shows that consumers are paying higher prices.
The merger will reduce competition in a few markets where the companies directly overlap.
The merger will exacerbate problems that already exist within the industry relations to rebate walls and patent abuses.
The deal spread was unaffected by this filing.
|
|
|
The deal spread appears wide and has not changed. Therefore, the IRR has increased. The risks look minimal. Both companies support the deal, AbbVie has secured financing, and there is little precedent for regulators to block the deal. Additionally, AbbVie’s size makes it unlikely that it could become the target of an acquisition.
Nevertheless, the spread is wider than we would expect. The best-case scenario is the deal spread is attractive due to lack of merger arbitrage funds and the size of the acquirer and target. If the deal spread is wide for another reason, it is not obvious what that reason is.
Appendix
Past Pharma Mergers:
We reviewed 156 pharmaceutical mergers. This included all mergers within the last year 10 years within FactSet (ex. China) where the deal target was >$1B in MV. Regulators did not prevent any transactions from proceeding.
Share Price Drop:
AbbVie’s stock price dropped 16.25% from 78.45 to 65.70 on the day of the announcement. The stock price has since recovered to 74.80, down only 4.6% from the pre-deal price. Over that same period the S&P Pharma ETF (XPH) is down 1.6%. The CEO commented he did not think this reaction was unusual and cited first day reactions on Bristol-Celgene (-13.2%) and Takeda-Shire (-7.5%). He blamed the mechanical aspect of the merger arbs and noted the stock was up ~3% on Wednesday, Thursday and Friday following the deal after the management team had a chance to meet with investors. However, by Friday’s close the stock was still down 7.3%.
FTC Comments:
![](data:image/png;base64,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)
Historical Spreads
Shown below is the historical spread of AbbVie and Allergan. The lack of movement in the spread may indicate that there is no black swan event risk. However, the spread has not closed over the last four months. We worry that there is a risk we are missing. The Red Hat deal had a large spread but closed in a linear fashion.
![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAu0AAAHECAMAAAC6K+Q2AAADAFBMVEUAAAAAAAAAAAAAAAAAAABZWVlaWlpbW1tbm9VcXFxdXV1eXl5fX19fndVgYGBgntZhYWFiYmJjY2Njn9ZkZGRlZWVlodhmZmZmoNVnZ2doaGhpaWlqampqpNlra2tro9VsbGxtbW1ubm5vb29vpdZwcHBwqNpxcXFzc3N0dHR1dXV1q9x2dnZ3d3d3qdZ4eHh5eXl6enp6qtZ6rt17e3t8fHx+fn5+rNZ/f39/sd6AgICBgYGCgoKDg4ODr9aEhISEtOCHh4eHsdeJt+GKioqLi4uLs9eMjIyNjY2Ojo6Pj4+PtdePu+KQkJCRkZGSkpKStteTk5OUvuSVlZWWlpaWuNeXl5eYmJiZweWampqautebm5ucnJydnZ2evNeexOafn5+goKChoaGioqKivtejo6Ojx+ikpKSlpaWmpqanp6eoqKioyumpqampwdeqqqqrq6usrKytra2tw9etzequrq6vr6+wsLCxsbGy0Ouzs7O0tLS1tbW2tra2yNi3t7e30+y4uLi5ubm6urq6yti7u7u8vLy81u69vb29y9i+vr6/v7/AwMDBwcHBzdjB2e/CwsLDw8PFxcXG3PDHx8fIyMjJycnKysrL3/LMzMzNzc3Ozs7O1NnPz8/Q0NDR0dHR1djR4/PS0tLT09PU1NTV1dXV19nW1tbW5vTX19fZ2dna2trb29vb6fbc3Nzd3d3f39/g4ODg7Pfh4eHi4uLj4+Pk5OTl5eXl7/jm5ubn5+fo6Ojp6enq6urq8vrr6+vs7Ozt7e3u7u7v7+/w8PDw9vvx8fHy8vLz8/P09PT19fX1+fz29vb39/f4+Pj5+fn6+vr6/P77+/v8/Pz9/f3+/v7///8AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACxlfQzAAAABHRSTlOHn8ffp4WZGQAANmhJREFUeNrtvQ9cFNX+/39gF3ZRQ5TLRzLDAkMD/0RRdtXUcv2T3FLq/tRu6DVDLClLSEnzaplpaEjSRa2Ua2F/sJvaH8wUi7xkaSYZigrqvVHuT0NUDJUVFr5zzszuzv6ZZQdmYRdfz8eDXea9M2dmzrzmPe/zZ87xIWoCwDWB0QdiB9cMnNh/Ri6Aa4H+xBeZAK4ZoHYAtQMAtQMAtQMAtQMAtQMAtQMAtQMAtQMAtQMAtQOoHQCoHQCoHQCoHQCoHQCoHQCoHQCoHQCoHQBXUPmSJ9vliRlnP6+6Q3LRHbty5y5kn69ylIx656/adiGJNfDt4BqiXQ2eVJJcHbA9yIUV8+erc6MsCwHbr8soHfmoW3bVAr6fwV+iOx4dKN+5/r7h82qiHqsbBo2307i9oJpc2e/KijGd64vMIcAOMijozOfF+bVu2VULqOK/6vfOGrxD9o3/1/equU0/TSmFxtunbzfsDLh/c84QF/xgt5jCwinCemeK1YkkOKbwHq1bdtUionO4Pfy2dVP1HDJKXlakVfdOv5mc/U82JN5O1V52asT0XcdORrlQNh9VaF6vuDo6nGhWuWtXLafHUxOmnprXQ9a+Ck6pX7yZkD/Fx0Pi7TSSKSBju8VYQhTXQhkukBmudeeuFOD/1nWuXydzG7/uEHd79u36LQGxnNM2hyickj/NrCYD591sv9g9foOwHhfIDOF+SilMTmIrHVjPaXjgo8Nk7soKURpcwhn9F+wlNHVmFgIUY/6X3ELEgDStsNK9azZVkwen3ewwQe5wvymNsj08qzRsqdOby9DGlKLc3uzc7Q7JWXpCdkHtHklx9YggzmkfLtIJhl+f3Mt97h2fobNf1G0Q4hAWyBCLMAqJul/x3r2C9l3dlRjbNH5dzJUXj9K6H858kvs/5matIf4UXThx4vBbvCh/vZf7gXy6LddxwKLbUK+PsknaLg2rZ1f15JWiO/bM6+zcbQ/JWXqGp/nsioHaPRAuJBnLyp/bTBL8VJ06Qfv71FNpvISsFiNvOFVErYZsq0Amq5BVTX4/IztcJ2dXYmzTeF29YpTxd6JPJyu4ouaOOQGvc2LScMfCPSMmHdvE6+91enDfz61et9LhHoM7V5+0S9o2DfHDIG1+/azer9wiLNY/K5z7m0OiRIfkNL3Ve9XLRpEDa/cibvdAzhQHxNLyJ9lzwXQn53KRBo15i+wXNSNJYS0rbtJAxhKh8PXwd08l22TtijhLI30UUV1PHyJDuYURw2nNpWYLC4K6x1MPaz64u9McpkjV3sk+abs0xMS92Zkc++uEbxxnhXBIztLTbyEzuJvz9jXDoXYPJK96UBB7hpvrwWcwP9YtRlCD9aKOHC5ixc1hUeIIpTcf1uikZCexK+IkjWQnT4lIcrpWdHBhXLjtNIBydHjmNKy4+2uq91kv1TrKCuGQnKVXXB0wgVVfJSKS8TwMO2l04SC+UN3EXT2t3SIXynDrmbYyVSySw0+wf06KU37hLP262VwYlNyVdBrs3ji8m3OW2wvVrLbEePCLcrt1gjtfcnx2VTWOknaYhvlE797NhSGbq1dKZoXT9MpIuJa0N9qN2stOkdUb+SsnVF9YfBVxsKhJnr/nQlDZKRqTWPlP4VtUdC09RT+vurAr6TRYvcqcebSUyvwsF6LLObuqaiExcdJNpnH7mpRCqyOMdHqoMo8Jam87Cgg5YSqTFUVZO1viaDGmc/V+XQEZZF2fwVovrdFsc3lXkmlwlGzoHb25WKjtK5lBHpx5PauncfHs+LtSnLQLaagSC1ldjkRWyE4PaveYQEaoaCSZG6zqwY3/I6GOFmkcco91IMP5vpO12ubvymkaBSRJt8iyEP2CjECBKzLSu9I6adfSUHeXzAqn6bmUFSiltpFrt4QkOnKMDz3fZD2iSgsFRdss0iqV72wCGcflThd21XQanNK2iQuTvOzKXDo5Y3q1OtFB0k2nUSC0qdqcu8ShitMLE3q9Gd6A2j0N1pHR5JVuEJrZ6ye/V0sOJAtBgO0ivdbPkGlB1rE1SWOVdmf/uUPWrppOg7u5dg0cMOCOqUnf1FLP+Q2nP+PyDS6c29kt9xaS9Ci7pJ2kYRj7D7qXs//cIJyg7bk7OlTr9KKGkzTOeGBke6pvbyeRzJlii9fSjNzAlT+5U0tfvHw5PcUcdsFtFlkoQ8SV7ZSZR/bOIjG07JYsZ1eupDHmYJ66HzlZTPZywbIu+9QjEQGHSEyx09M6PJD/7v1ilH3STtP49FP++yG+4Wnst9bn7uhQrdNTpRVXz5nDbfLy2nNQu2dRXC3yWroNfCeR7v/e8B5RjzX1PbFZpEU40jvcpkS65uD6omISET3lFlm7ciGN0jy+SHjg2cPvJmk+W7PpBFdi7Zrg5KSC+a+IaPMrGVZJO0lDs2FHAadZ9VjTIdy8JMPq3F1Ij2UXeXBa97Xtx7f7qDEXdusUo+PPCH1gMjeMWNm6YZ65y9u1DebCbjWqaoQ+uFxxtQ+yA6XUds6VxbROxri50LawABC3tzO6T3h718CIwLpDRL0sCtkBtbdvnvrLps9PcGXO8SOvR2ZA7e2dm+bObZsdq1Yh8xG3A6gdAKgdAKgdAKgdAKgdAKgdAKgdAKgdAKgdAKgdAKgdQO0AQO0AQO0AQO0AQO0AQO0AQO0AQO0AQO0A2IMxB4AXQGe3NI+ab1kqSSAB24Po2H/RSVA7aB/oJyUkkfxUQe7mJUNahi5z8UpCsiqnIJIB7YS8HpyaxwzPqbVeKjsXSyJP15KSvNVaqB20kzhmJ53BWTWKnwjFeon6+uQlQSilgnZCVQ0bZj+sXm+9FOy/n5SF+qXH6lBKBe1G7dWOl7qnpZLonO2VOaSlau+PTAZtg+vTZ8TFEVKyMLdcqJpBJAO8n+DO0kuGtPSItIyDExe3yLdjfhrgObACaYVp7lfRknFuH52+IZbopl9wwbnDtwOPp1tMYS2dupOfE85qaXvlUkJo6TXclTpIqB14PKrEw+9ywi5aoCX5AwpES0SfyX0G++tJQagrakedDPB8+m1MyCZqYU5C0ZIhcQL3qUmnpVRX0sEMkuBaATNIgmsJqB1A7QBA7QBA7QBA7QBA7QBA7QBA7QBA7QBA7QBA7QBqBwBqBwBqBwBqBwBqBwBqBwBqBwBqBwBqBwBqBwBqB1A7AFA7AFA7AFA7AFA7AFA7AFA7AFA7AFA7AFA78HqMz7zl6oopTn7FTDTACygtmsEpOaWQkBErTTZD/ClCMnSkRJgt1ZgSnURUiVNLoySTUfmSJ5GZwMN5v0sCIav+2PrkkIzy0bxJP27CuifD0m65IfHFFX98xhlXlS/kfHfQ5x3ukEhkDSIZ4AUYdvbhPmdzbr3f1D0XeFtejymEjBmeU3wulkSeriUleavptHqakXR+ScTtwGspOzPE9G+k+QYYzolbNerYccHVJy/hpweOPHYSagdeTIVfd7Pwhe+qGjZVcFh9nf9+Uhbqlx6r438Io3MFo5QKvNe3m//Tb5nGu/CqasFyY1oqic7ZXpkjLAd3Pilf7YeQx6Bt6GtvMs3rbky/OsH2t7g4QkoW5pYLVTPOQCQDvIisopwgkwsXl2LT0iPSMg5OXNzE5moZNxgAbcTJWubc8zdkWCrTWcBSoeYieuPcPjp9QyzRTb8QBN8OvByhIiZ/frLOZOoWQ2sajTt6c4XV7ZVLCaGFUxrwVFWHQ+3Aiwmro/UsJfOTk3jVDyggqsTD73I6L1qgJfpM7iPYX08KQrWCt5cbyQDgMQR3LIoixnUkO5uY+w7025iQTdS5UcSQOIELbzTptJTK2ct6S/t2HzX5GbkJPBtjSmWO1rVVDfHjkyR+6o9IBngBqkQnDaTWiJpdEbcDryRqSJGLT4F1w6S7QCJuB17h3FcpsiJ8O7h2gNoB1A4A1A4A1A4A1A4A1A4A1A4A1A4A1A4A1A4A1A6gdgCgdgCgdgCgdgCgdgCgdgCgdgCgdgCgdgCgdgCgdgC1AwC1AwC1AwC1AwC1AwC1AwC1AyBgfOYtV1dMcfIrRrQGXkBp0QxezCmFwkQ0dBaOU4Rk6EiJMFGqMSU6iagSp5ZGQe3AmykQ5iDYXmSe2VQ/KSGJ5Kdm3JOWoctczN0CWZVTOHNkt6IoRDLAizHs7MN/Zy/7k8mW14MT95jhOcXnYknk6VpSkreaTs2kGUlnloTagddimkxpddAgyw0wnBO3atSx44KrT17Czwwc6WSKJqgdeD4VfmwOVH3+ggCTqaqGTRQZVl/nv5+UhfqlxwoTB4fRaYIRtwPv9e18ETW9f5TRrPZq4Z8b01JJdM72yhxhObjzSflqP4Q8Bm1DX3sTndKdlO7d7mj1uDhCShbmlgtVM85AJAO8paiaNk0k5uDOVj+lR6RlHJy4uIkk1DJuMADaiJO1WlJ2ik38TgZk8BE6C1gq1FxEb5zbR6dviCW66ReCmqd2ADyGSPrR7yCN3VNUfOtSt5jCKVpi3NGbK6yyoL1eH8QCnqrqcEQywIsJq7OqZ8kfUEBUiYffpa1NC7REn8l9BPvrSUGoVvD28O3AawnuaN9A2m9jQjZR50YRQ+IE7kdNOi2lcvay3tK+3UdNfkZuAs/GmFKZo3WxLBs/Pknip/6IZIAXoEp00kBqjanZFXE78FaihhS5+BRYN0y6UxjiduAVzn2VIivCt4NrB6gdQO0AQO0AQO0AQO0AQO0AQO0AQO0AQO0AQO0AQO0AagcAagcAagcAagcAagcAagcAagcAagcAagcAagcAagdQOwBQOwBQOwBQOwBQOwBQOwBQOwACxmfecnXFFCe/YkRr4AWUFs2gX/pJ1YQkC3NvGOJPEZKhIyXCRKnGlOgkokqcWhoFtQNvpoDNQZA/X5g8kld+QhLJT824Jy1Dl7l4JSFZlVM4c2S3oihEMsCLMezsQ/WdnmwRO8nrwYl7zPCc4nOxJPJ0LSnJW02nZtKMLKyF2oEXw0+mVHx1gvgGGM6JWzXq2HHB1Scv4WcGjnQyRRPUDjyfCj864/WOcNG8elU1bKLIsPo6//2kLNQvPVbw+2H1esTtwJt9O//1p7RCQqL5uSSrqoXfbkxL5WxsOmxGcOeT8tV+CHkM2oa+9ibq1evLz+SuIob4aTZTp8bFEVKyMLdcqJpxBiIZ4CWob6EVM5pkPi4P7iwuxaalR6RlHJy4uKkkZNxgALQRJ2upPz9dK/bqTPQVahrRz+2j0zfEEt30C0Hw7cDLiaQfqlEnad1iGS2xEtIthtY0Gnf05gqr2yuXcoGOng94qqrDoXbgxYTV0XqWGH8uUinZMC0of0ABUSUefpfTedECLdFnch/B/npSEKoVvL3cSAYAjyG4I20g7f7hpAGsrwCj38aEbKLOjSKGxAk0nk+npVTq+3tL+3YfNfkZuQk8G2NKpU1FjCSG+PFJEj/1RyQDvABVopMGUmv4ZlfE7cB7iRpS5OJTYN0w6U5hiNuBVzj3VYqsCN8Orh2gdgC1AwC1AwC1AwC1AwC1AwC1AwC1AwC1AwC1AwC1A6gdAKgdAKgdAKgdAKgdAKgdAKgdAKgdAKgdAKgdAKgdQO0AQO0AQO0AQO0AQO0AQO0AQO0ACBifecvVFVOc/IoRrYEXUFo0g/ssSeA+kk1TbxjiT7F5aUqEiVKNKdFJRJU4tTQKagfeTAGdg6Akgdc2L3f9pIQkkp+acU9ahi5z8UpCsiqncObIbkVQO/BwLp24cPxiGQlN7ejgR8PO8VTy0UMIiRp+lLfl9eDEPWZHTqdzsSTyh1ptSd52OjWTZmThFC3UDjxX6Zt3HDb9X/mGgxWEyZToHMH15X1MN4CWzqG68Di/ij55CT8zcOTGk1EopQJP5fQTmWaxk28drVHBZgSe6D/mgnHuuYXMVFXDJooMq6/z30/KQv3SY4WZJcPoNMHw7cAzOf5chWgpxNEqZeyz+4eThpER3/OmqmrhtxvTUkl0zvbKHGE5uPNJ+Wo/hMsAWoND2ZdES0EzDpG+9iuFs1C8uDri7K6/2c6cGhfHFWAX5pYLVTPOgG9vBxQV9R0a6E0H/NGJoJiBwrH/q459+93iF6GO9LvZyVaZGz+IIiUJ05jcgzuLS7Fp6RHxQtVMs9Tet6kjrsvdH/p0F0it7Xn6W1L6dXYv7zngTZ8RsmfTfY+EEZLDtxoFZvV3ugUtn+q3zOCKn/2WLhRKoSxgqVBzEb1xbh+dviGW6KZfCHKTb1+2lZCvVtwJsbU1q2nBrnJyltdcirrV9LMyLy8i4eBWvmSZFeZ0i0h7U7cYWtNo3NGbK6yyoL1eH8QCnqrqcMl0mq6TuZT7dM4lB8VkepwXZ6yG2tqY3ev4h/mMT7zliH+6KPxz4iVe7NH/ci52Elanp/p+s5QQffqwqPwBBUSVePhdTudFCzinn8l9BPvrSUGoVvD2zfXtu5ZXkm+/XmtX57+Z/1r342uIZtqSijTTfy+dmukdh/yFzfLglX5NbBHcsSiKqFZlPkIsPQf6bUzIJurcKGJInMCFNpp0Wkql9Te9pX27j5r87GQ3p1/51vEBnR9rEP4LbG408/MXv/RM8YNeW8SlR0XVd2MXeUN21o28aLU8Ma3JTYwplTla11I3xI9PkvipfxO+PXe1oOlvX1pi/cs7JrFz0UzizOZI/atKQr4vWwu5t4jnmdh1VcX0a9u5FYRvgO+a6rlPXBbIhHy4e+MJtjh7ctObqBKnSjeQWiM0u8qPZI4sPGH+f1t3K0mfz6OfMcVCNPNKaDOkTinOnQbFtrSESiIW+b9QQP/5/h7TD4fWhnrqMbNA5r4u48ZVfPBVZcjcEa5sEzWkyDW1G9cNc7Kik0jm9XetvcgE0cKmV7kPzbbTzwqqHZ/kcuZeysurtCxpcntBs80voT7LYsl3w+yuFgnzVLnzgcyG/q2/5/5E5UuedPzbl0JNfcSrOhr8k6Jbe1qOeM5l7vPRe0MeKvuVGY6+d6Z3J9fE/kT+ZfG9WPqACqptbgl1hpF+pVPl3N2lyOq36v8M7+SRB33gYxrIPNcGe17jRO3PsY4ImseW3tgz9Bv679d3dTP99vEO+vlCV+I/toPQb8Fe75uy8w+VnavxD7AWu7kDUGAv6uMrtTGQbTNLqNPP0a+nxrOl6Fu/NnqD3NfTHrsPDGkTtUvH7ZG0/BOziNaEjjtF63QNs94VqkXr1rOiEYtBJsfOE2oFtm6dKK5ioY9W/k6IiE3qYiv2wPuGD637Gy0XvD0UsUyzOMKHkTpTyWdoDnclNDGqGL+eC2mwUPGEJwYzdV/Rz/vbZufSvj32xK8h/0jheyPceYbekIY9grcoZI0Cr3ZlCyGTbioX+qMdPjLWUo6db/Y05w/naQaIxa554IlFw3oSVb/NiGWaTS6LJknE6/4mS8ikGTMS48bGDOg55EuDp3r3tgtknEYyAWNnTDZ73UFHaHxe/Vn0DXRpEXUquommH3uZ9f6rJbZ/84A4Ov++6NYQi9iz/savFuK3D7FMM6OY1E38M3Ktoy6yXT1X7m0XyDhVu/UjYNg+qnDD58Y7CdmdS01pN1h+Nuv914dMD6zFl60SqNx8pV+dSezm5qi+39FUD47qDPm6ovB1//rujw4sr448xr+vFpgV6XBVs9wHeVjW1i2mxzWnm0ernfjfW8jkfGDf0IAFVKLRT1n93msSK65W3n6DqByrmRUb+H8XhXaog59/bSt2our/KRfvGI+Ng5SbZtesot/Kv/lw87E/OnzKRzEkJucmiZVNcv/Q1bqy9h/IyFA7CRi0i+Xw6a0N+axCpqfNCgOK6E1QO5JfevE8fWDNihkZN3Ua4YOay5W2Yucuii+NZU53GAAxN8Hpeet5hV/mFC/UgyUuCZBcX5C7qK7s9Lfv5/3YP+CaDWTkqJ10FurWDVSfJHq2/Qo7uY+TI1jZdfcH9HMx+1915/3HTptW0th0TOVjmWLEMk2VSZ/7r60pMGu8sy1Mcmd6r/n2/czVu47+dvSLP3e9VgMZWWoX1a1zpNhXG974CXU+55lzT/+N+xicYLoPxoUWGxyKHbGMSxyZuc1oa4vJiXC+UdchB84TQe/v7TrK1yNc/nTADddoICNP7VywMvQ/Qtkz5AX7WkOVpsjk3I9nUkOqJdjpM+5suSOxm2OZXuHQtFQM8+37SwXZjh+vPWtoOooxZe0Ec92wBePnoX3cVoze+PY35zVdPTSQcdq65IhbNz/P9wB+3FHXxfj1NCr5/FlCNrBgZ6joty5LxmUdjviHg94Rk1nhdflQt3eGvPR2Wdd7R3iZ0g/uPWDu0hsx904ygRw/sH/fxbAXXOpmPXr0l2sqbI1u6wd/eg53JQtI4F2xt0s0GLZp0xJpsn+7gwCSuu2Qzx1qU+gr1oXv/G7VjcwJx9l6T7m7MyTf9BjC3ob0DupyPxVJVTN5erMcglnvmtgYIT2+H7zoTgrrq4AbEI+UETjEYYI/0NEcQ75so/zsL/+9VNpTIGyZ43wfmcmp3PDOs6zze0i8iyn2GruN+3w73r09stldKrwNOdQ7XrdamScO0xc18y5l/l0Te1fsrYRMnCX0g085IXpmEFJRsa3FbuCHOaKXNC5u2xYy7i92CfKdfdsuR2X7dqewbqeaLX+nXtT1dzz4R8HYJe6MYp63GoNqvMPRBj2M46JnY0jKaGUeF3w/eMdIu4EvP/nzX5rwEF++aLCzxUwYYpXPbdfZt7m+3Sl/z6PO/Wkqds0jLm/VZfo/qcOZahvsrT7U9c4YReKOI89WWi1vLc/x/HemTCOWC35ZEfyW2/aDF3HiJdN/YQ9biXtuAfn+Y+ddzHL+yUcwU47us7j44mLNCNEVPL2TvbXUv+2yVFm1d5lI85K98XS/jGhhMnu/46Vca+sCLsDZRkLubLnihSiGxFy/TbAczn7W410788IxwxVTOs+z3V9teqWKzI9FY16k0yNx2qOybplopAxWjBZ+MGwTrqClkNCGgYzCkQypMDd4bJLTj3fXHPq5YoS9jX+OD27JME11KUIUw8VW501vQ5LXh7Zdpud+F5nc5LPl8WLp6oAWsTvNYPvM2PX1Ntu1AtfcauMrpN+GMsWJ0Vmmy7R7xzap3bdZIOP03aVm0fmEMOSkuWXJJcJZr4OfJokq8c/PtnQru9yiJsBFX/GXjzY9BvSZcH/jcdpSs2dcm7Whp6/77aCob7SEJjfQz39EKr/7noOPVWru/uvTz48dYOo/GX7fhJt/O2+1liE/km8u+dJUnpLsUXlkJj9o6ODV5ii9530JYRdPO1o57Jk2czJrlFY7ufkj/ju1p7zbjm52Wdz195WD4t9b0AT48wo+ijE1PXYeEkhbwQxlcW0VorzIffzaVHMa3/VujjsOIOShGYkWpfMwN/C71TuU21kz1A9p5lZcCblvmsdeoSITXxG3OPr3GTcu4Kxd41bYspA2VLvSo5720rFwM1pmnGBXC7mLPQljgk0RoGHGouZ1Lqh72RTFmJnwH/rg/T6njYY74EufTTSn7Wb9Rae35nGFpZkGdmHNRHwz1PE5LOyZ+IXobSguBj9tbqe79JJQy2M/UkbozJniGF7R4nbzUNq3k26svPJ4tMzNYvJod5mz91nFMYE5D04dESE0ln9jbNYoTe+wtoznp4ptf/6Cpr5vqGtupu6Ndw/F+Cvn2tP5p5XTd1jqnqRH6KDrXavQafQR2s+JHDhz8xMsvpmYZuovH/UT372sfOdmfVhnGsXwo6xoXnXYRa1r9Ej+CtqETu0kkiHd9nHhWsjLcl++C2DdZcpHdBXHMS/2Zfk15vvzfN4Pkv9K3+m59EEcM996ZwPYLbn/AZc0vOjfvx0+olzYM0cIZw8+7KTgwL/m/npbicN/lJ52ayJHP2SxzeBXzP3lt5q6l5HLhz8s0PywgI9iIt6Wvnep4u1Dp/ahdjLw+/Nhr8nv0tmX9aD8lH+BdRcbTHXw04KrifuJKeTooeGyXew81lE2y6aM281Iu9xX/zrSlfoieiy/3a5Uz0G+9EnEDzIHrp29raH7W9s98u+7Yik3xbyhEnUgFnH+m+/5oH7ia12J5+MOtXeaMGNSM25jVXfaPZ5/gVWIY940OT//sbyr+W3fIJkv4uxioyNMsasAue1Hev+cvKnpalKhbqh2pELZw0qfGqP4QWbP+7vo56ttKSHL+DRh69gQjI7kzhO4ZLJXvEfvDrU3F74Wkr3Autwcx9i4mkqZrxXXJVOphrxudzFUAz+jl66o6bdIhLqhkyOUkR7/Tu+rP9HjKn1I6g57lt4Nltfc24ToXruZ4w5ZL5y5We5cDP6wX7nF9a/ykrfoPUntZBAfnpODHx8SxzGCq+FHcJL5Fv0b39HPpQ4q+zpdT92ncYtmgAtxDIv171biHIXSZyp7kFVK1UKy8Ro0a9v4pbrwu77i1K1ZZ25U7Tqk1FRRL6qgn7K4K4Ha5YdA8cILrMyDWOIYnj78UFiy5H58AbttHJ5gLzZEjjD0B+PnN/PsBjeztHEdfVgJ8ZlKnw6a00Ql63/QM3303ra+IN2G6H+NXiaqM+wqqqgXKujDlj/sNaMBrVG650ALqXip2PTvMrtOf8cTWc2tjOE8J9NqY80Wx+vzI5VR5zS9I6ewbaK+5JbBzRZYGsBdGXm5Sdf+FzYSz3JnnfrPv0O71tHXBDzgglzqSNoP/T3JtxPxC6zWcYw4bnTdu3/C2nVnDZYoFt/9gxA5fd69fGX6PlGzn3lwM6Fu6F4au5+Y1HInZil9dv2VBr72tZDn35x/gIXLjw31hAvi7yHCMM7+9Q65W+wc7cmRDB+w8C+w2sYxrsj9Ut6b5kjk0tFju77ZQNeOWCQl0s6myOnyzl2/2eaVVd3QbbRn5+UIl/u5fZL1o8NRXMSlT5vmNButk5AMDBco4nDWsyFMws/fQss6hgeXr117i6nUY14qGbX2nb9q+XvDt8eqe0Js1e5x86V2WTLulYqIxQ4f473WJUoP50kniBKGWQ0R9Wb/h3QDvd/Mv1giJ7v8fXTK9AyWzrwuhHWH2OjqCxW00+BWRyPas3e6NPP487Tv1H/pn1tNdXwh2ZizREwBm4OgROhqqJ+UkETyUzN01kuGNGHK1KzKKYREdrOf4MDTfDvHDZNmTJCosJce8M08uBBz1hb7+AmuRU6s3id5cp/bRIObWeqGWF+3ShdbmHgP7mBEe34gWFPpk29O+zLanOiRx/YJHbBCZr0cAoWLMCwdwgUy+mmJz2wezfnwdTUL1STi2LdxzFebl8o3zdWe+y5OXbLsAy7n1b/viVN7um93jsm7j7dxneYJomwIfLqJBMcNzeALomEPjg2lBRlalnybn5SRFYoDF9PdRtPy7keuddQxTUm11da/v8Fc+99NT5a5tIOjZdYqUzdyEvJ4PBy7NfxkSt13kxKm/Z3juXBFNYqfJtiyJKysT17C5giO3Gg3V5O3zfwuyN1aSuIJoqwIyW6yYoOLnJaf0Nw/vr9EhDOPpTCdvupUcNyVyP285d1p7iBFL8D+wDrnTDYf0Qh2CwlzcJpfnIXWHdXV+YnnQK2qYRF7WL0+ynrJf7+uLNQvPZaPcITfvVntZrnzer/EppAzDWE2fvzRmqM1pdzvbND+AX4u9S+98yM7U9j6TzL5vQzmg/WhIaahclx27fxBlmwwyf0Sq/wPEXXiXcHeVifF8SvuNL04GzgTWnfk262WqqodL3VPSyXROWxibEpw55PEVbUf8thTf371bybXaWXv8be+JIrcJa5Zaf5JRCx9fw/31fERIYnRG7mPD+4KbHLDi2wEzIQOn5xhiydSTWMhr2N6jj8mWvflNaxbwsUZg/bwhshZgceg7b72pnCXZkuNi+NKsgtzy+k8wUGOVvD1vszosTTJQRdLvwcW91VyL4FPzO1Gesw1yfs+6nLrdovXqH//1Xcu2233eR33EXTfkBXCQe4TbslDbNsBVoPCdUgVytCC2B9YEAitN01wZ+klQ1p6RFrGwYmLHW6plnGDec7N/4TdgG/NHlzIyV4miZceoXXuX6eK4oy5BaT09FqbxsbzX9PPJ25jB8mGWNk8lLYTXUplt9BKm3JE33GWsT+aPan4NcDJWivnzkKUCnV3uyXj3D46fUMs0U2/ENQ+fDsLLLYuE6s7ZNl6d493x6pSKr+yGL6kdfCHn69zELULw6SN5t9SWkhvzGWVliKvmFs3m5p6Y7ZA7FJYv4veLaawlhP2jt7hdkvbK5dyD109C32qqsPbidpNetfcPfip2Rve+3K02/fXhRX0110yVxO8yL6+fclBhYxpTNihiSwsT70kvGY72MFhdnyDfx0vcX0XqFqKsDq9aEmVeJh70G4vWqAl+QMKREtEn8l9BvvrSUGo1uL7vbhORqT30a26uyTqy088v5JXcl2qUPWyrftMCdfOMfMIrVc88dK85SxUcRxMTo5dejh6Fhy7s0i9I20X1U+qJoRWu/TbmJBN1LlC/aJlyZA4gfvUpNNSKiFlve18u2f1gfRo2HBGpuEqRQPMicYythvc+NKjrHzBd2VYNhqZ2DyMKZU5WpnbGOLHJ1lb+ntvJNP6LGIVJttYt8jdTOx88/6ru6VcOxenZGlYvC8VxwCXUCUeOyl3G779tZ3E7W0QPK5hyl23ifPhC+l/mtcXsR/SfnYYtfMbpZurXBYjC5tN1JAiuY+DdcOi7O8az+sV5rGERG6nX0W39kxlPRXmDO/Dxi4wfnUfX+fL3rCzGV2kp1GYJvnFvsjBZuN7/x2yt7B7lK7x5lJq6zN0EauBSbuHdVUYzIXnM8/SxqOL4pGDbCfp4UuqiGM84qZBFshgHKtSNLCx4EJYZDLP9s0o+ylJXg1DHAO1eyMzLV58Basf93vVZgxA+/nXOq6NICFZqE33ABDJyGNepWkweKGLcMesxyqcunZCQj9CvsG3eyMmXx5j7rnbZa1olt4IvGEH396O4H154Ct+cN3w7e0f6ssDV4QiI+DbrwXgy+HbAYDaAYDaAYDaAYDaAYDaAYDaAYDaAdQOANQOANQOANQOANQOANQOANQOANQOANQOANQOANQOoHYAoHYAoHYAWgfjM2/J3iLF3ogRNoAXUFo0g0k4pTBDx74IGbHS9KMh/hQh1F4iTJRqTIlOUiVOLY2C2oEXUsCmHuDUzMhSHeT+TxHkrp+UkETyUzN0hrQMXeZizppVOYWQyG5FUYhkgPdh2NmHyjo5eSNbnM0put/UPRf4H/N6cNoeMzyntuxcLIk8XUtK8lZrCdGMpDNLQu3A2+DnUOq+WzxtWKT5ThjOaVs1yjwzkz55CZsZONJ+riaoHXg+FX7d7e8A4buqhk0UGVavD/bfT8pC/dJj2dS21IK4HXihb7c36bdM4+d2r6o2mbqn0clUt1fm8IvBnU+6rPZDyGPQNjiYji3cdrZUY/rVCXZrxcVxJdmFueVC1Yw9iGSAN5JVlBNkcuFW5dm09Ii0jIMTHU9zpZZxgwHQRpystXbu+RsyLNWLLGCpUNPQ3ji3j07fEEt00y8EwbcDryTSZjl/frLO9H+3GFrTaNzRmxZWt1cuJYSWTrnQp6o6HGoH3kdYnVX1Ssn8ZKEuMn9AgSrx8LuczIsWcN5fn8l9BvvrSUGoVvD2rkUyAHgMwR1pu6h+UjUhqST6rXUkO5uY+w7025iQTdS53AqGxAncpyadllIJKett59t91ORn5CbwbIwplTlamdsY4scnWVv6I5IBXoAq0b5dtCn49lfE7cDriBpSJPdxsG6YXacwxO3AK5z7KkW2gG8H1w5QO7h2QCQDWorhKv3017jL7n61s5ehxK9DNdOuWEKeZseJmajM2E18VMZ7Urqq3WJXEIn6dlaRz0hOaoldsYQ8zY4TE2gsn//7VVJf79cp4IHHtMrbFaS/hG83pvfYoSX6aR8G5c8P1zXfrlhCnmbHiZm48q/A17qS/y5/4YbP37lpjI/i9lYopdaXT+Nur+AAPYmbuq0FdsUS8jQ7TszE5V8euCkwsGcHQ+eHR+2+ory99epkDHpCdKaXXVtgVywhT7PjxDj8qOe/rG/U/vlolTvsble7+hZ6+5ad6d5Cu2IJeZodJ2ZC27Ow8o8/Sir/5ENUDQ3K21uhTkaVmDCA+4oOJ6RC/JKUXLtiCXmaHSdmouO4F+PriTG2F2n47f86Km9vjUim3xedCQmgw3KUhWpbYFcsIU+z48RMlXoDM4J9fbvNDSYN58M6Km9vjRpIAFympoH4XEdI41Uff7fYlauBbLLngCGlVhG7Ygl5mh0n1ikw8DrqODWqRrfYW6lOhlK2p1YRu2IJeZodJ2aiKuOcW+2toHYAXOSX72rcandXnYzQJYIR0AK7Ygl5mh0nZqLx6lXTvxfq3GBvBbXXlxNF7Iol5Gl2nJiJK8t21xuF/69TK29vBbVrkl82DS1WMr0FdsUS8jQ7TsxE3bEavwY+Hm5odIO9FdROxuxYvFIJu2IJeZodJ2aqSPn/NiwN5+W5P7NeeXtrlFJVaT+XKmFXLCFPs+PETObRt33sF8joKHbKStkVBa1LoIUcfe2ZfrxPXrm8hxvsitGfqHzJk3bmzCfKRztaXa5dsYQ8zY4TM9Wk1F4hoaND+e7o3e7v6qOwXVHWOFb7Xce+XrtWdUeL7Yol5Gl2nJhAw/svlN7mr+bF6evvo7RdYbVLRTJ0Vj42tl4L7Yol5Gl2nBjzyVWv/hh48aFJAZ2IW+wKRzJO4nY6X5+jOQ7k2hVLyNPsODGOWsO5+ZWaun/0U1sLVSl7a6md0HGyHb2ULt+uWEKeZseJcVyuO7BEa1RnXK/RuMXeWmoXGowzdC22K5aQp9lxYpQ/ru5Ye92lgSkBHVRusbeS2lm81melEnbFEvI0O06MhSIXV+7tdGX2/bYtOLV/ZDiyN9T8kflTgKP1L2bsc5ROK6kdtCH6KVlRXnGgtT6NjXVnX+g9zxyFGK76cCG4sY7UN1aK7aL74MJCW/tlomokV886XL/lalc7deoSpXb247ylWgePOPuyTeYG9mUzRo/UBpyJ7pLbyNEG9IgcPFsVONBm7Vf2jh2tLzlml7PY0tn6JdNFp8bt0dGBN3FhHF9KiQ04VQeoKp+pUKWNDVxPzK8d/fHq1x1evtvwZh6Z+ni4yC7a8P2/i+z1dVofUvnM/3w6Lo0NdLh+y3FY386d2EejifG5Eu6B88k9IQ43PLJ6kuVaGh7sFs5fhvqN1uvr4/by//zwzl9F115ygy/W011u5PL1B6vaXePs59eqbqNHtOOWcDccqNz9yt2x5Pr6B46x7/9a12YbHly+lvLe5Y/XWuWcxPq0/WftWnaIv3+WYFnfmPfHjrWOGoYkLox0DkltcGHZko0NN2cdaKzfd0OEn5+pqrxh18bG+v09t31c31ja0F/j56AKvfTdEX8y2w1vf3Onumbljz4Ndd/eer2/nxuq3NdI+HbDzhRCzhz+IIo77yWuzgFyppjzIsaUdWKnY0y/+k2Q4GTsOhU52MC4g/McmQvOcj/kvzdFtOMsLvuz/Y59E2RM2aZT/kDl7lf2jqXWlxyzS4T4FX/J9fOp402Ntj+UjHvidw2wszu9MA5zSGKD+vd2+pJ/Vx/P6X5l+a7BHcz2S3smTm7YuOrCsyMaP989/k+WmnVxP3bRSBo1e+L9if5IegypXbbula7uCbecRDJVNd3pwArTRVNVSr4DwNa/GsutP+o98dSW9eVLhMehJt1uCksHG9SXP0DIzJ09hhASJp4j0/g/7sldkjAiiB6QXTotP9Bm7Vf+ju3Xry9P4YfgCoorE99OmuT5TKG2cbvU+sYdNLTRTxpuX0uu2cYd1ECbuMTphXGcQ443qD1573OaHxff3ksdOH5llUXthv8NCiJ/2xV6byDptemSRe1S/dgbGzv4knPGXoEk8OH0P9ykdqnRk05yWWrfuiD5DoDFB3FicXnnEhtU1YRq7XY8lpCo4X3ceqAy9it7x1Lrm7RhNwRX3IGQgW8Rl9dnB0q6fz1wjIOBv1SrDk69MmxAAWnplXFUOj09OCTwztvpjKZ+dUabH6svX2ebo3XHaoyCS7fq6qjpecJAQgLpT24aBFLSt6tGcY/JYN/93ONsnfg5KvkOAEnl/qLtE9KMXBDLb2CdkNQGTBR51bsKdDaD+liocMeByt2v7B1Lra++hXpoB2N2cRItSXgzN8juQKXWZ9NwqVamjJjt6Ohnz86fb7oUzi+MRA5JbeDDKsb9SQNp/P99RJXkmrCT1T5bqg/tuLfxRKhofBipfuwdB64OHa2+ui+IXPn39Z1aVe0krixVOG+SIc4LyXcAWH7TB5+NWGbuHGbaU6626Q04UWRzuzTQPSeLRTTS/NguGxSk/IHK3q/sHUusLzlmF0e/g5mP2F4gqfU1IwtZcYOT+4oAx5c0jrh8YRxdSokNOsXuGR5IOmh9SW1532CRegev+MDHf37dP9MbfR4LFJ3A6J8+ns9vb9WP3XfMf99edfXqkhXEXzu7S+uqncyeGX+KftsUb1RpU0odVLhpzKO+GrLHa61/oU3NdjVmkhvElW0gdFbv+WSEVUXXRG6/bOIo/ZaF7jhQ2fuVuWPJ9ft9Mana4ZhdwjZnbExS60/cUqQTvPteVy68xIWRziGpKzlmxS/9Oj7nqyKnSyeK7jNfXflHjRMe8PF5vfGeSeLqxMDJr5Xz/dhVncXq0yY/NPeXTg0NJHJRd3eNhIHWJdAyGms6+gr/WDf3X633pXdLbb3a5i7+I4BXubFOYx2iX2aRjV+Am460f9PzLlm1VThpk3DWVsG7CvvGlmbZbQ/Imd1Rq1BzT0DqeBQ5UCVzWqkMdTFHfa4z1tCIxCfgOutV/f1rr9QTla9dEG5aT+VrUx411ehc9XNTQVVK7TRLHTTCmacjyc6xygkpu4iyPbXaFtglDkjKTmsCkx+fy8UOqVa/Nv8EpI6zhQeqfE63MEPl5iipXre5sYH4+k5KsD4eKbulDmz948Fy7G5Tu0RbhVQTg/O2CiWQajyRsku0Crn/BOQeaFvltGRrlMwcbSyfd66OC2Ua6rfuzOrZtF3EL99NDJZjd5fapdoqpJoYJNsqFBvaSuKAJO0SrUJyT0D+kFpyD1ShnFYqQ2Xn6JX1l9Zez/47N3ftwoAm7R45VlgKoW0VKWO2tyx55Ya2cnxATu2OWoUUOn5lD1SBnFYqQ2Xn6OWK6b2Fypbk187e2KTdA8cKk2qrkGpikGyrUGwIK8nGE+eNKsSmVUjuCcgeUkv+gSqT08plqMwc9fE1VxeqGxuatnvgWGGSbRVSbRKSbRUKDWEldUDSdolWIbknIHdILfkHqlBOK5ShsnO0U2zOrTfw3vzfN3Rywd6WY4VJ9PjtmXMz69/qO+rYqQRxQ/ejYbvYPyM2W3VzlbIT3wFrY3mLVUdU2XapA5K0c8n43n8HF4EuSQwnzT8BqeNR7kAVymmlMlRujqp7ff3Rv97N5fjs4nPhPk3afW88cXR4Rw3l98KxQU3aFWQNWpdAS6nJz6YFTN+hzwX7uGJvw7HCHKo9c4PjN2Pk2hVLyNPsODFTTUptnUYjtIH6a120G/z4+Nx4pYNvE3aF1Y6xwnBiLdiAjfHVyAcgalftGCvM6+w4MeaTMVaYuxLCWGEeeGIYK8x9CWGsMA88MYwV5raEMFaYJ54YxgpzW0IYK8wTT6z2fMaPDscKU8jeSmoHwCn1tY20mVLbUGM9xpdS9tZRu30hXGrkKckRqeRu4G675Jhgcu2KJeRsB/TLLnZ2t132BuZ+7FM7kcskwEdpu4JqlzdWmNTIU5IjUsndwN12yTHB5NoVS0jKLjUmmLvtcjdoLJ91kA7E0Vj/388GBVnGClPKrmh9u9yxwhyPPCVtl72Be+1SY4LJtSuWkKRdYkwwd9tlbyC3f7tcu6I4KQsII1vZDKGj2XZg+OGBd9uN0SNll72BW+315eGEzKwVxgRrvl2xhKTt0/gxwUjc1G2k9eyyN6D92PmJH29KPnRWebuiOPbtTke2Uq3iosxh9nVTUnbZG7jbXlXTR+v49pZnVywhyR0Qgz6K6OxHrnO73fUN5PZvl2tvBd+uGpVdQIJ99zsYSYox++BSsuCC63bZG7jLbh4TzGZsILl2xRKStlMHaj8mmLvtsjfoFJtz9A/GGdv+7YrYW8G3S46EZVkhTmJDCbvsDdxjlxoTTK5dsYQk7RJjgrnbLnsDTcL+py4zX9wx4KWuyttbJW6fvY9/8SR6r65d1Q3HTeVUpYtbSmzGBJNrVywhKXu/LzoTR2OCudsue4OQN6czl+l754bbfdxgVxK0LoGW0nCJvWHnr3WTXbn6djUuFmhpfGAa/MtmjC+l7K1SAwmALKpeP+dWO9QOPIdfvqtxq91tdTIAuIbcsb88cKwwAFxE7thfbTpWGCIZ0CKk5lFSyg7fDjwHuWN/telYYfDtoEWoRt/2sR/fnctqHiWl7FA78CACJ+uFcYSt51FSyq4kaEsFLcU8j5LNGF9K2ZUCbamg5ZjnUerkHjsiGQCgdgCgdgCgdgC1AwC1AwC1AwC1AwC1AwC1AwC1AwC1AyAHH3QLA9cMKuKDTADXBo3/D6NjokMYsYSIAAAAAElFTkSuQmCC)
![](data:image/png;base64,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)
Also shown below is the BMY – Celgene deal. This had a large initial spread but faced clear investor opposition. The frequent spread change clearly showed a “risky” merger arb with plenty to worry about. The theory is that the lack of activity in AbbVie – Allergan is indicative of simple path forward.
![](data:image/png;base64,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)
Short Interest:
AbbVie has short interest of 60.8m shares of 4% of shares outstanding. Allergan has short interest of 10.3m shares or 3.1% of shares outstanding. One area that is slightly concerning is short interest in Allergan has increased since the deal announcement.
Stamp Tax:
AbbVie may owe €572m Irish stamp duty. Previously mergers were able to get around the 1% stamp duty fee but a regulatory change that took effect Oct. 8th took measure to close that.
Catalyst
Deal close