Merger Arbitrage Mondays – May 31, 2010

  • May 31, 2010

The merger activity slowed down last week when compared to the previous week with just three new deals announced and two deals closing.

The three new deals include the acquisition of Emmis Communications Corporation (EMMS) by JS Acquisition and Alden Global Capital for $2.4 per share in cash, the acquisition of Odyssey Healthcare (ODSY) by Gentiva Health Services for $27 per share in cash and the acquisition of Williams Pipeline Partners LP (WMZ) by Williams Partners L.P. in which Williams Pipeline Partners shareholders will receive 0.7584 shares of Williams Partners common stock per share held.

Another deal that was announced this week was IBM buying business software company Sterling Commerce from AT&T (T) for $1.4 billion. Since IBM is only buying a particular business segment from AT&T, this deal is not listed below but the size of the deal made it worth mentioning.

The two deals that closed include the acquisition of Thoma Bravo (TUTR) by Plato Learning on May 25, 2010 and the acquisition of SkillSoft (SKIL) by a consortium of private equity funds on May 26, 2010.

You may notice that the acquisition of Allied Defense Group (ADG) by Chemring Group is no longer listed. The DOJ expanded its review of ADG and the Chemring Group has indicated “that it is presently unwilling to consummate the merger pursuant to the terms of the merger agreement”. Should ADG announce a new merger agreement with the Chemring Group, we will add it to the list again.

 SymbolAnno.
Date
Acquiring
Company
Closing
Value
Closing
Price
Last
Price
Closing
Date
ProfitAnnu.
Profit
+SSE2/23/2010Naugatuck Valley Financial Corp$19.5 million7.256.38/16/201015.08%72.42%
+AYE2/11/2010FirstEnergy$8.5 billion23.4820.463/31/201114.76%17.96%
+WX4/26/2010Charles River Laboratories$1.6 billion20.2817.8912/31/201013.36%23.22%
+Q4/22/2010Century Link$10.6 billion5.7125.244/21/20119.01%10.24%
+ME4/15/2010Apache$2.7 billion23.0621.389/30/20107.86%23.90%
+SWWC3/3/2010Institutional Investors$275 million1110.33/31/20116.80%8.27%
+STBK3/18/2010Roma Financial Corp$14.7 million2.522.368/16/20106.78%32.56%
+PINN2/24/2010Investor Group lead by Scotia Waterous (USA)$11 million0.340.326/30/20106.25%76.04%
+GLG5/17/2010Man Group$1.6 billion4.54.269/30/20105.63%17.14%
+EFJI5/17/2010Francisco Partners 1.0519/30/20105.00%15.21%
+EMMS5/25/2010JS Acquisition and Alden Global Capital$3 billion2.42.39/30/20104.35%13.22%
+PSYS5/17/2010Universal Health$3.1 billion33.7532.3812/31/20104.23%7.35%
+SII2/19/2010Schlumberger$7.5 billion39.1137.569/30/20104.13%12.55%
+VTIV5/6/2010Thomas H. Lee Partners$1.1 billion2624.989/30/20104.08%12.42%
+IDC5/4/2010Silver Lake & Warburg Pincus$3.4 billion33.8632.559/30/20104.02%12.24%
+BNE2/24/2010RR Donnelley$481 million11.511.079/30/20103.88%11.81%
+RCNI3/5/2010Emera Inc.$1.2 billion1514.5259/30/20103.27%9.95%
+MAM3/12/2010 $75.7 million4543.712/31/20102.97%5.17%
+TSFG5/17/2010TD Bank Financial Group$61 million0.280.27229/30/20102.87%8.72%
+DCP4/12/2010Cerberus Capital Managemen$1.5 billion17.5517.1111/15/20102.57%5.69%
+PRPX2/17/2010L.B. Foster Co.$112 million11.7111.456/30/20102.27%27.63%
+VRAD5/17/2010Providence Equity$294 million17.2516.889/30/20102.19%6.67%
+BSMD5/13/2010Merit Medical Systems$96 million4.384.39/30/20101.86%5.66%
+WEL4/9/2010Halliburton Company$240 million32.959/30/20101.69%5.16%
+ODSY5/24/2010Gentiva Health Services$1.0 billion2726.569/30/20101.66%5.04%
+DBTK5/17/2010Vision Solutions$242 million10.5510.399/30/20101.54%4.68%
+CKR3/1/2010Apollo Management VII$694 million12.5512.366/30/20101.54%18.70%
+SXE5/7/2010CGI Group$904 million37.536.949/30/20101.52%4.61%
+ATBC5/10/2010Jacksonville Bancorp  2.732.699/30/20101.49%4.52%
+CRN4/19/2010GeoGroup$685 million27.4327.049/30/20101.44%4.39%
+SENO5/5/2010Bard$200 million1110.869/30/20101.29%3.92%
+CYBS4/21/2010Visa Inc.$2.0 billion2625.699/30/20101.21%3.67%
+ARD4/4/2010SandRidge Energy Inc.$1.6 billion33.2632.889/30/20101.16%3.52%
+WMZ5/24/2010Williams Partners L.P. 28.2727.969/30/20101.11%3.37%
+IUSA3/8/2010CCMP$460 million87.9156/30/20101.07%13.07%
+MIR4/12/2010RRI Energy In.$1.6 billion12.5512.4212/31/20101.05%1.82%
+CPII5/10/2010Comtech$472.3 million15.515.349/30/20101.04%3.17%
+SY5/12/2010SAP$5.8 billion6564.339/30/20101.04%3.17%
+PFWD4/16/2010Oracle Corp.$685 million1716.836/30/20101.01%12.29%
+ATSI4/29/2010Medtronic$350 million43.969/30/20101.01%3.07%
+RBI3/15/2010affiliate of Oncap Management Partners L.P. 13.5513.438/16/100.89%4.29%
+MIL3/1/2010Merck$6 billion107106.219/30/20100.74%2.26%
+TWPG4/26/2010Stifel Financial$300 million6.916.866/30/20100.73%8.87%
+BELM3/29/2010Avnet$252 million76.956/30/20100.72%8.75%
+HTRN5/5/2010Endo Pharmaceuticals$223 million4.854.827/31/20100.62%3.79%
+NADX4/5/2010GDC Holdings Inc.$100 million1716.96/30/20100.59%7.20%
+ORCD3/16/2010eMusic$12.77 million2.052.048/16/20100.49%2.35%
+RISK3/1/2010MSCI$1.55 billion21.6921.637/16/20100.28%2.20%
+DCAI4/14/2010U.S. Renal Care$112 million11.2511.225/31/20100.27%0.27%
+OSIP5/17/2010Astellas Pharma$3.5 billion57.557.386/30/20100.21%2.54%
+BWY3/29/2010Madison Dearborn Partners, LLC ("MDP")$915 million2019.968/16/20100.20%0.96%
+NGA4/1/2010AZZ Inc.$125.6 million7.57.498/31/20100.13%0.54%
+CXG3/22/2010Consol Energy Inc.$363 million38.2538.246/30/20100.03%0.32%
+PALM4/28/2010Hewlett – Packard$1.2 billion5.75.77/31/20100.00%0.00%
+CAL5/3/2010United$1.2 billion21.0121.112/31/2010-0.43%-0.74%
+PONE4/26/2010GTCR$828 million15.515.896/30/2010-2.45%-29.86%
+DTG4/26/2010Hertz$1.2 billion4146.712/31/2010-12.21%-21.21%
+SMMX4/5/2010Accelrys Inc.$186 million5.366.46/30/2010-16.25%-197.71%
+CCE2/25/2010The Coca-Cola Company$12.3 billion 26.110/1/2010