Merger Arbitrage Mondays – July 26, 2010

  • July 25, 2010

The activity on the Merger Arbitrage front dropped a little last week with three new deals announced and two deals closing.

The new deals include the acquisition of AmeriCredit Corporation (ACF) by General Motors at $24.50 per share in cash, the acquisition of Cypress Bioscience (CYPB) by hedge fund Ramius at $4.00 per share in cash and the acquisition of ATC Technology (ATAC) by Genco at $25 per share in cash. We have not listed the acquisition of CYPB by Ramius in the table below because the deal is yet to be approved by the Cypress board.

The deals that closed include the acquisition of Arena Resources (ARD) by SandRidge Energy on July 19, 2010 and the acquisition of SonicWall (SNWL) by an investment group led by private equity investment firm Thoma Bravo LLC on July 23, 2010. The tender offers for Santander Bancorp (SBP) and American Italian Pasta Company (AIPC) are now complete and those deals are expected to close shortly.

 SymbolAnnounced
Date
Acquiring
Company
Closing
Value
Closing
Price
Last
Price
Closing
Date
ProfitAnnu.

Profit

+WX04/26/2010Charles River Laboratories (CRL)$1.6 billion$20.54$15.7412/31/2010 30.48% 70.41%
+EMMS05/25/2010JS Acquisition and Alden Global Capital (N/A)$3 billion$2.40$1.9709/30/2010 21.83% 120.71%
+TLCR06/07/2010Grifols (GRF.MC)$3.4 billion$25.89$21.6612/31/2010 19.53% 45.11%
+SSE02/23/2010Naugatuck Valley Financial Corp (NVSL)$19.5 million$7.25$6.3508/16/2010 14.17% 246.34%
+AYE02/11/2010FirstEnergy (FE)$8.5 billion$25.24$23.0803/31/2011 9.36% 13.77%
+BGH06/11/2010Buckeye Partners LP (BPL)$1.14 billion$44.53$41.5412/31/2010 7.19% 16.62%
+ATBC05/10/2010Jacksonville Bancorp (JAXB)N/A$2.45$2.3109/30/2010 6.06% 33.52%
+PINN02/24/2010Investor Group lead by Scotia Waterous (USA) (N/A)$11 million$0.34$0.32108/21/2010 5.92% 83.09%
+Q04/22/2010Century Link (CTL)$10.6 billion$5.92$5.6404/21/2011 4.91% 6.67%
+TTIL06/09/2010Teoco Corp. (N/A)$58 million$3.00$2.8809/30/2010 4.17% 23.04%
+ALOY06/24/2010ZelnickMedia (N/A)$126.5 million$9.80$9.4312/31/2010 3.92% 9.06%
+ATAC07/19/2010Genco Distribution System Inc. (N/A)$513 million$25.00$24.1612/31/2010 3.48% 8.03%
+PRPX02/17/2010L.B. Foster Co. (FSTR)$112 million$11.71$11.3508/31/2010 3.17% 32.16%
+TSFG05/17/2010TD Bank Financial Group (N/A)$61 million$0.28$0.271609/30/2010 3.09% 17.10%
+ODSY05/24/2010Gentiva Health Services (GTIV)$1.0 billion$27.00$26.2309/30/2010 2.94% 16.23%
+PMACA06/10/2010Old Republic International (ORI)$228 million$6.95$6.7509/30/2010 2.91% 16.10%
+GLG05/17/2010Man Group (N/A)$1.6 billion$4.50$4.3809/30/2010 2.74% 15.15%
+HEW07/12/2010Aon Corp (AON)$4.9 billion$48.91$47.6311/15/2010 2.68% 8.74%
+ECLP06/09/2010Allscripts-Misys Healthcare (MDRX)$1.3 billion$19.43$18.9311/15/2010 2.63% 8.57%
+WMZ05/24/2010Williams Partners L.P. (WPZ)$35.48$34.5709/30/2010 2.63% 14.52%
+VETS06/02/2010VCA Antech Inc (WOOF)$41.25 million$0.34$0.332509/30/2010 2.26% 12.47%
+PSYS05/17/2010Universal Health (N/A)$3.1 billion$33.75$33.0712/31/2010 2.06% 4.75%
+EFJI05/17/2010Francisco Partners (N/A)N/A$1.50$1.4709/30/2010 2.04% 11.29%
+ACF07/22/2010General Motors Co. (N/A)$3.5 billion$24.50$24.0112/31/2010 2.04% 4.71%
+OMNI06/04/2010Wellspring Capital Management (N/A)$122 million$2.75$2.7011/15/2010 1.85% 6.04%
+SMTB07/15/2010People's United Financial Inc. (PBCT)$60 million$4.01$3.94112/31/2010 1.73% 3.99%
+WAIN06/29/2010Eastern Bank (N/A)$163 million$19.00$18.690112/31/2010 1.66% 3.83%
+DIVX06/02/2010Sonic Solutions (SNIC)$323 million$8.06$7.9309/30/2010 1.61% 8.88%
+ADCT07/13/2010Tyco Electronics (TEL)$1.24 billion$12.75$12.5612/31/2010 1.51% 3.49%
+NTY07/15/2010The Carlyle Group (N/A)$3.8 billion$55.00$54.1912/31/2010 1.49% 3.45%
+SWWC03/03/2010Institutional Investors (N/A)$275 million$11.00$10.8403/31/2011 1.48% 2.17%
+MIR04/12/2010RRI Energy In. (RRI)$1.6 billion$11.94$11.7712/31/2010 1.40% 3.25%
+NYM07/15/2010ProSight (N/A)$230 million$25.75$25.4012/31/2010 1.38% 3.18%
+BNE02/24/2010RR Donnelley (RRD)$481 million$11.50$11.3509/30/2010 1.32% 7.31%
+ME04/15/2010Apache (APA)$2.7 billion$23.61$23.3309/30/2010 1.22% 6.74%
+STBK03/18/2010Roma Financial Corp (ROMA)$14.7 million$2.52$2.4908/16/2010 1.20% 20.94%
+MAM03/12/2010Emera Inc (N/A)$75.7 million$45.00$44.4812/31/2010 1.17% 2.70%
+BSMD05/13/2010Merit Medical Systems (MMSI)$96 million$4.38$4.3309/30/2010 1.15% 6.39%
+PFWD04/16/2010Oracle Corp. (ORCL)$685 million$17.00$16.8206/30/2010 1.07% 0.00%
+LSBX07/15/2010People's United Financial Inc. (PBCT)$96 million$21.00$20.7912/31/2010 1.01% 2.33%
+QUOT06/11/2010LQ Acquisition (N/A)$19 million$4.00$3.9609/30/2010 1.01% 5.59%
+ACAP07/08/2010The Doctors Company (N/A)$386 million$41.50$41.1112/31/2010 0.95% 2.19%
+CRN04/19/2010GeoGroup (GEO)$685 million$28.17$27.9709/30/2010 0.72% 3.97%
+SII02/19/2010Schlumberger (SLB)$7.5 billion$41.34$41.0609/30/2010 0.69% 3.81%
+WEL04/09/2010Halliburton Company (HAL)$240 million$3.00$2.9809/30/2010 0.67% 3.71%
+MEND07/12/2010Johnson & Johnson (JNJ)$480 million$23.40$23.2509/30/2010 0.65% 3.57%
+RBI03/15/2010affiliate of Oncap Management Partners L.P. (N/A)$13.55$13.4808/16/2010 0.52% 9.03%
+MDNU06/11/2010Danone (N/A)$62.3 million$4.00$3.9809/30/2010 0.50% 2.78%
+ORCD03/16/2010eMusic (N/A)$12.77 million$2.05$2.0408/16/2010 0.49% 8.52%
+NADX04/05/2010GDC Holdings Inc. (N/A)$100 million$17.00$16.9309/30/2010 0.41% 2.29%
+RCNI03/05/2010ABRY Partners (N/A)$536 million$15.00$14.9409/30/2010 0.40% 2.22%
+GNA06/02/2010Gerdau (GGB)$1.7 billion$11.00$10.9608/31/2010 0.36% 3.70%
+VRAD05/17/2010Providence Equity (N/A)$294 million$17.25$17.2009/30/2010 0.29% 1.61%
+VTIV05/06/2010Thomas H. Lee Partners (N/A)$1.1 billion$26.00$25.9309/30/2010 0.27% 1.49%
+SXE05/07/2010CGI Group (N/A)$904 million$37.50$37.4009/30/2010 0.27% 1.48%
+ATSI04/29/2010Medtronic (MDT)$350 million$4.00$3.9909/30/2010 0.25% 1.39%
+SMTS06/16/2010Covidien (COV)$299 million$25.00$24.9707/31/2010 0.12% 8.77%
+IDC05/04/2010Silver Lake & Warburg Pincus (N/A)$3.4 billion$33.86$33.8209/30/2010 0.12% 0.65%
+SY05/12/2010SAP (SAP)$5.8 billion$65.00$64.9609/30/2010 0.06% 0.34%
+STST06/30/2010Boeing (BA)$775 million$34.50$34.4909/30/2010 0.03% 0.16%
+VIRL06/10/2010Synopsys (SNPS)$315 million$12.00$12.0012/31/2010 0.00% 0.00%
+AIPC06/21/2010Ralcorp Holdings (RAH)$1.2 billion$53.00$53.0109/30/2010 -0.02% -0.10%
+CAL05/03/2010United (UAUA)$1.2 billion$24.11$24.2512/31/2010 -0.59% -1.35%
+SBP06/24/2010ABLASA (N/A)N/A$12.69$12.7707/29/2010 -0.63% -76.22%
+NGA04/01/2010AZZ Inc. (AZZ)$125.6 million$7.50$7.5608/31/2010 -0.79% -8.05%
+VRX06/21/2010Biovail Corporation (BVF)$3.3 billion$54.70$55.3212/31/2010 -1.12% -2.58%
+CPII05/10/2010Comtech (CMTL)$472.3 million$13.90$14.0809/30/2010 -1.25% -6.89%
+ABII06/30/2010Celgene (CELG)$2.9 billion$71.80$74.4212/31/2010 -3.51% -8.12%
+BXC07/22/2010Cerberus Capital Management (N/A)$111.1 million$3.40$3.9112/31/2010 -13.04% -30.13%
+DTG04/26/2010Hertz (HTZ)$1.3 billion$39.88$47.5712/31/2010 -16.17% -37.35%
+MCCC06/01/2010Chief Executive Rocco Commisso (N/A)$590 million$6.00$7.26N/A -17.36% 0.00%
+CCE02/25/2010The Coca-Cola Company (KO)$12.3 billionN/A$28.5110/01/2010 N/A N/A