Merger Arbitrage Mondays – November 29, 2010

  • November 28, 2010

Merger activity decreased last week with four new deals being announced and six deals closing. You can find all the deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2010115
Total Number of Deals That Did Not Complete in 20106
Total Number of Pending Deals
Cash Deals57
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals81

New Deals:

  1. The acquisition of Novell Inc. (NOVL) by Attachmate Corporation for $2.2 billion or $6.10 per share in cash
  2. The acquisition of J. Crew Group (JCG) by private equity firms TPG Capital and Leonard Green & Partners for $3 billion or $43.50 per share in cash
  3. The acquisition of Del Monte Foods (DLM)  by a group led by Kohlberg Kravis Roberts & Co (KKR) for $5.3 billion or $19 per share in cash
  4. The acquisition of CPI International (CPII) by private-equity firm Veritas Capital for $525 million or $19.50 per share in cash


Closed Deals:

  1. The acquisition of Buckeye GP Holdings (BGH) by Buckeye Partners LP (BPL) on November 22, 2010
  2. The acquisition of Enterprise GP Holdings (EPE) by Enterprise Products Partners (EPD) on November 22, 2010
  3. The acquisition of Gymboree Corporation (GYMB) by Bain Capital Partners on November 23, 2010
  4. The acquisition of NYMAGIC Inc. (NYM) by ProSight Specialty Insurance Holdings on November 23, 2010
  5. The acquisition of Phoenix Technologies Ltd. (PTEC) by a wholly-owned subsidiary of Pharaoh Acquisition LLC, an affiliate of Marlin Equity Partners on November 23, 2010
  6. The acquisition of Bowne & Co. Inc. (BNE) by RR Donnelly (RRD) on November 24, 2010


Top 10 Deals with largest spreads:

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnu.
Profit
TLCR06/07/2010Grifols (GRF.MC)$26.94$22.0503/31/2011 22.20% 65.87%
DTG04/26/2010Avis (CAR)$54.39$45.8812/31/2010 18.56% 205.25%
HYC11/17/2010Verifone Systems (PAY)$7.98$7.3509/30/2011 8.59% 10.24%
CRXL10/06/2010Johnson & Johnson (JNJ)$34.40$31.7803/31/2011 8.24% 24.46%
MROE10/06/2010Old National Bancorp (ONB)$13.03$12.1103/31/2011 7.60% 22.56%
MAJCD09/21/2010Bayside Capital Partners (N/A)$4.50$4.2003/31/2011 7.14% 21.20%
PVG09/21/2010Penn Virginia Resource Partners (PVR)$27.04$25.2512/31/2010 7.08% 78.33%
PNNW11/12/2010City of Nashua (N/A)$29.00$27.4009/30/2011 5.84% 6.97%
SHMR10/15/2010Essilor (N/A)$14.50$13.7806/30/2011 5.22% 8.91%
ADAM08/30/2010Ebix Inc. (EBIX)$6.52$6.2412/31/2010 4.57% 50.51%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


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

Profit

+TLCR06/07/2010Grifols (GRF.MC)$3.4 billion$26.94$22.0503/31/2011 22.20% 65.87%
+DTG04/26/2010Avis (CAR)$1.56 billion$54.39$45.8812/31/2010 18.56% 205.25%
+HYC11/17/2010Verifone Systems (PAY)$485 million$7.98$7.3509/30/2011 8.59% 10.24%
+CRXL10/06/2010Johnson & Johnson (JNJ)$2.41 billion$34.40$31.7803/31/2011 8.24% 24.46%
+MROE10/06/2010Old National Bancorp (ONB)$83.5 million$13.03$12.1103/31/2011 7.60% 22.56%
+MAJCD09/21/2010Bayside Capital Partners (N/A)$7.8 million$4.50$4.2003/31/2011 7.14% 21.20%
+PVG09/21/2010Penn Virginia Resource Partners (PVR)$954 million$27.04$25.2512/31/2010 7.08% 78.33%
+PNNW11/12/2010City of Nashua (N/A)$138 million$29.00$27.4009/30/2011 5.84% 6.97%
+SHMR10/15/2010Essilor (N/A)$130 million$14.50$13.7806/30/2011 5.22% 8.91%
+ADAM08/30/2010Ebix Inc. (EBIX)$66 million$6.52$6.2412/31/2010 4.57% 50.51%
+AAI09/27/2010Southwest Airlines (LUV)$1.4 billion$7.75$7.4203/31/2011 4.45% 13.20%
+LTXC11/18/2010Verigy Ltd (VRGY)$422 million$8.33$8.0006/30/2011 4.16% 7.10%
+TCM11/01/2010Hanmax Investment Limited (N/A)N/A$4.50$4.3403/31/2011 3.69% 10.94%
+MCCC11/15/2010Chief Executive Rocco Commisso (N/A)$600 million$8.75$8.4506/30/2011 3.55% 6.06%
+BUCY11/15/2010Caterpillar Inc (CAT)$8.6 billion$92.00$89.0506/30/2011 3.31% 5.65%
+Q04/22/2010Century Link (CTL)$10.6 billion$7.16$6.9504/21/2011 3.05% 7.73%
+OPTC11/11/2010TKH Group (N/A)N/A$2.45$2.3803/31/2011 2.94% 8.73%
+VCGH11/10/2010Company's chairman of the Board, CEO, President and COO (N/A)$37 million$2.25$2.1903/31/2011 2.74% 8.13%
+NOVL11/22/2010Attachment Corporation (N/A)$2.2 billion$6.10$5.9403/31/2011 2.69% 7.99%
+AYE02/11/2010FirstEnergy (FE)$8.5 billion$23.50$22.9103/31/2011 2.57% 7.62%
+MFE08/19/2010Intel Corporation (INTC)$7.68 billion$48.00$46.8506/30/2011 2.45% 4.19%
+OCNW09/16/2010Calix Inc. (CALX)$171 million$7.59$7.4412/31/2010 2.05% 22.65%
+NAL08/19/2010First Niagara Financial Group (FNFG)$1.5 billion$13.61$13.3505/15/2011 1.93% 4.18%
+BJGP10/28/2010Sanofi – aventis (N/A)$520.6 million$10.00$9.8303/31/2011 1.73% 5.13%
+PRPX02/17/2010L.B. Foster Co. (FSTR)$112 million$11.80$11.6012/30/2010 1.72% 19.67%
+ID09/20/2010Safran (N/A)$1.1 billion$12.00$11.8003/31/2011 1.69% 5.03%
+CCBP08/09/2010F.N.B. Corporation (FNB)$70 million$40.95$40.4012/31/2010 1.37% 15.12%
+SVR10/28/2010Carlyle (N/A)$2.6 billion$31.00$30.6403/31/2011 1.17% 3.49%
+GIW10/25/2010Community Bank System (CBU)$101.8 million$9.50$9.3902/15/2011 1.17% 5.41%
+LDSH11/17/2010Allegheny Technologies (ATI)$778 million$47.12$46.6403/31/2011 1.02% 3.04%
+CPII11/26/2010Veritas Capital (N/A)$525 million$19.50$19.3112/31/2069 0.98% 0.02%
+FMR10/28/2010Fairfax Financial Holdings (FRFHF.PK)$294 million$16.50$16.3403/31/2011 0.98% 2.91%
+NCOC09/28/2010Ranger Energy Investments (N/A)$8.6 million$1.00$0.99112/15/2010 0.91% 19.50%
+DLM11/25/2010Kohlberg Kravis Roberts & Co (KKR)$4 billion$19.00$18.8303/31/2011 0.90% 2.68%
+CSCX10/19/2010Opto Circuits (N/A)N/A$2.30$2.2812/31/2010 0.88% 9.70%
+MIR04/12/2010RRI Energy In. (RRI)$1.6 billion$10.06$9.9812/31/2010 0.84% 9.34%
+ARTG11/02/2010Oracle (ORCL)$1 billion$6.00$5.9503/31/2011 0.84% 2.49%
+CFS11/02/2010affiliate of ABRY Partners (N/A)$84.8 million$2.50$2.4812/31/2010 0.81% 8.92%
+ACV09/27/2010Unilever PLC (N/A)$3.7 billion$37.50$37.2012/31/2010 0.81% 8.92%
+NHWK09/27/2010Virtual Radiologic (N/A)$170 million$6.50$6.4503/31/2011 0.78% 2.30%
+ULCM10/12/2010affiliates of Platinum Equity (N/A)N/A$8.07$8.0112/31/2010 0.75% 8.29%
+SMTB07/15/2010People's United Financial Inc. (PBCT)$60 million$3.77$3.7412/31/2010 0.73% 8.13%
+PZZ08/16/2010Leonard Green & Partners (N/A)$363 million$8.50$8.4412/31/2010 0.71% 7.86%
+TTES10/06/2010Robbins & Myers Inc. (RBN)$422 million$35.49$35.2812/31/2010 0.58% 6.43%
+ROAC10/18/2010Swenson Granite Co. (N/A)$39 million$5.25$5.2203/31/2011 0.57% 1.71%
+NUHC09/20/2010Arrow Electronics (ARW)$130 million$7.00$6.9612/31/2010 0.57% 6.36%
+KG10/12/2010Pfizer Inc. (PFE)$3.6 billion$14.25$14.1712/31/2010 0.56% 6.24%
+LSBX07/15/2010People's United Financial Inc. (PBCT)$96 million$21.00$20.89612/31/2010 0.50% 5.50%
+TUNE09/08/2010Zoran Corporation (ZRAN)$84 million$2.92$2.9112/31/2010 0.34% 3.80%
+ADCT07/13/2010Tyco Electronics (TEL)$1.24 billion$12.75$12.7112/31/2010 0.31% 3.48%
+ACTI10/11/2010Assa Abloy (N/A)$162 million$3.25$3.2412/31/2010 0.31% 3.41%
+STU09/17/2010Discover Financial Services (N/A)N/A$30.00$29.9112/31/2010 0.30% 3.33%
+INET09/20/2010an affiliate of Hellman & Friedman Capital Partners (N/A)$640 million$13.35$13.3112/31/2010 0.30% 3.32%
+MAM03/12/2010Emera Inc (N/A)$75.7 million$45.00$44.8812/31/2010 0.27% 2.96%
+AEZ07/28/2010Hess Corp (HES)$450 million$9.58$9.5612/31/2010 0.22% 2.41%
+ATLS11/09/2010Chevron Coproation (CVX)$4.3 billion$43.34$43.2503/31/2011 0.21% 0.62%
+CLRT10/22/2010GE Healthcare (GE)$580 million$5.00$4.9901/31/2011 0.20% 1.14%
+ROME10/12/2010Berkshire Hills Bancorp (BHLB)$74 million$11.20$11.17603/31/2011 0.19% 0.56%
+KEI09/28/2010Danaher Corporation (DHR)$340 million$21.60$21.5612/31/2010 0.19% 2.05%
+RSCR09/07/2010Onex Corp (N/A)$390 million$13.25$13.2312/31/2010 0.15% 1.67%
+ISLN11/15/2010EMC Corporation (EMC)$2.25 billion$33.85$33.8012/31/2010 0.15% 1.64%
+THMD10/05/2010Irving Place Capital (N/A)$422 million$15.00$14.9812/31/2010 0.13% 1.48%
+AMPH09/01/2010ProAssuarance (PRA)$233 million$32.50$32.4612/31/2010 0.12% 1.36%
+COGT08/30/20103M Co. (MMM)$943 million$10.50$10.4912/31/2010 0.10% 1.05%
+HWK10/15/2010Carlisle (CSL)$413 million$50.00$49.9712/31/2010 0.06% 0.66%
+TEAM11/02/2010fanini International Holdings Ltd for $93.4 million (N/A)$93.4 million$8.35$8.3512/31/2010 0.00% 0.00%
+CLU09/16/2010Clearwater Paper Corporation (CLW)$247 million$12.00$12.0012/31/2010 0.00% 0.00%
+ACLI10/18/2010Affiliates of Platinum Equity (N/A)$777 million$33.00$33.0412/31/2010 -0.12% -1.34%
+CTV10/25/2010Carlyle (N/A)$3 billion$31.50$31.6503/31/2011 -0.47% -1.41%
+NST10/18/2010Northeast Utilities (NU)$4.17 billion$41.58$41.8109/30/2011 -0.56% -0.66%
+JCG11/23/2010private equity firms TPG Capital and Leonard Green & Partners (N/A)$3 billion$43.50$43.7503/31/2011 -0.57% -1.70%
+RAE09/20/2010Battery Ventures (N/A)$95 million$1.60$1.6312/31/2010 -1.84% -20.36%
+WL11/01/2010M & T Bank Corporation (MTB)$351 million$3.93$4.0406/30/2011 -2.79% -4.75%
+DVD09/27/2010Dover Downs Gaming & Entertainment Inc (DDE)N/A$1.70$1.7912/31/2010 -5.12% -56.61%
+CGC10/01/2010Gammon Gold (GRS)$288 million$4.18$4.4212/31/2010 -5.41% -59.79%
+CADE10/06/2010Community Bancorp LLC (N/A)$38 million$2.25$2.4503/31/2011 -8.31% -24.65%
+DDMX10/01/2010Greenbriar Equity Group (N/A)$210 million$21.25$23.7002/15/2011 -10.34% -47.76%
+DYN08/13/2010Blackstone Group (BX)$4.7 billion$4.50$5.0512/31/2010 -10.89% -120.46%
+HBE10/06/2010Kratos Defense & Security Solutions (KTOS)$45 million$7.00$8.2012/31/2010 -14.63% -161.86%
+OTIX09/13/2010William Demant (N/A)$50 million$8.60$11.0012/31/2010 -21.82% -241.32%
+ALY08/12/2010Seawell (N/A)$890 million$4.25$6.5112/31/2010 -34.72% -383.98%