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Merger Arbitrage Mondays – January 10, 2011

  • January 10, 2011

Merger activity decreased last week with two new deals announced and four 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 20115
Total Number of Pending Deals
Cash Deals45
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals69

New Deals:

  1. The acquisition of CPEX Pharmaceuticals, Inc. (CPEX) by FCB I Holdings Inc.  for $27.25 per share in cash. FCB I is a newly formed company which is controlled by Footstar Corporation.
  2. The acquisition of Atheros Communications Inc. (ATHR) by QUALCOMM Incorporated (QCOM) for $3.1 billion or  $45.00 per share in cash.


Closed Deals:

  1. The acquisition of Nu Horizons Electronics Corp (NUHC) by Arrow Electronics (ARW) on January 03, 2011.
  2. The acquisition of Student Loan Corporation (STU) by Discover Financial Services on January 03, 2011.
  3. The acquisition of Monroe Bancorp (MROE) by Old National Bancorp (ONB) on January 03, 2011.
  4. The acquisition of Art Technology Group (ARTG) by Oracle (ORCL) on January 05, 2011.


Top 10 Deals with largest spreads:

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnu.
Profit
LTXC11/18/2010Verigy Ltd (VRGY)$12.60$7.4306/30/2011 69.52% 148.39%
TLCR06/07/2010Grifols (GRF.MC)$27.51$22.8903/31/2011 20.20% 92.18%
DTG04/26/2010Avis (CAR)$55.26$48.8903/31/2011 13.04% 59.49%
NGAS12/27/2010Magnum Hunter Resources Corp. (MHR)$0.61$0.552506/30/2011 10.09% 21.55%
MAJC09/21/2010Bayside Capital Partners (N/A)$4.50$4.1803/31/2011 7.66% 34.93%
PNNW11/12/2010City of Nashua (N/A)$29.00$27.3509/30/2011 6.03% 8.37%
PVG09/21/2010Penn Virginia Resource Partners (PVR)$27.58$26.1303/31/2011 5.54% 25.27%
ROME10/12/2010Berkshire Hills Bancorp (BHLB)$12.62$11.9903/31/2011 5.23% 23.87%
HYC11/17/2010Verifone Systems (PAY)$9.59$9.1309/30/2011 5.02% 6.97%
LEGC12/21/2010Berkshire Hills Bancorp (BHLB)$13.87$13.2706/30/2011 4.55% 9.71%

List of all Pending Deals:

 SymbolAnnounced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
VolumeClosing

Date

ProfitAnnu.
Profit
+LTXC11/18/2010Verigy Ltd (VRGY)All Stock$422 million$12.60$7.43779,95806/30/2011 69.52% 148.39%
+TLCR06/07/2010Grifols (GRF.MC)Cash Plus Stock$3.4 billion$27.51$22.89287,16203/31/2011 20.20% 92.18%
+DTG04/26/2010Avis (CAR)Cash Plus Stock$1.56 billion$55.26$48.89210,07803/31/2011 13.04% 59.49%
+NGAS12/27/2010Magnum Hunter Resources Corp. (MHR)All Stock$98 million$0.61$0.55252,853,37906/30/2011 10.09% 21.55%
+MAJC09/21/2010Bayside Capital Partners (N/A)All Cash$7.8 million$4.50$4.18N/A03/31/2011 7.66% 34.93%
+PNNW11/12/2010City of Nashua (N/A)All Cash$138 million$29.00$27.3528,40809/30/2011 6.03% 8.37%
+PVG09/21/2010Penn Virginia Resource Partners (PVR)All Stock$954 million$27.58$26.13164,34603/31/2011

5.54%

25.27%
+ROME10/12/2010Berkshire Hills Bancorp (BHLB)All Stock$74 million$12.62$11.993,82903/31/2011 5.23% 23.87%
+HYC11/17/2010Verifone Systems (PAY)All Stock$485 million$9.59$9.13563,42909/30/2011 5.02% 6.97%
+LEGC12/21/2010Berkshire Hills Bancorp (BHLB)Cash Plus Stock$108 million$13.87$13.2715,70606/30/2011 4.55% 9.71%
+MI12/17/2010BMO Financial Group (BMO)All Stock$4.1 billion$7.38$7.0714,075,63007/31/2011 4.40% 7.95%
+SHMR10/15/2010Essilor (N/A)All Cash$130 million$14.50$13.928,86906/30/2011 4.17% 8.89%
+AAI09/27/2010Southwest Airlines (LUV)Cash Plus Stock$1.4 billion$7.75$7.481,559,85203/31/2011 3.61% 16.47%
+WTNY12/22/2010Hancock Holding Company (HBHC)All Stock$1.5 billion$14.10$13.621,402,19506/30/2011 3.52% 7.51%
+TCM11/01/2010Hanmax Investment Limited (N/A)All CashN/A$4.50$4.352,40003/31/2011 3.45% 15.73%
+ADAM08/30/2010Ebix Inc. (EBIX)All Stock$66 million$7.64$7.4060,78912/31/2010 3.28% 0.00%
+CRXL10/06/2010Johnson & Johnson (JNJ)All Cash$2.41 billion$31.95$30.9410,46403/31/2011 3.27% 14.93%
+ACL12/15/2010Novartis (NVS)All Cash$12.9 billion$168.00$162.871,444,55306/30/2011 3.15% 6.72%
+GAS12/07/2010AGL Resources Inc. (AGL)Cash Plus Stock$2.4 billion$51.33$49.83282,29509/30/2011 3.02% 4.19%
+NOVL11/22/2010Attachment Corporation (N/A)All Cash$2.2 billion$6.10$5.955,568,90503/31/2011 2.52% 11.50%
+NAL08/19/2010First Niagara Financial Group (FNFG)Cash Plus Stock$1.5 billion$15.48$15.10453,46105/15/2011 2.50% 7.29%
+CLFC12/09/2010Nara Bancorp Inc. (NARA)All Stock$285.7 million$7.59$7.41658,76509/30/2011

2.47%

3.43%
+VCGH11/10/2010Company's chairman of the Board, CEO, President and COO (N/A)All Cash$37 million$2.25$2.2031,15003/31/2011 2.27% 10.37%
+BUCY11/15/2010Caterpillar Inc (CAT)All Cash$8.6 billion$92.00$89.981,530,45406/30/2011 2.24% 4.79%
+CPEX01/04/2011FCB I Holdings Inc. (N/A)All CashN/A$27.25$26.660114,22706/30/2010 2.21% 0.00%
+WL11/01/2010M & T Bank Corporation (MTB)All Stock$351 million$4.46$4.38680,18706/30/2011

1.83%

3.90%
+MCCC11/15/2010Chief Executive Rocco Commisso (N/A)All Cash$600 million$8.75$8.60964,98906/30/2011 1.74% 3.72%
+AYE02/11/2010FirstEnergy (FE)All Stock$8.5 billion$25.51$25.152,149,79003/31/2011 1.44% 6.58%
+JAS12/23/2010affiliate of Leonard Green & Partners LP (N/A)All Cash$1.6 billion$61.00$60.161,079,00506/30/2011

1.40%

2.98%
+ACV09/27/2010Unilever PLC (N/A)All Cash$3.7 billion$37.50$37.03924,15903/31/2011 1.27% 5.79%
+MFE08/19/2010Intel Corporation (INTC)All Cash$7.68 billion$48.00$47.452,708,60706/30/2011 1.16% 2.47%
+KG10/12/2010Pfizer Inc. (PFE)All Cash$3.6 billion$14.25$14.103,579,77303/31/2011 1.06% 4.85%
+EURX12/01/2010Axcan Holdings, Inc. (N/A)All Cash$583 million$12.00$11.8858,37306/30/2011 1.01% 2.16%
+MIGP12/01/2010United Fire & Casualty (UFCS)All Cash$191 million$28.25$27.9718,83003/31/2011 1.00% 4.57%
+BJGP10/28/2010Sanofi – aventis (N/A)All Cash$520.6 million$10.00$9.91673,51103/31/2011 0.91% 4.14%
+Q04/22/2010Century Link (CTL)All Stock$10.6 billion$7.46$7.3918,506,73604/21/2011 0.90% 3.25%
+ID09/20/2010Safran (N/A)All Cash$1.1 billion$12.00$11.90670,79503/31/2011 0.84% 3.83%
+OPTC11/11/2010TKH Group (N/A)All CashN/A$2.45$2.433,90003/31/2011 0.82% 3.76%
+VOLT11/29/2010Mellanox Technologies, Ltd. (MLNX)All Cash$176 million$8.75$8.68104,54703/31/2011

0.81%

3.68%
+CPII11/26/2010Veritas Capital (N/A)All Cash$525 million$19.50$19.3545,13003/31/2011 0.78% 3.54%
+ROAC10/18/2010Swenson Granite Co. (N/A)All Cash$39 million$5.25$5.2180003/31/2011 0.77% 3.50%
+ATHR01/05/2011QUALCOMM Incorporated (QCOM)All Cash$3.1 billion$45.00$44.686,316,06906/30/2011 0.72% 1.53%
+OCNW09/16/2010Calix Inc. (CALX)Cash Plus Stock$171 million$8.59$8.5352,14212/31/2010 0.67% 0.00%
+LDSH11/17/2010Allegheny Technologies (ATI)Cash Plus Stock$778 million$49.13$48.82172,34803/31/2011 0.64% 2.91%
+DNEX12/13/2010Thermo Fisher Scientific Inc. (TMO)All Cash$2.1 billion$118.50$117.80188,82303/31/2011 0.59% 2.71%
+DLM11/25/2010Kohlberg Kravis Roberts & Co (KKR)All Cash$4 billion$19.00$18.901,421,34003/31/2011 0.53% 2.41%
+MATK12/21/2010DSM (N/A)All Cash$1,087 million$31.50$31.35448,90006/30/2011 0.48% 1.02%
+CTV10/25/2010Carlyle (N/A)All Cash$3 billion$31.50$31.382,079,75203/31/2011 0.38% 1.74%
+TTES10/06/2010Robbins & Myers Inc. (RBN)Cash Plus Stock$422 million$44.76$44.61245,81812/31/2010

0.35%

0.00%
+APSG12/20/2010Raytheon Company (RTN)All CashN/A$38.00$37.8791,78903/31/2011 0.34% 1.57%
+BEZ11/29/2010ABB Ltd (ABB)All Cash$4.2 billion$63.50$63.331,332,08803/31/2011 0.27% 1.22%
+FMR10/28/2010Fairfax Financial Holdings (FRFHF.PK)All Cash$294 million$16.50$16.4668,82303/31/2011 0.24% 1.11%
+LCRD12/20/2010ASSA ABLOY (N/A)All Cash$80 million$6.25$6.24432,93703/31/2011 0.16% 0.73%
+SVR10/28/2010Carlyle (N/A)All Cash$2.6 billion$31.00$30.96N/A01/14/2011 0.13% 11.79%
+TOD12/23/2010Vigor Industrial LLC (N/A)All Cash $130 million$22.27$22.2961,35303/31/2011

-0.09%

-0.41%
+CYPB12/15/2010Ramius LLC & Royalty Pharma (N/A)All Cash$255 million$6.50$6.51525,87101/31/2011 -0.15% -2.67%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$41.50$41.79412,54209/30/2011 -0.70% -0.97%
+ATLS11/09/2010Chevron Coproation (CVX)All Cash$4.3 billion$43.34$44.05838,13903/31/2011 -1.61% -7.35%
+JCG11/23/2010private equity firms TPG Capital and Leonard Green & Partners (N/A)All Cash$3 billion$43.50$44.221,878,77103/31/2011 -1.63% -7.43%
+RAE09/20/2010Battery Ventures (N/A)All Cash$95 million$1.60$1.6435,33512/31/2010 -2.44% 89.02%
+CGC10/01/2010Gammon Gold (GRS)Cash Plus Stock$288 million$4.79$4.92279,37812/31/2010 -2.74% 99.93%
+GIW10/25/2010Community Bank System (CBU)All Cash$101.8 million$9.50$9.85993,90002/15/2011 -3.65% -37.01%
+DYN12/15/2010Icahn Enterprises LP (IEP)All Cash$665 million$5.50$5.731,184,80503/31/2011 -4.01% -18.31%
+SNIC12/23/2010Rovi Corporation (ROVI)All Cash$720 million$14.00$14.683,238,57503/31/2011 -4.63% -21.13%
+MTXX12/14/2010H.I.G. Capital, LLC (N/A)All Cash$75.2 million$8.00$8.6480,41303/31/2011 -7.41% -33.80%
+CADE10/06/2010Community Bancorp LLC (N/A)All Stock$38 million$2.25$2.4938,90103/31/2011 -9.78% -44.61%
+DDMX10/01/2010Greenbriar Equity Group (N/A)All Cash$210 million$21.25$24.85103,23902/15/2011 -14.49% -146.88%
+ALY08/12/2010Seawell (N/A)All Cash$890 million$4.25$7.40365,28612/31/2010 -42.57% 1553.72%
+UAM12/31/2010CVS Caremark Corporation (CVS)All Cash$1.25 billionN/A$20.09404,50906/30/2010 N/A N/A