Merger activity remained steady last week with three new deals announced and three deals closing.
You can find all the deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
|Total Number of Deals Closed in 2011||9|
|Total Number of Pending Deals|
|Stock & Cash Deals||9|
|Special Conditions Deals||1|
|Total Number of Pending Deals||68|
- The acquisition of Playboy Enterprises Inc. (PLA) by Icon Acquisition Holdings, L.P. for $6.15 per share in cash.
- The acquisition of Progress Energy Inc. (PGN) by Duke Energy Corporation (DUK). On the completion of merger Progress Energy’s shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy’s closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.
- The acquisition of Conexant Systems, Inc. (CNXT) by Standard Microsystems Corp. (SMSC) for $2.21 per share in a cash plus stock deal. Conexant shareholders will receive $1.125 in cash and a fraction of a share of SMSC common stock equal to $1.125 divided by the volume weighted average price of SMSC common stock for the 20 trading days ending on the second trading day prior to closing, but in no event more than 0.04264 nor less than 0.03489 shares of SMSC common stock. On account of this varying ratio, the deal type is listed as “Special Conditions” in our Merger Arbitrage Tool.
- The acquisition of Syniverse Holdings (SVR) by Carlyle on January 13, 2011.
- The acquisition of CommScope Inc (CTV) by Carlyle on January 13, 2011.
- The acquisition of T-3 Energy Services (TTES) by Robbins & Myers Inc. (RBN) on January 10, 2011.
Top 10 Deals with largest spreads:
|LTXC||11/18/2010||Verigy Ltd (VRGY)||$12.56||$8.59||06/30/2011||
|NGAS||12/27/2010||Magnum Hunter Resources Corp. (MHR)||$0.67||$0.62||06/30/2011||8.75%||19.48%|
|MAJC||09/21/2010||Bayside Capital Partners (N/A)||$4.50||$4.2152||03/31/2011||6.76%||33.78%|
|ROME||10/12/2010||Berkshire Hills Bancorp (BHLB)||$12.74||$12.11||03/31/2011||5.22%||26.09%|
|PVG||09/21/2010||Penn Virginia Resource Partners (PVR)||$28.34||$26.95||03/31/2011||5.16%||25.82%|
|PGN||01/10/2011||Duke Energy Corporation (DUK)||$46.82||$44.73||12/31/2011||4.66%||4.89%|
|MI||12/17/2010||BMO Financial Group (BMO)||$7.57||$7.24||07/31/2011||4.55%||8.52%|
|CNXT||01/10/2011||Standard Microsystems Corp. (SMSC)||$2.21||$2.12||06/30/2011||4.48%||9.96%|
List of all Pending Deals: