Merger Arbitrage Mondays – February 21, 2011

  • February 21, 2011

Merger activity decreased last week with five 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 201123
Total Number of Pending Deals
Cash Deals44
Stock Deals21
Stock & Cash Deals13
Special Conditions1
Total Number of Pending Deals79

New Deals:

  1. The acquisition of Hughes Communications (HUGH) by EchoStar (SATS) for $2 billion or $60.70 per share in cash
  2. The acquisition of Emergency Medical Services Corp (EMS) by Clayton, Dubilier & Rice for $3 billion or $64 per share in cash
  3. The acquisition of NYSE Euronext (NYX) by Deutsche Boerse in an all stock deal where NYSE Euronext shareholders will receive 0.4700 of a share of the new company stock.
  4. The acquisition of Genzyme Corp (GENZ) by Sanofi-Aventis (SNY) for $20.1 billion or $74 per share in cash. In addition to the cash payment, each Genzyme shareholder will receive one Contingent Value Right (CVR) for each share they own, entitling the holder to receive additional cash payments if specified milestones are achieved.
  5. The acquisition of LaBranche & Co (LAB) by Cowen Group (COWN) for $192.8 million in an all stock deal where LaBranche shareholders will receive a fixed ratio of 0.9980 of a share of Cowen Class A common stock for each outstanding share of LaBranche common stock


Closed Deals:

  1. The acquisition of Sonic Solutions (SNIC) by Rovi corporation (ROVI) on February 14, 2011
  2. The acquisition of Atlas Energy (ATLS) by Chevron Corporation (CVX) on February 18, 2011
  3. The acquisition of Matrixx Initiatives (MTXX) by H.I.G. Capital on February 18, 2011
  4. The acquisition of Todd Shipyards Corporation (TOD) by Vigor Industrial (Nautical Miles) on February 16, 2011


Top 10 deals with largest spreads:

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnu.
Profit
LTXC11/18/2010Verigy Ltd (VRGY)$13.19$9.59506/30/2011 37.47% 106.02%
TLCR06/07/2010Grifols (GRF.MC)$29.41$25.5003/31/2011 15.34% 147.32%
TAM01/19/2011LAN Airlines S.A. (LFL)$25.44$22.3009/30/2011 14.09% 23.28%
MAJC09/21/2010Bayside Capital Partners (N/A)$4.50$4.1703/31/2011 7.91% 76.01%
DTG04/26/2010Avis (CAR)$56.39$53.4003/31/2011 5.60% 53.78%
PVG09/21/2010Penn Virginia Resource Partners (PVR)$28.05$26.6103/31/2011 5.40% 51.89%
NGAS12/27/2010Magnum Hunter Resources Corp. (MHR)$0.57$0.541106/30/2011 5.22% 14.78%
SHMR10/15/2010Essilor (N/A)$14.50$13.8006/30/2011 5.07% 14.35%
AAI09/27/2010Southwest Airlines (LUV)$7.75$7.4203/31/2011 4.45% 42.72%
ROME10/12/2010Berkshire Hills Bancorp (BHLB)$12.83$12.2903/31/2011 4.37% 41.94%

List of all pending deals:

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