Merger Arbitrage Mondays – 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 2011 | 23 |
Total Number of Pending Deals |
Cash Deals | 44 |
Stock Deals | 21 |
Stock & Cash Deals | 13 |
Special Conditions | 1 |
Total Number of Pending Deals | 79 |
New Deals:
- The acquisition of Hughes Communications (HUGH) by EchoStar (SATS) for $2 billion or $60.70 per share in cash
- The acquisition of Emergency Medical Services Corp (EMS) by Clayton, Dubilier & Rice for $3 billion or $64 per share in cash
- 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.
- 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.
- 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:
- The acquisition of Sonic Solutions (SNIC) by Rovi corporation (ROVI) on February 14, 2011
- The acquisition of Atlas Energy (ATLS) by Chevron Corporation (CVX) on February 18, 2011
- The acquisition of Matrixx Initiatives (MTXX) by H.I.G. Capital on February 18, 2011
- The acquisition of Todd Shipyards Corporation (TOD) by Vigor Industrial (Nautical Miles) on February 16, 2011
Top 10 deals with largest spreads:
Symbol | Announced
Date | Acquiring
Company | Closing
Price | Last
Price | Closing
Date | Profit | Annu.
Profit |
---|
LTXC | 11/18/2010 | Verigy Ltd (VRGY) | $13.19 | $9.595 | 06/30/2011 | 37.47% | 106.02% |
TLCR | 06/07/2010 | Grifols (GRF.MC) | $29.41 | $25.50 | 03/31/2011 | 15.34% | 147.32% |
TAM | 01/19/2011 | LAN Airlines S.A. (LFL) | $25.44 | $22.30 | 09/30/2011 | 14.09% | 23.28% |
MAJC | 09/21/2010 | Bayside Capital Partners (N/A) | $4.50 | $4.17 | 03/31/2011 | 7.91% | 76.01% |
DTG | 04/26/2010 | Avis (CAR) | $56.39 | $53.40 | 03/31/2011 | 5.60% | 53.78% |
PVG | 09/21/2010 | Penn Virginia Resource Partners (PVR) | $28.05 | $26.61 | 03/31/2011 | 5.40% | 51.89% |
NGAS | 12/27/2010 | Magnum Hunter Resources Corp. (MHR) | $0.57 | $0.5411 | 06/30/2011 | 5.22% | 14.78% |
SHMR | 10/15/2010 | Essilor (N/A) | $14.50 | $13.80 | 06/30/2011 | 5.07% | 14.35% |
AAI | 09/27/2010 | Southwest Airlines (LUV) | $7.75 | $7.42 | 03/31/2011 | 4.45% | 42.72% |
ROME | 10/12/2010 | Berkshire Hills Bancorp (BHLB) | $12.83 | $12.29 | 03/31/2011 | 4.37% | 41.94% |
List of all pending deals:
The list of all pending deals is only available to InsideArbitrage Premium and Plus members.