Merger Arbitrage Mondays – March 14, 2011

  • March 14, 2011

Merger activity decreased last week with two 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.

Deal Statistics:

Total Number of Deals Closed in 2011 37
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 41
Stock Deals 22
Stock & Cash Deals 13
Total Number of Pending Deals 76

New Deals:

  1. The acquisition of TomoTherapy (TOMO) by Accuray (ARAY) in a cash plus stock deal for $277 million, where TomoTherapy shareholders will receive $3.15 in cash and 0.1648 shares of Accuray common stock per share of TomoTherapy common stock.
  2. The acquisition of RC2 Corp (RCRC) by TOMY Company Ltd for $640 million or $27.90 per share in cash.

99 Cents Only Stores (NDNreceived a ‘going private’ proposal from members of the Schiffer-Gold founding family and Leonard Green & Partners LP for $1.34 billion or $19.09 per share in cash. The proposal is yet to be evaluated.

Closed Deals:

  1. The acquisition of Mediacom Communications (MCCC) by the founder, chairman and chief executive officer of Mediacom, Rocco B Commisso on March 07, 2011.
  2. The acquisition of J. Crew (JCG) by TPG Capital and Leonard Green & Partners on March 07, 2011.
  3. The acquisition of Penn Virginia Resource Partners (PVG) by Penn Virginia GP Holdings on March 11, 2011.

Updated Deals:

  1. Forest Laboratories (FRX) commences tender offer for all outstanding shares of Clinical Data Inc. (CLDA).

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) $12.83 $8.35 06/30/2011 53.60% 181.15%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $23.81 $20.97 09/30/2011 13.52% 24.67%
TLCR 06/07/2010 Grifols (GRF.MC) $29.84 $26.33 06/30/2011 13.33% 45.06%
DNBK 01/20/2011 People's United Financial Inc. (PBCT) $23.00 $21.36 06/30/2011 7.68% 25.95%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.57 06/30/2011 6.85% 23.16%
HYC 11/17/2010 Verifone Systems (PAY) $11.30 $10.77 09/30/2011 4.96% 9.04%
NOVL 11/21/2010 Attachment Corporation (N/A) $6.10 $5.83 04/30/2011 4.63% 35.97%
MEE 01/29/2011 Alpha Natural Resources, Inc. (ANR) $62.20 $59.63 06/30/2011 4.32% 14.58%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.32 03/31/2011 4.17% 89.46%
AAI 09/27/2010 Southwest Airlines (LUV) $7.75 $7.45 03/31/2011 4.03% 86.46%

List of all pending deals:

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