Merger Arbitrage Mondays – April 18, 2011

  • April 17, 2011

Merger activity remained steady last week with five new deals announced and five 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 201148
Total Number of Deals Not Completed in 20111
Total Number of Pending Deals
Cash Deals49
Stock Deals22
Stock & Cash Deals14
Special Conditions1
Total Number of Pending Deals86

New Deals:

  1. The acquisition of Global Crossing Limited (GLBC) by Level 3 Communications (LVLT) for $3 billion in an all stock deal, where Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.
  2. The acquisition of American Medical Systems Holdings (AMMD) by Endo Pharmaceuticals (ENDP) for $2.9 billion or $30 per share in cash.
  3. The acquisition of Tasty Baking Company (TSTY) by Flower Foods (FLO) for $165 million or $4 per share in cash.
  4. The acquisition of Graham Packaging Company (GRM) by Silgan Holdings (SLGN) for $4.1 billion or $19.56 per share in a cash plus stock deal. Graham shareholders will receive $4.75 in cash and 0.402 shares of Silgan common stock.
  5. The acquisition of Bronco Drilling Company (BRNC) by Chesapeake (CHK) for $315 million or $11 per share in cash.

Closed Deals:

  1. The acquisition of Wilber Corporation (GIW) by Community Bank System (CBU) on April 11, 2011.
  2. The acquisition of NGAS Resources (NGAS) by Magnum Hunter Resources (MHR) on April 13, 2011.
  3. The acquisition of Clinical Data (CLDA) by Forest Laboratories (FRX) on April 12, 2011.
  4. The acquisition of (ANSW) by AFCV Holdings on April 14, 2011.
  5. The acquisition of Tongjitang Chinese Medicines (TCM) by Hanmax Investment Ltd. on April 15, 2011.

Top 10 deals with largest spreads:





TAM01/19/2011LAN Airlines S.A. (LFL)$23.44$19.4312/31/2011


CASB03/04/2011Opus Bank (N/A)$0.45$0.39506/30/2011 13.92% 69.62%
TLCR06/07/2010Grifols (GRF.MC)$31.38$28.1906/30/2011


GLBC04/11/2011Level 3 Communications (LVLT)$27.60$25.7812/31/2010 7.06% 0.00%
SHMR10/15/2010Essilor (N/A)$14.50$13.6606/30/2011 6.15% 30.75%
DNBK01/20/2011People's United Financial Inc. (PBCT)$23.00$21.7306/30/2011 5.84% 29.22%
HYC11/17/2010Verifone Systems (PAY)$12.37$11.6909/30/2011 5.79% 12.81%
VRGY03/28/2011Advantest (ATE)$15.00$14.2612/31/2069 5.19% 0.09%
AAI09/27/2010Southwest Airlines (LUV)$7.75$7.3706/30/2011 5.16% 25.78%
TGE03/21/2011Dawson Geophysical Company (DWSN)$7.66$7.2908/15/2011


ZRAN02/21/2011CSR PLC (N/A)N/A$10.1906/30/2011 N/A N/A

List of all pending deals:

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