Merger Arbitrage Mondays – May 30, 2011
Merger activity decreased last week with three new deals announced and four closing.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
Total Number of Deals Closed in 2011 | 78 |
Total Number of Deals Not Completed in 2011 | 1 |
Total Number of Pending Deals |
Cash Deals | 47 |
Stock Deals | 23 |
Stock & Cash Deals | 16 |
Special Conditions | 1 |
Total Number of Pending Deals | 87 |
New Deals:
- The acquisition of FPIC Insurance Group (FPIC) by The Doctors Company for $362 million or $42.00 per share in cash.
- The acquisition of California Pizza Kitchen (CPKI) by Golden Gate Capital for $470 million or $18.50 per share in cash.
- The acquisition of Advanced Analogic Technologies (AATI) by Skyworks Solutions (SWKS) for $258.6 million in a cash plus stock deal, where Advanced Analogic Technologies shareholders will receive $3.68 in cash and 0.08725 of Skyworks Solutions common stock for each Advanced Analogic Technologies share held. The stock component of the price has a nominal value of $2.45 for a total value of $6.13. The cash portion will be adjusted higher or reduced at closing based on the stock portion to maintain a total value of $6.13. So for all practical purposes this could be considered an all cash deal.
Updated Deals:
- RAE Systems Inc. once again announces an amended merger agreement with Vector Capital increasing the purchase price to $2.25 per share in cash on May 25, 2011. This represents the fourth price over a two month period.
Closed Deals:
- The acquisition of Tasty Baking Company (TSTY) by Flowers Foods (FLO) on May 25, 2011
- The acquisition of Emergency Medical Services (EMS) by Onex Coropration on May 25, 2011
- The acquisition of Retail Ventures (RVI) by DSW Inc. (DSW) on May 26, 2011
- The acquisition of Atheros Communications (ATHR) by Qualcomm Incorporated (QCOM) on May 26, 2011
Top 10 deals with largest spreads:
Symbol | Announced
Date | Acquiring Company | Closing Price | Last
Price | Closing
Date | Profit | Annu.
Profit |
---|
GRAN | 04/27/2011 | FNB United Corp (FNBN) | $1.42 | $0.75 | 09/30/2011 | 89.00% |
264.11% |
CSR | 04/20/2011 | Rightmark Holdings Limited (N/A) | $6.50 | $4.97 | 09/30/2011 |
30.78% |
91.35% |
TAM | 01/19/2011 | LAN Airlines S.A. (LFL) | $26.18 | $22.14 | 12/31/2011 | 18.25% |
30.99% |
CFSG | 05/20/2011 | Bain Capital Partners (N/A) | $9.00 | $8.09 | 11/15/2011 |
11.25% |
24.29% |
TLCR | 06/07/2010 | Grifols (GRF.MC) | $31.84 | $28.80 | 06/30/2011 |
10.56% |
124.31% |
SVVS | 04/27/2011 | CenturyLink (CTL) | $42.50 | $39.34 | 12/31/2011 |
8.03% |
13.64% |
CRU | 05/05/2011 | Capital Product Partners L.P. (CPLP) | $14.31 | $13.29 | 09/30/2011 |
7.64% |
22.67% |
ID | 09/20/2010 | Safran (N/A) | $12.00 | $11.25 | 06/15/2011 | 6.67% |
152.08% |
VRGY | 03/28/2011 | Advantest (ATE) | $15.00 | $14.11 | 12/31/2011 |
6.31% |
10.71% |
CASB | 03/04/2011 | Opus Bank (N/A) | $0.45 | $0.4265 | 06/30/2011 |
5.51% |
64.88% |
List of all pending deals:
The list of all pending deals is only available to InsideArbitrage Premium and Plus members.