Merger Arbitrage Mondays – September 19, 2011

  • September 12, 2011

Merger activity remained steady 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 2011152
Total Number of Deals Not Completed in 20112
Total Number of Pending Deals
Cash Deals33
Stock Deals22
Stock & Cash Deals8
Total Number of Pending Deals63

New Deals:

  1. The acquisition of NetLogic Microsystems (NETL) by Broadcom (BRCM) for $3.7 billion or $50 per share in cash.
  2. The acquisition of Global Industries (GLBL) by Technip for $1.1 billion or $8.00 per share in cash.
  3. The acquisition of M&F Worldwide (MFW) by MacAndrews and Forbes Holdings for $25.00 per share in cash. MacAndrews & Forbes currently owns approximately 43% of the outstanding shares of MFW common stock.

Updated Deals:

  1. On September 14, 2011, Avis Budget Group (CAR) dropped its bid to buy rival rental car company Dollar Thrifty Group (DTG) citing current market conditions.
  2. On September 16, 2011, Transatlantic Holdings (TRH) and Allied World Assurance (AWH) called off their proposed $2.94 billion merger.

Closed Deals:

  1. The acquisition of the Timberland Company (TBL) by V.F. Corporation (VFC) on September 13, 2011
  2. The acquisition of Alkermes (ALKS) by Elan Corporation (ELN) on September 16, 2011
  3. The acquisition of Lubrizol Corporation (LZ) by Berkshire Hathaway (BRK.A)(BRK.B) on September 16, 2011
  4. The acquisition of China security & Surveillance Tech. (CSR) by Rightmark Holdings Limited on September 16, 2011

Top 10 deals with largest spreads:

GRAN04/27/2011FNB United Corp (FNBN)$1.49$0.7009/30/2011 112.14% 3721.10%
AATI05/26/2011Skyworks Solutions, Inc. (SWKS)$5.53$4.0909/30/2011 35.22% 1168.72%
MHS07/21/2011Express Scripts, Inc. (ESRX)$61.72$49.8406/30/2012 23.83% 30.52%
HRBN06/20/2011Tech Full Electric Company Limited (N/A)$24.00$20.0112/31/2011 19.94% 70.66%
TAM01/19/2011LAN Airlines S.A. (LFL)$23.36$19.9712/31/2011 17.00% 60.23%
ABVA07/27/2011Eagle Bancorp, Inc. (EGBN)$5.42$5.0912/31/2011 6.44% 22.82%
ALTH07/20/2011Amag Pharmaceuticals (AMAG)$1.79$1.68512/31/2011 6.21% 22.01%
NXG08/29/2011AuRico Gold Inc. (AUQ)$3.95$3.7310/31/2011 5.98% 51.94%
MMI08/15/2011Google (GOOG)$40.00$37.8101/31/2012 5.79% 15.78%
LOOP04/27/2011CoStar Group (CSGP)$18.47$17.4712/31/2011 5.73% 20.30%

List of all pending deals:

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