Merger Arbitrage Mondays – October 10, 2011

  • October 10, 2011

Merger activity increased last week with four new deals announced and five 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 2011161
Total Number of Deals Not Completed in 20112
Total Number of Pending Deals
Cash Deals35
Stock Deals18
Stock & Cash Deals8
Total Number of Pending Deals61

New Deals:

  1. The acquisition of Pharmaceutical Product Development (PPDI) by affiliates of The Carlyle Group and Hellman & Friedman for $3.9 billion or $33.25 per share in cash.
  2. The acquisition of S1 Corporation (SONE) by ACI Worldwide (ACIW) for $516 million in a cash plus stock deal, where shareholders of S1 Corporation will receive $6.62 per share in cash and 0.1064 shares of ACI common stock. This deal has been in the works since July when ACI Worldwide made its initial bid for S1 but the bid was rejected because S1 was planning on acquiring another company Fundtech (FNDT). Fundtech dropped the S1 deal in September for another offer, opening S1 up for a sweetened ACI Worldwide offer.
  3. The acquisition of AC Moore Arts & Crafts Inc. (ACMR) by an affiliate of Sbar’s Inc for $40.8 million or $1.60 per share in cash.
  4. The acquisition of Southwall Technologies (SWTX) by Solutia (SOA) for $113 million or $13.60 per share in cash.

Closed Deals:

  1. The acquisition of Abington Bancorp (ABBC) by Susquehanna Bancshares (SUSQ) on October 03, 2011
  2. The acquisition of Blackboard (BBBB) by Providence Equity Partners on October 04, 2011
  3. The acquisition of Continucare (CNU) by Metropolitan Health networks (MDF) on October 04, 2011
  4. The acquisition of Global Crossing Limited (GLBC) by Level 3 Communications (LVLT) on October 04, 2011
  5. The acquisition of Ameron International Corporation (AMN) by National Oilwell Varco (NOV) on October 05, 2011

Top 10 deals with largest spreads:

GRAN04/27/2011FNB United Corp (FNBN)$0.84$0.6310/31/2011 33.93% 589.71%
MHS07/21/2011Express Scripts, Inc. (ESRX)$60.76$48.4706/30/2012 25.36% 35.06%
AATI05/26/2011Skyworks Solutions, Inc. (SWKS)$5.35$4.3712/31/2011 22.40% 99.73%
TAM01/19/2011LAN Airlines S.A. (LFL)$18.78$15.8712/31/2011 18.36% 81.70%
HRBN06/20/2011Tech Full Electric Company Limited (N/A)$24.00$21.1712/31/2011 13.37% 59.50%
ABVA07/27/2011Eagle Bancorp, Inc. (EGBN)$5.15$4.8012/31/2011 7.30% 32.47%
ORCH04/06/2011Laboratory Corporation of America Holdings (LH)$2.80$2.6110/31/2011 7.28% 126.53%
LOOP04/27/2011CoStar Group (CSGP)$18.40$17.3612/31/2011 6.01% 26.76%
GR09/21/2011United Technologies Corp. (UTX)$127.50$120.3806/30/2012 5.91% 8.18%
MMI08/15/2011Google (GOOG)$40.00$37.9201/31/2012 5.49% 17.72%

List of all pending deals:

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