Merger Arbitrage Mondays – November 14, 2011

  • November 14, 2011

Merger activity increased last week with five new deals announced and two 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 2011180
Total Number of Deals Not Completed in 20114
Total Number of Pending Deals
Cash Deals35
Stock Deals16
Stock & Cash Deals9
Total Number of Pending Deals60

New Deals:

  1. The acquisition of Tekelec (TKLC) by a consortium led by Siris Capital Group, LLC for $780 million or $11.00 per share in cash.
  2. The acquisition of American Dental Partners (ADPI) by JLL Partners, Inc. for $398 million or $19.00 per share in cash.
  3. The acquisition of Force Protection (FRPT) by General Dynamics (GD) for $360 million or $5.52 per share in cash.
  4. The acquisition of McCormick & Schmick’s Seafood Restaurants (MSSR) by Landry’s for $131.6 million or $8.75 per share in cash.
  5. The acquisition of Pinnacle Data Systems (PNS) by Avnet (AVT) for $22 million or $2.40 per share in cash.

Closed Deals:

  1. The acquisition of Caliper Life Sciences (CALP) by PerkinElmer (PKI) on November 07, 2011
  2. The acquisition of Varian Semiconductor Equipment Associates (VSEA) by Applied Materials (AMAT) on November 10, 2011

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

AATI05/26/2011Skyworks Solutions, Inc. (SWKS)$6.13$4.1712/31/201147.01%365.06%
MHS07/21/2011Express Scripts, Inc. (ESRX)$67.42$57.4406/30/201217.38%27.70%
ABVA07/27/2011Eagle Bancorp, Inc. (EGBN)$5.81$5.2012/31/201111.66%90.56%
TAM01/19/2011LAN Airlines S.A. (LFL)$22.26$19.9512/31/201111.56%89.80%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.4003/31/201210.42%27.55%
VTRO10/17/2011Inuvo, Inc. (INUV)$1.59$1.4503/31/20129.82%25.97%
EP10/16/2011Kinder Morgan, Inc. (KMI)$27.15$24.7903/31/20129.53%25.22%
LOOP04/27/2011CoStar Group (CSGP)$18.81$17.8212/31/20115.54%43.03%
HNB06/02/2011BankUnited Inc. (BKU)$3.61$3.4212/31/20115.53%42.96%
GR09/21/2011United Technologies Corp. (UTX)$127.50$122.8006/30/20123.83%6.10%

List of all pending deals:

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


SymbolAnnounced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

VolumeClosing

Date

ProfitAnnu.

Profit

+AATI05/26/2011Skyworks Solutions, Inc. (SWKS)Cash Plus Stock$258.6 million$6.13$4.17821,06212/31/201147.01%365.06%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$67.42$57.442,341,63406/30/201217.38%27.70%
+ABVA07/27/2011Eagle Bancorp, Inc. (EGBN)All Stock$31.2 million$5.81$5.2025,86212/31/201111.66%90.56%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$22.26$19.95578,92212/31/201111.56%89.80%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.4050,00703/31/201210.42%27.55%
+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.59$1.4541,76003/31/20129.82%25.97%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$27.15$24.799,336,23003/31/20129.53%25.22%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.81$17.8258,90812/31/20115.54%43.03%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.61$3.42N/A12/31/20115.53%42.96%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$122.801,353,52406/30/20123.83%6.10%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$7.44$7.251,20004/30/20122.69%5.84%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$41.91$40.851,220,82001/31/20122.58%12.09%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.053,865,91201/31/20122.43%11.38%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$54.86$53.771,085,59812/31/20112.03%15.78%
+ADPI11/07/2011JLL Partners, Inc. (N/A)All Cash$398 million$19.00$18.67271,15803/31/20121.77%4.68%
+PNS11/10/2011Avnet (AVT)All Cash$22 million$2.40$2.362,920,03001/31/20121.69%7.93%
+ANDS10/17/2011Roche (N/A)All Cash$230 million$3.70$3.641,606,88812/31/20111.65%12.80%
+INXI11/01/2011Presidio (N/A)All CashN/A$8.75$8.6116,15003/31/20121.63%4.30%
+HS10/24/2011Cigna (CI)All Cash$3.8 billion$55.00$54.132,470,50206/30/20121.61%2.56%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$59.0659,18301/31/20121.59%7.45%
+ORCH04/06/2011Laboratory Corporation of America Holdings (LH)All Cash$85.4 million$2.80$2.7611,82211/15/20111.45%528.99%
+STBC04/28/2011Valley National Bancorp (VLY)All Stock$222 million$12.00$11.8323,43301/15/20121.44%8.46%
+CPX10/10/2011Superior Energy Services (SPN)Cash Plus Stock$2.7 billion$35.46$34.971,798,36312/31/20111.41%10.96%
+PAET08/01/2011Windstream Corp. (WIN)All Stock$2.3 billion$5.52$5.441,025,67001/31/20121.39%6.49%
+PVSA06/15/2011F.N.B. Corporation (FNB)All Stock$130 million$23.41$23.1165212/31/20111.31%10.20%
+NDN10/11/2011affiliates of Ares Management LLC and Canada Pension Plan Investment Board (N/A)All Cash$1.6 billion$22.00$21.721,468,30503/31/20121.29%3.41%
+NETL09/12/2011Broadcom (BRCM)All Cash$3.7 billion$50.00$49.371,301,90306/30/20121.28%2.03%
+MSSR11/08/2011Landry’s, Inc. (N/A)All Cash$131.6 million$8.75$8.64530,95101/15/20121.27%7.50%
+FNDT06/27/2011GTCR (N/A)All Cash$352.7$23.33$23.0713,83612/31/20111.13%8.75%
+NLC07/20/2011Ecolab Inc. (ECL)All Stock$5.4 billion$39.35$38.921,290,38212/31/20111.12%8.66%
+SONE10/03/2011ACI Worldwide (ACIW)Cash Plus Stock$516 million$9.89$9.78301,37812/31/20111.08%8.37%
+ENP07/11/2011Vanguard Natural Resources (VNR)All Stock$545 million$19.80$19.60100,95612/31/20111.02%7.92%
+PNNW11/12/2010City of Nashua (N/A)All Cash$138 million$29.00$28.775,25412/31/20110.80%6.21%
+ACMR10/04/2011affiliate of Sbar’s Inc (N/A)All Cash$40.8 million$1.60$1.5945,89512/31/20110.63%4.88%
+TIN09/06/2011International Paper (IP)All Cash$4.3 billion$32.00$31.841,244,14503/31/20120.50%1.33%
+PMIC09/08/2011Ace (ACE)All CashN/A$20.30$20.20101,47703/31/20120.50%1.31%
+MFW09/12/2011MacAndrews and Forbes (N/A)All CashN/A$25.00$24.8863,76112/31/20110.48%3.75%
+RNOW10/24/2011Oracle (ORCL)All Cash$1.5 billion$43.00$42.801,826,86403/31/20120.47%1.24%
+PPDI10/03/2011affiliates of The Carlyle Group and Hellman & Friedman (N/A)All Cash$3.9 billion$33.25$33.101,579,01412/31/20110.45%3.52%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$46.02$45.82214,20112/31/20110.45%3.47%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.12134,97812/31/20110.37%2.87%
+BEXP10/17/2011Statoil ASA (STO)All Cash$4.4 billion$36.50$36.384,227,09403/31/20120.33%0.87%
+CLFC12/09/2010Nara Bancorp Inc. (NARA)All Stock$285.7 million$6.97$6.9586,79111/30/20110.27%6.23%
+CONM07/12/2011Ayelet Investments (N/A)All Cash$57.2 million$3.85$3.848,02312/31/20110.26%2.02%
+GAS12/07/2010AGL Resources Inc. (AGL)Cash Plus Stock$2.4 billion$56.25$56.11221,14511/15/20110.24%87.91%
+ICLK11/01/2011Yahoo! Inc. (YHOO)All Cash$270 million$9.00$8.98450,17503/31/20120.22%0.59%
+FRPT11/07/2011General Dynamics Corp. (GD)All Cash$360 million$5.52$5.511,033,11012/31/20110.18%1.41%
+SWTX10/07/2011Solutia Inc. (SOA)All Cash$113 million$13.60$13.5810,13412/31/20110.15%1.14%
+SNSTA11/03/2011SAC an affiliate of Hospitality Properties Trust (N/A)All Cash$174 million$31.00$30.9675,50003/31/20120.13%0.34%
+GLBL09/12/2011Technip (N/A)All Cash$1.1 billion$8.00$7.99811,83601/31/20120.13%0.59%
+BBND10/11/2011Arris Group Inc. (ARRS)All Cash$172 million$2.24$2.24139,08012/31/20110.00%0.00%
+AMAC09/22/2011Tunstall Healthcare Group Limited (N/A)All Cash$82.3 million$8.55$8.5842,43912/31/2011-0.35%-2.72%
+TKLC11/07/2011a consortium led by Siris Capital Group, LLC (N/A)All Cash$780 million$11.00$11.053,123,62703/31/2012-0.45%-1.20%
+DPL04/19/2011AES Corporation (AES)All Cash$4.7 billion$30.00$30.19614,03301/31/2012-0.63%-2.95%
+TOBC06/20/2011Susquehanna Bancshares (SUSQ)All Stock$343 million$25.64$25.8746,59303/31/2012-0.89%-2.35%
+BFSB08/17/2011Investors Bancorp, Inc. (ISBC)All Cash$10.3 million$0.80$0.881,20012/31/2011-9.09%-70.60%
+ADLR10/24/2011Cubist Pharmaceuticals (CBST)All Cash$190 million$4.25$4.69435,16912/31/2011-9.38%-72.86%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$37.80$42.12644,24103/31/2012-10.26%-27.13%
+BARI04/20/2011Brookline Bancorp (BRKL)Cash Plus Stock$234 million$35.71$42.124,26112/31/2011-15.22%-118.24%
+NYX02/15/2011Deutsche Boerse (N/A)All StockN/A$13.93$27.731,791,47912/31/2011-49.78%-386.59%