Merger Arbitrage Mondays – January 02, 2012

Merger activity decreased last week with two new deals announced and three 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 2012 1
Total Number of Pending Deals
Cash Deals 33
Stock Deals 13
Stock & Cash Deals 10
Total Number of Pending Deals 56

New Deals:

  1. The acquisition of Cogdell Spencer (CSA) by Ventas (VTR) for approximately $760 to $770 million or $4.25 per share in cash.
  2. The acquisition of China Real Estate Information Corporation (CRIC) by E-House China Holdings Limited (EJ) in a cash plus stock deal valued at $603 million or a 5.6% premium. CRIC shareholders will receive $1.75 per share in cash and 0.6 shares of E-house.

Updated Deals:

  1. On December 29, 2011, ACI Worldwide, Inc. (ACIW) announced that it has extended its exchange offer for all of the outstanding shares of common stock of S1 Corporation (SONE) until 5:00 p.m. Eastern time on Monday, January 30, 2012, unless further extended.

Closed Deals:

  1. The acquisition of INX Inc. (INXI) by Presidio on December 30, 2011.
  2. The acquisition of State Bancorp (STBC) by Valley National Bancorp (VLY) on December 30, 2011.
  3. The acquisition of Parkvale Financial Corporation (PVSA) by F.N.B. Corporation (FNB) on January 01, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

MHS 07/21/2011 Express Scripts, Inc. (ESRX) $65.00 $55.90 06/30/2012 16.28% 33.01%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.38 03/31/2012 11.34% 46.53%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $29.08 $26.57 06/30/2012 9.45% 19.15%
PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) $5.55 $5.10 06/30/2012 8.76% 17.76%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $20.92 $19.35 06/30/2012 8.09% 16.41%
VRUS 11/21/2011 Gilead Sciences, Inc. (GILD) $137.00 $128.20 03/31/2012 6.86% 28.15%
VTRO 10/17/2011 Inuvo, Inc. (INUV) $1.10 $1.03 03/31/2012 6.57% 26.94%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) $14.12 $13.25 06/30/2012 6.53% 13.25%
CRIC 12/28/2011 E-House (China) Holdings (EJ) $4.31 $4.05 06/30/2012 6.47% 13.12%
BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) $0.96 $0.903 06/30/2012 6.31% 12.80%

List of all pending deals:

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


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $65.00 $55.90 1,576,037 06/30/2012 16.28% 33.01%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.38 56,076 03/31/2012 11.34% 46.53%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $29.08 $26.57 3,861,129 06/30/2012 9.45% 19.15%
+ PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) All Stock $170 million $5.55 $5.10 237,958 06/30/2012 8.76% 17.76%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $20.92 $19.35 327,104 06/30/2012 8.09% 16.41%
+ VRUS 11/21/2011 Gilead Sciences, Inc. (GILD) All Cash $11 billion $137.00 $128.20 2,322,840 03/31/2012 6.86% 28.15%
+ VTRO 10/17/2011 Inuvo, Inc. (INUV) All Stock N/A $1.10 $1.03 59,690 03/31/2012 6.57% 26.94%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.12 $13.25 800 06/30/2012 6.53% 13.25%
+ CRIC 12/28/2011 E-House (China) Holdings (EJ) Cash Plus Stock $603 million $4.31 $4.05 45,457 06/30/2012 6.47% 13.12%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.903 130,542 06/30/2012 6.31% 12.80%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $56.57 185,995 01/31/2012 6.06% 76.31%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $8.45 $8.00 2,498 04/30/2012 5.68% 17.42%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.97 $18.28 310,092 12/31/2011 3.78% 0.00%
+ SNDA 11/22/2011 Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A) All Cash $2.3 billion $41.35 $40.01 350,158 03/31/2012 3.35% 13.74%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $38.80 952,256 01/31/2012 3.09% 38.93%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $123.70 372,354 06/30/2012 3.07% 6.23%
+ RRR 12/16/2011 United Rentals, Inc. (URI) Cash Plus Stock $1.9 billion $19.02 $18.50 1,067,637 06/30/2012 2.83% 5.74%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $57.48 $56.02 839,072 03/31/2012 2.60% 10.65%
+ LAVA 11/30/2011 Synopsys Inc. (SNPS) All Cash $507 million $7.35 $7.18 643,508 03/31/2012 2.37% 9.71%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $29.08 $28.54 25,412 03/31/2012 1.88% 7.69%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $40.33 $39.67 615,502 01/31/2012 1.67% 21.07%
+ TRH 11/21/2011 Alleghany Corporation (Y) Cash Plus Stock $3.4 billion $55.59 $54.73 317,103 03/31/2012 1.57% 6.42%
+ BCSI 12/09/2011 Thoma Bravo, LLC (N/A) All Cash $1.3 billion $25.81 $25.45 1,327,453 03/31/2012 1.41% 5.80%
+ WINN 12/19/2011 BI-LO, LLC (N/A) All Cash $560 million $9.50 $9.38 804,731 04/30/2012 1.28% 3.92%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.30 661,087 06/30/2012 1.13% 2.29%
+ SONE 10/03/2011 ACI Worldwide (ACIW) Cash Plus Stock $516 million $9.67 $9.57 246,156 01/30/2012 1.02% 13.25%
+ CPX 10/10/2011 Superior Energy Services (SPN) Cash Plus Stock $2.7 billion $33.88 $33.56 587,003 03/31/2012 0.94% 3.86%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.71 744,554 03/31/2012 0.91% 3.75%
+ ADPI 11/07/2011 JLL Partners, Inc. (N/A) All Cash $398 million $19.00 $18.83 49,757 03/31/2012 0.90% 3.70%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $49.57 389,124 06/30/2012 0.87% 1.76%
+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $41.65 $41.29 954,489 06/30/2012 0.87% 1.76%
+ HS 10/24/2011 Cigna (CI) All Cash $3.8 billion $55.00 $54.54 807,322 06/30/2012 0.84% 1.71%
+ PNS 11/10/2011 Avnet (AVT) All Cash $22 million $2.40 $2.38 5,900 01/31/2012 0.84% 10.58%
+ SNSTA 11/03/2011 SAC an affiliate of Hospitality Properties Trust (N/A) All Cash $174 million $31.00 $30.75 1,100 03/31/2012 0.81% 3.33%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $47.32 $46.96 216,450 03/31/2012 0.77% 3.18%
+ VPF 11/17/2011 CTS Corp (N/A) All Cash $18 million $4.15 $4.12 588 01/31/2012 0.73% 9.16%
+ TKLC 11/07/2011 a consortium led by Siris Capital Group, LLC (N/A) All Cash $780 million $11.00 $10.93 377,227 03/31/2012 0.64% 2.63%
+ RNOW 10/24/2011 Oracle (ORCL) All Cash $1.5 billion $43.00 $42.73 138,187 03/31/2012 0.63% 2.59%
+ SYNO 12/13/2011 Baxter International Inc. (BAX) All Cash $325 million $28.00 $27.83 86,604 03/31/2012 0.61% 2.51%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.83 8,160 02/03/2012 0.59% 6.73%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.53 $3.51 200 03/31/2012 0.48% 1.99%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.10 70,429 06/30/2012 0.43% 0.87%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) All Cash $258.6 million $5.80 $5.78 676,390 01/31/2012 0.35% 4.36%
+ SFSF 12/03/2011 SAP AG (SAP) All Cash $3.4 billion $40.00 $39.87 2,515,504 03/31/2012 0.33% 1.34%
+ MRT 12/16/2011 Fertitta Morton (N/A) All Cash $116.6 million $6.90 $6.88 241,432 02/15/2012 0.29% 2.41%
+ SONO 12/15/2011 FUJIFILM Holdings Corporation (N/A) All Cash $995 million $54.00 $53.86 291,467 03/31/2012 0.26% 1.07%
+ NDN 10/11/2011 affiliates of Ares Management LLC and Canada Pension Plan Investment Board (N/A) All Cash $1.6 billion $22.00 $21.95 550,192 03/31/2012 0.23% 0.93%
+ DMAN 12/08/2011 International Business Machines Corp. (IBM) All Cash $440 million $13.20 $13.17 789,887 03/31/2012 0.23% 0.93%
+ MSSR 11/08/2011 Landry’s, Inc. (N/A) All Cash $131.6 million $8.75 $8.74 60,899 01/15/2012 0.11% 3.21%
+ CSA 12/27/2011 Ventas, Inc. (VTR) All Cash $700 million $4.25 $4.25 1,130,686 06/30/2012 0.00% 0.00%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.51 477,643 03/31/2012 -0.15% -0.63%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $2.80 $2.81 66,665 06/30/2012 -0.36% -0.72%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $39.55 $39.70 6,103 01/01/2012 -0.38% 138.06%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $40.58 $42.11 883,164 03/31/2012 -3.63% -14.90%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.85 2,400 01/31/2012 -5.88% -74.04%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $19.06 $26.10 1,034,205 03/31/2012 -26.98% -110.64%

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