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Merger Arbitrage Mondays – January 02, 2012

  • January 2, 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 20121
Total Number of Pending Deals
Cash Deals33
Stock Deals13
Stock & Cash Deals10
Total Number of Pending Deals56

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:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

MHS07/21/2011Express Scripts, Inc. (ESRX)$65.00$55.9006/30/201216.28%33.01%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.3803/31/201211.34%46.53%
EP10/16/2011Kinder Morgan, Inc. (KMI)$29.08$26.5706/30/20129.45%19.15%
PARL12/23/2011Perfumania Holdings, Inc. (PERF)$5.55$5.1006/30/20128.76%17.76%
TAM01/19/2011LAN Airlines S.A. (LFL)$20.92$19.3506/30/20128.09%16.41%
VRUS11/21/2011Gilead Sciences, Inc. (GILD)$137.00$128.2003/31/20126.86%28.15%
VTRO10/17/2011Inuvo, Inc. (INUV)$1.10$1.0303/31/20126.57%26.94%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$14.12$13.2506/30/20126.53%13.25%
CRIC12/28/2011E-House (China) Holdings (EJ)$4.31$4.0506/30/20126.47%13.12%
BLD12/23/2011Forsyth Baldwin, LLC (N/A)$0.96$0.90306/30/20126.31%12.80%

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

+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$65.00$55.901,576,03706/30/201216.28%33.01%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.3856,07603/31/201211.34%46.53%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$29.08$26.573,861,12906/30/20129.45%19.15%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.55$5.10237,95806/30/20128.76%17.76%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$20.92$19.35327,10406/30/20128.09%16.41%
+VRUS11/21/2011Gilead Sciences, Inc. (GILD)All Cash$11 billion$137.00$128.202,322,84003/31/20126.86%28.15%
+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.10$1.0359,69003/31/20126.57%26.94%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.12$13.2580006/30/20126.53%13.25%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$4.31$4.0545,45706/30/20126.47%13.12%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.903130,54206/30/20126.31%12.80%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$56.57185,99501/31/20126.06%76.31%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.45$8.002,49804/30/20125.68%17.42%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.97$18.28310,09212/31/20113.78%0.00%
+SNDA11/22/2011Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A)All Cash$2.3 billion$41.35$40.01350,15803/31/20123.35%13.74%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$38.80952,25601/31/20123.09%38.93%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$123.70372,35406/30/20123.07%6.23%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$19.02$18.501,067,63706/30/20122.83%5.74%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$57.48$56.02839,07203/31/20122.60%10.65%
+LAVA11/30/2011Synopsys Inc. (SNPS)All Cash$507 million$7.35$7.18643,50803/31/20122.37%9.71%
+TOBC06/20/2011Susquehanna Bancshares (SUSQ)All Stock$343 million$29.08$28.5425,41203/31/20121.88%7.69%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$40.33$39.67615,50201/31/20121.67%21.07%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$55.59$54.73317,10303/31/20121.57%6.42%
+BCSI12/09/2011Thoma Bravo, LLC (N/A)All Cash$1.3 billion$25.81$25.451,327,45303/31/20121.41%5.80%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.38804,73104/30/20121.28%3.92%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.30661,08706/30/20121.13%2.29%
+SONE10/03/2011ACI Worldwide (ACIW)Cash Plus Stock$516 million$9.67$9.57246,15601/30/20121.02%13.25%
+CPX10/10/2011Superior Energy Services (SPN)Cash Plus Stock$2.7 billion$33.88$33.56587,00303/31/20120.94%3.86%
+TIN09/06/2011International Paper (IP)All Cash$4.3 billion$32.00$31.71744,55403/31/20120.91%3.75%
+ADPI11/07/2011JLL Partners, Inc. (N/A)All Cash$398 million$19.00$18.8349,75703/31/20120.90%3.70%
+NETL09/12/2011Broadcom (BRCM)All Cash$3.7 billion$50.00$49.57389,12406/30/20120.87%1.76%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$41.65$41.29954,48906/30/20120.87%1.76%
+HS10/24/2011Cigna (CI)All Cash$3.8 billion$55.00$54.54807,32206/30/20120.84%1.71%
+PNS11/10/2011Avnet (AVT)All Cash$22 million$2.40$2.385,90001/31/20120.84%10.58%
+SNSTA11/03/2011SAC an affiliate of Hospitality Properties Trust (N/A)All Cash$174 million$31.00$30.751,10003/31/20120.81%3.33%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$47.32$46.96216,45003/31/20120.77%3.18%
+VPF11/17/2011CTS Corp (N/A)All Cash$18 million$4.15$4.1258801/31/20120.73%9.16%
+TKLC11/07/2011a consortium led by Siris Capital Group, LLC (N/A)All Cash$780 million$11.00$10.93377,22703/31/20120.64%2.63%
+RNOW10/24/2011Oracle (ORCL)All Cash$1.5 billion$43.00$42.73138,18703/31/20120.63%2.59%
+SYNO12/13/2011Baxter International Inc. (BAX)All Cash$325 million$28.00$27.8386,60403/31/20120.61%2.51%
+PNNW11/12/2010City of Nashua (N/A)All Cash$138 million$29.00$28.838,16002/03/20120.59%6.73%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.53$3.5120003/31/20120.48%1.99%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.1070,42906/30/20120.43%0.87%
+AATI05/26/2011Skyworks Solutions, Inc. (SWKS)All Cash$258.6 million$5.80$5.78676,39001/31/20120.35%4.36%
+SFSF12/03/2011SAP AG (SAP)All Cash$3.4 billion$40.00$39.872,515,50403/31/20120.33%1.34%
+MRT12/16/2011Fertitta Morton (N/A)All Cash$116.6 million$6.90$6.88241,43202/15/20120.29%2.41%
+SONO12/15/2011FUJIFILM Holdings Corporation (N/A)All Cash$995 million$54.00$53.86291,46703/31/20120.26%1.07%
+NDN10/11/2011affiliates of Ares Management LLC and Canada Pension Plan Investment Board (N/A)All Cash$1.6 billion$22.00$21.95550,19203/31/20120.23%0.93%
+DMAN12/08/2011International Business Machines Corp. (IBM)All Cash$440 million$13.20$13.17789,88703/31/20120.23%0.93%
+MSSR11/08/2011Landry’s, Inc. (N/A)All Cash$131.6 million$8.75$8.7460,89901/15/20120.11%3.21%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.251,130,68606/30/20120.00%0.00%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.51477,64303/31/2012-0.15%-0.63%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$2.80$2.8166,66506/30/2012-0.36%-0.72%
+BARI04/20/2011Brookline Bancorp (BRKL)Cash Plus Stock$234 million$39.55$39.706,10301/01/2012-0.38%138.06%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$40.58$42.11883,16403/31/2012-3.63%-14.90%
+BFSB08/17/2011Investors Bancorp, Inc. (ISBC)All Cash$10.3 million$0.80$0.852,40001/31/2012-5.88%-74.04%
+NYX02/15/2011Deutsche Boerse (N/A)All StockN/A$19.06$26.101,034,20503/31/2012-26.98%-110.64%