×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – January 23, 2012

  • January 23, 2012

Merger activity remained steady last week with two new deals announced and one 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 20127
Total Number of Pending Deals
Cash Deals32
Stock Deals13
Stock & Cash Deals9
Total Number of Pending Deals54

New Deals:

  1. The acquisition of Venoco (VQ) by the Denver Parent Corporation for $1.5 billion or $12.50 per share in cash.
  2. The acquisition of Convio (CNVO) by Blackbaud (BLKB) for $275 million or $16.00 per share in cash.

Closed Deals:

  1. The acquisition of Pharmasset (VRUS) by Gilead Sciences (GILD) on January 17, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

VTRO10/17/2011Inuvo, Inc. (INUV)$1.58$1.2603/31/201225.15%135.01%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.5903/31/201218.04%96.81%
MHS07/21/2011Express Scripts, Inc. (ESRX)$70.84$62.3406/30/201213.63%31.30%
LOOP04/27/2011CoStar Group (CSGP)$18.74$16.7701/31/201211.77%536.89%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$14.95$13.5006/30/201210.76%24.69%
EP10/16/2011Kinder Morgan, Inc. (KMI)$29.33$26.8706/30/20129.16%21.02%
GRRF01/12/2012Talenthome Management Limited (N/A)$3.15$2.9006/30/20128.62%19.79%
INHX01/07/2012Bristol-Myers Squibb Company (BMY)$26.00$24.4203/31/20126.47%34.73%
CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)$8.71$8.2004/30/20126.26%23.32%
CRIC12/28/2011E-House (China) Holdings (EJ)$5.45$5.1806/30/20125.14%11.79%

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

+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.58$1.2659,67403/31/201225.15%135.01%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.59N/A03/31/201218.04%96.81%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$70.84$62.346,421,85006/30/201213.63%31.30%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.74$16.77118,87701/31/201211.77%536.89%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.95$13.501,27406/30/201210.76%24.69%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$29.33$26.877,507,74006/30/20129.16%21.02%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$2.90114,85706/30/20128.62%19.79%
+INHX01/07/2012Bristol-Myers Squibb Company (BMY)All Cash$2.5 billion$26.00$24.423,823,34303/31/20126.47%34.73%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.71$8.202,35504/30/20126.26%23.32%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.45$5.1847,08006/30/20125.14%11.79%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$22.46$21.38285,02606/30/20125.07%11.64%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$57.2452,13701/31/20124.82%219.99%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.53141,79803/31/20124.74%25.46%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.921,10006/30/20124.35%9.98%
+TOBC06/20/2011Susquehanna Bancshares (SUSQ)All Stock$343 million$32.20$31.0673,27403/31/20123.66%19.66%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$38.663,035,27401/31/20123.47%158.14%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$124.29598,21906/30/20122.58%5.93%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$55.65$54.261,444,33303/31/20122.55%13.71%
+LAVA11/30/2011Synopsys Inc. (SNPS)All Cash$507 million$7.35$7.171,430,18803/31/20122.51%13.48%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.47$5.35187,45806/30/20122.18%5.00%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$20.40$19.97880,00406/30/20122.13%4.89%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$47.51$46.633,601,56406/30/20121.88%4.33%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$45.08$44.31582,87403/31/20121.74%9.33%
+SNDA11/22/2011Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A)All Cash$2.3 billion$41.35$40.6548,92103/31/20121.72%9.24%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$36.60$35.992,136,63701/31/20121.71%77.94%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$55.73$55.07477,66203/31/20121.19%6.40%
+SONE10/03/2011ACI Worldwide (ACIW)Cash Plus Stock$516 million$9.93$9.83200,34901/30/20121.00%51.97%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.41482,59006/30/20120.88%2.02%
+TIN09/06/2011International Paper (IP)All Cash$4.3 billion$32.00$31.741,366,18303/31/20120.82%4.40%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.902,349,82703/31/20120.63%3.38%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.46367,38203/31/20120.62%3.32%
+RNOW10/24/2011Oracle (ORCL)All Cash$1.5 billion$43.00$42.75875,82703/31/20120.58%3.14%
+VPF11/17/2011CTS Corp (N/A)All Cash$18 million$4.15$4.132,14601/31/20120.48%22.09%
+NETL09/12/2011Broadcom (BRCM)All Cash$3.7 billion$50.00$49.76249,98106/30/20120.48%1.11%
+BCSI12/09/2011Thoma Bravo, LLC (N/A)All Cash$1.3 billion$25.81$25.70265,90803/31/20120.43%2.30%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.46382,36704/30/20120.42%1.57%
+PNS11/10/2011Avnet (AVT)All Cash$22 million$2.40$2.397,22501/31/20120.42%19.09%
+HS10/24/2011Cigna (CI)All Cash$3.8 billion$55.00$54.79404,41906/30/20120.38%0.88%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.1249,64006/30/20120.37%0.85%
+CPX10/10/2011Superior Energy Services (SPN)Cash Plus Stock$2.7 billion$32.89$32.78960,00403/31/20120.34%1.85%
+DMAN12/08/2011International Business Machines Corp. (IBM)All Cash$440 million$13.20$13.16264,72903/31/20120.30%1.63%
+SNSTA11/03/2011SAC an affiliate of Hospitality Properties Trust (N/A)All Cash$174 million$31.00$30.91N/A03/31/20120.29%1.56%
+MRT12/16/2011Fertitta Morton (N/A)All Cash$116.6 million$6.90$6.8814,53602/15/20120.29%4.61%
+SFSF12/03/2011SAP AG (SAP)All Cash$3.4 billion$40.00$39.89962,10303/31/20120.28%1.48%
+SYNO12/13/2011Baxter International Inc. (BAX)All Cash$325 million$28.00$27.9346,70803/31/20120.25%1.35%
+SONO12/15/2011FUJIFILM Holdings Corporation (N/A)All Cash$995 million$54.00$53.87250,55203/31/20120.24%1.30%
+TKLC11/07/2011a consortium led by Siris Capital Group, LLC (N/A)All Cash$780 million$11.00$10.98307,89303/31/20120.18%0.98%
+ADPI11/07/2011JLL Partners, Inc. (N/A)All Cash$398 million$19.00$18.97312,48903/31/20120.16%0.85%
+PNNW11/12/2010City of Nashua (N/A)All Cash$138 million$29.00$28.9929,26602/03/20120.03%1.14%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.25418,44106/30/20120.00%0.00%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$42.28$43.251,546,77003/31/2012-2.24%-12.04%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.60$3.7065003/31/2012-2.75%-14.76%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$2.80$2.903,83206/30/2012-3.45%-7.92%
+NYX02/15/2011Deutsche Boerse (N/A)All StockN/A$19.06$27.452,510,77903/31/2012-30.57%-164.09%