Merger Arbitrage Mondays – 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 2012 7
Total Number of Pending Deals
Cash Deals 32
Stock Deals 13
Stock & Cash Deals 9
Total Number of Pending Deals 54

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:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

VTRO 10/17/2011 Inuvo, Inc. (INUV) $1.58 $1.26 03/31/2012 25.15% 135.01%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $10.59 03/31/2012 18.04% 96.81%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $70.84 $62.34 06/30/2012 13.63% 31.30%
LOOP 04/27/2011 CoStar Group (CSGP) $18.74 $16.77 01/31/2012 11.77% 536.89%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) $14.95 $13.50 06/30/2012 10.76% 24.69%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $29.33 $26.87 06/30/2012 9.16% 21.02%
GRRF 01/12/2012 Talenthome Management Limited (N/A) $3.15 $2.90 06/30/2012 8.62% 19.79%
INHX 01/07/2012 Bristol-Myers Squibb Company (BMY) $26.00 $24.42 03/31/2012 6.47% 34.73%
CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) $8.71 $8.20 04/30/2012 6.26% 23.32%
CRIC 12/28/2011 E-House (China) Holdings (EJ) $5.45 $5.18 06/30/2012 5.14% 11.79%

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

+ VTRO 10/17/2011 Inuvo, Inc. (INUV) All Stock N/A $1.58 $1.26 59,674 03/31/2012 25.15% 135.01%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $10.59 N/A 03/31/2012 18.04% 96.81%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $70.84 $62.34 6,421,850 06/30/2012 13.63% 31.30%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.74 $16.77 118,877 01/31/2012 11.77% 536.89%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.95 $13.50 1,274 06/30/2012 10.76% 24.69%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $29.33 $26.87 7,507,740 06/30/2012 9.16% 21.02%
+ GRRF 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $2.90 114,857 06/30/2012 8.62% 19.79%
+ INHX 01/07/2012 Bristol-Myers Squibb Company (BMY) All Cash $2.5 billion $26.00 $24.42 3,823,343 03/31/2012 6.47% 34.73%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $8.71 $8.20 2,355 04/30/2012 6.26% 23.32%
+ CRIC 12/28/2011 E-House (China) Holdings (EJ) Cash Plus Stock $603 million $5.45 $5.18 47,080 06/30/2012 5.14% 11.79%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $22.46 $21.38 285,026 06/30/2012 5.07% 11.64%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $57.24 52,137 01/31/2012 4.82% 219.99%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.53 141,798 03/31/2012 4.74% 25.46%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.92 1,100 06/30/2012 4.35% 9.98%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $32.20 $31.06 73,274 03/31/2012 3.66% 19.66%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $38.66 3,035,274 01/31/2012 3.47% 158.14%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $124.29 598,219 06/30/2012 2.58% 5.93%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $55.65 $54.26 1,444,333 03/31/2012 2.55% 13.71%
+ LAVA 11/30/2011 Synopsys Inc. (SNPS) All Cash $507 million $7.35 $7.17 1,430,188 03/31/2012 2.51% 13.48%
+ PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) All Stock $170 million $5.47 $5.35 187,458 06/30/2012 2.18% 5.00%
+ RRR 12/16/2011 United Rentals, Inc. (URI) Cash Plus Stock $1.9 billion $20.40 $19.97 880,004 06/30/2012 2.13% 4.89%
+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $47.51 $46.63 3,601,564 06/30/2012 1.88% 4.33%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $45.08 $44.31 582,874 03/31/2012 1.74% 9.33%
+ SNDA 11/22/2011 Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A) All Cash $2.3 billion $41.35 $40.65 48,921 03/31/2012 1.72% 9.24%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $36.60 $35.99 2,136,637 01/31/2012 1.71% 77.94%
+ TRH 11/21/2011 Alleghany Corporation (Y) Cash Plus Stock $3.4 billion $55.73 $55.07 477,662 03/31/2012 1.19% 6.40%
+ SONE 10/03/2011 ACI Worldwide (ACIW) Cash Plus Stock $516 million $9.93 $9.83 200,349 01/30/2012 1.00% 51.97%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.41 482,590 06/30/2012 0.88% 2.02%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.74 1,366,183 03/31/2012 0.82% 4.40%
+ CNVO 01/17/2012 Blackbaud (BLKB) All Cash $275 million $16.00 $15.90 2,349,827 03/31/2012 0.63% 3.38%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.46 367,382 03/31/2012 0.62% 3.32%
+ RNOW 10/24/2011 Oracle (ORCL) All Cash $1.5 billion $43.00 $42.75 875,827 03/31/2012 0.58% 3.14%
+ VPF 11/17/2011 CTS Corp (N/A) All Cash $18 million $4.15 $4.13 2,146 01/31/2012 0.48% 22.09%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $49.76 249,981 06/30/2012 0.48% 1.11%
+ BCSI 12/09/2011 Thoma Bravo, LLC (N/A) All Cash $1.3 billion $25.81 $25.70 265,908 03/31/2012 0.43% 2.30%
+ WINN 12/19/2011 BI-LO, LLC (N/A) All Cash $560 million $9.50 $9.46 382,367 04/30/2012 0.42% 1.57%
+ PNS 11/10/2011 Avnet (AVT) All Cash $22 million $2.40 $2.39 7,225 01/31/2012 0.42% 19.09%
+ HS 10/24/2011 Cigna (CI) All Cash $3.8 billion $55.00 $54.79 404,419 06/30/2012 0.38% 0.88%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.12 49,640 06/30/2012 0.37% 0.85%
+ CPX 10/10/2011 Superior Energy Services (SPN) Cash Plus Stock $2.7 billion $32.89 $32.78 960,004 03/31/2012 0.34% 1.85%
+ DMAN 12/08/2011 International Business Machines Corp. (IBM) All Cash $440 million $13.20 $13.16 264,729 03/31/2012 0.30% 1.63%
+ SNSTA 11/03/2011 SAC an affiliate of Hospitality Properties Trust (N/A) All Cash $174 million $31.00 $30.91 N/A 03/31/2012 0.29% 1.56%
+ MRT 12/16/2011 Fertitta Morton (N/A) All Cash $116.6 million $6.90 $6.88 14,536 02/15/2012 0.29% 4.61%
+ SFSF 12/03/2011 SAP AG (SAP) All Cash $3.4 billion $40.00 $39.89 962,103 03/31/2012 0.28% 1.48%
+ SYNO 12/13/2011 Baxter International Inc. (BAX) All Cash $325 million $28.00 $27.93 46,708 03/31/2012 0.25% 1.35%
+ SONO 12/15/2011 FUJIFILM Holdings Corporation (N/A) All Cash $995 million $54.00 $53.87 250,552 03/31/2012 0.24% 1.30%
+ TKLC 11/07/2011 a consortium led by Siris Capital Group, LLC (N/A) All Cash $780 million $11.00 $10.98 307,893 03/31/2012 0.18% 0.98%
+ ADPI 11/07/2011 JLL Partners, Inc. (N/A) All Cash $398 million $19.00 $18.97 312,489 03/31/2012 0.16% 0.85%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.99 29,266 02/03/2012 0.03% 1.14%
+ CSA 12/27/2011 Ventas, Inc. (VTR) All Cash $700 million $4.25 $4.25 418,441 06/30/2012 0.00% 0.00%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $42.28 $43.25 1,546,770 03/31/2012 -2.24% -12.04%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.60 $3.70 650 03/31/2012 -2.75% -14.76%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $2.80 $2.90 3,832 06/30/2012 -3.45% -7.92%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $19.06 $27.45 2,510,779 03/31/2012 -30.57% -164.09%

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