Merger Arbitrage Mondays – January 9, 2012

Merger activity came to a halt last week as no new deals were announced. Three pending deals closed.

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 That Closed in 2012 4
Total Number of Pending Deals
Cash Deals 31
Stock Deals 13
Stock & Cash Deals 9
Total Number of Pending Deals 53

Updated Deals:

  1. On January 4, 2012, LoopNet (LOOP) and CoStar (CSGP) agreed to further extend the the waiting period for the merger of the two firms to close.

Closed Deals:

  1. The acquisition of Bancorp Rhode Island (BARI) by Brookline Bancorp (BRKL) on January 3, 2012.
  2. The acquisition of McCormick & Schmick’s Seafood Restaurants, Inc. (MSSR) by Landry’s on January 4, 2012.
  3. The acquisition of Brooklyn Federal Bancorp (BFSB) by Investors Bancorp (ISBC) on January 6, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) $6.40 $5.24 06/30/2012 22.14% 46.70%
VTRO 10/17/2011 Inuvo, Inc. (INUV) $1.22 $1.06 03/31/2012 15.22% 67.75%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $68.81 $60.83 06/30/2012 13.11% 27.66%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $29.38 $26.14 06/30/2012 12.40% 26.16%
LOOP 04/27/2011 CoStar Group (CSGP) $18.81 $17.15 01/31/2012 9.68% 160.52%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $21.10 $19.48 06/30/2012 8.30% 17.50%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.46 03/31/2012 7.72% 34.38%
CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) $8.64 $8.10 04/30/2012 6.63% 21.62%
HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) $60.00 $56.41 01/31/2012 6.36% 105.59%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) $14.16 $13.35 06/30/2012 6.04% 12.73%

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

+ PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) All Stock $170 million $6.40 $5.24 184,319 06/30/2012 22.14% 46.70%
+ VTRO 10/17/2011 Inuvo, Inc. (INUV) All Stock N/A $1.22 $1.06 13,588 03/31/2012 15.22% 67.75%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $68.81 $60.83 4,794,986 06/30/2012 13.11% 27.66%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $29.38 $26.14 16,573,998 06/30/2012 12.40% 26.16%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.81 $17.15 526,765 01/31/2012 9.68% 160.52%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $21.10 $19.48 306,834 06/30/2012 8.30% 17.50%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.46 61,694 03/31/2012 7.72% 34.38%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $8.64 $8.10 6,525 04/30/2012 6.63% 21.62%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $56.41 101,255 01/31/2012 6.36% 105.59%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.16 $13.35 N/A 06/30/2012 6.04% 12.73%
+ CRIC 12/28/2011 E-House (China) Holdings (EJ) Cash Plus Stock $603 million $4.65 $4.42 129,022 06/30/2012 5.29% 11.17%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.915 1,900 06/30/2012 4.92% 10.38%
+ VRUS 11/21/2011 Gilead Sciences, Inc. (GILD) All Cash $11 billion $137.00 $131.37 523,035 03/31/2012 4.29% 19.08%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $38.46 7,984,891 01/31/2012 4.00% 66.43%
+ SNDA 11/22/2011 Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A) All Cash $2.3 billion $41.35 $40.06 100,175 03/31/2012 3.22% 14.33%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $123.64 447,265 06/30/2012 3.12% 6.59%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $30.74 $29.82 32,938 03/31/2012 3.09% 13.74%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $56.19 $54.72 1,158,403 03/31/2012 2.70% 12.00%
+ LAVA 11/30/2011 Synopsys Inc. (SNPS) All Cash $507 million $7.35 $7.16 3,141,236 03/31/2012 2.65% 11.81%
+ RRR 12/16/2011 United Rentals, Inc. (URI) Cash Plus Stock $1.9 billion $19.05 $18.58 2,238,553 06/30/2012 2.51% 5.29%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $3.04 $2.98 44,460 06/30/2012 2.01% 4.25%
+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $42.57 $41.84 2,101,227 06/30/2012 1.74% 3.68%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $38.21 $37.57 1,575,903 01/31/2012 1.71% 28.43%
+ WINN 12/19/2011 BI-LO, LLC (N/A) All Cash $560 million $9.50 $9.35 914,848 04/30/2012 1.60% 5.23%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $45.92 $45.22 1,088,241 03/31/2012 1.55% 6.89%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.19 1,111,017 06/30/2012 1.38% 2.91%
+ TRH 11/21/2011 Alleghany Corporation (Y) Cash Plus Stock $3.4 billion $55.76 $55.00 312,637 03/31/2012 1.37% 6.11%
+ BCSI 12/09/2011 Thoma Bravo, LLC (N/A) All Cash $1.3 billion $25.81 $25.57 822,834 03/31/2012 0.94% 4.18%
+ ADPI 11/07/2011 JLL Partners, Inc. (N/A) All Cash $398 million $19.00 $18.83 61,861 03/31/2012 0.90% 4.02%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.72 2,105,913 03/31/2012 0.88% 3.93%
+ PNS 11/10/2011 Avnet (AVT) All Cash $22 million $2.40 $2.38 7,630 01/31/2012 0.84% 13.94%
+ SONE 10/03/2011 ACI Worldwide (ACIW) Cash Plus Stock $516 million $9.70 $9.62 114,246 01/30/2012 0.83% 14.50%
+ CPX 10/10/2011 Superior Energy Services (SPN) Cash Plus Stock $2.7 billion $35.05 $34.82 1,200,716 03/31/2012 0.65% 2.91%
+ HS 10/24/2011 Cigna (CI) All Cash $3.8 billion $55.00 $54.65 425,032 06/30/2012 0.64% 1.35%
+ RNOW 10/24/2011 Oracle (ORCL) All Cash $1.5 billion $43.00 $42.73 259,726 03/31/2012 0.63% 2.81%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $49.70 385,593 06/30/2012 0.60% 1.27%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.85 38,940 02/03/2012 0.52% 7.59%
+ SFSF 12/03/2011 SAP AG (SAP) All Cash $3.4 billion $40.00 $39.80 4,658,384 03/31/2012 0.50% 2.24%
+ SYNO 12/13/2011 Baxter International Inc. (BAX) All Cash $325 million $28.00 $27.86 71,187 03/31/2012 0.50% 2.24%
+ VPF 11/17/2011 CTS Corp (N/A) All Cash $18 million $4.15 $4.13 1,400 01/31/2012 0.48% 8.03%
+ TKLC 11/07/2011 a consortium led by Siris Capital Group, LLC (N/A) All Cash $780 million $11.00 $10.95 406,007 03/31/2012 0.46% 2.03%
+ SNSTA 11/03/2011 SAC an affiliate of Hospitality Properties Trust (N/A) All Cash $174 million $31.00 $30.86 N/A 03/31/2012 0.45% 2.02%
+ MRT 12/16/2011 Fertitta Morton (N/A) All Cash $116.6 million $6.90 $6.87 112,548 02/15/2012 0.44% 4.31%
+ DMAN 12/08/2011 International Business Machines Corp. (IBM) All Cash $440 million $13.20 $13.15 298,466 03/31/2012 0.38% 1.69%
+ SONO 12/15/2011 FUJIFILM Holdings Corporation (N/A) All Cash $995 million $54.00 $53.85 67,522 03/31/2012 0.28% 1.24%
+ NDN 10/11/2011 affiliates of Ares Management LLC and Canada Pension Plan Investment Board (N/A) All Cash $1.6 billion $22.00 $21.96 758,536 03/31/2012 0.18% 0.81%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) All Cash $258.6 million $5.80 $5.79 411,939 01/31/2012 0.17% 2.87%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.19 81,294 06/30/2012 0.17% 0.36%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.49 316,069 03/31/2012 0.15% 0.69%
+ CSA 12/27/2011 Ventas, Inc. (VTR) All Cash $700 million $4.25 $4.31 246,476 06/30/2012 -1.39% -2.94%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $40.90 $42.40 3,078,952 03/31/2012 -3.54% -15.75%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.63 $3.85 5,600 03/31/2012 -5.64% -25.10%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $19.06 $26.97 2,292,978 03/31/2012 -29.33% -130.57%

Leave A Comment

You must be logged in to post a comment.