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Merger Arbitrage Mondays – February 13, 2012

  • February 13, 2012

Merger activity remained steady last week with three new deals announced and two 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 201117
Total Number of Pending Deals
Cash Deals30
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals54
Total Deal Size$342.9 billion

New Deals:

  1. The acquisition of SureWest Communications (SURW) by Consolidated Communications Holdings (CNSL) for $340.9 million or $23.00 per share in cash or shares of Consolidated common stock having an equivalent value based on average trading prices for the 20-day period ending two days before the closing of the acquisition, subject to a collar. Overall elections are subject to proration such that 50 percent of the SureWest shares will be exchanged for cash and 50 percent for stock.
  2. The acquisition of O’Charley’s (CHUX) by Fidelity National Financial (FNF) for $221 million or $9.85 per share in cash.
  3. The acquisition of Taleo (TLEO) by Oracle (ORCL) for $1.9 billion or $46.00 per share in cash.

Closed Deals:

  1. The acquisition of American Dental Partners (ADPI) by JLL Partners on February 09, 2012.
  2. The acquisition of Complete Production Services (CPX) by Superior Energy Services (SPN) on February 08, 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)$69.44$60.8206/30/201214.17%37.48%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.9603/31/201214.05%109.12%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.3603/31/201212.29%95.43%
LOOP04/27/2011CoStar Group (CSGP)$18.64$17.2504/30/20128.03%38.07%
EP10/16/2011Kinder Morgan, Inc. (KMI)$29.15$27.1806/30/20127.27%19.22%
GRRF01/12/2012Talenthome Management Limited (N/A)$3.15$2.9506/30/20126.78%17.93%
VTRO10/17/2011Inuvo, Inc. (INUV)$1.48$1.3903/31/20126.77%52.61%
BLD12/23/2011Forsyth Baldwin, LLC (N/A)$0.96$0.9006/30/20126.67%17.63%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$14.60$13.8006/30/20125.78%15.30%
VIST01/26/2012Tompkins Financial Corporation (TMP)$12.80$12.1009/30/20125.78%9.17%

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$69.44$60.827,384,70906/30/201214.17%37.48%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.96473,35803/31/201214.05%109.12%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.3656,64903/31/201212.29%95.43%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.64$17.25707,65504/30/20128.03%38.07%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$29.15$27.187,503,38206/30/20127.27%19.22%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$2.9548,22406/30/20126.78%17.93%
+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.48$1.397,35203/31/20126.77%52.61%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.9017,10006/30/20126.67%17.63%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.60$13.80N/A06/30/20125.78%15.30%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.80$12.1010,36509/30/20125.78%9.17%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$22.84$21.606,83806/30/20125.73%15.16%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$56.9042,14906/30/20125.45%14.41%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.61$3.44N/A03/31/20124.95%38.42%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$23.45$22.46195,62606/30/20124.43%11.71%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.36$5.1515,39606/30/20124.12%10.89%
+TOBC06/20/2011Susquehanna Bancshares (SUSQ)All Stock$343 million$32.34$31.1685,84503/31/20123.78%29.33%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$56.12$54.623,678,51403/31/20122.74%21.28%
+LAVA11/30/2011Synopsys Inc. (SNPS)All Cash$507 million$7.35$7.1551,017,19503/31/20122.73%21.17%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.41N/A06/30/20122.63%6.96%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.53$8.323,60204/30/20122.58%12.22%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.28$5.1681,97906/30/20122.32%6.15%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.49117,94204/30/20122.01%9.52%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.45$27.973,212,64506/30/20121.72%4.55%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.35835,93306/30/20121.72%4.54%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$37.05$36.462,063,53403/31/20121.62%12.59%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.4520,347,17203/31/20121.39%10.83%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.79185,46103/31/20121.33%10.33%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$47.62$47.10809,67506/30/20121.11%2.93%
+SNDA11/22/2011Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A)All Cash$2.3 billion$41.35$40.9262,98903/31/20121.05%8.16%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$21.96$21.771,220,83106/30/20120.88%2.34%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$15.04$14.91611,39403/31/20120.87%6.77%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$58.59$58.13243,39303/31/20120.79%6.15%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.655,097,57006/30/20120.77%2.03%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.481,270,88806/30/20120.72%1.90%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.46116,78003/31/20120.62%4.81%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.45306,13504/30/20120.53%2.51%
+NETL09/12/2011Broadcom (BRCM)All Cash$3.7 billion$50.00$49.751,219,84106/30/20120.50%1.33%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.23259,21006/30/20120.47%1.25%
+MITI01/26/2012Amgen Inc. (AMGN)All Cash1.16 billion$11.00$10.952,138,42203/31/20120.46%3.55%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$46.18$46.00248,32603/31/20120.40%3.08%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.1791,35406/30/20120.23%0.60%
+INHX01/07/2012Bristol-Myers Squibb Company (BMY)All Cash$2.5 billion$26.00$25.961,349,48603/31/20120.15%1.20%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$71.891,411,08106/30/20120.15%0.40%
+SONO12/15/2011FUJIFILM Holdings Corporation (N/A)All Cash$995 million$54.00$53.9576,68203/31/20120.09%0.72%
+DMAN12/08/2011International Business Machines Corp. (IBM)All Cash$440 million$13.20$13.1952,52403/31/20120.08%0.59%
+SFSF12/03/2011SAP AG (SAP)All Cash$3.4 billion$40.00$39.972,333,20503/31/20120.08%0.58%
+BCSI12/09/2011Thoma Bravo, LLC (N/A)All Cash$1.3 billion$25.81$25.80560,39803/31/20120.04%0.30%
+TIN09/06/2011International Paper (IP)All Cash$4.3 billion$32.00$31.996,233,00203/31/20120.03%0.24%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$3.36$3.36113,33906/30/20120.00%0.00%
+SYNO12/13/2011Baxter International Inc. (BAX)All Cash$325 million$28.00$28.0044,43203/31/20120.00%0.00%
+SONE10/03/2011ACI Worldwide (ACIW)Cash Plus Stock$516 million$10.39$10.44534,91303/31/2012-0.44%-3.42%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$15.111,041,40906/30/2012-0.73%-1.93%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$10.05322,39006/30/2012-1.99%-5.26%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$41.80$43.041,222,15603/31/2012-2.88%-22.37%