Merger Arbitrage Mondays – February 20, 2012

  • February 19, 2012

Merger activity decreased last week with two new deals announced and nine 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 201226
Total Number of Pending Deals
Cash Deals23
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals47
Total Deal Size$343.8 billion

New Deals:

  1. The acquisition of SeraCare Life Sciences (SRLS) by Linden Capital Partners For $82 million or $4.00 per share in cash.
  2. The acquisition of Advance America, Cash Advance Centers (AEA) by Grupo Elektra for $780 million or $10.50 per share in cash.

Closed Deals:

  1. The acquisition of Inhibitex (INHX) by Bristol-Myers Squibb Company (BMY) on February 13, 2012.
  2. The acquisition of Synovis Life Technologies (SYNO) by Baxter International (BAX) on February 14, 2012.
  3. The acquisition of Shanda Interactive Entertainment (SNDA) by Premium Lead Company Limited and New Era Investment Holding Ltd. on February 15, 2012.
  4. The acquisition of DemandTec (DMAN) by International Business Machines (IBM) on February 15, 2012.
  5. The acquisition of Blue Coat Systems (BCSI) by Thoma Bravo on February 15, 2012.
  6. The acquisition of Temple Inland (TIN) by The International Paper Company (IP) on February 15, 2012.
  7. The acquisition of SuccessFactors (SFSF) by SAP AG (SAP) on February 16, 2012.
  8. The acquisition of SonoSite (SONO) by FUJIFILM Holdings on February 16, 2012.
  9. The acquisition of NetLogic Microsystems (NETL) by Broadcom (BRCM) on February 17, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

TOBC06/20/2011Susquehanna Bancshares (SUSQ)$33.93$28.4503/31/201219.27%175.85%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.3803/31/201211.34%103.52%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$11.2306/30/201211.31%31.51%
MHS07/21/2011Express Scripts, Inc. (ESRX)$71.07$64.0106/30/201211.02%30.71%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$15.17$14.0006/30/20128.35%23.27%
BLD12/23/2011Forsyth Baldwin, LLC (N/A)$0.96$0.89106/30/20127.74%21.58%
EP10/16/2011Kinder Morgan, Inc. (KMI)$29.10$27.1606/30/20127.16%19.95%
VIST01/26/2012Tompkins Financial Corporation (TMP)$13.01$12.1609/30/20126.98%11.42%
VTRO10/17/2011Inuvo, Inc. (INUV)$1.59$1.5003/31/20126.16%56.20%
PARL12/23/2011Perfumania Holdings, Inc. (PERF)$5.46$5.1606/30/20125.84%16.27%

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

+TOBC06/20/2011Susquehanna Bancshares (SUSQ)All Stock$343 million$33.93$28.4561,13503/31/201219.27%175.85%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.3841,48803/31/201211.34%103.52%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$11.23365,26706/30/201211.31%31.51%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$71.07$64.014,724,40106/30/201211.02%30.71%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$15.17$14.006,08706/30/20128.35%23.27%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.89142,00106/30/20127.74%21.58%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$29.10$27.165,923,45506/30/20127.16%19.95%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$13.01$12.1621,60209/30/20126.98%11.42%
+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.59$1.5038,48003/31/20126.16%56.20%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.46$5.1694,06206/30/20125.84%16.27%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.70$17.68330,90404/30/20125.77%30.11%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$56.7552,39106/30/20125.73%15.96%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$2.9843,59206/30/20125.70%15.89%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$23.48$22.246,20706/30/20125.59%15.59%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$3.60$3.4323,31906/30/20124.96%13.81%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.63$5.3952,15406/30/20124.49%12.51%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$25.13$24.39921,95806/30/20123.03%8.43%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$54.60$53.012,599,21703/31/20123.00%27.39%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.92$8.7032,25004/30/20122.48%12.91%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.5185,00106/30/20122.18%6.07%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.68$3.61N/A03/31/20121.95%17.81%
+LAVA11/30/2011Synopsys Inc. (SNPS)All Cash$507 million$7.35$7.221,127,62703/31/20121.80%16.43%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.55$28.103,192,88906/30/20121.61%4.49%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5038,82804/30/20121.60%8.34%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.70573,41306/30/20121.43%3.99%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.79737,92703/31/20121.33%12.14%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$15.02$14.84467,57703/31/20121.20%10.95%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.3816,391,77706/30/20121.16%3.22%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$47.23$46.741,117,58906/30/20121.04%2.91%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$3.9660,87706/30/20121.01%2.81%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.704,788,63403/31/20120.76%6.90%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.711,475,27706/30/20120.63%1.77%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$47.36$47.10207,27703/31/20120.56%5.10%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.12$22.00900,97906/30/20120.55%1.54%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.47351,36903/31/20120.46%4.23%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.631,010,26906/30/20120.38%1.06%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$36.52$36.402,912,84803/31/20120.33%3.04%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.47519,00804/30/20120.32%1.65%
+MITI01/26/2012Amgen Inc. (AMGN)All Cash1.16 billion$11.00$10.973,253,83903/31/20120.27%2.50%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.24501,26906/30/20120.24%0.66%
+SONE10/03/2011ACI Worldwide (ACIW)Cash Plus Stock$516 million$10.47$10.45N/A03/31/20120.21%1.89%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$71.93629,67306/30/20120.10%0.27%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$57.87$57.89226,74403/31/2012-0.04%-0.39%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$43.86$43.911,670,58603/31/2012-0.11%-1.04%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.4040,14606/30/2012-0.42%-1.18%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.91121,86006/30/2012-0.61%-1.69%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$15.14371,28706/30/2012-0.92%-2.58%