Merger Arbitrage Mondays – February 27, 2012

  • February 27, 2012

Merger activity increased last week with two new deals announced, two “going private” proposals received 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 201229
Total Number of Pending Deals
Cash Deals24
Stock Deals13
Stock & Cash Deals9
Total Number of Pending Deals46
Total Deal Size$345.3 billion

New Deals:

  1. The acquisition of CH Energy Group (CHG) by Fortis for $1.5 billion or $65.00 per share in cash.
  2. The acquisition of ATS Corporation (ATSC) by Salient Federal Solutions for $3.20 per share in cash.

Going Private Proposals:

  1. The proposal to acquire Kenneth Cole Productions (KCP) by its Chairman, Kenneth D. Cole for $280 million or $15.00 per share in cash. (not yet approved)
  2. The proposal to acquire Gushan Environmental Energy Limited (GU) by its Chairman, Mr. Jianqiu Yu for $1.599 per ADS in Cash. (not yet approved)

Closed Deals:

  1. The acquisition of Magma Design Automation (LAVA) by Synopsis (SNPS) on February 22, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.8006/30/201215.74%46.33%
MHS07/21/2011Express Scripts, Inc. (ESRX)$71.25$64.1406/30/201211.09%32.64%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.4003/31/201210.42%115.21%
EP10/16/2011Kinder Morgan, Inc. (KMI)$29.53$27.1606/30/20128.72%25.66%
BLD12/23/2011Forsyth Baldwin, LLC (N/A)$0.96$0.88706/30/20128.23%24.23%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$14.77$13.7806/30/20127.16%21.08%
VIST01/26/2012Tompkins Financial Corporation (TMP)$12.94$12.1709/30/20126.35%10.73%
HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)$60.00$56.6406/30/20125.93%17.46%
CRIC12/28/2011E-House (China) Holdings (EJ)$5.82$5.5406/30/20125.02%14.77%
GRRF01/12/2012Talenthome Management Limited (N/A)$3.15$3.0006/30/20125.00%14.72%

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

+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.80400,84306/30/201215.74%46.33%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$71.25$64.144,339,22806/30/201211.09%32.64%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.4031,86003/31/201210.42%115.21%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$29.53$27.1610,625,32406/30/20128.72%25.66%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.887118,74006/30/20128.23%24.23%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.77$13.78N/A06/30/20127.16%21.08%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.94$12.1727,50509/30/20126.35%10.73%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$56.6410,93906/30/20125.93%17.46%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.82$5.5439,60106/30/20125.02%14.77%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$3.0015,18006/30/20125.00%14.72%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.68$8.3010,39504/30/20124.61%26.73%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$23.16$22.2511,65006/30/20124.09%12.05%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$24.08$23.20437,55606/30/20123.77%11.10%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.34$5.1795,15406/30/20123.36%9.90%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$55.12$53.691,368,78603/31/20122.67%29.54%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.75$18.30390,67504/30/20122.45%14.20%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.5099,89706/30/20122.22%6.54%
+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.47$1.448,92503/31/20121.99%22.04%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.46$27.994,477,16306/30/20121.66%4.90%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.74262,20003/31/20121.65%18.27%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5055,20004/30/20121.60%9.27%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.88717,74706/30/20121.29%3.79%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$3.9689,13506/30/20121.01%2.97%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$45.63$45.24874,90606/30/20120.86%2.54%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$15.92$15.79642,28703/31/20120.82%9.11%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.734,006,11303/31/20120.68%7.52%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.691,673,10506/30/20120.68%2.00%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.55563,53706/30/20120.56%1.65%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.74$22.61480,39006/30/20120.56%1.64%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$47.05$46.82293,09803/31/20120.49%5.39%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.462,706,17506/30/20120.38%1.13%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.47583,72004/30/20120.32%1.84%
+ATSC02/21/2012Salient Federal Solutions, Inc. (N/A)All CashN/A$3.20$3.1928,90006/30/20120.31%0.92%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.4870,30403/31/20120.31%3.41%
+MITI01/26/2012Amgen Inc. (AMGN)All Cash1.16 billion$11.00$10.972,256,51503/31/20120.27%3.02%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.24392,63006/30/20120.24%0.69%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$59.71$59.58261,68803/31/20120.22%2.43%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$36.52$36.49560,80003/31/20120.09%0.94%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$44.04$44.011,216,32903/31/20120.07%0.75%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.2615,38206/30/2012-0.03%-0.08%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$72.04811,40206/30/2012-0.06%-0.16%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.8897,76306/30/2012-0.30%-0.89%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$15.071,487,51706/30/2012-0.46%-1.37%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.63$3.681,00003/31/2012-1.23%-13.55%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$66.48180,53503/31/2013-2.23%-2.04%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$3.20$3.4124,48906/30/2012-6.16%-18.13%