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Merger Arbitrage Mondays – February 6, 2012

  • February 6, 2012

Merger activity decreased last week with three new deals announced and four 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 201215
Total Number of Pending Deals
Cash Deals28
Stock Deals14
Stock & Cash Deals11
Total Number of Pending Deals53
Total Deal Size$340.48 billion

New Deals:

  1. The acquisition of Thomas & Betts (TNB) by ABB Ltd. (ABB) for $3.9 billion or $72.00 per share in cash.
  2. The acquisition of Pep Boys-Manny, Moe & Jack (PBY) by The Gores Group for $1 billion or $15.00 per share in cash.
  3. The acquisition of Cryptologic (CRYP) by Amaya Gaming Group for $35.8 million or $2.54 per share in cash. This deal was pre-announced on December 15, 2011 but finalized on February 2, 2012.

Updated Deals:

  1. On February 2, 2012, NYSE Euronext (NYX) and Deutsche Boerse terminated the business combination agreement originally signed by the Companies on February 15, 2011.

Closed Deals:

  1. The acquisition of Pinnacle Data Systems (PNS) by Avnet (AVT) on January 30, 2012.
  2. The acquisition of Healthspring (HS) by Cigna (CI) on January 31, 2012.
  3. The acquisition of Sonesta International Hotels Corporation (SNSTA) by Hospitality Properties Trust (HPT) on January 31, 2012.
  4. The acquisition of Morton’s Restaurant Group (MRT) by Houston-based Landry’s chairman and chief executive Tilman Fertitta on February 2, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

VTRO10/17/2011Inuvo, Inc. (INUV)$1.58$1.3203/31/201219.46%131.56%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.9003/31/201214.68%99.22%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$15.78$13.8006/30/201214.35%36.12%
LOOP04/27/2011CoStar Group (CSGP)$18.69$16.4004/30/201213.98%60.74%
MHS07/21/2011Express Scripts, Inc. (ESRX)$70.98$63.6106/30/201211.59%29.18%
INCB01/25/2012Old National Bancorp Capital (ONB)$24.23$21.8006/30/201211.12%28.00%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.3903/31/201210.88%73.53%
VIST01/26/2012Tompkins Financial Corporation (TMP)$13.09$11.9409/30/20129.63%14.83%
CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)$9.22$8.5304/30/20128.09%35.16%
GRRF01/12/2012Talenthome Management Limited (N/A)$3.15$2.92806/30/20127.58%19.09%

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

+VTRO10/17/2011Inuvo, Inc. (INUV)All StockN/A$1.58$1.3215,48403/31/201219.46%131.56%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.90303,03803/31/201214.68%99.22%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$15.78$13.8011,39506/30/201214.35%36.12%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.69$16.40287,21304/30/201213.98%60.74%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$70.98$63.616,506,11306/30/201211.59%29.18%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$24.23$21.8057,90206/30/201211.12%28.00%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.3941,87003/31/201210.88%73.53%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$13.09$11.9444,17209/30/20129.63%14.83%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$9.22$8.5350,29004/30/20128.09%35.16%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$2.92881,75606/30/20127.58%19.09%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$28.97$27.057,683,42506/30/20127.12%17.91%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.27$4.99106,46106/30/20125.53%13.92%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.9127,30006/30/20125.49%13.83%
+HNB06/02/2011BankUnited Inc. (BKU)Cash Plus Stock$71.4 million$3.70$3.511,00003/31/20125.31%35.88%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$57.2545,58506/30/20124.80%12.09%
+TOBC06/20/2011Susquehanna Bancshares (SUSQ)All Stock$343 million$33.41$32.1156,94203/31/20124.06%27.41%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$23.49$22.71401,65706/30/20123.43%8.65%
+LAVA11/30/2011Synopsys Inc. (SNPS)All Cash$507 million$7.35$7.161,249,57603/31/20122.65%17.94%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$38.976,026,17303/31/20122.64%17.87%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$55.91$54.56981,66703/31/20122.47%16.69%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.48N/A04/30/20122.42%10.51%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.44$27.9310,466,48006/30/20121.83%4.60%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$36.94$36.351,168,10803/31/20121.62%10.96%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.561,169,18606/30/20121.55%3.89%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$49.71$48.994,418,15806/30/20121.48%3.72%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.81501,82003/31/20121.20%8.12%
+INHX01/07/2012Bristol-Myers Squibb Company (BMY)All Cash$2.5 billion$26.00$25.745,988,69303/31/20121.01%6.83%
+SNDA11/22/2011Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A)All Cash$2.3 billion$41.35$40.9452,49703/31/20121.00%6.77%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.03$21.811,282,36306/30/20120.99%2.50%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$46.31$45.87289,24003/31/20120.97%6.54%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$15.05$14.911,182,70103/31/20120.95%6.39%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$58.23$57.73353,79303/31/20120.87%5.88%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$71.401,976,89106/30/20120.84%2.12%
+MITI01/26/2012Amgen Inc. (AMGN)All Cash1.16 billion$11.00$10.932,367,11003/31/20120.64%4.33%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.46246,76003/31/20120.62%4.19%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.56564,01906/30/20120.54%1.36%
+SFSF12/03/2011SAP AG (SAP)All Cash$3.4 billion$40.00$39.83842,67203/31/20120.43%2.88%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.461,672,86704/30/20120.42%1.84%
+NETL09/12/2011Broadcom (BRCM)All Cash$3.7 billion$50.00$49.801,479,74706/30/20120.40%1.01%
+TIN09/06/2011International Paper (IP)All Cash$4.3 billion$32.00$31.883,182,97203/31/20120.38%2.54%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.1763,99606/30/20120.23%0.57%
+CPX10/10/2011Superior Energy Services (SPN)Cash Plus Stock$2.7 billion$35.58$35.51976,17103/31/20120.19%1.27%
+SONE10/03/2011ACI Worldwide (ACIW)Cash Plus Stock$516 million$10.36$10.341,053,60302/10/20120.15%13.86%
+BCSI12/09/2011Thoma Bravo, LLC (N/A)All Cash$1.3 billion$25.81$25.78259,26203/31/20120.12%0.79%
+ADPI11/07/2011JLL Partners, Inc. (N/A)All Cash$398 million$19.00$18.9891,30103/31/20120.11%0.71%
+DMAN12/08/2011International Business Machines Corp. (IBM)All Cash$440 million$13.20$13.19294,56603/31/20120.08%0.51%
+SONO12/15/2011FUJIFILM Holdings Corporation (N/A)All Cash$995 million$54.00$53.96120,06303/31/20120.07%0.50%
+SYNO12/13/2011Baxter International Inc. (BAX)All Cash$325 million$28.00$27.9975,85603/31/20120.04%0.24%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.25830,10706/30/20120.00%0.00%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$15.111,439,75806/30/2012-0.73%-1.83%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.23$5.3268,00906/30/2012-1.65%-4.17%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$42.54$43.36802,44103/31/2012-1.89%-12.78%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$2.88$2.9583,37506/30/2012-2.37%-5.97%