Merger Arbitrage Mondays – March 12, 2012

  • March 12, 2012

Merger activity increased last week with four 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 201233
Total Number of Pending Deals
Cash Deals27
Stock Deals12
Stock & Cash Deals7
Total Number of Pending Deals46
Total Deal Size$348.15 billion

New Deals:

  1. The acquisition of Archipelago Learning (ARCL) by PLATO Learning for $291 million or $11.10 per share in cash.
  2. The acquisition of Encore Bancshares (EBTX) by Cadence Bancorp for $250 million or $20.62 per share in cash.
  3. The acquisition of Transcend Services (TRCR) by Nuance Communications (NUAN) for $300 million or $29.50 per share in cash.
  4. The acquisition of Quest Software (QSFT) by Insight Venture Partners for $2 billion or $23.00 per share in cash.

Closed Deals:

  1. The acquisition of Transatlantic Holdings (TRH) by Alleghany Corporation (Y) on March 6, 2012.
  2. The acquisition of Micromet (MITI) by Amgen (AMGN) on March 7, 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$10.8506/30/201215.21%50.46%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.4103/31/20129.96%191.31%
EP10/16/2011Kinder Morgan, Inc. (KMI)$31.32$29.4006/30/20126.53%21.67%
MHS07/21/2011Express Scripts, Inc. (ESRX)$72.69$68.5606/30/20126.02%19.97%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$14.65$13.9206/30/20125.28%17.50%
TAM01/19/2011LAN Airlines S.A. (LFL)$24.96$23.7406/30/20125.13%17.01%
VIST01/26/2012Tompkins Financial Corporation (TMP)$12.59$12.0009/30/20124.88%8.83%
HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)$60.00$57.3206/30/20124.68%15.51%
INCB01/25/2012Old National Bancorp Capital (ONB)$23.01$22.0106/30/20124.54%15.06%
BLD12/23/2011Forsyth Baldwin, LLC (N/A)$0.96$0.9306/30/20123.23%10.70%

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$10.85372,31706/30/201215.21%50.46%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.4111,13003/31/20129.96%191.31%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$31.32$29.407,712,49706/30/20126.53%21.67%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$72.69$68.5612,681,80406/30/20126.02%19.97%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.65$13.9238806/30/20125.28%17.50%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$24.96$23.74434,99906/30/20125.13%17.01%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.59$12.001,10109/30/20124.88%8.83%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$57.3256,99806/30/20124.68%15.51%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$23.01$22.0119,23206/30/20124.54%15.06%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.9316,30006/30/20123.23%10.70%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$55.25$53.60895,46903/31/20123.09%59.29%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.45$8.251,90004/30/20122.43%18.11%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$3.0833,07806/30/20122.27%7.54%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.81$18.48131,74604/30/20121.81%13.48%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.72213,89203/31/20121.78%34.22%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.56$5.479,42106/30/20121.65%5.46%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.67123,02006/30/20121.46%4.83%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.25$27.901,610,43806/30/20121.25%4.16%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$126.05284,92806/30/20121.15%3.82%
+EBTX03/06/2012Cadence Bancorp (N/A)All Cash$250 million$20.62$20.41172,56212/31/20121.03%1.28%
+TRCR03/07/2012Nuance Communications (NUAN)All Cash$300 million$29.50$29.20432,57209/30/20121.03%1.86%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.411,109,99206/30/20120.86%2.87%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5225,69004/30/20120.79%5.91%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.751,632,21603/31/20120.63%12.08%
+ARCL03/05/2012PLATO Learning (N/A)All Cash$291 million$11.10$11.04449,95506/30/20120.54%1.80%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$47.19$46.941,396,33406/30/20120.54%1.79%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$3.9813,63906/30/20120.50%1.67%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.73$22.631,102,79406/30/20120.46%1.52%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$14.84$14.81580,04503/31/20120.22%4.15%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.91485,03206/30/20120.20%0.65%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.49403,29303/31/20120.15%2.96%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$36.19$36.151,216,19503/31/20120.10%1.93%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$48.33$48.29295,19803/31/20120.09%1.75%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.2554,23706/30/20120.00%0.00%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.25236,32606/30/20120.00%0.00%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.85176,84406/30/20120.00%0.00%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.83451,83906/30/2012-0.07%-0.22%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.512,615,27704/30/2012-0.11%-0.78%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$72.21432,58106/30/2012-0.29%-0.96%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$15.06489,28706/30/2012-0.40%-1.32%
+ATSC02/21/2012Salient Federal Solutions, Inc. (N/A)All CashN/A$3.20$3.252,71606/30/2012-1.54%-5.10%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$43.02$43.741,916,83303/31/2012-1.65%-31.62%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$2.96$3.042,28006/30/2012-2.63%-8.73%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$66.9568,01603/31/2013-2.91%-2.77%
+QSFT03/09/2012Insight Venture Partners (N/A)All Cash$2 billion$23.00$24.0712,687,83109/30/2012-4.45%-8.03%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.33$5.59136,28106/30/2012-4.69%-15.55%