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 2012 33
Total Number of Pending Deals
Cash Deals 27
Stock Deals 12
Stock & Cash Deals 7
Total Number of Pending Deals 46
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:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $10.85 06/30/2012 15.21% 50.46%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.41 03/31/2012 9.96% 191.31%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $31.32 $29.40 06/30/2012 6.53% 21.67%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $72.69 $68.56 06/30/2012 6.02% 19.97%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) $14.65 $13.92 06/30/2012 5.28% 17.50%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $24.96 $23.74 06/30/2012 5.13% 17.01%
VIST 01/26/2012 Tompkins Financial Corporation (TMP) $12.59 $12.00 09/30/2012 4.88% 8.83%
HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) $60.00 $57.32 06/30/2012 4.68% 15.51%
INCB 01/25/2012 Old National Bancorp Capital (ONB) $23.01 $22.01 06/30/2012 4.54% 15.06%
BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) $0.96 $0.93 06/30/2012 3.23% 10.70%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $10.85 372,317 06/30/2012 15.21% 50.46%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.41 11,130 03/31/2012 9.96% 191.31%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $31.32 $29.40 7,712,497 06/30/2012 6.53% 21.67%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $72.69 $68.56 12,681,804 06/30/2012 6.02% 19.97%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.65 $13.92 388 06/30/2012 5.28% 17.50%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.96 $23.74 434,999 06/30/2012 5.13% 17.01%
+ VIST 01/26/2012 Tompkins Financial Corporation (TMP) All Stock 86 million $12.59 $12.00 1,101 09/30/2012 4.88% 8.83%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $57.32 56,998 06/30/2012 4.68% 15.51%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $23.01 $22.01 19,232 06/30/2012 4.54% 15.06%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.93 16,300 06/30/2012 3.23% 10.70%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $55.25 $53.60 895,469 03/31/2012 3.09% 59.29%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $8.45 $8.25 1,900 04/30/2012 2.43% 18.11%
+ GRRF 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $3.08 33,078 06/30/2012 2.27% 7.54%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.81 $18.48 131,746 04/30/2012 1.81% 13.48%
+ CNVO 01/17/2012 Blackbaud (BLKB) All Cash $275 million $16.00 $15.72 213,892 03/31/2012 1.78% 34.22%
+ CRIC 12/28/2011 E-House (China) Holdings (EJ) Cash Plus Stock $603 million $5.56 $5.47 9,421 06/30/2012 1.65% 5.46%
+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (CNSL) All Cash $340.9 million $23.00 $22.67 123,020 06/30/2012 1.46% 4.83%
+ SOA 01/27/2012 Eastman Chemical Company (EMN) Cash Plus Stock $4.7 billion $28.25 $27.90 1,610,438 06/30/2012 1.25% 4.16%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $126.05 284,928 06/30/2012 1.15% 3.82%
+ EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.41 172,562 12/31/2012 1.03% 1.28%
+ TRCR 03/07/2012 Nuance Communications (NUAN) All Cash $300 million $29.50 $29.20 432,572 09/30/2012 1.03% 1.86%
+ AEA 02/15/2012 Grupo Elektra (N/A) All Cash $780 million $10.50 $10.41 1,109,992 06/30/2012 0.86% 2.87%
+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.52 25,690 04/30/2012 0.79% 5.91%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $39.75 1,632,216 03/31/2012 0.63% 12.08%
+ ARCL 03/05/2012 PLATO Learning (N/A) All Cash $291 million $11.10 $11.04 449,955 06/30/2012 0.54% 1.80%
+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $47.19 $46.94 1,396,334 06/30/2012 0.54% 1.79%
+ SRLS 02/13/2012 Linden Capital Partners (N/A) All Cash $82 million $4.00 $3.98 13,639 06/30/2012 0.50% 1.67%
+ RRR 12/16/2011 United Rentals, Inc. (URI) Cash Plus Stock $1.9 billion $22.73 $22.63 1,102,794 06/30/2012 0.46% 1.52%
+ MFN 01/23/2012 Pan American Silver Corp. (PAAS) Cash Plus Stock $1.5 billion $14.84 $14.81 580,045 03/31/2012 0.22% 4.15%
+ TLEO 02/09/2012 Oracle Corporation (ORCL) All Cash $1.9 billion $46.00 $45.91 485,032 06/30/2012 0.20% 0.65%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.49 403,293 03/31/2012 0.15% 2.96%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $36.19 $36.15 1,216,195 03/31/2012 0.10% 1.93%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $48.33 $48.29 295,198 03/31/2012 0.09% 1.75%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.25 54,237 06/30/2012 0.00% 0.00%
+ CSA 12/27/2011 Ventas, Inc. (VTR) All Cash $700 million $4.25 $4.25 236,326 06/30/2012 0.00% 0.00%
+ CHUX 02/06/2012 Fidelity National Financial, Inc. (FNF) All Cash $221 million $9.85 $9.85 176,844 06/30/2012 0.00% 0.00%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.83 451,839 06/30/2012 -0.07% -0.22%
+ WINN 12/19/2011 BI-LO, LLC (N/A) All Cash $560 million $9.50 $9.51 2,615,277 04/30/2012 -0.11% -0.78%
+ TNB 01/30/2012 ABB Ltd (ABB) All Cash $3.9 billion $72.00 $72.21 432,581 06/30/2012 -0.29% -0.96%
+ PBY 01/30/2012 The Gores Group (N/A) All Cash $1 billion $15.00 $15.06 489,287 06/30/2012 -0.40% -1.32%
+ ATSC 02/21/2012 Salient Federal Solutions, Inc. (N/A) All Cash N/A $3.20 $3.25 2,716 06/30/2012 -1.54% -5.10%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $43.02 $43.74 1,916,833 03/31/2012 -1.65% -31.62%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $2.96 $3.04 2,280 06/30/2012 -2.63% -8.73%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $66.95 68,016 03/31/2013 -2.91% -2.77%
+ QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $24.07 12,687,831 09/30/2012 -4.45% -8.03%
+ PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) All Stock $170 million $5.33 $5.59 136,281 06/30/2012 -4.69% -15.55%