Merger Arbitrage Mondays – March 26, 2012

  • March 26, 2012

Merger activity decreased last week with two new deals announced 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 2012 35
Total Number of Pending Deals
Cash Deals 34
Stock Deals 12
Stock & Cash Deals 7
Total Number of Pending Deals 53
Total Deal Size $356.4 billion

New Deals:

  1. The acquisition of AboveNet (ABVT) by Zayo Group for $2.2 billion or $84.00 per share in cash.
  2. The acquisition of Adams Golf (ADGF) by the TaylorMade-adidas Golf business segment for $70 million or $10.80 per share in cash.

Closed Deals:

  1. The acquisition of Baldwin Technology Company (BLD) by Forsyth Baldwin, LLC on March 21, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

TUDO 03/12/2012 Youku Inc. (YOKU) $39.40 $33.30 09/30/2012 18.31% 35.54%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.24 06/30/2012 11.21% 42.62%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.39 03/31/2012 10.88% 794.14%
INCB 01/25/2012 Old National Bancorp Capital (ONB) $24.28 $22.55 06/30/2012 7.68% 29.20%
VIST 01/26/2012 Tompkins Financial Corporation (TMP) $12.81 $12.10 09/30/2012 5.90% 11.46%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $31.77 $30.18 06/30/2012 5.27% 20.05%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $25.69 $24.54 06/30/2012 4.67% 17.76%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $71.50 $68.49 06/30/2012 4.39% 16.68%
PGN 01/10/2011 Duke Energy Corporation (DUK) $54.31 $52.31 03/31/2012 3.83% 279.65%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) $14.83 $14.30 06/30/2012 3.72% 14.13%

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

+ TUDO 03/12/2012 Youku Inc. (YOKU) All Stock $1 billion $39.40 $33.30 593,862 09/30/2012 18.31% 35.54%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.24 143,776 06/30/2012 11.21% 42.62%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.39 40,794 03/31/2012 10.88% 794.14%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $24.28 $22.55 4,758 06/30/2012 7.68% 29.20%
+ VIST 01/26/2012 Tompkins Financial Corporation (TMP) All Stock 86 million $12.81 $12.10 1,088 09/30/2012 5.90% 11.46%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $31.77 $30.18 14,319,498 06/30/2012 5.27% 20.05%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $25.69 $24.54 209,504 06/30/2012 4.67% 17.76%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $71.50 $68.49 3,773,640 06/30/2012 4.39% 16.68%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $54.31 $52.31 2,752,642 03/31/2012 3.83% 279.65%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.83 $14.30 N/A 06/30/2012 3.72% 14.13%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $58.18 47,643 06/30/2012 3.13% 11.89%
+ GRRF 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $3.08 57,434 06/30/2012 2.27% 8.64%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $19.03 $18.61 50,033 04/30/2012 2.26% 23.57%
+ CNVO 01/17/2012 Blackbaud (BLKB) All Cash $275 million $16.00 $15.66 200,882 03/31/2012 2.17% 158.49%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $124.95 735,024 06/30/2012 2.04% 7.76%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $39.26 1,359,004 06/30/2012 1.88% 7.17%
+ FFFD 03/13/2012 Great Western Bancorporation, Inc. (N/A) All Cash $41.5 million $30.58 $30.05 5,732 08/31/2012 1.76% 4.07%
+ EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.30 55,402 12/31/2012 1.58% 2.05%
+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (CNSL) All Cash $340.9 million $23.00 $22.66 53,238 06/30/2012 1.50% 5.70%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.34 35,721 12/31/2012 1.46% 1.90%
+ CRIC 12/28/2011 E-House (China) Holdings (EJ) Cash Plus Stock $603 million $5.17 $5.10 91,660 06/30/2012 1.37% 5.22%
+ RVSN 03/15/2012 Avaya (N/A) All Cash $230 million $11.85 $11.70 115,585 12/31/2069 1.28% 0.02%
+ SOA 01/27/2012 Eastman Chemical Company (EMN) Cash Plus Stock $4.7 billion $28.15 $27.81 1,954,485 06/30/2012 1.21% 4.60%
+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.51 17,814 04/30/2012 1.20% 12.46%
+ ABVT 03/19/2012 Zayo Group (N/A) All Cash $2.2 billion $84.00 $83.11 1,284,424 12/31/2069 1.07% 0.02%
+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $49.30 $48.86 2,169,224 06/30/2012 0.90% 3.40%
+ SRLS 02/13/2012 Linden Capital Partners (N/A) All Cash $82 million $4.00 $3.97 11,200 06/30/2012 0.76% 2.87%
+ TRCR 03/07/2012 Nuance Communications (NUAN) All Cash $300 million $29.50 $29.30 53,091 09/30/2012 0.68% 1.33%
+ ADGF 03/19/2012 TaylorMade-adidas Golf business (N/A) All Cash $70 million $10.80 $10.73 57,398 12/31/2069 0.65% 0.01%
+ MFN 01/23/2012 Pan American Silver Corp. (PAAS) Cash Plus Stock $1.5 billion $13.74 $13.67 312,015 03/31/2012 0.53% 38.45%
+ TNB 01/30/2012 ABB Ltd (ABB) All Cash $3.9 billion $72.00 $71.65 633,324 06/30/2012 0.49% 1.86%
+ AEA 02/15/2012 Grupo Elektra (N/A) All Cash $780 million $10.50 $10.45 449,773 06/30/2012 0.48% 1.82%
+ PBY 01/30/2012 The Gores Group (N/A) All Cash $1 billion $15.00 $14.93 543,174 06/30/2012 0.47% 1.78%
+ RRR 12/16/2011 United Rentals, Inc. (URI) Cash Plus Stock $1.9 billion $22.32 $22.22 2,320,747 06/30/2012 0.44% 1.69%
+ MDS 03/13/2012 TBC Corporation (N/A) All Cash $310 million $11.50 $11.45 719,736 06/30/2012 0.44% 1.66%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.956 21,331 06/30/2012 0.42% 1.59%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $48.20 $48.06 191,191 03/31/2012 0.30% 21.70%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $8.66 $8.64 25,007 04/30/2012 0.28% 2.89%
+ ZOLL 03/12/2012 Asahi Kasei Corp (N/A) All Cash $2.21 billion $93.00 $92.75 298,647 06/30/2012 0.27% 1.02%
+ CSA 12/27/2011 Ventas, Inc. (VTR) All Cash $700 million $4.25 $4.24 424,451 06/30/2012 0.24% 0.90%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.70 276,678 06/30/2012 0.22% 0.85%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $42.48 $42.40 975,200 03/31/2012 0.19% 13.77%
+ ARCL 03/05/2012 PLATO Learning (N/A) All Cash $291 million $11.10 $11.08 34,746 06/30/2012 0.18% 0.69%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.49 7,600 03/31/2012 0.15% 11.25%
+ TLEO 02/09/2012 Oracle Corporation (ORCL) All Cash $1.9 billion $46.00 $45.93 526,426 06/30/2012 0.15% 0.58%
+ CHUX 02/06/2012 Fidelity National Financial, Inc. (FNF) All Cash $221 million $9.85 $9.84 305,009 06/30/2012 0.10% 0.39%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $4.00 $4.00 44,294 06/30/2012 0.00% 0.00%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.26 24,871 06/30/2012 -0.03% -0.11%
+ ATSC 02/21/2012 Salient Federal Solutions, Inc. (N/A) All Cash N/A $3.20 $3.21 7,035 06/30/2012 -0.31% -1.18%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $66.75 31,381 03/31/2013 -2.62% -2.59%
+ PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) All Stock $170 million $5.44 $5.64 149,833 06/30/2012 -3.55% -13.48%
+ QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $24.02 542,450 09/30/2012 -4.25% -8.24%
+ WOLF 03/13/2012 An affiliate of Apollo Global Management, LLC (N/A) All Cash $703 million $5.00 $5.59 475,140 06/30/2012 -10.55% -40.13%