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 201235
Total Number of Pending Deals
Cash Deals34
Stock Deals12
Stock & Cash Deals7
Total Number of Pending Deals53
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:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

TUDO03/12/2012Youku Inc. (YOKU)$39.40$33.3009/30/201218.31%35.54%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$11.2406/30/201211.21%42.62%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.3903/31/201210.88%794.14%
INCB01/25/2012Old National Bancorp Capital (ONB)$24.28$22.5506/30/20127.68%29.20%
VIST01/26/2012Tompkins Financial Corporation (TMP)$12.81$12.1009/30/20125.90%11.46%
EP10/16/2011Kinder Morgan, Inc. (KMI)$31.77$30.1806/30/20125.27%20.05%
TAM01/19/2011LAN Airlines S.A. (LFL)$25.69$24.5406/30/20124.67%17.76%
MHS07/21/2011Express Scripts, Inc. (ESRX)$71.50$68.4906/30/20124.39%16.68%
PGN01/10/2011Duke Energy Corporation (DUK)$54.31$52.3103/31/20123.83%279.65%
CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)$14.83$14.3006/30/20123.72%14.13%

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

+TUDO03/12/2012Youku Inc. (YOKU)All Stock$1 billion$39.40$33.30593,86209/30/201218.31%35.54%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$11.24143,77606/30/201211.21%42.62%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.3940,79403/31/201210.88%794.14%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$24.28$22.554,75806/30/20127.68%29.20%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.81$12.101,08809/30/20125.90%11.46%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$31.77$30.1814,319,49806/30/20125.27%20.05%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$25.69$24.54209,50406/30/20124.67%17.76%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$71.50$68.493,773,64006/30/20124.39%16.68%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$54.31$52.312,752,64203/31/20123.83%279.65%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.83$14.30N/A06/30/20123.72%14.13%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$58.1847,64306/30/20123.13%11.89%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$3.0857,43406/30/20122.27%8.64%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$19.03$18.6150,03304/30/20122.26%23.57%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.66200,88203/31/20122.17%158.49%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$124.95735,02406/30/20122.04%7.76%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.261,359,00406/30/20121.88%7.17%
+FFFD03/13/2012Great Western Bancorporation, Inc. (N/A)All Cash$41.5 million$30.58$30.055,73208/31/20121.76%4.07%
+EBTX03/06/2012Cadence Bancorp (N/A)All Cash$250 million$20.62$20.3055,40212/31/20121.58%2.05%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.6653,23806/30/20121.50%5.70%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.3435,72112/31/20121.46%1.90%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.17$5.1091,66006/30/20121.37%5.22%
+RVSN03/15/2012Avaya (N/A)All Cash$230 million$11.85$11.70115,58512/31/20691.28%0.02%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.15$27.811,954,48506/30/20121.21%4.60%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5117,81404/30/20121.20%12.46%
+ABVT03/19/2012Zayo Group (N/A)All Cash$2.2 billion$84.00$83.111,284,42412/31/20691.07%0.02%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$49.30$48.862,169,22406/30/20120.90%3.40%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$3.9711,20006/30/20120.76%2.87%
+TRCR03/07/2012Nuance Communications (NUAN)All Cash$300 million$29.50$29.3053,09109/30/20120.68%1.33%
+ADGF03/19/2012TaylorMade-adidas Golf business (N/A)All Cash$70 million$10.80$10.7357,39812/31/20690.65%0.01%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$13.74$13.67312,01503/31/20120.53%38.45%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$71.65633,32406/30/20120.49%1.86%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.45449,77306/30/20120.48%1.82%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$14.93543,17406/30/20120.47%1.78%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.32$22.222,320,74706/30/20120.44%1.69%
+MDS03/13/2012TBC Corporation (N/A)All Cash$310 million$11.50$11.45719,73606/30/20120.44%1.66%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.95621,33106/30/20120.42%1.59%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$48.20$48.06191,19103/31/20120.30%21.70%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.66$8.6425,00704/30/20120.28%2.89%
+ZOLL03/12/2012Asahi Kasei Corp (N/A)All Cash$2.21 billion$93.00$92.75298,64706/30/20120.27%1.02%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.24424,45106/30/20120.24%0.90%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.70276,67806/30/20120.22%0.85%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$42.48$42.40975,20003/31/20120.19%13.77%
+ARCL03/05/2012PLATO Learning (N/A)All Cash$291 million$11.10$11.0834,74606/30/20120.18%0.69%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.497,60003/31/20120.15%11.25%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.93526,42606/30/20120.15%0.58%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.84305,00906/30/20120.10%0.39%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$4.00$4.0044,29406/30/20120.00%0.00%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.2624,87106/30/2012-0.03%-0.11%
+ATSC02/21/2012Salient Federal Solutions, Inc. (N/A)All CashN/A$3.20$3.217,03506/30/2012-0.31%-1.18%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$66.7531,38103/31/2013-2.62%-2.59%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.44$5.64149,83306/30/2012-3.55%-13.48%
+QSFT03/09/2012Insight Venture Partners (N/A)All Cash$2 billion$23.00$24.02542,45009/30/2012-4.25%-8.24%
+WOLF03/13/2012An affiliate of Apollo Global Management, LLC (N/A)All Cash$703 million$5.00$5.59475,14006/30/2012-10.55%-40.13%