Merger Arbitrage Mondays – March 5, 2012

  • March 5, 2012

Merger activity slowed down last week as no new deals were announced and two pending deals closed.

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 2011 31
Total Number of Pending Deals
Cash Deals 24
Stock Deals 12
Stock & Cash Deals 8
Total Number of Pending Deals 44
Total Deal Size $345.31 billion

Closed Deals:

  1. The acquisition of Herald National Bank (HNB) by BankUnited (BKU) on February 29, 2012.
  2. The acquisition of Vertro (VTRO) by Inuvo (INUV) on March 1, 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 $10.98 06/30/2012 13.84% 43.19%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.40 03/31/2012 10.42% 146.23%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $30.80 $28.35 06/30/2012 8.66% 27.01%
BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) $0.96 $0.895 06/30/2012 7.26% 22.66%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $72.26 $67.90 06/30/2012 6.42% 20.02%
VIST 01/26/2012 Tompkins Financial Corporation (TMP) $12.29 $11.62 09/30/2012 5.73% 10.01%
HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) $60.00 $56.75 06/30/2012 5.73% 17.87%
INCB 01/25/2012 Old National Bancorp Capital (ONB) $22.50 $21.49 06/30/2012 4.68% 14.60%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $24.33 $23.39 06/30/2012 4.01% 12.50%
CRIC 12/28/2011 E-House (China) Holdings (EJ) $5.82 $5.60 06/30/2012 3.89% 12.14%

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 $10.98 378,111 06/30/2012 13.84% 43.19%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.40 16,500 03/31/2012 10.42% 146.23%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $30.80 $28.35 7,947,401 06/30/2012 8.66% 27.01%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.895 135,100 06/30/2012 7.26% 22.66%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $72.26 $67.90 4,127,471 06/30/2012 6.42% 20.02%
+ VIST 01/26/2012 Tompkins Financial Corporation (TMP) All Stock 86 million $12.29 $11.62 20,217 09/30/2012 5.73% 10.01%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $56.75 51,626 06/30/2012 5.73% 17.87%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $22.50 $21.49 10,167 06/30/2012 4.68% 14.60%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.33 $23.39 304,654 06/30/2012 4.01% 12.50%
+ CRIC 12/28/2011 E-House (China) Holdings (EJ) Cash Plus Stock $603 million $5.82 $5.60 49,988 06/30/2012 3.89% 12.14%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $54.97 $53.28 697,828 03/31/2012 3.17% 44.45%
+ GRRF 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $3.06 43,551 06/30/2012 2.94% 9.18%
+ CNVO 01/17/2012 Blackbaud (BLKB) All Cash $275 million $16.00 $15.61 617,671 03/31/2012 2.50% 35.07%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.28 $13.95 400 06/30/2012 2.34% 7.30%
+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (CNSL) All Cash $340.9 million $23.00 $22.49 76,815 06/30/2012 2.27% 7.07%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.68 $18.27 247,344 04/30/2012 2.25% 14.67%
+ SOA 01/27/2012 Eastman Chemical Company (EMN) Cash Plus Stock $4.7 billion $28.43 $28.01 1,200,810 06/30/2012 1.49% 4.63%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $126.03 416,514 06/30/2012 1.17% 3.64%
+ AEA 02/15/2012 Grupo Elektra (N/A) All Cash $780 million $10.50 $10.38 1,007,404 06/30/2012 1.16% 3.61%
+ TRH 11/21/2011 Alleghany Corporation (Y) Cash Plus Stock $3.4 billion $61.85 $61.15 296,198 03/31/2012 1.15% 16.13%
+ PARL 12/23/2011 Perfumania Holdings, Inc. (PERF) All Stock $170 million $5.22 $5.16 21,848 06/30/2012 1.08% 3.38%
+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $46.17 $45.73 1,610,889 06/30/2012 0.96% 3.00%
+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.52 17,436 04/30/2012 0.79% 5.17%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $39.73 1,800,801 03/31/2012 0.68% 9.54%
+ ATSC 02/21/2012 Salient Federal Solutions, Inc. (N/A) All Cash N/A $3.20 $3.18 997,393 06/30/2012 0.63% 1.96%
+ SRLS 02/13/2012 Linden Capital Partners (N/A) All Cash $82 million $4.00 $3.98 8,131 06/30/2012 0.50% 1.57%
+ RRR 12/16/2011 United Rentals, Inc. (URI) Cash Plus Stock $1.9 billion $22.85 $22.74 2,746,557 06/30/2012 0.49% 1.51%
+ CSA 12/27/2011 Ventas, Inc. (VTR) All Cash $700 million $4.25 $4.23 512,682 06/30/2012 0.47% 1.48%
+ TLEO 02/09/2012 Oracle Corporation (ORCL) All Cash $1.9 billion $46.00 $45.81 1,964,844 06/30/2012 0.41% 1.29%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.67 703,312 06/30/2012 0.29% 0.91%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $36.16 $36.06 1,755,891 03/31/2012 0.27% 3.83%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $47.34 $47.22 320,203 03/31/2012 0.25% 3.48%
+ WINN 12/19/2011 BI-LO, LLC (N/A) All Cash $560 million $9.50 $9.48 467,800 04/30/2012 0.21% 1.38%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.49 104,551 03/31/2012 0.15% 2.16%
+ MFN 01/23/2012 Pan American Silver Corp. (PAAS) Cash Plus Stock $1.5 billion $15.34 $15.32 419,166 03/31/2012 0.11% 1.56%
+ MITI 01/26/2012 Amgen Inc. (AMGN) All Cash 1.16 billion $11.00 $10.99 1,561,033 03/31/2012 0.09% 1.28%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.25 123,493 06/30/2012 0.00% 0.00%
+ PBY 01/30/2012 The Gores Group (N/A) All Cash $1 billion $15.00 $15.01 741,986 06/30/2012 -0.07% -0.21%
+ CHUX 02/06/2012 Fidelity National Financial, Inc. (FNF) All Cash $221 million $9.85 $9.87 245,210 06/30/2012 -0.20% -0.63%
+ TNB 01/30/2012 ABB Ltd (ABB) All Cash $3.9 billion $72.00 $72.23 1,087,074 06/30/2012 -0.32% -0.99%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $8.06 $8.18 N/A 04/30/2012 -1.49% -9.71%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $42.76 $43.71 1,585,021 03/31/2012 -2.17% -30.51%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $66.62 121,760 03/31/2013 -2.43% -2.27%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $2.96 $3.15 21,071 06/30/2012 -6.03% -18.82%