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 201131
Total Number of Pending Deals
Cash Deals24
Stock Deals12
Stock & Cash Deals8
Total Number of Pending Deals44
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:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.9806/30/201213.84%43.19%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.4003/31/201210.42%146.23%
EP10/16/2011Kinder Morgan, Inc. (KMI)$30.80$28.3506/30/20128.66%27.01%
BLD12/23/2011Forsyth Baldwin, LLC (N/A)$0.96$0.89506/30/20127.26%22.66%
MHS07/21/2011Express Scripts, Inc. (ESRX)$72.26$67.9006/30/20126.42%20.02%
VIST01/26/2012Tompkins Financial Corporation (TMP)$12.29$11.6209/30/20125.73%10.01%
HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)$60.00$56.7506/30/20125.73%17.87%
INCB01/25/2012Old National Bancorp Capital (ONB)$22.50$21.4906/30/20124.68%14.60%
TAM01/19/2011LAN Airlines S.A. (LFL)$24.33$23.3906/30/20124.01%12.50%
CRIC12/28/2011E-House (China) Holdings (EJ)$5.82$5.6006/30/20123.89%12.14%

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$10.98378,11106/30/201213.84%43.19%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.4016,50003/31/201210.42%146.23%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$30.80$28.357,947,40106/30/20128.66%27.01%
+BLD12/23/2011Forsyth Baldwin, LLC (N/A)All Cash$27.3 million$0.96$0.895135,10006/30/20127.26%22.66%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$72.26$67.904,127,47106/30/20126.42%20.02%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.29$11.6220,21709/30/20125.73%10.01%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$56.7551,62606/30/20125.73%17.87%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$22.50$21.4910,16706/30/20124.68%14.60%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$24.33$23.39304,65406/30/20124.01%12.50%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.82$5.6049,98806/30/20123.89%12.14%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$54.97$53.28697,82803/31/20123.17%44.45%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$3.0643,55106/30/20122.94%9.18%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.61617,67103/31/20122.50%35.07%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.28$13.9540006/30/20122.34%7.30%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.4976,81506/30/20122.27%7.07%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$18.68$18.27247,34404/30/20122.25%14.67%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.43$28.011,200,81006/30/20121.49%4.63%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$126.03416,51406/30/20121.17%3.64%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.381,007,40406/30/20121.16%3.61%
+TRH11/21/2011Alleghany Corporation (Y)Cash Plus Stock$3.4 billion$61.85$61.15296,19803/31/20121.15%16.13%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$5.22$5.1621,84806/30/20121.08%3.38%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$46.17$45.731,610,88906/30/20120.96%3.00%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5217,43604/30/20120.79%5.17%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.731,800,80103/31/20120.68%9.54%
+ATSC02/21/2012Salient Federal Solutions, Inc. (N/A)All CashN/A$3.20$3.18997,39306/30/20120.63%1.96%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$3.988,13106/30/20120.50%1.57%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.85$22.742,746,55706/30/20120.49%1.51%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.23512,68206/30/20120.47%1.48%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.811,964,84406/30/20120.41%1.29%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.67703,31206/30/20120.29%0.91%
+CEG04/28/2011Exelon Corporation (EXC)All Stock$7.9 billion$36.16$36.061,755,89103/31/20120.27%3.83%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$47.34$47.22320,20303/31/20120.25%3.48%
+WINN12/19/2011BI-LO, LLC (N/A)All Cash$560 million$9.50$9.48467,80004/30/20120.21%1.38%
+WCAA12/21/2011Macquarie Infrastructure Partners II (N/A)All Cash$526 million$6.50$6.49104,55103/31/20120.15%2.16%
+MFN01/23/2012Pan American Silver Corp. (PAAS)Cash Plus Stock$1.5 billion$15.34$15.32419,16603/31/20120.11%1.56%
+MITI01/26/2012Amgen Inc. (AMGN)All Cash1.16 billion$11.00$10.991,561,03303/31/20120.09%1.28%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.25123,49306/30/20120.00%0.00%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$15.01741,98606/30/2012-0.07%-0.21%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.87245,21006/30/2012-0.20%-0.63%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$72.231,087,07406/30/2012-0.32%-0.99%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.06$8.18N/A04/30/2012-1.49%-9.71%
+SUG06/16/2011Energy Transfer Equity (ETE)All Stock$9.4 billion$42.76$43.711,585,02103/31/2012-2.17%-30.51%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$66.62121,76003/31/2013-2.43%-2.27%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$2.96$3.1521,07106/30/2012-6.03%-18.82%