Merger Arbitrage Mondays – April 02, 2012

  • April 2, 2012

Merger activity increased last week with four new deals announced and three 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 201240
Total Number of Pending Deals
Cash Deals34
Stock Deals12
Stock & Cash Deals6
Total Number of Pending Deals52
Total Deal Size$357.15 billion

New Deals:

  1. The acquisition of Comverge (COMV) by Peak Merger Corp., an affiliate of H.I.G. Capital, LLC for $49 million or $1.75 per share in cash.
  2. The acquisition of Opnext (OPXT) by Oclaro (OCLR) in an all stock deal for $177 million. Under the terms of the agreement, shareholders of Opnext will receive 0.42 shares of Oclaro common stock for every share of Opnext common stock they own.
  3. The acquisition of ISTA Pharmaceuticals (ISTA) by Bausch + Lomb for $500 million or $9.10 per share in cash.
  4. The acquisition of Southern Community Financial Corp (SCMF) by Capital Bank Financial Corp for $2.88 per share in cash.

Closed Deals:

  1. The acquisition of Southern Union Company (SUG) by Energy Transfer Equity on March 27, 2012.
  2. The acquisition of ATS Corporation (ATSC) by Salient Federal Solutions, Inc. on March 30, 2012.
  3. The acquisition of MineFinders (MFN) by Pan American Silver Corp. (PAAS) on March 30, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

TUDO03/12/2012Youku Inc. (YOKU)$35.07$29.5309/30/201218.77%37.86%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.8406/30/201215.31%62.80%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.4103/31/20129.96%-1817.43%
SCMF03/27/2012Capital Bank Financial Corp (N/A)$2.88$2.6206/30/20129.92%40.70%
EP10/16/2011Kinder Morgan, Inc. (KMI)$31.79$29.5506/30/20127.59%31.13%
OPXT03/26/2012Oclaro, Inc. (OCLR)$1.65$1.5506/30/20126.76%27.73%
INCB01/25/2012Old National Bancorp Capital (ONB)$24.97$23.5106/30/20126.19%25.40%
VIST01/26/2012Tompkins Financial Corporation (TMP)$12.53$11.9009/30/20125.27%10.62%
TAM01/19/2011LAN Airlines S.A. (LFL)$26.18$25.1306/30/20124.18%17.15%
HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)$60.00$57.7006/30/20123.99%16.35%

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$35.07$29.53552,03709/30/201218.77%37.86%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.84266,78306/30/201215.31%62.80%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.4123,41203/31/20129.96%0.00%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$2.6249,74706/30/20129.92%40.70%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$31.79$29.558,713,52706/30/20127.59%31.13%
+OPXT03/26/2012Oclaro, Inc. (OCLR)All Stock$177 million$1.65$1.552,379,47106/30/20126.76%27.73%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$24.97$23.513,72506/30/20126.19%25.40%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.53$11.9021,60909/30/20125.27%10.62%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$26.18$25.13571,34506/30/20124.18%17.15%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$57.7053,32306/30/20123.99%16.35%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$4.48$4.3190,24106/30/20123.94%16.18%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$14.61$14.094,79006/30/20123.72%15.26%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.4776,44904/15/20123.43%96.19%
+MHS07/21/2011Express Scripts, Inc. (ESRX)Cash Plus Stock$29.1 billion$72.69$70.3014,698,72406/30/20123.39%13.92%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$54.89$53.112,256,60507/01/20123.35%13.58%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.5562,04106/30/20122.00%8.18%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$3.0968,52506/30/20121.94%7.96%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.242,493,47606/30/20121.94%7.94%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.44611,99206/30/20121.64%6.73%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.73$8.604,99504/30/20121.54%20.09%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$19.06$18.78687,69704/30/20121.47%19.17%
+ABVT03/19/2012Zayo Group (N/A)All Cash$2.2 billion$84.00$82.80629,44912/31/20691.45%0.03%
+FFFD03/13/2012Great Western Bancorporation, Inc. (N/A)All Cash$41.5 million$30.58$30.155,50008/31/20121.43%3.45%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.23$5.16116,69306/30/20121.36%5.56%
+EBTX03/06/2012Cadence Bancorp (N/A)All Cash$250 million$20.62$20.37119,71312/31/20121.23%1.64%
+RVSN03/15/2012Avaya (N/A)All Cash$230 million$11.85$11.7158,64112/31/20691.20%0.02%
+ISTA03/26/2012Bausch + Lomb (N/A)All Cash$500 million$9.10$9.014,193,15906/30/20121.00%4.10%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.20$27.943,041,96106/30/20120.94%3.86%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.6163,88412/31/20120.86%1.14%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5226,63204/30/20120.79%10.35%
+ADGF03/19/2012TaylorMade-adidas Golf business (N/A)All Cash$70 million$10.80$10.72120,37712/31/20690.75%0.01%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.74$22.591,128,78106/30/20120.65%2.66%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$50.20$49.911,384,11006/30/20120.58%2.36%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$14.92574,26306/30/20120.54%2.20%
+TRCR03/07/2012Nuance Communications (NUAN)All Cash$300 million$29.50$29.35204,61009/30/20120.51%1.03%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$3.9832,20006/30/20120.50%2.06%
+ZOLL03/12/2012Asahi Kasei Corp (N/A)All Cash$2.21 billion$93.00$92.63577,71106/30/20120.40%1.64%
+CSA12/27/2011Ventas, Inc. (VTR)All Cash$700 million$4.25$4.24371,57606/30/20120.24%0.97%
+MDS03/13/2012TBC Corporation (N/A)All Cash$310 million$11.50$11.48145,21206/30/20120.17%0.71%
+TLEO02/09/2012Oracle Corporation (ORCL)All Cash$1.9 billion$46.00$45.931,209,16706/30/20120.15%0.63%
+NST10/18/2010Northeast Utilities (NU)All Stock$4.17 billion$48.70$48.63336,51304/16/20120.15%3.83%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.20126,07106/30/20120.14%0.58%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$71.91424,78506/30/20120.13%0.51%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.84116,50606/30/20120.10%0.42%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.49887,92706/30/20120.10%0.39%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$44.77250,09506/30/20120.07%0.27%
+ARCL03/05/2012PLATO Learning (N/A)All Cash$291 million$11.10$11.12685,07506/30/2012-0.18%-0.74%
+QSFT03/09/2012Insight Venture Partners (N/A)All Cash$2 billion$23.00$23.27555,73509/30/2012-1.16%-2.34%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$66.7366,26303/31/2013-2.59%-2.61%
+COMV03/26/2012Peak Merger Corp (N/A)All Cash$49 million$1.75$1.8497,20606/30/2012-4.89%-20.06%
+WOLF03/13/2012An affiliate of Apollo Global Management, LLC (N/A)All Cash$703 million$5.00$5.72195,44506/30/2012-12.59%-51.62%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$4.94$5.66282,97306/30/2012-12.74%-52.27%