Merger Arbitrage Mondays – April 16, 2012

  • April 15, 2012

Merger activity increased last week with three 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 201244
Total Number of Pending Deals
Cash Deals37
Stock Deals11
Stock & Cash Deals5
Total Number of Pending Deals53
Total Deal Size$358.67 billion

New Deals:

  1. The acquisition of eResearch Technology (ERT) by affiliates of private equity firm Genstar Capital for approximately $400 million or $8.00 per share in cash.
  2. The acquisition of X-Rite (XRIT) by Danaher (DHR) for $625 million or $5.55 per share in cash.
  3. The acquisition of RF Monolithics (RFMI) by Murata Manufacturing for $19.6 million or $1.78 per share in cash.

Closed Deals:

  1. The acquisition of NSTAR (NST) by Northeast Utilities (NU) on April 10, 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$9.9006/30/201226.26%127.81%
CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$2.2106/30/201219.91%96.89%
TUDO03/12/2012Youku Inc. (YOKU)$39.52$34.9109/30/201213.22%28.89%
EP10/16/2011Kinder Morgan, Inc. (KMI)$31.69$29.7806/30/20126.42%31.25%
SCMF03/27/2012Capital Bank Financial Corp (N/A)$2.88$2.7206/30/20125.88%28.63%
INCB01/25/2012Old National Bancorp Capital (ONB)$23.67$22.5506/30/20124.98%24.26%
TAM01/19/2011LAN Airlines S.A. (LFL)$25.68$24.5006/30/20124.80%23.38%
OPXT03/26/2012Oclaro, Inc. (OCLR)$1.48$1.4206/30/20124.41%21.45%
RFMI04/13/2012Murata Manufacturing (N/A)$1.78$1.7109/30/20124.09%8.95%
PGN01/10/2011Duke Energy Corporation (DUK)$53.32$51.5307/01/20123.48%16.69%

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$9.90939,58706/30/201226.26%127.81%
+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$2.215,60006/30/201219.91%96.89%
+TUDO03/12/2012Youku Inc. (YOKU)All Stock$1 billion$39.52$34.91701,55909/30/201213.22%28.89%
+EP10/16/2011Kinder Morgan, Inc. (KMI)Cash Plus Stock$21 billion$31.69$29.784,791,84306/30/20126.42%31.25%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$2.7225,72006/30/20125.88%28.63%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$23.67$22.553,23306/30/20124.98%24.26%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$25.68$24.50559,81206/30/20124.80%23.38%
+OPXT03/26/2012Oclaro, Inc. (OCLR)All Stock$177 million$1.48$1.42326,83006/30/20124.41%21.45%
+RFMI04/13/2012Murata Manufacturing (N/A)All Cash$19.6 million$1.78$1.711,278,58909/30/20124.09%8.95%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$53.32$51.534,068,41507/01/20123.48%16.69%
+CNVO01/17/2012Blackbaud (BLKB)All Cash$275 million$16.00$15.601,133,27104/15/20122.56%0.00%
+LOOP04/27/2011CoStar Group (CSGP)Cash Plus Stock$860 million$19.01$18.56237,99404/30/20122.40%62.69%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$12.29$12.0015,93009/30/20122.38%5.21%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$13.99$13.67N/A06/30/20122.38%11.56%
+MMI08/15/2011Google (GOOG)All Cash$12.5 billion$40.00$39.142,154,16206/30/20122.20%10.69%
+HGIC09/29/2011Nationwide Mutual Insurance Co (N/A)All Cash$760 million$60.00$58.79118,88106/30/20122.06%10.02%
+CRIC12/28/2011E-House (China) Holdings (EJ)Cash Plus Stock$603 million$5.52$5.41186,43406/30/20122.00%9.72%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$22.5537,84106/30/20122.00%9.71%
+CTBC10/26/2011Berkshire Hills Bancorp, Inc. (BHLB)All Stock$30 million$8.32$8.1610004/30/20121.93%50.24%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.32405,73306/30/20121.74%8.47%
+GRRF01/12/2012Talenthome Management Limited (N/A)All Cash$71.45 milion$3.15$3.1070,80006/30/20121.61%7.85%
+FFFD03/13/2012Great Western Bancorporation, Inc. (N/A)All Cash$41.5 million$30.58$30.235,40008/31/20121.16%3.08%
+ERT04/10/2012Genstar Capital LLC (N/A)All Cash$400 million$8.00$7.912,703,83009/30/20121.14%2.49%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.5033,74312/31/20121.10%1.55%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$28.26$27.961,221,38306/30/20121.06%5.17%
+ABVT03/19/2012Zayo Group (N/A)All Cash$2.2 billion$84.00$83.17439,68812/31/20691.00%0.02%
+RVSN03/15/2012Avaya (N/A)All Cash$230 million$11.85$11.74102,40112/31/20690.94%0.02%
+EBTX03/06/2012Cadence Bancorp (N/A)All Cash$250 million$20.62$20.4313,77812/31/20120.93%1.31%
+ISTA03/26/2012Bausch + Lomb (N/A)All Cash$500 million$9.10$9.03344,69906/30/20120.78%3.77%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$47.45$47.17909,83706/30/20120.60%2.91%
+RRR12/16/2011United Rentals, Inc. (URI)Cash Plus Stock$1.9 billion$22.02$21.89407,40106/30/20120.57%2.79%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.813,770,36906/30/20120.55%2.69%
+ADGF03/19/2012TaylorMade-adidas Golf business (N/A)All Cash$70 million$10.80$10.7514,38212/31/20690.47%0.01%
+ARCL03/05/2012PLATO Learning (N/A)All Cash$291 million$11.10$11.05198,20306/30/20120.45%2.20%
+XRIT04/10/2012Danaher (DHR)All Cash$625 million$5.55$5.5251,229,96406/30/20120.45%2.20%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$14.94574,72106/30/20120.40%1.95%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5316,23104/30/20120.40%10.30%
+DDIC04/04/2012Viasystems Group Inc. (VIAS)All Cash$268 million$13.00$12.95186,16507/31/20120.39%1.33%
+AEA02/15/2012Grupo Elektra (N/A)All Cash$780 million$10.50$10.471,398,20206/30/20120.29%1.39%
+TNB01/30/2012ABB Ltd (ABB)All Cash$3.9 billion$72.00$71.81230,24906/30/20120.26%1.29%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.1850,23406/30/20120.20%0.97%
+ZOLL03/12/2012Asahi Kasei Corp (N/A)All Cash$2.21 billion$93.00$92.86500,26306/30/20120.15%0.73%
+TRCR03/07/2012Nuance Communications (NUAN)All Cash$300 million$29.50$29.4696,69109/30/20120.14%0.30%
+CHUX02/06/2012Fidelity National Financial, Inc. (FNF)All Cash$221 million$9.85$9.8445,87706/30/20120.10%0.49%
+MDS03/13/2012TBC Corporation (N/A)All Cash$310 million$11.50$11.4951,79006/30/20120.09%0.42%
+SRLS02/13/2012Linden Capital Partners (N/A)All Cash$82 million$4.00$4.0021,13106/30/20120.00%0.00%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.4250,81703/31/2013-0.64%-0.67%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$4.96$5.0147,92206/30/2012-1.00%-4.86%
+DFG12/21/2011Tokio Marine Holdings (N/A)All Cash$2.7 billion$44.80$45.35718,93206/30/2012-1.21%-5.90%
+COMV03/26/2012Peak Merger Corp (N/A)All Cash$49 million$1.75$1.7818,77706/30/2012-1.69%-8.20%
+QSFT03/09/2012Insight Venture Partners (N/A)All Cash$2 billion$23.00$23.43988,07509/30/2012-1.84%-4.01%
+PARL12/23/2011Perfumania Holdings, Inc. (PERF)All Stock$170 million$4.83$5.60119,19206/30/2012-13.81%-67.21%
+WOLF03/13/2012An affiliate of Apollo Global Management, LLC (N/A)All Cash$703 million$5.00$7.43524,43806/30/2012-32.71%-159.17%