Merger Arbitrage Mondays – May 28, 2012

  • May 27, 2012

Merger activity decreased last week with four new deals announced and two 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 201266
Total Number of Pending Deals
Cash Deals43
Stock Deals11
Stock & Cash Deals7
Total Number of Pending Deals61
Total Deal Size$399.08 billion

New Deals:

  1. The acquisition of Cooper Industries (CBE) by Eaton Corporation (ETN) for $11.46 billion in a cash plus stock deal, where shareholders of Cooper Industries will receive $39.15 in cash and 0.77479 shares of the newly created company.
  2. The acquisition of Benihana (BNHN) by Angelo, Gordon & Co.’s Private Equity Group for $296 million or $16.30 per share in cash.
  3. The acquisition of EDGAR Online (EDGR) by R.R. Donnelly & Sons Company (RRD) for $70.5 million or $1.092 per share in cash.
  4. The acquisition of Ariba (ARBA) by SAP AG (SAP) for $4.3 billion or $45.00 per share in cash.

Closed Deals:

  1. The acquisition of Motorola Mobility Holdings, Inc. (MMI) by Google (GOOG) on May 24, 2012.
  2. The acquisition of El Paso Corp. (EP) by Kinder Morgan, Inc. (KMI) on May 25, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

CADC10/24/2011Novel Gain Holdings Limited (N/A)$2.65$1.6806/30/201257.74%638.62%
PBY01/30/2012The Gores Group (N/A)$15.00$11.0706/30/201235.50%392.67%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$9.2706/30/201234.84%385.39%
ABVA05/03/2012Washington First Bankshares (WFBI.OB)$4.77$4.2012/31/201213.51%22.73%
SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)$23.00$20.7906/30/201210.63%117.58%
INCB01/25/2012Old National Bancorp Capital (ONB)$22.53$20.5406/30/20129.71%107.38%
TUDO03/12/2012Youku Inc. (YOKU)$38.65$36.0609/30/20127.17%20.95%
GEOI04/25/2012Halcon Resources (HK)$38.06$35.5409/30/20127.10%20.74%
PGN01/10/2011Duke Energy Corporation (DUK)$57.37$54.6007/01/20125.07%54.47%
CEBK05/01/2012Independent Bank Corp. (INDB)$32.00$30.5012/31/20124.92%8.27%

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

+CADC10/24/2011Novel Gain Holdings Limited (N/A)All CashN/A$2.65$1.686,60006/30/201257.74%638.62%
+PBY01/30/2012The Gores Group (N/A)All Cash$1 billion$15.00$11.07570,42906/30/201235.50%392.67%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$9.27268,88406/30/201234.84%385.39%
+ABVA05/03/2012Washington First Bankshares (WFBI.OB)All Stock$24.4 million$4.77$4.2045,26012/31/201213.51%22.73%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$20.79105,19606/30/201210.63%117.58%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$22.53$20.5488006/30/20129.71%107.38%
+TUDO03/12/2012Youku Inc. (YOKU)All Stock$1 billion$38.65$36.06165,12509/30/20127.17%20.95%
+GEOI04/25/2012Halcon Resources (HK)Cash Plus Stock$1 billion$38.06$35.54134,81709/30/20127.10%20.74%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$57.37$54.602,959,80307/01/20125.07%54.47%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$30.50N/A12/31/20124.92%8.27%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN$4.15$3.969,52809/30/20124.80%14.01%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$2.76N/A06/30/20124.35%48.09%
+TIII05/14/2012Kelta, Inc. (N/A)All Cash$33.1 million$2.15$2.0897,42509/30/20123.37%9.83%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$21.57$20.89364,65506/30/20123.27%36.16%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.7690,40712/31/20122.63%4.43%
+SUN04/30/2012Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$5.3 billion$48.45$47.291,271,31212/31/20122.45%4.13%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$72.70$71.282,271,81712/31/20121.99%3.35%
+CMFB12/20/2011Sandy Spring Bancorp Inc. (SASR)All Stock$25.4 million$13.98$13.71N/A06/30/20121.96%21.68%
+GPRO04/30/2012Hologic, Inc. (HOLX)All Cash$3.7 billion$82.75$81.19373,47712/31/20121.92%3.23%
+OPXT03/26/2012Oclaro, Inc. (OCLR)All Stock$177 million$1.03$1.01278,64206/30/20121.88%20.81%
+PSS05/01/2012a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)All Cash$2 billion$21.75$21.351,158,38810/31/20121.87%4.38%
+EDGR05/22/2012R.R. Donnelley & Sons Company (RRD)All Cash$70.5 million$1.09$1.071,092,73409/30/20121.87%5.46%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$11.56$11.4014,18009/30/20121.44%4.19%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$125.73510,93006/30/20121.41%15.57%
+ERT04/10/2012Genstar Capital LLC (N/A)All Cash$400 million$8.00$7.89150,19709/30/20121.39%4.07%
+EF04/16/2012Lee Equity Partners, LLC (N/A)All Cash$258 million$8.85$8.7492,95609/30/20121.26%3.68%
+SMSC05/02/2012Microchip Technology Inc. (MCHP)All Cash$939 million$37.00$36.55233,90109/30/20121.23%3.60%
+RFMI04/13/2012Murata Manufacturing (N/A)All Cash$19.6 million$1.78$1.7682,59509/30/20121.14%3.32%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.801,028,28206/30/20121.11%12.29%
+BNHN05/22/2012Angelo, Gordon & Co. (N/A)All Cash$296 million$16.30$16.13293,51012/31/20121.05%1.77%
+RVSN03/15/2012Avaya (N/A)All Cash$230 million$11.85$11.73179,55206/15/20121.02%20.74%
+ESIC05/01/2012Open Text Corp. (OTEX)All Cash$232 million$7.25$7.18623,30009/30/20120.97%2.85%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.565,93912/31/20120.97%1.62%
+ABVT03/19/2012Zayo Group (N/A)All Cash$2.2 billion$84.00$83.2992,55606/30/20120.85%9.43%
+KNOL04/18/2012WOW! Internet, Cable & Phone (N/A)All Cash$1.5 billion$19.75$19.59667,69609/30/20120.82%2.38%
+CHSI04/18/2012SXC Health Solutions, Corp. (SXCI)Cash Plus Stock$4.4 billion$88.34$87.63718,70012/31/20120.81%1.36%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.526,73805/31/20120.79%96.56%
+GOLF05/14/2012Golf Town (N/A)All Cash$96.5 million$6.10$6.0649,80009/30/20120.66%1.93%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.40$6.36545,04606/30/20120.60%6.61%
+EBTX03/06/2012Cadence Bancorp (N/A)All Cash$250 million$20.62$20.5111,57412/31/20120.54%0.90%
+RDEA04/23/2012AstraZeneca (AZN)All Cash$1.26 billion$32.00$31.87288,20109/30/20120.41%1.19%
+PFCB05/01/2012Centerbridge Partners LP (N/A)All Cash$1.09 billion$51.50$51.31534,40409/30/20120.37%1.08%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$27.71$27.621,728,52706/30/20120.34%3.78%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.1365,77506/30/20120.34%3.78%
+NVLS12/14/2011Lam Research Corp (LRCX)All Stock$3.3 billion$43.17$43.04739,36206/30/20120.29%3.24%
+CHRS05/02/2012Ascena Retail Group Inc. (ASNA)All Cash$890 million$7.35$7.331,974,94206/30/20120.27%3.02%
+ISTA03/26/2012Bausch + Lomb (N/A)All Cash$500 million$9.10$9.08467,80706/30/20120.22%2.44%
+DDIC04/04/2012Viasystems Group Inc. (VIAS)All Cash$268 million$13.00$12.98493,67407/31/20120.15%0.88%
+GTSI05/07/2012an affiliate of UNICOM Systems (N/A)All Cash$76.67 million$7.75$7.744,77607/31/20120.13%0.74%
+ADGF03/19/2012TaylorMade-adidas Golf business (N/A)All Cash$70 million$10.80$10.792,80006/30/20120.09%1.03%
+CPWM05/09/2012Bed Bath & Beyond Inc. (BBBY)All Cash$495 million$22.00$21.99629,95705/31/20120.05%5.53%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$5.20$5.2031,58506/30/20120.00%0.00%
+DRJ04/16/2012Fanatics (N/A)All Cash$183 million$3.45$3.45327,73009/30/20120.00%0.00%
+IPSU05/01/2012Louis Dreyfus Commodities LLC (N/A)All Cash$203 million$6.35$6.35333,76906/30/20120.00%0.00%
+KNSY05/03/2012Royal DSM (N/A)All CashN/A$38.50$38.5245,12306/30/2012-0.05%-0.57%
+CSBC05/14/2012Park Sterling Corporation (PSTB)All Stock$77.8 million$6.27$6.30100,10912/31/2012-0.40%-0.67%
+ARBA05/22/2012SAP AG (SAP)All Cash$4.3 billion$45.00$45.222,650,53709/30/2012-0.49%-1.42%
+FFFD03/13/2012Great Western Bancorporation, Inc. (N/A)All Cash$41.5 million$30.58$30.76N/A08/31/2012-0.59%-2.25%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.5640,62703/31/2013-0.85%-1.02%
+SRSL04/17/2012DTS, Inc. (DTSI)Cash Plus Stock$148 million$8.74$9.096,76509/30/2012-3.88%-11.33%
+QSFT03/09/2012Insight Venture Partners (N/A)All Cash$2 billion$23.00$25.153,160,49209/30/2012-8.55%-24.96%