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Merger Arbitrage Mondays – June 18, 2012

  • June 17, 2012

Merger activity decreased last week with two 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 201274
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals48
Stock Deals13
Stock & Cash Deals7
Total Number of Pending Deals68
Total Deal Size$401.42 billion

New Deals:

  1. The acquisition of IntegraMed America (INMD) by Sagard Capital Partners, L.P. for $169.5 million or $14.05 per share in cash.
  2. The acquisition of Micronetics (NOIZ) by Mercury Computer Systems (MRCY) for $75.4 million or $14.80 per share in cash.

Updated Deals:

  1. On June 12, 2012, Venoco (VQ) extended its financing date to July 20, 2012 to give its CEO more time to raise funding for this going private transaction.
  2. On June 13, 2012, Encore Bancshares (EBTX) and Cadence Bancorp announced a closing date of July 2, 2012.
  3. On June 15, 2012, China granted conditional approval to U.S. conglomerate United Technologies Corp’s (UTX) $16.5 billion takeover of aircraft parts maker Goodrich Corp (GR).

Closed Deals:

  1. The acquisition of Charming Shoppes Inc. (CHRS) by Ascena Retail Group (ASNA) on June 15, 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$1.5706/30/201268.79%2092.36%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.7307/20/201216.50%188.16%
ABVA05/03/2012Washington First Bankshares (WFBI)$5.12$4.4312/31/201215.63%29.11%
TAM01/19/2011LAN Airlines S.A. (LFL)$25.20$22.0906/30/201214.08%428.23%
TLB05/31/2012Sycamore Partners (N/A)$2.75$2.4909/30/201210.44%36.65%
GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)$1.62$1.4709/30/201210.20%35.81%
SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)$23.00$21.5206/30/20126.88%209.19%
GEOI04/25/2012Halcon Resources (HK)$40.48$37.9209/30/20126.75%23.69%
SCMF03/27/2012Capital Bank Financial Corp (N/A)$2.88$2.7206/30/20125.88%178.92%
INCB01/25/2012Old National Bancorp Capital (ONB)$21.60$20.4506/30/20125.64%171.49%

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$1.5715,91506/30/201268.79%2092.36%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.73584,63707/20/201216.50%188.16%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$5.12$4.431,34212/31/201215.63%29.11%
+TAM01/19/2011LAN Airlines S.A. (LFL)All StockN/A$25.20$22.091,392,38506/30/201214.08%428.23%
+TLB05/31/2012Sycamore Partners (N/A)All Cash$369 million$2.75$2.492,340,20209/30/201210.44%36.65%
+GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)All CashN/A$1.62$1.4778,60909/30/201210.20%35.81%
+SURW02/06/2012Consolidated Communications Holdings, Inc. (CNSL)All Cash$340.9 million$23.00$21.52122,19006/30/20126.88%209.19%
+GEOI04/25/2012Halcon Resources (HK)Cash Plus Stock$1 billion$40.48$37.92712,07009/30/20126.75%23.69%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$2.7268,21606/30/20125.88%178.92%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$21.60$20.452,76706/30/20125.64%171.49%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.50187,89909/30/20125.45%19.14%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN$4.15$3.9610009/30/20124.80%16.84%
+TUDO03/12/2012Youku Inc. (YOKU)All Stock$1 billion$38.87$37.1574,85409/30/20124.63%16.25%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.38$6.141,030,90206/30/20123.86%117.41%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.0023,16712/31/20123.23%6.01%
+INMD06/11/2012Sagard Capital Partners, L.P. (N/A)All Cash$169.5 million$14.05$13.68140,56411/15/20122.70%6.58%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.04$12.7023,62812/31/20122.69%5.00%
+EF04/16/2012Lee Equity Partners, LLC (N/A)All Cash$258 million$8.85$8.62186,73809/30/20122.67%9.36%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$70.02$68.272,417,68112/31/20122.56%4.77%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.78518,71906/30/20122.25%68.35%
+SUN04/30/2012Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$5.3 billion$47.87$46.891,913,39512/31/20122.10%3.91%
+KCP06/06/2012Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A)All Cash$245 million$15.25$14.96129,55909/30/20121.94%6.80%
+GPRO04/30/2012Hologic, Inc. (HOLX)All Cash$3.7 billion$82.75$81.281,124,42412/31/20121.81%3.37%
+IBI05/29/2012GS Capital Partners LP and P2 Capital Partners, LLC (N/A)All Cash$1.1 billion$25.50$25.05502,93209/30/20121.80%6.30%
+CSBC05/14/2012Park Sterling Corporation (PSTB)All Stock$77.8 million$6.70$6.5945,03112/31/20121.73%3.22%
+PSS05/01/2012a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)All Cash$2 billion$21.75$21.393,377,48010/31/20121.68%4.55%
+OPXT03/26/2012Oclaro, Inc. (OCLR)All Stock$177 million$1.10$1.08535,59806/30/20121.50%45.62%
+BNHN05/22/2012Angelo, Gordon & Co. (N/A)All Cash$296 million$16.30$16.06288,41012/31/20121.49%2.78%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.99$2.9565,19312/31/20121.48%2.76%
+TIII05/14/2012Kelta, Inc. (N/A)All Cash$33.1 million$2.15$2.1229,34009/30/20121.42%4.97%
+NOIZ06/10/2012Mercury Computer Systems, Inc. (MRCY)All Cash$75.4 million$14.80$14.60115,05709/30/20121.37%4.81%
+RFMI04/13/2012Murata Manufacturing (N/A)All Cash$19.6 million$1.78$1.7620,74209/30/20121.14%3.99%
+PFCB05/01/2012Centerbridge Partners LP (N/A)All Cash$1.09 billion$51.50$50.95771,00309/30/20121.08%3.79%
+MTOX06/04/2012Laboratory Corp. of America Holdings (LH)All Cash$241 million$27.00$26.72339,63709/30/20121.05%3.68%
+BXG11/14/2011BFC Financial Corporation (BFCF.PK)All StockN/A$5.36$5.3140,80806/30/20120.94%28.64%
+EDGR05/22/2012R.R. Donnelley & Sons Company (RRD)All Cash$70.5 million$1.09$1.0846,16109/30/20120.93%3.25%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$19.60$19.4247,16112/31/20120.91%1.69%
+ARBA05/22/2012SAP AG (SAP)All Cash$4.3 billion$45.00$44.602,644,40109/30/20120.90%3.15%
+KNOL04/18/2012WOW! Internet, Cable & Phone (N/A)All Cash$1.5 billion$19.75$19.58913,18909/30/20120.87%3.05%
+SMSC05/02/2012Microchip Technology Inc. (MCHP)All Cash$939 million$37.00$36.69207,92209/30/20120.84%2.97%
+GOLF05/14/2012Golf Town (N/A)All Cash$96.5 million$6.10$6.0571,09709/30/20120.83%2.90%
+CRED06/04/2012Forestar Group Inc. (FOR)All Cash$146 million$14.50$14.39111,40912/31/20120.76%1.42%
+ERT04/10/2012Genstar Capital LLC (N/A)All Cash$400 million$8.00$7.94433,94409/30/20120.76%2.65%
+LCRY05/29/2012Teledyne Technologies Inc. (TDY)All Cash$291 million$14.30$14.20329,92909/30/20120.70%2.47%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$126.692,883,40506/30/20120.64%19.45%
+STRC06/07/2012Synergy Health plc (N/A)All Cash$38.5 million$3.70$3.6860,22907/16/20120.54%7.08%
+PGN01/10/2011Duke Energy Corporation (DUK)All Stock$13.7 billion$60.77$60.454,207,04407/01/20120.52%14.71%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.7819,29712/31/20120.48%0.89%
+ESIC05/01/2012Open Text Corp. (OTEX)All Cash$232 million$7.25$7.22293,15909/30/20120.42%1.46%
+CFK05/30/2012National Oilwell Varco, Inc. (N/A)All Cash$231.8 million$12.38$12.3414,35607/31/20120.32%2.75%
+EBTX03/06/2012Cadence Bancorp (N/A)All Cash$250 million$20.62$20.5657,70307/02/20120.29%7.61%
+CHSI04/18/2012SXC Health Solutions, Corp. (SXCI)Cash Plus Stock$4.4 billion$90.58$90.33524,24312/31/20120.28%0.51%
+CPWM05/09/2012Bed Bath & Beyond Inc. (BBBY)All Cash$495 million$22.00$21.96498,37007/31/20120.18%1.55%
+ABVT03/19/2012Zayo Group (N/A)All Cash$2.2 billion$84.00$83.87301,31506/30/20120.16%4.71%
+GTSI05/07/2012an affiliate of UNICOM Systems (N/A)All Cash$76.67 million$7.75$7.7416,84607/31/20120.13%1.10%
+RDEA04/23/2012AstraZeneca (AZN)All Cash$1.26 billion$32.00$31.96750,53709/30/20120.13%0.44%
+SOA01/27/2012Eastman Chemical Company (EMN)Cash Plus Stock$4.7 billion$27.68$27.65772,87706/30/20120.12%3.65%
+CV07/12/2011Gaz metro Limited Partnership (N/A)All Cash$702 million$35.25$35.24234,45306/30/20120.03%0.86%
+KNSY05/03/2012Royal DSM (N/A)All CashN/A$38.50$38.49382,92606/30/20120.03%0.79%
+IPSU05/01/2012Louis Dreyfus Commodities LLC (N/A)All Cash$203 million$6.35$6.35196,32106/30/20120.00%0.00%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$11.34$11.347,51509/30/2012-0.04%-0.14%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.1487,64803/31/2013-0.21%-0.27%
+CRYP02/02/2012Amaya Gaming Group (N/A)All Cash$35.82 million$2.54$2.5583506/25/2012-0.39%-20.45%
+FFFD03/13/2012Great Western Bancorporation, Inc. (N/A)All Cash$41.5 million$30.58$30.742,41008/31/2012-0.52%-2.57%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$0.99$1.002,50112/31/2012-0.78%-1.45%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.79850012/31/2012-2.26%-4.20%
+SRSL04/17/2012DTS, Inc. (DTSI)Cash Plus Stock$148 million$8.33$8.9451,60509/30/2012-6.79%-23.84%
+QSFT03/09/2012Insight Venture Partners (N/A)All Cash$2 billion$23.00$26.191,587,91709/30/2012-12.18%-42.75%

Voluntary Disclosure: I have a long position in Talbots (TLB).