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 2012 74
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 48
Stock Deals 13
Stock & Cash Deals 7
Total Number of Pending Deals 68
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:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $1.57 06/30/2012 68.79% 2092.36%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $10.73 07/20/2012 16.50% 188.16%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $5.12 $4.43 12/31/2012 15.63% 29.11%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $25.20 $22.09 06/30/2012 14.08% 428.23%
TLB 05/31/2012 Sycamore Partners (N/A) $2.75 $2.49 09/30/2012 10.44% 36.65%
GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) $1.62 $1.47 09/30/2012 10.20% 35.81%
SURW 02/06/2012 Consolidated Communications Holdings, Inc. (CNSL) $23.00 $21.52 06/30/2012 6.88% 209.19%
GEOI 04/25/2012 Halcon Resources (HK) $40.48 $37.92 09/30/2012 6.75% 23.69%
SCMF 03/27/2012 Capital Bank Financial Corp (N/A) $2.88 $2.72 06/30/2012 5.88% 178.92%
INCB 01/25/2012 Old National Bancorp Capital (ONB) $21.60 $20.45 06/30/2012 5.64% 171.49%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $1.57 15,915 06/30/2012 68.79% 2092.36%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $10.73 584,637 07/20/2012 16.50% 188.16%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $5.12 $4.43 1,342 12/31/2012 15.63% 29.11%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $25.20 $22.09 1,392,385 06/30/2012 14.08% 428.23%
+ TLB 05/31/2012 Sycamore Partners (N/A) All Cash $369 million $2.75 $2.49 2,340,202 09/30/2012 10.44% 36.65%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.62 $1.47 78,609 09/30/2012 10.20% 35.81%
+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (CNSL) All Cash $340.9 million $23.00 $21.52 122,190 06/30/2012 6.88% 209.19%
+ GEOI 04/25/2012 Halcon Resources (HK) Cash Plus Stock $1 billion $40.48 $37.92 712,070 09/30/2012 6.75% 23.69%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $2.72 68,216 06/30/2012 5.88% 178.92%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $21.60 $20.45 2,767 06/30/2012 5.64% 171.49%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.50 187,899 09/30/2012 5.45% 19.14%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N $4.15 $3.96 100 09/30/2012 4.80% 16.84%
+ TUDO 03/12/2012 Youku Inc. (YOKU) All Stock $1 billion $38.87 $37.15 74,854 09/30/2012 4.63% 16.25%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.38 $6.14 1,030,902 06/30/2012 3.86% 117.41%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.00 23,167 12/31/2012 3.23% 6.01%
+ INMD 06/11/2012 Sagard Capital Partners, L.P. (N/A) All Cash $169.5 million $14.05 $13.68 140,564 11/15/2012 2.70% 6.58%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.04 $12.70 23,628 12/31/2012 2.69% 5.00%
+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.62 186,738 09/30/2012 2.67% 9.36%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $70.02 $68.27 2,417,681 12/31/2012 2.56% 4.77%
+ ALTH 04/05/2012 Spectrum Pharmaceuticals (SPPI) All Cash $206 million $1.82 $1.78 518,719 06/30/2012 2.25% 68.35%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $47.87 $46.89 1,913,395 12/31/2012 2.10% 3.91%
+ KCP 06/06/2012 Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A) All Cash $245 million $15.25 $14.96 129,559 09/30/2012 1.94% 6.80%
+ GPRO 04/30/2012 Hologic, Inc. (HOLX) All Cash $3.7 billion $82.75 $81.28 1,124,424 12/31/2012 1.81% 3.37%
+ IBI 05/29/2012 GS Capital Partners LP and P2 Capital Partners, LLC (N/A) All Cash $1.1 billion $25.50 $25.05 502,932 09/30/2012 1.80% 6.30%
+ CSBC 05/14/2012 Park Sterling Corporation (PSTB) All Stock $77.8 million $6.70 $6.59 45,031 12/31/2012 1.73% 3.22%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.39 3,377,480 10/31/2012 1.68% 4.55%
+ OPXT 03/26/2012 Oclaro, Inc. (OCLR) All Stock $177 million $1.10 $1.08 535,598 06/30/2012 1.50% 45.62%
+ BNHN 05/22/2012 Angelo, Gordon & Co. (N/A) All Cash $296 million $16.30 $16.06 288,410 12/31/2012 1.49% 2.78%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.99 $2.95 65,193 12/31/2012 1.48% 2.76%
+ TIII 05/14/2012 Kelta, Inc. (N/A) All Cash $33.1 million $2.15 $2.12 29,340 09/30/2012 1.42% 4.97%
+ NOIZ 06/10/2012 Mercury Computer Systems, Inc. (MRCY) All Cash $75.4 million $14.80 $14.60 115,057 09/30/2012 1.37% 4.81%
+ RFMI 04/13/2012 Murata Manufacturing (N/A) All Cash $19.6 million $1.78 $1.76 20,742 09/30/2012 1.14% 3.99%
+ PFCB 05/01/2012 Centerbridge Partners LP (N/A) All Cash $1.09 billion $51.50 $50.95 771,003 09/30/2012 1.08% 3.79%
+ MTOX 06/04/2012 Laboratory Corp. of America Holdings (LH) All Cash $241 million $27.00 $26.72 339,637 09/30/2012 1.05% 3.68%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF.PK) All Stock N/A $5.36 $5.31 40,808 06/30/2012 0.94% 28.64%
+ EDGR 05/22/2012 R.R. Donnelley & Sons Company (RRD) All Cash $70.5 million $1.09 $1.08 46,161 09/30/2012 0.93% 3.25%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $19.60 $19.42 47,161 12/31/2012 0.91% 1.69%
+ ARBA 05/22/2012 SAP AG (SAP) All Cash $4.3 billion $45.00 $44.60 2,644,401 09/30/2012 0.90% 3.15%
+ KNOL 04/18/2012 WOW! Internet, Cable & Phone (N/A) All Cash $1.5 billion $19.75 $19.58 913,189 09/30/2012 0.87% 3.05%
+ SMSC 05/02/2012 Microchip Technology Inc. (MCHP) All Cash $939 million $37.00 $36.69 207,922 09/30/2012 0.84% 2.97%
+ GOLF 05/14/2012 Golf Town (N/A) All Cash $96.5 million $6.10 $6.05 71,097 09/30/2012 0.83% 2.90%
+ CRED 06/04/2012 Forestar Group Inc. (FOR) All Cash $146 million $14.50 $14.39 111,409 12/31/2012 0.76% 1.42%
+ ERT 04/10/2012 Genstar Capital LLC (N/A) All Cash $400 million $8.00 $7.94 433,944 09/30/2012 0.76% 2.65%
+ LCRY 05/29/2012 Teledyne Technologies Inc. (TDY) All Cash $291 million $14.30 $14.20 329,929 09/30/2012 0.70% 2.47%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $126.69 2,883,405 06/30/2012 0.64% 19.45%
+ STRC 06/07/2012 Synergy Health plc (N/A) All Cash $38.5 million $3.70 $3.68 60,229 07/16/2012 0.54% 7.08%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $60.77 $60.45 4,207,044 07/01/2012 0.52% 14.71%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.78 19,297 12/31/2012 0.48% 0.89%
+ ESIC 05/01/2012 Open Text Corp. (OTEX) All Cash $232 million $7.25 $7.22 293,159 09/30/2012 0.42% 1.46%
+ CFK 05/30/2012 National Oilwell Varco, Inc. (N/A) All Cash $231.8 million $12.38 $12.34 14,356 07/31/2012 0.32% 2.75%
+ EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.56 57,703 07/02/2012 0.29% 7.61%
+ CHSI 04/18/2012 SXC Health Solutions, Corp. (SXCI) Cash Plus Stock $4.4 billion $90.58 $90.33 524,243 12/31/2012 0.28% 0.51%
+ CPWM 05/09/2012 Bed Bath & Beyond Inc. (BBBY) All Cash $495 million $22.00 $21.96 498,370 07/31/2012 0.18% 1.55%
+ ABVT 03/19/2012 Zayo Group (N/A) All Cash $2.2 billion $84.00 $83.87 301,315 06/30/2012 0.16% 4.71%
+ GTSI 05/07/2012 an affiliate of UNICOM Systems (N/A) All Cash $76.67 million $7.75 $7.74 16,846 07/31/2012 0.13% 1.10%
+ RDEA 04/23/2012 AstraZeneca (AZN) All Cash $1.26 billion $32.00 $31.96 750,537 09/30/2012 0.13% 0.44%
+ SOA 01/27/2012 Eastman Chemical Company (EMN) Cash Plus Stock $4.7 billion $27.68 $27.65 772,877 06/30/2012 0.12% 3.65%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.24 234,453 06/30/2012 0.03% 0.86%
+ KNSY 05/03/2012 Royal DSM (N/A) All Cash N/A $38.50 $38.49 382,926 06/30/2012 0.03% 0.79%
+ IPSU 05/01/2012 Louis Dreyfus Commodities LLC (N/A) All Cash $203 million $6.35 $6.35 196,321 06/30/2012 0.00% 0.00%
+ VIST 01/26/2012 Tompkins Financial Corporation (TMP) All Stock 86 million $11.34 $11.34 7,515 09/30/2012 -0.04% -0.14%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.14 87,648 03/31/2013 -0.21% -0.27%
+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.55 835 06/25/2012 -0.39% -20.45%
+ FFFD 03/13/2012 Great Western Bancorporation, Inc. (N/A) All Cash $41.5 million $30.58 $30.74 2,410 08/31/2012 -0.52% -2.57%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $0.99 $1.00 2,501 12/31/2012 -0.78% -1.45%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.798 500 12/31/2012 -2.26% -4.20%
+ SRSL 04/17/2012 DTS, Inc. (DTSI) Cash Plus Stock $148 million $8.33 $8.94 51,605 09/30/2012 -6.79% -23.84%
+ QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $26.19 1,587,917 09/30/2012 -12.18% -42.75%

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