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Merger Arbitrage Mondays – July 9, 2012

  • July 9, 2012

Merger activity increased last week with four new deals announced and eleven 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 201293
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals44
Stock Deals11
Stock & Cash Deals6
Total Number of Pending Deals61
Total Deal Size$418.7 billion

New Deals:

  1. The acquisition of Brightpoint (CELL) by Ingram Micro (IM) for $840 million or $9.00 per share in cash.
  2. The acquisition of Lincare Holdings (LNCR) by Linde AG for $4.6 billion or $41.50 per share in cash.
  3. The acquisition of MModal (MODL) by One Equity Partners, the private investment arm of JP Morgan Chase & Co. for $1.1 billion or $14.00 per share in cash.
  4. The acquisition of LaCrosse Footwear (BOOT) by ABC-MART, Inc. for $138 million or $20.00 per share in cash.

Updated Deals:

  1. On July 2, 2012, Dell (DELL) and Quest Software (QSFT) announced they have entered into a definitive agreement for Dell to acquire Quest for $2.4 billion or $28.00 per share in cash.
  2. On July 6, 2012, Spectrum Pharmaceuticals, Inc. (SPPI) and Allos Therapeutics, Inc. (ALTH) announced that the offer, which was previously scheduled to expire at 5:00 p.m., Eastern time, on Monday, July 9, 2012, has been extended until 5:00 p.m., Eastern time, on Monday, July 23, 2012, unless extended for an additional period.

Closed Deals:

  1. The acquisition of SureWest Communications (SURW) by Consolidated Communications Holdings, Inc. (CNSL) on July 2, 1012
  2. The acquisition of P.F. Chang’s China Bistro, Inc. (PFCB) by Centerbridge Partners LP on July 2, 2012.
  3. The acquisition of EasyLink Services International Corporation (ESIC) by Open Text Corp. (OTEX) on July 2, 2012.
  4. The acquisition of Encore Bancshares (EBTX) by Cadence Bancorp on July 2, 2012.
  5. The acquisition of Cost Plus Inc. (CPWM) by Bed Bath & Beyond Inc. (BBBY) on July 2, 2012.
  6. The acquisition of Catalyst Health Solutions, Inc. (CHSI) by SXC Health Solutions, Corp. (SXCI) on July 2, 2012.
  7. The acquisition of Abovenet Inc. (ABVT) by Zayo Group on July 2, 2012.
  8. The acquisition of RF Monolithics Inc. (RFMI) by Murata Manufacturing on July 3, 2012.
  9. The acquisition of Progress Energy Inc. (PGN) by Duke Energy Corporation (DUK) on July 3, 2012.
  10. The acquisition of eResearchTechnology, Inc. (ERT) by Genstar Capital LLC on July 3, 2012.
  11. The acquisition of Solutia (SOA) by Eastman Chemical Company (EMN) on July 3, 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$1.57506/30/201268.25%-2768.08%
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$9.8707/20/201226.65%884.18%
GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)$1.62$1.4809/30/20129.46%41.60%
TLB05/31/2012Sycamore Partners (N/A)$2.75$2.5309/30/20128.70%38.24%
FSIN06/28/2012Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)$9.50$8.9112/31/20126.62%13.81%
JAX06/25/2012Fidelity National Financial, Inc. (FNF)$12.00$11.3512/31/20125.73%11.94%
ABVA05/03/2012Washington First Bankshares (WFBI)$4.55$4.3412/31/20124.74%9.89%
CTFO06/08/2012TransCloud Company Limited (N/A)$5.80$5.5609/30/20124.32%18.98%
PSOF05/17/2012Timesway Group Limited (N/A)$4.15$3.9909/30/20124.01%17.63%
GEOI04/25/2012Halcon Resources (HK)$37.56$36.2109/30/20123.73%16.42%

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$1.5755,03506/30/201268.25%0.00%
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$9.87711,41707/20/201226.65%884.18%
+GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)All CashN/A$1.62$1.4813,30009/30/20129.46%41.60%
+TLB05/31/2012Sycamore Partners (N/A)All Cash$369 million$2.75$2.531,083,00909/30/20128.70%38.24%
+FSIN06/28/2012Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)All CashN/A$9.50$8.91602,66212/31/20126.62%13.81%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$72 million$12.00$11.3511,38512/31/20125.73%11.94%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.55$4.341,19612/31/20124.74%9.89%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.5669,46809/30/20124.32%18.98%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN$4.15$3.99N/A09/30/20124.01%17.63%
+GEOI04/25/2012Halcon Resources (HK)Cash Plus Stock$1 billion$37.56$36.21126,90309/30/20123.73%16.42%
+TUDO03/12/2012Youku Inc. (YOKU)All Stock$1 billion$32.36$31.3033,00709/30/20123.39%14.93%
+NEI06/19/2012UNICOM Systems (N/A)All Cash$63.2 million$1.45$1.41283,16009/30/20122.84%12.48%
+XG06/18/2012Yamana Gold, Inc. (AUY)Cash Plus Stock$414 million$4.22$4.11249,34809/30/20122.70%11.88%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$23.07$22.4734509/30/20122.65%11.66%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.7646,23312/31/20122.63%5.49%
+CSBC05/14/2012Park Sterling Corporation (PSTB)All Stock$77.8 million$7.03$6.8529,58212/31/20122.62%5.47%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.32$6.165969,05007/12/20122.50%304.41%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$0.98$0.96N/A12/31/20122.50%5.21%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.93$13.601,69512/31/20122.44%5.09%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.78N/A07/23/20122.25%58.59%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$69.75$68.35924,42912/31/20122.05%4.28%
+EDGR05/22/2012R.R. Donnelley & Sons Company (RRD)All Cash$70.5 million$1.09$1.076,55009/30/20121.87%8.22%
+EF04/16/2012Lee Equity Partners, LLC (N/A)All Cash$258 million$8.85$8.6984,46609/30/20121.84%8.10%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.35782,38109/30/20121.80%7.90%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$3.16$3.1145,24312/31/20121.65%3.44%
+SUN04/30/2012Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$5.3 billion$48.64$47.89693,45312/31/20121.56%3.26%
+TIII05/14/2012Kelta, Inc. (N/A)All Cash$33.1 million$2.15$2.1239,60009/30/20121.42%6.22%
+PSS05/01/2012a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)All Cash$2 billion$21.75$21.45802,61310/31/20121.40%4.48%
+CELL07/02/2012Ingram Micro Inc. (IM)All Cash$840 million$9.00$8.8852,898,45012/31/20121.29%2.70%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$20.17$19.9310,43812/31/20121.19%2.47%
+IBI05/29/2012GS Capital Partners LP and P2 Capital Partners, LLC (N/A)All Cash$1.1 billion$25.50$25.22237,33509/30/20121.11%4.88%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.651,70012/31/20121.11%2.31%
+KCP06/06/2012Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A)All Cash$245 million$15.25$15.10120,55109/30/20120.99%4.37%
+ARBA05/22/2012SAP AG (SAP)All Cash$4.3 billion$45.00$44.573,257,29909/30/20120.96%4.24%
+AMLN06/29/2012Bristol-Myers Squibb Company (BMY)All Cash$7 billion$31.00$30.768,434,55409/30/20120.78%3.43%
+NWK06/19/2012Sonus Networks, Inc. (SONS)All Cash$42 million$1.35$1.34321,60109/30/20120.75%3.28%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.7110,89512/31/20120.63%1.32%
+BOOT07/05/2012ABC-MART, INC. (N/A)All Cash$138 million$20.00$19.882,557,40209/30/20120.60%2.65%
+BNHN05/22/2012Angelo, Gordon & Co. (N/A)All Cash$296 million$16.30$16.2178,19312/31/20120.56%1.16%
+NOIZ06/10/2012Mercury Computer Systems, Inc. (MRCY)All Cash$75.4 million$14.80$14.724,79909/30/20120.54%2.39%
+VIST01/26/2012Tompkins Financial Corporation (TMP)All Stock86 million$11.92$11.865,04809/30/20120.51%2.23%
+QSFT07/02/2012Dell Inc. (DELL)All Cash$2.4 billion$28.00$27.861,176,31509/30/20120.50%2.21%
+INMD06/11/2012Sagard Capital Partners, L.P. (N/A)All Cash$169.5 million$14.05$13.9897,26711/15/20120.50%1.42%
+ELT06/29/2012Melrose PLC (N/A)All Cash$2.3 billion$20.50$20.40286,13709/30/20120.49%2.16%
+CRED06/04/2012Forestar Group Inc. (FOR)All Cash$146 million$14.50$14.4368,45412/31/20120.49%1.01%
+SMSC05/02/2012Microchip Technology Inc. (MCHP)All Cash$939 million$37.00$36.83124,04609/30/20120.46%2.03%
+GPRO04/30/2012Hologic, Inc. (HOLX)All Cash$3.7 billion$82.75$82.40543,26712/31/20120.42%0.89%
+LCRY05/29/2012Teledyne Technologies Inc. (TDY)All Cash$291 million$14.30$14.24262,41009/30/20120.42%1.85%
+GOLF05/14/2012Golf Town (N/A)All Cash$96.5 million$6.10$6.0811,90409/30/20120.33%1.45%
+OPXT03/26/2012Oclaro, Inc. (OCLR)All Stock$177 million$1.21$1.21343,96109/30/20120.31%1.38%
+GR09/21/2011United Technologies Corp. (UTX)All Cash$18.4 billion$127.50$127.12698,36208/31/20120.30%2.06%
+STRC06/07/2012Synergy Health plc (N/A)All Cash$38.5 million$3.70$3.698,20007/16/20120.27%14.13%
+MTOX06/04/2012Laboratory Corp. of America Holdings (LH)All Cash$241 million$27.00$26.9316,07209/30/20120.26%1.14%
+KNOL04/18/2012WOW! Internet, Cable & Phone (N/A)All Cash$1.5 billion$19.75$19.70110,76309/30/20120.25%1.12%
+LNCR07/02/2012Linde AG (N/A)All Cash$4.6 billion$41.50$41.628,048,88309/30/2012-0.29%-1.27%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.2220,70703/31/2013-0.34%-0.46%
+MODL07/03/2012One Equity Partners, the private investment arm of JP Morgan Chase & Co. (N/A)All Cash$1.1 billion$14.00$14.051,477,43309/30/2012-0.36%-1.56%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$5.44$5.4728,42906/30/2012-0.55%22.24%
+CFK05/30/2012National Oilwell Varco, Inc. (N/A)All Cash$231.8 million$12.38$12.492,70007/31/2012-0.88%-14.61%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$3.1210,35309/30/2012-7.69%-33.83%
+SRSL04/17/2012DTS, Inc. (DTSI)Cash Plus Stock$148 million$8.20$8.9871,63609/30/2012-8.66%-38.10%