Merger Arbitrage Mondays – August 13, 2012

Merger activity increased last week with three new deals announced and three 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 111
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 43
Stock Deals 12
Stock & Cash Deals 7
Total Number of Pending Deals 62
Total Deal Size $456.97 billion

New Deals:

  1. The acquisition of US Home Systems (USHS) by The Home Depot (HD) for $93.4 million or $12.50 per share in cash.
  2. The acquisition of The Savannah Bancorp (SAVB) by SCBT Financial Corporation (SCBT) for $67.1 million in an all stock deal. Under the terms of the agreement, shareholders of The Savannah Bancorp, Inc. will receive 0.2503 shares of SCBT common stock for each share of SAVB common stock.
  3. The acquisition of Robbins & Myers (RBN) by National Oilwell Varco (NOV) for $2.5 billion or $60.00 per share in cash.

Closed Deals:

  1. The acquisition of LeCroy Corp. (LCRY) by Teledyne Technologies (TDY) on August 6, 2012.
  2. The acquisition of Amylin Pharmaceuticals (AMLN) by Bristol-Myers Squibb Company (BMY) on August 8, 2012.
  3. The acquisition of Micronetics (NOIZ) by Mercury Computer Systems (MRCY) on August 8, 2012.

Top 10 deals with largest spreads:

Symbol Announced Date Acquiring Company Closing Price Last Price Closing Date Profit Annualized Profit
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $9.49 08/31/2012 31.72% 643.16%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $45.79 $40.36 03/31/2013 13.46% 21.37%
PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.40 $5.85 08/09/2012 9.37% -854.79%
FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) $9.50 $8.83 12/31/2012 7.59% 19.78%
GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) $1.62 $1.51 09/30/2012 7.28% 55.39%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.64 12/31/2012 7.25% 18.91%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $4.66 $4.42 12/31/2012 5.36% 13.96%
CFFC 08/02/2012 City Holding Company (CHCO) $5.80 $5.51 03/31/2013 5.24% 8.32%
VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) $1.00 $0.951 12/31/2012 5.19% 13.54%
WWIN 07/24/2012 Winner Holding Limited (N/A) $4.50 $4.28 03/31/2013 5.14% 8.16%

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
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $9.49 202,526 08/31/2012 31.72% 643.16%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $45.79 $40.36 1,313,397 03/31/2013 13.46% 21.37%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.40 $5.85 113,572 08/09/2012 9.37% 0.00%
+ FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) All Cash N/A $9.50 $8.83 49,809 12/31/2012 7.59% 19.78%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.62 $1.51 34,700 09/30/2012 7.28% 55.39%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.64 3,217,761 12/31/2012 7.25% 18.91%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.66 $4.42 5,196 12/31/2012 5.36% 13.96%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $5.80 $5.51 13,771 03/31/2013 5.24% 8.32%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.00 $0.951 N/A 12/31/2012 5.19% 13.54%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.28 24,440 03/31/2013 5.14% 8.16%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N $4.15 $3.95 1,080 09/30/2012 5.06% 38.50%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.56 42,892 09/30/2012 4.32% 32.82%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.75 26,784 12/31/2012 4.00% 10.43%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $3.00 $2.90 1,604 12/31/2012 3.41% 8.88%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $9.69 $9.39 80,486 12/31/2012 3.16% 8.24%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $21.67 $21.05 1,557 03/31/2013 2.95% 4.68%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $89.83 856,095 03/31/2013 2.42% 3.83%
+ ALTH 04/05/2012 Spectrum Pharmaceuticals (SPPI) All Cash $206 million $1.82 $1.78 2,124,226 08/20/2012 2.25% 117.17%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.48 $13.19 200 12/31/2012 2.21% 5.76%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.40 2,100 12/31/2012 1.91% 4.98%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.54 $2.49 22,537,466 03/31/2013 1.87% 2.97%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $23.77 $23.35 8,328 09/30/2012 1.79% 13.65%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $20.34 $19.99 39,305 12/31/2012 1.76% 4.58%
+ TUDO 03/12/2012 Youku Inc. (YOKU) All Stock $1 billion $29.57 $29.07 23,700 09/30/2012 1.72% 13.11%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $27.02 $26.57 372,995 03/31/2013 1.70% 2.70%
+ KCP 06/06/2012 Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A) All Cash $245 million $15.25 $15.00 68,778 09/30/2012 1.67% 12.67%
+ NEI 06/19/2012 UNICOM Systems (N/A) All Cash $63.2 million $1.45 $1.43 194,150 09/30/2012 1.40% 10.64%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $74.91 $74.08 1,024,523 12/31/2012 1.12% 2.91%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $48.39 $47.87 618,447 12/31/2012 1.09% 2.85%
+ ARBA 05/22/2012 SAP AG (SAP) All Cash $4.3 billion $45.00 $44.54 1,391,003 09/30/2012 1.03% 7.85%
+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.76 46,035 09/30/2012 1.03% 7.81%
+ CSBC 05/14/2012 Park Sterling Corporation (PSTB) All Stock $77.8 million $6.97 $6.90 20,676 12/31/2012 1.02% 2.66%
+ INMD 06/11/2012 Sagard Capital Partners, L.P. (N/A) All Cash $169.5 million $14.05 $13.92 28,405 11/15/2012 0.93% 3.63%
+ EDGR 05/22/2012 R.R. Donnelley & Sons Company (RRD) All Cash $70.5 million $1.09 $1.08 7,322 09/30/2012 0.93% 7.04%
+ NWK 06/19/2012 Sonus Networks, Inc. (SONS) All Cash $42 million $1.35 $1.34 56,967 09/30/2012 0.75% 5.67%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.60 5,503,171 12/31/2012 0.67% 1.75%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.45 493,294 09/30/2012 0.59% 4.50%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.75 12,901 12/31/2012 0.55% 1.42%
+ CONM 07/16/2012 Correct Care Solutions, LLC (N/A) All Cash $59 million $3.95 $3.93 36,700 09/30/2012 0.51% 3.87%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.64 805,041 10/31/2012 0.51% 2.35%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.44 263,709 12/31/2012 0.48% 1.26%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.95 371,996 12/31/2012 0.36% 0.93%
+ CRED 06/04/2012 Forestar Group Inc. (FOR) All Cash $146 million $14.50 $14.45 42,636 12/31/2012 0.35% 0.90%
+ PRX 07/16/2012 an affiliate of TPG (N/A) All Cash $1.9 billion $50.00 $49.84 359,316 12/31/2012 0.32% 0.84%
+ IBI 05/29/2012 GS Capital Partners LP and P2 Capital Partners, LLC (N/A) All Cash $1.1 billion $25.50 $25.43 635,334 09/30/2012 0.28% 2.09%
+ QSFT 07/02/2012 Dell Inc. (DELL) All Cash $2.4 billion $28.00 $27.93 608,951 09/30/2012 0.25% 1.91%
+ ELT 06/29/2012 Melrose PLC (N/A) All Cash $2.3 billion $20.50 $20.46 290,659 09/30/2012 0.20% 1.49%
+ BNHN 05/22/2012 Angelo, Gordon & Co. (N/A) All Cash $296 million $16.30 $16.27 36,503 12/31/2012 0.18% 0.48%
+ RA 07/23/2012 Genesee & Wyoming Inc. (GWR) All Cash $1.39 billion $27.50 $27.45 280,468 09/30/2012 0.18% 1.39%
+ MODL 07/03/2012 One Equity Partners, the private investment arm of JP Morgan Chase & Co. (N/A) All Cash $1.1 billion $14.00 $13.98 1,033,641 09/30/2012 0.14% 1.09%
+ CELL 07/02/2012 Ingram Micro Inc. (IM) All Cash $840 million $9.00 $8.99 295,887 12/31/2012 0.11% 0.29%
+ BOOT 07/05/2012 ABC-MART, INC. (N/A) All Cash $138 million $20.00 $19.98 2,812 09/30/2012 0.10% 0.76%
+ LNCR 07/02/2012 Linde AG (N/A) All Cash $4.6 billion $41.50 $41.49 269,863 09/30/2012 0.02% 0.18%
+ XG 06/18/2012 Yamana Gold, Inc. (AUY) Cash Plus Stock $414 million $4.22 $4.22 161,934 09/30/2012 -0.06% -0.48%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.10 15,097 03/31/2013 -0.15% -0.24%
+ FX 07/09/2012 Thomson Reuters Corporation (TRI) All Cash $625 million $22.00 $22.04 25,970 09/30/2012 -0.18% -1.38%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $74.42 173,116 10/31/2012 -1.24% -5.71%
+ AUTH 07/27/2012 Apple Inc. (AAPL) All Cash $356 million $8.00 $8.19 849,267 12/31/2069 -2.32% -0.04%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $13.00 $13.68 12,128 12/31/2012 -4.97% -12.96%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $5.60 $6.01 38,018 06/30/2012 -6.82% 56.59%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $3.15 8,382 09/30/2012 -8.57% -65.18%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.17 14,209 12/31/2069 -14.53% -0.25%

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