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Merger Arbitrage Mondays – August 13, 2012

  • August 12, 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 2012111
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals43
Stock Deals12
Stock & Cash Deals7
Total Number of Pending Deals62
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:

SymbolAnnounced DateAcquiring CompanyClosing PriceLast PriceClosing DateProfitAnnualized Profit
VQ01/16/2012Denver Parent Corporation (N/A)$12.50$9.4908/31/201231.72%643.16%
SHAW07/30/2012Chicago Bridge & Iron Company (CBI)$45.79$40.3603/31/201313.46%21.37%
PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.40$5.8508/09/20129.37%-854.79%
FSIN06/28/2012Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)$9.50$8.8312/31/20127.59%19.78%
GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)$1.62$1.5109/30/20127.28%55.39%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$25.6412/31/20127.25%18.91%
ABVA05/03/2012Washington First Bankshares (WFBI)$4.66$4.4212/31/20125.36%13.96%
CFFC08/02/2012City Holding Company (CHCO)$5.80$5.5103/31/20135.24%8.32%
VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)$1.00$0.95112/31/20125.19%13.54%
WWIN07/24/2012Winner Holding Limited (N/A)$4.50$4.2803/31/20135.14%8.16%

List of all pending deals:

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

SymbolAnnounced DateAcquiring CompanyDeal TypeClosing ValueClosing PriceLast PriceVolumeClosing DateProfitAnnu. Profit
+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$9.49202,52608/31/201231.72%643.16%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.79$40.361,313,39703/31/201313.46%21.37%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.40$5.85113,57208/09/20129.37%0.00%
+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$8.8349,80912/31/20127.59%19.78%
+GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)All CashN/A$1.62$1.5134,70009/30/20127.28%55.39%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$25.643,217,76112/31/20127.25%18.91%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.66$4.425,19612/31/20125.36%13.96%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$5.80$5.5113,77103/31/20135.24%8.32%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.00$0.951N/A12/31/20125.19%13.54%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.2824,44003/31/20135.14%8.16%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN$4.15$3.951,08009/30/20125.06%38.50%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.5642,89209/30/20124.32%32.82%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.7526,78412/31/20124.00%10.43%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$3.00$2.901,60412/31/20123.41%8.88%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.69$9.3980,48612/31/20123.16%8.24%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$21.67$21.051,55703/31/20132.95%4.68%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$89.83856,09503/31/20132.42%3.83%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.782,124,22608/20/20122.25%117.17%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.48$13.1920012/31/20122.21%5.76%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.402,10012/31/20121.91%4.98%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.54$2.4922,537,46603/31/20131.87%2.97%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$23.77$23.358,32809/30/20121.79%13.65%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$20.34$19.9939,30512/31/20121.76%4.58%
+TUDO03/12/2012Youku Inc. (YOKU)All Stock$1 billion$29.57$29.0723,70009/30/20121.72%13.11%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$27.02$26.57372,99503/31/20131.70%2.70%
+KCP06/06/2012Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A)All Cash$245 million$15.25$15.0068,77809/30/20121.67%12.67%
+NEI06/19/2012UNICOM Systems (N/A)All Cash$63.2 million$1.45$1.43194,15009/30/20121.40%10.64%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$74.91$74.081,024,52312/31/20121.12%2.91%
+SUN04/30/2012Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$5.3 billion$48.39$47.87618,44712/31/20121.09%2.85%
+ARBA05/22/2012SAP AG (SAP)All Cash$4.3 billion$45.00$44.541,391,00309/30/20121.03%7.85%
+EF04/16/2012Lee Equity Partners, LLC (N/A)All Cash$258 million$8.85$8.7646,03509/30/20121.03%7.81%
+CSBC05/14/2012Park Sterling Corporation (PSTB)All Stock$77.8 million$6.97$6.9020,67612/31/20121.02%2.66%
+INMD06/11/2012Sagard Capital Partners, L.P. (N/A)All Cash$169.5 million$14.05$13.9228,40511/15/20120.93%3.63%
+EDGR05/22/2012R.R. Donnelley & Sons Company (RRD)All Cash$70.5 million$1.09$1.087,32209/30/20120.93%7.04%
+NWK06/19/2012Sonus Networks, Inc. (SONS)All Cash$42 million$1.35$1.3456,96709/30/20120.75%5.67%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.605,503,17112/31/20120.67%1.75%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.45493,29409/30/20120.59%4.50%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.7512,90112/31/20120.55%1.42%
+CONM07/16/2012Correct Care Solutions, LLC (N/A)All Cash$59 million$3.95$3.9336,70009/30/20120.51%3.87%
+PSS05/01/2012a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)All Cash$2 billion$21.75$21.64805,04110/31/20120.51%2.35%
+USHS08/07/2012The Home Depot (HD)All Cash$93.4 million$12.50$12.44263,70912/31/20120.48%1.26%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.95371,99612/31/20120.36%0.93%
+CRED06/04/2012Forestar Group Inc. (FOR)All Cash$146 million$14.50$14.4542,63612/31/20120.35%0.90%
+PRX07/16/2012an affiliate of TPG (N/A)All Cash$1.9 billion$50.00$49.84359,31612/31/20120.32%0.84%
+IBI05/29/2012GS Capital Partners LP and P2 Capital Partners, LLC (N/A)All Cash$1.1 billion$25.50$25.43635,33409/30/20120.28%2.09%
+QSFT07/02/2012Dell Inc. (DELL)All Cash$2.4 billion$28.00$27.93608,95109/30/20120.25%1.91%
+ELT06/29/2012Melrose PLC (N/A)All Cash$2.3 billion$20.50$20.46290,65909/30/20120.20%1.49%
+BNHN05/22/2012Angelo, Gordon & Co. (N/A)All Cash$296 million$16.30$16.2736,50312/31/20120.18%0.48%
+RA07/23/2012Genesee & Wyoming Inc. (GWR)All Cash$1.39 billion$27.50$27.45280,46809/30/20120.18%1.39%
+MODL07/03/2012One Equity Partners, the private investment arm of JP Morgan Chase & Co. (N/A)All Cash$1.1 billion$14.00$13.981,033,64109/30/20120.14%1.09%
+CELL07/02/2012Ingram Micro Inc. (IM)All Cash$840 million$9.00$8.99295,88712/31/20120.11%0.29%
+BOOT07/05/2012ABC-MART, INC. (N/A)All Cash$138 million$20.00$19.982,81209/30/20120.10%0.76%
+LNCR07/02/2012Linde AG (N/A)All Cash$4.6 billion$41.50$41.49269,86309/30/20120.02%0.18%
+XG06/18/2012Yamana Gold, Inc. (AUY)Cash Plus Stock$414 million$4.22$4.22161,93409/30/2012-0.06%-0.48%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.1015,09703/31/2013-0.15%-0.24%
+FX07/09/2012Thomson Reuters Corporation (TRI)All Cash$625 million$22.00$22.0425,97009/30/2012-0.18%-1.38%
+PEET07/23/2012Joh. A. Benckiser (N/A)All Cash$1 billion$73.50$74.42173,11610/31/2012-1.24%-5.71%
+AUTH07/27/2012Apple Inc. (AAPL)All Cash$356 million$8.00$8.19849,26712/31/2069-2.32%-0.04%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$78 million$13.00$13.6812,12812/31/2012-4.97%-12.96%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$5.60$6.0138,01806/30/2012-6.82%56.59%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$3.158,38209/30/2012-8.57%-65.18%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.1714,20912/31/2069-14.53%-0.25%