Merger Arbitrage Mondays – August 27, 2012

  • August 27, 2012

Merger activity decreased last week with four new deals announced and four 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 2012119
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals43
Stock Deals11
Stock & Cash Deals7
Total Number of Pending Deals61
Total Deal Size$466.9 billion

New Deals:

  1. The acquisition of Coventry Health Care (CVH) by Aetna (AET) for $7.3 billion. Under the terms of the agreement, Coventry stockholders will receive $27.30 in cash and 0.3885 Aetna common shares for each Coventry share.
  2. The stock-for-stock merger of Dex One Corporation (DEXO) and SuperMedia Inc. (SPMD). Under the terms of the agreement, Dex One and SuperMedia shareholders will exchange their shares for shares in Dex Media. Dex One shareholders will receive 0.20 shares for each Dex One share they own, and Super Media shareholders will receive 0.4386 shares for each SuperMedia share they own. On account of the unique nature of this deal where a new entity Dex Media will be created, we have not added this deal to our database and hence it is not accessible from the Merger Arbitrage Tool.
  3. The acquisition of Sunrise Senior Living (SRZ) by Health Care REIT (HCN) for $845 million or $14.50 per share in cash. According to the company, “If the transaction does not close on or prior to February 21, 2013, as a result of certain closing extension rights which may be exercised by Health Care REIT, Sunrise shareholders will be entitled to receive additional transaction consideration during the period beginning on February 21, 2013”
  4. The acquisition of Presstek (PRST) by MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. for $0.50 per share in cash.

Closed Deals:

  1. The acquisition of FX Alliance (FX) by Thomson Reuters Corporation (TRI) on August 20, 2012.
  2. The acquisition of Benihana (BNHN) by Angelo, Gordon & Co. on August 22, 2012.
  3. The acquisition of Extorre Gold Mines Limited (XG) by Yamana Gold, Inc. (AUY) on August 22, 2012.
  4. The acquisition of Tudou Holdings Limited (TUDO) by Youku Inc. (YOKU) on August 23, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

VQ01/16/2012Denver Parent Corporation (N/A)$12.50$10.8009/14/201215.74%319.19%
ABVA05/03/2012Washington First Bankshares (WFBI)$4.88$4.4012/31/201210.88%31.50%
PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.29$5.7209/06/20129.93%362.29%
SHAW07/30/2012Chicago Bridge & Iron Company (CBI)$45.83$41.9603/31/20139.23%15.59%
GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)$1.62$1.5009/30/20128.00%85.88%
YTEC08/13/2012New Sihitech Limited (N/A)$3.90$3.6512/31/20126.85%19.84%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$25.7412/31/20126.84%19.81%
BTFG05/29/2012Trustmark Corporation (TRMK)$2.98$2.8112/31/20125.87%17.01%
WWIN07/24/2012Winner Holding Limited (N/A)$4.50$4.2603/31/20135.63%9.52%
FSIN06/28/2012Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)$9.50$9.0312/31/20125.20%15.08%

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

+VQ01/16/2012Denver Parent Corporation (N/A)All Cash$1.5 billion$12.50$10.80147,30809/14/201215.74%319.19%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.88$4.40N/A12/31/201210.88%31.50%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.29$5.72147,46409/06/20129.93%362.29%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.83$41.961,226,49003/31/20139.23%15.59%
+GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)All CashN/A$1.62$1.50119,46109/30/20128.00%85.88%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.6521,45012/31/20126.85%19.84%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$25.744,407,67812/31/20126.84%19.81%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.98$2.8111,78912/31/20125.87%17.01%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.2626,57403/31/20135.63%9.52%
+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$9.0393,60912/31/20125.20%15.08%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$5.84$5.6022,29303/31/20134.24%7.17%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.57110,32709/30/20124.13%44.33%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.7536,32012/31/20124.00%11.59%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$21.15$20.52N/A03/31/20133.07%5.18%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.01$0.980N/A12/31/20122.92%8.45%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.66$13.282,17812/31/20122.89%8.37%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.19N/A12/31/20122.60%7.52%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.78$9.5410,88012/31/20122.51%7.26%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$27.25$26.60205,89303/31/20132.44%4.12%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.78542,63808/20/20122.25%0.00%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN/A$4.15$4.0651,99809/30/20122.22%23.80%
+CSBC05/14/2012Park Sterling Corporation (PSTB)All Stock$77.8 million$7.15$7.0016,84112/31/20122.11%6.12%
+PRST08/23/2012MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A)All CashN/A$0.50$0.49117,52912/31/20122.04%5.91%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$25.00$24.553,59109/30/20121.85%19.85%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.58$2.5314,923,19903/31/20131.80%3.04%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$42.34$41.742,704,99006/30/20131.44%1.72%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.304,911,78306/30/20131.40%1.66%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$90.821,691,21903/31/20131.30%2.20%
+ARBA05/22/2012SAP AG (SAP)All Cash$4.3 billion$45.00$44.54263,53812/31/20121.03%2.99%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$20.41$20.212,02012/31/20120.97%2.80%
+SUN04/30/2012Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$5.3 billion$47.13$46.75489,59812/31/20120.82%2.38%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$75.13$74.571,515,56412/31/20120.75%2.18%
+NEI06/19/2012UNICOM Systems (N/A)All Cash$63.2 million$1.45$1.4488,12909/30/20120.69%7.46%
+KCP06/06/2012Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A)All Cash$245 million$15.25$15.1521,77109/30/20120.66%7.09%
+PSS05/01/2012a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)All Cash$2 billion$21.75$21.61318,12010/31/20120.65%3.64%
+EF04/16/2012Lee Equity Partners, LLC (N/A)All Cash$258 million$8.85$8.8155,97309/30/20120.45%4.87%
+CELL07/02/2012Ingram Micro Inc. (IM)All Cash$840 million$9.00$8.96176,62412/31/20120.45%1.29%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.9490,27312/31/20120.43%1.25%
+INMD06/11/2012Sagard Capital Partners, L.P. (N/A)All Cash$169.5 million$14.05$13.9916,78811/15/20120.43%1.96%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.816,19012/31/20120.41%1.20%
+FSII08/13/2012Tokyo Electron (N/A)All Cash$252.5 million$6.20$6.175207,54012/31/20120.40%1.17%
+USHS08/07/2012The Home Depot (HD)All Cash$93.4 million$12.50$12.4551,40012/31/20120.40%1.16%
+RA07/23/2012Genesee & Wyoming Inc. (GWR)All Cash$1.39 billion$27.50$27.43150,15909/30/20120.26%2.74%
+CONM07/16/2012Correct Care Solutions, LLC (N/A)All Cash$59 million$3.95$3.941,20409/30/20120.25%2.72%
+PRX07/16/2012an affiliate of TPG (N/A)All Cash$1.9 billion$50.00$49.88162,77512/31/20120.24%0.70%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.2495,03212/31/20120.24%0.68%
+IBI05/29/2012GS Capital Partners LP and P2 Capital Partners, LLC (N/A)All Cash$1.1 billion$25.50$25.4646,13409/30/20120.16%1.69%
+QSFT07/02/2012Dell Inc. (DELL)All Cash$2.4 billion$28.00$27.96703,10509/30/20120.14%1.54%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.49393,58009/30/20120.12%1.26%
+CRED06/04/2012Forestar Group Inc. (FOR)All Cash$146 million$14.50$14.4916,17412/31/20120.07%0.20%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.96857,19012/31/20120.07%0.19%
+NWK06/19/2012Sonus Networks, Inc. (SONS)All Cash$42 million$1.35$1.3531,10009/30/20120.00%0.00%
+ELT06/29/2012Melrose PLC (N/A)All Cash$2.3 billion$20.50$20.5021,98809/30/20120.00%0.00%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.1615,04303/31/2013-0.25%-0.41%
+PEET07/23/2012Joh. A. Benckiser (N/A)All Cash$1 billion$73.50$73.73182,00210/31/2012-0.31%-1.75%
+AUTH07/27/2012Apple Inc. (AAPL)All Cash$356 million$8.00$8.10212,81412/31/2069-1.23%-0.02%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$5.60$5.816,76706/30/2012-3.61%22.75%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$78 million$13.00$13.5346,39612/31/2012-3.92%-11.35%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$41.8318,59212/31/2012-5.57%-16.14%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$3.171,96509/30/2012-9.15%-98.21%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.287,07012/31/2069-21.88%-0.38%