Merger Arbitrage Mondays – September 17, 2012

Merger activity increased last week with four new deals announced.

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 124
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 47
Stock Deals 15
Stock & Cash Deals 8
Total Number of Pending Deals 70
Total Deal Size $483.85 billion

New Deals:

  1. The acquisition of KSW Inc. (KSW) by Related Companies for $32.1 million or $5.00 per share in cash.
  2. The acquisition of WSB Holdings (WSB) by Old Line Bancshares (OLBK) for $49 million. Shareholders of WSB Holdings will receive either Old Line common stock or cash with a 65%/35% stock/cash mix. Each share of WSB Holdings will receive either 0.5608 shares of Old Line or $6.09/share in cash subject to adjustments based on certain conditions. We are treating this deal as an all stock deal.
  3. The acquisition of Mediware Information Systems (MEDW)  by private equity firm Thoma Bravo, LLC for $195 million or $22.00 per share in cash.
  4. The acquisition of Citizens Republic Bancorp (CRBC) by FirstMerit Corporation (FMER) for $912 million in an all stock deal. Under the terms of the agreement, Citizens’ shareholders will receive 1.37 shares of FirstMerit common stock in exchange for each share of Citizens’ common stock.

Updated Deals:

  1. On September 14, 2012, Venoco (VQ) announced that based on the recommendation of the special committee of independent directors, the board of directors of Venoco has agreed to extend to 5 p.m. Eastern Time on October 5, 2012 the date by which committed financing must be obtained for the merger. This is a “going private” transactions where the CEO who already owns 50.3% of the company is trying to take the company private.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.84 $6.27 10/04/2012 9.16% 196.64%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $5.77 $5.35 06/30/2013 7.86% 10.03%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.60 12/31/2012 7.42% 25.80%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $5.10 $4.78 12/31/2012 6.70% 23.29%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $46.33 $43.60 03/31/2013 6.26% 11.71%
YTEC 08/13/2012 New Sihitech Limited (N/A) $3.90 $3.70 12/31/2012 5.41% 18.79%
CFFC 08/02/2012 City Holding Company (CHCO) $6.33 $6.01 03/31/2013 5.36% 10.02%
FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) $9.50 $9.05 12/31/2012 4.97% 17.28%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.91 10/05/2012 4.95% 100.45%
BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) $21.71 $20.76 12/31/2012 4.59% 15.94%

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

+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.84 $6.27 324,860 10/04/2012 9.16% 196.64%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $5.77 $5.35 34,551 06/30/2013 7.86% 10.03%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.60 6,690,363 12/31/2012 7.42% 25.80%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $5.10 $4.78 N/A 12/31/2012 6.70% 23.29%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $46.33 $43.60 1,823,500 03/31/2013 6.26% 11.71%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.70 7,488 12/31/2012 5.41% 18.79%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.33 $6.01 42,267 03/31/2013 5.36% 10.02%
+ 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 $9.05 587,478 12/31/2012 4.97% 17.28%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.91 1,949,842 10/05/2012 4.95% 100.45%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $21.71 $20.76 45,500 12/31/2012 4.59% 15.94%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.62 $1.55 128,659 09/30/2012 4.52% 126.80%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $20.85 $20.03 1,758,562 06/30/2013 4.10% 5.23%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.29 $1.24 10,129 12/31/2012 3.82% 13.29%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.35 39,207 03/31/2013 3.45% 6.45%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.69 $2.60 15,222,816 03/31/2013 3.36% 6.29%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $22.08 $21.56 26,220 03/31/2013 2.39% 4.48%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $27.62 $26.98 144,959 03/31/2013 2.39% 4.47%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.40 $6.26 19,020 09/30/2012 2.24% 62.79%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.763 28,398 12/31/2012 2.23% 7.75%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $42.47 $41.57 3,698,330 06/30/2013 2.16% 2.75%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $3.19 $3.13 35,620 12/31/2012 2.00% 6.94%
+ CSBC 05/14/2012 Park Sterling Corporation (PSTB) All Stock $77.8 million $7.18 $7.04 96,570 12/31/2012 1.95% 6.79%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.691 15,387 09/30/2012 1.92% 53.78%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.63 $13.45 29,309 12/31/2012 1.37% 4.78%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.32 1,799,128 06/30/2013 1.26% 1.60%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.47 4,645,986 06/30/2013 1.22% 1.56%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $90.94 1,679,310 03/31/2013 1.17% 2.18%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $10.99 1,088,368 03/31/2013 1.09% 2.04%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $75.74 $74.94 4,898,469 12/31/2012 1.07% 3.73%
+ PRST 08/23/2012 MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A) All Cash N/A $0.50 $0.495 47,222 12/31/2012 1.01% 3.51%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.11 3,400 09/30/2012 0.97% 27.33%
+ NEI 06/19/2012 UNICOM Systems (N/A) All Cash $63.2 million $1.45 $1.44 87,446 09/30/2012 0.69% 19.50%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $10.40 $10.33 13,358 12/31/2012 0.65% 2.27%
+ ARBA 05/22/2012 SAP AG (SAP) All Cash $4.3 billion $45.00 $44.71 2,600,995 12/31/2012 0.65% 2.25%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.65 628,002 12/31/2012 0.59% 2.04%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $87.03 1,235,671 03/31/2013 0.54% 1.01%
+ CELL 07/02/2012 Ingram Micro Inc. (IM) All Cash $840 million $9.00 $8.96 952,933 12/31/2012 0.45% 1.55%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.95 89,789 12/31/2012 0.36% 1.25%
+ PRX 07/16/2012 an affiliate of TPG (N/A) All Cash $1.9 billion $50.00 $49.83 849,234 12/31/2012 0.34% 1.19%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $7.97 $7.94 9,576,280 03/31/2013 0.33% 0.61%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.85 517,257 12/31/2012 0.33% 1.14%
+ MEDW 09/12/2012 Thoma Bravo, LLC (N/A) All Cash $195 million $22.00 $21.93 119,288 12/31/2012 0.32% 1.11%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Cash $55 million $4.02 $4.01 73,213 12/31/2012 0.25% 0.87%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.48 201,902 09/30/2012 0.24% 6.62%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $12.13 $12.10 4,255,909 03/31/2013 0.23% 0.44%
+ FSII 08/13/2012 Tokyo Electron (N/A) All Cash $252.5 million $6.20 $6.19 238,731 12/31/2012 0.16% 0.56%
+ KCP 06/06/2012 Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A) All Cash $245 million $15.25 $15.23 39,939 09/30/2012 0.13% 3.69%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $47.36 $47.31 4,748,291 12/31/2012 0.12% 0.40%
+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.84 121,809 09/30/2012 0.11% 3.18%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.95 17,715 12/31/2012 0.11% 0.38%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.73 481,507 10/31/2012 0.09% 0.76%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.49 64,022 12/31/2012 0.08% 0.28%
+ RA 07/23/2012 Genesee & Wyoming Inc. (GWR) All Cash $1.39 billion $27.50 $27.48 83,085 09/30/2012 0.07% 2.04%
+ QSFT 07/02/2012 Dell Inc. (DELL) All Cash $2.4 billion $28.00 $27.98 3,792,926 09/30/2012 0.07% 2.01%
+ INMD 06/11/2012 Sagard Capital Partners, L.P. (N/A) All Cash $169.5 million $14.05 $14.04 21,300 11/15/2012 0.07% 0.44%
+ CRED 06/04/2012 Forestar Group Inc. (FOR) All Cash $146 million $14.50 $14.49 21,315 12/31/2012 0.07% 0.24%
+ KSW 09/10/2012 Related Companies (N/A) All Cash $32.1 million $5.00 $5.00 217,821 10/26/2012 0.00% 0.00%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.54 122,166 10/31/2012 -0.05% -0.45%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.33 23,932 03/31/2013 -0.51% -0.95%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $32.20 1,450 12/31/2012 -0.62% -2.16%
+ AUTH 07/27/2012 Apple Inc. (AAPL) All Cash $356 million $8.00 $8.05 485,080 12/31/2069 -0.62% -0.01%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.63 $8.69 447,686 12/31/2012 -0.65% -2.27%
+ PROJ 08/27/2012 Thoma Bravo Buying Software Co. (N/A) All Cash $1.1 billion $13.00 $13.17 69,636 12/31/2012 -1.29% -4.49%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $26.51 $27.15 30,269 09/30/2012 -2.38% -66.70%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $42.00 82,418 12/31/2012 -4.76% -16.55%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $43.27 9,168 12/31/2012 -8.71% -30.29%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $13.00 $14.51 27,988 12/31/2012 -10.41% -36.18%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $3.30 28,773 09/30/2012 -12.73% -357.34%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.90 477,407 12/31/2012 -13.27% -46.11%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.23 12,566 12/31/2069 -18.70% -0.33%

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