Merger Arbitrage Mondays – September 10, 2012

Merger activity decreased last week with two new deals announced and two 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 124
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 45
Stock Deals 13
Stock & Cash Deals 8
Total Number of Pending Deals 66
Total Deal Size $482.67 billion

New Deals:

  1. The acquisition of Medicis Pharmaceutical (MRX) by Valeant Pharmaceuticals International (VRX) for $2.6 billion or $44 per share in cash.
  2. The acquisition of American Realty Capital Trust (ARCT) by Realty Income (O) in an all stock transaction. Under the deal, Realty Income will pay out 0.2874 of its shares for every American Realty share.

Closed Deals:

  1. The acquisition of Allos Therapeutics (ALTH) by Spectrum Pharmaceuticals (SPPI) on September 5, 2012.
  2. The acquisition of Interline Brands (IBI) by GS Capital Partners LP and P2 Capital Partners on September 7, 2012.

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) $6.49 $5.89 10/04/2012 10.23% 155.57%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $4.88 $4.50 12/31/2012 8.41% 27.41%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $46.12 $42.94 03/31/2013 7.40% 13.36%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.65 12/31/2012 7.21% 23.50%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.73 09/14/2012 6.56% 599.00%
YTEC 08/13/2012 New Sihitech Limited (N/A) $3.90 $3.67 12/31/2012 6.27% 20.42%
CFFC 08/02/2012 City Holding Company (CHCO) $6.25 $5.93 03/31/2013 5.33% 9.63%
FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) $9.50 $9.04 12/31/2012 5.09% 16.58%
WWIN 07/24/2012 Winner Holding Limited (N/A) $4.50 $4.30 03/31/2013 4.65% 8.40%
GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) $1.62 $1.55 09/30/2012 4.52% 82.42%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium 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 $6.49 $5.89 119,124 10/04/2012 10.23% 155.57%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.88 $4.50 2,300 12/31/2012 8.41% 27.41%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $46.12 $42.94 1,301,869 03/31/2013 7.40% 13.36%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.65 13,301,085 12/31/2012 7.21% 23.50%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.73 1,432,127 09/14/2012 6.56% 599.00%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.67 13,016 12/31/2012 6.27% 20.42%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.25 $5.93 5,362 03/31/2013 5.33% 9.63%
+ 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 $9.04 266,839 12/31/2012 5.09% 16.58%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.30 17,847 03/31/2013 4.65% 8.40%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.62 $1.55 113,532 09/30/2012 4.52% 82.42%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.19 $1.15 12,800 12/31/2012 3.39% 11.05%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.61 27,428 09/30/2012 3.39% 61.81%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $10.28 $9.97 1,375 12/31/2012 3.16% 10.29%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $21.75 $21.13 44,025 03/31/2013 2.95% 5.33%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $21.15 $20.61 18,016 12/31/2012 2.62% 8.55%
+ CSBC 05/14/2012 Park Sterling Corporation (PSTB) All Stock $77.8 million $7.38 $7.21 84,152 12/31/2012 2.42% 7.90%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.82 $13.50 14,800 12/31/2012 2.35% 7.65%
+ 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 $0.489 755,066 12/31/2012 2.25% 7.33%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.65 $2.60 14,120,111 03/31/2013 1.86% 3.37%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $42.45 $41.68 2,225,135 06/30/2013 1.85% 2.31%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Cash $55 million $4.02 $3.95 406,789 12/31/2012 1.77% 5.78%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $28.06 $27.59 193,716 03/31/2013 1.69% 3.06%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.29 3,830,196 06/30/2013 1.47% 1.83%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.770 17,795 12/31/2012 1.30% 4.23%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.10 15,360 09/30/2012 1.22% 22.26%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $10.98 317,704 03/31/2013 1.18% 2.14%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.51 4,407,191 06/30/2013 1.13% 1.40%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.04 854,144 03/31/2013 1.05% 1.91%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $3.08 $3.05 19,509 12/31/2012 1.02% 3.34%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $25.99 $25.73 4,247 09/30/2012 1.02% 18.58%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $7.62 $7.55 9,905,455 03/31/2013 0.99% 1.79%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $75.90 $75.23 1,423,232 12/31/2012 0.89% 2.89%
+ NEI 06/19/2012 UNICOM Systems (N/A) All Cash $63.2 million $1.45 $1.44 180,414 09/30/2012 0.69% 12.67%
+ ARBA 05/22/2012 SAP AG (SAP) All Cash $4.3 billion $45.00 $44.70 435,588 12/31/2012 0.67% 2.19%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.63 664,089 12/31/2012 0.62% 2.02%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.45 485,173 09/30/2012 0.59% 10.80%
+ CELL 07/02/2012 Ingram Micro Inc. (IM) All Cash $840 million $9.00 $8.95 1,670,232 12/31/2012 0.56% 1.82%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $87.03 1,132,951 03/31/2013 0.54% 0.98%
+ FSII 08/13/2012 Tokyo Electron (N/A) All Cash $252.5 million $6.20 $6.17 926,204 12/31/2012 0.49% 1.58%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $47.99 $47.79 1,521,117 12/31/2012 0.42% 1.36%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.66 976,001 10/31/2012 0.42% 2.97%
+ KCP 06/06/2012 Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A) All Cash $245 million $15.25 $15.19 80,828 09/30/2012 0.39% 7.21%
+ PRX 07/16/2012 an affiliate of TPG (N/A) All Cash $1.9 billion $50.00 $49.85 1,116,770 12/31/2012 0.30% 0.98%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.92 317,457 12/31/2012 0.17% 0.57%
+ QSFT 07/02/2012 Dell Inc. (DELL) All Cash $2.4 billion $28.00 $27.96 716,540 09/30/2012 0.14% 2.61%
+ INMD 06/11/2012 Sagard Capital Partners, L.P. (N/A) All Cash $169.5 million $14.05 $14.03 39,207 11/15/2012 0.14% 0.79%
+ CRED 06/04/2012 Forestar Group Inc. (FOR) All Cash $146 million $14.50 $14.48 12,795 12/31/2012 0.14% 0.45%
+ RA 07/23/2012 Genesee & Wyoming Inc. (GWR) All Cash $1.39 billion $27.50 $27.48 78,862 09/30/2012 0.07% 1.33%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $46.00 45,803 12/31/2012 0.00% 0.00%
+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.85 198,841 09/30/2012 0.00% 0.00%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.50 94,808 12/31/2012 0.00% 0.00%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.52 248,719 10/31/2012 -0.03% -0.19%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $14.01 57,281 12/31/2012 -0.07% -0.23%
+ PROJ 08/27/2012 Thoma Bravo Buying Software Co. (N/A) All Cash $1.1 billion $13.00 $13.04 275,591 12/31/2012 -0.31% -1.00%
+ AUTH 07/27/2012 Apple Inc. (AAPL) All Cash $356 million $8.00 $8.03 586,014 12/31/2069 -0.37% -0.01%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.25 27,206 03/31/2013 -0.38% -0.69%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $12.29 $12.37 17,834,090 03/31/2013 -0.61% -1.10%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.56 $8.61 273,567 12/31/2012 -0.63% -2.05%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $32.24 100 12/31/2012 -0.74% -2.43%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.00 $6.28 59,170 09/30/2012 -4.46% -81.37%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $42.34 121,625 12/31/2012 -5.53% -18.01%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $43.45 32,210 12/31/2012 -9.09% -29.63%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $13.00 $14.54 17,130 12/31/2012 -10.59% -34.52%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.85 146,302 12/31/2012 -12.37% -40.32%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $3.37 68,612 09/30/2012 -14.54% -265.36%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.24 150,129 12/31/2069 -19.35% -0.34%

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