Merger Arbitrage Mondays – September 24, 2012

Merger activity remained steady 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 2012 128
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 48
Stock Deals 14
Stock & Cash Deals 8
Total Number of Pending Deals 70
Total Deal Size $484.4 billion

New Deals:

  1. The acquisition of Complete Genomics (GNOM) by BGI-Shenzhen for $117.6 million or $3.15 per share in cash.
  2. The acquisition of IRIS International (IRIS) by Danaher Corporation (DHR) for $340.9 million or $19.50 per share in cash.
  3. The acquisition of Ditech Networks (DITC) by Nuance Communications (NUAN) for $22.5 million or $1.45 per share in cash.
  4. The acquisition of Ramtron International (RMTR) by Cypress Semiconductor Corporation (CY) for $109.8 million or $3.10 per share in cash.

Closed Deals:

  1. The acquisition of Indiana Community Bancorp (INCB) by Old National Bancorp Capital (ONB) on September 17, 2012
  2. The acquisition of Network Engines (NEI) by UNICOM Systems on September 18, 2012.
  3. The acquisition of The Edelman Financial Group (EF) by Lee Equity Partners, LLC on September 19, 2012.
  4. The acquisition of Integramed America (INMD) by Sagard Capital Partners, L.P. on September 20, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

ABVA 05/03/2012 Washington First Bankshares (WFBI) $5.23 $4.63 12/31/2012 13.03% 48.53%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.11 $5.45 06/30/2013 12.16% 15.91%
PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.70 $6.06 10/04/2012 10.52% 383.82%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.25 12/31/2012 8.91% 33.19%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.68 10/05/2012 7.02% 232.95%
VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) $1.37 $1.29 12/31/2012 6.16% 22.92%
FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) $9.50 $8.99 12/31/2012 5.67% 21.13%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $46.07 $43.74 03/31/2013 5.33% 10.35%
YTEC 08/13/2012 New Sihitech Limited (N/A) $3.90 $3.75 12/31/2012 4.00% 14.90%
CSBC 05/14/2012 Park Sterling Corporation (PSTB) $7.38 $7.15 12/31/2012 3.28% 12.23%

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

+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $5.23 $4.63 2,651 12/31/2012 13.03% 48.53%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.11 $5.45 5,199 06/30/2013 12.16% 15.91%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.70 $6.06 359,141 10/04/2012 10.52% 383.82%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.25 2,656,965 12/31/2012 8.91% 33.19%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.68 554,667 10/05/2012 7.02% 232.95%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.37 $1.29 1,397 12/31/2012 6.16% 22.92%
+ 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 $8.99 314,037 12/31/2012 5.67% 21.13%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $46.07 $43.74 1,398,735 03/31/2013 5.33% 10.35%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.75 22,460 12/31/2012 4.00% 14.90%
+ CSBC 05/14/2012 Park Sterling Corporation (PSTB) All Stock $77.8 million $7.38 $7.15 243,392 12/31/2012 3.28% 12.23%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $28.82 $27.95 529,130 03/31/2013 3.11% 6.03%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $20.96 $20.34 839,905 06/30/2013 3.05% 3.99%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.37 114,436 03/31/2013 2.97% 5.78%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $22.29 $21.70 9,083 03/31/2013 2.72% 5.29%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.21 $6.05 9,536 03/31/2013 2.63% 5.11%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.62 $1.58 25,920 09/30/2012 2.53% 154.01%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $42.68 $41.73 4,916,726 06/30/2013 2.29% 2.99%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.763 6,158 12/31/2012 2.23% 8.30%
+ DITC 09/18/2012 Nuance Communications, Inc. (NUAN) All Cash $22.5 million $1.45 $1.42 610,909 12/31/2012 2.11% 7.87%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.09 1,450,563 03/31/2013 1.94% 3.77%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.69 118,923 09/30/2012 1.93% 117.60%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.66 $2.62 20,088,748 03/31/2013 1.60% 3.10%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.28 423,127 06/30/2013 1.54% 2.02%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.42 1,768,958 06/30/2013 1.34% 1.75%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.63 $13.46 5,155 12/31/2012 1.30% 4.84%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $20.76 $20.53 5,454 12/31/2012 1.14% 4.25%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $76.44 $75.60 1,196,459 12/31/2012 1.11% 4.14%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $10.99 206,164 03/31/2013 1.09% 2.12%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.05 554,362 03/31/2013 1.04% 2.03%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.53 46,757 12/31/2012 1.03% 3.84%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $7.98 $7.905 8,834,150 03/31/2013 0.97% 1.89%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.11 1,560 09/30/2012 0.97% 59.21%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $47.45 $47.07 8,459,079 12/31/2012 0.82% 3.04%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $86.92 835,859 03/31/2013 0.67% 1.30%
+ ARBA 05/22/2012 SAP AG (SAP) All Cash $4.3 billion $45.00 $44.78 699,393 12/31/2012 0.49% 1.83%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.72 382,131 12/31/2012 0.47% 1.75%
+ CELL 07/02/2012 Ingram Micro Inc. (IM) All Cash $840 million $9.00 $8.96 794,555 12/31/2012 0.45% 1.66%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.67 1,049,324 10/31/2012 0.37% 3.64%
+ MEDW 09/12/2012 Thoma Bravo, LLC (N/A) All Cash $195 million $22.00 $21.92 142,807 12/31/2012 0.36% 1.36%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.95 147,942 12/31/2012 0.36% 1.33%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.85 350,210 12/31/2012 0.33% 1.22%
+ RMTR 09/19/2012 Cypress Semiconductor Corporation (CY) All Cash $109.8 million $3.10 $3.09 668,401 12/31/2012 0.32% 1.21%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.47 26,657 12/31/2012 0.24% 0.90%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.48 222,541 09/30/2012 0.24% 14.35%
+ KSW 09/10/2012 Related Companies (N/A) All Cash $32.1 million $5.00 $4.99 115,711 10/26/2012 0.20% 2.29%
+ FSII 08/13/2012 Tokyo Electron (N/A) All Cash $252.5 million $6.20 $6.19 374,839 12/31/2012 0.16% 0.60%
+ IRIS 09/17/2012 Danaher Corporation (DHR) All Cash $340.9 million $19.50 $19.47 459,533 12/31/2012 0.15% 0.57%
+ PRX 07/16/2012 an affiliate of TPG (N/A) All Cash $1.9 billion $50.00 $49.93 364,892 12/31/2012 0.14% 0.52%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.40 144,454 10/31/2012 0.14% 1.34%
+ AUTH 07/27/2012 Apple Inc. (AAPL) All Cash $356 million $8.00 $7.99 945,758 12/31/2069 0.13% 0.00%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $3.15 $3.15 22,887 12/31/2012 0.12% 0.44%
+ QSFT 07/02/2012 Dell Inc. (DELL) All Cash $2.4 billion $28.00 $27.97 660,102 09/30/2012 0.11% 6.52%
+ CRED 06/04/2012 Forestar Group Inc. (FOR) All Cash $146 million $14.50 $14.49 31,836 12/31/2012 0.07% 0.26%
+ KCP 06/06/2012 Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A) All Cash $245 million $15.25 $15.24 297,828 09/30/2012 0.07% 3.99%
+ RA 07/23/2012 Genesee & Wyoming Inc. (GWR) All Cash $1.39 billion $27.50 $27.49 445,456 09/30/2012 0.04% 2.21%
+ 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 $0.50 86,431 12/31/2012 0.00% 0.00%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.32 $6.35 52,074 09/30/2012 -0.47% -28.74%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.33 89,131 03/31/2013 -0.51% -0.98%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $10.23 $10.29 2,400 12/31/2012 -0.59% -2.18%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $32.22 2,740 12/31/2012 -0.68% -2.54%
+ PROJ 08/27/2012 Thoma Bravo Buying Software Co. (N/A) All Cash $1.1 billion $13.00 $13.10 177,456 12/31/2012 -0.76% -2.84%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.62 $8.69 904,408 12/31/2012 -0.79% -2.93%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Cash $55 million $4.02 $4.06 157,145 12/31/2012 -0.99% -3.67%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $11.83 $11.95 6,132,600 03/31/2013 -1.01% -1.96%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $41.59 137,592 12/31/2012 -3.82% -14.24%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $13.00 $14.47 14,651 12/31/2012 -10.16% -37.84%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $3.25 96,365 09/30/2012 -11.38% -692.56%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.88 82,048 12/31/2012 -12.91% -48.08%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $46.35 21,568 12/31/2012 -14.78% -55.04%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.23 41,243 12/31/2069 -18.70% -0.33%

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