Merger Arbitrage Mondays – September 3, 2012

Merger activity increased last week with seven 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 2012 122
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 $477.1 billion

New Deals:

  1. The acquisition of  Dollar Thrifty Automotive Group (DTG) by Hertz Global Holdings (HTZ) for $2.3 billion or $87.50 per share in cash.
  2. The acquisition of TPC Group (TPCG) by First Reserve Corporation and SK Capital Partners for $850 million or $40.00 per share in cash.
  3. The acquisition of Deltek (PROJ) by Thoma Bravo, LLC for $1.1 billion or $13 per share in cash.
  4. The acquisition of Hudson City Bancorp (HCBK) by M&T Bank Corporation (MTB) for $3.7 billion in an all stock deal. Under the terms of the agreement, shareholders of Hudson City Bancorp will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.
  5. The acquisition of Kenexa (KNXA) by IBM (IBM) for $1.3 billion or $46.00 per share in cash.
  6. The acquisition of SeaBright Holdings (SBX) by Enstar Group Limited (ESGR) for $249 million or $11.11 per share in cash.
  7. The acquisition of Flagstone Reinsurance Holdings (FSR) by Validus Holdings (VR) for $600 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Flagstone Reinsurance Holdings will receive $2 in cash and 0.1935 Validus shares for each share they tender in the offering.

Updated Deals:

  1. On August 28, 2012, FTC cleared the acquisition of Allos Therapeutics (ALTH) by Spectrum Pharmaceuticals (SPPI). The tender offer for Allos shares is slated to expire at 5pm EST on September 4, 2012.

Closed Deals:

  1. The acquisition of Network Equipment Technologies (NWK) by Sonus Networks (SONS) on August 27, 2012.
  2. The acquisition of Elster Group SE (ELT) by Melrose PLC on August 28, 2012.
  3. The acquisition of Conmed Healthcare Management (CONM) by Correct Care Solutions, LLC on August 29, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.18 09/14/2012 11.81% 391.77%
PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.29 $5.70 09/06/2012 10.40% 1265.76%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.21 12/31/2012 9.08% 27.86%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $45.74 $42.08 03/31/2013 8.71% 15.20%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $4.88 $4.54 12/31/2012 7.46% 22.87%
YTEC 08/13/2012 New Sihitech Limited (N/A) $3.90 $3.65 12/31/2012 6.85% 21.01%
WWIN 07/24/2012 Winner Holding Limited (N/A) $4.50 $4.272 03/31/2013 5.34% 9.32%
FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) $9.50 $9.06 12/31/2012 4.86% 14.90%
CFFC 08/02/2012 City Holding Company (CHCO) $5.98 $5.72 03/31/2013 4.57% 7.98%
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% 61.05%

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

+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.18 704,041 09/14/2012 11.81% 391.77%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.29 $5.70 208,301 09/06/2012 10.40% 1265.76%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.21 4,548,160 12/31/2012 9.08% 27.86%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $45.74 $42.08 1,473,209 03/31/2013 8.71% 15.20%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.88 $4.54 1,000 12/31/2012 7.46% 22.87%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.65 29,700 12/31/2012 6.85% 21.01%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.272 2,500 03/31/2013 5.34% 9.32%
+ 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 $9.06 94,830 12/31/2012 4.86% 14.90%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $5.98 $5.72 100 03/31/2013 4.57% 7.98%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.62 $1.55 193,385 09/30/2012 4.52% 61.05%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Stock $55 million $4.04 $3.90 433,511 12/31/2012 3.63% 11.13%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.60 106,964 09/30/2012 3.57% 48.28%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $27.72 $26.83 157,556 03/31/2013 3.30% 5.76%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $21.31 $20.67 601 03/31/2013 3.12% 5.45%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $20.47 $19.92 1,853 12/31/2012 2.76% 8.47%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.59 $2.53 5,646,583 03/31/2013 2.57% 4.48%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.96 $2.90 5,134 12/31/2012 2.11% 6.48%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.66 $13.39 5,171 12/31/2012 2.04% 6.27%
+ 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 $0.49 42,160 12/31/2012 2.04% 6.26%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $10.06 $9.88 21,206 12/31/2012 1.87% 5.73%
+ CSBC 05/14/2012 Park Sterling Corporation (PSTB) All Stock $77.8 million $7.10 $6.99 18,112 12/31/2012 1.62% 4.98%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $7.30 $7.19 12,186,487 03/31/2013 1.56% 2.73%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.09 2,928 09/30/2012 1.47% 19.83%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $42.22 $41.63 1,259,559 06/30/2013 1.42% 1.73%
+ NEI 06/19/2012 UNICOM Systems (N/A) All Cash $63.2 million $1.45 $1.43 307,320 09/30/2012 1.40% 18.91%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.77 9,500 12/31/2012 1.30% 3.98%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $90.92 820,514 03/31/2013 1.19% 2.07%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $10.98 693,104 03/31/2013 1.18% 2.07%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $25.08 $24.79 17,024 09/30/2012 1.17% 15.81%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.71 N/A 12/31/2012 0.91% 2.81%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $73.80 $73.15 534,964 12/31/2012 0.89% 2.72%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.38 673,750 06/30/2013 0.83% 1.02%
+ ARBA 05/22/2012 SAP AG (SAP) All Cash $4.3 billion $45.00 $44.69 487,185 12/31/2012 0.69% 2.13%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.45 142,469 09/30/2012 0.59% 8.00%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.43 98,077 12/31/2012 0.56% 1.73%
+ ALTH 04/05/2012 Spectrum Pharmaceuticals (SPPI) All Cash $206 million $1.82 $1.81 274,607 09/04/2012 0.55% 201.66%
+ KCP 06/06/2012 Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A) All Cash $245 million $15.25 $15.17 39,773 09/30/2012 0.53% 7.13%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.64 594,174 10/31/2012 0.51% 3.20%
+ FSII 08/13/2012 Tokyo Electron (N/A) All Cash $252.5 million $6.20 $6.17 933,640 12/31/2012 0.49% 1.49%
+ PROJ 08/27/2012 Thoma Bravo Buying Software Co. (N/A) All Cash $1.1 billion $13.00 $12.94 379,110 12/31/2012 0.46% 1.42%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $47.41 $47.19 1,270,989 12/31/2012 0.46% 1.41%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.94 127,232 12/31/2012 0.43% 1.32%
+ PRX 07/16/2012 an affiliate of TPG (N/A) All Cash $1.9 billion $50.00 $49.80 426,881 12/31/2012 0.40% 1.23%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $87.16 1,626,093 03/31/2013 0.39% 0.68%
+ RA 07/23/2012 Genesee & Wyoming Inc. (GWR) All Cash $1.39 billion $27.50 $27.40 194,274 09/30/2012 0.36% 4.93%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.84 578,111 12/31/2012 0.35% 1.07%
+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.82 152,267 09/30/2012 0.34% 4.60%
+ CELL 07/02/2012 Ingram Micro Inc. (IM) All Cash $840 million $9.00 $8.97 194,914 12/31/2012 0.33% 1.03%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.82 576,878 12/31/2012 0.30% 0.92%
+ CRED 06/04/2012 Forestar Group Inc. (FOR) All Cash $146 million $14.50 $14.46 21,037 12/31/2012 0.28% 0.85%
+ INMD 06/11/2012 Sagard Capital Partners, L.P. (N/A) All Cash $169.5 million $14.05 $14.02 4,937 11/15/2012 0.21% 1.07%
+ QSFT 07/02/2012 Dell Inc. (DELL) All Cash $2.4 billion $28.00 $27.95 348,159 09/30/2012 0.18% 2.42%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.92 30,127 12/31/2012 0.17% 0.53%
+ IBI 05/29/2012 GS Capital Partners LP and P2 Capital Partners, LLC (N/A) All Cash $1.1 billion $25.50 $25.46 76,138 09/30/2012 0.16% 2.12%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.50 107,294 10/31/2012 0.00% 0.00%
+ AUTH 07/27/2012 Apple Inc. (AAPL) All Cash $356 million $8.00 $8.01 388,565 12/31/2069 -0.12% -0.00%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.26 11,448 12/31/2012 -0.23% -0.72%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.16 26,322 03/31/2013 -0.25% -0.43%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.48 $8.54 1,133,571 12/31/2012 -0.65% -2.00%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $41.03 110,309 12/31/2012 -2.51% -7.70%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $5.44 $5.71 11,911 09/30/2012 -4.73% -63.92%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.07 $1.13 6,400 12/31/2012 -5.66% -17.37%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $42.74 32,832 12/31/2012 -7.58% -23.25%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $3.16 2,035 09/30/2012 -8.86% -119.78%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $13.00 $14.55 80,291 12/31/2012 -10.65% -32.67%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.30 13,130 12/31/2069 -23.08% -0.40%

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