Merger Arbitrage Mondays – September 3, 2012

  • September 2, 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 2012122
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals45
Stock Deals13
Stock & Cash Deals8
Total Number of Pending Deals66
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:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

VQ01/16/2012Denver Parent Corporation (N/A)$12.50$11.1809/14/201211.81%391.77%
PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.29$5.7009/06/201210.40%1265.76%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$25.2112/31/20129.08%27.86%
SHAW07/30/2012Chicago Bridge & Iron Company (CBI)$45.74$42.0803/31/20138.71%15.20%
ABVA05/03/2012Washington First Bankshares (WFBI)$4.88$4.5412/31/20127.46%22.87%
YTEC08/13/2012New Sihitech Limited (N/A)$3.90$3.6512/31/20126.85%21.01%
WWIN07/24/2012Winner Holding Limited (N/A)$4.50$4.27203/31/20135.34%9.32%
FSIN06/28/2012Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)$9.50$9.0612/31/20124.86%14.90%
CFFC08/02/2012City Holding Company (CHCO)$5.98$5.7203/31/20134.57%7.98%
GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)$1.62$1.5509/30/20124.52%61.05%

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$11.18704,04109/14/201211.81%391.77%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.29$5.70208,30109/06/201210.40%1265.76%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$25.214,548,16012/31/20129.08%27.86%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.74$42.081,473,20903/31/20138.71%15.20%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.88$4.541,00012/31/20127.46%22.87%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.6529,70012/31/20126.85%21.01%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.2722,50003/31/20135.34%9.32%
+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$9.0694,83012/31/20124.86%14.90%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$5.98$5.7210003/31/20134.57%7.98%
+GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)All CashN/A$1.62$1.55193,38509/30/20124.52%61.05%
+WLBC08/17/2012Western Alliance Bancorporation (WAL)All Stock$55 million$4.04$3.90433,51112/31/20123.63%11.13%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.60106,96409/30/20123.57%48.28%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$27.72$26.83157,55603/31/20133.30%5.76%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$21.31$20.6760103/31/20133.12%5.45%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$20.47$19.921,85312/31/20122.76%8.47%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.59$2.535,646,58303/31/20132.57%4.48%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.96$2.905,13412/31/20122.11%6.48%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.66$13.395,17112/31/20122.04%6.27%
+PRST08/23/2012MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A)All CashN/A$0.50$0.4942,16012/31/20122.04%6.26%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$10.06$9.8821,20612/31/20121.87%5.73%
+CSBC05/14/2012Park Sterling Corporation (PSTB)All Stock$77.8 million$7.10$6.9918,11212/31/20121.62%4.98%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$7.30$7.1912,186,48703/31/20131.56%2.73%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN/A$4.15$4.092,92809/30/20121.47%19.83%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$42.22$41.631,259,55906/30/20131.42%1.73%
+NEI06/19/2012UNICOM Systems (N/A)All Cash$63.2 million$1.45$1.43307,32009/30/20121.40%18.91%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.779,50012/31/20121.30%3.98%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$90.92820,51403/31/20131.19%2.07%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$10.98693,10403/31/20131.18%2.07%
+INCB01/25/2012Old National Bancorp Capital (ONB)All Stock$79.2 million$25.08$24.7917,02409/30/20121.17%15.81%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.71N/A12/31/20120.91%2.81%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$73.80$73.15534,96412/31/20120.89%2.72%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.38673,75006/30/20130.83%1.02%
+ARBA05/22/2012SAP AG (SAP)All Cash$4.3 billion$45.00$44.69487,18512/31/20120.69%2.13%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.45142,46909/30/20120.59%8.00%
+USHS08/07/2012The Home Depot (HD)All Cash$93.4 million$12.50$12.4398,07712/31/20120.56%1.73%
+ALTH04/05/2012Spectrum Pharmaceuticals (SPPI)All Cash$206 million$1.82$1.81274,60709/04/20120.55%201.66%
+KCP06/06/2012Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A)All Cash$245 million$15.25$15.1739,77309/30/20120.53%7.13%
+PSS05/01/2012a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)All Cash$2 billion$21.75$21.64594,17410/31/20120.51%3.20%
+FSII08/13/2012Tokyo Electron (N/A)All Cash$252.5 million$6.20$6.17933,64012/31/20120.49%1.49%
+PROJ08/27/2012Thoma Bravo Buying Software Co. (N/A)All Cash$1.1 billion$13.00$12.94379,11012/31/20120.46%1.42%
+SUN04/30/2012Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$5.3 billion$47.41$47.191,270,98912/31/20120.46%1.41%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.94127,23212/31/20120.43%1.32%
+PRX07/16/2012an affiliate of TPG (N/A)All Cash$1.9 billion$50.00$49.80426,88112/31/20120.40%1.23%
+DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)All Cash$2.3 billion$87.50$87.161,626,09303/31/20130.39%0.68%
+RA07/23/2012Genesee & Wyoming Inc. (GWR)All Cash$1.39 billion$27.50$27.40194,27409/30/20120.36%4.93%
+KNXA08/27/2012International Business Machines Corporation (IBM)All Cash$1.3 billion$46.00$45.84578,11112/31/20120.35%1.07%
+EF04/16/2012Lee Equity Partners, LLC (N/A)All Cash$258 million$8.85$8.82152,26709/30/20120.34%4.60%
+CELL07/02/2012Ingram Micro Inc. (IM)All Cash$840 million$9.00$8.97194,91412/31/20120.33%1.03%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.82576,87812/31/20120.30%0.92%
+CRED06/04/2012Forestar Group Inc. (FOR)All Cash$146 million$14.50$14.4621,03712/31/20120.28%0.85%
+INMD06/11/2012Sagard Capital Partners, L.P. (N/A)All Cash$169.5 million$14.05$14.024,93711/15/20120.21%1.07%
+QSFT07/02/2012Dell Inc. (DELL)All Cash$2.4 billion$28.00$27.95348,15909/30/20120.18%2.42%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.9230,12712/31/20120.17%0.53%
+IBI05/29/2012GS Capital Partners LP and P2 Capital Partners, LLC (N/A)All Cash$1.1 billion$25.50$25.4676,13809/30/20120.16%2.12%
+PEET07/23/2012Joh. A. Benckiser (N/A)All Cash$1 billion$73.50$73.50107,29410/31/20120.00%0.00%
+AUTH07/27/2012Apple Inc. (AAPL)All Cash$356 million$8.00$8.01388,56512/31/2069-0.12%-0.00%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.2611,44812/31/2012-0.23%-0.72%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.1626,32203/31/2013-0.25%-0.43%
+FSR08/30/2012Validus Holdings, Ltd. (VR)Cash Plus Stock$600 million$8.48$8.541,133,57112/31/2012-0.65%-2.00%
+TPCG08/27/2012First Reserve Corporation and SK Capital Partners (N/A)All Cash$850 million$40.00$41.03110,30912/31/2012-2.51%-7.70%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$5.44$5.7111,91109/30/2012-4.73%-63.92%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.07$1.136,40012/31/2012-5.66%-17.37%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$42.7432,83212/31/2012-7.58%-23.25%
+SCMF03/27/2012Capital Bank Financial Corp (N/A)All CashN/A$2.88$3.162,03509/30/2012-8.86%-119.78%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$78 million$13.00$14.5580,29112/31/2012-10.65%-32.67%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.3013,13012/31/2069-23.08%-0.40%