Merger Arbitrage Mondays – October 15, 2012

Merger activity dropped last week with only one new deal 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 143
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 41
Stock Deals 16
Stock & Cash Deals 7
Total Number of Pending Deals 64
Total Deal Size $488.59 billion

New Deals:

  1. The acquisition of Alliance Financial Corporation (ALNC) by NBT Bancorp (NBTB) for $233.4 million in an all stock deal. Under the terms of the merger agreement, each outstanding share of Alliance common stock will be converted into the right to receive 2.1779 shares of NBT common stock upon completion of the merger.

Closed Deals:

  1. The acquisition of Collective Brands, Inc. (PSS) by a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital on October 9, 2012.
  2. The acquisition of Deltek, Inc (PROJ) by Thoma Bravo Buying Software Co. on October 10, 2012.
  3. The acquisition of KSW Inc. (KSW) by Related Companies on October 11, 2012.
  4. The acquisition of FSI International (FSII) by Tokyo Electron on October 11, 2012.

Top 10 deals with largest spread:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.43 $5.36 11/09/2012 20.05% 292.75%
BIDZ 05/17/2012 Glendon Group, Inc. (N/A) $0.78 $0.661 12/31/2012 18.00% 85.34%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.30 $5.70 06/30/2013 10.59% 14.98%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.83 12/31/2012 6.47% 30.65%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.51 $14.64 03/31/2013 5.97% 13.04%
VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) $1.21 $1.15 12/31/2012 4.82% 22.84%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $45.93 $43.90 03/31/2013 4.62% 10.10%
CRBC 09/13/2012 FirstMerit Corporation (FMER) $19.47 $18.69 06/30/2013 4.16% 5.89%
YTEC 08/13/2012 New Sihitech Limited (N/A) $3.90 $3.75 12/31/2012 4.00% 18.96%
GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) $1.65 $1.59 12/31/2012 3.77% 17.89%

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 $6.43 $5.36 468,019 11/09/2012 20.05% 292.75%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.661 106,493 12/31/2012 18.00% 85.34%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.30 $5.70 13,500 06/30/2013 10.59% 14.98%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.83 3,699,113 12/31/2012 6.47% 30.65%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.51 $14.64 540 03/31/2013 5.97% 13.04%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.21 $1.15 N/A 12/31/2012 4.82% 22.84%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $45.93 $43.90 809,182 03/31/2013 4.62% 10.10%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $19.47 $18.69 452,101 06/30/2013 4.16% 5.89%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.75 47,528 12/31/2012 4.00% 18.96%
+ GU 06/04/2012 Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A) All Cash N/A $1.65 $1.59 175,437 12/31/2012 3.77% 17.89%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.09 $5.88 300 03/31/2013 3.57% 7.80%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $28.22 $27.35 425,905 03/31/2013 3.17% 6.92%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.055 442,584 03/31/2013 3.11% 6.80%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.99 $2.90 8,794 12/31/2012 3.10% 14.71%
+ 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 $9.23 160,257 12/31/2012 2.93% 13.87%
+ DITC 09/18/2012 Nuance Communications, Inc. (NUAN) All Cash $22.5 million $1.45 $1.41 41,160 12/31/2012 2.84% 13.45%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $21.45 $20.97 15,335 12/31/2012 2.31% 10.95%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.48 $6.34 8,906 12/31/2012 2.21% 10.47%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.42 4,792 03/31/2013 1.81% 3.96%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $21.79 $21.43 1,415 03/31/2013 1.70% 3.72%
+ 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 $0.492 31,750 12/31/2012 1.63% 7.71%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $46.17 $45.44 20,761 06/30/2013 1.61% 2.28%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.35 1,024,232 06/30/2013 1.50% 2.12%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $44.10 $43.46 2,498,758 06/30/2013 1.48% 2.09%
+ LMLP 09/24/2012 Digital River, Inc. (DRIV) All Cash $102.8 million $3.45 $3.41 70,436 03/31/2013 1.17% 2.56%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.09 $8.00 9,140,307 03/31/2013 1.17% 2.56%
+ VSNT 10/01/2012 UNICOM Systems, Inc. (N/A) All Cash $32 million $11.50 $11.37 3,300 01/31/2013 1.14% 3.86%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.80 $2.77 12,907,396 03/31/2013 1.06% 2.31%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.87 $13.73 200 12/31/2012 1.05% 4.98%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.74 58,524 12/31/2012 1.05% 4.95%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $22.72 $22.54 43,036 03/31/2013 0.82% 1.78%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $86.95 316,383 03/31/2013 0.63% 1.38%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $73.99 $73.59 1,845,673 12/31/2012 0.55% 2.59%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.72 103,770 03/31/2013 0.43% 0.95%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.63 611,210 03/31/2013 0.40% 0.88%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $9.96 $9.92 N/A 12/31/2012 0.40% 1.88%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $11.07 73,405 03/31/2013 0.36% 0.79%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.47 426,782 09/30/2012 0.35% 0.00%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.90 600 12/31/2012 0.31% 1.49%
+ KH 09/27/2012 Medtronic, Inc. (MDT) All Cash $816 million $30.75 $30.66 1,589,779 12/31/2012 0.29% 1.39%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.96 123,045 12/31/2012 0.29% 1.36%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.46 434,842 06/30/2013 0.28% 0.39%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.14 7,700 10/01/2012 0.24% 0.00%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.91 33,403 12/31/2012 0.20% 0.93%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.89 642,301 12/31/2012 0.18% 0.87%
+ MEDW 09/12/2012 Thoma Bravo, LLC (N/A) All Cash $195 million $22.00 $21.96 16,859 12/31/2012 0.18% 0.86%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.48 105,300 12/31/2012 0.16% 0.76%
+ CELL 07/02/2012 Ingram Micro Inc. (IM) All Cash $840 million $9.00 $8.99 1,302,813 12/31/2012 0.11% 0.53%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.95 260,782 12/31/2012 0.11% 0.52%
+ CRDN 10/01/2012 3M Co. (MMM) All Cash $670 million $35.00 $34.97 456,862 12/31/2012 0.09% 0.41%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.44 160,487 10/31/2012 0.08% 1.86%
+ IRIS 09/17/2012 Danaher Corporation (DHR) All Cash $340.9 million $19.50 $19.49 352,956 12/31/2012 0.05% 0.24%
+ RMTR 09/19/2012 Cypress Semiconductor Corporation (CY) All Cash $109.8 million $3.10 $3.10 550,150 12/31/2012 0.00% 0.00%
+ UDRL 09/25/2012 Sidewinder Drilling Inc. (N/A) All Cash $242 million $6.50 $6.52 35,028 12/31/2012 -0.31% -1.45%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.85 $8.89 141,981 12/31/2012 -0.45% -2.14%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.21 513,596 06/30/2013 -0.45% -0.64%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $11.78 $11.87 685,367 03/31/2013 -0.73% -1.59%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.35 $4.60 7,835 12/31/2012 -5.52% -26.14%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Cash $55 million $4.02 $4.26 150,861 12/31/2012 -5.63% -26.71%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $13.00 $14.45 5,050 12/31/2012 -10.03% -47.57%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.89 14,401 12/31/2012 -13.09% -62.04%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $46.04 68,032 12/31/2012 -13.12% -62.19%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $46.11 2,673 12/31/2012 -14.34% -67.95%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.20 19,177 12/31/2069 -16.67% -0.29%

Leave A Comment

You must be logged in to post a comment.