Merger Arbitrage Mondays – October 15, 2012

  • October 14, 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 2012143
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals41
Stock Deals16
Stock & Cash Deals7
Total Number of Pending Deals64
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:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.43$5.3611/09/201220.05%292.75%
BIDZ05/17/2012Glendon Group, Inc. (N/A)$0.78$0.66112/31/201218.00%85.34%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.30$5.7006/30/201310.59%14.98%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$25.8312/31/20126.47%30.65%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$15.51$14.6403/31/20135.97%13.04%
VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)$1.21$1.1512/31/20124.82%22.84%
SHAW07/30/2012Chicago Bridge & Iron Company (CBI)$45.93$43.9003/31/20134.62%10.10%
CRBC09/13/2012FirstMerit Corporation (FMER)$19.47$18.6906/30/20134.16%5.89%
YTEC08/13/2012New Sihitech Limited (N/A)$3.90$3.7512/31/20124.00%18.96%
GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)$1.65$1.5912/31/20123.77%17.89%

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

+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.43$5.36468,01911/09/201220.05%292.75%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.661106,49312/31/201218.00%85.34%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.30$5.7013,50006/30/201310.59%14.98%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$25.833,699,11312/31/20126.47%30.65%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$15.51$14.6454003/31/20135.97%13.04%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.21$1.15N/A12/31/20124.82%22.84%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.93$43.90809,18203/31/20134.62%10.10%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$19.47$18.69452,10106/30/20134.16%5.89%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.7547,52812/31/20124.00%18.96%
+GU06/04/2012Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)All CashN/A$1.65$1.59175,43712/31/20123.77%17.89%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$6.09$5.8830003/31/20133.57%7.80%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$28.22$27.35425,90503/31/20133.17%6.92%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.055442,58403/31/20133.11%6.80%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.99$2.908,79412/31/20123.10%14.71%
+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$9.23160,25712/31/20122.93%13.87%
+DITC09/18/2012Nuance Communications, Inc. (NUAN)All Cash$22.5 million$1.45$1.4141,16012/31/20122.84%13.45%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$21.45$20.9715,33512/31/20122.31%10.95%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$6.48$6.348,90612/31/20122.21%10.47%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.424,79203/31/20131.81%3.96%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$21.79$21.431,41503/31/20131.70%3.72%
+PRST08/23/2012MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A)All CashN/A$0.50$0.49231,75012/31/20121.63%7.71%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$46.17$45.4420,76106/30/20131.61%2.28%
+MRX09/03/2012Valeant Pharmaceuticals International, Inc. (VRX)All Cash$2.6 billion$44.00$43.351,024,23206/30/20131.50%2.12%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$44.10$43.462,498,75806/30/20131.48%2.09%
+LMLP09/24/2012Digital River, Inc. (DRIV)All Cash$102.8 million$3.45$3.4170,43603/31/20131.17%2.56%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.09$8.009,140,30703/31/20131.17%2.56%
+VSNT10/01/2012UNICOM Systems, Inc. (N/A)All Cash$32 million$11.50$11.373,30001/31/20131.14%3.86%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.80$2.7712,907,39603/31/20131.06%2.31%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.87$13.7320012/31/20121.05%4.98%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.7458,52412/31/20121.05%4.95%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$22.72$22.5443,03603/31/20130.82%1.78%
+DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)All Cash$2.3 billion$87.50$86.95316,38303/31/20130.63%1.38%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$73.99$73.591,845,67312/31/20120.55%2.59%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.72103,77003/31/20130.43%0.95%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$91.63611,21003/31/20130.40%0.88%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.96$9.92N/A12/31/20120.40%1.88%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$11.0773,40503/31/20130.36%0.79%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.47426,78209/30/20120.35%0.00%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.9060012/31/20120.31%1.49%
+KH09/27/2012Medtronic, Inc. (MDT)All Cash$816 million$30.75$30.661,589,77912/31/20120.29%1.39%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.96123,04512/31/20120.29%1.36%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.46434,84206/30/20130.28%0.39%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN/A$4.15$4.147,70010/01/20120.24%0.00%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.9133,40312/31/20120.20%0.93%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.89642,30112/31/20120.18%0.87%
+MEDW09/12/2012Thoma Bravo, LLC (N/A)All Cash$195 million$22.00$21.9616,85912/31/20120.18%0.86%
+USHS08/07/2012The Home Depot (HD)All Cash$93.4 million$12.50$12.48105,30012/31/20120.16%0.76%
+CELL07/02/2012Ingram Micro Inc. (IM)All Cash$840 million$9.00$8.991,302,81312/31/20120.11%0.53%
+KNXA08/27/2012International Business Machines Corporation (IBM)All Cash$1.3 billion$46.00$45.95260,78212/31/20120.11%0.52%
+CRDN10/01/20123M Co. (MMM)All Cash$670 million$35.00$34.97456,86212/31/20120.09%0.41%
+PEET07/23/2012Joh. A. Benckiser (N/A)All Cash$1 billion$73.50$73.44160,48710/31/20120.08%1.86%
+IRIS09/17/2012Danaher Corporation (DHR)All Cash$340.9 million$19.50$19.49352,95612/31/20120.05%0.24%
+RMTR09/19/2012Cypress Semiconductor Corporation (CY)All Cash$109.8 million$3.10$3.10550,15012/31/20120.00%0.00%
+UDRL09/25/2012Sidewinder Drilling Inc. (N/A)All Cash$242 million$6.50$6.5235,02812/31/2012-0.31%-1.45%
+FSR08/30/2012Validus Holdings, Ltd. (VR)Cash Plus Stock$600 million$8.85$8.89141,98112/31/2012-0.45%-2.14%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.21513,59606/30/2013-0.45%-0.64%
+ARCT09/06/2012Realty Income Corp. (O)All Stock$2.95 billion$11.78$11.87685,36703/31/2013-0.73%-1.59%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.35$4.607,83512/31/2012-5.52%-26.14%
+WLBC08/17/2012Western Alliance Bancorporation (WAL)All Cash$55 million$4.02$4.26150,86112/31/2012-5.63%-26.71%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$78 million$13.00$14.455,05012/31/2012-10.03%-47.57%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.8914,40112/31/2012-13.09%-62.04%
+TPCG08/27/2012First Reserve Corporation and SK Capital Partners (N/A)All Cash$850 million$40.00$46.0468,03212/31/2012-13.12%-62.19%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$46.112,67312/31/2012-14.34%-67.95%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.2019,17712/31/2069-16.67%-0.29%