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Merger Arbitrage Mondays – October 21, 2012

  • October 22, 2012

Merger activity increased last week with three new deals announced and two 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 2012145
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals41
Stock Deals16
Stock & Cash Deals8
Total Number of Pending Deals65
Total Deal Size$491.12 billion

New Deals:

  1. The acquisition of New Frontier Media (NOOF) by LFP Broadcasting for $33 million or $2.02 per share in cash. New Frontier Media shareholders may also be entitled to receive additional contingent cash payments, not to exceed $0.06 per common share, tied to the extent to which New Frontier Media’s available cash balance at the closing of the tender offer, less unpaid transaction expenses, exceeds $11,514,000.
  2. The acquisition of Cymer (CYMI) by ASML Holding NV (ASML) for $2.5 billion in a cash plus stock deal. Under the terms of the agreement each Cymer shareholder to receive US$20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.
  3. The acquisition of Cybex International Inc. (CYBI) by UM Holdings, Ltd. for $2.55 per share in cash.

Updated Deals:

  1. October 16, 2012: As of the close of business on October 15, 2012, Glendon Group has not closed the merger with BIDZ.COM (BIDZ) as announced previously. BIDZ.COM intends to work cooperatively with Glendon Group and with Weston Capital and its affiliated fund to seek to close the merger as expeditiously as reasonably practicable.

Closed Deals:

  1. The acquisition of Brightpoint Inc. (CELL) by Ingram Micro Inc. (IM) on October 15, 2012.
  2. The acquisition of Gushan Environmental Energy Limited (GU) by Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited on October 17, 2012.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.53$4.3411/09/201250.56%1025.34%
BIDZ05/17/2012Glendon Group, Inc. (N/A)$0.78$0.6210/15/201225.81%-1345.62%
BXG11/14/2011BFC Financial Corporation (BFCF)$6.40$5.6012/31/201214.29%74.49%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$25.4012/31/20128.27%43.11%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.12$5.7006/30/20137.34%10.67%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$15.80$14.7803/31/20136.88%15.70%
CYMI10/17/2012ASML Holding NV (ASML)$80.02$75.7506/30/20135.63%8.19%
SHAW07/30/2012Chicago Bridge & Iron Company (CBI)$45.93$43.6903/31/20135.13%11.71%
GEOY07/23/2012DigitalGlobe, Inc. (DGI)$30.05$28.8503/31/20134.15%9.46%
CYBI10/17/2012UM Holdings, Ltd. (N/A)$2.55$2.4503/31/20134.08%9.31%

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$6.53$4.341,233,79111/09/201250.56%1025.34%
+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.62N/A10/15/201225.81%0.00%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$6.40$5.60143,18912/31/201214.29%74.49%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$25.4018,331,88012/31/20128.27%43.11%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.12$5.708,13606/30/20137.34%10.67%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$15.80$14.7830003/31/20136.88%15.70%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$80.02$75.751,703,69506/30/20135.63%8.19%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.93$43.695,578,13003/31/20135.13%11.71%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$30.05$28.8589,03203/31/20134.15%9.46%
+CYBI10/17/2012UM Holdings, Ltd. (N/A)All CashN/A$2.55$2.45133,16203/31/20134.08%9.31%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.03162,09103/31/20133.96%9.03%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$19.34$18.65330,72006/30/20133.72%5.41%
+DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)All Cash$2.3 billion$87.50$84.752,303,67903/31/20133.24%7.40%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.93$2.868,69412/31/20122.49%12.99%
+BFED05/31/2012Berkshire Hills Bancorp Inc. (BHLB)All Stock$132 million$21.34$20.84N/A12/31/20122.42%12.61%
+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$9.29181,88812/31/20122.26%11.79%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.69$9.491,70412/31/20122.15%11.22%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.8248,50512/31/20122.09%10.92%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$44.91$44.049,65106/30/20131.97%2.87%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.83$2.7811,944,69903/31/20131.83%4.17%
+MRX09/03/2012Valeant Pharmaceuticals International, Inc. (VRX)All Cash$2.6 billion$44.00$43.301,468,65606/30/20131.62%2.35%
+NOOF10/15/2012LFP Broadcasting, LLC (N/A)All Cash$33 million$2.02$1.99N/A12/31/20121.51%7.86%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$44.22$43.56679,70106/30/20131.50%2.19%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$6.04$5.96N/A03/31/20131.33%3.03%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$13.94$13.7721,82412/31/20121.24%6.48%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.632,59112/31/20121.17%6.10%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.466,37703/31/20130.90%2.05%
+LMLP09/24/2012Digital River, Inc. (DRIV)All Cash$102.8 million$3.45$3.4227,98203/31/20130.88%2.00%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.7550,96412/31/20120.87%4.53%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.71$8.644,154,77003/31/20130.86%1.95%
+KH09/27/2012Medtronic, Inc. (MDT)All Cash$816 million$30.75$30.52980,32012/31/20120.75%3.93%
+VSNT10/01/2012UNICOM Systems, Inc. (N/A)All Cash$32 million$11.50$11.4238,69801/31/20130.70%2.53%
+DITC09/18/2012Nuance Communications, Inc. (NUAN)All Cash$22.5 million$1.45$1.44236,30012/31/20120.69%3.62%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$21.46$21.32N/A03/31/20130.64%1.45%
+PRST08/23/2012MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A)All CashN/A$0.50$0.4974,36412/31/20120.60%3.15%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$74.64$74.201,444,04212/31/20120.60%3.11%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.681,031,64712/31/20120.54%2.80%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.46324,29509/30/20120.47%0.00%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$11.06129,21303/31/20130.45%1.03%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.94324,67612/31/20120.43%2.24%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.45323,76706/30/20130.35%0.50%
+RMTR09/19/2012Cypress Semiconductor Corporation (CY)All Cash$109.8 million$3.10$3.0968,32012/31/20120.32%1.69%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.8611,45412/31/20120.31%1.59%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$91.72570,91403/31/20130.31%0.70%
+FSR08/30/2012Validus Holdings, Ltd. (VR)Cash Plus Stock$600 million$9.10$9.07298,43712/31/20120.28%1.47%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$78 million$14.50$14.4691912/31/20120.28%1.44%
+KNXA08/27/2012International Business Machines Corporation (IBM)All Cash$1.3 billion$46.00$45.89206,52312/31/20120.24%1.25%
+UDRL09/25/2012Sidewinder Drilling Inc. (N/A)All Cash$242 million$6.50$6.4996,37712/31/20120.15%0.80%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.9240,33003/31/20130.12%0.28%
+MEDW09/12/2012Thoma Bravo, LLC (N/A)All Cash$195 million$22.00$21.9834,08412/31/20120.09%0.47%
+CRDN10/01/20123M Co. (MMM)All Cash$670 million$35.00$34.97199,26212/31/20120.09%0.45%
+PEET07/23/2012Joh. A. Benckiser (N/A)All Cash$1 billion$73.50$73.45225,58610/31/20120.07%2.76%
+ARCT09/06/2012Realty Income Corp. (O)All Stock$2.95 billion$11.77$11.761,873,82103/31/20130.05%0.12%
+IRIS09/17/2012Danaher Corporation (DHR)All Cash$340.9 million$19.50$19.49280,95512/31/20120.05%0.27%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN/A$4.15$4.151,00010/01/20120.00%0.00%
+USHS08/07/2012The Home Depot (HD)All Cash$93.4 million$12.50$12.5016,35212/31/20120.00%0.00%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$22.05$22.22106,40903/31/2013-0.77%-1.75%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.22452,13806/30/2013-0.90%-1.31%
+WLBC08/17/2012Western Alliance Bancorporation (WAL)All Cash$55 million$4.02$4.10N/A12/31/2012-1.95%-10.17%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.35$4.503,38912/31/2012-3.42%-17.81%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.19$1.301,40012/31/2012-8.48%-44.19%
+TPCG08/27/2012First Reserve Corporation and SK Capital Partners (N/A)All Cash$850 million$40.00$45.06162,03812/31/2012-11.23%-58.55%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.8910,08812/31/2012-13.09%-68.24%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$46.112,58212/31/2012-14.34%-74.75%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.209,85612/31/2069-16.67%-0.29%