Merger Arbitrage Mondays – October 29, 2012

  • October 28, 2012

Merger activity increased last week with five new deals announced.

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 2012146
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals44
Stock Deals16
Stock & Cash Deals9
Total Number of Pending Deals69
Total Deal Size$496.02 billion

New Deals:

  1. The acquisition of Ancestry.com (ACOM) by Permira Funds for $1.6 billion or $32.00 per share in cash.
  2. The acquisition of Cascade (CASC) by Toyota Industries Corporation for $759 million or $65.00 per share in cash.
  3. The acquisition of Annapolis Bancorp (ANNB) by F.N.B Corporation (FNB) for $51 million in an all stock deal. Under the terms of the agreement, shareholders of Annapolis Bancorp will receive 1.143 F.N.B Corporation shares for each Annapolis share.
  4. The acquisition of Spartech (SEH) by PolyOne Corporation (POL) for $393 million in a cash plus stock deal. Under the terms of the agreement, Spartech stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock.
  5. The acquisition of PSS World Medical (PSSI) by McKesson Corporation (MCK) for $2.1 billion or $29.00 per share in cash.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

BIDZ05/17/2012Glendon Group, Inc. (N/A)$0.78$0.4710/15/201265.96%-1719.60%
PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.43$3.9911/09/201261.14%2028.75%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$23.4012/31/201217.52%101.51%
DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)$87.50$79.0803/31/201310.65%25.40%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.24$5.7006/30/20139.50%14.22%
GEOY07/23/2012DigitalGlobe, Inc. (DGI)$30.79$28.1603/31/20139.32%22.24%
GNOM09/17/2012BGI-Shenzhen (N/A)$3.15$2.9203/31/20137.88%18.79%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$15.62$14.7303/31/20136.04%14.41%
BXG11/14/2011BFC Financial Corporation (BFCF)$6.24$5.9312/31/20125.23%30.29%
CFFC08/02/2012City Holding Company (CHCO)$6.07$5.8003/31/20134.70%11.20%

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

+BIDZ05/17/2012Glendon Group, Inc. (N/A)All CashN/A$0.78$0.47104,40010/15/201265.96%0.00%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.43$3.99144,38511/09/201261.14%2028.75%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$23.4023,195,74212/31/201217.52%101.51%
+DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)All Cash$2.3 billion$87.50$79.081,127,28603/31/201310.65%25.40%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.24$5.7014,99006/30/20139.50%14.22%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$30.79$28.16269,62303/31/20139.32%22.24%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$2.9296,06303/31/20137.88%18.79%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$15.62$14.7330003/31/20136.04%14.41%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$6.24$5.9310,81512/31/20125.23%30.29%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$6.07$5.80N/A03/31/20134.70%11.20%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$82.51$78.961,319,08006/30/20134.50%6.73%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.80$43.861,073,37803/31/20134.42%10.55%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$12.22$11.736,81304/30/20134.17%8.31%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$18.95$18.25418,12506/30/20133.82%5.71%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.7849,93612/31/20123.17%18.39%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.21$1.1810012/31/20122.85%16.50%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.67$2.6021,115,81603/31/20132.61%6.23%
+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$9.2662,69312/31/20122.59%15.02%
+CYBI10/17/2012UM Holdings, Ltd. (N/A)All CashN/A$2.55$2.4957,21603/31/20132.41%5.75%
+DITC09/18/2012Nuance Communications, Inc. (NUAN)All Cash$22.5 million$1.45$1.4244,30212/31/20122.11%12.24%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.352,74712/31/20122.07%12.01%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$46.63$45.697,29506/30/20132.05%3.07%
+PRST08/23/2012MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A)All CashN/A$0.50$0.4905,47112/31/20122.04%11.82%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$22.61$22.211,44603/31/20131.82%4.34%
+SEH10/24/2012PolyOne Corporation (POL)Cash Plus Stock$393 million$8.61$8.462,588,29803/31/20131.75%4.18%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.76$9.6018,33112/31/20121.71%9.91%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.93$2.88N/A12/31/20121.61%9.30%
+PSSI10/25/2012McKesson Corporation (MCK)All Cash$2.1 billion$29.00$28.575,526,10103/31/20131.51%3.59%
+LMLP09/24/2012Digital River, Inc. (DRIV)All Cash$102.8 million$3.45$3.40188,06103/31/20131.47%3.51%
+MRX09/03/2012Valeant Pharmaceuticals International, Inc. (VRX)All Cash$2.6 billion$44.00$43.421,019,99706/30/20131.34%2.00%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$44.43$43.891,277,73606/30/20131.24%1.85%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.28700,47012/31/20121.21%7.04%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$10.98464,53003/31/20131.18%2.82%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.4513,70003/31/20131.12%2.68%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.342,842,50006/30/20131.12%1.67%
+ACOM10/22/2012Permira Advisers LLP (N/A)All Cash$1.6 billion$32.00$31.66779,83903/31/20131.07%2.56%
+NOOF10/15/2012LFP Broadcasting, LLC (N/A)All Cash$33 million$2.02$2.00122,38812/31/20121.00%5.79%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$14.35$14.2220012/31/20120.93%5.42%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$74.11$73.431,451,24112/31/20120.92%5.35%
+VSNT10/01/2012UNICOM Systems, Inc. (N/A)All Cash$32 million$11.50$11.404,52101/31/20130.88%3.41%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.69$8.623,565,71003/31/20130.84%1.99%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN/A$4.15$4.12N/A10/01/20120.73%0.00%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$91.36526,08803/31/20130.70%1.67%
+FSR08/30/2012Validus Holdings, Ltd. (VR)Cash Plus Stock$600 million$8.97$8.911,077,23912/31/20120.69%4.02%
+KH09/27/2012Medtronic, Inc. (MDT)All Cash$816 million$30.75$30.54208,76012/31/20120.69%3.98%
+CTFO06/08/2012TransCloud Company Limited (N/A)All Cash$146.6 million$5.80$5.7759,62912/31/20120.52%3.01%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.7020,14903/31/20130.46%1.11%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.9567,76812/31/20120.36%2.08%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.47208,18709/30/20120.35%0.00%
+RMTR09/19/2012Cypress Semiconductor Corporation (CY)All Cash$109.8 million$3.10$3.0946,77912/31/20120.32%1.87%
+ARCT09/06/2012Realty Income Corp. (O)All Stock$2.95 billion$11.38$11.352,975,12103/31/20130.30%0.71%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.875,28512/31/20120.28%1.64%
+JAX06/25/2012Fidelity National Financial, Inc. (FNF)All Cash$78 million$14.50$14.465,32812/31/20120.28%1.60%
+CRDN10/01/20123M Co. (MMM)All Cash$670 million$35.00$34.94265,07412/31/20120.17%0.99%
+UDRL09/25/2012Sidewinder Drilling Inc. (N/A)All Cash$242 million$6.50$6.4976,94212/31/20120.15%0.89%
+KNXA08/27/2012International Business Machines Corporation (IBM)All Cash$1.3 billion$46.00$45.95527,89212/31/20120.11%0.63%
+IRIS09/17/2012Danaher Corporation (DHR)All Cash$340.9 million$19.50$19.48311,64612/31/20120.10%0.59%
+MEDW09/12/2012Thoma Bravo, LLC (N/A)All Cash$195 million$22.00$21.9811,82412/31/20120.09%0.53%
+USHS08/07/2012The Home Depot (HD)All Cash$93.4 million$12.50$12.4926,59412/31/20120.08%0.46%
+PEET07/23/2012Joh. A. Benckiser (N/A)All Cash$1 billion$73.50$73.46693,98710/31/20120.05%9.94%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$65.00257,15612/31/20120.00%0.00%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.35$4.401,47012/31/2012-1.22%-7.07%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.23685,12306/30/2013-1.35%-2.01%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$21.62$21.9846,52103/31/2013-1.63%-3.89%
+WLBC08/17/2012Western Alliance Bancorporation (WAL)All Cash$55 million$4.02$4.10N/A12/31/2012-1.95%-11.30%
+TPCG08/27/2012First Reserve Corporation and SK Capital Partners (N/A)All Cash$850 million$40.00$45.1282,70412/31/2012-11.35%-65.74%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.8911,53512/31/2012-13.09%-75.83%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$46.3417,20512/31/2012-14.76%-85.52%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.2545012/31/2069-20.00%-0.35%