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Merger Arbitrage Mondays – November 5, 2012

  • November 4, 2012

Merger activity increased last week with six new deals announced and six 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 2012153
Total Number of Deals Not Completed in 20121
Total Number of Pending Deals
Cash Deals41
Stock Deals16
Stock & Cash Deals11
Total Number of Pending Deals68
Total Deal Size$503.1 billion

New Deals:

  1. The acquisition of OPNET Technologies (OPNT) by Riverbed Technology (RVBD) for $921 million in a cash plus stock deal. Under the terms of the agreement, OPNET stockholders will receive $36.55 in cash and 0.2774 of a share of Riverbed common stock.
  2. The acquisition of Premierwest Bancorp (PRWT) by AmericanWest Bank for $16.6 million or $1.65 per share in cash.
  3. The acquisition of Schiff Nutrition International (SHF) by Bayer HealthCare LLC for $1.2 billion or $34.00 per share in cash.
  4. The acquisition of Warnaco Group (WRC) by PVH Corp. (PVH) for $2.9 billion. Under the terms of the agreement PVH will pay Warnaco shareholders $51.75 in cash and 0.1822 of its stock for each Warnaco share.
  5. The acquisition of JDA Software Group (JDAS) by RedPrairie for $1.9 billion or $45.00 per share in cash.
  6. The acquisition of Williams Controls (WMCO) by Curtiss-Wright (CW) for $119 million or $15.42 per share in cash.

Closed Deals:

  1. The acquisition of Peet’s Coffee & Tea, Inc. (PEET) by Joh. A. Benckiser on October 29, 2012.
  2. The acquisition of J. Alexander’s Corp. (JAX) by Fidelity National Financial, Inc. (FNF) on October 29, 2012.
  3. The acquisition of US Home Systems (USHS) by The Home Depot (HD) on October 30, 2012.
  4. The acquisition of China TransInfo Technology (CTFO) by TransCloud Company Limited on November 01, 2012.
  5. The acquisition of IRIS International Inc. (IRIS) by Danaher Corporation (DHR) on November 01, 2012.
  6. The acquisition of China Kanghui Holdings (KH) by Medtronic, Inc. (MDT) on November 02, 2012.

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$0.49410/15/201257.89%-1006.27%
PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)$6.56$4.5511/09/201244.08%4022.02%
DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)$87.50$74.7003/31/201317.14%42.84%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$24.6412/31/201211.61%75.65%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.22$5.7006/30/20139.21%14.18%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$15.94$14.7403/31/20138.14%20.34%
GEOY07/23/2012DigitalGlobe, Inc. (DGI)$33.62$31.5503/31/20136.55%16.37%
BXG11/14/2011BFC Financial Corporation (BFCF)$6.40$6.0412/31/20125.96%38.85%
VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)$1.27$1.2012/31/20125.92%38.56%
PRWT10/30/2012AmericanWest Bank (N/A)$1.65$1.5706/30/20135.10%7.85%

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$0.494N/A10/15/201257.89%0.00%
+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.56$4.55330,82311/09/201244.08%4022.02%
+DTG08/27/2012Hertz Global Holdings, Inc. (HTZ)All Cash$2.3 billion$87.50$74.705,023,38503/31/201317.14%42.84%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$24.644,093,67912/31/201211.61%75.65%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.22$5.7037,75806/30/20139.21%14.18%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$15.94$14.748,33903/31/20138.14%20.34%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$33.62$31.55197,07303/31/20136.55%16.37%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$6.40$6.0431,35812/31/20125.96%38.85%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.27$1.2020012/31/20125.92%38.56%
+PRWT10/30/2012AmericanWest Bank (N/A)All Cash$16.6 million$1.65$1.5779,09106/30/20135.10%7.85%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$45.92$43.77823,73303/31/20134.92%12.29%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$6.09$5.812,80003/31/20134.79%11.97%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.01243,06603/31/20134.65%11.63%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$19.19$18.40244,28306/30/20134.31%6.64%
+CYBI10/17/2012UM Holdings, Ltd. (N/A)All CashN/A$2.55$2.4663,62603/31/20133.66%9.15%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$12.16$11.7520004/30/20133.50%7.26%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$84.76$81.98639,11106/30/20133.39%5.22%
+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$9.27215,07912/31/20122.48%16.17%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$45.47$44.4831,68706/30/20132.24%3.44%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.88$2.822,71312/31/20122.17%14.16%
+SEH10/24/2012PolyOne Corporation (POL)Cash Plus Stock$393 million$9.02$8.83661,42103/31/20132.15%5.37%
+DITC09/18/2012Nuance Communications, Inc. (NUAN)All Cash$22.5 million$1.45$1.42141,99912/31/20122.11%13.77%
+NEBS05/31/2012United Financial Bancorp, Inc. (UBNK)All Stock$91.0 million$14.04$13.7691112/31/20122.01%13.12%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.839,60012/31/20121.83%11.91%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$4.55$4.46520012/31/20121.81%11.81%
+WRC10/31/2012PVH Corp. (PVH)Cash Plus Stock$2.9 billion$72.00$70.833,247,38303/31/20131.65%4.12%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.58$2.5412,659,70103/31/20131.54%3.85%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.70$8.5711,184,53203/31/20131.53%3.83%
+PSSI10/25/2012McKesson Corporation (MCK)All Cash$2.1 billion$29.00$28.57973,73403/31/20131.51%3.76%
+MRX09/03/2012Valeant Pharmaceuticals International, Inc. (VRX)All Cash$2.6 billion$44.00$43.361,115,42906/30/20131.48%2.27%
+ACOM10/22/2012Permira Advisers LLP (N/A)All Cash$1.6 billion$32.00$31.54726,84403/31/20131.46%3.65%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$44.39$43.77756,07706/30/20131.43%2.20%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.73$9.6025,70112/31/20121.40%9.11%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.442,30503/31/20131.35%3.38%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$10.97228,10103/31/20131.28%3.19%
+FSR08/30/2012Validus Holdings, Ltd. (VR)Cash Plus Stock$600 million$8.69$8.58494,78612/31/20121.25%8.16%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$22.52$22.2590003/31/20131.23%3.07%
+LMLP09/24/2012Digital River, Inc. (DRIV)All Cash$102.8 million$3.45$3.4145,28803/31/20131.17%2.93%
+VSNT10/01/2012UNICOM Systems, Inc. (N/A)All Cash$32 million$11.50$11.378,23001/31/20131.14%4.80%
+CEBK05/01/2012Independent Bank Corp. (INDB)All Cash$54.8 million$32.00$31.6716,13412/31/20121.04%6.79%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$77.27$76.491,913,11712/31/20121.02%6.64%
+PRST08/23/2012MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A)All CashN/A$0.50$0.495N/A12/31/20121.01%6.58%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.45160,52112/31/20120.93%6.03%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$91.38527,35803/31/20130.68%1.70%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.6641,44203/31/20130.53%1.31%
+NOOF10/15/2012LFP Broadcasting, LLC (N/A)All Cash$33 million$2.02$2.0138,61612/31/20120.50%3.24%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.43364,33206/30/20130.49%0.75%
+PSOF05/17/2012Timesway Group Limited (N/A)All CashN/A$4.15$4.13N/A10/01/20120.48%0.00%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.8130,59612/31/20120.41%2.70%
+JDAS11/01/2012RedPrairie (N/A)All Cash$1.9 billion$45.00$44.832,180,42212/31/20120.38%2.47%
+ARCT09/06/2012Realty Income Corp. (O)All Stock$2.95 billion$11.34$11.301,796,09303/31/20130.36%0.90%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.47153,98212/31/20120.35%2.31%
+WMCO11/01/2012Curtiss-Wright Corp. (CW)All Cash$119 million$15.42$15.37299,67803/31/20130.33%0.81%
+RMTR09/19/2012Cypress Semiconductor Corporation (CY)All Cash$109.8 million$3.10$3.0935,23112/31/20120.32%2.11%
+SHF10/30/2012Bayer HealthCare LLC (N/A)All Cash$1.2 billion$34.00$33.93304,58612/31/20120.21%1.34%
+OPNT10/29/2012Riverbed Technology, Inc. (RVBD)Cash Plus Stock$921 million$41.79$41.71446,28912/31/20120.20%1.29%
+CRDN10/01/20123M Co. (MMM)All Cash$670 million$35.00$34.94531,35712/31/20120.17%1.12%
+UDRL09/25/2012Sidewinder Drilling Inc. (N/A)All Cash$242 million$6.50$6.4965,83312/31/20120.15%1.00%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$64.90205,08112/31/20120.15%1.00%
+KNXA08/27/2012International Business Machines Corporation (IBM)All Cash$1.3 billion$46.00$45.93230,18712/31/20120.15%0.99%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$13.9865,43312/31/20120.14%0.93%
+MEDW09/12/2012Thoma Bravo, LLC (N/A)All Cash$195 million$22.00$21.9949,97012/31/20120.05%0.30%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$21.47$21.8935,45903/31/2013-1.90%-4.75%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.261,519,75306/30/2013-2.65%-4.09%
+TPCG08/27/2012First Reserve Corporation and SK Capital Partners (N/A)All Cash$850 million$40.00$45.3064,21512/31/2012-11.70%-76.26%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.9242312/31/2012-13.62%-88.76%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.1824,01912/31/2069-15.25%-0.27%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$46.794,58412/31/2012-15.58%-101.55%

Voluntary Disclosure: I hold a long position in CYBI.