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Merger Arbitrage Mondays – December 3, 2012

  • December 2, 2012

Merger activity increased last week with three new deals announced and three deals 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 2012164
Total Number of Deals Not Completed in 20124
Total Number of Pending Deals
Cash Deals43
Stock Deals16
Stock & Cash Deals10
Total Number of Pending Deals69
Total Deal Size$521.83 billion

New Deals:

  1. The acquisition of Zhongpin (HOGS) by its Chairman and CEO Xianfu Zhu for $418 million or $13.50 per share in cash.
  2. The acquisition of Ralcorp Holdings (RAH) by ConAgra Foods (CAG) for $6.8 billion or $90.00 per share in cash.
  3. The acquisition of Retalix (RTLX) by NCR Corp. (NCR) for $660 million or $30.00 per share in cash.

Deal Updates:

The research firm Glaucus Research has a follow-up report attacking Tevana’s (TEA) response to its original report about the presence of pesticides in certain Tevana products. The deal received FTC approval last week.

Closed Deals:

  1. The acquisition of New Frontier Media (NOOF) by LFP Broadcasting, LLC on November 28, 2012.
  2. The acquisition of Ceradyne (CRDN) by 3M Co. (MMM) on November 29, 2012.
  3. The acquisition of Flagstone Reinsurance Holdings SA (FSR) by Validus Holdings (VR) on November 30, 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)$6.79$4.5912/10/201247.97%2501.21%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$17.86$14.2303/31/201325.48%78.83%
BXG11/14/2011BFC Financial Corporation (BFCF)$11.36$9.4512/31/201220.21%263.47%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.73$5.8806/30/201314.45%25.23%
ABVA05/03/2012Washington First Bankshares (WFBI)$5.23$4.6112/31/201213.52%176.25%
NXY07/23/2012CNOOC Ltd. (CEO)$27.50$24.3612/31/201212.89%168.03%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.4703/31/20138.26%25.55%
OUTD11/16/2012InterMedia Outdoors Holdings, LLC (N/A)$8.00$7.4303/31/20137.67%23.73%
CBE05/21/2012Eaton Corporation (ETN)$79.56$74.5012/31/20126.80%88.59%
GEOY07/23/2012DigitalGlobe, Inc. (DGI)$32.46$30.5603/31/20136.21%19.20%

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

+PLXT04/30/2012Integrated Device Technology, Inc. (IDTI)Cash Plus Stock$330 million$6.79$4.59109,71712/10/201247.97%2501.21%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$17.86$14.2343803/31/201325.48%78.83%
+BXG11/14/2011BFC Financial Corporation (BFCF)All StockN/A$11.36$9.45158,36012/31/201220.21%263.47%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.73$5.884,00006/30/201314.45%25.23%
+ABVA05/03/2012Washington First Bankshares (WFBI)All Stock$24.4 million$5.23$4.614,34412/31/201213.52%176.25%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$24.3610,953,28712/31/201212.89%168.03%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.47400,97903/31/20138.26%25.55%
+OUTD11/16/2012InterMedia Outdoors Holdings, LLC (N/A)All CashN/A$8.00$7.43124,41203/31/20137.67%23.73%
+CBE05/21/2012Eaton Corporation (ETN)Cash Plus Stock$11.46 billion$79.56$74.507,257,40412/31/20126.80%88.59%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$32.46$30.56144,13703/31/20136.21%19.20%
+JEF11/12/2012Leucadia National Corp. (LUK)All Stock$3.59 billion$17.94$16.964,018,94103/31/20135.79%17.90%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.16$1.1015,64512/31/20125.11%66.60%
+PRWT10/30/2012AmericanWest Bank (N/A)All Cash$16.6 million$1.65$1.5715,72106/30/20135.10%8.90%
+TEA11/14/2012Starbucks Corporation (SBUX)All Cash$620 million$15.50$14.75988,57012/31/20125.08%66.28%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$91.97$87.70505,76306/30/20134.87%8.50%
+CYBI10/17/2012UM Holdings, Ltd. (N/A)All CashN/A$2.55$2.4468,94003/31/20134.51%13.94%
+CFFC08/02/2012City Holding Company (CHCO)All Stock$26.1 million$5.89$5.648,02803/31/20134.43%13.72%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$12.34$11.963,02104/30/20133.21%7.93%
+RVR11/15/2012Parthenon Capital Partners (N/A)All Cash$79.5 million$21.93$21.3066303/31/20132.96%9.15%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$46.23$44.93976,42503/31/20132.90%8.98%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$19.29$18.77297,30806/30/20132.77%4.83%
+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$9.27203,95912/31/20122.48%32.34%
+PSSI10/25/2012McKesson Corporation (MCK)All Cash$2.1 billion$29.00$28.441,922,67803/31/20131.97%6.09%
+SEH10/24/2012PolyOne Corporation (POL)Cash Plus Stock$393 million$9.05$8.881,139,75803/31/20131.90%5.86%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.21$8.064,352,28903/31/20131.89%5.84%
+MRX09/03/2012Valeant Pharmaceuticals International, Inc. (VRX)All Cash$2.6 billion$44.00$43.251,069,55006/30/20131.73%3.03%
+LMLP09/24/2012Digital River, Inc. (DRIV)All Cash$102.8 million$3.45$3.4074,51903/31/20131.47%4.55%
+KBW11/05/2012Stifel Financial Corp. (SF)All Cash$575 million$17.50$17.251,453,00712/31/20691.45%0.03%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.171,744,40906/30/20131.38%2.41%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$43.06$42.499,47906/30/20131.33%2.33%
+YTEC08/13/2012New Sihitech Limited (N/A)All Cash$79.5 million$3.90$3.8541,93512/31/20121.30%16.93%
+RTLX11/28/2012NCR Corp. (NCR)All Cash$660 million$30.00$29.62200,10103/31/20131.28%3.97%
+ACOM10/22/2012Permira Advisers LLP (N/A)All Cash$1.6 billion$32.00$31.601,014,04603/31/20131.27%3.92%
+WRC10/31/2012PVH Corp. (PVH)Cash Plus Stock$2.9 billion$72.63$71.89621,05503/31/20131.03%3.18%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.40835,15512/31/20121.01%13.17%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.78$2.752,49912/31/20121.00%13.04%
+RAH11/27/2012ConAgra Foods, Inc. (CAG)All Cash$6.8 billion$90.00$89.142,175,34803/31/20130.96%2.98%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$44.08$43.681,819,24806/30/20130.91%1.60%
+JDAS11/01/2012RedPrairie (N/A)All Cash$1.9 billion$45.00$44.66631,31112/31/20120.76%9.92%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$7.94762,92603/31/20130.76%2.34%
+WWIN07/24/2012Winner Holding Limited (N/A)All CashN/A$4.50$4.475,63803/31/20130.67%2.08%
+GEN07/23/2012NRG Energy, Inc. (NRG)All Stock$1.7 billion$2.57$2.5510,097,80803/31/20130.62%1.91%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$11.0546,17303/31/20130.54%1.68%
+SUNH06/20/2012Genesis HealthCare (N/A)All Cash$275 million$8.50$8.455119,12312/31/20120.53%6.94%
+SRZ08/22/2012Health Care REIT, Inc. (HCN)All Cash$845 million$14.50$14.44697,16206/30/20130.42%0.73%
+DUSA11/08/2012Sun Pharmaceutical Industries Limited (N/A)All Cash$230 million$8.00$7.97319,17012/31/20690.38%0.01%
+ARCT09/06/2012Realty Income Corp. (O)All Stock$2.95 billion$11.69$11.6517,678,22803/31/20130.36%1.10%
+SAVB08/08/2012SCBT Financial Corporation (SCBT)All Stock$67.1 million$9.70$9.676,49712/31/20120.30%3.93%
+AGP07/09/2012WellPoint Inc. (WLP)All Cash$4.9 billion$92.00$91.822,048,61603/31/20130.20%0.61%
+KNXA08/27/2012International Business Machines Corporation (IBM)All Cash$1.3 billion$46.00$45.921,008,58412/31/20120.17%2.27%
+MDF11/05/2012Humana Inc. (HUM)All Cash$850 million$11.25$11.24349,12103/31/20130.09%0.28%
+FSBI07/19/2012WesBanco Inc. (WSBC)Cash Plus Stock$70.8 million$21.97$21.954,10003/31/20130.08%0.26%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$64.9769,56512/31/20120.05%0.60%
+PCBC03/12/2012UnionBanCal Corp. (N/A)All Cash$1.51 billion$46.00$45.9834,41912/31/20120.04%0.57%
+DITC09/18/2012Nuance Communications, Inc. (NUAN)All Cash$22.5 million$1.45$1.4524,92212/31/20120.00%0.00%
+WMCO11/01/2012Curtiss-Wright Corp. (CW)All Cash$119 million$15.42$15.4263,98403/31/20130.00%0.00%
+OPNT10/29/2012Riverbed Technology, Inc. (RVBD)Cash Plus Stock$921 million$41.52$41.54252,70312/31/2012-0.06%-0.77%
+PLFE07/13/2012Athene Annuity (N/A)All Cash$415 million$14.00$14.0199,77312/31/2012-0.07%-0.93%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.16496,68312/14/2012-0.32%-10.50%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.2179,17703/31/2013-0.32%-1.00%
+TIE11/09/2012Precision Castparts Corp. (PCP)All Cash$2.9 billion$16.50$16.622,744,77212/31/2012-0.72%-9.41%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.70104,17003/31/2013-1.72%-5.32%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$21.14$21.8196,79503/31/2013-3.06%-9.45%
+TPCG08/27/2012First Reserve Corporation and SK Capital Partners (N/A)All Cash$850 million$45.00$48.0372,09112/31/2012-6.31%-82.24%
+VSNT10/01/2012UNICOM Systems, Inc. (N/A)All Cash$32 million$11.50$12.8155,49701/31/2013-10.23%-63.26%
+FACE08/13/2012Swander Pace Capital (N/A)All Cash$65 million$4.25$4.7855,23512/31/2012-11.09%-144.54%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$46.319,72312/31/2012-14.71%-191.69%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.1812,76812/31/2069-15.25%-0.27%
+SHF10/30/2012Bayer HealthCare LLC (N/A)All Cash$1.2 billion$34.00$41.99238,46312/31/2012-19.03%-248.05%

Voluntary Disclosure: I hold a long position in CYBI and a short position in $15 January TEA puts .