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Merger Arbitrage Mondays – January 14, 2013

  • January 13, 2013

Merger activity increased last week with two 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 20133
Total Number of Pending Deals
Cash Deals45
Stock Deals13
Stock & Cash Deals8
Total Number of Pending Deals66
Total Deal Size$106.02 billion

New Deals:

  1. The acquisition of Energy Solutions (ES) by Energy Capital Partners for $1.1 billion or $3.75 per share in cash.
  2. The acquisition of Epocrates (EPOC) by athenahealth (ATHN) for $293 million or $11.75 per share in cash.

Updated Deals:

  1. On January 9, 2013, DISH Network (DISH) offered $3.30 per Share for Clearwire (CLWR)
  2. On January 11, 2013, BGI-Shenzhen announced that it has extended its all cash tender offer (the “Offer”) to purchase all outstanding shares of common stock of Complete Genomics (GNOM) to January 18, 2013.

Closed Deals:

  1. The acquisition of Sunrise Senior Living (SRZ) by Health Care REIT (HCN) on January 9, 2013.
  2. The acquisition of LML Payment Systems (LMLP) by Digital River (DRIV) on January 10, 2013.
  3. The acquisition of Community Financial (CFFC) by City Holding Company (CHCO) on January 11, 2013.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

SOMX12/11/2012Pernix Therapeutics Holdings, Inc. (PTX)$3.48$3.0106/30/201315.61%34.13%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$16.15$15.0503/31/20137.33%35.18%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.38$6.0006/30/20136.37%13.91%
FMCN12/19/2012Giovanna Parent Limited (N/A)$27.50$25.9406/30/20136.01%13.14%
OUTD11/16/2012InterMedia Outdoors Holdings, LLC (N/A)$8.00$7.5603/31/20135.82%27.95%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.8503/31/20135.06%24.29%
BCDS12/26/2012Diodes Incorporated (DIOD)$8.00$7.6703/31/20134.30%20.66%
JEF11/12/2012Leucadia National Corp. (LUK)$19.59$18.8003/31/20134.22%20.28%
NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)$7.50$7.2106/30/20134.02%8.79%
KCG12/19/2012GETCO Holding Company (N/A)$3.75$3.6206/30/20133.59%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

+SOMX12/11/2012Pernix Therapeutics Holdings, Inc. (PTX)All Cash$25 million$3.48$3.0121,39606/30/201315.61%34.13%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$16.15$15.0534,05203/31/20137.33%35.18%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.38$6.002,58006/30/20136.37%13.91%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$25.941,329,17306/30/20136.01%13.14%
+OUTD11/16/2012InterMedia Outdoors Holdings, LLC (N/A)All CashN/A$8.00$7.5659,57803/31/20135.82%27.95%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.85225,83103/31/20135.06%24.29%
+BCDS12/26/2012Diodes Incorporated (DIOD)All Cash$151 million$8.00$7.67269,20903/31/20134.30%20.66%
+JEF11/12/2012Leucadia National Corp. (LUK)All Stock$3.59 billion$19.59$18.801,095,18403/31/20134.22%20.28%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.2112,51606/30/20134.02%8.79%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.62810,18006/30/20133.59%7.85%
+SHP12/21/2012ShangPharma Holdings Limited (N/A)All Cash$173 million$9.00$8.703,25206/30/20133.45%7.54%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$95.25$92.19246,74906/30/20133.31%7.25%
+BXG11/14/2011BFC Financial Corporation (BFCF)All Cash$150 million$10.00$9.6856,62203/31/20133.31%15.88%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$7.7946,39203/31/20132.70%12.95%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.84437,70703/31/20132.48%11.89%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.7662,32506/30/20132.46%5.37%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.28$1.25N/A03/31/20132.34%11.22%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$12.46$12.1840004/30/20132.29%7.88%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$20.58$20.14246,38806/30/20132.17%4.75%
+RVR11/15/2012Parthenon Capital Partners (N/A)All Cash$79.5 million$21.93$21.4870003/31/20132.09%10.06%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$33.39$32.732,938,80312/31/20132.01%2.09%
+PRWT10/30/2012AmericanWest Bank (N/A)All Cash$16.6 million$1.65$1.623,31906/30/20131.85%4.05%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$27.016,170,09903/31/20131.81%8.71%
+YMI12/12/2012Gilead Sciences Inc. (GILD)All Cash$510 million$2.95$2.901,932,55503/31/20131.72%8.28%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$15.71$15.4838,06106/30/20131.51%3.30%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.881,381,54506/30/20131.21%2.65%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.68$8.585,591,59503/31/20131.11%5.33%
+ALTE12/19/2012Markel Corp. (MKL)Cash Plus Stock$3.13 billion$29.81$29.49792,96206/30/20131.09%2.38%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$64.4789,48401/24/20130.82%30.01%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$44.91$44.553,56806/30/20130.80%1.76%
+SEH10/24/2012PolyOne Corporation (POL)Cash Plus Stock$393 million$9.65$9.57214,08203/31/20130.80%3.86%
+CYBI10/17/2012UM Holdings, Ltd. (N/A)All CashN/A$2.55$2.53154,00203/31/20130.79%3.80%
+RBN08/09/2012National Oilwell Varco, Inc. (NOV)All Cash$2.5 billion$60.00$59.59443,49902/18/20130.69%7.18%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$47.86$47.541,892,61206/30/20130.67%1.46%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$44.99$44.70318,20506/30/20130.65%1.41%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$23.01$22.8686,37203/31/20130.64%3.06%
+EPOC01/07/2013athenahealth, Inc. (ATHN)All Cash$293 million$11.75$11.681,344,39704/30/20130.60%2.06%
+RTLX11/28/2012NCR Corp. (NCR)All Cash$660 million$30.00$29.8350,57203/31/20130.57%2.74%
+SHAW07/30/2012Chicago Bridge & Iron Company (CBI)Cash Plus Stock$3 billion$47.08$46.85656,17803/31/20130.50%2.39%
+ZIP01/02/2013Avis Budget Group, Inc. (CAR)All Cash$500 million$12.25$12.19799,89404/30/20130.49%1.69%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.19379,46406/30/20130.46%1.00%
+HLYS12/10/2012Sequential Brands Group, Inc. (N/A)All Cash$63.2 million$2.25$2.2423,82503/31/20130.45%2.14%
+TNS12/11/2012an Affiliate of Siris Capital Group (N/A)All Cash$862 million$21.00$20.92275,30003/31/20130.38%1.84%
+WRC10/31/2012PVH Corp. (PVH)Cash Plus Stock$2.9 billion$73.15$72.88255,54503/31/20130.37%1.80%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.141,109,40101/18/20130.32%29.06%
+PSSI10/25/2012McKesson Corporation (MCK)All Cash$2.1 billion$29.00$28.911,484,18203/31/20130.31%1.50%
+WWAY12/20/2012EQT Infrastructure II (N/A)All Cash$419 million$6.70$6.6817,39703/31/20130.30%1.44%
+KBW11/05/2012Stifel Financial Corp. (SF)All Cash$575 million$15.50$15.46102,47503/31/20130.26%1.24%
+EPHC12/06/2012TD Bank Group (N/A)All Cash$668 million$28.00$27.9531,82806/30/20130.18%0.39%
+RAH11/27/2012ConAgra Foods, Inc. (CAG)All Cash$6.8 billion$90.00$89.871,604,89703/31/20130.14%0.69%
+CBOU12/17/2012Joh. A. Benckiser Group (N/A)All Cash$340 millon$16.00$15.981,193,50203/31/20130.13%0.60%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.9247,23003/31/20130.12%0.59%
+SBX08/28/2012Enstar Group Limited (ESGR)All Cash$249 million$11.11$11.10123,63503/31/20130.09%0.43%
+YDNT12/04/2012affiliate of Linden Capital Partners (N/A)All Cash$314 million$39.50$39.489,30703/31/20130.05%0.24%
+GEOY07/23/2012DigitalGlobe, Inc. (DGI)Cash Plus Stock$900 million$35.77$35.75171,20603/31/20130.04%0.21%
+ELOQ12/20/2012Oracle Corporation (ORCL)All Cash$871 million$23.50$23.49133,75606/30/20130.04%0.09%
+BTFG05/29/2012Trustmark Corporation (TRMK)All Stock$55.4 million$2.92$2.93N/A02/28/2013-0.26%-2.08%
+DUF12/30/2012a consortium comprising controlled affiliates of or funds managed by The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group (N/A)All Cash$665.5 million$15.55$15.67630,13406/30/2013-0.77%-1.67%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.324,10703/31/2013-0.79%-3.81%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.83552,69909/30/2013-1.23%-1.73%
+ARCT09/06/2012Realty Income Corp. (O)All Stock$2.95 billion$12.33$12.594,852,07803/31/2013-2.07%-9.94%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$3.881,414,03406/30/2013-3.35%-7.32%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.1516,398,33903/31/2013-5.71%-27.44%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.041,133,29106/30/2013-8.04%-17.58%
+TARO08/13/2012Sun Pharmaceutical (N/A)All Cash$1.45 billion$39.50$48.302,00003/31/2013-18.22%-87.50%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.25N/A03/31/2013-20.00%-96.05%

Voluntary Disclosure: I hold a long position in CYBI.