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Merger Arbitrage Mondays – January 19, 2015

  • January 19, 2015

Merger activity increased last week with three new mergers announced and five 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 201512
Total Number of Pending Deals
Cash Deals31
Stock Deals21
Stock & Cash Deals15
Special Conditions9
Total Number of Pending Deals76
Total Deal Size$427.19 billion

New Deals:

  1. The acquisition of MWI Veterinary Supply (MWIV) by AmerisourceBergen Corporation (ABC) for $2.5 billion or $190 per share in cash.
  2. The acquisition of NPS Pharmaceuticals (NPSP) by Shire plc (SHPG) for $5.2 billion or $46.00 per share in cash.
  3. The acquisition of Courier Corporation (CRRC) by Quad/Graphics (QUAD) for $260 million or $20.50 per share in cash.

Deal Updates:

  1. On January 15, 2015, BGC Partners (BGCPannounced contingent increase of all-cash tender offer to acquire GFI Group (GFIG) to $5.85 per share and immediate non-contingent increase to $5.75 per share.

Closed Deals:

  1. The acquisition of Avanir Pharmaceuticals (AVNR) by Otsuka Pharmaceutical on January 13, 2015. It took 42 days for this deal to be completed.
  2. The acquisition of International Rectifier Corporation (IRF) by Infineon Technologies AG (IFNNY) on January 13, 2015. It took 146 days for this deal to be completed.
  3. The acquisition of Rockwood Holdings (ROC) by Albemarle Corporation (ALB) on January 13, 2015. It took 182 days for this deal to be completed.
  4. The acquisition of Actuate Corporation (BIRT) by OpenText on January 16, 2015. It took 146 days for this deal to be completed.
  5. The acquisition of Glimcher Realty Trust (GRT) by Washington Prime Group (WPG) on January 16, 2015. It took 122 days for this deal to be completed.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

UPI12/22/2014Vision-Sciences Inc. (VSCI)$2.14$1.7506/30/201522.49%50.67%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5012/31/201418.67%-358.60%
TWC02/13/2014Comcast Corporation (CMCSA)$163.21$146.7606/30/201511.21%25.26%
BHI11/16/2014Halliburton Company (HAL)$62.83$56.5612/31/201511.08%11.69%
DTV05/18/2014AT&T, Inc. (T)$95.00$85.5505/31/201511.05%30.54%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.18$1.0806/30/20159.32%21.00%
APL10/13/2014Targa Resources Partners LP (NGLS)$27.36$25.2703/31/20158.26%42.45%
LO07/15/2014Reynolds American Inc. (RAI)$70.16$65.2106/30/20157.58%17.09%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$16.9706/30/20157.54%16.99%
LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)$18.70$17.4706/30/20157.04%15.86%

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

+UPI12/22/2014Vision-Sciences Inc. (VSCI)All StockN/A$2.14$1.75239,93006/30/201522.49%50.67%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.5020,17412/31/201418.67%0.00%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$163.21$146.762,441,51106/30/201511.21%25.26%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$62.83$56.565,603,38312/31/201511.08%11.69%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$85.553,742,47405/31/201511.05%30.54%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.18$1.08241,16006/30/20159.32%21.00%
+APL10/13/2014Targa Resources Partners LP (NGLS)Cash Plus Stock$5.8 billion$27.36$25.27960,45203/31/20158.26%42.45%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$70.16$65.212,563,65506/30/20157.58%17.09%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$16.971,545,08706/30/20157.54%16.99%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.4735,11006/30/20157.04%15.86%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.2960,90006/30/20156.27%14.13%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.5411,667,37806/30/20156.10%13.75%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.67$9.1153,052,94004/30/20156.04%21.84%
+WPZ10/27/2014Access Midstream Partners, L.P. (ACMP)All Stock$50 billion$44.34$41.941,170,05601/31/20155.73%174.16%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.24467,75612/31/20154.98%5.25%
+CRRC01/16/2015Quad/Graphics, Inc. (QUAD)All Cash$260 million$20.50$19.621,024,70106/30/20154.49%10.11%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$228.17$218.661,288,64006/30/20154.35%9.80%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$25.66$24.6128,20309/30/20154.26%6.12%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$22.05$21.317,29203/31/20153.49%17.93%
+APAGF10/03/2014Pluspetrol Resources Corporation (N/A)All Cash$427 million$14.50$14.09105,76412/31/20142.91%0.00%
+BTUI10/22/2014Amtech Systems Inc. (ASYS)All StockN/A$3.14$3.055,27003/31/20152.83%14.55%
+SWY03/06/2014AB Acquisition LLC (N/A)Special ConditionsN/A$36.15$35.172,554,41912/31/20142.79%0.00%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.5055,79103/31/20152.70%13.89%
+GFIG07/30/2014BGC Partners (BGCP)All CashN/A$5.75$5.60526,45503/31/20152.68%13.77%
+PTP11/24/2014RenaissanceRe Holdings Ltd. (RNR)Special Conditions$1.9 billion$76.00$74.091,056,14406/30/20152.58%5.81%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$25.69$25.05111,94706/30/20152.55%5.75%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$102.99645,02306/30/20152.53%5.71%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.16$12.841,171,59306/30/20152.52%5.67%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$20.11$19.633,17705/15/20152.46%7.73%
+CODE12/01/2014Cypress Semiconductor Corporation (CY)All Stock$4 billion$34.37$33.561,262,48906/30/20152.42%5.46%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.7610106/30/20152.36%5.32%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$12.957806/30/20152.32%5.22%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.582,195,80906/30/20152.04%4.60%
+PETM12/14/2014a consortium led by BC Partners (N/A)All Cash$8.7 billion$83.00$81.461,338,12206/30/20151.89%4.26%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.47497,88106/30/20151.88%4.23%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$137.48484,34206/30/20151.83%4.13%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$30.82$30.291,15003/31/20151.76%9.06%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$42.77$42.04948,63803/31/20151.74%8.93%
+DRIV10/23/2014Siris Capital Group, LLC (N/A)All Cash$840 million$26.00$25.56249,34803/31/20151.72%8.85%
+CIMT11/24/20143D Systems Corporation (DDD)All Cash$97 million$8.97$8.83593,84003/31/20151.53%7.86%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.20$1.18892,53906/30/20151.48%3.34%
+CHYR11/17/2014Vector Capital (N/A)All CashN/A$2.82$2.7814,39203/31/20151.44%7.40%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$81.59$80.59199,86906/30/20151.24%2.80%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$39.66$39.18103,93903/31/20151.23%6.34%
+NPSP01/11/2015Shire plc (SHPG)All Cash$5.2 billion$46.00$45.459,454,42703/31/20151.21%6.22%
+ESBF10/29/2014WesBanco Inc. (WSBC)Cash Plus Stock$324.4 million$17.90$17.7134,06706/30/20151.07%2.41%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.80308,54812/31/20151.04%1.10%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$45.87$45.4110,68803/31/20151.02%5.25%
+SMPL09/29/2014HomeStreet, Inc. (HMST)All StockN/A$17.33$17.1659,15003/31/20150.99%5.09%
+OILT11/12/2014Enterprise Products Partners L.P. (EPD)All StockN/A$44.69$44.3838,23303/31/20150.71%3.64%
+CBST12/08/2014Merck & Co. Inc. (MRK)All Cash$9.5 billion$102.00$101.303,907,33803/31/20150.69%3.55%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$59.91$59.503,585,66106/30/20150.68%1.54%
+COV06/15/2014Medtronic, Inc. (MDT)Cash Plus Stock$42.9 billion$104.75$104.053,478,53101/31/20150.67%20.42%
+CVD11/03/2014Laboratory Corp. of America Holdings (LH)Cash Plus Stock$5.6 billion$107.20$106.53620,62603/31/20150.63%3.22%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$16.42$16.323,75906/30/20150.61%1.38%
+MFI12/15/2014an affiliate of funds managed by affiliates of Fortress Investment Group LLC (FIG)All CashN/A$10.20$10.1474,24503/31/20150.59%3.04%
+SAPE11/03/2014Publicis Groupe (N/A)All Cash$3.7 billion$25.00$24.86998,43303/31/20150.56%2.90%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$25.70$25.561,096,33706/30/20150.55%1.24%
+ESYS11/04/2014Lindsay Corporation (LNN)All Cash$70.5 million$17.50$17.411,86001/31/20150.52%15.72%
+HCT06/02/2014Ventas, Inc. (VTR)All Stock$2.6 billion$13.17$13.112,849,45301/16/20150.43%0.00%
+PL06/03/2014Dai-ichi Life Insurance Company (N/A)All Cash$5.7 billion$70.00$69.79728,16601/31/20150.30%9.15%
+VOLC12/17/2014Koninklijke Philips N.V (PHG)All Cash$1.2 billion$18.00$17.95710,94803/31/20150.28%1.43%
+MWIV01/12/2015AmerisourceBergen Corporation (ABC)All Cash$2.5 billion$190.00$189.54381,17303/31/20150.24%1.25%
+PRLS12/22/2014Mobius Acquisition, LLC (N/A)All CashN/A$7.00$7.0122,59103/31/2015-0.14%-0.73%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.30855,98309/30/2015-0.18%-0.26%
+AMRE10/31/2014Edens Investment Trust (N/A)All CashN/A$26.55$26.62265,12103/31/2015-0.26%-1.35%
+GTIV10/09/2014Kindred Healthcare Inc. (KND)Cash Plus Stock$1.8 billion$19.27$19.34102,07403/31/2015-0.36%-1.86%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$37.01285,95206/30/2015-0.70%-1.58%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$75.288,182,48701/31/2015-1.04%-31.52%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$34.111,060,30012/31/2015-1.79%-1.89%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.79$13.3160003/31/2015-3.89%-19.98%
+DWSN10/09/2014TGC Industries Inc. (TGE)All StockN/A$11.04$11.5821,43303/31/2015-4.70%-24.19%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.86$8.28113,65203/31/2015-5.13%-26.38%
+RNA11/24/2014BioMarin Pharmaceutical Inc. (BMRN)All Cash$680 million$17.75$18.84163,21603/31/2015-5.79%-29.74%
+ATLS10/13/2014Targa Resources Corp. (TRGP)Cash Plus Stock$1.9 billion$25.21$27.751,677,78603/31/2015-9.16%-47.07%
+AUXL10/09/2014Endo International plc (ENDP)Special Conditions$2.6 billion$33.25$37.191,446,66506/30/2015-10.59%-23.87%

Voluntary Disclosure: I hold a long position in Safeway (SWY).

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