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Merger Arbitrage Mondays – January 26, 2015

  • January 25, 2015

Merger activity decreased last week with one new merger announced and two 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 201515
Total Number of Pending Deals
Cash Deals29
Stock Deals20
Stock & Cash Deals16
Special Conditions9
Total Number of Pending Deals74
Total Deal Size$432.59 billion

New Deals:

  1. The acquisition of City National Corporation (CYN) by Royal Bank of Canada (RY) for $5.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of City National Corporation will receive approximately $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock.

Deal Updates:

  1. On January 20, 2015, BGC Partners (BGCPannounced increase of all-cash tender offer to acquire GFI Group (GFIG) to $6.10 per share. On January 22, 2015, Glass, Lewis & Co. recommended shareholders of GFI Group to vote against the merger agreement with CME Group at the special meeting of GFI shareholders scheduled for January 27, 2015.
  2. On January 22, 2015, Family Dollar (FDO) stockholders voted to approve the proposed merger with Dollar Tree (DLTR).

Closed Deals:

  1. The acquisition of Cubist Pharmaceuticals (CBST) by Merck & Co. (MRK) on January 21, 2015. It took 44 days for this deal to be completed.
  2. The acquisition of Elecsys Corporation (ESYS) by Lindsay Corporation (LNN) on January 22, 2015. It took 79 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)$1.85$1.2506/30/201548.23%113.58%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5012/31/201418.67%-262.05%
TWC02/13/2014Comcast Corporation (CMCSA)$161.89$144.1606/30/201512.30%28.96%
DTV05/18/2014AT&T, Inc. (T)$95.00$85.2305/31/201511.46%33.47%
BHI11/16/2014Halliburton Company (HAL)$64.91$58.4012/31/201511.15%12.00%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$16.9606/30/20157.61%17.91%
LO07/15/2014Reynolds American Inc. (RAI)$70.58$66.0206/30/20156.90%16.25%
LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)$18.70$17.5506/30/20156.55%15.43%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.17$1.1006/30/20156.17%14.54%
TLM12/15/2014Repsol S.A. (N/A)$8.00$7.5506/30/20155.96%14.04%

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$1.85$1.25564,20506/30/201548.23%113.58%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.504,54012/31/201418.67%0.00%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$161.89$144.161,412,43106/30/201512.30%28.96%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$85.231,600,11105/31/201511.46%33.47%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$64.91$58.403,849,26512/31/201511.15%12.00%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$16.961,843,98006/30/20157.61%17.91%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$70.58$66.021,782,62206/30/20156.90%16.25%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.5510,43906/30/20156.55%15.43%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.17$1.10205,29806/30/20156.17%14.54%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.556,179,28006/30/20155.96%14.04%
+WPZ10/27/2014Access Midstream Partners, L.P. (ACMP)All Stock$50 billion$45.85$43.441,298,20001/31/20155.55%404.91%
+APL10/13/2014Targa Resources Partners LP (NGLS)Cash Plus Stock$5.8 billion$29.24$27.711,291,17803/31/20155.54%31.59%
+CRRC01/16/2015Quad/Graphics, Inc. (QUAD)All Cash$260 million$20.50$19.4543,00406/30/20155.40%12.71%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.68$9.221,306,68004/30/20155.01%19.45%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$20.27$19.313,30005/15/20154.95%16.58%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.66N/A06/30/20154.27%10.06%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$92.73$88.992,565,29112/31/20154.20%4.53%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.33452,53012/31/20153.84%4.14%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$25.19$24.3233,53909/30/20153.59%5.31%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$232.02$224.172,072,87306/30/20153.50%8.25%
+BTUI10/22/2014Amtech Systems Inc. (ASYS)All StockN/A$2.97$2.879,52903/31/20153.32%18.92%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.37$12.971,966,41206/30/20153.05%7.18%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$22.26$21.646,40003/31/20152.85%16.28%
+PTP11/24/2014RenaissanceRe Holdings Ltd. (RNR)Special Conditions$1.9 billion$76.00$74.00106,28606/30/20152.70%6.36%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.48$25.7925,55806/30/20152.66%6.27%
+SWY03/06/2014AB Acquisition LLC (N/A)Special ConditionsN/A$36.15$35.29987,07112/31/20142.44%0.00%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$103.151,309,06306/30/20152.38%5.59%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.21$1.18674,90106/30/20152.34%5.50%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.20498,61706/30/20152.22%5.22%
+CODE12/01/2014Cypress Semiconductor Corporation (CY)All Stock$4 billion$37.49$36.721,372,56206/30/20152.11%4.96%
+CIMT11/24/20143D Systems Corporation (DDD)All Cash$97 million$8.97$8.8098,85203/31/20151.93%11.02%
+PETM12/14/2014a consortium led by BC Partners (N/A)All Cash$8.7 billion$83.00$81.501,213,81706/30/20151.84%4.33%
+APAGF10/03/2014Pluspetrol Resources Corporation (N/A)All Cash$427 million$14.50$14.2484,89312/31/20141.83%0.00%
+DRIV10/23/2014Siris Capital Group, LLC (N/A)All Cash$840 million$26.00$25.54456,25903/31/20151.80%10.27%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.631,357,05106/30/20151.79%4.22%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$30.75$30.2311303/31/20151.72%9.80%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$137.69350,45606/30/20151.68%3.95%
+CHYR11/17/2014Vector Capital (N/A)All CashN/A$2.82$2.7851,59303/31/20151.44%8.21%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.982,24806/30/20151.29%3.03%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$46.68$46.116,61203/31/20151.24%7.10%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.73107,54812/31/20151.17%1.26%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$40.05$39.6178,92703/31/20151.11%6.34%
+ESBF10/29/2014WesBanco Inc. (WSBC)Cash Plus Stock$324.4 million$17.98$17.7910,87206/30/20151.09%2.58%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$47.03$46.552,348,39803/31/20151.04%5.92%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.8212,82703/31/20150.96%5.45%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$16.43$16.285,29306/30/20150.95%2.23%
+NPSP01/11/2015Shire plc (SHPG)All Cash$5.2 billion$46.00$45.645,918,54403/31/20150.79%4.50%
+OILT11/12/2014Enterprise Products Partners L.P. (EPD)All StockN/A$45.84$45.4877,02103/31/20150.79%4.49%
+GFIG07/30/2014BGC Partners (BGCP)All CashN/A$6.10$6.06221,55803/31/20150.66%3.76%
+COV06/15/2014Medtronic, Inc. (MDT)Cash Plus Stock$42.9 billion$108.75$108.078,349,21101/31/20150.63%46.22%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$60.14$59.772,134,83906/30/20150.62%1.47%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$82.82$82.33167,69106/30/20150.59%1.40%
+CVD11/03/2014Laboratory Corp. of America Holdings (LH)Cash Plus Stock$5.6 billion$107.26$106.72639,07303/31/20150.51%2.91%
+PRLS12/22/2014Mobius Acquisition, LLC (N/A)All CashN/A$7.00$6.975,46503/31/20150.43%2.45%
+SAPE11/03/2014Publicis Groupe (N/A)All Cash$3.7 billion$25.00$24.901,963,31403/31/20150.40%2.29%
+MWIV01/12/2015AmerisourceBergen Corporation (ABC)All Cash$2.5 billion$190.00$189.34509,06203/31/20150.35%1.99%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$25.46$25.41519,90006/30/20150.21%0.49%
+GTIV10/09/2014Kindred Healthcare Inc. (KND)Cash Plus Stock$1.8 billion$19.43$19.3995,80103/31/20150.20%1.15%
+AMRE10/31/2014Edens Investment Trust (N/A)All CashN/A$26.55$26.50676,73403/31/20150.19%1.08%
+SMPL09/29/2014HomeStreet, Inc. (HMST)All StockN/A$17.36$17.332,41603/31/20150.17%0.99%
+VOLC12/17/2014Koninklijke Philips N.V (PHG)All Cash$1.2 billion$18.00$17.97472,31603/31/20150.17%0.95%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.2310006/30/20150.15%0.36%
+PL06/03/2014Dai-ichi Life Insurance Company (N/A)All Cash$5.7 billion$70.00$69.951,111,53801/31/20150.07%5.22%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$36.78148,09606/30/2015-0.08%-0.19%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.39837,49509/30/2015-0.51%-0.76%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$34.09365,91312/31/2015-1.73%-1.86%
+MFI12/15/2014an affiliate of funds managed by affiliates of Fortress Investment Group LLC (FIG)All CashN/A$10.20$10.4343,62303/31/2015-2.21%-12.58%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.67$13.061,85503/31/2015-3.02%-17.22%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$76.931,473,27203/31/2015-3.16%-18.01%
+DWSN10/09/2014TGC Industries Inc. (TGE)All StockN/A$10.93$11.3521,28403/31/2015-3.70%-21.12%
+RNA11/24/2014BioMarin Pharmaceutical Inc. (BMRN)All Cash$680 million$17.75$18.8279,04603/31/2015-5.69%-32.42%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.74$8.2364,64703/31/2015-5.93%-33.80%
+AUXL10/09/2014Endo International plc (ENDP)Special Conditions$2.6 billion$33.25$35.95165,45006/30/2015-7.51%-17.69%
+ATLS10/13/2014Targa Resources Corp. (TRGP)Cash Plus Stock$1.9 billion$25.60$28.90666,60203/31/2015-11.41%-65.05%

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

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