×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – February 16, 2015

  • February 15, 2015

Merger activity decreased last week with two 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 201531
Total Number of Pending Deals
Cash Deals25
Stock Deals19
Stock & Cash Deals18
Special Conditions7
Total Number of Pending Deals69
Total Deal Size$501.03 billion

New Deals:

  1. The acquisition of Rio Alto Mining Limited (RIOM) by Tahoe Resources (TAHO) for $1.12 billion in a cash plus stock deal. Under the terms of the agreement, all of the Rio Alto issued and outstanding common shares will be exchanged on the basis of 0.227 of a Tahoe common share and C$0.001 in cash per Rio Alto share.
  2. The acquisition of Orbitz Worldwide (OWW) by Expedia (EXPE) for $1.6 billion or $12.00 per share in cash.

Closed Deals:

  1. The acquisition of Cimatron (CIMT) by 3D Systems Corporation (DDD) on February 9, 2015. It took 77 days for this deal to be completed.
  2. The acquisition of ESB Financial (ESBF) by WesBanco (WSBC) on February 10, 2015. It took 104 days for this deal to be completed.
  3. The acquisition of Dawson Geophysical Company (DWSN) by TGC Industries (TGE) on February 11, 2015. It took 125 days for this deal to be completed.
  4. The acquisition of Digital River (DRIV) by Siris Capital Group on February 12, 2015. It took 112 days for this deal to be completed.
  5. The acquisition of Peerless Systems (PRLS) by Mobius Acquisition on February 12, 2015. It took 52 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)$1.73$1.2706/30/201535.88%97.74%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5512/31/201414.84%-115.24%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.47$0.4106/30/201514.73%40.11%
TWC02/13/2014Comcast Corporation (CMCSA)$170.98$149.7406/30/201514.18%38.63%
ODP02/04/2015Staples, Inc. (SPLS)$10.94$9.5912/31/201514.07%16.15%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.5105/31/20158.56%30.04%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.26$1.1806/30/20156.54%17.81%
BHI11/16/2014Halliburton Company (HAL)$68.49$64.3112/31/20156.50%7.47%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$17.2006/30/20156.10%16.63%
LO07/15/2014Reynolds American Inc. (RAI)$71.40$67.3006/30/20156.10%16.61%

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$1.73$1.27108,19806/30/201535.88%97.74%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.5517,34012/31/201414.84%0.00%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.47$0.41145,18706/30/201514.73%40.11%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$170.98$149.741,565,02806/30/201514.18%38.63%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.94$9.5914,346,08312/31/201514.07%16.15%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.512,585,75605/31/20158.56%30.04%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.26$1.18124,95406/30/20156.54%17.81%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$68.49$64.314,672,38512/31/20156.50%7.47%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.203,113,26406/30/20156.10%16.63%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$71.40$67.302,852,59706/30/20156.10%16.61%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.746,10406/30/20155.41%14.74%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.41$9.922,782,88504/30/20154.95%24.76%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.638,881,54206/30/20154.85%13.21%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.04$2.92940,19206/30/20154.16%11.32%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$25.82$24.84224,41709/30/20153.96%6.40%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.725,11906/30/20153.96%10.77%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$93.88$90.32391,74112/31/20153.94%4.52%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.35389,79812/31/20153.59%4.12%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.355,339,46312/31/20153.03%3.48%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.80497,98212/31/20152.92%3.35%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$22.23$21.6233,40103/31/20152.82%23.95%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.6822,596,14806/30/20152.74%7.46%
+APL10/13/2014Targa Resources Partners LP (NGLS)Cash Plus Stock$5.8 billion$28.05$27.301,721,14903/31/20152.73%23.21%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.211,894,68506/30/20152.20%6.00%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$234.32$229.491,123,75206/30/20152.11%5.73%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$103.60824,03606/30/20151.93%5.26%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.73$13.48686,61906/30/20151.89%5.15%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.59$24.155,710,90706/30/20151.83%4.99%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.10$25.68934,65106/30/20151.64%4.48%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$29.94$29.5028003/31/20151.49%12.62%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.20469,02906/30/20151.30%3.55%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.63$26.2934,55506/30/20151.29%3.53%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$54.60$53.91994,83806/30/20151.28%3.49%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$24.79$24.491,113,35206/30/20151.21%3.28%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$21.64$21.4040905/15/20151.14%4.71%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$33.14334,49312/31/20151.09%1.25%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.16$47.753,70703/31/20150.86%7.33%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$47.29$46.89773,21403/31/20150.84%7.17%
+CODE12/01/2014Cypress Semiconductor Corporation (CY)All Stock$4 billion$36.27$35.99924,64406/30/20150.76%2.08%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.856,161,03506/30/20150.72%1.96%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.10N/A06/30/20150.71%1.94%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.061,575,38809/30/20150.70%1.13%
+SIMG01/27/2015Lattice Semiconductor Corporation (LSCC)All Cash$600 million$7.30$7.254,208,26303/31/20150.69%5.85%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.875,34203/31/20150.69%5.85%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.49$17.375,86006/30/20150.67%1.82%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$76.06$75.56339,31206/30/20150.67%1.81%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$60.17$59.812,761,48506/30/20150.60%1.62%
+EOPN02/05/2015Insight Venture Partners (N/A)All Cash$273 million$8.60$8.55957,88006/30/20150.58%1.59%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.196,00006/30/20150.45%1.24%
+PETM12/14/2014a consortium led by BC Partners (N/A)All Cash$8.7 billion$83.00$82.70923,77506/30/20150.36%0.99%
+CHYR11/17/2014Vector Capital (N/A)All CashN/A$2.82$2.8118,34603/31/20150.36%3.02%
+SMPL09/29/2014HomeStreet, Inc. (HMST)All StockN/A$17.75$17.708,28203/31/20150.28%2.40%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$36.55$36.45174,79303/31/20150.27%2.31%
+NPSP01/11/2015Shire plc (SHPG)All Cash$5.2 billion$46.00$45.884,415,00903/31/20150.26%2.22%
+RIOM02/09/2015Tahoe Resources Inc. (TAHO)Cash Plus Stock$1.12 billion$3.05$3.04449,54204/15/20150.24%1.52%
+OILT11/12/2014Enterprise Products Partners L.P. (EPD)All StockN/A$44.77$44.69239,32203/31/20150.18%1.56%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$22.9688,88606/30/20150.17%0.47%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.181,126,87606/30/20150.16%0.43%
+AMRE10/31/2014Edens Investment Trust (N/A)All CashN/A$26.55$26.5153,56303/31/20150.15%1.28%
+MWIV01/12/2015AmerisourceBergen Corporation (ABC)All Cash$2.5 billion$190.00$189.72425,16503/31/20150.15%1.25%
+VOLC12/17/2014Koninklijke Philips N.V (PHG)All Cash$1.2 billion$18.00$17.98501,76403/31/20150.11%0.94%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$36.72154,86006/30/20150.08%0.22%
+CVD11/03/2014Laboratory Corp. of America Holdings (LH)Cash Plus Stock$5.6 billion$107.16$107.08661,19903/31/20150.07%0.63%
+PTP11/24/2014RenaissanceRe Holdings Ltd. (RNR)Special Conditions$1.9 billion$76.00$76.57213,03206/30/2015-0.74%-2.03%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.47$1.49446,13206/30/2015-1.64%-4.45%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$77.86316,88003/31/2015-4.32%-36.63%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.45$13.411,20003/31/2015-7.13%-60.52%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.16$7.7248,06703/31/2015-7.28%-61.80%
+ATLS10/13/2014Targa Resources Corp. (TRGP)Cash Plus Stock$1.9 billion$26.11$30.17982,60303/31/2015-13.45%-114.17%

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria