×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – February 23, 2015

  • February 22, 2015

Merger activity decreased last week with one new deal 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 201536
Total Number of Pending Deals
Cash Deals25
Stock Deals17
Stock & Cash Deals17
Special Conditions7
Total Number of Pending Deals66
Total Deal Size$516.31 billion

New Deals:

  1. The acquisition of Salix Pharmaceuticals (SLXP) by Valeant Pharmaceuticals International (VRX) for $14.5 billion or $158.00 per share in cash.

Deal Updates:

  1. On February 19, 2015, The U.S. government filed a lawsuit seeking to block Sysco Corp’s (SYY) proposed takeover of rival food distributor US Foods Inc , saying the $3.5 billion deal would “eliminate significant competition” in the sector.
  2. On February 20, 2015, BGC Partners (BGCP) and GFI Group (GFIG) announced that they have entered into a tender offer support agreement in which GFI’s board of directors unanimously agreed to support BGC’s tender offer for all of the outstanding shares of GFI common stock at $6.10 per share in cash.

Closed Deals:

  1. The acquisition of Volcano Corporation (VOLC) by Koninklijke Philips (PHG) on February 17, 2015. It took 62 days for this deal to be completed.
  2. The acquisition of Oiltanking Partners (OILT) by Enterprise Products Partners (EPD) on February 17, 2015. It took 97 days for this deal to be completed.
  3. The acquisition of AmREIT (AMRE) by Edens Investment Trust on February 18, 2015. It took 110 days for this deal to be completed.
  4. The acquisition of Trulia (TRLA) by Zillow (Z) on February 18, 2015. It took 205 days for this deal to be completed.
  5. The acquisition of Covance (CVD) by Laboratory Corp. of America Holdings (LH) on February 19, 2015. It took 108 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$1.3306/30/201539.31%112.99%
ODP02/04/2015Staples, Inc. (SPLS)$10.92$9.4912/31/201515.11%17.73%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5612/31/201414.10%-95.32%
TWC02/13/2014Comcast Corporation (CMCSA)$168.19$148.5806/30/201513.20%37.93%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.45$0.4006/30/201512.03%34.58%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.2605/31/20158.87%33.38%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.26$1.1806/30/20156.97%20.03%
BHI11/16/2014Halliburton Company (HAL)$67.56$63.4912/31/20156.42%7.53%
PEOP08/05/2014Independent Bank Corp. (INDB)$23.09$21.7203/31/20156.32%64.03%
LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)$18.70$17.6106/30/20156.19%17.79%

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$1.33160,72206/30/201539.31%112.99%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.92$9.4912,479,60612/31/201515.11%17.73%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.5622,51112/31/201414.10%0.00%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$168.19$148.581,589,16306/30/201513.20%37.93%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.45$0.4073,29306/30/201512.03%34.58%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.262,014,86905/31/20158.87%33.38%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.26$1.18172,33506/30/20156.97%20.03%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$67.56$63.494,276,19112/31/20156.42%7.53%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$23.09$21.7210,02103/31/20156.32%64.03%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.617,53406/30/20156.19%17.79%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.20$9.672,840,20004/30/20155.44%30.09%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$72.00$68.702,488,72006/30/20154.80%13.79%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$26.20$25.1127,23809/30/20154.36%7.26%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.6725106/30/20154.22%12.13%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.541,278,70306/30/20154.05%11.63%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.574,058,38406/30/20153.72%10.68%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$92.63$89.32322,07112/31/20153.70%4.34%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.35125,86412/31/20153.59%4.22%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.757,233,47906/30/20153.23%9.27%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.04$2.951,051,20606/30/20153.10%8.90%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.543,296,97512/31/20152.81%3.30%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.31742,13206/30/20152.08%5.97%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$21.31$20.902,95805/15/20151.97%8.86%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$238.15$234.002,229,32506/30/20151.77%5.10%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.031,60006/30/20151.69%4.85%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.9110006/30/20151.63%4.67%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.71$13.50746,73306/30/20151.57%4.51%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.23$25.8642,03006/30/20151.42%4.08%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.65$24.323,712,39706/30/20151.38%3.96%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.66291,75312/31/20151.30%1.52%
+APL10/13/2014Targa Resources Partners LP (NGLS)Cash Plus Stock$5.8 billion$27.66$27.342,393,56303/31/20151.17%11.89%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$104.451,362,25006/30/20151.10%3.16%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.44$26.17761,43906/30/20151.04%2.99%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$55.46$54.92835,51606/30/20150.98%2.82%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.8218,01703/31/20150.96%9.70%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.75523,83206/30/20150.90%2.59%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$24.80$24.581,133,01606/30/20150.88%2.54%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.07$47.6812,92803/31/20150.82%8.32%
+SIMG01/27/2015Lattice Semiconductor Corporation (LSCC)All Cash$600 million$7.30$7.2451,404,94803/31/20150.76%7.70%
+CODE12/01/2014Cypress Semiconductor Corporation (CY)All Stock$4 billion$36.73$36.51976,55606/30/20150.61%1.75%
+EOPN02/05/2015Insight Venture Partners (N/A)All Cash$273 million$8.60$8.55417,17806/30/20150.58%1.68%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$60.31$59.962,191,99906/30/20150.58%1.66%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.882,805,57506/30/20150.57%1.65%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$33.31431,83112/31/20150.57%0.67%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.51$17.4139,92206/30/20150.56%1.61%
+RIOM02/09/2015Tahoe Resources Inc. (TAHO)Cash Plus Stock$1.12 billion$2.98$2.97411,13904/15/20150.39%2.77%
+CHYR11/17/2014Vector Capital (N/A)All CashN/A$2.82$2.8159,60803/31/20150.36%3.61%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$30.06$29.96N/A03/31/20150.33%3.37%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.17459,16106/30/20150.18%0.52%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$36.69284,39306/30/20150.16%0.47%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$36.31$36.25122,41803/31/20150.15%1.57%
+PETM12/14/2014a consortium led by BC Partners (N/A)All Cash$8.7 billion$83.00$82.914,669,04606/30/20150.11%0.31%
+SLXP02/22/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$14.5 billion$158.00$157.856,602,03406/30/20150.10%0.27%
+NPSP01/11/2015Shire plc (SHPG)All Cash$5.2 billion$46.00$45.979,438,90003/31/20150.07%0.66%
+MWIV01/12/2015AmerisourceBergen Corporation (ABC)All Cash$2.5 billion$190.00$189.90179,88703/31/20150.05%0.53%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.24791,47309/30/20150.04%0.06%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$6.103,700,55702/26/20150.00%0.00%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$77.16$77.18199,35506/30/2015-0.03%-0.09%
+PTP11/24/2014RenaissanceRe Holdings Ltd. (RNR)Special Conditions$1.9 billion$76.00$76.15162,18306/30/2015-0.20%-0.57%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.18$1.18912,04406/30/2015-0.23%-0.65%
+SMPL09/29/2014HomeStreet, Inc. (HMST)All StockN/A$17.20$17.3010,97003/31/2015-0.58%-5.86%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$23.5167,82006/30/2015-2.17%-6.23%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.271,109,16003/31/2015-4.82%-48.84%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.36$13.262,10003/31/2015-6.77%-68.66%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.26$7.8776,90503/31/2015-7.70%-78.05%
+ATLS10/13/2014Targa Resources Corp. (TRGP)Cash Plus Stock$1.9 billion$26.53$31.401,152,17003/31/2015-15.50%-157.20%

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