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Merger Arbitrage Mondays – February 9, 2015

  • February 9, 2015

Merger activity increased last week with seven new mergers announced and four 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 201526
Total Number of Pending Deals
Cash Deals27
Stock Deals20
Stock & Cash Deals18
Special Conditions7
Total Number of Pending Deals72
Total Deal Size$498.31 billion

New Deals:

  1. The acquisition of Advanced Photonix (API) by Luna Innovations Incorporated (LUNA) in an all stock deal. Under the terms of the agreement, shareholders of Advanced Photonix will receive 0.31782 shares of Luna common stock for each share of API common stock.
  2. The acquisition of Entropic Communications (ENTR) by MaxLinear (MXL) in a cash plus stock deal. Under the terms of the agreement, Entropic shareholders will receive $1.20 per share in cash and 0.2200 shares of MaxLinear common stock for each Entropic common share.
  3. The acquisition of Advent Software (ADVS) by SS&C Technologies Holdings (SSNC) for $2.7 billion or $44.25 per share in cash.
  4. The acquisition of Office Depot (ODP) by Staples (SPLS) for $6.3 billion in a cash plus stock deal. Under the terms of the agreement, Office Depot shareholders will receive, for each Office Depot share, $7.25 in cash and 0.2188 of a share in Staples stock at closing.
  5. The acquisition of Hospira (HSP) by Pfizer (PFE) for $17 billion or $90 per share in cash.
  6. The acquisition of E2open (EOPN) by Insight Venture Partners for $273 million or $8.60 per share in cash.
  7. The acquisition of Exelis (XLS) by Harris Corporation (HRS) for $4.56 billion in a cash plus stock deal. Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock, for each share of Exelis common stock.

Deal Updates:

  1. On February 5, 2015, Courier Corporation (CRRC) terminated its previously announced merger agreement with Quad/Graphics (QUAD) and agreed to be acquired by RR Donnelley & Sons (RRD) for $23.00 per share in cash or 1.3756 RR Donnelley common shares.

Closed Deals:

  1. The acquisition of Gentiva Health Services (GTIV) by Kindred Healthcare (KND) on February 2, 2015. It took 116 days for this deal to be completed.
  2. The acquisition of Protective Life Corporation (PL) by Dai-ichi Life Insurance Company on February 2, 2015. It took 244 days for this deal to be completed.
  3. The acquisition of Williams Partners L.P. (WPZ) by Access Midstream Partners, L.P. on February 3, 2015. It took 99 days for this deal to be completed.
  4. The acquisition of Sapient (SAPE) by Publicis Groupe on February 6, 2015. It tool 95 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$1.3206/30/201540.37%104.50%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.48$0.40506/30/201517.71%45.85%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5512/31/201414.84%-135.40%
ODP02/04/2015Staples, Inc. (SPLS)$10.88$9.4812/31/201514.72%16.53%
TWC02/13/2014Comcast Corporation (CMCSA)$163.65$146.6006/30/201511.63%30.10%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.9305/31/20158.04%26.44%
BHI11/16/2014Halliburton Company (HAL)$67.56$62.6712/31/20157.81%8.77%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.32$1.2306/30/20157.39%19.13%
LO07/15/2014Reynolds American Inc. (RAI)$70.57$66.0306/30/20156.88%17.81%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.22$9.6104/30/20156.37%29.07%

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$1.32151,65206/30/201540.37%104.50%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.48$0.405115,54106/30/201517.71%45.85%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.553,30012/31/201414.84%0.00%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.88$9.4822,626,84412/31/201514.72%16.53%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$163.65$146.601,843,44506/30/201511.63%30.10%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.932,521,85705/31/20158.04%26.44%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$67.56$62.675,396,31612/31/20157.81%8.77%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.32$1.23635,72706/30/20157.39%19.13%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$70.57$66.032,033,66506/30/20156.88%17.81%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.22$9.614,254,96204/30/20156.37%29.07%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.165,541,43106/30/20156.35%16.44%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.576,038,64906/30/20155.68%14.70%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.7516,86406/30/20155.35%13.85%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$25.87$24.74122,94009/30/20154.57%7.16%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$92.72$88.90626,27712/31/20154.30%4.83%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.34177,88412/31/20153.72%4.17%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.804,70006/30/20153.54%9.15%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.07$2.973,963,11806/30/20153.37%8.72%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$25.56$24.75712,30106/30/20153.26%8.43%
+APL10/13/2014Targa Resources Partners LP (NGLS)Cash Plus Stock$5.8 billion$28.25$27.411,373,50503/31/20153.07%22.40%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.4316,728,98112/31/20152.94%3.30%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$231.07$225.172,546,78206/30/20152.62%6.79%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.06706,41612/31/20152.42%2.72%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$103.15868,52306/30/20152.38%6.15%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.67$13.371,347,15506/30/20152.26%5.84%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$22.39$21.9176703/31/20152.19%16.00%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$21.25$20.8110,82505/15/20152.10%8.06%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.40768,51806/30/20151.97%5.09%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.46$25.9582,54306/30/20151.96%5.06%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.864,52806/30/20151.87%4.84%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$137.71372,43206/30/20151.66%4.30%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$16.82$16.568,53706/30/20151.59%4.11%
+CIMT11/24/20143D Systems Corporation (DDD)All Cash$97 million$8.97$8.83146,79503/31/20151.59%11.57%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.41$1.395574,71506/30/20151.31%3.38%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.43$24.1352,335,57606/30/20151.26%3.26%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$47.91$47.3420,14003/31/20151.20%8.78%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$22.75414,77606/30/20151.10%2.84%
+CHYR11/17/2014Vector Capital (N/A)All CashN/A$2.82$2.79162,85503/31/20151.08%7.85%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$24.66$24.401,637,99306/30/20151.05%2.71%
+CODE12/01/2014Cypress Semiconductor Corporation (CY)All Stock$4 billion$36.04$35.733,003,39206/30/20150.88%2.28%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.822,350,16006/30/20150.86%2.24%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$78.85$78.21293,28206/30/20150.82%2.12%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.8717,96703/31/20150.69%5.03%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.1716,40206/30/20150.61%1.57%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$60.14$59.782,007,99706/30/20150.60%1.54%
+PETM12/14/2014a consortium led by BC Partners (N/A)All Cash$8.7 billion$83.00$82.514,960,72106/30/20150.59%1.54%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$44.69$44.43504,90003/31/20150.58%4.25%
+SMPL09/29/2014HomeStreet, Inc. (HMST)All StockN/A$17.65$17.5513,87703/31/20150.57%4.16%
+DRIV10/23/2014Siris Capital Group, LLC (N/A)All Cash$840 million$26.00$25.86417,23803/31/20150.54%3.95%
+DWSN10/09/2014TGC Industries Inc. (TGE)All StockN/A$11.51$11.4638,12703/31/20150.44%3.21%
+PRLS12/22/2014Mobius Acquisition, LLC (N/A)All CashN/A$7.00$6.9797103/31/20150.43%3.14%
+SIMG01/27/2015Lattice Semiconductor Corporation (LSCC)All Cash$600 million$7.30$7.278,683,83803/31/20150.41%3.01%
+ESBF10/29/2014WesBanco Inc. (WSBC)Cash Plus Stock$324.4 million$18.10$18.0447,15506/30/20150.31%0.79%
+NPSP01/11/2015Shire plc (SHPG)All Cash$5.2 billion$46.00$45.874,301,42403/31/20150.28%2.07%
+VOLC12/17/2014Koninklijke Philips N.V (PHG)All Cash$1.2 billion$18.00$17.952,009,29503/31/20150.28%2.03%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$30.14$30.0670003/31/20150.28%2.03%
+CVD11/03/2014Laboratory Corp. of America Holdings (LH)Cash Plus Stock$5.6 billion$106.69$106.43534,13203/31/20150.24%1.78%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.191,582,57909/30/20150.22%0.35%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$36.69155,86606/30/20150.16%0.42%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$36.85$36.81570,73803/31/20150.10%0.71%
+MWIV01/12/2015AmerisourceBergen Corporation (ABC)All Cash$2.5 billion$190.00$189.91241,43703/31/20150.05%0.35%
+EOPN02/05/2015Insight Venture Partners (N/A)All Cash$273 million$8.60$8.601,194,93206/30/20150.00%0.00%
+OILT11/12/2014Enterprise Products Partners L.P. (EPD)All StockN/A$45.88$45.8853,27703/31/2015-0.01%-0.05%
+AMRE10/31/2014Edens Investment Trust (N/A)All CashN/A$26.55$26.5893,75603/31/2015-0.11%-0.82%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.301,955,00806/30/2015-0.11%-0.29%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$50.61$50.72811,00906/30/2015-0.22%-0.58%
+PTP11/24/2014RenaissanceRe Holdings Ltd. (RNR)Special Conditions$1.9 billion$76.00$76.19168,34606/30/2015-0.25%-0.65%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$33.74484,53512/31/2015-0.71%-0.80%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$77.35816,28603/31/2015-3.68%-26.90%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.33$13.2850003/31/2015-7.18%-52.40%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.35$8.0281,71703/31/2015-8.35%-60.94%
+ATLS10/13/2014Targa Resources Corp. (TRGP)Cash Plus Stock$1.9 billion$26.20$30.261,403,77603/31/2015-13.42%-97.93%

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