Merger Arbitrage Mondays – March 16, 2015

  • March 15, 2015

Merger activity decreased last week with four new deals 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 201549
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals25
Stock Deals19
Stock & Cash Deals17
Special Conditions6
Total Number of Pending Deals67
Total Deal Size$565.37 billion

New Deals:

  1. The acquisition of Bridge Capital Holdings (BBNK) by Western Alliance Bancorporation (WAL) for $425 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Bridge Capital Holdings will receive 0.8145 of a share of Western Alliance Bancorporation and $2.39 in cash for each share of Bridge common stock owned.
  2. The acquisition of RTI International Metals (RTI) by Alcoa (AA) for $1.5 billion in an all stock deal. Under the terms of the agreement, RTI shareholders will receive 2.8315 Alcoa shares for each RTI share.
  3. The acquisition of Integrated Silicon Solution (ISSI) by a Chinese consortium of investors led by Summitview Capital for $693.5 million or $19.25 per share in cash.
  4. The acquisition of Interxion Holding (INXN) by Telecity Group (TCY.L) in an all stock deal. Under the terms of the agreement, shareholders of Intrexion Holding will receive 2.3386 new TelecityGroup shares per Interxion share.

Deal Updates:

  1. On March 9, 2015, Simon Property Group (SPG) proposed to acquire The Macerich Company (MAC) for $22.4 billion or $91.00 per share in cash.
  2. On March 11, 2015, Endo Pharmaceuticals (ENDP) proposed a stock-and-cash offer for Salix Pharmaceuticals (SLXP) valued at $175 a share. Following this offer, Valeant Pharmaceuticals International (VRX) plans to raise its bid for Salix Pharmaceuticals close to $170 per share.

Closed Deals:

  1. The acquisition of ChyronHego (CHYR) by Vector Capital on March 9, 2015. It took 112 days for this deal to be completed.
  2. The acquisition of Silicon Image (SIMG) by Lattice Semiconductor Corporation (LSCC) on March 11, 2015. It took 43 days for this deal to be completed.
  3. The acquisition of Penford Corporation (PENX) by Ingredion Incorporated (INGR) on March 11, 2015. It took 147 days for this deal to be completed.
  4. The acquisition of PetSmart (PETM) by a consortium led by BC Partners on March 11, 2015. It took 87 days for this deal to be completed.
  5. The acquisition of Spansion (CODE) by Cypress Semiconductor Corporation (CY) on March 13, 2015. It took 102 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)$1.53$1.1206/30/201536.24%124.79%
ODP02/04/2015Staples, Inc. (SPLS)$10.75$9.20512/31/201516.82%21.17%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5312/31/201416.34%-79.52%
DTV05/18/2014AT&T, Inc. (T)$95.00$85.1805/31/201511.53%55.37%
TWC02/13/2014Comcast Corporation (CMCSA)$169.77$154.9706/30/20159.55%32.88%
BHI11/16/2014Halliburton Company (HAL)$64.00$58.8712/31/20158.72%10.97%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.42$0.39206/30/20156.21%21.38%
LO07/15/2014Reynolds American Inc. (RAI)$70.83$66.9406/30/20155.80%19.99%
SQBK03/02/2015PacWest Bancorp (PACW)$28.19$26.7312/31/20155.47%6.88%
LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)$18.70$17.7406/30/20155.41%18.63%

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$1.53$1.12246,46306/30/201536.24%124.79%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.75$9.2058,268,84312/31/201516.82%21.17%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.534,65312/31/201416.34%0.00%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$85.182,650,39905/31/201511.53%55.37%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$169.77$154.972,498,32806/30/20159.55%32.88%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$64.00$58.873,801,08312/31/20158.72%10.97%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.42$0.39211,35806/30/20156.21%21.38%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$70.83$66.942,397,91406/30/20155.80%19.99%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.19$26.73198,74012/31/20155.47%6.88%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.746,90606/30/20155.41%18.63%
+INXN03/09/2015Telecity Group plc (TCY.L)All StockN/A$31.33$29.80269,91112/31/20155.12%6.45%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$5.81645,33002/26/20154.99%0.00%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$19.25$18.451,057,02209/30/20154.34%7.99%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$32.16551,64212/31/20154.17%5.24%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.12$1.08118,85606/30/20154.13%14.20%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.699,033,23506/30/20154.03%13.88%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$22.19$21.4016,90412/31/20153.67%4.62%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$91.55$88.53228,71212/31/20153.42%4.30%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.652,637,58206/30/20153.40%11.71%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.52$10.212,347,70804/30/20153.06%24.80%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$26.89$26.1473,30909/30/20152.87%5.29%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.563,412,58712/31/20152.79%3.51%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$80.94996,74506/30/20152.55%8.76%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.0029,17606/30/20152.50%8.61%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.713,619,10406/30/20152.48%8.53%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$254.981,230,81706/30/20152.46%8.47%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$72.96$71.23337,74306/30/20152.43%8.37%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.12$26.501,479,82806/30/20152.35%8.09%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.16425,37212/31/20152.23%2.81%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$59.20757,68509/30/20152.20%4.05%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$20.08$19.7328,49307/31/20151.79%4.77%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.50279,30512/31/20151.76%2.22%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.89N/A06/30/20151.72%5.93%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$23.99$23.591,125,69206/30/20151.71%5.89%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$38.42$37.79622,89708/15/20151.68%4.03%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.811,250,72909/30/20151.64%3.03%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.89$13.681,173,88806/30/20151.57%5.39%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$137.901,009,12506/30/20151.52%5.24%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$26.59$26.21109,53412/31/20151.45%1.82%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$17.80$17.551,117,21506/30/20151.40%4.83%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$51.57$50.921,813,75006/30/20151.28%4.42%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$43.10$42.576,208,29812/31/20151.26%1.58%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$22.44$22.212,102,36406/30/20151.05%3.61%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.432,610,77710/31/20150.98%1.57%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$239.32$237.342,315,12306/30/20150.84%2.88%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$104.75942,37606/30/20150.81%2.79%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.63$17.509,01906/30/20150.73%2.51%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.851,566,00106/30/20150.72%2.48%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.30$26.1229,91706/30/20150.70%2.43%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$21.86$21.747,19005/15/20150.56%3.41%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.02$3.00594,60606/30/20150.50%1.72%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.80$48.6313,31903/31/20150.35%8.52%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.981,477,22611/01/20150.25%0.40%
+RIOM02/09/2015Tahoe Resources Inc. (TAHO)Cash Plus Stock$1.12 billion$2.69$2.68123,14504/15/20150.24%2.91%
+EOPN02/05/2015Insight Venture Partners (N/A)All Cash$273 million$8.60$8.581,102,89706/30/20150.23%0.80%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.2230106/30/20150.23%0.78%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.17586,65806/30/20150.18%0.62%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$60.02$59.973,535,83606/30/20150.09%0.30%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$36.74630,52506/30/20150.03%0.09%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$35.25$35.25139,47603/31/20150.01%0.21%
+HLSS02/22/2015New Residential Investment Corp. (NRZ)All Cash$1.3 billion$18.25$18.661,691,08106/30/2015-2.20%-7.57%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$0.96$1.01391,97906/30/2015-5.19%-17.86%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.85$13.593,43903/31/2015-5.45%-132.64%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.30981,09303/31/2015-6.05%-147.29%
+SLXP02/22/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$14.5 billion$158.00$169.407,282,51806/30/2015-6.73%-23.17%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.6726,52806/30/2015-6.77%-23.31%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.34$6.9034,13003/31/2015-8.10%-197.06%

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