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Merger Arbitrage Mondays – March 23, 2015

  • March 22, 2015

Merger activity decreased last week with two new deals announced and three 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 201552
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals26
Stock Deals19
Stock & Cash Deals15
Special Conditions6
Total Number of Pending Deals66
Total Deal Size$569.78 billion

New Deals:

  1. The acquisition of Life Time Fitness (LTM) by Leonard Green & Partners and TPG for $4 billion or $72.10 per share in cash.
  2. The acquisition of Vitesse Semiconductor (VTSS) by Microsemi Corporation (MSCC) for $389 million or $5.28 per share in cash.

Deal Updates:

  1. On March 19, 2015, GFI Group (GFIG) notified the New York Stock Exchange that its Board of Directors had unanimously voted to voluntarily delist the Company’s common stock, par value $0.01 per share, from the NYSE and to terminate the registration of the Common Stock under the Securities Exchange Act of 1934, as amended.

Closed Deals:

  1. The acquisition of The Pantry (PTRY) by Alimentation Couche-Tard on March 16, 2015. It took 88 days for this deal to be completed.
  2. The acquisition of CareFusion Corporation (CFN) by Becton, Dickinson and Company (BDX) on March 17, 2015. It took 163 days for this deal to be completed.
  3. The acquisition of Allergan (AGN) by Actavis plc (ACT) on March 19, 2015. It took 123 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)$1.42$1.1006/30/201528.81%106.22%
ODP02/04/2015Staples, Inc. (SPLS)$10.81$9.3112/31/201516.06%20.72%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5412/31/201415.58%-69.37%
DTV05/18/2014AT&T, Inc. (T)$95.00$86.2505/31/201510.14%53.67%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.42$0.37806/30/201510.14%37.40%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.21$1.1106/30/20159.12%33.63%
TWC02/13/2014Comcast Corporation (CMCSA)$170.92$157.8706/30/20158.27%30.47%
BHI11/16/2014Halliburton Company (HAL)$66.96$62.4712/31/20157.18%9.27%
INXN03/09/2015Telecity Group plc (TCY.L)$31.93$30.0112/31/20156.40%8.25%
LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)$18.70$17.6306/30/20156.07%22.38%

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$1.42$1.1049,00706/30/201528.81%106.22%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.81$9.317,708,61112/31/201516.06%20.72%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.548,99812/31/201415.58%0.00%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$86.253,194,47905/31/201510.14%53.67%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.42$0.37853,07906/30/201510.14%37.40%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.21$1.11221,01006/30/20159.12%33.63%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$170.92$157.872,513,71006/30/20158.27%30.47%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$66.96$62.475,751,47512/31/20157.18%9.27%
+INXN03/09/2015Telecity Group plc (TCY.L)All StockN/A$31.90$30.01434,17312/31/20156.31%8.14%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.636,68706/30/20156.07%22.38%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$70.83$67.343,113,58806/30/20155.19%19.13%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.34$26.95168,77812/31/20155.16%6.66%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.95$25.631,820,95606/30/20155.14%18.96%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.6114,283,60506/30/20155.12%18.89%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.08$1.034,340,68506/30/20154.52%16.66%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$22.36$21.4373,41712/31/20154.32%5.57%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$79.641,317,00206/30/20154.22%15.55%
+HLSS02/22/2015New Residential Investment Corp. (NRZ)All Cash$1.3 billion$18.25$17.543,225,52606/30/20154.05%14.92%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$92.75$89.59743,47612/31/20153.53%4.55%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.76$10.424,014,70804/30/20153.22%30.96%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.642,680,85012/31/20152.69%3.47%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.006,28406/30/20152.50%9.22%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$27.33$26.69163,52809/30/20152.42%4.62%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$59.18634,41009/30/20152.23%4.26%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.862,997,54306/30/20152.18%8.05%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$44.29$43.394,196,11512/31/20152.07%2.67%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$19.25$18.86618,20109/30/20152.07%3.95%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.772,517,75306/30/20151.95%7.20%
+LTM03/16/2015Leonard Green & Partners and TPG (N/A)All Cash$4 billion$72.10$70.751,967,07109/30/20151.91%3.65%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.8731306/30/20151.82%6.71%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.50530,63912/31/20151.76%2.28%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$32.931,185,86112/31/20151.73%2.23%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$52.05$51.184,504,37006/30/20151.70%6.26%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.031,02206/30/20151.69%6.22%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$36.72$36.13601,75108/15/20151.65%4.14%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$22.23$21.905,71505/15/20151.53%10.52%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$14.12$13.911,356,72506/30/20151.52%5.62%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$257.851,734,19606/30/20151.32%4.86%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.65892,08612/31/20151.32%1.70%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.201,650,68706/30/20151.30%4.80%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.08$23.801,623,47306/30/20151.18%4.37%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$75.19$74.331,964,77806/30/20151.16%4.29%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$18.33$18.14437,20606/30/20151.04%3.85%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.72$17.5512,15406/30/20150.96%3.56%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.992,734,86709/30/20150.96%1.84%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$26.86$26.6267,32412/31/20150.89%1.15%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.462,953,99910/31/20150.86%1.41%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$104.85950,68606/30/20150.72%2.64%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.21$26.0373,01806/30/20150.68%2.52%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$20.05$19.9511,19707/31/20150.53%1.48%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.902,734,90906/30/20150.48%1.76%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.01$3.00754,94306/30/20150.43%1.57%
+RIOM02/09/2015Tahoe Resources Inc. (TAHO)Cash Plus Stock$1.12 billion$2.69$2.68503,29404/15/20150.24%3.80%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$23.20$23.141,568,46706/30/20150.24%0.88%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$36.60$36.54431,19503/31/20150.17%7.87%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.181,146,69106/30/20150.16%0.58%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.991,065,37911/01/20150.13%0.20%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$49.71$49.6521,98403/31/20150.12%5.66%
+EOPN02/05/2015Insight Venture Partners (N/A)All Cash$273 million$8.60$8.60230,14906/30/20150.00%0.00%
+VTSS03/18/2015Microsemi Corporation (MSCC)All Cash$389 million$5.28$5.341,602,29406/28/2015-1.12%-4.23%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$6.213,923,09402/26/2015-1.77%25.86%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$13.22$13.828,83203/31/2015-4.37%-199.30%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.3879,07806/30/2015-5.66%-20.87%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.901,514,43803/31/2015-6.76%-308.35%
+SLXP02/22/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$14.5 billion$158.00$172.803,408,84206/30/2015-8.56%-31.58%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.27$6.99283,94503/31/2015-10.33%-471.16%

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