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Merger Arbitrage Mondays – March 9, 2015

  • March 8, 2015

Merger activity decreased last week with five new deals announced and one deal 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 201543
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals28
Stock Deals18
Stock & Cash Deals17
Special Conditions6
Total Number of Pending Deals69
Total Deal Size$563.46 billion

New Deals:

  1. The acquisition of Mavenir Systems (MVNR) by Mitel Networks Corporation (MITL) for $560 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Mavenir Systems will receive $11.08 per share in cash plus 0.675 of a Mitel common share.
  2. The acquisition of Square 1 Financial (SQBK) by PacWest Bancorp (PACW) for $849 million in an all stock deal. Under the terms of the Agreement, Square 1 stockholders will receive 0.5997 shares of PacWest common stock for each share of Square 1 common stock.
  3. The acquisition of Aruba Networks (ARUN) by Hewlett-Packard Company (HPQ) for $2.7 billion or $24.67 per share in cash.
  4. The acquisition of Alliance Bancorp Inc of Pennsylvania (ALLB) by WSFS Financial (WSFS) for $92 million in a stock or cash deal. Under the terms of the agreement, shareholders of Alliance Bancorp will be entitled to elect to receive either 0.28955 shares of WSFS common stock or $22.00 in cash for each common share of Alliance Bancorp, Inc. of Pennsylvania, subject to an overall allocation of exchanged shares into 70% common stock and 30% cash.
  5. The acquisition of Pharmacyclics (PCYC) by AbbVie (ABBV) for $21 billion or $261.25 per share in a cash or stock deal. Shareholders of Pharmacyclics can opt for cash, AbbVie stock or a combination of both. The aggregate consideration will consist of approximately 58% cash and 42% AbbVie common stock. We have entered this as an all-cash deal in our database.

Deal Updates:

  1. On March 3, 2015, Uroplasty (UPIissued a press release announcing that it will host a meeting for shareholders and analysts on Thursday, March 12, 2015 to discuss the proposed merger between Uroplasty and Vision-Sciences (VSCI).

Closed Deals:

  1. The acquisition of Platinum Underwriters Holdings (PTP) by RenaissanceRe Holdings (RNR) on March 2, 2015. It took 98 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)$1.67$1.2006/30/201539.27%126.84%
ODP02/04/2015Staples, Inc. (SPLS)$10.76$9.3012/31/201515.72%19.32%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5612/31/201414.10%-75.70%
TWC02/13/2014Comcast Corporation (CMCSA)$173.56$159.0206/30/20159.15%29.54%
BHI11/16/2014Halliburton Company (HAL)$66.47$60.9212/31/20159.10%11.19%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.1405/31/20159.02%39.67%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.44$0.4106/30/20156.97%22.53%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.21$1.1406/30/20156.25%20.19%
LO07/15/2014Reynolds American Inc. (RAI)$70.99$66.9906/30/20155.97%19.28%
LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)$18.70$17.7406/30/20155.41%17.48%

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$1.67$1.20134,00906/30/201539.27%126.84%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.76$9.308,477,74912/31/201515.72%19.32%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.5631,47012/31/201414.10%0.00%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$173.56$159.023,732,91706/30/20159.15%29.54%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$66.47$60.925,383,30112/31/20159.10%11.19%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.141,719,81505/31/20159.02%39.67%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.44$0.4114,83306/30/20156.97%22.53%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.21$1.14244,38606/30/20156.25%20.19%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$70.99$66.999,162,18006/30/20155.97%19.28%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.7422,47906/30/20155.41%17.48%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.26$25.88596,76712/31/20155.34%6.56%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$31.85478,11912/31/20155.18%6.37%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$5.833,718,65102/26/20154.63%0.00%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$93.02$89.25348,83912/31/20154.22%5.18%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.46$10.083,657,38404/30/20153.73%26.17%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.739,215,92506/30/20153.49%11.28%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.40266,85412/31/20152.98%3.66%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$21.80$21.2084,61812/31/20152.84%3.50%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.954,28106/30/20152.76%8.91%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.694,089,00606/30/20152.65%8.57%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$73.18$71.29542,60506/30/20152.64%8.54%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$254.563,048,20906/30/20152.63%8.49%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$26.60$25.9817,07909/30/20152.40%4.27%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.902,002,61612/31/20152.39%2.94%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.09698,03712/31/20152.37%2.91%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$40.92$40.024,006,39612/31/20152.26%2.78%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.864,076,82706/30/20152.18%7.05%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.25604,09106/30/20152.15%6.96%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$59.231,727,66509/30/20152.14%3.82%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$21.49$21.094,70905/15/20151.89%10.31%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.78$13.541,473,65106/30/20151.78%5.73%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.33$23.943,378,00906/30/20151.64%5.30%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.08946,61306/30/20151.39%4.49%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.38$26.0470,50106/30/20151.31%4.23%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$50.47$49.831,118,65106/30/20151.29%4.17%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.952,414,50009/30/20151.11%1.98%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$23.62$23.37644,96506/30/20151.08%3.49%
+AGN11/16/2014Actavis plc (ACT)Cash Plus StockN/A$236.00$233.511,673,45006/30/20151.07%3.44%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$17.63$17.45711,09106/30/20151.06%3.41%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.425,903,73710/31/20151.02%1.58%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$104.58601,90806/30/20150.98%3.15%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.0629306/30/20150.90%2.91%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.8435,96103/31/20150.85%14.09%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.79$19.63119,42807/31/20150.82%2.07%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.61$17.486,72806/30/20150.76%2.47%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.03$3.01788,01006/30/20150.68%2.19%
+EOPN02/05/2015Insight Venture Partners (N/A)All Cash$273 million$8.60$8.56819,31406/30/20150.47%1.51%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.19N/A06/30/20150.45%1.47%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.05730,29906/30/20150.45%1.47%
+RIOM02/09/2015Tahoe Resources Inc. (TAHO)Cash Plus Stock$1.12 billion$2.82$2.81434,57104/15/20150.45%4.43%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.34$48.1322,20703/31/20150.45%7.40%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$60.26$60.001,629,21206/30/20150.43%1.38%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.932,288,02006/30/20150.33%1.08%
+CODE12/01/2014Cypress Semiconductor Corporation (CY)All Stock$4 billion$37.10$36.991,245,76906/30/20150.30%0.97%
+SIMG01/27/2015Lattice Semiconductor Corporation (LSCC)All Cash$600 million$7.30$7.28840,22503/31/20150.27%4.56%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.982,443,61811/01/20150.25%0.39%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$34.22$34.14226,23203/31/20150.23%3.79%
+PTRY12/18/2014Alimentation Couche-Tard Inc. (N/A)All Cash$1.7 billion$36.75$36.68134,40606/30/20150.19%0.62%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$29.84$29.793,47203/31/20150.15%2.56%
+PETM12/14/2014a consortium led by BC Partners (N/A)All Cash$8.7 billion$83.00$82.913,062,68606/30/20150.11%0.35%
+CHYR11/17/2014Vector Capital (N/A)All CashN/A$2.82$2.82116,88103/31/20150.00%0.00%
+SLXP02/22/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$14.5 billion$158.00$158.013,569,76206/30/2015-0.01%-0.02%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.02$26.211,477,22806/30/2015-0.73%-2.34%
+HLSS02/22/2015New Residential Investment Corp. (NRZ)All Cash$1.3 billion$18.25$18.421,759,86606/30/2015-0.92%-2.98%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.39$6.58173,52603/31/2015-2.82%-46.82%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$12.85$13.5010,30003/31/2015-4.82%-79.98%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.01$1.071,121,92906/30/2015-5.23%-16.89%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.80689,23203/31/2015-5.46%-90.53%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.56223,38606/30/2015-6.35%-20.52%

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