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Merger Arbitrage Mondays – April 13, 2015

  • April 12, 2015

Merger activity decreased last week with three 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 201559
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals33
Stock Deals18
Stock & Cash Deals15
Special Conditions5
Total Number of Pending Deals71
Total Deal Size$594.97 billion

New Deals:

  1. The acquisition of QEP Midstream Partners (QEPM) by Tesoro Logistics (TLLP) in an all stock deal. Under the terms of the agreement, QEPM public unit holders will receive 0.3088 TLLP common units for each QEPM Common Unit held.
  2. The acquisition of Baltic Trading Limited (BALT) by Genco Shipping & Trading Limited (GSKNF) in an all stock deal. Under the terms of the agreement, Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock.
  3. The acquisition of Excel Trust (EXL) by Blackstone Property Partners (BX) for $2 billion or $15.85 per share in cash.

Deal Updates:

  1. On April 6, 2015, Hudson City Bancorp (HCBKannounced today that it had been advised by M&T Bank Corporation (MTB), that the Federal Reserve Board will not act on M&T’s merger application before the current termination date of April 30, 2015 provided for in the Agreement and Plan of Merger, as amended, after which either party can terminate the transaction if the closing has not occurred.  As a result, the merger will not close by the previously announced target closing date of May 1, 2015.
  2. On April 6, 2015, Home Loan Servicing Solutions (HLSS) and New Residential Investment (NRZ) announced that they had entered into a purchase agreement (the “Asset Purchase Agreement”) and mutually terminated the merger agreement originally announced on February 22, 2015.

Closed Deals:

  1. The acquisition of International Game Technology (IGT) by GTECH S.p.A. (GTKYY) on April 7, 2015. It took 265 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

ODP02/04/2015Staples, Inc. (SPLS)$10.91$9.2712/31/201517.67%24.62%
CACQ12/22/2014Caesars Entertainment Corporation (CZR)$7.52$6.4803/31/201516.00%-449.09%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5812/31/201412.66%-44.86%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.45$9.5804/30/20159.11%195.54%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.3205/31/20158.80%66.88%
INXN03/09/2015Telecity Group plc (TCY.L)$32.12$29.6212/31/20158.45%11.77%
TWC02/13/2014Comcast Corporation (CMCSA)$171.95$160.8106/30/20156.93%32.43%
BHI11/16/2014Halliburton Company (HAL)$70.81$66.5412/31/20156.42%8.94%
HLSS02/22/2015New Residential Investment Corp. (NRZ)$18.25$17.1806/30/20156.23%29.14%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.44$0.4106/30/20156.20%29.01%

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

+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.91$9.276,765,36012/31/201517.67%24.62%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.52$6.4842,89403/31/201516.00%0.00%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.586,50012/31/201412.66%0.00%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.45$9.588,038,44404/30/20159.11%195.54%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.321,977,89705/31/20158.80%66.88%
+INXN03/09/2015Telecity Group plc (TCY.L)All StockN/A$32.12$29.62474,82112/31/20158.45%11.77%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$171.95$160.813,201,54306/30/20156.93%32.43%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$70.81$66.542,661,45312/31/20156.42%8.94%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.44$0.4120,71906/30/20156.20%29.01%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$5.76814,61704/30/20155.90%126.74%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$31.74458,17712/31/20155.55%7.72%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.7213,09606/30/20155.53%25.88%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.98$26.7161,91912/31/20154.76%6.63%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$19.25$18.38704,08809/30/20154.73%10.16%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$94.63$91.03575,06312/31/20153.96%5.51%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.851,276,23912/31/20153.65%5.08%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$59.614,469,82512/31/20153.17%4.42%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.672,022,82706/30/20152.83%13.23%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.04$26.30540,15506/30/20152.82%13.18%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$58.891,080,97009/30/20152.73%5.87%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$74.59$72.71207,86606/30/20152.58%12.07%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.752,005,12612/31/20152.56%3.57%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$72.13$70.517,211,03806/30/20152.30%10.76%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$41.93$41.001,175,42712/31/20152.27%3.17%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.75595,84309/30/20151.87%4.01%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.40260,86412/31/20151.78%2.48%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$26.25$25.8521,31012/31/20151.57%2.18%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.8810,448,80606/30/20151.52%7.13%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.05$1.03325,15206/30/20151.50%7.04%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.9515306/30/20151.43%6.70%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$17.45$17.21243,73112/31/20151.38%1.92%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.93$13.741,471,86209/30/20151.36%2.92%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$27.75$27.3812,05109/30/20151.36%2.91%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.97659,07506/30/20151.26%5.88%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.93$24.621,102,25906/30/20151.25%5.84%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.45$1.432,145,54509/30/20151.20%2.58%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$43.731,023,68406/30/20151.19%5.56%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.55130,69912/31/20151.17%1.63%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$37.23$36.82389,43308/15/20151.13%3.31%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$258.35835,46706/30/20151.12%5.25%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.45842,43606/30/20151.12%5.24%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$21.67$21.446,80612/31/20151.07%1.49%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.78$17.603,74306/30/20151.00%4.67%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.75$19.5523,05407/31/20151.00%3.34%
+LTM03/16/2015Leonard Green & Partners and TPG (N/A)All Cash$4 billion$72.10$71.40613,72009/30/20150.98%2.10%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$17.82$17.692,451,54606/30/20150.75%3.52%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$49.43$49.07868,59906/30/20150.73%3.42%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.07$3.05176,34206/30/20150.73%3.41%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$22.86$22.741,618,51306/30/20150.54%2.51%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$25.52$25.3915,88106/30/20150.50%2.34%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$105.08533,90206/30/20150.49%2.32%
+HPTX03/30/2015Horizon Pharma plc (HZNP)All Cash$1.1 billion$46.00$45.79628,96906/30/20150.46%2.15%
+KFX03/24/2015Lexmark International Inc. (LXK)All Cash$1 billion$11.00$10.95151,18806/30/20150.46%2.14%
+ASPX03/30/2015Teva Pharmaceutical Industries Limited (TEVA)All Cash$3.5 billion$101.00$100.581,102,24106/30/20150.42%1.95%
+VTSS03/18/2015Microsemi Corporation (MSCC)All Cash$389 million$5.28$5.261,529,82006/28/20150.38%1.83%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.581,303,90110/31/20150.37%0.66%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.94912,03406/30/20150.29%1.34%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.98429,26811/01/20150.25%0.45%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.8215,032,13612/31/20150.19%0.26%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.2410306/30/20150.08%0.35%
+ICEL03/30/2015FUJIFILM Holdings Corporation (N/A)All Cash$307 million$16.50$16.49263,15706/30/20150.06%0.28%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$22.29$22.291,11005/15/20150.01%0.06%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.502,30006/30/20150.00%0.00%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.93$48.9911,16003/31/2015-0.12%3.33%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$39.27$39.61408,47709/30/2015-0.85%-1.83%
+NCFT03/30/2015Fortune Brands Home & Security, Inc. (FBHS)All Cash$600 million$25.50$25.7384,52506/30/2015-0.89%-4.18%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4549,75710/31/2015-4.08%-7.41%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$1.05$1.121,211,50306/30/2015-6.22%-29.11%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.74424,85703/31/2015-6.57%184.50%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.96161,10506/30/2015-7.85%-36.75%

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