Merger Arbitrage Mondays – April 20, 2015

Merger activity decreased last week with two 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 2015 61
Total Number of Deals Not Completed in 2015 1
Total Number of Pending Deals
Cash Deals 32
Stock Deals 18
Stock & Cash Deals 15
Special Conditions 5
Total Number of Pending Deals 70
Total Deal Size $611.57 billion

New Deals:

  1. On April 13, 2015, Alamos Gold (AGI) and AuRico Gold (AUQ) announced that they have entered into a definitive agreement to combine their companies, creating a new, intermediate gold producer (“MergeCo”). Under the terms of the Merger, holders of Alamos shares will receive, for each share held, 1 MergeCo share and US$0.0001 in cash, and holders of AuRico shares will receive, for each share held, 0.5046 MergeCo shares. We are not entering this deal in our database as the share portion can be determined only after the new company is formed.
  2. The acquisition of Alcatel-Lucent (ALU) by Nokia Corporation (NOK) for $16.6 billion. Under the terms of the agreement, shareholders of Alcatel-Lucent will receive 0.55 of a new Nokia share for every Alcatel-Lucent share.

Deal Updates:

  1. On April 17, 2015, Hudson City Bancorp (HCBK) and M&T Bank Corporation (MTB) announced that they have agreed to extend the date after which either party may elect to terminate their Agreement and Plan of Merger from April 30, 2015 to October 31, 2015.

Closed Deals:

  1. The acquisition of Paramount Gold and Silver Corp. (PZG) by Coeur Mining (CDE) on April 17, 2015. It took 121 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

ODP 02/04/2015 Staples, Inc. (SPLS) $10.76 $9.255 12/31/2015 16.23% 23.24%
TWC 02/13/2014 Comcast Corporation (CMCSA) $167.96 $149.61 06/30/2015 12.26% 63.05%
CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) $8.00 $7.14 03/31/2015 12.06% -220.12%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $86.60 05/31/2015 9.70% 86.35%
API 02/02/2015 Luna Innovations Incorporated (LUNA) $0.44 $0.40 06/30/2015 8.85% 45.51%
ALU 04/15/2015 Nokia Corporation (NOK) $4.19 $3.88 06/30/2016 8.02% 6.69%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.65 12/31/2014 7.88% -26.14%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $10.15 $9.50 10/31/2015 6.86% 12.91%
BHI 11/16/2014 Halliburton Company (HAL) $71.52 $66.98 12/31/2015 6.77% 9.70%
HE 12/03/2014 NextEra Energy, Inc. (NEE) $33.50 $31.58 12/31/2015 6.08% 8.70%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium members.


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.76 $9.255 7,564,674 12/31/2015 16.23% 23.24%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $167.96 $149.61 10,570,379 06/30/2015 12.26% 63.05%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $8.00 $7.14 83,146 03/31/2015 12.06% 0.00%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $86.60 4,075,748 05/31/2015 9.70% 86.35%
+ API 02/02/2015 Luna Innovations Incorporated (LUNA) All Stock N/A $0.44 $0.40 45,113 06/30/2015 8.85% 45.51%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $4.19 $3.88 26,828,314 06/30/2016 8.02% 6.69%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.65 28,821 12/31/2014 7.88% 0.00%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.15 $9.50 14,552,033 10/31/2015 6.86% 12.91%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $71.52 $66.98 4,016,139 12/31/2015 6.77% 9.70%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.58 306,878 12/31/2015 6.08% 8.70%
+ ISSI 03/12/2015 a Chinese consortium of investors led by Summitview Capital (N/A) All Cash N/A $19.25 $18.23 354,551 09/30/2015 5.60% 12.53%
+ SQBK 03/02/2015 PacWest Bancorp (PACW) All Stock $849 million $27.18 $25.83 113,465 12/31/2015 5.22% 7.47%
+ URZ 01/05/2015 Energy Fuels Inc. (UUUU) All Stock $150 million $1.10 $1.05 130,466 06/30/2015 4.91% 25.26%
+ INXN 03/09/2015 Telecity Group plc (TCY.L) All Stock N/A $32.10 $30.73 391,112 12/31/2015 4.45% 6.37%
+ LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $17.95 12,046 06/30/2015 4.18% 21.48%
+ GFIG 07/30/2014 BGC Partners, Inc. (BGCP) All Cash $778 million $6.10 $5.86 36,189 04/30/2015 4.10% 149.49%
+ CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $96.70 $93.07 304,062 12/31/2015 3.90% 5.58%
+ CTRX 03/30/2015 OptumRx (N/A) All Cash $12.8 billion $61.50 $59.25 7,432,767 12/31/2015 3.80% 5.44%
+ GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) All Cash $1.9 billion $7.10 $6.86 625,745 12/31/2015 3.50% 5.01%
+ WMGI 10/27/2014 Tornier N.V. (TRNX) All Stock $1.72 billion $26.72 $25.88 542,099 06/30/2015 3.25% 16.70%
+ PPO 02/23/2015 Asahi Kasei Corporation (AHKSY) All Cash $3.2 billion $60.50 $58.64 632,950 09/30/2015 3.17% 7.10%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $74.46 $72.28 181,831 06/30/2015 3.02% 15.51%
+ HSP 02/05/2015 Pfizer Inc. (PFE) All Cash $17 billion $90.00 $87.46 2,195,551 12/31/2015 2.90% 4.16%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.57 1,035,965 09/30/2015 2.56% 5.73%
+ VYFC 11/17/2014 BNC Bancorp (BNCN) Special Conditions $101.3 million $20.50 $20.00 N/A 06/30/2015 2.50% 12.85%
+ OWW 02/12/2015 Expedia Inc. (EXPE) All Cash $1.6 billion $12.00 $11.71 1,902,041 06/30/2015 2.48% 12.73%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $41.36 $40.44 1,084,492 12/31/2015 2.29% 3.27%
+ BBNK 03/09/2015 Western Alliance Bancorporation (WAL) Cash Plus Stock $425 million $26.58 $26.00 22,094 12/31/2015 2.23% 3.20%
+ LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $72.23 $70.68 6,618,564 06/30/2015 2.19% 11.28%
+ TLM 12/15/2014 Repsol S.A. (N/A) All Cash $13 billion $8.00 $7.85 8,317,221 06/30/2015 1.91% 9.82%
+ SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $13.80 $13.54 1,957,454 09/30/2015 1.89% 4.23%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $54.37 281,484 12/31/2015 1.84% 2.63%
+ ADVS 02/02/2015 SS&C Technologies Holdings, Inc. (SSNC) All Cash $2.7 billion $44.25 $43.58 1,000,291 06/30/2015 1.54% 7.90%
+ BALT 04/08/2015 Genco Shipping & Trading Limited (GSKNF) All Stock N/A $1.51 $1.49 1,053,189 09/30/2015 1.48% 3.31%
+ PCYC 03/04/2015 AbbVie Inc. (ABBV) All Cash $21 billion $261.25 $257.45 3,829,100 06/30/2015 1.48% 7.59%
+ MIG 12/30/2014 Fosun International Limited (N/A) All Cash $433 million $8.65 $8.53 171,833 12/31/2015 1.41% 2.01%
+ XLS 02/06/2015 Harris Corporation (HRS) Cash Plus Stock $4.56 billion $24.68 $24.35 1,670,876 06/30/2015 1.34% 6.89%
+ VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $17.57 $17.36 9,289 06/30/2015 1.20% 6.15%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $138.39 889,015 06/30/2015 1.16% 5.98%
+ LTM 03/16/2015 Leonard Green & Partners and TPG (N/A) All Cash $4 billion $72.10 $71.29 371,453 09/30/2015 1.14% 2.54%
+ HBOS 12/10/2014 Renasant Corp. (RNST) All Stock $258 million $27.79 $27.48 10,815 09/30/2015 1.12% 2.52%
+ RTI 03/09/2015 Alcoa Inc. (AA) All Stock $1.5 billion $38.11 $37.74 341,528 08/15/2015 0.99% 3.07%
+ MVNR 03/02/2015 Mitel Networks Corporation (MITL) Cash Plus Stock $560 million $17.42 $17.26 329,241 06/30/2015 0.92% 4.71%
+ ENTR 02/03/2015 MaxLinear, Inc. (MXL) Cash Plus Stock $287 million $3.09 $3.06 208,978 06/30/2015 0.90% 4.64%
+ HVB 11/05/2014 Sterling Bancorp. (STL) All Stock $539 million $24.98 $24.77 45,436 06/30/2015 0.84% 4.34%
+ MWV 01/26/2015 Rock-Tenn Company (RKT) All Stock $16 billion $47.55 $47.19 2,283,580 06/30/2015 0.76% 3.91%
+ RGP 01/26/2015 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $18 billion $22.61 $22.44 4,426,256 06/30/2015 0.76% 3.89%
+ DRC 09/21/2014 Siemens (N/A) All Cash $7.6 billion $83.00 $82.45 565,452 06/30/2015 0.67% 3.43%
+ TRW 09/15/2014 ZF Friedrichshafen AG (“ZF”) (N/A) All Cash $13.5 billion $105.60 $104.91 956,327 06/30/2015 0.66% 3.38%
+ RVBD 12/15/2014 Thoma Bravo, LLC and Teachers� Private Capital (N/A) All Cash $3.6 billion $21.00 $20.91 1,214,274 06/30/2015 0.43% 2.21%
+ ARUN 03/02/2015 Hewlett-Packard Company (HPQ) All Cash $2.7 billion $24.67 $24.57 3,129,751 10/31/2015 0.41% 0.77%
+ QEPM 04/06/2015 Tesoro Logistics LP (TLLP) All Stock N/A $17.42 $17.35 51,854 12/31/2015 0.40% 0.57%
+ BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $48.41 $48.22 22,448 03/31/2015 0.38% 0.00%
+ ASPX 03/30/2015 Teva Pharmaceutical Industries Limited (TEVA) All Cash $3.5 billion $101.00 $100.68 390,071 06/30/2015 0.32% 1.63%
+ ELX 02/25/2015 Avago Technologies Limited (AVGO) All Cash $609 million $8.00 $7.98 1,649,194 11/01/2015 0.25% 0.47%
+ ICEL 03/30/2015 FUJIFILM Holdings Corporation (N/A) All Cash $307 million $16.50 $16.47 284,571 06/30/2015 0.18% 0.94%
+ SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) All Cash $49 million $21.25 $21.22 300 06/30/2015 0.14% 0.73%
+ EXL 04/10/2015 Blackstone Property Partners L.P. (BX) All Cash $2 billion $15.85 $15.84 1,070,501 12/31/2015 0.06% 0.09%
+ CMSB 09/25/2014 Putnam County Savings Bank (N/A) All Cash $25.4 million $13.25 $13.25 300 06/30/2015 0.00% 0.00%
+ VTSS 03/18/2015 Microsemi Corporation (MSCC) All Cash $389 million $5.28 $5.28 1,055,972 06/28/2015 0.00% 0.00%
+ KFX 03/24/2015 Lexmark International Inc. (LXK) All Cash $1 billion $11.00 $11.00 627,944 06/30/2015 0.00% 0.00%
+ HPTX 03/30/2015 Horizon Pharma plc (HZNP) All Cash $1.1 billion $46.00 $46.06 283,419 06/30/2015 -0.13% -0.67%
+ HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) All Stock $109 million $22.18 $22.21 3,378 05/15/2015 -0.14% -2.12%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $19.71 $19.75 2,337 07/31/2015 -0.22% -0.80%
+ NCFT 03/30/2015 Fortune Brands Home & Security, Inc. (FBHS) All Cash $600 million $25.50 $25.59 49,638 06/30/2015 -0.35% -1.81%
+ ALLB 03/03/2015 WSFS Financial Corp. (WSFS) All Stock $92 million $21.00 $21.21 7,407 12/31/2015 -1.01% -1.45%
+ MRH 03/31/2015 Endurance Specialty Holdings Ltd. (ENH) Cash Plus Stock $1.83 billion $39.04 $39.62 174,952 09/30/2015 -1.46% -3.27%
+ FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) All Cash $160 million $2.35 $2.45 43,958 10/31/2015 -4.08% -7.68%
+ FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $78.75 1,004,909 03/31/2015 -5.40% 98.49%
+ CRRC 02/05/2015 R.R. Donnelley & Sons Company (RRD) All Cash $261 million $23.00 $24.72 64,149 06/30/2015 -6.96% -35.77%

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