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Merger Arbitrage Mondays – April 20, 2015

  • April 19, 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 201561
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals32
Stock Deals18
Stock & Cash Deals15
Special Conditions5
Total Number of Pending Deals70
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:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

ODP02/04/2015Staples, Inc. (SPLS)$10.76$9.25512/31/201516.23%23.24%
TWC02/13/2014Comcast Corporation (CMCSA)$167.96$149.6106/30/201512.26%63.05%
CACQ12/22/2014Caesars Entertainment Corporation (CZR)$8.00$7.1403/31/201512.06%-220.12%
DTV05/18/2014AT&T, Inc. (T)$95.00$86.6005/31/20159.70%86.35%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.44$0.4006/30/20158.85%45.51%
ALU04/15/2015Nokia Corporation (NOK)$4.19$3.8806/30/20168.02%6.69%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6512/31/20147.88%-26.14%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.15$9.5010/31/20156.86%12.91%
BHI11/16/2014Halliburton Company (HAL)$71.52$66.9812/31/20156.77%9.70%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$31.5812/31/20156.08%8.70%

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$10.76$9.2557,564,67412/31/201516.23%23.24%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$167.96$149.6110,570,37906/30/201512.26%63.05%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$8.00$7.1483,14603/31/201512.06%0.00%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$86.604,075,74805/31/20159.70%86.35%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.44$0.4045,11306/30/20158.85%45.51%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$4.19$3.8826,828,31406/30/20168.02%6.69%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.6528,82112/31/20147.88%0.00%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.15$9.5014,552,03310/31/20156.86%12.91%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$71.52$66.984,016,13912/31/20156.77%9.70%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$31.58306,87812/31/20156.08%8.70%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$19.25$18.23354,55109/30/20155.60%12.53%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.18$25.83113,46512/31/20155.22%7.47%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.10$1.05130,46606/30/20154.91%25.26%
+INXN03/09/2015Telecity Group plc (TCY.L)All StockN/A$32.10$30.73391,11212/31/20154.45%6.37%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.9512,04606/30/20154.18%21.48%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$5.8636,18904/30/20154.10%149.49%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$96.70$93.07304,06212/31/20153.90%5.58%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$59.257,432,76712/31/20153.80%5.44%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.86625,74512/31/20153.50%5.01%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.72$25.88542,09906/30/20153.25%16.70%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$58.64632,95009/30/20153.17%7.10%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$74.46$72.28181,83106/30/20153.02%15.51%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.462,195,55112/31/20152.90%4.16%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.571,035,96509/30/20152.56%5.73%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.00N/A06/30/20152.50%12.85%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.711,902,04106/30/20152.48%12.73%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$41.36$40.441,084,49212/31/20152.29%3.27%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$26.58$26.0022,09412/31/20152.23%3.20%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$72.23$70.686,618,56406/30/20152.19%11.28%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.858,317,22106/30/20151.91%9.82%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.80$13.541,957,45409/30/20151.89%4.23%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.37281,48412/31/20151.84%2.63%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$43.581,000,29106/30/20151.54%7.90%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.51$1.491,053,18909/30/20151.48%3.31%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$257.453,829,10006/30/20151.48%7.59%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.53171,83312/31/20151.41%2.01%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.68$24.351,670,87606/30/20151.34%6.89%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.57$17.369,28906/30/20151.20%6.15%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.39889,01506/30/20151.16%5.98%
+LTM03/16/2015Leonard Green & Partners and TPG (N/A)All Cash$4 billion$72.10$71.29371,45309/30/20151.14%2.54%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$27.79$27.4810,81509/30/20151.12%2.52%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$38.11$37.74341,52808/15/20150.99%3.07%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$17.42$17.26329,24106/30/20150.92%4.71%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.09$3.06208,97806/30/20150.90%4.64%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$24.98$24.7745,43606/30/20150.84%4.34%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$47.55$47.192,283,58006/30/20150.76%3.91%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$22.61$22.444,426,25606/30/20150.76%3.89%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$82.45565,45206/30/20150.67%3.43%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$104.91956,32706/30/20150.66%3.38%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.911,214,27406/30/20150.43%2.21%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.573,129,75110/31/20150.41%0.77%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$17.42$17.3551,85412/31/20150.40%0.57%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.41$48.2222,44803/31/20150.38%0.00%
+ASPX03/30/2015Teva Pharmaceutical Industries Limited (TEVA)All Cash$3.5 billion$101.00$100.68390,07106/30/20150.32%1.63%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.981,649,19411/01/20150.25%0.47%
+ICEL03/30/2015FUJIFILM Holdings Corporation (N/A)All Cash$307 million$16.50$16.47284,57106/30/20150.18%0.94%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.2230006/30/20150.14%0.73%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.841,070,50112/31/20150.06%0.09%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.2530006/30/20150.00%0.00%
+VTSS03/18/2015Microsemi Corporation (MSCC)All Cash$389 million$5.28$5.281,055,97206/28/20150.00%0.00%
+KFX03/24/2015Lexmark International Inc. (LXK)All Cash$1 billion$11.00$11.00627,94406/30/20150.00%0.00%
+HPTX03/30/2015Horizon Pharma plc (HZNP)All Cash$1.1 billion$46.00$46.06283,41906/30/2015-0.13%-0.67%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$22.18$22.213,37805/15/2015-0.14%-2.12%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.71$19.752,33707/31/2015-0.22%-0.80%
+NCFT03/30/2015Fortune Brands Home & Security, Inc. (FBHS)All Cash$600 million$25.50$25.5949,63806/30/2015-0.35%-1.81%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$21.00$21.217,40712/31/2015-1.01%-1.45%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$39.04$39.62174,95209/30/2015-1.46%-3.27%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4543,95810/31/2015-4.08%-7.68%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.751,004,90903/31/2015-5.40%98.49%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.7264,14906/30/2015-6.96%-35.77%

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