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Merger Arbitrage Mondays – April 6, 2015

  • April 5, 2015

Merger activity increased last week with six new deals announced and five 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 201558
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals31
Stock Deals16
Stock & Cash Deals15
Special Conditions6
Total Number of Pending Deals68
Total Deal Size$591.07 billion

New Deals:

  1. The acquisition of Hyperion Therapeutics (HPTX) by Horizon Pharma (HZNP) for $1.1 billion or $46.00 per share in cash.
  2. The acquisition of Catamaran Corporation (CTRX) by OptumRx, UnitedHealth Group’s (UNH) free-standing pharmacy care services business for $12.8 billion or $61.50 per share in cash.
  3. The acquisition of Cellular Dynamics International (ICEL) by FUJIFILM Holdings Corporation for $307 million or $16.5 per share in cash.
  4. The acquisition of Auspex Pharmaceuticals (ASPX) by Teva Pharmaceutical Industries Limited (TEVA) for $3.5 billion or $101 per share in cash.
  5. The acquisition of Norcraft Companies (NCFT) by Fortune Brands Home & Security (FBHS) for $600 million or $25.50 per share in cash.
  6. The acquisition of Montpelier Re Holdings (MRH) by Endurance Specialty Holdings (ENH) for $1.83 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Montpelier Re Holdings will receive 0.472 shares of Endurance and $9.89 in cash.

Closed Deals:

  1. The acquisition of Uroplasty (UPI) by Vision-Sciences (CGNT) on March 31, 2015. It took 99 days for this deal to be completed.
  2. The acquisition of Colonial Financial Services (COBK) by Cape Bancorp (CBNJ) on April 1, 2014. It took 203 days for this deal to be completed.
  3. The acquisition of Salix Pharmaceuticals (SLXP) by Valeant Pharmaceuticals International (VRX) on April 1, 2015. It took 38 days for this deal to be completed.
  4. The acquisition of Aviv REIT (AVIV) by Omega Healthcare Investors (OHI) on April 1, 2015. It took 152 days for this deal to be completed.
  5. The acquisition of Rio Alto Mining Limited (RIOM) by Tahoe Resources (TAHO) on April 2, 2015. It took 417 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)$10.80$9.1912/31/201517.53%23.79%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5312/31/201416.34%-62.13%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.46$0.4006/30/201515.21%65.31%
CACQ12/22/2014Caesars Entertainment Corporation (CZR)$7.24$6.4503/31/201512.31%-749.09%
DTV05/18/2014AT&T, Inc. (T)$95.00$86.3705/31/20159.99%66.31%
INXN03/09/2015Telecity Group plc (TCY.L)$31.36$28.9412/31/20158.35%11.33%
TWC02/13/2014Comcast Corporation (CMCSA)$166.58$154.8106/30/20157.60%32.64%
BHI11/16/2014Halliburton Company (HAL)$68.24$63.7612/31/20157.02%9.52%
ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)$19.25$18.0309/30/20156.77%13.95%
HLSS02/22/2015New Residential Investment Corp. (NRZ)$18.25$17.3206/30/20155.37%23.06%

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$10.80$9.197,451,70612/31/201517.53%23.79%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.5312,80112/31/201416.34%0.00%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.46$0.4040,31806/30/201515.21%65.31%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$7.24$6.4595,20603/31/201512.31%0.00%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$86.371,520,27405/31/20159.99%66.31%
+INXN03/09/2015Telecity Group plc (TCY.L)All StockN/A$31.36$28.94998,25912/31/20158.35%11.33%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$166.58$154.813,730,24806/30/20157.60%32.64%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$68.24$63.764,331,68212/31/20157.02%9.52%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$19.25$18.03160,22709/30/20156.77%13.95%
+HLSS02/22/2015New Residential Investment Corp. (NRZ)All Cash$1.3 billion$18.25$17.32691,62806/30/20155.37%23.06%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.04$26.67134,92912/31/20155.12%6.95%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$31.93394,89812/31/20154.92%6.67%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$17.846,28006/30/20154.82%20.70%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.91$25.81865,12306/30/20154.25%18.24%
+GFIG07/30/2014BGC Partners, Inc. (BGCP)All Cash$778 million$6.10$5.87220,86702/26/20153.92%0.00%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.706,439,06706/30/20153.90%16.73%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$59.2610,552,72312/31/20153.78%5.13%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$71.85$69.2512,064,06806/30/20153.75%16.12%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$93.03$89.81202,91212/31/20153.59%4.87%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$74.74$72.57213,97106/30/20152.99%12.86%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$58.87613,63509/30/20152.77%5.71%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$17.7713,507,53006/30/20152.70%11.60%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$80.90692,04506/30/20152.60%11.15%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.821,097,74312/31/20152.48%3.37%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$28.30$27.6384,53009/30/20152.42%4.99%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$41.20$40.261,578,55312/31/20152.34%3.18%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.733,843,07706/30/20152.30%9.88%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$37.21$36.501,000,82508/15/20151.93%5.39%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.69$10.492,922,08104/30/20151.90%28.92%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$256.40583,19406/30/20151.89%8.12%
+LTM03/16/2015Leonard Green & Partners and TPG (N/A)All Cash$4 billion$72.10$71.02672,77409/30/20151.52%3.14%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$43.60898,35306/30/20151.49%6.40%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$26.67$26.2815,52312/31/20151.48%2.01%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.86764,18709/30/20151.45%2.99%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.90$19.6511,43207/31/20151.26%3.96%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$21.77$21.5062,80812/31/20151.23%1.68%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.91$13.74453,04109/30/20151.21%2.50%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.55208,07212/31/20151.17%1.59%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.75252,65312/31/20151.13%1.54%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.51540,67306/30/20151.08%4.62%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.69$24.441,300,76606/30/20151.03%4.42%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.0411906/30/20151.00%4.29%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.481,560,48810/31/20150.78%1.36%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.154,69206/30/20150.76%3.27%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.353,34206/30/20150.74%3.17%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$17.92$17.79538,49906/30/20150.72%3.08%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.71$17.596,15706/30/20150.69%2.98%
+KFX03/24/2015Lexmark International Inc. (LXK)All Cash$1 billion$11.00$10.931,138,36906/30/20150.64%2.75%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$23.33$23.181,031,05606/30/20150.63%2.69%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$104.98786,76006/30/20150.59%2.54%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$49.20$48.98737,48606/30/20150.45%1.95%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$39.13$38.95725,82409/30/20150.45%0.93%
+ASPX03/30/2015Teva Pharmaceutical Industries Limited (TEVA)All Cash$3.5 billion$101.00$100.551,624,82906/30/20150.45%1.92%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.921,851,47606/30/20150.38%1.64%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$25.80$25.7219,79806/30/20150.33%1.42%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.98184,21211/01/20150.25%0.44%
+ICEL03/30/2015FUJIFILM Holdings Corporation (N/A)All Cash$307 million$16.50$16.46228,96306/30/20150.24%1.04%
+HPTX03/30/2015Horizon Pharma plc (HZNP)All Cash$1.1 billion$46.00$45.89959,87006/30/20150.24%1.03%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$22.74$22.701,81105/15/20150.20%1.85%
+VTSS03/18/2015Microsemi Corporation (MSCC)All Cash$389 million$5.28$5.281,286,21706/28/20150.00%0.00%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$2.99$2.991,067,92306/30/2015-0.05%-0.20%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$48.85$49.0410,37603/31/2015-0.39%23.46%
+NCFT03/30/2015Fortune Brands Home & Security, Inc. (FBHS)All Cash$600 million$25.50$25.7477,67906/30/2015-0.93%-4.00%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.04$1.05816,77806/30/2015-1.16%-4.97%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.43151,56410/31/2015-3.29%-5.78%
+PZG12/17/2014Coeur Mining, Inc. (CDE)All Stock$146 million$0.95$1.00939,13006/30/2015-5.05%-21.67%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.24956,06003/31/2015-5.98%363.89%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.77243,94906/30/2015-7.15%-30.68%

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