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Merger Arbitrage Mondays – June 15, 2015

  • June 15, 2015

There was no change in merger activity last week with three new deals announced and four 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 201587
Total Number of Deals Not Completed in 20153
Total Number of Pending Deals
Cash Deals39
Stock Deals23
Stock & Cash Deals13
Special Conditions10
Total Number of Pending Deals85
Total Deal Size$794.16 billion

New Deals:

  1. The acquisition of Sungy Mobile Limited (GOMO) by Sunflower Parent Limited for $4.90 per share in cash in a going private transaction.
  2. The acquisition of China Mobile Games and Entertainment Group Limited (CMGE) by Pegasus Investment Holdings Limited for $22.00 per share in cash.
  3. The acquisition of HCC Insurance Holdings (HCC) by Tokio Marine Holdings for $7.5 billion or $78.00 per share in cash.

Deal Updates:

  1. June 6, 2015: The DIRECTV (DTV) and AT&T (T) deal is expected to close on June 30, 2015.
  2. On June 11, 2015, Integrated Silicon Solution (ISSI) and Uphill Investment amended the Uphill Agreement after ISSI announced yesterday that it had agreed to terms with Cypress Semiconductor (CY) to be acquired for a cash purchase price of $20.25 per share. After considering that the existing offer from Cypress had a lower price than the $21.00 per share provided by the amended Uphill Agreement, the ISSI Board has determined that the proposal from Cypress no longer constitutes, and would not be reasonably expected to lead to a Superior Proposal.

Closed Deals:

  1. The acquisition of Courier Corporation (CRRC) by R.R. Donnelley & Sons Company (RRD) on June 8, 2015. It took 123 days for this deal to be completed.
  2. The acquisition of Life Time Fitness (LTM) by Leonard Green & Partners and TPG on June 10, 2015. It took 96 days for this deal to be completed.
  3. The acquisition of Borderfree (BRDR) by Pitney Bowes (PBI) on June 11, 2015. It took 35 days for this deal to be completed.
  4. The acquisition of Lorillard (LO) by Reynolds American (RAI) on June 12, 2015. It took 332 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)$10.82$9.1812/31/201517.90%32.83%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$26.6004/30/201611.84%13.51%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$30.4712/31/20159.94%18.24%
BHI11/16/2014Halliburton Company (HAL)$69.94$64.1312/31/20159.06%16.61%
EROC05/21/2015Vanguard Natural Resources, LLC (VNR)$2.74$2.5209/30/20158.58%29.26%
SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A)$5.25$4.8412/31/20158.47%15.54%
BRLI06/04/2015Opko Health, Inc. (OPK)$42.85$39.6312/31/20158.11%14.88%
TWC05/26/2015Charter Communications, Inc. (CHTR)$193.18$178.7412/31/20158.08%14.81%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6508/15/20157.88%47.14%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.60$9.9610/31/20156.41%16.96%

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$10.82$9.189,001,31112/31/201517.90%32.83%
+OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)All Cash$1.9 billion$29.75$26.60461,87404/30/201611.84%13.51%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.47485,11812/31/20159.94%18.24%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$69.94$64.131,428,68412/31/20159.06%16.61%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$2.74$2.52301,81509/30/20158.58%29.26%
+SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company�s Chairman and Chief Executive Officer (N/A)All Cash$774 million$5.25$4.84198,16712/31/20158.47%15.54%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$42.85$39.63652,26512/31/20158.11%14.88%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$193.18$178.742,637,82512/31/20158.08%14.81%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.65N/A08/15/20157.88%47.14%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.60$9.961,131,98110/31/20156.41%16.96%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.445128,30709/30/20156.28%21.44%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$8.13$7.6961,05109/30/20155.78%19.72%
+ADNC04/30/2015Knowles Corporation (KN)Special Conditions$85 million$5.00$4.73366,69809/30/20155.71%19.47%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.38824,24906/30/20155.45%132.57%
+RVM03/27/2015Hecla Mining Co. (HL)All Stock$20 million$0.48$0.45518,20106/30/20155.16%125.62%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.67149,77212/31/20154.93%9.03%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$51.595,068,31503/31/20164.67%5.88%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.92$3.763,554,29106/30/20164.30%4.11%
+CMGE06/09/2015Pegasus Investment Holdings Limited (N/A)All CashN/A$22.00$21.12307,77712/31/20154.17%7.64%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.01$20.217,23407/31/20153.97%31.52%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$94.932,075,32112/31/20153.23%5.93%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$92.092,732,73506/30/20153.16%76.89%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.17$1.1351,60606/30/20153.13%76.12%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.56$27.7793,91812/31/20152.86%5.24%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.7112,77812/31/20152.71%4.97%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.92821,99212/31/20152.60%4.77%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$94.68$92.32126,34112/31/20152.55%4.68%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.255,36106/30/20152.47%60.00%
+CYNI05/04/2015Ciena Corporation (CIEN)All Stock$400 million$5.74$5.61155,02509/30/20152.38%8.11%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.10228,70412/31/20152.35%4.31%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$12.79$12.53599,68909/30/20152.06%7.01%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$124.66893,29212/31/20152.04%3.74%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$88.23775,63812/31/20152.01%3.68%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.721,310,94309/30/20151.98%6.77%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.71140,95209/30/20151.85%6.30%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$42.80$42.071,336,42212/31/20151.74%3.19%
+GEVA05/06/2015Alexion Pharmaceuticals, Inc. (ALXN)Cash Plus Stock$8.4 billion$226.25$222.79614,02206/30/20151.55%37.74%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$60.611,419,35112/31/20151.47%2.69%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$43.63613,25509/30/20151.42%4.85%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.53153,47012/31/20151.41%2.58%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.97N/A06/30/20151.34%32.49%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$29.01$28.6811,17409/30/20151.16%3.95%
+ROSE05/11/2015Noble Energy, Inc. (NBL)All Stock$2.1 billion$25.13$24.851,315,07109/30/20151.14%3.88%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$52.39$51.822,018,76309/30/20151.11%3.78%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.70397,59809/30/20151.06%3.63%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.202,381,23612/31/20151.04%1.90%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.56$1.54229,66909/30/20150.99%3.37%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$14.44$14.31742,67109/30/20150.91%3.12%
+IGTE04/27/2015Capgemini (N/A)All Cash$4 billion$48.00$47.57580,09312/31/20150.90%1.66%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$54.025,935,03303/31/20160.89%1.12%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.00148,61309/30/20150.83%2.84%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$48.33$47.94374,39112/31/20150.81%1.49%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$39.35$39.0594,03009/30/20150.76%2.60%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$69.98$69.52384,37506/30/20150.67%16.20%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.111,316,09006/30/20150.64%15.57%
+MERU05/27/2015Fortinet Inc. (FTNT)All Cash$44 million$1.63$1.6295,44009/30/20150.62%2.11%
+INFA04/07/2015Permira funds and Canada Pension Plan Investment Board (N/A)All Cash$5.3 billion$48.75$48.461,161,12609/30/20150.60%2.04%
+CKSW04/30/2015private funds managed by Francisco Partners Management L.P. (N/A)All Cash$438 million$12.65$12.58310,71007/31/20150.56%4.42%
+GKNT06/02/2015GameStop Corp. (GME)All Cash$140 million$20.00$19.8929,92208/02/20150.55%4.21%
+AEC04/22/2015Brookfield Asset Management Inc. (BAM)All Cash$2.5 billion$28.75$28.60443,44512/31/20150.52%0.96%
+MCRL05/07/2015Microchip Technology Inc. (MCHP)Special Conditions$839 million$14.00$13.94430,48208/15/20150.43%2.58%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$34.15$34.02412,33308/15/20150.38%2.25%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$27.01$26.9249,01906/30/20150.35%8.53%
+RALY05/27/2015CA, Inc. (CA)All Cash$480 million$19.50$19.44384,27709/30/20150.31%1.05%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$17.63$17.5816,85012/31/20150.28%0.52%
+DOVR04/14/2015Webster Capital (N/A)All CashN/A$8.50$8.48N/A06/30/20150.24%5.74%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$30.28$30.2121,41012/31/20150.23%0.42%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$49.76$49.65620,14306/30/20150.21%5.20%
+GTI05/18/2015affiliate of Brookfield Asset Management Inc. (N/A)All Cash$546 million$5.05$5.043,586,72307/31/20150.20%1.57%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$18.88$18.853,09612/31/20150.14%0.25%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.975,39309/30/20150.09%0.30%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$50.99$50.973,83606/30/20150.03%0.83%
+AOL05/12/2015Verizon Communications Inc. (VZ)All Cash$4.4 billion$50.00$49.992,314,95906/30/20150.02%0.49%
+ZEP04/08/2015fund managed by New Mountain Capital, L.L.C. (N/A)All Cash$692 million$20.05$20.06532,05109/30/2015-0.05%-0.17%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.22$7.2412,17209/30/2015-0.25%-0.85%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$34.11179,57512/31/2015-0.32%-0.59%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.55$27.65326,79306/30/2015-0.38%-9.18%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.92837,13412/31/2015-0.44%-0.81%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.6252,52106/30/2015-0.58%-14.16%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$21.41252,55509/30/2015-1.91%-6.53%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$84.79627,73906/30/2015-2.11%-51.37%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4627,45510/31/2015-4.47%-11.83%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.57975,08105/31/2015-5.18%126.05%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.63$8.3382,45403/31/2015-44.44%213.43%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$7.89$22.2825,71712/31/2015-64.60%-118.49%

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