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Merger Arbitrage Mondays – June 22, 2015

  • June 21, 2015

Merger activity increased last week with four new deals announced and two 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 201589
Total Number of Deals Not Completed in 20153
Total Number of Pending Deals
Cash Deals44
Stock Deals21
Stock & Cash Deals13
Special Conditions10
Total Number of Pending Deals88
Total Deal Size$801.77 billion

New Deals:

  1. The acquisition of Dealertrack Technologies (TRAK) by Cox Automotive for $4 billion or $63.25 per share in cash.
  2. The acquisition of Metalico (MEA) by Total Merchant Limited for $87 million or $0.60 per share in cash.
  3. The acquisition of Kythera Biopharmaceuticals (KYTH) by Allergan (AGN) for $2.1 billion or $75.00 per share in cash. The fixed-value transaction consideration will be payable 80 percent in cash and 20 percent in new AGN shares issued to KYTHERA shareholders. Since this is a “fixed value” transaction, we are treating it as an all cash deal.
  4. The acquisition of Lumenis (LMNS) by XIO Group for $510 million or $14.00 per share in cash.

Deal Updates:

  1. On June 19, 2015, Chinese investor group Uphill hiked its buyout offer for Integrated Silicon (ISSI) by $1 to $22 per share, $2.75 above its original offer price, shortly after Cypress Semi (CYhiked its offer to $21.25 per share (while finally agreeing to pay a $19.2M termination fee).

Closed Deals:

  1. The acquisition of Revett Mining Company (RVM) by Hecla Mining (HL) on June 16, 2015. It took 81 days for this deal to be completed.
  2. The acquisition of Uranerz Energy (URZ) by Energy Fuels (UUUU) on June 18, 2015. It took 164 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)$10.83$9.0912/31/201519.19%36.47%
SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A)$5.25$4.4912/31/201516.93%32.18%
MEA06/16/2015Total Merchant Limited  (N/A)$0.60$0.5208/31/201515.38%80.22%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$26.4604/30/201612.43%14.50%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.8212/31/201610.73%7.02%
BHI11/16/2014Halliburton Company (HAL)$68.11$61.9312/31/20159.98%18.98%
EROC05/21/2015Vanguard Natural Resources, LLC (VNR)$2.72$2.4909/30/20159.22%33.64%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$30.9212/31/20158.34%15.86%
TWC05/26/2015Charter Communications, Inc. (CHTR)$191.77$177.3012/31/20158.16%15.52%
BRLI06/04/2015Opko Health, Inc. (OPK)$42.63$39.7712/31/20157.18%13.65%

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$10.83$9.0911,827,80612/31/201519.19%36.47%
+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$4.491,969,96612/31/201516.93%32.18%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.52444,94508/31/201515.38%80.22%
+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$26.46531,60504/30/201612.43%14.50%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.82327,49612/31/201610.73%7.02%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$68.11$61.934,014,26512/31/20159.98%18.98%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$2.72$2.49205,64009/30/20159.22%33.64%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.921,272,66412/31/20158.34%15.86%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$191.77$177.302,328,18012/31/20158.16%15.52%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$42.63$39.77426,76112/31/20157.18%13.65%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$19.999,27206/30/20156.30%287.58%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.56$9.952,791,69110/31/20156.10%16.99%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$19.77$18.76136,40912/31/20155.38%10.22%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$51.326,224,64103/31/20165.22%6.74%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.52300,27709/30/20155.06%18.47%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.95$3.783,474,06006/30/20164.62%4.51%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.481,437,90406/30/20154.53%206.66%
+CMGE06/09/2015Pegasus Investment Holdings Limited (N/A)All CashN/A$22.00$21.07337,21312/31/20154.41%8.39%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$94.224,017,18612/31/20154.01%7.63%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$8.09$7.81124,25109/30/20153.52%12.85%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$19.8966,09406/30/20153.07%139.93%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$93.99$91.39419,62712/31/20152.84%5.41%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$12.35$12.013,007,76009/30/20152.81%10.26%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.7276,53812/31/20152.61%4.97%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.05$20.5221,79307/31/20152.57%24.02%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.931,391,77712/31/20152.45%4.66%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$92.784,481,96706/30/20152.39%109.17%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$124.31876,36812/31/20152.32%4.42%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.7942,61112/31/20152.30%4.37%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.19$27.59170,52312/31/20152.16%4.11%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.26376,84912/31/20152.05%3.89%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$43.09$42.234,035,16212/31/20152.03%3.86%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.73587,98509/30/20151.97%7.18%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$88.322,545,71412/31/20151.90%3.62%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.71402,26109/30/20151.85%6.74%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.781,462,90609/30/20151.76%6.41%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$53.737,252,54103/31/20161.43%1.85%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$53.90$53.144,920,55009/30/20151.43%5.21%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.53534,08412/31/20151.41%2.67%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.69332,34109/30/20151.28%4.67%
+CYNI05/04/2015Ciena Corporation (CIEN)All Stock$400 million$5.75$5.68241,42509/30/20151.19%4.36%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.4923,90306/30/20151.14%51.82%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.131,271,55112/31/20151.13%2.14%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.17$26.90793,88406/30/20151.02%46.56%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$71.12$70.48951,46406/30/20150.91%41.58%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$14.43$14.301,203,97109/30/20150.90%3.27%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$48.82$48.391,443,91012/31/20150.89%1.68%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.21$7.1555,43409/30/20150.83%3.04%
+IGTE04/27/2015Capgemini (N/A)All Cash$4 billion$48.00$47.62416,87512/31/20150.80%1.52%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$50.40$50.012,249,47306/30/20150.79%35.91%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.03257,65709/30/20150.78%2.86%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.762,772,13009/30/20150.78%2.85%
+CKSW04/30/2015private funds managed by Francisco Partners Management L.P. (N/A)All Cash$438 million$12.65$12.56332,77007/31/20150.72%6.71%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$61.103,298,84712/31/20150.65%1.24%
+MCRL05/07/2015Microchip Technology Inc. (MCHP)Special Conditions$839 million$14.00$13.92648,57408/15/20150.57%3.88%
+INFA04/07/2015Permira funds and Canada Pension Plan Investment Board (N/A)All Cash$5.3 billion$48.75$48.501,428,78609/30/20150.52%1.88%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$17.54$17.4530,02412/31/20150.51%0.98%
+GKNT06/02/2015GameStop Corp. (GME)All Cash$140 million$20.00$19.9016,67708/02/20150.50%4.47%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$27.40$27.27112,04906/30/20150.47%21.48%
+ROSE05/11/2015Noble Energy, Inc. (NBL)All Stock$2.1 billion$23.59$23.502,469,42609/30/20150.40%1.45%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.451,685,77506/30/20150.39%17.99%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$33.78$33.65605,49708/15/20150.39%2.61%
+AEC04/22/2015Brookfield Asset Management Inc. (BAM)All Cash$2.5 billion$28.75$28.64663,26812/31/20150.38%0.73%
+RALY05/27/2015CA, Inc. (CA)All Cash$480 million$19.50$19.44734,66009/30/20150.31%1.13%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$40.22$40.10241,85609/30/20150.29%1.06%
+DOVR04/14/2015Webster Capital (N/A)All CashN/A$8.50$8.482,08206/30/20150.24%10.76%
+GEVA05/06/2015Alexion Pharmaceuticals, Inc. (ALXN)Cash Plus Stock$8.4 billion$236.35$235.802,550,24306/30/20150.23%10.71%
+ADNC04/30/2015Knowles Corporation (KN)Special Conditions$85 million$5.00$4.99803,68709/30/20150.20%0.73%
+ZEP04/08/2015fund managed by New Mountain Capital, L.L.C. (N/A)All Cash$692 million$20.05$20.0281,15209/30/20150.15%0.55%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.20796,13509/30/20150.11%0.41%
+AOL05/12/2015Verizon Communications Inc. (VZ)All Cash$4.4 billion$50.00$49.961,539,43706/30/20150.08%3.65%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.983,05009/30/20150.06%0.21%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$29.58$29.5693,04809/30/20150.06%0.21%
+MERU05/27/2015Fortinet Inc. (FTNT)All Cash$44 million$1.63$1.63127,14409/30/20150.00%0.00%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$75.002,312,85103/31/20160.00%0.00%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.861,682,66312/31/2015-0.06%-0.12%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$50.94$50.99161,49606/30/2015-0.10%-4.76%
+GTI05/18/2015affiliate of Brookfield Asset Management Inc. (N/A)All Cash$546 million$5.05$5.061,679,74307/31/2015-0.20%-1.85%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$34.17177,89912/31/2015-0.50%-0.95%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$29.82$30.02224,18512/31/2015-0.66%-1.25%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.54$1.56260,43509/30/2015-1.00%-3.65%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$84.621,236,42606/30/2015-1.91%-87.35%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4728,18010/31/2015-4.86%-13.54%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$22.111,093,10509/30/2015-5.02%-18.32%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.971,274,28705/31/2015-5.66%93.91%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.38$7.30204,97503/31/2015-40.06%176.16%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$7.85$21.7453,62512/31/2015-63.91%-121.49%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$N/AN/A08/15/20150.00%0.00%

Voluntary Disclosure: I hold a long position in Hecla (HL).

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