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Merger Arbitrage Mondays – June 29, 2015

  • June 28, 2015

Merger activity decreased last week with three new deals announced and three 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 201593
Total Number of Deals Not Completed in 20153
Total Number of Pending Deals
Cash Deals45
Stock Deals21
Stock & Cash Deals11
Special Conditions11
Total Number of Pending Deals88
Total Deal Size$809.83 billion

New Deals:

  1. The acquisition of Martha Stewart Living Omnimedia (MSO) by Sequential Brands Group (SQBG) for $353 million or $6.15 per share in cash. Under the terms of the merger agreement, each of Sequential and MSLO will merge with and into subsidiaries of a newly formed public holding company (“TopCo”). TopCo will continue as a publicly traded company and be renamed Sequential Brands Group, Inc. Pursuant to the terms of the merger agreement, each share of Sequential common stock will be converted into one share of TopCo common stock. MSLO stockholders will be entitled to elect to receive either (a) $6.15 in cash or (b) a number of shares of TopCo common stock equal to $6.15 divided by the volume weighted average price of Sequential common stock during the five-day period ending on the trading day immediately prior to closing, for each share of MSLO common stock held. The cash and stock elections by MSLO stockholders will be subject to proration in the event of oversubscription.
  2. The acquisition of Home Properties (HME) by an affiliate of Lone Star Funds for $7.6 billion or $75.23 per share in cash.
  3. The acquisition of Sutron Corporation (STRN) by an affiliate of Hach Company for $39 million or $8.50 per share in cash.

Deal Updates:

  1. On June 27, 2015, Integrated Silicon Solution (ISSI) said that its board has decided that Cypress Semiconductor’s (CY) revised buyout offer of $22.60 is not superior to the approximately $738.3 million deal it already has in place with Uphill Investment Co.

Closed Deals:

  1. The acquisition of Synageva BioPharma (GEVA) by Alexion Pharmaceuticals (ALXN) on June 23, 2015. It took 48 days for this deal to be completed.
  2. The acquisition of AOL (AOL) by Verizon Communications (VZ) on June 23, 2015. It took 42 days for this deal to be completed.
  3. The acquisition of Zep (ZEP) by a fund managed by New Mountain Capital, L.L.C. on June 27, 2015. It took 80 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

WPZ05/13/2015Williams Companies, Inc. (WMB)$63.69$50.3009/30/201526.62%104.47%
ODP02/04/2015Staples, Inc. (SPLS)$10.76$8.8512/31/201521.60%42.62%
MEA06/16/2015Total Merchant Limited (N/A)$0.60$0.5008/31/201520.00%115.87%
SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company�s Chairman and Chief Executive Officer (N/A)$5.25$4.5912/31/201514.38%28.37%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.7112/31/201614.02%9.28%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$26.3204/30/201613.03%15.54%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$30.0312/31/201511.56%22.80%
EROC05/21/2015Vanguard Natural Resources, LLC (VNR)$2.85$2.5909/30/201510.00%39.25%
BHI11/16/2014Halliburton Company (HAL)$67.29$61.9012/31/20158.71%17.19%
TWC05/26/2015Charter Communications, Inc. (CHTR)$192.76$179.5012/31/20157.39%14.58%

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

+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$63.69$50.302,357,84809/30/201526.62%104.47%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.76$8.8540,696,03612/31/201521.60%42.62%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.50357,45608/31/201520.00%115.87%
+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$4.59635,05012/31/201514.38%28.37%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.71144,48212/31/201614.02%9.28%
+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$26.32940,67604/30/201613.03%15.54%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.03559,22312/31/201511.56%22.80%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$2.85$2.59244,02909/30/201510.00%39.25%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$67.29$61.903,468,16212/31/20158.71%17.19%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$192.76$179.502,262,16712/31/20157.39%14.58%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$8.47$7.94106,95009/30/20156.68%26.20%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.75$10.141,470,43510/31/20156.04%17.78%
+CMGE06/09/2015Pegasus Investment Holdings Limited (N/A)All CashN/A$22.00$20.79211,54912/31/20155.82%11.48%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$43.92$41.61721,48512/31/20155.55%10.94%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$51.306,192,86703/31/20165.26%6.96%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.454,993,51206/30/20154.80%1753.28%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.71$20.7444,90207/31/20154.66%53.13%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$52.1110,552,77703/31/20164.59%6.07%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.98$3.813,697,46706/30/20164.37%4.35%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$94.282,666,18712/31/20153.95%7.78%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.6421,43212/31/20153.38%6.68%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$12.32$11.95473,18009/30/20153.10%12.15%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.764,91412/31/20152.94%5.80%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.90456,20812/31/20152.90%5.72%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$94.85$92.20719,58512/31/20152.87%5.67%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$20.53$19.9745,21612/31/20152.83%5.58%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.85$28.10810,84712/31/20152.65%5.23%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.61727,58609/30/20152.50%9.81%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$73.441,915,76912/31/20152.44%4.81%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$41.64$40.711,698,07512/31/20152.29%4.52%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.15562,24212/31/20152.25%4.45%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.09$6.94126,53509/30/20152.11%8.28%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$124.59553,63412/31/20152.09%4.13%
+ADNC04/30/2015Knowles Corporation (KN)Special Conditions$85 million$5.00$4.90887,31809/30/20152.04%8.01%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.731,253,43209/30/20151.97%7.72%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.75768,76509/30/20151.87%7.34%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.504,32909/30/20151.49%5.86%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.7542,08209/30/20151.48%5.81%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$23.903,97412/31/20151.46%2.89%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$93.703,717,87906/30/20151.39%506.40%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$88.811,792,42212/31/20151.34%2.64%
+STRN06/22/2015affiliate of Hach Company (N/A)All Cash$39 million$8.50$8.39164,65809/30/20151.31%5.15%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.54921,57012/31/20151.29%2.54%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.152,236,60812/31/20151.10%2.17%
+MCRL05/07/2015Microchip Technology Inc. (MCHP)Special Conditions$839 million$14.00$13.85661,90108/15/20151.08%8.41%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$49.08$48.581,002,80712/31/20151.02%2.02%
+CKSW04/30/2015private funds managed by Francisco Partners Management L.P. (N/A)All Cash$438 million$12.65$12.53836,58807/31/20150.96%10.92%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$14.50$14.372,207,76609/30/20150.88%3.45%
+IGTE04/27/2015Capgemini (N/A)All Cash$4 billion$48.00$47.65651,30712/31/20150.73%1.45%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$18.48$18.35160,78012/31/20150.73%1.45%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.06351,08709/30/20150.73%2.88%
+CYNI05/04/2015Ciena Corporation (CIEN)All Stock$400 million$5.46$5.42374,84609/30/20150.72%2.82%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$61.073,128,78212/31/20150.70%1.39%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.822,627,66009/30/20150.68%2.69%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.112,91606/30/20150.66%242.07%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.5835,54506/30/20150.65%235.74%
+GTI05/18/2015affiliate of Brookfield Asset Management Inc. (N/A)All Cash$546 million$5.05$5.028,077,22307/31/20150.60%6.82%
+INFA04/07/2015Permira funds and Canada Pension Plan Investment Board (N/A)All Cash$5.3 billion$48.75$48.49800,75909/30/20150.54%2.10%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$30.82$30.66108,50112/31/20150.51%1.00%
+AEC04/22/2015Brookfield Asset Management Inc. (BAM)All Cash$2.5 billion$28.75$28.62416,64512/31/20150.45%0.90%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.78967,49312/31/20150.44%0.88%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.73169,51909/30/20150.42%1.66%
+GKNT06/02/2015GameStop Corp. (GME)All Cash$140 million$20.00$19.9213,90508/02/20150.40%4.31%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.511,151,08306/30/20150.35%128.20%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$47.88$47.732,410,62806/30/20150.32%117.92%
+RALY05/27/2015CA, Inc. (CA)All Cash$480 million$19.50$19.45262,43209/30/20150.26%1.01%
+ROSE05/11/2015Noble Energy, Inc. (NBL)All Stock$2.1 billion$24.29$24.231,752,02409/30/20150.24%0.92%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$41.03$40.94357,14509/30/20150.23%0.89%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$33.10$33.04636,48308/15/20150.18%1.42%
+DOVR04/14/2015Webster Capital (N/A)All CashN/A$8.50$8.491,75206/30/20150.12%42.99%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$44.21631,25109/30/20150.09%0.36%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$70.70$70.67366,72606/30/20150.05%18.01%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$28.80$28.79170,34906/30/20150.03%12.68%
+MERU05/27/2015Fortinet Inc. (FTNT)All Cash$44 million$1.63$1.6335,91209/30/20150.00%0.00%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$34.01259,09512/31/2015-0.03%-0.06%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.57$1.573,946,46509/30/2015-0.25%-1.00%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$30.74$30.881,109,35007/01/2015-0.44%-80.03%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$75.381,096,04103/31/2016-0.50%-0.67%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$85.16686,48806/30/2015-2.54%-925.79%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.36$27.20511,05309/30/2015-3.09%-12.12%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$21.295,20707/01/2015-3.71%-677.20%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.421,016,62412/31/2015-4.21%-8.30%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$22.231,293,72309/30/2015-5.53%-21.72%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4977,37510/31/2015-5.62%-16.55%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.59864,89905/31/2015-6.40%80.49%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.21$6.99253,05203/31/2015-39.77%161.31%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.05$23.1236,47612/31/2015-65.17%-128.58%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$N/AN/A08/15/20150.00%0.00%

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