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Merger Arbitrage Mondays – June 8, 2015

  • June 8, 2015

Merger activity decreased last week with three new deals announced and two deals closing.

According to Seeking Alpha, U.S. M&A activity hit an all-time monthly record in May, surpassing the previous highs seen during the height of the dot-com bubble and peak of the debt boom that led to the 2008 financial crisis.

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 201583
Total Number of Deals Not Completed in 20153
Total Number of Pending Deals
Cash Deals38
Stock Deals23
Stock & Cash Deals14
Special Conditions10
Total Number of Pending Deals85
Total Deal Size$786.58 billion

New Deals:

  1. The acquisition of Altera (ALTR) by Intel Corporation (INTC) for $16.7 billion or $54.00 per share in cash.
  2. The acquisition of OM Group (OMG) by Apollo Global Management (APO) for $34.00 per share in cash.
  3. The acquisition of Bio-Reference Laboratories (BRLI) by Opko Health (OPK) for $1.47 billion in an all stock deal. Under the terms of the agreement, shareholders of Bio-Reference Laboratories will receive 2.75 shares of OPKO common stock for each share of BRLI common stock.

Deal Updates:

  1. On June 2, 2015, Geeknet (GKNT) terminated its previously announced merger agreement with Hot Topic and agreed to be acquired by GameStop (GME) for $20.00 per share in cash.
  2. On June 3, 2015, HC2 Holdings (HCHC) announced that it had modified certain terms of its proposed offer to purchase all of the outstanding shares of (MCGC). HC2’s updated proposal is to acquire 100% of the common stock of MCGC on a fully-diluted basis in a cash and stock transaction in which stockholders of MCGC would receive $5.30 for each share of MCGC common stock outstanding, which is an increase from its previous $5.25 per share offer. MCGC’s Board of Directors, in consultation with its financial and legal advisers, will review the terms of the revised proposal submitted by HC2 Holdings.

Closed Deals:

  1. The acquisition of Viasystems Group (VIAS) by TTM Technologies (TTMI) on June 1, 2015. It took 252 days for this deal to be completed.
  2. The acquisition of Procera Networks (PKT) by private funds managed by Francisco Partners Management, L.P. on June 5, 2015. It took 44 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)$10.85$9.2912/31/201516.78%29.74%
BRLI06/04/2015Opko Health, Inc. (OPK)$44.52$39.6212/31/201512.37%21.92%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$26.8004/30/201611.01%12.29%
PMFG05/04/2015CECO Environmental Corp. (CECE)$6.85$6.2609/30/20159.42%30.18%
TWC05/26/2015Charter Communications, Inc. (CHTR)$194.09$178.0612/31/20159.01%15.96%
BHI11/16/2014Halliburton Company (HAL)$70.22$64.6812/31/20158.56%15.17%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$30.9012/31/20158.41%14.91%
SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company�s Chairman and Chief Executive Officer (N/A)$5.25$4.8612/31/20158.02%14.22%
EROC05/21/2015Vanguard Natural Resources, LLC (VNR)$2.77$2.5709/30/20157.90%25.31%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6508/15/20157.88%42.29%

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$10.85$9.293,291,72012/31/201516.78%29.74%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$44.52$39.622,940,63612/31/201512.37%21.92%
+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$26.80311,11204/30/201611.01%12.29%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.2624,87609/30/20159.42%30.18%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$194.09$178.061,646,23512/31/20159.01%15.96%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$70.22$64.682,837,51612/31/20158.56%15.17%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.90744,53912/31/20158.41%14.91%
+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$4.86757,87112/31/20158.02%14.22%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$2.77$2.57277,90109/30/20157.90%25.31%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.65N/A08/15/20157.88%42.29%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.41$9.732,192,44810/31/20156.97%17.54%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$8.24$7.7798,65709/30/20156.11%19.55%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.422,651,02606/30/20155.08%84.26%
+ADNC04/30/2015Knowles Corporation (KN)Special Conditions$85 million$5.00$4.76220,49809/30/20155.04%16.14%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$51.467,191,75303/31/20164.94%6.07%
+RVM03/27/2015Hecla Mining Co. (HL)All Stock$20 million$0.49$0.47211,47906/30/20154.12%68.42%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.54$1.49308,61109/30/20153.65%11.69%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$91.681,999,55205/31/20153.62%0.00%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$17.52$16.9535,78312/31/20153.37%5.97%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$94.851,582,70312/31/20153.32%5.88%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$95.14$92.55443,64712/31/20152.80%4.96%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.89$27.13238,94212/31/20152.79%4.94%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$20.74$20.2213,34207/31/20152.58%17.79%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.249,03106/30/20152.52%41.84%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$54.38$53.052,787,58609/30/20152.50%8.02%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$13.20$12.88369,84509/30/20152.48%7.95%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.05328,17712/31/20152.44%4.33%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.94246,35512/31/20152.31%4.08%
+GEVA05/06/2015Alexion Pharmaceuticals, Inc. (ALXN)Cash Plus Stock$8.4 billion$220.47$215.56491,08406/30/20152.28%37.77%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.92$3.834,457,63206/30/20162.25%2.11%
+CYNI05/04/2015Ciena Corporation (CIEN)All Stock$400 million$5.60$5.48265,65909/30/20152.19%7.01%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$60.191,639,41112/31/20152.18%3.86%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$124.821,322,90612/31/20151.91%3.38%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$43.91$43.12816,65912/31/20151.84%3.26%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$88.41820,12612/31/20151.80%3.19%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.52152,85712/31/20151.53%2.70%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$20.955,27706/30/20151.43%23.76%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.78558,99709/30/20151.39%4.46%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.18$1.16131,52506/30/20151.34%22.24%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$69.92$69.02404,02506/30/20151.30%21.52%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.25892,73806/30/20151.27%21.00%
+MERU05/27/2015Fortinet Inc. (FTNT)All Cash$44 million$1.63$1.61132,35509/30/20151.24%3.98%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$39.01$38.53176,12309/30/20151.24%3.97%
+ROSE05/11/2015Noble Energy, Inc. (NBL)All Stock$2.1 billion$24.17$23.882,429,73609/30/20151.21%3.86%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$43.76518,90609/30/20151.12%3.59%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.70214,64009/30/20151.06%3.41%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$18.91$18.7147,67712/31/20151.04%1.85%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$47.94$47.45729,40912/31/20151.04%1.83%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$14.22$14.091,987,29809/30/20150.93%2.97%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.7019,01909/30/20150.89%2.85%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.00587,32409/30/20150.83%2.67%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.30$7.2431,38309/30/20150.83%2.65%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.042,125,27109/30/20150.78%2.49%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$29.51$29.3059,33412/31/20150.73%1.29%
+IGTE04/27/2015Capgemini (N/A)All Cash$4 billion$48.00$47.69721,52212/31/20150.65%1.15%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$28.31$28.13135,71409/30/20150.63%2.02%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$71.49$71.064,728,81006/30/20150.60%9.94%
+CKSW04/30/2015private funds managed by Francisco Partners Management L.P. (N/A)All Cash$438 million$12.65$12.58327,16707/31/20150.56%3.83%
+INFA04/07/2015Permira funds and Canada Pension Plan Investment Board (N/A)All Cash$5.3 billion$48.75$48.50735,75909/30/20150.52%1.65%
+GKNT06/02/2015GameStop Corp. (GME)All Cash$140 million$20.00$19.9026,51008/02/20150.50%3.33%
+MCRL05/07/2015Microchip Technology Inc. (MCHP)Special Conditions$839 million$14.00$13.93498,41408/15/20150.50%2.70%
+AEC04/22/2015Brookfield Asset Management Inc. (BAM)All Cash$2.5 billion$28.75$28.61363,23112/31/20150.49%0.87%
+RALY05/27/2015CA, Inc. (CA)All Cash$480 million$19.50$19.411,703,44809/30/20150.46%1.48%
+GTI05/18/2015affiliate of Brookfield Asset Management Inc. (N/A)All Cash$546 million$5.05$5.034,184,34707/31/20150.40%2.74%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.65$26.56132,95306/30/20150.34%5.60%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$35.17$35.05186,32408/15/20150.33%1.80%
+ZEP04/08/2015fund managed by New Mountain Capital, L.L.C. (N/A)All Cash$692 million$20.05$19.99152,63209/30/20150.30%0.96%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$54.3512,217,02303/31/20160.28%0.34%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.4521,34406/30/20150.24%4.06%
+DOVR04/14/2015Webster Capital (N/A)All CashN/A$8.50$8.4831,27906/30/20150.24%3.91%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$49.80$49.701,245,18906/30/20150.21%3.44%
+BRDR05/06/2015Pitney Bowes (N/A)All Cash$395 million$14.00$13.9952,63906/30/20150.07%1.19%
+LTM03/16/2015Leonard Green & Partners and TPG (N/A)All Cash$4 billion$72.10$72.08517,44609/30/20150.03%0.09%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$50.11$50.1327,69306/30/2015-0.05%-0.78%
+AOL05/12/2015Verizon Communications Inc. (VZ)All Cash$4.4 billion$50.00$50.091,259,91906/30/2015-0.18%-2.98%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.34$27.391,001,43806/30/2015-0.18%-3.06%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$23.0935,48706/30/2015-0.39%-6.47%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.93339,31612/31/2015-0.50%-0.89%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$34.58363,94412/31/2015-1.68%-2.97%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$84.60518,13006/30/2015-1.89%-31.38%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4384,26110/31/2015-3.29%-8.29%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$20.00$20.73292,83109/30/2015-3.52%-11.27%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.381,048,67105/31/2015-4.95%225.85%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.26$7.51211,46003/31/2015-43.33%229.19%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$7.64$21.9528,40312/31/2015-65.19%-115.50%

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