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Merger Arbitrage Mondays – July 27, 2015

  • July 27, 2015

There was no change in merger activity last week with four 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 2015 114
Total Number of Deals Not Completed in 2015 3
Total Number of Pending Deals
Cash Deals 41
Stock Deals 17
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 82
Total Deal Size $987.28 billion

New Deals:

  1. The acquisition of Vivint Solar (VSLR) by SunEdison (SUNE) for $2.2 billion in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. Under the merger agreement, Vivint Solar stockholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison stock, and $3.30 per share in SunEdison convertible notes. The number of SunEdison shares to be received by Vivint Solar stockholders in the merger will be determined based upon the volume weighted average price per share of SunEdison common stock for the 30 consecutive trading days ending on (and including) the third trading day immediately prior to completion of the merger (the “Measurement Price”), subject to a collar. As a result of the collar, Vivint Solar stockholders will receive no more than 0.120 shares of SunEdison common stock and no less than 0.098 shares for each of their Vivint Solar shares. As part of the merger consideration, Vivint stockholders also will receive five-year notes convertible into SunEdison shares, which will be issued by SunEdison pursuant to an Indenture between SunEdison and a trustee. The convertible notes will be issuable only in registered form without coupons and will be direct, unsecured, senior obligations of SunEdison. The conversion price for these convertible notes will be 140 percent of the Measurement Price (but the Measurement Price may not exceed $33.62 or be lower than $27.51). The convertible notes will bear interest at a rate of 2.25% per year, payable semiannually in arrears in cash.
  2. The acquisition of Thoratec (THOR) by St. Jude Medical (STJ) for $3.4 billion or $63.50 per share in cash.
  3. The acquisition of StanCorp Financial Group (SFG) by Meiji Yasuda Life Insurance Company for $5 billion or $115.00 per share in cash.
  4. The acquisition of Cigna (CI) by Anthem (ANTM) for $54.2 billion in a cash plus stock deal. Under the terms of the agreement, Cigna shareholders will receive $103.40 in cash and 0.5152 Anthem common shares for each Cigna common share.

Deal Updates:

  1. On May 21, 2015, The Nasdaq Stock Market determined to remove from listing the common shares of Exceed Company (EDS), effective at the opening of the trading session on June 1, 2015 due to unpaid fees for continued listing. We are hence removing the deal from our database. The company now trades under the symbol (EDSFF) in the OTC Market. Assuming the Form 20-F is completed and filed and Mr. Lin is able to obtain financing for the Privatization, the Company currently anticipates that it will be in a position to amend its Schedule 13E-3 filing in connection with the Privatization and convene the extraordinary general meeting of the shareholders to consider and approve the Merger Agreement and complete the Privatization towards the end of the second quarter or early in the third quarter of 2015.

Closed Deals:

  1. The acquisition of Rosetta Resources (ROSE) by Noble Energy (NBL) on July 21, 2015. It took 71 days for this deal to be completed.
  2. The acquisition of QEP Midstream Partners (QEPM) by Tesoro Logistics (TLLP) on July 22, 2015. It took 107 days for this deal to be completed.
  3. The acquisition of Catamaran Corporation (CTRX) by OptumRx on July 23, 2015. It took 115 days for this deal to be completed.
  4. The acquisition of DIRECTV (DTV) by AT&T (T) on July 24, 2015. It took 432 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

SFXE 05/26/2015 an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A) $5.25 $3.86 12/31/2015 36.01% 83.72%
WPZ 05/13/2015 Williams Companies, Inc. (WMB) $58.69 $44.88 09/30/2015 30.78% 172.84%
ODP 02/04/2015 Staples, Inc. (SPLS) $10.36 $7.93 12/31/2015 30.66% 71.28%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.32 12/31/2016 27.41% 19.13%
CI 07/24/2015 Anthem, Inc. (ANTM) $181.21 $145.72 12/31/2016 24.36% 17.00%
OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) $29.75 $24.18 04/30/2016 23.04% 30.24%
MEA 06/16/2015 Total Merchant Limited (N/A) $0.60 $0.49 08/31/2015 22.45% 234.11%
HUM 07/03/2015 Aetna Inc. (AET) $217.10 $181.82 12/31/2016 19.40% 13.54%
HE 12/03/2014 NextEra Energy, Inc. (NEE) $33.50 $28.80 12/31/2015 16.32% 37.94%
EROC 05/21/2015 Vanguard Natural Resources, LLC (VNR) $2.01 $1.76 09/30/2015 14.15% 79.48%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ SFXE 05/26/2015 an affiliate of Robert F.X. Sillerman, the Company�s Chairman and Chief Executive Officer (N/A) All Cash $774 million $5.25 $3.86 361,905 12/31/2015 36.01% 83.72%
+ WPZ 05/13/2015 Williams Companies, Inc. (WMB) All Stock $13.8 billion $58.69 $44.88 1,880,808 09/30/2015 30.78% 172.84%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.36 $7.93 8,105,222 12/31/2015 30.66% 71.28%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.32 63,826 12/31/2016 27.41% 19.13%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $181.21 $145.72 10,349,141 12/31/2016 24.36% 17.00%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $24.18 638,516 04/30/2016 23.04% 30.24%
+ MEA 06/16/2015 Total Merchant Limited (N/A) All Cash $87 million $0.60 $0.49 270,164 08/31/2015 22.45% 234.11%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $217.10 $181.82 1,503,811 12/31/2016 19.40% 13.54%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.80 171,460 12/31/2015 16.32% 37.94%
+ EROC 05/21/2015 Vanguard Natural Resources, LLC (VNR) All Stock $614 million $2.01 $1.76 452,728 09/30/2015 14.15% 79.48%
+ PMFG 05/04/2015 CECO Environmental Corp. (CECE) Special Conditions $150 million $6.85 $6.08 112,440 09/30/2015 12.66% 71.12%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $65.73 $58.66 4,466,771 12/31/2015 12.05% 28.01%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $49.11 2,844,601 03/31/2016 9.96% 14.65%
+ LRE 04/20/2015 Vanguard Natural Resources, LLC (VNR) All Stock $539 million $5.97 $5.44 222,781 09/30/2015 9.80% 55.02%
+ MCGC 04/29/2015 PennantPark Floating Rate Capital (PFLT) Special Conditions $175 million $4.75 $4.37 131,859 09/30/2015 8.70% 48.83%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $71.19 $65.67 834,946 03/31/2016 8.41% 12.38%
+ OWW 02/12/2015 Expedia Inc. (EXPE) All Cash $1.6 billion $12.00 $11.12 2,134,332 06/30/2015 7.91% 0.00%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $23.58 $22.11 5,343 12/31/2015 6.64% 15.43%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $11.06 $10.39 2,550,387 10/31/2015 6.44% 24.49%
+ GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) All Cash $1.9 billion $7.10 $6.69 82,618 12/31/2015 6.13% 14.25%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $51.53 4,446,020 03/31/2016 5.76% 8.48%
+ GOMO 06/08/2015 Sunflower Parent Limited (N/A) All Cash N/A $4.90 $4.67 6,990 12/31/2015 4.93% 11.45%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $199.70 $191.09 3,283,344 12/31/2015 4.51% 10.48%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $15.85 1,236,443 12/31/2015 4.10% 9.53%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $21.63 $20.87 318 07/31/2015 3.63% 331.04%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.38 1,306,175 09/30/2015 3.30% 18.52%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.65 389 12/31/2015 3.29% 7.64%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $127.00 $123.03 1,870,269 03/31/2016 3.22% 4.74%
+ HME 06/22/2015 an affiliate of Lone Star Funds (N/A) All Cash $7.6 billion $75.23 $72.91 621,921 12/31/2015 3.18% 7.40%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $53.67 375,968 12/31/2015 3.17% 7.36%
+ OCR 05/21/2015 CVS Health Corporation (CVS) All Cash $12.7 billion $98.00 $95.26 1,318,264 12/31/2015 2.88% 6.69%
+ SQBK 03/02/2015 PacWest Bancorp (PACW) All Stock $849 million $28.15 $27.41 35,213 12/31/2015 2.70% 6.28%
+ CMGE 06/09/2015 Pegasus Investment Holdings Limited (N/A) All Cash N/A $22.00 $21.45 179,685 12/31/2015 2.56% 5.96%
+ PLMT 04/22/2015 United Community Banks, Inc. (UCBI) All Stock $240.5 million $20.52 $20.05 44,743 12/31/2015 2.32% 5.40%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.18 53,442 12/31/2015 2.20% 5.12%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.71 $3.63 4,655,993 06/30/2016 2.12% 2.28%
+ TRAK 06/15/2015 Cox Automotive, Inc. (N/A) All Cash $4 billion $63.25 $61.98 1,717,864 09/30/2015 2.05% 11.51%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $38.04 $37.28 1,373,869 12/31/2015 2.03% 4.72%
+ RCPT 07/14/2015 Celgene Corporation (CELG) All Cash $7.2 billion $232.00 $228.00 1,383,591 12/31/2015 1.75% 4.08%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $93.55 17,184,962 08/15/2015 1.55% 29.78%
+ CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $89.96 $88.67 166,784 12/31/2015 1.45% 3.38%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.45 4,710,765 03/31/2016 1.37% 2.01%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $127.20 $125.50 334,978 12/31/2015 1.36% 3.15%
+ PLL 05/13/2015 Danaher Corp. (DHR) All Cash $13.8 billion $127.20 $125.60 1,088,940 12/31/2015 1.27% 2.96%
+ BRLI 06/04/2015 Opko Health, Inc. (OPK) All Stock $1.47 billion $46.42 $45.88 360,161 12/31/2015 1.18% 2.74%
+ KYTH 06/17/2015 Allergan plc (AGN) All Cash $2.1 billion $75.00 $74.17 665,340 03/31/2016 1.12% 1.65%
+ HCC 06/10/2015 Tokio Marine Holdings, Inc. (N/A) All Cash $7.5 billion $78.00 $77.20 755,532 12/31/2015 1.04% 2.41%
+ LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $18.51 15,880 08/14/2015 1.03% 20.81%
+ LMNS 06/18/2015 XIO Group (N/A) All Cash $510 million $14.00 $13.86 142,577 09/30/2015 1.01% 5.67%
+ THOR 07/22/2015 St. Jude Medical Inc. (STJ) All Cash $3.4 billion $63.50 $62.90 2,308,211 12/31/2015 0.95% 2.22%
+ FRS 05/22/2015 an affiliate of NRD Partners I, L.P. (N/A) All Cash $175 million $34.00 $33.69 3,956 09/30/2015 0.92% 5.17%
+ QLTY 05/06/2015 funds advised by Apax Partners (N/A) All Cash $800 million $16.00 $15.86 479,521 09/30/2015 0.88% 4.96%
+ MCRL 05/07/2015 Microchip Technology Inc. (MCHP) Special Conditions $839 million $14.00 $13.88 1,195,951 08/15/2015 0.86% 16.61%
+ HSP 02/05/2015 Pfizer Inc. (PFE) All Cash $17 billion $90.00 $89.25 659,757 12/31/2015 0.84% 1.95%
+ PPO 02/23/2015 Asahi Kasei Corporation (AHKSY) All Cash $3.2 billion $60.50 $60.03 189,554 09/30/2015 0.78% 4.40%
+ CRV 07/09/2015 LKQ Corporation (LKQ) All Cash $29 million $5.50 $5.46 104,232 09/30/2015 0.73% 4.11%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.11 334,287 12/31/2015 0.65% 1.52%
+ INFA 04/07/2015 Permira funds and Canada Pension Plan Investment Board (N/A) All Cash $5.3 billion $48.75 $48.49 648,232 09/30/2015 0.54% 3.01%
+ ANN 05/18/2015 Ascena Retail Group Inc. (ASNA) Cash Plus Stock $2.15 billion $45.88 $45.69 1,068,492 12/31/2015 0.42% 0.97%
+ GTI 05/18/2015 affiliate of Brookfield Asset Management Inc. (N/A) All Cash $546 million $5.05 $5.03 1,391,774 07/31/2015 0.40% 36.28%
+ CYNI 05/04/2015 Ciena Corporation (CIEN) All Stock $400 million $5.77 $5.75 203,962 09/30/2015 0.39% 2.20%
+ XOOM 07/01/2015 PayPal, Inc. (N/A) All Cash $890 million $25.00 $24.91 248,233 12/31/2015 0.36% 0.84%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $139.55 661,949 06/30/2015 0.32% 0.00%
+ MRH 03/31/2015 Endurance Specialty Holdings Ltd. (ENH) Cash Plus Stock $1.83 billion $41.31 $41.19 99,504 09/30/2015 0.29% 1.65%
+ SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) All Cash $49 million $21.25 $21.19 13 06/30/2015 0.28% 0.00%
+ STRN 06/22/2015 affiliate of Hach Company (N/A) All Cash $39 million $8.50 $8.48 5,476 09/30/2015 0.24% 1.32%
+ TSRE 05/11/2015 Independence Realty Trust, Inc. (IRT) Cash Plus Stock N/A $6.91 $6.89 9,829 09/30/2015 0.23% 1.28%
+ SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $14.37 $14.34 2,830,683 09/30/2015 0.21% 1.17%
+ LABC 06/18/2015 Home Bancorp, Inc (HBCP) All Cash $74.5 millon $24.25 $24.20 25 12/31/2015 0.21% 0.48%
+ EXL 04/10/2015 Blackstone Property Partners L.P. (BX) All Cash $2 billion $15.85 $15.82 442,752 12/31/2015 0.19% 0.44%
+ AEC 04/22/2015 Brookfield Asset Management Inc. (BAM) All Cash $2.5 billion $28.75 $28.70 194,606 12/31/2015 0.17% 0.41%
+ OMG 06/01/2015 Apollo Global Management, LLC (APO) All Cash N/A $34.00 $34.00 239,078 12/31/2015 0.00% 0.00%
+ REMY 07/13/2015 BorgWarner Inc. (BWA) All Cash $1.2 billion $29.50 $29.51 432,302 12/31/2015 -0.03% -0.08%
+ WMGI 10/27/2014 Tornier N.V. (TRNX) All Stock $1.72 billion $25.41 $25.55 630,500 09/30/2015 -0.54% -3.04%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $64.52 $65.11 1,254,466 12/31/2015 -0.91% -2.11%
+ CMLP 05/06/2015 Crestwood Equity Partners LP (CEQP) All Stock $7.5 billion $9.96 $10.08 481,040 09/30/2015 -1.24% -6.96%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $23.41 $23.94 541,574 12/31/2015 -2.20% -5.12%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $21.00 $21.67 230,054 09/30/2015 -3.09% -17.36%
+ FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) All Cash $160 million $2.35 $2.44 11,213 10/31/2015 -3.69% -14.02%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $3.21 $6.45 118,276 03/31/2015 -50.17% 155.20%
+ ALLB 03/03/2015 WSFS Financial Corp. (WSFS) All Stock $92 million $8.11 $23.33 5,915 12/31/2015 -65.25% -151.69%
+ RTI 03/09/2015 Alcoa Inc. (AA) All Stock $1.5 billion $27.78 $N/A N/A 08/15/2015 0.00% 0.00%

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