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Merger Arbitrage Mondays – August 10, 2015

  • August 9, 2015

Merger activity increased last week with six new deals announced and six 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 2015124
Total Number of Deals Not Completed in 20153
Total Number of Pending Deals
Cash Deals44
Stock Deals16
Stock & Cash Deals14
Special Conditions7
Total Number of Pending Deals81
Total Deal Size$1004.13 billion

New Deals:

  1. The acquisition of PartnerRe (PRE) by EXOR S.p.A. for $6.9 billion. Under the terms of agreement, shareholders of PartnerRe will receive $137.50 per share in cash. PartnerRe common shareholders will also receive a special pre-closing dividend of $3.00 per share in addition to ordinary quarterly dividends through closing.
  2. The acquisition of IPC Healthcare (IPCM) by Team Health Holdings (TMH) for $1.6 billion or $80.25 per share in cash.
  3. The acquisition of Metro Bancorp (METR) by F.N.B. Corporation (FNB) for $474 million in an all stock deal. Under the terms of the agreement, shareholders of Metro Bancorp will receive 2.373 shares of FNB common stock for each common share of Metro.
  4. The acquisition of Tecumseh Products Company (TECU) by Mueller Industries, Inc. and Atlas Holdings LLC for $123 million or $5.00 per share in cash.
  5. The acquisition of Merge Healthcare Incorporated (MRGE) by International Business Machines Corporation (IBM) for $1 billion or $7.13 per share in cash.
  6. The acquisition of Ikanos Communications (IKAN) by QUALCOMM Incorporated (QCOM) for $47 million or $2.75 per share in cash.

Deal Updates:

  1. On August 5, 2015, Kythera Biopharmaceuticals (KYTH) and Allergan (AGN) announced that that they have amended and restated their merger agreement with respect to Allergan’s pending acquisition of KYTHERA to provide for all-cash consideration to KYTHERA’s stockholders. Pursuant to the amended and restated agreement, the $75 per share merger consideration to be paid to KYTHERA stockholders will be paid entirely in cash, instead of 80% cash and 20% stock as provided for under the original agreement.

Closed Deals:

  1. The acquisition of Micrel (MCRL) by Microchip Technology (MCHP) on August 3, 2015. It took 88 days for this deal to be completed.
  2. The acquisition of Susquehanna Bancshares (SUSQ) by BB&T Corporation (BBT) on August 3, 2015. It took 264 days for this deal to be completed.
  3. The acquisition of Cyan (CYNI) by Ciena Corporation (CIEN) ON August 3, 2015. It took 91 days for this deal to be completed.
  4. The acquisition of Informatica Corporation (INFA) by Permira funds and Canada Pension Plan Investment Board on August 6, 2015. It took 121 days for this deal to be completed.
  5. The acquisition of Excel Trust (EXL) by Blackstone Property Partners (BX) on August 6, 2015. It took 118 days for this deal to be completed.
  6. The acquisition of Associated Estates Realty Corporation (AEC) by Brookfield Asset Management (BAM) on August 7, 2015. It took 107 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

SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A)$5.25$3.0512/31/201572.13%184.11%
ODP02/04/2015Staples, Inc. (SPLS)$10.30$7.4512/31/201538.31%97.80%
WPZ05/13/2015Williams Companies, Inc. (WMB)$54.41$40.3809/30/201534.75%248.70%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3812/31/201625.15%18.03%
CI07/24/2015Anthem, Inc. (ANTM)$182.03$145.8512/31/201624.81%17.79%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$13.3212/31/201523.87%60.94%
MEA06/16/2015Total Merchant Limited (N/A)$0.60$0.4909/16/201522.45%221.46%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$24.3004/30/201622.43%31.01%
HUM07/03/2015Aetna Inc. (AET)$222.48$184.0612/31/201620.87%14.97%
BHI11/16/2014Halliburton Company (HAL)$63.53$55.7212/31/201514.02%35.78%

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

+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$3.05690,47112/31/201572.13%184.11%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.30$7.4513,232,41812/31/201538.31%97.80%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$54.41$40.381,457,31109/30/201534.75%248.70%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3853,23012/31/201625.15%18.03%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$182.03$145.851,026,16612/31/201624.81%17.79%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$13.32799,88812/31/201523.87%60.94%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.49165,26109/16/201522.45%221.46%
+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$24.30513,24404/30/201622.43%31.01%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$222.48$184.06718,16612/31/201620.87%14.97%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$63.53$55.722,287,88312/31/201514.02%35.78%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.0775,08309/30/201512.85%91.97%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.63$1.47335,84609/30/201510.87%77.82%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$4.85$4.41155,72709/30/20159.88%70.68%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$49.741,363,86903/31/20168.56%13.36%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$50.325,890,34703/31/20168.31%12.96%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.99187,78312/31/20158.10%20.67%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.99$10.241,807,97310/31/20157.31%32.54%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$72.73$68.86450,71303/31/20165.62%8.76%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.6419,87212/31/20155.60%14.30%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$199.44$188.911,420,82412/31/20155.58%14.23%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.51140,47209/30/20155.32%38.09%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.7593,64112/31/20155.19%13.23%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$31.73$30.26382,28903/31/20164.85%7.56%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$5.91539,24512/31/20154.06%10.37%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.73$3.593,419,30506/30/20163.87%4.35%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.563,141,00212/31/20153.81%9.72%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.31$20.552,23707/31/20153.68%0.00%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.66$22.9013,99812/31/20153.31%8.46%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.6565212/31/20153.29%8.39%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$129.05$125.261,098,75303/31/20163.03%4.73%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$9.85$9.60567,95609/30/20152.55%18.26%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.81$27.16174,97912/31/20152.39%6.09%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$137.801,041,38803/31/20161.96%3.06%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.32458,38212/31/20151.93%4.93%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$20.10$19.7313,71912/31/20151.87%4.77%
+IKAN08/05/2015Qualcomm Atheros, Inc. (N/A)All Cash$47 million$2.75$2.70172,93212/31/20151.85%4.73%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$40.17$39.492,142,26112/31/20151.73%4.40%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.001,581,03812/31/20151.69%4.31%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.20579,53709/30/20151.69%12.08%
+RCPT07/14/2015Celgene Corporation (CELG)All Cash$7.2 billion$232.00$228.55512,86912/31/20151.51%3.85%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.50733,46612/31/20151.49%3.81%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.861,729,36909/30/20151.45%10.39%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$23.91N/A12/31/20151.42%3.63%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.566,96309/30/20151.31%9.38%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$90.78$89.62506,62512/31/20151.30%3.31%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.2112,43612/31/20151.25%3.18%
+CMGE06/09/2015Pegasus Investment Holdings Limited (N/A)All CashN/A$22.00$21.74256,83512/31/20151.20%3.05%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$74.37323,56612/31/20151.16%2.95%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.37394,62812/31/20151.11%2.83%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.8644,24209/30/20151.01%7.23%
+TECU08/05/2015Mueller Industries, Inc. and Atlas Holdings LLC (N/A)All Cash$123 million$5.00$4.95202,05509/30/20151.01%7.23%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$37.84$37.48419,03112/31/20150.96%2.45%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.29875,80912/31/20150.92%2.34%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$62.93677,54612/31/20150.91%2.31%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$127.44$126.41459,55412/31/20150.81%2.08%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.801,026,28012/31/20150.81%2.06%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.02167,41309/30/20150.80%5.72%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.561,14508/14/20150.75%68.83%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.089,284,52012/31/20150.71%1.80%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.23415,30403/31/20160.67%1.05%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$89.54977,00612/31/20150.51%1.31%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$126.59701,64512/31/20150.48%1.23%
+GTI05/18/2015affiliate of Brookfield Asset Management Inc. (N/A)All Cash$546 million$5.05$5.03511,64507/31/20150.40%0.00%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.94156,95909/30/20150.38%2.69%
+CRV07/09/2015LKQ Corporation (LKQ)All Cash$29 million$5.50$5.483,30109/30/20150.36%2.61%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.73359,80203/31/20160.36%0.56%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.62699,30806/30/20150.27%0.00%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.42266,25712/31/20150.27%0.69%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$53.73$53.601,984,54912/31/20150.24%0.61%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.2024606/30/20150.24%0.00%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$97.854,429,98312/31/20150.15%0.39%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$45.79$45.73460,12212/31/20150.12%0.31%
+MAG07/27/2015Columbus McKinnon Corporation (CMCO)All Cash$188.9 million$50.00$49.9510,47910/31/20150.10%0.45%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.02$7.0110,45609/30/20150.09%0.67%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$23.19$23.19645,98612/31/2015-0.00%-0.00%
+SVLC07/27/2015First Majestic Silver Corp. (AG)Cash Plus Stock$118 million$0.84$0.84559,58109/30/2015-0.70%-4.99%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$24.56$24.75379,39509/30/2015-0.78%-5.61%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$21.79153,77909/30/2015-3.63%-25.95%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4912,78910/31/2015-5.62%-25.03%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.56$7.0949,07003/31/2015-35.75%98.87%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.19$23.54N/A12/31/2015-65.23%-166.49%

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