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Merger Arbitrage Mondays – August 17, 2015

  • August 16, 2015

Merger activity decreased last week with five 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 2015127
Total Number of Deals Not Completed in 20154
Total Number of Pending Deals
Cash Deals44
Stock Deals16
Stock & Cash Deals15
Special Conditions7
Total Number of Pending Deals82
Total Deal Size$1046.43 billion

New Deals:

  1. The acquisition of Precision Castparts (PCP) by Berkshire Hathaway (BRK-A, BRK-B) for $37.2 billion or $235 per share in cash.
  2. The acquisition of Rentech Nitrogen Partners (RNF) by CVR Partners (UAN) for $840 million (including $307 million in net debt) in a cash plus stock deal. Under the terms of the agreement, shareholders of Rentech Nitrogen Partners will receive 1.04 units of CVR Partners and $2.57 cash for each unit held.
  3. The acquisition of NTELOS Holdings (NTLS) by Shenandoah Telecommunications (SHEN) for $640 million or $9.25 per share in cash.
  4. The acquisition of Yodlee (YDLE) by Envestnet (ENV) for $590 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Yodlee will receive $10.78 per share in cash and $8.10 per share in Envestnet stock. The stock portion of the consideration will be determined based upon the volume weighted average price per share of Envestnet common stock for the 10 consecutive trading days ending on (and including) the second trading day immediately prior to completion of the transaction, subject to a collar of $39.006 to $47.674 per share.
  5. The acquisition of Symetra Financial Corporation (SYA) by Sumitomo Life Insurance Company for $3.8 billion. Under the terms of the agreement, shareholders of Symetra Financial Corporation will receive $32.00 per share in cash at closing, plus a previously announced special dividend of $0.50 per share in cash, which is payable on August 28, 2015 to Symetra shareholders of record as of August 10, 2015.

Deal Updates:

  1. On August 14, 2015, SFX Entertainment (SFXE) announced that its special committee of independent directors, with the concurrence of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer, has authorized the continued exploration of strategic alternatives for the Company, including the sale of all or substantially all of the Company’s assets in whole or in part. Any new transaction will be evidenced by a new definitive agreement as the existing merger agreement is no longer effective.

Closed Deals:

  1. The acquisition of China Mobile Games and Entertainment Group Limited (CMGE) by Pegasus Investment Holdings Limited on August 10, 2015. It took 62 days for this deal to be completed.
  2. The acquisition of GrafTech International (GTI) by an affiliate of Brookfield Asset Management on August 14, 2015. It took 88 days for this deal to be completed.
  3. The acquisition of LNB Bancorp (LNBB) by Northwest Bancshares (NWBI) on August 14, 2015. It took 242 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)$58.24$39.0609/30/201549.09%407.26%
ODP02/04/2015Staples, Inc. (SPLS)$10.36$7.7612/31/201533.55%90.04%
CI07/24/2015Anthem, Inc. (ANTM)$180.32$144.1212/31/201625.12%18.26%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.4212/31/201623.68%17.22%
HUM07/03/2015Aetna Inc. (AET)$226.05$186.5112/31/201621.20%15.42%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$13.6412/31/201520.97%56.27%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$24.9504/30/201619.24%27.32%
MEA06/16/2015Total Merchant Limited (N/A)$0.60$0.5109/16/201517.65%214.71%
BHI11/16/2014Halliburton Company (HAL)$66.03$57.3312/31/201515.17%40.72%
YDLE08/10/2015Envestnet, Inc. (ENV)$18.88$16.8403/31/201612.11%19.48%

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$58.24$39.061,652,44509/30/201549.09%407.26%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.36$7.765,174,45812/31/201533.55%90.04%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$180.32$144.121,019,13812/31/201625.12%18.26%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.4256,59812/31/201623.68%17.22%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$226.05$186.511,122,22012/31/201621.20%15.42%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$13.64301,40012/31/201520.97%56.27%
+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$24.95393,62404/30/201619.24%27.32%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.51227,37709/16/201517.65%214.71%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$66.03$57.332,363,80812/31/201515.17%40.72%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.84269,72603/31/201612.11%19.48%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$49.032,059,82403/31/201610.14%16.30%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.60282,57512/31/20159.48%25.43%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.35750,74709/30/20159.20%76.28%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.65$1.52405,11709/30/20158.57%71.06%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$50.503,001,57403/31/20167.92%12.74%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.96$10.30997,38210/31/20156.44%31.34%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$197.26$186.001,075,65112/31/20156.06%16.25%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$31.58$29.99142,46503/31/20165.32%8.55%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.676,76612/31/20154.93%13.22%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.453,262,26912/31/20154.80%12.89%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.7931,19312/31/20154.57%12.25%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$71.44$68.53390,24003/31/20164.25%6.83%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.64$3.502,276,01406/30/20163.87%4.44%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.6196,55509/30/20153.63%30.12%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.70$22.901,40712/31/20153.51%9.42%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.02$20.373,47510/31/20153.21%15.63%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$9.35$9.08559,13309/30/20152.97%24.67%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$128.94$125.34779,44903/31/20162.87%4.62%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.601,416,03105/15/20162.85%3.82%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.0184,48512/31/20152.33%6.25%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.7522912/31/20152.33%6.24%
+SVLC07/27/2015First Majestic Silver Corp. (AG)Cash Plus Stock$118 million$1.04$1.02224,90709/30/20152.08%17.28%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.501,736,08603/31/20161.95%3.14%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.17305,34209/30/20151.74%14.41%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$38.51$37.921,964,44012/31/20151.55%4.17%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.39320,89003/31/20161.52%2.45%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$127.39$125.48358,80312/31/20151.52%4.08%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.14530,86312/31/20151.50%4.02%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.57246,97412/31/20151.47%3.93%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$23.9131512/31/20151.42%3.82%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.09$7.0025,87909/30/20151.35%11.21%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.56905,87312/31/20151.31%3.52%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.59448,22603/31/20161.24%2.00%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.92$27.5839,03512/31/20151.22%3.27%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.002,40706/30/20151.19%0.00%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$90.72$89.68211,51512/31/20151.16%3.10%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$74.40311,57512/31/20151.12%2.99%
+IKAN08/05/2015Qualcomm Atheros, Inc. (N/A)All Cash$47 million$2.75$2.7229,36612/31/20151.10%2.96%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.41168,59312/31/20151.06%2.84%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$4.91$4.86210,60509/30/20150.95%7.85%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.2214,68212/31/20150.93%2.50%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.301,886,09812/31/20150.91%2.43%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$20.18$20.006,27112/31/20150.88%2.36%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.88349,46509/30/20150.86%7.17%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$35.75$35.45352,95312/31/20150.85%2.27%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.00222,16009/30/20150.83%6.91%
+TECU08/05/2015Mueller Industries, Inc. and Atlas Holdings LLC (N/A)All Cash$123 million$5.00$4.9634,28909/30/20150.81%6.69%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.85477,01912/31/20150.60%1.62%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.8019,21109/30/20150.59%4.91%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.61409,48303/31/20160.52%0.84%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$63.24220,80812/31/20150.41%1.10%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.38123,76912/31/20150.41%1.10%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$126.71415,75212/31/20150.39%1.04%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$89.681,004,71112/31/20150.36%0.96%
+CRV07/09/2015LKQ Corporation (LKQ)All Cash$29 million$5.50$5.4814809/30/20150.35%2.88%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.95538,00209/30/20150.31%2.60%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.112,031,55012/31/20150.28%0.75%
+RCPT07/14/2015Celgene Corporation (CELG)All Cash$7.2 billion$232.00$231.40484,82712/31/20150.26%0.70%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.65810,46012/22/20150.25%0.72%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.231,125,17403/31/20160.22%0.35%
+MAG07/27/2015Columbus McKinnon Corporation (CMCO)All Cash$188.9 million$50.00$49.914,42510/31/20150.18%0.88%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.22841,20109/30/20150.11%0.91%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$97.921,303,95312/31/20150.08%0.22%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$45.74$45.75286,44612/31/2015-0.01%-0.03%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$24.84$25.16399,99709/30/2015-1.25%-10.40%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$55.42$56.34926,59712/31/2015-1.64%-4.39%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$23.67$24.20358,23212/31/2015-2.20%-5.90%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$14.36$15.12252,19304/30/2016-5.00%-7.10%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$22.24260,35009/30/2015-5.58%-46.25%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.5016,67610/31/2015-6.00%-29.20%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.89$7.1832,14303/31/2015-31.94%83.86%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.34$23.7323,25612/31/2015-64.86%-174.07%

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