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Merger Arbitrage Mondays – August 24, 2015

  • August 23, 2015

Merger activity decreased last week with three new deals announced and five 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 2015132
Total Number of Deals Not Completed in 20154
Total Number of Pending Deals
Cash Deals43
Stock Deals15
Stock & Cash Deals15
Special Conditions7
Total Number of Pending Deals80
Total Deal Size$1051.32 billion

New Deals:

  1. The acquisition of zulily (ZU) by Liberty Interactive Corporation (QVCA) for $2.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of zulily will receive $9.375 in cash and 0.3098 newly issued shares of QVCA for each zulily share.
  2. The acquisition of National Penn Bancshares (NPBC) by BB&T Corporation (BBT) for $1.8 billion. Under the terms of the agreement, National Penn stockholders can elect to receive 0.3206 of a share of BB&T common stock or $13.00 in cash for each share of National Penn common stock, subject to proration such that total consideration will consist of approximately $550 million in cash and approximately 31.6 million BB&T common shares.
  3. The acquisition of Dot Hill Systems (HILL) by Seagate Technology (STX) for $694 million or $9.75 per share in cash.

Closed Deals:

  1. The acquisition of MCG Capital Corporation (MCGC) by PennantPark Floating Rate Capital (PFLT) on August 18, 2015. It took 111 days for this deal to be completed.
  2. The acquisition of Omnicare (OCR) by CVS Health Corporation (CVS) on August 18, 2015. It took 89 days for this deal to be completed.
  3. The acquisition of Coast Distribution System (CRV) by LKQ Corporation (LKQ) on August 20, 2015. It took 42 days for this deal to be completed.
  4. The acquisition of Bio-Reference Laboratories (BRLI) by Opko Health (OPK) on August 20, 2015. It took 77 days for this deal to be completed.
  5. The acquisition of ANN INC. (ANN) by Ascena Retail Group (ASNA) on August 21, 2015. It took 95 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)$55.36$37.6509/30/201547.04%464.02%
ODP02/04/2015Staples, Inc. (SPLS)$10.27$7.5712/31/201535.63%100.82%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$12.4812/31/201532.21%91.14%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3712/31/201625.52%18.82%
CI07/24/2015Anthem, Inc. (ANTM)$178.94$142.7112/31/201625.39%18.72%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$24.0404/30/201623.75%34.68%
MEA06/16/2015Total Merchant Limited (N/A)$0.60$0.49209/16/201521.95%348.36%
HUM07/03/2015Aetna Inc. (AET)$221.74$181.9012/31/201621.90%16.15%
BHI11/16/2014Halliburton Company (HAL)$58.97$49.5212/31/201519.09%54.01%
YDLE08/10/2015Envestnet, Inc. (ENV)$18.88$16.3903/31/201615.19%25.21%

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$55.36$37.652,389,85009/30/201547.04%464.02%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.27$7.577,502,34812/31/201535.63%100.82%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$12.48470,56312/31/201532.21%91.14%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3762,73812/31/201625.52%18.82%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$178.94$142.712,239,18212/31/201625.39%18.72%
+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$24.04585,19604/30/201623.75%34.68%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.492295,48209/16/201521.95%348.36%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$221.74$181.901,270,75612/31/201621.90%16.15%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$58.97$49.524,815,00112/31/201519.09%54.01%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.39191,41303/31/201615.19%25.21%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$29.56266,52512/31/201513.33%37.71%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$48.438,134,40203/31/201612.53%20.79%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$48.174,561,98803/31/201612.10%20.08%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.19$1.10559,38709/30/20157.80%76.99%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.28$9.583,637,95610/31/20157.27%39.00%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.3980,82309/30/20157.20%71.01%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.231,792,69206/30/20166.30%7.39%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$196.03$184.862,103,53212/31/20156.04%17.09%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$3.53$3.33210,61009/30/20155.87%57.92%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.75300,47612/31/20155.19%14.67%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.6665,64912/31/20155.15%14.57%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.492,051,53112/31/20154.44%12.56%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$30.73$29.45133,27803/31/20164.35%7.21%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$68.66$66.151,122,20203/31/20163.80%6.30%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.38$3.276,615,54906/30/20163.27%3.84%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.492,144,82605/15/20163.21%4.42%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.677,40912/31/20153.09%8.75%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$126.17$122.682,356,92703/31/20162.85%4.72%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$5.98331,38212/31/20152.84%8.04%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.13400,07512/31/20152.29%6.48%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$6.91$6.7743,26309/30/20152.13%20.96%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$73.771,284,85512/31/20152.01%5.68%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.02$22.5718712/31/20151.98%5.61%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.805,309,73103/31/20161.82%3.02%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.42477,41412/31/20151.74%4.91%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.25448,68803/31/20161.63%2.70%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.2026,15012/31/20151.56%4.42%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$62.553,027,04812/31/20151.52%4.30%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$88.61$87.39704,76312/31/20151.40%3.96%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$20.33$20.0642410/31/20151.35%7.25%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$19.51$19.259,05912/31/20151.33%3.77%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$25.79$25.4677,04012/31/20151.31%3.70%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.56768,11703/31/20161.27%2.10%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$34.54$34.114,484,78912/31/20151.25%3.55%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.14941,49003/31/20161.20%2.00%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$74.361,003,22812/31/20151.17%3.31%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$23.9941912/31/20151.08%3.07%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.50841,29512/31/20150.94%2.67%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.26519,49512/31/20150.82%2.32%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.031,523,61909/30/20150.81%8.03%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.085,00006/30/20150.81%0.00%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.382,036,33212/31/20150.80%2.27%
+IKAN08/05/2015Qualcomm Atheros, Inc. (N/A)All Cash$47 million$2.75$2.7394,82412/31/20150.73%2.07%
+HILL08/18/2015Seagate Technology Public Limited Company (STX)All Cash$694 million$9.75$9.693,835,52812/31/20150.62%1.75%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.9262,31509/30/20150.57%5.67%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$89.513,131,80312/31/20150.55%1.55%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$126.551,456,78912/31/20150.51%1.45%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.931,482,42809/30/20150.51%5.02%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.322,311,32212/22/20150.49%1.48%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.881,020,66712/31/20150.48%1.36%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.101,921,81112/31/20150.42%1.20%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.69752,17103/31/20160.42%0.69%
+TECU08/05/2015Mueller Industries, Inc. and Atlas Holdings LLC (N/A)All Cash$123 million$5.00$4.9817,39709/30/20150.40%3.96%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.8911,74009/30/20150.32%3.20%
+MAG07/27/2015Columbus McKinnon Corporation (CMCO)All Cash$188.9 million$50.00$49.8523,60310/31/20150.30%1.62%
+ZU08/17/2015Liberty Interactive Corporation (QVCA)Cash Plus Stock$2.4 billion$17.91$17.872,439,75612/31/20150.22%0.63%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$13.75$13.72137,82204/30/20160.22%0.32%
+RCPT07/14/2015Celgene Corporation (CELG)All Cash$7.2 billion$232.00$231.50815,34212/31/20150.22%0.61%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.98N/A09/30/20150.13%1.23%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.461,444,40809/30/20150.07%0.65%
+SVLC07/27/2015First Majestic Silver Corp. (AG)Cash Plus Stock$118 million$1.03$1.03136,52809/30/20150.02%0.16%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$58.73$58.761,101,96512/31/2015-0.05%-0.14%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$23.02$23.07534,27909/30/2015-0.22%-2.14%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$123.09$124.30565,65712/31/2015-0.97%-2.74%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$23.29$23.68403,53912/31/2015-1.67%-4.71%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$7.65$7.80869,79609/30/2015-1.99%-19.60%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.454,39210/31/2015-4.08%-21.91%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$22.30388,61309/30/2015-5.83%-57.51%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.33$7.1071,17603/31/2015-25.00%62.49%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.14$23.313,45712/31/2015-65.10%-184.18%

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