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Merger Arbitrage Mondays – August 31, 2015

  • August 30, 2015

Merger activity decreased last week with two 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 2015136
Total Number of Deals Not Completed in 20154
Total Number of Pending Deals
Cash Deals41
Stock Deals15
Stock & Cash Deals16
Special Conditions7
Total Number of Pending Deals79
Total Deal Size$1078.96 billion

New Deals:

  1. The acquisition of AGL Resources (GAS) by Southern Company (SO) for $12 billion or $66.00 per share in a cash.
  2. The acquisition of Cameron International Corporation (CAM) by Schlumberger Limited (SLB) for $14.8 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Cameron International will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

Deal Updates:

  1. On August 25, 2015, Regulators in the District of Columbia rejected the proposed merger of power companies Exelon (EXC) and Pepco (POM), saying the deal would not benefit ratepayers. The companies have 30 days to ask the commission to reconsider the decision. Exelon and Pepco said in a statement that they will consider their options.

Closed Deals:

  1. The acquisition of Frisch’s Restaurants (FRS) by an affiliate of NRD Partners on August 24, 2015. It took 94 days for this deal to be completed.
  2. The acquisition of Polypore International (PPO) by Asahi Kasei Corporation (AHKSY) on August 26, 2015. It took 184 days for this deal to be completed.
  3. The acquisition of Receptos (RCPT) by Celgene Corporation (CELG) on August 27, 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

WPZ05/13/2015Williams Companies, Inc. (WMB)$54.55$39.7309/30/201537.29%439.07%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$12.1012/31/201536.36%107.91%
ODP02/04/2015Staples, Inc. (SPLS)$10.26$7.8212/31/201531.18%92.53%
CI07/24/2015Anthem, Inc. (ANTM)$175.82$137.8112/31/201627.58%20.59%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3412/31/201626.65%19.89%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$24.4904/30/201621.48%32.13%
HUM07/03/2015Aetna Inc. (AET)$222.85$183.9512/31/201621.15%15.79%
POM04/30/2014Exelon Corporation (EXC)$27.25$23.0109/30/201518.43%216.96%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$28.6912/31/201516.77%49.75%
LRE04/20/2015Vanguard Natural Resources, LLC (VNR)$5.29$4.5509/30/201516.29%191.75%

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$54.55$39.733,059,37409/30/201537.29%453.71%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$12.10528,48812/31/201536.36%108.79%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.26$7.8210,814,59012/31/201531.18%93.29%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$175.82$137.811,416,06412/31/201627.58%20.63%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3456,47712/31/201626.65%19.93%
+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$24.491,620,68704/30/201621.48%32.26%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$222.85$183.95506,62212/31/201621.15%15.82%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$23.013,633,84409/30/201518.43%224.19%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.69341,96812/31/201516.77%50.16%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$5.29$4.55190,64609/30/201516.29%198.14%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.24216,45503/31/201616.26%27.86%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.78$1.54510,26009/30/201515.56%189.37%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$62.22$54.724,011,51512/31/201513.71%41.01%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$48.611,383,05203/31/201611.09%19.00%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.43454,42812/31/201510.42%31.17%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.49104,25612/31/20159.13%27.32%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$60.561,851,87212/31/20168.98%6.72%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.012,055,96906/30/20168.24%9.90%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.555501,20709/16/20158.11%184.97%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.00$9.362,369,78210/31/20156.85%40.99%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$68.90$65.007,410,90103/31/20166.00%10.28%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$198.22$187.43909,46612/31/20155.76%17.23%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$51.793,566,84303/31/20165.23%8.97%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.5256,46809/30/20155.06%61.58%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.1031,78312/31/20154.84%14.48%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.501,696,75812/31/20154.35%13.01%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$29.62$28.5049,39603/31/20163.91%6.70%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$6.86$6.6038,52309/30/20153.88%47.26%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$67.14$64.801,023,87503/31/20163.61%6.18%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.42$22.641,24212/31/20153.46%10.36%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.42684,65305/15/20163.44%4.86%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.59315,66912/31/20153.32%9.94%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.48$3.373,231,38506/30/20163.15%3.78%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$124.75$120.992,242,64403/31/20163.11%5.33%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$14.05$13.69191,70304/30/20162.64%3.97%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$7.98$7.771,179,08809/30/20152.64%32.10%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$229.981,712,12903/31/20162.18%3.74%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.02137,16212/31/20152.16%6.46%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$73.85691,38212/31/20151.90%5.67%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.81134,96903/31/20161.86%3.20%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.8031,01912/31/20151.85%5.54%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$57.86$56.961,368,61812/31/20151.58%4.72%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.48410,55612/31/20151.55%4.65%
+SVLC07/27/2015First Majestic Silver Corp. (AG)Cash Plus Stock$118 million$0.97$0.96071,86509/30/20151.54%18.74%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$25.36$24.99221,96812/31/20151.49%4.45%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$62.59804,18912/31/20151.45%4.35%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.50368,83503/31/20161.44%2.47%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$89.01$87.83480,15512/31/20151.34%4.01%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$74.281,170,48412/31/20151.28%3.83%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$36.79$36.381,866,10012/31/20151.12%3.35%
+IKAN08/05/2015Qualcomm Atheros, Inc. (N/A)All Cash$47 million$2.75$2.7215,31512/31/20151.10%3.30%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.15864,64003/31/20161.09%1.87%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.44184,91112/31/20151.02%3.05%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.23767,94912/31/20151.00%2.98%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.90246,18103/31/20160.97%1.65%
+HILL08/18/2015Seagate Technology Public Limited Company (STX)All Cash$694 million$9.75$9.6652,492,22312/31/20150.88%2.63%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.29164,95012/31/20150.72%2.15%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.832,298,91512/31/20150.68%2.05%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.9139,65509/30/20150.65%7.87%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.851,073,62109/30/20150.64%7.74%
+TECU08/05/2015Mueller Industries, Inc. and Atlas Holdings LLC (N/A)All Cash$123 million$5.00$4.9715,26009/30/20150.60%7.34%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.09798,68012/31/20150.56%1.69%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.95$19.841,97610/31/20150.54%3.25%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.68502,41703/31/20160.43%0.73%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.1820206/30/20150.33%0.00%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.551,413,59612/22/20150.32%1.04%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$24.1910312/31/20150.25%0.74%
+MAG07/27/2015Columbus McKinnon Corporation (CMCO)All Cash$188.9 million$50.00$49.954,85510/31/20150.10%0.60%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$89.932,593,65312/31/20150.08%0.23%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$127.1111,036,96412/31/20150.07%0.21%
+ZU08/17/2015Liberty Interactive Corporation (QVCA)Cash Plus Stock$2.4 billion$17.85$17.84870,90312/31/20150.06%0.19%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$119.76$120.22488,90412/31/2015-0.39%-1.15%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$22.98$23.28313,28209/30/2015-1.29%-15.74%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$18.79$19.2510,85412/31/2015-2.40%-7.17%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$21.95$22.60552,16412/31/2015-2.89%-8.66%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$21.94215,96009/30/2015-4.28%-52.13%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.479,30410/31/2015-4.86%-29.07%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.09$7.5357,67903/31/2015-19.14%45.66%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$7.85$22.722,27312/31/2015-65.46%-195.85%

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