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Merger Arbitrage Mondays – September 21, 2015

  • September 20, 2015

Merger activity increased last week with six new deals announced and four 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 2015145
Total Number of Deals Not Completed in 20154
Total Number of Pending Deals
Cash Deals52
Stock Deals17
Stock & Cash Deals15
Special Conditions7
Total Number of Pending Deals91
Total Deal Size$1144.66 billion

New Deals:

  1. The acquisition of Solera Holdings (SLH) by an affiliate of Vista Equity Partners for $6.5 billion or $55.85 per share in cash.
  2. The acquisition of Vimicro International (VIMC) by Vimicro China in a going private transaction for $13.50 per ADR in cash.
  3. The acquisition of Timberline Resources Corporation (TLR) by Waterton Precious Metals Fund II Cayman for $0.58 per share in cash.
  4. The acquisition of Sirona Dental Systems (SIRO) by DENTSPLY International (XRAY) in an all stock merger of equals. Under the terms of the agreement, Sirona shareholders will receive 1.8142 shares of DENTSPLY for each existing Sirona share. DENTSPLY shareholders will own 58% and Sirona shareholders will own 42% of the combined company.
  5. The acquisition of Adept Technology (ADEP) by OMRON Corporation for $200 million or $13.00 per share in cash.
  6. The acquisition of Cablevision Systems Corporation (CVC) by Altice for $17.7 billion or $34.90 per share in cash.

Closed Deals:

  1. The acquisition of Metalico (MEA) by Total Merchant Limited on September 15, 2015. It took 91 days for this deal to be completed.
  2. The acquisition of Louisiana Bancorp (LABC) by Home Bancorp (HBCP) in September 15, 2015. It took 89 days for this deal to be completed.
  3. The acquisition of Orbitz Worldwide (OWW) by Expedia (EXPE) on September 17, 2015. It took 217 days for this deal to be completed.
  4. The acquisition of Trade Street Residential (TSRE) by Independence Realty Trust (IRT) on September 18, 2015. It took 130 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

ODP02/04/2015Staples, Inc. (SPLS)$10.21$7.5412/31/201535.36%127.78%
WPZ05/13/2015Williams Companies, Inc. (WMB)$51.45$38.8209/30/201532.52%1319.06%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$12.6612/31/201530.33%109.61%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.4512/31/201528.89%104.40%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3312/31/201627.03%21.12%
CI07/24/2015Anthem, Inc. (ANTM)$179.06$141.6312/31/201626.43%20.66%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$27.5912/31/201521.42%77.41%
LRE04/20/2015Vanguard Natural Resources, LLC (VNR)$5.42$4.5009/30/201520.51%831.84%
PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)$6.58$5.4912/31/201519.85%71.75%
HUM07/03/2015Aetna Inc. (AET)$222.29$187.8712/31/201618.32%14.32%

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

+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.21$7.5411,534,63712/31/201535.36%127.78%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$51.45$38.823,018,46409/30/201532.52%1319.06%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$12.66389,69312/31/201530.33%109.61%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.4595,46112/31/201528.89%104.40%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3332,56012/31/201627.03%21.12%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$179.06$141.631,439,49512/31/201626.43%20.66%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$27.59660,74012/31/201521.42%77.41%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$5.42$4.50165,74009/30/201520.51%831.84%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$5.49204,24912/31/201519.85%71.75%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$222.29$187.871,005,24712/31/201618.32%14.32%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.82$1.55376,40409/30/201517.68%717.18%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$23.413,183,55509/30/201516.40%665.24%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.54611,56503/31/201614.15%26.90%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$60.87$53.474,283,84112/31/201513.83%49.98%
+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$26.26966,24204/30/201613.29%21.85%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$6.30$5.63167,65712/31/201511.93%43.12%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.642,750,20206/30/201611.68%15.07%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$12.37294,32412/31/20159.14%33.01%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$60.551,752,91012/31/20169.00%7.03%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.5097,63212/31/20158.89%32.12%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$203.52$189.512,793,46812/31/20157.39%26.72%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$50.315,087,05103/31/20167.33%13.94%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.94$9.305,004,55310/31/20156.92%63.12%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.67569,91012/31/20156.45%23.30%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$48.591,574,48606/30/20166.05%7.80%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$33.1322,160,35506/30/20165.34%6.89%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$21.89366,04709/30/20155.07%205.65%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$14.35$13.75113,24704/30/20164.39%7.21%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$66.38$63.704,634,06203/31/20164.21%7.99%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$29.33$28.1799,29603/31/20164.12%7.83%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.45764,04309/30/20154.09%165.84%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$52.428,531,35603/31/20163.97%7.54%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.5310,94912/31/20153.75%13.56%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.44598,05612/31/20153.61%13.05%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.604,342,72006/30/20163.57%4.61%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.103,367,85103/31/20163.23%6.15%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$6.55$6.3420,466,15309/30/20153.23%131.13%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.492,668,48505/15/20163.21%4.94%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.63$3.523,789,03506/30/20163.13%4.03%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$25.29$24.53636,83612/31/20153.10%11.19%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$67.03$65.16835,53603/31/20162.87%5.46%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$123.07$119.672,410,09003/31/20162.84%5.40%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$228.752,240,35003/31/20162.73%5.19%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.21208,99403/31/20162.62%4.97%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$13.9116,708,11103/31/20162.44%4.65%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$51.11$50.002,720,34312/31/20152.22%8.04%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.05446,64103/31/20162.21%4.20%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.81151,24503/31/20161.86%3.55%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$137.95350,78903/31/20161.85%3.51%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.05445,01112/31/20151.52%5.49%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.51261,07112/31/20151.46%5.28%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.801,097,86712/31/20151.45%5.24%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.181,124,38412/31/20151.44%5.21%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.216,97412/31/20151.25%4.50%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$37.97$37.521,795,96612/31/20151.19%4.31%
+MM09/03/2015AOL (N/A)All Cash$238 million$1.75$1.731,310,62610/31/20151.16%10.55%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.08479,58212/31/20151.15%4.16%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$88.30$87.46734,62412/31/20150.97%3.49%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.06620,76303/31/20160.82%1.57%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$74.66890,71312/31/20150.76%2.76%
+ENVI09/10/2015Ericsson (N/A)All Cash$125 million$4.10$4.07217,87112/31/20150.74%2.66%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.88561,00309/30/20150.59%23.86%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.946,69912/31/20150.55%1.98%
+ADEP09/16/2015OMRON Corporation (N/A)All Cash$200 million$13.00$12.93324,02610/23/20150.54%6.18%
+HILL08/18/2015Seagate Technology Public Limited Company (STX)All Cash$694 million$9.75$9.701,139,90512/31/20150.52%1.86%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$63.18672,94212/31/20150.51%1.83%
+BTH08/31/2015The Carlyle Group LP (CG)All Cash$98 million$6.00$5.9741,22112/31/20150.50%1.82%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.661,539,39112/31/20150.44%1.58%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.101,168,87412/31/20150.42%1.53%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.38310,61812/31/20150.41%1.48%
+IKAN08/05/2015Qualcomm Atheros, Inc. (N/A)All Cash$47 million$2.75$2.749,83512/31/20150.36%1.32%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.552,178,92409/30/20150.32%13.08%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.93372,12412/31/20150.28%1.01%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.921,366,26703/31/20160.11%0.20%
+CNW09/09/2015XPO Logistics, Inc. (XPO)All Cash$3 billion$47.60$47.591,887,53310/31/20150.02%0.19%
+TECU08/05/2015Mueller Industries, Inc. and Atlas Holdings LLC (N/A)All Cash$123 million$5.00$5.00141,53809/30/20150.00%0.00%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.91$19.9212,97610/31/2015-0.06%-0.53%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$24.93$24.97611,29809/30/2015-0.17%-6.96%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$115.76$116.00647,20412/31/2015-0.21%-0.76%
+ZU08/17/2015Liberty Interactive Corporation (QVCA)Cash Plus Stock$2.4 billion$17.85$17.893,680,11212/31/2015-0.22%-0.79%
+RYL06/14/2015Standard Pacific Corp. (SPF)All Stock$3.36 billion$44.74$44.891,131,79510/15/2015-0.33%-5.07%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.351,00012/31/2015-0.47%-1.69%
+SVLC07/27/2015First Majestic Silver Corp. (AG)Cash Plus Stock$118 million$0.90$0.903231,81809/30/2015-0.64%-25.80%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$22.80$23.002,59712/31/2015-0.87%-3.14%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$21.85$22.13873,26612/31/2015-1.26%-4.57%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$95.90$97.461,174,66503/31/2016-1.60%-3.05%
+SURG09/02/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$166 million$6.50$6.62267,36912/31/2015-1.81%-6.55%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$400 million$17.00$17.341,336,11012/31/2015-1.96%-7.09%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.5243,85410/31/2015-6.75%-61.56%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.11$7.61234,86903/31/2015-19.73%41.38%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$7.99$24.562,44810/09/2015-67.45%-1367.72%

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