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Merger Arbitrage Mondays – September 7, 2015

  • September 6, 2015

Merger activity increased last week with eight 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 2015141
Total Number of Deals Not Completed in 20154
Total Number of Pending Deals
Cash Deals46
Stock Deals15
Stock & Cash Deals16
Special Conditions6
Total Number of Pending Deals83
Total Deal Size$1098.17 billion

New Deals:

  1. The acquisition of Blyth (BTH) by The Carlyle Group (CG) for $98 million or $6.00 per share in cash.
  2. The acquisition of Fuel Systems Solutions (FSYS) by Westport Innovations (WPRT) for $126.36 million in an all stock deal. Under the terms of the agreement, shareholders of Fuel Systems Solutions will receive 2.129 Westport shares for each share of Fuel Systems common stock they own.
  3. The acquisition of Synergetics USA (SURG) by Valeant Pharmaceuticals International (VRX) for $166 million or $6.50 per share in cash. In addition to the upfront cash payment, Synergetics stockholders will receive additional cash payments of up to $1.00 per share if specified sales milestones are achieved following the closing.
  4. The acquisition of Millennial Media (MM) by AOL for $238 million or $1.75 per share in cash.
  5. The acquisition of Alteva (ALTV) by Momentum Telecom for $28.7 million or $4.70 per share in cash.
  6. The acquisition of Pericom Semiconductor (PSEM) by Diodes Incorporated (DIOD) for $400 million or $17.00 per share in cash.
  7. The acquisition of Avolon Holdings Limited (AVOL) by Bohai Leasing for $7.6 billion or $31.00 per share in cash.
  8. The acquisition of TECO Energy (TE) by Emera for $10.4 billion or $27.55 per share in cash.

Closed Deals:

  1. The acquisition of Pall Corporation (PLL) by Danaher (DHR) on August 31, 2015. It took 110 days for this deal to be completed.
  2. The acquisition of Palmetto Bancshares (PLMT) by United Community Banks (UCBI) on September 1, 2015. It took 132 days for this deal to be completed.
  3. The acquisition of Magnetek (MAG) by Columbus McKinnon Corporation (CMCO) on September 2, 2015. It took 37 days for this deal to be completed.
  4. The acquisition of PMFG (PMFG) by CECO Environmental (CECE) on September 3, 2015. It took 122 days for this deal to be completed.
  5. The acquisition of Hospira (HSP) by Pfizer (PFE) on September 3, 2015. It took 210 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)$10.23$7.2612/31/201540.85%129.65%
TE09/05/2015Emera (N/A)$27.55$21.0706/30/201630.75%37.80%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$12.9812/31/201527.12%86.07%
CI07/24/2015Anthem, Inc. (ANTM)$176.58$139.3812/31/201626.69%20.26%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3712/31/201625.52%19.36%
WPZ05/13/2015Williams Companies, Inc. (WMB)$51.76$41.5609/30/201524.54%389.42%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$27.2312/31/201523.03%73.08%
HUM07/03/2015Aetna Inc. (AET)$220.04$181.5212/31/201621.22%16.10%
POM04/30/2014Exelon Corporation (EXC)$27.25$22.9609/30/201518.68%296.52%
YDLE08/10/2015Envestnet, Inc. (ENV)$18.88$15.9303/31/201618.52%32.81%

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$10.23$7.2611,551,98812/31/201540.85%129.65%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$21.073,214,17106/30/201630.75%37.80%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$12.98345,17112/31/201527.12%86.07%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$176.58$139.381,830,51012/31/201626.69%20.26%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3732,35912/31/201625.52%19.36%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$51.76$41.56986,69709/30/201524.54%389.42%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$27.23253,58512/31/201523.03%73.08%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$220.04$181.52648,39312/31/201621.22%16.10%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$22.962,242,84509/30/201518.68%296.52%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$15.9367,99903/31/201618.52%32.81%
+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$25.17735,49204/30/201618.20%28.14%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$7.45$6.38311,79412/31/201516.79%53.30%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$5.68129,18412/31/201515.85%50.29%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$60.27$53.263,727,67312/31/201513.17%41.79%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.39504,74212/31/201511.11%35.27%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.771,274,01206/30/201610.45%12.84%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.61$1.46149,21209/30/20159.99%158.48%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$49.112,711,56203/31/20169.96%17.64%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$60.351,065,47812/31/20169.36%7.10%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$4.77$4.3792,59409/30/20159.24%146.71%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.4968,64412/31/20159.13%28.98%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$50.404,611,74003/31/20168.13%14.41%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.193,056,78812/31/20157.24%22.97%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$199.22$187.831,038,35712/31/20156.06%19.24%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.84$9.302,868,51610/31/20155.77%39.00%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.572357,24309/16/20154.90%198.52%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.39$3.253,674,49406/30/20164.25%5.22%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$68.14$65.553,485,77803/31/20163.95%7.00%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.52944,25412/31/20153.78%11.98%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.39188,90112/31/20153.71%11.77%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.39$22.5614,09812/31/20153.67%11.65%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$29.38$28.3739,69603/31/20163.55%6.29%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$65.54$63.34523,59603/31/20163.47%6.15%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$14.25$13.7863,89804/30/20163.40%5.27%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.521,312,44905/15/20163.11%4.52%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.153,948,97503/31/20162.82%5.00%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$123.22$119.962,036,90403/31/20162.71%4.81%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$6.76$6.5925,96709/30/20152.55%40.40%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$229.591,171,82003/31/20162.36%4.18%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$7.56$7.39534,03909/30/20152.33%37.04%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.26185,97412/31/20152.22%7.06%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.65147,90403/31/20162.12%3.76%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$24.95$24.5263,56512/31/20151.74%5.53%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.15364,27803/31/20161.70%3.01%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.821,22612/31/20151.66%5.28%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.10219,41403/31/20161.65%2.92%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.07447,10612/31/20151.59%5.06%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.203,90112/31/20151.56%4.96%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.12229,45012/31/20151.43%4.53%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$400 million$17.00$16.77919,77412/31/20151.37%4.35%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$62.70357,72612/31/20151.28%4.05%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$74.30710,09412/31/20151.25%3.97%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$87.26$86.20487,88412/31/20151.23%3.92%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$35.98$35.581,867,67112/31/20151.12%3.55%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.09203,20112/31/20150.99%3.13%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.07281,52703/31/20160.82%1.44%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.751,020,46609/30/20150.80%12.65%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.89703,05509/30/20150.79%12.57%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.421,723,58912/31/20150.75%2.38%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$54.91$54.50899,49612/31/20150.74%2.36%
+IKAN08/05/2015Qualcomm Atheros, Inc. (N/A)All Cash$47 million$2.75$2.7333,51812/31/20150.73%2.33%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.84646,08912/31/20150.64%2.04%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.33140,55412/31/20150.58%1.84%
+MM09/03/2015AOL (N/A)All Cash$238 million$1.75$1.745,736,56410/31/20150.57%3.88%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.091,221,37112/31/20150.56%1.79%
+HILL08/18/2015Seagate Technology Public Limited Company (STX)All Cash$694 million$9.75$9.701,046,19212/31/20150.52%1.64%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$24.1513412/31/20150.41%1.31%
+ZU08/17/2015Liberty Interactive Corporation (QVCA)Cash Plus Stock$2.4 billion$17.82$17.752,507,88912/31/20150.41%1.31%
+TECU08/05/2015Mueller Industries, Inc. and Atlas Holdings LLC (N/A)All Cash$123 million$5.00$4.9877,17809/30/20150.40%6.37%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.71483,59203/31/20160.39%0.69%
+BTH08/31/2015The Carlyle Group LP (CG)All Cash$98 million$6.00$5.98148,39112/31/20150.33%1.06%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.551,373,35512/22/20150.32%1.11%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.374312/31/2015-0.56%-1.78%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$24.69$24.85580,22709/30/2015-0.64%-10.21%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.73$19.8649710/31/2015-0.66%-4.49%
+SVLC07/27/2015First Majestic Silver Corp. (AG)Cash Plus Stock$118 million$0.83$0.83979,84909/30/2015-0.98%-15.51%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$116.82$118.00402,24412/31/2015-1.00%-3.18%
+SURG09/02/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$166 million$6.50$6.57516,72712/31/2015-1.07%-3.38%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$21.15$22.02436,38512/31/2015-3.96%-12.56%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$21.96125,82009/30/2015-4.37%-69.38%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4831,11610/31/2015-5.24%-35.43%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.18$6.97119,46903/31/2015-11.31%25.80%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$7.92$22.9019112/31/2015-65.43%-207.67%

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