Merger Arbitrage Mondays – October 12, 2015

  • October 12, 2015

Merger activity increased last week with five new deals announced and six 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 2015160
Total Number of Deals Not Completed in 20155
Total Number of Pending Deals
Cash Deals52
Stock Deals11
Stock & Cash Deals14
Special Conditions8
Total Number of Pending Deals85
Total Deal Size$1186.38 billion

New Deals:

  1. The acquisition of PMC-Sierra (PMCS) by Skyworks Solutions (SWKS) for $2 billion or $10.50 per share in cash.
  2. The acquisition of Journal Media Group (JMG) by Gannett (GCI) for $280 million or $12.00 per share in cash.
  3. The acquisition of BioMed Realty Trust (BMR) by Blackstone Real Estate Partners (BX) for $8 billion or $23.75 per share in cash. In addition to the common stock dividend of $0.26 per share previously declared on September 15, 2015 and payable on October 15, 2015, if the transaction is completed after January 1, 2016 BioMed stockholders will receive a per diem amount of approximately $0.003 per share for each day from January 1, 2016 until (but not including) the closing date.
  4. The acquisition of Daegis (DAEG) by Open Text Corporation (OTEX) for $13.5 million or $0.82 per share in cash.
  5. The acquisition of UTi Worldwide (UTIW) by Denmark’s DSV for $1.35 billion or $7.10 per share in cash.

Closed Deals:

  1. The acquisition of LRR Energy (LRE) by Vanguard Natural Resources (VNR) on October 5, 2015. It took168 days for this deal to be completed.
  2. The acquisition of Dot Hill Systems (HILL) by Seagate Technology Public Limited Company (STX) on October 6, 2015. It took 49 days for this deal to be completed.
  3. The acquisition of Square 1 Financial (SQBK) by PacWest Bancorp (PACW) on October 7, 2015. It took 219 days for this deal to be completed.
  4. The acquisition of Home Properties (HME) by an affiliate of Lone Star Funds on October 7, 2015. It took 107 days for this deal to be completed.
  5. The acquisition of Eagle Rock Energy Partners (EROC) by Vanguard Natural Resources (VNR) on October 8, 2015. It took 140 days for this deal to be completed.
  6. The acquisition of Thoratec (THOR) by St. Jude Medical (STJ) on October 9, 2015. It took 79 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)$9.96$6.6812/31/201549.05%223.79%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$12.7112/31/201529.82%136.05%
CI07/24/2015Anthem, Inc. (ANTM)$175.78$136.3612/31/201628.91%23.66%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3612/31/201625.89%21.19%
HUM07/03/2015Aetna Inc. (AET)$216.44$181.0412/31/201619.55%16.00%
MDP09/08/2015Media General, Inc. (MEG)$51.53$45.2106/30/201613.98%19.47%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.51012/31/201513.73%62.62%
YDLE08/10/2015Envestnet, Inc. (ENV)$18.88$16.7303/31/201612.85%27.43%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$29.7212/31/201512.72%58.03%
BHI11/16/2014Halliburton Company (HAL)$63.41$56.4412/31/201512.35%56.33%

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$9.96$6.685,319,39412/31/201549.05%223.79%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$12.71218,34812/31/201529.82%136.05%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$175.78$136.362,296,08712/31/201628.91%23.66%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3628,05012/31/201625.89%21.19%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$216.44$181.04502,03512/31/201619.55%16.00%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$45.21252,40606/30/201613.98%19.47%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.5103,53412/31/201513.73%62.62%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.73225,74303/31/201612.85%27.43%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$29.72444,37612/31/201512.72%58.03%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$63.41$56.442,126,30612/31/201512.35%56.33%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$8.35$7.43177,00512/31/201512.32%56.23%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$9.53$8.577,747,25003/31/201611.17%23.85%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$33.95100,40901/31/201610.46%34.38%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.00612,91206/30/20168.33%11.61%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$50.493,608,62103/31/20167.94%16.95%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$200.95$187.381,731,90012/31/20157.24%33.04%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$61.66517,47812/31/20167.04%5.76%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$6.17267,37112/31/20156.65%30.32%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$12.69194,88712/31/20156.38%29.12%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$33.023,341,40106/30/20165.69%7.93%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$13.40$12.68107,53704/30/20165.65%10.26%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.68$20.761,13010/31/20154.45%85.46%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.5014,70512/31/20154.44%20.28%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.413,647,60306/30/20164.32%6.01%
+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$28.56770,08004/30/20164.17%7.57%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.36240,94612/31/20153.77%17.19%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$22.18265,57712/31/20153.70%16.87%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.85491,25212/31/20153.65%16.65%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.74231,31312/31/20153.38%15.40%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$69.11$66.911,764,69203/31/20163.29%7.03%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$31.09$30.1418,38403/31/20163.14%6.70%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.496,990,59603/31/20162.88%6.14%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.493,102,39109/30/20152.87%0.00%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.84$3.744,969,16206/30/20162.65%3.69%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.441,111,07403/31/20162.59%5.53%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.711,282,98405/15/20162.49%4.21%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$63.92$62.58866,69703/31/20162.14%4.58%
+PMCS10/05/2015Skyworks Solutions Inc. (SWKS)All Cash$2 billion$10.50$10.299,532,49806/30/20162.04%2.84%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.45620,95103/31/20161.97%4.21%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.69$23.2440512/31/20151.92%8.76%
+DAEG10/08/2015Open Text Corporation (OTEX)All Cash$13.5 million$0.82$0.80462,808,63212/31/20151.91%8.73%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.191,74612/31/20151.88%8.58%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$25.04356,53603/31/20161.84%3.92%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.76133,45510/18/20151.74%106.10%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.02600,55612/31/20151.66%7.58%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.9580,10503/31/20161.64%3.50%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.028,121,79503/31/20161.64%3.50%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.78490,58512/31/20151.60%7.28%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.4014,476,26003/31/20161.50%3.19%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.844,70012/31/20151.48%6.73%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.55110,60803/31/20161.47%3.14%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$127.01$125.21991,93703/31/20161.44%3.08%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.26106,20012/31/20151.25%5.70%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.08376,53212/31/20151.15%5.25%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.00208,88603/31/20161.08%2.30%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.16291,41803/31/20160.98%2.10%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$37.00$36.67672,01112/31/20150.89%4.05%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$49.84$49.411,232,47212/31/20150.86%3.94%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$90.01$89.34378,31112/31/20150.75%3.43%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.10N/A12/31/20150.71%3.24%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$22.26$22.12245,55112/31/20150.65%2.99%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.05$9.994,590,99710/31/20150.58%11.21%
+ENVI09/10/2015Ericsson (N/A)All Cash$125 million$4.10$4.0828,29412/31/20150.49%2.24%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.70830,44912/31/20150.39%1.76%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.65948,16411/30/20150.25%1.87%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.94180,47012/31/20150.24%1.10%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.92503,98512/31/20150.24%1.08%
+ADEP09/16/2015OMRON Corporation (N/A)All Cash$200 million$13.00$12.97186,87710/23/20150.23%7.68%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.78138,53103/31/20160.19%0.41%
+CNW09/09/2015XPO Logistics, Inc. (XPO)All Cash$3 billion$47.60$47.521,718,93910/31/20150.17%3.23%
+BTH08/31/2015The Carlyle Group LP (CG)All Cash$98 million$6.00$5.9928,49612/31/20150.17%0.76%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.12408,98012/31/20150.14%0.64%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.49371,22412/31/20150.03%0.15%
+MM09/03/2015AOL (N/A)All Cash$238 million$1.75$1.75483,04210/31/20150.00%0.00%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$12.04323,12903/31/2016-0.33%-0.71%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$7.1398,097,61203/31/2016-0.42%-0.90%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$43.837,794,72406/30/2016-0.75%-1.05%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$102.52$104.47422,59503/31/2016-1.87%-3.98%
+SURG09/02/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$166 million$6.50$6.64627,85412/31/2015-2.11%-9.62%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$58.65$60.85278,91501/31/2016-3.62%-11.89%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$116.42$121.50201,78612/31/2015-4.18%-19.08%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$400 million$17.00$18.07135,10312/31/2015-5.92%-27.02%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.5373,17010/31/2015-7.11%-136.68%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.31$7.6760,18503/31/2015-30.74%57.54%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.40$24.0531,21810/09/2015-65.07%7917.26%

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