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Merger Arbitrage Mondays – October 5, 2015

  • October 4, 2015

Merger activity increased last week with four new deals announced and eight 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 2015154
Total Number of Deals Not Completed in 20155
Total Number of Pending Deals
Cash Deals50
Stock Deals14
Stock & Cash Deals14
Special Conditions8
Total Number of Pending Deals86
Total Deal Size$1174.73 billion

New Deals:

  1. The acquisition of Williams Companies (WMB) by Energy Transfer Equity (ETE) for $37.7 billion. Under the terms of the transaction, Energy Transfer Corp LP (ETC), an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share. Williams’ stockholders will have the right to elect to receive as merger consideration either ETC common shares, which would be publicly traded on the NYSE under the symbol ETC, and / or cash. Elections to receive ETC common shares and cash will be subject to proration. Williams stockholders electing to receive stock consideration will receive a fixed exchange ratio of 1.8716 ETC common shares for each share of WMB common stock, before giving effect to proration. If all Williams’ stockholders elect to receive all cash or all stock, then each share of Williams common stock would receive $8.00 in cash and 1.5274 ETC common shares. In addition, WMB stockholders will be entitled to a special one-time dividend of $0.10 per WMB share to be paid immediately prior to the closing of the transaction. The special one-time dividend is in addition to the regularly scheduled WMB dividends to be paid before closing.
  2. The acquisition of Rentrak Corporation (RENT) by comScore (SCOR) for $732 million in a stock-for-stock merger. Under the terms of the agreement,Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore.
  3. The acquisition of The Phoenix Companies (PNX) by Nassau Reinsurance Group Holdings for $217.2 million or $37.50 per share in cash.
  4. The acquisition of EZchip Semiconductor (EZCH) by Mellanox Technologies (MLNX) for $620 million or $25.5 per share in cash.

Deal Updates:

  1. On Seotember 29, 2015, Sigma-Aldrich (SIAL) said that it is making progress towards completion of its proposed acquisition by Germany’s Merck KGaA. The transaction is now expected to consummate within the next two months.
  2. On September 28,2015, Williams Partners (WPZ) announced an agreement with The Williams Companies (WMB), whereby both parties have terminated their previously announced merger agreement under which Williams was to acquire all of the public outstanding common units of Williams Partners in an all stock-for-unit transaction. Williams Companies has agreed to be acquired by Energy Transfer Equity (ETE).

Closed Deals:

  1. The acquisition of Ikanos Communications (IKAN) by Qualcomm Atheros on September 29, 2015. It took 55 days for this deal to be completed.
  2. The acquisition of Crestwood Midstream Partners (CLMP) by Crestwood Equity Partners (CEQP) on September 30, 2015. It took 147 days for this deal to be completed.
  3. The acquisition of zulily (ZU) by Liberty Interactive Corporation (QVCA) on October 1, 2015. It took 45 days for this deal to be completed.
  4. The acquisition of Dealertrack Technologies (TRAK) by Cox Automotive on October 1, 2015. It took 108 days for this deal to be completed.
  5. The acquisition of Kythera Biopharmaceuticals (KYTH) by Allergan (AGN) on October 1, 2015. It took 106 days for this deal to be completed.
  6. The acquisition of Silvercrest Mines (SVLC) by First Majestic Silver Corp. (AG) on October 1, 2015. It took 66 days for this deal to be completed.
  7. The acquisition of Wright Medical Group (WMGI) by Tornier N.V. (TRNX) on October 1, 2015. It took 339 days for this deal to be completed.
  8. The acquisition of Ryland Group (RYL) by Standard Pacific Corp. (SPF) on October 2, 2015. It took 110 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)$9.91$6.4012/31/201554.82%229.99%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$11.7812/31/201540.07%168.10%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3012/31/201628.18%22.71%
CI07/24/2015Anthem, Inc. (ANTM)$176.48$138.5812/31/201627.35%22.04%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.4812/31/201520.83%87.40%
HUM07/03/2015Aetna Inc. (AET)$219.73$183.5112/31/201619.74%15.90%
MDP09/08/2015Media General, Inc. (MEG)$51.53$43.4906/30/201618.49%25.08%
YDLE08/10/2015Envestnet, Inc. (ENV)$18.88$16.0403/31/201617.71%36.31%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$28.5912/31/201517.17%72.05%
PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)$37.50$32.9001/31/201613.98%43.25%

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$9.91$6.4010,593,85512/31/201554.82%229.99%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$11.78216,16012/31/201540.07%168.10%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.3067,04112/31/201628.18%22.71%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$176.48$138.581,589,06312/31/201627.35%22.04%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.489,93712/31/201520.83%87.40%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$219.73$183.51603,99112/31/201619.74%15.90%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$43.49386,37706/30/201618.49%25.08%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.04477,25803/31/201617.71%36.31%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.59284,20912/31/201517.17%72.05%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$32.90125,21201/31/201613.98%43.25%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$60.22$53.353,158,37212/31/201512.87%53.99%
+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$26.37757,23504/30/201612.82%22.49%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$5.97101,67512/31/201510.22%42.87%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$24.793,775,86209/30/20159.92%0.00%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.4669,70812/31/20159.87%41.39%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.851,353,99906/30/20169.70%13.17%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$5.51$5.0466,17712/31/20159.41%39.47%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$9.09$8.388,345,91503/31/20168.48%17.39%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$50.153,107,37703/31/20167.68%15.74%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$12.54287,99212/31/20157.66%32.12%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$61.32766,99312/31/20167.63%6.15%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$199.06$185.193,185,77112/31/20157.49%31.42%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.4146,10012/31/20156.58%27.59%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$51.207,693,09203/31/20166.45%13.22%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$41.029,211,78906/30/20166.05%8.20%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.70129,10012/31/20155.97%25.05%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$33.015,160,12506/30/20165.73%7.77%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$21.76324,85512/31/20155.70%23.91%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$1.52$1.45510,74510/14/20155.00%202.92%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$12.59$12.0098,13704/30/20164.88%8.56%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$29.92$28.7737,69903/31/20164.01%8.22%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.551,876,75306/30/20163.77%5.11%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$64.79$62.543,567,32803/31/20163.60%7.37%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.53250,26812/31/20153.44%14.42%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$20.68$20.031,45510/31/20153.25%45.59%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.151,726,95103/31/20163.14%6.44%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$33.09783,77812/31/20152.75%11.54%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.80$3.703,526,60706/30/20162.72%3.69%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.66711,20605/15/20162.65%4.34%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$63.06$61.581,750,30103/31/20162.41%4.94%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.5191,76103/31/20162.35%4.81%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.69116,51710/18/20152.26%63.58%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.98650,77503/31/20162.08%4.27%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.29896,78303/31/20162.05%4.19%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.784,62512/31/20152.04%8.56%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$13.975,084,69803/31/20162.00%4.11%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.73516,86212/31/20151.97%8.25%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.194,21312/31/20151.88%7.89%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$73.88955,80212/31/20151.85%7.78%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$78.82379,76712/31/20151.81%7.61%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.46140,99403/31/20161.77%3.64%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$124.76$122.631,445,82403/31/20161.73%3.56%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$45.06$44.302,831,74612/31/20151.72%7.22%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$4.53$4.46123,69310/15/20151.49%54.42%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.23$22.902,42812/31/20151.42%5.96%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.65240,31703/31/20161.33%2.74%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.13151,78603/31/20161.31%2.70%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$36.49$36.12999,14512/31/20151.02%4.28%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.09222,43912/31/20150.99%4.13%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.102,22312/31/20150.71%2.98%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.80$9.7415,660,38910/31/20150.65%9.07%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.41193,56003/31/20160.52%1.06%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.611,040,17012/31/20150.50%2.11%
+CNW09/09/2015XPO Logistics, Inc. (XPO)All Cash$3 billion$47.60$47.372,336,99710/31/20150.49%6.82%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.351,595,64111/30/20150.47%3.04%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$88.18$87.89491,68412/31/20150.33%1.37%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.42187,64712/31/20150.27%1.14%
+ENVI09/10/2015Ericsson (N/A)All Cash$125 million$4.10$4.0966,67012/31/20150.24%1.03%
+ADEP09/16/2015OMRON Corporation (N/A)All Cash$200 million$13.00$12.97258,73610/23/20150.23%4.69%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$25.79$25.75107,53512/31/20150.17%0.70%
+BTH08/31/2015The Carlyle Group LP (CG)All Cash$98 million$6.00$5.9929,89612/31/20150.17%0.70%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.96189,08312/31/20150.16%0.67%
+MRGE08/06/2015International Business Machines Corporation (IBM)All Cash$1 billion$7.13$7.12759,99812/31/20150.14%0.59%
+THOR07/22/2015St. Jude Medical Inc. (STJ)All Cash$3.4 billion$63.50$63.44651,46912/31/20150.09%0.40%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$75.203,725,22912/31/20150.04%0.17%
+HILL08/18/2015Seagate Technology Public Limited Company (STX)All Cash$694 million$9.75$9.75699,14912/31/20150.00%0.00%
+MM09/03/2015AOL (N/A)All Cash$238 million$1.75$1.75668,22310/31/20150.00%0.00%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$20.73$20.77374,00512/31/2015-0.17%-0.73%
+SURG09/02/2015Valeant Pharmaceuticals International, Inc. (VRX)All Cash$166 million$6.50$6.53339,40312/31/2015-0.46%-1.93%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$92.47$93.431,307,83603/31/2016-1.03%-2.11%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$55.34$57.51681,60601/31/2016-3.78%-11.68%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.478,81010/31/2015-4.86%-68.20%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$400 million$17.00$18.00372,67812/31/2015-5.56%-23.31%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$114.78$121.89353,56312/31/2015-5.84%-24.48%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.84$7.1467,06303/31/2015-32.16%62.44%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.23$23.822,21710/09/2015-65.47%-5973.73%

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