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Merger Arbitrage Mondays – November 16, 2015

  • November 15, 2015

Merger activity decreased last week with six new deals announced and two 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 2015176
Total Number of Deals Not Completed in 20155
Total Number of Pending Deals
Cash Deals58
Stock Deals14
Stock & Cash Deals20
Special Conditions12
Total Number of Pending Deals104
Total Deal Size$1295.67 billion

New Deals:

  1. The acquisition of Fidelity & Guaranty Life (FGL) by Anbang Insurance Group Co. for $26.80 per share in cash.
  2. The acquisition of C1 Financial (BNK) by Bank of the Ozarks (OZRK) for $402.5 million in an all stock deal. Under the terms of the agreement, each holder of outstanding shares of common stock of C1 will receive shares of common stock of OZRK. The number of OZRK shares to be issued will be determined based on OZRK’s ten day average closing stock price as of the second business day prior to the closing date, subject to a minimum and maximum price of $39.79 to $66.31, respectively. The consideration payable to C1 shareholders is subject to downward adjustment if the net book value of C1 at the time of the merger is below a specified level and is subject to an upward adjustment if certain loans of C1 are sold at a price above a specified amount.
  3. The acquisition of RealD (RLD) by Rizvi Traverse Management for $551 million or $11.00 per share in cash.
  4. The acquisition of Ocata Therapeutics (OCAT) by Astellas Pharma for $379 million or $8.50 per share in cash.
  5. The acquisition of Roundy’s (RNDY) by The Kroger Co. (KR) for $800 million or $3.60 per share in cash.
  6. The acquisition of Anadigics (ANAD) by GaAs Labs for $32 million or $0.35 per share in cash.

Deal Updates:

  1. On November 9, 2015, Pericom Semiconductor Corporation (PSEM) announced that its Board of Directors has unanimously accepted a revised offer from Diodes Incorporated (DIOD) to acquire Pericom for $17.75 per share in cash without interest or an aggregate purchase price of approximately $413 million.
  2. On November 10, 2015, MPLX (MPLX) and MarkWest Energy Partners (MWE) announced that in connection with the merger of MPLX and MarkWest, MPLX has agreed to increase the amount of the cash consideration payable to MarkWest common unitholders by $400 million, from $675 million to $1.075 billion. Under the revised terms of the merger agreement, MarkWest common unitholders will receive 1.09 MPLX common units plus a one-time cash payment of approximately $5.21 per MarkWest common unit, for a total consideration of approximately $52.93 per MarkWest common unit

Closed Deals:

  1. The acquisition of Remy International (REMY) by BorgWarner (BWA) on November 10, 2015. It took 120 days for this deal to be completed.
  2. The acquisition of Xoom Corporation (XOOM) by PayPal on November 12, 2015. It took 134 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

VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$9.2412/31/201578.57%637.30%
PRSN10/27/2015Galil Medical (N/A)$1.00$0.5803/31/201672.41%194.35%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.1612/31/201633.86%30.07%
ODP02/04/2015Staples, Inc. (SPLS)$10.01$7.5212/31/201533.07%268.24%
CI07/24/2015Anthem, Inc. (ANTM)$171.69$131.5712/31/201630.49%27.08%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.45112/31/201528.60%232.00%
BHI11/16/2014Halliburton Company (HAL)$60.88$47.6612/31/201527.73%224.93%
HUM07/03/2015Aetna Inc. (AET)$210.63$167.3612/31/201625.86%22.96%
WMB09/28/2015Energy Transfer Equity, L.P. (ETE)$43.50$35.1006/30/201623.93%38.48%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$7.4501/31/201622.15%106.37%

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

+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$9.24276,45912/31/201578.57%637.30%
+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.5891,78303/31/201672.41%194.35%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.1627,80612/31/201633.86%30.07%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.01$7.527,666,15912/31/201533.07%268.24%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$171.69$131.571,852,75812/31/201630.49%27.08%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.45112,29012/31/201528.60%232.00%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$60.88$47.663,362,99712/31/201527.73%224.93%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$210.63$167.361,193,21512/31/201625.86%22.96%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$35.107,547,46806/30/201623.93%38.48%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$7.4532,89401/31/201622.15%106.37%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.6017,670,41712/31/201618.42%16.36%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$73.901,324,77209/30/201617.05%19.51%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.84205,43912/31/201516.16%131.06%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$45.07253,49606/30/201614.33%23.05%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$48.90937,11712/31/201513.23%107.32%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$49.01$43.451,833,95912/31/201512.79%103.72%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$31.001,714,68406/30/201612.58%20.23%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$9.11$8.2015,040,39903/31/201611.14%29.89%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$3.12$2.8510,19903/31/20169.52%25.54%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.67348,73503/31/20168.99%24.13%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$17.37359,17003/31/20168.69%23.33%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$34.423,117,86906/30/20168.37%13.45%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$34.6337,84501/31/20168.29%39.80%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$200.87$185.951,250,80612/31/20158.02%65.07%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.54409,49203/31/20167.49%20.11%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.18541,18006/30/20166.73%10.83%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.08743,95112/31/20166.31%5.61%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$69.79$65.681,785,96406/30/20166.25%10.05%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$23.04$21.753,53712/31/20155.91%47.95%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$51.474,632,67203/31/20165.89%15.80%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.14282,29803/31/20165.63%15.12%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$16.12$15.281,449,78312/31/20165.50%4.88%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.64426,76203/31/20165.11%13.70%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$6.27196,61512/31/20154.94%40.10%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.98$10.475,726,54509/30/20164.84%5.54%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.35$0.33503,305,08301/31/20164.48%21.50%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.5016,46612/31/20154.44%36.05%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.27$11.7656,43206/30/20164.34%6.97%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.70191,82406/30/20164.28%6.88%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$57.55659,69112/31/20164.26%3.78%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.443,024,97206/30/20164.20%6.75%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$26.513,680,53003/31/20164.11%11.03%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$27.47$26.391,073,11403/31/20164.09%10.99%
+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$28.67331,85604/30/20163.77%8.28%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$25.70$24.801,447,41103/31/20163.63%9.73%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.041,343,91003/31/20163.55%9.53%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$62.7956,49603/31/20163.52%9.45%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.05203,02112/31/20153.45%27.97%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$68.96$66.702,337,93903/31/20163.38%9.08%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$34.82$33.741,10403/31/20163.19%8.57%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.57369,37712/31/20153.17%25.70%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.441,310,02512/10/20153.06%46.59%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.21776,33103/31/20163.03%8.12%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$6.07$5.8972,93512/31/20153.02%24.46%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$8.15$7.9267,11803/31/20162.89%7.74%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.3345,15204/30/20162.75%6.06%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.71455,33603/31/20162.71%7.27%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.53725,42703/31/20162.69%7.21%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.65254,97605/15/20162.69%5.42%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.591,221,28403/31/20162.68%7.20%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$107.71$104.91288,56503/31/20162.67%7.16%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$32.96$32.1266,72903/31/20162.62%7.03%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.175,783,24803/31/20162.50%6.72%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.79532,83012/31/20152.19%17.76%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.02170,75412/31/20152.16%17.52%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.95427,21412/31/20152.16%17.51%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$6.951,822,44203/31/20162.16%5.79%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.052,015,56603/31/20162.15%5.77%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.08203,43303/31/20161.87%5.02%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$22.58151,14012/31/20151.86%15.09%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.93$3.862,602,66906/30/20161.74%2.79%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$41.47$40.79454,06103/31/20161.67%4.47%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$11.45$11.2723,22004/30/20161.61%3.54%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.30252,13703/31/20161.59%4.27%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$63.87$62.911,562,30003/31/20161.53%4.10%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$130.25$128.491,864,85103/31/20161.37%3.68%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.063,769,41503/31/20161.35%3.63%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$46.80$46.192,367,87005/15/20151.32%0.00%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.60148,05803/31/20161.31%3.51%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.55299,06903/31/20161.28%3.43%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.871,87603/31/20161.20%3.21%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$31.63498,20412/31/20161.17%1.04%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.51546,14112/31/20150.99%8.06%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.222,18712/31/20150.93%7.56%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.14437,77812/31/20150.88%7.12%
+DAEG10/08/2015Open Text Corporation (OTEX)All Cash$13.5 million$0.82$0.8136012/31/20150.86%6.98%
+RNDY11/11/2015The Kroger Co. (KR)All Cash$800 million$3.60$3.572,966,85012/31/20150.84%6.82%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.863,773,56403/31/20160.78%2.10%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$33.65$33.41591,63612/31/20150.72%5.84%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.18789,29601/31/20160.69%3.30%
+AWAY11/04/2015Expedia Inc. (EXPE)Cash Plus Stock$3.9 billion$36.00$35.774,156,58503/31/20160.65%1.75%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.461,937,50505/09/20160.47%0.99%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$835 million$15.00$14.95651,40603/31/20160.33%0.90%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$80.03392,16212/31/20150.27%2.23%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.87646,01811/30/20150.09%2.42%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$24.02$24.031,14812/31/2015-0.04%-0.33%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$413 million$17.75$17.77184,07612/31/2015-0.11%-0.91%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$12.0260,25603/31/2016-0.17%-0.45%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.35N/A12/31/2015-0.47%-3.80%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$22.84$23.05542,24412/31/2015-0.92%-7.43%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$48.42$49.9470,85001/31/2016-3.05%-14.67%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$120.87$127.42197,38312/31/2015-5.14%-41.70%
+PMCS10/05/2015Skyworks Solutions Inc. (SWKS)All Cash$2 billion$10.50$11.702,234,95006/30/2016-10.26%-16.49%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.27$7.0612,31503/31/2015-25.32%40.19%

Voluntary Disclosure: I hold a long position in CCG.

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