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Merger Arbitrage Mondays – November 23, 2015

  • November 23, 2015

Merger activity decreased last week with five new deals announced and three 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 2015179
Total Number of Deals Not Completed in 20155
Total Number of Pending Deals
Cash Deals60
Stock Deals14
Stock & Cash Deals20
Special Conditions12
Total Number of Pending Deals106
Total Deal Size$1324.05 billion

New Deals:

  1. The acquisition of Starwood Hotels & Resorts Worldwide (HOT) by Marriott International (MAR) for $12.2 billion in a cash plus stock deal. Under the terms of the agreement,Starwood shareholders will receive 0.92 shares of Marriott International common stock and $2.00 in cash for each share of Starwood common stock. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015.  The timeshare transaction should close prior to the Marriott-Starwood merger closing. Since we are treating this deal as a ‘special conditions’ deal, the actual value is likely to fluctuate and hence will be different from what we have entered in the database.
  2. The acquisition of Airgas (ARG) by Air Liquide for $13.4 billion or $143 per share in cash.
  3. The acquisition of Fairchild Semiconductor International (FCS) by ON Semiconductor (ON) for $2.4 billion or $20.00 per share in cash.
  4. The acquisition of Breeze-Eastern Corporation (BZC) by TransDigm Group Incorporated (TDG) for $206 million or $19.61 per share in cash.
  5. The acquisition of Liberator Medical Holdings (LBMH) by CR Bard (BCR) for $181 million or $3.35 per share in cash.

Closed Deals:

  1. The acquisition of Sungy Mobile Limited (GOMO) by Sunflower Parent Limited on November 18, 2015. It took 163 days for this deal to be completed.
  2. The acquisition of Shanda Games Limited (GAME) by Capitalhold Limited and Capitalcorp Limited on November 19, 2015. It took 230 days for this deal to be completed.
  3. The acquisition of Yodlee (YDLE) by Envestnet (ENV) on November 19, 2015. It took 101 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$7.7212/31/2015113.73%1092.41%
PRSN10/27/2015Galil Medical (N/A)$1.00$0.5703/31/201675.44%213.45%
ODP02/04/2015Staples, Inc. (SPLS)$9.94$6.8812/31/201544.46%427.08%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.1712/31/201633.44%30.21%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.4412/31/201531.82%305.62%
CI07/24/2015Anthem, Inc. (ANTM)$170.99$132.1712/31/201629.37%26.54%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$7.0401/31/201629.26%154.79%
HUM07/03/2015Aetna Inc. (AET)$212.46$167.6112/31/201626.76%24.18%
BHI11/16/2014Halliburton Company (HAL)$61.56$51.0112/31/201520.68%198.66%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$28.3112/31/201518.33%176.09%

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$7.72322,27612/31/2015113.73%1092.41%
+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.57223,99903/31/201675.44%213.45%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.94$6.8814,705,38412/31/201544.46%427.08%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.1728,08712/31/201633.44%30.21%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.4424,34412/31/201531.82%305.62%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$170.99$132.171,829,06612/31/201629.37%26.54%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$7.049,98401/31/201629.26%154.79%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$212.46$167.611,364,13812/31/201626.76%24.18%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$61.56$51.014,390,87112/31/201520.68%198.66%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.31341,51012/31/201518.33%176.09%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$36.8210,591,32006/30/201618.14%30.10%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.7112,955,85812/31/201616.73%15.12%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$74.931,891,95509/30/201615.44%18.06%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$30.982,460,56706/30/201612.65%20.99%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$49.40410,02912/31/201512.09%116.08%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.91$2.601,50103/31/201612.04%34.08%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$46.37116,13306/30/201611.13%18.46%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$11.17$10.14135,47804/30/201610.17%23.34%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$73.113,974,96806/30/20169.26%15.36%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$200.87$184.461,523,26312/31/20158.89%85.44%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.68181,76603/31/20168.70%24.60%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$34.391,296,52306/30/20168.46%14.04%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$45.65$42.462,047,47912/31/20157.51%72.14%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$23.80$22.2011,11512/31/20157.22%69.32%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$29.28548,89003/31/20167.07%20.00%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$71.19$67.02834,57506/30/20166.22%10.32%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$35.3590,71201/31/20166.08%32.17%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.63404,86203/31/20166.03%17.07%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.25581,11612/31/20166.02%5.44%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$24.91$23.611,328,51403/31/20165.49%15.52%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$61.6769,86803/31/20165.40%15.28%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$25.952,729,19612/10/20155.01%107.56%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$6.2762,29712/31/20154.94%47.49%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.321,298,94606/30/20164.67%7.75%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$11.19$10.702,575,81409/30/20164.62%5.41%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$27.63$26.41379,46403/31/20164.62%13.06%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.65422,98606/30/20164.48%7.44%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.463,677,52706/30/20164.33%7.19%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$16.46$15.80382,65512/31/20164.18%3.77%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.75$12.2749,08406/30/20163.91%6.49%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$57.77402,47412/31/20163.86%3.49%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.98498,80003/31/20163.78%10.70%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.00572,04703/31/20163.62%10.24%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.63227,90603/31/20163.48%9.85%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.77$8.487,207,33203/31/20163.44%9.73%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.2090,53104/30/20163.31%7.59%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.35$0.339544,33801/31/20163.24%17.16%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.201,184,21203/31/20163.04%8.61%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$138.812,695,29503/31/20163.02%8.54%
+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$28.88571,00304/30/20163.01%6.92%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.55406,99405/15/20163.01%6.32%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$26.802,806,42403/31/20162.99%8.45%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.5712,86612/31/20152.84%27.32%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$34.10$33.1835,47903/31/20162.77%7.85%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$69.68$67.871,783,07303/31/20162.67%7.54%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$8.38$8.17183,43603/31/20162.53%7.15%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.17368,90312/31/20152.51%24.07%
+DAEG10/08/2015Open Text Corporation (OTEX)All Cash$13.5 million$0.82$0.80154,05312/31/20152.50%24.01%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$35.86$35.005,05303/31/20162.47%6.99%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.722,110,89403/31/20162.43%6.87%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.70374,27112/31/20152.19%21.03%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$51.50$50.411,555,09505/15/20162.17%4.55%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.02106,51612/31/20152.16%20.74%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$6.951,759,11503/31/20162.16%6.11%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.98219,58603/31/20162.08%5.89%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$53.534,447,05903/31/20161.81%5.13%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$19.654,052,19906/30/20161.78%2.96%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.131,603,76712/31/20151.77%17.00%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$111.14$109.22402,37503/31/20161.76%4.97%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$231.00837,44703/31/20161.73%4.90%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$63.97$62.931,208,81903/31/20161.65%4.65%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.726,064,59203/31/20161.58%4.47%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.392,224,13103/31/20161.54%4.35%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.11249,90903/31/20161.54%4.35%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$42.52$41.88416,07603/31/20161.54%4.35%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$4.06$4.016,429,20006/30/20161.36%2.25%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.52177,13103/31/20161.30%3.69%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$31.60298,56212/31/20161.27%1.14%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$133.04$131.381,047,26703/31/20161.26%3.57%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.211,36712/31/20151.25%11.97%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$22.72871,61812/31/20151.23%11.84%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.63169,24403/31/20161.21%3.42%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.091,844,45903/31/20161.14%3.21%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.95436,17803/31/20161.12%3.16%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$34.33$33.961,083,30712/31/20151.09%10.46%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.54431,82012/31/20150.95%9.15%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.9010103/31/20160.92%2.60%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.9359,63803/31/20160.59%1.66%
+AWAY11/04/2015Expedia Inc. (EXPE)Cash Plus Stock$3.9 billion$36.22$36.011,699,40303/31/20160.58%1.65%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.349,590,94403/31/20160.30%0.85%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.22320,32901/31/20160.29%1.55%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$24.60$24.544,42412/31/20150.24%2.30%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$23.19$23.14810,99712/31/20150.22%2.07%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.76N/A11/30/20150.17%8.95%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$80.17558,33212/31/20150.10%0.96%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$413 million$17.75$17.75449,26312/31/20150.00%0.00%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.501,667,48505/09/20160.00%0.00%
+RNDY11/11/2015The Kroger Co. (KR)All Cash$800 million$3.60$3.60652,99212/31/20150.00%0.00%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.40N/A12/31/2015-0.70%-6.73%
+BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.7768,78003/31/2016-0.81%-2.29%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$835 million$15.00$15.161,080,53603/31/2016-1.06%-2.99%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$48.58$49.4980,46701/31/2016-1.85%-9.77%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$5.37$5.4970,29712/31/2015-2.28%-21.86%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$125.93$132.70330,86812/31/2015-5.10%-49.01%
+PMCS10/05/2015Skyworks Solutions Inc. (SWKS)All Cash$2 billion$10.50$11.881,075,77206/30/2016-11.62%-19.27%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.84$6.91103,36703/31/2015-29.95%46.12%

Voluntary Disclosure: I hold long positions in CCG and DYAX.

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