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Merger Arbitrage Mondays – November 30, 2015

  • November 29, 2015

Merger activity increased last week with six new deals announced and four 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 2015184
Total Number of Deals Not Completed in 20156
Total Number of Pending Deals
Cash Deals56
Stock Deals17
Stock & Cash Deals21
Special Conditions12
Total Number of Pending Deals106
Total Deal Size$1486.06 billion

New Deals:

  1. The acquisition of Allergan (AGN) by Pfizer (PFE) for $160 billion. Immediately prior to the merger, Allergan will effect an 11.3-for-one share split so that each Allergan shareholder will receive 11.3 shares of the combined company for each of their Allergan shares, and the Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares.
  2. The acquisition of CommunityOne Bancorp (COB) by Capital Bank Financial (CBF) for $350 million in a cash or stock deal. Under the terms of the agreement, CommunityOne shareholders shall have the right to receive, at the election of each holder and subject to proration, $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock, with the total consideration to consist of 85% stock and 15% cash.
  3. The acquisition of TeleCommunication Systems (TSYS) by Comtech Telecommunications (CMTL) for $339.7 million or $5.00 per share in cash.
  4. The acquisition of PMC-Sierra (PMCS) by Microsemi Corporation (MSCC) for $2.5 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of PMC-Sierra will receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock.
  5. The acquisition of Boulder Brands (BDBD) by Pinnacle Foods for $710 million or $11.00 per share in cash.
  6. The acquisition of Cheviot Financial (CHEV) by MainSource Financial Group (MSFG) for $107.4 million in  cash or stock deal. Under the terms of the agreement, shareholders of Cheviot Financial may elect to receive either 0.6916 shares of MainSource common stock or $15.00 in cash for each share of Cheviot common stock owned, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of 50% of Cheviot shares being exchanged for common stock and 50% for cash.

Deal Updates:

  1. On November 24, 2015, Skyworks Solutions (SWKS) announced that it decided not to modify its amended and restated merger agreement with PMC-Sierra (PMCS). PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC.

Closed Deals:

  1. The acquisition of Daegis (DAEG) by Open Text Corporation (OTEX) on November 24, 2015. It took 47 days for this deal to be completed.
  2. The acquisition of IPC Healthcare (IPCM) by Team Health Holdings (TMH) on November 23, 2015. It took 111 days for this deal to be completed.
  3. The acquisition of Pericom Semiconductor (PSEM) by Diodes Incorporated (DIOD) on November 25, 2015. It took 83 days for this deal to be completed.
  4. The acquisition of Planar Systems (PLNR) by Leyard Optoelectronic on November 27, 2015. It took 107 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$8.0612/31/2015104.71%1232.93%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.39012/31/201548.72%573.61%
ODP02/04/2015Staples, Inc. (SPLS)$9.94$6.7512/31/201547.31%557.04%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$6.6101/31/201637.67%221.77%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.1812/31/201633.02%30.36%
CI07/24/2015Anthem, Inc. (ANTM)$171.00$135.3012/31/201626.39%24.26%
HUM07/03/2015Aetna Inc. (AET)$212.15$168.9012/31/201625.61%23.54%
PRSN10/27/2015Galil Medical (N/A)$1.00$0.83003/31/201620.48%61.28%
WMB09/28/2015Energy Transfer Equity, L.P. (ETE)$43.50$36.1406/30/201620.37%34.90%
BHI11/16/2014Halliburton Company (HAL)$62.83$52.7812/31/201519.03%224.10%

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$8.0645,66212/31/2015104.71%1232.93%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.3903,56512/31/201548.72%573.61%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.94$6.752,053,38912/31/201547.31%557.04%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$6.6129,06901/31/201637.67%221.77%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.1813,46612/31/201633.02%30.36%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$171.00$135.30457,91912/31/201626.39%24.26%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$212.15$168.90627,30012/31/201625.61%23.54%
+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.830282,88603/31/201620.48%61.28%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$36.142,312,25006/30/201620.37%34.90%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$62.83$52.78981,19612/31/201519.03%224.10%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.40111,61012/31/201517.96%211.44%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$24.16$20.611,22012/04/201517.24%1573.02%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$74.58452,37609/30/201615.98%19.13%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$370.53$319.761,864,86312/31/201615.88%14.60%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$30.281,669,03706/30/201615.26%26.15%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.863,655,12512/31/201614.50%13.33%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.91$2.6327,93103/31/201610.77%32.21%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$50.02132,34912/31/201510.70%125.93%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$33.801,064,64506/30/201610.36%17.74%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$72.51730,53906/30/201610.16%17.42%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$47.0155,71806/30/20169.61%16.48%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$49.95$45.82567,27212/31/20159.02%106.24%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$201.28$185.26282,98112/31/20158.65%101.80%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.69127,08003/31/20168.40%25.13%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$11.47$10.6330,58704/30/20167.92%19.03%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$25.271,564,29012/10/20157.84%285.99%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$24.76$23.16338,75003/31/20166.92%20.70%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$70.82$66.54508,23706/30/20166.42%11.01%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$35.288,64201/31/20166.29%37.04%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.62119,74403/31/20166.19%18.53%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$15.91$15.0143,19409/30/20166.02%7.21%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.60321,77212/31/20165.43%4.99%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.30263,65706/30/20164.75%8.14%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.54248,36603/31/20164.36%13.06%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$16.66$15.97211,00412/31/20164.32%3.97%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$11.24$10.77927,11409/30/20164.32%5.17%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$53.55387,86003/31/20164.30%12.85%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.85193,75803/31/20164.28%12.81%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.10128,99703/31/20164.15%12.42%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.7428,96506/30/20164.12%7.06%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$62.447,70003/31/20164.10%12.27%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.50185,07706/30/20164.00%6.85%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.47403,60812/31/20153.93%46.33%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$36.17$34.905,43103/31/20163.65%10.91%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$138.38591,19903/31/20163.34%9.99%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$26.731,980,86803/31/20163.25%9.74%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$58.13175,75212/31/20163.22%2.96%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.58260,96505/15/20162.91%6.37%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$27.86$27.08245,30003/31/20162.88%8.62%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.49288,87603/31/20162.75%8.24%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.35158,79404/30/20162.67%6.41%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.8574,34303/31/20162.62%7.83%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$69.81$68.04766,37603/31/20162.60%7.78%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.97$12.6551,85206/30/20162.49%4.27%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.81$8.602,352,09303/31/20162.45%7.33%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$31.24149,50512/31/20162.43%2.24%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.5927,68912/31/20152.40%28.22%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$19.541,231,67906/30/20162.35%4.03%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.35$0.342182,14701/31/20162.34%13.77%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.82746,86203/31/20162.23%6.68%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.25105,64912/31/20151.89%22.22%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.672,912,04503/31/20161.87%5.59%
+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$29.21364,95704/30/20161.85%4.44%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$14.37$14.1224,92803/31/20161.74%5.22%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$42.28$41.56113,72903/31/20161.74%5.21%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$6.985253,11703/31/20161.65%4.93%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$110.87$109.1292,24803/31/20161.60%4.79%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$34.36$33.8527,65503/31/20161.51%4.52%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$231.58341,03703/31/20161.48%4.42%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.5713,81803/31/20161.41%4.21%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$64.77$63.88415,61403/31/20161.40%4.19%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$51.79$51.08875,19605/15/20161.39%3.05%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.451,037,81003/31/20161.28%3.83%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.211,18512/31/20151.25%14.67%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$24.85$24.554,26112/31/20151.23%14.47%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.94319,76803/31/20161.21%3.63%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.1440,55203/31/20161.20%3.60%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$132.18$130.62418,74703/31/20161.20%3.58%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.95$3.91770,36306/30/20161.14%1.95%
+PMCS11/24/2015Microsemi Corporation (MSCC)Cash Plus Stock$2.5 billion$12.01$11.883,239,97003/31/20161.06%3.16%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.8683,28703/31/20161.00%3.00%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$8.32$8.2475,68003/31/20160.98%2.92%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.15288,89903/31/20160.97%2.90%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.1463,75112/31/20150.88%10.33%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.1187,85812/31/20150.65%7.71%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.9313412/31/20160.64%0.59%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.161,959,02303/31/20160.64%1.90%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.33212,52303/31/20160.60%1.80%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.84363,39812/31/20150.55%6.45%
+AWAY11/04/2015Expedia Inc. (EXPE)Cash Plus Stock$3.9 billion$35.68$35.50616,17103/31/20160.51%1.51%
+BDBD11/24/2015Pinnacle Foods (N/A)All Cash$710 million$11.00$10.953,027,75303/31/20160.46%1.37%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$22.90548,08712/31/20150.44%5.14%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$24.11$24.04242,22912/31/20150.31%3.67%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.24170,13801/31/20160.10%0.57%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$37.36$37.35957,95012/31/20150.03%0.36%
+RNDY11/11/2015The Kroger Co. (KR)All Cash$800 million$3.60$3.60325,44112/31/20150.00%0.00%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$54.621,424,86803/31/2016-0.22%-0.66%
+BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.725,10203/31/2016-0.56%-1.67%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.408912/31/2015-0.70%-8.25%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.56263,51405/09/2016-0.70%-1.59%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$12.1220,91003/31/2016-0.99%-2.96%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$48.59$49.2836,52701/31/2016-1.41%-8.27%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$5.54$5.7114,39812/31/2015-3.06%-36.00%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$835 million$15.00$15.54601,86903/31/2016-3.47%-10.40%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$127.07$134.12118,97312/31/2015-5.26%-61.91%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.37$7.9012,70003/31/2015-32.00%47.87%

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

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