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Merger Arbitrage Mondays – November 9, 2015

  • November 8, 2015

There was no change in merger activity last week with eleven 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 2015174
Total Number of Deals Not Completed in 20155
Total Number of Pending Deals
Cash Deals55
Stock Deals14
Stock & Cash Deals20
Special Conditions11
Total Number of Pending Deals100
Total Deal Size$1293.50 billion

New Deals:

  1. The acquisition of Dyax (DYAX) by Shire (SHPG) for $5.9 billion or $37.30 per share in cash. Dyax shareholders may receive additional value through a non-tradable contingent value right (CVR) that will pay $4.00 in cash per Dyax share upon approval of DX-2930 in HAE, representing a potential additional $646 million in aggregate contingent consideration.
  2. The acquisition of Hutchinson Technology (HTCH) by TDK Corporation for $126 million. Under the terms of the agreement, TDK will acquire all of the outstanding shares of common stock of HTI for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI’s revolving line of credit (“net cash”) held by HTI as of the last day of the fiscal month immediately preceding the closing date.
  3. The acquisition of MedAssets (MDAS) by Pamplona Capital Management for $2.7 billion or $31.35 per share in cash.
  4. The acquisition of Constant Contact (CTCT) by Endurance International Group Holdings (EIGI) for $1.1 billion or $32.00 per share in cash.
  5. The acquisition of Furmanite Corporation (FRM) by Team (TISI) for $335 million in an all stock deal. Under the terms of the agreement, shareholders of Furmanite will receive 0.215 shares of Team common stock for each share of Furmanite common stock they own.
  6. The acquisition of  King Digital Entertainment (KING) by Activision Blizzard (ATVI) for $5.9 billion or $18.00 per share in cash.
  7. The acquisition of Targa Resources Partners (NGLS) by Targa Resources Corp. (TRGP) for $5.54 billion in an all stock deal. Under the terms of the agreement, Targa Resources Partners will receive 0.62 TRC common shares per common unit of Targa Resources Partners.
  8. The acquisition of Mindray Medical International Limited (MR) by Excelsior Union Limited and Solid Union Limited for $3.3 billion or $28.00 per share in cash.
  9. The acquisition of HomeAway (AWAY) by Expedia (EXPE) for $3.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of HomeAway will receive $10.15 in cash and 0.2065 of a share of Expedia common stock.
  10. The acquisition of Youku Tudou (YOKU) by Alibaba Group Holding Limited (BABA) for $5.37 billion or US$27.60 per American Depositary Share.
  11. The acquisition of Plum Creek Timber (PCL) by Weyerhaeuser (WY) for $8.44 billion in an all stock deal. Under the terms of the agreement, shareholders of Plum Creek Timber will receive 1.60 shares of Weyerhaeuser for each Plum Creek share.

Deal Updates:

  1. On November 6, 2015, Pericom Semiconductor Corporation (PSEM) received a revised acquisition offer from Diodes Incorporated (DIOD) for $17.75 per share in cash. The new purchase price in the Revised Diodes Offer is an increase from Diodes’ previously announced $17.00 per share purchase price. The Pericom Board intends to meet promptly to evaluate the Revised Diodes Offer and will communicate its recommendation to Pericom shareholders as soon as possible.

Closed Deals:

  1. The acquisition of Hudson City Bancorp (HCBK) by M&T Bank Corporation (MTB) on November 2, 2015. It took 1,162 days for this deal to be completed.
  2. The acquisition of First Security Group (FSGI) by Atlantic Capital Bancshares on November 2, 2015. It took 222 days for this deal to be completed.
  3. The acquisition of City National Corporation (CYN) by Royal Bank of Canada (RY) on November 2, 2015. It took 284 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

PRSN10/27/2015Galil Medical (N/A)$1.00$0.62903/31/201658.98%150.55%
VSLR07/20/2015SunEdison, Inc. (SUNE)$16.50$11.0112/31/201549.86%350.01%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.1812/31/201633.02%28.83%
ODP02/04/2015Staples, Inc. (SPLS)$10.14$7.72512/31/201531.24%219.27%
CI07/24/2015Anthem, Inc. (ANTM)$172.43$132.8112/31/201629.83%26.05%
HUM07/03/2015Aetna Inc. (AET)$215.07$177.2412/31/201621.35%18.64%
BHI11/16/2014Halliburton Company (HAL)$63.07$52.0812/31/201521.11%148.15%
TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)$0.58$0.4812/31/201520.83%146.23%
PCL11/09/2015Weyerhaeuser Co. (WY)$48.64$40.2905/15/201520.72%-42.50%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$28.2412/31/201518.63%130.74%

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

+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.62936,79103/31/201658.98%150.55%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$11.01123,84912/31/201549.86%350.01%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.1876,44012/31/201633.02%28.83%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.14$7.7254,422,22912/31/201531.24%219.27%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$172.43$132.811,771,89512/31/201629.83%26.05%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$215.07$177.241,008,16512/31/201621.35%18.64%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$63.07$52.083,943,49812/31/201521.11%148.15%
+TLR09/15/2015Waterton Precious Metals Fund II Cayman, LP (N/A)All CashN/A$0.58$0.483,95212/31/201520.83%146.23%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$48.64$40.291,122,18305/15/201520.72%0.00%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.24304,81412/31/201518.63%130.74%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$7.7110,82401/31/201618.03%79.28%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.91$2.5242,81503/31/201615.60%39.82%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$9.11$7.8910,488,41803/31/201615.50%39.57%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.8428,806,34812/31/201614.80%12.92%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$37.984,800,81006/30/201614.53%22.67%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$49.42$43.771,398,26512/31/201512.91%90.65%
+YDLE08/10/2015Envestnet, Inc. (ENV)Special Conditions$590 million$18.88$16.821,028,75203/31/201612.25%31.26%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$77.071,879,76909/30/201612.24%13.70%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$31.357,821,50806/30/201611.32%17.66%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$47.07145,03306/30/20169.48%14.78%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$7.69$7.05104,02512/31/20159.02%63.29%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.67606,90803/31/20168.99%22.95%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$24.15$22.255,62112/31/20158.55%59.99%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$51.21897,95812/31/20158.12%57.02%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$34.523,380,92206/30/20168.05%12.56%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$202.91$188.091,051,38612/31/20157.88%55.31%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$34.9081,09301/31/20167.45%32.76%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.00265,92603/31/20166.25%15.95%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.21541,52912/31/20166.09%5.32%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$26.1433,265,38903/31/20165.59%14.26%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$70.45$66.851,195,65006/30/20165.39%8.40%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.465,64812/31/20155.38%37.77%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.641,142,06103/31/20165.11%13.03%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.69590,23103/31/20165.08%12.97%
+PLNR08/12/2015Leyard Optoelectronic Co., Ltd. (N/A)All Cash$156.8 million$6.58$6.27327,55212/31/20154.94%34.70%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.54$12.00290,88406/30/20164.46%6.95%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$57.65549,97412/31/20164.08%3.56%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$11.41$10.988,206,21809/30/20163.87%4.34%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$71.05$68.622,653,58703/31/20163.54%9.03%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.05147,56412/31/20153.45%24.20%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.17974,03103/31/20163.32%8.47%
+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$28.81492,37004/30/20163.26%6.88%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$34.36$33.3484,81503/31/20163.06%7.82%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$29.99$29.101,040,66903/31/20163.06%7.80%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$35.15$34.116,16303/31/20163.04%7.77%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.64739,57706/30/20162.85%4.44%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.572,249,11303/31/20162.72%6.94%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.541,194,98012/10/20152.68%31.50%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.68333,33805/15/20162.59%5.03%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$111.85$109.18219,33603/31/20162.44%6.23%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$8.32$8.13185,35603/31/20162.34%5.98%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.7928,99812/31/20152.30%16.12%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.961,321,06106/30/20162.19%3.41%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$24.69$24.171,74112/31/20152.15%15.07%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.68749,09503/31/20162.14%5.46%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.6968,98803/31/20162.06%5.25%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.286,803,47303/31/20162.02%5.15%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.96237,64912/31/20152.01%14.12%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$16.66$16.341,177,25112/31/20161.96%1.71%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.74369,37112/31/20151.89%13.28%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.65647,40303/31/20161.89%4.81%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.31222,93903/31/20161.58%4.04%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$66.66$65.65683,60403/31/20161.54%3.92%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$4.13$4.074,217,00406/30/20161.49%2.32%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.06167,02712/31/20151.49%10.42%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.55156,07503/31/20161.47%3.76%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.92487,21003/31/20161.39%3.55%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$130.96$129.251,089,00603/31/20161.33%3.38%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$53.797,373,24603/31/20161.32%3.37%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.2121,01812/31/20151.25%8.75%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.59133,27603/31/20161.24%3.17%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$74.34419,71112/31/20151.22%8.59%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.14158,86803/31/20161.20%3.07%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$34.73$34.321,527,64412/31/20151.20%8.41%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.8725903/31/20161.20%3.05%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$22.74247,63312/31/20151.14%8.03%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.812,193,82303/31/20161.07%2.72%
+AWAY11/04/2015Expedia Inc. (EXPE)Cash Plus Stock$3.9 billion$37.68$37.3011,447,85403/31/20161.02%2.60%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.114,734,18403/31/20160.99%2.53%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.14451,49212/31/20150.88%6.16%
+DAEG10/08/2015Open Text Corporation (OTEX)All Cash$13.5 million$0.82$0.8131,74312/31/20150.86%6.04%
+IPCM08/04/2015Team Health Holdings, Inc. (TMH)All Cash$1.6 billion$80.25$79.72160,46312/31/20150.66%4.67%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$31.821,757,51012/31/20160.57%0.49%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$40.91$40.70409,75403/31/20160.52%1.33%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.20366,98401/31/20160.49%2.16%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$24.89252,57412/31/20150.44%3.10%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.56315,68111/30/20150.32%5.48%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$7.09696,44203/31/20160.14%0.36%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.49198,58812/31/20150.03%0.24%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$835 million$15.00$15.01453,62303/31/2016-0.07%-0.17%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$22.84$22.87706,63712/31/2015-0.14%-0.95%
+SIBC12/30/2014First NBC Bank Holding Company (FNBC)All Cash$49 million$21.25$21.35N/A12/31/2015-0.47%-3.29%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$12.2123,25403/31/2016-1.72%-4.39%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$11.56$11.8066,68404/30/2016-2.07%-4.37%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$53.56$54.82244,86501/31/2016-2.31%-10.14%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$28.08$28.90839,49803/31/2016-2.82%-7.20%
+PSEM09/03/2015Diodes Incorporated (DIOD)All Cash$400 million$17.00$18.03173,14212/31/2015-5.71%-40.10%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$121.80$129.45399,93912/31/2015-5.91%-41.50%
+PMCS10/05/2015Skyworks Solutions Inc. (SWKS)All Cash$2 billion$10.50$11.861,519,98106/30/2016-11.47%-17.89%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.80$8.1074,55203/31/2015-28.35%46.41%

Voluntary Disclosure: I hold a long position in CCG.

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