Merger Arbitrage Mondays – December 14, 2015

  • December 14, 2015

Merger activity increased last week with six new deals announced and seven 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 2015193
Total Number of Deals Not Completed in 20157
Total Number of Pending Deals
Cash Deals54
Stock Deals21
Stock & Cash Deals20
Special Conditions11
Total Number of Pending Deals106
Total Deal Size$1504.21 billion

New Deals:

  1. The acquisition of Keurig Green Mountain (GMCR) by JAB Holding Company for $13.9 billion or $92.00 per share in cash.
  2. The acquisition of Homeinns Hotel Group (HMIN) by BTG Hotels Group for $35.80 per share in cash.
  3. The acquisition of Wilshire Bancorp (WIBC) by BBCN Bancorp (BBCN) for $1 billion in an all stock deal. Under the terms of the agreement, Wilshire shareholders will receive a fixed exchange ratio of 0.7034 of a share of BBCN common stock in exchange for each share of Wilshire common stock they own.
  4. The acquisition of Jiayuan.com International (DATE) by FutureWorld for $7.56 per share in cash.
  5. The acquisition of Fox Chase Bancorp (FXCB) by Univest Corporation of Pennsylvania (UVSP) for $244.3 million. Upon completion of the merger, Fox Chase shareholders will elect to receive either $21.00 in cash, or a fixed exchange ratio of 0.9731 shares of Univest, or a combination of the two, for outstanding shares of Fox Chase. The stock/cash election is subject to allocation provisions to assure that 40% of Fox Chase shares receive cash consideration and 60% of Fox Chase shares receive stock consideration.
  6. The acquisition of Blount International (BLT) by American Securities and P2 Capital Partners, LLC for $855 million or $10.00 per share in cash.

Deal Updates:

  1. On December 9,  2015, Vivint Solar (VSLR) announced an amendment to it’s previously announced merger with SunEdison (SUNE). According to the amendment, the cash portion of the deal will be reduced by $2 and the stock portion will be increased by $0.75.  The total deal value will be $4.06 in stock, $3.30 in convertible notes and $7.89 in cash for a total value of $15.25.
  2. On December 11, 2015, Pep Boys (PBY) and Bridgestone Retail Operations announced that they have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value.

Closed Deals:

  1. The acquisition of Freescale Semiconductor (FSL) by NXP Semiconductors (NXPI) on December 7, 2015. It took 280 days for this deal to be completed.
  2. The acquisition of Oneida Financial (ONFC) by Community Bank System (CBU) on December 7, 2015. It took 286 days for this deal to be completed.
  3. The acquisition of Integrated Silicon Solution (ISSI) by Uphill Investment on December 7, 2015. It took 179 days for this deal to be completed.
  4. The acquisition of Premiere Global Services (PGI) by Siris Capital Group on December 8, 2015. It took 89 days for this deal to be completed.
  5. The acquisition of Cytec Industries (CYT) by Solvay on December 9, 2015. It took 133 days for this deal to be completed.
  6. The acquisition of Steiner Leisure (STNR) by an affiliate of Catterton on December 9, 2015. It took 110 days for this deal to be completed.
  7. The acquisition of Books-A-Million (BAMM) by the Anderson Family on December 10, 2015. It took 150 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

WMB09/28/2015Energy Transfer Equity, L.P. (ETE)$43.50$26.4206/30/201664.65%118.58%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$9.2712/31/201564.51%1385.05%
ODP02/04/2015Staples, Inc. (SPLS)$9.33$5.7112/31/201563.37%1360.66%
PRSN10/27/2015Galil Medical (N/A)$1.00$0.6212/21/201561.29%3195.85%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.0512/31/201638.69%36.87%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$7.0601/31/201628.90%219.72%
BHI11/16/2014Halliburton Company (HAL)$60.40$47.8012/31/201526.35%565.75%
CI07/24/2015Anthem, Inc. (ANTM)$173.36$140.0812/31/201623.76%22.64%
HUM07/03/2015Aetna Inc. (AET)$212.86$172.7812/31/201623.20%22.11%
AGN11/23/2015Pfizer Inc. (PFE)$362.28$301.9212/31/201619.99%19.05%

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

+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$26.4212,290,77906/30/201664.65%118.58%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$9.27457,87912/31/201564.51%1385.05%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.33$5.7114,874,79412/31/201563.37%1360.66%
+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.6230,73012/21/201561.29%3195.85%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.0540,32812/31/201638.69%36.87%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$7.0612,81101/31/201628.90%219.72%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$60.40$47.808,507,72612/31/201526.35%565.75%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$173.36$140.081,198,64012/31/201623.76%22.64%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$212.86$172.781,004,21212/31/201623.20%22.11%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$362.28$301.923,727,08012/31/201619.99%19.05%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.02445,10906/30/201619.56%35.87%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$68.071,674,26706/30/201617.35%31.82%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$30.145,398,09506/30/201615.79%28.97%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$74.812,568,48309/30/201615.63%19.60%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$44.62204,10206/30/201615.49%28.40%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.8010,859,20112/31/201615.38%14.66%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.66174,47703/31/20169.29%31.40%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.48858,01803/31/20169.20%31.08%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$196.29$180.502,339,62412/31/20158.75%187.84%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.971,634,26306/30/20168.60%15.78%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$26.36$24.451,329,74303/31/20167.82%26.43%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$51.83323,14812/31/20156.83%146.64%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.60$2.447,35403/31/20166.60%22.31%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$17.62$16.531,920,81103/31/20166.60%22.29%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.35961,00403/31/20166.28%21.22%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$7.34$6.9381,43903/31/20165.98%20.21%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$10.70$10.1589,04904/30/20165.45%14.41%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.561,401,11103/31/20165.42%18.32%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$16.69$15.84765,79512/31/20165.37%5.11%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$71.45$67.87827,37006/30/20165.27%9.66%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$57.01454,53912/31/20165.24%5.00%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.73695,56112/31/20165.21%4.97%
+HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$34.10241,41906/30/20164.99%9.14%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$136.421,893,37703/31/20164.82%16.30%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$11.74$11.221,739,03106/30/20164.63%8.50%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$35.8851,30001/31/20164.52%34.33%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.73599,35603/31/20164.46%15.07%
+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$28.501,908,58604/30/20164.39%11.60%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$23.97104,19404/30/20164.30%11.37%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.45257,25703/31/20164.29%14.51%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.141,004,09212/10/20154.25%0.00%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.96$10.522,816,73209/30/20164.21%5.28%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.81$8.464,324,70003/31/20164.15%14.01%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.78339,90706/30/20163.96%7.26%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$57.86965,52603/31/20163.87%13.08%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.19$11.75115,75406/30/20163.70%6.79%
+GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$88.966,002,17903/31/20163.42%11.55%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.661,297,06606/30/20163.34%6.12%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.171,461,08403/31/20163.10%10.48%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.64383,11605/15/20162.72%6.48%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$34.93$34.1137503/31/20162.39%8.08%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$6.941,768,33803/31/20162.31%7.79%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$26.982,353,85103/31/20162.30%7.77%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$64.43$63.071,700,42503/31/20162.16%7.29%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.41176,16703/31/20162.02%6.84%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$39.04$38.27276,57203/31/20162.00%6.76%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$48.77$47.831,014,81605/15/20161.96%4.68%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.992,961,20103/31/20161.91%6.44%
+BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.833,355,72706/30/20161.73%3.17%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.82318,40103/31/20161.72%5.81%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$16.53$16.2711,30206/30/20161.63%2.98%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$31.54575,24212/31/20161.46%1.39%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$14.95$14.743,73609/30/20161.39%1.75%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$63.62$62.77652,53303/31/20161.36%4.59%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$231.87904,66003/31/20161.35%4.56%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.80$3.754,078,49406/30/20161.20%2.20%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.15382,60303/31/20161.09%3.69%
+PMCS11/24/2015Microsemi Corporation (MSCC)Cash Plus Stock$2.5 billion$11.84$11.713,925,25503/31/20161.09%3.68%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.00223,71103/31/20161.08%3.65%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.6531,61212/31/20151.08%23.09%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.81798,06403/31/20161.07%3.61%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$13.47$13.3333,51303/31/20161.06%3.60%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.36218,98012/31/20151.05%22.50%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$30.90$30.5927,95003/31/20161.00%3.39%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.70323,68603/31/20160.98%3.30%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$131.01$129.751,365,04603/31/20160.97%3.28%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.95134,27903/31/20160.92%3.11%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.14113,02312/31/20150.88%18.83%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.965629,22703/31/20160.70%2.38%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.593,138,27403/31/20160.68%2.29%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$108.47$107.76299,31303/31/20160.66%2.23%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.931,47812/31/20160.64%0.61%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$18.06$17.95763,49106/30/20160.60%1.10%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.33135,55303/31/20160.60%2.03%
+RNDY11/11/2015The Kroger Co. (KR)All Cash$800 million$3.60$3.59606,61712/31/20150.28%5.98%
+BDBD11/24/2015Pinnacle Foods (N/A)All Cash$710 million$11.00$10.971,591,29403/31/20160.27%0.92%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.48723,90605/09/20160.24%0.59%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.2233,066,79603/31/20160.21%0.71%
+BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.57115,38603/31/20160.20%0.69%
+AWAY11/04/2015Expedia Inc. (EXPE)Cash Plus Stock$3.9 billion$35.59$35.565,245,51103/31/20160.09%0.31%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.99113,52903/31/20160.08%0.28%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.25196,23401/31/20160.00%0.00%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$22.88$22.9014,75012/31/2015-0.08%-1.72%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$37.363,978,36006/30/2016-0.16%-0.29%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$19.74$19.80234,19409/30/2016-0.28%-0.35%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$22.65$22.84452,48112/31/2015-0.84%-18.09%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$44.76$45.37117,64501/31/2016-1.35%-10.26%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$19.08$19.4639,39606/30/2016-1.93%-3.54%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$20.651,865,72406/30/2016-3.15%-5.77%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$128.50$132.961,297,92112/31/2015-3.36%-72.04%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$57.343,097,10503/31/2016-4.95%-16.74%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$863 million$15.50$16.341,423,65103/31/2016-5.14%-17.37%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.35$0.370576,75501/31/2016-5.41%-41.10%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$3.87$4.1650,86012/31/2015-6.86%-147.21%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.21$7.4182,15003/31/2015-29.75%42.08%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$38.28$N/AN/A12/31/20150.00%0.00%

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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