Merger Arbitrage Mondays – December 21, 2015

  • December 20, 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 2015198
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$1525.03 billion

New Deals:

  1. The acquisition of Jarden (JAH) by Newell Rubbermaid (NWL) for $13 billion in a cash plus stock deal. Under the terms of the agreement, Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock at closing.
  2. The acquisition of Inland Real Estate (IRC) by real estate funds managed by DRA Advisors for $2.3 billion or $10.60 per share in cash.
  3. The acquisition of Bona Film Group Limited (BONA) by Mountain Tiger International Limited for $1 billion or $13.70 per share in cash.
  4. The acquisition of Heartland Payment Systems (HPY) by Global Payments (GPN) for $4.3 billion in a cash plus stock deal. Under the terms of the agreement, Heartland shareholders will receive 0.6687 shares of Global Payments stock and $53.28 for each share of Heartland stock at closing.
  5. The acquisition of Monarch Financial Holdings (MNRK) by Towne Bank (TOWN) for $221 million in an all stock deal. Under the terms of the agreement, shareholders of Monarch Financial Holdings will receive 0.8830 shares of TowneBank common stock for each share of Monarch.

Deal Updates:

  1. On December 14, 2015, Energy Transfer Equity (ETE) and Williams Companies (WMB) announced that they have entered into a Timing Agreement with the Federal Trade Commission. Under the terms of the Timing Agreement, ETE and WMB have agreed (1) not to consummate the proposed acquisition prior to 60 days after substantial compliance with the Second Requests, and (2) not to consummate the proposed acquisition before March 18, 2016. ETE and WMB continue to work cooperatively with the staff of the FTC as it conducts its review of the proposed acquisition.
  2. On December 15, 2015, Baker Hughes (BHI) and Halliburton (HAL) extended the deadline for their merger to April 30, 2016.

Closed Deals:

  1. The acquisition of HomeAway (AWAY) by Expedia (EXPE) on December 16, 2015. It took 42 days for this deal to be completed.
  2. The acquisition of Gramercy Property Trust (GPT) by Chambers Street Properties on December 17, 2015. It took 169 days for this deal to be completed.
  3. The acquisition of Roundy’s (RNDY) by The Kroger Co. (KR) on December 18, 2015. It took 37 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$21.5406/30/2016101.95%193.81%
ODP02/04/2015Staples, Inc. (SPLS)$9.31$5.4112/31/201572.11%2631.98%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$2.8912/31/201646.37%45.01%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$10.5312/31/201544.82%1636.09%
PRSN10/27/2015Galil Medical (N/A)$1.00$0.71412/21/201540.06%0.00%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$6.9501/31/201630.94%275.40%
BHI11/16/2014Halliburton Company (HAL)$56.45$43.9204/30/201628.54%79.51%
HUM07/03/2015Aetna Inc. (AET)$215.84$175.3812/31/201623.07%22.40%
MDP09/08/2015Media General, Inc. (MEG)$51.53$42.4306/30/201621.45%40.77%
CI07/24/2015Anthem, Inc. (ANTM)$174.37$143.9712/31/201621.11%20.50%

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$21.5431,978,03406/30/2016101.95%193.81%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.31$5.4113,684,31212/31/201572.11%2631.98%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$2.89156,04712/31/201646.37%45.01%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$10.53753,51512/31/201544.82%1636.09%
+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.71451,19912/21/201540.06%0.00%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$6.9510,69501/31/201630.94%275.40%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$56.45$43.929,370,85404/30/201628.54%79.51%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$215.84$175.381,186,14712/31/201623.07%22.40%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$42.43426,70706/30/201621.45%40.77%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$174.37$143.972,713,76312/31/201621.11%20.50%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$66.083,231,56506/30/201620.88%39.70%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$361.49$306.494,266,23112/31/201617.94%17.42%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.48583,72306/30/201617.63%33.51%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$73.894,145,02909/30/201617.07%21.93%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.8413,249,74012/31/201614.80%14.36%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.54467,76403/31/201612.99%46.96%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$31.006,329,30806/30/201612.58%23.92%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$28.95747,13812/31/201610.54%10.23%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.50754,09103/31/20168.57%30.98%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$196.44$181.132,811,99212/31/20158.45%308.46%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$25.89$24.001,504,09303/31/20167.89%28.51%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.086,269,15306/30/20167.62%14.48%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.24369,01303/31/20167.42%26.82%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.15198,43906/30/20166.56%12.47%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$16.66$15.641,255,39412/31/20166.52%6.33%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$4.85$4.56363,37412/31/20156.45%235.43%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$52.131,158,23112/31/20156.22%226.86%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$56.731,413,59012/31/20165.76%5.60%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$6.83$6.47238,67103/31/20165.57%20.14%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$70.52$66.864,632,71006/30/20165.47%10.41%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$25.842,830,28312/10/20155.46%0.00%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$57.121,388,46503/31/20165.22%18.85%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.881,018,82812/31/20164.96%4.82%
+HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$34.19471,41106/30/20164.71%8.95%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.75680,17703/31/20164.67%16.89%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.92$10.455,577,59109/30/20164.46%5.73%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.4210,997,31206/30/20164.28%8.13%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$137.141,766,56203/31/20164.27%15.44%
+GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$88.2510,678,17103/31/20164.25%15.36%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$11.69$11.226,789,32606/30/20164.19%7.97%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$15.96$15.323,368,00403/31/20164.17%15.07%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.53129,92503/31/20163.95%14.29%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.09177,89904/30/20163.78%10.53%
+JAH12/14/2015Newell Rubbermaid Inc. (NWL)Cash Plus Stock$13 billion$59.54$57.426,275,88306/30/20163.69%7.02%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.78568,98403/31/20163.69%13.33%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$17.67$17.06187,51406/30/20163.57%6.78%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$53.96608,89703/31/20163.50%12.66%
+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$28.84833,61304/30/20163.16%8.79%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$16.43$15.9463,83806/30/20163.09%5.87%
+BONA12/15/2015Mountain Tiger International Limited (N/A)All Cash$1 billion$13.70$13.30346,47206/30/20163.01%5.72%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.601,903,80805/15/20162.85%7.12%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$36.5281,24301/31/20162.68%23.89%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.31$12.02406,67606/30/20162.37%4.51%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$62.66$61.323,585,23803/31/20162.18%7.87%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$52.854,041,01303/31/20162.18%7.86%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.021,866,91903/31/20162.15%7.76%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$31.44$30.83142,24503/31/20161.99%7.18%
+BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.811,164,74706/30/20161.94%3.68%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$47.22$46.352,033,83305/15/20161.87%4.67%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$6.972,822,73803/31/20161.87%6.74%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.81$8.655,343,74203/31/20161.86%6.72%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.78477,75103/31/20161.85%6.69%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$230.762,043,06503/31/20161.84%6.64%
+HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$95.94$94.301,801,51605/31/20161.74%3.93%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$108.18$106.35361,61003/31/20161.72%6.22%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$35.03$34.473,73903/31/20161.61%5.82%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$68.52$67.471,813,17203/31/20161.56%5.65%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.45186,58403/31/20161.48%5.34%
+BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.3587,50803/31/20161.34%4.86%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.53522,90703/31/20161.29%4.68%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$131.36$129.842,818,86403/31/20161.17%4.23%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$18.23$18.031,428,84806/30/20161.10%2.09%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.15219,95603/31/20161.09%3.95%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.00317,69303/31/20161.08%3.90%
+PMCS11/24/2015Microsemi Corporation (MSCC)Cash Plus Stock$2.5 billion$11.65$11.544,851,95103/31/20160.95%3.43%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$40.14$39.77367,43103/31/20160.94%3.40%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.32169,03403/31/20160.90%3.27%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.545,190,76703/31/20160.89%3.22%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.76$3.736,100,06406/30/20160.86%1.63%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$43.96$43.60135,73001/31/20160.84%7.44%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.96607,26303/31/20160.81%2.91%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$13.61$13.50158,76503/31/20160.78%2.82%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.78201,44703/31/20160.71%2.58%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.9441,20012/31/20160.55%0.53%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.43384,06912/31/20150.52%19.02%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$20.15$20.0673,82909/30/20160.46%0.60%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.922,958,34603/31/20160.45%1.61%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.22997,70401/31/20160.29%2.61%
+BDBD11/24/2015Pinnacle Foods (N/A)All Cash$710 million$11.00$10.971,048,55403/31/20160.27%0.99%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.97198,84903/31/20160.25%0.91%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.492,264,82005/09/20160.12%0.31%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.15169,60512/31/20150.00%0.00%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$10.02$10.0269,60404/30/2016-0.04%-0.10%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$20.013,143,66106/30/2016-0.05%-0.10%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$37.404,572,39806/30/2016-0.27%-0.51%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$22.57$22.652,21112/31/2015-0.33%-12.18%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.74274,20912/31/2015-0.84%-30.80%
+IRC12/15/2015real estate funds managed by DRA Advisors LLC (N/A)All Cash$2.3 billion$10.60$10.712,059,45706/30/2016-1.03%-1.95%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$15.64$15.8296,24209/30/2016-1.16%-1.49%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$863 million$15.50$15.761,995,81703/31/2016-1.65%-5.96%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.68$2.7567,47403/31/2016-2.39%-8.64%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$19.08$19.65217,73106/30/2016-2.88%-5.48%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$56.288,506,46903/31/2016-3.16%-11.43%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$127.20$131.95921,35012/31/2015-3.60%-131.37%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.35$0.4852,124,11101/31/2016-27.84%-247.80%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.04$7.21322,08303/31/2015-30.10%41.46%

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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