×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – December 7, 2015

  • December 7, 2015

Merger activity decreased last week with four new deals announced and two 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 2015186
Total Number of Deals Not Completed in 20157
Total Number of Pending Deals
Cash Deals55
Stock Deals20
Stock & Cash Deals21
Special Conditions11
Total Number of Pending Deals107
Total Deal Size$1488.21 billion

New Deals:

  1. The acquisition of HF Financial (HFFC) by Great Western Bancorp (GWB) for $139.5 million in a cash or stock deal. Under the terms of the agreement, HF Financial stockholders will have the option to elect to receive either 0.6500 shares of Great Western common stock or $19.50 in cash for each HF Financial common share, subject to proration to ensure that in the aggregate 75% of HF Financial shares will be converted into stock.
  2. The acquisition of Mattson Technology (MTSN) by Beijing E-Town Dragon Semiconductor Industry Investment Center for $300 million or $3.80 per share in cash.
  3. The acquisition of American Residential Properties (ARPI) by American Homes 4 Rent (AMH) for $1.5 billion in an all stock deal. Under the terms of the agreement,each share of American Residential Properties common stock and each limited partnership unit in its operating partnership will be exchanged for 1.135 common shares or limited partnership units of American Homes 4 Rent.
  4. The acquisition of Pulaski Financial Corporation (PULB) by First Busey Corporation (BUSE) for $210.7 million in an all stock deal. Under the terms of the agreement, shareholders of Pulaski Financial Corporation will receive 0.79 shares of Busey common stock for each share of Pulaski common stock.

Deal Updates:

  1. On December 3, 2015, Timberline Resources Corporation (TLR) provided an update that the previously proposed transaction by Waterton Precious Metals Fund II Cayman, LP to acquire all of the issued and outstanding shares of Timberline’s common stock for cash consideration of US$0.58 per Timberline share has been withdrawn by Waterton.
  2. On December 4, 2015, it was announced that the closure of the deal involving NextEra Energy’s (NEE) proposed $4.3 billion acquisition of Hawaiian Electric (HE), which was expected to be finalized by Dec. 3, has been extended by six months to June 2016.

Closed Deals:

  1. The acquisition of State Investors Bancorp (SIBC) by First NBC Bank Holding Company (FNBC) on November 30, 2015. It took 335 days for this deal to be completed.
  2. The acquisition of Martha Stewart Living Omnimedia (MSO) by Sequential Brands Group (SQGB) on December 4, 2015. It took 165 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$8.5912/31/201592.08%1400.44%
ODP02/04/2015Staples, Inc. (SPLS)$9.95$6.63512/31/201550.03%760.84%
PRSN10/27/2015Galil Medical (N/A)$1.00$0.6912/21/201544.93%1171.33%
WMB09/28/2015Energy Transfer Equity, L.P. (ETE)$43.50$31.1106/30/201639.83%70.57%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.0912/31/201636.89%34.53%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$6.9601/31/201630.75%204.05%
HUM07/03/2015Aetna Inc. (AET)$213.21$170.7712/31/201624.85%23.26%
CI07/24/2015Anthem, Inc. (ANTM)$171.79$140.4312/31/201622.33%20.90%
ONFC02/24/2015Community Bank System Inc. (CBU)$24.22$20.1012/04/201520.52%-2496.81%
HE12/03/2014NextEra Energy, Inc. (NEE)$33.50$28.1006/30/201619.22%34.05%

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

+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$16.50$8.59278,26712/31/201592.08%1400.44%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.95$6.6358,463,41112/31/201550.03%760.84%
+PRSN10/27/2015Galil Medical (N/A)All Cash$10.6 million$1.00$0.69121,66312/21/201544.93%1171.33%
+WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$31.1116,528,61906/30/201639.83%70.57%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.0973,60512/31/201636.89%34.53%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$6.963,26401/31/201630.75%204.05%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$213.21$170.77819,03912/31/201624.85%23.26%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$171.79$140.431,393,96712/31/201622.33%20.90%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$24.22$20.101,90412/04/201520.52%0.00%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.10258,47806/30/201619.22%34.05%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$370.64$316.142,518,29512/31/201617.24%16.13%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$61.45$52.623,876,87512/31/201516.78%255.15%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$29.971,966,59606/30/201616.45%29.15%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$75.272,348,40309/30/201614.92%18.27%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.909,531,60012/31/201613.92%13.03%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$70.842,087,96906/30/201612.76%22.61%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$18.74$17.064,721,83503/31/20169.86%31.30%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.67216,38103/31/20168.99%28.54%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$47.41191,06506/30/20168.69%15.40%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$199.81$184.691,810,37712/31/20158.19%124.52%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$51.28294,65712/31/20157.98%121.30%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.562,756,80703/31/20166.74%21.40%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$17.36$16.28850,02612/31/20166.63%6.21%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$11.23$10.61109,23304/30/20165.87%14.79%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$35.4936,88401/31/20165.66%37.59%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.44264,34603/31/20165.36%17.02%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$16.00$15.244,31609/30/20164.97%6.08%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$62.89759,35812/31/20164.95%4.63%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.70587,03503/31/20164.93%15.63%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$70.84$67.57951,10406/30/20164.84%8.57%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$11.42$10.973,954,13409/30/20164.09%5.01%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.511,079,99306/30/20163.92%6.94%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$8.08$7.78123,70903/31/20163.91%12.40%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.96553,19503/31/20163.86%12.24%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.241,436,19012/10/20153.85%468.31%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.551,492,55506/30/20163.77%6.67%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$137.851,002,56303/31/20163.74%11.86%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$27.43$26.45513,62903/31/20163.71%11.78%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$13.47$12.9959,16206/30/20163.66%6.48%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.17157,51304/30/20163.43%8.64%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.9867,50606/30/20163.16%5.59%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$58.23364,01012/31/20163.04%2.84%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.78130,28603/31/20162.91%9.22%
+STNR08/21/2015affiliate of Catterton (N/A)All Cash$834 million$65.00$63.18108,41303/31/20162.88%9.14%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$20.01$19.4891,93306/30/20162.71%4.79%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$19.492,327,28806/30/20162.62%4.64%
+ALTV09/03/2015Momentum Telecom, Inc. (N/A)All Cash$28.7 million$4.70$4.5993,28012/31/20152.40%36.45%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.74496,87405/15/20162.39%5.46%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$67.93$66.362,702,27703/31/20162.37%7.52%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.73$2.6763,39003/31/20162.09%6.64%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.053,958,87803/31/20162.03%6.45%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$6.962,000,59403/31/20162.01%6.38%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.761,135,37803/31/20161.99%6.32%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$17.28$16.95119,15806/30/20161.93%3.42%
+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$29.191,307,70604/30/20161.92%4.83%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.97361,37803/31/20161.92%6.08%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$31.40424,09712/31/20161.91%1.79%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.81$8.652,486,33903/31/20161.86%5.90%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$36.27$35.626,43203/31/20161.83%5.81%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.79213,53903/31/20161.82%5.77%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$51.28$50.37962,26905/15/20161.81%4.12%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$40.73$40.07295,60103/31/20161.64%5.19%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$114.44$112.60441,52503/31/20161.63%5.19%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$53.201,898,52203/31/20161.50%4.77%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$4.08$4.029,150,89306/30/20161.38%2.45%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$33.77$33.3244,72203/31/20161.34%4.27%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$18.27$18.041,354,78906/30/20161.29%2.29%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$232.11769,74303/31/20161.25%3.95%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.78652,94403/31/20161.24%3.93%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$64.76$64.031,252,20403/31/20161.13%3.59%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$138.95317,34303/31/20161.12%3.54%
+PMCS11/24/2015Microsemi Corporation (MSCC)Cash Plus Stock$2.5 billion$12.10$11.973,291,73603/31/20161.08%3.42%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.85207,33503/31/20161.01%3.21%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.95997,23003/31/20161.01%3.21%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.32188,61703/31/20160.90%2.87%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.542,097,35403/31/20160.89%2.83%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$133.75$132.572,303,04403/31/20160.89%2.82%
+FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.14415,25812/31/20150.88%13.34%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.1793,65703/31/20160.87%2.77%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.35$0.347361,72001/31/20160.86%5.74%
+VIMC09/15/2015Vimicro China (N/A)All CashN/A$13.50$13.39308,48612/31/20150.82%12.49%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$14.25$14.1316,74503/31/20160.82%2.60%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.931,12812/31/20160.64%0.60%
+PGI09/10/2015Siris Capital Group, LLC (N/A)All Cash$1 billion$14.00$13.93903,15312/31/20150.50%7.64%
+AWAY11/04/2015Expedia Inc. (EXPE)Cash Plus Stock$3.9 billion$36.15$35.983,877,17203/31/20160.48%1.52%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$23.00$22.91641,69112/31/20150.39%5.97%
+BEE09/08/2015Blackstone Real Estate Partners VIII L.P. (N/A)All Cash$6 billion$14.25$14.203,412,28903/31/20160.35%1.12%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.9088,44203/31/20160.32%1.03%
+BDBD11/24/2015Pinnacle Foods (N/A)All Cash$710 million$11.00$10.973,853,06803/31/20160.27%0.87%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.48846,65305/09/20160.24%0.56%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.98198,44403/31/20160.17%0.53%
+CYT07/29/2015Solvay (N/A)All Cash$6.4 billion$75.25$75.17814,93512/31/20150.11%1.62%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$38.10$38.061,472,40212/31/20150.10%1.50%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.2525,78812/31/20150.00%0.00%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.25235,74201/31/20160.00%0.00%
+RNDY11/11/2015The Kroger Co. (KR)All Cash$800 million$3.60$3.601,055,69112/31/20150.00%0.00%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$24.38$24.424,89112/31/2015-0.16%-2.38%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$37.492,334,84106/30/2016-0.51%-0.90%
+BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.7447,02703/31/2016-0.66%-2.09%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$22.84$23.14373,83112/31/2015-1.30%-19.78%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$50.09$51.6685,29501/31/2016-3.03%-20.12%
+PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$835 million$15.00$15.691,930,89703/31/2016-4.40%-13.96%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$128.60$135.00537,87512/31/2015-4.74%-72.04%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$57.529,507,64603/31/2016-5.25%-16.66%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$38.81$41.53N/A12/31/2015-6.54%-99.43%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$4.39$4.8164,72412/31/2015-8.82%-134.14%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.21$7.5424,38903/31/2015-30.87%44.89%

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.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria