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Merger Arbitrage Mondays – January 11, 2016

  • January 10, 2016

Merger activity decreased last week with one new deal announced and one 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 20161
Total Number of Pending Deals
Cash Deals51
Stock Deals20
Stock & Cash Deals21
Special Conditions11
Total Number of Pending Deals103
Total Deal Size$819.01 billion

New Deals:

  1. The acquisition of Cape Bancorp (CBNJ) by OceanFirst Financial (OCFC) for $208.1 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Cape Bancorp will receive $2.25 in cash and 0.6375 shares of OceanFirst common stock for each share of Cape common stock.

Deal Updates:

  1. On January 8, 2015, Media General (MEGannounced that it had completed negotiations to be acquired by Nexstar Broadcasting Group (NXST) after Nexstar raised its offer price to about $2.3 billion. Soon after the announcement, Meredith Corp. (MDP) that also had an agreement to merge with Media General, said it sweetened its offer to Media General shareholders by offering “more than $20 per share in near-term value.” The offer includes $3.90 per share in cash, one share of the post-merger company, Meredith Media General, per each Media General share (representing $14.94 per share), and proceeds from the sale of Media General’s spectrum in the upcoming spectrum auction by the Federal Communications Commission.

Closed Deals:

  1. The acquisition of Towers Watson (TW) by Willis Group Holdings Public Limited Company (WSH) on January 5, 2016. It took 189 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$20.3106/30/2016114.18%243.72%
ODP02/04/2015Staples, Inc. (SPLS)$9.33$5.3503/31/201674.41%339.48%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$9.6003/31/201658.85%268.52%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$6.62501/31/201637.36%681.79%
BHI11/16/2014Halliburton Company (HAL)$55.36$41.5804/30/201633.13%109.93%
MDP09/08/2015Media General, Inc. (MEG)$51.53$39.3306/30/201631.02%66.21%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.2612/31/201629.75%30.59%
HOT11/16/2015Marriott International, Inc. (MAR)$79.88$63.6706/30/201625.46%54.34%
HUM07/03/2015Aetna Inc. (AET)$214.67$172.9112/31/201624.15%24.83%
CI07/24/2015Anthem, Inc. (ANTM)$171.47$138.8212/31/201623.52%24.18%

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$20.3117,527,93406/30/2016114.18%243.72%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.33$5.3511,704,95703/31/201674.41%339.48%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$9.60273,66403/31/201658.85%268.52%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$6.62514,76401/31/201637.36%681.79%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$55.36$41.581,903,56504/30/201633.13%109.93%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$39.33332,18306/30/201631.02%66.21%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.2652,82812/31/201629.75%30.59%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$63.672,611,09106/30/201625.46%54.34%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$214.67$172.91738,07312/31/201624.15%24.83%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$171.47$138.821,462,90312/31/201623.52%24.18%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$350.30$299.472,474,65012/31/201616.97%17.45%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$74.202,897,27109/30/201616.58%23.01%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.78238,14206/30/201616.40%35.01%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.7626,181,39412/31/201615.98%16.43%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.52113,40103/31/201613.64%62.22%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$31.016,924,04806/30/201612.54%26.78%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.571,604,48806/30/201612.36%26.38%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.40540,76303/31/201611.76%53.68%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$28.64848,16012/31/201611.73%12.06%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.75$2.551,75603/31/20167.71%35.19%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.28258,96603/31/20167.00%31.96%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$51.84246,15503/31/20166.81%31.07%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$194.60$182.792,114,40006/30/20166.46%13.79%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$15.76$14.842,911,41812/31/20166.20%6.37%
+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$28.051,071,57204/30/20166.06%20.11%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$25.752,180,53003/31/20165.83%26.58%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.34109,42006/30/20165.76%12.30%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$10.19$9.6427,09704/30/20165.74%19.04%
+HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$33.92194,66206/30/20165.54%11.83%
+MCOX12/22/2015Minat Associated Co. Ltd. (N/A)All CashN/A$4.00$3.793,29206/30/20165.54%11.83%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.23$7.814,475,73603/31/20165.43%24.77%
+DSKY12/31/2015Dream Investment Holdings Limited (N/A)All CashN/A$14.00$13.35151,70306/30/20164.87%10.39%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$63.17721,65812/31/20164.48%4.61%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.85581,92503/31/20164.28%19.54%
+JAH12/14/2015Newell Rubbermaid Inc. (NWL)Cash Plus Stock$13 billion$54.95$52.734,519,48006/30/20164.20%8.97%
+BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.621,391,44306/30/20163.95%8.43%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$57.73449,91212/31/20163.93%4.04%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.0835,84704/30/20163.82%12.68%
+BONA12/15/2015Mountain Tiger International Limited (N/A)All Cash$1 billion$13.70$13.20191,70406/30/20163.79%8.09%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$137.80796,77303/31/20163.77%17.22%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.41$10.033,493,13009/30/20163.74%5.20%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.21$11.7856,61806/30/20163.65%7.79%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$11.02$10.64736,52206/30/20163.59%7.67%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$17.68$17.1027,32806/30/20163.38%7.21%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.681,843,50106/30/20163.26%6.96%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.82485,89903/31/20163.08%14.05%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$67.24$65.241,654,51106/30/20163.07%6.54%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.36125,32603/31/20162.72%12.40%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.602,038,45103/31/20162.56%11.68%
+CBNJ01/05/2016OceanFirst Financial Corp. (OCFC)Cash Plus Stock$208.1 million$14.16$13.82126,39909/30/20162.50%3.46%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$36.60138,48401/31/20162.46%44.88%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$6.05$5.9143,35303/31/20162.33%10.65%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.79542,93305/15/20162.23%6.52%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.63761,77003/31/20162.23%10.19%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.012,359,81203/31/20162.18%9.97%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$15.97$15.65279,97606/30/20162.02%4.31%
+GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$90.292,507,50703/31/20161.89%8.64%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$61.04$59.932,048,22603/31/20161.85%8.43%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$14.01$13.801,471,07403/31/20161.49%6.80%
+HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$93.52$92.16801,45305/31/20161.48%3.83%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.941,757,94403/31/20161.33%6.05%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$67.16$66.29764,00703/31/20161.31%5.96%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$25.181,295,14103/31/20161.27%5.80%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$232.071,001,62503/31/20161.26%5.76%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$7.025,467,00703/31/20161.14%5.20%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.75368,36803/31/20161.10%5.01%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.951,098,56703/31/20161.01%4.61%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$39.51$39.12258,35403/31/20160.99%4.53%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.16244,07803/31/20160.98%4.48%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.835,018,61203/31/20160.95%4.35%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$103.39$102.44359,10903/31/20160.93%4.24%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$17.81$17.65433,00106/30/20160.90%1.91%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.43425,25205/09/20160.83%2.55%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$4.03$4.006,296,96406/30/20160.79%1.68%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$29.00$28.8066,14703/31/20160.69%3.14%
+PMCS11/24/2015Microsemi Corporation (MSCC)Cash Plus Stock$2.5 billion$11.46$11.383,251,34903/31/20160.67%3.04%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$54.177,239,46703/31/20160.61%2.78%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.65230,32903/31/20160.61%2.78%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$44.64$44.431,370,32905/15/20160.47%1.38%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$129.11$128.671,934,78603/31/20160.35%1.58%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.3493,37603/31/20160.30%1.37%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.978,66712/31/20160.27%0.28%
+PBY12/30/2015Icahn Enterprises, L.P. (IEP)All Cash$1.031 billion$18.50$18.452,460,79603/31/20160.27%1.24%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$41.83$41.7283,07901/31/20160.25%4.61%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$34.81$34.731,61303/31/20160.23%1.04%
+AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.93N/A03/31/20160.23%1.03%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.703,118,73503/31/20160.21%0.96%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.23633,33101/31/20160.20%3.57%
+BDBD11/24/2015Pinnacle Foods (N/A)All Cash$710 million$11.00$10.982,275,82103/31/20160.18%0.83%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.98106,16003/31/20160.17%0.76%
+IRC12/15/2015real estate funds managed by DRA Advisors LLC (N/A)All Cash$2.3 billion$10.60$10.65911,89406/30/2016-0.47%-1.00%
+NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$26.50$26.67722,63906/30/2016-0.65%-1.39%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$19.71$19.8627,62309/30/2016-0.78%-1.08%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$12.98$13.1020,55703/31/2016-0.94%-4.27%
+BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.80N/A03/31/2016-0.96%-4.38%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$37.741,927,65706/30/2016-1.17%-2.49%
+NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$26.22$26.67722,63903/31/2016-1.67%-7.63%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$14.20$14.483,78309/30/2016-1.94%-2.70%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$17.40$17.8012,82006/30/2016-2.24%-4.79%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$21.053,179,13206/30/2016-4.99%-10.65%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$3.26$3.6283,30012/31/2015-10.02%332.40%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.46$5.005128,11403/31/2015-10.98%14.01%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.48$0.645403,97001/31/2016-25.58%-466.86%

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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