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Merger Arbitrage Mondays – January 18, 2016

  • January 18, 2016

Merger activity increased last week with two 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 20166
Total Number of Pending Deals
Cash Deals48
Stock Deals21
Stock & Cash Deals19
Special Conditions11
Total Number of Pending Deals99
Total Deal Size$851.47 billion

New Deals:

  1. The acquisition of Baxalta Incorporated (BXLT) by Shire (SHPG) for $32 billion in a cash plus stock deal. Under the terms of the agreement,Baxalta shareholders will receive $18.00 in cash and 0.1482 Shire ADS per Baxalta share.
  2. The acquisition of Anchor BanCorp Wisconsin (ABCW) by Old National Bancorp (ONB) for $461 million in a cash or stock deal. Under the terms of the agreement, Anchor shareholders may elect to receive either 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they hold, subject to no more than 40% of the outstanding shares of Anchor may receive cash.

Closed Deals:

  1. The acquisition of The Chubb Corporation (CB) by ACE Limited (ACE) on January 14, 2016. It took 197 days for this deal to be completed.
  2. The acquisition of PMC-Sierra (PMCS) by Microsemi Corporation (MSCC) on January 15, 2016. It took 52 days for this deal to be completed.
  3. The acquisition of Boulder Brands (BDBD) by Pinnacle Foods on January 15, 2016. It took 52 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$16.1006/30/2016170.19%378.77%
ODP02/04/2015Staples, Inc. (SPLS)$9.23$4.9403/31/201686.76%433.78%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$9.1203/31/201667.21%336.07%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$6.3601/31/201643.08%1209.60%
BHI11/16/2014Halliburton Company (HAL)$53.55$39.8904/30/201634.25%121.37%
HOT11/16/2015Marriott International, Inc. (MAR)$79.88$59.8206/30/201633.53%74.63%
HUM07/03/2015Aetna Inc. (AET)$212.98$162.1612/31/201631.34%32.87%
MDP09/08/2015Media General, Inc. (MEG)$51.53$39.5106/30/201630.42%67.71%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.3112/31/201627.79%29.15%
CI07/24/2015Anthem, Inc. (ANTM)$172.95$136.2312/31/201626.95%28.27%

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$16.1023,931,93906/30/2016170.19%378.77%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.23$4.949,033,14403/31/201686.76%433.78%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$9.12182,81403/31/201667.21%336.07%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$6.3610,53201/31/201643.08%1209.60%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$53.55$39.892,421,70104/30/201634.25%121.37%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$59.824,309,84806/30/201633.53%74.63%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$212.98$162.161,615,32112/31/201631.34%32.87%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$39.51285,11706/30/201630.42%67.71%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.31121,68712/31/201627.79%29.15%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$172.95$136.231,687,11912/31/201626.95%28.27%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$71.484,573,76909/30/201621.01%29.96%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.00424,10706/30/201619.64%43.72%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$348.15$295.043,322,04212/31/201618.00%18.88%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.6419,199,62412/31/201617.80%18.67%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.49322,72203/31/201614.61%73.07%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.382,008,79806/30/201614.24%31.68%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$30.954,541,42306/30/201612.76%28.40%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.27$2.0220,44203/31/201612.28%61.41%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.41583,94403/31/201611.44%57.18%
+BXLT01/11/2016Shire plc (SHPG)Cash Plus Stock$32 billion$44.32$40.1311,534,77406/30/201610.43%23.22%
+DSKY12/31/2015Dream Investment Holdings Limited (N/A)All CashN/A$14.00$12.95173,49006/30/20168.11%18.05%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$8.56$7.9581,38104/30/20167.68%27.21%
+BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.291,114,13706/30/20167.64%17.01%
+MCOX12/22/2015Minat Associated Co. Ltd. (N/A)All CashN/A$4.00$3.7224,00806/30/20167.53%16.75%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$29.80815,52512/31/20167.38%7.74%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$189.23$177.032,840,45306/30/20166.89%15.33%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.21981,33903/31/20166.83%34.15%
+HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$33.62346,39606/30/20166.48%14.43%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$15.36$14.472,185,30812/31/20166.15%6.45%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.50131,93506/30/20165.10%11.35%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$52.96416,79103/31/20164.55%22.75%
+JAH12/14/2015Newell Rubbermaid Inc. (NWL)Cash Plus Stock$13 billion$53.01$50.704,110,37006/30/20164.55%10.12%
+BONA12/15/2015Mountain Tiger International Limited (N/A)All Cash$1 billion$13.70$13.12156,00706/30/20164.42%9.84%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$35.9362,83301/31/20164.37%122.69%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.25181,25203/31/20164.28%21.38%
+ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.23$7.9022,684,21203/31/20164.23%21.14%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$23.9981,78604/30/20164.21%14.92%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.171,531,68603/31/20164.13%20.63%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$11.00$10.56118,04406/30/20164.12%9.17%
+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$28.621,010,29504/30/20163.95%13.99%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$17.60$16.9439,32906/30/20163.89%8.65%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.771,466,29203/31/20163.84%19.20%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$10.92$10.52818,23406/30/20163.84%8.54%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$63.58838,14312/31/20163.81%3.99%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$53.81564,40503/31/20163.79%18.96%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.13$9.784,222,62309/30/20163.55%5.06%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.63545,35503/31/20163.48%17.40%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$58.00788,36212/31/20163.45%3.62%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$138.301,507,23303/31/20163.40%16.99%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$52.9413,516,05403/31/20162.95%14.73%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.911,946,53306/30/20162.38%5.29%
+CBNJ01/05/2016OceanFirst Financial Corp. (OCFC)Cash Plus Stock$208.1 million$13.80$13.4849,16109/30/20162.34%3.33%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$65.98$64.551,713,90106/30/20162.22%4.93%
+GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$90.023,089,77403/31/20162.20%11.00%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$5.51$5.4091,34703/31/20162.05%10.23%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.85676,98705/15/20162.04%6.31%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.961,017,50503/31/20161.93%9.67%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.093,044,11303/31/20161.88%9.41%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$25.04928,13503/31/20161.84%9.19%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$59.56$58.573,062,32803/31/20161.68%8.41%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$16.84$16.60886,65906/30/20161.47%3.26%
+HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$91.46$90.18915,46505/31/20161.42%3.87%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$15.43$15.2322,84806/30/20161.30%2.90%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$232.061,484,94903/31/20161.27%6.33%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$113.85442,50303/31/20161.01%5.05%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.16533,00403/31/20160.98%4.91%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$39.79$39.41482,15003/31/20160.96%4.79%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.421,009,50205/09/20160.95%3.10%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.9551,095,85103/31/20160.91%4.54%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$66.14$65.56481,11303/31/20160.88%4.39%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.91206,52703/31/20160.76%3.78%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.94$3.913,262,00206/30/20160.72%1.59%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.881,803,96003/31/20160.67%3.36%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$31.161,515,50603/31/20160.61%3.05%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$102.48$101.98379,68803/31/20160.49%2.47%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.955,21312/31/20160.46%0.48%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.657,171,89603/31/20160.42%2.11%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.98341,54103/31/20160.37%1.86%
+PBY12/30/2015Icahn Enterprises, L.P. (IEP)All Cash$1.031 billion$18.50$18.461,087,80603/31/20160.22%1.08%
+WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.23649,39701/31/20160.20%5.49%
+IRC12/15/2015real estate funds managed by DRA Advisors LLC (N/A)All Cash$2.3 billion$10.60$10.59954,72006/30/20160.09%0.21%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$41.31$41.291,247,50005/15/20160.05%0.16%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$28.14$28.1335,97103/31/20160.05%0.24%
+UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$7.102,749,45503/31/20160.00%0.00%
+LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.35300,38703/31/20160.00%0.00%
+ABCW01/12/2016Old National Bancorp. (ONB)All Stock461 million$42.39$42.43176,60206/30/2016-0.09%-0.19%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$34.07$34.136803/31/2016-0.17%-0.87%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$48.70$48.79190,42701/31/2016-0.18%-5.04%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$12.41$12.4959,82303/31/2016-0.68%-3.38%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$10.56$10.651,896,09203/31/2016-0.80%-4.00%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$14.13$14.303,44309/30/2016-1.19%-1.70%
+NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$25.27$25.59488,27406/30/2016-1.24%-2.77%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$20.381,924,31006/30/2016-1.86%-4.15%
+DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$38.0917,250,32506/30/2016-2.07%-4.62%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$18.70$19.2095,92009/30/2016-2.59%-3.69%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$16.21$16.867,53706/30/2016-3.85%-8.57%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.34$5.0471,29803/31/2015-13.84%17.24%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$2.80$3.2786,38012/31/2015-14.38%291.68%
+ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.48$0.666749,68701/31/2016-27.93%-784.13%

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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