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Merger Arbitrage Mondays – January 25, 2016

  • January 25, 2016

Merger activity increased last week with four new deals announced and four 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 201611
Total Number of Pending Deals
Cash Deals44
Stock Deals22
Stock & Cash Deals18
Special Conditions12
Total Number of Pending Deals96
Total Deal Size$850.66 billion

New Deals:

  1. The acquisition of Biotie Therapies (BITI) by Acorda Therapeutics (ACOR) for $363 million or $25.60 per share in cash.
  2. The combination of Waste Connections (WCN) and Progressive Waste Solutions (BIN). Under the terms of the definitive agreement, Waste Connections stockholders will receive 2.076843 Progressive Waste shares for each Waste Connections share they own. Subject to the approval of Progressive Waste’s shareholders, Progressive Waste then expects to implement immediately a share consolidation on the basis of 0.4815 (1 divided by the 2.076843 ratio above) of a share on a post-consolidation basis for each one share outstanding on a pre-consolidation basis.
  3. The acquisition of Anadigics (ANAD) by II-VI Incorporated (IIVI) for $61 million. Upon completion of the merger, shareholders of Anadigics will receive $0.66 per share in cash.
  4. The acquisition of Atmel Corporation (ATML) by Microchip Technology (MCHP) in a cash and stock deal for $3.40 billion. Under the terms of the agreement, stockholders of Atmel will receive $7.00 per share in cash and $1.15 per share in Microchip common stock, valued at the average closing price for a share of Microchip common stock for the ten most recent trading days ending on the last trading day prior to the closing, with the maximum number of Microchip shares to be issued in the transaction being 13.0 million. To the extent that the number of Microchip shares issuable would exceed 13.0 million, the cash consideration per Atmel share will be increased such that the value of the combined cash and stock consideration will remain at $8.15 per share.

Deal Updates:

  1. On January 19, 2016, Anadigics (ANAD) terminated its previously announced merger with GaAs Labs and agreed to be acquired by II-VI Incorporated (IIVI).
  2. On January 20, 2016, Atmel Corporation (ATML) terminated its previously announced merger with Dialog Semiconductor (DLGNF) and agreed to be acquired by Microchip Technology (MCHP).
  3. On January 20, 2016, Staples (SPLS) and Office Depot (ODP) announced that the Board of Directors of both companies intend to waive the merger agreement termination date of February 4, 2016, and extend it to May 16, 2016.
  4. On January 21, 2016, BB&T (BBT) announced that it expects to close on its purchase of National Penn Bancshares (NPBC) by April 1, 2016.

Closed Deals:

  1. The acquisition of Liberator Medical Holdings (LBMH) by CR Bard (BCR) on January 21, 2016. It took 62 days for this deal to be completed.
  2. The acquisition of Wausau Paper (WPP) by SCA on January 21. 2016. It took 39 days for this deal to be completed.
  3. The acquisition of UTi Worldwide (UTIW) by DSV on January 22, 2016. It took 105 days for this deal to be completed.
  4. The acquisition of Dyax (DYAX) by Shire (SHPG) on January 22, 2016. It took 81 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$19.7406/30/2016120.36%278.06%
ODP02/04/2015Staples, Inc. (SPLS)$9.20$5.0705/16/201681.45%263.09%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$8.5103/31/201679.20%431.47%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$6.2301/31/201646.07%2402.09%
MDP09/08/2015Media General, Inc. (MEG)$51.53$37.8106/30/201636.29%83.83%
HUM07/03/2015Aetna Inc. (AET)$215.10$166.2212/31/201629.41%31.38%
SNDK10/21/2015Western Digital Corporation (WDC)$86.50$67.4209/30/201628.30%41.32%
CI07/24/2015Anthem, Inc. (ANTM)$176.25$137.9012/31/201627.81%29.68%
HOT11/16/2015Marriott International, Inc. (MAR)$79.88$62.9906/30/201626.81%61.94%
BHI11/16/2014Halliburton Company (HAL)$52.81$42.0404/30/201625.63%96.42%

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$19.7429,843,56106/30/2016120.36%279.83%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.20$5.073,631,52805/16/201681.45%265.44%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$8.5199,89803/31/201679.20%438.01%
+TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$6.2335,73201/31/201646.07%2802.43%
+MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$37.81416,76806/30/201636.29%84.36%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$215.10$166.221,161,95612/31/201629.41%31.48%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$67.422,922,57809/30/201628.30%41.48%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$176.25$137.902,339,56612/31/201627.81%29.77%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$62.993,180,58106/30/201626.81%62.34%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$52.81$42.042,016,42504/30/201625.63%97.43%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.49132,43212/31/201621.20%22.70%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.49206,57806/30/201617.59%40.88%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.14961,45704/01/201616.70%90.96%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$347.02$297.862,066,27312/31/201616.51%17.67%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.8014,559,77512/31/201615.38%16.47%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.50184,75603/31/201614.29%79.00%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$31.351,925,73606/30/201611.32%26.33%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.51302,25803/31/20168.26%45.69%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.50$2.3115,85603/31/20168.10%44.77%
+BXLT01/11/2016Shire plc (SHPG)Cash Plus Stock$32 billion$45.01$41.806,272,67006/30/20167.69%17.87%
+MCOX12/22/2015Minat Associated Co. Ltd. (N/A)All CashN/A$4.00$3.7440706/30/20166.95%16.16%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$194.51$182.062,215,97206/30/20166.84%15.89%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$52.55559,58003/31/20166.28%34.73%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$15.36$14.48610,04312/31/20166.08%6.51%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.28150,24006/30/20166.01%13.98%
+DSKY12/31/2015Dream Investment Holdings Limited (N/A)All CashN/A$14.00$13.2490,43806/30/20165.74%13.35%
+HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$33.94139,00606/30/20165.48%12.74%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$35.67105,52001/31/20165.13%312.10%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.471,016,76903/31/20165.06%27.99%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$8.24$7.8553,38904/30/20164.94%18.79%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$23.8777,92504/30/20164.73%18.00%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$52.95327,03603/31/20164.57%25.28%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$26.81704,04803/31/20164.44%24.55%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.25140,52503/31/20164.28%23.65%
+BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.59381,32206/30/20164.28%9.94%
+JAH12/14/2015Newell Rubbermaid Inc. (NWL)Cash Plus Stock$13 billion$52.87$50.741,897,99406/30/20164.19%9.75%
+BITI01/19/2016Acorda Therapeutics, Inc. (ACOR)All Cash$363 million$25.60$24.5842,69109/30/20164.15%6.08%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.262,395,16003/31/20163.77%20.85%
+CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$30.84394,75112/31/20163.76%4.03%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$10.85$10.4869,95106/30/20163.53%8.21%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$57.97564,99512/31/20163.50%3.75%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$10.49$10.14432,12006/30/20163.50%8.13%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$63.83655,49412/31/20163.40%3.64%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.801,273,90003/31/20163.38%18.71%
+BONA12/15/2015Mountain Tiger International Limited (N/A)All Cash$1 billion$13.70$13.2794,19206/30/20163.24%7.53%
+GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$89.153,061,27703/31/20163.20%17.68%
+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$28.831,215,12404/30/20163.19%12.13%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$138.60948,41503/31/20163.17%17.56%
+SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.301,412,32803/31/20163.09%17.07%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.00$9.714,257,92009/30/20162.96%4.34%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.86663,47203/31/20162.88%15.93%
+CBNJ01/05/2016OceanFirst Financial Corp. (OCFC)Cash Plus Stock$208.1 million$13.71$13.3441,48509/30/20162.74%4.02%
+SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.86537,32005/15/20162.01%6.61%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$14.87$14.587,11406/30/20161.97%4.59%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$66.36$65.09968,74606/30/20161.95%4.54%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$27.041,581,06106/30/20161.89%4.38%
+ATML01/19/2016Microchip Technology Inc. (MCHP)Special Conditions$3.40 billion$8.15$8.0015,815,73906/30/20161.88%4.36%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$34.16$33.584,72203/31/20161.71%9.47%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$16.90$16.6212,15506/30/20161.69%3.93%
+ANAD01/19/2016II-VI Incorporated (IIVI)All Cash$61 million$0.66$0.65816,12403/31/20161.54%8.51%
+PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$231.481,118,56803/31/20161.52%8.41%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.221,414,43503/31/20161.40%7.72%
+HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$92.64$91.50636,67605/31/20161.25%3.58%
+OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.411,215,92905/09/20161.07%3.72%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$67.49$66.811,171,81303/31/20161.02%5.65%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$61.12$60.582,731,35103/31/20160.90%4.96%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$25.28339,02103/31/20160.87%4.81%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$54.045,862,78703/31/20160.85%4.71%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$39.68$39.38304,51003/31/20160.76%4.20%
+NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$12.68$12.592,031,32803/31/20160.71%3.91%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$4.07$4.0497,87912/31/20150.65%0.00%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.20261,09103/31/20160.54%3.01%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$16.99$16.90653,90806/30/20160.54%1.25%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.42315,22003/31/20160.51%2.80%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.911,727,63803/31/20160.50%2.78%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$40.67$40.49935,64105/15/20160.45%1.48%
+METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$27.67$27.57111,49703/31/20160.36%1.99%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.99$3.982,185,06806/30/20160.33%0.76%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$140.07402,75503/31/20160.31%1.70%
+RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$46.90$46.82112,39201/31/20160.16%10.00%
+MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$31.312,637,02603/31/20160.13%0.71%
+PBY12/30/2015Icahn Enterprises, L.P. (IEP)All Cash$1.031 billion$18.50$18.48642,99003/31/20160.11%0.60%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$104.35$104.32383,31003/31/20160.03%0.17%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$5.26$5.2675,47203/31/20160.02%0.11%
+BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.803,877,56603/31/2016-0.21%-1.16%
+ABCW01/12/2016Old National Bancorp. (ONB)All Stock461 million$41.43$41.56100,61006/30/2016-0.30%-0.70%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$12.04$12.1062,85203/31/2016-0.50%-2.74%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$12.0773,72703/31/2016-0.58%-3.21%
+IRC12/15/2015real estate funds managed by DRA Advisors LLC (N/A)All Cash$2.3 billion$10.60$10.70642,50806/30/2016-0.93%-2.17%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$14.01$14.258,31009/30/2016-1.67%-2.45%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$20.381,667,61402/03/2016-1.86%-75.62%
+NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$24.85$25.32526,32006/30/2016-1.86%-4.34%
+WCN01/19/2016Progressive Waste Solutions Ltd. (BIN)All StockN/A$57.78$59.072,713,55006/30/2016-2.19%-5.09%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$18.53$19.3815,25209/30/2016-4.40%-6.45%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$15.57$16.385,64106/30/2016-4.92%-11.44%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.43$6.38119,56003/31/2015-30.58%37.21%

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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