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Merger Arbitrage Mondays – February 22, 2016

  • February 21, 2016

Merger activity decreased last week with two 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 201625
Total Number of Deals Not Completed in 20161
Total Number of Pending Deals
Cash Deals45
Stock Deals21
Stock & Cash Deals21
Special Conditions10
Total Number of Pending Deals97
Total Deal Size$900.19 billion

New Deals:

  1. The acquisition of The ADT Corporation (ADT) by an affiliate of certain funds managed by affiliates of Apollo Global Management for $6.94 billion or $42.00 per share in cash.
  2. The acquisition of Ingram Micro (IM) by Tianjin Tianhai Investment Company for $6 billion or $38.90 per share in cash.

Deal Updates:

  1. On February 18, 2016, Anadigics (ANAD) announced that it had received a proposed amendment to the merger agreement by II-VI Incorporated (IIVI) to increase the offer price to $0.73 per share. The Company’s Board of Directors intends to consider carefully the February 18, 2016 II-VI Proposed Amendment.
  2. On February 19, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 3, 2016.

Closed Deals:

  1. The acquisition of Metro Bancorp (METR) by F.N.B. Corporation (FNB) on February 16, 2016. It took 196 days for this deal to be completed.
  2. The acquisition of Targa Resources Partners (NGLS) by Targa Resources (TRGP) on February 17, 2016. It took 106 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$15.5106/30/2016180.46%510.62%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$5.7903/31/2016163.39%1569.36%
ODP02/04/2015Staples, Inc. (SPLS)$9.32$5.1605/16/201680.70%350.67%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.2512/31/201630.15%35.16%
BHI11/16/2014Halliburton Company (HAL)$54.13$42.1404/30/201628.46%152.78%
HUM07/03/2015Aetna Inc. (AET)$211.64$165.3412/31/201628.00%32.65%
CI07/24/2015Anthem, Inc. (ANTM)$168.95$133.9812/31/201626.10%30.44%
SNDK10/21/2015Western Digital Corporation (WDC)$86.50$68.8509/30/201625.64%42.34%
AGN11/23/2015Pfizer Inc. (PFE)$333.24$275.2412/31/201621.07%24.57%
HOT11/16/2015Marriott International, Inc. (MAR)$79.88$66.3306/30/201620.43%57.80%

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$15.518,540,37106/30/2016180.46%510.62%
+VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$5.79148,41903/31/2016163.39%1569.36%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.32$5.164,844,43405/16/201680.70%350.67%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.2552,44412/31/201630.15%35.16%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$54.13$42.142,582,41804/30/201628.46%152.78%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$211.64$165.34900,15912/31/201628.00%32.65%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$168.95$133.981,085,87912/31/201626.10%30.44%
+SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$68.851,383,09209/30/201625.64%42.34%
+AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$333.24$275.243,443,72512/31/201621.07%24.57%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$66.332,166,97806/30/201620.43%57.80%
+NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$11.141,014,93304/01/201616.70%156.26%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.9310,130,88012/31/201613.49%15.73%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$22.10132,73304/30/201613.12%70.44%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$29.91193,01106/30/201612.00%33.96%
+RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$9.33$8.4058,90704/30/201611.07%59.43%
+MEG01/27/2016Nexstar Broadcasting Group, Inc. (NXST)Special Conditions$4.6 billion$17.14$15.64756,14912/15/20169.59%11.79%
+APOL02/08/2016A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A)All Cash$1.1 billion$9.50$8.681,571,66212/31/20169.45%11.02%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.70245,85203/31/20168.11%77.88%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.52356,20203/31/20167.95%76.41%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$32.441,567,73106/30/20167.58%21.46%
+BXLT01/11/2016Shire plc (SHPG)Cash Plus Stock$32 billion$42.34$39.413,776,90606/30/20167.43%21.02%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$24.95310,33106/30/20167.41%20.98%
+IM02/17/2016Tianjin Tianhai Investment Company, Ltd. (N/A)All Cash$6 billion$38.90$36.317,534,30612/31/20167.13%8.32%
+ITC02/09/2016Fortis Inc. (FTS.TO)Cash Plus Stock$11.3 billion$43.51$40.632,451,95812/31/20167.09%8.26%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$15.96$14.991,129,40212/31/20166.47%7.55%
+MCOX12/22/2015Minat Associated Co. Ltd. (N/A)All CashN/A$4.00$3.761406/30/20166.38%18.06%
+MY02/03/2016A consortium of investors (the �Buyer Consortium�), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A)All Cash$408 million$2.51$2.36255,06506/30/20166.36%17.98%
+BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.42228,84006/30/20166.16%17.42%
+DSKY12/31/2015Dream Investment Holdings Limited (N/A)All CashN/A$14.00$13.30100,45206/30/20165.26%14.89%
+ADT02/16/2016An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A)All Cash$6.94 billion$42.00$40.008,083,85706/30/20165.00%14.15%
+BITI01/19/2016Acorda Therapeutics, Inc. (ACOR)All Cash$363 million$25.60$24.4117,51209/30/20164.88%8.05%
+ALR02/01/2016Abbott Laboratories (ABT)All Cash$5.8 billion$56.00$53.431,468,73006/30/20164.81%13.61%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$52.88916,91103/31/20164.71%45.23%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.2688,38003/31/20164.13%39.69%
+HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$34.59851,95906/30/20163.50%9.90%
+TYC01/25/2016Johnson Controls Inc. (JCI)All Stock$16.5 billion$34.71$33.578,035,35409/30/20163.38%5.59%
+RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.66283,63603/31/20163.19%30.64%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.421,870,81703/31/20163.14%30.18%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$15.36$14.9422,75806/30/20162.84%8.03%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$62.73$61.081,360,78603/31/20162.70%25.91%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$193.88$188.841,860,32806/30/20162.67%7.56%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$36.5415,25601/31/20162.63%0.00%
+FMER01/26/2016Huntington Bancshares Incorporated (HBAN)Cash Plus Stock$3.4 billion$19.91$19.412,380,30809/30/20162.59%4.27%
+LF02/05/2016VTech Holdings Limited (N/A)All Cash$72 million$1.00$0.975189,22406/30/20162.56%7.26%
+NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$10.83$10.5636,41306/30/20162.51%7.10%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$14.80$14.4811,48406/30/20162.24%6.34%
+AVNU01/29/2016Pinnacle Financial Partners Inc. (PNFP)Cash Plus Stock$201.4 million$18.69$18.2923,83909/15/20162.17%3.84%
+JAH12/14/2015Newell Rubbermaid Inc. (NWL)Cash Plus Stock$13 billion$53.29$52.171,662,71506/30/20162.15%6.08%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$9.58$9.382,576,08209/30/20162.09%3.45%
+CBNJ01/05/2016OceanFirst Financial Corp. (OCFC)Cash Plus Stock$208.1 million$12.97$12.7230,02809/30/20161.94%3.20%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$64.75559,50812/31/20161.93%2.25%
+MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$27.491,173,97203/31/20161.86%17.82%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$66.89$65.697,406,54406/30/20161.82%5.15%
+FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$5.17$5.0946,19703/31/20161.54%14.83%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$141.031,159,66703/31/20161.40%13.42%
+EDE02/09/2016Algonquin Power & Utilities Corp. (AQN.TO)All Cash$2.4 billion$34.00$33.541,322,03703/31/20171.37%1.24%
+BONA12/15/2015Mountain Tiger International Limited (N/A)All Cash$1 billion$13.70$13.53443,76206/30/20161.26%3.56%
+LSG02/08/2016Tahoe Resources Inc. (TAHO)All Stock$677 million$1.33$1.31851,59904/15/20161.23%8.50%
+ATML01/19/2016Microchip Technology Inc. (MCHP)Special Conditions$3.40 billion$8.15$8.063,693,33006/30/20161.12%3.16%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$9.80$9.70214,90106/30/20161.01%2.87%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$12.88$12.7516,77303/31/20161.01%9.68%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.16108,75003/31/20160.98%9.44%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$59.45482,10912/31/20160.93%1.08%
+SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$55.37771,33203/31/20160.87%8.33%
+CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.979,239,09103/31/20160.86%8.27%
+YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.37754,22403/31/20160.84%8.07%
+RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$33.74$33.4858803/31/20160.77%7.44%
+DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$36.42$36.21100,98503/31/20160.57%5.48%
+HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$92.84$92.33174,82205/31/20160.55%2.04%
+GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$91.5212,989,67603/31/20160.52%5.04%
+CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$66.61$66.331,875,90003/31/20160.43%4.13%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$27.453,335,78206/30/20160.36%1.03%
+JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$11.96230,83603/31/20160.33%3.21%
+LOJN02/01/2016CalAmp Corp. (CAMP)All Cash$134 million$6.45$6.43142,75805/31/20160.31%1.15%
+PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$140.15388,80803/31/20160.25%2.40%
+EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$25.45685,61703/31/20160.20%1.89%
+STR02/01/2016Dominion Resources, Inc. (D)All Cash$4.4 billion$25.00$24.962,756,86612/15/20160.16%0.20%
+ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$15.67$15.65266,23806/30/20160.16%0.44%
+AFFX01/26/2016Thermo Fisher Scientific, Inc. (TMO)All Cash$1.3 billion$14.00$13.981,228,25706/30/20160.14%0.40%
+PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$36.59$36.5414,802,77305/15/20160.14%0.63%
+SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$102.27$102.17145,00803/31/20160.09%0.91%
+SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.90241,25903/31/20160.09%0.84%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.30$3.302,299,78206/30/20160.00%0.00%
+KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$18.00655,77603/31/20160.00%0.00%
+TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$5.00962,23303/31/20160.00%0.00%
+IRC12/15/2015real estate funds managed by DRA Advisors LLC (N/A)All Cash$2.3 billion$10.60$10.60620,53306/30/20160.00%0.00%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$20.061,284,07703/03/2016-0.30%-10.92%
+NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$22.55$22.64307,22106/30/2016-0.39%-1.10%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$14.36$14.483,98709/30/2016-0.80%-1.32%
+WCN01/19/2016Progressive Waste Solutions Ltd. (BIN)All StockN/A$61.50$62.12934,92406/30/2016-1.01%-2.85%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$18.49$18.9564,51409/30/2016-2.43%-4.02%
+ABCW01/12/2016Old National Bancorp. (ONB)All Stock461 million$40.44$41.71133,84406/30/2016-3.04%-8.61%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.06$2.1826,64503/31/2016-5.50%-52.86%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$15.53$16.4912,01106/30/2016-5.83%-16.50%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$3.81$4.186,68502/20/2016-8.83%1611.46%
+ANAD01/19/2016II-VI Incorporated (IIVI)All Cash$61 million$0.66$0.736134,98403/31/2016-10.33%-99.18%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.83$6.37156,38403/31/2015-24.11%26.83%

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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