Merger Arbitrage Mondays – April 25, 2016

  • April 24, 2016

Merger activity increased last week with three new deals announced and one deal 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 201665
Total Number of Deals Not Completed in 20163
Total Number of Pending Deals
Cash Deals43
Stock Deals17
Stock & Cash Deals19
Special Conditions6
Total Number of Pending Deals85
Total Deal Size$789.87 billion

New Deals:

  1. The acquisition of Cvent (CVT) by affiliates of Vista Equity Partners for $1.65 billion or $36.00 per share in cash.
  2. The acquisition of Lexmark International (LXK) by a consortium of investors led by Apex Technology and PAG Asia Capital for $3.6 billion or $40.50 per share in cash.
  3. The acquisition of Hansen Medical (HNSN) by Auris Surgical Robotics for $80 million or $4.00 per share in cash.

Deal Updates:

  1. On April 19, 2016, Great Western Bancorp (GWB) and HF Financial (HFFC) announced that the merger of HF Financial into Great Western is expected to close on or about May 13, 2016.
  2. On April 22, 2016, The ADT Corporation (ADT) announced that its stockholders approved the acquisition of ADT by an affiliate of certain funds managed by affiliates of Apollo Global Management (APO) at its special meeting of stockholders held today.  Subject to the satisfaction of the remaining customary closing conditions, ADT expects the transaction to close on May 2, 2016.

Closed Deals:

  1. The acquisition of API Technologies (ATNY) by an affiliate of private equity firm J. F. Lehman & Company on April 22, 2016. It took 53 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$19.5406/30/2016122.62%678.13%
ODP02/04/2015Staples, Inc. (SPLS)$9.55$6.20505/16/201653.87%936.25%
BHI11/16/2014Halliburton Company (HAL)$64.74$46.4304/30/201639.44%2878.93%
APOL02/08/2016A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A)$9.50$7.2712/31/201630.67%44.78%
ALR02/01/2016Abbott Laboratories (ABT)$56.00$43.3612/31/201629.15%42.56%
CI07/24/2015Anthem, Inc. (ANTM)$179.40$141.8212/31/201626.50%38.69%
HUM07/03/2015Aetna Inc. (AET)$221.16$175.3012/31/201626.16%38.20%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.6812/31/201614.95%21.82%
RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)$9.00$8.0412/31/201611.94%17.43%
IM02/17/2016Tianjin Tianhai Investment Company, Ltd. (N/A)$38.90$35.0212/31/201611.08%16.18%

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$19.5410,057,39106/30/2016122.62%678.13%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.55$6.20510,349,64205/16/201653.87%936.25%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$64.74$46.434,476,87004/30/201639.44%2878.93%
+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$7.27899,27112/31/201630.67%44.78%
+ALR02/01/2016Abbott Laboratories (ABT)All Cash$5.8 billion$56.00$43.363,314,93312/31/201629.15%42.56%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$179.40$141.82572,62912/31/201626.50%38.69%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$221.16$175.30560,14212/31/201626.16%38.20%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.6819,32212/31/201614.95%21.82%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$8.045,447,08912/31/201611.94%17.43%
+IM02/17/2016Tianjin Tianhai Investment Company, Ltd. (N/A)All Cash$6 billion$38.90$35.021,737,56112/31/201611.08%16.18%
+BXLT01/11/2016Shire plc (SHPG)Cash Plus Stock$32 billion$45.44$41.383,905,56906/30/20169.81%54.25%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.67249,67806/30/20168.99%49.73%
+KUTV04/05/2016Shanda Investment Holdings Limited (N/A)All CashN/A$1.08$1.0165,56212/31/20166.93%10.12%
+LXK04/19/2016consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A)All Cash$3.6 billion$40.50$37.953,103,27312/31/20166.72%9.81%
+TYC01/25/2016Johnson Controls Inc. (JCI)All Stock$16.5 billion$41.72$39.193,514,22009/30/20166.46%14.92%
+ITC02/09/2016Fortis Inc. (FTS.TO)Cash Plus Stock$11.3 billion$45.61$42.921,231,74612/31/20166.27%9.15%
+VAL03/20/2016The Sherwin-Williams Company (SHW)All Cash$11.3 billion$113.00$106.78666,10903/31/20175.83%6.25%
+NPD03/16/2016China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A)All Cash$258.66 million$2.62$2.48164,63809/30/20165.65%13.04%
+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$2.39773,60206/30/20165.02%27.77%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$31.99235,67706/30/20164.72%26.10%
+CBNK04/04/2016Westfield Financial Inc. (WFD)All Stock$110 million$18.77$18.062,34312/31/20163.93%5.74%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$33.632,679,63806/30/20163.78%20.88%
+MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.6798,07506/30/20163.54%19.59%
+AMTG02/26/2016Apollo Commercial Real Estate Finance, Inc. (ARI)Cash Plus Stock$641 million$14.08$13.61256,69308/15/20163.43%11.18%
+SNDK10/21/2015Western Digital Corporation (WDC)Cash Plus Stock$19 billion$77.92$75.493,197,46906/30/20163.22%17.81%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$207.05$201.453,242,60106/30/20162.78%15.37%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$11.37$11.06376,90906/30/20162.78%15.35%
+VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.48$2.4147,51704/30/20162.75%200.51%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$15.77$15.35385,83312/31/20162.74%3.99%
+VA04/04/2016Alaska Air Group, Inc. (ALK)All Cash$4 billion$57.00$55.71388,18601/01/20172.32%3.37%
+FCTY03/10/2016Midland Financial Co. (N/A)All CashN/A$11.22$10.971,11412/31/20162.28%3.33%
+IHS03/21/2016Markit Ltd. (MRKT)All StockN/A$125.62$123.01141,10512/31/20162.12%3.10%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$26.26439,87606/30/20162.06%11.37%
+CVT04/18/2016affiliates of Vista Equity Partners (N/A)All Cash$1.65 billion$36.00$35.301,681,47309/30/20161.98%4.58%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$18.32$18.0042,91906/30/20161.79%9.90%
+EDE02/09/2016Algonquin Power & Utilities Corp. (AQN.TO)All Cash$2.4 billion$34.00$33.46381,04503/31/20171.61%1.73%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.85$10.701,941,93309/30/20161.44%3.33%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$65.08820,71412/31/20161.41%2.06%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$36.996,45406/30/20161.38%7.62%
+RRM02/26/2016SES (N/A)All Cash$242 million$13.29$13.1124908/15/20161.37%4.47%
+FMER01/26/2016Huntington Bancshares Incorporated (HBAN)Cash Plus Stock$3.4 billion$22.63$22.341,631,64209/30/20161.30%3.00%
+RSTI03/16/2016Coherent Inc. (COHR)All Cash$942 million$32.50$32.10329,25612/31/20161.25%1.82%
+PLCM04/15/2016Mitel Networks Corporation (MITL)Cash Plus Stock$1.96 billlion$12.39$12.252,256,68009/30/20161.18%2.73%
+DSKY12/31/2015Dream Investment Holdings Limited (N/A)All CashN/A$14.00$13.8540,12206/30/20161.08%5.99%
+DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.4925,80604/30/20160.93%68.22%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.8027,69404/30/20160.81%58.87%
+ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$141.861,045,79108/15/20160.80%2.62%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$13.6 billion$79.53$79.014,138,06206/30/20160.66%3.64%
+FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$5.34$5.3134,17203/31/20160.64%0.00%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$72.33$71.90735,74606/30/20160.59%3.27%
+ADT02/16/2016An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A)All Cash$6.94 billion$42.00$41.792,595,48105/02/20160.50%26.20%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$59.70711,05412/31/20160.50%0.73%
+AVNU01/29/2016Pinnacle Financial Partners Inc. (PNFP)Cash Plus Stock$201.4 million$20.36$20.269,95909/15/20160.49%1.26%
+NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$23.40$23.33964,59706/30/20160.30%1.65%
+VSCP03/25/2016BioTelemetry, Inc. (BEAT)All Cash$15.5 million$4.05$4.0419,29805/31/20160.25%2.51%
+TUMI03/03/2016Samsonite International S.A. (N/A)All Cash$1.8 billion$26.75$26.69391,46706/30/20160.22%1.24%
+CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$14.95$14.9225,66609/30/20160.22%0.50%
+PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$16.54$16.5133,78306/30/20160.20%1.09%
+CKP03/02/2016an affiliate of CCL Industries Inc. (N/A)All Cash$443 million$10.15$10.13196,43509/30/20160.20%0.46%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$19.98490,74704/28/20160.10%12.18%
+SLI04/07/2016Handy & Harman Ltd. (HNH)All Cash$166.32 million$40.00$39.987,58706/30/20160.05%0.28%
+CBNJ01/05/2016OceanFirst Financial Corp. (OCFC)Cash Plus Stock$208.1 million$13.99$13.9823,40409/30/20160.05%0.11%
+NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.2551,19704/30/20160.00%0.00%
+HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$19.41$19.4173,55505/13/2016-0.01%-0.10%
+RKUS04/04/2016Brocade Communications Systems, Inc. (BRCD)Cash Plus Stock$1.2 billion$13.72$13.721,277,75407/31/2016-0.02%-0.07%
+TFM03/14/2016Apollo Global Management, LLC (APO)All Cash$1.36 billion$28.50$28.511,110,68606/30/2016-0.04%-0.19%
+STR02/01/2016Dominion Resources, Inc. (D)All Cash$4.4 billion$25.00$25.01982,48612/15/2016-0.04%-0.06%
+NEWP02/23/2016MKS Instruments, Inc. (MKSI)All Cash$980 million$23.00$23.02350,40006/30/2016-0.09%-0.48%
+POWR02/24/2016Southern Company (SO)All Cash$431 million$18.75$18.77280,39906/30/2016-0.11%-0.59%
+AFOP04/07/2016Corning Inc. (GLW)All Cash$305 million$18.50$18.54321,17706/30/2016-0.22%-1.19%
+CKEC03/03/2016AMC Entertainment Holdings, Inc. (AMC)All Cash$1.1 billion$30.00$30.0994,86512/31/2016-0.30%-0.44%
+CPGX03/17/2016TransCanada Corporation (TRP)All Cash$13 billion$25.50$25.616,113,28212/31/2016-0.43%-0.63%
+HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$102.29$102.8013,339,88905/31/2016-0.50%-5.04%
+RSE02/25/2016an affiliate of Brookfield Asset Management Inc. (N/A)All Cash$2.8 billion$18.25$18.36320,16009/30/2016-0.60%-1.38%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$27.721,994,13806/30/2016-0.61%-3.39%
+MEG01/27/2016Nexstar Broadcasting Group, Inc. (NXST)Special Conditions$4.6 billion$17.14$17.26415,07212/15/2016-0.70%-1.08%
+WCN01/19/2016Progressive Waste Solutions Ltd. (BIN)All StockN/A$64.40$64.95523,14106/30/2016-0.84%-4.66%
+HTS04/11/2016Annaly Capital Management, Inc. (NLY)All Stock$1.5 billion$15.58$15.751,369,92209/30/2016-1.10%-2.55%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$13.17$13.3738,65503/31/2016-1.49%21.74%
+ABCW01/12/2016Old National Bancorp. (ONB)All Stock461 million$46.19$47.1336,98506/30/2016-1.99%-11.01%
+LPSB03/10/2016Horizon Bancorp (HBNC)All Stock$94.1 million$15.57$15.9224,88109/30/2016-2.17%-5.02%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$19.34$19.7911,32809/30/2016-2.30%-5.31%
+BITI01/19/2016Acorda Therapeutics, Inc. (ACOR)All Cash$363 million$25.60$26.483,16109/30/2016-3.32%-7.68%
+HNSN04/20/2016Auris Surgical Robotics (N/A)All Cash$80 million$4.00$4.15329,05306/30/2016-3.61%-19.99%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.89$8.42102,52303/31/2015-41.88%39.10%

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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