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Merger Arbitrage Mondays – June 20, 2016

  • June 19, 2016

Merger activity increased last week with six new deals announced and two deals 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 201693
Total Number of Deals Not Completed in 20165
Total Number of Pending Deals
Cash Deals61
Stock Deals20
Stock & Cash Deals15
Special Conditions11
Total Number of Pending Deals107
Total Deal Size$922.59 billion

New Deals:

  1. The acquisition of LinkedIn Corporation (LNKD) by Microsoft Corporation (MSFT) for $26.2 billion or $196 per share in cash.
  2. The acquisition of Aegerion Pharmaceuticals (AEGR) by QLT (QLTI) in an all stock deal. Under the terms of the agreement, shareholders of Aegerion Pharmaceuticals will receive 1.0256 shares of QLT common stock.
  3. The acquisition of QLogic (QLGC) by Cavium (CAVM) for $1.36 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of QLogic will receive $11.00 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock.
  4. The acquisition of Envision Healthcare Holdings (EVHC) by AmSurg (AMSG) in an all stock deal.  Under the terms of the agreement, shareholders of Envision Healthcare willreceive 0.334 AmSurg shares per Envision shares.
  5. The acquisition of Elizabeth Arden (RDEN) by Revlon (REV) for $870 million or $14.00 per share in cash.
  6. The acquisition of Ceres (CERE) by Land O’Lakes for $17.2 million or $0.40 per share in cash.

Deal Updates:

  1. On June 13, 2016, Biotie Therapies (BITI) announced that the voluntary delisting of its American Depositary Shares from the NASDAQ Global Select Market became effective prior to the opening of trading on 13 June, 2016.
  2. On June 15, 2016, Annaly Capital Management (NLYannounced that it has extended its previously announced exchange offer to purchase all of the outstanding shares of common stock of Hatteras Financial (HTS) to July 11, 2016.
  3. On June 15, 2016, Univest Corporation of Pennsylvania (UVSP) received regulatory and shareholder approval to close its pending $244 million acquisition of 148-year-old Fox Chase Bancorp (FXCB). The deal is now scheduled to close July 1.
  4. On June 15, 2016, Alexza Pharmaceuticals (ALXA) was notified by The NASDAQ Stock Market that trading in the Company’s common stock on The Nasdaq Capital Market will be suspended effective with the open of business on Friday, June 17, 2016.
  5. On June 16, 2016, Horizon Bancorp (HBNC) and LaPorte Bancorp (LPSB), jointly announced that the Office of the Comptroller of the Currency and the Federal Reserve Board have approved or not objected to the proposed merger of LaPorte Bancorp and its wholly-owned subsidiary, The LaPorte Savings Bank, with and into Horizon’s wholly-owned bank subsidiary, Horizon Bank.
  6. On June 17, 2016, The Williams Companies (WMB) announced that its Board of Directors has declared a special dividend in the amount of $0.10 per share of Williams common stock, pursuant to the terms of the merger agreement between Williams and Energy Transfer Equity (ETE). The special dividend is contingent on the consummation of the merger and will be payable to Williams holders of record at the close of business on the last business day prior to the closing of the merger.

Closed Deals:

  1. The acquisition of OPOWER (OPWR) by Oracle Corporation (ORCL) on June 17, 2016. It took 46 days for this deal to be completed.
  2. The acquisition of Textura Corporation (TXTR) by Oracle Corporation (ORCL) on June 17, 2016. It took 50 days for this deal to b 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$22.5306/30/201693.08%3397.27%
CI07/24/2015Anthem, Inc. (ANTM)$171.58$129.5012/31/201632.50%61.14%
ALR02/01/2016Abbott Laboratories (ABT)$56.00$42.3012/31/201632.39%60.94%
HUM07/03/2015Aetna Inc. (AET)$226.42$187.1512/31/201620.98%39.48%
FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)$26.80$22.9806/30/201616.62%606.74%
RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)$9.00$7.7812/31/201615.68%29.50%
IM02/17/2016Tianjin Tianhai Investment Company, Ltd. (N/A)$38.90$34.7812/31/201611.85%22.29%
DANG05/31/2016Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A)$6.70$6.0012/31/201611.67%21.95%
WGBS05/13/2016Takara Bio USA Holdings, Inc. (N/A)$0.95$0.8603/31/201710.47%13.45%
AIXG05/23/2016Fujian Grand Chip Investment Fund LP (N/A)$6.66$6.0512/31/201610.08%18.97%

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$22.5311,845,70006/30/201693.08%3397.27%
+CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$171.58$129.501,546,34312/31/201632.50%61.14%
+ALR02/01/2016Abbott Laboratories (ABT)All Cash$5.8 billion$56.00$42.30625,00512/31/201632.39%60.94%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$226.42$187.15842,37312/31/201620.98%39.48%
+FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$22.98126,15606/30/201616.62%606.74%
+RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.7817,165,57312/31/201615.68%29.50%
+IM02/17/2016Tianjin Tianhai Investment Company, Ltd. (N/A)All Cash$6 billion$38.90$34.781,621,66212/31/201611.85%22.29%
+DANG05/31/2016Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A)All Cash$556 million$6.70$6.00610,92912/31/201611.67%21.95%
+WGBS05/13/2016Takara Bio USA Holdings, Inc. (N/A)Special Conditions$18 million$0.95$0.86169,97203/31/201710.47%13.45%
+AIXG05/23/2016Fujian Grand Chip Investment Fund LP (N/A)All Cash$748.36 million$6.66$6.0533,20612/31/201610.08%18.97%
+BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$22.7631,04306/30/20169.84%359.23%
+KUTV04/05/2016Shanda Investment Holdings Limited (N/A)All CashN/A$1.08$0.9926112/31/20169.09%17.10%
+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$10.00$9.20579,33608/31/20168.70%44.08%
+NPD03/16/2016China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A)All Cash$258.66 million$2.62$2.4230,00809/30/20168.26%29.57%
+HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$13.6 billion$79.53$73.901,019,76606/30/20167.62%278.07%
+NHLD04/28/2016Fortress Biotech, Inc. (FBIO)All CashN/A$3.25$3.024,53408/15/20167.62%49.64%
+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$37.80732,53512/31/20167.14%13.44%
+TIVO04/29/2016Rovi Corporation (ROVI)Special Conditions$1.1 billion$10.70$10.001,447,55509/30/20167.00%25.05%
+WR05/31/2016Great Plains Energy Incorporated (GXP)Special Conditions$12.2 billion$60.00$56.161,538,87203/31/20176.84%8.79%
+AMTG02/26/2016Apollo Commercial Real Estate Finance, Inc. (ARI)Cash Plus Stock$641 million$14.37$13.47446,80608/15/20166.67%43.49%
+HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.76115,89906/30/20166.38%232.98%
+CERE06/17/2016Land O’Lakes (N/A)All Cash$17.2 million$0.40$0.381315,559,10709/30/20164.90%17.55%
+VAL03/20/2016The Sherwin-Williams Company (SHW)All Cash$11.3 billion$113.00$108.17542,63703/31/20174.47%5.74%
+PBCP06/02/2016Prudential Bancorp, Inc. (PBIP)Special Conditions$38.1 million$11.28$10.801,40012/31/20164.44%8.36%
+FMD06/02/2016FP Resources USA Inc. (N/A)All Cash$65.5 million$5.05$4.8551,89209/30/20164.12%14.76%
+STJ04/28/2016Abbott Laboratories (ABT)Cash Plus Stock$25 billion$79.31$76.444,486,18712/31/20163.75%7.06%
+FCLF04/26/2016First Mid-Illinois Bancshares, Inc. (FMBH)All Stock$90 million$12.21$11.781,26912/31/20163.66%6.89%
+ITC02/09/2016Fortis Inc. (FTS.TO)Cash Plus Stock$11.3 billion$46.93$45.34801,51212/31/20163.51%6.61%
+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$2.431,057,42006/30/20163.29%120.16%
+MHGC05/09/2016SBE (N/A)All Cash$794 million$2.25$2.18158,28012/31/20163.21%6.04%
+TLN06/03/2016affiliates of Riverstone Holdings LLC (N/A)All Cash$5.2 billion$14.00$13.602,826,27912/31/20162.94%5.53%
+LNKD06/13/2016Microsoft Corporation (MSFT)All Cash$26.2 billion$196.00$190.804,018,38112/31/20162.73%5.13%
+DSKY12/31/2015Dream Investment Holdings Limited (N/A)All CashN/A$14.00$13.6380,87606/30/20162.71%99.08%
+RSTI03/16/2016Coherent Inc. (COHR)All Cash$942 million$32.50$31.72211,45412/31/20162.46%4.63%
+TYC01/25/2016Johnson Controls Inc. (JCI)All Stock$16.5 billion$44.01$42.992,723,46009/30/20162.37%8.48%
+QLIK06/02/2016Thoma Bravo, LLC (N/A)All Cash$3 billion$30.50$29.902,199,96909/30/20162.01%7.18%
+DWA04/28/2016NBCUniversal (N/A)All Cash$3.8 billion$41.00$40.21953,17712/31/20161.96%3.70%
+AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$15.45$15.19616,13812/31/20161.71%3.22%
+MESG05/23/2016Siris Capital Group, LLC (N/A)All Cash$643 million$25.00$24.60523,05209/30/20161.63%5.82%
+RRM02/26/2016SES (N/A)All Cash$242 million$13.29$13.0866608/15/20161.61%10.46%
+VA04/04/2016Alaska Air Group, Inc. (ALK)All Cash$4 billion$57.00$56.11488,39901/01/20171.59%2.97%
+SMT05/26/2016Foxconn Technology Group (N/A)All CashN/A$4.50$4.4312,06407/31/20161.58%14.07%
+MRD05/16/2016Range Resources Corporation (RRC)All Stock$4.4 billion$16.61$16.381,720,64312/31/20161.42%2.67%
+FEIC05/27/2016Thermo Fisher Scientific, Inc. (TMO)All Cash$4.2 billion$107.50$106.11827,55001/31/20171.31%2.13%
+SAAS05/18/2016NICE Systems Ltd. (NICE)All Cash$940 million$14.00$13.825,240,45112/31/20161.30%2.45%
+PKY04/29/2016Cousins Properties Incorporated (CUZ)All Stock$1.95 billion$16.81$16.591,214,83612/31/20161.30%2.44%
+REXI05/23/2016C-III Capital Partners (N/A)All Cash$270 million$9.78$9.66411,00511/15/20161.24%3.06%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$4.1829,93812/31/20161.20%2.25%
+FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$10.20$10.095,591,52209/30/20161.11%3.96%
+AXLL06/10/2016Westlake Chemical Corporation (WLK)All Cash$3.8 billion$33.00$32.641,643,48312/31/20161.10%2.08%
+CBNK04/04/2016Westfield Financial Inc. (WFD)All Stock$110 million$18.33$18.1432512/31/20161.06%2.00%
+EVHC06/15/2016AmSurg Corp. (AMSG)All Stock$7.66 billion$26.31$26.046,325,35112/31/20161.02%1.92%
+MGN05/24/2016Hecla Mining Co. (HL)All StockN/A$1.00$0.98944,69809/30/20160.92%3.29%
+MKTO05/31/2016Vista Equity Partners (N/A)All Cash$1.79 billion$35.25$34.932,573,90009/30/20160.92%3.28%
+RDEN06/16/2016Revlon, Inc. (REV)All Cash$870 million$14.00$13.8833,547,28712/31/20160.86%1.63%
+ELRC05/31/2016Platinum Equity (N/A)All Cash$323.4 million$13.12$13.01117,78709/30/20160.85%3.03%
+HNSN04/20/2016Auris Surgical Robotics (N/A)All Cash$80 million$4.00$3.9714,25506/30/20160.76%27.58%
+FMER01/26/2016Huntington Bancshares Incorporated (HBAN)Cash Plus Stock$3.4 billion$21.00$20.842,563,36209/30/20160.75%2.68%
+FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$19.86876,96306/23/20160.70%85.77%
+SQI05/31/2016affiliates of Accel-KKR (N/A)All Cash$509 million$17.75$17.63857,38109/30/20160.68%2.44%
+EXAM04/27/2016an affiliate of Leonard Green & Partners, L.P. (N/A)All Cash$2.2 billion$35.05$34.82473,36609/30/20160.66%2.36%
+EDE02/09/2016Algonquin Power & Utilities Corp. (AQN.TO)All Cash$2.4 billion$34.00$33.80317,72403/31/20170.59%0.76%
+CVT04/18/2016affiliates of Vista Equity Partners (N/A)All Cash$1.65 billion$36.00$35.791,325,44209/30/20160.59%2.10%
+KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$73.45$73.031,683,32306/30/20160.57%20.74%
+WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$10.64$10.59919,42806/30/20160.50%18.07%
+AVNU01/29/2016Pinnacle Financial Partners Inc. (PNFP)Cash Plus Stock$201.4 million$19.34$19.2543,67009/15/20160.47%1.99%
+XNPT05/23/2016Arbor Pharmaceuticals, LLC (N/A)All Cash$467 million$7.03$7.001,294,09209/30/20160.43%1.53%
+YCB05/03/2016WesBanco Inc. (WSBC)Cash Plus Stock$221 million$37.56$37.41157,63712/31/20160.39%0.73%
+SSRG05/03/2016an affiliate of RoundTable Healthcare Partners (N/A)All Cash$140.3 million$13.10$13.0640,05709/30/20160.31%1.10%
+CPXX05/31/2016Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1.5 billion$30.25$30.162,106,79409/30/20160.30%1.07%
+IHS03/21/2016Markit Ltd. (MRKT)All StockN/A$116.12$115.79374,82912/31/20160.29%0.54%
+TUMI03/03/2016Samsonite International S.A. (N/A)All Cash$1.8 billion$26.75$26.68409,62106/30/20160.26%9.58%
+KKD05/09/2016JAB Beech Inc. (N/A)All Cash$1.35 billion$21.00$20.95878,93509/30/20160.24%0.85%
+QLGC06/15/2016Cavium, Inc. (CAVM)Cash Plus Stock$1.36 billion$14.88$14.8515,340,25109/30/20160.22%0.79%
+RRMS05/31/2016SemGroup Corporation (SEMG)All Stock$1.74 billion$24.30$24.25939,46409/30/20160.22%0.77%
+CPGX03/17/2016TransCanada Corporation (TRP)All Cash$13 billion$25.50$25.453,884,17412/31/20160.20%0.37%
+DWRE06/01/2016salesforce.com, inc. (CRM)All Cash$2.8 billion$75.00$74.862,238,16907/31/20160.19%1.66%
+UNTD05/04/2016B. Riley Financial, Inc. (RILY)All Cash$170 million$11.00$10.98300,39709/30/20160.18%0.65%
+GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$65.92782,51312/31/20160.12%0.23%
+ANAC05/16/2016Pfizer Inc. (PFE)All Cash$5.2 billion$99.25$99.174,855,36009/30/20160.08%0.29%
+PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$37.4758,39506/30/20160.08%2.92%
+CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$34.887,573,48506/30/20160.06%2.09%
+PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$59.98912,64512/31/20160.03%0.06%
+STR02/01/2016Dominion Resources, Inc. (D)All Cash$4.4 billion$25.00$25.002,626,24712/31/20160.00%0.00%
+NSPH05/16/2016Luminex Corporation (LMNX)All Cash$58 million$1.70$1.70173,20106/30/20160.00%0.00%
+MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$18.43$18.4439,04706/30/2016-0.06%-2.33%
+TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$27.631,940,22006/30/2016-0.29%-10.57%
+CKEC03/03/2016AMC Entertainment Holdings, Inc. (AMC)All Cash$1.1 billion$30.00$30.12588,49912/31/2016-0.40%-0.75%
+FCTY03/10/2016Midland Financial Co. (N/A)All CashN/A$11.22$11.27273,49312/31/2016-0.44%-0.83%
+HTS04/11/2016Annaly Capital Management, Inc. (NLY)All Stock$1.5 billion$16.11$16.194,689,85809/30/2016-0.50%-1.79%
+RSE02/25/2016an affiliate of Brookfield Asset Management Inc. (N/A)All Cash$2.8 billion$18.25$18.36266,55909/30/2016-0.60%-2.14%
+LSBG05/05/2016Bar Harbor Bankshares (BHB)All Stock$143 million$17.15$17.28148,18003/31/2017-0.77%-0.99%
+BITI01/19/2016Acorda Therapeutics, Inc. (ACOR)All Cash$363 million$25.60$25.80N/A09/30/2016-0.78%-2.77%
+NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$20.62$20.791,407,05406/30/2016-0.83%-30.43%
+LDRH06/07/2016Zimmer Biomet Holdings, Inc. (ZBH)All Cash$1 billion$37.00$37.371,384,55709/30/2016-0.99%-3.54%
+IMS05/03/2016Quintiles Transnational Holdings Inc. (Q)All Stock$9 billion$24.35$24.652,106,14612/31/2016-1.23%-2.32%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$33.95745,70906/30/2016-1.33%-48.38%
+ACAS05/23/2016Ares Capital Corporation (ARCC)Cash Plus Stock$3.4 billion$15.63$15.882,297,76705/31/2017-1.56%-1.65%
+PLCM04/15/2016Mitel Networks Corporation (MITL)Cash Plus Stock$1.96 billlion$11.61$11.811,161,50909/30/2016-1.70%-6.10%
+MEG01/27/2016Nexstar Broadcasting Group, Inc. (NXST)Special Conditions$4.6 billion$17.14$17.451,043,18512/15/2016-1.78%-3.64%
+ALXA05/10/2016Grupo Ferrer Internacional, S.A. (N/A)Special ConditionsN/A$0.90$0.92532,88606/30/2016-2.17%-79.35%
+FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$19.51$20.08144,79907/01/2016-2.84%-94.08%
+COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$12.84$13.3580,60006/30/2016-3.82%-139.49%
+LPSB03/10/2016Horizon Bancorp (HBNC)All Stock$94.1 million$15.25$16.0824,60409/30/2016-5.14%-18.40%
+IOC05/20/2016Oil Search Limited (OSH.AX)All Stock$2.2 billion$39.77$42.58534,77709/30/2016-6.60%-23.63%
+AEGR06/15/2016QLT Inc. (QLTI)All Stock$267.27 million$1.47$1.691,158,56812/31/2016-13.22%-24.87%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.70$10.67337,76003/31/2015-46.61%38.06%

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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