Merger Arbitrage Mondays – July 4, 2011

Merger activity increased last week with four new deals announced and twelve 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 2011 116
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 36
Stock Deals 20
Stock & Cash Deals 12
Total Number of Pending Deals 62

New Deals:

  1. The acquisition of Servidyne (SERV) by Scientific Conservation for $13 million or $3.50 per share in cash.
  2. The acquisition of Continucare (CNU) by Metropolitan Health Networks (MDF) for $416 million in a cash and stock transaction, where shareholders of Continucare will receive $6.25 per share in cash, and 0.0414 of a share of Metropolitan common stock for each share of Continucare common stock. The exact value of the consideration per share will depend on Metropolitan's share price at closing. Metropolitan expects to issue approximately 2.7 million shares in connection with the transaction.
  3. The acquisition of BJ's Wholesale Club (BJ) by affiliates of Leonard Green & Partners for $2.8 billion or $51.25 per share in cash.
  4. The acquisition of Blackboard (BBBB) by Providence Equity Partners for $1.64 billion or $45.00 per share in cash.


Closed Deals:

  1. The acquisition of Orthovita (VITA) by Stryker Corporation (SYK) on June 27, 2011
  2. The acquisition of LaBarge (LB) by Ducommun (DCO) on June 28, 2011
  3. The acquisition of LaBranche & Co. (LAB) by Cowen Group (COWN) on June 29, 2011
  4. The acquisition of Beckman Coulter (BEC) by Danaher Corporation (DHR) on June 30, 2011
  5. The acquisition of Pre-Paid Legal Services (PPD) by MidOcean Partners on June 30, 2011
  6. The acquisition of Rural/Metro Corporation (RURL) by Warburg Pincus on June 30, 2011
  7. The acquisition of Cascade Financial Corporation (CASB) by Opus Bank on July 01, 2011
  8. The acquisition of Danvers Bancorp (DNBK) by People's United Financial (PBCT) on July 01, 2011
  9. The acquisition of Frontier Oil Corporation (FTO) by HollyFrontier Corporation (HFC) on July 01, 2011
  10. VTR)+Announces+Completion+of+Nationwide+Health+Properties+(NHP)+Acquisition+in+Stock-for-Stock+Transaction/6614888.html" target="_blank">The acquisition of Nationwide Health Properties (NHP) by Ventad (VTR) on July 01, 2011
  11. The acquisition of K-Sea Transportation Partners (KSP) by Kirby Corporation (KEX) on July 01, 2011
  12. The acquisition of Shamir Optical Industry (SHMR) by Essilor on July 01, 2011


Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring

Company

Closing

Price

Last
Price
Closing
Date
Profit Annu.
Profit
GRAN 04/27/2011 FNB United Corp (FNBN) $1.45 $0.92 09/30/2011

57.74%

239.51%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $16.31 12/31/2011 47.15% 95.61%
CSR 04/20/2011 Rightmark Holdings Limited (N/A) $6.50 $5.29 09/30/2011 22.87% 94.87%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $25.95 $22.27 12/31/2011

16.51%

33.48%
CFSG 05/20/2011 Bain Capital Partners (N/A) $9.00 $7.85 11/15/2011 14.65% 39.90%
ZRAN 02/21/2011 CSR PLC (CSR.L) $9.29 $8.56 09/30/2011 8.50% 35.26%
FTLK 05/31/2011 Fortress Group Limited (N/A) $7.20 $6.70 09/30/2011

7.46%

30.95%
SVVS 04/27/2011 CenturyLink (CTL) $41.92 $39.62 12/31/2011 5.80% 11.77%
PVSA 06/15/2011 F.N.B. Corporation (FNB) $22.89 $21.70 12/31/2011 5.49% 11.13%
ALKS 05/09/2011 Elan Corporation (ELAN) N/A $19.04 09/30/2011 N/A N/A

List of all pending deals:

  Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing

Date

Profit Annu.
Profit
+ GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.45 $0.92 15,923 09/30/2011 57.74% 239.51%
+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $16.31 2,159,477 12/31/2011 47.15% 95.61%
+ CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $5.29 521,950 09/30/2011 22.87% 94.87%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $25.95 $22.27 312,617 12/31/2011 16.51% 33.48%
+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $7.85 75,949 11/15/2011 14.65% 39.90%
+ ZRAN 02/21/2011 CSR PLC (CSR.L) Cash Plus Stock $484 million $9.29 $8.56 348,980 09/30/2011 8.48% 35.17%
+ FTLK 05/31/2011 Fortress Group Limited (N/A) All Cash $443 million $7.20 $6.70 N/A 09/30/2011 7.46% 30.95%
+ SVVS 04/27/2011 CenturyLink (CTL) Cash Plus Stock $2.5 billion $41.92 $39.62 959,371 12/31/2011

5.80%

11.77%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $22.89 $21.70 157,223 12/31/2011 5.49% 11.13%
+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $14.13 $13.485 25,656 09/30/2011 4.81% 19.95%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $40.32 $38.60 1,498,924 01/31/2012 4.44% 7.69%
+ HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $10.14 $9.75 474,652 09/30/2011 4.03% 16.72%
+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.45 $6.21 1,550,463 09/30/2011 3.82% 15.86%
+ SERV 06/27/2011 Scientific Conservation (N/A) All Cash $13 million $3.50 $3.38 3,370 10/31/2011

3.55%

10.89%
+ TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $50.64 $49.30 395,891 12/31/2011 2.71% 5.49%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $49.82 $48.57 1,130,089 12/31/2011 2.57% 5.22%
+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.57 1,390,103 09/30/2011

2.32%

9.63%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $13.84 $13.57 152,812 10/31/2011 1.99% 6.10%
+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $44.17 37,285,600 12/31/2011 1.88% 3.81%
+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.61 3,546,120 10/31/2011 1.84% 5.64%
+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $50.36 5,094,476 12/31/2011 1.77% 3.58%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.69 $18.38 494,562 12/31/2011 1.71% 3.46%
+ ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.80 1,230,652 07/31/2011 1.69% 22.91%
+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.18 1,065,984 09/30/2011 1.65% 6.83%
+ NLCI 05/18/2011 Leeds Equity Partners (N/A) All Cash $149 million $11.75 $11.56 6,176 11/30/2011 1.64% 4.03%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $28.10 $27.65 140,906 03/31/2012 1.64% 2.21%
+ NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.66 3,056,508 01/31/2012 1.38% 2.39%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.765 3,575 07/31/2011 1.27% 17.11%
+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $40.32 $39.84 366,771 12/31/2011 1.20% 2.44%
+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $10.69 $10.58 71,400 09/30/2011 1.06% 4.39%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $55.99 $55.46 365,583 09/30/2011 0.95% 3.93%
+ SMOD 04/26/2011 Silver Lake Partners and Silver Lake Sumeru (N/A) All Cash $645 million $9.25 $9.17 605,271 09/30/2011 0.87% 3.62%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.75 26,334 09/30/2011 0.87% 3.61%
+ GRM 06/17/2011 Reynolds Group Holdings (N/A) All Cash $4.5 billion $25.50 $25.29 351,854 12/31/2011 0.83% 1.68%
+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.67 28,107 12/31/2011 0.79% 1.61%
+ GSLA 03/30/2011 Home Bancorp (HBCP) All Cash $26.2 million $21.00 $20.84 2,500 09/30/2011

0.77%

3.18%
+ SRX 04/01/2011 affiliate of Providence Equity Partners (N/A) All Cash $1.88 billion $31.25 $31.02 981,582 09/30/2011 0.74% 3.08%
+ KNDL 05/04/2011 INC Research (N/A) All Cash $232 million $15.25 $15.14 267,388 09/30/2011 0.73% 3.01%
+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $6.52 $6.48 7,069 08/15/2011

0.64%

5.60%
+ LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $14.00 $13.91 6,285 07/31/2011 0.63% 8.54%
+ OXPS 03/21/2011 Charles Schwab Corp. (SCHW) All Stock $1 billion $17.05 $16.97 499,973 09/30/2011

0.50%

2.06%
+ LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.40 824,126 09/30/2011 0.45% 1.85%
+ DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $43.76 $43.60 33,142 09/30/2011 0.37% 1.55%
+ MDMD 06/16/2011 DG FastChannel (DGIT) All Cash $517 million $22.00 $21.93 377,067 09/30/2011 0.32% 1.32%
+ BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $91.75 961,099 07/31/2011 0.27% 3.68%
+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $39.91 1,110,666 09/30/2011 0.23% 0.94%
+ CPKI 05/25/2011 Golden Gate Capital (N/A) All Cash $470 million $18.50 $18.46 459,471 09/30/2011 0.22% 0.90%
+ PRM 05/16/2011 affiliates of TPG Capital (N/A) All Cash $525 million $7.10 $7.09 177,164 09/30/2011 0.14% 0.59%
+ WMG 05/06/2011 Access Industries (N/A) All Cash $3.3 billion $8.25 $8.24 545,941 09/30/2011 0.12% 0.50%
+ SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $8.37 $8.36 912,109 06/30/2011

0.12%

0.00%
+ LWSN 04/26/2011 Affiliate of Golden Gate Capital and Infor (N/A) All Cash $2 billion $11.25 $11.24 6,414,688 09/30/2011 0.09% 0.37%
+ ELMG 06/13/2011 Honeywell International (HON) All Cash $491 million $33.00 $32.98 310,126 09/30/2011 0.06% 0.25%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $6.45 $6.45 177,294 09/30/2011 0.06% 0.25%
+ VRGY 03/28/2011 Advantest (ATE) All Cash $1.1 billion $15.00 $15.00 696,481 12/31/2011 0.00% 0.00%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $46.86 $46.87 335,567 09/30/2011 -0.01% -0.05%
+ MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $8.09 $8.09 4,184,693 07/31/2011 -0.03% -0.41%
+ ISYS 05/16/2011 Kratos Defense & Security Solutions, Inc. (KTOS) Cash Plus Stock $266 million $12.13 $12.14 72,189 09/30/2011 -0.06% -0.26%
+ TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $43.10 941,821 09/30/2011 -0.23% -0.96%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $4.02 $4.05 N/A 12/31/2011

-0.67%

-1.35%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.26 575,047 01/31/2012 -0.86% -1.49%
+ GRB 06/13/2011 Vector Capital (N/A) All Cash $281.8 million $11.00 $11.17 172,252 11/15/2011 -1.52% -4.15%
+ CV 05/30/2011 Fortis (N/A) All Cash $700 million $35.10 $36.00 166,783 05/31/2012 -2.50% -2.75%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $43.81 $45.47 5,754 12/31/2011 -3.64% -7.38%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.73 $6.07 819,944 09/30/2011

-5.68%

-23.56%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Cash $7.9 billion $33.00 $40.37 2,313,540 03/31/2012 -18.26% -24.59%
+ DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $57.15 $74.26 252,663 12/31/2011 -23.04% -46.73%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $34.72 2,555,422 12/31/2011 -59.89% -121.44%
+ ALKS 05/09/2011 Elan Corporation (ELAN) Cash Plus Stock $960 million N/A $19.04 N/A 09/30/2011

N/A

N/A
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