Market Overview

Merger Arbitrage Mondays – November 14, 2011

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Merger activity increased last week with five 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 2011 180
Total Number of Deals Not Completed in 2011 4
Total Number of Pending Deals
Cash Deals 35
Stock Deals 16
Stock & Cash Deals 9
Total Number of Pending Deals 60

New Deals:

  1. The acquisition of Tekelec (TKLC) by a consortium led by Siris Capital Group, LLC for $780 million or $11.00 per share in cash.
  2. The acquisition of American Dental Partners (ADPI) by JLL Partners, Inc. for $398 million or $19.00 per share in cash.
  3. The acquisition of Force Protection (FRPT) by General Dynamics (GD) for $360 million or $5.52 per share in cash.
  4. The acquisition of McCormick & Schmick's Seafood Restaurants (MSSR) by Landry's for $131.6 million or $8.75 per share in cash.
  5. The acquisition of Pinnacle Data Systems (PNS) by Avnet (AVT) for $22 million or $2.40 per share in cash.

Closed Deals:

  1. The acquisition of Caliper Life Sciences (CALP) by PerkinElmer (PKI) on November 07, 2011
  2. The acquisition of Varian Semiconductor Equipment Associates (VSEA) by Applied Materials (AMAT) on November 10, 2011

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) $6.13 $4.17 12/31/2011 47.01% 365.06%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $67.42 $57.44 06/30/2012 17.38% 27.70%
ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) $5.81 $5.20 12/31/2011 11.66% 90.56%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $22.26 $19.95 12/31/2011 11.56% 89.80%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.40 03/31/2012 10.42% 27.55%
VTRO 10/17/2011 Inuvo, Inc. (INUV) $1.59 $1.45 03/31/2012 9.82% 25.97%
EP 10/16/2011 Kinder Morgan, Inc. (KMI) $27.15 $24.79 03/31/2012 9.53% 25.22%
LOOP 04/27/2011 CoStar Group (CSGP) $18.81 $17.82 12/31/2011 5.54% 43.03%
HNB 06/02/2011 BankUnited Inc. (BKU) $3.61 $3.42 12/31/2011 5.53% 42.96%
GR 09/21/2011 United Technologies Corp. (UTX) $127.50 $122.80 06/30/2012 3.83% 6.10%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $6.13 $4.17 821,062 12/31/2011 47.01% 365.06%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $67.42 $57.44 2,341,634 06/30/2012 17.38% 27.70%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.81 $5.20 25,862 12/31/2011 11.66% 90.56%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $22.26 $19.95 578,922 12/31/2011 11.56% 89.80%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.40 50,007 03/31/2012 10.42% 27.55%
+ VTRO 10/17/2011 Inuvo, Inc. (INUV) All Stock N/A $1.59 $1.45 41,760 03/31/2012 9.82% 25.97%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $27.15 $24.79 9,336,230 03/31/2012 9.53% 25.22%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.81 $17.82 58,908 12/31/2011 5.54% 43.03%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.61 $3.42 N/A 12/31/2011 5.53% 42.96%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $122.80 1,353,524 06/30/2012 3.83% 6.10%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (BHLB) All Stock $30 million $7.44 $7.25 1,200 04/30/2012 2.69% 5.84%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $41.91 $40.85 1,220,820 01/31/2012 2.58% 12.09%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $39.05 3,865,912 01/31/2012 2.43% 11.38%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $54.86 $53.77 1,085,598 12/31/2011 2.03% 15.78%
+ ADPI 11/07/2011 JLL Partners, Inc. (N/A) All Cash $398 million $19.00 $18.67 271,158 03/31/2012 1.77% 4.68%
+ PNS 11/10/2011 Avnet (AVT) All Cash $22 million $2.40 $2.36 2,920,030 01/31/2012 1.69% 7.93%
+ ANDS 10/17/2011 Roche (N/A) All Cash $230 million $3.70 $3.64 1,606,888 12/31/2011 1.65% 12.80%
+ INXI 11/01/2011 Presidio (N/A) All Cash N/A $8.75 $8.61 16,150 03/31/2012 1.63% 4.30%
+ HS 10/24/2011 Cigna (CI) All Cash $3.8 billion $55.00 $54.13 2,470,502 06/30/2012 1.61% 2.56%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $59.06 59,183 01/31/2012 1.59% 7.45%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.76 11,822 11/15/2011 1.45% 528.99%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $12.00 $11.83 23,433 01/15/2012 1.44% 8.46%
+ CPX 10/10/2011 Superior Energy Services (SPN) Cash Plus Stock $2.7 billion $35.46 $34.97 1,798,363 12/31/2011 1.41% 10.96%
+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.52 $5.44 1,025,670 01/31/2012 1.39% 6.49%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $23.41 $23.11 652 12/31/2011 1.31% 10.20%
+ NDN 10/11/2011 affiliates of Ares Management LLC and Canada Pension Plan Investment Board (N/A) All Cash $1.6 billion $22.00 $21.72 1,468,305 03/31/2012 1.29% 3.41%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $49.37 1,301,903 06/30/2012 1.28% 2.03%
+ MSSR 11/08/2011 Landry's, Inc. (N/A) All Cash $131.6 million $8.75 $8.64 530,951 01/15/2012 1.27% 7.50%
+ FNDT 06/27/2011 GTCR (N/A) All Cash $352.7 $23.33 $23.07 13,836 12/31/2011 1.13% 8.75%
+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $39.35 $38.92 1,290,382 12/31/2011 1.12% 8.66%
+ SONE 10/03/2011 ACI Worldwide (ACIW) Cash Plus Stock $516 million $9.89 $9.78 301,378 12/31/2011 1.08% 8.37%
+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $19.80 $19.60 100,956 12/31/2011 1.02% 7.92%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.77 5,254 12/31/2011 0.80% 6.21%
+ ACMR 10/04/2011 affiliate of Sbar's Inc (N/A) All Cash $40.8 million $1.60 $1.59 45,895 12/31/2011 0.63% 4.88%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.84 1,244,145 03/31/2012 0.50% 1.33%
+ PMIC 09/08/2011 Ace (ACE) All Cash N/A $20.30 $20.20 101,477 03/31/2012 0.50% 1.31%
+ MFW 09/12/2011 MacAndrews and Forbes (N/A) All Cash N/A $25.00 $24.88 63,761 12/31/2011 0.48% 3.75%
+ RNOW 10/24/2011 Oracle (ORCL) All Cash $1.5 billion $43.00 $42.80 1,826,864 03/31/2012 0.47% 1.24%
+ PPDI 10/03/2011 affiliates of The Carlyle Group and Hellman & Friedman (N/A) All Cash $3.9 billion $33.25 $33.10 1,579,014 12/31/2011 0.45% 3.52%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $46.02 $45.82 214,201 12/31/2011 0.45% 3.47%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.12 134,978 12/31/2011 0.37% 2.87%
+ BEXP 10/17/2011 Statoil ASA (STO) All Cash $4.4 billion $36.50 $36.38 4,227,094 03/31/2012 0.33% 0.87%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $6.97 $6.95 86,791 11/30/2011 0.27% 6.23%
+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.84 8,023 12/31/2011 0.26% 2.02%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $56.25 $56.11 221,145 11/15/2011 0.24% 87.91%
+ ICLK 11/01/2011 Yahoo! Inc. (YHOO) All Cash $270 million $9.00 $8.98 450,175 03/31/2012 0.22% 0.59%
+ FRPT 11/07/2011 General Dynamics Corp. (GD) All Cash $360 million $5.52 $5.51 1,033,110 12/31/2011 0.18% 1.41%
+ SWTX 10/07/2011 Solutia Inc. (SOA) All Cash $113 million $13.60 $13.58 10,134 12/31/2011 0.15% 1.14%
+ SNSTA 11/03/2011 SAC an affiliate of Hospitality Properties Trust (N/A) All Cash $174 million $31.00 $30.96 75,500 03/31/2012 0.13% 0.34%
+ GLBL 09/12/2011 Technip (N/A) All Cash $1.1 billion $8.00 $7.99 811,836 01/31/2012 0.13% 0.59%
+ BBND 10/11/2011 Arris Group Inc. (ARRS) All Cash $172 million $2.24 $2.24 139,080 12/31/2011 0.00% 0.00%
+ AMAC 09/22/2011 Tunstall Healthcare Group Limited (N/A) All Cash $82.3 million $8.55 $8.58 42,439 12/31/2011 -0.35% -2.72%
+ TKLC 11/07/2011 a consortium led by Siris Capital Group, LLC (N/A) All Cash $780 million $11.00 $11.05 3,123,627 03/31/2012 -0.45% -1.20%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.19 614,033 01/31/2012 -0.63% -2.95%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $25.64 $25.87 46,593 03/31/2012 -0.89% -2.35%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.88 1,200 12/31/2011 -9.09% -70.60%
+ ADLR 10/24/2011 Cubist Pharmaceuticals (CBST) All Cash $190 million $4.25 $4.69 435,169 12/31/2011 -9.38% -72.86%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $37.80 $42.12 644,241 03/31/2012 -10.26% -27.13%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $35.71 $42.12 4,261 12/31/2011 -15.22% -118.24%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $27.73 1,791,479 12/31/2011 -49.78% -386.59%

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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