Market Overview

Merger Arbitrage Mondays – August 29, 2011

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There was no activity on the merger arbitrage front last week as no new deals were announced. Five pending deals closed.

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 141
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 33
Stock Deals 24
Stock & Cash Deals 11
Total Number of Pending Deals 68

Closed Deals:

  1. The acquisition of EMS Technologies (ELMG) by Egret Acquisition Corp on August 22, 2011
  2. The acquisition of Gerber Scientific (GRB) by Vector Capital on August 22, 2011
  3. The acquisition of Radiant Systems (RADS) by NCR Corporation (NCR) on August 24, 2011
  4. The acquisition of Funtalk Chinal Holdings (FTLK) by Fortress Group Limited on August 25, 2011
  5. The acquisition of Petrohawk Energy Corporation (HK) by BHP Billiton (BHP) on August 26, 2011


Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
GRAN 04/27/2011 FNB United Corp (FNBN) $1.15 $0.666 09/30/2011 72.30% 824.64%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $15.08 12/31/2011 59.15% 174.11%
FNDT 06/27/2011 S1 Corporation (SONE) $24.18 $16.54 12/31/2011 46.20% 135.98%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $65.57 $53.80 06/30/2012 21.87% 26.09%
CRU 05/05/2011 Capital Product Partners L.P. (CPLP) $10.16 $8.39 09/30/2011 21.04% 240.03%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $24.52 $20.53 12/31/2011 19.42% 57.15%
ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) $5.31 $4.80 12/31/2011 10.71% 31.53%
CSR 04/20/2011 Rightmark Holdings Limited (N/A) $6.50 $5.91 09/30/2011 9.98% 113.87%
BBBB 07/01/2011 Providence Equity Partners (N/A) $45.00 $41.79 12/31/2011 7.68% 22.61%
CFSG 05/20/2011 Bain Capital Partners (N/A) $9.00 $8.38 11/15/2011 7.40% 34.62%

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 $1.15 $0.666 22,192 09/30/2011 72.30% 824.64%
+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $15.08 3,230,003 12/31/2011 59.15% 174.11%
+ FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $24.18 $16.54 12,350 12/31/2011 46.20% 135.98%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $65.57 $53.80 2,432,477 06/30/2012 21.87% 26.09%
+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $10.16 $8.39 34,337 09/30/2011 21.04% 240.03%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.52 $20.53 1,147,840 12/31/2011 19.42% 57.15%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.31 $4.80 20,150 12/31/2011 10.71% 31.53%
+ CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $5.91 480,803 09/30/2011 9.98% 113.87%
+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $41.79 614,062 12/31/2011 7.68% 22.61%
+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.38 95,672 11/15/2011 7.40% 34.62%
+ ZRAN 02/21/2011 CSR PLC (CSR.L) Cash Plus Stock $484 million $8.42 $7.89 2,005,141 09/30/2011

6.69%

76.26%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.07 $36.76 3,085,861 01/31/2012 6.28% 14.79%
+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $20.48 $19.29 195,685 12/31/2011 6.18% 18.20%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.72 12,220,933 01/31/2012

6.04%

14.23%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.29 $17.35 111,571 12/31/2011 5.41% 15.91%
+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.55 $5.28 1,518,332 01/31/2012 5.07% 11.93%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.69 23,825 07/31/2011 4.09% 0.00%
+ AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.75 190,867 12/31/2011 4.00% 11.77%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $18.91 $18.21 1,114 12/31/2011 3.82% 11.23%
+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.46 $6.22 216,291 09/30/2011

3.79%

43.23%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.51 $3.39 1,200 12/31/2011 3.46% 10.18%
+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $60.92 1,425,569 09/30/2011 3.41% 38.94%
+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $6.10 $5.94 54,518 08/15/2011

2.74%

0.00%
+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.75 10,440 09/30/2011 2.67% 30.42%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.32 17,263 09/30/2011 2.40% 27.39%
+ ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.79 $1.75 322,537 12/31/2011 2.34% 6.89%
+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.58 354,424 10/31/2011 2.24% 12.99%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $48.49 $47.45 2,520,991 12/31/2011 2.19% 6.44%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $11.29 $11.06 12,382 10/31/2011 2.08% 12.05%
+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $50.34 2,544,580 12/31/2011 1.81% 5.32%
+ EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.68 722,149 12/31/2011 1.71% 5.04%
+ KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $67.49 832,648 12/31/2011 1.50% 4.41%
+ SERV 06/27/2011 Scientific Conservation (N/A) All Cash $13 million $3.50 $3.45 N/A 10/31/2011 1.45% 8.40%
+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $27.84 $27.46 168,024 12/31/2011

1.38%

4.07%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $34.84 43,172 12/31/2011 1.18% 3.46%
+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.63 4,871,159 09/30/2011 1.08% 12.31%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $55.16 $54.57 345,975 09/30/2011 1.07% 12.24%
+ APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.48 221,897 12/31/2011 0.83% 2.43%
+ ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $46.85 627,669 12/31/2011 0.75% 2.20%
+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.72 94,451 12/31/2011 0.67% 1.98%
+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $8.21 $8.16 26,980 09/30/2011 0.62% 7.05%
+ AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.50 472,957 12/31/2011 0.59% 1.74%
+ NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.86 9,745,317 01/31/2012 0.56% 1.33%
+ GNET 08/03/2011 affiliate of GTCR (N/A) All Cash $266 million $14.00 $13.94 422,167 12/31/2011 0.43% 1.27%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $29.89 1,932,852 01/31/2012 0.37% 0.87%
+ DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $41.00 $40.89 40,107 09/30/2011 0.26% 2.95%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $5.21 $5.20 192,674 09/30/2011 0.25% 2.87%
+ OXPS 03/21/2011 Charles Schwab Corp. (SCHW) All Stock $1 billion $12.25 $12.22 1,542,821 09/30/2011 0.25% 2.82%
+ GRM 06/17/2011 Reynolds Group Holdings (N/A) All Cash $4.5 billion $25.50 $25.44 171,763 12/31/2011 0.24% 0.69%
+ SMOD 04/26/2011 Silver Lake Partners and Silver Lake Sumeru (N/A) All Cash $645 million $9.25 $9.23 1,438,175 09/30/2011 0.22% 2.47%
+ LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.72 1,350,734 09/30/2011 0.21% 2.37%
+ TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $42.92 2,583,798 09/30/2011 0.19% 2.13%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.75 $44.67 248,316 09/30/2011 0.18% 2.10%
+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $35.59 $35.52 3,211,217 12/31/2011 0.18% 0.54%
+ SFN 07/21/2011 Randstad Holding (N/A) All Cash $770 million $14.00 $13.98 1,122,600 09/30/2011 0.14% 1.63%
+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $39.97 49,677 09/30/2011 0.08% 0.86%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.80 4,875 12/31/2011

0.00%

0.00%
+ ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $6.01 107,363 12/31/2011 -0.17% -0.49%
+ RLRN 08/16/2011 Permira Funds (N/A) All Cash $440 million $14.85 $15.52 435,393 12/31/2011 -4.32% -12.71%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $21.58 $22.94 33,938 03/31/2012

-5.92%

-10.06%
+ TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $45.47 $48.73 811,450 12/31/2011 -6.69% -19.69%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.42 $5.93 795,266 09/30/2011 -8.68% -98.98%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $37.44 $41.88 690,038 03/31/2012 -10.60% -18.00%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $36.32 $42.11 2,562 12/31/2011 -13.76% -40.50%
+ DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $53.59 $64.42 214,815 12/31/2011 -16.81% -49.49%
+ OCNFD 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.68 $16.95 N/A 12/31/2011

-25.20%

-74.18%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $27.15 3,806,382 12/31/2011 -48.71% -143.37%
+ ALKS 05/09/2011 Elan Corporation (ELAN) Cash Plus Stock $960 million N/A $15.93 474,998 09/30/2011 N/A N/A

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

Posted-In: M&A MergersM&A Markets

 

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