Market Overview

Merger Arbitrage Mondays – October 03, 2011

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Merger activity decreased last week with one new deal announced and one 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 154
Total Number of Deals Not Completed in 2011 2
Total Number of Pending Deals
Cash Deals 34
Stock Deals 22
Stock & Cash Deals 8
Total Number of Pending Deals 64

New Deals:

  1. The acquisition of Harleysville Group (HGIC) by Nationwide Mutual Insurance for $760 million or $60.00 per share in cash.


Updated Deals:

  1. On September 27, 2011, Renaissance Learning (RLRN) agreed to be bought by Permira Funds for about $455 million or $15.50 per share in cash after the private equity firm sweetened its offer to match a rival takeover bid from Plato Learning.

Closed Deals:

  1. The acquisition of Global Traffic Network (GNET) by GTCR Gridlock Holdings on September 28, 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) $1.01 $0.680 09/30/2011

48.90%

-5949.14%

MHS 07/21/2011 Express Scripts, Inc. (ESRX) $58.83 $46.89 06/30/2012

25.46%

34.29%

AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) $5.25 $4.33 09/30/2011

21.18%

-2576.66%

TAM 01/19/2011 LAN Airlines S.A. (LFL) $18.59 $15.58 12/31/2011

19.29%

79.10%

HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $20.65 12/31/2011

16.22%

66.53%

FNDT 06/27/2011 S1 Corporation (SONE) $24.94 $23.08 12/31/2011

8.07%

33.09%

LOOP 04/27/2011 CoStar Group (CSGP) $18.42 $17.13 12/31/2011

7.55%

30.98%

MMI 08/15/2011 Google (GOOG) $40.00 $37.78 01/31/2012

5.88%

17.87%

GR 09/21/2011 United Technologies Corp. (UTX) $127.50 $120.68 12/31/2069

5.65%

0.10%

ENP 07/11/2011 Vanguard Natural Resources (VNR) $19.57 $18.72 12/31/2011

4.53%

18.57%

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 $1.01 $0.680 9,242 09/30/2011 48.90% 0.00%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $58.83 $46.89 3,991,321 06/30/2012

25.46%

34.29%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.25 $4.33 452,485 09/30/2011 21.18% 0.00%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $18.59 $15.58 2,009,177 12/31/2011 19.29% 79.10%
+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $20.65 2,788,165 12/31/2011 16.22% 66.53%
+ FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $24.94 $23.08 59,272 12/31/2011 8.07% 33.09%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.42 $17.13 430,481 12/31/2011

7.55%

30.98%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.78 3,139,653 01/31/2012 5.88% 17.87%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $120.68 6,063,279 12/31/2069 5.65% 0.10%
+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $19.57 $18.72 80,090 12/31/2011 4.53% 18.57%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.68 10,124 07/31/2011 4.48% 0.00%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.63 $38.06 2,275,608 01/31/2012 4.12% 12.53%
+ NXG 08/29/2011 AuRico Gold Inc. (AUQ) All Stock $1.46 billion $3.43 $3.30 6,765,613 10/31/2011 3.97% 51.75%
+ KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $65.89 1,285,906 12/31/2011 3.96% 16.25%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $48.12 2,542,147 06/30/2012 3.91% 5.26%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.77 500 12/31/2011 3.90% 15.98%
+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $38.55 27,140 09/30/2011 3.76% 0.00%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $27.98 55,873 09/30/2011 3.65% 0.00%
+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $9.97 $9.62 110,012 09/30/2011 3.62% 0.00%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.08 $4.91 N/A 12/31/2011 3.48% 14.29%
+ ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.89 $1.83 844,881 12/31/2011

3.40%

13.95%
+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.15 861,880 09/30/2011 3.03% 0.00%
+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.77 81,180 11/15/2011 2.62% 22.26%
+ GLA 09/01/2011 The Gores Group (N/A) All Cash N/A $0.46 $0.45 400 12/31/2011

2.22%

9.11%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.37 3,311,923 03/31/2012 2.01% 4.07%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $58.86 971,857 01/31/2012 1.94% 5.89%
+ AMAC 09/22/2011 Tunstall Healthcare Group Limited (N/A) All Cash $82.3 million $8.55 $8.39 26,232 12/31/2011 1.91% 7.82%
+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.78 42,500 09/30/2011 1.85% 0.00%
+ AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.84 60,396 12/31/2011 1.56% 6.41%
+ MFW 09/12/2011 MacAndrews and Forbes (N/A) All Cash N/A $25.00 $24.62 200,592 12/31/2011 1.54% 6.33%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $18.67 $18.40 5,496 12/31/2011

1.44%

5.92%
+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.36 $5.29 1,157,857 01/31/2012 1.30% 3.97%
+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.66 314,896 10/31/2011 1.17% 15.32%
+ EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.79 460,973 12/31/2011 1.12% 4.58%
+ PMIC 09/08/2011 Ace (ACE) All Cash N/A $20.30 $20.09 114,643 03/31/2012

1.05%

2.12%
+ GLBL 09/12/2011 Technip (N/A) All Cash $1.1 billion $8.00 $7.92 3,557,227 01/31/2012 1.01% 3.07%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $4.74 $4.69 116,014 09/30/2011 1.00% 0.00%
+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.70 6,348,683 09/30/2011 0.99% 0.00%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $52.22 $51.72 1,820,158 12/31/2011 0.97% 4.00%
+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.44 $6.38 742,912 09/30/2011 0.91% 0.00%
+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $44.66 1,360,633 12/31/2011

0.76%

3.12%
+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $4.43 $4.40 24,112 08/15/2011 0.75% 0.00%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $55.35 $55.01 391,720 09/30/2011 0.61% 0.00%
+ ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $46.92 427,719 12/31/2011 0.60% 2.45%
+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.84 64,202 12/31/2011 0.38% 1.57%
+ APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.52 863,078 12/31/2011 0.35% 1.44%
+ ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $5.98 14,075 12/31/2011

0.33%

1.37%
+ CALP 09/08/2011 PerkinElmer Inc. (PKI) All Cash $600 million $10.50 $10.47 774,932 12/31/2011 0.29% 1.18%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $10.59 $10.57 42,492 10/31/2011 0.19% 2.47%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.21 64,261 12/31/2011 0.11% 0.47%
+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $7.21 $7.20 36,839 09/30/2011 0.10% 0.00%
+ AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.94 235,668 12/31/2011 0.07% 0.29%
+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $51.24 5,282,442 12/31/2011 0.02% 0.08%
+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $23.84 $23.91 428,535 12/31/2011

-0.29%

-1.20%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.14 1,499,627 01/31/2012 -0.46% -1.41%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.15 $44.81 576,159 09/30/2011 -1.48% 179.53%
+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $34.25 $34.98 2,013,076 12/31/2011 -2.09% -8.59%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.41 $3.56 N/A 12/31/2011 -4.35% -17.83%
+ RLRN 08/16/2011 Permira Funds (N/A) All Cash $455 million $15.50 $16.78 95,465 12/31/2011 -7.63% -31.28%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $18.94 $20.94 23,167 03/31/2012 -9.53% -19.33%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $34.78 $40.57 1,242,942 03/31/2012 -14.27% -28.94%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $36.13 $42.39 6,036 12/31/2011 -14.77% -60.57%
+ OCNF 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.47 $17.75 11,728 12/31/2011

-29.72%

-121.89%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $23.24 3,102,395 12/31/2011 -40.08% -164.36%

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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