Merger Arbitrage Mondays – September 05, 2011

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Merger activity increased last week with two new deals announced and three 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 145
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 32
Stock Deals 24
Stock & Cash Deals 10
Total Number of Pending Deals 66

New Deals:

  1. The acquisition of Northgate Minerals (NXG) by AuRico Gold (AUQ) for $1.46 billion in an all stock deal, where shareholders of Northgate Minerals will receive 0.365 AuRico common shares per Northgate common share.
  2. The acquisition of Clark Holdings (GLA) by The Gores Group for $0.46 per share in cash.


Closed Deals:

  1. The acquisition of Servidyne (SERV) by Scientific Conservation on August 29, 2011
  2. The acquisition of Zoran Corporation (ZRAN) by CSR on August 31, 2011
  3. The acquisition of optionXpress Holdings (OXPS) by Charles Schwab (SCHW) on September 01, 2011


Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
GLA 09/01/2011 The Gores Group (N/A) $0.46 $0.17 12/31/2011 170.59% 532.18%
GRAN 04/27/2011 FNB United Corp (FNBN) $1.42 $0.72 09/30/2011 96.88% 1414.38%
FNDT 06/27/2011 S1 Corporation (SONE) $24.34 $16.19 12/31/2011 50.36% 157.12%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $17.44 12/31/2011 37.61% 117.34%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $65.53 $52.91 06/30/2012 23.84% 29.11%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $26.23 $22.30 12/31/2011 17.61% 54.92%
CRU 05/05/2011 Capital Product Partners L.P. (CPLP) $9.45 $8.49 09/30/2011 11.35% 165.71%
NXG 08/29/2011 AuRico Gold Inc. (AUQ) $4.43 $4.10 10/31/2011 8.08% 52.64%
ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) $4.89 $4.60 12/31/2011 6.33% 19.75%
ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) $1.74 $1.64 12/31/2011 6.16% 19.20%

List of all pending deals:

Closing Date 23.84% 11.35% 5.96% 3.74% 1.82% Details of Progress Energy Inc. Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value. 0.94% 0.74% 0.08% -0.83% -5.90% -10.75% 0.00%
  Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
VolumeProfit Annu.
Profit
+ GLA 09/01/2011 The Gores Group (N/A) All Cash N/A $0.46 $0.17 N/A 12/31/2011 170.59% 532.18%
+ GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.42 $0.72 15,189 09/30/2011 96.88% 1414.38%
+ FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $24.34 $16.19 16,650 12/31/2011 50.36% 157.12%
+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $17.44 2,005,252 12/31/2011 37.61% 117.34%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $65.53 $52.91 2,058,112 06/30/2012 29.11%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $26.23 $22.30 2,073,189 12/31/2011 17.61% 54.92%
+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $9.45 $8.49 134,520 09/30/2011 165.71%
+ NXG 08/29/2011 AuRico Gold Inc. (AUQ) All Stock $1.46 billion $4.43 $4.10 5,610,231 10/31/2011 8.08% 52.64%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $4.89 $4.60 9,883 12/31/2011 6.33% 19.75%
+ ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.74 $1.64 368,127 12/31/2011 6.16% 19.20%
+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $20.75 $19.55 135,232 12/31/2011 6.15% 19.19%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.75 6,981,755 01/31/2012 14.70%
+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.52 314,591 11/15/2011 5.63% 28.96%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.762 400 12/31/2011 4.99% 15.56%
+ CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $6.20 1,351,595 09/30/2011 4.84% 70.65%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.29 $17.48 341,283 12/31/2011 4.64% 14.46%
+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $43.13 1,175,834 12/31/2011 4.34% 13.53%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.63 $38.20 1,528,434 01/31/2012 9.21%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.62 $3.50 500 12/31/2011 3.54% 11.06%
+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $27.52 $26.74 140,729 12/31/2011 2.92% 9.10%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $10.90 $10.61 38,681 10/31/2011 2.73% 17.82%
+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.76 $5.61 1,763,344 01/31/2012 2.66% 6.56%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.31 10,322 09/30/2011 2.44% 35.58%
+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.45 $6.30 707,031 09/30/2011 2.39% 34.85%
+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.54 1,150,178 09/30/2011 2.37% 34.64%
+ KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $67.12 802,296 12/31/2011 2.06% 6.41%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.75 48,705 07/31/2011 0.00%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $18.12 $17.80 3,299 12/31/2011 1.80% 5.63%
+ EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.70 481,332 12/31/2011 1.60% 5.00%
+ AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.84 148,511 12/31/2011 1.56% 4.87%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $49.06 $48.40 1,425,280 12/31/2011 1.37% 4.27%
+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.80 7,600 09/30/2011 1.32% 19.21%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $34.85 53,546 12/31/2011 1.15% 3.58%
+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.61 3,946,589 09/30/2011 1.10% 16.12%
+ APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.46 248,852 12/31/2011 1.06% 3.32%
+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.67 226,615 10/31/2011 1.04% 6.80%
+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $6.02 $5.96 15,999 08/15/2011 0.00%
+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $7.93 $7.86 55,459 09/30/2011 0.93% 13.60%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $55.05 $54.65 311,628 09/30/2011 10.82%
+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $50.90 2,019,524 12/31/2011 0.69% 2.15%
+ AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.50 248,730 12/31/2011 0.59% 1.85%
+ ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $46.97 251,714 12/31/2011 0.49% 1.53%
+ NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.89 6,011,610 01/31/2012 0.44% 1.09%
+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $36.18 $36.03 2,325,963 12/31/2011 0.42% 1.31%
+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.84 31,530 12/31/2011 0.38% 1.19%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $29.92 939,412 01/31/2012 0.27% 0.66%
+ GNET 08/03/2011 affiliate of GTCR (N/A) All Cash $266 million $14.00 $13.97 124,744 12/31/2011 0.21% 0.67%
+ GRM 06/17/2011 Reynolds Group Holdings (N/A) All Cash $4.5 billion $25.50 $25.45 294,236 12/31/2011 0.20% 0.61%
+ LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.74 1,098,553 09/30/2011 0.19% 2.82%
+ TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $42.93 1,277,128 09/30/2011 0.16% 2.38%
+ DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $42.04 $41.98 64,141 09/30/2011 0.13% 1.95%
+ ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $5.995 25,969 12/31/2011 0.26%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $5.10 $5.10 151,987 09/30/2011 0.07% 1.09%
+ SFN 07/21/2011 Randstad Holding (N/A) All Cash $770 million $14.00 $14.00 1,396,527 09/30/2011 0.00% 0.00%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.24 $44.61 172,064 09/30/2011 -12.09%
+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $40.59 57,271 09/30/2011 -1.45% -21.22%
+ RLRN 08/16/2011 Permira Funds (N/A) All Cash $440 million $14.85 $15.51 283,811 12/31/2011 -4.26% -13.28%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $20.85 $22.16 43,789 03/31/2012 -10.36%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $37.71 $41.59 619,032 03/31/2012 -9.33% -16.37%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.39 $5.96 321,003 09/30/2011 -9.53% -139.18%
+ TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $44.64 $50.02 571,126 12/31/2011 -33.54%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $36.64 $41.86 14,356 12/31/2011 -12.46% -38.87%
+ DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $53.87 $64.88 260,374 12/31/2011 -16.97% -52.94%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $25.88 2,115,740 12/31/2011 -46.19% -144.10%
+ ALKS 05/09/2011 Elan Corporation (ELAN) Cash Plus Stock $960 million N/A $16.56 499,811 09/30/2011 N/A N/A
+ OCNFD 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.79 $0.0000 N/A 12/31/2011 0.00%
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