Market Overview

Merger Arbitrage Mondays – September 12, 2011

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Merger activity increased last week with three 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 148
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 33
Stock Deals 23
Stock & Cash Deals 10
Total Number of Pending Deals 66

New Deals:

  1. The acquisition of Temple Inland (TIN) by International Paper (IP) for $4.3 billion or $32.00 per share in cash. This offer replaces an earlier $30.60 per share offer by International Paper that was rejected by Temple Inland as being too low.
  2. The acquisition of Penn Millers Insurance Corporation (PMIC) by Ace Limited (ACE) for $20.50 per share in cash.
  3. The acquisition of Caliper Life Sciences (CALP) by PerkinElmer (PKI) for $600 million or $10.50 per share in cash.


Closed Deals:

  1. The acquisition of SFN Group (SFN) by Randstad Holding on September 05, 2011
  2. The acquisition of Duncan Energy Partners (DEP) by Enterprise Products Partners (EPD) on September 07, 2011
  3. The acquisition of Graham Packaging Company (GRM) by Reynolds Group Holdings Limited on September 08, 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) $1.47 $0.70 09/30/2011 109.73% 2225.12%
FNDT 06/27/2011 S1 Corporation (SONE) $23.96 $16.19 12/31/2011 48.01% 159.31%
ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) $1.82 $1.44 12/31/2011 26.06% 86.48%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $64.17 $51.31 06/30/2012 25.07% 31.34%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $19.80 12/31/2011 21.21% 70.39%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $24.62 $20.78 12/31/2011 18.46% 61.24%
AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) $5.39 $4.64 09/30/2011 16.13% 327.05%
CRU 05/05/2011 Capital Product Partners L.P. (CPLP) $9.91 $9.24 09/30/2011 7.21% 146.16%
NXG 08/29/2011 AuRico Gold Inc. (AUQ) $4.27 $4.00 10/31/2011 6.76% 50.37%
MMI 08/15/2011 Google (GOOG) $40.00 $37.50 01/31/2012 6.67% 17.26%

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 $1.47 $0.70 40,008 09/30/2011 109.73% 2225.12%
+ FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $23.96 $16.19 12,689 12/31/2011

48.01%

159.31%
+ ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.82 $1.44 704,982 12/31/2011 26.06% 86.48%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $64.17 $51.31 4,354,371 06/30/2012 25.07% 31.34%
+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $19.80 2,579,739 12/31/2011 21.21% 70.39%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.62 $20.78 658,422 12/31/2011 18.46% 61.24%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.39 $4.64 10,193,777 09/30/2011 16.13% 327.05%
+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $9.91 $9.24 150,702 09/30/2011 7.21% 146.16%
+ NXG 08/29/2011 AuRico Gold Inc. (AUQ) All Stock $1.46 billion $4.27 $4.00 12,657,750 10/31/2011

6.76%

50.37%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.50 5,102,815 01/31/2012 6.67% 17.26%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.00 $4.70 9,470 12/31/2011 6.36% 21.12%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.32 $17.26 523,952 12/31/2011 6.15% 20.40%
+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $20.30 $19.28 92,416 12/31/2011 5.30% 17.60%
+ CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $6.23 984,624 09/30/2011 4.33% 87.88%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.41 $37.88 1,996,943 01/31/2012 4.05% 10.48%
+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.67 84,419 11/15/2011 3.81% 21.71%
+ GLA 09/01/2011 The Gores Group (N/A) All Cash N/A $0.46 $0.445 6,600 12/31/2011 3.37% 11.18%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.71 154,423 07/31/2011 3.32% 0.00%
+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $43.62 1,622,668 12/31/2011 3.16% 10.50%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.05 8,661,134 03/31/2012

3.06%

5.56%
+ KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $66.56 1,907,076 12/31/2011 2.91% 9.67%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $18.08 $17.59 300 12/31/2011 2.77% 9.19%
+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.77 $5.62 1,536,152 01/31/2012

2.72%

7.05%
+ AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.80 497,212 12/31/2011 2.63% 8.73%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $10.77 $10.50 65,782 10/31/2011 2.57% 19.15%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.780 20,600 12/31/2011 2.56% 8.51%
+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.65 2,070,902 09/30/2011 2.19% 44.40%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.41 13,550 09/30/2011 2.08% 42.11%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.54 $3.47 4,300 12/31/2011

2.07%

6.87%
+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $24.40 $24.03 342,705 12/31/2011 1.54% 5.11%
+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.45 $6.355 965,788 09/30/2011 1.43% 28.98%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $34.86 83,852 12/31/2011

1.12%

3.71%
+ EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.79 781,394 12/31/2011 1.12% 3.71%
+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.61 5,317,133 09/30/2011

1.10%

22.39%
+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.81 4,685 09/30/2011 1.05% 21.29%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $54.62 $54.08 314,760 09/30/2011 1.00% 20.21%
+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $7.93 $7.86 50,968 09/30/2011 0.93% 18.88%
+ PMIC 09/08/2011 Ace (ACE) All Cash N/A $20.30 $20.13 66,080 03/31/2012 0.84% 1.53%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $48.46 $48.06 1,282,315 12/31/2011 0.84% 2.77%
+ APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.48 347,685 12/31/2011 0.83% 2.74%
+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.69 399,159 10/31/2011 0.78% 5.81%
+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $50.92 3,604,414 12/31/2011 0.65% 2.15%
+ AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.46 659,211 12/31/2011

0.64%

2.12%
+ NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.85 7,492,020 01/31/2012 0.60% 1.56%
+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $5.67 $5.64 20,331 08/15/2011 0.50% 0.00%
+ ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $46.97 319,684 12/31/2011

0.49%

1.62%
+ CALP 09/08/2011 PerkinElmer Inc. (PKI) All Cash $600 million $10.50 $10.45 7,549,638 12/31/2069 0.48% 0.01%
+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.82 29,567 12/31/2011 0.43% 1.43%
+ LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.66 2,090,350 09/30/2011 0.25% 5.12%
+ GNET 08/03/2011 affiliate of GTCR (N/A) All Cash $266 million $14.00 $13.97 242,564 12/31/2011 0.21% 0.71%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $29.94 1,180,529 01/31/2012 0.20% 0.52%
+ TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $42.97 1,410,955 09/30/2011 0.07% 1.42%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $43.43 $43.44 384,883 09/30/2011

-0.03%

-0.60%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $5.11 $5.13 134,663 09/30/2011 -0.36% -7.27%
+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $35.17 $35.33 5,742,958 12/31/2011 -0.47% -1.55%
+ ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $6.04 29,756 12/31/2011

-0.66%

-2.20%
+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $41.20 109,984 09/30/2011 -2.91% -59.06%
+ RLRN 08/16/2011 Permira Funds (N/A) All Cash $440 million $14.85 $15.46 114,288 12/31/2011 -3.95% -13.09%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $20.85 $22.14 28,675 03/31/2012

-5.82%

-10.56%
+ TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $45.70 $48.83 762,076 12/31/2011 -6.41% -21.28%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $37.97 $41.65 919,111 03/31/2012 -8.84% -16.04%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $36.27 $42.09 13,033 12/31/2011 -13.83% -45.89%
+ DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $53.47 $64.87 448,902 12/31/2011

-17.57%

-58.30%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $25.67 7,306,626 12/31/2011 -45.75% -151.81%
+ ALKS 05/09/2011 Elan Corporation (ELAN) Cash Plus Stock $960 million N/A $16.24 616,451 09/30/2011 N/A N/A
+ OCNFD 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.78 $0.0000 N/A 12/31/2011

0.00%

0.00%

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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