Market Overview

Merger Arbitrage Mondays – September 26, 2011

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Merger activity decreased last week with two new deals 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 153
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 Goodrich Corporation (GR) by United Technologies (UTX) for $18.4 billion or $127.50 per share in cash.
  2. The acquisition of American Medical Alert Corp. (AMAC) by Tunstall Healthcare Group Limited for $82.3 million or $8.55 per share in cash.


Deal Updates:

  1. On September 23, 2011, Transatalntic Holdings (TRH) entered into a confidentiality agreement with Validus Holdings (VR).


Closed Deals:

  1. The acquisition of National Semiconductor (NSM) by Texas Instruments (TXN) on September 23, 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) $1.38 $0.701 09/30/2011 97.40% 8887.44%
AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) $5.50 $4.16 09/30/2011 32.32% 2948.95%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $60.16 $47.93 06/30/2012 25.51% 33.49%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $19.90 12/31/2011 20.60% 78.33%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $21.25 $18.37 12/31/2011 15.67% 59.59%
ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) $5.21 $4.89 12/31/2011 6.64% 25.26%
LOOP 04/27/2011 CoStar Group (CSGP) $18.39 $17.29 12/31/2011 6.34% 24.11%
NXG 08/29/2011 AuRico Gold Inc. (AUQ) $3.51 $3.30 10/31/2011 6.29% 65.62%
ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) $2.80 $2.64 07/31/2011 6.06% -38.81%
MMI 08/15/2011 Google (GOOG) $40.00 $37.90 01/31/2012 5.54% 15.92%

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 $1.38 $0.701 46,316 09/30/2011 97.40% 8887.44%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.50 $4.16 1,300,006 09/30/2011

32.32%

2948.95%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $60.16 $47.93 3,039,059 06/30/2012 25.51% 33.49%
+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $19.90 1,366,740 12/31/2011 20.60% 78.33%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $21.25 $18.37 2,318,890 12/31/2011 15.67% 59.59%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.21 $4.89 2,056 12/31/2011

6.64%

25.26%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.39 $17.29 100,687 12/31/2011 6.34% 24.11%
+ NXG 08/29/2011 AuRico Gold Inc. (AUQ) All Stock $1.46 billion $3.51 $3.30 4,074,684 10/31/2011

6.29%

65.62%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.64 10,375 07/31/2011 6.06% 0.00%
+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.90 3,620,719 01/31/2012 5.54% 15.92%
+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $19.55 $18.57 150,062 12/31/2011 5.29% 20.12%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.763 400 12/31/2011 4.85% 18.44%
+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $121.75 9,055,705 12/31/2069 4.72% 0.08%
+ KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $65.45 1,136,301 12/31/2011 4.66% 17.72%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.46 $37.95 2,438,351 01/31/2012

3.98%

11.43%
+ FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $23.85 $23.01 28,667 12/31/2011 3.67% 13.95%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $48.30 2,512,609 06/30/2012 3.52% 4.62%
+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.44 $6.22 532,022 09/30/2011

3.52%

320.97%
+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $4.50 $4.35 59,234 08/15/2011 3.34% 0.00%
+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $9.41 $9.13 36,117 09/30/2011 3.03% 276.65%
+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.66 $5.50 707,828 01/31/2012 2.87% 8.26%
+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.26 12,138 09/30/2011 2.62% 238.94%
+ TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.30 3,265,655 03/31/2012 2.24% 4.37%
+ GLA 09/01/2011 The Gores Group (N/A) All Cash N/A $0.46 $0.45 3,000 12/31/2011 2.22% 8.45%
+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $17.86 $17.50 3,912 12/31/2011 2.05% 7.81%
+ GLBL 09/12/2011 Technip (N/A) All Cash $1.1 billion $8.00 $7.84 7,102,699 01/31/2012 2.04% 5.87%
+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.80 2,513,725 09/30/2011 1.94% 177.18%
+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $44.15 3,199,072 12/31/2011 1.93% 7.32%
+ AMAC 09/22/2011 Tunstall Healthcare Group Limited (N/A) All Cash $82.3 million $8.55 $8.40 2,345,525 12/31/2011 1.79% 6.79%
+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.85 413,330 11/15/2011 1.69% 12.37%
+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.79 5,500 09/30/2011 1.58% 144.46%
+ AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.84 309,462 12/31/2011 1.56% 5.94%
+ MFW 09/12/2011 MacAndrews and Forbes (N/A) All Cash N/A $25.00 $24.68 77,767 12/31/2011 1.30% 4.93%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $4.66 $4.60 114,203 09/30/2011 1.28% 117.01%
+ EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.77 1,138,875 12/31/2011 1.23% 4.66%
+ PMIC 09/08/2011 Ace (ACE) All Cash N/A $20.30 $20.08 87,029 03/31/2012

1.10%

2.14%
+ CALP 09/08/2011 PerkinElmer Inc. (PKI) All Cash $600 million $10.50 $10.41 803,373 12/31/2011 0.86% 3.29%
+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.69 552,258 10/31/2011 0.78% 8.14%
+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $51.70 $51.35 1,755,693 12/31/2011 0.68% 2.60%
+ GNET 08/03/2011 affiliate of GTCR (N/A) All Cash $266 million $14.00 $13.91 439,564 12/31/2011 0.65% 2.46%
+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.98 5,194,313 09/30/2011 0.64% 58.59%
+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $23.84 $23.69 168,521 12/31/2011

0.63%

2.41%
+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $10.32 $10.26 51,856 10/31/2011 0.58% 6.10%
+ APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.51 954,962 12/31/2011 0.47% 1.79%
+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $7.14 $7.11 32,188 09/30/2011 0.44% 40.04%
+ ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $47.01 356,439 12/31/2011 0.40% 1.54%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.13 64,537 12/31/2011 0.34% 1.30%
+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.88 51,010 12/31/2011 0.29% 1.09%
+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $51.13 2,029,057 12/31/2011 0.23% 0.89%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $54.48 $54.37 353,136 09/30/2011 0.20% 17.88%
+ ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $5.99 10,100 12/31/2011

0.17%

0.63%
+ AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.92 249,100 12/31/2011 0.09% 0.36%
+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $40.10 41,879 09/30/2011 -0.25% -22.76%
+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.17 1,655,819 01/31/2012

-0.56%

-1.62%
+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.39 $3.41 N/A 12/31/2011 -0.58% -2.19%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.62 $44.94 248,433 09/30/2011 -0.71% -64.75%
+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $34.35 $34.95 3,135,054 12/31/2011 -1.71% -6.50%
+ ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.87 $1.94 503,137 12/31/2011 -3.52% -13.38%
+ RLRN 08/16/2011 Permira Funds (N/A) All Cash $440 million $14.85 $15.55 233,182 12/31/2011 -4.50% -17.12%
+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $18.77 $20.85 34,314 03/31/2012

-9.97%

-19.47%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $36.09 $41.09 914,627 03/31/2012 -12.17% -23.75%
+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $35.61 $42.11 9,249 12/31/2011 -15.43% -58.66%
+ OCNF 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.64 $17.80 18,800 12/31/2011

-28.98%

-110.18%
+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $24.72 2,423,419 12/31/2011 -43.66% -166.02%

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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