Merger Arbitrage Mondays – July 26, 2010

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July 25, 2010 | Merger Arbitrage | | Author Asif

The activity on the Merger Arbitrage front dropped a little last week with three new deals announced and two deals closing.

The new deals include the acquisition of AmeriCredit Corporation (ACF) by General Motors at $24.50 per share in cash, the acquisition of Cypress Bioscience (CYPB) by hedge fund Ramius at $4.00 per share in cash and the acquisition of ATC Technology (ATAC) by Genco at $25 per share in cash. We have not listed the acquisition of CYPB by Ramius in the table below because the deal is yet to be approved by the Cypress board.

The deals that closed include the acquisition of Arena Resources (ARD) by SandRidge Energy on July 19, 2010 and the acquisition of SonicWall (SNWL) by an investment group led by private equity investment firm Thoma Bravo LLC on July 23, 2010. The tender offers for Santander Bancorp (SBP) and American Italian Pasta Company (AIPC) are now complete and those deals are expected to close shortly.

  Symbol Announced
Date
Acquiring
Company
Closing
Value
Closing
Price
Last
Price
Closing
Date
Profit Annu.

Profit

+ WX 04/26/2010 Charles River Laboratories (CRL) $1.6 billion $20.54 $15.74 12/31/2010 30.48% 70.41%
+ EMMS 05/25/2010 JS Acquisition and Alden Global Capital (N/A) $3 billion $2.40 $1.97 09/30/2010 21.83% 120.71%
+ TLCR 06/07/2010 Grifols (GRF.MC) $3.4 billion $25.89 $21.66 12/31/2010 19.53% 45.11%
+ SSE 02/23/2010 Naugatuck Valley Financial Corp (NVSL) $19.5 million $7.25 $6.35 08/16/2010 14.17% 246.34%
+ AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $25.24 $23.08 03/31/2011 9.36% 13.77%
+ BGH 06/11/2010 Buckeye Partners LP (BPL) $1.14 billion $44.53 $41.54 12/31/2010 7.19% 16.62%
+ ATBC 05/10/2010 Jacksonville Bancorp (JAXB) N/A $2.45 $2.31 09/30/2010 6.06% 33.52%
+ PINN 02/24/2010 Investor Group lead by Scotia Waterous (USA) (N/A) $11 million $0.34 $0.321 08/21/2010 5.92% 83.09%
+ Q 04/22/2010 Century Link (CTL) $10.6 billion $5.92 $5.64 04/21/2011 4.91% 6.67%
+ TTIL 06/09/2010 Teoco Corp. (N/A) $58 million $3.00 $2.88 09/30/2010 4.17% 23.04%
+ ALOY 06/24/2010 ZelnickMedia (N/A) $126.5 million $9.80 $9.43 12/31/2010 3.92% 9.06%
+ ATAC 07/19/2010 Genco Distribution System Inc. (N/A) $513 million $25.00 $24.16 12/31/2010 3.48% 8.03%
+ PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.71 $11.35 08/31/2010 3.17% 32.16%
+ TSFG 05/17/2010 TD Bank Financial Group (N/A) $61 million $0.28 $0.2716 09/30/2010 3.09% 17.10%
+ ODSY 05/24/2010 Gentiva Health Services (GTIV) $1.0 billion $27.00 $26.23 09/30/2010 2.94% 16.23%
+ PMACA 06/10/2010 Old Republic International (ORI) $228 million $6.95 $6.75 09/30/2010 2.91% 16.10%
+ GLG 05/17/2010 Man Group (N/A) $1.6 billion $4.50 $4.38 09/30/2010 2.74% 15.15%
+ HEW 07/12/2010 Aon Corp (AON) $4.9 billion $48.91 $47.63 11/15/2010 2.68% 8.74%
+ ECLP 06/09/2010 Allscripts-Misys Healthcare (MDRX) $1.3 billion $19.43 $18.93 11/15/2010 2.63% 8.57%
+ WMZ 05/24/2010 Williams Partners L.P. (WPZ) $35.48 $34.57 09/30/2010 2.63% 14.52%
+ VETS 06/02/2010 VCA Antech Inc (WOOF) $41.25 million $0.34 $0.3325 09/30/2010 2.26% 12.47%
+ PSYS 05/17/2010 Universal Health (N/A) $3.1 billion $33.75 $33.07 12/31/2010 2.06% 4.75%
+ EFJI 05/17/2010 Francisco Partners (N/A) N/A $1.50 $1.47 09/30/2010 2.04% 11.29%
+ ACF 07/22/2010 General Motors Co. (N/A) $3.5 billion $24.50 $24.01 12/31/2010 2.04% 4.71%
+ OMNI 06/04/2010 Wellspring Capital Management (N/A) $122 million $2.75 $2.70 11/15/2010 1.85% 6.04%
+ SMTB 07/15/2010 People's United Financial Inc. (PBCT) $60 million $4.01 $3.941 12/31/2010 1.73% 3.99%
+ WAIN 06/29/2010 Eastern Bank (N/A) $163 million $19.00 $18.6901 12/31/2010 1.66% 3.83%
+ DIVX 06/02/2010 Sonic Solutions (SNIC) $323 million $8.06 $7.93 09/30/2010 1.61% 8.88%
+ ADCT 07/13/2010 Tyco Electronics (TEL) $1.24 billion $12.75 $12.56 12/31/2010 1.51% 3.49%
+ NTY 07/15/2010 The Carlyle Group (N/A) $3.8 billion $55.00 $54.19 12/31/2010 1.49% 3.45%
+ SWWC 03/03/2010 Institutional Investors (N/A) $275 million $11.00 $10.84 03/31/2011 1.48% 2.17%
+ MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $11.94 $11.77 12/31/2010 1.40% 3.25%
+ NYM 07/15/2010 ProSight (N/A) $230 million $25.75 $25.40 12/31/2010 1.38% 3.18%
+ BNE 02/24/2010 RR Donnelley (RRD) $481 million $11.50 $11.35 09/30/2010 1.32% 7.31%
+ ME 04/15/2010 Apache (APA) $2.7 billion $23.61 $23.33 09/30/2010 1.22% 6.74%
+ STBK 03/18/2010 Roma Financial Corp (ROMA) $14.7 million $2.52 $2.49 08/16/2010 1.20% 20.94%
+ MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.48 12/31/2010 1.17% 2.70%
+ BSMD 05/13/2010 Merit Medical Systems (MMSI) $96 million $4.38 $4.33 09/30/2010 1.15% 6.39%
+ PFWD 04/16/2010 Oracle Corp. (ORCL) $685 million $17.00 $16.82 06/30/2010 1.07% 0.00%
+ LSBX 07/15/2010 People's United Financial Inc. (PBCT) $96 million $21.00 $20.79 12/31/2010 1.01% 2.33%
+ QUOT 06/11/2010 LQ Acquisition (N/A) $19 million $4.00 $3.96 09/30/2010 1.01% 5.59%
+ ACAP 07/08/2010 The Doctors Company (N/A) $386 million $41.50 $41.11 12/31/2010 0.95% 2.19%
+ CRN 04/19/2010 GeoGroup (GEO) $685 million $28.17 $27.97 09/30/2010 0.72% 3.97%
+ SII 02/19/2010 Schlumberger (SLB) $7.5 billion $41.34 $41.06 09/30/2010 0.69% 3.81%
+ WEL 04/09/2010 Halliburton Company (HAL) $240 million $3.00 $2.98 09/30/2010 0.67% 3.71%
+ MEND 07/12/2010 Johnson & Johnson (JNJ) $480 million $23.40 $23.25 09/30/2010 0.65% 3.57%
+ RBI 03/15/2010 affiliate of Oncap Management Partners L.P. (N/A) $13.55 $13.48 08/16/2010 0.52% 9.03%
+ MDNU 06/11/2010 Danone (N/A) $62.3 million $4.00 $3.98 09/30/2010 0.50% 2.78%
+ ORCD 03/16/2010 eMusic (N/A) $12.77 million $2.05 $2.04 08/16/2010 0.49% 8.52%
+ NADX 04/05/2010 GDC Holdings Inc. (N/A) $100 million $17.00 $16.93 09/30/2010 0.41% 2.29%
+ RCNI 03/05/2010 ABRY Partners (N/A) $536 million $15.00 $14.94 09/30/2010 0.40% 2.22%
+ GNA 06/02/2010 Gerdau (GGB) $1.7 billion $11.00 $10.96 08/31/2010 0.36% 3.70%
+ VRAD 05/17/2010 Providence Equity (N/A) $294 million $17.25 $17.20 09/30/2010 0.29% 1.61%
+ VTIV 05/06/2010 Thomas H. Lee Partners (N/A) $1.1 billion $26.00 $25.93 09/30/2010 0.27% 1.49%
+ SXE 05/07/2010 CGI Group (N/A) $904 million $37.50 $37.40 09/30/2010 0.27% 1.48%
+ ATSI 04/29/2010 Medtronic (MDT) $350 million $4.00 $3.99 09/30/2010 0.25% 1.39%
+ SMTS 06/16/2010 Covidien (COV) $299 million $25.00 $24.97 07/31/2010 0.12% 8.77%
+ IDC 05/04/2010 Silver Lake & Warburg Pincus (N/A) $3.4 billion $33.86 $33.82 09/30/2010 0.12% 0.65%
+ SY 05/12/2010 SAP (SAP) $5.8 billion $65.00 $64.96 09/30/2010 0.06% 0.34%
+ STST 06/30/2010 Boeing (BA) $775 million $34.50 $34.49 09/30/2010 0.03% 0.16%
+ VIRL 06/10/2010 Synopsys (SNPS) $315 million $12.00 $12.00 12/31/2010 0.00% 0.00%
+ AIPC 06/21/2010 Ralcorp Holdings (RAH) $1.2 billion $53.00 $53.01 09/30/2010 -0.02% -0.10%
+ CAL 05/03/2010 United (UAUA) $1.2 billion $24.11 $24.25 12/31/2010 -0.59% -1.35%
+ SBP 06/24/2010 ABLASA (N/A) N/A $12.69 $12.77 07/29/2010 -0.63% -76.22%
+ NGA 04/01/2010 AZZ Inc. (AZZ) $125.6 million $7.50 $7.56 08/31/2010 -0.79% -8.05%
+ VRX 06/21/2010 Biovail Corporation (BVF) $3.3 billion $54.70 $55.32 12/31/2010 -1.12% -2.58%
+ CPII 05/10/2010 Comtech (CMTL) $472.3 million $13.90 $14.08 09/30/2010 -1.25% -6.89%
+ ABII 06/30/2010 Celgene (CELG) $2.9 billion $71.80 $74.42 12/31/2010 -3.51% -8.12%
+ BXC 07/22/2010 Cerberus Capital Management (N/A) $111.1 million $3.40 $3.91 12/31/2010 -13.04% -30.13%
+ DTG 04/26/2010 Hertz (HTZ) $1.3 billion $39.88 $47.57 12/31/2010 -16.17% -37.35%
+ MCCC 06/01/2010 Chief Executive Rocco Commisso (N/A) $590 million $6.00 $7.26 N/A -17.36% 0.00%
+ CCE 02/25/2010 The Coca-Cola Company (KO) $12.3 billion N/A $28.51 10/01/2010 N/A N/A



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