Merger Arbitrage Mondays – October 21, 2012

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October 22, 2012 | Merger Arbitrage | | Author Asif

Merger activity increased last week with three new deals announced and two 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 2012 145
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 41
Stock Deals 16
Stock & Cash Deals 8
Total Number of Pending Deals 65
Total Deal Size $491.12 billion

New Deals:

  1. The acquisition of New Frontier Media (NOOF) by LFP Broadcasting for $33 million or $2.02 per share in cash. New Frontier Media shareholders may also be entitled to receive additional contingent cash payments, not to exceed $0.06 per common share, tied to the extent to which New Frontier Media’s available cash balance at the closing of the tender offer, less unpaid transaction expenses, exceeds $11,514,000.
  2. The acquisition of Cymer (CYMI) by ASML Holding NV (ASML) for $2.5 billion in a cash plus stock deal. Under the terms of the agreement each Cymer shareholder to receive US$20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.
  3. The acquisition of Cybex International Inc. (CYBI) by UM Holdings, Ltd. for $2.55 per share in cash.

Updated Deals:

  1. October 16, 2012: As of the close of business on October 15, 2012, Glendon Group has not closed the merger with BIDZ.COM (BIDZ) as announced previously. BIDZ.COM intends to work cooperatively with Glendon Group and with Weston Capital and its affiliated fund to seek to close the merger as expeditiously as reasonably practicable.

Closed Deals:

  1. The acquisition of Brightpoint Inc. (CELL) by Ingram Micro Inc. (IM) on October 15, 2012.
  2. The acquisition of Gushan Environmental Energy Limited (GU) by Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited on October 17, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.53 $4.34 11/09/2012 50.56% 1025.34%
BIDZ 05/17/2012 Glendon Group, Inc. (N/A) $0.78 $0.62 10/15/2012 25.81% -1345.62%
BXG 11/14/2011 BFC Financial Corporation (BFCF) $6.40 $5.60 12/31/2012 14.29% 74.49%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $25.40 12/31/2012 8.27% 43.11%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.12 $5.70 06/30/2013 7.34% 10.67%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.80 $14.78 03/31/2013 6.88% 15.70%
CYMI 10/17/2012 ASML Holding NV (ASML) $80.02 $75.75 06/30/2013 5.63% 8.19%
SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) $45.93 $43.69 03/31/2013 5.13% 11.71%
GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) $30.05 $28.85 03/31/2013 4.15% 9.46%
CYBI 10/17/2012 UM Holdings, Ltd. (N/A) $2.55 $2.45 03/31/2013 4.08% 9.31%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.53 $4.34 1,233,791 11/09/2012 50.56% 1025.34%
+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.62 N/A 10/15/2012 25.81% 0.00%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.40 $5.60 143,189 12/31/2012 14.29% 74.49%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $25.40 18,331,880 12/31/2012 8.27% 43.11%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.12 $5.70 8,136 06/30/2013 7.34% 10.67%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.80 $14.78 300 03/31/2013 6.88% 15.70%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $80.02 $75.75 1,703,695 06/30/2013 5.63% 8.19%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $45.93 $43.69 5,578,130 03/31/2013 5.13% 11.71%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $30.05 $28.85 89,032 03/31/2013 4.15% 9.46%
+ CYBI 10/17/2012 UM Holdings, Ltd. (N/A) All Cash N/A $2.55 $2.45 133,162 03/31/2013 4.08% 9.31%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.03 162,091 03/31/2013 3.96% 9.03%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $19.34 $18.65 330,720 06/30/2013 3.72% 5.41%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $84.75 2,303,679 03/31/2013 3.24% 7.40%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.93 $2.86 8,694 12/31/2012 2.49% 12.99%
+ BFED 05/31/2012 Berkshire Hills Bancorp Inc. (BHLB) All Stock $132 million $21.34 $20.84 N/A 12/31/2012 2.42% 12.61%
+ FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) All Cash N/A $9.50 $9.29 181,888 12/31/2012 2.26% 11.79%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $9.69 $9.49 1,704 12/31/2012 2.15% 11.22%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.82 48,505 12/31/2012 2.09% 10.92%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $44.91 $44.04 9,651 06/30/2013 1.97% 2.87%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.83 $2.78 11,944,699 03/31/2013 1.83% 4.17%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.30 1,468,656 06/30/2013 1.62% 2.35%
+ NOOF 10/15/2012 LFP Broadcasting, LLC (N/A) All Cash $33 million $2.02 $1.99 N/A 12/31/2012 1.51% 7.86%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $44.22 $43.56 679,701 06/30/2013 1.50% 2.19%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.04 $5.96 N/A 03/31/2013 1.33% 3.03%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $13.94 $13.77 21,824 12/31/2012 1.24% 6.48%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.63 2,591 12/31/2012 1.17% 6.10%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.46 6,377 03/31/2013 0.90% 2.05%
+ LMLP 09/24/2012 Digital River, Inc. (DRIV) All Cash $102.8 million $3.45 $3.42 27,982 03/31/2013 0.88% 2.00%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.75 50,964 12/31/2012 0.87% 4.53%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.71 $8.64 4,154,770 03/31/2013 0.86% 1.95%
+ KH 09/27/2012 Medtronic, Inc. (MDT) All Cash $816 million $30.75 $30.52 980,320 12/31/2012 0.75% 3.93%
+ VSNT 10/01/2012 UNICOM Systems, Inc. (N/A) All Cash $32 million $11.50 $11.42 38,698 01/31/2013 0.70% 2.53%
+ DITC 09/18/2012 Nuance Communications, Inc. (NUAN) All Cash $22.5 million $1.45 $1.44 236,300 12/31/2012 0.69% 3.62%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $21.46 $21.32 N/A 03/31/2013 0.64% 1.45%
+ PRST 08/23/2012 MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (N/A) All Cash N/A $0.50 $0.497 4,364 12/31/2012 0.60% 3.15%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $74.64 $74.20 1,444,042 12/31/2012 0.60% 3.11%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.68 1,031,647 12/31/2012 0.54% 2.80%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.46 324,295 09/30/2012 0.47% 0.00%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $11.06 129,213 03/31/2013 0.45% 1.03%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.94 324,676 12/31/2012 0.43% 2.24%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.45 323,767 06/30/2013 0.35% 0.50%
+ RMTR 09/19/2012 Cypress Semiconductor Corporation (CY) All Cash $109.8 million $3.10 $3.09 68,320 12/31/2012 0.32% 1.69%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.86 11,454 12/31/2012 0.31% 1.59%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.72 570,914 03/31/2013 0.31% 0.70%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $9.10 $9.07 298,437 12/31/2012 0.28% 1.47%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $14.50 $14.46 919 12/31/2012 0.28% 1.44%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.89 206,523 12/31/2012 0.24% 1.25%
+ UDRL 09/25/2012 Sidewinder Drilling Inc. (N/A) All Cash $242 million $6.50 $6.49 96,377 12/31/2012 0.15% 0.80%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.92 40,330 03/31/2013 0.12% 0.28%
+ MEDW 09/12/2012 Thoma Bravo, LLC (N/A) All Cash $195 million $22.00 $21.98 34,084 12/31/2012 0.09% 0.47%
+ CRDN 10/01/2012 3M Co. (MMM) All Cash $670 million $35.00 $34.97 199,262 12/31/2012 0.09% 0.45%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.45 225,586 10/31/2012 0.07% 2.76%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $11.77 $11.76 1,873,821 03/31/2013 0.05% 0.12%
+ IRIS 09/17/2012 Danaher Corporation (DHR) All Cash $340.9 million $19.50 $19.49 280,955 12/31/2012 0.05% 0.27%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.15 1,000 10/01/2012 0.00% 0.00%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.50 16,352 12/31/2012 0.00% 0.00%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $22.05 $22.22 106,409 03/31/2013 -0.77% -1.75%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.22 452,138 06/30/2013 -0.90% -1.31%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Cash $55 million $4.02 $4.10 N/A 12/31/2012 -1.95% -10.17%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.35 $4.50 3,389 12/31/2012 -3.42% -17.81%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.19 $1.30 1,400 12/31/2012 -8.48% -44.19%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $45.06 162,038 12/31/2012 -11.23% -58.55%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.89 10,088 12/31/2012 -13.09% -68.24%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $46.11 2,582 12/31/2012 -14.34% -74.75%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.20 9,856 12/31/2069 -16.67% -0.29%



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