Merger Arbitrage Mondays – October 29, 2012

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October 28, 2012 | Merger Arbitrage | | Author Asif

Merger activity increased last week with five new deals announced.

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 146
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 44
Stock Deals 16
Stock & Cash Deals 9
Total Number of Pending Deals 69
Total Deal Size $496.02 billion

New Deals:

  1. The acquisition of Ancestry.com (ACOM) by Permira Funds for $1.6 billion or $32.00 per share in cash.
  2. The acquisition of Cascade (CASC) by Toyota Industries Corporation for $759 million or $65.00 per share in cash.
  3. The acquisition of Annapolis Bancorp (ANNB) by F.N.B Corporation (FNB) for $51 million in an all stock deal. Under the terms of the agreement, shareholders of Annapolis Bancorp will receive 1.143 F.N.B Corporation shares for each Annapolis share.
  4. The acquisition of Spartech (SEH) by PolyOne Corporation (POL) for $393 million in a cash plus stock deal. Under the terms of the agreement, Spartech stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock.
  5. The acquisition of PSS World Medical (PSSI) by McKesson Corporation (MCK) for $2.1 billion or $29.00 per share in cash.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

BIDZ 05/17/2012 Glendon Group, Inc. (N/A) $0.78 $0.47 10/15/2012 65.96% -1719.60%
PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.43 $3.99 11/09/2012 61.14% 2028.75%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $23.40 12/31/2012 17.52% 101.51%
DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) $87.50 $79.08 03/31/2013 10.65% 25.40%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.24 $5.70 06/30/2013 9.50% 14.22%
GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) $30.79 $28.16 03/31/2013 9.32% 22.24%
GNOM 09/17/2012 BGI-Shenzhen (N/A) $3.15 $2.92 03/31/2013 7.88% 18.79%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.62 $14.73 03/31/2013 6.04% 14.41%
BXG 11/14/2011 BFC Financial Corporation (BFCF) $6.24 $5.93 12/31/2012 5.23% 30.29%
CFFC 08/02/2012 City Holding Company (CHCO) $6.07 $5.80 03/31/2013 4.70% 11.20%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ BIDZ 05/17/2012 Glendon Group, Inc. (N/A) All Cash N/A $0.78 $0.47 104,400 10/15/2012 65.96% 0.00%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.43 $3.99 144,385 11/09/2012 61.14% 2028.75%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $23.40 23,195,742 12/31/2012 17.52% 101.51%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $79.08 1,127,286 03/31/2013 10.65% 25.40%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.24 $5.70 14,990 06/30/2013 9.50% 14.22%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $30.79 $28.16 269,623 03/31/2013 9.32% 22.24%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $2.92 96,063 03/31/2013 7.88% 18.79%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.62 $14.73 300 03/31/2013 6.04% 14.41%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.24 $5.93 10,815 12/31/2012 5.23% 30.29%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.07 $5.80 N/A 03/31/2013 4.70% 11.20%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $82.51 $78.96 1,319,080 06/30/2013 4.50% 6.73%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $45.80 $43.86 1,073,378 03/31/2013 4.42% 10.55%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $12.22 $11.73 6,813 04/30/2013 4.17% 8.31%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $18.95 $18.25 418,125 06/30/2013 3.82% 5.71%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.78 49,936 12/31/2012 3.17% 18.39%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.21 $1.18 100 12/31/2012 2.85% 16.50%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.67 $2.60 21,115,816 03/31/2013 2.61% 6.23%
+ 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 $9.26 62,693 12/31/2012 2.59% 15.02%
+ CYBI 10/17/2012 UM Holdings, Ltd. (N/A) All Cash N/A $2.55 $2.49 57,216 03/31/2013 2.41% 5.75%
+ DITC 09/18/2012 Nuance Communications, Inc. (NUAN) All Cash $22.5 million $1.45 $1.42 44,302 12/31/2012 2.11% 12.24%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.35 2,747 12/31/2012 2.07% 12.01%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $46.63 $45.69 7,295 06/30/2013 2.05% 3.07%
+ 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 $0.490 5,471 12/31/2012 2.04% 11.82%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $22.61 $22.21 1,446 03/31/2013 1.82% 4.34%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $8.61 $8.46 2,588,298 03/31/2013 1.75% 4.18%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $9.76 $9.60 18,331 12/31/2012 1.71% 9.91%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.93 $2.88 N/A 12/31/2012 1.61% 9.30%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.57 5,526,101 03/31/2013 1.51% 3.59%
+ LMLP 09/24/2012 Digital River, Inc. (DRIV) All Cash $102.8 million $3.45 $3.40 188,061 03/31/2013 1.47% 3.51%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.42 1,019,997 06/30/2013 1.34% 2.00%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $44.43 $43.89 1,277,736 06/30/2013 1.24% 1.85%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.28 700,470 12/31/2012 1.21% 7.04%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $10.98 464,530 03/31/2013 1.18% 2.82%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.45 13,700 03/31/2013 1.12% 2.68%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.34 2,842,500 06/30/2013 1.12% 1.67%
+ ACOM 10/22/2012 Permira Advisers LLP (N/A) All Cash $1.6 billion $32.00 $31.66 779,839 03/31/2013 1.07% 2.56%
+ NOOF 10/15/2012 LFP Broadcasting, LLC (N/A) All Cash $33 million $2.02 $2.00 122,388 12/31/2012 1.00% 5.79%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $14.35 $14.22 200 12/31/2012 0.93% 5.42%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $74.11 $73.43 1,451,241 12/31/2012 0.92% 5.35%
+ VSNT 10/01/2012 UNICOM Systems, Inc. (N/A) All Cash $32 million $11.50 $11.40 4,521 01/31/2013 0.88% 3.41%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.69 $8.62 3,565,710 03/31/2013 0.84% 1.99%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.12 N/A 10/01/2012 0.73% 0.00%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.36 526,088 03/31/2013 0.70% 1.67%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.97 $8.91 1,077,239 12/31/2012 0.69% 4.02%
+ KH 09/27/2012 Medtronic, Inc. (MDT) All Cash $816 million $30.75 $30.54 208,760 12/31/2012 0.69% 3.98%
+ CTFO 06/08/2012 TransCloud Company Limited (N/A) All Cash $146.6 million $5.80 $5.77 59,629 12/31/2012 0.52% 3.01%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.70 20,149 03/31/2013 0.46% 1.11%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.95 67,768 12/31/2012 0.36% 2.08%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.47 208,187 09/30/2012 0.35% 0.00%
+ RMTR 09/19/2012 Cypress Semiconductor Corporation (CY) All Cash $109.8 million $3.10 $3.09 46,779 12/31/2012 0.32% 1.87%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $11.38 $11.35 2,975,121 03/31/2013 0.30% 0.71%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.87 5,285 12/31/2012 0.28% 1.64%
+ JAX 06/25/2012 Fidelity National Financial, Inc. (FNF) All Cash $78 million $14.50 $14.46 5,328 12/31/2012 0.28% 1.60%
+ CRDN 10/01/2012 3M Co. (MMM) All Cash $670 million $35.00 $34.94 265,074 12/31/2012 0.17% 0.99%
+ UDRL 09/25/2012 Sidewinder Drilling Inc. (N/A) All Cash $242 million $6.50 $6.49 76,942 12/31/2012 0.15% 0.89%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.95 527,892 12/31/2012 0.11% 0.63%
+ IRIS 09/17/2012 Danaher Corporation (DHR) All Cash $340.9 million $19.50 $19.48 311,646 12/31/2012 0.10% 0.59%
+ MEDW 09/12/2012 Thoma Bravo, LLC (N/A) All Cash $195 million $22.00 $21.98 11,824 12/31/2012 0.09% 0.53%
+ USHS 08/07/2012 The Home Depot (HD) All Cash $93.4 million $12.50 $12.49 26,594 12/31/2012 0.08% 0.46%
+ PEET 07/23/2012 Joh. A. Benckiser (N/A) All Cash $1 billion $73.50 $73.46 693,987 10/31/2012 0.05% 9.94%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $65.00 257,156 12/31/2012 0.00% 0.00%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.35 $4.40 1,470 12/31/2012 -1.22% -7.07%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.23 685,123 06/30/2013 -1.35% -2.01%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $21.62 $21.98 46,521 03/31/2013 -1.63% -3.89%
+ WLBC 08/17/2012 Western Alliance Bancorporation (WAL) All Cash $55 million $4.02 $4.10 N/A 12/31/2012 -1.95% -11.30%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $45.12 82,704 12/31/2012 -11.35% -65.74%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.89 11,535 12/31/2012 -13.09% -75.83%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $46.34 17,205 12/31/2012 -14.76% -85.52%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.25 450 12/31/2069 -20.00% -0.35%



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