Merger Arbitrage Mondays – November 5, 2012

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November 4, 2012 | Merger Arbitrage | | Author Asif

Merger activity increased last week with six new deals announced and six 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 153
Total Number of Deals Not Completed in 2012 1
Total Number of Pending Deals
Cash Deals 41
Stock Deals 16
Stock & Cash Deals 11
Total Number of Pending Deals 68
Total Deal Size $503.1 billion

New Deals:

  1. The acquisition of OPNET Technologies (OPNT) by Riverbed Technology (RVBD) for $921 million in a cash plus stock deal. Under the terms of the agreement, OPNET stockholders will receive $36.55 in cash and 0.2774 of a share of Riverbed common stock.
  2. The acquisition of Premierwest Bancorp (PRWT) by AmericanWest Bank for $16.6 million or $1.65 per share in cash.
  3. The acquisition of Schiff Nutrition International (SHF) by Bayer HealthCare LLC for $1.2 billion or $34.00 per share in cash.
  4. The acquisition of Warnaco Group (WRC) by PVH Corp. (PVH) for $2.9 billion. Under the terms of the agreement PVH will pay Warnaco shareholders $51.75 in cash and 0.1822 of its stock for each Warnaco share.
  5. The acquisition of JDA Software Group (JDAS) by RedPrairie for $1.9 billion or $45.00 per share in cash.
  6. The acquisition of Williams Controls (WMCO) by Curtiss-Wright (CW) for $119 million or $15.42 per share in cash.

Closed Deals:

  1. The acquisition of Peet’s Coffee & Tea, Inc. (PEET) by Joh. A. Benckiser on October 29, 2012.
  2. The acquisition of J. Alexander’s Corp. (JAX) by Fidelity National Financial, Inc. (FNF) on October 29, 2012.
  3. The acquisition of US Home Systems (USHS) by The Home Depot (HD) on October 30, 2012.
  4. The acquisition of China TransInfo Technology (CTFO) by TransCloud Company Limited on November 01, 2012.
  5. The acquisition of IRIS International Inc. (IRIS) by Danaher Corporation (DHR) on November 01, 2012.
  6. The acquisition of China Kanghui Holdings (KH) by Medtronic, Inc. (MDT) on November 02, 2012.

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 $0.494 10/15/2012 57.89% -1006.27%
PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.56 $4.55 11/09/2012 44.08% 4022.02%
DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) $87.50 $74.70 03/31/2013 17.14% 42.84%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $24.64 12/31/2012 11.61% 75.65%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.22 $5.70 06/30/2013 9.21% 14.18%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.94 $14.74 03/31/2013 8.14% 20.34%
GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) $33.62 $31.55 03/31/2013 6.55% 16.37%
BXG 11/14/2011 BFC Financial Corporation (BFCF) $6.40 $6.04 12/31/2012 5.96% 38.85%
VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) $1.27 $1.20 12/31/2012 5.92% 38.56%
PRWT 10/30/2012 AmericanWest Bank (N/A) $1.65 $1.57 06/30/2013 5.10% 7.85%

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 $0.494 N/A 10/15/2012 57.89% 0.00%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.56 $4.55 330,823 11/09/2012 44.08% 4022.02%
+ DTG 08/27/2012 Hertz Global Holdings, Inc. (HTZ) All Cash $2.3 billion $87.50 $74.70 5,023,385 03/31/2013 17.14% 42.84%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $24.64 4,093,679 12/31/2012 11.61% 75.65%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.22 $5.70 37,758 06/30/2013 9.21% 14.18%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.94 $14.74 8,339 03/31/2013 8.14% 20.34%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $33.62 $31.55 197,073 03/31/2013 6.55% 16.37%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $6.40 $6.04 31,358 12/31/2012 5.96% 38.85%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.27 $1.20 200 12/31/2012 5.92% 38.56%
+ PRWT 10/30/2012 AmericanWest Bank (N/A) All Cash $16.6 million $1.65 $1.57 79,091 06/30/2013 5.10% 7.85%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $45.92 $43.77 823,733 03/31/2013 4.92% 12.29%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $6.09 $5.81 2,800 03/31/2013 4.79% 11.97%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.01 243,066 03/31/2013 4.65% 11.63%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $19.19 $18.40 244,283 06/30/2013 4.31% 6.64%
+ CYBI 10/17/2012 UM Holdings, Ltd. (N/A) All Cash N/A $2.55 $2.46 63,626 03/31/2013 3.66% 9.15%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $12.16 $11.75 200 04/30/2013 3.50% 7.26%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $84.76 $81.98 639,111 06/30/2013 3.39% 5.22%
+ 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 $9.27 215,079 12/31/2012 2.48% 16.17%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $45.47 $44.48 31,687 06/30/2013 2.24% 3.44%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.88 $2.82 2,713 12/31/2012 2.17% 14.16%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $9.02 $8.83 661,421 03/31/2013 2.15% 5.37%
+ DITC 09/18/2012 Nuance Communications, Inc. (NUAN) All Cash $22.5 million $1.45 $1.42 141,999 12/31/2012 2.11% 13.77%
+ NEBS 05/31/2012 United Financial Bancorp, Inc. (UBNK) All Stock $91.0 million $14.04 $13.76 911 12/31/2012 2.01% 13.12%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.83 9,600 12/31/2012 1.83% 11.91%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.55 $4.465 200 12/31/2012 1.81% 11.81%
+ WRC 10/31/2012 PVH Corp. (PVH) Cash Plus Stock $2.9 billion $72.00 $70.83 3,247,383 03/31/2013 1.65% 4.12%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.58 $2.54 12,659,701 03/31/2013 1.54% 3.85%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.70 $8.57 11,184,532 03/31/2013 1.53% 3.83%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.57 973,734 03/31/2013 1.51% 3.76%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.36 1,115,429 06/30/2013 1.48% 2.27%
+ ACOM 10/22/2012 Permira Advisers LLP (N/A) All Cash $1.6 billion $32.00 $31.54 726,844 03/31/2013 1.46% 3.65%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $44.39 $43.77 756,077 06/30/2013 1.43% 2.20%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $9.73 $9.60 25,701 12/31/2012 1.40% 9.11%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.44 2,305 03/31/2013 1.35% 3.38%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $10.97 228,101 03/31/2013 1.28% 3.19%
+ FSR 08/30/2012 Validus Holdings, Ltd. (VR) Cash Plus Stock $600 million $8.69 $8.58 494,786 12/31/2012 1.25% 8.16%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $22.52 $22.25 900 03/31/2013 1.23% 3.07%
+ LMLP 09/24/2012 Digital River, Inc. (DRIV) All Cash $102.8 million $3.45 $3.41 45,288 03/31/2013 1.17% 2.93%
+ VSNT 10/01/2012 UNICOM Systems, Inc. (N/A) All Cash $32 million $11.50 $11.37 8,230 01/31/2013 1.14% 4.80%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $31.67 16,134 12/31/2012 1.04% 6.79%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $77.27 $76.49 1,913,117 12/31/2012 1.02% 6.64%
+ 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 $0.495 N/A 12/31/2012 1.01% 6.58%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.45 160,521 12/31/2012 0.93% 6.03%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.38 527,358 03/31/2013 0.68% 1.70%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.66 41,442 03/31/2013 0.53% 1.31%
+ NOOF 10/15/2012 LFP Broadcasting, LLC (N/A) All Cash $33 million $2.02 $2.01 38,616 12/31/2012 0.50% 3.24%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.43 364,332 06/30/2013 0.49% 0.75%
+ PSOF 05/17/2012 Timesway Group Limited (N/A) All Cash N/A $4.15 $4.13 N/A 10/01/2012 0.48% 0.00%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.81 30,596 12/31/2012 0.41% 2.70%
+ JDAS 11/01/2012 RedPrairie (N/A) All Cash $1.9 billion $45.00 $44.83 2,180,422 12/31/2012 0.38% 2.47%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $11.34 $11.30 1,796,093 03/31/2013 0.36% 0.90%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.47 153,982 12/31/2012 0.35% 2.31%
+ WMCO 11/01/2012 Curtiss-Wright Corp. (CW) All Cash $119 million $15.42 $15.37 299,678 03/31/2013 0.33% 0.81%
+ RMTR 09/19/2012 Cypress Semiconductor Corporation (CY) All Cash $109.8 million $3.10 $3.09 35,231 12/31/2012 0.32% 2.11%
+ SHF 10/30/2012 Bayer HealthCare LLC (N/A) All Cash $1.2 billion $34.00 $33.93 304,586 12/31/2012 0.21% 1.34%
+ OPNT 10/29/2012 Riverbed Technology, Inc. (RVBD) Cash Plus Stock $921 million $41.79 $41.71 446,289 12/31/2012 0.20% 1.29%
+ CRDN 10/01/2012 3M Co. (MMM) All Cash $670 million $35.00 $34.94 531,357 12/31/2012 0.17% 1.12%
+ UDRL 09/25/2012 Sidewinder Drilling Inc. (N/A) All Cash $242 million $6.50 $6.49 65,833 12/31/2012 0.15% 1.00%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $64.90 205,081 12/31/2012 0.15% 1.00%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.93 230,187 12/31/2012 0.15% 0.99%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $13.98 65,433 12/31/2012 0.14% 0.93%
+ MEDW 09/12/2012 Thoma Bravo, LLC (N/A) All Cash $195 million $22.00 $21.99 49,970 12/31/2012 0.05% 0.30%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $21.47 $21.89 35,459 03/31/2013 -1.90% -4.75%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.26 1,519,753 06/30/2013 -2.65% -4.09%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $40.00 $45.30 64,215 12/31/2012 -11.70% -76.26%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.92 423 12/31/2012 -13.62% -88.76%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.18 24,019 12/31/2069 -15.25% -0.27%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $46.79 4,584 12/31/2012 -15.58% -101.55%

Voluntary Disclosure: I hold a long position in CYBI.




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