Merger Arbitrage Mondays – January 11, 2016

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January 10, 2016 | Merger Arbitrage | | Author Asif

Merger activity decreased last week with one new deal 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 2016 1
Total Number of Pending Deals
Cash Deals 51
Stock Deals 20
Stock & Cash Deals 21
Special Conditions 11
Total Number of Pending Deals 103
Total Deal Size $819.01 billion

New Deals:

  1. The acquisition of Cape Bancorp (CBNJ) by OceanFirst Financial (OCFC) for $208.1 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Cape Bancorp will receive $2.25 in cash and 0.6375 shares of OceanFirst common stock for each share of Cape common stock.

Deal Updates:

  1. On January 8, 2015, Media General (MEGannounced that it had completed negotiations to be acquired by Nexstar Broadcasting Group (NXST) after Nexstar raised its offer price to about $2.3 billion. Soon after the announcement, Meredith Corp. (MDP) that also had an agreement to merge with Media General, said it sweetened its offer to Media General shareholders by offering “more than $20 per share in near-term value.” The offer includes $3.90 per share in cash, one share of the post-merger company, Meredith Media General, per each Media General share (representing $14.94 per share), and proceeds from the sale of Media General’s spectrum in the upcoming spectrum auction by the Federal Communications Commission.

Closed Deals:

  1. The acquisition of Towers Watson (TW) by Willis Group Holdings Public Limited Company (WSH) on January 5, 2016. It took 189 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $20.31 06/30/2016 114.18% 243.72%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.33 $5.35 03/31/2016 74.41% 339.48%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $9.60 03/31/2016 58.85% 268.52%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.625 01/31/2016 37.36% 681.79%
BHI 11/16/2014 Halliburton Company (HAL) $55.36 $41.58 04/30/2016 33.13% 109.93%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $39.33 06/30/2016 31.02% 66.21%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.26 12/31/2016 29.75% 30.59%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $63.67 06/30/2016 25.46% 54.34%
HUM 07/03/2015 Aetna Inc. (AET) $214.67 $172.91 12/31/2016 24.15% 24.83%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.47 $138.82 12/31/2016 23.52% 24.18%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $20.31 17,527,934 06/30/2016 114.18% 243.72%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.33 $5.35 11,704,957 03/31/2016 74.41% 339.48%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $9.60 273,664 03/31/2016 58.85% 268.52%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.625 14,764 01/31/2016 37.36% 681.79%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $55.36 $41.58 1,903,565 04/30/2016 33.13% 109.93%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $39.33 332,183 06/30/2016 31.02% 66.21%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.26 52,828 12/31/2016 29.75% 30.59%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $63.67 2,611,091 06/30/2016 25.46% 54.34%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $214.67 $172.91 738,073 12/31/2016 24.15% 24.83%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.47 $138.82 1,462,903 12/31/2016 23.52% 24.18%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $350.30 $299.47 2,474,650 12/31/2016 16.97% 17.45%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $74.20 2,897,271 09/30/2016 16.58% 23.01%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.78 238,142 06/30/2016 16.40% 35.01%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.76 26,181,394 12/31/2016 15.98% 16.43%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.52 113,401 03/31/2016 13.64% 62.22%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.01 6,924,048 06/30/2016 12.54% 26.78%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.57 1,604,488 06/30/2016 12.36% 26.38%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.40 540,763 03/31/2016 11.76% 53.68%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $28.64 848,160 12/31/2016 11.73% 12.06%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.75 $2.55 1,756 03/31/2016 7.71% 35.19%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.28 258,966 03/31/2016 7.00% 31.96%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $51.84 246,155 03/31/2016 6.81% 31.07%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $194.60 $182.79 2,114,400 06/30/2016 6.46% 13.79%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.76 $14.84 2,911,418 12/31/2016 6.20% 6.37%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.05 1,071,572 04/30/2016 6.06% 20.11%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $25.75 2,180,530 03/31/2016 5.83% 26.58%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.34 109,420 06/30/2016 5.76% 12.30%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.19 $9.64 27,097 04/30/2016 5.74% 19.04%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $33.92 194,662 06/30/2016 5.54% 11.83%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.79 3,292 06/30/2016 5.54% 11.83%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.23 $7.81 4,475,736 03/31/2016 5.43% 24.77%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.35 151,703 06/30/2016 4.87% 10.39%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.17 721,658 12/31/2016 4.48% 4.61%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.85 581,925 03/31/2016 4.28% 19.54%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $54.95 $52.73 4,519,480 06/30/2016 4.20% 8.97%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.62 1,391,443 06/30/2016 3.95% 8.43%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.73 449,912 12/31/2016 3.93% 4.04%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.08 35,847 04/30/2016 3.82% 12.68%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.20 191,704 06/30/2016 3.79% 8.09%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $137.80 796,773 03/31/2016 3.77% 17.22%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.41 $10.03 3,493,130 09/30/2016 3.74% 5.20%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.21 $11.78 56,618 06/30/2016 3.65% 7.79%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.02 $10.64 736,522 06/30/2016 3.59% 7.67%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $17.68 $17.10 27,328 06/30/2016 3.38% 7.21%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.68 1,843,501 06/30/2016 3.26% 6.96%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.82 485,899 03/31/2016 3.08% 14.05%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $67.24 $65.24 1,654,511 06/30/2016 3.07% 6.54%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.36 125,326 03/31/2016 2.72% 12.40%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.60 2,038,451 03/31/2016 2.56% 11.68%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $14.16 $13.82 126,399 09/30/2016 2.50% 3.46%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.60 138,484 01/31/2016 2.46% 44.88%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $6.05 $5.91 43,353 03/31/2016 2.33% 10.65%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.79 542,933 05/15/2016 2.23% 6.52%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.63 761,770 03/31/2016 2.23% 10.19%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.01 2,359,812 03/31/2016 2.18% 9.97%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.97 $15.65 279,976 06/30/2016 2.02% 4.31%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $90.29 2,507,507 03/31/2016 1.89% 8.64%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $61.04 $59.93 2,048,226 03/31/2016 1.85% 8.43%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $14.01 $13.80 1,471,074 03/31/2016 1.49% 6.80%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $93.52 $92.16 801,453 05/31/2016 1.48% 3.83%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.94 1,757,944 03/31/2016 1.33% 6.05%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $67.16 $66.29 764,007 03/31/2016 1.31% 5.96%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $25.18 1,295,141 03/31/2016 1.27% 5.80%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $232.07 1,001,625 03/31/2016 1.26% 5.76%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.02 5,467,007 03/31/2016 1.14% 5.20%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.75 368,368 03/31/2016 1.10% 5.01%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.95 1,098,567 03/31/2016 1.01% 4.61%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.51 $39.12 258,354 03/31/2016 0.99% 4.53%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.16 244,078 03/31/2016 0.98% 4.48%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.83 5,018,612 03/31/2016 0.95% 4.35%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $103.39 $102.44 359,109 03/31/2016 0.93% 4.24%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $17.81 $17.65 433,001 06/30/2016 0.90% 1.91%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.43 425,252 05/09/2016 0.83% 2.55%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $4.03 $4.00 6,296,964 06/30/2016 0.79% 1.68%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $29.00 $28.80 66,147 03/31/2016 0.69% 3.14%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $11.46 $11.38 3,251,349 03/31/2016 0.67% 3.04%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $54.17 7,239,467 03/31/2016 0.61% 2.78%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.65 230,329 03/31/2016 0.61% 2.78%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $44.64 $44.43 1,370,329 05/15/2016 0.47% 1.38%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $129.11 $128.67 1,934,786 03/31/2016 0.35% 1.58%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.34 93,376 03/31/2016 0.30% 1.37%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.97 8,667 12/31/2016 0.27% 0.28%
+ PBY 12/30/2015 Icahn Enterprises, L.P. (IEP) All Cash $1.031 billion $18.50 $18.45 2,460,796 03/31/2016 0.27% 1.24%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $41.83 $41.72 83,079 01/31/2016 0.25% 4.61%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.81 $34.73 1,613 03/31/2016 0.23% 1.04%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.93 N/A 03/31/2016 0.23% 1.03%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.70 3,118,735 03/31/2016 0.21% 0.96%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.23 633,331 01/31/2016 0.20% 3.57%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.98 2,275,821 03/31/2016 0.18% 0.83%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.98 106,160 03/31/2016 0.17% 0.76%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.65 911,894 06/30/2016 -0.47% -1.00%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $26.50 $26.67 722,639 06/30/2016 -0.65% -1.39%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.71 $19.86 27,623 09/30/2016 -0.78% -1.08%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.98 $13.10 20,557 03/31/2016 -0.94% -4.27%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.80 N/A 03/31/2016 -0.96% -4.38%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.74 1,927,657 06/30/2016 -1.17% -2.49%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $26.22 $26.67 722,639 03/31/2016 -1.67% -7.63%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.20 $14.48 3,783 09/30/2016 -1.94% -2.70%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $17.40 $17.80 12,820 06/30/2016 -2.24% -4.79%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $21.05 3,179,132 06/30/2016 -4.99% -10.65%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $3.26 $3.62 83,300 12/31/2015 -10.02% 332.40%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.46 $5.005 128,114 03/31/2015 -10.98% 14.01%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.48 $0.645 403,970 01/31/2016 -25.58% -466.86%

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria




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