Merger Arbitrage Mondays – January 4, 2016

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January 4, 2016 | Merger Arbitrage | | Author Asif

Merger activity decreased last week with one new deal announced and three 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 Pending Deals
Cash Deals 50
Stock Deals 20
Stock & Cash Deals 21
Special Conditions 11
Total Number of Pending Deals 102
Total Deal Size $818.80 billion

New Deals:

  1. The acquisition of Pep Boys – Manny, Moe & Jack (PBY) by Icahn Enterprises (IEP) for $1.031 billion or $18.50 per share in cash.

Deal Updates:

  1. On December 30, 2015, The Pep Boys – Manny, Moe & Jack (PBY) announced that it has terminated its previously announced merger agreement with Bridgestone Retail Operations, LLC.

Closed Deals:

  1. The acquisition of Altera (ALTR) by Intel Corporation (INTC) on December 28, 2015. It took 210 days for this deal to be completed.
  2. The acquisition of Ameriana Bancorp (ASBI) by First Merchants Corporation (FRME) on December 31, 2015. It took 185 days for this deal to be completed.
  3. The acquisition of FX Energy (FXEN) by ORLEN Upstream on December 31, 2015. It took 79 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 $25.70 06/30/2016 69.26% 142.02%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.32 $5.64 03/31/2016 65.28% 273.89%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $9.56 03/31/2016 59.52% 249.71%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.65 01/31/2016 36.84% 498.05%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.13 12/31/2016 35.14% 35.44%
BHI 11/16/2014 Halliburton Company (HAL) $57.12 $46.15 04/30/2016 23.78% 74.19%
HUM 07/03/2015 Aetna Inc. (AET) $215.56 $178.61 12/31/2016 20.69% 20.86%
CI 07/24/2015 Anthem, Inc. (ANTM) $175.24 $146.50 12/31/2016 19.62% 19.78%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $43.25 06/30/2016 19.14% 39.26%
AGN 11/23/2015 Pfizer Inc. (PFE) $364.76 $312.71 12/31/2016 16.65% 16.78%

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 $25.70 N/A 06/30/2016 69.26% 142.02%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.32 $5.64 N/A 03/31/2016 65.28% 273.89%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $9.56 N/A 03/31/2016 59.52% 249.71%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.65 N/A 01/31/2016 36.84% 498.05%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.13 N/A 12/31/2016 35.14% 35.44%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $57.12 $46.15 N/A 04/30/2016 23.78% 74.19%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.56 $178.61 N/A 12/31/2016 20.69% 20.86%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $175.24 $146.50 N/A 12/31/2016 19.62% 19.78%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $43.25 N/A 06/30/2016 19.14% 39.26%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $364.76 $312.71 N/A 12/31/2016 16.65% 16.78%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.95 N/A 06/30/2016 15.72% 32.23%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $69.28 N/A 06/30/2016 15.30% 31.37%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.84 90 12/31/2016 14.80% 14.92%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $75.99 N/A 09/30/2016 13.83% 18.70%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.59 N/A 03/31/2016 11.42% 47.91%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $29.24 N/A 12/31/2016 9.44% 9.52%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.90 N/A 06/30/2016 9.40% 19.28%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.53 N/A 03/31/2016 7.65% 32.09%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $199.04 $185.46 N/A 06/30/2016 7.32% 15.01%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.60 $2.44 N/A 03/31/2016 6.60% 27.69%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.82 $15.85 N/A 12/31/2016 6.12% 6.17%
+ 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 $52.21 N/A 03/31/2016 6.05% 25.39%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.78 N/A 06/30/2016 5.82% 11.93%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.37 N/A 06/30/2016 5.64% 11.56%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.33 N/A 06/30/2016 5.43% 11.14%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.02 N/A 12/31/2016 5.23% 5.27%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $12.11 $11.55 N/A 06/30/2016 4.87% 9.99%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.16 N/A 06/30/2016 4.80% 9.84%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.01 N/A 03/31/2016 4.77% 20.00%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.55 N/A 03/31/2016 4.27% 17.90%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $133.53 $128.46 N/A 01/04/2016 3.95% 0.00%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.27 $10.85 N/A 09/30/2016 3.86% 5.22%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.23 N/A 06/30/2016 3.55% 7.28%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.81 N/A 12/31/2016 3.43% 3.46%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.71 $69.35 N/A 06/30/2016 3.40% 6.98%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.80 N/A 03/31/2016 3.38% 14.19%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.65 N/A 06/30/2016 3.38% 6.92%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.59 $12.18 N/A 06/30/2016 3.33% 6.82%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.43 N/A 03/31/2016 3.30% 13.85%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $59.00 $57.12 N/A 06/30/2016 3.29% 6.74%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.21 N/A 04/30/2016 3.26% 10.18%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $27.12 N/A 03/31/2016 3.24% 13.61%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.82 $15.33 N/A 09/30/2016 3.22% 4.35%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $6.87 $6.66 N/A 03/31/2016 3.17% 13.32%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.72 N/A 03/31/2016 3.16% 13.24%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.90 $10.60 N/A 04/30/2016 2.83% 8.84%
+ 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 $29.02 N/A 04/30/2016 2.52% 7.85%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.43 $17.99 N/A 06/30/2016 2.44% 4.99%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.77 N/A 05/15/2016 2.30% 6.35%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $89.98 N/A 03/31/2016 2.24% 9.42%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.30 $15.96 N/A 06/30/2016 2.12% 4.34%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.75 $13.47 N/A 03/31/2016 2.09% 8.76%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.90 N/A 03/31/2016 2.04% 8.55%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.81 N/A 06/30/2016 1.94% 3.97%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $64.38 $63.20 N/A 03/31/2016 1.87% 7.84%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.83 N/A 03/31/2016 1.86% 7.80%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.13 271 03/31/2016 1.73% 7.27%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $96.42 $94.82 N/A 05/31/2016 1.69% 4.16%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $16.78 $16.53 N/A 03/31/2016 1.50% 6.27%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.45 N/A 03/31/2016 1.48% 6.19%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.08 $38.55 N/A 03/31/2016 1.38% 5.80%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.94 N/A 03/31/2016 1.33% 5.56%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $232.07 N/A 03/31/2016 1.26% 5.30%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.04 N/A 01/31/2016 1.24% 16.79%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.14 N/A 03/31/2016 1.20% 5.05%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $69.18 $68.46 N/A 03/31/2016 1.06% 4.44%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.03 N/A 03/31/2016 1.00% 4.18%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.88 N/A 03/31/2016 0.98% 4.13%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $11.73 $11.62 N/A 03/31/2016 0.97% 4.07%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.42 N/A 05/09/2016 0.95% 2.75%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $31.66 $31.38 N/A 03/31/2016 0.88% 3.69%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.86 $3.83 N/A 06/30/2016 0.81% 1.66%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $110.39 $109.57 N/A 03/31/2016 0.75% 3.16%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.88 N/A 03/31/2016 0.67% 2.82%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.97 N/A 03/31/2016 0.60% 2.53%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.74 N/A 03/31/2016 0.54% 2.28%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $47.97 $47.72 N/A 05/15/2016 0.52% 1.44%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $133.27 $132.62 N/A 03/31/2016 0.49% 2.07%
+ PBY 12/30/2015 Icahn Enterprises, L.P. (IEP) All Cash $1.031 billion $18.50 $18.41 N/A 03/31/2016 0.49% 2.05%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.95 N/A 12/31/2016 0.46% 0.46%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.34 N/A 03/31/2016 0.30% 1.26%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $35.56 $35.46 N/A 03/31/2016 0.27% 1.14%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.69 N/A 03/31/2016 0.25% 1.06%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.23 N/A 01/31/2016 0.20% 2.64%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.98 N/A 03/31/2016 0.18% 0.76%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.96 N/A 03/31/2016 0.13% 0.54%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $18.91 $18.90 N/A 06/30/2016 0.05% 0.10%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $20.30 $20.29 N/A 09/30/2016 0.04% 0.06%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $18.86 $18.89 N/A 06/30/2016 -0.14% -0.29%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.02 N/A 03/31/2016 -0.17% -0.70%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.62 N/A 06/30/2016 -0.19% -0.39%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $47.32 $47.53 N/A 01/31/2016 -0.44% -5.90%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.62 N/A 06/30/2016 -0.85% -1.74%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.64 $25.86 N/A 06/30/2016 -0.87% -1.78%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.80 N/A 03/31/2016 -0.96% -4.03%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.57 $25.86 N/A 03/31/2016 -1.12% -4.68%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.45 $8.61 N/A 03/31/2016 -1.90% -7.95%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.71 N/A 06/30/2016 -3.43% -7.03%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $57.82 N/A 03/31/2016 -5.74% -24.09%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.28 $4.89 N/A 12/31/2015 -12.49% 1139.62%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.24 $6.81 N/A 03/31/2015 -23.07% 30.18%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.48 $0.637 N/A 01/31/2016 -24.65% -333.19%

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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