Merger Arbitrage Mondays – February 8, 2016

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February 7, 2016 | Merger Arbitrage | | Author Asif

There was no change in merger activity last week with five new deals announced and five 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 20
Total Number of Pending Deals
Cash Deals 44
Stock Deals 22
Stock & Cash Deals 20
Special Conditions 10
Total Number of Pending Deals 96
Total Deal Size $871.78 billion

New Deals:

  1. The acquisition of Questar Corporation (STR) by Dominion Resources (D) for $4.4 billion or $25.00 per share in cash.
  2. The acquisition of Alere (ALR) by Abbott Laboratories (ABT) for $5.8 billion or $56.00 per share in cash.
  3. The acquisition of LoJack Corporation (LOJN) by CalAmp (CAMP) for $134 million or $6.45 per share in cash.
  4. The acquisition of China Ming Yang Wind Power Group Limited (MY) by a consortium of investors (the “Buyer Consortium”), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company for $408 million or $2.51 per share in cash.
  5. The acquisition of LeapFrog Enterprises (LF) by VTech Holdings Limited for $72 million or $1.00 per share in cash. The closing date mentioned for this deal is a placeholder until more information becomes available.

Deal Updates:

  1. On February 4, 2016, ON Semiconductor (ON) announced that they have extended their tender offer to acquire Fairchild Semiconductor (FCS). The Offer will now expire on February 18, 2016, unless further extended as required or permitted by the merger agreement.

Closed Deals:

  1. The acquisition of Broadcom (BRCM) by Avago Technologies Limited (AVGO) on February 1, 2016. It took 249 days for this deal to be completed.
  2. The acquisition of Rentrak Corporation (RENT) by comScore (SCOR) on February 1, 2016. It took 125 days for this deal to be completed.
  3. The acquisition of Symetra Financial Corporation (SYA) by Sumitomo Life Insurance Company on February 1, 2016. It took 174 days for this deal to be completed.
  4. The acquisition of TriVascular Technologies (TRIV) by Endologix (ELGX) on February 3, 2016. It took 100 days for this deal to be completed.
  5. The acquisition of Pep Boys – Manny, Moe & Jack (PBY) by Icahn Enterprises (IEP) on February 4, 2016. It took 36 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 $17.12 06/30/2016 154.09% 393.30%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $8.05 03/31/2016 89.44% 627.81%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.20 $5.09 05/16/2016 80.78% 300.86%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $61.01 06/30/2016 30.93% 78.95%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.31 12/31/2016 27.79% 31.02%
HUM 07/03/2015 Aetna Inc. (AET) $208.10 $164.78 12/31/2016 26.29% 29.34%
CI 07/24/2015 Anthem, Inc. (ANTM) $166.97 $133.05 12/31/2016 25.49% 28.45%
SNDK 10/21/2015 Western Digital Corporation (WDC) $86.50 $69.00 09/30/2016 25.36% 39.39%
BHI 11/16/2014 Halliburton Company (HAL) $54.11 $44.85 04/30/2016 20.65% 91.92%
AGN 11/23/2015 Pfizer Inc. (PFE) $328.04 $273.80 12/31/2016 19.81% 22.11%

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 $17.12 11,435,482 06/30/2016 154.09% 393.30%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $8.05 238,483 03/31/2016 89.44% 627.81%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.20 $5.09 3,289,243 05/16/2016 80.78% 300.86%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $61.01 1,559,643 06/30/2016 30.93% 78.95%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.31 56,500 12/31/2016 27.79% 31.02%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $208.10 $164.78 1,092,018 12/31/2016 26.29% 29.34%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $166.97 $133.05 1,558,662 12/31/2016 25.49% 28.45%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $69.00 2,262,840 09/30/2016 25.36% 39.39%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $54.11 $44.85 4,144,749 04/30/2016 20.65% 91.92%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $328.04 $273.80 2,377,467 12/31/2016 19.81% 22.11%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.04 913,339 04/01/2016 17.75% 122.27%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $8.91 $7.81 78,243 04/30/2016 14.14% 62.92%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.91 17,697,360 12/31/2016 13.78% 15.38%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $29.90 154,048 06/30/2016 12.04% 30.73%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.43 321,335 03/31/2016 10.79% 75.72%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $15.53 2,766,361 12/15/2016 10.37% 12.17%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.68 1,881,699 06/30/2016 10.16% 25.94%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $41.31 $37.98 9,164,980 06/30/2016 8.78% 22.41%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.27 417,815 06/30/2016 7.87% 20.10%
+ MY 02/03/2016 A consortium of investors (the �Buyer Consortium�), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.33 569,641 06/30/2016 7.73% 19.72%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.73 269,762 03/31/2016 7.24% 50.81%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.41 695,853 03/31/2016 5.67% 39.78%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $191.16 $181.48 2,110,479 06/30/2016 5.34% 13.62%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $53.20 4,341,089 06/30/2016 5.26% 13.43%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.88 $15.12 832,955 12/31/2016 5.03% 5.61%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.33 154,893 06/30/2016 5.03% 12.83%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.52 247,451 06/30/2016 5.02% 12.80%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.14 406,906 06/30/2016 4.86% 12.41%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.90 65,021 04/30/2016 4.60% 20.49%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.25 154,490 03/31/2016 4.28% 30.01%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $30.70 723,199 12/31/2016 4.23% 4.73%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.84 11,780 06/30/2016 4.17% 10.64%
+ 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 $53.16 373,497 03/31/2016 4.16% 29.18%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $52.40 $50.78 3,533,190 06/30/2016 3.20% 8.16%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $10.59 $10.29 84,984 06/30/2016 2.92% 7.44%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.46 54,781 01/31/2016 2.85% 0.00%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $24.90 86,448 09/30/2016 2.81% 4.37%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $27.24 1,160,955 03/31/2016 2.79% 19.58%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $89.52 3,542,385 03/31/2016 2.77% 19.45%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.9740 12,895,686 06/30/2016 2.67% 6.81%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.59 2,520,455 03/31/2016 2.48% 17.42%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.51 635,098 12/31/2016 2.31% 2.58%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.62 1,339,218 03/31/2016 2.25% 15.81%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.85 $18.46 24,945 09/15/2016 2.12% 3.52%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.64 $9.45 3,101,034 09/30/2016 2.05% 3.19%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.00 $1.96 4,252 03/31/2016 2.02% 14.21%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $19.76 $19.39 2,646,430 09/30/2016 1.90% 2.94%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.90 1,045,417 03/31/2016 1.88% 13.22%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $140.36 1,107,196 03/31/2016 1.88% 13.20%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.45 329,474 06/30/2016 1.86% 4.74%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $35.60 $34.98 5,330,443 09/30/2016 1.78% 2.76%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.25 $10.09 371,683 06/30/2016 1.57% 4.01%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.09 472,147 12/31/2016 1.54% 1.72%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $66.49 $65.51 1,592,701 06/30/2016 1.50% 3.82%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.93 738,250 03/31/2016 1.42% 9.97%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $63.70 $62.83 1,751,872 03/31/2016 1.39% 9.76%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $12.64 $12.47 14,441 09/30/2016 1.37% 2.13%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.04 4,934,611 06/30/2016 1.37% 3.49%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $63.71 $62.91 11,523,854 03/31/2016 1.27% 8.90%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $4.92 $4.87 115,074 03/31/2016 1.10% 7.71%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $14.14 $13.99 1,738,525 03/31/2016 1.09% 7.64%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.45 $12.32 42,394 03/31/2016 1.04% 7.32%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.32 1,909,836 03/31/2016 1.02% 7.19%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.28 3,111,150 06/30/2016 0.99% 2.53%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $90.57 $89.73 291,037 05/31/2016 0.93% 3.01%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $14.77 $14.64 7,613 06/30/2016 0.85% 2.18%
+ LOJN 02/01/2016 CalAmp Corp. (CAMP) All Cash $134 million $6.45 $6.40 462,723 05/31/2016 0.78% 2.52%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $34.94 $34.71 219,973 03/31/2016 0.65% 4.58%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.20 140,298 03/31/2016 0.54% 3.81%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $16.54 $16.45 390,200 06/30/2016 0.53% 1.35%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.46 344,992 05/09/2016 0.47% 1.90%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $107.04 $106.57 306,475 03/31/2016 0.44% 3.08%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $25.39 248,828 03/31/2016 0.43% 3.04%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $14.70 $14.64 10,463 06/30/2016 0.42% 1.08%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.05 $4.03 11,964 02/20/2016 0.37% 11.40%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.93 6,540,955 12/15/2016 0.28% 0.33%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.95 886,688 03/31/2016 0.28% 1.96%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $38.38 $38.28 1,486,273 05/15/2016 0.27% 1.02%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $28.67 $28.59 87,094 03/31/2016 0.27% 1.86%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $59.98 10,200 03/31/2016 0.20% 1.40%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.82 349,740 03/31/2016 0.16% 1.10%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.99 134,480 03/31/2016 0.08% 0.59%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $140.43 467,295 03/31/2016 0.05% 0.35%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $33.32 $33.43 410 03/31/2016 -0.32% -2.24%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $14.05 797,898 06/30/2016 -0.36% -0.91%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.64 333,261 06/30/2016 -0.38% -0.96%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $57.32 $58.20 982,036 06/30/2016 -1.51% -3.86%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.83 $24.30 862,533 06/30/2016 -1.92% -4.91%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.44 2,009,957 02/18/2016 -2.15% -78.57%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.69 $19.13 23,768 09/30/2016 -2.28% -3.55%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.28 $3.36 2,001,492 06/30/2016 -2.44% -6.23%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $39.73 $40.93 128,012 06/30/2016 -2.93% -7.48%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $13.83 $14.29 10,645 09/30/2016 -3.21% -4.98%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $15.90 $16.55 15,866 06/30/2016 -3.93% -10.04%
+ ANAD 01/19/2016 II-VI Incorporated (IIVI) All Cash $61 million $0.66 $0.703 158,589 03/31/2016 -6.12% -42.93%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.24 $5.07 77,235 03/31/2015 -16.31% 18.96%

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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