Blog

Merger Arbitrage Mondays – June 20, 2016

Bookmark and Share

June 19, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with six new deals announced and two deals 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 93
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 61
Stock Deals 20
Stock & Cash Deals 15
Special Conditions 11
Total Number of Pending Deals 107
Total Deal Size $922.59 billion

New Deals:

  1. The acquisition of LinkedIn Corporation (LNKD) by Microsoft Corporation (MSFT) for $26.2 billion or $196 per share in cash.
  2. The acquisition of Aegerion Pharmaceuticals (AEGR) by QLT (QLTI) in an all stock deal. Under the terms of the agreement, shareholders of Aegerion Pharmaceuticals will receive 1.0256 shares of QLT common stock.
  3. The acquisition of QLogic (QLGC) by Cavium (CAVM) for $1.36 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of QLogic will receive $11.00 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock.
  4. The acquisition of Envision Healthcare Holdings (EVHC) by AmSurg (AMSG) in an all stock deal.  Under the terms of the agreement, shareholders of Envision Healthcare willreceive 0.334 AmSurg shares per Envision shares.
  5. The acquisition of Elizabeth Arden (RDEN) by Revlon (REV) for $870 million or $14.00 per share in cash.
  6. The acquisition of Ceres (CERE) by Land O’Lakes for $17.2 million or $0.40 per share in cash.

Deal Updates:

  1. On June 13, 2016, Biotie Therapies (BITI) announced that the voluntary delisting of its American Depositary Shares from the NASDAQ Global Select Market became effective prior to the opening of trading on 13 June, 2016.
  2. On June 15, 2016, Annaly Capital Management (NLYannounced that it has extended its previously announced exchange offer to purchase all of the outstanding shares of common stock of Hatteras Financial (HTS) to July 11, 2016.
  3. On June 15, 2016, Univest Corporation of Pennsylvania (UVSP) received regulatory and shareholder approval to close its pending $244 million acquisition of 148-year-old Fox Chase Bancorp (FXCB). The deal is now scheduled to close July 1.
  4. On June 15, 2016, Alexza Pharmaceuticals (ALXA) was notified by The NASDAQ Stock Market that trading in the Company’s common stock on The Nasdaq Capital Market will be suspended effective with the open of business on Friday, June 17, 2016.
  5. On June 16, 2016, Horizon Bancorp (HBNC) and LaPorte Bancorp (LPSB), jointly announced that the Office of the Comptroller of the Currency and the Federal Reserve Board have approved or not objected to the proposed merger of LaPorte Bancorp and its wholly-owned subsidiary, The LaPorte Savings Bank, with and into Horizon’s wholly-owned bank subsidiary, Horizon Bank.
  6. On June 17, 2016, The Williams Companies (WMB) announced that its Board of Directors has declared a special dividend in the amount of $0.10 per share of Williams common stock, pursuant to the terms of the merger agreement between Williams and Energy Transfer Equity (ETE). The special dividend is contingent on the consummation of the merger and will be payable to Williams holders of record at the close of business on the last business day prior to the closing of the merger.

Closed Deals:

  1. The acquisition of OPOWER (OPWR) by Oracle Corporation (ORCL) on June 17, 2016. It took 46 days for this deal to be completed.
  2. The acquisition of Textura Corporation (TXTR) by Oracle Corporation (ORCL) on June 17, 2016. It took 50 days for this deal to b 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 $22.53 06/30/2016 93.08% 3397.27%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.58 $129.50 12/31/2016 32.50% 61.14%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.30 12/31/2016 32.39% 60.94%
HUM 07/03/2015 Aetna Inc. (AET) $226.42 $187.15 12/31/2016 20.98% 39.48%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.98 06/30/2016 16.62% 606.74%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.78 12/31/2016 15.68% 29.50%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.78 12/31/2016 11.85% 22.29%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $6.00 12/31/2016 11.67% 21.95%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.86 03/31/2017 10.47% 13.45%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $6.05 12/31/2016 10.08% 18.97%

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 $22.53 11,845,700 06/30/2016 93.08% 3397.27%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.58 $129.50 1,546,343 12/31/2016 32.50% 61.14%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.30 625,005 12/31/2016 32.39% 60.94%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $226.42 $187.15 842,373 12/31/2016 20.98% 39.48%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.98 126,156 06/30/2016 16.62% 606.74%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.78 17,165,573 12/31/2016 15.68% 29.50%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.78 1,621,662 12/31/2016 11.85% 22.29%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.00 610,929 12/31/2016 11.67% 21.95%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.86 169,972 03/31/2017 10.47% 13.45%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.05 33,206 12/31/2016 10.08% 18.97%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.76 31,043 06/30/2016 9.84% 359.23%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.99 261 12/31/2016 9.09% 17.10%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.20 579,336 08/31/2016 8.70% 44.08%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.42 30,008 09/30/2016 8.26% 29.57%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $73.90 1,019,766 06/30/2016 7.62% 278.07%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.02 4,534 08/15/2016 7.62% 49.64%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.80 732,535 12/31/2016 7.14% 13.44%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.00 1,447,555 09/30/2016 7.00% 25.05%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.16 1,538,872 03/31/2017 6.84% 8.79%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.37 $13.47 446,806 08/15/2016 6.67% 43.49%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.76 115,899 06/30/2016 6.38% 232.98%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.3813 15,559,107 09/30/2016 4.90% 17.55%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.17 542,637 03/31/2017 4.47% 5.74%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.80 1,400 12/31/2016 4.44% 8.36%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.85 51,892 09/30/2016 4.12% 14.76%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.31 $76.44 4,486,187 12/31/2016 3.75% 7.06%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.21 $11.78 1,269 12/31/2016 3.66% 6.89%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.93 $45.34 801,512 12/31/2016 3.51% 6.61%
+ 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 $2.43 1,057,420 06/30/2016 3.29% 120.16%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.18 158,280 12/31/2016 3.21% 6.04%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.60 2,826,279 12/31/2016 2.94% 5.53%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $190.80 4,018,381 12/31/2016 2.73% 5.13%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.63 80,876 06/30/2016 2.71% 99.08%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.72 211,454 12/31/2016 2.46% 4.63%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.01 $42.99 2,723,460 09/30/2016 2.37% 8.48%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.90 2,199,969 09/30/2016 2.01% 7.18%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.21 953,177 12/31/2016 1.96% 3.70%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.45 $15.19 616,138 12/31/2016 1.71% 3.22%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.60 523,052 09/30/2016 1.63% 5.82%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.08 666 08/15/2016 1.61% 10.46%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.11 488,399 01/01/2017 1.59% 2.97%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.43 12,064 07/31/2016 1.58% 14.07%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.61 $16.38 1,720,643 12/31/2016 1.42% 2.67%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.11 827,550 01/31/2017 1.31% 2.13%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.82 5,240,451 12/31/2016 1.30% 2.45%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.81 $16.59 1,214,836 12/31/2016 1.30% 2.44%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.66 411,005 11/15/2016 1.24% 3.06%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.18 29,938 12/31/2016 1.20% 2.25%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.20 $10.09 5,591,522 09/30/2016 1.11% 3.96%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.64 1,643,483 12/31/2016 1.10% 2.08%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.33 $18.14 325 12/31/2016 1.06% 2.00%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.31 $26.04 6,325,351 12/31/2016 1.02% 1.92%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.00 $0.989 44,698 09/30/2016 0.92% 3.29%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.93 2,573,900 09/30/2016 0.92% 3.28%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.88 33,547,287 12/31/2016 0.86% 1.63%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $323.4 million $13.12 $13.01 117,787 09/30/2016 0.85% 3.03%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 14,255 06/30/2016 0.76% 27.58%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.00 $20.84 2,563,362 09/30/2016 0.75% 2.68%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.86 876,963 06/23/2016 0.70% 85.77%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.63 857,381 09/30/2016 0.68% 2.44%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.82 473,366 09/30/2016 0.66% 2.36%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.80 317,724 03/31/2017 0.59% 0.76%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.79 1,325,442 09/30/2016 0.59% 2.10%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.45 $73.03 1,683,323 06/30/2016 0.57% 20.74%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.64 $10.59 919,428 06/30/2016 0.50% 18.07%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.34 $19.25 43,670 09/15/2016 0.47% 1.99%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.00 1,294,092 09/30/2016 0.43% 1.53%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.56 $37.41 157,637 12/31/2016 0.39% 0.73%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.06 40,057 09/30/2016 0.31% 1.10%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.16 2,106,794 09/30/2016 0.30% 1.07%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $116.12 $115.79 374,829 12/31/2016 0.29% 0.54%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.68 409,621 06/30/2016 0.26% 9.58%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.95 878,935 09/30/2016 0.24% 0.85%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.88 $14.85 15,340,251 09/30/2016 0.22% 0.79%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $24.30 $24.25 939,464 09/30/2016 0.22% 0.77%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.45 3,884,174 12/31/2016 0.20% 0.37%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.86 2,238,169 07/31/2016 0.19% 1.66%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.98 300,397 09/30/2016 0.18% 0.65%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.92 782,513 12/31/2016 0.12% 0.23%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.17 4,855,360 09/30/2016 0.08% 0.29%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.47 58,395 06/30/2016 0.08% 2.92%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.88 7,573,485 06/30/2016 0.06% 2.09%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.98 912,645 12/31/2016 0.03% 0.06%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.00 2,626,247 12/31/2016 0.00% 0.00%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.70 173,201 06/30/2016 0.00% 0.00%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.43 $18.44 39,047 06/30/2016 -0.06% -2.33%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.63 1,940,220 06/30/2016 -0.29% -10.57%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.12 588,499 12/31/2016 -0.40% -0.75%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.27 273,493 12/31/2016 -0.44% -0.83%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.11 $16.19 4,689,858 09/30/2016 -0.50% -1.79%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.36 266,559 09/30/2016 -0.60% -2.14%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.15 $17.28 148,180 03/31/2017 -0.77% -0.99%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -2.77%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $20.62 $20.79 1,407,054 06/30/2016 -0.83% -30.43%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $37.37 1,384,557 09/30/2016 -0.99% -3.54%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $24.35 $24.65 2,106,146 12/31/2016 -1.23% -2.32%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.95 745,709 06/30/2016 -1.33% -48.38%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.63 $15.88 2,297,767 05/31/2017 -1.56% -1.65%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.61 $11.81 1,161,509 09/30/2016 -1.70% -6.10%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.45 1,043,185 12/15/2016 -1.78% -3.64%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.92 532,886 06/30/2016 -2.17% -79.35%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.51 $20.08 144,799 07/01/2016 -2.84% -94.08%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.84 $13.35 80,600 06/30/2016 -3.82% -139.49%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.25 $16.08 24,604 09/30/2016 -5.14% -18.40%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.77 $42.58 534,777 09/30/2016 -6.60% -23.63%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.47 $1.69 1,158,568 12/31/2016 -13.22% -24.87%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.70 $10.67 337,760 03/31/2015 -46.61% 38.06%

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

Leave A Comment

Insider Weekends: June 17, 2016

Bookmark and Share

June 19, 2016 | Insider Buying | Author Asif

Welcome to edition 313 of Insider Weekends. Insider buying declined last week with insiders buying $81.74 million of stock compared to $136.88 million in the week prior. Selling also decreased with insiders selling $1.15 billion of stock last week compared to $1.28 billion in the week prior.

One of the insider purchases that has not been making our list for the last two weeks because it is a purchase by a 10% owner was the purchase of Land’s End (LE) by Eddie Lampert. For those of you who have been following the train wreck called Sears Holdings (SHLD), you would recollect that Land’s End was one of several companies spun out of Sears over the last few years. If you haven’t followed the Sears saga, Business Insider covers it in great detail in an article published last week called Sears’ obsession with Wall Street is killing the retailer for good.

Some deep value investors including Bruce Berkowitz of Fairholme Capital Management believe there is a lot of value in Sears as you can see from Fairholme’s purchases of Sears but the vast majority of investors have lost confidence in Mr. Lampert’s ability to turn around the company. It is interesting that Mr. Lampert continues to buy shares of both Land’s End (LE) and Sears Hometown & Outlet Stores (SHOS) after their spin-offs from Sears. It is possible that Mr. Berkowitz is doing the same but doesn’t have to report those additional purchases because Fairholme is not a 10% owner in those companies. The possibility that this trio of companies represent bargains with tremendous potential certainly exists but thus far it has been challenging for investors who are not as close to the companies as Mr. Lampert to see that potential.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week went up to 14.06. In other words, insiders sold more than 14 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 9.35. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio June 17, 2016

Insider Sell Buy Ratio June 17, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Valeant Pharmaceuticals International, Inc. (VRX): $22.04

Chairman & CEO Joseph C. Papa acquired 202,000 shares of this Canadian pharmaceutical company, paying $24.48 per share for a total amount of $4.94 million. Mr. Papa increased his stake by 9.02% to 2,442,199 shares with this purchase.

Speaking of train wrecks, there hasn’t been a greater one on Wall Street this year than Valeant, which has seen its stock drop nearly 80% since the start of the year and wiping out $27 billion in shareholder value in the process. With its business model in jeopardy and a leveraged balance sheet lumbering under $30.67 billion on net debt, this is an incredibly complex situation. Whether this purchase by the new CEO is because he sees values in the company or because he is signaling the market remains to be seen.

You can view the list of recent insider transactions for Valeant Pharmaceuticals International, Inc. here.

P/E: N/A Forward P/E: 2.79 Industry P/E: N/A
P/S: 0.72 Price/Book: 1.36 EV/EBITDA: 7.73
Market Cap: $7.56B Avg. Daily Volume: 35,197,200 52 Week Range: $21.95 – $263.81

2. The Brink’s Company (BCO): $29

Shares of this security & protection services provider were acquired by 2 insiders:

  • President and CEO Douglas A. Pertz acquired 83,696 shares, paying $29.87 per share for a total amount of $2.5 million. Mr. Pertz increased his stake by 5072.48% to 85,346 shares with this purchase. These shares were purchased through a private, negotiated transaction between the Issuer and the reporting person.
  • Director George I. Stoeckert acquired 7,300 shares, paying $29.19 per share for a total amount of $213,107.

You can view the list of recent insider transactions for The Brink’s Company here.

P/E: N/A Forward P/E: 13.43 Industry P/E: 26.69
P/S: 0.48 Price/Book: 4.28 EV/EBITDA: 7.73
Market Cap: $1.43B Avg. Daily Volume: 279,483 52 Week Range: $25.8 – $35.35

3. Advanced Drainage Systems, Inc. (WMS): $26.26

Chairman, President & CEO Joseph A. Chlapaty acquired 100,500 shares of this thermoplastic corrugated pipes company, paying $26.51 per share for a total amount of $2.66 million. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Advanced Drainage Systems, Inc. here.

P/E: 87.53 Forward P/E: N/A Industry P/E: 15.13
P/S: 1.11 Price/Book: 6.76 EV/EBITDA: 11.91
Market Cap: $1.43B Avg. Daily Volume: 478,452 52 Week Range: $17.72 – $33.18

4. JMP Group LLC (JMP): $5.56

CEO Joseph A. Jolson acquired 489,221 shares of this financial services firm, paying $5.33 per share for a total amount of $2.61 million. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for JMP Group LLC here.

P/E: 34.53 Forward P/E: 8.69 Industry P/E: 21.75
P/S: 0.85 Price/Book: 0.97 EV/EBITDA: N/A
Market Cap: $117.50M Avg. Daily Volume: 45,445 52 Week Range: $4.95 – $8.18

5. Connecture, Inc. (CNXR): $2.43

Shares of this health insurance distributor were acquired by 7 insiders:

  • Director Ezra Perlman acquired 1,550,286 shares, paying $1.27 per share for a total amount of $1.98 million. These shares were purchased indirectly by Francisco Partners.
  • Chief Executive Officer Jeff Surges acquired 75,000 shares, paying $1.69 per share for a total amount of $126,456. Mr. Surges increased his stake by 12.93% to 655,000 shares with this purchase.
  • Director David A. Jones acquired 57,696 shares, paying $1.64 per share for a total amount of $94,452. These shares were purchased indirectly through a trust.
  • Director A. John Ansay acquired 25,000 shares, paying $1.58 per share for a total amount of $39,500. Mr. Ansay increased his stake by 175.44% to 39,250 shares with this purchase.
  • Director Vickie L. Capps acquired 15,000 shares, paying $1.61 per share for a total amount of $24,150. Ms. Capps increased his stake by 105.26% to 29,250 shares with this purchase.
  • CFO & Secretary James P. Purko acquired 7,500 shares, paying $1.78 per share for a total amount of $13,350. Mr. Purko increased his stake by 60.00% to 20,000 shares with this purchase.
  • Executive VP, Strategy & Corporate Development David A. Sockel acquired 4,635 shares, paying $1.54 per share for a total amount of $7,138. Mr. Sockel increased his stake by 45.79% to 14,758 shares with this purchase.

You can view the list of recent insider transactions for Connecture, Inc. here.

P/E: N/A Forward P/E: 15.19 Industry P/E: N/A
P/S: 0.56 Price/Book: N/A EV/EBITDA: 29.72
Market Cap: $53.93M Avg. Daily Volume: 181,011 52 Week Range: $1.15 – $11.99

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Facebook, Inc. (FB): $113.02

Shares of Facebook were sold by 4 insiders:

  • Director Jan Koum sold 1,701,902 shares for $114.48, generating $194.83 million from the sale. These shares were sold indirectly through a trust.
  • VP Marketing & Business Partnerships David B. Fischer sold 23,625 shares for $114.59, generating $2.71 million from the sale.
  • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $114.07, generating $2.28 million from the sale.
  • Chief Product Officer Christopher K. Cox sold 15,600 shares for $115.00, generating $1.79 million from the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 69.13 Forward P/E: 24.52 Industry P/E: 28.41
P/S: 16.55 Price/Book: 6.91 EV/EBITDA: 32.08
Market Cap: $323.27B Avg. Daily Volume: 25,776,700 52 Week Range: $72 – $121.08

2. Workday, Inc. (WDAY): $78.6

Shares of this application software company were sold by 5 insiders:

  • Chairman David A. Duffield sold 346,500 shares for $79.87, generating $27.68 million from the sale. These shares were sold indirectly by the Dave & Cheryl Duffield Foundation.
  • Co-President Philip W. Wilmington sold 36,818 shares for $79.85, generating $2.94 million from the sale.
  • Co-President Mark S. Peek sold 17,158 shares for $80.71, generating $1.38 million from the sale.
  • Director George J. Still Jr. sold 10,000 shares for $79.06, generating $790,572 from the sale. These shares were sold indirectly through a trust.
  • Director Michael M. McNamara sold 3,400 shares for $80.39, generating $273,326 from the sale. These shares were sold indirectly through Flextronics International USA, Inc. 2005 Senior Executive Deferred Compensation Plan.

You can view the list of recent insider transactions for Workday, Inc. here.

P/E: N/A Forward P/E: 262 Industry P/E: 44.97
P/S: 12.43 Price/Book: 13.85 EV/EBITDA: -71.59
Market Cap: $15.48B Avg. Daily Volume: 1,670,840 52 Week Range: $47.32 – $85.67

3. Zayo Group Holdings, Inc. (ZAYO): $26.97

Shares of this bandwidth infrastructure solutions provider were sold by 2 insiders:

  • President & COO Christopher Morley sold 200,000 shares for $27.30, generating $5.46 million from the sale. 382 of these shares were sold indirectly by Mango Holdings LLC.
  • Director Richard W. Connor sold 15,000 shares for $27.05, generating $405,750 from the sale.

You can view the list of recent insider transactions for Zayo Group Holdings, Inc. here.

P/E: N/A Forward P/E: 122.59 Industry P/E: N/A
P/S: 4.16 Price/Book: 5.35 EV/EBITDA: 14.43
Market Cap: $6.53B Avg. Daily Volume: 1,475,940 52 Week Range: $19.59 – $29.62

4. Juno Therapeutics Inc. (JUNO): $42.4

Shares of this biotech company were sold by 2 insiders:

  • CEO & President Hans Edgar Bishop sold 90,750 shares for $46.42, generating $4.21 million from the sale. 54,000 of these shares were sold as a result of exercising options immediately prior to the sale.
  • CFO & Head, Corp. Development Steve Harr sold 30,000 shares for $43.32, generating $1.29 million from the sale.

You can view the list of recent insider transactions for Juno Therapeutics Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 155.2 Price/Book: 3.58 EV/EBITDA: -13.92
Market Cap: $4.47B Avg. Daily Volume: 1,061,730 52 Week Range: $22.37 – $59.6

5. Douglas Emmett Inc (DEI): $34

Chairman of the Board Dan A. Emmett sold 140,000 shares of this apartment REIT for $33.85, generating $4.74 million from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for Douglas Emmett Inc here.

P/E: 93.66 Forward P/E: 18.09 Industry P/E: 19.3
P/S: 7.63 Price/Book: 2.64 EV/EBITDA: 23.86
Market Cap: $5.03B Avg. Daily Volume: 1,038,070 52 Week Range: $24.73 – $34.7

You can view the full list of sales from this Insider Sales page.

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

Leave A Comment

Merger Arbitrage Mondays – June 13, 2016

Bookmark and Share

June 12, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased significantly last week with two new deals announced and two deals 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 91
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 60
Stock Deals 18
Stock & Cash Deals 14
Special Conditions 11
Total Number of Pending Deals 103
Total Deal Size $886.22 billion

New Deals:

  1. The acquisition of LDR Holding Corporation (LDRH) by Zimmer Biomet Holdings (ZBH) for $1 billion or $37.00 per share in cash.
  2. The acquisition of Axiall Corporation (AXLL) by Westlake Chemical Corporation (WLK) for $3.8 billion or $33.00 per share in cash.

Deal Updates:

  1. On June 8, 2016, Polycom (PLCM), which agreed to be acquired by Mitel Networks (MITL) said that it had received a revised offer from a private equity firm identified only as “Sponsor 1″ to take it private for a new offer of $12.25 per share.
  2. On June 9, 2016, The U.S. Federal Trade Commission approved the merger of pipeline companies Energy Transfer Equity (ETE) and Williams Companies (WMB). The commission said it would approve the merger on condition that the companies agree to sell Williams’ 50 percent stake in an interstate natural gas pipeline that serves Florida, particularly its electric power companies.
  3. On June 10, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to June 23, 2016.

Closed Deals:

  1. The acquisition of Waste Connections (WCN) by Progressive Waste Solutions (BIN) on June 1, 2016. It took 134 days for this deal to be completed.
  2. The acquisition of Alliance Fiber Optic Products (AFOP) by Corning (GLW) on June 6, 2016. It took 60 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 $22.04 06/30/2016 97.37% 2090.56%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.16 $128.08 12/31/2016 33.63% 61.08%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.78 12/31/2016 30.90% 56.12%
HUM 07/03/2015 Aetna Inc. (AET) $225.94 $186.76 12/31/2016 20.98% 38.09%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.63 06/30/2016 18.43% 395.64%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.83 12/31/2016 14.94% 27.13%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $35.21 12/31/2016 10.48% 19.03%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $6.06 12/31/2016 9.90% 17.98%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.99 12/31/2016 9.09% 16.51%
TIVO 04/29/2016 Rovi Corporation (ROVI) $10.70 $9.82 09/30/2016 8.96% 30.01%

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 $22.04 8,063,423 06/30/2016 97.37% 2090.56%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.16 $128.08 1,103,534 12/31/2016 33.63% 61.08%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.78 323,096 12/31/2016 30.90% 56.12%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.94 $186.76 323,650 12/31/2016 20.98% 38.09%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.63 199,860 06/30/2016 18.43% 395.64%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.83 51,708,965 12/31/2016 14.94% 27.13%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.21 703,166 12/31/2016 10.48% 19.03%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.06 8,312 12/31/2016 9.90% 17.98%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.99 6,250 12/31/2016 9.09% 16.51%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.82 3,532,114 09/30/2016 8.96% 30.01%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.19 448,403 08/31/2016 8.81% 40.72%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.20 566,700 12/31/2016 8.06% 14.64%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.56 525,257 12/31/2016 7.83% 14.21%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $73.89 1,441,382 06/30/2016 7.63% 163.88%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 72,855 09/30/2016 6.94% 23.24%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 30,169 08/15/2016 6.56% 37.99%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.37 2,091,210 03/31/2017 6.44% 8.08%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.57 11,357 06/30/2016 6.07% 130.26%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.41 $13.60 176,256 08/15/2016 5.93% 34.35%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.785 833,549 06/30/2016 5.68% 121.96%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.90 120,933 03/31/2017 5.56% 6.97%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.81 17,481 09/30/2016 4.99% 16.71%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.52 $11.95 1 12/31/2016 4.80% 8.71%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.93 837,525 03/31/2017 4.70% 5.89%
+ 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 $2.41 561,260 06/30/2016 4.15% 89.09%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.17 143,221 12/31/2016 3.69% 6.69%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.19 $77.35 1,604,086 12/31/2016 3.67% 6.66%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.90 N/A 12/31/2016 3.49% 6.33%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.19 $45.74 356,882 12/31/2016 3.18% 5.77%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.70 21,926 06/30/2016 2.18% 46.80%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.16 902,811 12/31/2016 2.09% 3.80%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.84 150,353 12/31/2016 2.07% 3.76%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.74 1,327,266 12/31/2016 1.89% 3.44%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.02 338,693 01/01/2017 1.75% 3.16%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.24 $43.49 2,474,646 09/30/2016 1.72% 5.76%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.20 $15.93 1,774,150 12/31/2016 1.72% 3.12%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.00 7,610,399 09/30/2016 1.67% 5.58%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.88 $15.62 234,211 12/31/2016 1.66% 3.02%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.00 $0.98 102,747 09/30/2016 1.62% 5.43%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.79 17,006 06/30/2016 1.52% 32.70%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.21 $37.64 13,487 12/31/2016 1.52% 2.75%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.11 27,284 08/15/2016 1.37% 7.95%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.56 38,134,692 12/31/2016 1.35% 2.45%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.68 698,248 09/30/2016 1.30% 4.34%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.11 $21.85 1,474,464 09/30/2016 1.21% 4.05%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.18 116,466 12/31/2016 1.20% 2.17%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.45 15,649 07/31/2016 1.12% 8.54%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.85 843,939 12/31/2016 1.08% 1.97%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.63 $10.52 3,812,176 09/30/2016 1.05% 3.50%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.44 $16.28 1,722,434 09/30/2016 1.01% 3.37%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.71 122,815 03/31/2017 0.86% 1.08%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.36 $25.16 453,394 09/30/2016 0.79% 2.66%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.73 800,914 09/30/2016 0.76% 2.53%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 10,058 06/30/2016 0.76% 16.22%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.19 $72.67 702,419 06/30/2016 0.71% 15.22%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.86 376,441 06/23/2016 0.70% 25.73%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.75 625,967 01/31/2017 0.70% 1.11%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.43 $17.31 15,551 03/31/2017 0.69% 0.87%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.68 1,593,940 06/30/2016 0.63% 13.62%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.84 1,130,950 09/30/2016 0.60% 2.02%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.65 $18.55 27,717 12/31/2016 0.53% 0.96%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.73 88,747 11/15/2016 0.51% 1.21%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.86 $19.76 14,460 09/15/2016 0.50% 1.96%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $19.45 $19.36 21,193 06/30/2016 0.48% 10.26%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.00 794,016 09/30/2016 0.43% 1.44%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $323.4 million $13.12 $13.07 784,067 09/30/2016 0.38% 1.28%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $117.72 $117.29 179,428 12/31/2016 0.37% 0.67%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.90 183,574 12/31/2016 0.33% 0.61%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.77 $17.71 657,423 12/31/2016 0.32% 0.58%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.70 220,025 09/30/2016 0.28% 0.95%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.42 196,387 06/30/2016 0.24% 5.14%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.07 28,540 09/30/2016 0.23% 0.77%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.18 1,354,990 09/30/2016 0.20% 0.67%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.70 768,557 06/30/2016 0.19% 4.02%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.14 $21.11 354,578 06/30/2016 0.15% 3.28%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.93 942,231 12/31/2016 0.11% 0.19%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.29 275,000 12/31/2016 0.10% 0.18%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.12 $11.11 388,145 06/30/2016 0.10% 2.08%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.98 476,338 09/30/2016 0.10% 0.32%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.21 9,754 12/31/2016 0.09% 0.16%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.19 2,436,280 09/30/2016 0.06% 0.20%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $36.98 1,169,450 09/30/2016 0.05% 0.18%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $25.99 327,815 12/31/2016 0.04% 0.07%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.24 1,019,436 09/30/2016 0.03% 0.11%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $11.00 147,426 09/30/2016 0.00% 0.00%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.70 588,879 06/30/2016 0.00% 0.00%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $75.00 2,306,798 07/31/2016 0.00% 0.00%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.53 4,249,061 12/31/2016 -0.12% -0.21%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.04 729,797 12/31/2016 -0.16% -0.29%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.66 1,380,076 06/30/2016 -0.40% -8.54%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $60.33 341,423 12/31/2016 -0.55% -0.99%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.86 $15.97 2,046,039 05/31/2017 -0.70% -0.72%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.38 144,952 09/30/2016 -0.71% -2.37%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 3,646 09/30/2016 -0.78% -2.60%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.18 $25.50 1,225,046 12/31/2016 -1.26% -2.29%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.27 $13.44 17,021 06/30/2016 -1.30% -27.88%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.67 $20.19 27,766 09/30/2016 -2.59% -8.69%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.62 373,164 12/15/2016 -2.72% -5.37%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.48 $11.89 883,140 09/30/2016 -3.47% -11.61%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.42 $16.05 1,099 09/30/2016 -3.91% -13.08%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $40.96 $43.05 323,441 09/30/2016 -4.85% -16.24%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.95 41,388 06/30/2016 -5.26% -113.00%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.52 $10.16 66,786 03/31/2015 -45.63% 37.85%

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

Leave A Comment

Insider Weekends: June 10, 2016

Bookmark and Share

June 12, 2016 | Insider Buying | Author Asif

Welcome to edition 312 of Insider Weekends. Insider buying declined last week with insiders buying $136.88 million of stock compared to $150.44 million in the week prior. Selling increased with insiders selling $1.28 billion of stock last week compared to $1.15 billion in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week went up to 9.35. In other words, insiders sold more than 9 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 7.67. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio June 10, 2016

Insider Sell Buy Ratio June 10, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Advance Auto Parts Inc. (AAP): $153.02

Shares of this auto parts retailer were acquired by 2 insiders:

  • Director Jeffrey C. Smith acquired 397,624 shares, paying $154.84 per share for a total amount of $61.57 million. These shares were purchased indirectly through various Starboard Value funds.
  • CEO Thomas Greco acquired 6,700 shares, paying $150.82 per share for a total amount of $1.01 million. Mr. Greco increased his stake by 22.94% to 35,904 shares with this purchase.

If you haven’t followed the activism of Jeff Smith, this 2014 profile of him in Fortune aptly titled Starboard Value’s Jeff Smith: The investor CEOs fear most makes for an interesting read.

Trading at 10 times EBITDA and nearly 30 times FCF, this auto parts retailer with over 5,100 stores and declining sales isn’t exactly a deep value company. The stock is off nearly 24% from its 52 week high set back in November and it hasn’t participated in the recent market rally.

However if you look beyond the immediate past and consider the record sales most auto manufacturers have been reporting, it stands to reason that this indicates strong tailwinds for auto parts companies, especially the ones that provide aftermarket parts like Advance Auto Parts does.

You can view the list of recent insider transactions for Advance Auto Parts Inc. here.

P/E: 23.39 Forward P/E: 17.37 Industry P/E: 23.04
P/S: 1.19 Price/Book: 4.38 EV/EBITDA: 10
Market Cap: $11.26B Avg. Daily Volume: 968,002 52 Week Range: $131.59 – $201.24

2. Public Storage (PSA): $241.79

Director B. Wayne Hughes acquired 22,100 shares of this equity real estate investment trust, paying $252.42 per share for a total amount of $5.58 million. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Public Storage here.

P/E: 38.82 Forward P/E: 22.77 Industry P/E: 38.54
P/S: 17.05 Price/Book: 8.38 EV/EBITDA: 25.62
Market Cap: $41.92B Avg. Daily Volume: 776,434 52 Week Range: $182.08 – $277.6

3. The Medicines Company (MDCO): $37.26

EVP & Chief Corporate Development Officer Christopher T. Cox acquired 99,325 shares of this pharmaceutical company, paying $37.71 per share for a total amount of $3.75 million. 65,655 of these shares were purchased indirectly by Mr. Cox’s immediate family members.

You can view the list of recent insider transactions for The Medicines Company here.

P/E: N/A Forward P/E: N/A Industry P/E: 27.01
P/S: 10.69 Price/Book: 4.13 EV/EBITDA: -9.46
Market Cap: $2.59B Avg. Daily Volume: 952,302 52 Week Range: $25.38 – $43.79

4. Cheniere Energy, Inc. (LNG): $34.22

CEO and President Jack A. Fusco acquired 44,762 shares of this liquefied natural gas company, paying $33.51 per share for a total amount of $1.49 million. Mr. Fusco increased his stake by 20.92% to 258,762 shares with this purchase. 22,381 of these shares were acquired indirectly by Fusco Energy Investments.

You can view the list of recent insider transactions for Cheniere Energy, Inc. here.

P/E: N/A Forward P/E: 97.77 Industry P/E: 29.39
P/S: 31.05 Price/Book: N/A EV/EBITDA: -96.34
Market Cap: $8.06B Avg. Daily Volume: 2,406,360 52 Week Range: $22.8 – $74.48

5. Pinnacle Entertainment, Inc (PNK): $11.7

Shares of this casino operator were acquired by 2 insiders:

  • Chief Executive Officer Anthony Michael Sanfilippo acquired 81,000 shares, paying $10.92 per share for a total amount of $884,426. Mr. Sanfilippo increased his stake by 15.42% to 606,293 shares with this purchase. 12,000 of these shares were purchased indirectly through a trust and 3,500 of these shares were purchased indirectly by Mr. Sanfilippo’s daughter.
  • President and CFO Carlos Ruisanchez acquired 30,000 shares, paying $11.07 per share for a total amount of $332,000. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Pinnacle Entertainment, Inc here.

P/E: N/A Forward P/E: N/A Industry P/E: 23.87
P/S: N/A Price/Book: N/A EV/EBITDA: N/A
Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $9.72 – $11.9

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Bruker Corporation (BRKR): $24.8

Director Joerg C. Laukien sold 2,000,000 shares of this scientific instruments company for $25.65, generating $51.3 million from the sale.

You can view the list of recent insider transactions for Bruker Corporation here.

P/E: 35.38 Forward P/E: 21.38 Industry P/E: 30.77
P/S: 2.53 Price/Book: 5.92 EV/EBITDA: 16.35
Market Cap: $4.04B Avg. Daily Volume: 1,128,410 52 Week Range: $15.78 – $29.85

2. ServiceNow, Inc. (NOW): $74.03

Shares of this software-as-a-service provider were sold by 2 insiders:

  • Chief Product Officer Frederic B. Luddy sold 195,000 shares for $76.01, generating $14.82 million from the sale. These shares were sold indirectly through a trust.
  • Chief Revenue Officer David Schneider sold 12,500 shares for $74.35, generating $929,379 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for ServiceNow, Inc. here.

P/E: N/A Forward P/E: 71.87 Industry P/E: 22.51
P/S: 11.19 Price/Book: 40.69 EV/EBITDA: -113.76
Market Cap: $12.06B Avg. Daily Volume: 1,824,930 52 Week Range: $46 – $91.28

3. Gentex Corp. (GNTX): $15.98

Chairman of the Board & CEO Fred Bauer sold 351,700 shares of this auto and aerospace parts company for $16.45, generating $5.79 million from the sale.

You can view the list of recent insider transactions for Gentex Corp. here.

P/E: 14.53 Forward P/E: 12.48 Industry P/E: 15.57
P/S: 2.98 Price/Book: 2.69 EV/EBITDA: 7.57
Market Cap: $4.62B Avg. Daily Volume: 2,034,210 52 Week Range: $12.93 – $17.4

4. Cimpress N.V. (CMPR): $93.28

CEO, President Robert S. Keane sold 87,354 shares of this business services company (operator of Vistaprint) for $100.11, generating $8.75 million from the sale. These shares were sold indirectly through various trusts and entities.

You can view the list of recent insider transactions for Cimpress N.V. here.

P/E: 98.19 Forward P/E: 19.47 Industry P/E: 22.28
P/S: 1.77 Price/Book: 19.79 EV/EBITDA: 15.81
Market Cap: $2.94B Avg. Daily Volume: 207,097 52 Week Range: $63.15 – $101.77

5. Palo Alto Networks, Inc. (PANW): $131.26

President & CEO Mark D. McLaughlin sold 61,423 shares of this network security company for $138.43, generating $8.5 million from the sale. 35,000 of these shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Palo Alto Networks, Inc. here.

P/E: N/A Forward P/E: 49.91 Industry P/E: 20
P/S: 9.58 Price/Book: 18.33 EV/EBITDA: -79.86
Market Cap: $11.76B Avg. Daily Volume: 1,853,620 52 Week Range: $111.09 – $200.55

You can view the full list of sales from this Insider Sales page.

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

Leave A Comment

Merger Arbitrage Mondays – June 6, 2016

Bookmark and Share

June 5, 2016 | Merger Arbitrage | Author Asif

Merger activity increased significantly last week with twelve new deals announced and three deals closing. Out of the twelve new deals announced, seven of them were worth over $1 billion and all of the deals together were worth nearly $30 billion.

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 89
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 59
Stock Deals 19
Stock & Cash Deals 14
Special Conditions 11
Total Number of Pending Deals 103
Total Deal Size $881.42 billion

New Deals:

  1. The acquisition of Westar Energy (WR) by Great Plains Energy Incorporated (GXP) for $12.2 billion in a cash plus stock deal. Under the terms of the agreement, Westar shareholders will receive $60.00 per share of total consideration for each share of Westar common stock, consisting of $51.00 in cash and $9.00 in Great Plains Energy common stock, subject to a 7.5 percent collar based upon the Great Plains Energy common stock price at the time of the closing of the transaction, with the exchange ratio for the stock consideration ranging between 0.2709 to 0.3148 shares of Great Plains Energy common stock for each Westar share of common stock, representing a consideration mix of 85 percent cash and 15 percent stock.
  2. The acquisition of SciQuest (SQI) by affiliates of Accel-KKR for $509 million or $17.75 per share in cash.
  3. The acquisition of Celator Pharmaceuticals (CPXX) by Jazz Pharmaceuticals Public Limited Company (JAZZ) for approximately $1.5 billion or $30.25 per share in cash.
  4. The acquisition of Marketo (MKTO) by Vista Equity Partners for $1.79 billion or $35.25 per share in cash.
  5. The acquisition of Electro Rent Corporation (ELRC) by Platinum Equity for $323.4 million or $13.12 per share in cash.
  6. The acquisition of Rose Rock Midstream (RRMS) by SemGroup Corporation (SEMG) in an all stock deal for $1.74 billion. Under the terms of the agreement, shareholders of Rose Rock Midstream will receive 0.8136 SemGroup common shares per Rose Rock common unit.
  7. The acquisition of E-Commerce China Dangdang (DANG) by Dangdang Holding Company Limited and Dangdang Merger Company Limited in a going private transaction for $556 million. Under the terms of the agreement, shareholders of E-Commerce China Dangdang will receive $6.70 per American depositary share of the Company, each ADS representing five Class A Shares of the Company.
  8. The acquisition of Demandware (DWRE) by salesforce.com (CRM) for $2.8 billion or $75.00 per share in cash.
  9. The acquisition of Qlik Technologies (QLIK) by Thoma Bravo for $3 billion or $30.50 per share in cash.
  10. The acquisition of The First Marblehead Corporation (FMD) by FP Resources USA for $65.5 million or $5.05 per share in cash.
  11. The acquisition of Polonia Bancorp (PBCP) by Prudential Bancorp (PBIP) for $38.1 million. Under the terms of the agreement, shareholders of Polonia Bancorp will be entitled to elect to receive either 0.7591 shares of Prudential common stock or $11.28 in cash for each common share of Polonia, subject to proration and allocation to ensure that 50% of outstanding Polonia shares are exchanged for shares of Prudential common stock and 50% are exchanged for cash.
  12. The acquisition of Talen Energy Corporation (TLN) by affiliates of Riverstone Holdings for $5.2 billion or $14.00 per share in cash.

Closed Deals:

  1. The acquisition of Fuel Systems Solutions (FSYS) by Westport Innovations (WPRT) on June 1, 2016. It took 274 days for this deal to be completed.
  2. The acquisition of SL Industries (SLI) by Handy & Harman (HNH) on June 1, 2016. It took 55 days for this deal to be completed.
  3. The acquisition of Baxalta Incorporated (BXLT) by Shire (SHPG) on June 3, 2016. It took 144 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 $22.83 06/30/2016 90.54% 1376.94%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.32 $129.70 12/31/2016 32.09% 56.32%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.83 12/31/2016 30.75% 53.96%
HUM 07/03/2015 Aetna Inc. (AET) $225.53 $186.20 12/31/2016 21.12% 37.07%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.95 06/30/2016 16.78% 255.13%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.72 12/31/2016 16.58% 29.10%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.54 06/30/2016 12.99% 197.62%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.76 12/31/2016 11.91% 20.90%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.985 12/31/2016 9.64% 16.92%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $37.22 12/31/2016 8.81% 15.46%

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 $22.83 4,752,652 06/30/2016 90.54% 1376.94%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.32 $129.70 1,236,872 12/31/2016 32.09% 56.32%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.83 204,030 12/31/2016 30.75% 53.96%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.53 $186.20 1,094,103 12/31/2016 21.12% 37.07%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.95 289,455 06/30/2016 16.78% 255.13%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.72 5,438,038 12/31/2016 16.58% 29.10%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.54 126,852 06/30/2016 12.99% 197.62%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.76 1,025,823 12/31/2016 11.91% 20.90%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.985 30,850 12/31/2016 9.64% 16.92%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.22 700,257 12/31/2016 8.81% 15.46%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.21 456,491 08/31/2016 8.58% 36.41%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.88 886,047 09/30/2016 8.30% 26.12%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.88 203,433 03/31/2017 7.95% 9.74%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.71 880,395 09/30/2016 7.22% 22.71%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 18,045 09/30/2016 6.94% 21.83%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.29 1,362,448 12/31/2016 6.52% 11.44%
+ 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 $2.36 1,721,553 06/30/2016 6.36% 96.66%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.47 4,480,839 03/31/2017 6.25% 7.66%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $75.00 948,577 06/30/2016 6.04% 91.86%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.39 $13.60 133,739 08/15/2016 5.84% 30.44%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.68 $12.01 11,578 12/31/2016 5.59% 9.82%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.76 24,120 06/30/2016 5.22% 79.37%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.09 131,467 08/15/2016 5.18% 27.00%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $0.98 $0.94 680,187 09/30/2016 4.77% 14.99%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.20 401,789 03/31/2017 4.44% 5.43%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.85 53,569 12/31/2016 3.96% 6.95%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.40 $44.78 1,456,766 12/31/2016 3.63% 6.37%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.87 $78.27 2,549,140 12/31/2016 3.32% 5.82%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.18 63,364 12/31/2016 3.21% 5.63%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.4601 12,794 12/31/2016 3.09% 5.43%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.49 $43.26 2,220,583 09/30/2016 2.84% 8.92%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $16.97 $16.54 29,614 03/31/2017 2.62% 3.20%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.61 $37.68 32,118 12/31/2016 2.46% 4.31%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.14 120,982 12/31/2016 2.17% 3.81%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.02 1,899 08/15/2016 2.07% 10.81%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.65 $18.29 2,786 12/31/2016 1.96% 3.44%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.88 214,181 12/31/2016 1.94% 3.41%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.79 18,352 06/30/2016 1.93% 29.35%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.98 292,696 01/01/2017 1.82% 3.18%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.06 $15.80 431,906 12/31/2016 1.65% 2.89%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.78 26,348 06/30/2016 1.60% 24.28%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.38 910,212 12/31/2016 1.54% 2.69%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.22 $15.97 1,847,526 12/31/2016 1.53% 2.69%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.10 4,230,176 09/30/2016 1.33% 4.18%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.82 $22.55 1,572,493 09/30/2016 1.19% 3.76%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.68 943,291 06/30/2016 1.19% 18.11%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.455 20,481 07/31/2016 1.01% 6.70%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $19.38 $19.20 23,355 06/30/2016 0.95% 14.40%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.46 $16.31 2,596,345 09/30/2016 0.92% 2.88%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.88 1,552,861 12/31/2016 0.86% 1.52%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.94 $10.86 1,807,800 09/30/2016 0.76% 2.40%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.74 327,332 09/30/2016 0.73% 2.29%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.65 1,994,364 06/30/2016 0.72% 10.97%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.71 161,793 11/15/2016 0.72% 1.62%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.81 998,677 09/30/2016 0.69% 2.17%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.15 33,127 12/31/2016 0.63% 1.10%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.55 $73.10 593,580 06/30/2016 0.62% 9.36%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.85 397,562 09/30/2016 0.60% 1.90%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.31 282,251 06/30/2016 0.57% 8.67%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.89 538,727 06/09/2016 0.55% 67.29%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.84 136,557 03/31/2017 0.47% 0.58%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.04 15,143 09/30/2016 0.46% 1.45%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $323.4 million $13.12 $13.06 109,582 09/30/2016 0.46% 1.45%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.67 369,337 09/30/2016 0.45% 1.42%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $120.78 $120.24 152,438 12/31/2016 0.45% 0.79%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.59 $17.51 417,855 12/31/2016 0.44% 0.78%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.74 880,140 12/31/2016 0.40% 0.69%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.74 1,963,677 07/31/2016 0.35% 2.31%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.99 19,045 06/30/2016 0.25% 3.81%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.54 $21.49 348,285 06/30/2016 0.24% 3.70%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.93 256,267 12/31/2016 0.23% 0.41%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.28 $11.26 640,844 06/30/2016 0.14% 2.09%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.97 768,214 12/31/2016 0.12% 0.21%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.29 415,178 12/31/2016 0.10% 0.17%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.99 261,944 09/30/2016 0.09% 0.29%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.22 1,952,235 09/30/2016 0.09% 0.27%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.73 1,437,848 06/30/2016 0.07% 1.14%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.99 13,291,281 12/31/2016 0.07% 0.13%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $25.99 4,342,356 12/31/2016 0.04% 0.07%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.88 $11.88 937,624 09/30/2016 0.03% 0.10%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.99 $15.99 5,264,036 05/31/2017 0.02% 0.02%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.50 317,543 06/30/2016 0.00% 0.00%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $107.52 612,465 01/31/2017 -0.02% -0.03%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.51 3,803,911 12/31/2016 -0.04% -0.07%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.30 3,457,193 09/30/2016 -0.05% -0.16%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.76 $19.79 9,790 09/15/2016 -0.14% -0.50%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.59 1,425,295 06/30/2016 -0.14% -2.20%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $60.09 339,765 12/31/2016 -0.15% -0.26%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.31 1,309,288 09/30/2016 -0.20% -0.62%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $26.91 $26.97 364,951 09/30/2016 -0.21% -0.65%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.35 646,790 09/30/2016 -0.54% -1.71%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.07 831,815 09/30/2016 -0.57% -1.78%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.15 405,560 09/30/2016 -0.71% -2.23%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.15 $13.27 7,912 06/30/2016 -0.94% -14.31%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.81 $26.19 796,841 12/31/2016 -1.44% -2.53%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.88 $20.32 12,311 09/30/2016 -2.16% -6.81%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.20 700 09/30/2016 -2.29% -7.21%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.61 $16.04 5,165 09/30/2016 -2.67% -8.40%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.92 610,416 12/15/2016 -4.35% -8.27%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.947 71,567 06/30/2016 -4.96% -75.48%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.38 $41.80 220,673 09/30/2016 -5.79% -18.23%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $65.65 $70.35 3,619,400 06/30/2016 -6.68% -101.63%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.39 $10.15 83,757 03/31/2015 -46.95% 39.57%

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

Leave A Comment