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Merger Arbitrage Mondays – May 16, 2016

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May 15, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with four new deals announced and seven 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 80
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 44
Stock Deals 18
Stock & Cash Deals 16
Special Conditions 9
Total Number of Pending Deals 87
Total Deal Size $830.91 billion

New Deals:

  1. The acquisition of Krispy Kreme Doughnuts (KKD) by JAB Beech for $1.35 billion or $21.00 per share in cash.
  2. The acquisition of Morgans Hotel Group (MHGC) by SBE for $794 million or $2.25 per share in cash.
  3. The acquisition of Alexza Pharmaceuticals (ALXA) by Grupo Ferrer Internacional for $0.90 per share in cash. In addition to the upfront cash payment, Alexza stockholders will be granted contingent value rights to receive cash payments in four payment categories if specified milestones are achieved following the closing.
  4. The acquisition of WaferGen Bio-systems (WGBS) by Takara Bio USA Holdings for $18 million or $0.95 per share in cash. This is a complex deal with many conditions that make it challenging to determine the actual value of this deal on a per share basis. Using their full year 2015 revenue and applying a multiple of 2.5, we get a rough estimate of $0.95/share and are going to use this price as a placeholder in our database.

Deal Updates:

  1. On May 10, 2016, Pier Antonio Costamagna, a co-founder of Fuel Systems Solutions (FSYSfiled a presentation with the U.S. Securities and Exchange Commission that was sent to the leading proxy advisory firms in the United States. The presentation details three fundamental themes that underline Mr. Costamagna’s decision to vote AGAINST the proposed merger of FSS and Westport (WPRT).
  2. On May 11, 2016, Office Depot (ODP) issued the following statement from Chairman and Chief Executive Officer Roland Smith after the U.S. District Court in the District of Columbia granted the Federal Trade Commission’s (FTC) request for a preliminary injunction to block the proposed merger of Staples (SPLS) and Office Depot. Smith commented: “While we are respectful of the Court’s decision to grant the FTC’s request for a preliminary injunction to prevent our merger with Staples, we are disappointed by this outcome and strongly believe that a merger would have benefitted all of our customers in the long term. We do not intend to appeal the Court’s decision and the two companies plan to terminate the merger agreement effective May 16, 2016.”
  3. On May 12, 2016, California regulators authorized the three-way merger of Charter Communications (CHTR), Time Warner Cable (TWC) and Bright House Networks, and the huge deal is expected to close on or about May 18, 2016.
  4. On May 13, 2016, Williams Companies (WMB) said it has filed a lawsuit against Energy Transfer Equity (ETE) to prevent it from terminating its once-coveted deal for Williams.
  5. On May 13, 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 May 26, 2016.

Closed Deals:

  1. The acquisition of PowerSecure International (POWR) by Southern Company (SO) on May 9, 2016. It took 75 days for this deal to be completed.
  2. The acquisition of VBI Vaccines (VBIV) by SciVac Therapeutics (SVACF) on May 9, 2016. It took 196 days for this deal to be completed.
  3. The acquisition of NTELOS Holdings (NTLS) by Shenandoah Telecommunications (SHEN) on May 9, 2016. It took 273 days for this deal to be completed.
  4. The acquisition of Mattson Technology (MTSN) by Beijing E-Town Dragon Semiconductor Industry Investment Center on May 11, 2016. It took 162 days for this deal to be completed.
  5. The acquisition of VirtualScopics (VSCP) by BioTelemetry (BEAT) on May 11, 2016. It took 47 days for this deal to be completed.
  6. The acquisition of SanDisk (SNDK) by Western Digital Corporation (WDC) on May 12, 2016. It took 204 days for this deal to be completed.
  7. The acquisition of Jiayuan.com International (DATE) by FutureWorld on May 13, 2016. It took 158 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 $19.35 06/30/2016 124.81% 1012.32%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $39.87 12/31/2016 40.46% 64.48%
CI 07/24/2015 Anthem, Inc. (ANTM) $173.21 $128.36 12/31/2016 34.94% 55.70%
HUM 07/03/2015 Aetna Inc. (AET) $215.37 $165.23 12/31/2016 30.34% 48.36%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $33.00 12/31/2016 17.88% 28.50%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.95 12/31/2016 13.21% 21.05%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.57 06/30/2016 12.04% 97.70%
BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) $25.00 $22.58 06/30/2016 10.72% 86.93%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.98 12/31/2016 10.20% 16.26%
DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) $14.00 $12.74 06/30/2016 9.89% 80.22%

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 $19.35 13,797,391 06/30/2016 124.81% 1012.32%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $39.87 587,191 12/31/2016 40.46% 64.48%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $173.21 $128.36 1,551,592 12/31/2016 34.94% 55.70%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.37 $165.23 2,068,048 12/31/2016 30.34% 48.36%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $33.00 2,656,732 12/31/2016 17.88% 28.50%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.95 19,703,976 12/31/2016 13.21% 21.05%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.57 291,720 06/30/2016 12.04% 97.70%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.58 37,905 06/30/2016 10.72% 86.93%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.98 21,011 12/31/2016 10.20% 16.26%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $12.74 53,609 06/30/2016 9.89% 80.22%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $24.64 501,700 06/30/2016 8.77% 71.10%
+ 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 $37.25 941,283 12/31/2016 8.72% 13.91%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.41 74,909 09/30/2016 8.71% 23.22%
+ 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 $9.28 1,299,586 12/31/2016 7.76% 12.37%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $74.12 2,659,112 06/30/2016 7.30% 59.20%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.10 1,886,387 12/31/2016 7.14% 11.38%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.99 3,315,757 09/30/2016 7.11% 18.93%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.99 130,875 12/31/2016 6.02% 9.59%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $40.61 $38.37 2,071,264 09/30/2016 5.83% 15.53%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.89 735,672 03/31/2017 5.72% 6.54%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.90 5,536,095 03/31/2017 5.56% 6.36%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.40 $11.78 1,100 12/31/2016 5.30% 8.45%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.17 $13.46 271,157 08/15/2016 5.26% 21.12%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.09 30,476 06/30/2016 5.18% 42.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.49 $75.74 4,509,723 12/31/2016 4.95% 7.90%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $15.74 $15.07 12,097 03/31/2017 4.48% 5.12%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.23 $44.25 762,574 12/31/2016 4.47% 7.12%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $44.04 $42.39 13,579,144 06/30/2016 3.89% 31.58%
+ 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 $2.42 498,118 06/30/2016 3.72% 30.17%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $20.26 $19.64 122,361 05/13/2016 3.16% 0.00%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.56 142,453 12/31/2016 2.98% 4.75%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.46 969,877 01/01/2017 2.78% 4.41%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.48 $18.00 12,065 12/31/2016 2.66% 4.24%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.00 2,329,378 12/31/2016 2.50% 3.98%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.21 $14.84 348,163 12/31/2016 2.49% 3.97%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.24 $10.97 1,452,230 09/30/2016 2.48% 6.61%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.24 $24.68 3,194,488 12/31/2016 2.29% 3.64%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.54 $10.33 235,951 06/30/2016 2.00% 16.25%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.17 $37.44 9,068 12/31/2016 1.96% 3.12%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.49 $21.11 733,563 06/30/2016 1.78% 14.43%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.82 $16.56 554,930 09/30/2016 1.60% 4.26%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.91 28,131 06/30/2016 1.60% 12.97%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.84 176,149 09/30/2016 1.48% 3.93%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.24 $10.09 2,991,892 09/30/2016 1.44% 3.84%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.07 33,157 12/31/2016 1.36% 2.16%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.12 1 08/15/2016 1.30% 5.20%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.57 307,185 03/31/2017 1.28% 1.47%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.56 628,931 09/30/2016 1.24% 3.30%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $12.95 39,248 09/30/2016 1.16% 3.09%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.60 3,001,556 06/30/2016 0.87% 7.03%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.75 $18.59 5,479 09/15/2016 0.85% 2.53%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $69.17 $68.60 621,984 06/30/2016 0.83% 6.74%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.63 $21.47 855,390 09/30/2016 0.76% 2.02%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.86 409,717 05/26/2016 0.70% 25.73%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.34 $17.24 946,658 12/31/2016 0.60% 0.95%
+ RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $12.39 $12.33 988,421 07/31/2016 0.49% 2.34%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.86 219,453 12/31/2016 0.47% 0.75%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.77 703,503 12/31/2016 0.35% 0.56%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.66 863,334 06/30/2016 0.34% 2.74%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.07 $18.01 14,356 06/30/2016 0.31% 2.53%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $216.07 $215.51 11,085,911 05/18/2016 0.26% 47.11%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.28 976,825 12/31/2016 0.19% 0.31%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.12 680,307 12/15/2016 0.12% 0.20%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.52 2,759,746 06/30/2016 0.11% 0.88%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.14 3,639,388 09/30/2016 0.10% 0.26%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.95 385,698 12/31/2016 0.08% 0.13%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $39.97 6,771 05/20/2016 0.08% 6.85%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.94 2,106,659 08/15/2016 0.04% 0.17%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.49 4,131,081 12/31/2016 0.04% 0.06%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $119.86 $119.82 230,991 12/31/2016 0.03% 0.05%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $35.05 306,967 09/30/2016 0.00% 0.00%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $4.00 26,158 06/30/2016 0.00% 0.00%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $26.01 778,884 12/31/2016 -0.04% -0.06%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.51 281,777 06/30/2016 -0.05% -0.44%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.27 354,146 09/30/2016 -0.11% -0.29%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $69.51 $69.74 459,733 06/30/2016 -0.33% -2.65%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.11 2,409,550 12/31/2016 -0.44% -0.70%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.14 1,842,851 09/30/2016 -0.66% -1.76%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.80 283,585 06/30/2016 -0.89% -7.20%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.91 207,036 06/30/2016 -1.10% -8.91%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.59 $14.82 949 09/30/2016 -1.53% -4.09%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.66 $12.90 19,032 06/30/2016 -1.83% -14.87%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.98 $19.56 6,558 09/30/2016 -2.99% -7.96%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.07 $15.80 2,255 09/30/2016 -4.61% -12.30%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.85 3,259 09/30/2016 -4.66% -12.40%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.30 $4.95 22,544 06/30/2016 -13.12% -106.41%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.61 $8.71 69,970 03/31/2015 -47.09% 41.72%

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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Insider Weekends May 13, 2016

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May 15, 2016 | Insider Buying | Author Asif

Welcome to edition 308 of Insider Weekends. Insider buying increased last week with insiders buying $79 million of stock compared to $43.91 million in the week prior. Selling decreased with insiders selling $1.84 billion of stock last week compared to $2.43 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 dropped down to 23.26. In other words, insiders sold more than 23 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 55.46. 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 May 13, 2016

Insider Sell Buy Ratio May 13, 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. IDI, Inc. (IDI): $5.35

Shares of this data and analytical solutions provider were acquired by 2 insiders:

  • Director Phillip Frost M.D. acquired 2,190,000 shares, paying $4.80 per share for a total amount of $10.51 million. These shares were purchased indirectly by Frost Gamma Investments Trust.
  • President James Patrick Reilly acquired 900 shares, paying $4.79 per share for a total amount of $4,311. Mr. Reilly increased his stake by 2.87% to 32,238 shares with this purchase.

We were a little surprised to see this purchase by Dr. Frost as most of his large purchases in the past were related to the healthcare company Opko Health (OPK) where he serves as the Chairman and CEO. This is his largest purchases in IDI since we started tracking insider transactions back in 2010 and leaves him with a 34% stake in the company following the purchase.

Dr. Frost began his career in 1972, when he bought Key Pharmaceuticals along with Michael Jaharis and turned the company around. He was Chairman of the Board of Directors of Key Pharmaceuticals until 1986 when it was acquired by Schering-Plough for $587 million. After the acquisition of Key Pharmaceuticals, Dr. Frost founded the IVAX Corporation in 1986 along with Dr. Jane H. Hsiao, the current CTO of Opko Health.
IVAX specialized in generic drugs and played a significant international role in Latin America, Central and Eastern Europe. IVAX was acquired by Teva Pharmaceuticals (TEVA) in 2006. Dr. Frost became Vice Chairman of Teva after the acquisition of IVAX in 2006. In 2010, he was named Chairman of the Board of Teva and was reelected to the position in May 2012.

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

P/E: N/A Forward P/E: N/A Industry P/E: 18.75
P/S: 5.1 Price/Book: 1.29 EV/EBITDA: -6.28
Market Cap: $246.06M Avg. Daily Volume: 92,140 52 Week Range: $3.78 – $12.8

2. The Medicines Company (MDCO): $33.96

Director Fredric N. Eshelman acquired 300,000 shares of this pharmaceutical company, paying $33.68 per share for a total amount of $10.1 million.

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: 24.57
P/S: 9.41 Price/Book: 3.63 EV/EBITDA: -8.67
Market Cap: $2.36B Avg. Daily Volume: 815,760 52 Week Range: $25.38 – $43.79

3. Pershing Gold Corporation (PGLC): $3.92

Director Barry C. Honig acquired 1,287,369 shares of this gold mining company, paying $3.65 per share for a total amount of $4.69 million. These shares were purchased indirectly by GRQ Consultants, Inc.

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

P/E: N/A Forward P/E: 7.54 Industry P/E: N/A
P/S: N/A Price/Book: 2.53 EV/EBITDA: -5.12
Market Cap: $102.32M Avg. Daily Volume: 154,919 52 Week Range: $0.33 – $6.3

4. Western Refining, Inc. (WNR): $21.72

Shares of this oil and gas pipelines company were acquired by 2 insiders:

  • President & CEO Jeff A. Stevens acquired 150,000 shares, paying $22.02 per share for a total amount of $3.3 million. Mr. Stevens increased his stake by 4.54% to 3,452,609 shares with this purchase.
  • Director Robert J. Hassler acquired 20,000 shares, paying $22.10 per share for a total amount of $442,000.

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

P/E: 6.18 Forward P/E: 9.78 Industry P/E: 11.88
P/S: 0.22 Price/Book: 1.62 EV/EBITDA: 3.23
Market Cap: $1.98B Avg. Daily Volume: 2,794,870 52 Week Range: $20.64 – $50.71

5. Annaly Capital Management, Inc. (NLY): $11.05

Chief Legal Officer Nicholas R. Singh acquired 135,600 shares of this mortgage REIT, paying $10.85 per share for a total amount of $1.47 million. Mr. Singh increased his stake by 45.02% to 436,800 shares with this purchase. 5,200 of these shares were purchased indirectly in a 401(k) Plan.

You can view the list of recent insider transactions for Annaly Capital Management, Inc. here.

P/E: 11 Forward P/E: 9.78 Industry P/E: 13.19
P/S: 34.99 Price/Book: 0.96 EV/EBITDA: N/A
Market Cap: $10.22B Avg. Daily Volume: 8,519,960 52 Week Range: $8.25 – $11.13

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

Notable Insider Sales:

1. United Community Banks, Inc. (UCBI): $19.49

Director Nicholas B. Paumgarten sold 7,300,047 shares of this regional bank for $19.66, generating $143.52 million from the sale. These shares were sold indirectly through Corsair Georgia, L.P.

You can view the list of recent insider transactions for United Community Banks, Inc. here.

P/E: 17.5 Forward P/E: 12.26 Industry P/E: 15.44
P/S: 4.04 Price/Book: 1.36 EV/EBITDA: N/A
Market Cap: $1.39B Avg. Daily Volume: 500,556 52 Week Range: $15.74 – $22.23

2. FleetCor Technologies, Inc. (FLT): $145.38

Shares of this payment products and services company were sold by 7 insiders:

  • CEO & President Ronald Clarke sold 290,000 shares for $150.42, generating $43.62 million from the sale.
  • Director Mark A. Johnson sold 20,000 shares for $151.80, generating $3.04 million from the sale.
  • Exec VP, Corp Development John Coughlin sold 13,220 shares for $152.20, generating $2.01 million from the sale.
  • Pres, Corp Lodging Consultants Timothy Downs sold 13,180 shares for $152.35, generating $2 million from the sale.
  • President NA Card Products Todd House sold 3,000 shares for $151.05, generating $453,164 from the sale.
  • Director Richard Macchia sold 1,200 shares for $151.19, generating $181,431 from the sale.
  • Global Chief Information Officer John A. Reed sold 620 shares for $151.98, generating $94,229 from the sale. 285 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 FleetCor Technologies, Inc. here.

P/E: 36.16 Forward P/E: 19.15 Industry P/E: 21.44
P/S: 8.21 Price/Book: 4.68 EV/EBITDA: 18.7
Market Cap: $13.47B Avg. Daily Volume: 813,733 52 Week Range: $107.56 – $164.61

3. Time Warner Inc. (TWX): $73.23

Shares of this media and entertainment company were sold by 2 insiders:

  • Chairman of the Board and CEO Jeffrey L. Bewkes sold 272,710 shares for $74.26, generating $20.25 million from the sale.
  • Director Stephen F. Bollenbach sold 8,038 shares for $74.23, generating $596,669 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 Time Warner Inc. here.

P/E: 14.69 Forward P/E: 12.1 Industry P/E: 25.7
P/S: 2.04 Price/Book: 2.43 EV/EBITDA: 9.91
Market Cap: $57.59B Avg. Daily Volume: 4,868,960 52 Week Range: $55.53 – $91.34

4. PriceSmart Inc. (PSMT): $85.29

Director Robert E. Price sold 220,844 shares of this discount warehouse grocer for $84.00, generating $18.55 million from the sale. These shares were sold indirectly through various trusts and entities.

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

P/E: 27.73 Forward P/E: 24.44 Industry P/E: 26.65
P/S: 0.89 Price/Book: 4.38 EV/EBITDA: 13.49
Market Cap: $2.59B Avg. Daily Volume: 141,206 52 Week Range: $68.51 – $103.59

5. Comcast Corporation (CMCSA): $61.84

Shares of this entertainment and telecommunications provider were sold by 2 insiders:

  • Chairman of Board, Pres. & CEO Brian L. Roberts sold 200,000 shares for $62.65, generating $12.53 million from the sale.
  • Sr. EVP Stephen B. Burke sold 75,000 shares for $62.05, generating $4.65 million 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 Comcast Corporation here.

P/E: 18.75 Forward P/E: 15.82 Industry P/E: 25.7
P/S: 2 Price/Book: 2.87 EV/EBITDA: 7.91
Market Cap: $150.10B Avg. Daily Volume: 9,585,170 52 Week Range: $50 – $64.99

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

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Merger Arbitrage Mondays – May 9, 2016

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May 8, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with six new deals announced and six 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 73
Total Number of Deals Not Completed in 2016 4
Total Number of Pending Deals
Cash Deals 47
Stock Deals 19
Stock & Cash Deals 18
Special Conditions 7
Total Number of Pending Deals 91
Total Deal Size $835.05 billion

New Deals:

  1. The acquisition of OPOWER (OPWR) by Oracle Corporation (ORCL) for $532 million or $10.30 per share in cash.
  2. A merger of equals between IMS Health Holdings (IMS) and Quintiles Transnational Holdings (Q) for a combined value of $17.6 billion in an all stock deal. Under the terms of the agreement, IMS Health shareholders will receive a fixed exchange ratio of 0.384 shares of Quintiles common stock for each share of IMS Health common stock.
  3. The acquisition of Your Community Bankshares (YCB) by WesBanco (WSBC) for $221 million in a cash plus stock deal.
  4. The acquisition of Symmetry Surgical (SSRG) by an affiliate of RoundTable Healthcare Partners for $140.3 million or $13.10 per share in cash.
  5. The acquisition of United Online (UNTD) by B. Riley Financial (RILY) for $170 million or $11.00 per share in cash.
  6. The acquisition of Lake Sunapee Bank Group (LSBG) by Bar Harbor Bankshares (BHB) for $143 million in an all stock deal. Under the terms of the agreement, each outstanding share of Lake Sunapee common stock will be exchanged for 0.4970 shares of Bar Harbor common stock.

Deal Updates:

  1. On May 2, 2016, Apollo Education Group (APOL) announced that its shareholders have approved the merger agreement for the proposed acquisition by a consortium of investors, including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies.
  2. On May 3, 2016, The U.S. Federal Communications Commission said it had approved European telecoms group Altice NV’s acquisition of U.S. cable company Cablevision Systems Corp (CVC) in a $17.7 billion deal that includes assumption of debt.
  3. On May 5, 2016, Energy Transfer Equity (ETE) Chief Executive Kelcy Warren delivered the most public and concrete renunciation of his once-coveted deal for rival Williams (WMB). Warren said, “We can’t close this deal, Absent a substantial restructuring of this transaction, which Energy Transfer has been very willing and actually desiring to do, absent that, we don’t have a deal.”
  4. On May 6, 2016, The Federal Communications Commission voted to approve Charter Communications’ (CHTR) $79 billion acquisition of Time Warner Cable (TWC) and Bright House Networks.

Closed Deals:

  1. The acquisition of Newport (NEWP) by MKS Instruments (MKSI) on April 29, 2016. It took 66 days for this deal to be completed.
  2. The acquisition of Anchor BanCorp Wisconsin (ABCW) by Old National Bancorp (ONB) on May 2, 2016. It took 111 days for this deal to be completed.
  3. The acquisition of The ADT Corporation (ADT) by an Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management on May 2, 2016. It took 76 days for this deal to be completed.
  4. The acquisition of Cape Bancorp (CBNJ) by OceanFirst Financial Corp (OCFC) on May 2, 2016. It took 118 days for this deal to be completed.
  5. The acquisition of Pulaski Financial Corporation (PULB) by First Busey Corporation (BUSE) on May 2, 2016. It took 151 days for this deal to be completed.
  6. The acquisition of Crown Media Holdings (CRWN) by Hallmark Cards on May 2, 2016. It took 55 days for this deal to be completed. This deal was announced and closed in a short period of time because of the amount of stock already owned by Hallmark.

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 $19.70 06/30/2016 120.81% 848.01%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.49 $6.14 05/16/2016 54.64% 2849.08%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $39.47 12/31/2016 41.88% 64.77%
CI 07/24/2015 Anthem, Inc. (ANTM) $174.11 $130.85 12/31/2016 33.06% 51.13%
HUM 07/03/2015 Aetna Inc. (AET) $219.49 $170.68 12/31/2016 28.60% 44.23%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.30 12/31/2016 13.41% 20.74%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.95 12/31/2016 13.21% 20.43%
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) $10.00 $8.95 12/31/2016 11.73% 18.14%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.59 06/30/2016 11.42% 80.16%
TIVO 04/29/2016 Rovi Corporation (ROVI) $10.70 $9.64 09/30/2016 11.00% 27.87%

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 $19.70 9,335,791 06/30/2016 120.81% 848.01%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.49 $6.14 10,165,835 05/16/2016 54.64% 2849.08%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $39.47 874,470 12/31/2016 41.88% 64.77%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $174.11 $130.85 2,575,347 12/31/2016 33.06% 51.13%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.49 $170.68 1,275,205 12/31/2016 28.60% 44.23%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.30 1,140,565 12/31/2016 13.41% 20.74%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.95 12,801,116 12/31/2016 13.21% 20.43%
+ 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 $8.95 2,552,372 12/31/2016 11.73% 18.14%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.59 79,544 06/30/2016 11.42% 80.16%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.64 1,702,670 09/30/2016 11.00% 27.87%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.82 84,039 12/31/2016 10.73% 16.60%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.96 37,424 06/30/2016 8.89% 62.37%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $1.00 188,960 12/31/2016 8.00% 12.37%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $40.59 $37.66 2,524,389 09/30/2016 7.77% 19.69%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.031 31,717 06/30/2016 7.23% 50.72%
+ 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 $38.06 1,722,688 12/31/2016 6.41% 9.92%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $43.76 $41.17 9,814,255 06/30/2016 6.28% 44.11%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.81 $75.10 3,589,843 12/31/2016 6.28% 9.71%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.47 $11.75 88,409 12/31/2016 6.12% 9.46%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.86 497,938 03/31/2017 5.75% 6.43%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.60 220,177 06/30/2016 5.56% 39.00%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.49 254,371 09/30/2016 5.22% 13.23%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.09 $44.16 807,018 12/31/2016 4.36% 6.74%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.33 $17.64 58 12/31/2016 3.93% 6.08%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.17 $13.64 125,159 08/15/2016 3.91% 14.55%
+ 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 $2.42 1,087,516 06/30/2016 3.72% 26.10%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.29 305,855 04/30/2016 3.70% 0.00%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $16.13 $15.56 158,868 03/31/2017 3.68% 4.12%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.51 519,868 06/30/2016 3.63% 25.46%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.74 $11.44 740,780 09/30/2016 2.62% 6.64%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.01 1,844,025 12/31/2016 2.47% 3.83%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.37 $37.45 29,626 12/31/2016 2.47% 3.82%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $26.19 270,806 06/30/2016 2.33% 16.35%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.75 497,516 09/30/2016 2.33% 5.89%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.74 785,336 01/01/2017 2.26% 3.48%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.33 $24.77 2,749,808 12/31/2016 2.26% 3.49%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.98 18,637 12/31/2016 2.19% 3.38%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.63 $10.42 249,472 06/30/2016 2.00% 14.04%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.91 401,480 06/30/2016 1.79% 12.58%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $12.87 265,325 09/30/2016 1.79% 4.53%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.08 $14.82 489,652 12/31/2016 1.75% 2.71%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.95 105,968 12/31/2016 1.72% 2.66%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.38 $10.21 4,841,644 09/30/2016 1.65% 4.18%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.55 $21.20 1,084,934 06/30/2016 1.64% 11.53%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.49 $17.25 1,770,642 12/31/2016 1.39% 2.15%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.11 5,203 08/15/2016 1.37% 5.11%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Cash Plus Stock $19 billion $76.40 $75.42 4,451,558 06/30/2016 1.29% 9.09%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.58 200,746 03/31/2017 1.25% 1.40%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.52 $16.33 744,212 09/30/2016 1.16% 2.95%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.50 4,851,662 06/30/2016 1.16% 8.14%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $20.01 $19.79 24,627 05/13/2016 1.10% 100.06%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.65 512,881 09/30/2016 0.98% 2.49%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $215.17 $213.17 2,781,344 06/30/2016 0.94% 6.58%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.99 $21.80 658,797 09/30/2016 0.89% 2.25%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.20 $18.05 29,875 06/30/2016 0.82% 5.78%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.21 29,228 06/30/2016 0.78% 5.47%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.02 $18.88 6,259 09/15/2016 0.73% 2.06%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.88 439,771 05/12/2016 0.60% 73.44%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.37 6,991,448 12/31/2016 0.51% 0.79%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $122.70 $122.20 297,148 12/31/2016 0.41% 0.64%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.60 344,649 08/15/2016 0.28% 1.04%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.92 79,321 12/31/2016 0.27% 0.41%
+ VSCP 03/25/2016 BioTelemetry, Inc. (BEAT) All Cash $15.5 million $4.05 $4.04 42,700 05/31/2016 0.25% 4.11%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $69.47 $69.36 777,237 06/30/2016 0.16% 1.11%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.91 519,267 12/31/2016 0.15% 0.23%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $25.97 1,662,868 12/31/2016 0.12% 0.18%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.72 1,094,709 06/30/2016 0.11% 0.79%
+ RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $12.51 $12.50 2,298,585 07/31/2016 0.08% 0.35%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.76 352,896 06/30/2016 -0.05% -0.37%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.16 435,048 09/30/2016 -0.10% -0.25%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.26 349,117 06/28/2016 -0.11% -0.79%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.52 359,951 06/30/2016 -0.11% -0.76%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.03 1,581,424 12/15/2016 -0.12% -0.20%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $40.05 17,771 05/20/2016 -0.12% -4.14%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $66.14 643,830 12/31/2016 -0.21% -0.33%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $4.01 58,428 06/30/2016 -0.25% -1.75%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.33 1,164,299 12/31/2016 -0.29% -0.45%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.31 91,796 09/30/2016 -0.33% -0.83%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $68.27 $68.59 585,883 06/30/2016 -0.47% -3.32%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.07 $5.10 28,056 06/30/2016 -0.65% -4.54%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.74 2,005,343 06/30/2016 -0.68% -4.81%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.08 $2.10 90,528 05/31/2016 -0.91% -15.14%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.74 $12.87 11,299 06/30/2016 -1.04% -7.28%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $35.42 890,691 09/30/2016 -1.04% -2.65%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.58 $14.77 5,929 09/30/2016 -1.29% -3.28%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $81.34 2,035,013 06/30/2016 -2.23% -15.62%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.62 1,286,586 12/15/2016 -2.72% -4.52%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.94 $19.56 6,462 09/30/2016 -3.19% -8.08%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.29 $15.82 800 09/30/2016 -3.34% -8.48%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.73 5,697 09/30/2016 -4.23% -10.72%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.50 $8.40 46,717 03/31/2015 -46.48% 41.89%

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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Insider Weekends: May 6, 2016

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May 8, 2016 | Insider Buying | Author Asif

Welcome to edition 307 of Insider Weekends. Insider buying decreased last week with insiders buying $43.91 million of stock compared to $120.89 million in the week prior. Selling more than doubled with insiders selling $2.43 billion of stock last week compared to $596.16 million 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 55.46. In other words, insiders sold more than 55 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 4.93. 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 May 6, 2016

Insider Sell Buy Ratio May 6, 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. Cimpress N.V. (CMPR): $90.96

Director Scott J. Vassalluzzo acquired 67,500 shares of this business services company (operator of Vistaprint), paying $89.05 per share for a total amount of $6.01 million. Mr. Vassalluzzo increased his stake by 5,003.71% to 68,849 shares with this purchase.

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

P/E: 41.8 Forward P/E: 18.99 Industry P/E: 19.85
P/S: 1.76 Price/Book: 17.81 EV/EBITDA: 16.59
Market Cap: $2.86B Avg. Daily Volume: 245,238 52 Week Range: $63.15 – $99.95

2. Bank of the Ozarks, Inc. (OZRK): $37.23

Shares of this regional bank were acquired by 2 insiders:

  • Director Ross M. Whipple acquired 120,000 shares, paying $37.78 per share for a total amount of $4.53 million. 100,000 of these shares were purchased indirectly by LLLP.
  • Director Nicholas A. Brown acquired 2,900 shares, paying $36.86 per share for a total amount of $106,887. Mr. Brown increased his stake by 55.89% to 8,089 shares with this purchase.

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

P/E: 17.81 Forward P/E: 11.86 Industry P/E: 16.09
P/S: 7.21 Price/Book: 2.29 EV/EBITDA: N/A
Market Cap: $3.38B Avg. Daily Volume: 1,533,540 52 Week Range: $33.66 – $54.96

3. Seagate Technology Public Limited Company (STX): $19.07

Chairman and CEO Stephen J. Luczo acquired 200,000 shares of this data storage company, paying $20.08 per share for a total amount of $4.02 million. These shares were purchased indirectly through a trust.

This large insider purchase by the CEO did little to inspire investor confidence as the stock dropped another 9.5% last week (adjusted for the juicy 63 cents per share dividend paid on May 6th) following a big plunge in April. The stock has lost nearly half its value since the start of this year, plunging beyond competitor Western Digital’s (WDC) 38% drop as you can see from the chart below.

Seagate Western Digital YTD Performance

Seagate Western Digital YTD Performance (click to enlarge)

Western Digital is in the midst of a large merger with SanDisk (SNDK) as it attempts to diversify away from hard disk drives. Concerns about a big shift from hard drives to solid state storage or flash drives has plagued both Seagate and Western Digital for over a decade and both stocks appear to be perpetually cheap. Those concerns remained unfounded for a long time because of the huge cost difference between hard disk drives and solid state drives (SSD). Investors in both Western Digital and Seagate did well through the end of 2014. Things have started changing recently as SSD adoption has grown (I am typing this on a computer with a SSD) and costs have come down for SSDs without reaching full parity with hard drives.

As a little experiment I decided to configure some high end servers on Dell, checked out dedicated server hosting through Rackspace (RAX) and looked at data storage product offerings from EMC. The Dell severs continue to offer hard drives along with hybrid systems that employ both hard drives and SSDs. The Rackspace servers I checked out offered hard drives as well while EMC prominently featured SSD based storage systems.

Given the small sample size and quick checks, this can be considered as no more than anecdotal evidence but it was interesting to see that enterprise systems continue to use both hard drives and SSDs. Whether Seagate and Western Digital manage to make this transition from hard drives to SSDs remains to be seen and that is why the stocks continue to remain cheap.

You can view the list of recent insider transactions for Seagate Technology Public Limited Company here.

P/E: 9.61 Forward P/E: 9.78 Industry P/E: N/A
P/S: 0.49 Price/Book: 3.26 EV/EBITDA: 4.75
Market Cap: $5.69B Avg. Daily Volume: 7,063,260 52 Week Range: $18.81 – $57.88

4. NuStar Energy L.P. (NS): $47.07

Director William E. Greehey acquired 50,000 shares of this oil & gas pipeline company, paying $49.21 per share for a total amount of $2.46 million. Mr. Greehey increased his stake by 1.70% to 2,989,990 shares with this purchase.

You can view the list of recent insider transactions for NuStar Energy L.P. here.

P/E: 14.25 Forward P/E: 19.29 Industry P/E: 22.34
P/S: 1.83 Price/Book: 2.42 EV/EBITDA: 11.17
Market Cap: $3.67B Avg. Daily Volume: 530,254 52 Week Range: $25.65 – $65.52

5. NuStar GP Holdings, LLC (NSH): $24.26

Director William E. Greehey acquired 84,243 shares of this oil & gas pipeline company, paying $25.19 per share for a total amount of $2.12 million. These shares were purchased indirectly.

You can view the list of recent insider transactions for NuStar GP Holdings, LLC here.

P/E: 14.41 Forward P/E: 14.79 Industry P/E: 22.34
P/S: 13.45 Price/Book: 3.61 EV/EBITDA: N/A
Market Cap: $1.04B Avg. Daily Volume: 150,721 52 Week Range: $12.86 – $39.94

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

Notable Insider Sales:

1. Amazon.com, Inc. (AMZN): $673.95

Shares of Amazon were sold by 2 insiders:

  • Chairman, CEO and President Jeffrey P. Bezos sold 1,000,000 shares for $671.29, generating $671.29 million from the sale.
  • Senior Vice President David Zapolsky sold 1,110 shares for $677.36, generating $751,870 from the sale.

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

P/E: 539.16 Forward P/E: 69.27 Industry P/E: 52.55
P/S: 2.9 Price/Book: 23.19 EV/EBITDA: 39.99
Market Cap: $317.99B Avg. Daily Volume: 4,496,860 52 Week Range: $418.36 – $696.44

2. Facebook, Inc. (FB): $119.49

Shares of Facebook were sold by 4 insiders:

  • Director Jan Koum sold 2,295,248 shares for $118.02, generating $270.89 million from the sale. These shares were sold indirectly through a trust.
  • Director Peter Thiel sold 857,626 shares for $117.84, generating $101.06 million from the sale. These shares were sold indirectly by Rivendell One LLC.
  • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $117.82, generating $2.36 million from the sale.
  • Chief Financial Officer David M. Wehner sold 7,973 shares for $119.90, generating $955,963 from the sale.

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

P/E: 92.41 Forward P/E: 26.09 Industry P/E: 31.71
P/S: 18.7 Price/Book: 7.55 EV/EBITDA: 39.08
Market Cap: $341.78B Avg. Daily Volume: 31,467,900 52 Week Range: $72 – $120.79

3. Microsoft Corporation (MSFT): $50.39

Shares of Microsoft were sold by 2 insiders:

  • Founder Bill Gates sold 5,300,000 shares for $50.04, generating $265.22 million from the sale.
  • EVP, Human Resources Kathleen T. Hogan sold 17,500 shares for $50.04, generating $875,768 from the sale.

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

P/E: 35.66 Forward P/E: 17.38 Industry P/E: 26.93
P/S: 4.48 Price/Book: 5.15 EV/EBITDA: 11.2
Market Cap: $396.09B Avg. Daily Volume: 32,091,600 52 Week Range: $39.72 – $56.85

4. Cliffs Natural Resources Inc. (CLF): $3.51

Director Douglas C. Taylor sold 7,231,520 shares of this coal and iron ore mining company for $3.81, generating $27.56 million from the sale.

You can view the list of recent insider transactions for Cliffs Natural Resources Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 12.5
P/S: 0.28 Price/Book: N/A EV/EBITDA: 10.23
Market Cap: $638.55M Avg. Daily Volume: 8,688,030 52 Week Range: $1.2 – $6.39

5. The Estée Lauder Companies Inc. (EL): $93.99

Group President John Demsey sold 138,839 shares of this personal products company for $92.40, generating $12.83 million from the sale. 76,296 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 The Estée Lauder Companies Inc. here.

P/E: 30.32 Forward P/E: 26.25 Industry P/E: 25.13
P/S: 3.11 Price/Book: 9.56 EV/EBITDA: 16.54
Market Cap: $34.64B Avg. Daily Volume: 1,410,380 52 Week Range: $73.67 – $97.48

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

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Merger Arbitrage Mondays – May 2, 2016

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May 1, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with eight 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 67
Total Number of Deals Not Completed in 2016 4
Total Number of Pending Deals
Cash Deals 46
Stock Deals 19
Stock & Cash Deals 18
Special Conditions 7
Total Number of Pending Deals 90
Total Deal Size $824.67 billion

New Deals:

  1. The acquisition of First Clover Leaf Financial (FCLF) by First Mid-Illinois Bancshares (FMBH) for $90 million in a cash or stock deal. Under the terms of the agreement, shareholders of First Clover Leaf’s stockholders may elect to exchange each share of First Clover Leaf common stock for either $12.87 in cash or .495 of a share of First Mid common stock, subject to certain potential adjustments. Overall elections are subject to proration such that 25 percent of the First Clover Leaf shares will be exchanged for cash and 75 percent for First Mid stock. We are treating this as an all stock deal.
  2. The acquisition of ExamWorks Group (EXAM) by an affiliate of Leonard Green & Partners for $2.2 billion or $35.05 per share in cash.
  3. The acquisition of St. Jude Medical (STJ) by Abbott Laboratories (ABT) for $25 billion in a cash plus stock deal. Under the terms of the agreement, St. Jude Medical shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock.
  4. The acquisition of Textura Corporation (TXTR) by Oracle Corporation (ORCL) for $663 million or $26.00 per share in cash.
  5. The acquisition of Parkway Properties (PKY) by Cousins Properties Incorporated (CUZ) for $1.95 billion in an all stock deal. Under the terms of the agreement, Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own.
  6. The acquisition of DreamWorks Animation SKG (DWA) by NBCUniversal for $3.8 billion or $41.00 per share in cash.
  7. The acquisition of National Holdings Corporation (NHLD) by Fortress Biotech (FBIO) for $3.25 per share in cash.
  8. The acquisition of TiVo (TIVO) by Rovi Corporation (ROVI) for $1.1 billion in a cash and stock deal. Under the terms of the agreement, Rovi will pay $2.75 per share in cash, or approximately $277 million, subject to adjustment as described under the collar mechanism. The remainder, $7.95 per share, will be paid in shares of common stock of a new holding company that will own both Rovi and TiVo. The stock consideration is subject to a two-way collar between Average Rovi Stock Prices of $16.00 and $25.00. If Rovi’s stock price increases between the agreement date and the closing, TiVo stockholders will receive fewer shares (a lower exchange ratio) until the Average Rovi Stock Price reaches $25.00, at which point the exchange ratio will be fixed at 0.3180 per share. Conversely, if Rovi’s share price decreases between signing and closing, TiVo stockholders will receive more shares (a higher exchange ratio) until the Average Rovi Stock Price reaches $18.71. Between an Average Rovi Stock Price of $18.71 (exchange ratio of 0.4250 per share) and $16.00 (exchange ratio of 0.4969 per share), Rovi has the option to pay additional cash instead of issuing more shares. If the Average Rovi Stock Price is below $16.00, Rovi may set the exchange ratio, in its sole discretion, between 0.4250 and 0.4969. If Rovi makes this election, the per share cash amount will be $10.70 minus the product of the Average Rovi Stock Price and the applicable exchange ratio that Rovi elects. In no event will the cash amount be more than $3.90 per share.

Deal Updates:

  1. On April 14, 2016, VBI Vaccines (VBIVscheduled a special meeting for its stockholders on Thursday, May 5, 2016. We are moving the closing date for the deal to May 31, 2016.
  2. On April 28, 2016, Apollo Education Group (APOL) announced that the Special Meeting of Shareholders has been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.
  3. On April 29, 2016, Anchor BanCorp Wisconsin (ABCW), the parent holding company of AnchorBank announced that Anchor stockholders voted to adopt the Agreement and Plan of Merger between Anchor and Old National Bancorp (ONB) and to approve, on an advisory, non-binding basis, the merger-related compensation at a special meeting of Anchor stockholders. Anchor and Old National expect to complete the Merger on May 1, 2016.
  4. On April 29, 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 May 12, 2016.
  5. On April 29, 2016, Alere (ALR) rejected Abbott Laboratories’s (ABT) attempt to end its $5.8 billion pending acquisition of the company.
  6. On April 29, 2016, the President and CEO of CommunityOne Bancorp (COB) said that the merger with Capital Bank (CBF) is expected to close in the second quarter of 2016.
  7. On May 1, 2016, Apollo Education Group (APOL) announced that it has received a revised offer from a consortium of investors including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies. Under the revised terms, which represent a best and final offer, the consortium has increased the price at which it would acquire the company to $10.00 per share in cash for both Class A and Class B shares.
  8. On May 1, 2016, Halliburton Company (HAL) and Baker Hughes Incorporated (BHI) announced that the companies have terminated the merger agreement they entered into in November 2014, effective April 30, 2016.

Closed Deals:

  1. The acquisition of Heartland Payment Systems (HPY) by Global Payments (GPN) on April 26, 2016. It took 133 days for this deal to be completed.
  2. The acquisition of The Fresh Market (TFM) by certain funds affiliated with Apollo Global Management (APO) on April 27, 2016. It took 44 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 $19.39 06/30/2016 124.34% 769.24%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.48 $5.88 05/16/2016 61.25% 1596.99%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $39.00 12/31/2016 43.59% 65.47%
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) $10.00 $7.80 12/31/2016 28.21% 42.37%
CI 07/24/2015 Anthem, Inc. (ANTM) $175.92 $138.54 12/31/2016 26.98% 40.53%
HUM 07/03/2015 Aetna Inc. (AET) $219.43 $177.07 12/31/2016 23.92% 35.93%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.69 12/31/2016 14.63% 21.98%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $8.05 12/31/2016 11.80% 17.73%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.95 12/31/2016 11.30% 16.98%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.65 06/30/2016 9.59% 59.32%

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 $19.39 8,823,256 06/30/2016 124.34% 769.24%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.48 $5.88 9,150,293 05/16/2016 61.25% 1596.99%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $39.00 7,857,739 12/31/2016 43.59% 65.47%
+ 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 $7.80 1,553,822 12/31/2016 28.21% 42.37%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $175.92 $138.54 674,869 12/31/2016 26.98% 40.53%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.43 $177.07 605,923 12/31/2016 23.92% 35.93%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.69 12,225 12/31/2016 14.63% 21.98%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $8.05 8,209,560 12/31/2016 11.80% 17.73%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.95 1,693,078 12/31/2016 11.30% 16.98%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.65 313,010 06/30/2016 9.59% 59.32%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $45.78 $41.95 7,898,662 06/30/2016 9.12% 56.42%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.998 66,343 12/31/2016 8.22% 12.34%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.98 27,339,707 09/30/2016 7.21% 17.44%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $41.19 $38.52 3,771,716 09/30/2016 6.94% 16.77%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 255,464 06/30/2016 6.56% 40.57%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.69 946,097 03/31/2017 5.91% 6.48%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.62 $76.20 15,182,462 12/31/2016 5.81% 8.72%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.48 105,550 09/30/2016 5.65% 13.65%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.41 $44.07 1,111,948 12/31/2016 5.32% 7.99%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.32 $11.71 6,241 12/31/2016 5.17% 7.77%
+ 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 $38.60 1,605,306 12/31/2016 4.92% 7.39%
+ 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 $2.40 637,234 06/30/2016 4.58% 28.35%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $33.39 2,264,391 06/30/2016 4.52% 27.98%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.17 $13.56 128,036 08/15/2016 4.52% 15.71%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.65 70,816 06/30/2016 4.11% 25.42%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.53 $15.04 314,828 12/31/2016 3.26% 4.89%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Cash Plus Stock $19 billion $77.26 $75.13 2,812,266 06/30/2016 2.83% 17.50%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $39.92 9,587,533 12/31/2016 2.71% 4.06%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $12.26 $11.95 1,033,537 09/30/2016 2.63% 6.35%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.87 $16.45 8,975,599 12/31/2016 2.56% 3.84%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.69 196,473 06/30/2016 2.48% 15.33%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.69 880,373 01/01/2017 2.35% 3.52%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.58 $18.18 156 12/31/2016 2.18% 3.27%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.99 4,643 12/31/2016 2.09% 3.14%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.99 $10.77 336,826 06/30/2016 2.02% 12.47%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $20.49 $20.10 159,781 05/13/2016 1.93% 64.05%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.53 62,554 06/30/2016 1.92% 11.85%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.35 1,159,220 09/30/2016 1.84% 4.44%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.06 15 08/15/2016 1.76% 6.12%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.45 115,781 04/30/2016 1.48% 0.00%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $26.44 254,720 06/30/2016 1.36% 8.42%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.01 16,803 06/30/2016 1.32% 8.19%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $214.80 $212.11 2,079,054 06/30/2016 1.27% 7.85%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.84 21,958 06/30/2016 1.16% 7.15%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.11 $14.95 15,646 09/30/2016 1.08% 2.61%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.67 264,590 03/31/2017 0.98% 1.07%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.19 258,934 12/31/2016 0.96% 1.45%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.66 $10.56 4,013,034 09/30/2016 0.92% 2.22%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.54 $18.39 49,556 06/30/2016 0.83% 5.15%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $124.09 $123.18 183,547 12/31/2016 0.74% 1.11%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.70 $19.56 3,300 09/15/2016 0.72% 1.94%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.30 $22.16 1,038,804 09/30/2016 0.65% 1.56%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $22.99 $22.85 825,219 06/30/2016 0.62% 3.80%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $14.67 $14.59 166,788 09/30/2016 0.54% 1.30%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.44 1,121,307 08/15/2016 0.39% 1.37%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.20 $69.94 866,159 06/30/2016 0.37% 2.30%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.80 925,615 12/31/2016 0.33% 0.50%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.12 456,735 09/30/2016 0.30% 0.72%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.68 1,076,340 06/30/2016 0.26% 1.62%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.86 1,180,440 12/31/2016 0.21% 0.32%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.72 262,852 06/30/2016 0.16% 0.99%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.98 4,103,937 05/02/2016 0.05% 0.00%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.99 1,747,060 06/30/2016 0.04% 0.27%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.99 566,776 12/31/2016 0.03% 0.05%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.25 61,422 06/28/2016 0.00% 0.00%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.00 775,431 05/12/2016 0.00% 0.00%
+ VSCP 03/25/2016 BioTelemetry, Inc. (BEAT) All Cash $15.5 million $4.05 $4.05 46,001 05/31/2016 0.00% 0.00%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $40.00 11,532 05/20/2016 0.00% 0.00%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.52 266,756 06/30/2016 -0.11% -0.67%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.15 $16.17 30,529 06/30/2016 -0.14% -0.86%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $15.87 $15.89 816,302 09/30/2016 -0.15% -0.37%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.07 4,007,587 12/15/2016 -0.28% -0.45%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.62 5,390,913 12/31/2016 -0.47% -0.70%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $66.90 $67.28 957,024 06/30/2016 -0.57% -3.54%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $47.58 $47.86 246,550 05/01/2016 -0.59% 216.06%
+ RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $13.66 $13.74 1,253,311 07/31/2016 -0.60% -2.44%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.77 2,381,699 06/30/2016 -0.79% -4.90%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.33 1,072,254 12/15/2016 -1.10% -1.76%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.24 $5.30 33,565 03/31/2016 -1.18% 13.49%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.47 728,059 09/30/2016 -1.19% -2.88%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $4.05 82,173 06/30/2016 -1.23% -7.64%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $26.39 1,121,455 12/31/2016 -1.48% -2.22%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.00 $13.20 116,253 06/30/2016 -1.52% -9.42%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.21 $19.71 13,525 09/30/2016 -2.54% -6.14%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $36.05 972,956 09/30/2016 -2.77% -6.71%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $81.88 5,176,749 06/30/2016 -2.87% -17.76%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.35 $15.88 5,239 09/30/2016 -3.35% -8.10%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.62 2,354 09/30/2016 -3.83% -9.26%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.08 $2.21 17,331 05/31/2016 -5.84% -73.56%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.54 $7.57 27,439 03/31/2015 -40.09% 36.77%

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.

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