Merger Arbitrage

Merger Arbitrage Mondays – February 1, 2016

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February 1, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with five new deals announced and three closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 14
Total Number of Pending Deals
Cash Deals 42
Stock Deals 23
Stock & Cash Deals 20
Special Conditions 12
Total Number of Pending Deals 97
Total Deal Size $860.96 billion

New Deals:

  1. The merger of Johnson Controls (JCI) and Tyco International (TYC). Immediately prior to the merger, Tyco will effect a reverse stock split so that Tyco shareholders will receive a fixed exchange ratio of 0.9550 shares for each of their existing Tyco shares. Johnson Controls shareholders may elect to receive either one share of the combined company for each of their Johnson Controls shares or cash equal to $34.88 per share. Elections by Johnson Controls shareholders are subject to proration such that an aggregate of approximately $3.9 billion cash is paid in the merger.
  2. The acquisition of Affymetrix (AFFX) by Thermo Fisher Scientific (TMO) for $1.3 billion or $14.00 per share in cash.
  3. The acquisition of FirstMerit Corporation (FMER) by Huntington Bancshares Incorporated (HBAN) for $3.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of FirstMerit Corporation will receive 1.72 shares of Huntington common stock, and $5.00 in cash, for each share of FirstMerit Corporation common stock.
  4. The acquisition of Media General (MEG) by Nexstar Broadcasting Group (NXST) for $4.6 billion in a cash plus stock deal. Under the terms of agreement, shareholders of Media General will receive $10.55 per share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share. The agreement includes potential additional consideration in the form of a contingent value right (“CVR”) entitling Media General shareholders to net cash proceeds as received from the sale of Media General’s spectrum in the Federal Communication Commission’s upcoming Incentive Auction.
  5. The acquisition of Avenue Financial Holdings (AVNU) by Pinnacle Financial Partners (PNFP) for $201.4 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Avenue Financial Holdings will receive 0.36 shares of Pinnacle’s common stock and $2.00 in cash for every Avenue share.

Deal Updates:

  1. On January 27, 2016, Media General (MEG) terminated its previously announced merger with Meredith Corporation (MDP) and agreed to be acquired by Nexstar Broadcasting Group (NXST).

Closed Deals:

  1. The acquisition of MedAssets (MDAS) by Pamplona Capital Management on January 27, 2016. It took 86 days for this deal to be completed.
  2. The acquisition of OmniVision Technologies (OVTI) by Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. on January 28, 2016. It took 273 days for this deal to be completed.
  3. The acquisition of BioMed Realty Trust (BMR) by Blackstone Real Estate Partners VIII (BX) on January 28, 2016. It took 112 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 $19.30 06/30/2016 125.39% 305.11%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $8.30 03/31/2016 83.73% 518.02%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.20 $5.15 05/16/2016 78.67% 273.48%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $5.61 01/31/2016 62.21% -22706.77%
HUM 07/03/2015 Aetna Inc. (AET) $210.29 $162.79 12/31/2016 29.18% 31.89%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $62.24 06/30/2016 28.34% 68.97%
CI 07/24/2015 Anthem, Inc. (ANTM) $170.63 $133.60 12/31/2016 27.72% 30.29%
BHI 11/16/2014 Halliburton Company (HAL) $54.60 $43.51 04/30/2016 25.50% 104.58%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.40 12/31/2016 24.41% 26.68%
SNDK 10/21/2015 Western Digital Corporation (WDC) $86.50 $70.70 09/30/2016 22.35% 33.71%

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 $19.30 14,932,706 06/30/2016 125.39% 305.11%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $8.30 248,190 03/31/2016 83.73% 518.02%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.20 $5.15 13,209,566 05/16/2016 78.67% 273.48%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $5.61 19,284 01/31/2016 62.21% 0.00%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $210.29 $162.79 1,200,575 12/31/2016 29.18% 31.89%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $62.24 2,069,708 06/30/2016 28.34% 68.97%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $170.63 $133.60 1,652,485 12/31/2016 27.72% 30.29%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $54.60 $43.51 4,132,817 04/30/2016 25.50% 104.58%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.40 86,970 12/31/2016 24.41% 26.68%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $70.70 4,669,451 09/30/2016 22.35% 33.71%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $344.54 $283.76 3,638,180 12/31/2016 21.42% 23.41%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.79 10,505,950 12/31/2016 15.53% 16.97%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.40 1,176,136 04/01/2016 14.04% 85.38%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $29.92 587,539 06/30/2016 11.97% 29.12%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.91 1,961,777 06/30/2016 9.37% 22.80%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.49 239,449 03/31/2016 8.88% 54.95%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $8.23 $7.57 43,561 04/30/2016 8.69% 35.63%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.70 522,156 03/31/2016 8.11% 50.16%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.30 1,504,428 06/30/2016 7.53% 18.32%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $42.94 $40.01 8,195,824 06/30/2016 7.33% 17.83%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.73 10,237 06/30/2016 7.24% 17.61%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.05 231,898 06/30/2016 6.99% 17.00%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.15 104,458 06/30/2016 6.46% 15.73%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.39 2,277,856 03/31/2016 5.87% 36.32%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $192.69 $182.01 2,107,572 06/30/2016 5.87% 14.28%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.98 $15.13 707,467 12/31/2016 5.62% 6.14%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.24 7,239,751 12/15/2016 5.54% 6.36%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $33.95 203,020 06/30/2016 5.45% 13.26%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.90 153,679 04/30/2016 4.60% 18.88%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.09 $3.91 42,024 02/20/2016 4.54% 87.30%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.24 86,934 03/31/2016 4.42% 27.34%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $53.14 591,774 03/31/2016 4.20% 25.96%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.84 $16.19 43,052 06/30/2016 4.01% 9.75%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.56 1,361,679 12/31/2016 3.84% 4.20%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $35.69 $34.39 5,212,681 09/30/2016 3.78% 5.70%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $27.00 727,552 03/31/2016 3.70% 22.91%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.95 $19.24 1,463,047 09/15/2016 3.67% 5.90%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $24.72 3,670 09/30/2016 3.56% 5.37%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $89.25 3,304,878 03/31/2016 3.08% 19.06%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.26 2,579,876 03/31/2016 2.93% 18.13%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $11.62 $11.32 117,723 06/30/2016 2.65% 6.45%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $54.43 $53.05 4,864,502 06/30/2016 2.60% 6.32%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.16 $2.11 25,063 03/31/2016 2.56% 15.85%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $43.74 $42.68 292,806 06/30/2016 2.49% 6.06%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.38 462,176 06/30/2016 2.39% 5.82%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $14.56 $14.22 70,859 06/30/2016 2.39% 5.81%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.55 $13.25 55,429 09/30/2016 2.24% 3.38%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $140.00 1,116,245 03/31/2016 2.14% 13.26%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.68 1,651,250 03/31/2016 2.14% 13.22%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.75 75,028 01/31/2016 2.04% 0.00%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.34 $15.04 11,218 09/30/2016 1.99% 3.01%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $19.76 $19.38 4,849,959 09/30/2016 1.95% 2.94%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.92 2,505,075 03/31/2016 1.59% 9.83%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.12 3,921,785 06/30/2016 1.59% 3.86%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $13.93 $13.74 2,782,662 03/31/2016 1.39% 8.62%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.23 2,873,276 03/31/2016 1.36% 8.41%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $67.90 $66.99 2,357,399 06/30/2016 1.35% 3.29%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.24 1,141,583 12/31/2016 1.28% 1.40%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.61 732,203 12/31/2016 1.23% 1.35%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $40.98 $40.51 2,214,340 05/15/2016 1.15% 4.04%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.06 11,172,072 06/30/2016 1.12% 2.72%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.89 $9.79 3,151,132 09/30/2016 1.01% 1.52%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.69 $10.59 569,450 06/30/2016 0.96% 2.34%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $66.85 $66.22 1,210,283 03/31/2016 0.95% 5.90%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.96 727,191 03/31/2016 0.81% 4.99%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $66.19 $65.66 3,496,170 03/31/2016 0.80% 4.95%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $36.97 $36.70 441,892 03/31/2016 0.73% 4.50%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.44 732,577 05/09/2016 0.71% 2.65%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $92.70 $92.08 386,862 05/31/2016 0.67% 2.05%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.40 $34.18 2,314 03/31/2016 0.65% 4.01%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $25.34 343,191 03/31/2016 0.63% 3.91%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $106.84 $106.29 999,316 03/31/2016 0.52% 3.19%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.96 $3.94 3,028,973 06/30/2016 0.51% 1.24%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $17.01 $16.94 355,477 06/30/2016 0.43% 1.06%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.93 662,466 03/31/2016 0.39% 2.42%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.66 325,267 03/31/2016 0.30% 1.83%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $28.59 $28.52 45,080 03/31/2016 0.26% 1.62%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $59.95 2,413,517 03/31/2016 0.25% 1.55%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $140.40 533,612 03/31/2016 0.07% 0.44%
+ PBY 12/30/2015 Icahn Enterprises, L.P. (IEP) All Cash $1.031 billion $18.50 $18.49 1,084,774 03/31/2016 0.05% 0.33%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $234.93 5,642,603 03/31/2016 0.03% 0.18%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.25 388,550 03/31/2016 0.00% 0.00%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.00 $32.02 2,411,742 02/02/2016 -0.06% -22.80%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.02 74,005 03/31/2016 -0.17% -1.03%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $14.03 3,318,661 06/30/2016 -0.21% -0.52%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $54.67 23,579,330 03/31/2016 -0.31% -1.92%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $44.31 $44.47 478,353 01/31/2016 -0.36% 131.73%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.09 $13.16 18,871 03/31/2016 -0.51% -3.13%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.71 636,650 06/30/2016 -1.03% -2.50%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $5.16 $5.24 238,137 03/31/2016 -1.53% -9.44%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.15 $19.57 50,161 09/30/2016 -2.14% -3.23%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $16.98 $17.37 16,020 06/30/2016 -2.26% -5.49%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.49 1,972,864 02/03/2016 -2.39% -436.43%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $58.50 $59.97 1,644,519 06/30/2016 -2.44% -5.95%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $24.82 $25.70 549,373 06/30/2016 -3.41% -8.29%
+ ANAD 01/19/2016 II-VI Incorporated (IIVI) All Cash $61 million $0.66 $0.690 503,573 03/31/2016 -4.35% -26.90%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.60 $6.00 206,954 03/31/2015 -23.31% 27.71%

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 – January 25, 2016

Bookmark and Share

January 25, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with four new deals announced and four 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 11
Total Number of Pending Deals
Cash Deals 44
Stock Deals 22
Stock & Cash Deals 18
Special Conditions 12
Total Number of Pending Deals 96
Total Deal Size $850.66 billion

New Deals:

  1. The acquisition of Biotie Therapies (BITI) by Acorda Therapeutics (ACOR) for $363 million or $25.60 per share in cash.
  2. The combination of Waste Connections (WCN) and Progressive Waste Solutions (BIN). Under the terms of the definitive agreement, Waste Connections stockholders will receive 2.076843 Progressive Waste shares for each Waste Connections share they own. Subject to the approval of Progressive Waste’s shareholders, Progressive Waste then expects to implement immediately a share consolidation on the basis of 0.4815 (1 divided by the 2.076843 ratio above) of a share on a post-consolidation basis for each one share outstanding on a pre-consolidation basis.
  3. The acquisition of Anadigics (ANAD) by II-VI Incorporated (IIVI) for $61 million. Upon completion of the merger, shareholders of Anadigics will receive $0.66 per share in cash.
  4. The acquisition of Atmel Corporation (ATML) by Microchip Technology (MCHP) in a cash and stock deal for $3.40 billion. Under the terms of the agreement, stockholders of Atmel will receive $7.00 per share in cash and $1.15 per share in Microchip common stock, valued at the average closing price for a share of Microchip common stock for the ten most recent trading days ending on the last trading day prior to the closing, with the maximum number of Microchip shares to be issued in the transaction being 13.0 million. To the extent that the number of Microchip shares issuable would exceed 13.0 million, the cash consideration per Atmel share will be increased such that the value of the combined cash and stock consideration will remain at $8.15 per share.

Deal Updates:

  1. On January 19, 2016, Anadigics (ANAD) terminated its previously announced merger with GaAs Labs and agreed to be acquired by II-VI Incorporated (IIVI).
  2. On January 20, 2016, Atmel Corporation (ATML) terminated its previously announced merger with Dialog Semiconductor (DLGNF) and agreed to be acquired by Microchip Technology (MCHP).
  3. On January 20, 2016, Staples (SPLS) and Office Depot (ODP) announced that the Board of Directors of both companies intend to waive the merger agreement termination date of February 4, 2016, and extend it to May 16, 2016.
  4. On January 21, 2016, BB&T (BBT) announced that it expects to close on its purchase of National Penn Bancshares (NPBC) by April 1, 2016.

Closed Deals:

  1. The acquisition of Liberator Medical Holdings (LBMH) by CR Bard (BCR) on January 21, 2016. It took 62 days for this deal to be completed.
  2. The acquisition of Wausau Paper (WPP) by SCA on January 21. 2016. It took 39 days for this deal to be completed.
  3. The acquisition of UTi Worldwide (UTIW) by DSV on January 22, 2016. It took 105 days for this deal to be completed.
  4. The acquisition of Dyax (DYAX) by Shire (SHPG) on January 22, 2016. It took 81 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 $19.74 06/30/2016 120.36% 278.06%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.20 $5.07 05/16/2016 81.45% 263.09%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $8.51 03/31/2016 79.20% 431.47%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.23 01/31/2016 46.07% 2402.09%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $37.81 06/30/2016 36.29% 83.83%
HUM 07/03/2015 Aetna Inc. (AET) $215.10 $166.22 12/31/2016 29.41% 31.38%
SNDK 10/21/2015 Western Digital Corporation (WDC) $86.50 $67.42 09/30/2016 28.30% 41.32%
CI 07/24/2015 Anthem, Inc. (ANTM) $176.25 $137.90 12/31/2016 27.81% 29.68%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $62.99 06/30/2016 26.81% 61.94%
BHI 11/16/2014 Halliburton Company (HAL) $52.81 $42.04 04/30/2016 25.63% 96.42%

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 $19.74 29,843,561 06/30/2016 120.36% 279.83%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.20 $5.07 3,631,528 05/16/2016 81.45% 265.44%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $8.51 99,898 03/31/2016 79.20% 438.01%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.23 35,732 01/31/2016 46.07% 2802.43%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $37.81 416,768 06/30/2016 36.29% 84.36%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.10 $166.22 1,161,956 12/31/2016 29.41% 31.48%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $67.42 2,922,578 09/30/2016 28.30% 41.48%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $176.25 $137.90 2,339,566 12/31/2016 27.81% 29.77%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $62.99 3,180,581 06/30/2016 26.81% 62.34%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $52.81 $42.04 2,016,425 04/30/2016 25.63% 97.43%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.49 132,432 12/31/2016 21.20% 22.70%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.49 206,578 06/30/2016 17.59% 40.88%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.14 961,457 04/01/2016 16.70% 90.96%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $347.02 $297.86 2,066,273 12/31/2016 16.51% 17.67%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.80 14,559,775 12/31/2016 15.38% 16.47%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.50 184,756 03/31/2016 14.29% 79.00%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.35 1,925,736 06/30/2016 11.32% 26.33%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.51 302,258 03/31/2016 8.26% 45.69%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.50 $2.31 15,856 03/31/2016 8.10% 44.77%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $45.01 $41.80 6,272,670 06/30/2016 7.69% 17.87%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.74 407 06/30/2016 6.95% 16.16%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $194.51 $182.06 2,215,972 06/30/2016 6.84% 15.89%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $52.55 559,580 03/31/2016 6.28% 34.73%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.36 $14.48 610,043 12/31/2016 6.08% 6.51%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.28 150,240 06/30/2016 6.01% 13.98%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.24 90,438 06/30/2016 5.74% 13.35%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $33.94 139,006 06/30/2016 5.48% 12.74%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $35.67 105,520 01/31/2016 5.13% 312.10%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.47 1,016,769 03/31/2016 5.06% 27.99%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $8.24 $7.85 53,389 04/30/2016 4.94% 18.79%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.87 77,925 04/30/2016 4.73% 18.00%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $52.95 327,036 03/31/2016 4.57% 25.28%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.81 704,048 03/31/2016 4.44% 24.55%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.25 140,525 03/31/2016 4.28% 23.65%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.59 381,322 06/30/2016 4.28% 9.94%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $52.87 $50.74 1,897,994 06/30/2016 4.19% 9.75%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $24.58 42,691 09/30/2016 4.15% 6.08%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.26 2,395,160 03/31/2016 3.77% 20.85%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $30.84 394,751 12/31/2016 3.76% 4.03%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $10.85 $10.48 69,951 06/30/2016 3.53% 8.21%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.97 564,995 12/31/2016 3.50% 3.75%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.49 $10.14 432,120 06/30/2016 3.50% 8.13%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.83 655,494 12/31/2016 3.40% 3.64%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.80 1,273,900 03/31/2016 3.38% 18.71%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.27 94,192 06/30/2016 3.24% 7.53%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $89.15 3,061,277 03/31/2016 3.20% 17.68%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.83 1,215,124 04/30/2016 3.19% 12.13%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.60 948,415 03/31/2016 3.17% 17.56%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.30 1,412,328 03/31/2016 3.09% 17.07%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.00 $9.71 4,257,920 09/30/2016 2.96% 4.34%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.86 663,472 03/31/2016 2.88% 15.93%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.71 $13.34 41,485 09/30/2016 2.74% 4.02%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.86 537,320 05/15/2016 2.01% 6.61%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $14.87 $14.58 7,114 06/30/2016 1.97% 4.59%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $66.36 $65.09 968,746 06/30/2016 1.95% 4.54%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.04 1,581,061 06/30/2016 1.89% 4.38%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.00 15,815,739 06/30/2016 1.88% 4.36%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.16 $33.58 4,722 03/31/2016 1.71% 9.47%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.90 $16.62 12,155 06/30/2016 1.69% 3.93%
+ ANAD 01/19/2016 II-VI Incorporated (IIVI) All Cash $61 million $0.66 $0.65 816,124 03/31/2016 1.54% 8.51%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $231.48 1,118,568 03/31/2016 1.52% 8.41%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.22 1,414,435 03/31/2016 1.40% 7.72%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $92.64 $91.50 636,676 05/31/2016 1.25% 3.58%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.41 1,215,929 05/09/2016 1.07% 3.72%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $67.49 $66.81 1,171,813 03/31/2016 1.02% 5.65%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $61.12 $60.58 2,731,351 03/31/2016 0.90% 4.96%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $25.28 339,021 03/31/2016 0.87% 4.81%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $54.04 5,862,787 03/31/2016 0.85% 4.71%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.68 $39.38 304,510 03/31/2016 0.76% 4.20%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $12.68 $12.59 2,031,328 03/31/2016 0.71% 3.91%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.07 $4.04 97,879 12/31/2015 0.65% 0.00%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.20 261,091 03/31/2016 0.54% 3.01%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $16.99 $16.90 653,908 06/30/2016 0.54% 1.25%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.42 315,220 03/31/2016 0.51% 2.80%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.91 1,727,638 03/31/2016 0.50% 2.78%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $40.67 $40.49 935,641 05/15/2016 0.45% 1.48%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $27.67 $27.57 111,497 03/31/2016 0.36% 1.99%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.99 $3.98 2,185,068 06/30/2016 0.33% 0.76%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $140.07 402,755 03/31/2016 0.31% 1.70%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $46.90 $46.82 112,392 01/31/2016 0.16% 10.00%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $31.31 2,637,026 03/31/2016 0.13% 0.71%
+ PBY 12/30/2015 Icahn Enterprises, L.P. (IEP) All Cash $1.031 billion $18.50 $18.48 642,990 03/31/2016 0.11% 0.60%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $104.35 $104.32 383,310 03/31/2016 0.03% 0.17%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $5.26 $5.26 75,472 03/31/2016 0.02% 0.11%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.80 3,877,566 03/31/2016 -0.21% -1.16%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $41.43 $41.56 100,610 06/30/2016 -0.30% -0.70%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.04 $12.10 62,852 03/31/2016 -0.50% -2.74%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.07 73,727 03/31/2016 -0.58% -3.21%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.70 642,508 06/30/2016 -0.93% -2.17%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.01 $14.25 8,310 09/30/2016 -1.67% -2.45%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.38 1,667,614 02/03/2016 -1.86% -75.62%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $24.85 $25.32 526,320 06/30/2016 -1.86% -4.34%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $57.78 $59.07 2,713,550 06/30/2016 -2.19% -5.09%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.53 $19.38 15,252 09/30/2016 -4.40% -6.45%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $15.57 $16.38 5,641 06/30/2016 -4.92% -11.44%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.43 $6.38 119,560 03/31/2015 -30.58% 37.21%

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 – January 18, 2016

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January 18, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with two new deals announced and three closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 6
Total Number of Pending Deals
Cash Deals 48
Stock Deals 21
Stock & Cash Deals 19
Special Conditions 11
Total Number of Pending Deals 99
Total Deal Size $851.47 billion

New Deals:

  1. The acquisition of Baxalta Incorporated (BXLT) by Shire (SHPG) for $32 billion in a cash plus stock deal. Under the terms of the agreement,Baxalta shareholders will receive $18.00 in cash and 0.1482 Shire ADS per Baxalta share.
  2. The acquisition of Anchor BanCorp Wisconsin (ABCW) by Old National Bancorp (ONB) for $461 million in a cash or stock deal. Under the terms of the agreement, Anchor shareholders may elect to receive either 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they hold, subject to no more than 40% of the outstanding shares of Anchor may receive cash.

Closed Deals:

  1. The acquisition of The Chubb Corporation (CB) by ACE Limited (ACE) on January 14, 2016. It took 197 days for this deal to be completed.
  2. The acquisition of PMC-Sierra (PMCS) by Microsemi Corporation (MSCC) on January 15, 2016. It took 52 days for this deal to be completed.
  3. The acquisition of Boulder Brands (BDBD) by Pinnacle Foods on January 15, 2016. It took 52 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 $16.10 06/30/2016 170.19% 378.77%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.23 $4.94 03/31/2016 86.76% 433.78%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $9.12 03/31/2016 67.21% 336.07%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.36 01/31/2016 43.08% 1209.60%
BHI 11/16/2014 Halliburton Company (HAL) $53.55 $39.89 04/30/2016 34.25% 121.37%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $59.82 06/30/2016 33.53% 74.63%
HUM 07/03/2015 Aetna Inc. (AET) $212.98 $162.16 12/31/2016 31.34% 32.87%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $39.51 06/30/2016 30.42% 67.71%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.31 12/31/2016 27.79% 29.15%
CI 07/24/2015 Anthem, Inc. (ANTM) $172.95 $136.23 12/31/2016 26.95% 28.27%

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 $16.10 23,931,939 06/30/2016 170.19% 378.77%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.23 $4.94 9,033,144 03/31/2016 86.76% 433.78%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $9.12 182,814 03/31/2016 67.21% 336.07%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.36 10,532 01/31/2016 43.08% 1209.60%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $53.55 $39.89 2,421,701 04/30/2016 34.25% 121.37%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $59.82 4,309,848 06/30/2016 33.53% 74.63%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $212.98 $162.16 1,615,321 12/31/2016 31.34% 32.87%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $39.51 285,117 06/30/2016 30.42% 67.71%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.31 121,687 12/31/2016 27.79% 29.15%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $172.95 $136.23 1,687,119 12/31/2016 26.95% 28.27%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $71.48 4,573,769 09/30/2016 21.01% 29.96%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.00 424,107 06/30/2016 19.64% 43.72%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $348.15 $295.04 3,322,042 12/31/2016 18.00% 18.88%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.64 19,199,624 12/31/2016 17.80% 18.67%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.49 322,722 03/31/2016 14.61% 73.07%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.38 2,008,798 06/30/2016 14.24% 31.68%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $30.95 4,541,423 06/30/2016 12.76% 28.40%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.27 $2.02 20,442 03/31/2016 12.28% 61.41%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.41 583,944 03/31/2016 11.44% 57.18%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $44.32 $40.13 11,534,774 06/30/2016 10.43% 23.22%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $12.95 173,490 06/30/2016 8.11% 18.05%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $8.56 $7.95 81,381 04/30/2016 7.68% 27.21%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.29 1,114,137 06/30/2016 7.64% 17.01%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.72 24,008 06/30/2016 7.53% 16.75%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $29.80 815,525 12/31/2016 7.38% 7.74%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $189.23 $177.03 2,840,453 06/30/2016 6.89% 15.33%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.21 981,339 03/31/2016 6.83% 34.15%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $33.62 346,396 06/30/2016 6.48% 14.43%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.36 $14.47 2,185,308 12/31/2016 6.15% 6.45%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.50 131,935 06/30/2016 5.10% 11.35%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $52.96 416,791 03/31/2016 4.55% 22.75%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $53.01 $50.70 4,110,370 06/30/2016 4.55% 10.12%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.12 156,007 06/30/2016 4.42% 9.84%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $35.93 62,833 01/31/2016 4.37% 122.69%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.25 181,252 03/31/2016 4.28% 21.38%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.23 $7.90 22,684,212 03/31/2016 4.23% 21.14%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.99 81,786 04/30/2016 4.21% 14.92%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.17 1,531,686 03/31/2016 4.13% 20.63%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $11.00 $10.56 118,044 06/30/2016 4.12% 9.17%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.62 1,010,295 04/30/2016 3.95% 13.99%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $17.60 $16.94 39,329 06/30/2016 3.89% 8.65%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.77 1,466,292 03/31/2016 3.84% 19.20%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.92 $10.52 818,234 06/30/2016 3.84% 8.54%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.58 838,143 12/31/2016 3.81% 3.99%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $53.81 564,405 03/31/2016 3.79% 18.96%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.13 $9.78 4,222,623 09/30/2016 3.55% 5.06%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.63 545,355 03/31/2016 3.48% 17.40%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $58.00 788,362 12/31/2016 3.45% 3.62%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.30 1,507,233 03/31/2016 3.40% 16.99%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $52.94 13,516,054 03/31/2016 2.95% 14.73%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.91 1,946,533 06/30/2016 2.38% 5.29%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.80 $13.48 49,161 09/30/2016 2.34% 3.33%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $65.98 $64.55 1,713,901 06/30/2016 2.22% 4.93%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $90.02 3,089,774 03/31/2016 2.20% 11.00%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $5.51 $5.40 91,347 03/31/2016 2.05% 10.23%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.85 676,987 05/15/2016 2.04% 6.31%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.96 1,017,505 03/31/2016 1.93% 9.67%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.09 3,044,113 03/31/2016 1.88% 9.41%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $25.04 928,135 03/31/2016 1.84% 9.19%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $59.56 $58.57 3,062,328 03/31/2016 1.68% 8.41%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $16.84 $16.60 886,659 06/30/2016 1.47% 3.26%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $91.46 $90.18 915,465 05/31/2016 1.42% 3.87%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.43 $15.23 22,848 06/30/2016 1.30% 2.90%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $232.06 1,484,949 03/31/2016 1.27% 6.33%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.85 442,503 03/31/2016 1.01% 5.05%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.16 533,004 03/31/2016 0.98% 4.91%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.79 $39.41 482,150 03/31/2016 0.96% 4.79%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.42 1,009,502 05/09/2016 0.95% 3.10%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.955 1,095,851 03/31/2016 0.91% 4.54%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $66.14 $65.56 481,113 03/31/2016 0.88% 4.39%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.91 206,527 03/31/2016 0.76% 3.78%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.94 $3.91 3,262,002 06/30/2016 0.72% 1.59%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.88 1,803,960 03/31/2016 0.67% 3.36%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $31.16 1,515,506 03/31/2016 0.61% 3.05%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $102.48 $101.98 379,688 03/31/2016 0.49% 2.47%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.95 5,213 12/31/2016 0.46% 0.48%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.65 7,171,896 03/31/2016 0.42% 2.11%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.98 341,541 03/31/2016 0.37% 1.86%
+ PBY 12/30/2015 Icahn Enterprises, L.P. (IEP) All Cash $1.031 billion $18.50 $18.46 1,087,806 03/31/2016 0.22% 1.08%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.23 649,397 01/31/2016 0.20% 5.49%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.59 954,720 06/30/2016 0.09% 0.21%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $41.31 $41.29 1,247,500 05/15/2016 0.05% 0.16%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $28.14 $28.13 35,971 03/31/2016 0.05% 0.24%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.10 2,749,455 03/31/2016 0.00% 0.00%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.35 300,387 03/31/2016 0.00% 0.00%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $42.39 $42.43 176,602 06/30/2016 -0.09% -0.19%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.07 $34.13 68 03/31/2016 -0.17% -0.87%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $48.70 $48.79 190,427 01/31/2016 -0.18% -5.04%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.41 $12.49 59,823 03/31/2016 -0.68% -3.38%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $10.56 $10.65 1,896,092 03/31/2016 -0.80% -4.00%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.13 $14.30 3,443 09/30/2016 -1.19% -1.70%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.27 $25.59 488,274 06/30/2016 -1.24% -2.77%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.38 1,924,310 06/30/2016 -1.86% -4.15%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $38.09 17,250,325 06/30/2016 -2.07% -4.62%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.70 $19.20 95,920 09/30/2016 -2.59% -3.69%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $16.21 $16.86 7,537 06/30/2016 -3.85% -8.57%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.34 $5.04 71,298 03/31/2015 -13.84% 17.24%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $2.80 $3.27 86,380 12/31/2015 -14.38% 291.68%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.48 $0.666 749,687 01/31/2016 -27.93% -784.13%

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 – January 11, 2016

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January 10, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with one new deal announced and one closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 1
Total Number of Pending Deals
Cash Deals 51
Stock Deals 20
Stock & Cash Deals 21
Special Conditions 11
Total Number of Pending Deals 103
Total Deal Size $819.01 billion

New Deals:

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

Deal Updates:

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

Closed Deals:

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

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

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

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

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

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

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

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Merger Arbitrage Mondays – January 4, 2016

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January 4, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with one new deal announced and three closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Pending Deals
Cash Deals 50
Stock Deals 20
Stock & Cash Deals 21
Special Conditions 11
Total Number of Pending Deals 102
Total Deal Size $818.80 billion

New Deals:

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

Deal Updates:

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

Closed Deals:

  1. The acquisition of Altera (ALTR) by Intel Corporation (INTC) on December 28, 2015. It took 210 days for this deal to be completed.
  2. The acquisition of Ameriana Bancorp (ASBI) by First Merchants Corporation (FRME) on December 31, 2015. It took 185 days for this deal to be completed.
  3. The acquisition of FX Energy (FXEN) by ORLEN Upstream on December 31, 2015. It took 79 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $25.70 06/30/2016 69.26% 142.02%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.32 $5.64 03/31/2016 65.28% 273.89%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $9.56 03/31/2016 59.52% 249.71%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.65 01/31/2016 36.84% 498.05%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.13 12/31/2016 35.14% 35.44%
BHI 11/16/2014 Halliburton Company (HAL) $57.12 $46.15 04/30/2016 23.78% 74.19%
HUM 07/03/2015 Aetna Inc. (AET) $215.56 $178.61 12/31/2016 20.69% 20.86%
CI 07/24/2015 Anthem, Inc. (ANTM) $175.24 $146.50 12/31/2016 19.62% 19.78%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $43.25 06/30/2016 19.14% 39.26%
AGN 11/23/2015 Pfizer Inc. (PFE) $364.76 $312.71 12/31/2016 16.65% 16.78%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $25.70 N/A 06/30/2016 69.26% 142.02%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.32 $5.64 N/A 03/31/2016 65.28% 273.89%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $9.56 N/A 03/31/2016 59.52% 249.71%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.65 N/A 01/31/2016 36.84% 498.05%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.13 N/A 12/31/2016 35.14% 35.44%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $57.12 $46.15 N/A 04/30/2016 23.78% 74.19%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.56 $178.61 N/A 12/31/2016 20.69% 20.86%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $175.24 $146.50 N/A 12/31/2016 19.62% 19.78%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $43.25 N/A 06/30/2016 19.14% 39.26%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $364.76 $312.71 N/A 12/31/2016 16.65% 16.78%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.95 N/A 06/30/2016 15.72% 32.23%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $69.28 N/A 06/30/2016 15.30% 31.37%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.84 90 12/31/2016 14.80% 14.92%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $75.99 N/A 09/30/2016 13.83% 18.70%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.59 N/A 03/31/2016 11.42% 47.91%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $29.24 N/A 12/31/2016 9.44% 9.52%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.90 N/A 06/30/2016 9.40% 19.28%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.53 N/A 03/31/2016 7.65% 32.09%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $199.04 $185.46 N/A 06/30/2016 7.32% 15.01%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.60 $2.44 N/A 03/31/2016 6.60% 27.69%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.82 $15.85 N/A 12/31/2016 6.12% 6.17%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $52.21 N/A 03/31/2016 6.05% 25.39%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.78 N/A 06/30/2016 5.82% 11.93%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.37 N/A 06/30/2016 5.64% 11.56%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.33 N/A 06/30/2016 5.43% 11.14%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.02 N/A 12/31/2016 5.23% 5.27%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $12.11 $11.55 N/A 06/30/2016 4.87% 9.99%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.16 N/A 06/30/2016 4.80% 9.84%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.01 N/A 03/31/2016 4.77% 20.00%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.55 N/A 03/31/2016 4.27% 17.90%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $133.53 $128.46 N/A 01/04/2016 3.95% 0.00%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.27 $10.85 N/A 09/30/2016 3.86% 5.22%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.23 N/A 06/30/2016 3.55% 7.28%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.81 N/A 12/31/2016 3.43% 3.46%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.71 $69.35 N/A 06/30/2016 3.40% 6.98%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.80 N/A 03/31/2016 3.38% 14.19%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.65 N/A 06/30/2016 3.38% 6.92%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.59 $12.18 N/A 06/30/2016 3.33% 6.82%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.43 N/A 03/31/2016 3.30% 13.85%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $59.00 $57.12 N/A 06/30/2016 3.29% 6.74%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.21 N/A 04/30/2016 3.26% 10.18%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $27.12 N/A 03/31/2016 3.24% 13.61%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.82 $15.33 N/A 09/30/2016 3.22% 4.35%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $6.87 $6.66 N/A 03/31/2016 3.17% 13.32%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.72 N/A 03/31/2016 3.16% 13.24%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.90 $10.60 N/A 04/30/2016 2.83% 8.84%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $29.02 N/A 04/30/2016 2.52% 7.85%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.43 $17.99 N/A 06/30/2016 2.44% 4.99%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.77 N/A 05/15/2016 2.30% 6.35%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $89.98 N/A 03/31/2016 2.24% 9.42%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.30 $15.96 N/A 06/30/2016 2.12% 4.34%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.75 $13.47 N/A 03/31/2016 2.09% 8.76%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.90 N/A 03/31/2016 2.04% 8.55%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.81 N/A 06/30/2016 1.94% 3.97%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $64.38 $63.20 N/A 03/31/2016 1.87% 7.84%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.83 N/A 03/31/2016 1.86% 7.80%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.13 271 03/31/2016 1.73% 7.27%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $96.42 $94.82 N/A 05/31/2016 1.69% 4.16%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $16.78 $16.53 N/A 03/31/2016 1.50% 6.27%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.45 N/A 03/31/2016 1.48% 6.19%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.08 $38.55 N/A 03/31/2016 1.38% 5.80%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.94 N/A 03/31/2016 1.33% 5.56%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $232.07 N/A 03/31/2016 1.26% 5.30%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.04 N/A 01/31/2016 1.24% 16.79%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.14 N/A 03/31/2016 1.20% 5.05%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $69.18 $68.46 N/A 03/31/2016 1.06% 4.44%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.03 N/A 03/31/2016 1.00% 4.18%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.88 N/A 03/31/2016 0.98% 4.13%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $11.73 $11.62 N/A 03/31/2016 0.97% 4.07%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.42 N/A 05/09/2016 0.95% 2.75%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $31.66 $31.38 N/A 03/31/2016 0.88% 3.69%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.86 $3.83 N/A 06/30/2016 0.81% 1.66%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $110.39 $109.57 N/A 03/31/2016 0.75% 3.16%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.88 N/A 03/31/2016 0.67% 2.82%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.97 N/A 03/31/2016 0.60% 2.53%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.74 N/A 03/31/2016 0.54% 2.28%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $47.97 $47.72 N/A 05/15/2016 0.52% 1.44%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $133.27 $132.62 N/A 03/31/2016 0.49% 2.07%
+ PBY 12/30/2015 Icahn Enterprises, L.P. (IEP) All Cash $1.031 billion $18.50 $18.41 N/A 03/31/2016 0.49% 2.05%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.95 N/A 12/31/2016 0.46% 0.46%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.34 N/A 03/31/2016 0.30% 1.26%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $35.56 $35.46 N/A 03/31/2016 0.27% 1.14%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.69 N/A 03/31/2016 0.25% 1.06%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.23 N/A 01/31/2016 0.20% 2.64%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.98 N/A 03/31/2016 0.18% 0.76%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.96 N/A 03/31/2016 0.13% 0.54%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $18.91 $18.90 N/A 06/30/2016 0.05% 0.10%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $20.30 $20.29 N/A 09/30/2016 0.04% 0.06%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $18.86 $18.89 N/A 06/30/2016 -0.14% -0.29%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.02 N/A 03/31/2016 -0.17% -0.70%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.62 N/A 06/30/2016 -0.19% -0.39%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $47.32 $47.53 N/A 01/31/2016 -0.44% -5.90%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.62 N/A 06/30/2016 -0.85% -1.74%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.64 $25.86 N/A 06/30/2016 -0.87% -1.78%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.80 N/A 03/31/2016 -0.96% -4.03%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.57 $25.86 N/A 03/31/2016 -1.12% -4.68%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.45 $8.61 N/A 03/31/2016 -1.90% -7.95%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.71 N/A 06/30/2016 -3.43% -7.03%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $57.82 N/A 03/31/2016 -5.74% -24.09%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.28 $4.89 N/A 12/31/2015 -12.49% 1139.62%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.24 $6.81 N/A 03/31/2015 -23.07% 30.18%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.48 $0.637 N/A 01/31/2016 -24.65% -333.19%

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

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

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