Merger Arbitrage

Merger Arbitrage Mondays – August 29, 2016

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August 28, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with six new deals announced and four 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 141
Total Number of Deals Not Completed in 2016 11
Total Number of Pending Deals
Cash Deals 61
Stock Deals 19
Stock & Cash Deals 12
Special Conditions 8
Total Number of Pending Deals 100
Total Deal Size $1012.49 billion

New Deals:

  1. The acquisition of Medivation (MDVN) by Pfizer (PFE) for $14 billion or $81.50 per share in cash.
  2. The acquisition of CST Brands (CST) by Alimentation Couche-Tard for $4.4 billion or $48.53 per share in cash.
  3. The acquisition of CIFC (CIFC) by F.A.B. Partners for $333 million. Under the terms of the agreement, shareholders of CIFC will receive $11.46 in cash per share  — $11.36 per share as consideration in the merger, plus a $0.10 per share distribution. The CIFC Board has declared a cash distribution of $0.10 per share to be paid on September 12, 2016 to shareholders of record as of the close of business on August 31, 2016.
  4. The acquisition of AEP Industries (AEPI) by Berry Plastics Group (BERY) for $765 million. Under the terms of the agreement, each AEP shareholder will elect to receive either $110 in cash or 2.5011 shares of Berry common stock per AEP share in the transaction, subject to an overall 50/50 proration to ensure that 50% of the total outstanding AEP shares are exchanged for the cash consideration.
  5. The acquisition of Rackspace Hosting (RAX) by affiliates of Apollo Global Management for $4.3 billion or $32.00 per share in cash.
  6. The acquisition of Skullcandy (SKUL) by MRSK Hold and MRSL Merger, entities affiliated with Mill Road Capital Management (collectively, “Mill Road”) for $196.6 million or $6.35 per share in cash.

Deal Updates:

  1. On August 23, 2016, Cousins Properties Incorporated (CUZ) and Parkway Properties (PKY) announced that at special meetings held on Tuesday, stockholders of both companies approved all proposals related to the previously announced stock-for-stock merger between Cousins and Parkway.
  2. On August 24, 2016, Apollo Commercial Real Estate Finance (ARI) and Apollo Residential Mortgage (AMTG) announced that the common stockholders of AMTG approved the proposed acquisition of AMTG by ARI at a special meeting of AMTG stockholders. The transaction is expected to close on August 31, 2016, subject to customary closing conditions.
  3. On August 24, 2016, Skullcandy (SKULannounced the termination of the previously announced merger agreement with Incipio, and the entry into a new merger agreement with MRSK Hold and MRSL Merger entities affiliated with Mill Road Capital Management.
  4. On August 25, 2016, OPKO Health (OPK) announced that at a Special Shareholder Meeting, shareholders of Transition Therapeutics (TTHI) holding approximately 93% of the outstanding common shares, voted to approve the previously announced agreement under which OPKO Health will acquire Transition Therapeutics. The Court hearing for the final order is scheduled to take place on August 29, 2016, and the acquisition is expected to close on September 1, 2016.
  5. On August 26, 2016, Alere (ALR) issued a statement saying it’s suing the company it’s hoping to merge with, Abbott Laboratories (ABT). Alere said in a statement that it filed the complaint Thursday in Delaware Chancery Court hoping “to compel Abbott to fulfill its obligations under the terms of the merger agreement to take all actions necessary to promptly obtain all required anti-trust approvals.”

Closed Deals:

  1. The acquisition of Qlik Technologies (QLIK) by Thoma Bravo on August 22, 2016. It took 81 days for this deal to be completed.
  2. The acquisition of DreamWorks Animation (DWA) by NBCUniversal on August 23, 2016. It took 117 days for this deal to be completed.
  3. The acquisition of Heartware International (HTWR) by Medtronic (MDT) on August 23, 2016. It took 57 days for this deal to be completed.
  4. The acquisition of The First Marblehead Corporation (FMD) by FP Resources USA on August 23, 2016. It took 82 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

HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $1.58 09/30/2016 153.16% 1747.03%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $39.55 12/31/2016 41.59% 122.43%
CI 07/24/2015 Anthem, Inc. (ANTM) $167.77 $127.65 03/31/2017 31.43% 53.61%
HUM 07/03/2015 Aetna Inc. (AET) $223.18 $177.38 12/31/2016 25.82% 76.00%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.43 12/31/2016 21.13% 62.20%
KLAC 10/21/2015 Lam Research Corporation (LRCX) $78.91 $67.52 12/31/2016 16.86% 49.63%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $35.49 12/31/2016 14.12% 41.55%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $23.59 06/30/2016 13.61% -82.78%
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 $8.83 08/31/2016 13.25% 2418.18%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.75 12/31/2016 11.94% 35.15%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $1.58 93,448 09/30/2016 153.16% 1747.03%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $39.55 1,442,501 12/31/2016 41.59% 122.43%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $167.77 $127.65 1,683,923 03/31/2017 31.43% 53.61%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $223.18 $177.38 525,969 12/31/2016 25.82% 76.00%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.43 6,025,001 12/31/2016 21.13% 62.20%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $78.91 $67.52 1,392,598 12/31/2016 16.86% 49.63%
+ 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 $35.49 351,987 12/31/2016 14.12% 41.55%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $23.59 85,073 06/30/2016 13.61% 0.00%
+ 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 $8.83 458,433 08/31/2016 13.25% 2418.18%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.75 515,602 12/31/2016 11.94% 35.15%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $54.50 693,003 03/31/2017 10.09% 17.21%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $32.70 113,815 09/30/2016 10.09% 115.11%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.05 30,651 12/31/2016 10.08% 29.68%
+ TSL 08/01/2016 Investor consortium comprising Mr. Gao and other entities. (N/A) All Cash $2.3 billion $11.60 $10.54 1,044,330 03/31/2017 10.06% 17.15%
+ SCTY 08/01/2016 Tesla Motors (TSLA) All Stock $5.4 billion $24.20 $22.05 1,488,049 04/30/2017 9.75% 14.58%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $84.18 $78.01 13,155,593 12/31/2016 7.91% 23.27%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $105.46 148,041 03/31/2017 7.15% 12.19%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.15 196,696 09/30/2016 5.94% 67.76%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.29 $13.61 179,051 08/31/2016 4.96% 905.66%
+ SEMI 08/17/2016 GlobalWafers Co., Ltd. (N/A) All Cash $683 million $12.00 $11.45 452,021 06/30/2017 4.80% 5.75%
+ CFNL 08/18/2016 United Bankshares, Inc. (UBSI) All Stock $912 million $27.53 $26.31 449,401 06/30/2017 4.65% 5.57%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $33.06 $31.71 80,036 12/31/2016 4.26% 12.53%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.85 450 12/31/2016 3.96% 11.67%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Stock $1.4 billion $26.63 $25.70 624,569 03/31/2017 3.63% 6.19%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.33 1,719,124 06/30/2017 3.55% 4.25%
+ LLTC 07/26/2016 Analog Devices, Inc. (ADI) Cash Plus Stock $14.8 billion $60.61 $58.54 1,463,349 06/30/2017 3.54% 4.24%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.920 87,331 03/31/2017 3.26% 5.56%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $32.33 $31.31 690,821 12/31/2016 3.25% 9.57%
+ CIFC 08/19/2016 F.A.B. Partners (N/A) All Cash $333 million $11.46 $11.15 9,866 12/31/2016 2.78% 8.18%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $20.10 $19.59 1,794 03/31/2017 2.60% 4.44%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.53 504,112 12/31/2016 2.60% 7.66%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.18 4,794 08/15/2016 2.20% 0.00%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $23.30 $22.80 44,476 01/31/2017 2.18% 5.14%
+ CST 08/22/2016 Alimentation Couche-Tard Inc. (N/A) All Cash $4.4 billion $48.53 $47.54 2,670,117 03/31/2017 2.08% 3.55%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.72 732,300 12/31/2016 2.04% 6.01%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $35.31 $34.66 11,009 12/31/2016 1.88% 5.53%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.97 232,470 01/01/2017 1.84% 5.37%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.24 2,834,149 12/31/2016 1.83% 5.38%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $192.50 1,128,277 12/31/2016 1.82% 5.35%
+ EVER 08/08/2016 TIAA (N/A) All Cash $2.5 billion $19.50 $19.17 1,285,879 06/30/2017 1.72% 2.06%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $21.24 $20.90 1,477,290 12/31/2016 1.64% 4.82%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.96 $46.20 446,407 12/31/2016 1.64% 4.82%
+ RAX 08/26/2016 affiliates of Apollo Global Management, LLC (N/A) All Cash $4.3 billion $32.00 $31.50 38,577,673 12/31/2016 1.59% 4.67%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.53 $18.24 712 12/31/2016 1.57% 4.63%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.79 45,157 06/30/2016 1.52% 0.00%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.04 57,689 12/31/2016 1.44% 4.23%
+ MDVN 08/22/2016 Pfizer Inc. (PFE) All Cash $14 billion $81.50 $80.35 7,492,352 12/31/2016 1.43% 4.21%
+ PWX 08/15/2016 Genesee & Wyoming Inc. (GWR) All Cash $126 million $25.00 $24.65 3,468 12/31/2016 1.42% 4.18%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.09 $14.88 687,954 12/31/2016 1.41% 4.15%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $78.43 966,394 07/31/2016 1.40% 0.00%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $66.42 864,084 12/31/2016 1.36% 3.99%
+ SGI 08/12/2016 Hewlett Packard Enterprise Company (HPE) All Cash $275 million $7.75 $7.66 1,146,517 01/31/2017 1.17% 2.77%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.45 5,587 07/31/2016 1.12% 0.00%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.66 $38.27 5,208 12/31/2016 1.03% 3.03%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.87 218,897 12/31/2016 0.94% 2.76%
+ BBX 07/28/2016 BFC Financial (BFCF) All Cash $293 million $20.00 $19.82 6,629 06/30/2017 0.91% 1.09%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.79 $25.57 40,230 09/30/2016 0.86% 9.86%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.68 332,071 01/31/2017 0.77% 1.81%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $14.87 $14.79 1,455,880 12/31/2016 0.53% 1.57%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.87 1,554,585 10/15/2016 0.52% 4.06%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.90 1,105,824 09/01/2016 0.50% 61.14%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.94 27,863 12/31/2016 0.50% 1.48%
+ SKUL 08/24/2016 Mill Road (N/A) All Cash $196.6 million $6.35 $6.32 77,037 09/30/2016 0.47% 5.41%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.24 38,859 12/31/2016 0.45% 1.31%
+ SQNM 07/27/2016 Laboratory Corporation of America (LH) All Cash $371 million $2.40 $2.39 850,686 12/31/2016 0.42% 1.23%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.18 108,473 12/31/2016 0.36% 1.07%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.88 176,844 03/31/2017 0.35% 0.60%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $36.87 35,153 12/31/2016 0.35% 1.04%
+ PGND 08/09/2016 EQT Equity fund EQT VII (N/A) All Cash $2.35 billion $40.50 $40.36 364,427 12/31/2016 0.35% 1.02%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.46 1,154,852 09/30/2016 0.32% 3.66%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.75 17,503 11/15/2016 0.31% 1.44%
+ EPIQ 07/27/2016 OMERS Private Equity and Harvest Partners (N/A) All Cash $1 billion $16.50 $16.45 101,423 12/31/2016 0.30% 0.89%
+ OUTR 07/25/2016 affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (N/A) All Cash $1.6 billion $52.00 $51.87 317,580 09/30/2016 0.25% 2.86%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.19 590,216 12/31/2016 0.20% 0.59%
+ FLTX 08/01/2016 Verizon (VZ) All Cash $2.4 billion $60.00 $59.90 401,764 12/31/2016 0.17% 0.49%
+ MFRM 08/07/2016 Steinhoff International Holdings NV (N/A) All Cash $3.8 billion $64.00 $63.90 345,927 09/30/2016 0.16% 1.79%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.98 127,424 12/31/2016 0.14% 0.42%
+ GK 08/16/2016 Cintas Corporation (CTAS) All Cash $2.2 billion $97.50 $97.39 335,181 02/28/2017 0.11% 0.23%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $31.97 1,072,547 09/30/2016 0.09% 1.07%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.73 1,293,291 03/31/2017 0.09% 0.16%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.97 594,106 12/31/2016 0.09% 0.27%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.97 450,981 12/31/2016 0.05% 0.15%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.99 621,017 12/31/2016 0.04% 0.12%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $85.99 28,882 08/31/2016 0.01% 2.12%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.67 $43.70 3,758,806 09/02/2016 -0.07% -6.15%
+ NATL 07/25/2016 Great American Insurance Company (N/A) All Cash $660 million $32.50 $32.56 10,776 12/31/2016 -0.18% -0.54%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $29.06 $29.13 210,195 12/31/2016 -0.22% -0.66%
+ AEPI 08/25/2016 Berry Plastics Group, Inc. (BERY) All Cash $765 million $110.00 $110.33 239,722 12/31/2016 -0.30% -0.88%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.33 $17.39 620,726 12/31/2016 -0.36% -1.07%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.59 $16.68 738,060 05/31/2017 -0.55% -0.73%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.72 $17.83 8,092 03/31/2017 -0.63% -1.07%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.27 $1.29 182,178 09/30/2016 -1.31% -14.91%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.86 3,146,230 09/30/2016 -1.47% -16.80%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.96 $13.19 6,451 06/30/2016 -1.77% 10.80%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.17 $12.42 665 12/31/2016 -2.00% -5.88%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.55 268,887 12/15/2016 -2.34% -7.90%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.42 $1.49 20,667 09/01/2016 -4.52% -549.38%
+ MWW 08/09/2016 Randstad Holding (N/A) All Cash $429 million $3.40 $3.68 2,013,999 12/31/2016 -7.61% -22.40%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.46 $1.60 129,205 12/31/2016 -8.98% -26.43%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.00 $12.00 165,264 12/31/2016 -58.33% -171.71%

Disclaimer: I hold long positions in Apollo Education (APOL), Monster Worldwide (MWW) and Hutchinson Technology (HTCH). 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 – August 22, 2016

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August 22, 2016 | Merger Arbitrage | Author Asif

Merger activity remained the same with four new deals announced and four 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 137
Total Number of Deals Not Completed in 2016 10
Total Number of Pending Deals
Cash Deals 60
Stock Deals 19
Stock & Cash Deals 12
Special Conditions 8
Total Number of Pending Deals 99
Total Deal Size $988.67 billion

New Deals:

  1. The acquisition of Providence and Worcester Railroad Company (PWX) by Genesee & Wyoming (GWR) for $126 million or $25.00 per share in cash.
  2. The acquisition of G&K Services (GK) by Cintas Corporation (CTAS) for $2.2 billion or $97.50 per share in cash.
  3. The acquisition of Cardinal Financial (CFNL) by United Bankshares (UBSI) for $912 million in an all stock deal. Under the terms of the agreement, shareholders of Cardinal Financial will receive 0.71 of United’s shares for each share of Cardinal.
  4. The acquisition of SunEdison Semiconductor Limited (SEMI) by GlobalWafers for $683 million or $12.00 per share in cash.

Deal Updates:

  1. On August 17, 2016, Johnson Controls (JCI) shareholders voted to approve the previously announced merger with Tyco (TYC). Tyco shareholders have also approved the transaction.The merger with Tyco is expected to be completed on September 2, 2016.
  2. On August 17, 2016, Shareholders of Qlik Technologies (QLIKapproved the sale of the company to private equity firm Thoma Bravo. All approvals required to complete the transaction have now been received and the transaction is expected to close on August 22.
  3. On August 18, 2016, Skullcandy’s (SKUL) Board of Directors , after consultation with its outside legal counsel and financial advisors, determined that the August 17 Mill Road Proposal constitutes a “Superior Proposal” as defined in Skullcandy’s previously announced definitive merger agreement, as amended, with Incipio. Also on August 17, 2016, pursuant to the terms of the Incipio Agreement, Skullcandy delivered notice to Incipio of the Skullcandy Board’s determination and intention, at or after 12:00 a.m., Eastern Time, on August 23, 2016, to terminate the Incipio Agreement and change its recommendation to Skullcandy’s stockholders to recommend the August 17 Mill Road Proposal, subject to Incipio’s rights pursuant to the Incipio Agreement to negotiate with and make revised proposals to Skullcandy during that period.
  4. On August 11, 2016, Analysts said that Samsung, Hitachi and Tokyo Electron will likely mount a regulatory attack on Lam Research’s (LRCX) $10.6 billion bid to acquire KLA-Tencor (KLAC), but that’s only if U.S. regulators don’t kill the deal that would unite two of the largest makers of chip-manufacturing equipment.
  5. August 22, 2016: According to Fidelity & Guaranty Life (FGL)’s Quarterly Report filed on August 2, 2016, Anbang continues to work on securing the required regulatory approvals and the parties are committed to securing such approvals, however, the closing of the FGL Merger, and the timing thereof, is subject to the regulatory review and approval process. In the event that the Merger Agreement is terminated, FGL may be required to pay a termination fee to Anbang and its subsidiaries of $51. We have made this deal Active again.

Closed Deals:

  1. The acquisition of QLogic (QLGC) by Cavium (CAVM) on August 16, 2016. It took 62 days for this deal to be completed.
  2. The acquisition of Marketo (MKTO) by Vista Equity Partners on August 16, 2016. It took 77 days for this deal to be completed.
  3. The acquisition of FirstMerit Corporation (FMER) by Huntington Bancshares Incorporated (HBAN) on August 17, 2016. It took 204 days for this deal to be completed.
  4. The acquisition of Xura (MESG) by Siris Capital Group on August 19, 2016. It took 88 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

HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $1.57 09/30/2016 154.78% 1448.55%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $40.47 12/31/2016 38.37% 106.92%
CI 07/24/2015 Anthem, Inc. (ANTM) $170.13 $133.00 03/31/2017 27.92% 46.11%
HUM 07/03/2015 Aetna Inc. (AET) $225.57 $178.00 12/31/2016 26.72% 74.46%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.75 12/31/2016 16.13% 44.94%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $23.20 06/30/2016 15.52% -106.86%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $35.14 12/31/2016 15.25% 42.50%
CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) $36.00 $32.08 09/30/2016 12.22% 114.36%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.68 12/31/2016 12.17% 33.90%
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 $8.93 08/31/2016 11.98% 485.94%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $1.57 235,508 09/30/2016 154.78% 1448.55%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $40.47 677,886 12/31/2016 38.37% 106.92%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $170.13 $133.00 1,077,774 03/31/2017 27.92% 46.11%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.57 $178.00 420,034 12/31/2016 26.72% 74.46%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.75 12,362,734 12/31/2016 16.13% 44.94%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $23.20 67,805 06/30/2016 15.52% 0.00%
+ 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 $35.14 384,405 12/31/2016 15.25% 42.50%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $32.08 283,422 09/30/2016 12.22% 114.36%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.68 336,754 12/31/2016 12.17% 33.90%
+ 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 $8.93 420,527 08/31/2016 11.98% 485.94%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.850 356,509 03/31/2017 11.76% 19.43%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $53.89 613,080 03/31/2017 11.34% 18.73%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $78.60 $70.95 1,636,694 12/31/2016 10.78% 30.02%
+ TSL 08/01/2016 Investor consortium comprising Mr. Gao and other entities. (N/A) All Cash $2.3 billion $11.60 $10.58 1,092,286 03/31/2017 9.64% 15.92%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.22 7,427 12/31/2016 7.07% 19.71%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.02 299,493 03/31/2017 6.58% 10.87%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.03 288,470 09/30/2016 6.20% 58.03%
+ SCTY 08/01/2016 Tesla Motors (TSLA) All Stock $5.4 billion $24.75 $23.50 1,482,459 04/30/2017 5.32% 7.74%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.31 $13.60 86,285 08/15/2016 5.19% 0.00%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.50 $1.43 205,217 09/30/2016 4.85% 45.40%
+ SEMI 08/17/2016 GlobalWafers Co., Ltd. (N/A) All Cash $683 million $12.00 $11.48 2,478,236 06/30/2017 4.53% 5.30%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.80 N/A 12/31/2016 4.44% 12.38%
+ CFNL 08/18/2016 United Bankshares, Inc. (UBSI) All Stock $912 million $27.48 $26.37 946,075 06/30/2017 4.22% 4.94%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.12 95,303 08/15/2016 4.17% 0.00%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $33.06 $31.77 107,159 12/31/2016 4.06% 11.31%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Stock $1.4 billion $26.61 $25.70 506,050 03/31/2017 3.55% 5.86%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $32.54 $31.48 689,309 12/31/2016 3.36% 9.37%
+ LLTC 07/26/2016 Analog Devices, Inc. (ADI) Cash Plus Stock $14.8 billion $60.89 $58.91 1,322,648 06/30/2017 3.36% 3.93%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.60 46,791 06/30/2016 2.94% 0.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $85.27 $82.98 2,880,370 12/31/2016 2.76% 7.70%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.57 1,179,790 06/30/2017 2.65% 3.10%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.53 333,088 12/31/2016 2.60% 7.25%
+ SQNM 07/27/2016 Laboratory Corporation of America (LH) All Cash $371 million $2.40 $2.34 3,031,246 12/31/2016 2.56% 7.14%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.82 $22.28 44,735 01/31/2017 2.44% 5.50%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $191.50 888,992 12/31/2016 2.35% 6.55%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $34.73 $33.97 108,290 12/31/2016 2.24% 6.25%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.15 2,792,203 12/31/2016 1.99% 5.56%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.97 196,694 01/01/2017 1.84% 5.09%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.76 805,797 12/31/2016 1.74% 4.86%
+ EVER 08/08/2016 TIAA (N/A) All Cash $2.5 billion $19.50 $19.19 1,474,172 06/30/2017 1.62% 1.89%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $66.27 801,186 12/31/2016 1.58% 4.41%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.03 54,887 12/31/2016 1.47% 4.09%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.59 $46.90 416,729 12/31/2016 1.46% 4.07%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $21.59 $21.28 1,615,291 12/31/2016 1.44% 4.01%
+ PWX 08/15/2016 Genesee & Wyoming Inc. (GWR) All Cash $126 million $25.00 $24.66 41,235 12/31/2016 1.38% 3.84%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.44 636 07/31/2016 1.35% 0.00%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.82 266,794 12/31/2016 1.30% 3.63%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.15 $37.67 5,065 12/31/2016 1.28% 3.57%
+ FLTX 08/01/2016 Verizon (VZ) All Cash $2.4 billion $60.00 $59.32 629,122 12/31/2016 1.15% 3.19%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.48 $18.27 864 12/31/2016 1.14% 3.18%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $26.17 $25.88 37,315 09/30/2016 1.13% 10.61%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.96 $18.75 2,098 03/31/2017 1.11% 1.83%
+ BBX 07/28/2016 BFC Financial (BFCF) All Cash $293 million $20.00 $19.81 3,554 06/30/2017 0.96% 1.12%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $14.91 $14.77 326,616 12/31/2016 0.95% 2.64%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.52 164,754 01/31/2017 0.92% 2.07%
+ EPIQ 07/27/2016 OMERS Private Equity and Harvest Partners (N/A) All Cash $1 billion $16.50 $16.35 381,184 12/31/2016 0.92% 2.56%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.82 565,800 07/21/2016 0.91% 0.00%
+ SGI 08/12/2016 Hewlett Packard Enterprise Company (HPE) All Cash $275 million $7.75 $7.69 1,311,195 01/31/2017 0.78% 1.76%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.91 12,921 12/31/2016 0.76% 2.11%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.06 2,987,818 12/31/2016 0.63% 1.76%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.85 588,357 10/15/2016 0.60% 4.08%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.14 358,425 12/31/2016 0.57% 1.60%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.15 $15.07 818,189 12/31/2016 0.53% 1.48%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.36 $12.30 11,840 12/31/2016 0.49% 1.36%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.44 2,308,437 09/30/2016 0.48% 4.51%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.65 940,852 09/30/2016 0.47% 4.39%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.94 203,967 12/31/2016 0.43% 1.20%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.86 155,730 03/31/2017 0.41% 0.68%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.74 13,216 11/15/2016 0.41% 1.76%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $5.03 9,080 09/30/2016 0.40% 3.72%
+ GK 08/16/2016 Cintas Corporation (CTAS) All Cash $2.2 billion $97.50 $97.13 326,494 02/28/2017 0.38% 0.73%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $36.89 30,299 12/31/2016 0.30% 0.83%
+ OUTR 07/25/2016 affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (N/A) All Cash $1.6 billion $52.00 $51.85 942,831 09/30/2016 0.29% 2.71%
+ NATL 07/25/2016 Great American Insurance Company (N/A) All Cash $660 million $32.50 $32.42 14,190 12/31/2016 0.25% 0.69%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.88 152,148 12/31/2016 0.20% 0.56%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $31.96 1,227,714 09/30/2016 0.13% 1.17%
+ MFRM 08/07/2016 Steinhoff International Holdings NV (N/A) All Cash $3.8 billion $64.00 $63.92 282,801 09/30/2016 0.13% 1.17%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.96 574,695 12/31/2016 0.10% 0.27%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.97 659,432 12/31/2016 0.09% 0.25%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $79.51 1,261,865 07/31/2016 0.03% 0.00%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.50 3,271,964 08/22/2016 0.00% 0.00%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $58.00 157,429 10/28/2016 0.00% 0.00%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.75 270,113 03/31/2017 0.00% 0.00%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $86.00 57,259 08/31/2016 0.00% 0.00%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.10 $17.13 650,849 12/31/2016 -0.18% -0.51%
+ PGND 08/09/2016 EQT Equity fund EQT VII (N/A) All Cash $2.35 billion $40.50 $40.59 252,065 12/31/2016 -0.22% -0.62%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.07 709,288 12/31/2016 -0.28% -0.78%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.80 $44.96 2,884,533 09/02/2016 -0.35% -11.45%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $28.82 $28.97 466,702 12/31/2016 -0.52% -1.45%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.43 $16.54 912,336 05/31/2017 -0.64% -0.83%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.27 36,071 12/31/2016 -0.88% -2.45%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.45 $17.65 10,830 03/31/2017 -1.11% -1.83%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.58 $12.96 16,110 06/30/2016 -2.92% 20.10%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.79 419,605 12/15/2016 -3.65% -11.60%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.53 $1.60 30,206 12/31/2016 -4.16% -11.58%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $188.6 million $6.10 $6.42 43,504 09/30/2016 -4.98% -46.65%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.45 $1.53 85,707 12/31/2016 -5.48% -15.28%
+ MWW 08/09/2016 Randstad Holding (N/A) All Cash $429 million $3.40 $3.78 5,404,605 12/31/2016 -10.05% -28.01%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.13 $11.80 317,799 12/31/2016 -56.56% -157.59%

Disclaimer: I hold long positions in Apollo Education (APOL), Monster Worldwide (MWW) and Hutchinson Technology (HTCH). 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 – August 15, 2016

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August 15, 2016 | Merger Arbitrage | Author Asif

Merger activity remained the same with four new deals announced and three 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 133
Total Number of Deals Not Completed in 2016 11
Total Number of Pending Deals
Cash Deals 59
Stock Deals 17
Stock & Cash Deals 14
Special Conditions 8
Total Number of Pending Deals 98
Total Deal Size $984.75 billion

New Deals:

  1. The acquisition of EverBank Financial (EVER) by TIAA for $2.5 billion or $19.50 per share in cash.
  2. The acquisition of Monster Worldwide (MWW) by Randstad Holding for $429 million or $3.40 per share in cash.
  3. The acquisition of Press Ganey Holdings (PGND) by the private equity firm EQT for $2.35 billion or $40.50 per share in cash.
  4. The acquisition of Silicon Graphics International (SGI) by Hewlett Packard Enterprise Company (HPE) for $275 million or $7.75 per share in cash.

Deal Updates:

  1. On August 10, 2016, Lam Research Corporation (LRCX) and KLA-Tencor Corporation (KLAC) today provided an update on their planned business combination. It has become more likely that obtaining regulatory clearances in one or more of the remaining jurisdictions may extend beyond October 20, 2016, the outside date set forth in the merger agreement. We are changing the closing date for the deal to December 31, 2016.
  2. On August 13, 2016, The judge overseeing the U.S. Justice Department’s bid to stop health insurer Anthem (ANTM) from merging with competitor Cigna (CI) said on Friday her goal was to have a ruling by the end of January, later than the Dec. 30 date sought by Anthem. We are changing the closing date for the deal to March 31, 2017.

Closed Deals:

  1. The acquisition of China Nepstar Chain Drugstore (NPD) by China Neptunus Drugstore Holding and Neptunus Global Limited on August 3, 2016. It took 140 days for this deal to be completed.
  2. The acquisition of ReachLocal (RLOC) by Gannett (GCI) on August 9, 2016. It took 43 days for this deal to be completed.
  3. The acquisition of Electro Rent Corporation (ELRC) by Platinum Equity on August 10,2016.  It took 71 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

HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $1.58 09/30/2016 153.16% 1215.33%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $40.45 12/31/2016 38.44% 101.68%
CI 07/24/2015 Anthem, Inc. (ANTM) $170.47 $133.31 03/31/2017 27.88% 44.63%
HUM 07/03/2015 Aetna Inc. (AET) $225.15 $180.86 12/31/2016 24.49% 64.77%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.55 12/31/2016 19.21% 50.80%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $35.02 12/31/2016 15.65% 41.39%
WR 05/31/2016 Great Plains Energy Incorporated (GXP) $60.00 $53.45 03/31/2017 12.25% 19.62%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.66 12/31/2016 12.23% 32.36%
KLAC 10/21/2015 Lam Research Corporation (LRCX) $76.59 $68.28 12/31/2016 12.17% 32.19%
CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) $36.00 $32.33 09/30/2016 11.35% 90.07%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $1.58 190,166 09/30/2016 153.16% 1215.33%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $40.45 620,680 12/31/2016 38.44% 101.68%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $170.47 $133.31 3,709,633 03/31/2017 27.88% 44.63%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.15 $180.86 1,246,314 12/31/2016 24.49% 64.77%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.55 5,270,697 12/31/2016 19.21% 50.80%
+ 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 $35.02 241,816 12/31/2016 15.65% 41.39%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $53.45 560,278 03/31/2017 12.25% 19.62%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.66 596,580 12/31/2016 12.23% 32.36%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $76.59 $68.28 2,896,651 12/31/2016 12.17% 32.19%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $32.33 140,681 09/30/2016 11.35% 90.07%
+ 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 $9.04 160,127 08/31/2016 10.62% 242.26%
+ TSL 08/01/2016 Investor consortium comprising Mr. Gao and other entities. (N/A) All Cash $2.3 billion $11.60 $10.49 1,491,683 03/31/2017 10.58% 16.94%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.16 12,004 12/31/2016 8.12% 21.47%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.882 1,019,684 03/31/2017 7.71% 12.34%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Cash $1.4 billion $27.35 $25.48 133,105 03/31/2017 7.34% 11.75%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $105.55 153,779 03/31/2017 7.06% 11.30%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.02 331,566 09/30/2016 6.22% 49.37%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.41 $13.69 199,894 08/15/2016 5.23% 0.00%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.10 237,685 08/15/2016 4.84% 0.00%
+ SCTY 08/01/2016 Tesla Motors (TSLA) All Stock $5.4 billion $24.82 $23.70 2,087,515 04/30/2017 4.71% 6.67%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $33.06 $31.60 162,015 12/31/2016 4.62% 12.22%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.80 N/A 12/31/2016 4.44% 11.76%
+ LLTC 07/26/2016 Analog Devices, Inc. (ADI) Cash Plus Stock $14.8 billion $60.91 $58.78 2,077,646 06/30/2017 3.62% 4.15%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.36 2,921,799 06/30/2017 3.44% 3.93%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $65.23 1,480,154 12/31/2016 3.20% 8.47%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $32.46 $31.51 951,936 12/31/2016 3.00% 7.95%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.51 285,321 12/31/2016 2.92% 7.72%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.62 26,695 06/30/2016 2.79% 0.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $85.97 $83.64 1,419,222 12/31/2016 2.79% 7.37%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.66 $46.50 424,633 12/31/2016 2.50% 6.61%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.60 $22.09 21,936 01/31/2017 2.31% 5.00%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $191.61 1,639,571 12/31/2016 2.29% 6.06%
+ EVER 08/08/2016 TIAA (N/A) All Cash $2.5 billion $19.50 $19.07 5,533,333 06/30/2017 2.25% 2.58%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $77.85 1,105,996 07/31/2016 2.16% 0.00%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $22.31 $21.84 2,422,943 12/31/2016 2.16% 5.71%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.72 774,218 12/31/2016 2.04% 5.40%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $34.24 $33.56 38,209 12/31/2016 2.03% 5.38%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.15 3,028,840 12/31/2016 1.99% 5.28%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.95 143,819 01/01/2017 1.88% 4.93%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.33 $18.00 1,900 12/31/2016 1.85% 4.89%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.93 105,120 12/31/2016 1.79% 4.72%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $29.72 1,715,663 12/31/2016 1.78% 4.72%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.69 2,978,879 09/30/2016 1.61% 12.81%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.98 33,221 09/30/2016 1.41% 11.15%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $24.00 $23.68 120,775 09/30/2016 1.36% 10.76%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.41 $12.25 2,606 12/31/2016 1.34% 3.55%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.75 $18.50 7,500 03/31/2017 1.34% 2.14%
+ SQNM 07/27/2016 Laboratory Corporation of America (LH) All Cash $371 million $2.40 $2.37 2,465,194 12/31/2016 1.27% 3.35%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.84 653,094 12/31/2016 1.16% 3.06%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.45 6,343 07/31/2016 1.12% 0.00%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.78 401,139 07/21/2016 1.11% 0.00%
+ EPIQ 07/27/2016 OMERS Private Equity and Harvest Partners (N/A) All Cash $1 billion $16.50 $16.33 415,965 12/31/2016 1.04% 2.75%
+ FLTX 08/01/2016 Verizon (VZ) All Cash $2.4 billion $60.00 $59.39 1,041,530 12/31/2016 1.03% 2.72%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.76 623,509 10/15/2016 0.97% 5.80%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.89 3,837 12/31/2016 0.93% 2.45%
+ BBX 07/28/2016 BFC Financial (BFCF) All Cash $293 million $20.00 $19.82 11,263 06/30/2017 0.91% 1.04%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.61 972,830 09/30/2016 0.85% 6.73%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $14.71 $14.59 445,244 12/31/2016 0.82% 2.18%
+ SGI 08/12/2016 Hewlett Packard Enterprise Company (HPE) All Cash $275 million $7.75 $7.69 17,815,903 01/31/2017 0.78% 1.69%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.70 146,282 01/31/2017 0.75% 1.62%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.41 2,304,195 09/30/2016 0.73% 5.75%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.55 $1.54 143,433 09/30/2016 0.67% 5.35%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.91 177,415 12/31/2016 0.65% 1.71%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.14 159,341 12/31/2016 0.57% 1.52%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.83 $37.62 7,937 12/31/2016 0.57% 1.51%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.29 $17.22 433,106 12/31/2016 0.43% 1.14%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.37 839,076 09/30/2016 0.43% 3.40%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.90 74,355 09/30/2016 0.40% 3.19%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $14.53 $14.48 623,942 12/31/2016 0.35% 0.94%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.31 $21.24 421,634 09/30/2016 0.31% 2.45%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.75 26,240 11/15/2016 0.31% 1.22%
+ MFRM 08/07/2016 Steinhoff International Holdings NV (N/A) All Cash $3.8 billion $64.00 $63.84 437,759 09/30/2016 0.25% 1.99%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.92 2,194,962 12/31/2016 0.24% 0.64%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.92 213,680 03/31/2017 0.24% 0.38%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $16.07 $16.04 1,139,193 09/30/2016 0.20% 1.61%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.90 149,479 12/31/2016 0.17% 0.44%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $36.94 21,620 12/31/2016 0.16% 0.43%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.88 $43.81 2,567,276 09/30/2016 0.16% 1.26%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $31.95 1,072,317 09/30/2016 0.16% 1.24%
+ NATL 07/25/2016 Great American Insurance Company (N/A) All Cash $660 million $32.50 $32.45 8,980 12/31/2016 0.15% 0.41%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.94 243,160 12/31/2016 0.15% 0.39%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.94 157,048 10/28/2016 0.10% 0.51%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.73 211,692 03/31/2017 0.09% 0.15%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $85.95 47,531 08/31/2016 0.06% 1.33%
+ OUTR 07/25/2016 affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (N/A) All Cash $1.6 billion $52.00 $52.17 497,377 09/30/2016 -0.33% -2.59%
+ PGND 08/09/2016 EQT Equity fund EQT VII (N/A) All Cash $2.35 billion $40.50 $40.64 256,649 12/31/2016 -0.34% -0.91%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $188.6 million $6.10 $6.14 645,080 09/30/2016 -0.65% -5.17%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $29.34 $29.54 586,078 12/31/2016 -0.69% -1.81%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.20 226,950 12/31/2016 -0.79% -2.10%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.33 $16.53 700,139 05/31/2017 -1.23% -1.55%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.28 72,296 12/31/2016 -1.32% -3.48%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.53 $17.88 10,360 03/31/2017 -1.96% -3.14%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.52 $12.80 1,478 06/30/2016 -2.21% 17.52%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.57 $1.61 9,201 12/31/2016 -2.52% -6.68%
+ MWW 08/09/2016 Randstad Holding (N/A) All Cash $429 million $3.40 $3.51 1,973,478 12/31/2016 -3.13% -8.29%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.82 947,279 12/15/2016 -3.82% -11.42%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.45 $1.57 159,879 12/31/2016 -7.89% -20.87%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.93 $11.48 110,205 12/31/2016 -57.03% -150.83%

Disclaimer: I hold long positions in Apollo Education (APOL), Monster Worldwide (MWW) and Hutchinson Technology (HTCH). 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 – August 8, 2016

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August 7, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with four new deals announced and five 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 130
Total Number of Deals Not Completed in 2016 11
Total Number of Pending Deals
Cash Deals 58
Stock Deals 17
Stock & Cash Deals 14
Special Conditions 8
Total Number of Pending Deals 97
Total Deal Size $979.19 billion

New Deals:

  1. The acquisition of Fleetmatics Group (FLTX) by Verizon (VZ) for $2.4 billion or $60.00 per share in cash.
  2. The acquisition of SolarCity (SCTY) by Tesla Motors (TSLA) for $5.4 billion in an all stock deal. Under the terms of the agreement, each share of SolarCity common stock will be converted into the right to receive 0.110 shares of Tesla common stock.
  3. The acquisition of Trina Solar (TSL) by an Investor consortium comprising Mr. Gao and other entities for $2.3 billion or $11.60 per share in cash.
  4. The acquisition of Mattress Firm Holding (MFRM) by Steinhoff International Holdings for $3.8 billion or $64.00 per share in cash.

Deal Updates:

  1. On August 2, 2016, Gannett (GCI) announced that it has extended its tender offer to purchase all of the outstanding shares of ReachLocal (RLOC) to August 8, 2016, unless further extended.
  2. On August 3, 2016, Skullcandy (SKUL), and Incipio jointly announced that they have entered into an amendment to their previously announced Agreement and Plan of Merger. Pursuant to the Amendment, Purchaser increased the offer price to acquire all the outstanding shares of common stock of Skullcandy from $5.75 per share to $6.10 per share in cash, or a total of approximately $188.6 million.
  3. On August 5, 2016, The federal judge assigned to decide whether two high-profile health insurer mergers violate antitrust laws has ordered the case involving Anthem (ANTM) and Cigna (CI) to be reassigned to another judge.
  4. On August 5, 2016, Electro Rent Corporation (ELRC) announced that at a special meeting, its shareholders approved the company’s acquisition by Platinum Equity. The transaction is expected to close on August 10, 2016.

Closed Deals:

  1. The acquisition of First Niagara Financial Group (FNFG) by KeyCorp. (KEY) on July 29, 2016. It took 273 days for this deal to be completed.
  2. The acquisition of Wilshire Bancorp (WIBC) by BBCN Bancorp (BBCN) on July 30, 2016. It took 236 days for this deal to be completed.
  3. The acquisition of Ceres (CERE) by Land O’Lakes on August 1, 2016. It took 45 days for this deal to be completed.
  4. The acquisition of Tumi Holdings (TUMI) by Samsonite International on August 2, 2016. It took 152 days for this deal to be completed.
  5. The acquisition of China Nepstar Chain Drugstore (NPD) by China Neptunus Drugstore Holding and Neptunus Global Limited on August 3, 2016. It took 140 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

HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $1.62 09/30/2016 146.91% 1011.76%
MFRM 08/07/2016 Steinhoff International Holdings NV (N/A) $64.00 $29.74 09/30/2016 115.20% 793.35%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $37.46 12/31/2016 49.49% 124.59%
CI 07/24/2015 Anthem, Inc. (ANTM) $169.27 $128.50 12/31/2016 31.73% 79.87%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $6.98 12/31/2016 28.94% 72.85%
HUM 07/03/2015 Aetna Inc. (AET) $224.91 $178.96 12/31/2016 25.67% 64.63%
CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) $36.00 $31.16 09/30/2016 15.53% 106.97%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $33.89 12/31/2016 14.78% 37.21%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $35.73 12/31/2016 13.35% 33.61%
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 08/31/2016 11.73% 186.18%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $1.62 708,293 09/30/2016 146.91% 1011.76%
+ MFRM 08/07/2016 Steinhoff International Holdings NV (N/A) All Cash $3.8 billion $64.00 $29.74 180,955 09/30/2016 115.20% 793.35%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $37.46 457,436 12/31/2016 49.49% 124.59%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $169.27 $128.50 1,504,144 12/31/2016 31.73% 79.87%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $6.98 6,274,415 12/31/2016 28.94% 72.85%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $224.91 $178.96 2,156,867 12/31/2016 25.67% 64.63%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $31.16 1,558,871 09/30/2016 15.53% 106.97%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $33.89 975,466 12/31/2016 14.78% 37.21%
+ 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 $35.73 364,962 12/31/2016 13.35% 33.61%
+ 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 $8.95 290,958 08/31/2016 11.73% 186.18%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $53.98 1,651,505 03/31/2017 11.15% 17.32%
+ TSL 08/01/2016 Investor consortium comprising Mr. Gao and other entities. (N/A) All Cash $2.3 billion $11.60 $10.47 2,042,746 03/31/2017 10.79% 16.76%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $105.80 254,900 03/31/2017 6.81% 10.57%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.06 1,922 08/15/2016 6.21% 323.76%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.06 263,990 09/30/2016 6.14% 42.25%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.29 8,506 12/31/2016 5.88% 14.81%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $33.06 $31.38 414,304 12/31/2016 5.35% 13.48%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.71 23,848 12/31/2016 5.32% 13.40%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.35 $13.65 94,587 08/15/2016 5.14% 268.21%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Cash $1.4 billion $27.35 $26.04 1,407,518 03/31/2017 5.03% 7.81%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.45 229,132 12/31/2016 3.88% 9.76%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $31.98 $30.90 1,497,926 12/31/2016 3.50% 8.81%
+ LLTC 07/26/2016 Analog Devices, Inc. (ADI) Cash Plus Stock $14.8 billion $60.78 $58.93 4,634,299 06/30/2017 3.14% 3.52%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.46 2,508,272 06/30/2017 3.06% 3.42%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.58 $21.93 24,734 01/31/2017 2.97% 6.17%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $29.38 2,226,282 12/31/2016 2.96% 7.45%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.55 N/A 09/30/2016 2.75% 18.90%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.63 29,968 06/30/2016 2.71% 0.00%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $23.88 $23.25 181,845 09/30/2016 2.71% 18.64%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $86.16 $83.90 1,025,014 12/31/2016 2.70% 6.79%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $34.44 $33.66 65,351 12/31/2016 2.33% 5.86%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.24 $46.24 375,815 12/31/2016 2.15% 5.42%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.71 1,215,601 12/31/2016 2.12% 5.32%
+ SCTY 08/01/2016 Tesla Motors (TSLA) All Stock $5.4 billion $25.30 $24.79 2,321,174 04/30/2017 2.07% 2.85%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $192.15 1,460,624 12/31/2016 2.00% 5.04%
+ BBX 07/28/2016 BFC Financial (BFCF) All Cash $293 million $20.00 $19.61 10,631 06/30/2017 1.99% 2.23%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.87 82,963 12/31/2016 1.98% 4.98%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $23.68 $23.23 1,650,922 12/31/2016 1.95% 4.92%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.96 164,790 01/01/2017 1.86% 4.65%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $66.10 1,234,883 12/31/2016 1.85% 4.65%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.67 650,885 07/21/2016 1.68% 0.00%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.21 $37.64 36,324 12/31/2016 1.52% 3.82%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.55 610,110 09/30/2016 1.42% 9.79%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.81 287,200 12/31/2016 1.38% 3.46%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.54 253,939 03/31/2017 1.37% 2.13%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $78.63 $77.63 431,036 06/30/2016 1.28% 0.00%
+ SQNM 07/27/2016 Laboratory Corporation of America (LH) All Cash $371 million $2.40 $2.37 1,256,550 12/31/2016 1.27% 3.19%
+ EPIQ 07/27/2016 OMERS Private Equity and Harvest Partners (N/A) All Cash $1 billion $16.50 $16.30 497,544 12/31/2016 1.23% 3.09%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.59 1,841,854 12/31/2016 1.19% 2.99%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.00 $14.83 395,156 12/31/2016 1.15% 2.89%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.74 347,750 10/15/2016 1.05% 5.64%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $5.00 3,237 09/30/2016 1.00% 6.89%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.67 $18.49 23,971 03/31/2017 0.96% 1.49%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.89 31,665 12/31/2016 0.93% 2.33%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.74 $17.59 5,120 03/31/2017 0.87% 1.35%
+ FLTX 08/01/2016 Verizon (VZ) All Cash $2.4 billion $60.00 $59.50 876,710 12/31/2016 0.84% 2.12%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $78.91 755,174 07/31/2016 0.79% 0.00%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.10 1,250,893 12/31/2016 0.79% 1.98%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.68 171,176 01/31/2017 0.77% 1.59%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.83 194,939 09/30/2016 0.68% 4.72%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.23 $17.12 294,742 12/31/2016 0.64% 1.60%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.43 1,832,581 09/30/2016 0.56% 3.88%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.00 $14.92 1,428,738 12/31/2016 0.56% 1.41%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.93 251,608 12/31/2016 0.50% 1.26%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.75 423,121 12/31/2016 0.42% 1.05%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.38 4,205,350 09/30/2016 0.39% 2.72%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.67 638,330 03/31/2017 0.37% 0.57%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.88 2,466,128 12/31/2016 0.36% 0.92%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.14 630,107 09/30/2016 0.31% 2.16%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.46 158,463 08/10/2016 0.26% 47.22%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $15.80 $15.76 1,638,818 09/30/2016 0.23% 1.58%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $31.93 3,937,389 09/30/2016 0.22% 1.51%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.59 54,330 08/08/2016 0.22% 0.00%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.76 69,455 11/15/2016 0.20% 0.76%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.77 $21.73 732,476 09/30/2016 0.18% 1.27%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.91 103,054 10/28/2016 0.16% 0.70%
+ NATL 07/25/2016 Great American Insurance Company (N/A) All Cash $660 million $32.50 $32.47 16,290 12/31/2016 0.09% 0.23%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.99 909,030 12/31/2016 0.02% 0.06%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.50 8,473 07/31/2016 0.00% 0.00%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.02 18,179 12/31/2016 -0.05% -0.14%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $45.29 $45.32 1,429,147 09/30/2016 -0.06% -0.42%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $29.87 $29.93 832,881 12/31/2016 -0.21% -0.53%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $86.78 30,559 08/31/2016 -0.90% -14.26%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.24 563,891 12/31/2016 -0.95% -2.39%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.38 $18.56 218 12/31/2016 -0.96% -2.42%
+ OUTR 07/25/2016 affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (N/A) All Cash $1.6 billion $52.00 $52.58 415,261 09/30/2016 -1.10% -7.60%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.93 $13.07 18,537 06/30/2016 -1.10% 10.33%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.33 $16.52 822,886 05/31/2017 -1.17% -1.44%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $11.78 $11.96 213 12/31/2016 -1.50% -3.77%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.44 $1.47 95,829 09/30/2016 -1.93% -13.26%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $188.6 million $6.10 $6.24 101,989 09/30/2016 -2.24% -15.45%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.58 $1.62 8,425 12/31/2016 -2.64% -6.66%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.72 756,094 12/15/2016 -3.27% -9.26%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.43 $1.53 252,188 12/31/2016 -6.82% -17.18%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.54 254,565 12/31/2016 -11.42% -28.74%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $1.21 835,982 03/31/2017 -21.49% -33.37%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.92 $11.00 184,522 12/31/2016 -55.27% -139.13%

Disclaimer: I hold long positions in Apollo Education (APOL) and Hutchinson Technology (HTCH). 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 – August 1, 2016

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July 31, 2016 | Merger Arbitrage | Author Asif

Merger activity held steady last week with six new deals announced and four 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 126
Total Number of Deals Not Completed in 2016 10
Total Number of Pending Deals
Cash Deals 56
Stock Deals 17
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 97
Total Deal Size $969.38 billion

New Deals:

  1. The acquisition of Outerwall (OUTR) by affiliates of certain funds managed by affiliates of Apollo Global Management for $1.6 billion or $52.00 per share in cash.
  2. The acquisition of National Interstate Corporation (NATL) by Great American Insurance Company for $660 million or $32.00 per share in cash. In addition, National Interstate will pay a special dividend of $0.50 per common share upon the closing of the merger.
  3. The acquisition of Linear Technology Corporation (LLTC) by Analog Devices (ADI) for $14.8 billion in a cash plus stock deal. Under the terms of the agreement, Linear Technology shareholders will receive $46.00 per share in cash and 0.2321 of a share of Analog Devices common stock for each share of Linear Technology common stock they hold at closing.
  4. The acquisition of Epiq Systems (EPIQ) by OMERS Private Equity and Harvest Partners for $1 billion or $16.50 per share in cash. The transaction is expected to close in the fourth quarter of 2016.
  5. The acquisition of Sequenom (SQNM) by Laboratory Corporation of America Holdings (LH) for $371 million or $2.40 per share in cash. The transaction is expected to close by the end of 2016.
  6. The acquisition of the core business and real estate of Yahoo! (YHOO) by Verizon (VZ) for $4.83 billion in cash. This acquisition excludes Yahoo!’s stake in Alibaba (BABA), Yahoo! Japan, certain minority investments and its non-core patents (called the Excalibur portfolio). Since this is not an acquisition of the entire company, we have not added this deal to our mergers database.

Deal Updates:

  1. On July 25, 2016, AMC Theatres (AMC) announced that it has entered into an amended and restated merger agreement pursuant to which AMC will acquire all outstanding shares of Carmike Cinemas (CKEC)  for $33.06 per share in cash and stock. The amended merger agreement represents AMC’s “best and final” offer. The revised offer provides an additional $3.06 per share or 10.2% more than the previous offer. Carmike stockholders can elect to receive $33.06 in cash or 1.0819 AMC shares per Carmike share.
  2. On July 27, 2016 Alere (ALR) received a U.S. Department of Justice subpoena regarding government-billing practices. The company released a statement claiming that the billing concerned “accounted for significantly less than 1% of Alere’s total revenues” and is not material. Abbott Laboratories (ABT) already attempted to end its $5.8 billion acquisition of Alere in April. In related news, the CEO of Abbott made a large $31.62 million open market purchase of company stock and exercised 550,000 options without selling them immediately.
  3. On July 27, 2016 Hutchinson Technology (HTCH) reported that it received a letter from the Antitrust Division of the DOJ, which has opened an investigation relating to the sale of suspension assemblies for use in hard disk drives. The DOJ’s letter stated that neither HTI nor any HTI employee is currently a subject of the DOJ investigation. The FTC review of Hutchinson’s acquisition by TDK is still in progress.

Closed Deals:

  1. The acquisition of ExamWorks (EXAM) by Leonard Green & Partners, L.P on July 27, 2016. It took 91 days for this deal to be completed.
  2. The acquisition of SciQuest (SQI) by affiliates of Accel-KKR on July 28, 2016. It took 58 days for this deal to be completed.
  3. The acquisition of Hansen Medical (HNSN) by Auris Surgical Robotics on July 28, 2016. It took 99 days for this deal to be completed.
  4. The acquisition of Krispy Kreme Doughnuts (KKD) by JAB Beech on July 28, 2016. It took 80 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

HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $1.97 09/30/2016 103.05% 616.58%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $37.50 12/31/2016 49.33% 117.69%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.07 $128.96 12/31/2016 32.65% 77.89%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.00 12/31/2016 28.57% 68.16%
HUM 07/03/2015 Aetna Inc. (AET) $221.49 $172.55 12/31/2016 28.36% 67.66%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.24 12/31/2016 13.61% 32.47%
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 $8.99 08/31/2016 11.23% 132.28%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $36.67 12/31/2016 10.44% 24.92%
CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) $36.00 $32.62 09/30/2016 10.36% 62.00%
YDKN 07/21/2016 F.N.B. Corporation (FNB) $27.35 $25.19 03/31/2017 8.57% 12.88%

List of all pending deals:

  Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing
Date
Profit Annu.
Profit
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $1.97 308,809 09/30/2016 103.05% 626.86%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $37.50 1,258,087 12/31/2016 49.33% 118.46%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.07 $128.96 5,324,705 12/31/2016 32.65% 78.40%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.00 7,008,023 12/31/2016 28.57% 68.61%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $221.49 $172.55 516,722 12/31/2016 28.36% 68.11%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.24 1,416,686 12/31/2016 13.61% 32.68%
+ 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 $8.99 480,494 08/31/2016 11.23% 136.69%
+ 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 $36.67 1,130,223 12/31/2016 10.44% 25.08%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $32.62 340,405 09/30/2016 10.36% 63.03%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Cash $1.4 billion $27.35 $25.19 430,398 03/31/2017 8.57% 12.93%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $55.57 823,279 03/31/2017 7.97% 12.02%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.05 514,614 06/30/2016 7.89% 0.00%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.02 40,491 08/15/2016 7.62% 198.56%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.24 369,032 12/31/2016 7.37% 17.70%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $33.06 $30.82 638,633 12/31/2016 7.27% 17.45%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.26 55,594 12/31/2016 6.39% 15.34%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.47 696,392 03/31/2017 6.13% 9.25%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.68 N/A 12/31/2016 5.62% 13.49%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.31 $13.57 164,919 08/15/2016 5.43% 141.45%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.46 232,623 09/30/2016 5.28% 32.10%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $31.56 $30.23 1,262,741 12/31/2016 4.40% 10.57%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.53 147,151 09/30/2016 3.56% 21.64%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $85.72 $83.04 2,092,223 12/31/2016 3.23% 7.74%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.57 54,222 06/30/2016 3.17% 0.00%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.60 1,040,032 12/31/2016 2.94% 7.06%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.60 48,868 12/31/2016 2.85% 6.84%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.44 $1.40 156,976 09/30/2016 2.82% 17.16%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.58 $21.98 23,177 01/31/2017 2.74% 5.46%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.49 $46.25 734,072 12/31/2016 2.67% 6.42%
+ SCNB 06/27/2016 People's United Financial Inc. (PBCT) All Stock $402 million $33.73 $32.91 31,963 12/31/2016 2.49% 5.99%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.63 3,243,713 06/30/2017 2.42% 2.66%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.47 $12.18 375 12/31/2016 2.37% 5.70%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.92 509,350 01/01/2017 1.93% 4.61%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $14.95 $14.67 428,748 12/31/2016 1.91% 4.58%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $25.05 $24.59 2,217,150 12/31/2016 1.88% 4.52%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $78.06 773,708 07/31/2016 1.88% 0.00%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $192.73 686,211 12/31/2016 1.70% 4.07%
+ SQNM 07/27/2016 Laboratory Corporation of America (LH) All Cash $371 million $2.40 $2.36 2,352,404 12/31/2016 1.69% 4.07%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.76 $18.46 18,203 03/31/2017 1.61% 2.43%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $76.89 $75.71 1,426,645 06/30/2016 1.55% 0.00%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.54 839,072 09/30/2016 1.52% 9.23%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $66.36 3,301,545 12/31/2016 1.45% 3.47%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.98 43,784 09/30/2016 1.41% 8.55%
+ LLTC 07/26/2016 Analog Devices, Inc. (ADI) Cash Plus Stock $14.8 billion $60.81 $59.99 2,684,055 06/30/2017 1.38% 1.51%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.49 2,943,606 12/31/2016 1.37% 3.29%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.74 918,803 07/21/2016 1.32% 0.00%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.86 14,466 12/31/2016 1.18% 2.83%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.73 794,430 10/15/2016 1.09% 5.31%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.65 718,186 12/31/2016 1.07% 2.57%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.42 436,365 01/31/2017 1.01% 2.02%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.20 3,233,345 09/30/2016 0.99% 6.04%
+ EPIQ 07/27/2016 OMERS Private Equity and Harvest Partners (N/A) All Cash $1 billion $16.50 $16.34 398,588 12/31/2016 0.98% 2.35%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.12 $14.98 1,509,765 12/31/2016 0.91% 2.18%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.39 3,459,597 09/30/2016 0.89% 5.40%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.73 178,693 03/31/2017 0.80% 1.21%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.51 $37.21 13,222 12/31/2016 0.80% 1.92%
+ CERE 06/17/2016 Land O'Lakes (N/A) All Cash $17.2 million $0.40 $0.397 182,310 09/30/2016 0.76% 4.60%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.26 $10.18 79,596,018 09/30/2016 0.75% 4.54%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.90 2,318,917 12/31/2016 0.72% 1.73%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.90 383,478 12/31/2016 0.72% 1.73%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.12 300,628 12/31/2016 0.68% 1.63%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.47 16,636 07/31/2016 0.67% 0.00%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.81 $10.74 2,331,998 07/29/2016 0.66% 0.00%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.85 305,007 09/30/2016 0.60% 3.67%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $19.08 $18.98 635 12/31/2016 0.55% 1.33%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.34 $21.23 1,463,398 09/30/2016 0.52% 3.15%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.58 10,174 09/30/2016 0.44% 2.66%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.74 33,522 11/15/2016 0.41% 1.41%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $15.57 $15.52 2,023,031 09/30/2016 0.35% 2.10%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.80 674,834 12/31/2016 0.33% 0.80%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.69 461,648 03/31/2017 0.28% 0.42%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $45.69 $45.57 2,355,179 09/30/2016 0.26% 1.61%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $36.91 27,944 12/31/2016 0.24% 0.59%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.18 851,693 12/31/2016 0.23% 0.56%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $23.56 $23.51 108,440 09/30/2016 0.22% 1.34%
+ NATL 07/25/2016 Great American Insurance Company (N/A) All Cash $660 million $32.50 $32.43 25,088 12/31/2016 0.22% 0.52%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.18 827,869 09/30/2016 0.20% 1.21%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.47 63,637 09/30/2016 0.19% 1.18%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $31.94 2,339,481 09/30/2016 0.19% 1.14%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.93 166,541 10/28/2016 0.12% 0.50%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.97 697,799 12/31/2016 0.07% 0.18%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.75 274,571 06/30/2016 0.00% 0.00%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.34 $17.37 424,871 12/31/2016 -0.15% -0.37%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.17 1,586,952 12/31/2016 -0.68% -1.62%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $29.81 $30.02 1,115,673 12/31/2016 -0.69% -1.65%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $86.88 110,189 08/31/2016 -1.01% -12.32%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $18.23 $18.44 30,776 03/31/2017 -1.14% -1.72%
+ OUTR 07/25/2016 affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (N/A) All Cash $1.6 billion $52.00 $52.66 774,084 09/30/2016 -1.25% -7.62%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.85 $13.02 10,171 06/30/2016 -1.28% 14.66%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.55 $1.58 3,291 12/31/2016 -1.76% -4.23%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.17 $16.47 947,418 05/31/2017 -1.81% -2.18%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.41 $1.44 280,171 12/31/2016 -2.43% -5.82%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.59 890,718 12/15/2016 -2.56% -6.87%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.99 318,603 03/31/2017 -4.04% -6.09%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $6.12 334,441 09/30/2016 -6.05% -36.78%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.55 107,611 12/31/2016 -11.76% -28.25%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.58 $10.71 57,444 12/31/2016 -57.22% -137.41%

Disclaimer: I hold long positions in Apollo Education (APOL), Hutchinson Technology (HTCH) and Yahoo! (YHOO). 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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