Merger Arbitrage

Merger Arbitrage Mondays – July 25, 2016

Bookmark and Share

July 24, 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 122
Total Number of Deals Not Completed in 2016 10
Total Number of Pending Deals
Cash Deals 56
Stock Deals 17
Stock & Cash Deals 14
Special Conditions 9
Total Number of Pending Deals 96
Total Deal Size $950.95 billion

New Deals:

  1. The acquisition of ARM Holdings (ARMH) by SoftBank Group for $32 billion. Under the terms of the acquisition, each ARM Shareholder will be entitled to receive 1,700 pence in cash for each ARM share. Each ARM ADR represents three underlying ARM shares.
  2. The acquisition of Golden Enterprises (GLDC) by Utz Quality Foods for $135 million or $12.00 per share in cash.
  3. The acquisition of Joy Global (JOY) by Komatsu America for $3.7 billion or $28.30 per share in cash.
  4. The acquisition of Relypsa (RLYP) by Galenica Group for $1.53 billion or $32.00 per share in cash.
  5. The acquisition of Yadkin Financial Corporation (YDKN) by F.N.B. Corporation (FNB) for $1.4 billion in an all stock deal. Upon completion of the merger, shareholders of Yadkin Financial will receive 2.16 shares of FNB common stock for each common share of Yadkin.
  6. The acquisition of InterOil Corporation (IOC) by Exxon Mobil Corporation (XOM) for $2.5 billion or $45.00 per share. The number of ExxonMobil shares paid per share of InterOil will be calculated based on the volume weighted average price (VWAP) of ExxonMobil shares over a measuring period of 10 days ending shortly before the closing date. A Contingent Resource Payment (CRP), which will be an additional cash payment of $7.07 per share for each trillion cubic feet equivalent (tcfe) gross resource certification of the Elk-Antelope field above 6.2 tcfe, up to a maximum of 10 tcfe. The CRP will not be transferrable and will not be listed on any exchange. We are treating this as a special conditions deal with an estimated closing price of $52.07 consisting of $45 of ExxonMobil shares and $7.07 of the CRP payment with the realization that both the share portion and the CRP payment could be higher or lower at closing.

Deal Updates:

  1. On July 20, 2016, shareholders of The Dow Chemical (DOW) and DuPont (DD) approved the merger of equals between the two companies.
  2. On July 21, 2016, InterOil Corporation’s Board of Directors determined that ExxonMobil’s (XOM) offer to acquire InterOil (IOCconstitutes a “Superior Proposal,” as defined in InterOil’s arrangement agreement with Oil Search Limited and InterOil has provided notice of such determination to Oil Search.
  3. On July 22, 2016, The Justice Department filed lawsuits to block two megadeals in the health insurance industry, saying the deals would harm competition across the country. The DOJ filed suits to block the mergers of Anthem (ANTM) and Cigna (CI)  as well as Aetna (AET) and Humana (HUM).

Closed Deals:

  1. The acquisition of Laporte Bancorp (LPSB) by Horizon Bancorp (HBNC) on July 18, 2016. It took 130 days for this deal to be completed.
  2. The acquisition of Niska Gas Storage Partners (NKA) by Brookfield Infrastructure on July 19, 2016. It took 401 days for this deal to be completed.
  3. The acquisition of Biotie Therapies (BITI) by Acorda Therapeutics (ACOR) on July 19, 2016. It took 182 days for this deal to be completed.
  4. The acquisition of C1 Financial (BNK) by Bank of the Ozarks (OZRK) on July 21, 2016. It took 255 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

RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $6.82 12/31/2016 31.96% 73.38%
HUM 07/03/2015 Aetna Inc. (AET) $225.89 $176.05 12/31/2016 28.31% 64.98%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $43.96 12/31/2016 27.39% 62.87%
CI 07/24/2015 Anthem, Inc. (ANTM) $177.04 $146.00 12/31/2016 21.26% 48.81%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.30 09/30/2016 21.21% 115.56%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.26 12/31/2016 13.54% 31.09%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $5.935 12/31/2016 12.22% 28.04%
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 $8.96 08/31/2016 11.61% 114.50%
CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) $36.00 $32.43 09/30/2016 11.01% 59.97%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $6.16 12/31/2016 8.77% 20.12%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $6.82 10,765,931 12/31/2016 31.96% 73.38%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.89 $176.05 5,476,568 12/31/2016 28.31% 64.98%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $43.96 360,229 12/31/2016 27.39% 62.87%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $177.04 $146.00 3,964,647 12/31/2016 21.26% 48.81%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.30 52,029 09/30/2016 21.21% 115.56%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.26 2,399,263 12/31/2016 13.54% 31.09%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $5.935 11,647 12/31/2016 12.22% 28.04%
+ 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 $8.96 396,011 08/31/2016 11.61% 114.50%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $32.43 2,133,803 09/30/2016 11.01% 59.97%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.16 184,437 12/31/2016 8.77% 20.12%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Cash $1.4 billion $27.35 $25.40 1,842,431 03/31/2017 7.68% 11.25%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.78 272,555 12/31/2016 7.20% 16.53%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.38 993,003 06/30/2016 6.76% 0.00%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.23 907,396 03/31/2017 6.70% 9.83%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.19 1,257,358 09/30/2016 5.85% 31.90%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.49 $13.72 67,570 08/15/2016 5.58% 96.98%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.03 454,980 03/31/2017 5.58% 8.18%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.901 287,289 03/31/2017 5.44% 7.97%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.70 600 12/31/2016 5.42% 12.44%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $32.31 $30.74 659,875 12/31/2016 5.12% 11.76%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.10 133,340 08/15/2016 4.84% 84.10%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.51 30,547 09/30/2016 4.38% 23.87%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.49 41,800 06/30/2016 3.78% 0.00%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $34.31 $33.18 25,238 12/31/2016 3.40% 7.81%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $84.34 $81.70 1,608,842 12/31/2016 3.23% 7.42%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $189.95 549,540 12/31/2016 3.19% 7.31%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $77.52 844,260 07/31/2016 2.59% 157.73%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.74 $46.59 639,066 12/31/2016 2.47% 5.67%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.93 8,550 09/30/2016 2.43% 13.26%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.49 $21.96 30,280 01/31/2017 2.39% 4.60%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.71 327,087 12/31/2016 2.12% 4.86%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $66.03 1,729,112 12/31/2016 1.95% 4.48%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.34 $1.31 46,403 09/30/2016 1.93% 10.49%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.89 65,532 12/31/2016 1.91% 4.39%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.50 397,069 09/30/2016 1.90% 10.38%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.27 $15.00 513,088 12/31/2016 1.80% 4.13%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.42 $15.16 1,738,779 12/31/2016 1.74% 3.99%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.46 1,709,760 12/31/2016 1.66% 3.82%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.48 $26.05 1,718,922 12/31/2016 1.66% 3.81%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.54 $12.36 9,269 12/31/2016 1.48% 3.40%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.06 991,290 09/30/2016 1.46% 7.97%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.44 3,980,185 12/31/2016 1.46% 3.35%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.73 $18.47 4,288 03/31/2017 1.39% 2.04%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.81 1,127,378 12/31/2016 1.38% 3.16%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.73 710,273 07/21/2016 1.37% 0.00%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.22 362,161 12/31/2016 1.35% 3.10%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.26 136,718 01/01/2017 1.32% 3.00%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $19.08 $18.84 403 12/31/2016 1.30% 2.98%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $77.03 $76.06 443,130 06/30/2016 1.27% 0.00%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.95 11,923,182 06/30/2017 1.25% 1.34%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.31 161,593 01/31/2017 1.12% 2.15%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.04 498,844 12/31/2016 1.10% 2.53%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.87 80,724 12/31/2016 1.10% 2.51%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.77 264,379 09/30/2016 0.93% 5.06%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.39 2,817,150 09/30/2016 0.89% 4.84%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.77 $37.45 3,845 12/31/2016 0.85% 1.94%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.82 372,747 10/15/2016 0.73% 3.23%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.76 432,277 03/31/2017 0.71% 1.04%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.91 243,793 12/31/2016 0.65% 1.49%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.96 $20.85 672,927 09/30/2016 0.54% 2.92%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.76 177,591 10/28/2016 0.42% 1.60%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.12 662,840 09/30/2016 0.37% 2.02%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $15.23 $15.18 650,980 09/30/2016 0.35% 1.92%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $45.91 $45.76 5,393,944 09/30/2016 0.33% 1.78%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.75 15,998 11/15/2016 0.31% 0.99%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.69 847,283 03/31/2017 0.28% 0.41%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.399 132,494 09/30/2016 0.25% 1.37%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.86 272,753 12/31/2016 0.23% 0.54%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $18.72 $18.68 7,103 03/31/2017 0.22% 0.33%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.49 7,285 07/31/2016 0.22% 13.55%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.59 104,380 09/30/2016 0.22% 1.19%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.47 38,289 09/30/2016 0.19% 1.06%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.93 $17.90 328,366 12/31/2016 0.17% 0.38%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.20 1,667,474 12/31/2016 0.17% 0.38%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.995 32,095 06/30/2016 0.13% 0.00%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.72 587,811 06/30/2016 0.11% 0.00%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.98 626,039 09/30/2016 0.10% 0.52%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.74 443,359 09/30/2016 0.06% 0.31%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.99 1,441,088 12/31/2016 0.02% 0.06%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.33 $10.33 2,380,819 09/30/2016 0.01% 0.04%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $35.05 191,885 09/30/2016 0.00% 0.00%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $32.07 13,218,946 09/30/2016 -0.22% -1.19%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.17 $11.20 370,293 07/29/2016 -0.27% -24.45%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.12 27,016 12/31/2016 -0.32% -0.74%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $86.36 26,893 08/31/2016 -0.42% -4.11%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.64 $25.78 80,736 09/30/2016 -0.56% -3.03%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.17 487,518 12/31/2016 -0.68% -1.55%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $28.43 $28.63 1,066,464 12/31/2016 -0.71% -1.62%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.15 $16.36 480,286 05/31/2017 -1.26% -1.49%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.02 $13.26 11,339 06/30/2016 -1.77% 25.91%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.76 359,517 12/15/2016 -3.49% -8.91%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $31.13 221,657 12/31/2016 -3.63% -8.33%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $5.97 200,760 09/30/2016 -3.69% -20.08%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.41 $1.46 160,246 12/31/2016 -3.76% -8.64%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.56 $1.62 187,369 12/31/2016 -3.99% -9.17%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.64 $10.98 184,910 12/31/2016 -57.73% -132.52%

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

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

Leave A Comment

Merger Arbitrage Mondays – July 18, 2016

Bookmark and Share

July 17, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with three new deals announced and six deals closing.

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

Deal Statistics:

Total Number of Deals Closed in 2016 118
Total Number of Deals Not Completed in 2016 9
Total Number of Pending Deals
Cash Deals 53
Stock Deals 19
Stock & Cash Deals 14
Special Conditions 9
Total Number of Pending Deals 95
Total Deal Size $911.88 billion

New Deals:

  1. The acquisition of Sagent Pharmaceuticals (SGNT) by Nichi-Iko Pharmaceutical for $736 million or $21.75 per share in cash.
  2. The acquisition of Ocean Shore Holding (OSHC) by OceanFirst Financial (OCFC) for $145.6 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Ocean Shore Holding will receive $4.35 in cash and 0.9667 shares of OceanFirst common stock for each share of Ocean Shore common stock.
  3. The acquisition of Imprivata (IMPR) by an affiliate of Thoma Bravo for $544 million or $19.25 per share in cash.

Deal Updates:

  1. On July 11, 2016, Caesars Entertainment (CZR) and Caesars Acquisition (CACQ) amended their proposed merger agreement, which is intertwined with the $18 billion bankruptcy of the casino company’s main operating unit. Under the amended terms, Caesars Acquisition shareholders will receive 27 percent of the merged entity. Under the original proposal, they would have received 38 percent, according to regulatory filings. A confirmation hearing for CEOC’s Plan of Reorganization has been set for January 17, 2017.
  2. On July 12, 2016, Exxon Mobil (XOM) offered to buy InterOil Corp (IOC) topping the $2.2 billion deal from Australia’s Oil Search.  Exxon’s interest, which has not yet been made public by either company, is comprised of Exxon stock, as well as a Contingent Value Right (CVR), a seldom used instrument, which may give InterOil shareholders cash on a sliding scale depending on the value of a pending gas deposit discovery.
  3. On July 12, 2016, Abbott Laboratories (ABT) and St. Jude Medical (STJ) said they each received a request for additional information from the U.S. Federal Trade Commission related to their deal.
  4. On July 12, 2016, The Federal Reserve Board gave its approval to KeyCorp (KEY) to acquire First Niagara Financial Group (FNFG)
  5. On July 13, 2016, Carmike (CKEC) announced that it would postpone Friday’s special shareholder meeting to vote on AMC’s $740 million, $30 per share offer. The new meeting date will be July 25 at 9 a.m.
  6. On July 13, 2016, Huntington Bancshares (HBANwon U.S. antitrust approval to buy FirstMerit Corp (FMER).
  7. On July 14, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced that each company’s shareholders voted in favor of the proposed merger of equals between the two companies. BBCN and Wilshire also announced that the merger transaction is scheduled for completion at the close of business on July 29, 2016, subject to the satisfaction of other customary closing conditions.

Closed Deals:

  1. The acquisition of Hatteras Financial (HTS) by Annaly Capital Management (NLY) on July 12, 2016. It took 92 days for this deal to be completed.
  2. The acquisition of IHS (IHS) by Markit (MRKT) on July 13, 2016. It took 114 days for this deal to be completed.
  3. The acquisition of Ku6 Media (KUTV) by Shanda Investment Holdings Limited on July 12, 2016. It took 98 days for this deal to be completed.
  4. The acquisition of Demandware (DWRE) by salesforce.com (CRM) on July 13, 2016. It took 42 days for this deal to be completed.
  5. The acquisition of LDR Holding Corporation (LDRH) by Zimmer Biomet Holdings (ZBH) on July 13, 2016. It took 36 days for this deal to be completed.
  6. The acquisition of Celator Pharmaceuticals (CPXX) by Jazz Pharmaceuticals Public Limited Company (JAZZ) on July 14, 2016. It took 44 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

HUM 07/03/2015 Aetna Inc. (AET) $224.35 $158.89 12/31/2016 41.20% 90.59%
CI 07/24/2015 Anthem, Inc. (ANTM) $172.60 $131.67 12/31/2016 31.08% 68.34%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $43.62 12/31/2016 28.38% 62.41%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.19 12/31/2016 25.17% 55.35%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.31 09/30/2016 20.85% 102.82%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.812 03/31/2017 17.00% 24.23%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $5.89 12/31/2016 13.07% 28.74%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $5.98 12/31/2016 12.04% 26.47%
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 $9.04 08/31/2016 10.62% 88.09%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $35.64 12/31/2016 9.15% 20.11%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $224.35 $158.89 1,697,098 12/31/2016 41.20% 90.59%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $172.60 $131.67 2,478,435 12/31/2016 31.08% 68.34%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $43.62 5,606,222 12/31/2016 28.38% 62.41%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.19 37,995,149 12/31/2016 25.17% 55.35%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.31 101,299 09/30/2016 20.85% 102.82%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.812 37,481 03/31/2017 17.00% 24.23%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $5.89 9,700 12/31/2016 13.07% 28.74%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $5.98 310,634 12/31/2016 12.04% 26.47%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.04 676,487 08/31/2016 10.62% 88.09%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.64 1,448,575 12/31/2016 9.15% 20.11%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.84 152,158 12/31/2016 7.03% 15.46%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 25,744 09/30/2016 6.94% 34.23%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.22 725,813 03/31/2017 6.72% 9.59%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.07 33,705 08/15/2016 5.86% 76.43%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $31.57 $29.99 1,170,627 12/31/2016 5.28% 11.62%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.26 $13.55 131,300 08/15/2016 5.24% 68.34%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $34.28 348,960 09/30/2016 5.02% 24.75%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.24 261,836 03/31/2017 4.40% 6.27%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.43 169,754 06/30/2016 4.24% 0.00%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $34.42 $33.18 45,235 12/31/2016 3.74% 8.22%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $83.41 $80.49 2,285,926 12/31/2016 3.63% 7.98%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.90 200 12/31/2016 3.49% 7.67%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $189.57 939,570 12/31/2016 3.39% 7.46%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $76.97 879,080 07/31/2016 3.33% 93.38%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.48 351,313 06/30/2016 3.14% 0.00%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.48 $21.80 198,201 01/31/2017 3.10% 5.74%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.38 878,324 09/30/2016 3.08% 15.21%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.91 8,018 09/30/2016 2.85% 14.06%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.73 $46.52 743,126 12/31/2016 2.59% 5.71%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.35 1,465,030 12/31/2016 2.01% 4.42%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.86 41,425 12/31/2016 2.01% 4.42%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.90 1,072,897 09/30/2016 2.01% 9.90%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $19.08 $18.71 1,440 12/31/2016 2.00% 4.40%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.73 956,615 12/31/2016 1.97% 4.32%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.31 $25.81 1,281,008 12/31/2016 1.93% 4.25%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.16 $15.86 1,984,622 12/31/2016 1.91% 4.19%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $18.59 $18.25 15,275 03/31/2017 1.88% 2.68%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.48 $12.25 5 12/31/2016 1.87% 4.11%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.38 $1.35 76,134 09/30/2016 1.86% 9.19%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.51 $15.23 406,022 12/31/2016 1.84% 4.04%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.21 15,966 12/31/2016 1.81% 3.98%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $76.28 $75.13 1,638,768 06/30/2016 1.52% 0.00%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.72 440,041 07/21/2016 1.42% 172.75%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.65 89,124 09/30/2016 1.42% 7.00%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.33 2,431,549 09/30/2016 1.38% 6.80%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.76 $43.19 3,277,417 09/30/2016 1.32% 6.51%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.68 1,193,719 10/15/2016 1.30% 5.32%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.62 $38.18 18,106 12/31/2016 1.14% 2.51%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.60 $18.39 43,618 03/31/2017 1.13% 1.61%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.85 848,151 12/31/2016 1.08% 2.38%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.40 280,223 01/01/2017 1.06% 2.33%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.05 742,024 12/31/2016 1.05% 2.31%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.41 421,825 01/31/2017 1.02% 1.90%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $18.00 $17.82 777,369 12/31/2016 0.98% 2.16%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.89 326,507 12/31/2016 0.79% 1.74%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $27.26 $27.05 70,256 09/30/2016 0.76% 3.75%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.20 58,249 12/31/2016 0.71% 1.57%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.59 343,626 10/28/2016 0.71% 2.55%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.57 19,927 09/30/2016 0.66% 3.24%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.89 3,342,828 12/31/2016 0.64% 1.42%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.03 433,000 09/30/2016 0.63% 3.10%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.98 18,768 06/30/2016 0.50% 0.00%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.93 $20.83 561,027 09/30/2016 0.47% 2.30%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $15.03 $14.97 642,116 09/30/2016 0.41% 2.03%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.68 482,411 09/30/2016 0.40% 1.95%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.14 1,100,704 12/31/2016 0.36% 0.80%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.26 $10.22 3,467,174 09/30/2016 0.35% 1.74%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.67 2,710,860 06/30/2016 0.30% 0.00%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.94 1,212,780 09/30/2016 0.29% 1.41%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.49 63,477 07/31/2016 0.22% 6.25%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.76 57,867 11/15/2016 0.20% 0.62%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.88 407,771 12/31/2016 0.20% 0.44%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.47 77,982 09/30/2016 0.19% 0.96%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.97 262,829 12/31/2016 0.07% 0.16%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.40 406,431 09/30/2016 0.00% 0.00%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $35.07 478,820 09/30/2016 -0.06% -0.28%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $34.03 181,656 03/31/2017 -0.09% -0.13%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.32 $11.34 366,027 07/29/2016 -0.13% -4.47%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.80 899,258 03/31/2017 -0.23% -0.33%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $25.18 61,838 06/30/2016 -0.71% 14.50%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.18 684,122 12/31/2016 -0.71% -1.57%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $86.62 57,139 08/31/2016 -0.72% -5.94%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -3.82%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.42 44,877 12/31/2016 -1.12% -2.47%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.55 $1.57 20,944 12/31/2016 -1.13% -2.49%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.77 $15.96 558,138 05/31/2017 -1.21% -1.39%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $27.52 $27.86 669,777 12/31/2016 -1.22% -2.67%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.93 $13.18 16,444 06/30/2016 -1.86% 37.79%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $16.55 $17.15 10 09/30/2016 -3.50% -17.29%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.77 1,088,027 12/15/2016 -3.55% -8.63%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $31.48 564,222 12/31/2016 -4.70% -10.34%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $6.10 163,226 09/30/2016 -5.74% -28.30%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.38 $1.51 395,036 12/31/2016 -8.31% -18.27%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $42.69 $47.61 943,937 09/30/2016 -10.34% -51.00%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.65 $11.00 63,335 12/31/2016 -57.75% -126.97%

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

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

Leave A Comment

Merger Arbitrage Mondays – July 11, 2016

Bookmark and Share

July 10, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week 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 112
Total Number of Deals Not Completed in 2016 9
Total Number of Pending Deals
Cash Deals 55
Stock Deals 21
Stock & Cash Deals 13
Special Conditions 9
Total Number of Pending Deals 98
Total Deal Size $910.46 billion

New Deals:

  1. The acquisition of Nortek (NTK) by Melrose Industries for $2.8 billion or $86.00 per share in cash.
  2. The acquisition of The WhiteWave Foods Company (WWAV) by Danone for $12.5 billion or $56.25 per share in cash.
  3. The acquisition of AVG Technologies (AVG) by Avast Software for $1.3 billion or $25.00 per share in cash.
  4. The acquisition of Polycom (PLCM) by Siris Capital Group for $2 billion or $12.50 per share in cash.

Deal Updates:

  1. On June 2, 2016, Anbang withdrew its application to buy Fidelity & Guaranty Life (FGL) after failing to provide information requested for processing the deal. Anbang will try a second time with a “refiled acquisition application” to the New York regulator.
  2. On July 5, 2016, IHS (IHS) and Markit (MRKTannounced that in connection with the completion of the previously announced merger between IHS and Markit, the combined company, which will be renamed IHS Markit Ltd., will be listed on the Nasdaq Global Select Market under the new trading symbol “INFO.”
  3. On July 8, 2016, Polycom (PLCM) announced that its board of directors has approved the termination of the company’s previously announced merger agreement with Mitel Networks Corporation (MITL). Polycom also announced that its Board of Directors has unanimously determined Siris Capital Group’s’ offer to constitute a “Company Superior Proposal” under the terms of its merger agreement with Mitel.
  4. On July 8, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to July 21, 2016.
  5. On July 8, 2016, Aetna (AET) executives met with top Justice Department antitrust officials to convince the government that asset sales it proposed would address potential competitive problems that could threaten its deal to buy rival Humana (HUM).
  6. On July 8, 2016, Ku6 Media (KUTV) announced today that, at an extraordinary general meeting, the Company’s shareholders voted in favor of the proposal to authorize and approve the previously announced Agreement and Plan of Merger among the Company, Shanda Investment Holdings Limited and Ku6 Acquisition Company Limited.
  7. On July 9, 2016, WellCare Health Plans (WCG) and Centene (CNC) made competing offers for the Medicare Advantage insurance plans that Aetna (AET) is looking to shed as it seeks clearance for its acquisition of Humana (HUM).

Closed Deals:

  1. The acquisition of Xenoport (XNPT) by Arbor Pharmaceuticals on July 5, 2016. It took 43 days for this deal to be completed.
  2. The acquisition of Symmetry Surgical (SSRG) by an affiliate of RoundTable Healthcare Partners on July 5, 2016. It took 63 days for this deal to be completed.
  3. The acquisition of RR Media (RRM) by SES on July 6, 2016. It took 131 days for this deal to be completed.
  4. The acquisition of Rouse Properties (RSE) by an affiliate of Brookfield Asset Management on July 6, 2016. It took 132 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

HUM 07/03/2015 Aetna Inc. (AET) $222.99 $158.15 12/31/2016 41.00% 86.50%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $39.78 12/31/2016 40.77% 86.03%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.48 $129.60 12/31/2016 32.32% 68.18%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.10 12/31/2016 26.76% 56.46%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.30 09/30/2016 21.21% 95.59%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.824 03/31/2017 15.29% 21.22%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $5.83 12/31/2016 14.24% 30.04%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $5.90 12/31/2016 13.56% 28.61%
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 $9.05 08/31/2016 10.50% 75.13%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $35.30 12/31/2016 10.20% 21.52%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $222.99 $158.15 5,565,477 12/31/2016 41.00% 86.50%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $39.78 581,513 12/31/2016 40.77% 86.03%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.48 $129.60 2,226,245 12/31/2016 32.32% 68.18%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.10 23,777,392 12/31/2016 26.76% 56.46%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.30 66,594 09/30/2016 21.21% 95.59%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.824 48,131 03/31/2017 15.29% 21.22%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $5.83 38,358 12/31/2016 14.24% 30.04%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $5.90 201,784 12/31/2016 13.56% 28.61%
+ 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 $9.05 874,086 08/31/2016 10.50% 75.13%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.30 922,072 12/31/2016 10.20% 21.52%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.95 84,212 06/30/2016 8.93% 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 $37.60 344,032 12/31/2016 7.71% 16.27%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 31,772 09/30/2016 7.38% 33.24%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.20 $13.34 309,111 08/15/2016 6.43% 67.06%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.42 1,022,833 03/31/2017 6.35% 8.81%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $1.02 376,472 12/31/2016 5.88% 12.41%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 300 12/31/2016 4.93% 10.40%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.10 25,474 08/15/2016 4.84% 50.46%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.36 21,742 06/30/2016 4.79% 0.00%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $30.96 $29.60 2,685,596 12/31/2016 4.59% 9.68%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.24 1,253,142 09/30/2016 4.49% 20.24%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.39 483,139 03/31/2017 4.25% 5.90%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.16 149,515 12/31/2016 4.17% 8.79%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.86 4,983 09/30/2016 3.91% 17.62%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $33.00 $31.80 119,107 12/31/2016 3.76% 7.94%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $76.70 984,991 07/31/2016 3.69% 67.34%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.34 419,527 06/30/2016 3.59% 0.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $83.23 $80.58 1,186,619 12/31/2016 3.29% 6.93%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $34.97 709,703 09/30/2016 2.95% 13.27%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $190.44 1,253,704 12/31/2016 2.92% 6.16%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.63 1,595,714 12/31/2016 2.71% 5.73%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.27 $25.70 4,144,848 12/31/2016 2.23% 4.70%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.80 $46.78 609,999 12/31/2016 2.18% 4.60%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.25 86,480,090 09/30/2016 2.04% 9.20%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.62 $42.77 4,975,119 09/30/2016 1.99% 8.96%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.20 $16.88 941,932 12/31/2016 1.88% 3.96%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.40 1,878,838 12/31/2016 1.85% 3.91%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.82 $18.48 1,286 12/31/2016 1.83% 3.86%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.23 $14.96 403,115 12/31/2016 1.80% 3.81%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.66 1,726,656 07/21/2016 1.73% 63.12%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.99 126,769 12/31/2016 1.59% 3.36%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.61 905,376 09/30/2016 1.58% 7.14%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.43 50,604 07/31/2016 1.58% 28.84%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.41 $17.14 31,564 03/31/2017 1.57% 2.19%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.84 $9.69 1,920,078 09/30/2016 1.56% 7.03%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.04 1,018,478 09/30/2016 1.53% 6.90%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.55 $16.30 1,151,176 12/31/2016 1.53% 3.22%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.38 $12.19 8,568 12/31/2016 1.52% 3.20%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.63 4,426,464 10/15/2016 1.50% 5.71%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.43 $16.20 737,223 09/30/2016 1.41% 6.37%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.26 311,065 01/01/2017 1.32% 2.76%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.395 296,747 09/30/2016 1.27% 5.70%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.56 $37.15 11,459 12/31/2016 1.12% 2.36%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.00 $19.78 2,356,411 09/30/2016 1.10% 4.98%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.87 540,211 12/31/2016 0.94% 1.98%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $74.44 $73.75 834,531 06/30/2016 0.94% 0.00%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.34 $1.33 237,691 09/30/2016 0.89% 4.03%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.56 591,090 09/30/2016 0.88% 3.95%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.14 $17.98 58,081 03/31/2017 0.87% 1.21%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.88 462,203 12/31/2016 0.86% 1.82%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 50,468 06/30/2016 0.76% 0.00%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.99 374,144 09/30/2016 0.74% 3.35%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.78 361,832 01/31/2017 0.67% 1.21%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.64 437,784 10/28/2016 0.62% 2.09%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.21 38,247 12/31/2016 0.48% 1.00%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.74 134,130 11/15/2016 0.41% 1.18%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.90 345,871 12/31/2016 0.33% 0.71%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.15 1,744,069 12/31/2016 0.33% 0.70%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.45 133,006 09/30/2016 0.32% 1.46%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.88 $14.83 599,370 09/30/2016 0.31% 1.39%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.97 841,993 09/30/2016 0.23% 1.03%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.91 518,178 12/31/2016 0.15% 0.32%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.95 2,434,709 12/31/2016 0.12% 0.26%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.76 $10.75 472,741 06/30/2016 0.11% 0.00%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $36.97 1,150,031 09/30/2016 0.08% 0.37%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.74 1,042,179 09/30/2016 0.06% 0.25%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.97 1,886,555 07/31/2016 0.04% 0.73%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.24 468,853 09/30/2016 0.03% 0.15%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.99 195,782 03/31/2017 0.03% 0.04%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.75 293,025 06/30/2016 0.00% 0.00%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.00 742,909 09/30/2016 0.00% 0.00%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $113.92 $113.97 481,677 12/31/2016 -0.05% -0.10%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $26.65 $26.70 122,008 09/30/2016 -0.20% -0.92%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.54 $1.55 31,352 12/31/2016 -0.66% -1.40%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $56.64 10,799,209 12/31/2016 -0.69% -1.45%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -3.49%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.23 1,067,429 12/31/2016 -0.91% -1.92%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $27.42 $27.68 2,171,122 12/31/2016 -0.93% -1.97%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.37 46,305 12/31/2016 -0.99% -2.09%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $87.25 239,110 08/31/2016 -1.43% -10.25%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.60 $15.86 913,147 05/31/2017 -1.62% -1.83%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.51 $12.73 13,698 06/30/2016 -1.70% 56.56%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.56 396,740 12/15/2016 -2.39% -5.56%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $16.19 $16.86 9,147 09/30/2016 -3.97% -17.89%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $6.07 288,371 09/30/2016 -5.27% -23.76%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $42.27 $47.97 403,472 09/30/2016 -11.87% -53.51%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.47 $1.67 563,553 12/31/2016 -12.18% -25.70%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.55 $12.09 115,995 03/31/2015 -62.38% 48.65%

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

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

Leave A Comment

Merger Arbitrage Mondays – July 4, 2016

Bookmark and Share

July 3, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with six new deals announced and nine 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 108
Total Number of Deals Not Completed in 2016 6
Total Number of Pending Deals
Cash Deals 56
Stock Deals 21
Stock & Cash Deals 14
Special Conditions 9
Total Number of Pending Deals 100
Total Deal Size $893.82 billion

New Deals:

  1. The acquisition of Heartware International (HTWR) by Medtronic (MDT) for $1.1 billion or $58.00 per share in cash.
  2. The acquisition of Suffolk Bancorp (SCNB) by People’s United Financial (PBCT) for $402 million in an all stock deal. Under the terms of the agreement, shareholders of Suffolk Bancorp will receive 2.225 shares of People’s United Financial stock for each Suffolk Bancorp share.
  3. The acquisition of ReachLocal (RLOC) by Gannett (GCI) for $156 million or $4.60 per share in cash.
  4. The acquisition of Diamond Resorts International (DRII) by Apollo Global Management (APO) for $2.2 billion or $30.25 per share in cash.
  5. The acquisition of Transition Therapeutics (TTHI) by Opko Health (OPK) for approximately $60 million in an all stock deal. Under the terms of the agreement Transition Therapeutics security holders will receive 0.156 shares of OPKO common stock per TTI stock, valued at $1.55 per share of Transition Therapeutics common stock. At the Effective Time, each issued and outstanding share of TTHI Common Stock (other than any shares of TTHI Common Stock held by the Company or any Company affiliate) will be converted and exchanged into shares of Company Common Stock using an exchange rate equal to (i) 6,430,868 divided by (ii) the number of shares of TTHI Common Stock outstanding immediately prior to the Effective Time (including shares of TTHI Common Stock deemed to have been issued as a result of the conversion of the TTHI Options, but excluding any shares of TTHI Common Stock held by the Company or any affiliate of the Company). Based on the Q3 2016 Financial Report, TTHI has 38,878,879 shares outstanding and 2,320,812 options outstanding.
  6. The acquisition of Starz (STRZA, STRZB) by Lions Gate Entertainment (LGF) for $4.4 billion in a cash and stock deal. Under the terms of the agreement, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares.  Holders of each share of Starz Series A common stock will receive $18.00 in cash as well as 0.6784 of a share of Lionsgate non-voting stock based on a fixed exchange ratio. Holders of each share of Starz Series B common stock will receive $7.26 in cash and 0.6321 of a share of Lionsgate voting stock and 0.6321 of a share of Lionsgate non-voting stock. We are entering this deal only for STRZA.

Deal Updates:

  1. On June 23, 2016, Rouse Properties (RSE) announced that, at a special meeting of stockholders held today, the Company stockholders approved the previously announced merger agreement with BSREP II Retail Pooling, an affiliate of Brookfield Asset Management. Subject to the satisfaction of the conditions set forth in the merger agreement, the merger is expected to close on or about July 6, 2016.
  2. On June 27, 2016, Skullcandy (SKUL) announced that on June 24, 2016 Skullcandy’s board of directors received an unsolicited proposal from Mill Road Capital to acquire all of the outstanding shares of Skullcandy common stock for $6.05 per share in cash.
  3. On June 27, 2016, Marriott International (MAR) and Starwood Hotels and Resorts Worldwide (HOT) today announced they have received unconditional clearance from the European Union for Marriott to acquire Starwood in a merger transaction. Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8 and Marriott and Starwood anticipate closing the transaction in July 2016.
  4. On June 27, 2016, The Williams Companies (WMB) stockholders voted to approve the previously announced merger agreement with Energy Transfer Equity (ETE). Williams also filed papers commencing an appeal in the Delaware Supreme Court of the Delaware Court of Chancery’s June 24, 2016 ruling relating to the Merger Agreement between Williams and ETE.
  5. On June 28, 2016, Energy Transfer Equity (ETE) announced that it has terminated its merger agreement with The Williams Companies (WMB) effective June 29, 2016. Williams has appealed the decision by the Delaware Court of Chancery to the Delaware Supreme Court.
  6. On June 28, 2016, C1 Financial (BNK) and Bank of the Ozarks (OZRK) received the approval of the Federal Reserve Bank for the Bank Merger. As a result, all regulatory approvals for the Merger have been received. OZRK has announced that it expects to close the Merger on or about July 21, 2016, subject to the satisfaction of the other closing conditions of the Merger.
  7. June 28, 2016: Since the FTC is continuing its review of the Hutchinson Technology (HTCH) merger and has not indicated when its review may be completed, we are moving the closing date by three months to September 30, 2016.
  8. On June 29, 2016, The Valspar Corporation (VAL) announced that Valspar shareholders voted to approve the Company’s proposed acquisition by The Sherwin-Williams Company (SHW).
  9. On June 30, 2016, InterOil Corporation (IOC) received from a third party an unsolicited, conditional, non-binding proposal to acquire 100% of the outstanding common shares of InterOil.

Closed Deals:

  1. The acquisition of Monarch Financial Holdings (MNRK) by Towne Bank (TOWN) on June 27, 2016. It took 193 days for this deal to be completed.
  2. The acquisition of Nanosphere (NSPH) by Luminex Corporation (LMNX) on June 30, 2016. It took 45 days for this deal to be completed.
  3. The acquisition of Fox Chase Bancorp (FXCB) by Univest Corporation of Pennsylvania (UVSP) on July 1, 2016. It took 206 days for this deal to be completed.
  4. The acquisition of AGL Resources (GAS) by Southern Company (SO) on July 1, 2016. It took 312 days for this deal to be completed.
  5. The acquisition of Columbia Pipeline Group (CPGX) by TransCanada Corporation (TRP) on July 1, 2016. It took 106 days for this deal to be completed.
  6. The acquisition of 1st Century Bancshares (FCTY) by Midland Financial on July 1, 2016. It took 113 days for this deal to be completed.
  7. The acquisition of United Online (UNTD) by B. Riley Financial (RILY) on July 1, 2016. It took 58 days for this deal to be completed.
  8. The acquisition of Avenue Financial Holdings (AVNU) by Pinnacle Financial Partners  (PNFP) on July 1, 2016. It took 154 days for this deal to be completed.
  9. The acquisition of TECO Energy (TE) by Emera on July 1, 2016. It took 300 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

ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $40.65 12/31/2016 37.76% 76.57%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.24 $128.27 12/31/2016 33.50% 67.92%
HUM 07/03/2015 Aetna Inc. (AET) $225.46 $174.00 12/31/2016 29.57% 59.97%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.31 12/31/2016 23.12% 46.88%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.37 09/30/2016 18.69% 77.54%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $23.08 06/30/2016 16.12% -1470.75%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.821 03/31/2017 15.71% 21.24%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $5.99 12/31/2016 11.85% 24.04%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.85 12/31/2016 11.62% 23.57%
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 $9.10 08/31/2016 9.89% 62.24%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $40.65 1,060,723 12/31/2016 37.76% 76.57%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.24 $128.27 1,845,584 12/31/2016 33.50% 67.92%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.46 $174.00 4,754,089 12/31/2016 29.57% 59.97%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.31 43,509,903 12/31/2016 23.12% 46.88%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.37 79,175 09/30/2016 18.69% 77.54%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $23.08 113,486 06/30/2016 16.12% 0.00%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.821 79,209 03/31/2017 15.71% 21.24%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $5.99 317,976 12/31/2016 11.85% 24.04%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.85 807,092 12/31/2016 11.62% 23.57%
+ 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 $9.10 383,890 08/31/2016 9.89% 62.24%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.83 17,847 06/30/2016 9.51% 0.00%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.12 27,120 12/31/2016 8.82% 17.89%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.91 856,732 09/30/2016 7.97% 33.06%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 28,439 09/30/2016 7.38% 30.60%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.79 464,275 12/31/2016 7.17% 14.54%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $1.01 13,382 12/31/2016 6.93% 14.05%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.26 996,191 03/31/2017 6.65% 8.99%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.18 $13.30 116,843 08/15/2016 6.63% 57.58%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 3,104 08/15/2016 6.56% 56.99%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $31.47 $29.68 5,120,568 12/31/2016 6.02% 12.20%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $75.10 994,260 07/31/2016 5.90% 79.74%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.59 455,733 03/31/2017 5.03% 6.80%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 75 12/31/2016 4.93% 10.00%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $32.60 $31.31 57,257 12/31/2016 4.11% 8.33%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.21 1,000,992 06/30/2016 4.00% 0.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $81.18 $78.24 1,829,109 12/31/2016 3.76% 7.62%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.17 71,465 12/31/2016 3.69% 7.48%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.33 $11.90 11 12/31/2016 3.62% 7.33%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $189.50 1,756,623 12/31/2016 3.43% 6.96%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.60 1,026,555 09/30/2016 3.04% 12.61%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.59 50,864 06/30/2016 3.02% 0.00%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $48.05 $46.67 369,191 12/31/2016 2.95% 5.98%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.91 7,318 09/30/2016 2.85% 11.83%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.62 2,151,916 12/31/2016 2.79% 5.66%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.88 $42.88 2,178,013 09/30/2016 2.33% 9.67%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.21 $1.18 445,716 09/30/2016 2.25% 9.35%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.46 405,340 09/30/2016 2.21% 9.16%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.65 $18.26 7 12/31/2016 2.13% 4.31%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $25.48 $24.96 3,178,898 12/31/2016 2.10% 4.26%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.43 $15.13 752,815 12/31/2016 1.98% 4.02%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.72 $16.42 1,308,897 09/30/2016 1.82% 7.53%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.393 547,642 09/30/2016 1.78% 7.39%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.68 $16.39 3,078,266 12/31/2016 1.77% 3.59%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.07 3,991 08/15/2016 1.68% 14.63%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.98 184,797 12/31/2016 1.63% 3.30%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.79 532,454 12/31/2016 1.52% 3.09%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.71 1,089,804 07/07/2016 1.47% 179.01%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.75 1,555,253 09/30/2016 1.44% 5.97%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.49 $72.50 1,090,952 06/30/2016 1.37% 0.00%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.34 $36.84 12,293 12/31/2016 1.37% 2.77%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.44 13,113 07/31/2016 1.35% 18.27%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.87 $16.68 696,566 12/31/2016 1.14% 2.32%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.64 1,062,595 12/31/2016 1.10% 2.24%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.55 1,377,612 09/30/2016 1.10% 4.56%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.97 735,310 12/15/2016 1.00% 2.23%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.28 $11.17 807,128 09/30/2016 1.00% 4.13%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.44 386,165 01/01/2017 0.99% 2.00%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $29.96 3,346,172 12/31/2016 0.97% 1.96%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.75 $9.66 1,532,756 09/30/2016 0.96% 3.98%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.72 407,259 09/30/2016 0.78% 3.25%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.55 711,276 10/28/2016 0.78% 2.46%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.38 130,263 09/30/2016 0.78% 3.24%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 44,479 06/30/2016 0.76% 0.00%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.71 148,496 11/15/2016 0.72% 1.96%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.20 91,199 12/31/2016 0.71% 1.45%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.29 $10.22 318,384 06/30/2016 0.69% 0.00%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.92 684,773 12/31/2016 0.57% 1.17%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.66 443,308 09/30/2016 0.51% 2.11%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.19 $20.09 1,000,924 09/30/2016 0.49% 2.02%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.89 433,722 09/30/2016 0.46% 1.90%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $107.01 335,222 01/31/2017 0.46% 0.79%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.70 $14.65 709,968 09/30/2016 0.36% 1.48%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.01 1,067,023 09/30/2016 0.29% 1.18%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.91 808,620 12/31/2016 0.22% 0.45%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.93 108,475 03/31/2017 0.21% 0.28%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $117.72 $117.51 517,161 12/31/2016 0.18% 0.37%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.22 543,593 09/30/2016 0.10% 0.41%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.99 431,386 09/30/2016 0.05% 0.20%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $36.99 823,640 09/30/2016 0.03% 0.11%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.99 1,031,776 07/31/2016 0.01% 0.18%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $60.05 447,731 12/31/2016 -0.08% -0.17%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.28 229,539 07/06/2016 -0.16% -29.95%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $27.06 $27.11 196,797 09/30/2016 -0.18% -0.76%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.22 $17.25 24,492 03/31/2017 -0.20% -0.27%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $17.86 $17.92 16,048 03/31/2017 -0.36% -0.49%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.87 595,733 06/30/2016 -0.45% 40.75%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.18 87,675 09/30/2016 -0.61% -2.52%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.22 459,674 12/31/2016 -0.73% -1.48%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.19 1,072,440 12/31/2016 -0.75% -1.53%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -3.22%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.52 $1.53 836,920 12/31/2016 -0.89% -1.81%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.74 $15.96 813,022 05/31/2017 -1.36% -1.50%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.58 48,853 12/31/2016 -1.54% -3.13%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.67 $26.09 2,742,439 12/31/2016 -1.59% -3.23%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.26 $12.49 10,921 06/30/2016 -1.88% 171.69%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.73 $16.35 3,647 09/30/2016 -3.78% -15.70%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $6.05 1,962,347 09/30/2016 -4.96% -20.57%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.48 $1.58 459,178 12/31/2016 -6.20% -12.58%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $41.51 $46.74 1,102,383 09/30/2016 -11.20% -46.45%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.63 $11.35 86,967 03/31/2015 -59.17% 46.84%

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

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

Leave A Comment

Merger Arbitrage Mondays – June 27, 2016

Bookmark and Share

June 26, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

Total Number of Deals Closed in 2016 99
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 59
Stock Deals 21
Stock & Cash Deals 14
Special Conditions 10
Total Number of Pending Deals 104
Total Deal Size $923.19 billion

New Deals:

  1. The acquisition of American Science & Engineering (ASEI) by OSI Systems (OSIS) for $269 million or $37.00 per share in cash.
  2. The acquisition of Carolina Bank Holdings (CLBH) by First Bancorp (FBNC) for $97.3 million in a stock or cash deal. Under the terms of the agreement, Carolina Bank Holdings shareholders will receive either 1.002 shares of First Bancorp’s common stock or $20.00 in cash for each share of Carolina Bank Holdings common stock, subject to the total consideration being 75% stock / 25% cash. We have entered this deal as an all stock deal in our database.
  3. The acquisition of Skullcandy (SKUL) by Incipio for $177 million or $5.75 per share in cash.

Deal Updates:

  1. On June 21, 2016, Avenue Financial Holdings (AVNU) announced that its shareholders approved the proposed merger with Pinnacle Financial Partners (PNFP) at its special shareholders’ meeting. The deal is expected to close on or about July 1, 2016.
  2. On June 23, 2016, California Insurance Commissioner Dave Jones weighed in against health insurer Aetna (AET) proposed $34 billion acquisition of Humana (HUM), urging national antitrust regulators to block the deal.
  3. On June 24, 2016, Platinum Equity and Electro Rent Corporation (ELRC) announced that the purchase price for Platinum Equity’s previously announced acquisition of Electro Rent has increased by 18% to $15.50 per share in cash from $13.12 per share, now valuing the purchase price at approximately $382.2 million.
  4. On June 24, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to July 7, 2016.
  5. On June 24, 2016, Energy Transfer Equity (ETE) announced that the Delaware Court of Chancery has issued an opinion finding that ETE is contractually entitled to terminate its merger agreement with The Williams Companies (WMB) in the event ETE’s counsel Latham & Watkins LLP is unable to deliver a required tax opinion prior to the June 28, 2016 outside date in the merger agreement.
  6. On June 24, 2016, Full Circle Capital Corporation (FULLannounced that it has entered into a merger agreement with Great Elm Capital, a company formed by Great Elm Capital Group. The combined company, to be named Great Elm Capital Corp., will apply for listing on NASDAQ under the symbol “GECC”. Full Circle stockholders are expected to own approximately 38% of the combined Great Elm Capital Corp., based on a pro-forma net asset value in excess of $190 million as of March 31, 2016.

Closed Deals:

  1. The acquisition of The Phoenix Companies (PNX) by Nassau Reinsurance Group Holdings on June 20, 2016. It took 265 days for this deal to be completed.
  2. The acquisition of Alexza Pharmaceuticals (ALXA) by Grupo Ferrer Internacional on June 21, 2016. It took 42 days for this for this deal to be completed.
  3. The acquisition of Cablevision Systems Corporation (CVC) by Altice on June 21, 2016. It took 278 days for this deal to be completed.
  4. The acquisition of China Ming Yang Wind Power Group Limited (MY) by a consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company on June 22, 2016. It took 140 days for this deal to be completed.
  5. The acquisition of Northern Tier Energy (NTI) by Western Refining (WNR) on June 23, 2016. It took 185 days for this deal to be completed.
  6. The acquisition of Anacor Pharmaceuticals (ANAC) by Pfizer (PFE) on June 24, 2016. It took 39 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 $21.31 06/30/2016 104.13% 12669.09%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $41.60 12/31/2016 34.62% 67.56%
CI 07/24/2015 Anthem, Inc. (ANTM) $168.51 $127.71 12/31/2016 31.95% 62.36%
HUM 07/03/2015 Aetna Inc. (AET) $223.54 $182.90 12/31/2016 22.22% 43.37%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.71 06/30/2016 18.01% 2191.18%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.71 12/31/2016 16.73% 32.66%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.83 03/31/2017 14.46% 19.05%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.79 12/31/2016 11.81% 23.06%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $6.00 12/31/2016 11.67% 22.77%
BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) $25.00 $22.50 06/30/2016 11.11% 1351.85%

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 $21.31 20,533,696 06/30/2016 104.13% 12669.09%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $41.60 1,035,862 12/31/2016 34.62% 67.56%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $168.51 $127.71 3,101,872 12/31/2016 31.95% 62.36%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $223.54 $182.90 916,985 12/31/2016 22.22% 43.37%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.71 204,551 06/30/2016 18.01% 2191.18%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.71 17,349,320 12/31/2016 16.73% 32.66%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.83 96,072 03/31/2017 14.46% 19.05%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.79 2,156,890 12/31/2016 11.81% 23.06%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.00 528,348 12/31/2016 11.67% 22.77%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.50 291,681 06/30/2016 11.11% 1351.85%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $71.80 2,832,580 06/30/2016 10.77% 1309.87%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.02 21,968 12/31/2016 10.63% 20.75%
+ 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 $9.11 786,745 08/31/2016 9.77% 54.86%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.69 100,481 06/30/2016 8.40% 1022.13%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.00 30,341 08/15/2016 8.33% 62.07%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.40 1,102,854 12/31/2016 8.29% 16.18%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.998 44,841 12/31/2016 8.22% 16.04%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.92 1,136,578 09/30/2016 7.86% 30.21%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $55.72 1,398,294 03/31/2017 7.68% 10.12%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 74,445 09/30/2016 7.38% 28.34%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.27 $13.56 499,465 08/15/2016 5.23% 38.93%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.60 887,763 03/31/2017 5.02% 6.61%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 125 12/31/2016 4.93% 9.62%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.39 3,832,970 12/31/2016 4.56% 8.89%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.16 2,520,232 12/31/2016 4.17% 8.13%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.58 $15.98 2,541,896 09/30/2016 3.76% 14.45%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.76 $76.88 5,295,970 12/31/2016 3.75% 7.32%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.41 8,654,045 09/30/2016 3.71% 14.24%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.15 $45.61 1,743,355 12/31/2016 3.38% 6.59%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $190.11 5,708,842 12/31/2016 3.10% 6.05%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.90 15,961 09/30/2016 3.06% 11.76%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.42 421,047 09/30/2016 2.38% 9.13%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $42.52 $41.60 8,918,086 09/30/2016 2.20% 8.46%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.70 26,088 06/30/2016 2.19% 266.42%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.27 $14.95 958,874 12/31/2016 2.14% 4.18%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.25 $15.92 3,037,774 12/31/2016 2.04% 3.98%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.35 5,027,431 12/31/2016 2.01% 3.92%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.91 387,279 12/31/2016 1.85% 3.61%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.00 977,175 01/01/2017 1.79% 3.47%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.44 $25.99 2,928,621 12/31/2016 1.72% 3.35%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $105.71 4,099,301 01/31/2017 1.69% 2.84%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.07 2,609 08/15/2016 1.68% 12.54%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.64 $16.37 1,150,060 12/31/2016 1.66% 3.25%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.394 836,947 09/30/2016 1.52% 5.85%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.10 $36.57 386,832 12/31/2016 1.45% 2.84%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.64 347,093 11/15/2016 1.45% 3.76%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.80 2,874,331 12/31/2016 1.45% 2.83%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.76 3,151,008 09/30/2016 1.41% 5.42%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.73 $18.49 752,144 06/30/2016 1.29% 156.89%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.03 $17.82 51,956 03/31/2017 1.16% 1.52%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.45 30,016 07/31/2016 1.12% 12.06%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.65 399,026 03/31/2017 1.04% 1.37%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.80 1,857,300 07/07/2016 1.01% 36.87%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.83 $9.73 4,635,966 09/30/2016 1.00% 3.85%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.19 131,042 12/31/2016 0.95% 1.86%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.59 2,544,302 09/30/2016 0.91% 3.49%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.14 $72.55 1,778,818 06/30/2016 0.81% 98.94%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.77 1,462,924 09/30/2016 0.81% 3.09%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.89 2,346,276 12/31/2016 0.79% 1.55%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.55 5,192,910 12/31/2016 0.76% 1.47%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.74 1,619,034 09/30/2016 0.73% 2.80%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.71 3,818,743 12/31/2016 0.71% 1.39%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.30 $10.23 903,709 06/30/2016 0.66% 80.61%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.69 1,300,130 06/30/2016 0.59% 71.99%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.98 75,983 06/30/2016 0.50% 61.14%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.45 $25.36 122,264 09/30/2016 0.35% 1.35%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.08 2,396,483 12/15/2016 0.35% 0.75%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.66 1,228,443 06/30/2016 0.34% 41.07%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.70 $14.65 3,027,105 09/30/2016 0.31% 1.20%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.94 1,544,220 09/30/2016 0.29% 1.10%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.01 526,909 09/30/2016 0.29% 1.10%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.46 911,320 09/30/2016 0.26% 0.99%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $19.81 $19.76 1,757,263 09/30/2016 0.25% 0.96%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.19 4,127,809 09/30/2016 0.20% 0.76%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.98 475,976 09/30/2016 0.18% 0.70%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.90 1,069,044 12/31/2016 0.15% 0.30%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.90 2,774,928 07/31/2016 0.13% 1.43%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.47 7,186,762 12/31/2016 0.12% 0.23%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.24 806,650 09/30/2016 0.05% 0.21%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.60 $11.60 1,571,269 09/30/2016 -0.04% -0.14%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $37.03 1,066,926 09/30/2016 -0.08% -0.31%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $5.76 12,348,633 09/30/2016 -0.17% -0.67%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $111.00 $111.28 548,071 12/31/2016 -0.25% -0.49%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.05 $1.05 103,464 09/30/2016 -0.30% -1.14%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.14 654,675 09/30/2016 -0.30% -1.17%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.26 11,163 12/31/2016 -0.36% -0.69%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.66 1,844,535 06/30/2016 -0.40% -48.39%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.12 1,163,896 12/31/2016 -0.48% -0.93%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.74 $15.83 3,144,303 05/31/2017 -0.55% -0.60%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.23 262,515 12/31/2016 -0.62% -1.21%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.71 $12.81 44,445 06/30/2016 -0.77% -94.22%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -2.98%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.09 $18.25 27,767 12/31/2016 -0.87% -1.71%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.19 $12.30 19,670 12/31/2016 -0.92% -1.79%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.80 $19.01 813,399 07/01/2016 -1.10% -100.23%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $24.31 $24.59 2,053,782 12/31/2016 -1.12% -2.18%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.94 $18.15 515,806 03/31/2017 -1.15% -1.51%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $34.15 426,199 06/30/2016 -1.90% -231.58%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.95 1,046,766 12/31/2016 -3.07% -5.99%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.81 $20.62 140,252 07/01/2016 -3.92% -357.43%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.47 $16.24 26,026 09/30/2016 -4.72% -18.14%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $38.46 $41.61 377,926 09/30/2016 -7.56% -29.05%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.38 $1.54 2,694,553 12/31/2016 -10.09% -19.70%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.51 $11.63 286,730 03/31/2015 -52.61% 42.30%

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

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

Leave A Comment