Merger Arbitrage

Merger Arbitrage Mondays – June 20, 2016

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June 19, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

Total Number of Deals Closed in 2016 93
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 61
Stock Deals 20
Stock & Cash Deals 15
Special Conditions 11
Total Number of Pending Deals 107
Total Deal Size $922.59 billion

New Deals:

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

Deal Updates:

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

Closed Deals:

  1. The acquisition of OPOWER (OPWR) by Oracle Corporation (ORCL) on June 17, 2016. It took 46 days for this deal to be completed.
  2. The acquisition of Textura Corporation (TXTR) by Oracle Corporation (ORCL) on June 17, 2016. It took 50 days for this deal to b completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $22.53 06/30/2016 93.08% 3397.27%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.58 $129.50 12/31/2016 32.50% 61.14%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.30 12/31/2016 32.39% 60.94%
HUM 07/03/2015 Aetna Inc. (AET) $226.42 $187.15 12/31/2016 20.98% 39.48%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.98 06/30/2016 16.62% 606.74%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.78 12/31/2016 15.68% 29.50%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.78 12/31/2016 11.85% 22.29%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $6.00 12/31/2016 11.67% 21.95%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.86 03/31/2017 10.47% 13.45%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $6.05 12/31/2016 10.08% 18.97%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $22.53 11,845,700 06/30/2016 93.08% 3397.27%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.58 $129.50 1,546,343 12/31/2016 32.50% 61.14%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.30 625,005 12/31/2016 32.39% 60.94%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $226.42 $187.15 842,373 12/31/2016 20.98% 39.48%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.98 126,156 06/30/2016 16.62% 606.74%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.78 17,165,573 12/31/2016 15.68% 29.50%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.78 1,621,662 12/31/2016 11.85% 22.29%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.00 610,929 12/31/2016 11.67% 21.95%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.86 169,972 03/31/2017 10.47% 13.45%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.05 33,206 12/31/2016 10.08% 18.97%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.76 31,043 06/30/2016 9.84% 359.23%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.99 261 12/31/2016 9.09% 17.10%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.20 579,336 08/31/2016 8.70% 44.08%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.42 30,008 09/30/2016 8.26% 29.57%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $73.90 1,019,766 06/30/2016 7.62% 278.07%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.02 4,534 08/15/2016 7.62% 49.64%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.80 732,535 12/31/2016 7.14% 13.44%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.00 1,447,555 09/30/2016 7.00% 25.05%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.16 1,538,872 03/31/2017 6.84% 8.79%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.37 $13.47 446,806 08/15/2016 6.67% 43.49%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.76 115,899 06/30/2016 6.38% 232.98%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.3813 15,559,107 09/30/2016 4.90% 17.55%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.17 542,637 03/31/2017 4.47% 5.74%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.80 1,400 12/31/2016 4.44% 8.36%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.85 51,892 09/30/2016 4.12% 14.76%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.31 $76.44 4,486,187 12/31/2016 3.75% 7.06%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.21 $11.78 1,269 12/31/2016 3.66% 6.89%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.93 $45.34 801,512 12/31/2016 3.51% 6.61%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.43 1,057,420 06/30/2016 3.29% 120.16%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.18 158,280 12/31/2016 3.21% 6.04%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.60 2,826,279 12/31/2016 2.94% 5.53%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $190.80 4,018,381 12/31/2016 2.73% 5.13%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.63 80,876 06/30/2016 2.71% 99.08%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.72 211,454 12/31/2016 2.46% 4.63%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.01 $42.99 2,723,460 09/30/2016 2.37% 8.48%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.90 2,199,969 09/30/2016 2.01% 7.18%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.21 953,177 12/31/2016 1.96% 3.70%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.45 $15.19 616,138 12/31/2016 1.71% 3.22%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.60 523,052 09/30/2016 1.63% 5.82%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.08 666 08/15/2016 1.61% 10.46%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.11 488,399 01/01/2017 1.59% 2.97%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.43 12,064 07/31/2016 1.58% 14.07%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.61 $16.38 1,720,643 12/31/2016 1.42% 2.67%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.11 827,550 01/31/2017 1.31% 2.13%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.82 5,240,451 12/31/2016 1.30% 2.45%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.81 $16.59 1,214,836 12/31/2016 1.30% 2.44%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.66 411,005 11/15/2016 1.24% 3.06%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.18 29,938 12/31/2016 1.20% 2.25%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.20 $10.09 5,591,522 09/30/2016 1.11% 3.96%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.64 1,643,483 12/31/2016 1.10% 2.08%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.33 $18.14 325 12/31/2016 1.06% 2.00%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.31 $26.04 6,325,351 12/31/2016 1.02% 1.92%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.00 $0.989 44,698 09/30/2016 0.92% 3.29%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.93 2,573,900 09/30/2016 0.92% 3.28%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.88 33,547,287 12/31/2016 0.86% 1.63%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $323.4 million $13.12 $13.01 117,787 09/30/2016 0.85% 3.03%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 14,255 06/30/2016 0.76% 27.58%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.00 $20.84 2,563,362 09/30/2016 0.75% 2.68%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.86 876,963 06/23/2016 0.70% 85.77%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.63 857,381 09/30/2016 0.68% 2.44%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.82 473,366 09/30/2016 0.66% 2.36%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.80 317,724 03/31/2017 0.59% 0.76%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.79 1,325,442 09/30/2016 0.59% 2.10%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.45 $73.03 1,683,323 06/30/2016 0.57% 20.74%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.64 $10.59 919,428 06/30/2016 0.50% 18.07%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.34 $19.25 43,670 09/15/2016 0.47% 1.99%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.00 1,294,092 09/30/2016 0.43% 1.53%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.56 $37.41 157,637 12/31/2016 0.39% 0.73%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.06 40,057 09/30/2016 0.31% 1.10%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.16 2,106,794 09/30/2016 0.30% 1.07%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $116.12 $115.79 374,829 12/31/2016 0.29% 0.54%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.68 409,621 06/30/2016 0.26% 9.58%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.95 878,935 09/30/2016 0.24% 0.85%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.88 $14.85 15,340,251 09/30/2016 0.22% 0.79%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $24.30 $24.25 939,464 09/30/2016 0.22% 0.77%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.45 3,884,174 12/31/2016 0.20% 0.37%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.86 2,238,169 07/31/2016 0.19% 1.66%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.98 300,397 09/30/2016 0.18% 0.65%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.92 782,513 12/31/2016 0.12% 0.23%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.17 4,855,360 09/30/2016 0.08% 0.29%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.47 58,395 06/30/2016 0.08% 2.92%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.88 7,573,485 06/30/2016 0.06% 2.09%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.98 912,645 12/31/2016 0.03% 0.06%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.00 2,626,247 12/31/2016 0.00% 0.00%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.70 173,201 06/30/2016 0.00% 0.00%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.43 $18.44 39,047 06/30/2016 -0.06% -2.33%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.63 1,940,220 06/30/2016 -0.29% -10.57%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.12 588,499 12/31/2016 -0.40% -0.75%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.27 273,493 12/31/2016 -0.44% -0.83%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.11 $16.19 4,689,858 09/30/2016 -0.50% -1.79%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.36 266,559 09/30/2016 -0.60% -2.14%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.15 $17.28 148,180 03/31/2017 -0.77% -0.99%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -2.77%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $20.62 $20.79 1,407,054 06/30/2016 -0.83% -30.43%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $37.37 1,384,557 09/30/2016 -0.99% -3.54%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $24.35 $24.65 2,106,146 12/31/2016 -1.23% -2.32%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.95 745,709 06/30/2016 -1.33% -48.38%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.63 $15.88 2,297,767 05/31/2017 -1.56% -1.65%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.61 $11.81 1,161,509 09/30/2016 -1.70% -6.10%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.45 1,043,185 12/15/2016 -1.78% -3.64%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.92 532,886 06/30/2016 -2.17% -79.35%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.51 $20.08 144,799 07/01/2016 -2.84% -94.08%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.84 $13.35 80,600 06/30/2016 -3.82% -139.49%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.25 $16.08 24,604 09/30/2016 -5.14% -18.40%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.77 $42.58 534,777 09/30/2016 -6.60% -23.63%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.47 $1.69 1,158,568 12/31/2016 -13.22% -24.87%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.70 $10.67 337,760 03/31/2015 -46.61% 38.06%

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

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

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Merger Arbitrage Mondays – June 13, 2016

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June 12, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased significantly last week with two new deals announced and two deals closing.

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

Deal Statistics:

Total Number of Deals Closed in 2016 91
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 60
Stock Deals 18
Stock & Cash Deals 14
Special Conditions 11
Total Number of Pending Deals 103
Total Deal Size $886.22 billion

New Deals:

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

Deal Updates:

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

Closed Deals:

  1. The acquisition of Waste Connections (WCN) by Progressive Waste Solutions (BIN) on June 1, 2016. It took 134 days for this deal to be completed.
  2. The acquisition of Alliance Fiber Optic Products (AFOP) by Corning (GLW) on June 6, 2016. It took 60 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $22.04 06/30/2016 97.37% 2090.56%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.16 $128.08 12/31/2016 33.63% 61.08%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.78 12/31/2016 30.90% 56.12%
HUM 07/03/2015 Aetna Inc. (AET) $225.94 $186.76 12/31/2016 20.98% 38.09%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.63 06/30/2016 18.43% 395.64%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.83 12/31/2016 14.94% 27.13%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $35.21 12/31/2016 10.48% 19.03%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $6.06 12/31/2016 9.90% 17.98%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.99 12/31/2016 9.09% 16.51%
TIVO 04/29/2016 Rovi Corporation (ROVI) $10.70 $9.82 09/30/2016 8.96% 30.01%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $22.04 8,063,423 06/30/2016 97.37% 2090.56%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.16 $128.08 1,103,534 12/31/2016 33.63% 61.08%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.78 323,096 12/31/2016 30.90% 56.12%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.94 $186.76 323,650 12/31/2016 20.98% 38.09%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.63 199,860 06/30/2016 18.43% 395.64%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.83 51,708,965 12/31/2016 14.94% 27.13%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.21 703,166 12/31/2016 10.48% 19.03%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.06 8,312 12/31/2016 9.90% 17.98%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.99 6,250 12/31/2016 9.09% 16.51%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.82 3,532,114 09/30/2016 8.96% 30.01%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.19 448,403 08/31/2016 8.81% 40.72%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.20 566,700 12/31/2016 8.06% 14.64%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.56 525,257 12/31/2016 7.83% 14.21%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $73.89 1,441,382 06/30/2016 7.63% 163.88%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 72,855 09/30/2016 6.94% 23.24%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 30,169 08/15/2016 6.56% 37.99%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.37 2,091,210 03/31/2017 6.44% 8.08%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.57 11,357 06/30/2016 6.07% 130.26%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.41 $13.60 176,256 08/15/2016 5.93% 34.35%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.785 833,549 06/30/2016 5.68% 121.96%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.90 120,933 03/31/2017 5.56% 6.97%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.81 17,481 09/30/2016 4.99% 16.71%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.52 $11.95 1 12/31/2016 4.80% 8.71%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.93 837,525 03/31/2017 4.70% 5.89%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.41 561,260 06/30/2016 4.15% 89.09%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.17 143,221 12/31/2016 3.69% 6.69%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.19 $77.35 1,604,086 12/31/2016 3.67% 6.66%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.90 N/A 12/31/2016 3.49% 6.33%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.19 $45.74 356,882 12/31/2016 3.18% 5.77%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.70 21,926 06/30/2016 2.18% 46.80%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.16 902,811 12/31/2016 2.09% 3.80%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.84 150,353 12/31/2016 2.07% 3.76%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.74 1,327,266 12/31/2016 1.89% 3.44%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.02 338,693 01/01/2017 1.75% 3.16%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.24 $43.49 2,474,646 09/30/2016 1.72% 5.76%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.20 $15.93 1,774,150 12/31/2016 1.72% 3.12%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.00 7,610,399 09/30/2016 1.67% 5.58%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.88 $15.62 234,211 12/31/2016 1.66% 3.02%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.00 $0.98 102,747 09/30/2016 1.62% 5.43%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.79 17,006 06/30/2016 1.52% 32.70%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.21 $37.64 13,487 12/31/2016 1.52% 2.75%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.11 27,284 08/15/2016 1.37% 7.95%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.56 38,134,692 12/31/2016 1.35% 2.45%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.68 698,248 09/30/2016 1.30% 4.34%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.11 $21.85 1,474,464 09/30/2016 1.21% 4.05%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.18 116,466 12/31/2016 1.20% 2.17%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.45 15,649 07/31/2016 1.12% 8.54%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.85 843,939 12/31/2016 1.08% 1.97%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.63 $10.52 3,812,176 09/30/2016 1.05% 3.50%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.44 $16.28 1,722,434 09/30/2016 1.01% 3.37%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.71 122,815 03/31/2017 0.86% 1.08%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.36 $25.16 453,394 09/30/2016 0.79% 2.66%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.73 800,914 09/30/2016 0.76% 2.53%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 10,058 06/30/2016 0.76% 16.22%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.19 $72.67 702,419 06/30/2016 0.71% 15.22%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.86 376,441 06/23/2016 0.70% 25.73%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.75 625,967 01/31/2017 0.70% 1.11%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.43 $17.31 15,551 03/31/2017 0.69% 0.87%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.68 1,593,940 06/30/2016 0.63% 13.62%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.84 1,130,950 09/30/2016 0.60% 2.02%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.65 $18.55 27,717 12/31/2016 0.53% 0.96%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.73 88,747 11/15/2016 0.51% 1.21%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.86 $19.76 14,460 09/15/2016 0.50% 1.96%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $19.45 $19.36 21,193 06/30/2016 0.48% 10.26%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.00 794,016 09/30/2016 0.43% 1.44%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $323.4 million $13.12 $13.07 784,067 09/30/2016 0.38% 1.28%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $117.72 $117.29 179,428 12/31/2016 0.37% 0.67%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.90 183,574 12/31/2016 0.33% 0.61%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.77 $17.71 657,423 12/31/2016 0.32% 0.58%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.70 220,025 09/30/2016 0.28% 0.95%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.42 196,387 06/30/2016 0.24% 5.14%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.07 28,540 09/30/2016 0.23% 0.77%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.18 1,354,990 09/30/2016 0.20% 0.67%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.70 768,557 06/30/2016 0.19% 4.02%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.14 $21.11 354,578 06/30/2016 0.15% 3.28%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.93 942,231 12/31/2016 0.11% 0.19%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.29 275,000 12/31/2016 0.10% 0.18%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.12 $11.11 388,145 06/30/2016 0.10% 2.08%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.98 476,338 09/30/2016 0.10% 0.32%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.21 9,754 12/31/2016 0.09% 0.16%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.19 2,436,280 09/30/2016 0.06% 0.20%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $36.98 1,169,450 09/30/2016 0.05% 0.18%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $25.99 327,815 12/31/2016 0.04% 0.07%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.24 1,019,436 09/30/2016 0.03% 0.11%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $11.00 147,426 09/30/2016 0.00% 0.00%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.70 588,879 06/30/2016 0.00% 0.00%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $75.00 2,306,798 07/31/2016 0.00% 0.00%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.53 4,249,061 12/31/2016 -0.12% -0.21%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.04 729,797 12/31/2016 -0.16% -0.29%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.66 1,380,076 06/30/2016 -0.40% -8.54%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $60.33 341,423 12/31/2016 -0.55% -0.99%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.86 $15.97 2,046,039 05/31/2017 -0.70% -0.72%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.38 144,952 09/30/2016 -0.71% -2.37%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 3,646 09/30/2016 -0.78% -2.60%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.18 $25.50 1,225,046 12/31/2016 -1.26% -2.29%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.27 $13.44 17,021 06/30/2016 -1.30% -27.88%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.67 $20.19 27,766 09/30/2016 -2.59% -8.69%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.62 373,164 12/15/2016 -2.72% -5.37%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.48 $11.89 883,140 09/30/2016 -3.47% -11.61%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.42 $16.05 1,099 09/30/2016 -3.91% -13.08%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $40.96 $43.05 323,441 09/30/2016 -4.85% -16.24%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.95 41,388 06/30/2016 -5.26% -113.00%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.52 $10.16 66,786 03/31/2015 -45.63% 37.85%

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

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

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Merger Arbitrage Mondays – June 6, 2016

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June 5, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

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

New Deals:

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

Closed Deals:

  1. The acquisition of Fuel Systems Solutions (FSYS) by Westport Innovations (WPRT) on June 1, 2016. It took 274 days for this deal to be completed.
  2. The acquisition of SL Industries (SLI) by Handy & Harman (HNH) on June 1, 2016. It took 55 days for this deal to be completed.
  3. The acquisition of Baxalta Incorporated (BXLT) by Shire (SHPG) on June 3, 2016. It took 144 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $22.83 06/30/2016 90.54% 1376.94%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.32 $129.70 12/31/2016 32.09% 56.32%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.83 12/31/2016 30.75% 53.96%
HUM 07/03/2015 Aetna Inc. (AET) $225.53 $186.20 12/31/2016 21.12% 37.07%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.95 06/30/2016 16.78% 255.13%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.72 12/31/2016 16.58% 29.10%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.54 06/30/2016 12.99% 197.62%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.76 12/31/2016 11.91% 20.90%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.985 12/31/2016 9.64% 16.92%
LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) $40.50 $37.22 12/31/2016 8.81% 15.46%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $22.83 4,752,652 06/30/2016 90.54% 1376.94%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.32 $129.70 1,236,872 12/31/2016 32.09% 56.32%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.83 204,030 12/31/2016 30.75% 53.96%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.53 $186.20 1,094,103 12/31/2016 21.12% 37.07%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.95 289,455 06/30/2016 16.78% 255.13%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.72 5,438,038 12/31/2016 16.58% 29.10%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.54 126,852 06/30/2016 12.99% 197.62%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.76 1,025,823 12/31/2016 11.91% 20.90%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.985 30,850 12/31/2016 9.64% 16.92%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.22 700,257 12/31/2016 8.81% 15.46%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.21 456,491 08/31/2016 8.58% 36.41%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.88 886,047 09/30/2016 8.30% 26.12%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.88 203,433 03/31/2017 7.95% 9.74%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.71 880,395 09/30/2016 7.22% 22.71%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 18,045 09/30/2016 6.94% 21.83%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.29 1,362,448 12/31/2016 6.52% 11.44%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.36 1,721,553 06/30/2016 6.36% 96.66%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.47 4,480,839 03/31/2017 6.25% 7.66%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $75.00 948,577 06/30/2016 6.04% 91.86%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.39 $13.60 133,739 08/15/2016 5.84% 30.44%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.68 $12.01 11,578 12/31/2016 5.59% 9.82%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.76 24,120 06/30/2016 5.22% 79.37%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.09 131,467 08/15/2016 5.18% 27.00%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $0.98 $0.94 680,187 09/30/2016 4.77% 14.99%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.20 401,789 03/31/2017 4.44% 5.43%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.85 53,569 12/31/2016 3.96% 6.95%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.40 $44.78 1,456,766 12/31/2016 3.63% 6.37%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.87 $78.27 2,549,140 12/31/2016 3.32% 5.82%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.18 63,364 12/31/2016 3.21% 5.63%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.4601 12,794 12/31/2016 3.09% 5.43%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $44.49 $43.26 2,220,583 09/30/2016 2.84% 8.92%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $16.97 $16.54 29,614 03/31/2017 2.62% 3.20%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.61 $37.68 32,118 12/31/2016 2.46% 4.31%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.14 120,982 12/31/2016 2.17% 3.81%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.02 1,899 08/15/2016 2.07% 10.81%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.65 $18.29 2,786 12/31/2016 1.96% 3.44%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.88 214,181 12/31/2016 1.94% 3.41%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.79 18,352 06/30/2016 1.93% 29.35%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.98 292,696 01/01/2017 1.82% 3.18%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.06 $15.80 431,906 12/31/2016 1.65% 2.89%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.78 26,348 06/30/2016 1.60% 24.28%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.38 910,212 12/31/2016 1.54% 2.69%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.22 $15.97 1,847,526 12/31/2016 1.53% 2.69%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.10 4,230,176 09/30/2016 1.33% 4.18%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.82 $22.55 1,572,493 09/30/2016 1.19% 3.76%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.68 943,291 06/30/2016 1.19% 18.11%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.455 20,481 07/31/2016 1.01% 6.70%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $19.38 $19.20 23,355 06/30/2016 0.95% 14.40%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.46 $16.31 2,596,345 09/30/2016 0.92% 2.88%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.88 1,552,861 12/31/2016 0.86% 1.52%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.94 $10.86 1,807,800 09/30/2016 0.76% 2.40%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.74 327,332 09/30/2016 0.73% 2.29%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.65 1,994,364 06/30/2016 0.72% 10.97%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.71 161,793 11/15/2016 0.72% 1.62%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.81 998,677 09/30/2016 0.69% 2.17%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.15 33,127 12/31/2016 0.63% 1.10%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.55 $73.10 593,580 06/30/2016 0.62% 9.36%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.85 397,562 09/30/2016 0.60% 1.90%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.31 282,251 06/30/2016 0.57% 8.67%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.89 538,727 06/09/2016 0.55% 67.29%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.84 136,557 03/31/2017 0.47% 0.58%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.04 15,143 09/30/2016 0.46% 1.45%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $323.4 million $13.12 $13.06 109,582 09/30/2016 0.46% 1.45%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.67 369,337 09/30/2016 0.45% 1.42%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $120.78 $120.24 152,438 12/31/2016 0.45% 0.79%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.59 $17.51 417,855 12/31/2016 0.44% 0.78%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.74 880,140 12/31/2016 0.40% 0.69%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.74 1,963,677 07/31/2016 0.35% 2.31%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.99 19,045 06/30/2016 0.25% 3.81%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.54 $21.49 348,285 06/30/2016 0.24% 3.70%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.93 256,267 12/31/2016 0.23% 0.41%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.28 $11.26 640,844 06/30/2016 0.14% 2.09%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.97 768,214 12/31/2016 0.12% 0.21%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.29 415,178 12/31/2016 0.10% 0.17%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.99 261,944 09/30/2016 0.09% 0.29%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.22 1,952,235 09/30/2016 0.09% 0.27%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.73 1,437,848 06/30/2016 0.07% 1.14%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.99 13,291,281 12/31/2016 0.07% 0.13%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $25.99 4,342,356 12/31/2016 0.04% 0.07%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.88 $11.88 937,624 09/30/2016 0.03% 0.10%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.99 $15.99 5,264,036 05/31/2017 0.02% 0.02%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.50 317,543 06/30/2016 0.00% 0.00%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $107.52 612,465 01/31/2017 -0.02% -0.03%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.51 3,803,911 12/31/2016 -0.04% -0.07%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.30 3,457,193 09/30/2016 -0.05% -0.16%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.76 $19.79 9,790 09/15/2016 -0.14% -0.50%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.59 1,425,295 06/30/2016 -0.14% -2.20%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $60.09 339,765 12/31/2016 -0.15% -0.26%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.31 1,309,288 09/30/2016 -0.20% -0.62%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $26.91 $26.97 364,951 09/30/2016 -0.21% -0.65%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.35 646,790 09/30/2016 -0.54% -1.71%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.07 831,815 09/30/2016 -0.57% -1.78%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.15 405,560 09/30/2016 -0.71% -2.23%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.15 $13.27 7,912 06/30/2016 -0.94% -14.31%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.81 $26.19 796,841 12/31/2016 -1.44% -2.53%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.88 $20.32 12,311 09/30/2016 -2.16% -6.81%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.20 700 09/30/2016 -2.29% -7.21%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.61 $16.04 5,165 09/30/2016 -2.67% -8.40%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.92 610,416 12/15/2016 -4.35% -8.27%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.947 71,567 06/30/2016 -4.96% -75.48%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.38 $41.80 220,673 09/30/2016 -5.79% -18.23%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $65.65 $70.35 3,619,400 06/30/2016 -6.68% -101.63%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.39 $10.15 83,757 03/31/2015 -46.95% 39.57%

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

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

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Merger Arbitrage Mondays – May 30, 2016

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May 30, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with eight 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 86
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 51
Stock Deals 19
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 94
Total Deal Size $853.44 billion

New Deals:

  1. The acquisition of Resource America (REXI) by C-III Capital Partners for $270 million or $9.78 per share in cash.
  2. The acquisition of American Capital (ACAS) by Ares Capital Corporation (ARCC) for $3.4 billion in a cash plus stock deal. Under the term of the agreement, American Capital shareholders will receive $1.470 billion in cash from Ares Capital, or $6.41 per share, plus 0.483 Ares Capital shares for each American Capital share. In a separate transaction, American Capital also announced today that it is selling   American Capital Mortgage Management to American Capital Agency (AGNC) for $562 million or $2.45 per fully diluted share.
  3. The acquisition of Xenoport (XNPT) by Arbor Pharmaceuticals for $467 million or $7.03 per share in cash.
  4. The acquisition of Mines Management (MGN) by Hecla Mining (HL) in an all stock deal. Under the terms of the agreement, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla.
  5. The acquisition of Aixtron (AIXG) by Fujian Grand Chip Investment Fund for 670 million Euros or 6 Euros per share in cash. Note: We have used a conversion rate of 1.11 US Dollars per Euro.
  6. The acquisition of Xura (MESG) by Siris Capital Group for $643 million or $25.00 per share in cash.
  7. The acquisition of FEI Company (FEIC) by Thermo Fisher Scientific (TMO) for $4.2 billion or $107.50 per share in cash.
  8. The acquisition of Smart Technologies (SMT) by Foxconn Technology Group for $4.50 per share in cash.

Deal Updates:

  1. On May 23, 2016, Luminex Corporation (LMNX) and Nanosphere (NSPH) announced that they have entered into an amendment to the definitive agreement under which Luminex will acquire Nanosphere.  The purchase price has been increased to $1.70 per share from $1.35 per share in an all cash transaction valued at approximately $77 million. This increase was in response to an unsolicited third party offer for Nanosphere at $1.50 per share.
  2. On May 23, 2016, Polycom (PLCM), announced that it had received a revised, non-binding proposal from a private equity sponsor that was previously described as “Sponsor 1” in the Registration Statement on Form S-4 filed by Mitel Networks Corporation (MITL). Under the terms of Sponsor 1’s revised proposal, existing Polycom stockholders would receive a cash dividend of $11.00 per share and Sponsor 1 would purchase from Polycom $650 million in shares of a new convertible preferred stock of Polycom. The Polycom Board, in consultation with its legal and financial advisors, will consider the outcome of its discussions or negotiations with Sponsor 1 to determine the course of action that is in the best interest of Polycom and its stockholders.
  3. On May 25, 2016, Fuel Systems Solutions (FSYS) announced that the final exchange ratio has been determined for its proposed business combination with Westport Innovations (WPRT). Fuel Systems stockholders will receive 2.4755 Westport common shares for each share of Fuel Systems common stock owned upon completion of the Merger, assuming the Merger closes as anticipated on June 1, 2016.
  4. On May 26, 2015, Handy & Harman (HNH) announced that it has extended its tender offer to purchase all of the outstanding shares of SL Industries (SLI). Unless extended further, the tender offer will now expire on May 31, 2016.
  5. On May 26, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to June 9, 2016.

Closed Deals:

  1. The acquisition of Airgas (ARG) by Air Liquide on May 23, 2016. It took 188 days for this deal to be completed.
  2. The acquisition of Cheviot Financial (CHEV) by MainSource Financial Group (MSFG) on May 25, 2016. It took 183 days for this deal to be completed.
  3. The acquisition of Ruckus Wireless (RKUS) by Brocade Communications Systems (BRCD) on May 27, 2016. It took 53 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 $21.48 06/30/2016 102.51% 1207.02%
CI 07/24/2015 Anthem, Inc. (ANTM) $170.74 $128.82 12/31/2016 32.54% 55.24%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.57 12/31/2016 31.55% 53.56%
HUM 07/03/2015 Aetna Inc. (AET) $219.85 $173.74 12/31/2016 26.54% 45.05%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.75 12/31/2016 16.13% 27.38%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.53 06/30/2016 13.31% 156.77%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.77 12/31/2016 11.88% 20.17%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.980 12/31/2016 10.20% 17.32%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $24.57 06/30/2016 9.08% 106.86%
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 $9.21 08/31/2016 8.58% 33.66%

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 $21.48 7,893,852 06/30/2016 102.51% 1207.02%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $170.74 $128.82 980,754 12/31/2016 32.54% 55.24%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.57 2,927,517 12/31/2016 31.55% 53.56%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.85 $173.74 585,369 12/31/2016 26.54% 45.05%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.75 14,025,621 12/31/2016 16.13% 27.38%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.53 29,516 06/30/2016 13.31% 156.77%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.77 2,159,679 12/31/2016 11.88% 20.17%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.980 604 12/31/2016 10.20% 17.32%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $24.57 206,538 06/30/2016 9.08% 106.86%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.21 289,220 08/31/2016 8.58% 33.66%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $73.71 629,830 06/30/2016 7.90% 92.97%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 93,018 09/30/2016 7.38% 21.89%
+ 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 $37.89 1,658,997 12/31/2016 6.89% 11.69%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.02 1,194,968 09/30/2016 6.79% 20.14%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.76 $11.97 2,135 12/31/2016 6.61% 11.22%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.22 $13.43 121,755 08/15/2016 5.87% 27.84%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.08 284,317 08/15/2016 5.52% 26.16%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.315 49,937 12/31/2016 5.46% 9.27%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.55 503,251 03/31/2017 5.07% 6.06%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.40 513,945 06/30/2016 4.58% 53.97%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.01 8,653 06/30/2016 4.12% 48.55%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $16.77 $16.19 8,469 03/31/2017 3.61% 4.31%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.97 $78.18 2,570,500 12/31/2016 3.57% 6.06%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.15 $44.56 1,025,221 12/31/2016 3.57% 6.05%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.87 $18.29 N/A 12/31/2016 3.15% 5.35%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.88 $42.68 2,045,363 09/30/2016 2.81% 8.34%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.59 634,241 06/30/2016 2.79% 32.88%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.19 372,686 12/31/2016 2.74% 4.65%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $39.25 $38.22 10,925 12/31/2016 2.70% 4.58%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.13 116,390 12/31/2016 2.42% 4.11%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $12.98 37,820 08/15/2016 2.39% 11.32%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.69 36,755 06/30/2016 2.26% 26.66%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.18 1,379,910 12/31/2016 2.04% 3.46%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.98 339,815 01/01/2017 1.82% 3.08%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.85 13,841 06/30/2016 1.76% 20.77%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.95 115,900 12/31/2016 1.72% 2.92%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.14 $15.88 274,991 12/31/2016 1.64% 2.78%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $23.20 $22.86 1,057,427 09/30/2016 1.48% 4.38%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.06 $10.90 8,185,956 09/30/2016 1.45% 4.31%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.64 167,492 11/15/2016 1.45% 3.14%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.51 $15.30 3,302,171 12/31/2016 1.37% 2.33%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.63 234,991 03/31/2017 1.10% 1.32%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $19.55 $19.34 13,049 06/30/2016 1.08% 12.76%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.61 $25.35 645,061 12/31/2016 1.04% 1.76%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.46 73,754 07/31/2016 0.90% 5.28%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.13 5,820 12/31/2016 0.81% 1.37%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.89 2,121,639 12/31/2016 0.79% 1.34%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.48 $21.32 300,554 06/30/2016 0.76% 8.98%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.82 994,796 09/30/2016 0.73% 2.15%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.49 $72.99 597,307 06/30/2016 0.68% 7.98%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.67 1,502,157 06/30/2016 0.66% 7.81%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.69 3,573,529 06/30/2016 0.59% 6.97%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.85 429,096 09/30/2016 0.57% 1.70%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.94 47,440 09/30/2016 0.55% 1.63%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.64 746,274 12/31/2016 0.55% 0.93%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.67 $17.58 230,563 12/31/2016 0.51% 0.86%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.90 281,735 06/09/2016 0.50% 18.34%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.98 14,564 06/30/2016 0.50% 5.92%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.82 569,186 09/30/2016 0.50% 1.49%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $45.71 $45.53 43,068,255 06/30/2016 0.39% 4.59%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.90 92,627 12/31/2016 0.33% 0.57%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.15 $16.11 2,162,486 09/30/2016 0.28% 0.82%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.28 331,968 12/31/2016 0.19% 0.33%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.08 26,590 09/30/2016 0.15% 0.45%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.53 1,072,608 06/30/2016 0.07% 0.86%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.96 306,569 12/31/2016 0.07% 0.11%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.44 $11.43 276,454 06/30/2016 0.06% 0.75%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $40.00 1,709 05/31/2016 0.00% 0.00%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.95 198,489 03/31/2017 0.00% 0.00%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.88 $19.88 5,897 09/15/2016 -0.01% -0.04%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.26 231,634 09/30/2016 -0.05% -0.16%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.77 205,772 06/30/2016 -0.07% -0.88%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $26.02 545,880 12/31/2016 -0.08% -0.13%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.53 2,147,590 12/31/2016 -0.12% -0.20%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $68.06 $68.15 1,373,505 06/30/2016 -0.13% -1.59%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.04 1,866,331 09/30/2016 -0.14% -0.42%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.53 60,350 06/30/2016 -0.16% -1.91%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.05 $16.08 4,077,746 05/31/2017 -0.17% -0.17%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.43 2,188,840 09/30/2016 -0.18% -0.54%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.67 4,625 09/30/2016 -0.27% -0.81%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $0.87 $0.87 276,893 09/30/2016 -0.32% -0.94%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $108.13 5,535,103 01/31/2017 -0.58% -0.86%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $121.78 $122.66 465,672 12/31/2016 -0.72% -1.22%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.88 $11.97 1,002,746 09/30/2016 -0.72% -2.13%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.29 $13.41 6,619 06/30/2016 -0.92% -10.80%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.28 671,179 12/31/2016 -1.11% -1.88%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.39 752,274 09/30/2016 -1.82% -5.41%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.67 $16.08 24,765 09/30/2016 -2.56% -7.60%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.64 $20.23 33,152 09/30/2016 -2.93% -8.70%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.10 $5.27 6,309 06/01/2016 -3.23% -590.34%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.80 858,869 12/15/2016 -3.71% -6.80%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.953 32,308 06/30/2016 -5.56% -65.48%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.49 $42.41 528,189 09/30/2016 -6.89% -20.45%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.90 $9.84 67,181 03/31/2015 -50.20% 43.01%

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

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

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Merger Arbitrage Mondays – May 23, 2016

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May 22, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

Total Number of Deals Closed in 2016 83
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 46
Stock Deals 19
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 89
Total Deal Size $843.71 billion

New Deals:

  1. The acquisition of Nanosphere (NSPH) by Luminex Corporation (LMNX) for $58 million or $1.35 per share in cash.
  2. The acquisition of Memorial Resource Development (MRD) by Range Resources Corporation (RRC) for $4.4 billion in an all stock deal. Under the terms of the agreement, MRD shareholders will receive 0.375 shares of Range common stock for each share of MRD common stock held.
  3. The acquisition of Anacor Pharmaceuticals (ANAC) by Pfizer (PFE) for $5.2 billion or $99.25 per share in cash.
  4. The acquisition of inContact (SAAS) by NICE Systems (NICE) for $940 million or $14.00 per share in cash.
  5. The acquisition of InterOil Corporation (IOC) by Oil Search Limited (OSH.AX) for $2.2 billion. Under the terms of the agreement, InterOil shareholders will receive 8.05 ordinary shares of Oil Search for each InterOil share (the Share Consideration); or InterOil shareholders may elect to receive a cash alternative, up to a total of US$770 million (subject to a pro rata scaleback) (the Cash Alternative); and All InterOil shareholders will also receive a CVR which will deliver an additional cash payment of approximately US$6.05 per share for each tcfe gross resource certification of the Elk-Antelope fields above 6.2 tcfe.

Deal Updates:

  1. On May 15, 2016, Energy Transfer Equity (ETE) said that a lawsuit filed by Williams Companies (WMB) to prevent ETE from terminating its once-coveted deal for Williams will lead to a delay in the buyout.
  2. On May 16, 2016, Pier Antonio Costamagna, a co-founder of Fuel Systems Solutions (FSYS) issued a statement outlining significant concerns with the proposed merger between FSS and Westport Innovations (WPRT) following disclosure of Westport’s reported financial results for the quarter ended March 31, 2016.
  3. On May 16, 2016, Williams Companies (WMB) has filed a suit against Energy Transfer Equity (ETE) to ensure that their merger remains on track. The company took the legal step when the latter expressed concerns over the merger citing that the deal had not secured the necessary legal opinion to make the transaction tax-free to shareholders.
  4. May 17, 2016: Based on information from the National Holdings Corporation (NHLD) second quarter earnings conference call, we are adjusting the closing date for the deal to August 15, 2016.
  5. On May 17, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.
  6. On May 20, 2016, Pinnacle Financial Partners (PNFP) announced that it has received approvals of its applications to merge with Avenue Financial Holdings (AVNU) from both the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation. The TDFI and FDIC have also approved the proposed merger of Pinnacle Bank and Avenue Bank. With receipt of these approvals, all regulatory approvals required for consummation of the proposed mergers have been received.

Closed Deals:

  1. The acquisition of HF Financial (HFFC) by Great Western Bancorp (GWB) on May 16, 2016. It took 168 days for this deal to be completed.
  2. The acquisition of Time Warner Cable (TWC) by Charter Communications (CHTR) on May 18, 2016. It took 358 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $22.15 06/30/2016 96.39% 925.83%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $40.67 12/31/2016 37.69% 61.97%
CI 07/24/2015 Anthem, Inc. (ANTM) $173.33 $131.28 12/31/2016 32.03% 52.66%
HUM 07/03/2015 Aetna Inc. (AET) $217.66 $169.60 12/31/2016 28.34% 46.59%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.66 12/31/2016 17.49% 28.76%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $33.79 12/31/2016 15.12% 24.86%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.57 06/30/2016 12.04% 115.69%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.85 03/31/2017 11.76% 13.76%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.97 12/31/2016 11.34% 18.64%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.53 $72.68 06/30/2016 9.42% 90.53%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $22.15 12,608,432 06/30/2016 96.39% 925.83%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $40.67 637,140 12/31/2016 37.69% 61.97%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $173.33 $131.28 1,976,583 12/31/2016 32.03% 52.66%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $217.66 $169.60 1,410,216 12/31/2016 28.34% 46.59%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.66 36,918,995 12/31/2016 17.49% 28.76%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $33.79 2,176,601 12/31/2016 15.12% 24.86%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.57 96,815 06/30/2016 12.04% 115.69%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.85 268,169 03/31/2017 11.76% 13.76%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.97 700 12/31/2016 11.34% 18.64%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $72.68 1,616,370 06/30/2016 9.42% 90.53%
+ 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 $9.22 748,919 08/31/2016 8.46% 30.88%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.07 23,612 06/30/2016 8.37% 80.36%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $24.85 114,992 06/30/2016 7.85% 75.37%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.72 $11.80 562 12/31/2016 7.81% 12.84%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.93 981,376 09/30/2016 7.75% 21.77%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 34,914 09/30/2016 6.94% 19.48%
+ 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 $37.95 1,255,176 12/31/2016 6.72% 11.05%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.10 $13.23 79,060 08/15/2016 6.59% 28.64%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 479 08/15/2016 6.56% 28.49%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.87 868,063 03/31/2017 5.74% 6.71%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.67 $17.70 224 12/31/2016 5.49% 9.03%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.16 276,690 12/31/2016 4.17% 6.85%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $42.72 $41.13 4,119,138 09/30/2016 3.85% 10.82%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.42 985,554 06/30/2016 3.72% 35.72%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.30 617,532 06/30/2016 3.72% 35.69%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.49 $76.78 4,092,175 12/31/2016 3.53% 5.81%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $15.86 $15.33 8,396 03/31/2017 3.45% 4.04%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.76 $44.26 1,015,974 12/31/2016 3.38% 5.56%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.35 $1.31 4,707,264 06/30/2016 3.05% 29.33%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.11 292,241 12/31/2016 2.92% 4.80%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.52 352,693 01/01/2017 2.67% 4.36%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $45.52 $44.43 13,578,763 06/30/2016 2.45% 23.58%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.61 $37.69 52,020 12/31/2016 2.43% 4.00%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.07 1,556,084 12/31/2016 2.32% 3.82%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.69 62,430 06/30/2016 2.26% 21.75%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.68 $15.39 488,694 12/31/2016 1.88% 3.10%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.07 156 08/15/2016 1.68% 7.31%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.63 $16.38 1,891,145 09/30/2016 1.51% 4.23%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.50 159,293 03/31/2017 1.49% 1.75%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.85 120,713 09/30/2016 1.38% 3.88%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.01 8,501 06/30/2016 1.32% 12.72%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.08 151,071 12/31/2016 1.31% 2.15%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $121.92 $120.56 173,299 12/31/2016 1.13% 1.86%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.79 $10.67 1,870,870 09/30/2016 1.09% 3.06%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.34 $69.59 999,606 06/30/2016 1.08% 10.35%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.86 4,835,473 12/31/2016 1.01% 1.66%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.11 3,361 12/31/2016 0.99% 1.63%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.94 $21.74 153,387 06/30/2016 0.90% 8.68%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.64 5,754,237 06/30/2016 0.75% 7.21%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.14 $15.03 3,492,945 12/31/2016 0.75% 1.23%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.79 2,539,787 09/30/2016 0.75% 2.10%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.16 $17.04 854,389 12/31/2016 0.73% 1.20%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.75 542,536 09/30/2016 0.70% 1.96%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.11 $15.01 4,962 09/30/2016 0.68% 1.90%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.80 224,913 12/31/2016 0.67% 1.10%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.61 $19.49 7,028 09/15/2016 0.64% 2.03%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.60 $22.46 1,486,271 09/30/2016 0.60% 1.70%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.63 747,231 12/31/2016 0.56% 0.93%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.03 188,429 09/30/2016 0.54% 1.51%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.90 565,157 05/26/2016 0.50% 61.14%
+ RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $12.43 $12.37 2,509,398 07/31/2016 0.46% 2.46%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.11 $11.07 934,111 09/30/2016 0.37% 1.04%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.27 779,729 12/31/2016 0.29% 0.48%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.86 295,470 12/31/2016 0.23% 0.38%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.70 $18.66 12,169 06/30/2016 0.22% 2.16%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.49 2,420,563 06/30/2016 0.22% 2.10%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.56 $25.50 5,547,027 12/31/2016 0.22% 0.36%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.70 636,925 06/30/2016 0.19% 1.80%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $39.94 1,335 05/20/2016 0.15% 0.00%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.96 6,627,583 08/15/2016 0.03% 0.12%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.50 202,950 06/30/2016 0.00% 0.00%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $4.00 39,073 06/30/2016 0.00% 0.00%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.03 $11.03 349,072 06/30/2016 -0.01% -0.06%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.26 222,738 09/30/2016 -0.05% -0.15%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $70.18 $70.23 1,025,108 06/30/2016 -0.08% -0.73%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.52 5,275,231 12/31/2016 -0.08% -0.13%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.19 478,500 12/15/2016 -0.29% -0.52%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.66 3,377,135 09/30/2016 -0.41% -1.16%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $26.13 193,649 12/31/2016 -0.50% -0.82%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.19 893,986 12/31/2016 -0.75% -1.24%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.16 568,608 09/30/2016 -0.76% -2.12%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.86 $13.02 13,859 06/30/2016 -1.22% -11.71%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.92 310,852 06/30/2016 -2.17% -20.88%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.07 $19.58 23,258 09/30/2016 -2.59% -7.27%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.43 N/A 09/30/2016 -3.14% -8.82%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.11 $15.81 570 09/30/2016 -4.44% -12.46%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.85 $43.57 5,938,931 09/30/2016 -8.54% -23.97%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.09 $5.16 7,090 06/30/2016 -20.78% -199.61%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.55 $8.75 69,539 03/31/2015 -48.02% 41.83%

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

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