Merger Arbitrage

Merger Arbitrage Mondays – April 11, 2016

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April 10, 2016 | Merger Arbitrage | Author Asif

Even as company insiders took a break from buying their own stock, the M&A folks stepped up their game with six new deals announced and eight closing. However what stood out was not the number of deals but the number of M&A related lawsuits that were filed and the regulatory actions taken to block certain deals.

The mutually agreed upon termination of the Pfizer – Allergan deal mentioned in the “Deal Updates” section below was driven by the Treasury Department unveiling a set of rules targeting inversions and specifically the Pfizer – Allergan deal. Then there was the lawsuit by the Justice Department to block the Halliburton – Baker Hughes merger. To top it off, Williams Companies (WMB) decided to sue its merger partner Energy Transfer Equity (ETE) to unwind a private offering by ETE that was not beneficial to Williams Companies. ETE investors bid the stock up 17% last week following this development.

These actions are reminders to merger arbitrageurs about some of the risks involved in this strategy. Some of the spreads are large for a reason. Towards the end of March, I was exchanging thoughts with an investor on Twitter who said, “Announced deal merger arb spreads are wider than they have been in years”.  My response was “Only for the ones with regulatory risk (Office depot, Anthem), in the energy sector or Chinese going private mergers”.

Speaking of Office Depot (ODP), the stock is up a whopping 48% over the last month after a federal judge expressed skepticism about the government’s case to block the merger with Staples (SPLS). We do have a new Chinese going private merger as discussed in the New Deals section below and unsurprisingly the spread on the deal is a large 9.64% (13.28% annualized).

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 58
Total Number of Deals Not Completed in 2016 3
Total Number of Pending Deals
Cash Deals 46
Stock Deals 16
Stock & Cash Deals 19
Special Conditions 6
Total Number of Pending Deals 87
Total Deal Size $781.08 billion

New Deals:

  1. The acquisition of Virgin America (VA) by Alaska Air Group (ALK) for $4 billion or $57.00 per share in cash.
  2. The acquisition of Chicopee Bancorp (CBNK) by Westfield Financial (WFD) in an all stock deal. Under the terms of the agreement, shareholders of Chicopee Bancorp will receive 2.425 shares of Westfield common stock for each share of Chicopee common stock.
  3. The acquisition of Ruckus Wireless (RKUS) by Brocade Communications Systems (BRCD) for approximately $1.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Ruckus Wireless will receive $6.45 in cash and 0.75 shares of Brocade common stock for each share of Ruckus common stock.
  4. The acquisition of Ku6 Media (KUTV) by Shanda Investment Holdings Limited for $1.08 per American Depositary Share of the Company.
  5. The acquisition of SL Industries (SLI) by Handy & Harman (HNH) for $166.32 million or $40.00 per share in cash.
  6. The acquisition of Alliance Fiber Optic Products (AFOP) by Corning (GLW) for $305 million or $18.50 per share in cash.

Deal Updates:

  1. On April 6, 2016, Pfizer (PFEannounced that the merger agreement between Pfizer and Allergan (AGN) has been terminated by mutual agreement of the companies.

Closed Deals:

  1. The acquisition of Homeinns Hotel Group (HMIN) by BTG Hotels Group on April 1, 2016. It took 116 days for this deal to be completed.
  2. The acquisition of Lake Shore Gold (LSG) by Tahoe Resources (TAHO) on April 1, 2016. It took 53 days for this deal to be completed.
  3. The acquisition of National Penn Bancshares (NPBC) by BB&T Corporation (BBT) on April 4, 2016. It took 231 days for this deal to be completed.
  4. The acquisition of LeapFrog Enterprises (LF) by VTech Holdings Limited on April 4, 2016. It took 59 days for this deal to be completed.
  5. The acquisition of Rentech Nitrogen Partners (RNF) by CVR Partners (UAN) on April 4, 2016. It took 238 days for this deal to be completed.
  6. The acquisition of Atmel Corporation (ATML) by Microchip Technology (MCHP) on April 4, 2016. It took 76 days for this deal to be completed.
  7. The acquisition of Youku Tudou (YOKU) by Alibaba Group Holding Limited (BABA) on April 5, 2016. It took 151 days for this deal to be completed.
  8. The acquisition of JAVELIN Mortgage Investment (JMI) by ARMOUR Residential REIT (ARR) on April 6, 2016. It took 35 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $16.24 06/30/2016 167.86% 765.85%
BHI 11/16/2014 Halliburton Company (HAL) $60.81 $43.11 04/30/2016 41.06% 788.72%
CI 07/24/2015 Anthem, Inc. (ANTM) $177.45 $130.41 12/31/2016 36.07% 49.88%
HUM 07/03/2015 Aetna Inc. (AET) $216.18 $171.03 12/31/2016 26.40% 36.50%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.66 $7.66 05/16/2016 26.13% 272.45%
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) $9.50 $7.815 12/31/2016 21.56% 29.81%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.52 12/31/2016 20.17% 27.89%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $8.02 12/31/2016 12.22% 16.89%
BXLT 01/11/2016 Shire plc (SHPG) $44.86 $40.26 06/30/2016 11.42% 52.11%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $50.28 06/30/2016 11.38% 51.90%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $16.24 16,672,801 06/30/2016 167.86% 765.85%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $60.81 $43.11 5,278,741 04/30/2016 41.06% 788.72%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $177.45 $130.41 2,366,863 12/31/2016 36.07% 49.88%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $216.18 $171.03 1,404,749 12/31/2016 26.40% 36.50%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.66 $7.66 4,191,933 05/16/2016 26.13% 272.45%
+ 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 $9.50 $7.815 2,096,048 12/31/2016 21.56% 29.81%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.52 13,869 12/31/2016 20.17% 27.89%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $8.02 13,075,072 12/31/2016 12.22% 16.89%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $44.86 $40.26 6,075,107 06/30/2016 11.42% 52.11%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $50.28 542,216 06/30/2016 11.38% 51.90%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.04 1,142,584 12/31/2016 11.02% 15.23%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.985 50,711 12/31/2016 9.64% 13.33%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.50 $2.28 67,942 04/30/2016 9.52% 182.84%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.69 113,759 06/30/2016 8.40% 38.33%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $38.24 $35.42 2,569,579 09/30/2016 7.96% 16.88%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.64 $42.91 870,231 12/31/2016 6.36% 8.79%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.14 $13.31 128,893 08/15/2016 6.20% 17.96%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.93 1,657,275 06/30/2016 5.98% 27.29%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.48 49,005 09/30/2016 5.65% 11.98%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.01 729,304 03/31/2017 5.60% 5.77%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.02 256,710 06/30/2016 4.62% 21.09%
+ 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 $2.40 405,591 06/30/2016 4.58% 20.91%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.53 $14.85 606,259 12/31/2016 4.58% 6.33%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.64 194,895 06/30/2016 4.40% 20.05%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.73 937,360 06/30/2016 4.16% 18.97%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.33 $17.68 13,266 12/31/2016 3.69% 5.11%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.87 3,000 06/30/2016 3.36% 15.33%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.15 1,407,859 01/01/2017 3.35% 4.62%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.60 507,641 12/15/2016 3.25% 4.79%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.27 33,155 04/30/2016 3.01% 57.78%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $209.56 $204.46 1,158,862 06/30/2016 2.49% 11.38%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.99 9,968 12/31/2016 2.09% 2.89%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.37 585,031 03/31/2017 1.89% 1.95%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.43 20,861 04/30/2016 1.75% 33.61%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Cash Plus Stock $19 billion $77.79 $76.52 2,402,458 09/30/2016 1.66% 3.52%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.90 29,829 06/30/2016 1.63% 7.42%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.97 16,458 06/30/2016 1.52% 6.95%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.05 $20.74 1,026,013 09/30/2016 1.48% 3.15%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.44 2,341,733 06/30/2016 1.35% 6.17%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $17.05 $16.83 15,312 06/30/2016 1.31% 5.98%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.59 $9.47 1,046,286 09/30/2016 1.26% 2.68%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $121.67 $120.18 333,592 12/31/2016 1.24% 1.72%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.26 $10.14 196,806 06/30/2016 1.21% 5.52%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.86 73,249 06/30/2016 1.01% 4.61%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.25 5,293,271 12/31/2016 0.99% 1.37%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.38 383,836 12/31/2016 0.95% 1.31%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $54.87 5,288,063 04/30/2016 0.91% 17.51%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.19 493 08/15/2016 0.76% 2.20%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $78.97 7,640,467 06/30/2016 0.71% 3.24%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $72.56 $72.07 599,779 06/30/2016 0.68% 3.10%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.05 367,707 08/15/2016 0.67% 1.94%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.53 $23.38 105,150 06/30/2016 0.62% 2.83%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.63 429,724 06/30/2016 0.51% 2.34%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.90 1,271,992 04/14/2016 0.50% 61.14%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.53 $13.47 13,915 09/30/2016 0.47% 1.00%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.36 476,940 12/31/2016 0.43% 0.60%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.56 $15.50 10,386 06/30/2016 0.41% 1.85%
+ TFM 03/14/2016 Apollo Global Management, LLC (APO) All Cash $1.36 billion $28.50 $28.39 1,189,139 06/30/2016 0.39% 1.77%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $39.85 54,435 06/30/2016 0.38% 1.72%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.45 1,264,542 06/30/2016 0.36% 1.66%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.35 $19.29 25,916 09/15/2016 0.30% 0.70%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $58.79 $58.62 5,139,491 06/30/2016 0.29% 1.32%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.45 10,044,890 06/30/2016 0.27% 1.24%
+ VSCP 03/25/2016 BioTelemetry, Inc. (BEAT) All Cash $15.5 million $4.05 $4.04 6,686 09/30/2016 0.25% 0.53%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.86 378,996 12/31/2016 0.23% 0.32%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.69 294,657 06/30/2016 0.22% 1.03%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.98 532,392 06/30/2016 0.20% 0.91%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $101.56 $101.38 228,078 05/31/2016 0.18% 1.30%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.95 297,681 12/31/2016 0.17% 0.23%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.72 264,532 06/30/2016 0.16% 0.73%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.99 167,570 06/30/2016 0.04% 0.20%
+ RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $13.73 $13.72 3,197,136 07/31/2016 0.04% 0.12%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.25 211,702 03/31/2016 0.00% 0.00%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.01 352,880 04/30/2016 -0.08% -1.60%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.03 1,060,145 12/15/2016 -0.12% -0.18%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.31 95,210 09/30/2016 -0.33% -0.70%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.20 316,359 09/30/2016 -0.49% -1.04%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.79 17,535 09/30/2016 -0.74% -1.56%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $63.36 $63.94 618,713 06/30/2016 -0.90% -4.11%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.81 $13.03 223,709 03/31/2016 -1.69% 56.10%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.21 $14.53 287 09/30/2016 -2.19% -4.64%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.62 $19.22 22,452 09/30/2016 -3.15% -6.68%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $17.46 $18.03 8,493 06/30/2016 -3.17% -14.45%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.15 $15.80 4,320 09/30/2016 -4.14% -8.78%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $41.61 $44.18 23,330 06/30/2016 -5.81% -26.52%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.92 $5.44 21,071 03/31/2016 -9.60% 318.41%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.50 $5.64 15,897 03/31/2015 -20.18% 19.54%

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 – April 4, 2016

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April 3, 2016 | Merger Arbitrage | Author Asif

There was no merger activity last week as no new deals were announced. Three of the pending deals closed.

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 50
Total Number of Deals Not Completed in 2016 2
Total Number of Pending Deals
Cash Deals 45
Stock Deals 17
Stock & Cash Deals 19
Special Conditions 9
Total Number of Pending Deals 90
Total Deal Size $934.99 billion

Deal Updates:

  1. On March 28, 2016, China’s Anbang Group again upped its offer to $14 billion, or $82.75 per share to acquire Starwood Hotels & Resorts Worldwide (HOT). Later, on April 1, 2016, Starwood announced that a consortium of companies headed by Chinese insurer Anbang Insurance Group has withdrawn its proposal to acquire Starwood for $82.75 per share and does not aim to make another offer. The withdrawal of the offer by the consortium of companies, which also included J.C. Flowers & Co. and Primavera Capital Limited, was primarily due to concerns related to the market. This announcement paves the way for Marriott International (MAR) to merge with Starwood. The two hoteliers will host their individual shareholder meetings on Apr 8 to vote for the planned merger.
  2. On March 28, 2016, Origin Technologies, a newly created entity owned by a group of former Affymetrix executives for the purpose of privatizing Affymetrix (AFFXwithdrew their offer to take the company private for $17 per share after Affymetrix decided to stay in favor of an existing bid from Thermo Fisher (TMO).
  3. On March 28, 2016, Cleco Corporation (CNL) received the final approval by the Louisiana Public Service Commission, for its sale to a group of North American infrastructure investors led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation. The transaction is expected to close in April.
  4. On March 30, 2016 Gannett (GCI) announced that its previously announced acquisition of Journal Media Group (JMG) will not close during the first quarter as expected because the regulatory clearance process is not yet complete.
  5. On April 1, 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 April 14, 2016.

Closed Deals:

  1. The acquisition of Inland Real Estate (IRC) by real estate funds managed by DRA Advisors on March 30, 2016. It took 106 days for this deal to be completed.
  2. The acquisition of Affymetrix (AFFX) by Thermo Fisher Scientific (TMO) on March 31, 2016. It took 65 days for this deal to be completed.
  3. The acquisition of Cameron International Corporation (CAM) by Schlumberger Limited (SLB) on April 1, 2016. It took 219 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 $15.52 06/30/2016 180.28% 756.36%
BHI 11/16/2014 Halliburton Company (HAL) $58.30 $42.95 04/30/2016 35.74% 501.75%
CI 07/24/2015 Anthem, Inc. (ANTM) $176.48 $137.16 12/31/2016 28.67% 38.61%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.70 $7.55 05/16/2016 28.43% 247.04%
AGN 11/23/2015 Pfizer Inc. (PFE) $339.45 $268.09 12/31/2016 26.62% 35.85%
NPBC 08/17/2015 BB&T Corporation (BBT) $13.00 $10.72 04/01/2016 21.27% -2587.69%
HUM 07/03/2015 Aetna Inc. (AET) $220.23 $184.74 12/31/2016 19.21% 25.88%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.57 12/31/2016 18.49% 24.90%
APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) $9.50 $8.15 12/31/2016 16.56% 22.31%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $50.59 06/30/2016 10.69% 44.86%

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 $15.52 8,529,150 06/30/2016 180.28% 756.36%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $58.30 $42.95 3,027,813 04/30/2016 35.74% 501.75%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $176.48 $137.16 1,800,370 12/31/2016 28.67% 38.61%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.70 $7.55 12,684,412 05/16/2016 28.43% 247.04%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $339.45 $268.09 7,543,797 12/31/2016 26.62% 35.85%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $10.72 11,622,538 04/01/2016 21.27% 0.00%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $220.23 $184.74 685,288 12/31/2016 19.21% 25.88%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.57 15,695 12/31/2016 18.49% 24.90%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $9.50 $8.15 983,813 12/31/2016 16.56% 22.31%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $50.59 600,739 06/30/2016 10.69% 44.86%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $8.19 11,465,827 12/31/2016 9.89% 13.32%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.68 141,985 06/30/2016 8.70% 36.48%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.94 1,722,484 12/31/2016 8.24% 11.09%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $43.91 $40.82 9,721,757 06/30/2016 7.56% 31.73%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.25 $13.30 365,569 08/15/2016 7.16% 19.64%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.05 $43.34 1,296,738 12/31/2016 6.26% 8.44%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.95 2,286,935 06/30/2016 5.92% 24.83%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $38.95 $36.81 2,043,215 09/30/2016 5.83% 11.88%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.93 874,893 03/31/2017 5.68% 5.74%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.49 61,266 09/30/2016 5.22% 10.65%
+ 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 $2.39 480,977 06/30/2016 5.02% 21.06%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.65 151,546 06/30/2016 4.11% 17.24%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.30 $15.72 1,397,387 12/31/2016 3.69% 4.97%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.61 $10.28 199,568 06/30/2016 3.18% 13.36%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Cash Plus Stock $19 billion $78.62 $76.20 1,702,843 09/30/2016 3.18% 6.49%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.88 9,644 12/31/2016 3.13% 4.21%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.88 1,460 06/30/2016 3.09% 12.98%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $17.02 $16.52 22,404 06/30/2016 3.00% 12.58%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.65 563,448 12/15/2016 2.94% 4.21%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.32 17,886 04/30/2016 2.80% 39.25%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $210.06 $205.03 1,736,567 06/30/2016 2.45% 10.29%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.68 53,879 06/30/2016 2.34% 9.81%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $26.27 325,289 06/30/2016 2.02% 8.46%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.84 494,379 06/30/2016 2.01% 8.43%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.42 20,809 04/30/2016 1.89% 26.49%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.38 275,175 03/31/2017 1.86% 1.88%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.83 20,456 06/30/2016 1.82% 7.63%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.08 9,383,589 12/31/2016 1.67% 2.26%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.32 4,622,991 06/30/2016 1.65% 6.90%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $125.37 $123.35 550,450 12/31/2016 1.64% 2.21%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.44 $21.11 1,470,368 09/30/2016 1.58% 3.22%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.09 4,245 08/15/2016 1.53% 4.19%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.97 17,817 06/30/2016 1.52% 6.39%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.55 $19.33 9,980 09/15/2016 1.16% 2.57%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.82 $14.66 9,607 09/30/2016 1.10% 2.24%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.15 320,064 12/31/2016 1.09% 1.47%
+ VSCP 03/25/2016 BioTelemetry, Inc. (BEAT) All Cash $15.5 million $4.05 $4.01 20,485 09/30/2016 1.00% 2.03%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.57 $13.44 33,584 09/30/2016 0.93% 1.91%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.15 $16.00 12,093 06/30/2016 0.92% 3.87%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.58 146,654 06/30/2016 0.88% 3.71%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.76 $9.68 1,345,015 09/30/2016 0.82% 1.68%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.51 889,915 12/31/2016 0.75% 1.01%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.00 637,719 08/15/2016 0.70% 1.93%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.47 $73.05 884,250 06/30/2016 0.57% 2.38%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.86 1,820,488 12/15/2016 0.56% 0.81%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.21 197,332 03/31/2016 0.43% 0.00%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.45 $23.35 161,294 06/30/2016 0.42% 1.75%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.996 287,052 06/30/2016 0.40% 1.68%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $96.85 $96.46 196,498 05/31/2016 0.40% 2.56%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.12 5,887,036 06/30/2016 0.37% 1.55%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.97 198,928 06/30/2016 0.30% 1.26%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.52 1,148,218 04/15/2016 0.29% 9.65%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.31 $13.27 14,455 03/31/2016 0.29% 0.00%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.70 768,118 06/30/2016 0.27% 1.12%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $35.71 302,041 06/30/2016 0.25% 1.06%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $79.38 11,881,061 06/30/2016 0.19% 0.79%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $60.26 $60.15 5,956,300 06/30/2016 0.18% 0.74%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.90 375,702 12/31/2016 0.17% 0.22%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.98 97,877 04/30/2016 0.17% 2.34%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $55.28 1,031,154 04/30/2016 0.16% 2.29%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.00 605,543 04/14/2016 0.00% 0.00%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.01 572,828 12/31/2016 -0.03% -0.04%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.56 2,681,513 06/30/2016 -0.04% -0.15%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $23.01 322,707 06/30/2016 -0.04% -0.18%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.16 387,328 09/30/2016 -0.10% -0.20%
+ TFM 03/14/2016 Apollo Global Management, LLC (APO) All Cash $1.36 billion $28.50 $28.53 1,535,825 06/30/2016 -0.11% -0.44%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $64.57 $64.86 1,387,359 06/30/2016 -0.45% -1.88%
+ JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.18 173,980 06/30/2016 -0.56% -2.34%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.37 202,884 09/30/2016 -0.65% -1.33%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.93 547,680 06/30/2016 -0.67% -2.80%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.47 $15.71 14,424 09/30/2016 -1.51% -3.07%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.10 $19.47 29,309 09/30/2016 -1.89% -3.85%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $18.06 $18.44 60,663 06/30/2016 -2.04% -8.57%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.32 12,294 09/30/2016 -2.74% -5.58%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.97 $11.41 100 04/30/2016 -3.83% -53.74%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $43.46 $45.22 18,604 06/30/2016 -3.90% -16.35%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.23 $2.32 39,752 04/30/2016 -4.03% -56.58%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.62 $5.55 40,416 03/31/2016 -16.76% 1529.17%
+ LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.47 $1.90 915,354 04/15/2016 -22.56% -748.51%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.38 $5.80 56,122 03/31/2015 -24.56% 24.22%

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 – March 28, 2016

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March 27, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

Total Number of Deals Closed in 2016 47
Total Number of Deals Not Completed in 2016 2
Total Number of Pending Deals
Cash Deals 47
Stock Deals 17
Stock & Cash Deals 19
Special Conditions 10
Total Number of Pending Deals 93
Total Deal Size $934.99 billion

New Deals:

  1. IHS (IHS) and Markit (MRKT) announced the signing of a definitive agreement under which the companies will combine in an all-share merger of equals. The combined company will be renamed IHS Markit. Under the terms of the agreement, IHS shareholders will receive 3.5566 common shares of IHS Markit for each share of IHS common stock.
  2. The acquisition of VirtualScopics (VSCP) by BioTelemetry (BEAT) for $15.5 million or $4.05 per share in cash.

Deal Updates:

  1. On March 21, 2016, Marriott International (MAR) and Starwood Hotels & Resorts Worldwide (HOT) announced that the companies have signed an amendment to their definitive merger agreement. Under the terms of the amended merger agreement, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International  Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock. Excluding its timeshare business, the transaction values Starwood at approximately $13.6 billion.

Closed Deals:

  1. The acquisition of RealD (RLD) by Rizvi Traverse Management on March 22, 2016. It took 134 days for this deal to be completed.
  2. The acquisition of Pepco Holdings (POM) by Exelon Corporation (EXC) on March 23, 2016. It took 693 days for this deal to be completed.
  3. The acquisition of Health Net (HNT) by Centene (CNC) on March 25, 2016. It took 267 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 $15.35 06/30/2016 183.39% 712.09%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.60 $6.91 05/16/2016 38.99% 290.44%
BHI 11/16/2014 Halliburton Company (HAL) $58.45 $44.68 04/30/2016 30.81% 340.79%
CI 07/24/2015 Anthem, Inc. (ANTM) $175.51 $137.95 12/31/2016 27.23% 35.75%
AGN 11/23/2015 Pfizer Inc. (PFE) $339.90 $279.32 12/31/2016 21.69% 28.48%
HUM 07/03/2015 Aetna Inc. (AET) $219.14 $184.07 12/31/2016 19.05% 25.02%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.59 12/31/2016 17.83% 23.41%
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) $9.50 $8.25 12/31/2016 15.15% 19.89%
SNDK 10/21/2015 Western Digital Corporation (WDC) $86.50 $75.66 09/30/2016 14.33% 28.12%
CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) $55.37 $48.56 03/31/2016 14.02% 1706.24%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $15.35 16,644,266 06/30/2016 183.39% 712.09%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.60 $6.91 28,057,438 05/16/2016 38.99% 290.44%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $58.45 $44.68 2,645,017 04/30/2016 30.81% 340.79%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $175.51 $137.95 462,550 12/31/2016 27.23% 35.75%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $339.90 $279.32 2,239,094 12/31/2016 21.69% 28.48%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.14 $184.07 484,886 12/31/2016 19.05% 25.02%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.59 40,097 12/31/2016 17.83% 23.41%
+ 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 $9.50 $8.25 1,032,980 12/31/2016 15.15% 19.89%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $75.66 6,620,572 09/30/2016 14.33% 28.12%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $48.56 1,055,780 03/31/2016 14.02% 1706.24%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.54 1,213,426 04/01/2016 12.65% 1154.46%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $8.07 18,363,952 12/31/2016 11.52% 15.13%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $50.69 951,874 06/30/2016 10.48% 40.68%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.67 222,385 06/30/2016 8.99% 34.92%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $36.19 1,380,531 12/31/2016 7.49% 9.83%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $105.88 1,193,444 03/31/2017 6.72% 6.67%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.46 16,633 09/30/2016 6.50% 12.76%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.22 $42.48 838,831 12/31/2016 6.46% 8.48%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.15 1,401,996 12/15/2016 6.13% 8.54%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $42.42 $40.00 20,267,038 06/30/2016 6.06% 23.52%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.96 2,599,156 06/30/2016 5.89% 22.85%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.39 $2.26 21,755 03/31/2016 5.88% 715.79%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $38.13 $36.01 2,094,884 09/30/2016 5.88% 11.54%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.39 $13.65 253,494 08/15/2016 5.42% 14.13%
+ 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 $2.40 166,316 06/30/2016 4.58% 17.80%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.18 $15.50 311,947 12/31/2016 4.39% 5.76%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.65 422,963 03/31/2016 4.11% 500.00%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.36 284,141 06/30/2016 3.52% 13.68%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.18 117,623 04/30/2016 3.39% 37.51%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.88 17,654 06/30/2016 3.09% 12.01%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.65 23,602 06/30/2016 2.56% 9.96%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.58 25,929 03/31/2016 2.52% 306.00%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.97 4,747 12/31/2016 2.28% 2.99%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $207.28 $202.76 1,499,607 06/30/2016 2.23% 8.66%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.10 1,257,137 06/30/2016 2.19% 8.50%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $122.03 $119.57 1,230,492 12/31/2016 2.05% 2.70%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.41 153,534 03/31/2016 2.02% 246.29%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.42 $10.22 161,735 06/30/2016 1.93% 7.50%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.36 287,190 03/31/2017 1.92% 1.90%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.90 251,795 12/31/2016 1.88% 2.47%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.41 $13.16 24,657 09/30/2016 1.87% 3.67%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $26.31 134,384 06/30/2016 1.86% 7.23%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.80 382,479 12/31/2016 1.85% 2.43%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.04 12,961,265 12/31/2016 1.84% 2.41%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.985 264,080 06/30/2016 1.52% 5.91%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.97 49,066 06/30/2016 1.52% 5.91%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.10 1,447 08/15/2016 1.45% 3.78%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.94 $5.86 19,036 03/31/2016 1.36% 165.91%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.91 $9.78 1,711,418 09/30/2016 1.32% 2.59%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.70 $16.49 7,310 06/30/2016 1.26% 4.89%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.11 $18.89 3,872 09/15/2016 1.15% 2.45%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.49 $21.26 958,111 09/30/2016 1.10% 2.17%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.44 $70.80 886,502 06/30/2016 0.90% 3.51%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.58 228,724 06/30/2016 0.88% 3.43%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $141.86 381,292 08/15/2016 0.80% 2.10%
+ LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.56 $1.55 838,386 04/15/2016 0.80% 16.16%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $35.52 178,616 06/30/2016 0.79% 3.06%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.81 2,849,222 12/15/2016 0.77% 1.07%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.95 $23.77 588,953 06/30/2016 0.77% 2.97%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.55 340,827 12/31/2016 0.76% 0.99%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.61 365,921 06/30/2016 0.75% 2.92%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.09 1,882,427 06/30/2016 0.74% 2.88%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $58.05 $57.65 1,867,287 06/30/2016 0.69% 2.69%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.19 67,208 03/31/2016 0.65% 79.43%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $66.41 $66.00 1,997,109 03/31/2016 0.62% 75.08%
+ TFM 03/14/2016 Apollo Global Management, LLC (APO) All Cash $1.36 billion $28.50 $28.36 1,328,665 06/30/2016 0.49% 1.92%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.48 669,327 03/31/2016 0.44% 53.13%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $93.52 $93.12 393,070 05/31/2016 0.42% 2.42%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.96 4,265,752 06/30/2016 0.40% 1.56%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.97 23,001 03/31/2016 0.25% 30.49%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.96 175,755 06/30/2016 0.17% 0.68%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.51 1,862,781 06/30/2016 0.15% 0.56%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.59 1,599,685 06/30/2016 0.09% 0.37%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.00 626,091 03/31/2016 0.00% 0.00%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.94 $15.95 7,969 06/30/2016 -0.05% -0.19%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.16 296,519 09/30/2016 -0.10% -0.19%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.81 486,751 06/30/2016 -0.22% -0.87%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.30 155,977 09/30/2016 -0.27% -0.54%
+ JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.16 203,429 06/30/2016 -0.28% -1.08%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.76 11,813 09/30/2016 -0.62% -1.22%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.60 $15.73 37,683 09/30/2016 -0.83% -1.63%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $17.82 $17.99 9,647 06/30/2016 -0.96% -3.74%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $64.05 $64.69 630,562 06/30/2016 -0.99% -3.84%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.27 $13.42 7,781 03/31/2016 -1.12% -136.17%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.46 1,029,928 12/31/2016 -1.51% -1.98%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.79 $10.96 271,859 04/30/2016 -1.59% -17.56%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.39 $14.75 147 09/30/2016 -2.47% -4.85%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $82.13 4,008,007 06/30/2016 -3.17% -12.29%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.53 $19.24 15,298 09/30/2016 -3.70% -7.26%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $42.18 $44.26 221,135 06/30/2016 -4.70% -18.25%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $14.93 4,331,106 06/30/2016 -6.23% -24.19%
+ VSCP 03/25/2016 BioTelemetry, Inc. (BEAT) All Cash $15.5 million $4.05 $4.48 23,141 09/30/2016 -9.60% -18.84%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.13 $5.61 67,262 03/31/2015 -26.38% 26.53%

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 – March 21, 2016

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March 20, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with five new deals announced and two 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 43
Total Number of Deals Not Completed in 2016 2
Total Number of Pending Deals
Cash Deals 49
Stock Deals 16
Stock & Cash Deals 20
Special Conditions 10
Total Number of Pending Deals 95
Total Deal Size $933.58 billion

New Deals:

  1. The acquisition of The Fresh Market (TFM) by Apollo Global Management (APO) for $1.36 billion or $28.50 per share in cash.
  2. The acquisition of Rofin-Sinar Technologies (RSTI) by Coherent (COHR) for $942 million or $32.50 per share in cash.
  3. The acquisition of China Nepstar Chain Drugstore (NPD) by China Neptunus Drugstore Holding and Neptunus Global Limited for $258.66 million or $2.62 per share in cash.
  4. The acquisition of Columbia Pipeline Group (CPGX) by TransCanada Corporation (TRP) for approximately $13 billion or $25.50 per share in cash.
  5. The acquisition of The Valspar Corporation (VAL) by The Sherwin-Williams Company (SHW) for $11.3 billion or $113 per share in cash.

Deal Updates:

  1. On March 14, 2016, Starwood Hotels & Resorts Worldwide (HOT) announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the “Consortium”) to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.
  2. On March 18, 2016, Starwood Hotels & Resorts Worldwide (HOT) announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group , J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a “Superior Proposal,” as defined in Starwood’s merger agreement with Marriott International (MAR). Consistent with the terms of the Marriott merger agreement, Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement between Marriott and Starwood so that the proposal from the Consortium no longer constitutes a “Superior Proposal”.  Starwood will negotiate in good faith with Marriott during this period, and the Starwood Board will consider in good faith any changes to the Marriott agreement that Marriott may propose during this period.

Closed Deals:

  1. The acquisition of Anadigics (ANAD) by II-VI Incorporated (IIVI) on March 16, 2016. It took 57 days for this deal to be completed.
  2. The acquisition of PartnerRe (PRE) by EXOR S.p.A. on March 18, 2016. It took 228 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 $18.15 06/30/2016 139.67% 504.75%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.44 $5.76 05/16/2016 63.85% 416.19%
VAL 03/20/2016 The Sherwin-Williams Company (SHW) $113.00 $83.83 03/31/2017 34.80% 33.87%
CI 07/24/2015 Anthem, Inc. (ANTM) $176.91 $139.53 12/31/2016 26.79% 34.31%
BHI 11/16/2014 Halliburton Company (HAL) $59.66 $47.44 04/30/2016 25.75% 234.97%
POM 04/30/2014 Exelon Corporation (EXC) $27.25 $21.97 03/31/2016 24.03% 877.20%
AGN 11/23/2015 Pfizer Inc. (PFE) $332.79 $268.78 12/31/2016 23.81% 30.50%
HUM 07/03/2015 Aetna Inc. (AET) $219.31 $184.60 12/31/2016 18.80% 24.08%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.66 12/31/2016 15.57% 19.95%
CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) $55.37 $48.35 03/31/2016 14.52% 529.95%

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 $18.15 15,449,744 06/30/2016 139.67% 504.75%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.44 $5.76 10,089,149 05/16/2016 63.85% 416.19%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $83.83 1,386,787 03/31/2017 34.80% 33.87%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $176.91 $139.53 1,145,991 12/31/2016 26.79% 34.31%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $59.66 $47.44 5,375,627 04/30/2016 25.75% 234.97%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $21.97 4,094,593 03/31/2016 24.03% 877.20%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $332.79 $268.78 6,276,659 12/31/2016 23.81% 30.50%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.31 $184.60 888,413 12/31/2016 18.80% 24.08%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.66 55,525 12/31/2016 15.57% 19.95%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $48.35 1,156,075 03/31/2016 14.52% 529.95%
+ 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 $9.50 $8.38 1,405,334 12/31/2016 13.37% 17.12%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $76.57 4,721,645 09/30/2016 12.97% 24.53%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.97 8,749,082 12/31/2016 12.92% 16.55%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $49.90 1,188,316 06/30/2016 12.22% 44.18%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.73 4,421,049 04/01/2016 10.83% 359.26%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $6.41 $5.79 93,268 03/31/2016 10.68% 389.77%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.63 169,939 06/30/2016 10.19% 36.84%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.32 $13.29 670,416 08/15/2016 7.74% 19.22%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.04 $42.02 2,908,144 12/31/2016 7.18% 9.19%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $41.86 $39.06 14,354,969 06/30/2016 7.16% 25.87%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $36.35 3,507,252 12/31/2016 7.02% 8.98%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.79 7,256,570 06/30/2016 6.43% 23.25%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $38.67 $36.56 5,280,267 09/30/2016 5.76% 10.89%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.50 74,667 09/30/2016 4.80% 9.08%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.99 $15.30 1,427,169 12/31/2016 4.51% 5.78%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.66 281,437 03/31/2016 3.83% 139.62%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.33 1,782,993 12/31/2016 3.73% 4.78%
+ MY 02/03/2016 A consortium of investors (the �Buyer Consortium�), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.42 1,290,712 06/30/2016 3.72% 13.44%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.42 948,989 06/30/2016 3.33% 12.04%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.85 $10.50 953,135 06/30/2016 3.30% 11.92%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.56 $16.03 29,142 06/30/2016 3.30% 11.91%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.21 130,814 04/30/2016 3.26% 29.78%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.88 15,756 06/30/2016 3.09% 11.18%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $208.72 $202.90 3,094,645 06/30/2016 2.87% 10.37%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.36 90,134 03/31/2016 2.72% 99.18%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $24.84 70,723,055 12/31/2016 2.66% 3.40%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.95 528,326 06/30/2016 2.56% 9.27%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $64.66 $63.10 955,581 03/31/2016 2.48% 90.35%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.50 2,144,682 12/31/2016 2.33% 2.98%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.08 3,534,642 06/30/2016 2.24% 8.09%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.70 115,861 06/30/2016 2.19% 7.91%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.30 362,243 03/31/2017 2.10% 2.05%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.99 139,587 12/31/2016 2.09% 2.68%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.51 $13.29 43,025 09/30/2016 1.69% 3.20%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.63 $21.28 3,571,629 09/30/2016 1.66% 3.13%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $26.37 200,739 06/30/2016 1.63% 5.89%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.50 $2.46 84,474 03/31/2016 1.50% 54.90%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.10 5,967 08/15/2016 1.45% 3.60%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.13 $14.92 838 09/30/2016 1.42% 2.69%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.986 629,761 06/30/2016 1.42% 5.13%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.05 $9.91 5,522,912 09/30/2016 1.36% 2.58%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.69 3,102,064 12/15/2016 1.26% 1.70%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.69 1,345,618 12/31/2016 1.04% 1.34%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.64 $19.44 131,239 09/15/2016 1.01% 2.07%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $141.57 1,056,076 08/15/2016 1.01% 2.51%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.90 421,391 06/30/2016 1.01% 3.65%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $67.08 $66.42 2,337,736 03/31/2016 0.99% 36.29%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $35.47 731,583 06/30/2016 0.93% 3.36%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.58 319,043 06/30/2016 0.88% 3.19%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $58.05 $57.56 3,479,741 06/30/2016 0.85% 3.07%
+ JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.08 223,750 06/30/2016 0.85% 3.06%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.00 1,494,867 12/15/2016 0.82% 1.12%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.20 69,376 03/31/2016 0.81% 29.44%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $92.97 $92.23 323,100 05/31/2016 0.80% 4.11%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.61 636,782 06/30/2016 0.75% 2.72%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.71 $71.18 1,461,224 06/30/2016 0.74% 2.69%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.87 627,456 06/30/2016 0.57% 2.05%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.77 $23.65 715,884 06/30/2016 0.52% 1.88%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $17.93 $17.84 12,991 06/30/2016 0.49% 1.76%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.95 684,786 03/31/2016 0.46% 16.67%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.48 1,133,511 03/31/2016 0.44% 15.94%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.12 4,848,861 06/30/2016 0.37% 1.34%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.46 5,647,770 06/30/2016 0.33% 1.18%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.61 $16.56 97,840 06/30/2016 0.30% 1.07%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.97 94,497 03/31/2016 0.25% 9.15%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.23 522,731 03/31/2016 0.22% 7.91%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.90 957,945 12/31/2016 0.17% 0.21%
+ LOJN 02/01/2016 CalAmp Corp. (CAMP) All Cash $134 million $6.45 $6.44 307,263 05/31/2016 0.16% 0.80%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.59 1,076,345 06/30/2016 0.09% 0.34%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.25 577,707 09/30/2016 0.00% 0.00%
+ LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.63 $1.63 568,467 04/15/2016 -0.01% -0.15%
+ TFM 03/14/2016 Apollo Global Management, LLC (APO) All Cash $1.36 billion $28.50 $28.52 3,497,416 06/30/2016 -0.07% -0.25%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.04 1,199,431 03/17/2016 -0.20% 18.21%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $65.11 $65.33 1,198,826 06/30/2016 -0.34% -1.22%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.21 1,085,753 09/30/2016 -0.59% -1.11%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.92 520,038 06/30/2016 -0.63% -2.28%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $80.57 24,684,975 06/30/2016 -0.86% -3.09%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.16 $13.33 43,965 03/31/2016 -1.29% -47.10%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.45 $15.70 82,860 09/30/2016 -1.60% -3.03%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.10 20,536 09/30/2016 -1.92% -3.62%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.95 $19.40 48,224 09/30/2016 -2.34% -4.42%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $9.85 $10.10 187,296 04/30/2016 -2.48% -22.59%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $43.00 $44.29 94,592 06/30/2016 -2.92% -10.55%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $15.99 13,714,733 06/30/2016 -12.45% -44.98%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.36 $5.41 1,642,198 03/31/2015 -19.36% 19.85%

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 – March 14, 2016

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March 13, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with two new deals announced. None of the pending deals closed last week.

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 41
Total Number of Deals Not Completed in 2016 2
Total Number of Pending Deals
Cash Deals 46
Stock Deals 16
Stock & Cash Deals 20
Special Conditions 10
Total Number of Pending Deals 92
Total Deal Size $906.72 billion

New Deals:

  1. The acquisition of 1st Century Bancshares (FCTY) by Midland Financial for $11.22 per share in cash.
  2. The acquisition of Laporte Bancorp (LPSB) by Horizon Bancorp (HBNC) for $94.1 million in a cash or stock deal. Under the terms of the agreement, shareholders of Laporte Bancorp will have the option to receive $17.50 per share in cash or 0.629 shares of Horizon common stock, or a combination of both, for each share of LaPorte Bancorp’s common stock. LaPorte Bancorp shareholders will receive total consideration that consists of 65% stock and 35% cash. We are going to treat this as an all-stock deal in our Merger Arbitrage tool.

Deal Updates:

  1. On March 9, 2016, Vivint Solar (VSLR) announced that it has terminated a deal to be taken over by SunEdison (SUNE).
  2. On March 7, 2016, Fuel Systems (FSYS) signed an amendment to the Merger Agreement with Westport (WPRT). In light of current market volatility, the exchange ratio of the Merger Agreement has been amended to include a collar mechanism in order to provide Fuel Systems stockholders with greater certainty regarding the consideration they will receive upon closing of the Merger. In the event that the NASDAQ volume weighted average price of Westport common shares during a specified measuring period (“VWAP”) is equal to or greater than $2.37, then Fuel Systems stockholders will receive 2.129 Westport common shares per Fuel Systems share on closing of the Merger and through the exchange process. In the event Westport’s VWAP is equal to or less than $1.64, Fuel Systems stockholders would receive approximately 3.08 Westport common shares per Fuel Systems share on closing of the merger and through the exchange process. In the event that Westport’s VWAP is greater than $1.64 and less than $2.37, then Fuel Systems stockholders would receive a number of Westport common shares per Fuel Systems share equal to dividing $5.05 by Westport’s VWAP, rounded to four decimal places. The measuring period will be the ten consecutive trading days ending on and including the trading day five business days prior to the anticipated closing date. The Merger currently is anticipated to close in late March 2016. Since WPRT is currently trading over $2.37 and the deal is supposed to close in the next few days, we are not making any adjustment to the deal terms in our tool.
  3. On March 11, 2016, the District of Columbia officials said that they continue to oppose a proposal by power companies Exelon (EXC) and Pepco (POM) to salvage their $6.8 billion merger, but the deal isn’t dead yet, the companies said.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $16.01 06/30/2016 171.71% 580.30%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.38 $5.285 05/16/2016 77.55% 449.27%
BHI 11/16/2014 Halliburton Company (HAL) $59.45 $45.79 04/30/2016 29.84% 231.75%
POM 04/30/2014 Exelon Corporation (EXC) $27.25 $22.07 03/31/2016 23.47% 503.93%
CI 07/24/2015 Anthem, Inc. (ANTM) $177.13 $144.62 12/31/2016 22.48% 28.10%
CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) $55.37 $46.90 03/31/2016 18.06% 387.75%
HUM 07/03/2015 Aetna Inc. (AET) $220.03 $186.91 12/31/2016 17.72% 22.15%
AGN 11/23/2015 Pfizer Inc. (PFE) $344.65 $298.70 12/31/2016 15.38% 19.23%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.67 12/31/2016 15.26% 19.07%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $70.42 06/30/2016 13.43% 45.40%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $16.01 12,218,258 06/30/2016 171.71% 580.30%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.38 $5.285 4,645,724 05/16/2016 77.55% 449.27%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $59.45 $45.79 3,679,532 04/30/2016 29.84% 231.75%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $22.07 16,619,537 03/31/2016 23.47% 503.93%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $177.13 $144.62 1,014,709 12/31/2016 22.48% 28.10%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $46.90 1,018,478 03/31/2016 18.06% 387.75%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $220.03 $186.91 724,438 12/31/2016 17.72% 22.15%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $344.65 $298.70 2,354,325 12/31/2016 15.38% 19.23%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.67 130,728 12/31/2016 15.26% 19.07%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $70.42 3,904,144 06/30/2016 13.43% 45.40%
+ 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 $9.50 $8.38 687,572 12/31/2016 13.37% 16.71%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.97 17,438,456 12/31/2016 12.92% 16.15%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $76.70 4,486,208 09/30/2016 12.78% 23.32%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.70 1,047,993 04/01/2016 11.11% 225.31%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.70 301,253 06/30/2016 8.11% 27.40%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $36.19 2,391,024 12/31/2016 7.49% 9.36%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.23 $13.25 647,248 08/15/2016 7.41% 17.55%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.22 196,810 06/30/2016 7.30% 24.68%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.50 $2.33 92,209 03/31/2016 7.17% 153.89%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $41.99 $39.40 6,423,533 06/30/2016 6.58% 22.22%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.89 2,234,214 06/30/2016 6.11% 20.65%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.41 $42.91 975,903 12/31/2016 5.82% 7.28%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.42 249,265 06/30/2016 5.43% 18.35%
+ 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 $2.39 474,849 06/30/2016 5.02% 16.97%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $53.40 1,221,347 06/30/2016 4.87% 16.46%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.82 775 06/30/2016 4.71% 15.92%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.38 $15.78 692,388 12/31/2016 3.80% 4.75%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.90 $5.69 36,237 03/31/2016 3.64% 78.23%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.18 97,889 04/30/2016 3.39% 26.34%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.68 481,450 03/31/2016 3.26% 70.01%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.87 3,469,133 12/31/2016 3.22% 4.02%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $201.48 $195.91 1,294,409 06/30/2016 2.84% 9.61%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $37.27 $36.28 1,620,806 09/30/2016 2.74% 4.99%
+ LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.48 $1.44 543,737 04/15/2016 2.69% 30.68%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.95 224,802 06/30/2016 2.56% 8.67%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.39 $15.99 13,524 06/30/2016 2.49% 8.42%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.68 $19.21 71,009 09/15/2016 2.46% 4.86%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.38 17,433 03/31/2016 2.44% 52.37%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.69 77,129 06/30/2016 2.26% 7.65%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.70 794,717 12/31/2016 2.01% 2.51%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.70 $10.51 244,079 06/30/2016 1.80% 6.07%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $65.99 $64.87 872,101 03/31/2016 1.72% 36.96%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.08 44,204 08/15/2016 1.61% 3.81%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.48 391,344 03/31/2017 1.55% 1.48%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.93 $9.78 1,042,838 09/30/2016 1.53% 2.79%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.40 2,188,766 06/30/2016 1.45% 4.90%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.89 $21.58 2,930,050 09/30/2016 1.44% 2.63%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.86 931,848 06/30/2016 1.42% 4.80%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.09 $9.95 33,891 04/30/2016 1.40% 10.86%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.987 235,541 06/30/2016 1.32% 4.45%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $56.48 $55.75 4,261,127 06/30/2016 1.31% 4.42%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.09 $69.22 1,433,035 06/30/2016 1.25% 4.22%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.87 $14.69 4,890 09/30/2016 1.22% 2.23%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.35 $13.19 46,083 09/30/2016 1.20% 2.20%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $141.57 993,553 03/31/2016 1.01% 21.69%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $35.46 500,514 06/30/2016 0.96% 3.24%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $18.11 $17.95 15,238 06/30/2016 0.89% 2.99%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.19 17,053 03/31/2016 0.83% 17.90%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.62 571,462 06/30/2016 0.70% 2.36%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.61 254,711 06/30/2016 0.66% 2.23%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.04 757,911 12/15/2016 0.59% 0.78%
+ JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.10 261,886 06/30/2016 0.56% 1.90%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.94 1,377,275 03/31/2016 0.55% 11.78%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $93.51 $93.00 252,919 05/31/2016 0.55% 2.56%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.45 1,423,038 03/31/2016 0.55% 11.73%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $68.14 $67.77 1,886,294 03/31/2016 0.55% 11.72%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.93 $15.84 7,533 06/30/2016 0.55% 1.84%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.89 1,811,983 12/15/2016 0.44% 0.58%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.43 1,932,460 06/30/2016 0.44% 1.48%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.21 122,187 03/31/2016 0.43% 9.32%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.12 5,620,654 06/30/2016 0.37% 1.25%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.78 256,493 12/31/2016 0.37% 0.46%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.93 326,952 06/30/2016 0.31% 1.03%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.52 $23.45 806,899 06/30/2016 0.29% 1.00%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.97 65,424 03/31/2016 0.25% 5.38%
+ ANAD 01/19/2016 II-VI Incorporated (IIVI) All Cash $61 million $0.85 $0.848 346,709 03/31/2016 0.24% 5.06%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $140.34 1,268,274 03/31/2016 0.11% 2.45%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.59 757,634 06/30/2016 0.09% 0.32%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.58 26,260 09/30/2016 0.08% 0.14%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.00 896,198 03/17/2016 0.00% 0.00%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $14.00 669,172 06/30/2016 0.00% 0.00%
+ LOJN 02/01/2016 CalAmp Corp. (CAMP) All Cash $134 million $6.45 $6.45 128,163 05/31/2016 0.00% 0.00%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.00 698,707 12/31/2016 0.00% 0.00%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.28 187,101 09/30/2016 -0.16% -0.30%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.19 748,791 09/30/2016 -0.39% -0.72%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $64.36 $64.79 729,684 06/30/2016 -0.66% -2.24%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $27.13 1,569,286 06/30/2016 -1.40% -4.73%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.89 $13.09 15,853 03/31/2016 -1.55% -33.28%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $43.35 $44.16 214,346 06/30/2016 -1.83% -6.19%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.94 $19.30 25,575 09/30/2016 -1.88% -3.44%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $14.54 $15.20 415,949 09/30/2016 -4.37% -7.97%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.95 $5.64 81,454 03/31/2015 -12.29% 12.85%

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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