Merger Arbitrage

Merger Arbitrage Mondays – November 23, 2015

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November 23, 2015 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

Total Number of Deals Closed in 2015 179
Total Number of Deals Not Completed in 2015 5
Total Number of Pending Deals
Cash Deals 60
Stock Deals 14
Stock & Cash Deals 20
Special Conditions 12
Total Number of Pending Deals 106
Total Deal Size $1324.05 billion

New Deals:

  1. The acquisition of Starwood Hotels & Resorts Worldwide (HOT) by Marriott International (MAR) for $12.2 billion in a cash plus stock deal. Under the terms of the agreement,Starwood shareholders will receive 0.92 shares of Marriott International common stock and $2.00 in cash for each share of Starwood common stock. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015.  The timeshare transaction should close prior to the Marriott-Starwood merger closing. Since we are treating this deal as a ’special conditions’ deal, the actual value is likely to fluctuate and hence will be different from what we have entered in the database.
  2. The acquisition of Airgas (ARG) by Air Liquide for $13.4 billion or $143 per share in cash.
  3. The acquisition of Fairchild Semiconductor International (FCS) by ON Semiconductor (ON) for $2.4 billion or $20.00 per share in cash.
  4. The acquisition of Breeze-Eastern Corporation (BZC) by TransDigm Group Incorporated (TDG) for $206 million or $19.61 per share in cash.
  5. The acquisition of Liberator Medical Holdings (LBMH) by CR Bard (BCR) for $181 million or $3.35 per share in cash.

Closed Deals:

  1. The acquisition of Sungy Mobile Limited (GOMO) by Sunflower Parent Limited on November 18, 2015. It took 163 days for this deal to be completed.
  2. The acquisition of Shanda Games Limited (GAME) by Capitalhold Limited and Capitalcorp Limited on November 19, 2015. It took 230 days for this deal to be completed.
  3. The acquisition of Yodlee (YDLE) by Envestnet (ENV) on November 19, 2015. It took 101 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

VSLR 07/20/2015 SunEdison, Inc. (SUNE) $16.50 $7.72 12/31/2015 113.73% 1092.41%
PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.57 03/31/2016 75.44% 213.45%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.94 $6.88 12/31/2015 44.46% 427.08%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.17 12/31/2016 33.44% 30.21%
TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) $0.58 $0.44 12/31/2015 31.82% 305.62%
CI 07/24/2015 Anthem, Inc. (ANTM) $170.99 $132.17 12/31/2016 29.37% 26.54%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $7.04 01/31/2016 29.26% 154.79%
HUM 07/03/2015 Aetna Inc. (AET) $212.46 $167.61 12/31/2016 26.76% 24.18%
BHI 11/16/2014 Halliburton Company (HAL) $61.56 $51.01 12/31/2015 20.68% 198.66%
HE 12/03/2014 NextEra Energy, Inc. (NEE) $33.50 $28.31 12/31/2015 18.33% 176.09%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $7.72 322,276 12/31/2015 113.73% 1092.41%
+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.57 223,999 03/31/2016 75.44% 213.45%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.94 $6.88 14,705,384 12/31/2015 44.46% 427.08%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.17 28,087 12/31/2016 33.44% 30.21%
+ TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) All Cash N/A $0.58 $0.44 24,344 12/31/2015 31.82% 305.62%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $170.99 $132.17 1,829,066 12/31/2016 29.37% 26.54%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $7.04 9,984 01/31/2016 29.26% 154.79%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $212.46 $167.61 1,364,138 12/31/2016 26.76% 24.18%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $61.56 $51.01 4,390,871 12/31/2015 20.68% 198.66%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.31 341,510 12/31/2015 18.33% 176.09%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $36.82 10,591,320 06/30/2016 18.14% 30.10%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.71 12,955,858 12/31/2016 16.73% 15.12%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $74.93 1,891,955 09/30/2016 15.44% 18.06%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $30.98 2,460,567 06/30/2016 12.65% 20.99%
+ 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 $49.40 410,029 12/31/2015 12.09% 116.08%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.91 $2.60 1,501 03/31/2016 12.04% 34.08%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $46.37 116,133 06/30/2016 11.13% 18.46%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $11.17 $10.14 135,478 04/30/2016 10.17% 23.34%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $73.11 3,974,968 06/30/2016 9.26% 15.36%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $200.87 $184.46 1,523,263 12/31/2015 8.89% 85.44%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.68 181,766 03/31/2016 8.70% 24.60%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $34.39 1,296,523 06/30/2016 8.46% 14.04%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $45.65 $42.46 2,047,479 12/31/2015 7.51% 72.14%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $23.80 $22.20 11,115 12/31/2015 7.22% 69.32%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $29.28 548,890 03/31/2016 7.07% 20.00%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.19 $67.02 834,575 06/30/2016 6.22% 10.32%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $35.35 90,712 01/31/2016 6.08% 32.17%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.63 404,862 03/31/2016 6.03% 17.07%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.25 581,116 12/31/2016 6.02% 5.44%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $24.91 $23.61 1,328,514 03/31/2016 5.49% 15.52%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $61.67 69,868 03/31/2016 5.40% 15.28%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $25.95 2,729,196 12/10/2015 5.01% 107.56%
+ PLNR 08/12/2015 Leyard Optoelectronic Co., Ltd. (N/A) All Cash $156.8 million $6.58 $6.27 62,297 12/31/2015 4.94% 47.49%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.32 1,298,946 06/30/2016 4.67% 7.75%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.19 $10.70 2,575,814 09/30/2016 4.62% 5.41%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $27.63 $26.41 379,464 03/31/2016 4.62% 13.06%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.65 422,986 06/30/2016 4.48% 7.44%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.46 3,677,527 06/30/2016 4.33% 7.19%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.46 $15.80 382,655 12/31/2016 4.18% 3.77%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.75 $12.27 49,084 06/30/2016 3.91% 6.49%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.77 402,474 12/31/2016 3.86% 3.49%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.98 498,800 03/31/2016 3.78% 10.70%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.00 572,047 03/31/2016 3.62% 10.24%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.63 227,906 03/31/2016 3.48% 9.85%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.77 $8.48 7,207,332 03/31/2016 3.44% 9.73%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.20 90,531 04/30/2016 3.31% 7.59%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.35 $0.339 544,338 01/31/2016 3.24% 17.16%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.20 1,184,212 03/31/2016 3.04% 8.61%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.81 2,695,295 03/31/2016 3.02% 8.54%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.88 571,003 04/30/2016 3.01% 6.92%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.55 406,994 05/15/2016 3.01% 6.32%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $26.80 2,806,424 03/31/2016 2.99% 8.45%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.57 12,866 12/31/2015 2.84% 27.32%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $34.10 $33.18 35,479 03/31/2016 2.77% 7.85%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $69.68 $67.87 1,783,073 03/31/2016 2.67% 7.54%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $8.38 $8.17 183,436 03/31/2016 2.53% 7.15%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.17 368,903 12/31/2015 2.51% 24.07%
+ DAEG 10/08/2015 Open Text Corporation (OTEX) All Cash $13.5 million $0.82 $0.80 154,053 12/31/2015 2.50% 24.01%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $35.86 $35.00 5,053 03/31/2016 2.47% 6.99%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.72 2,110,894 03/31/2016 2.43% 6.87%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.70 374,271 12/31/2015 2.19% 21.03%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $51.50 $50.41 1,555,095 05/15/2016 2.17% 4.55%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.02 106,516 12/31/2015 2.16% 20.74%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $6.95 1,759,115 03/31/2016 2.16% 6.11%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.98 219,586 03/31/2016 2.08% 5.89%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $53.53 4,447,059 03/31/2016 1.81% 5.13%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.65 4,052,199 06/30/2016 1.78% 2.96%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.13 1,603,767 12/31/2015 1.77% 17.00%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $111.14 $109.22 402,375 03/31/2016 1.76% 4.97%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $231.00 837,447 03/31/2016 1.73% 4.90%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $63.97 $62.93 1,208,819 03/31/2016 1.65% 4.65%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.72 6,064,592 03/31/2016 1.58% 4.47%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.39 2,224,131 03/31/2016 1.54% 4.35%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.11 249,909 03/31/2016 1.54% 4.35%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $42.52 $41.88 416,076 03/31/2016 1.54% 4.35%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $4.06 $4.01 6,429,200 06/30/2016 1.36% 2.25%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.52 177,131 03/31/2016 1.30% 3.69%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.60 298,562 12/31/2016 1.27% 1.14%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $133.04 $131.38 1,047,267 03/31/2016 1.26% 3.57%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.21 1,367 12/31/2015 1.25% 11.97%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.72 871,618 12/31/2015 1.23% 11.84%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.63 169,244 03/31/2016 1.21% 3.42%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.09 1,844,459 03/31/2016 1.14% 3.21%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $138.95 436,178 03/31/2016 1.12% 3.16%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $34.33 $33.96 1,083,307 12/31/2015 1.09% 10.46%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $74.54 431,820 12/31/2015 0.95% 9.15%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.90 101 03/31/2016 0.92% 2.60%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.93 59,638 03/31/2016 0.59% 1.66%
+ AWAY 11/04/2015 Expedia Inc. (EXPE) Cash Plus Stock $3.9 billion $36.22 $36.01 1,699,403 03/31/2016 0.58% 1.65%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.34 9,590,944 03/31/2016 0.30% 0.85%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.22 320,329 01/31/2016 0.29% 1.55%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $24.60 $24.54 4,424 12/31/2015 0.24% 2.30%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $23.19 $23.14 810,997 12/31/2015 0.22% 2.07%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $139.76 N/A 11/30/2015 0.17% 8.95%
+ IPCM 08/04/2015 Team Health Holdings, Inc. (TMH) All Cash $1.6 billion $80.25 $80.17 558,332 12/31/2015 0.10% 0.96%
+ PSEM 09/03/2015 Diodes Incorporated (DIOD) All Cash $413 million $17.75 $17.75 449,263 12/31/2015 0.00% 0.00%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.50 1,667,485 05/09/2016 0.00% 0.00%
+ RNDY 11/11/2015 The Kroger Co. (KR) All Cash $800 million $3.60 $3.60 652,992 12/31/2015 0.00% 0.00%
+ SIBC 12/30/2014 First NBC Bank Holding Company (FNBC) All Cash $49 million $21.25 $21.40 N/A 12/31/2015 -0.70% -6.73%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.77 68,780 03/31/2016 -0.81% -2.29%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $835 million $15.00 $15.16 1,080,536 03/31/2016 -1.06% -2.99%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $48.58 $49.49 80,467 01/31/2016 -1.85% -9.77%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.37 $5.49 70,297 12/31/2015 -2.28% -21.86%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $125.93 $132.70 330,868 12/31/2015 -5.10% -49.01%
+ PMCS 10/05/2015 Skyworks Solutions Inc. (SWKS) All Cash $2 billion $10.50 $11.88 1,075,772 06/30/2016 -11.62% -19.27%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.84 $6.91 103,367 03/31/2015 -29.95% 46.12%

Voluntary Disclosure: I hold long positions in CCG and DYAX.

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

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Merger Arbitrage Mondays – November 16, 2015

Bookmark and Share

November 15, 2015 | Merger Arbitrage | Author Asif

Merger activity decreased last week with six 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 2015 176
Total Number of Deals Not Completed in 2015 5
Total Number of Pending Deals
Cash Deals 58
Stock Deals 14
Stock & Cash Deals 20
Special Conditions 12
Total Number of Pending Deals 104
Total Deal Size $1295.67 billion

New Deals:

  1. The acquisition of Fidelity & Guaranty Life (FGL) by Anbang Insurance Group Co. for $26.80 per share in cash.
  2. The acquisition of C1 Financial (BNK) by Bank of the Ozarks (OZRK) for $402.5 million in an all stock deal. Under the terms of the agreement, each holder of outstanding shares of common stock of C1 will receive shares of common stock of OZRK. The number of OZRK shares to be issued will be determined based on OZRK’s ten day average closing stock price as of the second business day prior to the closing date, subject to a minimum and maximum price of $39.79 to $66.31, respectively. The consideration payable to C1 shareholders is subject to downward adjustment if the net book value of C1 at the time of the merger is below a specified level and is subject to an upward adjustment if certain loans of C1 are sold at a price above a specified amount.
  3. The acquisition of RealD (RLD) by Rizvi Traverse Management for $551 million or $11.00 per share in cash.
  4. The acquisition of Ocata Therapeutics (OCAT) by Astellas Pharma for $379 million or $8.50 per share in cash.
  5. The acquisition of Roundy’s (RNDY) by The Kroger Co. (KR) for $800 million or $3.60 per share in cash.
  6. The acquisition of Anadigics (ANAD) by GaAs Labs for $32 million or $0.35 per share in cash.

Deal Updates:

  1. On November 9, 2015, Pericom Semiconductor Corporation (PSEM) announced that its Board of Directors has unanimously accepted a revised offer from Diodes Incorporated (DIOD) to acquire Pericom for $17.75 per share in cash without interest or an aggregate purchase price of approximately $413 million.
  2. On November 10, 2015, MPLX (MPLX) and MarkWest Energy Partners (MWE) announced that in connection with the merger of MPLX and MarkWest, MPLX has agreed to increase the amount of the cash consideration payable to MarkWest common unitholders by $400 million, from $675 million to $1.075 billion. Under the revised terms of the merger agreement, MarkWest common unitholders will receive 1.09 MPLX common units plus a one-time cash payment of approximately $5.21 per MarkWest common unit, for a total consideration of approximately $52.93 per MarkWest common unit

Closed Deals:

  1. The acquisition of Remy International (REMY) by BorgWarner (BWA) on November 10, 2015. It took 120 days for this deal to be completed.
  2. The acquisition of Xoom Corporation (XOOM) by PayPal on November 12, 2015. It took 134 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

VSLR 07/20/2015 SunEdison, Inc. (SUNE) $16.50 $9.24 12/31/2015 78.57% 637.30%
PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.58 03/31/2016 72.41% 194.35%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.16 12/31/2016 33.86% 30.07%
ODP 02/04/2015 Staples, Inc. (SPLS) $10.01 $7.52 12/31/2015 33.07% 268.24%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.69 $131.57 12/31/2016 30.49% 27.08%
TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) $0.58 $0.451 12/31/2015 28.60% 232.00%
BHI 11/16/2014 Halliburton Company (HAL) $60.88 $47.66 12/31/2015 27.73% 224.93%
HUM 07/03/2015 Aetna Inc. (AET) $210.63 $167.36 12/31/2016 25.86% 22.96%
WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $35.10 06/30/2016 23.93% 38.48%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $7.45 01/31/2016 22.15% 106.37%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $9.24 276,459 12/31/2015 78.57% 637.30%
+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.58 91,783 03/31/2016 72.41% 194.35%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.16 27,806 12/31/2016 33.86% 30.07%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.01 $7.52 7,666,159 12/31/2015 33.07% 268.24%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.69 $131.57 1,852,758 12/31/2016 30.49% 27.08%
+ TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) All Cash N/A $0.58 $0.451 12,290 12/31/2015 28.60% 232.00%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $60.88 $47.66 3,362,997 12/31/2015 27.73% 224.93%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $210.63 $167.36 1,193,215 12/31/2016 25.86% 22.96%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $35.10 7,547,468 06/30/2016 23.93% 38.48%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $7.45 32,894 01/31/2016 22.15% 106.37%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.60 17,670,417 12/31/2016 18.42% 16.36%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $73.90 1,324,772 09/30/2016 17.05% 19.51%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.84 205,439 12/31/2015 16.16% 131.06%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $45.07 253,496 06/30/2016 14.33% 23.05%
+ 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 $48.90 937,117 12/31/2015 13.23% 107.32%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $49.01 $43.45 1,833,959 12/31/2015 12.79% 103.72%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.00 1,714,684 06/30/2016 12.58% 20.23%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $9.11 $8.20 15,040,399 03/31/2016 11.14% 29.89%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $3.12 $2.85 10,199 03/31/2016 9.52% 25.54%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.67 348,735 03/31/2016 8.99% 24.13%
+ YDLE 08/10/2015 Envestnet, Inc. (ENV) Special Conditions $590 million $18.88 $17.37 359,170 03/31/2016 8.69% 23.33%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $34.42 3,117,869 06/30/2016 8.37% 13.45%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $34.63 37,845 01/31/2016 8.29% 39.80%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $200.87 $185.95 1,250,806 12/31/2015 8.02% 65.07%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.54 409,492 03/31/2016 7.49% 20.11%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.18 541,180 06/30/2016 6.73% 10.83%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.08 743,951 12/31/2016 6.31% 5.61%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $69.79 $65.68 1,785,964 06/30/2016 6.25% 10.05%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $23.04 $21.75 3,537 12/31/2015 5.91% 47.95%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $51.47 4,632,672 03/31/2016 5.89% 15.80%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.14 282,298 03/31/2016 5.63% 15.12%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.12 $15.28 1,449,783 12/31/2016 5.50% 4.88%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.64 426,762 03/31/2016 5.11% 13.70%
+ PLNR 08/12/2015 Leyard Optoelectronic Co., Ltd. (N/A) All Cash $156.8 million $6.58 $6.27 196,615 12/31/2015 4.94% 40.10%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.98 $10.47 5,726,545 09/30/2016 4.84% 5.54%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.35 $0.3350 3,305,083 01/31/2016 4.48% 21.50%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.50 16,466 12/31/2015 4.44% 36.05%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.27 $11.76 56,432 06/30/2016 4.34% 6.97%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.70 191,824 06/30/2016 4.28% 6.88%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.55 659,691 12/31/2016 4.26% 3.78%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.44 3,024,972 06/30/2016 4.20% 6.75%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $26.51 3,680,530 03/31/2016 4.11% 11.03%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $27.47 $26.39 1,073,114 03/31/2016 4.09% 10.99%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.67 331,856 04/30/2016 3.77% 8.28%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $25.70 $24.80 1,447,411 03/31/2016 3.63% 9.73%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.04 1,343,910 03/31/2016 3.55% 9.53%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $62.79 56,496 03/31/2016 3.52% 9.45%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.05 203,021 12/31/2015 3.45% 27.97%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $68.96 $66.70 2,337,939 03/31/2016 3.38% 9.08%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.82 $33.74 1,104 03/31/2016 3.19% 8.57%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.57 369,377 12/31/2015 3.17% 25.70%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.44 1,310,025 12/10/2015 3.06% 46.59%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.21 776,331 03/31/2016 3.03% 8.12%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $6.07 $5.89 72,935 12/31/2015 3.02% 24.46%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $8.15 $7.92 67,118 03/31/2016 2.89% 7.74%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.33 45,152 04/30/2016 2.75% 6.06%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.71 455,336 03/31/2016 2.71% 7.27%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.53 725,427 03/31/2016 2.69% 7.21%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.65 254,976 05/15/2016 2.69% 5.42%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.59 1,221,284 03/31/2016 2.68% 7.20%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $107.71 $104.91 288,565 03/31/2016 2.67% 7.16%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $32.96 $32.12 66,729 03/31/2016 2.62% 7.03%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.17 5,783,248 03/31/2016 2.50% 6.72%
+ GOMO 06/08/2015 Sunflower Parent Limited (N/A) All Cash N/A $4.90 $4.795 32,830 12/31/2015 2.19% 17.76%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.02 170,754 12/31/2015 2.16% 17.52%
+ GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) All Cash $1.9 billion $7.10 $6.95 427,214 12/31/2015 2.16% 17.51%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $6.95 1,822,442 03/31/2016 2.16% 5.79%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $230.05 2,015,566 03/31/2016 2.15% 5.77%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.08 203,433 03/31/2016 1.87% 5.02%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.58 151,140 12/31/2015 1.86% 15.09%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.93 $3.86 2,602,669 06/30/2016 1.74% 2.79%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $41.47 $40.79 454,061 03/31/2016 1.67% 4.47%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $11.45 $11.27 23,220 04/30/2016 1.61% 3.54%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $138.30 252,137 03/31/2016 1.59% 4.27%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $63.87 $62.91 1,562,300 03/31/2016 1.53% 4.10%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $130.25 $128.49 1,864,851 03/31/2016 1.37% 3.68%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.06 3,769,415 03/31/2016 1.35% 3.63%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $46.80 $46.19 2,367,870 05/15/2015 1.32% 0.00%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.60 148,058 03/31/2016 1.31% 3.51%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.55 299,069 03/31/2016 1.28% 3.43%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.87 1,876 03/31/2016 1.20% 3.21%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.63 498,204 12/31/2016 1.17% 1.04%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $74.51 546,141 12/31/2015 0.99% 8.06%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.22 2,187 12/31/2015 0.93% 7.56%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 437,778 12/31/2015 0.88% 7.12%
+ DAEG 10/08/2015 Open Text Corporation (OTEX) All Cash $13.5 million $0.82 $0.813 60 12/31/2015 0.86% 6.98%
+ RNDY 11/11/2015 The Kroger Co. (KR) All Cash $800 million $3.60 $3.57 2,966,850 12/31/2015 0.84% 6.82%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.86 3,773,564 03/31/2016 0.78% 2.10%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $33.65 $33.41 591,636 12/31/2015 0.72% 5.84%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.18 789,296 01/31/2016 0.69% 3.30%
+ AWAY 11/04/2015 Expedia Inc. (EXPE) Cash Plus Stock $3.9 billion $36.00 $35.77 4,156,585 03/31/2016 0.65% 1.75%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.46 1,937,505 05/09/2016 0.47% 0.99%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $835 million $15.00 $14.95 651,406 03/31/2016 0.33% 0.90%
+ IPCM 08/04/2015 Team Health Holdings, Inc. (TMH) All Cash $1.6 billion $80.25 $80.03 392,162 12/31/2015 0.27% 2.23%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $139.87 646,018 11/30/2015 0.09% 2.42%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $24.02 $24.03 1,148 12/31/2015 -0.04% -0.33%
+ PSEM 09/03/2015 Diodes Incorporated (DIOD) All Cash $413 million $17.75 $17.77 184,076 12/31/2015 -0.11% -0.91%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.02 60,256 03/31/2016 -0.17% -0.45%
+ SIBC 12/30/2014 First NBC Bank Holding Company (FNBC) All Cash $49 million $21.25 $21.35 N/A 12/31/2015 -0.47% -3.80%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $22.84 $23.05 542,244 12/31/2015 -0.92% -7.43%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $48.42 $49.94 70,850 01/31/2016 -3.05% -14.67%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $120.87 $127.42 197,383 12/31/2015 -5.14% -41.70%
+ PMCS 10/05/2015 Skyworks Solutions Inc. (SWKS) All Cash $2 billion $10.50 $11.70 2,234,950 06/30/2016 -10.26% -16.49%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.27 $7.06 12,315 03/31/2015 -25.32% 40.19%

Voluntary Disclosure: I hold a long position in CCG.

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

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Merger Arbitrage Mondays – November 9, 2015

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November 8, 2015 | Merger Arbitrage | Author Asif

There was no change in merger activity last week with eleven 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 2015 174
Total Number of Deals Not Completed in 2015 5
Total Number of Pending Deals
Cash Deals 55
Stock Deals 14
Stock & Cash Deals 20
Special Conditions 11
Total Number of Pending Deals 100
Total Deal Size $1293.50 billion

New Deals:

  1. The acquisition of Dyax (DYAX) by Shire (SHPG) for $5.9 billion or $37.30 per share in cash. Dyax shareholders may receive additional value through a non-tradable contingent value right (CVR) that will pay $4.00 in cash per Dyax share upon approval of DX-2930 in HAE, representing a potential additional $646 million in aggregate contingent consideration.
  2. The acquisition of Hutchinson Technology (HTCH) by TDK Corporation for $126 million. Under the terms of the agreement, TDK will acquire all of the outstanding shares of common stock of HTI for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI’s revolving line of credit (“net cash”) held by HTI as of the last day of the fiscal month immediately preceding the closing date.
  3. The acquisition of MedAssets (MDAS) by Pamplona Capital Management for $2.7 billion or $31.35 per share in cash.
  4. The acquisition of Constant Contact (CTCT) by Endurance International Group Holdings (EIGI) for $1.1 billion or $32.00 per share in cash.
  5. The acquisition of Furmanite Corporation (FRM) by Team (TISI) for $335 million in an all stock deal. Under the terms of the agreement, shareholders of Furmanite will receive 0.215 shares of Team common stock for each share of Furmanite common stock they own.
  6. The acquisition of  King Digital Entertainment (KING) by Activision Blizzard (ATVI) for $5.9 billion or $18.00 per share in cash.
  7. The acquisition of Targa Resources Partners (NGLS) by Targa Resources Corp. (TRGP) for $5.54 billion in an all stock deal. Under the terms of the agreement, Targa Resources Partners will receive 0.62 TRC common shares per common unit of Targa Resources Partners.
  8. The acquisition of Mindray Medical International Limited (MR) by Excelsior Union Limited and Solid Union Limited for $3.3 billion or $28.00 per share in cash.
  9. The acquisition of HomeAway (AWAY) by Expedia (EXPE) for $3.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of HomeAway will receive $10.15 in cash and 0.2065 of a share of Expedia common stock.
  10. The acquisition of Youku Tudou (YOKU) by Alibaba Group Holding Limited (BABA) for $5.37 billion or US$27.60 per American Depositary Share.
  11. The acquisition of Plum Creek Timber (PCL) by Weyerhaeuser (WY) for $8.44 billion in an all stock deal. Under the terms of the agreement, shareholders of Plum Creek Timber will receive 1.60 shares of Weyerhaeuser for each Plum Creek share.

Deal Updates:

  1. On November 6, 2015, Pericom Semiconductor Corporation (PSEM) received a revised acquisition offer from Diodes Incorporated (DIOD) for $17.75 per share in cash. The new purchase price in the Revised Diodes Offer is an increase from Diodes’ previously announced $17.00 per share purchase price. The Pericom Board intends to meet promptly to evaluate the Revised Diodes Offer and will communicate its recommendation to Pericom shareholders as soon as possible.

Closed Deals:

  1. The acquisition of Hudson City Bancorp (HCBK) by M&T Bank Corporation (MTB) on November 2, 2015. It took 1,162 days for this deal to be completed.
  2. The acquisition of First Security Group (FSGI) by Atlantic Capital Bancshares on November 2, 2015. It took 222 days for this deal to be completed.
  3. The acquisition of City National Corporation (CYN) by Royal Bank of Canada (RY) on November 2, 2015. It took 284 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

PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.629 03/31/2016 58.98% 150.55%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $16.50 $11.01 12/31/2015 49.86% 350.01%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.18 12/31/2016 33.02% 28.83%
ODP 02/04/2015 Staples, Inc. (SPLS) $10.14 $7.725 12/31/2015 31.24% 219.27%
CI 07/24/2015 Anthem, Inc. (ANTM) $172.43 $132.81 12/31/2016 29.83% 26.05%
HUM 07/03/2015 Aetna Inc. (AET) $215.07 $177.24 12/31/2016 21.35% 18.64%
BHI 11/16/2014 Halliburton Company (HAL) $63.07 $52.08 12/31/2015 21.11% 148.15%
TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) $0.58 $0.48 12/31/2015 20.83% 146.23%
PCL 11/09/2015 Weyerhaeuser Co. (WY) $48.64 $40.29 05/15/2015 20.72% -42.50%
HE 12/03/2014 NextEra Energy, Inc. (NEE) $33.50 $28.24 12/31/2015 18.63% 130.74%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.629 36,791 03/31/2016 58.98% 150.55%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $11.01 123,849 12/31/2015 49.86% 350.01%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.18 76,440 12/31/2016 33.02% 28.83%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.14 $7.725 4,422,229 12/31/2015 31.24% 219.27%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $172.43 $132.81 1,771,895 12/31/2016 29.83% 26.05%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.07 $177.24 1,008,165 12/31/2016 21.35% 18.64%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $63.07 $52.08 3,943,498 12/31/2015 21.11% 148.15%
+ TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) All Cash N/A $0.58 $0.48 3,952 12/31/2015 20.83% 146.23%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $48.64 $40.29 1,122,183 05/15/2015 20.72% 0.00%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.24 304,814 12/31/2015 18.63% 130.74%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $7.71 10,824 01/31/2016 18.03% 79.28%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.91 $2.52 42,815 03/31/2016 15.60% 39.82%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $9.11 $7.89 10,488,418 03/31/2016 15.50% 39.57%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.84 28,806,348 12/31/2016 14.80% 12.92%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $37.98 4,800,810 06/30/2016 14.53% 22.67%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $49.42 $43.77 1,398,265 12/31/2015 12.91% 90.65%
+ YDLE 08/10/2015 Envestnet, Inc. (ENV) Special Conditions $590 million $18.88 $16.82 1,028,752 03/31/2016 12.25% 31.26%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $77.07 1,879,769 09/30/2016 12.24% 13.70%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.35 7,821,508 06/30/2016 11.32% 17.66%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $47.07 145,033 06/30/2016 9.48% 14.78%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $7.69 $7.05 104,025 12/31/2015 9.02% 63.29%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.67 606,908 03/31/2016 8.99% 22.95%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $24.15 $22.25 5,621 12/31/2015 8.55% 59.99%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $51.21 897,958 12/31/2015 8.12% 57.02%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $34.52 3,380,922 06/30/2016 8.05% 12.56%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $202.91 $188.09 1,051,386 12/31/2015 7.88% 55.31%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $34.90 81,093 01/31/2016 7.45% 32.76%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.00 265,926 03/31/2016 6.25% 15.95%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.21 541,529 12/31/2016 6.09% 5.32%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $26.14 33,265,389 03/31/2016 5.59% 14.26%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.45 $66.85 1,195,650 06/30/2016 5.39% 8.40%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.46 5,648 12/31/2015 5.38% 37.77%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.64 1,142,061 03/31/2016 5.11% 13.03%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.69 590,231 03/31/2016 5.08% 12.97%
+ PLNR 08/12/2015 Leyard Optoelectronic Co., Ltd. (N/A) All Cash $156.8 million $6.58 $6.27 327,552 12/31/2015 4.94% 34.70%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.54 $12.00 290,884 06/30/2016 4.46% 6.95%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.65 549,974 12/31/2016 4.08% 3.56%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.41 $10.98 8,206,218 09/30/2016 3.87% 4.34%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $71.05 $68.62 2,653,587 03/31/2016 3.54% 9.03%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.05 147,564 12/31/2015 3.45% 24.20%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.17 974,031 03/31/2016 3.32% 8.47%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.81 492,370 04/30/2016 3.26% 6.88%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $34.36 $33.34 84,815 03/31/2016 3.06% 7.82%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $29.99 $29.10 1,040,669 03/31/2016 3.06% 7.80%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $35.15 $34.11 6,163 03/31/2016 3.04% 7.77%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.64 739,577 06/30/2016 2.85% 4.44%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.57 2,249,113 03/31/2016 2.72% 6.94%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.54 1,194,980 12/10/2015 2.68% 31.50%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.68 333,338 05/15/2016 2.59% 5.03%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $111.85 $109.18 219,336 03/31/2016 2.44% 6.23%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $8.32 $8.13 185,356 03/31/2016 2.34% 5.98%
+ GOMO 06/08/2015 Sunflower Parent Limited (N/A) All Cash N/A $4.90 $4.79 28,998 12/31/2015 2.30% 16.12%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.96 1,321,061 06/30/2016 2.19% 3.41%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $24.69 $24.17 1,741 12/31/2015 2.15% 15.07%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.68 749,095 03/31/2016 2.14% 5.46%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $63.69 68,988 03/31/2016 2.06% 5.25%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.28 6,803,473 03/31/2016 2.02% 5.15%
+ GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) All Cash $1.9 billion $7.10 $6.96 237,649 12/31/2015 2.01% 14.12%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.66 $16.34 1,177,251 12/31/2016 1.96% 1.71%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.74 369,371 12/31/2015 1.89% 13.28%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $230.65 647,403 03/31/2016 1.89% 4.81%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $138.31 222,939 03/31/2016 1.58% 4.04%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $66.66 $65.65 683,604 03/31/2016 1.54% 3.92%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $4.13 $4.07 4,217,004 06/30/2016 1.49% 2.32%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.06 167,027 12/31/2015 1.49% 10.42%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.55 156,075 03/31/2016 1.47% 3.76%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.92 487,210 03/31/2016 1.39% 3.55%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $130.96 $129.25 1,089,006 03/31/2016 1.33% 3.38%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $53.79 7,373,246 03/31/2016 1.32% 3.37%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.21 21,018 12/31/2015 1.25% 8.75%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.59 133,276 03/31/2016 1.24% 3.17%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $74.34 419,711 12/31/2015 1.22% 8.59%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.14 158,868 03/31/2016 1.20% 3.07%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $34.73 $34.32 1,527,644 12/31/2015 1.20% 8.41%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.87 259 03/31/2016 1.20% 3.05%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.74 247,633 12/31/2015 1.14% 8.03%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.81 2,193,823 03/31/2016 1.07% 2.72%
+ AWAY 11/04/2015 Expedia Inc. (EXPE) Cash Plus Stock $3.9 billion $37.68 $37.30 11,447,854 03/31/2016 1.02% 2.60%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.11 4,734,184 03/31/2016 0.99% 2.53%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 451,492 12/31/2015 0.88% 6.16%
+ DAEG 10/08/2015 Open Text Corporation (OTEX) All Cash $13.5 million $0.82 $0.813 1,743 12/31/2015 0.86% 6.04%
+ IPCM 08/04/2015 Team Health Holdings, Inc. (TMH) All Cash $1.6 billion $80.25 $79.72 160,463 12/31/2015 0.66% 4.67%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.82 1,757,510 12/31/2016 0.57% 0.49%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $40.91 $40.70 409,754 03/31/2016 0.52% 1.33%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.20 366,984 01/31/2016 0.49% 2.16%
+ XOOM 07/01/2015 PayPal, Inc. (N/A) All Cash $890 million $25.00 $24.89 252,574 12/31/2015 0.44% 3.10%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $139.56 315,681 11/30/2015 0.32% 5.48%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.09 696,442 03/31/2016 0.14% 0.36%
+ REMY 07/13/2015 BorgWarner Inc. (BWA) All Cash $1.2 billion $29.50 $29.49 198,588 12/31/2015 0.03% 0.24%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $835 million $15.00 $15.01 453,623 03/31/2016 -0.07% -0.17%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $22.84 $22.87 706,637 12/31/2015 -0.14% -0.95%
+ SIBC 12/30/2014 First NBC Bank Holding Company (FNBC) All Cash $49 million $21.25 $21.35 N/A 12/31/2015 -0.47% -3.29%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.21 23,254 03/31/2016 -1.72% -4.39%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $11.56 $11.80 66,684 04/30/2016 -2.07% -4.37%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $53.56 $54.82 244,865 01/31/2016 -2.31% -10.14%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $28.08 $28.90 839,498 03/31/2016 -2.82% -7.20%
+ PSEM 09/03/2015 Diodes Incorporated (DIOD) All Cash $400 million $17.00 $18.03 173,142 12/31/2015 -5.71% -40.10%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $121.80 $129.45 399,939 12/31/2015 -5.91% -41.50%
+ PMCS 10/05/2015 Skyworks Solutions Inc. (SWKS) All Cash $2 billion $10.50 $11.86 1,519,981 06/30/2016 -11.47% -17.89%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.80 $8.10 74,552 03/31/2015 -28.35% 46.41%

Voluntary Disclosure: I hold a long position in CCG.

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

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Merger Arbitrage Mondays – November 2, 2015

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November 1, 2015 | Merger Arbitrage | Author Asif

Merger activity increased last week with eleven new deals announced and four closing.

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

Deal Statistics:

Total Number of Deals Closed in 2015 171
Total Number of Deals Not Completed in 2015 5
Total Number of Pending Deals
Cash Deals 50
Stock Deals 12
Stock & Cash Deals 20
Special Conditions 10
Total Number of Pending Deals 92
Total Deal Size $1256.43 billion

New Deals:

  1. The acquisition of Piedmont Natural Gas (PNY) by Duke Energy Corporation (DUK) for $6.7 billion or $60.00 per share in cash.
  2. The acquisition of Northern Tier Energy (NTI) by Western Refining (WNR) in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $17.50 per share in cash and 0.2266 a share of Western common stock.
  3. The acquisition of Pep Boys – Manny, Moe & Jack (PBY) by Bridgestone Americas for $835 million or $15.00 per share in cash.
  4. The acquisition of VBI Vaccines (VBIV) by SciVac Therapeutics (SVACF) in an all stock deal. Under the terms of the agreement, each share of VBI common stock will be converted into the right to receive 20.808356 common shares of SciVac. We are using March 31, 2016 as the closing date because a closing date is not specified. We will update the closing date when the information becomes available.
  5. The acquisition of TriVascular Technologies (TRIV) by (ELGX) in a stock and cash transaction valued at $9.10 per TriVascular share, or a total of approximately $211 million. Under the terms of the agreement, each outstanding TriVascular share will be entitled to receive a number of shares of Endologix common stock and an amount of cash, each to be determined at the closing of the merger. The stock portion of the consideration will equal in the aggregate 19.999% of Endologix’s outstanding shares of common stock as of the effective time of the merger. The cash portion of the consideration will be determined at closing based on the intrinsic value of TriVascular options, restricted stock units, and warrants and, if applicable, the conversion of TriVascular convertible debt prior to such time. We are treating this as a ’special conditions’ deal, since there is so much uncertainty about the actual value of the deal.
  6. The acquisition of River Valley Bancorp (RIVR) by German American Bancorp (GABC) in an cash plus stock deal. Under the terms of the agreement, River Valley common shareholders will receive 0.770 shares of German American common stock for each share of River Valley, plus a cash payment of $9.90 per River Valley share.
  7. The acquisition of Rite Aid Corporation (RAD) by Walgreens Boots Alliance (WBA) for $17.2 billion or $9.00 per share in cash.
  8. The acquisition of Perseon Corporation (PRSN) by Galil Medical for $10.6 million. Under the terms of the agreement, shareholders of Perseon Corporation will receive $1.00 per share in cash.  In addition, Galil Medical will offer $0.02 per publicly traded warrant.
  9. The acquisition of Diamond Foods (DMND) by Snyder’s-Lance (LNCE) for $1.91 billion in a cash plus stock deal. Under the terms of the agreement, Diamond stockholders will receive 0.775 Snyder’s-Lance shares and $12.50 in cash per Diamond Foods share upon closing of the transaction.
  10. The acquisition of Astoria Financial Corporation (AF) by New York Community Bancorp (NYCB) for $2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Astoria Financial Corporation will receive one share of New York Community common stock and $0.50 in cash in exchange for each share of Astoria stock held at the merger date.
  11. The acquisition of First Niagara Financial Group (FNFG) by KeyCorp. (KEY) for $4.1 billion in a cash plus stock deal. Under the terms of the agreement, First Niagara shareholders will receive 0.68 KeyCorp shares and $2.30 in cash for each First Niagara common share.

Deal Updates:

  1. On October 30, 2015, Skyworks Solutions (SWKS) and PMC-Sierra (PMCS) announced that they have entered into an amended and restated merger agreement under which Skyworks has agreed to acquire PMC for $11.60 in cash per share of PMC common stock, an increase from its previous agreement to acquire PMC for $10.50 in cash per share of PMC common stock. Skyworks proposed the amended and restated merger agreement in response to Microsemi Corporations (MSCC) proposal to acquire PMC for $8.75 in cash and 0.0736 of a share of Microsemi common stock per share of PMC common stock. Microsemi hiked its bid again to $2.3 billion in cash and stock, or roughly $11.88 a share, hours after Skyworks Solutions raised its initial offer.

Closed Deals:

  1. The acquisition of Envivio (ENVI) by Ericsson on October 27, 2015. It took 47 days for this deal to be completed.
  2. The acquisition of HCC Insurance Holdings (HCC) by Tokio Marine Holdings on October 27, 2015. It took 139 days for this deal to be completed.
  3. The acquisition of OM Group (OMG) by Apollo Global Management (APO) on October 28, 2015. It took 149 days for this deal to be completed.
  4. The acquisition of Con-way (CNW) by XPO Logistics (XPO) on October 30, 2015. It took 51 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

PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.5750 03/31/2016 73.91% 179.86%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $16.50 $11.83 12/31/2015 39.48% 244.22%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.76 01/31/2016 34.62% 140.38%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.19 12/31/2016 32.60% 28.00%
ODP 02/04/2015 Staples, Inc. (SPLS) $10.09 $7.62 12/31/2015 32.44% 200.71%
CI 07/24/2015 Anthem, Inc. (ANTM) $175.09 $134.04 12/31/2016 30.63% 26.30%
HUM 07/03/2015 Aetna Inc. (AET) $221.13 $178.63 12/31/2016 23.79% 20.43%
VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) $3.33 $2.70 03/31/2016 23.31% 56.72%
TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) $0.58 $0.481 12/31/2015 20.58% 127.33%
BHI 11/16/2014 Halliburton Company (HAL) $61.99 $52.68 12/31/2015 17.66% 109.28%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.5750 152,506 03/31/2016 73.91% 179.86%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $11.83 431,861 12/31/2015 39.48% 244.22%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.76 77,239 01/31/2016 34.62% 140.38%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.19 62,963 12/31/2016 32.60% 28.00%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.09 $7.62 4,022,188 12/31/2015 32.44% 200.71%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $175.09 $134.04 1,173,390 12/31/2016 30.63% 26.30%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $221.13 $178.63 950,241 12/31/2016 23.79% 20.43%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $3.33 $2.70 42,952 03/31/2016 23.31% 56.72%
+ TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) All Cash N/A $0.58 $0.481 42,523 12/31/2015 20.58% 127.33%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $61.99 $52.68 2,399,710 12/31/2015 17.66% 109.28%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.75 $7.60 18,433,647 03/31/2016 15.12% 36.79%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $29.26 356,160 12/31/2015 14.49% 89.65%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.88 33,951,731 12/31/2016 14.21% 12.21%
+ YDLE 08/10/2015 Envestnet, Inc. (ENV) Special Conditions $590 million $18.88 $16.78 259,044 03/31/2016 12.51% 30.45%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $77.00 3,075,234 09/30/2016 12.34% 13.52%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $39.44 7,878,478 06/30/2016 10.29% 15.59%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $47.02 240,351 06/30/2016 9.59% 14.53%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $34.38 229,131 01/31/2016 9.08% 36.80%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.04 819,557 06/30/2016 7.97% 12.08%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $203.28 $189.40 1,542,752 12/31/2015 7.33% 45.33%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.59 2,027,137 06/30/2016 7.09% 10.74%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $17.02 $15.96 7,696,715 12/31/2016 6.64% 5.70%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $22.97 $21.54 2,048 12/31/2015 6.63% 41.02%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $6.60 $6.22 64,978 12/31/2015 6.11% 37.79%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.63 768,378 03/31/2016 6.03% 14.68%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $51.40 3,658,097 03/31/2016 6.03% 14.68%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.44 14,396 12/31/2015 5.86% 36.23%
+ PLNR 08/12/2015 Leyard Optoelectronic Co., Ltd. (N/A) All Cash $156.8 million $6.58 $6.23 144,342 12/31/2015 5.62% 34.76%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.50 653,312 12/31/2016 5.60% 4.81%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $12.82 107,384 12/31/2015 5.30% 32.81%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.30 $67.12 1,208,588 06/30/2016 4.73% 7.16%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.31 1,155,730 12/31/2016 4.69% 4.03%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $45.65 $43.68 1,439,217 12/31/2015 4.51% 27.92%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $53.00 908,806 12/31/2015 4.47% 27.66%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.41 135,190 03/31/2016 4.47% 10.87%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $11.78 $11.31 184,668 06/30/2016 4.11% 6.23%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.75 $10.35 72,209,388 09/30/2016 3.82% 4.19%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.03 1,355,860 03/31/2016 3.57% 8.68%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $70.40 $68.01 1,604,669 03/31/2016 3.52% 8.56%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $31.96 $30.98 63,638 03/31/2016 3.18% 7.73%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.87 506,082 04/30/2016 3.05% 6.18%
+ GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) All Cash $1.9 billion $7.10 $6.89 371,181 12/31/2015 3.05% 18.86%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.02 $33.02 9,056 03/31/2016 3.04% 7.40%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.55 2,491,634 03/31/2016 2.76% 6.71%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $63.36 82,832 03/31/2016 2.59% 6.30%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.17 20,879 12/31/2015 2.52% 15.61%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.73 698,226 05/15/2016 2.43% 4.54%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.68 251,247 12/31/2015 2.34% 14.47%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.63 1,186,869 12/10/2015 2.33% 22.36%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.48 103,636 12/31/2015 2.31% 14.31%
+ IPCM 08/04/2015 Team Health Holdings, Inc. (TMH) All Cash $1.6 billion $80.25 $78.48 304,924 12/31/2015 2.26% 13.95%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.66 1,246,899 03/31/2016 2.18% 5.30%
+ GOMO 06/08/2015 Sunflower Parent Limited (N/A) All Cash N/A $4.90 $4.80 35,833 12/31/2015 2.08% 12.89%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.00 1,699,079 06/30/2016 2.04% 3.09%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.04 147,606 12/31/2015 1.82% 11.27%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $230.81 1,089,211 03/31/2016 1.82% 4.42%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $12.05 $11.85 182,477 04/30/2016 1.73% 3.50%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.51 105,985 03/31/2016 1.61% 3.91%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $65.25 $64.26 759,884 03/31/2016 1.54% 3.74%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $131.27 $129.35 1,606,741 03/31/2016 1.48% 3.61%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.41 2,950,669 03/31/2016 1.45% 3.53%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.86 4,204 03/31/2016 1.29% 3.14%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $4.08 $4.03 8,109,773 06/30/2016 1.27% 1.92%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $110.39 $109.13 355,647 03/31/2016 1.16% 2.82%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $74.42 514,649 12/31/2015 1.12% 6.90%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.00 221,347 03/31/2016 1.08% 2.63%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $40.04 $39.62 1,182,752 03/31/2016 1.07% 2.60%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.10 3,310,174 03/31/2016 1.06% 2.59%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $33.84 $33.49 2,482,176 12/31/2015 1.04% 6.41%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 692,753 12/31/2015 0.88% 5.43%
+ DAEG 10/08/2015 Open Text Corporation (OTEX) All Cash $13.5 million $0.82 $0.813 1,841 12/31/2015 0.86% 5.33%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.19 773,607 03/31/2016 0.65% 1.59%
+ FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) All Cash $160 million $2.35 $2.34 20,757 11/02/2015 0.43% 0.00%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.21 750,811 01/31/2016 0.39% 1.59%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $26.93 $26.84 688,784 03/31/2016 0.34% 0.83%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.72 179,575 03/31/2016 0.24% 0.59%
+ XOOM 07/01/2015 PayPal, Inc. (N/A) All Cash $890 million $25.00 $24.94 188,774 12/31/2015 0.24% 1.49%
+ CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $89.81 $89.60 13,898,112 12/31/2015 0.23% 1.45%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $139.72 648,301 11/30/2015 0.20% 2.61%
+ REMY 07/13/2015 BorgWarner Inc. (BWA) All Cash $1.2 billion $29.50 $29.49 166,558 12/31/2015 0.03% 0.21%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.10 $10.12 25,304,169 11/01/2015 -0.18% 64.61%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $835 million $15.00 $15.04 1,525,053 03/31/2016 -0.27% -0.65%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $123.04 $123.56 540,303 12/31/2015 -0.42% -2.59%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.13 1,674,360 03/31/2016 -0.42% -1.02%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $22.58 $22.68 378,559 12/31/2015 -0.42% -2.62%
+ SIBC 12/30/2014 First NBC Bank Holding Company (FNBC) All Cash $49 million $21.25 $21.35 3,000 12/31/2015 -0.47% -2.90%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $23.70 $23.98 159 12/31/2015 -1.15% -7.12%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.24 96,960 03/31/2016 -1.96% -4.77%
+ PSEM 09/03/2015 Diodes Incorporated (DIOD) All Cash $400 million $17.00 $17.45 297,531 12/31/2015 -2.58% -15.95%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $49.20 $55.18 135,269 01/31/2016 -10.84% -43.97%
+ PMCS 10/05/2015 Skyworks Solutions Inc. (SWKS) All Cash $2 billion $10.50 $11.92 28,225,857 06/30/2016 -11.91% -18.04%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.35 $7.32 68,899 03/31/2015 -26.98% 45.59%

Voluntary Disclosure: I hold a long position in CCG.

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

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Merger Arbitrage Mondays – October 26, 2015

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October 25, 2015 | Merger Arbitrage | Author Asif

Merger activity decreased last week with three 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 2015 167
Total Number of Deals Not Completed in 2015 5
Total Number of Pending Deals
Cash Deals 50
Stock Deals 11
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 85
Total Deal Size $1223.47 billion

New Deals:

  1. The acquisition of SanDisk (SNDK) by Western Digital Corporation (WDC) for $19 billion. Under the terms of the agreement, if the previously announced investment in Western Digital by Unisplendour Corporation Limited closes prior to this acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of Western Digital common stock per share of SanDisk common stock; and if the Unisplendour transaction has not closed or has been terminated, $67.50 in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock.
  2. The acquisition of KLA-Tencor Corporation (KLAC) by Lam Research Corporation (LRCX) for $10.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of KLA-Tencor will be entitled to elect to receive for the shares of KLA-Tencor stock they hold the economic equivalent of $32.00 in cash and 0.5 of a share of Lam Research common stock, in all-cash, all-stock, or mixed consideration.
  3. The acquisition of SolarWinds (SWI) by Silver Lake Partners and Thoma Bravo for $4.5 billion or $60.10 per share in cash.

Deal Updates:

  1. On October 22, 2015, The Board of Directors of Pepco Holdings (POM) declared a quarterly dividend of $0.27 per share on Pepco Holdings’ common stock that is payable on Dec. 31, 2015, to shareholders of record on Dec. 10, 2015, provided that the company’s proposed merger with Exelon Corporation does not close on or prior to the close of business on Dec. 10, 2015. The board of directors also declared a contingent pro-rata dividend to be paid in lieu of the regular quarterly dividend described above in the event that the merger closes before the close of business on Dec. 10, 2015.

Closed Deals:

  1. The acquisition of Adept Technology (ADEP) by OMRON Corporation on October 23, 2015. It took 37 days for this deal to be completed.
  2. The acquisition of Millennial Media (MM) by AOL on October 23, 2015. It took 50 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

VSLR 07/20/2015 SunEdison, Inc. (SUNE) $16.50 $11.85 12/31/2015 39.24% 217.01%
ODP 02/04/2015 Staples, Inc. (SPLS) $10.01 $7.30 12/31/2015 37.11% 205.23%
CI 07/24/2015 Anthem, Inc. (ANTM) $176.02 $132.54 12/31/2016 32.80% 27.72%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.31 12/31/2016 27.79% 23.48%
HUM 07/03/2015 Aetna Inc. (AET) $213.67 $168.20 12/31/2016 27.04% 22.84%
BHI 11/16/2014 Halliburton Company (HAL) $62.92 $53.93 12/31/2015 16.66% 92.14%
HE 12/03/2014 NextEra Energy, Inc. (NEE) $33.50 $29.26 12/31/2015 14.49% 80.14%
YDLE 08/10/2015 Envestnet, Inc. (ENV) $18.88 $16.59 03/31/2016 13.80% 32.09%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $45.40 06/30/2016 13.50% 19.87%
PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) $37.50 $33.12 01/31/2016 13.22% 49.76%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $11.85 191,641 12/31/2015 39.24% 217.01%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.01 $7.30 9,534,736 12/31/2015 37.11% 205.23%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $176.02 $132.54 1,939,265 12/31/2016 32.80% 27.72%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.31 26,619 12/31/2016 27.79% 23.48%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $213.67 $168.20 2,746,602 12/31/2016 27.04% 22.84%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $62.92 $53.93 3,384,330 12/31/2015 16.66% 92.14%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $29.26 487,625 12/31/2015 14.49% 80.14%
+ YDLE 08/10/2015 Envestnet, Inc. (ENV) Special Conditions $590 million $18.88 $16.59 630,689 03/31/2016 13.80% 32.09%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $45.40 104,032 06/30/2016 13.50% 19.87%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $33.12 162,617 01/31/2016 13.22% 49.76%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $9.64 $8.62 10,391,213 03/31/2016 11.87% 27.59%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $39.20 6,632,294 06/30/2016 10.97% 16.14%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $78.37 6,533,234 09/30/2016 10.37% 11.14%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $198.98 $185.19 1,358,948 12/31/2015 7.45% 41.19%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.58 1,277,230 03/31/2016 6.84% 15.90%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.71 2,815,391 06/30/2016 6.70% 9.85%
+ TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) All Cash N/A $0.58 $0.545 12,026 12/31/2015 6.42% 35.52%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.02 637,568 12/31/2016 6.42% 5.42%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $13.15 $12.40 52,236 04/30/2016 6.02% 11.76%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $69.29 $65.35 8,384,515 06/30/2016 6.02% 8.86%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.27 743,874 06/30/2016 5.95% 8.76%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $23.05 $21.76 23,983 10/31/2015 5.94% 433.70%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $12.77 111,830 12/31/2015 5.72% 31.61%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $6.94 $6.59 60,735 12/31/2015 5.32% 29.42%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.47 12,708 12/31/2015 5.15% 28.46%
+ PLNR 08/12/2015 Leyard Optoelectronic Co., Ltd. (N/A) All Cash $156.8 million $6.58 $6.30 135,950 12/31/2015 4.44% 24.58%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $57.96 1,553,300 03/31/2016 3.69% 8.58%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $70.54 $68.10 2,222,414 03/31/2016 3.58% 8.33%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $53.51 200,048 12/31/2015 3.48% 19.22%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.00 1,221,726 03/31/2016 3.43% 7.96%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.68 201,156 03/31/2016 3.32% 7.72%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.39 2,096,816 12/10/2015 3.26% 26.43%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $32.39 $31.37 32,666 03/31/2016 3.26% 7.57%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.83 463,073 04/30/2016 3.19% 6.23%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.15 23,702 12/31/2015 3.17% 17.56%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $11.37 $11.05 684,000 06/30/2016 2.90% 4.26%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.57 2,596,265 03/31/2016 2.72% 6.32%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.12 189,711 12/31/2015 2.68% 14.81%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $53.13 5,907,784 03/31/2016 2.58% 5.99%
+ GOMO 06/08/2015 Sunflower Parent Limited (N/A) All Cash N/A $4.90 $4.78 43,416 12/31/2015 2.51% 13.88%
+ OMG 06/01/2015 Apollo Global Management, LLC (APO) All Cash N/A $34.00 $33.18 2,982,485 12/31/2015 2.47% 13.67%
+ GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) All Cash $1.9 billion $7.10 $6.93 163,431 12/31/2015 2.45% 13.57%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.68 235,611 12/31/2015 2.34% 12.94%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $24.26 $23.75 7,086 12/31/2015 2.13% 11.77%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.85 465,168 05/15/2016 2.04% 3.69%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.28 5,316,279 03/31/2016 2.02% 4.69%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $41.72 $40.90 1,341,060 12/31/2015 2.00% 11.04%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $230.50 903,336 03/31/2016 1.95% 4.54%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.42 180,735 03/31/2016 1.91% 4.43%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.30 $10.11 6,673,104 10/31/2015 1.90% 138.69%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.58 254,579 12/31/2015 1.86% 10.29%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.04 194,653 12/31/2015 1.82% 10.07%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.07 1,469,166 06/30/2016 1.77% 2.61%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $63.86 $62.76 1,543,706 03/31/2016 1.75% 4.07%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $63.92 112,886 03/31/2016 1.69% 3.93%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.11 238,441 03/31/2016 1.54% 3.57%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.75 $3.69 2,251,591 06/30/2016 1.50% 2.21%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $23.54 $23.23 406,361 12/31/2015 1.34% 7.40%
+ IPCM 08/04/2015 Team Health Holdings, Inc. (TMH) All Cash $1.6 billion $80.25 $79.22 403,402 12/31/2015 1.30% 7.19%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $74.29 1,262,711 12/31/2015 1.29% 7.15%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.86 9,141 03/31/2016 1.29% 3.00%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.07 6,458,937 03/31/2016 1.28% 2.97%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $132.05 $130.58 1,396,046 03/31/2016 1.12% 2.61%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $138.96 418,009 03/31/2016 1.11% 2.58%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $40.08 $39.71 2,484,224 12/31/2015 0.94% 5.20%
+ SIBC 12/30/2014 First NBC Bank Holding Company (FNBC) All Cash $49 million $21.25 $21.10 1,008 12/31/2015 0.71% 3.93%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.18 857,717 01/31/2016 0.69% 2.59%
+ DAEG 10/08/2015 Open Text Corporation (OTEX) All Cash $13.5 million $0.82 $0.815 167,291 12/31/2015 0.61% 3.39%
+ CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $89.78 $89.51 1,250,019 12/31/2015 0.30% 1.67%
+ ENVI 09/10/2015 Ericsson (N/A) All Cash $125 million $4.10 $4.09 40,709 12/31/2015 0.24% 1.35%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $139.75 867,618 11/30/2015 0.18% 1.87%
+ XOOM 07/01/2015 PayPal, Inc. (N/A) All Cash $890 million $25.00 $24.96 189,526 12/31/2015 0.16% 0.89%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.09 1,599,397 03/31/2016 0.14% 0.33%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.86 212,312 03/31/2016 0.12% 0.28%
+ CNW 09/09/2015 XPO Logistics, Inc. (XPO) All Cash $3 billion $47.60 $47.56 1,383,927 10/31/2015 0.08% 6.14%
+ HCC 06/10/2015 Tokio Marine Holdings, Inc. (N/A) All Cash $7.5 billion $78.00 $77.97 1,670,144 12/31/2015 0.04% 0.21%
+ REMY 07/13/2015 BorgWarner Inc. (BWA) All Cash $1.2 billion $29.50 $29.50 173,405 12/31/2015 0.00% 0.00%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $121.35 $122.67 205,491 12/31/2015 -1.08% -5.97%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.22 144,522 03/31/2016 -1.80% -4.19%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $106.60 $109.29 424,604 03/31/2016 -2.46% -5.72%
+ FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) All Cash $160 million $2.35 $2.45 79,130 10/31/2015 -4.08% -297.96%
+ PSEM 09/03/2015 Diodes Incorporated (DIOD) All Cash $400 million $17.00 $17.84 85,485 12/31/2015 -4.71% -26.04%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $49.73 $53.19 113,621 01/31/2016 -6.51% -24.51%
+ PMCS 10/05/2015 Skyworks Solutions Inc. (SWKS) All Cash $2 billion $10.50 $11.72 3,214,323 06/30/2016 -10.41% -15.32%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.33 $7.22 55,411 03/31/2015 -26.15% 45.67%

Voluntary Disclosure: I hold a long position in CCG.

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