Blog

Merger Arbitrage Mondays – July 25, 2016

Bookmark and Share

July 24, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

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

New Deals:

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

Deal Updates:

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

Closed Deals:

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

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $6.82 12/31/2016 31.96% 73.38%
HUM 07/03/2015 Aetna Inc. (AET) $225.89 $176.05 12/31/2016 28.31% 64.98%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $43.96 12/31/2016 27.39% 62.87%
CI 07/24/2015 Anthem, Inc. (ANTM) $177.04 $146.00 12/31/2016 21.26% 48.81%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.30 09/30/2016 21.21% 115.56%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.26 12/31/2016 13.54% 31.09%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $5.935 12/31/2016 12.22% 28.04%
APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) $10.00 $8.96 08/31/2016 11.61% 114.50%
CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) $36.00 $32.43 09/30/2016 11.01% 59.97%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $6.16 12/31/2016 8.77% 20.12%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $6.82 10,765,931 12/31/2016 31.96% 73.38%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.89 $176.05 5,476,568 12/31/2016 28.31% 64.98%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $43.96 360,229 12/31/2016 27.39% 62.87%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $177.04 $146.00 3,964,647 12/31/2016 21.26% 48.81%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.30 52,029 09/30/2016 21.21% 115.56%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.26 2,399,263 12/31/2016 13.54% 31.09%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $5.935 11,647 12/31/2016 12.22% 28.04%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $8.96 396,011 08/31/2016 11.61% 114.50%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $32.43 2,133,803 09/30/2016 11.01% 59.97%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.16 184,437 12/31/2016 8.77% 20.12%
+ YDKN 07/21/2016 F.N.B. Corporation (FNB) All Cash $1.4 billion $27.35 $25.40 1,842,431 03/31/2017 7.68% 11.25%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.78 272,555 12/31/2016 7.20% 16.53%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.38 993,003 06/30/2016 6.76% 0.00%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.23 907,396 03/31/2017 6.70% 9.83%
+ IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.19 1,257,358 09/30/2016 5.85% 31.90%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.49 $13.72 67,570 08/15/2016 5.58% 96.98%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.03 454,980 03/31/2017 5.58% 8.18%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.901 287,289 03/31/2017 5.44% 7.97%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.70 600 12/31/2016 5.42% 12.44%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $32.31 $30.74 659,875 12/31/2016 5.12% 11.76%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.10 133,340 08/15/2016 4.84% 84.10%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.51 30,547 09/30/2016 4.38% 23.87%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.49 41,800 06/30/2016 3.78% 0.00%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $34.31 $33.18 25,238 12/31/2016 3.40% 7.81%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $84.34 $81.70 1,608,842 12/31/2016 3.23% 7.42%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $189.95 549,540 12/31/2016 3.19% 7.31%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $77.52 844,260 07/31/2016 2.59% 157.73%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.74 $46.59 639,066 12/31/2016 2.47% 5.67%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.93 8,550 09/30/2016 2.43% 13.26%
+ OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.49 $21.96 30,280 01/31/2017 2.39% 4.60%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.71 327,087 12/31/2016 2.12% 4.86%
+ ARMH 07/18/2016 SoftBank Group (SFBTY) All Cash $32 billion $67.32 $66.03 1,729,112 12/31/2016 1.95% 4.48%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.34 $1.31 46,403 09/30/2016 1.93% 10.49%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.89 65,532 12/31/2016 1.91% 4.39%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.50 397,069 09/30/2016 1.90% 10.38%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.27 $15.00 513,088 12/31/2016 1.80% 4.13%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.42 $15.16 1,738,779 12/31/2016 1.74% 3.99%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.46 1,709,760 12/31/2016 1.66% 3.82%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.48 $26.05 1,718,922 12/31/2016 1.66% 3.81%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.54 $12.36 9,269 12/31/2016 1.48% 3.40%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.06 991,290 09/30/2016 1.46% 7.97%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $55.44 3,980,185 12/31/2016 1.46% 3.35%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.73 $18.47 4,288 03/31/2017 1.39% 2.04%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.81 1,127,378 12/31/2016 1.38% 3.16%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.73 710,273 07/21/2016 1.37% 0.00%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.22 362,161 12/31/2016 1.35% 3.10%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.26 136,718 01/01/2017 1.32% 3.00%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $19.08 $18.84 403 12/31/2016 1.30% 2.98%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $77.03 $76.06 443,130 06/30/2016 1.27% 0.00%
+ JOY 07/21/2016 Komatsu America Corp. (N/A) All Cash $3.7 billion $28.30 $27.95 11,923,182 06/30/2017 1.25% 1.34%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.31 161,593 01/31/2017 1.12% 2.15%
+ IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) All Cash $544 million $19.25 $19.04 498,844 12/31/2016 1.10% 2.53%
+ GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) All Cash $135 million $12.00 $11.87 80,724 12/31/2016 1.10% 2.51%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.77 264,379 09/30/2016 0.93% 5.06%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.39 2,817,150 09/30/2016 0.89% 4.84%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.77 $37.45 3,845 12/31/2016 0.85% 1.94%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.82 372,747 10/15/2016 0.73% 3.23%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.76 432,277 03/31/2017 0.71% 1.04%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.91 243,793 12/31/2016 0.65% 1.49%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.96 $20.85 672,927 09/30/2016 0.54% 2.92%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.76 177,591 10/28/2016 0.42% 1.60%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $35.12 662,840 09/30/2016 0.37% 2.02%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $15.23 $15.18 650,980 09/30/2016 0.35% 1.92%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $45.91 $45.76 5,393,944 09/30/2016 0.33% 1.78%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.75 15,998 11/15/2016 0.31% 0.99%
+ SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) All Cash $736 million $21.75 $21.69 847,283 03/31/2017 0.28% 0.41%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.399 132,494 09/30/2016 0.25% 1.37%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.86 272,753 12/31/2016 0.23% 0.54%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $18.72 $18.68 7,103 03/31/2017 0.22% 0.33%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.49 7,285 07/31/2016 0.22% 13.55%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.59 104,380 09/30/2016 0.22% 1.19%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.47 38,289 09/30/2016 0.19% 1.06%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.93 $17.90 328,366 12/31/2016 0.17% 0.38%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.20 1,667,474 12/31/2016 0.17% 0.38%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.995 32,095 06/30/2016 0.13% 0.00%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.72 587,811 06/30/2016 0.11% 0.00%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.98 626,039 09/30/2016 0.10% 0.52%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.74 443,359 09/30/2016 0.06% 0.31%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.99 1,441,088 12/31/2016 0.02% 0.06%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.33 $10.33 2,380,819 09/30/2016 0.01% 0.04%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $35.05 191,885 09/30/2016 0.00% 0.00%
+ RLYP 07/21/2016 Galenica Group (N/A) All Cash $1.53 billion $32.00 $32.07 13,218,946 09/30/2016 -0.22% -1.19%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.17 $11.20 370,293 07/29/2016 -0.27% -24.45%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.12 27,016 12/31/2016 -0.32% -0.74%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $86.36 26,893 08/31/2016 -0.42% -4.11%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.64 $25.78 80,736 09/30/2016 -0.56% -3.03%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.17 487,518 12/31/2016 -0.68% -1.55%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $28.43 $28.63 1,066,464 12/31/2016 -0.71% -1.62%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.15 $16.36 480,286 05/31/2017 -1.26% -1.49%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.02 $13.26 11,339 06/30/2016 -1.77% 25.91%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.76 359,517 12/15/2016 -3.49% -8.91%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $31.13 221,657 12/31/2016 -3.63% -8.33%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $5.97 200,760 09/30/2016 -3.69% -20.08%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.41 $1.46 160,246 12/31/2016 -3.76% -8.64%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.56 $1.62 187,369 12/31/2016 -3.99% -9.17%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.64 $10.98 184,910 12/31/2016 -57.73% -132.52%

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

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

Leave A Comment

Insider Weekends – July 22, 2016

Bookmark and Share

July 23, 2016 | Insider Buying | Author Asif

Welcome to edition 318 of Insider Weekends. Insider buying increased last week with insiders buying $29.17 million of stock compared to $6.38 million in the week prior. Selling also increased with insiders selling $757.96 million of stock last week compared to $578.34 million in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week decreased to 25.98. In other words, insiders sold  almost 26 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 90.65. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio July 22, 2016

Insider Sell Buy Ratio July 22, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Cheniere Energy, Inc. (LNG): $41.08

President and CEO Jack A. Fusco acquired 37,604 shares of this liquefied natural gas company, paying $39.89 per share for a total amount of $1.49 million. Mr. Fusco increased his stake by 14.00% to 306,180 shares with this purchase. 18,802 of these shares were purchased indirectly by Fusco Energy Investments, LLP.

You can view the list of recent insider transactions for Cheniere Energy, Inc. here.

P/E: -9.07 Forward P/E: 46.68 Industry P/E: 30.06
P/S: 34.09 Price/Book: N/A EV/EBITDA: -102.34
Market Cap: $9.68B Avg. Daily Volume: 2,512,630 52 Week Range: $22.8 – $71.11

2. Akamai Technologies, Inc. (AKAM): $57.89

Chief Executive Officer F Thomson Leighton acquired 17,456 shares of this content delivery and cloud infrastructure company, paying $57.28 per share for a total amount of $999,880. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Akamai Technologies, Inc. here.

P/E: 32.71 Forward P/E: 18.98 Industry P/E: 30.66
P/S: 4.49 Price/Book: 3.23 EV/EBITDA: 14.25
Market Cap: $10.17B Avg. Daily Volume: 1,669,580 52 Week Range: $39.43 – $76.98

3. Restoration Hardware Holdings, Inc. (RH): $30.42

Chairman & CEO Gary G. Friedman acquired 32,918 shares of this home furnishing company, paying $27.59 per share for a total amount of $908,208. Mr. Friedman increased his stake by 1.51% to 2,207,451 shares with this purchase.

You can view the list of recent insider transactions for Restoration Hardware Holdings, Inc. here.

P/E: 18.02 Forward P/E: N/A Industry P/E: 16.06
P/S: 0.58 Price/Book: 1.41 EV/EBITDA: 6.89
Market Cap: $1.24B Avg. Daily Volume: 2,942,020 52 Week Range: $24.75 – $106.49

4. Signet Jewelers Limited (SIG): $89.53

Shares of this specialty jewelry retailer (parent of Kay Jewelers, Jared The Galleria Of Jewelry, H.Samuel, and Ernest Jones) were acquired by 2 insiders:

  • Director Helen McCluskey acquired 1,005 shares, paying $89.91 per share for a total amount of $90,363. Mr. McCluskey increased his stake by 19.36% to 6,197 shares with this purchase.
  • Managing Director, UK Sebastian Hobbs acquired 500 shares, paying $91.72 per share for a total amount of $45,860. Mr. Hobbs increased his stake by 6.11% to 8,684 shares with this purchase.

You can view the list of recent insider transactions for Signet Jewelers Limited here.

P/E: 14.31 Forward P/E: 9.48 Industry P/E: 19.68
P/S: 1 Price/Book: 2.21 EV/EBITDA: 8.57
Market Cap: $6.98B Avg. Daily Volume: 2,030,340 52 Week Range: $77 – $152.27

5. Kingsway Financial Services Inc. (KFS): $5.3

Shares of this insurance company were acquired by 4 insiders:

  • Executive Vice President John Taylor Fitzgerald acquired 18,625 shares, paying $5.31 per share for a total amount of $98,884. Mr. Fitzgerald increased his stake by 6.00% to 328,800 shares with this purchase.
  • President and CEO Larry G. Swets acquired 390 shares, paying $5.35 per share for a total amount of $2,086. Mr. Swets increased his stake by 0.02% to 2,069,324 shares with this purchase.
  • COO, CFO, and EVP William August Hickey Jr. acquired 280 shares, paying $5.35 per share for a total amount of $1,498. Mr. Hickey increased his stake by 0.10% to 294,706 shares with this purchase.
  • Vice President Hassan Baqar acquired 132 shares, paying $5.35 per share for a total amount of $706. Mr. Baqar increased his stake by 0.09% to 148,208 shares with this purchase.

You can view the list of recent insider transactions for Kingsway Financial Services Inc. here.

P/E: -36.12 Forward P/E: N/A Industry P/E: N/A
P/S: 0.68 Price/Book: 2.55 EV/EBITDA: -14
Market Cap: $105.23M Avg. Daily Volume: 16,171 52 Week Range: $3.65 – $5.74

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. ServiceNow, Inc. (NOW): $72.67

Chief Product Officer Frederic B. Luddy sold 150,000 shares of this software-as-a-service provider for $71.20, generating $10.68 million from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for ServiceNow, Inc. here.

P/E: N/A Forward P/E: 71.25 Industry P/E: 23.06
P/S: 10.52 Price/Book: 38.26 EV/EBITDA: -111.59
Market Cap: $11.84B Avg. Daily Volume: 1,505,460 52 Week Range: $46 – $91.28

2. Apple Inc. (AAPL): $98.66

Senior Vice President Angela J. Ahrendts sold 35,797 shares of Apple for $100.00, generating $3.58 million from the sale.

You can view the list of recent insider transactions for Apple Inc. here.

P/E: 10.98 Forward P/E: 11.07 Industry P/E: 19.92
P/S: 2.39 Price/Book: 4.18 EV/EBITDA: 7.19
Market Cap: $540.40B Avg. Daily Volume: 39,026,400 52 Week Range: $89.47 – $123.91

3. Kansas City Southern (KSU): $97.84

Shares of this freight rail company were sold by 2 insiders:

  • Sr VP & Chief Legal Officer William J. Wochner sold 26,521 shares for $98.32, generating $2.61 million from the sale.
  • Senior Advisor to the CEO David L. Starling sold 5,100 shares for $98.88, generating $504,312 from the sale.

You can view the list of recent insider transactions for Kansas City Southern here.

P/E: 21.29 Forward P/E: 18.53 Industry P/E: 17.54
P/S: 4.47 Price/Book: 2.63 EV/EBITDA: 11.3
Market Cap: $10.57B Avg. Daily Volume: 1,365,220 52 Week Range: $62.2 – $101.24

4. Workday, Inc. (WDAY): $79.97

Shares of this application software company were sold by 7 insiders:

  • Chief Executive Officer Aneel Bhusri sold 10,353 shares for $79.06, generating $818,539 from the sale.
  • Vice Chairman Michael A. Stankey sold 8,781 shares for $79.06, generating $694,247 from the sale.
  • Co-President Mark S. Peek sold 6,904 shares for $79.05, generating $545,735 from the sale.
  • Senior Vice President James Bozzini sold 4,603 shares for $79.04, generating $363,821 from the sale.
  • Chairman David A. Duffield sold 3,699 shares for $79.07, generating $292,462 from the sale.
  • SVP, General Counsel & Secty James P. Shaughnessy sold 1,842 shares for $79.05, generating $145,608 from the sale.
  • Chief Financial Officer Robynne Sisco sold 897 shares for $79.01, generating $70,868 from the sale.

You can view the list of recent insider transactions for Workday, Inc. here.

P/E: N/A Forward P/E: 266.57 Industry P/E: 42.08
P/S: 12.25 Price/Book: 13.65 EV/EBITDA: -72.98
Market Cap: $15.75B Avg. Daily Volume: 1,618,890 52 Week Range: $47.32 – $85.67

5. United Rentals, Inc. (URI): $78.22

Shares of this equipment rental company were sold by 3 insiders:

  • President and CEO Michael Kneeland sold 20,000 shares for $76.35, generating $1.53 million from the sale.
  • Exec. VP & COO Matthew John Flannery sold 15,046 shares for $78.12, generating $1.18 million from the sale.
  • Vice President, Controller Jessica Graziano sold 877 shares for $76.34, generating $66,953 from the sale.

You can view the list of recent insider transactions for United Rentals, Inc. here.

P/E: 11.8 Forward P/E: 9.93 Industry P/E: 13.6
P/S: 1.2 Price/Book: 4.54 EV/EBITDA: 8.37
Market Cap: $6.92B Avg. Daily Volume: 1,949,630 52 Week Range: $41.9 – $80.68

You can view the full list of sales from this Insider Sales page.

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

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

Leave A Comment

Merger Arbitrage Mondays – July 18, 2016

Bookmark and Share

July 17, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

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

New Deals:

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

Deal Updates:

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

Closed Deals:

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

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

HUM 07/03/2015 Aetna Inc. (AET) $224.35 $158.89 12/31/2016 41.20% 90.59%
CI 07/24/2015 Anthem, Inc. (ANTM) $172.60 $131.67 12/31/2016 31.08% 68.34%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $43.62 12/31/2016 28.38% 62.41%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.19 12/31/2016 25.17% 55.35%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.31 09/30/2016 20.85% 102.82%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.812 03/31/2017 17.00% 24.23%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $5.89 12/31/2016 13.07% 28.74%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $5.98 12/31/2016 12.04% 26.47%
APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) $10.00 $9.04 08/31/2016 10.62% 88.09%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $35.64 12/31/2016 9.15% 20.11%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

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

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

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

Leave A Comment

Insider Weekends: July 15, 2016

Bookmark and Share

July 17, 2016 | Insider Buying | Author Asif

Welcome to edition 317 of Insider Weekends. As we enter the thick of earnings season, insider buying decreased significantly last week with insiders buying $6.38 million of stock compared to $44.58 million in the week prior. Selling on the other hand increased with insiders selling $578.34 million of stock last week compared to $422.31 million in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week increased to 90.65. In other words, insiders sold  almost 91 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 9.69. We have not seen such a big increase in the buy/sell ratio since September 12, 2014 when the ratio spiked to 95.05. The S&P 500 went on to lose over 6% over the next five weeks. If it is any consolation, the S&P 500 erased those losses and went on to hit new highs less than two weeks later. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio July 15, 2016

Insider Sell Buy Ratio July 15, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Ryman Hospitality Properties, Inc. (RHP): $53.78

Chairman & CEO Colin V. Reed acquired 7,377 shares of this hotel operator, paying $53.44 per share for a total amount of $394,259. Mr. Reed increased his stake by 0.73% to 1,022,861 shares with this purchase.

Ryman’s 5.58% dividend yield is noteworthy in this low interest rate environment, especially considering the average yield of equity REITs is currently 3.65% according to NAREIT.

You can view the list of recent insider transactions for Ryman Hospitality Properties, Inc. here.

P/E: 20.84 Forward P/E: 17.24 Industry P/E: 39.94
P/S: 2.47 Price/Book: 7.92 EV/EBITDA: 14.27
Market Cap: $2.71B Avg. Daily Volume: 230.36k 52 Week Range: $41.5 – $61.02

2. Opko Health, Inc. (OPK): $9.95

CEO & Chairman Phillip Frost M.D. acquired 25,800 shares of this devices and drug development company, paying $9.71 per share for a total amount of $250,635. These shares were purchased indirectly by Frost Gamma Investments Trust.

You can view the list of recent insider transactions for Opko Health, Inc. here.

P/E: 68.15 Forward P/E: 110.56 Industry P/E: 35.85
P/S: 7.24 Price/Book: 2.73 EV/EBITDA: 312.24
Market Cap: $5.45B Avg. Daily Volume: 2.32M 52 Week Range: $7.12 – $17.51

3. Actuant Corporation (ATU): $24.08

President & CEO Randal W. Baker acquired 10,795 shares of this industrial products and systems company, paying $23.14 per share for a total amount of $249,796. Mr. Baker increased his stake by 20.30% to 63,979 shares with this purchase.

You can view the list of recent insider transactions for Actuant Corporation here.

P/E: -14.16 Forward P/E: 19.42 Industry P/E: 22.73
P/S: 1.21 Price/Book: 2.71 EV/EBITDA: 14.43
Market Cap: $1.42B Avg. Daily Volume: 516.45k 52 Week Range: $17.02 – $27.71

4. Darden Restaurants, Inc. (DRI): $62.48

Director James P. Fogarty acquired 3,000 shares of this restaurant chain, paying $61.70 per share for a total amount of $185,100. Mr. Fogarty increased his stake by 61.35% to 7,890 shares with this purchase.

You can view the list of recent insider transactions for Darden Restaurants, Inc. here.

P/E: 21.56 Forward P/E: 14.56 Industry P/E: 119.89
P/S: 1.14 Price/Book: 5.05 EV/EBITDA: 878
Market Cap: $7.92B Avg. Daily Volume: N/A 52 Week Range: $53.38 – $75.6

5. Jazz Pharmaceuticals Public Limited Company (JAZZ): $142.38

Global Head of R&D and CMO Karen L. Smith acquired 580 shares of this biotech company, paying $143.63 per share for a total amount of $83,305. Ms. Smith increased his stake by 4.46% to 13,574 shares with this purchase.

You can view the list of recent insider transactions for Jazz Pharmaceuticals Public Limited Company here.

P/E: 26.86 Forward P/E: 11.03 Industry P/E: 35.85
P/S: 6.37 Price/Book: 5.35 EV/EBITDA: 12.97
Market Cap: $8.61B Avg. Daily Volume: 552.32k 52 Week Range: $108.5 – $194.73

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Facebook, Inc. (FB): $116.86

Shares of Facebook were sold by 2 insiders:

  • Director Jan Koum sold 1,721,436 shares for $118.13, generating $203.35 million from the sale. These shares were sold indirectly through a trust.
  • Chief Product Officer Christopher K. Cox sold 15,600 shares for $117.71, generating $1.84 million from the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 71.47 Forward P/E: 25.24 Industry P/E: 37.68
P/S: 16.91 Price/Book: 7.06 EV/EBITDA: 33.24
Market Cap: $334.26B Avg. Daily Volume: 17.42M 52 Week Range: $72 – $121.08

2. Costco Wholesale Corporation (COST): $166.41

Shares of this warehouse retailer were sold by 3 insiders:

  • Former Executive VP Douglas W. Schutt sold 14,656 shares for $166.76, generating $2.44 million from the sale.
  • Executive Vice President John D. McKay sold 7,500 shares for $166.58, generating $1.25 million from the sale.
  • Executive VP and CFO Richard A. Galanti sold 2,400 shares for $167.08, generating $400,982 from the sale.

You can view the list of recent insider transactions for Costco Wholesale Corporation here.

P/E: 31.45 Forward P/E: 27.78 Industry P/E: 28.46
P/S: 0.62 Price/Book: EV/EBITDA: 6.34
Market Cap: $72.9B Avg. Daily Volume: 2.8M 52 Week Range: $117.03 – $169.73

3. Glaukos Corporation (GKOS): $31.45

Shares of this ophthalmic medical technology company were sold by 2 insiders:

  • Chief Executive Officer Thomas William Burns sold 162,254 shares for $30.07, generating $4.88 million from the sale. These shares were sold indirectly through a trust.
  • Treasurer, CFO & Secretary Richard L. Harrison sold 5,700 shares for $30.00, generating $171,000 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Glaukos Corporation here.

P/E: -22.18 Forward P/E: 349.44 Industry P/E: 43.54
P/S: 12.76 Price/Book: 10.38 EV/EBITDA: -225.69
Market Cap: $1.02B Avg. Daily Volume: 318.47k 52 Week Range: $14.25 – $33.92

4. Western Gas Partners LP (WES): $49.11

Director James R. Crane sold 97,371 shares of this oil & gas pipelines company for $50.40, generating $4.91 million from the sale.

You can view the list of recent insider transactions for Western Gas Partners LP here.

P/E: 732.99 Forward P/E: 18.74 Industry P/E: 25.00
P/S: 4.65 Price/Book: 2.23 EV/EBITDA: 14.67
Market Cap: $7B Avg. Daily Volume: 246.76k 52 Week Range: $25.4 – $61.12

5. HealthEquity, Inc. (HQY): $29.99

Shares of this healthcare information services provider were sold by 2 insiders:

  • Director Ian Sacks sold 100,000 shares for $30.27, generating $3.03 million from the sale.
  • Founder and Vice Chairman Stephen Neeleman sold 30,000 shares for $30.52, generating $915,604 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for HealthEquity, Inc. here.

P/E: 90.60 Forward P/E: 47.60 Industry P/E: 32.41
P/S: 12.36 Price/Book: 7.80 EV/EBITDA: 39.05
Market Cap: $1.74B Avg. Daily Volume: 286.41K 52 Week Range: $15.8 – $35.78

You can view the full list of sales from this Insider Sales page.

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

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

Leave A Comment

Merger Arbitrage Mondays – July 11, 2016

Bookmark and Share

July 10, 2016 | Merger Arbitrage | Author Asif

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

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

Deal Statistics:

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

New Deals:

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

Deal Updates:

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

Closed Deals:

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

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

HUM 07/03/2015 Aetna Inc. (AET) $222.99 $158.15 12/31/2016 41.00% 86.50%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $39.78 12/31/2016 40.77% 86.03%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.48 $129.60 12/31/2016 32.32% 68.18%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.10 12/31/2016 26.76% 56.46%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.30 09/30/2016 21.21% 95.59%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.824 03/31/2017 15.29% 21.22%
AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) $6.66 $5.83 12/31/2016 14.24% 30.04%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $5.90 12/31/2016 13.56% 28.61%
APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) $10.00 $9.05 08/31/2016 10.50% 75.13%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $35.30 12/31/2016 10.20% 21.52%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $222.99 $158.15 5,565,477 12/31/2016 41.00% 86.50%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $39.78 581,513 12/31/2016 40.77% 86.03%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.48 $129.60 2,226,245 12/31/2016 32.32% 68.18%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.10 23,777,392 12/31/2016 26.76% 56.46%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.30 66,594 09/30/2016 21.21% 95.59%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.824 48,131 03/31/2017 15.29% 21.22%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $5.83 38,358 12/31/2016 14.24% 30.04%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $5.90 201,784 12/31/2016 13.56% 28.61%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.05 874,086 08/31/2016 10.50% 75.13%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $35.30 922,072 12/31/2016 10.20% 21.52%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.95 84,212 06/30/2016 8.93% 0.00%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.60 344,032 12/31/2016 7.71% 16.27%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 31,772 09/30/2016 7.38% 33.24%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.20 $13.34 309,111 08/15/2016 6.43% 67.06%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.42 1,022,833 03/31/2017 6.35% 8.81%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $1.02 376,472 12/31/2016 5.88% 12.41%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 300 12/31/2016 4.93% 10.40%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.10 25,474 08/15/2016 4.84% 50.46%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.36 21,742 06/30/2016 4.79% 0.00%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $30.96 $29.60 2,685,596 12/31/2016 4.59% 9.68%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.24 1,253,142 09/30/2016 4.49% 20.24%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $108.39 483,139 03/31/2017 4.25% 5.90%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.16 149,515 12/31/2016 4.17% 8.79%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.86 4,983 09/30/2016 3.91% 17.62%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $33.00 $31.80 119,107 12/31/2016 3.76% 7.94%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $76.70 984,991 07/31/2016 3.69% 67.34%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.34 419,527 06/30/2016 3.59% 0.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $83.23 $80.58 1,186,619 12/31/2016 3.29% 6.93%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $34.97 709,703 09/30/2016 2.95% 13.27%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $190.44 1,253,704 12/31/2016 2.92% 6.16%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.63 1,595,714 12/31/2016 2.71% 5.73%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.27 $25.70 4,144,848 12/31/2016 2.23% 4.70%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.80 $46.78 609,999 12/31/2016 2.18% 4.60%
+ PLCM 07/08/2016 Siris Capital Group, LLC (N/A) All Cash $2 billion $12.50 $12.25 86,480,090 09/30/2016 2.04% 9.20%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.62 $42.77 4,975,119 09/30/2016 1.99% 8.96%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.20 $16.88 941,932 12/31/2016 1.88% 3.96%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.40 1,878,838 12/31/2016 1.85% 3.91%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.82 $18.48 1,286 12/31/2016 1.83% 3.86%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.23 $14.96 403,115 12/31/2016 1.80% 3.81%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.66 1,726,656 07/21/2016 1.73% 63.12%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.99 126,769 12/31/2016 1.59% 3.36%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.61 905,376 09/30/2016 1.58% 7.14%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.43 50,604 07/31/2016 1.58% 28.84%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.41 $17.14 31,564 03/31/2017 1.57% 2.19%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.84 $9.69 1,920,078 09/30/2016 1.56% 7.03%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $30.04 1,018,478 09/30/2016 1.53% 6.90%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.55 $16.30 1,151,176 12/31/2016 1.53% 3.22%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.38 $12.19 8,568 12/31/2016 1.52% 3.20%
+ AVG 07/07/2016 Avast Software (N/A) All Cash $1.3 billion $25.00 $24.63 4,426,464 10/15/2016 1.50% 5.71%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.43 $16.20 737,223 09/30/2016 1.41% 6.37%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.26 311,065 01/01/2017 1.32% 2.76%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.395 296,747 09/30/2016 1.27% 5.70%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.56 $37.15 11,459 12/31/2016 1.12% 2.36%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.00 $19.78 2,356,411 09/30/2016 1.10% 4.98%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.87 540,211 12/31/2016 0.94% 1.98%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $74.44 $73.75 834,531 06/30/2016 0.94% 0.00%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.34 $1.33 237,691 09/30/2016 0.89% 4.03%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.56 591,090 09/30/2016 0.88% 3.95%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.14 $17.98 58,081 03/31/2017 0.87% 1.21%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.88 462,203 12/31/2016 0.86% 1.82%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 50,468 06/30/2016 0.76% 0.00%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.99 374,144 09/30/2016 0.74% 3.35%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $106.78 361,832 01/31/2017 0.67% 1.21%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.64 437,784 10/28/2016 0.62% 2.09%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.21 38,247 12/31/2016 0.48% 1.00%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.74 134,130 11/15/2016 0.41% 1.18%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.90 345,871 12/31/2016 0.33% 0.71%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $30.15 1,744,069 12/31/2016 0.33% 0.70%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.45 133,006 09/30/2016 0.32% 1.46%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.88 $14.83 599,370 09/30/2016 0.31% 1.39%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.97 841,993 09/30/2016 0.23% 1.03%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.91 518,178 12/31/2016 0.15% 0.32%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.95 2,434,709 12/31/2016 0.12% 0.26%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.76 $10.75 472,741 06/30/2016 0.11% 0.00%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $36.97 1,150,031 09/30/2016 0.08% 0.37%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.74 1,042,179 09/30/2016 0.06% 0.25%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.97 1,886,555 07/31/2016 0.04% 0.73%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.24 468,853 09/30/2016 0.03% 0.15%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.99 195,782 03/31/2017 0.03% 0.04%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.75 293,025 06/30/2016 0.00% 0.00%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.00 742,909 09/30/2016 0.00% 0.00%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $113.92 $113.97 481,677 12/31/2016 -0.05% -0.10%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $26.65 $26.70 122,008 09/30/2016 -0.20% -0.92%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.54 $1.55 31,352 12/31/2016 -0.66% -1.40%
+ WWAV 07/07/2016 Danone (N/A) All Cash $12.5 billion $56.25 $56.64 10,799,209 12/31/2016 -0.69% -1.45%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -3.49%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.23 1,067,429 12/31/2016 -0.91% -1.92%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $27.42 $27.68 2,171,122 12/31/2016 -0.93% -1.97%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.37 46,305 12/31/2016 -0.99% -2.09%
+ NTK 07/06/2016 Melrose Industries PLC (N/A) All Cash $2.8 billion $86.00 $87.25 239,110 08/31/2016 -1.43% -10.25%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.60 $15.86 913,147 05/31/2017 -1.62% -1.83%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.51 $12.73 13,698 06/30/2016 -1.70% 56.56%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.56 396,740 12/15/2016 -2.39% -5.56%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $16.19 $16.86 9,147 09/30/2016 -3.97% -17.89%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $6.07 288,371 09/30/2016 -5.27% -23.76%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $42.27 $47.97 403,472 09/30/2016 -11.87% -53.51%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.47 $1.67 563,553 12/31/2016 -12.18% -25.70%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.55 $12.09 115,995 03/31/2015 -62.38% 48.65%

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

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

Leave A Comment