Merger activity increased last week with seven 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 2012
99
Total Number of Deals Not Completed in 2012
1
Total Number of Pending Deals
Cash Deals
49
Stock Deals
11
Stock & Cash Deals
8
Total Number of Pending Deals
68
Total Deal Size
$450.68 billion
New Deals:
The acquisition of Peet’s Coffee & Tea (PEET) by private investment firm Joh. A. Benckiser for $1 billion or $73.50 per share in cash.
The acquisition of Canadian energy company Nexen (NXY) by Chinese oil and gas company CNOOC Ltd. (CEO) for $15.1 billion or $27.50 per share in cash. The spread on the deal is 6.55% on account of concerns that Canadian regulators might not approve the deal.
The acquisition of GenOn Energy (GEN) by NRG Energy (NRG) for $1.7 billion in an all stock deal. Under the terms of the agreement, shareholders of GenOn Energy will receive 0.1216 of a share of NRG common stock in exchange for each GenOn share of common stock.
The acquisition of GeoEye (GEOY) by DigitalGlobe (DGI) for $900 million. Under the terms of the agreement, shareholders of GEOY can choose to receive either $20.27 in cash, 1.425 shares of DigitalGlobe Inc. stock, or a combination of 1.137 shares of stock and $4.10 per share in cash, for each of their GeoEye shares. We have opted to treat this as a stock plus cash deal because the aggregate consideration mix will reflect 1.137 shares of DGI and $4.10 per share in cash.
The acquisition of RailAmerica (RA) by Genesee & Wyoming (GWR) for $1.39 billion or $27.5 per share in cash.
The acquisition of Winner Medical Group (WWIN) by Winner Holding Limited for $4.50 per share in cash in a management led going private transaction.
The acquisition of AuthenTec (AUTH) by Apple (AAPL) for $356 million or $8.00 per share in cash.
Updated Deals:
On July 27, 2012, Sycamore Partners extended their offer to acquire Talbots (TLB) to August 2, 2012.
Closed Deals:
The acquisition of Opnext (OPXT) by Oclaro (OCLR) on July 24, 2012.
The acquisition of Golfsmith International Holdings (GOLF) by Golf Town on July 25, 2012.
The acquisition of Goodrich (GR) by United Technologies (UTX) on July 26, 2012.
Top 10 deals with largest spreads:
Symbol
Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit
Annualized
Profit
VQ
01/16/2012
Denver Parent Corporation (N/A)
$12.50
$9.40
08/31/2012
32.98%
376.16%
GU
06/04/2012
Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)
$1.62
$1.26
09/30/2012
28.57%
168.20%
PLXT
04/30/2012
Integrated Device Technology, Inc. (IDTI)
$6.14
$5.41
08/09/2012
13.51%
493.02%
WWIN
07/24/2012
Winner Holding Limited (N/A)
$4.50
$4.20
03/31/2013
7.14%
10.69%
FSIN
06/28/2012
Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)
$9.50
$8.88
12/31/2012
6.98%
16.55%
NXY
07/23/2012
CNOOC Ltd. (CEO)
$27.50
$25.81
12/31/2012
6.55%
15.52%
PSOF
05/17/2012
Timesway Group Limited (N/A)
$4.15
$3.92
09/30/2012
5.87%
34.54%
CTFO
06/08/2012
TransCloud Company Limited (N/A)
$5.80
$5.56
09/30/2012
4.32%
25.41%
GEOY
07/23/2012
DigitalGlobe, Inc. (DGI)
$25.28
$24.33
03/31/2013
3.91%
5.86%
NEBS
05/31/2012
United Financial Bancorp, Inc. (UBNK)
$14.14
$13.68
12/31/2012
3.38%
8.01%
List of all pending deals:
Symbol
Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume
Closing
Date
Profit
Annu.
Profit
VQ
01/16/2012
Denver Parent Corporation (N/A)
All Cash
$1.5 billion
$12.50
$9.40
2,082,113
08/31/2012
32.98%
376.16%
Details of Venoco
Venoco (VQ) agrees to a going private transaction where its CEO, who owns 50.3% of its common stock, bid $1.5 billion or $12.50/share in an all cash transaction.
Update(s)
June 12, 2012: Venoco extends financing date in go-private agreement to July 20, 2012
July 20, 2012: Venoco extends financing date in go-private agreemenr to August 31, 2012
GU
06/04/2012
Trillion Energy Holdings Limited And Trillion Energy Investments Holdings Limited (N/A)
All Cash
N/A
$1.62
$1.26
8,242
09/30/2012
28.57%
168.20%
Details of Gushan Environmental Energy Limited
Expected to close before the end of the third quarter of 2012. Upon completion of the merger, shareholders of Gushan Environmental Energy Limited will receive US$0.162 (orUS$1.62 per ADS) in cash without interest, except for the ordinary shares (including ordinary shares represented by ADSs).
PLXT
04/30/2012
Integrated Device Technology, Inc. (IDTI)
Cash Plus Stock
$330 million
$6.14
$5.41
460,430
08/09/2012
13.51%
493.02%
Details of PLX Technology Inc.
Expected to close in the second calendar quarter of 2012 for a closing value of $330 million in a cash plus stock deal. Upon completion of the merger, shareholders of PLX Technology will receive $3.50 in cash and 0.525 shares of IDT common stock for each PLX common share outstanding.
Update(s)
June 19, 2012: The exchange offer is being extended as the applicable waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has not yet expired or been terminated, and the exchange offer is now set to expire at the end of the day on July 12, 2012, at 12:00 midnight, New York City time, unless further extended.
July 11, 2012: Integrated Device Technology said that it is extending the expiration date of its exchange offer for all outstanding shares of common stock of PLX Technology to August 9, 2012.
WWIN
07/24/2012
Winner Holding Limited (N/A)
All Cash
N/A
$4.50
$4.20
124,843
03/31/2013
7.14%
10.69%
Details of Winner Medical Group Inc.
Expected to close before the end of the first fiscal quarter of 2013. Upon completion of the merger, shareholders of Winner Medical Group will receive $4.50 per share in cash.
FSIN
06/28/2012
Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A)
All Cash
N/A
$9.50
$8.88
202,346
12/31/2012
6.98%
16.55%
Details of Fushi Copperweld, Inc.
Expected to close by the end of the year. Upon completion of the merger, shareholders of Fushi Copperweld will receive $9.50 per share in cash.
NXY
07/23/2012
CNOOC Ltd. (CEO)
All Cash
$15.1 billion
$27.50
$25.81
30,685,140
12/31/2012
6.55%
15.52%
Details of Nexen Inc.
Expected to close in the fourth quarter of 2012 for a closing value of $15.1 billion. Upon completion of the merger, shareholders of Nexen will receive $27.50 per share in cash.
PSOF
05/17/2012
Timesway Group Limited (N/A)
All Cash
N
$4.15
$3.92
3,500
09/30/2012
5.87%
34.54%
Details of Pansoft Company Limited
Expected to close in the third quarter of 2012. Upon completion of the merger, shareholders of Pansoft Company Limited will receive $4.15 per share in cash.
CTFO
06/08/2012
TransCloud Company Limited (N/A)
All Cash
$146.6 million
$5.80
$5.56
27,619
09/30/2012
4.32%
25.41%
Details of China TransInfo Technology Corp.
Expected to close in the third quarter of 2012 for a closing value of $146.6 million. Upon completion of the merger, shareholders of China TransInfo Technology will receive $5.80 per share in cash.
GEOY
07/23/2012
DigitalGlobe, Inc. (DGI)
Cash Plus Stock
$900 million
$25.28
$24.33
723,743
03/31/2013
3.91%
5.86%
Details of GeoEye, Inc.
Expected to close in the fourth quarter of 2012 or the first quarter of 2013 for a closing value of $900 million. Under the terms of the agreement, shareholders of GEOY can choose to receive either $20.27 in cash, 1.425 shares of DigitalGlobe Inc. stock, or a combination of 1.137 shares of stock and $4.10 per share in cash, for each of their GeoEye shares. We have opted to treat this as a stock plus cash deal because the aggregate consideration mix will reflect 1.137 shares of DGI and $4.10 per share in cash.
NEBS
05/31/2012
United Financial Bancorp, Inc. (UBNK)
All Stock
$91.0 million
$14.14
$13.68
29,395
12/31/2012
3.38%
8.01%
Details of New England Bancshares, Inc.
Expected to close by the end of the year for a closing value of $91 million in an all stock deal, where shareholders of New England Bancshares will receive 0.9575 of a share of United Financial Bancorp common stock.
BTFG
05/29/2012
Trustmark Corporation (TRMK)
All Stock
$55.4 million
$3.07
$2.97
5,963
12/31/2012
3.24%
7.68%
Details of BancTrust Financial Group, Inc.
Expected to close in the fourth quarter of 2012 for a closing value of $55.4 million in an all stock deal. Upon completion of the merger, shareholders of BancTrust Financial Group will receive 0.125 shares of Trustmark common stock for each share of BancTrust common stock in a tax-free exchange.
BXG
11/14/2011
BFC Financial Corporation (BFCF)
All Stock
N/A
$4.88
$4.73
28,626
06/30/2012
3.17%
0.00%
Details of Bluegreen Corporation
Expected to close in the first half of 2012 in an all stock deal, where shareholders of Bluegreen Corporation will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger.
NEI
06/19/2012
UNICOM Systems (N/A)
All Cash
$63.2 million
$1.45
$1.41
224,958
09/30/2012
2.84%
16.70%
Details of Network Engines, Inc.
Expected to close in NEI’s fiscal 2012 fourth quarter, the period ending September 30, 2012 for a closing value of $63.2 million. Upon completion of the merger, shareholders of Network Engines will receive $1.45 per share in cash.
ALTH
04/05/2012
Spectrum Pharmaceuticals (SPPI)
All Cash
$206 million
$1.82
$1.77
237,470
08/06/2012
2.82%
147.30%
Details of Allos Therapeutics, Inc.
Expected to close in the second quarter of 2012 for a closing value of $206 million. Upon completion of the merger, shareholders of Allos Therapeutics will receive $1.82 per share in cash plus one Contingent Value Right (CVR). This CVR entitles Allos stockholders to an additional payment of $0.11 per share in cash if certain European regulatory approval and commercialization milestones for FOLOTYN are achieved.
Update(s)
June 21, 2012: The offer, which was previously scheduled to expire on June 22, 2012, has been extended until July 9, 2012, unless extended for an additional period.
July 6, 2012: The offer, which was previously scheduled to expire at 5:00 p.m., Eastern time, on Monday, July 9, 2012, has been extended until 5:00 p.m., Eastern time, on Monday, July 23, 2012, unless extended for an additional period.
July 20, 2012: The offer, which was previously scheduled to expire at 5:00 p.m., Eastern time, on Monday, July 23, 2012, has been extended until 5:00 p.m., Eastern time, on Monday, August 6, 2012, unless extended for an additional period.
FSBI
07/19/2012
WesBanco Inc. (WSBC)
Cash Plus Stock
$70.8 million
$21.71
$21.12
54,873
03/31/2013
2.80%
4.19%
Details of Fidelity Bancorp Inc.
Expected to close in the fourth quarter of 2012 or first quater of 2013 for a closing value of $70.8 million in a cash plus stock deal. Upon completeion of the merger, shareholders of Fidelity Bancorp will receive 0.8275 shares of WesBanco common stock and cash in the amount of $4.50 per share for each share of Fidelity common stock.
ABVA
05/03/2012
Washington First Bankshares (WFBI)
All Stock
$24.4 million
$4.57
$4.45
2,997
12/31/2012
2.65%
6.29%
Details of Alliance Bankshares Corporation
Expected to close in the fourth quarter of 2012 for a closing value of $24.4 million in an all stock deal. Under the terms of the agreement, shareholders of Alliance Bankshares Corporation will receive, at their election, either 0.4435 shares of WFBI common stock or cash in the amount of $5.30 for each share of Alliance common stock owned, provided that no more than 20% of the Alliance common shares may elect to receive cash.
BIDZ
05/17/2012
Glendon Group, Inc. (N/A)
All Cash
N/A
$0.78
$0.76
1,100
12/31/2012
2.63%
6.24%
Details of BIDZ.com, Inc.
Expected to close in the fourth quarter of 2012. Upon completion of the merger, shareholders of BIDZ.com will receive $0.78 per share in cash.
TUDO
03/12/2012
Youku Inc. (YOKU)
All Stock
$1 billion
$28.71
$28.09
70,447
09/30/2012
2.21%
12.99%
Details of Tudou Holdings Limited
Expected to close in the third quarter of 2012 for a closing value of approximately $1 billion. Upon completion of the merger, ADR holders of Tudou Holdings will receive 1.595 ADRs of YOKU.
AGP
07/09/2012
WellPoint Inc. (WLP)
All Cash
$4.9 billion
$92.00
$90.10
765,502
03/31/2013
2.11%
3.15%
Details of AMERIGROUP Corporation
Expected to close in the first quarter of 2013 for a closing value of $4.9 billion. Upon completion of the merger, shareholders of Amerigroup Croporation will receive $92.00 per share in cash.
INCB
01/25/2012
Old National Bancorp Capital (ONB)
All Stock
$79.2 million
$23.03
$22.57
4,445
09/30/2012
2.03%
11.95%
Details of Indiana Community Bancorp
Expected to close in the second quarter of 2012 for a closing value of $79.2 million in an all stock deal, where Indiana Community Bancorp shareholders will receive 1.90 shares of Old National Bancorp common stock for each share of Indiana Community Bancorp common stock held by them.
Update(s)
June 20, 2012: The transaction is expected to close in the third quarter of 2012, subject to approval by federal and state regulatory authorities and the Company’s shareholders and the satisfaction of the closing conditions provided in the merger agreement.
BFED
05/31/2012
Berkshire Hills Bancorp Inc. (BHLB)
All Stock
$132 million
$20.53
$20.13
11,898
12/31/2012
1.96%
4.65%
Details of Beacon Federal Bancorp, Inc.
Expected to close in the fourth quarter of 2012 for a closing value of $132 million in an all stock deal. Under the terms of the merger agreement, 50% of the outstanding Beacon shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.92 shares for each Beacon share, while the remaining 50% of Beacon shares will be exchanged for cash in the amount of $20.50 per share. To take a more conservative approach, we have entered this deal as an all stock deal.
JAX
06/25/2012
Fidelity National Financial, Inc. (FNF)
All Cash
$72 million
$12.00
$11.77
88,495
12/31/2012
1.95%
4.63%
Details of J. Alexander’s Corp.
Expected to close in the fourth quarter of 2012 for a closing value of $72 million. Upon completion of the merger, shareholders of J. Alexander’s Corp will receive $12.00 per share in cash. Shareholders of J Alexander’s can elect to receive $12 per share in cash or a combination of $3 in cash and one share of Class A common stock of American Blue Ribbon Holdings Inc (ABRH), Fidelity said in a statement. When issued, the ABRH shares will be listed for trading on Nasdaq.
NWK
06/19/2012
Sonus Networks, Inc. (SONS)
All Cash
$42 million
$1.35
$1.325
405,709
09/30/2012
1.89%
11.11%
Details of Network Equipment Technologies Inc.
Expected to close in the third quarter of 2012 for a closing value of $42 million. Upon completion of the merger, shareholders of Network Equipment Technologies will receive $1.35 per share in cash.
SUN
04/30/2012
Energy Transfer Partners, L.P. (ETP)
Cash Plus Stock
$5.3 billion
$48.84
$48.00
838,890
12/31/2012
1.76%
4.17%
Details of Sunoco, Inc.
Expected to close in the third or fouth quarter of 2012 for a closing value of $5.3 billion in a cash plus stock deal. Under the terms of the transaction, shareholders of Sunoco can either receive $50 in cash, 1.0490 ETP common unit or a combination of $25 in cash and 0.5245 ETP common units for each Sunoco share.
SUNH
06/20/2012
Genesis HealthCare (N/A)
All Cash
$275 million
$8.50
$8.36
328,065
09/30/2012
1.67%
9.86%
Details of Sun Healthcare Group, Inc.
Expected to close in the fall for a closing value of $275 million. Upon completion of the merger, shareholders of Sun Healthcare Group will receive $8.50 per share in cash.
CBE
05/21/2012
Eaton Corporation (ETN)
Cash Plus Stock
$11.46 billion
$73.28
$72.09
2,083,027
12/31/2012
1.65%
3.91%
Details of Cooper Industries plc
Expected to close in the second half of 2012 for a closing value of $11.46 billion in a cash plus stock deal. Upon completion of the merger, shareholders of Cooper Industries will receive $39.15 in cash and 0.77479 shares of the newly created company.
CSBC
05/14/2012
Park Sterling Corporation (PSTB)
All Stock
$77.8 million
$6.94
$6.85
21,711
12/31/2012
1.32%
3.14%
Details of Citizens South Banking Corp.
Expected to close in the fourth quarter of 2012 for a closing value of $77.8 million. Upon completion of the merger, shareholders of Citizens South Banking Corporation will have the right to receive either $7.00 in cash or 1.4799 Park Sterling shares for each Citizens South share they hold, subject to the limitation that the total consideration will consist of 30.0% in cash and 70.0% in Park Sterling shares.
EF
04/16/2012
Lee Equity Partners, LLC (N/A)
All Cash
$258 million
$8.85
$8.74
656,001
09/30/2012
1.26%
7.41%
Details of The Edelman Financial Group, Inc.
Expected to close in the third quarter of 2012 for a closing value of $258 million. Upon completion of the merger, shareholders of The Edelman Financial Group will receive $8.85 per share in cash.
XG
06/18/2012
Yamana Gold, Inc. (AUY)
Cash Plus Stock
$414 million
$4.21
$4.16
76,885
09/30/2012
1.24%
7.32%
Details of Extorre Gold Mines Limited
Expected to close for a closing value of $414 million in a cash plus stock deal. Under the terms of the agreement, each Extorre shareholder will receive in exchange for each Extorre share held, $3.50 in cash and 0.0467 of a common share of Yamana. The special meeting for Extorre shareholders to approve the Arrangement is expected to occur on or about August 15, 2012.
ARBA
05/22/2012
SAP AG (SAP)
All Cash
$4.3 billion
$45.00
$44.50
2,627,828
09/30/2012
1.12%
6.61%
Details of Ariba Inc.
Expected to close in the third quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Ariba will receive $45.00 per share in cash.
KCP
06/06/2012
Kenneth D. Cole, Chairman and Chief Creative Officer of the Company (N/A)
All Cash
$245 million
$15.25
$15.10
83,769
09/30/2012
0.99%
5.85%
Details of Kenneth Cole Productions Inc.
Expected to close in the third quarter of 2012 for a closing value of $245 million. Upon completion of the merger, shareholders of Kenneth Cole Productions will receive $15.25 per share in cash.
PLFE
07/13/2012
Athene Annuity (N/A)
All Cash
$415 million
$14.00
$13.87
220,157
12/31/2012
0.94%
2.22%
Details of Presidential Life Corp.
Expected to close in late 2012 for a closing value of $415 million. Upon completion of the merger, shareholders of Presidential Life will receive $14.00 per share in cash.
EDGR
05/22/2012
R.R. Donnelley & Sons Company (RRD)
All Cash
$70.5 million
$1.09
$1.08
138,566
09/30/2012
0.93%
5.45%
Details of EDGAR Online Inc.
Expected to close in the third quarter of 2012 for a closing value of $70.5 million. Upon completion of the merger, shareholders of EDGAR Online will receive $1.092 per share in cash.
VIST
01/26/2012
Tompkins Financial Corporation (TMP)
All Stock
86 million
$12.24
$12.14
8,847
09/30/2012
0.82%
4.80%
Details of VIST Financial Corp
Expected to close in the third quarter of 2012 for a closing value of 86 million in an all stock deal, where VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held.
The exchange ratio is subject to adjustment based on the average of the closing prices of Tompkins Financial common stock for the 20 business days ending three business days prior to the VIST shareholder meeting called to consider the merger agreement (the “Average Closing Price”). If the Average Closing Price is more than $43.98, the Exchange Ratio shall be 0.2842; and if the Average Closing Price is less than $35.98, the Exchange Ratio shall be 0.3475.
VRTA
05/31/2012
Vestin Realty Mortgage II, Inc. (VRTB)
All Stock
N/A
$0.97
$0.96
N/A
12/31/2012
0.79%
1.88%
Details of Vestin Realty Mortgage I, Inc
Expected to close in the fourth quarter of 2012 in an all stock deal. Under the terms of the agreement, stockholders of VTRA (other than VRTB) will receive a fixed ratio of 0.82 share of VRTB common stock for each share of VRTA common stock they own.
PSS
05/01/2012
a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW)
All Cash
$2 billion
$21.75
$21.58
611,292
10/31/2012
0.79%
3.09%
Details of Collective Brands, Inc.
Expected to close late in the third quarter or early in the fourth quarter of 2012 for a closing value of $2 billion. Upon completion of the merger, shareholders of Collective Brands will receive $21.75 per share in cash.
CONM
07/16/2012
Correct Care Solutions, LLC (N/A)
All Cash
$59 million
$3.95
$3.92
50,839
09/30/2012
0.77%
4.51%
Details of Conmed Healthcare Management, Inc
Expected to close in the third quarter of 2012 for a closing value of $59 million. Upon completion of the merger, shareholders of Conmed Healthcare Management will receive $3.95 per share in cash.
AMLN
06/29/2012
Bristol-Myers Squibb Company (BMY)
All Cash
$7 billion
$31.00
$30.80
2,501,291
09/30/2012
0.65%
3.82%
Details of Amylin Pharmaceuticals, Inc.
The closing of the tender offer is subject to customary terms and conditions. The deal is expected to close for a closing value of approximately $7 billion. Upon completion of the merger, shareholders of Amylin Pharmaceuticals will receive $31.00 per share in cash.
INMD
06/11/2012
Sagard Capital Partners, L.P. (N/A)
All Cash
$169.5 million
$14.05
$13.96
27,558
11/15/2012
0.64%
2.18%
Details of Integramed America Inc.
Expected to cloes by mid-November 2012 for a closing value of $169.5 million. Upon completion of the merger, shareholders of IntegraMed America will receive $14.05 per share in cash.
GEN
07/23/2012
NRG Energy, Inc. (NRG)
All Stock
$1.7 billion
$2.41
$2.39
22,647,608
03/31/2013
0.64%
0.95%
Details of GenOn Energy, Inc.
Expected to close in the first quarter of 2013 for a closing value of $1.7 billion in an all stock deal. Upon completion of the merger, shareholders of GenOn Energy will receive 0.1216 of a share of NRG common stock in exchange for each GenOn share of common stock.
RA
07/23/2012
Genesee & Wyoming Inc. (GWR)
All Cash
$1.39 billion
$27.50
$27.34
895,893
09/30/2012
0.59%
3.45%
Details of RailAmerica, Inc.
Expected to close by the third quarter of 2012 for a closing value of $1.39 billion. Upon completion of the merger, shareholders of RailAmerica will receive $27.5 per share in cash.
GEOI
04/25/2012
Halcon Resources (HK)
Cash Plus Stock
$1 billion
$33.37
$33.19
421,962
09/30/2012
0.54%
3.18%
Details of GeoResources, Inc.
Expected to close in the third quarter of 2012 for a closing value of $1 billion in a cash plus stock deal. Under the terms of the merger agreement, GeoResources stockholders will receive $20.00 in cash and 1.932 shares of Halcón Resources common stock for each share of GeoResources common stock that they hold.
BNHN
05/22/2012
Angelo, Gordon & Co. (N/A)
All Cash
$296 million
$16.30
$16.24
66,682
12/31/2012
0.37%
0.88%
Details of Benihana Inc.
Expected to close in the second half of 2012 for a closing value of $296 million. Upon completion of the merger, shareholders of Benihana will receive $16.30 per share in cash.
PCBC
03/12/2012
UnionBanCal Corp. (N/A)
All Cash
$1.51 billion
$46.00
$45.85
6,238
12/31/2012
0.33%
0.78%
Details of Pacific Capital Bancorp
Expected to close in the fourth quarter of 2012 for a closing value of $1.51 billion. Upon completion of the merger, shareholders of Pacific Capital Bancorp will receive $46.00 per share in cash.
IBI
05/29/2012
GS Capital Partners LP and P2 Capital Partners, LLC (N/A)
All Cash
$1.1 billion
$25.50
$25.42
144,623
09/30/2012
0.31%
1.85%
Details of Interline Brands Inc.
Expected to close by the end of the third quarter of 2012 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Interline Brands will receive $25.50 per share in cash.
LNCR
07/02/2012
Linde AG (N/A)
All Cash
$4.6 billion
$41.50
$41.39
1,184,041
09/30/2012
0.27%
1.56%
Details of Lincare Holdings Inc.
Expected to close in the third quarter of 2012 for a closing value of $4.6 billion. Upon completion of the merger, shareholders of Lincare Holdings will receive $41.50 per share in cash.
ELT
06/29/2012
Melrose PLC (N/A)
All Cash
$2.3 billion
$20.50
$20.45
539,893
09/30/2012
0.24%
1.44%
Details of Elster Group SE
Expected to close in the third quarter of 2012 for a closing value of $2.3 billion in an all cash transaction, where Melrose will acquire all outstanding American Depositary Shares (ADS) of Elster for $20.50 per ADS in cash. Each ADS represents one-fourth of one ordinary share of Elster.
SMSC
05/02/2012
Microchip Technology Inc. (MCHP)
All Cash
$939 million
$37.00
$36.91
256,936
09/30/2012
0.24%
1.44%
Details of Standard Microsystems Corp.
Expected to close in the third calendar quarter of 2012 for a closing value of $939 million. Upon completion of the merger, shareholders of Standard Microsystems Corporation will receive $37.00 per share in cash.
TIII
05/14/2012
Kelta, Inc. (N/A)
All Cash
$33.1 million
$2.15
$2.145
17,430
09/30/2012
0.23%
1.37%
Details of Tii Network Technologies, Inc.
Expected to close in the third quarter of 2012 for a closing value of $33.1 million. Upon completion of the merger, shareholders of Tii Network Technologies will receive $2.15 per share in cash.
CEBK
05/01/2012
Independent Bank Corp. (INDB)
All Cash
$54.8 million
$32.00
$31.93
100
12/31/2012
0.22%
0.52%
Details of Central Bancorp Inc.
Expected to close in the fourth quarter of 2012 for a closing value of $54.8 million. Upon completion of the merger, shareholders of Central Bancorp will receive $32.00 per share in cash.
According to the press release, “Under the terms of the agreement, 60% of outstanding Central Bancorp., Inc. shares will be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares will be purchased for $32.00 per share in cash.” Since the exchange ratio is subject to adjustment, we are going to treat this as an all cash deal in our arbitrage tool.
CRED
06/04/2012
Forestar Group Inc. (FOR)
All Cash
$146 million
$14.50
$14.47
19,990
12/31/2012
0.21%
0.49%
Details of Credo Petroleum Corp.
Expected to close in the second half of 2012 for a closing value of $146 million. Upon completion of the merger, shareholders of Credo Petroleum will receive $14.50 per share in cash.
BOOT
07/05/2012
ABC-MART, INC. (N/A)
All Cash
$138 million
$20.00
$19.96
2,643
09/30/2012
0.20%
1.18%
Details of Lacrosse Footwear Inc.
Expected to close in the third calendar quarter of 2012 for a closing value of $138 million. Upon completion of the merger, shareholders of LaCrosse Footwear will receive $20.00 per share in cash.
QSFT
07/02/2012
Dell Inc. (DELL)
All Cash
$2.4 billion
$28.00
$27.96
2,285,632
09/30/2012
0.14%
0.84%
Details of Quest Software
Expected to close in the third quarter for a closing value of $2.4 billion. Upon completion of the merger, shareholders of Quest Software will receive $28.00 per share in cash.
Update(s)
June 19, 2012: Quest Software accepted a $25.75-a-share bid from Insight Venture Partners and agreed to the addition of Vector Capital to the buyout group.
June 25, 2012: Dell offered $2.3 billion for Quest Software, topping a $2.17 billion bid from the group led by New-York based Insight Venture Partners.
July 02, 2012: Dell and Quest Software today announced they have entered into a definitive agreement for Dell to acquire Quest.
LCRY
05/29/2012
Teledyne Technologies Inc. (TDY)
All Cash
$291 million
$14.30
$14.28
115,685
09/30/2012
0.14%
0.82%
Details of LeCroy Corp.
Expected to close in the third quarter of 2012 for a closing value of $291 million. Upon completion of the merger, shareholders of LeCroy will receive $14.30 per share in cash.
CELL
07/02/2012
Ingram Micro Inc. (IM)
All Cash
$840 million
$9.00
$8.99
357,952
12/31/2012
0.11%
0.26%
Details of Brightpoint Inc.
Expected to close before the end of the year for a closing value of $840 million. Upon completion of the merger, shareholders of Brightpoint will receive $9.00 per share in cash.
GPRO
04/30/2012
Hologic, Inc. (HOLX)
All Cash
$3.7 billion
$82.75
$82.67
484,147
12/31/2012
0.10%
0.23%
Details of Gen-Probe Inc.
Expected to close in the second half of calendar year 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Gen-Probe will receive $82.75 per share in cash.
MTOX
06/04/2012
Laboratory Corp. of America Holdings (LH)
All Cash
$241 million
$27.00
$26.98
215,029
09/30/2012
0.07%
0.44%
Details of MEDTOX Scientific Inc.
Expected to close in the third quarter of 2012 for a closing value of $241 million. Upon completion of the merger, shareholders of MEDTOX Scientific will receive $27.00 per share in cash.
TLB
05/31/2012
Sycamore Partners (N/A)
All Cash
$369 million
$2.75
$2.75
1,121,997
08/02/2012
0.00%
0.00%
Details of The Talbots Inc.
Expected to close by July 27, 2012 for a closing value of $369 million. Upon completion of the merger, shareholders of Talbots will receive $2.75 per share in cash.
Update(s):
July 27, 2012: Sycamore Partners have extended their offer to acquire Talbots to August 2, 2012.
NOIZ
06/10/2012
Mercury Computer Systems, Inc. (MRCY)
All Cash
$75.4 million
$14.80
$14.80
834
09/30/2012
0.00%
0.00%
Details of Micronetics Inc.
Expected to close within Mercury’s fiscal 2013 first quarter ending September 30, 2012 for a closing value of $75.4 million. Upon completion of the merger, shareholders of Micronetics will receive $14.80 per share in cash.
HGSI
07/16/2012
GlaxoSmithKline plc (GSK)
All Cash
$3.6 billion
$14.25
$14.25
2,119,035
12/31/2012
0.00%
0.00%
Details of Human Genome Sciences Inc.
Expected to close for a closing value of $3.6 billion. Upon completion of the merger, shareholders of Human Genome Sciences will receive $14.25 per share in cash.
PRX
07/16/2012
an affiliate of TPG (N/A)
All Cash
$1.9 billion
$50.00
$50.09
511,631
12/31/2012
-0.18%
-0.43%
Details of Par Pharmaceutical Companies Inc.
Expected to close in 2012 for a closing value of $1.9 billion. Upon completion of the merger, shareholders of Par Pharmaceutical Companies will receive $50.00 per share in cash.
FX
07/09/2012
Thomson Reuters Corporation (TRI)
All Cash
$625 million
$22.00
$22.05
154,426
09/30/2012
-0.23%
-1.33%
Details of FX Alliance Inc
Expected to close in the third quarter of 2012 for a closing value of $625 million. Upon completion of the merger, shareholders of FX Alliance will receive $22.00 per share in cash.
CHG
02/21/2012
Fortis Inc. (N/A)
All Cash
$1.5 billion
$65.00
$65.16
44,644
03/31/2013
-0.25%
-0.37%
Details of CH Energy Group, Inc.
Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash.
PEET
07/23/2012
Joh. A. Benckiser (N/A)
All Cash
$1 billion
$73.50
$75.17
139,161
10/31/2012
-2.22%
-8.72%
Details of Peet’s Coffee & Tea, Inc.
Expected to close in three months for a closing value of $1 billion. Upon completion of the merger, shareholders of Peet’s Coffee & Tea will receive $73.50 per share in cash.
MODL
07/03/2012
One Equity Partners, the private investment arm of JP Morgan Chase & Co. (N/A)
All Cash
$1.1 billion
$14.00
$14.47
329,925
09/30/2012
-3.25%
-19.12%
Details of MModal Inc.
Expected to close in the third quarter of 2012 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of MModal will receive $14.00 per share in cash.
AUTH
07/27/2012
Apple Inc. (AAPL)
All Cash
$356 million
$8.00
$8.42
19,075,560
12/31/2069
-4.99%
-0.09%
Details of AuthenTec, Inc.
Expected to close for a closing value of $356 million. Upon completion of the merger, shareholders of AuthenTec will receive $8.00 per share in cash.
SCMF
03/27/2012
Capital Bank Financial Corp (N/A)
All Cash
N/A
$2.88
$3.17
26,324
09/30/2012
-9.15%
-53.86%
Details of Southern Community Financial Corp.
Expected to close in the second quarter of 2012. Upon completion of the merger, shareholders of Southern Community Financial Corp will receive $2.88 per share in cash.
Update(s)
June 27, 2012: The companies hope to complete the deal in the third quarter.
SRSL
04/17/2012
DTS, Inc. (DTSI)
Cash Plus Stock
$148 million
$6.03
$7.35
N/A
09/30/2012
-17.93%
-105.53%
Details of SRS Labs Inc.
Expected to close in the third quarter of 2012 for a closing value of $148 million in a cash plus stock deal. Upon completion of the merger, SRS Labs shareholders may elect to receive either $9.50 per share in cash or a fixed ratio of 0.31127 shares of DTS common stock for every share of SRS Labs common stock they own. In order to take a more conservative approach, we have internally classified the deal as an all stock transaction.
Voluntary Disclosure: I hold a long position in Talbots (TLB).
You may view the latest post at
http://www.sinletter.com/2012/07/merger-arbitrage-mondays-%e2%80%93-july-30-2012/