Merger Arbitrage Mondays – March 22, 2010
Last week was very active with new mergers and acquisitions announced, rumors of deals for some very well know names like Harley-Davidson (HOG) and Polycom (PLCM) and the successful completion of two acquisitions. Polycom, widely recognized for its Klingon starship shaped conference phones, had an interesting ride last week with the stock jumping more than 10% from Tuesday’s close of $30.44 to an intraday high of $34.14 on Wednesday on nearly 10 times average daily volume on speculation that investment firm Apax Partners has been in negotiations with the company since November to take it private at $37 per share. A couple of valuation related downgrades later, oddly enough the stock closed the week at $31.34, just a little higher from where it had started the week.
SINLetter pick Teva Pharmaceutical (TEVA) and Pfizer (PFE) also duked it out for German generic drug manufacturer Ratiopharm and it looks like Teva won this $5 billion round, much to the delight of Teva investors who bid the stock up 3% last week. Since we don’t include international deals or rumors in the Merger Arbitrage Mondays list, you will not see these deals in the table below. You will however find the newly announced acquisitions of Orchard Enterprises (ORCD), Chordiant Software (CHRD), Sport Supply Group (RBI) and Sterling Banks (STBK). The acquisitions of Bare Escentuals (BARE) and Home Diagnostics (HDIX) completed last week and hence they have been removed from the Merger Arbitrage list below.
| Symbol | Announced
Date |
Acquiring Company | Closing
Value |
Closing
Price |
Last
Price |
Closing
Date |
Profit | Annualized
Profit |
|
| + | AYE | 2/11/2010 | FirstEnergy | $8.5 billion | 26.53 | 23.44 | 3/31/2011 | 13.2% | 13.05% |
| + | SSE | 2/23/2010 | Naugatuck Valley Financial Corp | $19.5 million | 7.25 | 6.52 | 8/16/2010 | 11.20% | 28.38% |
| + | STBK | 3/18/2010 | Roma Financial Corp | $14.7 million | 2.52 | 2.3 | 8/16/2010 | 9.57% | 24.25% |
| + | PINN | 2/24/2010 | Investor Group lead by Scotia Waterous (USA) | $11 million | 0.34 | 0.3201 | 5/17/2010 | 6.22% | 41.26% |
| + | SII | 2/19/2010 | Schlumberger | $7.5 billion | 45.84 | 43.31 | 9/30/2010 | 5.84% | 11.34% |
| + | SWWC | 3/3/2010 | Institutional Investors | $275 million | 11 | 10.5 | 5/17/2010 | 4.76% | 31.60% |
| + | ORCD | 3/16/2010 | eMusic | $12.77 million | 2.05 | 2 | 8/16/2010 | 2.50% | 6.34% |
| + | BNE | 2/24/2010 | RR Donnelley | $481 million | 11.5 | 11.23 | 9/30/2010 | 2.40% | 4.67% |
| + | MIL | 3/1/2010 | Merck | $6 billion | 107 | 105.25 | 9/30/2010 | 1.66% | 3.23% |
| + | TRA | 3/12/2010 | CF Industries Holdings, Inc. | $4.7 billion | 46.37 | 45.7 | 4/12/2010 | 1.47% | 26.76% |
| + | SKIL | 2/12/2010 | consortium of private equity funds | $1.1 billion | 10.8 | 10.65 | 5/31/2010 | 1.41% | 7.45% |
| + | MAM | 3/12/2010 | Emera Inc. | $75.7 million | 45 | 44.5 | 12/31/2010 | 1.12% | 1.47% |
| + | ZRBA | 1/11/2010 | Woodstream Corp | $23 million | 9 | 8.91 | 3/31/2010 | 1.01% | 40.97% |
| + | IUSA | 3/8/2010 | CCMP | $460 million | 8 | 7.93 | 6/30/2010 | 0.88% | 3.29% |
| + | CITP | 2/2/2010 | Manpower | $375.8 million | 17.65 | 17.5 | 4/2/2010 | 0.86% | 31.29% |
| + | CFL | 1/18/2010 | Tyco International | $2.9 billion | 42.5 | 42.16 | 6/26/2010 | 0.81% | 3.13% |
| + | RISK | 3/1/2010 | MSCI | $1.55 billion | 22.4 | 22.26 | 7/16/2010 | 0.63% | 2.01% |
| + | ADG | 1/19/2010 | Chemring Group Plc | $59 million | 7.25 | 7.22 | 4/19/2010 | 0.42% | |
| + | PRPX | 2/17/2010 | L.B. Foster Co. | $112 million | 11.71 | 11.67 | 6/30/2010 | 0.34% | 1.28% |
| + | KTII | 1/11/2010 | Hillenbrand Inc Common Stock | $435 million | 150 | 149.89 | 3/31/2010 | 0.07% | 2.98% |
| + | FACT | 3/9/2010 | Abbot | $450 million | 27 | 27.01 | 5/17/2010 | -0.04% | -0.25% |
| + | RBI | 3/15/2010 | affiliate of Oncap Management Partners L.P. | 13.55 | 13.56 | 8/16/2010 | -0.07% | -0.19% | |
| + | RCNI | 3/5/2010 | Abry | $1.2 billion | 15 | 15.08 | 9/30/2010 | -0.53% | -1.03% |
| + | ZNT | 2/18/2010 | Fairfax Financial Holdings | $I.4 billion | 38 | 38.34 | 5/17/2010 | -0.89% | -5.89% |
| + | CHRD | 3/15/2010 | Pegasystems | $161.5 million | 5 | 5.07 | 5/17/2010 | -1.38% | -9.16% |
| + | LGN | 1/22/2010 | Lone Star Funds | $270 million | 2.5 | 2.54 | 5/17/2010 | -1.57% | -10.45% |
| + | CKR | 3/1/2010 | Thomas H. Lee | $928 million | 11.05 | 11.41 | 5/17/2010 | -3.16% | -20.94% |
| + | PIII | 2/18/2010 | Lineage | $16.7 million | 5.26 | 5.81 | 5/17/2010 | -9.47% | -62.82% |
| + | JSDA | 3/9/2010 | Reeds Inc. | $9.7 million | 0.4 | 0.54 | -25.93% | 0.24% | |
| + | CCE | 2/25/2010 | The Coca-Cola Company | $12.3 billion | 26.96 | 10/1/2010 | |||
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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