Merger Arbitrage Mondays – July 05, 2010

The activity on the Merger and Acquisition front increased again last week with three new deals being announced and four deals closing.

The new deals announced include the acquisition of Wainwright Bank & Trust Company (WAIN) by Eastern Bank for $19 per share in cash, the acquisition of Abraxis (ABII) by Celgene (CELG) in a cash plus stock deal where shareholders of Abraxis will receive $58 and 0.2617 shares of Celgene for each Abraxis share they own, and the acquisition of Argon ST (STST) by Boeing (BA) for $34.50 per share in cash.

The deals that closed include the acquisition of Symyx Technolgies (SMMX) by Accelrys (ACCL) on June 30, 2010, the acquisition of Thomas Weisel Partners Group (TWPG) by Stifel Financial (SF) on June 30, 2010, the acquisition of Infogroup (IUSA) by affiliates of CCMP Capital Advisors on July 01, 2010 and the acquisition of HealthTronics (HTRN) by Endo Pharmaceuticals (ENDP) on July 02, 2010.

While the injunction on the Portec Rail Products (PRPX) acquisition by L. B. Foster (FSTR) was lifted, the DOJ investigation is ongoing and hence we have updated the closing date for that deal to 8/31/2010.

Voluntary Disclosure: I own long positions in Coca-Cola Enterprises (CCE) and Portec Rail Products (PRPX) in my personal portfolio.

  Symbol Announced
Date
Acquiring
Company
Closing
Value
Closing
Price
Last
Price
Closing
Date
Profit Annu.

Profit

+ ATBC 05/10/2010 Jacksonville Bancorp (JAXB) N/A $2.83 $2.10 09/30/2010 34.76% 145.84%
+ WX 04/26/2010 Charles River Laboratories (CRL) $1.6 billion $20.25 $15.85 12/31/2010 27.76% 56.60%
+ AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $23.08 $20.14 03/31/2011 14.59% 19.80%
+ SSE 02/23/2010 Naugatuck Valley Financial Corp (NVSL) $19.5 million $7.25 $6.45 08/16/2010 12.40% 107.79%
+ EMMS 05/25/2010 JS Acquisition and Alden Global Capital (N/A) $3 billion $2.40 $2.20 09/30/2010 9.09% 38.14%
+ BGH 06/11/2010 Buckeye Partners LP (BPL) $1.14 billion $41.03 $38.20 12/31/2010 7.41% 15.11%
+ ECLP 06/09/2010 Allscripts-Misys Healthcare (MDRX) $1.3 billion $18.92 $17.69 11/15/2010 6.98% 19.14%
+ DIVX 06/02/2010 Sonic Solutions (SNIC) $323 million $7.72 $7.26 09/30/2010 6.38% 26.77%
+ EFJI 05/17/2010 Francisco Partners (N/A) N/A $1.50 $1.42 09/30/2010 5.63% 23.64%
+ Q 04/22/2010 Century Link (CTL) $10.6 billion $5.52 $5.24 04/21/2011 5.27% 6.63%
+ PINN 02/24/2010 Investor Group lead by Scotia Waterous (USA) (N/A) $11 million $0.34 $0.3235 08/21/2010 5.10% 39.61%
+ ALOY 06/24/2010 ZelnickMedia (N/A) $126.5 million $9.80 $9.38 12/31/2010 4.48% 9.13%
+ TTIL 06/09/2010 Teoco Corp. (N/A) $58 million $3.00 $2.88 09/30/2010 4.17% 17.48%
+ SWWC 03/03/2010 Institutional Investors (N/A) $275 million $11.00 $10.60 03/31/2011 3.77% 5.12%
+ TSFG 05/17/2010 TD Bank Financial Group (N/A) $61 million $0.28 $0.27 09/30/2010 3.70% 15.54%
+ PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.71 $11.36 08/31/2010 3.08% 19.73%
+ GLG 05/17/2010 Man Group (N/A) $1.6 billion $4.50 $4.37 09/30/2010 2.97% 12.48%
+ PSYS 05/17/2010 Universal Health (N/A) $3.1 billion $33.75 $32.79 12/31/2010 2.93% 5.97%
+ WAIN 06/29/2010 Eastern Bank (N/A) $163 million $19.00 $18.47 12/31/2010 2.87% 5.85%
+ VETS 06/02/2010 VCA Antech Inc (WOOF) $41.25 million $0.34 $0.331 09/30/2010 2.72% 11.41%
+ ME 04/15/2010 Apache (APA) $2.7 billion $21.92 $21.36 09/30/2010 2.62% 11.00%
+ BNE 02/24/2010 RR Donnelley (RRD) $481 million $11.50 $11.22 09/30/2010 2.50% 10.47%
+ ODSY 05/24/2010 Gentiva Health Services (GTIV) $1.0 billion $27.00 $26.37 09/30/2010 2.39% 10.02%
+ SII 02/19/2010 Schlumberger (SLB) $7.5 billion $38.29 $37.52 09/30/2010 2.04% 8.56%
+ ORCD 03/16/2010 eMusic (N/A) $12.77 million $2.05 $2.01 08/16/2010 1.99% 17.29%
+ CYBS 04/21/2010 Visa Inc. (V) $2.0 billion $26.00 $25.52 09/30/2010 1.88% 7.89%
+ PMACA 06/10/2010 Old Republic International (ORI) $228 million $6.62 $6.50 09/30/2010 1.88% 7.87%
+ PFWD 04/16/2010 Oracle Corp. (ORCL) $685 million $17.00 $16.70 06/30/2010 1.80% 0.00%
+ IDC 05/04/2010 Silver Lake & Warburg Pincus (N/A) $3.4 billion $33.86 $33.31 09/30/2010 1.65% 6.93%
+ MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.30 12/31/2010 1.58% 3.22%
+ OMNI 06/04/2010 Wellspring Capital Management (N/A) $122 million $2.75 $2.71 11/15/2010 1.48% 4.05%
+ BSMD 05/13/2010 Merit Medical Systems (MMSI) $96 million $4.38 $4.32 09/30/2010 1.39% 5.83%
+ VTIV 05/06/2010 Thomas H. Lee Partners (N/A) $1.1 billion $26.00 $25.65 09/30/2010 1.36% 5.72%
+ WEL 04/09/2010 Halliburton Company (HAL) $240 million $3.00 $2.96 09/30/2010 1.35% 5.67%
+ ATSI 04/29/2010 Medtronic (MDT) $350 million $4.00 $3.96 09/30/2010 1.01% 4.24%
+ VIRL 06/10/2010 Synopsys (SNPS) $315 million $12.00 $11.88 12/31/2010 1.01% 2.06%
+ RCNI 03/05/2010 ABRY Partners (N/A) $536 million $15.00 $14.86 09/30/2010 0.94% 3.95%
+ STBK 03/18/2010 Roma Financial Corp (ROMA) $14.7 million $2.52 $2.5001 08/16/2010 0.80% 6.92%
+ MDNU 06/11/2010 Danone (N/A) $62.3 million $4.00 $3.969 09/30/2010 0.78% 3.28%
+ RBI 03/15/2010 affiliate of Oncap Management Partners L.P. (N/A) $13.55 $13.45 08/16/2010 0.74% 6.46%
+ NADX 04/05/2010 GDC Holdings Inc. (N/A) $100 million $17.00 $16.88 09/30/2010 0.71% 2.98%
+ STST 06/30/2010 Boeing (BA) $775 million $34.50 $34.27 09/30/2010 0.67% 2.82%
+ GNA 06/02/2010 Gerdau (GGB) $1.7 billion $11.00 $10.94 08/31/2010 0.55% 3.51%
+ CPII 05/10/2010 Comtech (CMTL) $472.3 million $15.46 $15.38 09/30/2010 0.52% 2.17%
+ QUOT 06/11/2010 LQ Acquisition (N/A) $19 million $4.00 $3.98 09/30/2010 0.50% 2.11%
+ VRAD 05/17/2010 Providence Equity (N/A) $294 million $17.25 $17.17 09/30/2010 0.47% 1.95%
+ SY 05/12/2010 SAP (SAP) $5.8 billion $65.00 $64.70 09/30/2010 0.46% 1.95%
+ MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $10.69 $10.64 12/31/2010 0.45% 0.92%
+ EVVV 06/01/2010 Covidien plc (COV) $2.6 billion $22.50 $22.41 07/31/2010 0.40% 5.64%
+ SBP 06/24/2010 ABLASA (N/A) N/A $12.69 $12.64 07/22/2010 0.40% 8.49%
+ DBTK 05/17/2010 Vision Solutions (N/A) $242 million $10.55 $10.51 09/30/2010 0.38% 1.60%
+ MIL 03/01/2010 Merck (MRK) $6 billion $107.00 $106.63 09/30/2010 0.35% 1.46%
+ WMZ 05/24/2010 Williams Partners L.P. (WPZ)   $31.75 $31.64 09/30/2010 0.34% 1.41%
+ SMTS 06/16/2010 Covidien (COV) $299 million $25.00 $24.93 07/31/2010 0.28% 3.94%
+ AIPC 06/21/2010 Ralcorp Holdings (RAH) $1.2 billion $53.00 $52.87 09/30/2010 0.25% 1.03%
+ DCP 04/12/2010 Cerberus Capital Management (N/A) $1.5 billion $17.55 $17.51 11/15/2010 0.23% 0.63%
+ SXE 05/07/2010 CGI Group (N/A) $904 million $37.50 $37.42 09/30/2010 0.21% 0.90%
+ PALM 04/28/2010 Hewlett – Packard (HPQ) $1.2 billion $5.70 $5.69 07/31/2010 0.18% 2.47%
+ CKR 03/01/2010 Apollo Management VII (N/A) $694 million $12.55 $12.53 07/07/2010 0.16% 29.13%
+ SENO 05/05/2010 Bard (BARD.PK) $200 million $11.00 $11.00 09/30/2010 0.00% 0.00%
+ BELM 03/29/2010 Avnet (AVT) $252 million $7.00 $7.00 07/15/2010 0.00% 0.00%
+ CRN 04/19/2010 GeoGroup (GEO) $685 million $26.90 $26.93 09/30/2010 -0.12% -0.51%
+ NGA 04/01/2010 AZZ Inc. (AZZ) $125.6 million $7.50 $7.52 08/31/2010 -0.27% -1.70%
+ VRX 06/21/2010 Biovail Corporation (BVF) $3.3 billion $50.38 $51.32 12/31/2010 -1.84% -3.75%
+ SNWL 06/03/2010 investor group led by private equity firm Thoma Bravo LLC (N/A) $636 million $11.50 $11.78 12/31/2010 -2.38% -4.85%
+ CAL 05/03/2010 United (UAUA) $1.2 billion $19.52 $20.10 12/31/2010 -2.89% -5.89%
+ ABII 06/30/2010 Celgene (CELG) $2.9 billion $71.28 $74.25 12/31/2010 -4.00% -8.16%
+ ARD 04/04/2010 SandRidge Energy Inc. (SD) $1.6 billion $30.78 $32.19 09/30/2010 -4.38% -18.37%
+ DTG 04/26/2010 Hertz (HTZ) $1.3 billion $38.57 $41.70 12/31/2010 -7.50% -15.29%
+ TLCR 06/07/2010 Grifols (N/A) $3.4 billion $19.00 $21.16 12/31/2010 -10.21% -20.82%
+ MCCC 06/01/2010 Chief Executive Rocco Commisso (N/A) $590 million $6.00 $6.75 N/A -11.11% 0.00%
+ CCE 02/25/2010 The Coca-Cola Company (KO) $12.3 billion N/A $26.03 10/01/2010 N/A N/A
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