Merger Arbitrage Mondays – November 29, 2010

Merger activity decreased last week with four new deals being announced and six deals closing. You can find all the deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2010 115
Total Number of Deals That Did Not Complete in 2010 6
Total Number of Pending Deals
Cash Deals 57
Stock Deals 14
Stock & Cash Deals 10
Total Number of Pending Deals 81

New Deals:

  1. The acquisition of Novell Inc. (NOVL) by Attachmate Corporation for $2.2 billion or $6.10 per share in cash
  2. The acquisition of J. Crew Group (JCG) by private equity firms TPG Capital and Leonard Green & Partners for $3 billion or $43.50 per share in cash
  3. The acquisition of Del Monte Foods (DLM)  by a group led by Kohlberg Kravis Roberts & Co (KKR) for $5.3 billion or $19 per share in cash
  4. The acquisition of CPI International (CPII) by private-equity firm Veritas Capital for $525 million or $19.50 per share in cash


Closed Deals:

  1. The acquisition of Buckeye GP Holdings (BGH) by Buckeye Partners LP (BPL) on November 22, 2010
  2. The acquisition of Enterprise GP Holdings (EPE) by Enterprise Products Partners (EPD) on November 22, 2010
  3. The acquisition of Gymboree Corporation (GYMB) by Bain Capital Partners on November 23, 2010
  4. The acquisition of NYMAGIC Inc. (NYM) by ProSight Specialty Insurance Holdings on November 23, 2010
  5. The acquisition of Phoenix Technologies Ltd. (PTEC) by a wholly-owned subsidiary of Pharaoh Acquisition LLC, an affiliate of Marlin Equity Partners on November 23, 2010
  6. The acquisition of Bowne & Co. Inc. (BNE) by RR Donnelly (RRD) on November 24, 2010


Top 10 Deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annu.
Profit
TLCR 06/07/2010 Grifols (GRF.MC) $26.94 $22.05 03/31/2011 22.20% 65.87%
DTG 04/26/2010 Avis (CAR) $54.39 $45.88 12/31/2010 18.56% 205.25%
HYC 11/17/2010 Verifone Systems (PAY) $7.98 $7.35 09/30/2011 8.59% 10.24%
CRXL 10/06/2010 Johnson & Johnson (JNJ) $34.40 $31.78 03/31/2011 8.24% 24.46%
MROE 10/06/2010 Old National Bancorp (ONB) $13.03 $12.11 03/31/2011 7.60% 22.56%
MAJCD 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.20 03/31/2011 7.14% 21.20%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $27.04 $25.25 12/31/2010 7.08% 78.33%
PNNW 11/12/2010 City of Nashua (N/A) $29.00 $27.40 09/30/2011 5.84% 6.97%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.78 06/30/2011 5.22% 8.91%
ADAM 08/30/2010 Ebix Inc. (EBIX) $6.52 $6.24 12/31/2010 4.57% 50.51%

List of all pending deals:

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

Profit

+ TLCR 06/07/2010 Grifols (GRF.MC) $3.4 billion $26.94 $22.05 03/31/2011 22.20% 65.87%
+ DTG 04/26/2010 Avis (CAR) $1.56 billion $54.39 $45.88 12/31/2010 18.56% 205.25%
+ HYC 11/17/2010 Verifone Systems (PAY) $485 million $7.98 $7.35 09/30/2011 8.59% 10.24%
+ CRXL 10/06/2010 Johnson & Johnson (JNJ) $2.41 billion $34.40 $31.78 03/31/2011 8.24% 24.46%
+ MROE 10/06/2010 Old National Bancorp (ONB) $83.5 million $13.03 $12.11 03/31/2011 7.60% 22.56%
+ MAJCD 09/21/2010 Bayside Capital Partners (N/A) $7.8 million $4.50 $4.20 03/31/2011 7.14% 21.20%
+ PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $954 million $27.04 $25.25 12/31/2010 7.08% 78.33%
+ PNNW 11/12/2010 City of Nashua (N/A) $138 million $29.00 $27.40 09/30/2011 5.84% 6.97%
+ SHMR 10/15/2010 Essilor (N/A) $130 million $14.50 $13.78 06/30/2011 5.22% 8.91%
+ ADAM 08/30/2010 Ebix Inc. (EBIX) $66 million $6.52 $6.24 12/31/2010 4.57% 50.51%
+ AAI 09/27/2010 Southwest Airlines (LUV) $1.4 billion $7.75 $7.42 03/31/2011 4.45% 13.20%
+ LTXC 11/18/2010 Verigy Ltd (VRGY) $422 million $8.33 $8.00 06/30/2011 4.16% 7.10%
+ TCM 11/01/2010 Hanmax Investment Limited (N/A) N/A $4.50 $4.34 03/31/2011 3.69% 10.94%
+ MCCC 11/15/2010 Chief Executive Rocco Commisso (N/A) $600 million $8.75 $8.45 06/30/2011 3.55% 6.06%
+ BUCY 11/15/2010 Caterpillar Inc (CAT) $8.6 billion $92.00 $89.05 06/30/2011 3.31% 5.65%
+ Q 04/22/2010 Century Link (CTL) $10.6 billion $7.16 $6.95 04/21/2011 3.05% 7.73%
+ OPTC 11/11/2010 TKH Group (N/A) N/A $2.45 $2.38 03/31/2011 2.94% 8.73%
+ VCGH 11/10/2010 Company's chairman of the Board, CEO, President and COO (N/A) $37 million $2.25 $2.19 03/31/2011 2.74% 8.13%
+ NOVL 11/22/2010 Attachment Corporation (N/A) $2.2 billion $6.10 $5.94 03/31/2011 2.69% 7.99%
+ AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $23.50 $22.91 03/31/2011 2.57% 7.62%
+ MFE 08/19/2010 Intel Corporation (INTC) $7.68 billion $48.00 $46.85 06/30/2011 2.45% 4.19%
+ OCNW 09/16/2010 Calix Inc. (CALX) $171 million $7.59 $7.44 12/31/2010 2.05% 22.65%
+ NAL 08/19/2010 First Niagara Financial Group (FNFG) $1.5 billion $13.61 $13.35 05/15/2011 1.93% 4.18%
+ BJGP 10/28/2010 Sanofi – aventis (N/A) $520.6 million $10.00 $9.83 03/31/2011 1.73% 5.13%
+ PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.80 $11.60 12/30/2010 1.72% 19.67%
+ ID 09/20/2010 Safran (N/A) $1.1 billion $12.00 $11.80 03/31/2011 1.69% 5.03%
+ CCBP 08/09/2010 F.N.B. Corporation (FNB) $70 million $40.95 $40.40 12/31/2010 1.37% 15.12%
+ SVR 10/28/2010 Carlyle (N/A) $2.6 billion $31.00 $30.64 03/31/2011 1.17% 3.49%
+ GIW 10/25/2010 Community Bank System (CBU) $101.8 million $9.50 $9.39 02/15/2011 1.17% 5.41%
+ LDSH 11/17/2010 Allegheny Technologies (ATI) $778 million $47.12 $46.64 03/31/2011 1.02% 3.04%
+ CPII 11/26/2010 Veritas Capital (N/A) $525 million $19.50 $19.31 12/31/2069 0.98% 0.02%
+ FMR 10/28/2010 Fairfax Financial Holdings (FRFHF.PK) $294 million $16.50 $16.34 03/31/2011 0.98% 2.91%
+ NCOC 09/28/2010 Ranger Energy Investments (N/A) $8.6 million $1.00 $0.991 12/15/2010 0.91% 19.50%
+ DLM 11/25/2010 Kohlberg Kravis Roberts & Co (KKR) $4 billion $19.00 $18.83 03/31/2011 0.90% 2.68%
+ CSCX 10/19/2010 Opto Circuits (N/A) N/A $2.30 $2.28 12/31/2010 0.88% 9.70%
+ MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $10.06 $9.98 12/31/2010 0.84% 9.34%
+ ARTG 11/02/2010 Oracle (ORCL) $1 billion $6.00 $5.95 03/31/2011 0.84% 2.49%
+ CFS 11/02/2010 affiliate of ABRY Partners (N/A) $84.8 million $2.50 $2.48 12/31/2010 0.81% 8.92%
+ ACV 09/27/2010 Unilever PLC (N/A) $3.7 billion $37.50 $37.20 12/31/2010 0.81% 8.92%
+ NHWK 09/27/2010 Virtual Radiologic (N/A) $170 million $6.50 $6.45 03/31/2011 0.78% 2.30%
+ ULCM 10/12/2010 affiliates of Platinum Equity (N/A) N/A $8.07 $8.01 12/31/2010 0.75% 8.29%
+ SMTB 07/15/2010 People's United Financial Inc. (PBCT) $60 million $3.77 $3.74 12/31/2010 0.73% 8.13%
+ PZZ 08/16/2010 Leonard Green & Partners (N/A) $363 million $8.50 $8.44 12/31/2010 0.71% 7.86%
+ TTES 10/06/2010 Robbins & Myers Inc. (RBN) $422 million $35.49 $35.28 12/31/2010 0.58% 6.43%
+ ROAC 10/18/2010 Swenson Granite Co. (N/A) $39 million $5.25 $5.22 03/31/2011 0.57% 1.71%
+ NUHC 09/20/2010 Arrow Electronics (ARW) $130 million $7.00 $6.96 12/31/2010 0.57% 6.36%
+ KG 10/12/2010 Pfizer Inc. (PFE) $3.6 billion $14.25 $14.17 12/31/2010 0.56% 6.24%
+ LSBX 07/15/2010 People's United Financial Inc. (PBCT) $96 million $21.00 $20.896 12/31/2010 0.50% 5.50%
+ TUNE 09/08/2010 Zoran Corporation (ZRAN) $84 million $2.92 $2.91 12/31/2010 0.34% 3.80%
+ ADCT 07/13/2010 Tyco Electronics (TEL) $1.24 billion $12.75 $12.71 12/31/2010 0.31% 3.48%
+ ACTI 10/11/2010 Assa Abloy (N/A) $162 million $3.25 $3.24 12/31/2010 0.31% 3.41%
+ STU 09/17/2010 Discover Financial Services (N/A) N/A $30.00 $29.91 12/31/2010 0.30% 3.33%
+ INET 09/20/2010 an affiliate of Hellman & Friedman Capital Partners (N/A) $640 million $13.35 $13.31 12/31/2010 0.30% 3.32%
+ MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.88 12/31/2010 0.27% 2.96%
+ AEZ 07/28/2010 Hess Corp (HES) $450 million $9.58 $9.56 12/31/2010 0.22% 2.41%
+ ATLS 11/09/2010 Chevron Coproation (CVX) $4.3 billion $43.34 $43.25 03/31/2011 0.21% 0.62%
+ CLRT 10/22/2010 GE Healthcare (GE) $580 million $5.00 $4.99 01/31/2011 0.20% 1.14%
+ ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) $74 million $11.20 $11.176 03/31/2011 0.19% 0.56%
+ KEI 09/28/2010 Danaher Corporation (DHR) $340 million $21.60 $21.56 12/31/2010 0.19% 2.05%
+ RSCR 09/07/2010 Onex Corp (N/A) $390 million $13.25 $13.23 12/31/2010 0.15% 1.67%
+ ISLN 11/15/2010 EMC Corporation (EMC) $2.25 billion $33.85 $33.80 12/31/2010 0.15% 1.64%
+ THMD 10/05/2010 Irving Place Capital (N/A) $422 million $15.00 $14.98 12/31/2010 0.13% 1.48%
+ AMPH 09/01/2010 ProAssuarance (PRA) $233 million $32.50 $32.46 12/31/2010 0.12% 1.36%
+ COGT 08/30/2010 3M Co. (MMM) $943 million $10.50 $10.49 12/31/2010 0.10% 1.05%
+ HWK 10/15/2010 Carlisle (CSL) $413 million $50.00 $49.97 12/31/2010 0.06% 0.66%
+ TEAM 11/02/2010 fanini International Holdings Ltd for $93.4 million (N/A) $93.4 million $8.35 $8.35 12/31/2010 0.00% 0.00%
+ CLU 09/16/2010 Clearwater Paper Corporation (CLW) $247 million $12.00 $12.00 12/31/2010 0.00% 0.00%
+ ACLI 10/18/2010 Affiliates of Platinum Equity (N/A) $777 million $33.00 $33.04 12/31/2010 -0.12% -1.34%
+ CTV 10/25/2010 Carlyle (N/A) $3 billion $31.50 $31.65 03/31/2011 -0.47% -1.41%
+ NST 10/18/2010 Northeast Utilities (NU) $4.17 billion $41.58 $41.81 09/30/2011 -0.56% -0.66%
+ JCG 11/23/2010 private equity firms TPG Capital and Leonard Green & Partners (N/A) $3 billion $43.50 $43.75 03/31/2011 -0.57% -1.70%
+ RAE 09/20/2010 Battery Ventures (N/A) $95 million $1.60 $1.63 12/31/2010 -1.84% -20.36%
+ WL 11/01/2010 M & T Bank Corporation (MTB) $351 million $3.93 $4.04 06/30/2011 -2.79% -4.75%
+ DVD 09/27/2010 Dover Downs Gaming & Entertainment Inc (DDE) N/A $1.70 $1.79 12/31/2010 -5.12% -56.61%
+ CGC 10/01/2010 Gammon Gold (GRS) $288 million $4.18 $4.42 12/31/2010 -5.41% -59.79%
+ CADE 10/06/2010 Community Bancorp LLC (N/A) $38 million $2.25 $2.45 03/31/2011 -8.31% -24.65%
+ DDMX 10/01/2010 Greenbriar Equity Group (N/A) $210 million $21.25 $23.70 02/15/2011 -10.34% -47.76%
+ DYN 08/13/2010 Blackstone Group (BX) $4.7 billion $4.50 $5.05 12/31/2010 -10.89% -120.46%
+ HBE 10/06/2010 Kratos Defense & Security Solutions (KTOS) $45 million $7.00 $8.20 12/31/2010 -14.63% -161.86%
+ OTIX 09/13/2010 William Demant (N/A) $50 million $8.60 $11.00 12/31/2010 -21.82% -241.32%
+ ALY 08/12/2010 Seawell (N/A) $890 million $4.25 $6.51 12/31/2010 -34.72% -383.98%
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