Merger Arbitrage Mondays – August 16, 2010

When compared to the past few weeks, there was a significant increase in merger activity last week with eight new deals announced and four deals closing.

The new all-cash deals  include the acquisition of Superior Well Services (SWSI) by Nabors (NBR) for $22.12 per share in cash, the acquisition of Penwest Pharmaceuticals (PPCO) by Endo Pharmaceuticals (ENDP) for $5.00 per share in cash, the acquisition of Unica(UNCA) by IBM (IBM) for $21 per share in cash and the acquisition of Dynegy (DYN) by the Blackstone Group (BX) for $4.50 per share in cash.

The new all-stock or cash plus stock deals include the acquisition of Inergy Holdings (NRGP) by Inergy (NRGY) in an all stock deal where Inergy Holdings shareholders will receive 0.77 NRGY common units in exchange for each NRGP common unit, the acquisition of Comm Bancorp (CCBP) by F.N.B. Corporation (FNB) in a cash plus stock deal where Comm Bancorp shareholders will receive 3.4545 shares of F.N.B. common stock and $10.00 in cash for each share of Comm Bancorp held on the completion of the merger, the acquisition of Allis-Chalmers Energy (ALY) by Seawell where Allis-Chalmers stockholders will have the right to elect $4.25 in cash or 1.15 Seawell common shares for each share of Allis-Chalmers common stock, subject to proration if more than 35% of the shares elect to receive cash.

The acquisition of Trubion Pharmaceuticals (TRBN) by Emergent Biosolutions (EBS) is a new deal with special conditions where Trubion Pharmaceuticals shareholders will receive $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock per share held, plus one Contingent Value Right (CVR) per share, which will entitle the holder to receive cash payments based upon achievement of the following predefined milestones:

  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 $26.32 $22.25 12/31/2010 18.29% 48.73%
+ EMMS 05/25/2010 JS Acquisition and Alden Global Capital (N/A) $3 billion $2.40 $2.0525 09/30/2010 16.93% 137.33%
+ ATBC 05/10/2010 Jacksonville Bancorp (JAXB) N/A $2.40 $2.05 09/30/2010 16.88% 136.90%
+ ALY 08/12/2010 SeaDrill (N/A) $890 million $4.25 $3.70 12/31/2010 14.86% 39.60%
+ SSE 02/23/2010 Naugatuck Valley Financial Corp (NVSL) $19.5 million $7.25 $6.341 09/30/2010 14.34% 116.28%
+ AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $24.17 $22.27 03/31/2011 8.54% 13.73%
+ PINN 02/24/2010 Investor Group lead by Scotia Waterous (USA) (N/A) $11 million $0.34 $0.3222 08/21/2010 5.52% 403.29%
+ Q 04/22/2010 Century Link (CTL) $10.6 billion $6.00 $5.69 04/21/2011 5.43% 7.99%
+ BGH 06/11/2010 Buckeye Partners LP (BPL) $1.14 billion $43.90 $42.17 12/31/2010 4.10% 10.93%
+ ATAC 07/19/2010 Genco Distribution System Inc. (N/A) $513 million $25.00 $24.02 12/31/2010 4.08% 10.87%
+ BNE 02/24/2010 RR Donnelley (RRD) $481 million $11.50 $11.12 09/30/2010 3.42% 27.72%
+ CCBP 08/09/2010 F.N.B. Corporation (FNB) $70 million $37.19 $36.00 12/31/2010 3.30% 8.78%
+ ALOY 06/24/2010 ZelnickMedia (N/A) $126.5 million $9.80 $9.50 12/31/2010 3.16% 8.41%
+ TTIL 06/09/2010 Teoco Corp. (N/A) $58 million $3.00 $2.91 09/30/2010 3.09% 25.09%
+ VETS 06/02/2010 VCA Antech Inc (WOOF) $41.25 million $0.34 $0.33 09/30/2010 3.03% 24.58%
+ XJT 08/04/2010 SkyWest (SKYW) $133 million $6.75 $6.58 12/31/2010 2.58% 6.88%
+ PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.71 $11.43 08/31/2010 2.45% 59.61%
+ SMTB 07/15/2010 People's United Financial Inc. (PBCT) $60 million $3.89 $3.80 12/31/2010 2.36% 6.29%
+ DIVX 06/02/2010 Sonic Solutions (SNIC) $323 million $7.76 $7.59 09/30/2010 2.30% 18.63%
+ MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $10.18 $9.97 12/31/2010 2.08% 5.55%
+ OMNI 06/04/2010 Wellspring Capital Management (N/A) $122 million $2.75 $2.70 11/15/2010 1.85% 7.43%
+ NTY 07/15/2010 The Carlyle Group (N/A) $3.8 billion $55.00 $54.01 12/31/2010 1.83% 4.88%
+ TSFG 05/17/2010 TD Bank Financial Group (N/A) $61 million $0.28 $0.275 09/30/2010 1.82% 14.75%
+ GLG 05/17/2010 Man Group (N/A) $1.6 billion $4.50 $4.42 09/30/2010 1.81% 14.68%
+ PSYS 05/17/2010 Universal Health (N/A) $3.1 billion $33.75 $33.16 12/31/2010 1.78% 4.74%
+ ACF 07/22/2010 General Motors Co. (N/A) $3.5 billion $24.50 $24.08 12/31/2010 1.74% 4.65%
+ NRGP 08/09/2010 Inergy (NRGY) $2.07 billion $30.48 $30.00 12/31/2010 1.59% 4.23%
+ LSBX 07/15/2010 People's United Financial Inc. (PBCT) $96 million $21.00 $20.70 12/31/2010 1.45% 3.86%
+ WMZ 05/24/2010 Williams Partners L.P. (WPZ) $32.85 $32.38 09/30/2010 1.44% 11.68%
+ ECLP 06/09/2010 Allscripts-Misys Healthcare (MDRX) $1.3 billion $20.32 $20.06 11/15/2010 1.28% 5.12%
+ MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.45 12/31/2010 1.24% 3.30%
+ PMACA 06/10/2010 Old Republic International (ORI) $228 million $6.85 $6.77 09/30/2010 1.14% 9.29%
+ NYM 07/15/2010 ProSight (N/A) $230 million $25.75 $25.46 12/31/2010 1.14% 3.03%
+ ADCT 07/13/2010 Tyco Electronics (TEL) $1.24 billion $12.75 $12.61 12/31/2010 1.11% 2.96%
+ HEW 07/12/2010 Aon Corp (AON) $4.9 billion $49.09 $48.56 11/15/2010 1.10% 4.40%
+ WAIN 06/29/2010 Eastern Bank (N/A) $163 million $19.00 $18.80 12/31/2010 1.06% 2.83%
+ WEL 04/09/2010 Halliburton Company (HAL) $240 million $3.00 $2.97 09/30/2010 1.01% 8.19%
+ AEZ 07/28/2010 Hess Corp (HES) $450 million $7.25 $7.18 12/31/2010 0.91% 2.42%
+ SWWC 03/03/2010 Institutional Investors (N/A) $275 million $11.00 $10.91 03/31/2011 0.82% 1.33%
+ ME 04/15/2010 Apache (APA) $2.7 billion $23.35 $23.17 09/30/2010 0.79% 6.42%
+ ACAP 07/08/2010 The Doctors Company (N/A) $386 million $41.50 $41.18 12/31/2010 0.78% 2.07%
+ UNCA 08/13/2010 IBM (IBM) $480 million $21.00 $20.84 12/31/2010 0.77% 2.05%
+ GNA 06/02/2010 Gerdau (GGB) $1.7 billion $11.00 $10.92 08/31/2010 0.73% 17.83%
+ MEND 07/12/2010 Johnson & Johnson (JNJ) $480 million $23.40 $23.23 09/30/2010 0.73% 5.94%
+ PPCO 08/09/2010 Endo Pharmaceuticals (ENDP) $144 million $5.00 $4.97 12/31/2010 0.60% 1.61%
+ RCNI 03/05/2010 ABRY Partners (N/A) $536 million $15.00 $14.91 09/30/2010 0.60% 4.90%
+ RUBO 05/10/2010 Mill Road Capital (N/A) $91 million $8.70 $8.65 08/23/2010 0.58% 30.14%
+ VIRL 06/10/2010 Synopsys (SNPS) $315 million $12.00 $11.96 12/31/2010 0.33% 0.89%
+ BXC 07/22/2010 Cerberus Capital Management (N/A) $111.1 million $3.40 $3.39 12/31/2010 0.29% 0.79%
+ SII 02/19/2010 Schlumberger (SLB) $7.5 billion $40.93 $40.82 09/30/2010 0.27% 2.23%
+ QUOT 06/11/2010 LQ Acquisition (N/A) $19 million $4.00 $3.99 09/30/2010 0.25% 2.03%
+ HGRD 07/28/2010 an affiliate of the private equity firm Vestar Capital (N/A) $294 million $8.20 $8.18 09/30/2010 0.24% 1.98%
+ BSMD 05/13/2010 Merit Medical Systems (MMSI) $96 million $4.38 $4.37 09/30/2010 0.23% 1.86%
+ SWSI 08/09/2010 Nabors Industries (NBR) $900 million $22.12 $22.09 09/30/2010 0.14% 1.10%
+ ODSY 05/24/2010 Gentiva Health Services (GTIV) $1.0 billion $27.00 $26.98 09/30/2010 0.07% 0.60%
+ SXE 05/07/2010 CGI Group (N/A) $904 million $37.50 $37.50 09/30/2010 0.00% 0.00%
+ DYN 08/13/2010 Blackstone Group (BX) $4.7 billion $4.50 $4.53 12/31/2010 -0.66% -1.76%
+ CPII 05/10/2010 Comtech (CMTL) $472.3 million $13.88 $13.98 09/30/2010 -0.69% -5.56%
+ CAL 05/03/2010 United (UAUA) $1.2 billion $22.56 $22.81 12/31/2010 -1.08% -2.87%
+ VRX 06/21/2010 Biovail Corporation (BVF) $3.3 billion $56.84 $57.75 12/31/2010 -1.58% -4.20%
+ ABII 06/30/2010 Celgene (CELG) $2.9 billion $72.57 $75.33 12/31/2010 -3.67% -9.77%
+ TRBN 08/12/2010 Emergent BioSolution (EBS) $96.8 million $4.23 $4.50 12/31/2010 -6.11% -16.27%
+ MCCC 06/01/2010 Chief Executive Rocco Commisso (N/A) $590 million $6.00 $6.81 N/A -11.89% 0.00%
+ DTG 04/26/2010 Hertz (HTZ) $1.3 billion $38.80 $47.45 12/31/2010 -18.22% -48.55%
+ CCE 02/25/2010 The Coca-Cola Company (KO) $12.3 billion N/A $28.71 10/01/2010 N/A N/A
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Industrial MachineryIndustrials
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!