Merger Arbitrage Mondays – December 06, 2010

Merger activity remained steady last week with four new deals being announced and eleven 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 126
Total Number of Deals That Did Not Complete in 2010 6
Total Number of Pending Deals
Cash Deals 52
Stock Deals 13
Stock & Cash Deals 9
Total Number of Pending Deals 74

New Deals:

  1. The acquisition of Voltaire Limited (VOLT) by Mellanox Technologies, Ltd. (MLNX) for $176 million or $8.75 per share in cash.
  2. The acquisition of Baldor Electric Co. (BEZ) by ABB Ltd. (ABB) for $4.2 billion or $63.50 per share in cash.
  3. The acquisition of  Mercer Insurance Group (MIGP) by United Fire & Casualty (UFCS) for $191 million or $28.25 per share in cash.
  4. The acquisition of  Eurand N.V. (EURX) by Axcan Holdings, Inc. for $583 million or $12.00 per share in cash.


Closed Deals:

  1. The acquisition of American Physicians Service Group (AMPH) by ProAssuarance (PRA) on November 30, 2010
  2. The acquisition of OTIX Global Inc. (OTIX) by William Demant on November 30, 2010
  3. The acquisition of LSB Corporation (LSBX) by People's United Financial Inc. (PBCT) on December 01, 2010
  4. The acquisition of Smithtown Bancorp Inc (SMTB) by People's United Financial Inc. (PBCT) on December 01, 2010
  5. The acquisition of Microtune Inc. (TUNE) by Zoran Corporation (ZRAN) on December 01, 2010
  6. The acquisition of Hawk Corporation (HWK) by Carlisle (CSL) on December 01, 2010
  7. The acquisition of Cardiac Science Corporation (CSCX) by Opto Circuits on December 01, 2010
  8. The acquisition of Cogent Inc. (COGT) by 3M Co. (MMM) on December 02, 2010
  9. The acquisition of Ulticom Inc. (ULCM) by Affiliates of Platinum Equity on December 03, 2010
  10. The acquisition of Thermadyne Holdings Corporation (THMD) by Irving Place Capital on December 03, 2010
  11. The acquisition of Mirant Corp (MIR) by RRI Energy (RRI) on December 03, 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) $27.65 $22.51 03/31/2011 22.85% 72.53%
DTG 04/26/2010 Avis (CAR) $55.30 $47.13 12/31/2010 17.34% 253.20%
MROE 10/06/2010 Old National Bancorp (ONB) $14.09 $12.96 03/31/2011 8.71% 27.64%
MAJCD 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.21 03/31/2011 6.89% 21.86%
HYC 11/17/2010 Verifone Systems (PAY) $9.17 $8.60 09/30/2011 6.63% 8.12%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.72 06/30/2011 5.69% 10.07%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $27.96 $26.47 12/31/2010 5.63% 82.15%
PNNW 11/12/2010 City of Nashua (N/A) $29.00 $27.55 09/30/2011 5.26% 6.45%
ADAM 08/30/2010 Ebix Inc. (EBIX) $6.81 $6.55 12/31/2010 3.96% 57.75%
AAI 09/27/2010 Southwest Airlines (LUV) $7.75 $7.46 03/31/2011 3.89% 12.34%

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 $27.65 $22.51 03/31/2011 22.85% 72.53%
+ DTG 04/26/2010 Avis (CAR) $1.56 billion $55.30 $47.13 12/31/2010 17.34% 253.20%
+ MROE 10/06/2010 Old National Bancorp (ONB) $83.5 million $14.09 $12.96 03/31/2011 8.71% 27.64%
+ MAJCD 09/21/2010 Bayside Capital Partners (N/A) $7.8 million $4.50 $4.21 03/31/2011 6.89% 21.86%
+ HYC 11/17/2010 Verifone Systems (PAY) $485 million $9.17 $8.60 09/30/2011 6.63% 8.12%
+ SHMR 10/15/2010 Essilor (N/A) $130 million $14.50 $13.72 06/30/2011 5.69% 10.07%
+ PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $954 million $27.96 $26.47 12/31/2010 5.63% 82.15%
+ PNNW 11/12/2010 City of Nashua (N/A) $138 million $29.00 $27.55 09/30/2011 5.26% 6.45%
+ ADAM 08/30/2010 Ebix Inc. (EBIX) $66 million $6.81 $6.55 12/31/2010 3.96% 57.75%
+ AAI 09/27/2010 Southwest Airlines (LUV) $1.4 billion $7.75 $7.46 03/31/2011 3.89% 12.34%
+ LTXC 11/18/2010 Verigy Ltd (VRGY) $422 million $8.77 $8.45 06/30/2011 3.84% 6.80%
+ TCM 11/01/2010 Hanmax Investment Limited (N/A) N/A $4.50 $4.35 03/31/2011 3.45% 10.94%
+ OPTC 11/11/2010 TKH Group (N/A) N/A $2.45 $2.37 03/31/2011 3.38% 10.71%
+ CRXL 10/06/2010 Johnson & Johnson (JNJ) $2.41 billion $32.88 $31.83 03/31/2011 3.30% 10.47%
+ BUCY 11/15/2010 Caterpillar Inc (CAT) $8.6 billion $92.00 $89.25 06/30/2011 3.08% 5.46%
+ MCCC 11/15/2010 Chief Executive Rocco Commisso (N/A) $600 million $8.75 $8.50 06/30/2011 2.94% 5.21%
+ NOVL 11/22/2010 Attachment Corporation (N/A) $2.2 billion $6.10 $5.94 03/31/2011 2.69% 8.55%
+ NAL 08/19/2010 First Niagara Financial Group (FNFG) $1.5 billion $14.28 $13.95 05/15/2011 2.35% 5.36%
+ MFE 08/19/2010 Intel Corporation (INTC) $7.68 billion $48.00 $46.91 06/30/2011 2.32% 4.12%
+ VCGH 11/10/2010 Company's chairman of the Board, CEO, President and COO (N/A) $37 million $2.25 $2.20 03/31/2011 2.27% 7.21%
+ AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $23.77 $23.24 03/31/2011 2.26% 7.17%
+ ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) $74 million $11.60 $11.37 03/31/2011 2.06% 6.55%
+ GIW 10/25/2010 Community Bank System (CBU) $101.8 million $9.50 $9.31 02/15/2011 2.04% 10.49%
+ OCNW 09/16/2010 Calix Inc. (CALX) $171 million $8.29 $8.13 12/31/2010 1.95% 28.46%
+ PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.80 $11.58 12/30/2010 1.90% 28.89%
+ WL 11/01/2010 M & T Bank Corporation (MTB) $351 million $4.15 $4.08 06/30/2011 1.81% 3.21%
+ Q 04/22/2010 Century Link (CTL) $10.6 billion $7.23 $7.12 04/21/2011 1.50% 4.02%
+ EURX 12/01/2010 Axcan Holdings, Inc. (N/A) $583 million $12.00 $11.83 06/30/2011 1.44% 2.55%
+ BJGP 10/28/2010 Sanofi – aventis (N/A) $520.6 million $10.00 $9.86 03/31/2011 1.42% 4.51%
+ DLM 11/25/2010 Kohlberg Kravis Roberts & Co (KKR) $4 billion $19.00 $18.74 03/31/2011 1.39% 4.40%
+ ID 09/20/2010 Safran (N/A) $1.1 billion $12.00 $11.84 03/31/2011 1.35% 4.29%
+ LDSH 11/17/2010 Allegheny Technologies (ATI) $778 million $48.77 $48.17 03/31/2011 1.24% 3.93%
+ MIGP 12/01/2010 United Fire & Casualty (UFCS) $191 million $28.25 $27.94 03/31/2011 1.11% 3.52%
+ CPII 11/26/2010 Veritas Capital (N/A) $525 million $19.50 $19.30 12/31/2069 1.04% 0.02%
+ SVR 10/28/2010 Carlyle (N/A) $2.6 billion $31.00 $30.74 03/31/2011 0.85% 2.68%
+ VOLT 11/29/2010 Mellanox Technologies, Ltd. (MLNX) $176 million $8.75 $8.68 03/31/2011 0.81% 2.56%
+ CFS 11/02/2010 affiliate of ABRY Partners (N/A) $84.8 million $2.50 $2.48 12/31/2010 0.81% 11.77%
+ CGC 10/01/2010 Gammon Gold (GRS) $288 million $4.85 $4.81 12/31/2010 0.79% 11.48%
+ MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.65 12/31/2010 0.78% 11.44%
+ CCBP 08/09/2010 F.N.B. Corporation (FNB) $70 million $42.16 $41.88 12/31/2010 0.67% 9.81%
+ NHWK 09/27/2010 Virtual Radiologic (N/A) $170 million $6.50 $6.46 03/31/2011 0.62% 1.97%
+ ACV 09/27/2010 Unilever PLC (N/A) $3.7 billion $37.50 $37.28 12/31/2010 0.59% 8.62%
+ FMR 10/28/2010 Fairfax Financial Holdings (FRFHF.PK) $294 million $16.50 $16.41 03/31/2011 0.55% 1.74%
+ NUHC 09/20/2010 Arrow Electronics (ARW) $130 million $7.00 $6.97 12/31/2010 0.43% 6.28%
+ TTES 10/06/2010 Robbins & Myers Inc. (RBN) $422 million $37.42 $37.26 12/31/2010 0.42% 6.12%
+ ROAC 10/18/2010 Swenson Granite Co. (N/A) $39 million $5.25 $5.23 03/31/2011 0.38% 1.21%
+ BEZ 11/29/2010 ABB Ltd (ABB) $4.2 billion $63.50 $63.26 03/31/2011 0.38% 1.20%
+ ARTG 11/02/2010 Oracle (ORCL) $1 billion $6.00 $5.98 03/31/2011 0.33% 1.06%
+ ACTI 10/11/2010 Assa Abloy (N/A) $162 million $3.25 $3.24 12/31/2010 0.31% 4.51%
+ KG 10/12/2010 Pfizer Inc. (PFE) $3.6 billion $14.25 $14.21 12/31/2010 0.28% 4.11%
+ ISLN 11/15/2010 EMC Corporation (EMC) $2.25 billion $33.85 $33.76 12/31/2010 0.27% 3.89%
+ ACLI 10/18/2010 Affiliates of Platinum Equity (N/A) $777 million $33.00 $32.93 12/31/2010 0.21% 3.10%
+ CLRT 10/22/2010 GE Healthcare (GE) $580 million $5.00 $4.99 01/31/2011 0.20% 1.31%
+ CLU 09/16/2010 Clearwater Paper Corporation (CLW) $247 million $12.00 $11.98 12/31/2010 0.17% 2.44%
+ INET 09/20/2010 an affiliate of Hellman & Friedman Capital Partners (N/A) $640 million $13.35 $13.33 12/31/2010 0.15% 2.19%
+ TEAM 11/02/2010 fanini International Holdings Ltd for $93.4 million (N/A) $93.4 million $8.35 $8.34 12/31/2010 0.12% 1.75%
+ ATLS 11/09/2010 Chevron Coproation (CVX) $4.3 billion $43.34 $43.29 03/31/2011 0.12% 0.37%
+ AEZ 07/28/2010 Hess Corp (HES) $450 million $10.20 $10.19 12/31/2010 0.11% 1.63%
+ KEI 09/28/2010 Danaher Corporation (DHR) $340 million $21.60 $21.58 12/31/2010 0.09% 1.35%
+ ADCT 07/13/2010 Tyco Electronics (TEL) $1.24 billion $12.75 $12.74 12/31/2010 0.08% 1.15%
+ STU 09/17/2010 Discover Financial Services (N/A) N/A $30.00 $29.98 12/31/2010 0.07% 0.97%
+ NCOC 09/28/2010 Ranger Energy Investments (N/A) $8.6 million $1.00 $0.9995 12/15/2010 0.05% 2.03%
+ RSCR 09/07/2010 Onex Corp (N/A) $390 million $13.25 $13.25 12/31/2010 0.00% 0.00%
+ CTV 10/25/2010 Carlyle (N/A) $3 billion $31.50 $31.69 03/31/2011 -0.60% -1.90%
+ RAE 09/20/2010 Battery Ventures (N/A) $95 million $1.60 $1.61 12/31/2010 -0.62% -9.07%
+ NST 10/18/2010 Northeast Utilities (NU) $4.17 billion $41.51 $41.80 09/30/2011 -0.69% -0.84%
+ PZZ 08/16/2010 Leonard Green & Partners (N/A) $363 million $8.50 $8.56 12/31/2010 -0.70% -10.23%
+ JCG 11/23/2010 private equity firms TPG Capital and Leonard Green & Partners (N/A) $3 billion $43.50 $44.13 03/31/2011 -1.43% -4.53%
+ DVD 09/27/2010 Dover Downs Gaming & Entertainment Inc (DDE) N/A $1.75 $1.80 12/31/2010 -2.86% -41.78%
+ CADE 10/06/2010 Community Bancorp LLC (N/A) $38 million $2.25 $2.47 03/31/2011 -9.05% -28.72%
+ DDMX 10/01/2010 Greenbriar Equity Group (N/A) $210 million $21.25 $24.24 02/15/2011 -12.33% -63.41%
+ HBE 10/06/2010 Kratos Defense & Security Solutions (KTOS) $45 million $7.00 $8.17 12/31/2010 -14.32% -209.08%
+ DYN 08/13/2010 Blackstone Group (BX) $4.7 billion $4.50 $5.27 12/31/2010 -14.61% -213.32%
+ ALY 08/12/2010 Seawell (N/A) $890 million $4.25 $5.97 12/31/2010 -28.81% -420.64%
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