Merger Arbitrage Mondays: August 22, 2011

|
 |  Includes: BFSB, BLUD, GOOG, ISBC, RLRN
by: Asif Suria

Merger Activity increased last week with three new deals announced and one closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2011 135
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 39
Stock Deals 24
Stock & Cash Deals 11
Total Number of Pending Deals 74
Click to enlarge

New Deals:

  1. The acquisition of Motorola Mobility Holdings (NYSE:MMI) by Google (NASDAQ:GOOG) for $12.5 billion or $40.00 per share in cash.
  2. The acquisition of Renaissance Learning (NASDAQ:RLRN) by Permira Funds, a European private equity firm for $440 million or $14.85 per share in cash.
  3. The acquisition of Brooklyn Federal Bancorp (NASDAQ:BFSB) by Investors Bancorp (NASDAQ:ISBC) for $10.3 million or $0.80 per share in cash.


Closed Deals:

  1. The acquisition of Immucor (NASDAQ:BLUD) by TPG Capital on August 19, 2011


Top 10 Deals With Largest Spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

GRAN 04/27/2011 FNB United Corp (FNBN) $1.32 $0.661 09/30/2011

99.13%

927.76%

FNDT 06/27/2011 S1 Corporation (SONE) $23.99 $15.07 12/31/2011

59.19%

164.93%

HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $18.04 12/31/2011

33.04%

92.05%

MHS 07/21/2011 Express Scripts, Inc. (ESRX) $65.16 $52.37 06/30/2012

24.42%

28.48%

TAM 01/19/2011 LAN Airlines S.A. (LFL) $22.66 $18.63 12/31/2011

21.64%

60.30%

CRU 05/05/2011 Capital Product Partners L.P. (CPLP) $9.83 $8.12 09/30/2011

21.03%

196.86%

ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) $1.80 $1.61 12/31/2011

11.88%

33.09%

CSR 04/20/2011 Rightmark Holdings Limited (N/A) $6.50 $5.91 09/30/2011

9.98%

93.43%

BBBB 07/01/2011 Providence Equity Partners (N/A) $45.00 $41.04 12/31/2011

9.65%

26.88%

ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) $5.09 $4.70 12/31/2011/td>

8.38%

23.36%

Click to enlarge

List of All Pending Deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.32 $0.661 121,759 09/30/2011

99.13%

927.76%

+ FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $23.99 $15.07 14,737 12/31/2011

59.19%

164.93%

+ HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $18.04 1,101,747 12/31/2011

33.04%

92.05%

+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $65.16 $52.37 4,566,583 06/30/2012

24.42%

28.48%

+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $22.66 $18.63 727,637 12/31/2011

21.64%

60.30%

+ CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $9.83 $8.12 122,002 09/30/2011

21.03%

196.86%

+ ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.80 $1.61 455,824 12/31/2011

11.88%

33.09%

+ CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $5.91 483,998 09/30/2011

9.98%

93.43%

+ BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $41.04 1,302,655 12/31/2011

9.65%

26.88%

+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.09 $4.70 2,445 12/31/2011

8.38%

23.36%

+ CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.33 216,401 11/15/2011

8.04%

34.54%

+ ZRAN 02/21/2011 CSR PLC (CSR.L) Cash Plus Stock $484 million $8.42 $7.84 451,885 09/30/2011

7.34%

68.66%

+ ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $20.71 $19.59 110,034 12/31/2011

5.70%

15.89%

+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $38.83 $36.74 1,754,402 01/31/2012

5.68%

12.80%

+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.86 21,164,206 01/31/2012

5.65%

12.74%

+ PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.35 $5.07 1,273,133 01/31/2012

5.52%

12.43%

+ KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $65.37 1,454,977 12/31/2011

4.79%

13.34%

+ PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $17.86 $17.07 1,456 12/31/2011

4.63%

12.89%

+ VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $60.25 601,747 09/30/2011

4.56%

42.72%

+ HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.32 $3.18 6,200 12/31/2011

4.44%

12.36%

+ CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.45 $6.18 365,427 09/30/2011

4.33%

40.51%

+ AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.75 518,635 12/31/2011

4.00%

11.15%

+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.70 1,600 07/31/2011

3.70%

0.00%

+ NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.48 275,478 10/31/2011

3.61%

18.82%

+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.00 5,074 09/30/2011

3.57%

33.42%

+ FTLK 05/31/2011 Fortress Group Limited (N/A) All Cash $443 million $7.20 $6.96 48,076 09/30/2011

3.45%

32.27%

+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.26 $17.66 131,972 12/31/2011

3.42%

9.53%

+ TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $5.99 $5.81 61,907 08/15/2011

3.06%

0.00%

+ EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.50 556,348 12/31/2011

2.70%

7.53%

+ BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $49.94 1,755,223 12/31/2011

2.62%

7.31%

+ BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.78 42,787 12/31/2011

2.56%

7.14%

+ STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $10.55 $10.29 36,404 10/31/2011

2.53%

13.18%

+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $47.65 $46.49 1,516,581 12/31/2011

2.50%

6.96%

+ RLRN 08/16/2011 Permira Funds (N/A) All Cash $440 million $14.85 $14.50 213,233 12/31/2011

2.41%

6.73%

+ CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.76 15,800 09/30/2011

2.39%

22.40%

+ CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $79.87 4,934,587 09/30/2011

2.04%

19.10%

+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $5.14 $5.06 241,187 09/30/2011

1.64%

15.32%

+ SMOD 04/26/2011 Silver Lake Partners and Silver Lake Sumeru (N/A) All Cash $645 million $9.25 $9.14 2,019,228 09/30/2011

1.20%

11.26%

+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $52.48 $51.87 298,031 09/30/2011

1.18%

11.04%

+ AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.05 366,096 12/31/2011

1.13%

3.15%

+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $34.88 66,970 12/31/2011

1.06%

2.96%

+ NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.76 7,709,148 01/31/2012

0.97%

2.18%

+ APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.47 226,467 12/31/2011

0.94%

2.63%

+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $42.27 $41.88 316,230 09/30/2011

0.94%

8.77%

+ ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $46.77 634,620 12/31/2011

0.92%

2.56%

+ FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.65 39,467 12/31/2011

0.84%

2.34%

+ DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $29.81 1,247,805 01/31/2012

0.64%

1.44%

+ CPC 03/21/2011 Halogen Limited (N/A) All Cash N/A $8.05 $8.00 500 09/30/2011

0.63%

5.85%

+ GRM 06/17/2011 Reynolds Group Holdings (N/A) All Cash $4.5 billion $25.50 $25.36 235,081 12/31/2011

0.55%

1.54%

+ TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $42.77 3,269,395 09/30/2011

0.54%

5.03%

+ GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $26.56 $26.44 283,345 12/31/2011

0.45%

1.26%

+ LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.42 1,743,317 09/30/2011

0.43%

4.04%

+ GNET 08/03/2011 affiliate of GTCR (N/A) All Cash $266 million $14.00 $13.94 657,525 12/31/2011

0.43%

1.20%

+ SFN 07/21/2011 Randstad Holding (N/A) All Cash $770 million $14.00 $13.94 1,322,933 09/30/2011

0.43%

4.03%

+ ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $7.77 $7.75 44,997 09/30/2011

0.32%

2.99%

+ OXPS 03/21/2011 Charles Schwab Corp. (SCHW) All Stock $1 billion $11.39 $11.36 1,414,022 09/30/2011

0.29%

2.75%

+ SERV 06/27/2011 Scientific Conservation (N/A) All Cash $13 million $3.50 $3.49 200 10/31/2011

0.29%

1.49%

+ DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $39.84 $39.74 65,517 09/30/2011

0.26%

2.46%

+ TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $39.91 232,619 09/30/2011

0.23%

2.11%

+ HK 07/15/2011 BHP Billiton (BHP) All Cash $15.1 billion $38.75 $38.68 20,727,764 09/30/2011

0.18%

1.69%

+ ELMG 06/13/2011 Honeywell International (HON) All Cash $491 million $33.00 $32.97 507,444 09/30/2011

0.09%

0.85%

+ RADS 07/11/2011 NCR Corporation (NCR) All Cash $1.2 billion $28.00 $27.99 1,344,849 09/30/2011

0.04%

0.33%

+ GRB 06/13/2011 Vector Capital (N/A) All Cash $281.8 million $11.00 $11.00 706,712 11/15/2011

0.00%

0.00%

+ ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $6.00 363,773 12/31/2011

0.00%

0.00%

+ NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $31.19 $32.07 2,488,702 12/31/2011

-2.73%

-7.62%

+ TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $20.44 $21.73 75,933 03/31/2012

-5.96%

-9.79%

+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.32 $5.76 408,414 09/30/2011

-7.66%

-71.73%

+ TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $44.84 $50.00 1,071,784 12/31/2011

-10.31%

-28.73%

+ DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $53.39 $61.91 797,210 12/31/2011

-13.77%

-38.36%

+ BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $33.83 $40.95 15,443 12/31/2011

-17.38%

-48.42%

+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $8.9 billion $34.04 $41.21 1,639,088 03/31/2012

-17.39%

-28.59%

+ OCNFD 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.68 $16.95 N/A 12/31/2011

-25.17%

-70.13%

+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $25.25 3,453,896 12/31/2011

-44.85%

-124.96%

+ ALKS 05/09/2011 Elan Corporation (ELAN) Cash Plus Stock $960 million N/A $14.78 1,192,630 09/30/2011

N/A

N/A

Click to enlarge

Disclosure: I have a long position in Blackboard (NASDAQ:BBBB)