Merger Arbitrage Mondays: Oct. 24, 2011

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 |  Includes: AATI, ABVA, CEG, COB, CSGP, EGBN, ESRX, EXC, GRAN, HRBN, INUV, KMI, LFL, LOOP, MHS, SWKS, VTRO
by: Asif Suria

Merger activity decreased last week, with three new deals announced and four 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 169
Total Number of Deals Not Completed in 2011 3
Total Number of Pending Deals
Cash Deals 31
Stock Deals 18
Stock & Cash Deals 10
Total Number of Pending Deals 59
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New Deals:

  1. The acquisition of Brigham Exploration (BEXP) by Statoil ASA (NYSE:STO) for $4.4 billion or $36.50 per share in cash.

  2. The acquisition of Anadys Pharmaceuticals (NASDAQ:ANDS) by Roche for $230 million or $3.70 per share in cash.

  3. The acquisition of Vertro (NASDAQ:VTRO) by Inuvo (NYSEMKT:INUV) in an all-stock deal, where shareholders of Vertro will receive 1.546 shares of Inuvo common stock per each share of Vertro common stock.

Updated Deals:

  1. On October 21, 2011, shareholders of Amag Pharmaceuticals (NASDAQ:AMAG) rejected the proposed $268 million stock deal for Allos Therapeutics (NASDAQ:ALTH)

Closed Deals:

  1. The acquisition of Renaissance Learning (NASDAQ:RLRN) by Permida funds on October 19, 2011

  2. The acquisition of FPIC Insurance Group (NASDAQ:FPIC) by The Doctors Company on October 19, 2011

  3. The acquisition of Allied Healthcare International (NASDAQ:AHCI) by Saga Group Limited on October 20, 2011

  4. The acquisition of Arch Chemicals (NYSE:ARJ) by Lonza Group on October 20, 2011

Top 10 deals with largest spreads:

Symbol Announced Date Acquiring Company Closing Price Last Price Closing Date Profit Annualized Profit
(NASDAQ:GRAN) 04/27/2011 FNB United Corp (FNBN) $1.28 $0.77 10/31/2011 66.56% 3470.55%
(NYSE:MHS) 07/21/2011 Express Scripts, Inc. (NASDAQ:ESRX) $60.50 $48.09 06/30/2012 25.81% 37.69%
(NASDAQ:AATI) 05/26/2011 Skyworks Solutions, Inc. (NASDAQ:SWKS) $5.51 $4.46 12/31/2011 23.46% 125.90%
(VTRO) 10/17/2011 Inuvo, Inc. (INUV) $2.09 $1.79 03/31/2012 16.60% 38.10%
(NYSE:TAM) 01/19/2011 LAN Airlines S.A. (NYSE:LFL) $20.34 $17.47 12/31/2011 16.43% 88.18%
(NASDAQ:ABVA) 07/27/2011 Eagle Bancorp, Inc. (NASDAQ:EGBN) $5.63 $5.04 12/31/2011 11.61% 62.31%
(EP) 10/16/2011 Kinder Morgan, Inc. (NYSE:KMI) $27.84 $24.99 03/31/2012 11.42% 26.22%
(NASDAQ:LOOP) 04/27/2011 CoStar Group (NASDAQ:CSGP) $18.57 $17.50 12/31/2011 6.13% 32.90%
(NASDAQ:HRBN) 06/20/2011 Tech Full Electric Company Limited $24.00 $23.00 12/31/2011 4.35% 23.34%
(NYSE:CEG) 04/28/2011 Exelon Corporation (NYSE:EXC) $40.28 $38.61 01/31/2012 4.32% 15.93%
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List of all pending deals:

Symbol

Ann-

ounced Date

Acquiring Company Deal Type Clsng Value Clsng Price Last Price Volume Clsng Date Profit Ann. Profit
+ GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.28 $0.77 92,200 10/31/2011 66.56% 3470.55%
+ MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $60.50 $48.09 3,008,344 06/30/2012 25.81% 37.69%
+ AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.51 $4.46 183,736 12/31/2011 23.46% 125.90%
+ VTRO 10/17/2011 Inuvo, Inc. (INUV) All Stock N/A $2.09 $1.79 48,265 03/31/2012 16.60% 38.10%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $20.34 $17.47 876,604 12/31/2011 16.43% 88.18%
+ ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.63 $5.04 11,600 12/31/2011 11.61% 62.31%
+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $27.84 $24.99 17,427,950 03/31/2012 11.42% 26.22%
+ LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.57 $17.50 263,917 12/31/2011 6.13% 32.90%
+ HRBN 06/20/2011 Tech Full Electric Company Limited All Cash N/A $24.00 $23.00 846,414 12/31/2011 4.35% 23.34%
+ CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $40.28 $38.61 2,179,135 01/31/2012 4.32% 15.93%
+ GR 09/21/2011 United Technologies Corp. (NYSE:UTX) All Cash $18.4 billion $127.50 $122.60 1,563,140 06/30/2012 4.00% 5.84%
+ BFSB 08/17/2011 Investors Bancorp, Inc. (NASDAQ:ISBC) All Cash $10.3 million $0.80 $0.771 18,024 12/31/2011 3.76% 20.19%
+ ORCH 04/06/2011 Laboratory Corporation of America Holdings (NYSE:LH) All Cash $85.4 million $2.80 $2.70 26,317 10/31/2011 3.70% 193.12%
+ CONM 07/12/2011 Ayelet Investments All Cash $57.2 million $3.85 $3.74 37,950 12/31/2011 2.94% 15.79%
+ CPX 10/10/2011 Superior Energy Services (NYSE:SPN) Cash Plus Stock $2.7 billion $31.92 $31.03 3,291,299 12/31/2011 2.87% 15.39%
+ MMI 08/15/2011 Google (NASDAQ:GOOG) All Cash $12.5 billion $40.00 $38.90 1,994,738 01/31/2012 2.83% 10.43%
+ PVSA 06/15/2011 F.N.B. Corporation (NYSE:FNB) All Stock $130 million $21.63 $21.12 31,596 12/31/2011 2.40% 12.90%
+ PGN 01/10/2011 Duke Energy Corporation (NYSE:DUK) All Stock $13.7 billion $53.69 $52.43 1,237,794 12/31/2011 2.40% 12.87%
+ PNNW 11/12/2010 City of Nashua All Cash $138 million $29.00 $28.35 30,744 12/31/2011 2.29% 12.31%
+ GLA 09/01/2011 The Gores Group All Cash N/A $0.46 $0.45 1,100 12/31/2011 2.22% 11.93%
+ STBC 04/28/2011 Valley National Bancorp (NYSE:VLY) All Stock $222 million $12.26 $12.00 95,983 10/31/2011 2.17% 112.98%
+ OCNF 07/26/2011 Ocean Rig (DryShips) (NASDAQ:ORIG) Cash Plus Stock $118 million $19.10 $18.70 12,999 12/31/2011 2.13% 11.45%
+ CFSG 05/20/2011 Bain Capital Partners All Cash $265.5 million $9.00 $8.82 275,002 11/15/2011 2.04% 33.86%
+ ACMR 10/04/2011 affiliate of Sbar’s Inc All Cash $40.8 million $1.60 $1.57 207,598 12/31/2011 1.91% 10.26%
+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $49.09 3,941,158 06/30/2012 1.85% 2.71%
+ NXG 08/29/2011 AuRico Gold Inc. (NYSE:AUQ) All Stock $1.46 billion $3.34 $3.28 1,597,245 10/31/2011 1.71% 89.18%
+ NDN 10/11/2011 affiliates of Ares Management LLC and Canada Pension Plan Investment Board All Cash $1.6 billion $22.00 $21.70 2,155,216 03/31/2012 1.38% 3.17%
+ ENP 07/11/2011 Vanguard Natural Resources (NASDAQ:VNR) All Stock $545 million $20.82 $20.54 84,211 12/31/2011 1.36% 7.32%
+ TIN 09/06/2011 International Paper (NYSE:IP) All Cash $4.3 billion $32.00 $31.58 1,446,870 03/31/2012 1.33% 3.05%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co All Cash $760 million $60.00 $59.26 204,041 01/31/2012 1.25% 4.60%
+ HNB 06/02/2011 BankUnited Inc. (NYSE:BKU) Cash Plus Stock $71.4 million $3.27 $3.23 N/A 12/31/2011 1.23% 6.58%
+ FNDT 06/27/2011 GTCR All Cash $352.7 $23.33 $23.05 28,488 12/31/2011 1.21% 6.52%
+ GLBL 09/12/2011 Technip All Cash $1.1 billion $8.00 $7.92 1,153,272 01/31/2012 1.01% 3.72%
+ MFW 09/12/2011 MacAndrews and Forbes All Cash N/A $25.00 $24.76 207,764 12/31/2011 0.97% 5.20%
+ PAET 08/01/2011 Windstream Corp. (NASDAQ:WIN) All Stock $2.3 billion $5.53 $5.48 1,589,470 01/31/2012 0.90% 3.31%
+ SONE 10/03/2011 ACI Worldwide (ACIW) Cash Plus Stock $516 million $9.63 $9.55 1,697,647 12/31/2011 0.79% 4.26%
+ ANDS 10/17/2011 Roche All Cash $230 million $3.70 $3.675 2,693,142 12/31/2011 0.68% 3.65%
+ PMIC 09/08/2011 Ace (NYSE:ACE) All Cash N/A $20.30 $20.17 27,102 03/31/2012 0.64% 1.48%
+ VSEA 05/04/2011 Applied Materials Inc. (NASDAQ:AMAT) All Cash $4.9 billion $63.00 $62.69 3,571,561 11/15/2011 0.49% 8.20%
+ PPDI 10/03/2011 affiliates of The Carlyle Group and Hellman & Friedman (N/A) All Cash $3.9 billion $33.25 $33.09 1,551,918 12/31/2011 0.48% 2.60%
+ SWTX 10/07/2011 Solutia Inc. (NYSE:SOA) All Cash $113 million $13.60 $13.54 43,668 12/31/2011 0.44% 2.38%
+ KCI 07/13/2011 Consortium of Funds All Cash $6.3 billion $68.50 $68.20 1,669,044 12/31/2011 0.44% 2.36%
+ AMAC 09/22/2011 Tunstall Healthcare Group Limited All Cash $82.3 million $8.55 $8.52 17,951 12/31/2011 0.35% 1.89%
+ ICGN 07/20/2011 Pfizer Inc. (NYSE:PFE) All Cash $56 million $6.00 $5.98 28,187 12/31/2011 0.33% 1.80%
+ NLC 07/20/2011 Ecolab Inc. (NYSE:ECL) All Stock $5.4 billion $37.77 $37.68 1,255,635 12/31/2011 0.24% 1.30%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.29 $44.19 340,678 10/31/2011 0.23% 12.17%
+ CALP 09/08/2011 PerkinElmer Inc. (NYSE:PKI) All Cash $600 million $10.50 $10.48 644,274 12/31/2011 0.19% 1.02%
+ EM 08/04/2011 Blackstone All Cash $3 billion $19.00 $18.97 606,608 12/31/2011 0.16% 0.85%
+ GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $56.12 $56.04 265,551 11/15/2011 0.14% 2.35%
+ BEXP 10/17/2011 Statoil ASA (STO) All Cash $4.4 billion $36.50 $36.54 5,523,878 03/31/2012 -0.11% -0.25%
+ CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $5.15 $5.16 99,164 11/30/2011 -0.18% -1.79%
+ CV 07/12/2011 Gaz metro Limited Partnership All Cash $702 million $35.25 $35.33 84,845 12/31/2011 -0.23% -1.22%
+ BBND 10/11/2011 Arris Group Inc. (NASDAQ:ARRS) All Cash $172 million $2.24 $2.25 404,882 12/31/2011 -0.44% -2.39%
+ DPL 04/19/2011 AES Corporation (NYSE:AES) All Cash $4.7 billion $30.00 $30.25 595,262 01/31/2012 -0.83% -3.05%
+ TGE 03/21/2011 Dawson Geophysical Company (NASDAQ:DWSN) All Stock $157 million $5.08 $5.13 N/A 10/31/2011 -0.91% -47.24%
+ TOBC 06/20/2011 Susquehanna Bancshares (NASDAQ:SUSQ) All Stock $343 million $22.59 $23.80 22,077 03/31/2012 -5.10% -11.70%
+ BARI 04/20/2011 Brookline Bancorp (NASDAQ:BRKL) Cash Plus Stock $234 million $39.64 $43.67 7,184 12/31/2011 -9.22% -49.49%
+ SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $36.64 $41.49 546,855 03/31/2012 -11.69% -26.83%
+ NYX 02/15/2011 Deutsche Boerse All Stock N/A $13.93 $26.78 2,703,335 12/31/2011 -48.00% -257.64%
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Disclosure: See author's portfolio holdings here.