Merger Arbitrage Mondays: March 19, 2012

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 |  Includes: BFCF, CADC, CEG, CMFB, CTBC, EXC, FFFD, HGIC, INCB, KMI, LFL, MDS, PCBC, RVSN, VIST-OLD, VQ, WOLF, ZOLL
by: Asif Suria

Merger activity increased last week with six 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 2012 35
Total Number of Pending Deals
Cash Deals 32
Stock Deals 11
Stock & Cash Deals 7
Total Number of Pending Deals 50
Total Deal Size $353.15 billion
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New Deals:

  1. The acquisition of Zoll Medical Corporation (NASDAQ:ZOLL) by Japan's Asahi Kasei Corp for $2.21 billion or $93 per share in cash.
  2. The acquisition of Pacific Capital Bancorp (NASDAQ:PCBC) by UnionBanCal for $1.51 billion or $46 per share in cash.
  3. The acquisition of Midas (NYSE:MDS) by TBC Corporation for $310 million or $11.50 per share in cash.
  4. The acquisition of North Central Bancshares (NASDAQ:FFFD) by Great Western Bancorporation for $41.5 million or $30.58 per share in cash.
  5. The acquisition of Great Wolf Resorts (NASDAQ:WOLF) by an affiliate of Apollo Global Management for $703 million or $5 per share in cash.
  6. The acquisition of RADvision (NASDAQ:RVSN) by Avaya for $230 million or $11.85 per share in cash.

Closed Deals:

  1. The acquisition of Constellation Energy Group (NYSE:CEG) by Exelon Corporation (NYSE:EXC) on March 12, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.12 06/30/2012 12.41% 43.98%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.42 03/31/2012 9.50% 289.08%
BXG 11/14/2011 BFC Financial Corporation (OTCQB:BFCF) $3.84 $3.53 06/30/2012 8.78% 31.12%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (NASDAQ:SASR) $14.99 $14.00 06/30/2012 7.09% 25.11%
INCB 01/25/2012 Old National Bancorp Capital (NASDAQ:ONB) $24.55 $22.99 06/30/2012 6.78% 24.02%
EP 10/16/2011 Kinder Morgan, Inc. (NYSE:KMI) $31.04 $29.10 06/30/2012 6.66% 23.61%
VIST-OLD 01/26/2012 Tompkins Financial Corporation (NYSEMKT:TMP) $12.69 $11.95 09/30/2012 6.21% 11.63%
TAM 01/19/2011 LAN Airlines S.A. (NYSE:LFL) $26.05 $24.71 06/30/2012 5.41% 19.16%
CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (NYSE:BHLB) $8.63 $8.20 04/30/2012 5.29% 45.94%
HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) $60.00 $57.54 06/30/2012 4.28% 15.15%
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List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.12 316,939 06/30/2012 12.41% 43.98%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.42 32,150 03/31/2012 9.50% 289.08%
+ BXG 11/14/2011 BFC Financial Corporation (OTCQB:BFCF) All Stock N/A $3.84 $3.53 38,432 06/30/2012 8.78% 31.12%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. All Stock $25.4 million $14.99 $14.00 1,000 06/30/2012 7.09% 25.11%
+ INCB 01/25/2012 Old National Bancorp Capital All Stock $79.2 million $24.55 $22.99 17,747 06/30/2012 6.78% 24.02%
+ EP 10/16/2011 Kinder Morgan, Inc. Cash Plus Stock $21 billion $31.04 $29.10 14,531,393 06/30/2012 6.66% 23.61%
+ VIST 01/26/2012 Tompkins Financial Corporation All Stock 86 million $12.69 $11.95 7,263 09/30/2012 6.21% 11.63%
+ TAM 01/19/2011 LAN Airlines S.A. All Stock N/A $26.05 $24.71 511,834 06/30/2012 5.41% 19.16%
+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. All Stock $30 million $8.63 $8.20 N/A 04/30/2012 5.29% 45.94%
+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $57.54 92,982 06/30/2012 4.28% 15.15%
+ MHS 07/21/2011 Express Scripts, Inc. (NASDAQ:ESRX) Cash Plus Stock $29.1 billion $72.82 $70.29 4,670,399 06/30/2012 3.59% 12.73%
+ PGN 01/10/2011 Duke Energy Corporation (NYSE:DUK) All Stock $13.7 billion $55.05 $53.60 1,800,948 03/31/2012 2.70% 82.02%
+ GRRF 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $3.07 82,664 06/30/2012 2.61% 9.23%
+ CNVO 01/17/2012 Blackbaud (NASDAQ:BLKB) All Cash $275 million $16.00 $15.66 190,813 03/31/2012 2.17% 66.04%
+ LOOP 04/27/2011 CoStar Group (NASDAQ:CSGP) Cash Plus Stock $860 million $18.98 $18.63 368,316 04/30/2012 1.89% 16.46%
+ MMI 08/15/2011 Google (NASDAQ:GOOG) All Cash $12.5 billion $40.00 $39.32 18,817,932 03/31/2012 1.73% 52.60%
+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) All Cash $340.9 million $23.00 $22.66 167,112 06/30/2012 1.50% 5.32%
+ FFFD 03/13/2012 Great Western Bancorporation, Inc. (N/A) All Cash $41.5 million $30.58 $30.15 5,100 08/31/2012 1.43% 3.15%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.40 93,352 12/31/2012 1.32% 1.68%
+ RVSN 03/15/2012 Avaya (N/A) All Cash $230 million $11.85 $11.70 1,200,769 12/31/2069 1.28% 0.02%
+ EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.36 74,932 12/31/2012 1.28% 1.62%
+ GR 09/21/2011 United Technologies Corp. (NYSE:UTX) All Cash $18.4 billion $127.50 $125.97 2,112,266 06/30/2012 1.21% 4.30%
+ SOA 01/27/2012 Eastman Chemical Company (NYSE:EMN) Cash Plus Stock $4.7 billion $28.24 $27.96 3,127,004 06/30/2012 1.01% 3.59%
+ TRCR 03/07/2012 Nuance Communications (NASDAQ:NUAN) All Cash $300 million $29.50 $29.26 99,997 09/30/2012 0.82% 1.54%
+ AEA 02/15/2012 Grupo Elektra (N/A) All Cash $780 million $10.50 $10.42 1,012,329 06/30/2012 0.77% 2.72%
+ SRLS 02/13/2012 Linden Capital Partners (N/A) All Cash $82 million $4.00 $3.97 66,503 06/30/2012 0.76% 2.68%
+ NVLS 12/14/2011 Lam Research Corp (NASDAQ:LRCX) All Stock $3.3 billion $48.69 $48.35 1,151,833 06/30/2012 0.70% 2.49%
+ RRR 12/16/2011 United Rentals, Inc. (NYSE:URI) Cash Plus Stock $1.9 billion $22.65 $22.52 624,750 06/30/2012 0.58% 2.05%
+ CRIC 12/28/2011 E-House (China) Holdings (NYSE:EJ) Cash Plus Stock $603 million $5.61 $5.58 31,077 06/30/2012 0.50% 1.78%
+ ARCL 03/05/2012 PLATO Learning (N/A) All Cash $291 million $11.10 $11.05 138,951 06/30/2012 0.45% 1.60%
+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.956 47,675 06/30/2012 0.42% 1.48%
+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.53 32,381 04/30/2012 0.40% 3.43%
+ MDS 03/13/2012 TBC Corporation (N/A) All Cash $310 million $11.50 $11.46 152,103 06/30/2012 0.35% 1.24%
+ ZOLL]] 03/12/2012 Asahi Kasei Corp (N/A) All Cash $2.21 billion $93.00 $92.70 679,912 06/30/2012 0.32% 1.15%
+ ATSC 02/21/2012 Salient Federal Solutions, Inc. (N/A) All Cash N/A $3.20 $3.19 6,480 06/30/2012 0.31% 1.11%
+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.48 60,659 03/31/2012 0.31% 9.39%
+ CSA 12/27/2011 Ventas, Inc. (NYSE:VTR) All Cash $700 million $4.25 $4.24 374,783 06/30/2012 0.24% 0.84%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.18 72,958 06/30/2012 0.20% 0.71%
+ TLEO 02/09/2012 Oracle Corporation (NYSE:ORCL) All Cash $1.9 billion $46.00 $45.92 1,350,681 06/30/2012 0.17% 0.62%
+ CHUX 02/06/2012 Fidelity National Financial, Inc. (NYSE:FNF) All Cash $221 million $9.85 $9.84 399,898 06/30/2012 0.10% 0.36%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.76 594,369 06/30/2012 0.09% 0.32%
+ PBY 01/30/2012 The Gores Group (N/A) All Cash $1 billion $15.00 $14.99 1,388,127 06/30/2012 0.07% 0.24%
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $47.80 $47.77 511,205 03/31/2012 0.05% 1.67%
+ TNB 01/30/2012 ABB Ltd (NYSE:ABB) All Cash $3.9 billion $72.00 $72.01 355,769 06/30/2012 -0.01% -0.05%
+ SUG 06/16/2011 Energy Transfer Equity (NYSE:ETE) All Stock $9.4 billion $43.96 $43.99 4,146,696 03/31/2012 -0.07% -2.07%
+ MFN 01/23/2012 Pan American Silver Corp. (NASDAQ:PAAS) Cash Plus Stock $1.5 billion $13.55 $13.60 7,677,234 03/31/2012 -0.37% -11.29%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $66.44 93,680 03/31/2013 -2.17% -2.10%
+ PARL 12/23/2011 Perfumania Holdings, Inc. (NASDAQ:PERF) All Stock $170 million $5.32 $5.60 528,759 06/30/2012 -4.95% -17.55%
+ QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $24.50 1,857,845 09/30/2012 -6.12% -11.46%
+ WOLF 03/13/2012 An affiliate of Apollo Global Management, LLC (N/A) All Cash $703 million $5.00 $5.38 442,274 06/30/2012 -7.06% -25.03%
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Disclosure: See author's portfolio holdings here