Merger activity dropped last week with two new deals announced and five closing. We did some interesting spreads last week when Motorola Mobility (MMI) dropped intra-day to $37.08 after Google (GOOG) announced plans to sell a Galaxy Nexus Android phone by Samsung. The spread on this $40 all-cash deal jumped from over 3% to over 6% and I used the drop to start a position in my personal portfolio as mentioned on my Twitter feed. The spread has once again narrowed to 3.33% but still represents potential annualized gains of 19.62% provided the deal closes by the end of Q2 2012.
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 | 52 |
| Total Number of Pending Deals | |
| Cash Deals | 36 |
| Stock Deals | 9 |
| Stock & Cash Deals | 7 |
| Total Number of Pending Deals | 52 |
| Total Deal Size | $367.42 billion |
New Deals:
- The acquisition of Ardea Biosciences (RDEA) by AstraZeneca (AZN) for $1.26 billion or $32.00 per share in cash.
- The acquisition of GeoResources (GEOI) by Halcon Resources (HK) for $1 billion in a cash plus stock deal. Under the terms of the merger agreement, GeoResources stockholders will receive $20.00 in cash and 1.932 shares of Halcón Resources common stock for each share of GeoResources common stock that they hold. Interestingly the spread on this deal is still 9.54% or 22.61% annualized without taking the borrowing cost for Halcon Resources into account.
Closed Deals:
- The acquisition of Advance America, Cash Advance (AEA) by Grupo Elektra on April 23, 2012.
- The acquisition of China Real Estate Information Corporation (CRIC) by E-House (China) Holdings (EJ) on April 23, 2012.
- The acquisition of The Connecticut Bank and Trust (CTBC) by Berkshire Hills Bancorp, Inc. (BHLB) on April 26, 2012.
- The acquisition of Zoll Medical Corporation (ZOLL) by Asahi Kasei Corp on April 26, 2012.
- The acquisition of Transcend Services (TRCR) by Nuance Communications (NUAN) on April 27, 2012.
Top 10 deals with largest spreads:
| Symbol | Announced Date | Acquiring Company | Closing Price | Last Price | Closing Date | Profit | Annualized Profit |
|---|---|---|---|---|---|---|---|
| CADC | 10/24/2011 | Novel Gain Holdings Limited (N/A) | $2.65 | $2.07 | 06/30/2012 | 28.02% | 167.66% |
| VQ | 01/16/2012 | Denver Parent Corporation (N/A) | $12.50 | $11.09 | 06/30/2012 | 12.71% | 76.08% |
| GEOI | 04/25/2012 | Halcon Resources (HK) | $40.60 | $37.06 | 09/30/2012 | 9.54% | 22.76% |
| TUDO | 03/12/2012 | Youku Inc. (YOKU) | $36.78 | $34.52 | 09/30/2012 | 6.55% | 15.62% |
| INCB | 01/25/2012 | Old National Bancorp Capital (ONB) | $24.83 | $23.43 | 06/30/2012 | 5.99% | 35.83% |
| CMFB | 12/20/2011 | Sandy Spring Bancorp Inc. (SASR) | $14.80 | $14.00 | 06/30/2012 | 5.71% | 34.15% |
| PGN | 01/10/2011 | Duke Energy Corporation (DUK) | $55.99 | $53.15 | 07/01/2012 | 5.34% | 31.41% |
| VIST | 01/26/2012 | Tompkins Financial Corporation (TMP) | $12.23 | $11.72 | 09/30/2012 | 4.35% | 10.37% |
| EP | 10/16/2011 | Kinder Morgan, Inc. (KMI) | $30.62 | $29.52 | 06/30/2012 | 3.71% | 22.22% |
| TAM | 01/19/2011 | LAN Airlines S.A. (LFL) | $25.52 | $24.65 | 06/30/2012 | 3.55% | 21.22% |
List of all pending deals:
| Symbol | Announced Date | Acquiring Company | Deal Type | Closing Value | Closing Price | Last Price | Volume | Closing Date | Profit | Annu. Profit | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| + | CADC | 10/24/2011 | Novel Gain Holdings Limited (N/A) | All Cash | N/A | $2.65 | $2.07 | 26,647 | 06/30/2012 | 28.02% | 167.66% |
| Details of China Advanced Construction Materials Group, Inc. Expected to close in the second quarter of 2012. Upon completion of the merger, China Advanced Construction Materials Group shareholders will receive $2.65 per share in cash. Essentially this is a going private transaction with CADC emerging as the surviving entity. | |||||||||||
| + | VQ | 01/16/2012 | Denver Parent Corporation (N/A) | All Cash | $1.5 billion | $12.50 | $11.09 | 126,911 | 06/30/2012 | 12.71% | 76.08% |
| Details of Venoco Venoco (VQ) agrees to a going private transaction where its CEO, who owns 50.3% of its common stock, bid $1.5 billion or $12.50/share in an all cash transaction. | |||||||||||
| + | GEOI | 04/25/2012 | Halcon Resources (HK) | Cash Plus Stock | $1 billion | $40.60 | $37.06 | 1,025,479 | 09/30/2012 | 9.54% | 22.76% |
| Details of GeoResources, Inc. Expected to close in the third quarter of 2012 for a closing value of $1 billion in a cash plus stock deal. Under the terms of the merger agreement, GeoResources stockholders will receive $20.00 in cash and 1.932 shares of Halcón Resources common stock for each share of GeoResources common stock that they hold. | |||||||||||
| + | TUDO | 03/12/2012 | Youku Inc. (YOKU) | All Stock | $1 billion | $36.78 | $34.52 | 79,874 | 09/30/2012 | 6.55% | 15.62% |
| Details of Tudou Holdings Limited Expected to close in the third quarter of 2012 for a closing value of approximately $1 billion. Upon completion of the merger, ADR holders of Tudou Holdings will receive 1.595 ADRs of YOKU. | |||||||||||
| + | INCB | 01/25/2012 | Old National Bancorp Capital (ONB) | All Stock | $79.2 million | $24.83 | $23.43 | 1,100 | 06/30/2012 | 5.99% | 35.83% |
| Details of Indiana Community Bancorp Expected to close in the second quarter of 2012 for a closing value of $79.2 million in an all stock deal, where Indiana Community Bancorp shareholders will receive 1.90 shares of Old National Bancorp common stock for each share of Indiana Community Bancorp common stock held by them. | |||||||||||
| + | CMFB | 12/20/2011 | Sandy Spring Bancorp Inc. (SASR) | All Stock | $25.4 million | $14.80 | $14.00 | N/A | 06/30/2012 | 5.71% | 34.15% |
| Details of Commercefirst Bancorp Inc. Expected to close in the second quarter of 2012 for a closing value of $25.4 million in a cash plus stock deal, where shareholders of CommerceFirst Bancorp will receive 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share. | |||||||||||
| + | PGN | 01/10/2011 | Duke Energy Corporation (DUK) | All Stock | $13.7 billion | $55.99 | $53.15 | 1,586,295 | 07/01/2012 | 5.34% | 31.41% |
| Details of Progress Energy Inc. Expected to close in July 2012. Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value. | |||||||||||
| + | VIST | 01/26/2012 | Tompkins Financial Corporation (TMP) | All Stock | 86 million | $12.23 | $11.72 | 5,438 | 09/30/2012 | 4.35% | 10.37% |
| Details of VIST Financial Corp Expected to close in the third quarter of 2012 for a closing value of 86 million in an all stock deal, where VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held. The exchange ratio is subject to adjustment based on the average of the closing prices of Tompkins Financial common stock for the 20 business days ending three business days prior to the VIST shareholder meeting called to consider the merger agreement (the “Average Closing Price”). If the Average Closing Price is more than $43.98, the Exchange Ratio shall be 0.2842; and if the Average Closing Price is less than $35.98, the Exchange Ratio shall be 0.3475. | |||||||||||
| + | EP | 10/16/2011 | Kinder Morgan, Inc. (KMI) | Cash Plus Stock | $21 billion | $30.62 | $29.52 | 5,671,310 | 06/30/2012 | 3.71% | 22.22% |
| Details of El Paso Corp. Expected to close in early 2012 for a closing value of $21 billion in a cash plus stock deal. Upon completion of the merger, shareholders of El Paso Corporation will receive $26.87 per share, which consists of $14.65 in cash, 0.4187 Kinder Morgan shares — valued at $11.26 per EP share — and 0.640 Kinder Morgan warrants — valued at $0.96 per EP share — based on Kinder Morgan's closing price on Friday, October 14, 2012. | |||||||||||
| + | TAM | 01/19/2011 | LAN Airlines S.A. (LFL) | All Stock | N/A | $25.52 | $24.65 | 686,139 | 06/30/2012 | 3.55% | 21.22% |
| Details of TAM S.A. Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court's move late Friday to suspend their proposed merger. Update March 18, 2011: Chile's LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011. December 12, 2011: The merger between Chilean airline LAN LAN.SN and Brazilian counterpart TAM is expected to close in the first quarter of 2012. | |||||||||||
| + | MMI | 08/15/2011 | Google (GOOG) | All Cash | $12.5 billion | $40.00 | $38.71 | 3,907,293 | 06/30/2012 | 3.33% | 19.94% |
| Details of Motorola Mobility Holdings, Inc. Expected to close by the second quarter of 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash. | |||||||||||
| + | SCMF | 03/27/2012 | Capital Bank Financial Corp (N/A) | All Cash | N/A | $2.88 | $2.80 | 92,603 | 06/30/2012 | 2.86% | 17.10% |
| Details of Southern Community Financial Corp. Expected to close in the second quarter of 2012. Upon completion of the merger, shareholders of Southern Community Financial Corp will receive $2.88 per share in cash. | |||||||||||
| + | RFMI | 04/13/2012 | Murata Manufacturing (N/A) | All Cash | $19.6 million | $1.78 | $1.74 | 12,135 | 09/30/2012 | 2.30% | 5.48% |
| Details of RF Monolithics Inc. Expected to close in the third calendar quarter of 2012 for a closing value of $19.6 million. Upon completion of the merger, shareholders of RF Monolithics will receive $1.78 per share in cash. | |||||||||||
| + | GR | 09/21/2011 | United Technologies Corp. (UTX) | All Cash | $18.4 billion | $127.50 | $125.28 | 605,334 | 06/30/2012 | 1.77% | 10.60% |
| Details of Goodrich Corp. Expected to close in mid-2012 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of Goodrich Corporation will receive $127.50 per share in cash. | |||||||||||
| + | SURW | 02/06/2012 | Consolidated Communications Holdings, Inc. (CNSL) | All Cash | $340.9 million | $23.00 | $22.60 | 80,460 | 06/30/2012 | 1.77% | 10.59% |
| Details of SureWest Communications Expected to close for a closing value of $340.9 million. Upon completion of the merger, shareholders of SureWest Communications will receive $23.00 per share in cash or shares of Consolidated common stock having an equivalent value based on average trading prices for the 20-day period ending two days before the closing of the acquisition, subject to a collar. Overall elections are subject to proration such that 50 percent of the SureWest shares will be exchanged for cash and 50 percent for stock. | |||||||||||
| + | CHSI | 04/18/2012 | SXC Health Solutions, Corp. (SXCI) | Cash Plus Stock | $4.4 billion | $88.58 | $87.07 | 877,771 | 12/31/2012 | 1.74% | 2.59% |
| Details of Catalyst Health Solutions, Inc. Expected to close in the second half of 2012 for a closing value of $4.4 billion in a cash plus stock deal. Upon completion of the merger, shareholders of Catalyst Health Solutions will receive $28.00 in cash and 0.6606 shares of SXC stock for each Catalyst share. | |||||||||||
| + | SRSL | 04/17/2012 | DTS, Inc. (DTSI) | Cash Plus Stock | $148 million | $9.61 | $9.48 | 312,155 | 09/30/2012 | 1.39% | 3.32% |
| Details of SRS Labs Inc. Expected to close in the third quarter of 2012 for a closing value of $148 million in a cash plus stock deal. Upon completion of the merger, SRS Labs shareholders may elect to receive either $9.50 per share in cash or a fixed ratio of 0.31127 shares of DTS common stock for every share of SRS Labs common stock they own. In order to take a more conservative approach, we have internally classified the deal as an all stock transaction. | |||||||||||
| + | BXG | 11/14/2011 | BFC Financial Corporation (BFCF.PK) | All Stock | N/A | $5.44 | $5.37 | 230,780 | 06/30/2012 | 1.30% | 7.80% |
| Details of Bluegreen Corporation Expected to close in the first half of 2012 in an all stock deal, where shareholders of Bluegreen Corporation will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger. | |||||||||||
| + | KNOL | 04/18/2012 | WOW! Internet, Cable & Phone (N/A) | All Cash | $1.5 billion | $19.75 | $19.50 | 363,936 | 09/30/2012 | 1.28% | 3.06% |
| Details of Knology, Inc. Expected to close in the third quarter of 2012 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Knology will receive $19.75 per share in cash. | |||||||||||
| + | FFFD | 03/13/2012 | Great Western Bancorporation, Inc. (N/A) | All Cash | $41.5 million | $30.58 | $30.25 | N/A | 08/31/2012 | 1.09% | 3.24% |
| Details of North Central Bancshares, Inc. Expected to close in the summer of 2012 for a closing value of $41.5 million. Upon completion of the merger, shareholders of North Central Bancshares will receive $30.58 per share in cash. | |||||||||||
| + | ABVT | 03/19/2012 | Zayo Group (N/A) | All Cash | $2.2 billion | $84.00 | $83.10 | 573,057 | 06/30/2012 | 1.08% | 6.48% |
| Details of Abovenet Inc. Expected to close in mid 2012 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of AboveNet will receive $84.00 per share in cash. | |||||||||||
| + | PCBC | 03/12/2012 | UnionBanCal Corp. (N/A) | All Cash | $1.51 billion | $46.00 | $45.52 | 16,626 | 12/31/2012 | 1.05% | 1.57% |
| Details of Pacific Capital Bancorp Expected to close in the fourth quarter of 2012 for a closing value of $1.51 billion. Upon completion of the merger, shareholders of Pacific Capital Bancorp will receive $46.00 per share in cash. | |||||||||||
| + | ERT | 04/10/2012 | Genstar Capital LLC (N/A) | All Cash | $400 million | $8.00 | $7.92 | 656,703 | 09/30/2012 | 1.01% | 2.41% |
| Details of eResearchTechnology, Inc. Expected to close in the third quarter of 2012 for a closing value of approximately $400 million. Upon completion of the merger, shareholders of eResearch Technology will receive $8.00 per share in cash. | |||||||||||
| + | DRJ | 04/16/2012 | Fanatics (N/A) | All Cash | $183 million | $3.45 | $3.42 | 623,183 | 09/30/2012 | 0.88% | 2.09% |
| Details of Dreams Inc. Expected to close in the third quarter of 2012 for a closing value of $183 million. Upon completion of the merger, shareholders of Dreams will receive $3.45 per share in cash. | |||||||||||
| + | SOA | 01/27/2012 | Eastman Chemical Company (EMN) | Cash Plus Stock | $4.7 billion | $28.49 | $28.27 | 2,041,179 | 06/30/2012 | 0.76% | 4.57% |
| Details of Solutia Inc Expected to close in mid-2012 for a closing value of $4.7 billion in a cash plust stock deal, where Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock. | |||||||||||
| + | RVSN | 03/15/2012 | Avaya (N/A) | All Cash | $230 million | $11.85 | $11.77 | 91,444 | 12/31/2069 | 0.68% | 0.01% |
| Details of RADVision Ltd. Expected to close for a closing value of $230 million. Upon completion of the merger, shareholders of RADvision will receive $11.85 per share in cash. | |||||||||||
| + | COMV | 03/26/2012 | Peak Merger Corp (N/A) | All Cash | $49 million | $1.75 | $1.74 | 438,299 | 06/30/2012 | 0.57% | 3.44% |
| Details of Comverge, Inc. Expected to close by the second quarter of 2012 for a closing value of $49 million. Upon completion of the merger, shareholders of Comverge will receive $1.75 per share in cash. | |||||||||||
| + | EF | 04/16/2012 | Lee Equity Partners, LLC (N/A) | All Cash | $258 million | $8.85 | $8.80 | 428,934 | 09/30/2012 | 0.57% | 1.36% |
| Details of The Edelman Financial Group, Inc. Expected to close in the third quarter of 2012 for a closing value of $258 million. Upon completion of the merger, shareholders of The Edelman Financial Group will receive $8.85 per share in cash. | |||||||||||
| + | RDEA | 04/23/2012 | AstraZeneca (AZN) | All Cash | $1.26 billion | $32.00 | $31.85 | 1,217,269 | 09/30/2012 | 0.47% | 1.12% |
| Details of Ardea Biosciences, Inc. Expected to close in the second or third quarter of 2012 for a closing value of $1.26 billion. Upon completion of the merger, shareholders of Ardea Biosciences will receive $32.00 per share in cash. | |||||||||||
| + | NVLS | 12/14/2011 | Lam Research Corp (LRCX) | All Stock | $3.3 billion | $47.33 | $47.11 | 874,088 | 06/30/2012 | 0.46% | 2.78% |
| Details of Novellus Systems, Inc. Expected to close in the second calendar quarter of 2012 for a closing value of $3.3 billion in an all stock deal. Upon completion of the merger, shareholder of Novellus Systems will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own. common stock for each share of Novellus that they own | |||||||||||
| + | PBY | 01/30/2012 | The Gores Group (N/A) | All Cash | $1 billion | $15.00 | $14.94 | 428,726 | 06/30/2012 | 0.40% | 2.40% |
| Details of Pep Boys-Manny, Moe & Jack Expected to close in the second fiscal quarter of 2012 for a closing value of $1 billion. Upon completion of the merger, shareholders of Pep Boys-Manny, Moe & Jack will receive $15.00 per share in cash. The agreement provides for a 45-day “go-shop” period and is expected to close in the second quarter of 2012. | |||||||||||
| + | CV | 07/12/2011 | Gaz metro Limited Partnership (N/A) | All Cash | $702 million | $35.25 | $35.11 | 327,454 | 06/30/2012 | 0.40% | 2.39% |
| Details of Central Vermont Public Service Corp. On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming “superior” the offer from Gaz Métro. Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash. | |||||||||||
| + | OPXT | 03/26/2012 | Oclaro, Inc. (OCLR) | All Stock | $177 million | $1.23 | $1.23 | 517,647 | 06/30/2012 | 0.39% | 2.34% |
| Details of Opnext, Inc. Expected to close in the second quarter of 2012 in an all stock deal for $177 million, where shareholders of Opnext will receive 0.42 shares of Oclaro common stock for every share of Opnext common stock they own. | |||||||||||
| + | EBTX | 03/06/2012 | Cadence Bancorp (N/A) | All Cash | $250 million | $20.62 | $20.55 | 27,097 | 12/31/2012 | 0.34% | 0.51% |
| Details of Encore Bancshares Privately held Cadence Bancorp entered into an agreement to acquire Encore Bancshares (EBTX) in an all cash deal valued at $250 million or $20.62/share. The deal is expected to close in the second half of 2012. | |||||||||||
| + | ISTA | 03/26/2012 | Bausch + Lomb (N/A) | All Cash | $500 million | $9.10 | $9.075 | 533,832 | 06/30/2012 | 0.28% | 1.65% |
| Details of ISTA Pharmaceuticals, Inc. Expected to close in the second quarter of 2012 for a closing value of $500 million. Upon completion of the merger, shareholders of ISTA Pharmaceuticals will receive $9.10 per share in cash. | |||||||||||
| + | TNB | 01/30/2012 | ABB Ltd (ABB) | All Cash | $3.9 billion | $72.00 | $71.83 | 508,696 | 06/30/2012 | 0.24% | 1.42% |
| Details of Thomas & Betts Corporation Expected to close by the middle of 2012 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Thomas & Betts will receive $72.00 per share in cash. | |||||||||||
| + | DDIC | 04/04/2012 | Viasystems Group Inc. (VIAS) | All Cash | $268 million | $13.00 | $12.97 | 264,000 | 07/31/2012 | 0.23% | 0.92% |
| Details of DDI Corp. Expected to close late in the second quarter or early in the third quarter for a closing value of $268 million. Upon completion of the merger, shareholders of DDi Corp will receive $13.00 per share in cash. | |||||||||||
| + | ADGF | 03/19/2012 | TaylorMade-adidas Golf business (N/A) | All Cash | $70 million | $10.80 | $10.78 | 11,920 | 06/30/2012 | 0.19% | 1.11% |
| Details of Adams Golf, Inc. Expected to close in mid 2012 for a closing value of $70 million. Upon completion of the merger, shareholders of Adams Golf will receive $10.80 per share in cash. | |||||||||||
| + | ARCL | 03/05/2012 | PLATO Learning (N/A) | All Cash | $291 million | $11.10 | $11.08 | 133,056 | 06/30/2012 | 0.18% | 1.08% |
| Details of Archipelago Learning Privately held PLATO Learning entered into an agreement to acquire Archipelago Learning (ARCL) for $291 million or $11.10/share in an all cash deal that is expected to close in the second quarter of 2012. | |||||||||||
| + | XRIT | 04/10/2012 | Danaher (DHR) | All Cash | $625 million | $5.55 | $5.54 | 60,448 | 06/30/2012 | 0.18% | 1.08% |
| Details of X-Rite, Incorporated Expected to close in the second quarter of 2012 for a closing value of $625 million. Upon completion of the merger, shareholder of X-Rite will receive $5.55 per share in cash. | |||||||||||
| + | RRR | 12/16/2011 | United Rentals, Inc. (URI) | Cash Plus Stock | $1.9 billion | $23.83 | $23.79 | 885,693 | 06/30/2012 | 0.17% | 1.01% |
| Details of RSC Holdings, Inc. Expected to close in the first half of 2012 for a closing value of $1.9 billion in a cash plus stock deal, where shareholders of RSC Holdings will receive $10.80 in cash and 0.2783 share of United Rentals. | |||||||||||
| + | HGIC | 09/29/2011 | Nationwide Mutual Insurance Co (N/A) | All Cash | $760 million | $60.00 | $59.90 | 68,894 | 06/30/2012 | 0.17% | 1.00% |
| Details of Harleysville Group Inc. Expected to close in early 2012 for a closing value of $760 million. Upon completion of the merger, shareholders of Harleysville Group will receive $60.00 per share in cash. | |||||||||||
| + | LOOP | 04/27/2011 | CoStar Group (CSGP) | Cash Plus Stock | $860 million | $19.21 | $19.18 | 176,086 | 04/30/2012 | 0.15% | 0.00% |
| Details of LoopNet Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held. Update(s) January 04, 2012: LoopNet and CoStar agreed to further extend the the waiting period imposed by the Hart-Scott-Rodino Act to allow the firms to engage in discussions with the U.S. Federal Trade Commission (“FTC”) to determine whether there is a possible basis for, and to discuss the possible terms of, a mutually acceptable consent order that would allow the merger of the two firms to close. | |||||||||||
| + | MDS | 03/13/2012 | TBC Corporation (N/A) | All Cash | $310 million | $11.50 | $11.49 | 19,845 | 06/30/2012 | 0.09% | 0.52% |
| Details of Midas, Inc. Expected to close by the second quarter of 2012 for a closing value of $310 million. Upon completion of the merger, shareholders of Midas will receive $11.50 per share in cash. | |||||||||||
| + | CNVO | 01/17/2012 | Blackbaud (BLKB) | All Cash | $275 million | $16.00 | $15.99 | 376,034 | 05/02/2012 | 0.06% | 11.41% |
| Details of Convio Blackbaud (BLKB) has agreed to pay a 49% premium to acquire Convio (CNVO) in an all cash deal valued at $275 million or $16/share. The transaction is expected to close by the end of the first quarter of 2012. Update(s) April 18, 2012: Blackbaud (BLKB) extended its offer to acquire Convio (CNVO) to May 2, 2012. | |||||||||||
| + | CHUX | 02/06/2012 | Fidelity National Financial, Inc. (FNF) | All Cash | $221 million | $9.85 | $9.85 | 27,100 | 06/30/2012 | 0.00% | 0.00% |
| Details of O'Charley's Inc. Expected to close in the second quarter of 2012 for a closing value of $221 million. Upon completion of the merger, shareholders of O'Charley's will receive $9.85 per share in cash. | |||||||||||
| + | ALTH | 04/05/2012 | Spectrum Pharmaceuticals (SPPI) | All Cash | $206 million | $1.82 | $1.82 | 377,377 | 06/30/2012 | 0.00% | 0.00% |
| Details of Allos Therapeutics, Inc. Expected to close in the second quarter of 2012 for a closing value of $206 million. Upon completion of the merger, shareholders of Allos Therapeutics will receive $1.82 per share in cash plus one Contingent Value Right (CVR). This CVR entitles Allos stockholders to an additional payment of $0.11 per share in cash if certain European regulatory approval and commercialization milestones for FOLOTYN are achieved. | |||||||||||
| + | CRYP | 02/02/2012 | Amaya Gaming Group (N/A) | All Cash | $35.82 million | $2.54 | $2.57 | 7,495 | 05/02/2012 | -1.17% | -213.04% |
| Details of CryptoLogic Limited Expected to close by April 30, 2012 for a closing value of $35.82 million. Upon completion of the merger, shareholders of Cryptologic will receive $2.54 per share in cash. Update(s) April 18, 2012: Amaya Gaming Group extended its buyout offer for CryptoLogic to May 2, 2012. | |||||||||||
| + | DFG | 12/21/2011 | Tokio Marine Holdings (N/A) | All Cash | $2.7 billion | $44.80 | $45.44 | 458,815 | 06/30/2012 | -1.41% | -8.43% |
| Details of Delphi Financial Group, Inc. Expected to close in the second quarter of 2012 for a closing value of $2.7 billion, Upon completion of the merger, shareholders of Delphi Financial will receive $43.875 per Class A share and $52.875 per Class B share in cash, through TMHD's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). In addition, Delphi shareholders will receive $1.00 in cash per share pursuant to a one-time special dividend from Delphi for each share of Class A and Class B stock they own. | |||||||||||
| + | CHG | 02/21/2012 | Fortis Inc. (N/A) | All Cash | $1.5 billion | $65.00 | $65.98 | 43,448 | 03/31/2013 | -1.49% | -1.62% |
| Details of CH Energy Group, Inc. Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash. | |||||||||||
| + | QSFT | 03/09/2012 | Insight Venture Partners (N/A) | All Cash | $2 billion | $23.00 | $23.35 | 734,416 | 09/30/2012 | -1.50% | -3.58% |
| Details of Quest Software Insight Venture Partners entered into an agreement to acquire Quest Software (QSFT) in an all cash deal valued at $2 billion or $23 per share. The deal is expected to close in the third quarter of 2012. Insight Venture Partners is supporting the current CEO Vinny Smith in taking the company private. The stock closed at $24.07 on the day of announcement indicating traders expect a higher price or a rival bid. | |||||||||||
| + | WOLF | 03/13/2012 | An affiliate of Apollo Global Management, LLC (N/A) | All Cash | $703 million | $5.00 | $7.85 | 177,213 | 06/30/2012 | -36.31% | -217.24% |
| Details of Great Wolf Resorts, Inc. Expected to close in the second quarter of 2012 for a closing value of $703 million. Upon completion of the merger, shareholders of Great Wolf Resorts will receive $5.00 per share in cash. Update(s) April 15, 2012: Great Wolf Resorts deemed KSL Capital's offer of $7.00 per share, superior to Apollo Global Management's offer. | |||||||||||
Disclosure: See author's portfolio holdings here.
