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Merger activity spiked sharply higher with thirteen new deals announced and six closing. Four of the new deals announced are over a billion dollars. We have not seen such frenzied activity since we started reporting on mergers more than two years ago. One of the deals that is not included below is the $792 million takeover offer for satellite imaging products company DigitalGlobe (NYSE:DGI) by rival GeoEye (NASDAQ:GEOY), which was rejected by the board on Sunday. We mentioned insider purchases of GeoEye by private equity fund Cerberus Capital Management in one of our Insider Weekends series of posts.

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 58
Total Number of Pending Deals
Cash Deals 41
Stock Deals 10
Stock & Cash Deals 7
Total Number of Pending Deals 58
Total Deal Size $382.18 billion

New Deals:

  1. The acquisition of Sunoco (NYSE:SUN) by Energy Transfer Partners (NYSE:ETP) for $5.3 billion in a cash plus stock deal. Under the terms of the transaction, shareholders of Sunoco can either receive $50 in cash, 1.0490 ETP common unit or a combination of $25 in cash and 0.5245 ETP common units for each Sunoco share.
  2. The acquisition of Books-A-Million (NASDAQ:BAMM) by The Anderson Family for $48.8 million or $3.05 per share in cash.* Since the Anderson family already owns 53% of the company and Clyde Anderson is the Chairman of the Board, this is essentially a “going private” transaction. The deal has not yet been approved by the board and hence we have not yet included it in the list of pending deals below or in our merger arbitrage spread tool.
  3. The acquisition of Gen-Probe (NASDAQ:GPRO) by Hologic (NASDAQ:HOLX) for $3.7 billion or $82.75 per share in cash.
  4. The acquisition of PLX Technology (NASDAQ:PLXT) by Integrated Device Technology (NASDAQ:IDTI) for $330 million in a cash plus stock deal. Under the terms of the agreement, shareholders of PLX Technology will receive $3.50 in cash and 0.525 shares of IDT common stock for each PLX common share outstanding.
  5. The acquisition of Imperial Sugar (NASDAQ:IPSU) by Louis Dreyfus Commodities LLC for $203 million or $6.35 per share in cash.
  6. The acquisition of P.F. Chang’s China Bistro (NASDAQ:PFCB) by Centerbridge Partners LP for $1.09 billion or $51.50 per share in cash.
  7. The acquisition of Collective Brands (NYSE:PSS) by a consortium comprised of Wolverine Worldwide (NYSE:WWW), Blum Capital Partners and Golden Gate Capital for $2 billion or $21.75 per share in cash.
  8. The acquisition of Central Bancorp (NASDAQ:CEBK) by Independent Bank Corp (NASDAQ:INDB) for $54.8 million or $32.00 per share in cash. According to the press release, “Under the terms of the agreement, 60% of outstanding Central Bancorp., Inc. shares will be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares will be purchased for $32.00 per share in cash.” Since the exchange ratio is subject to adjustment, we are going to treat this as an all cash deal in our arbitrage tool.
  9. The acquisition of EasyLink Services International Corporation (NASDAQ:ESIC) by Open Text Corp (NASDAQ:OTEX) for $232 million or $7.25 per share in cash.
  10. The acquisition of Charming Shoppes (NASDAQ:CHRS) by Ascena Retail Group (NASDAQ:ASNA) for $890 million or $7.35 per share in cash.
  11. The acquisition of Standard Microsystems Corporation (NASDAQ:SMSC) by Microchip Technology (NASDAQ:MCHP) for $939 million or $37.00 per share in cash.
  12. The acquisition of Kensey Nash Corporation (KNSY) by Royal DSM for $38.50 per share in cash.
  13. The acquisition of Alliance Bankshares Corporation (NASDAQ:ABVA) by Washington First Bankshares (NASDAQ:WFBI) for $24.4 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Alliance Bankshares Corporation will receive, at their election, either 0.4435 shares of WFBI common stock or cash in the amount of $5.30 for each share of Alliance common stock owned, provided that no more than 20% of the Alliance common shares may elect to receive cash.

Updated Deals:

  1. On May 1, 2012, shares of Pep Boys (NYSE:PBY) fell 25% to $11 after the company reported that the Gores Group is trying to delay the deal following a drop in Pep Boys sales.

Closed Deals:

  1. The acquisition of Midas (NYSE:MDS) by TBC Corporation on April 30, 2012.
  2. The acquisition of RSC Holdings (NYSE:RRR) by United Rentals (NYSE:URI) on April 30, 2012.
  3. The acquisition of LoopNet (NASDAQ:LOOP) by CoStar Group (NASDAQ:CSGP) on May 01, 2012.
  4. The acquisition of Harleysville Group Inc. (NASDAQ:HGIC) by Nationwide Mutual Insurance Company on May 01, 2012.
  5. The acquisition of Convio (NASDAQ:CNVO) by Blackbaud (NASDAQ:BLKB) on May 03, 2012.
  6. The acquisition of Great Wolf Resorts, Inc. (NASDAQ:WOLF) by an affiliate of Apollo Global Management, LLC on May 04, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

PBY 01/30/2012 The Gores Group (N/A) $15.00 $11.19 06/30/2012 34.05% 230.14%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.12 06/30/2012 25.00% 168.98%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $10.83 06/30/2012 15.42% 104.23%
GEOI 04/25/2012 Halcon Resources (NYSE:HK) $38.84 $35.92 09/30/2012 8.12% 20.30%
INCB 01/25/2012 Old National Bancorp Capital (NASDAQ:ONB) $23.48 $21.75 06/30/2012 7.97% 53.89%
TUDO 03/12/2012 Youku Inc. (NYSE:YOKU) $38.31 $36.01 09/30/2012 6.39% 15.98%
CEBK 05/01/2012 Independent Bank Corp. (INDB) $32.00 $30.27 12/31/2012 5.72% 8.76%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $4.77 $4.51 12/31/2012 5.71% 8.76%
TAM 01/19/2011 LAN Airlines S.A. (NYSE:LFL) $25.08 $24.21 06/30/2012 3.61% 24.37%
SCMF 03/27/2012 Capital Bank Financial Corp (N/A) $2.88 $2.78 06/30/2012 3.60% 24.31%

List of all pending deals:

Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing

Date

Profit Annu.
Profit
+ PBY 01/30/2012 The Gores Group (N/A) All Cash $1 billion $15.00 $11.19 1,442,384 06/30/2012 34.05% 230.14%
+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.12 5,800 06/30/2012 25.00% 168.98%
+ VQ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $10.83 375,973 06/30/2012

15.42%

104.23%
+ GEOI 04/25/2012 Halcon Resources (HK) Cash Plus Stock $1 billion $38.84 $35.92 583,752 09/30/2012 8.12% 20.30%
+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $23.48 $21.75 5,960 06/30/2012 7.97% 53.89%
+ TUDO 03/12/2012 Youku Inc. (YOKU) All Stock $1 billion $38.31 $36.01 49,991 09/30/2012

6.39%

15.98%
+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $30.27 1,200 12/31/2012 5.72% 8.76%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.77 $4.51 N/A 12/31/2012 5.71% 8.76%
+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $25.08 $24.21 322,221 06/30/2012 3.61% 24.37%
+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $2.78 5,200 06/30/2012 3.60% 24.31%
+ PGN 01/10/2011 Duke Energy Corporation (NYSE:DUK) All Stock $13.7 billion $56.33 $54.43 3,259,944 07/01/2012 3.48% 23.11%
+ MMI 08/15/2011 Google (NASDAQ:GOOG) All Cash $12.5 billion $40.00 $38.80 4,092,372 06/30/2012

3.09%

20.90%
+ EP 10/16/2011 Kinder Morgan, Inc. (NYSE:KMI) Cash Plus Stock $21 billion $30.37 $29.61 8,072,464 06/30/2012 2.56% 17.33%
+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (NASDAQ:SASR) All Stock $25.4 million $14.20 $13.86 N/A 06/30/2012 2.42% 16.38%
+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.25 2,115,298 10/31/2012

2.35%

4.85%
+ RFMI 04/13/2012 Murata Manufacturing (N/A) All Cash $19.6 million $1.78 $1.74 41,791 09/30/2012 2.30% 5.75%
+ GPRO 04/30/2012 Hologic, Inc. (HOLX) All Cash $3.7 billion $82.75 $81.13 3,033,835 12/31/2012 2.00% 3.06%
+ GR 09/21/2011 United Technologies Corp. (NYSE:UTX) All Cash $18.4 billion $127.50 $125.10 551,740 06/30/2012 1.92% 12.97%
+ SRSL 04/17/2012 DTS, Inc. (NASDAQ:DTSI) Cash Plus Stock $148 million $9.52 $9.35 175,192 09/30/2012 1.87% 4.68%
+ SMSC 05/02/2012 Microchip Technology Inc. (MCHP) All Cash $939 million $37.00 $36.41 1,215,153 09/30/2012 1.62% 4.05%
+ CHSI 04/18/2012 SXC Health Solutions, Corp. (SXCI) Cash Plus Stock $4.4 billion $88.44 $87.07 832,036 12/31/2012 1.58% 2.42%
+ KNOL 04/18/2012 WOW! Internet, Cable & Phone (N/A) All Cash $1.5 billion $19.75 $19.45 380,939 09/30/2012 1.54% 3.86%
+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) All Cash $340.9 million $23.00 $22.66 101,508 06/30/2012 1.50% 10.14%
+ ERT 04/10/2012 Genstar Capital LLC (N/A) All Cash $400 million $8.00 $7.89 376,862 09/30/2012 1.39% 3.49%
+ ESIC 05/01/2012 Open Text Corp. (OTEX) All Cash $232 million $7.25 $7.16 2,719,849 09/30/2012 1.26% 3.14%
+ EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.37 33,340 12/31/2012 1.23% 1.88%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.46 53,352 12/31/2012 1.19% 1.82%
+ DRJ 04/16/2012 Fanatics (N/A) All Cash $183 million $3.45 $3.41 167,517 09/30/2012 1.17% 2.93%
+ COMV 03/26/2012 Peak Merger Corp (N/A) All Cash $49 million $1.75 $1.73 798,057 06/30/2012 1.16% 7.81%
+ ABVT 03/19/2012 Zayo Group (N/A) All Cash $2.2 billion $84.00 $83.14 269,532 06/30/2012 1.03% 6.99%
+ RDEA 04/23/2012 AstraZeneca (NYSE:AZN) All Cash $1.26 billion $32.00 $31.70 2,583,952 09/30/2012

0.95%

2.37%
+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $34.95 41,947 06/30/2012 0.86% 5.80%
+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.78 170,082 09/30/2012 0.80% 1.99%
+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.64 $6.59 1,331,873 06/30/2012

0.75%

5.08%
+ ADGF 03/19/2012 TaylorMade-adidas Golf business (N/A) All Cash $70 million $10.80 $10.72 9,516 06/30/2012 0.75% 5.04%
+ SOA 01/27/2012 Eastman Chemical Company (NYSE:EMN) Cash Plus Stock $4.7 billion $28.09 $27.90 1,888,104 06/30/2012 0.66% 4.49%
+ ISTA 03/26/2012 Bausch + Lomb (N/A) All Cash $500 million $9.10 $9.04 554,028 06/30/2012

0.66%

4.49%
+ QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $22.85 991,153 09/30/2012 0.66% 1.64%
+ CHRS 05/02/2012 Ascena Retail Group Inc. (ASNA) All Cash $890 million $7.35 $7.305 9,366,634 06/30/2012 0.62% 4.16%
+ RVSN 03/15/2012 Avaya (N/A) All Cash $230 million $11.85 $11.78 96,942 06/15/2012 0.59% 5.56%
+ ALTH 04/05/2012 Spectrum Pharmaceuticals (NASDAQ:SPPI) All Cash $206 million $1.82 $1.81 488,107 06/30/2012 0.55% 3.73%
+ VIST 01/26/2012 Tompkins Financial Corporation (NYSEMKT:TMP) All Stock 86 million $11.43 $11.37 5,338 09/30/2012 0.52% 1.30%
+ KNSY 05/03/2012 Royal DSM (N/A) All Cash N/A $38.50 $38.32 736,445 06/30/2012 0.47% 3.18%
+ NVLS 12/14/2011 Lam Research Corp (NASDAQ:LRCX) All Stock $3.3 billion $45.27 $45.10 1,053,786 06/30/2012 0.38% 2.55%
+ ARCL 03/05/2012 PLATO Learning (N/A) All Cash $291 million $11.10 $11.06 96,045 06/30/2012

0.36%

2.44%
+ XRIT 04/10/2012 Danaher (NYSE:DHR) All Cash $625 million $5.55 $5.53 383,733 06/30/2012 0.36% 2.44%
+ DDIC 04/04/2012 Viasystems Group Inc. (NASDAQ:VIAS) All Cash $268 million $13.00 $12.96 108,776 07/31/2012 0.31% 1.33%
+ FFFD 03/13/2012 Great Western Bancorporation, Inc. (N/A) All Cash $41.5 million $30.58 $30.50 N/A 08/31/2012 0.26% 0.83%
+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $50.32 $50.23 3,209,070 12/31/2012

0.17%

0.27%
+ TNB 01/30/2012 ABB Ltd (NYSE:ABB) All Cash $3.9 billion $72.00 $71.88 423,104 06/30/2012 0.17% 1.13%
+ PFCB 05/01/2012 Centerbridge Partners LP (N/A) All Cash $1.09 billion $51.50 $51.44 2,165,956 09/30/2012 0.12% 0.29%
+ CHUX 02/06/2012 Fidelity National Financial, Inc. (NYSE:FNF) All Cash $221 million $9.85 $9.84 179,858 06/30/2012 0.10% 0.69%
+ OPXT 03/26/2012 Oclaro, Inc. (NASDAQ:OCLR) All Stock $177 million $1.07 $1.07 332,415 06/30/2012 0.09% 0.63%
+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.538 4,600 05/15/2012 0.08% 3.60%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.42 71,067 03/31/2013 -0.64% -0.71%
+ IPSU 05/01/2012 Louis Dreyfus Commodities LLC (N/A) All Cash $203 million $6.35 $6.42 461,339 06/30/2012 -1.09% -7.37%
+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $45.30 397,511 06/30/2012 -1.10% -7.46%
+ BXG 11/14/2011 BFC Financial Corporation (OTCQB:BFCF) All Stock N/A $4.95 $5.15 67,229 06/30/2012

-3.80%

-25.67%

Disclosure: I hold long positions in GeoEye (GEOY) and Motorola Mobility (NYSE:MMI) in my personal portfolio. See author's portfolio holdings here.

Source: Merger Arbitrage Mondays: May 7, 2012