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Merger activity plunged last week with two new deals announced and one closing. In contrast, I had the good fortune of reviewing the details of 13 new deals last Sunday night.

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 59
Total Number of Pending Deals
Cash Deals 42
Stock Deals 10
Stock & Cash Deals 7
Total Number of Pending Deals 59
Total Deal Size $382.75 billion

New Deals:

  1. The acquisition of GTSI Corp. (GTSI) by an affiliate of UNICOM Systems for $76.67 million or $7.75 per share in cash. The tender offer is not subject to any financing contingencies.
  2. The acquisition of Cost Plus (CPWM) by Bed Bath & Beyond (BBBY) for $495 million or $22.00 per share in cash. It is interesting to see Bed Bath & Beyond make a brick-and-mortar acquisition in light of companies like Best Buy (BBY) and Sears (SHLD) closing stores. Bed Bath & Beyond is paying nearly 12 times EBITDA for a company with low single digit margins.

Closed Deals:

  1. The acquisition of O’Charley’s Inc. (CHUX) by Fidelity National Financial, Inc. (FNF) on May 9, 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 $11.86 06/30/2012 26.48% 205.61%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.12 06/30/2012 25.00% 194.15%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $10.69 06/30/2012 16.93% 131.49%
INCB 01/25/2012 Old National Bancorp Capital (ONB) $23.31 $21.50 06/30/2012 8.43% 65.49%
TUDO 03/12/2012 Youku Inc. (YOKU) $37.59 $35.29 09/30/2012 6.53% 17.14%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $4.77 $4.50 12/31/2012 5.95% 9.40%
GEOI 04/25/2012 Halcon Resources (HK) $38.32 $36.17 09/30/2012 5.93% 15.58%
CEBK 05/01/2012 Independent Bank Corp. (INDB) $32.00 $30.35 12/31/2012 5.44% 8.59%
PGN 01/10/2011 Duke Energy Corporation (DUK) $56.74 $54.95 07/01/2012 3.26% 24.82%
SCMF 03/27/2012 Capital Bank Financial Corp (N/A) $2.88 $2.79 06/30/2012 3.23% 25.05%

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 $11.86 753,261 06/30/2012 26.48% 205.61%
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.

+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.12 1,238 06/30/2012 25.00% 194.15%
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 $10.69 227,441 06/30/2012 16.93% 131.49%
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.

+ INCB 01/25/2012 Old National Bancorp Capital (ONB) All Stock $79.2 million $23.31 $21.50 4,025 06/30/2012 8.43% 65.49%
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.

+ TUDO 03/12/2012 Youku Inc. (YOKU) All Stock $1 billion $37.59 $35.29 71,439 09/30/2012 6.53% 17.14%
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.

+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $4.77 $4.50 2,900 12/31/2012 5.95% 9.40%
Details of Alliance Bankshares Corporation

Expected to close in the fourth quarter of 2012 for a closing value of $24.4 million in an all 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.

+ GEOI 04/25/2012 Halcon Resources (HK) Cash Plus Stock $1 billion $38.32 $36.17 231,173 09/30/2012 5.93% 15.58%
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.

+ CEBK 05/01/2012 Independent Bank Corp. (INDB) All Cash $54.8 million $32.00 $30.35 100 12/31/2012 5.44% 8.59%
Details of Central Bancorp Inc.

Expected to close in the fourth quarter of 2012 for a closing value of $54.8 million. Upon completion of the merger, shareholders of Central Bancorp will receive $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.

+ PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $56.74 $54.95 863,950 07/01/2012 3.26% 24.82%
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.

+ SCMF 03/27/2012 Capital Bank Financial Corp (N/A) All Cash N/A $2.88 $2.79 12,984 06/30/2012 3.23% 25.05%
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.

+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. (SASR) All Stock $25.4 million $14.12 $13.75 300 06/30/2012 2.66% 20.64%
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.

+ GR 09/21/2011 United Technologies Corp. (UTX) All Cash $18.4 billion $127.50 $124.87 727,058 06/30/2012 2.11% 16.36%
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.

+ MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $39.23 3,989,203 06/30/2012 1.96% 15.24%
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.

+ TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.46 $24.00 430,765 06/30/2012 1.93% 14.95%
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.

+ GPRO 04/30/2012 Hologic, Inc. (HOLX) All Cash $3.7 billion $82.75 $81.31 627,330 12/31/2012 1.77% 2.80%
Details of Gen-Probe Inc.

Expected to close in the second half of calendar year 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Gen-Probe will receive $82.75 per share in cash.

+ PSS 05/01/2012 a consortium comprised of Wolverine Worldwide, Blum Capital Partners and Golden Gate Capital (WWW) All Cash $2 billion $21.75 $21.38 1,257,635 10/31/2012 1.73% 3.72%
Details of Collective Brands, Inc.

Expected to close late in the third quarter or early in the fourth quarter of 2012 for a closing value of $2 billion. Upon completion of the merger, shareholders of Collective Brands will receive $21.75 per share in cash.

+ SUN 04/30/2012 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $5.3 billion $49.90 $49.07 1,631,901 12/31/2012 1.69% 2.67%
Details of Sunoco, Inc.

Expected to close in the third or fouth quarter of 2012 for a closing value of $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.

+ CHSI 04/18/2012 SXC Health Solutions, Corp. (SXCI) Cash Plus Stock $4.4 billion $89.57 $88.37 683,450 12/31/2012 1.36% 2.14%
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.

+ SURW 02/06/2012 Consolidated Communications Holdings, Inc. (CNSL) All Cash $340.9 million $23.00 $22.70 79,404 06/30/2012 1.32% 10.26%
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.

+ SMSC 05/02/2012 Microchip Technology Inc. (MCHP) All Cash $939 million $37.00 $36.53 461,957 09/30/2012 1.29% 3.38%
Details of Standard Microsystems Corp.

Expected to close in the third calendar quarter of 2012 for a closing value of $939 million. Upon completion of the merger, shareholders of Standard Microsystems Corporation will receive $37.00 per share in cash.

+ KNOL 04/18/2012 WOW! Internet, Cable & Phone (N/A) All Cash $1.5 billion $19.75 $19.52 1,836,177 09/30/2012 1.18% 3.09%
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.

+ ERT 04/10/2012 Genstar Capital LLC (N/A) All Cash $400 million $8.00 $7.91 474,309 09/30/2012 1.14% 2.99%
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.

+ RFMI 04/13/2012 Murata Manufacturing (N/A) All Cash $19.6 million $1.78 $1.76 23,217 09/30/2012 1.14% 2.98%
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.

+ ESIC 05/01/2012 Open Text Corp. (OTEX) All Cash $232 million $7.25 $7.17 1,012,666 09/30/2012 1.12% 2.93%
Details of EasyLink Services International Corporation

Expected to close by mid to late summer 2012 for a closing value of $232 million. Upon completion of the merger, shareholders of EasyLink Services will receive $7.25 per share in cash.

+ ALTH 04/05/2012 Spectrum Pharmaceuticals (SPPI) All Cash $206 million $1.82 $1.80 746,363 06/30/2012 1.11% 8.63%
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.

+ EP 10/16/2011 Kinder Morgan, Inc. (KMI) Cash Plus Stock $21 billion $29.84 $29.52 6,319,569 06/30/2012 1.09% 8.46%
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.

+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.52 30,136 12/31/2012 1.05% 1.67%
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.

+ OPXT 03/26/2012 Oclaro, Inc. (OCLR) All Stock $177 million $0.97 $0.956 647,518 06/30/2012 1.05% 8.12%
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.

+ DRJ 04/16/2012 Fanatics (N/A) All Cash $183 million $3.45 $3.42 138,755 09/30/2012 0.88% 2.30%
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.

+ ABVT 03/19/2012 Zayo Group (N/A) All Cash $2.2 billion $84.00 $83.29 279,186 06/30/2012 0.85% 6.62%
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.

+ VIST 01/26/2012 Tompkins Financial Corporation (TMP) All Stock 86 million $11.47 $11.37 24,648 09/30/2012 0.85% 2.23%
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.

+ RDEA 04/23/2012 AstraZeneca (AZN) All Cash $1.26 billion $32.00 $31.74 1,299,945 09/30/2012 0.82% 2.15%
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.

+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.58 $6.53 1,085,151 06/30/2012 0.71% 5.53%
Details of PLX Technology Inc.

Expected to close in the second calendar quarter of 2012 for a closing value of $330 million in a cash plus stock deal. Upon completion of the merger, shareholders of PLX Technology will receive $3.50 in cash and 0.525 shares of IDT common stock for each PLX common share outstanding.

+ EF 04/16/2012 Lee Equity Partners, LLC (N/A) All Cash $258 million $8.85 $8.79 429,778 09/30/2012 0.68% 1.79%
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.

+ GTSI 05/07/2012 an affiliate of UNICOM Systems (N/A) All Cash $76.67 million $7.75 $7.70 58,966 07/31/2012 0.65% 3.04%
Details of GTSI Corp.

Expected to close in the second or early thrid quarter of 2012 for a closing value of $76.67 million. Upon completion of the merger, shareholders of GTSI Corp. will receive $7.75 per share in cash.

+ SOA 01/27/2012 Eastman Chemical Company (EMN) Cash Plus Stock $4.7 billion $27.96 $27.79 500,711 06/30/2012 0.62% 4.80%
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 $11.78 20,697 06/15/2012 0.59% 6.78%
Details of RADVision Ltd.

Expected to close by mid June for a closing value of $230 million. Upon completion of the merger, shareholders of RADvision will receive $11.85 per share in cash.

+ EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.52 19,952 12/31/2012 0.49% 0.77%
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.

+ CHRS 05/02/2012 Ascena Retail Group Inc. (ASNA) All Cash $890 million $7.35 $7.315 2,220,010 06/30/2012 0.48% 3.72%
Details of Charming Shoppes Inc.

Expected to close by the second calendar quarter of 2012 for a closing value of $890 million. Upon completion of the merger, shareholders of Charming Shoppes will receive $7.35 per share in cash.

+ CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.53 2,577 05/15/2012 0.40% 144.27%
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.

+ NVLS 12/14/2011 Lam Research Corp (LRCX) All Stock $3.3 billion $46.60 $46.44 1,349,870 06/30/2012 0.34% 2.63%
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

+ CPWM 05/09/2012 Bed Bath & Beyond Inc. (BBBY) All Cash $495 million $22.00 $21.94 889,006 05/31/2012 0.27% 5.87%
Details of Cost Plus Inc.

Expected to close during Bed Bath & Beyond’s fiscal second quarter for a closing value of $495 million. Upon completion of the merger, shareholders of Cost Plus will receive $22.00 per share in cash

+ 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% 0.88%
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.

+ PFCB 05/01/2012 Centerbridge Partners LP (N/A) All Cash $1.09 billion $51.50 $51.38 716,274 09/30/2012 0.23% 0.61%
Details of P.F. Chang’s China Bistro, Inc.

Expected to close in the third quarter for a closing value of $1.09 billion. Upon completion of the merger, shareholders of P.F. Chang’s China Bistro will receive $51.5 per share in cash.

+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.17 54,784 06/30/2012 0.23% 1.77%
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.

+ ADGF 03/19/2012 TaylorMade-adidas Golf business (N/A) All Cash $70 million $10.80 $10.78 10,416 06/30/2012 0.19% 1.44%
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.

+ ISTA 03/26/2012 Bausch + Lomb (N/A) All Cash $500 million $9.10 $9.09 436,458 06/30/2012 0.11% 0.85%
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.

+ DDIC 04/04/2012
  1. Viasystems Group Inc. (VIAS)
All Cash $268 million $13.00 $12.99 839,755 07/31/2012 0.08% 0.36%
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.

+ TNB 01/30/2012 ABB Ltd (ABB) All Cash $3.9 billion $72.00 $71.97 874,741 06/30/2012 0.04% 0.32%
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.

+ ARCL 03/05/2012 PLATO Learning (N/A) All Cash $291 million $11.10 $11.10 72,477 06/30/2012 0.00% 0.00%
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 $5.55 96,481 06/30/2012 0.00% 0.00%
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.

+ KNSY 05/03/2012 Royal DSM (N/A) All Cash N/A $38.50 $38.50 80,343 06/30/2012 0.00% 0.00%
Details of Kensey Nash Corporation

Expected to close by the end of June 2012. Upon completion of the merger, shareholders of Kensey Nash Corporation will receive $38.50 per share in cash.

+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.64 45,256 03/31/2013 -0.98% -1.11%
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.

+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $45.45 335,664 06/30/2012 -1.43% -11.11%
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.

+ SRSL 04/17/2012 DTS, Inc. (DTSI) Cash Plus Stock $148 million $8.81 $9.06 99,199 09/30/2012 -2.74% -7.19%
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.

+ IPSU 05/01/2012 Louis Dreyfus Commodities LLC (N/A) All Cash $203 million $6.35 $6.53 1,009,125 06/30/2012 -2.76% -21.41%
Details of Imperial Sugar Co.

Expected to close in the second calendar quarter of 2012 for a closing value of $203 million. Upon completion of the merger, shareholders of Imperial Sugar will receive $6.35 per share in cash.

+ COMV 03/26/2012 Peak Merger Corp (N/A) All Cash $49 million $1.75 $1.80 70,843 06/30/2012 -2.78% -21.57%
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.

+ BXG 11/14/2011 BFC Financial Corporation (OTCQB:BFCF) All Stock N/A $4.80 $5.15 69,614 06/30/2012 -6.80% -52.78%
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.

+ QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $25.25 646,260 09/30/2012 -8.91% -23.40%
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.

Disclosure: I have a long position in Motorola Mobility (MMI).

Source: Merger Arbitrage Mondays - May 14, 2012