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Merger Arbitrage Mondays – February 11, 2013

  • February 10, 2013

Merger activity decreased last week with five new deals announced and three deals 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 2013 13
Total Number of Pending Deals
Cash Deals 48
Stock Deals 16
Stock & Cash Deals 7
Total Number of Pending Deals 71
Total Deal Size $143.63 billion

New Deals:

  1. The acquisition of Acme Packet (APKT) by Oracle (ORCL) for $1.7 billion or $29.25 per share in cash.
  2. The acquisition of Dell (DELL) by Michael Dell, Dell’s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake for $24.4 billion or $13.65 per share in cash.
  3. The acquisition of Virgin Media (VMED) by Liberty Global (LBTYA) for $23.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Virgin Media will receive $17.50 in cash, 0.2582 Liberty Global Series A shares and 0.1928 Liberty Global Series C shares for each Virgin Media share that they hold. This deal has not been added to our database since the stock portion of the deal is split across two securities.
  4. The acquisition of Metals USA Holdings (MUSA) by Reliance Steel & Aluminium (RS) for $1.2 billion or $20.65 per share in cash.
  5. The acquisition of First M & F Corporation (FMFC) by Renasant (RNST) for $118.8 million in all stock deal. Under the terms of the agreement, M&F common shareholders will receive 0.6425 shares of Renasant common stock for each share of M&F common stock.

Closed Deals:

  1. The acquisition of Retalix (RTLX) by NCR Corp. (NCR) on February 6, 2013.
  2. The acquisition of SeaBright Holdings (SBX) by Enstar Group Limited (ESGR) on February 7, 2013.
  3. The acquisition of Cybex International (CYBI) by UM Holdings, Ltd. The company expects to satisfy closing conditions within a week.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

FMCN 12/19/2012 Giovanna Parent Limited (N/A) $27.50 $25.25 06/30/2013 8.91% 23.40%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.73 $6.20 06/30/2013 8.54% 22.43%
OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) $8.00 $7.51 03/31/2013 6.52% 49.61%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $38.46 $36.24 12/31/2013 6.12% 6.91%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.87 $14.98 03/31/2013 5.93% 45.10%
WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) $24.97 $23.73 03/31/2013 5.21% 39.59%
HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.88 03/31/2013 4.81% 36.60%
VCBI 01/30/2013 United Bankshares Inc. (UBSI) $14.07 $13.43 09/30/2013 4.75% 7.50%
FMFC 02/07/2013 Renasant Corp. (RNST) $12.47 $11.92 09/30/2013 4.62% 7.30%
CPNO 01/29/2013 Kinder Morgan Energy Partners, L.P. (KMP) $40.33 $38.56 09/30/2013 4.58% 7.24%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $25.25 388,520 06/30/2013 8.91% 23.40%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.73 $6.20 2,000 06/30/2013 8.54% 22.43%
+ OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) All Cash N/A $8.00 $7.51 41,883 03/31/2013 6.52% 49.61%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $38.46 $36.24 2,864,537 12/31/2013 6.12% 6.91%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.87 $14.98 3,047 03/31/2013 5.93% 45.10%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $24.97 $23.73 55,596 03/31/2013 5.21% 39.59%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.88 199,186 03/31/2013 4.81% 36.60%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.07 $13.43 148,637 09/30/2013 4.75% 7.50%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $12.47 $11.92 201,651 09/30/2013 4.62% 7.30%
+ CPNO 01/29/2013 Kinder Morgan Energy Partners, L.P. (KMP) All Stock $5 billion $40.33 $38.56 498,524 09/30/2013 4.58% 7.24%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $24.98 1,407,073 12/31/2013 4.08% 4.61%
+ JEF 11/12/2012 Leucadia National Corp. (LUK) All Stock $3.59 billion $21.65 $20.83 1,434,575 03/31/2013 3.94% 29.98%
+ PRWT 10/30/2012 AmericanWest Bank (N/A) All Cash $16.6 million $1.65 $1.59 13,515 06/30/2013 3.77% 9.91%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Cash $150 million $10.00 $9.64 23,000 03/31/2013 3.73% 28.40%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $106.01 $102.41 120,744 06/30/2013 3.52% 9.24%
+ SHP 12/21/2012 ShangPharma Holdings Limited (N/A) All Cash $173 million $9.00 $8.73 2,748 06/30/2013 3.09% 8.12%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.28 N/A 06/30/2013 3.02% 7.94%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $26.90 8,900,070 03/02/2013 2.23% 42.85%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $47.03 497,578 03/31/2013 2.06% 15.68%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $13.57 $13.30 34,912 04/30/2013 2.01% 9.41%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.95 $2.89 50,575 02/28/2013 1.95% 41.79%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.81 68,733 06/30/2013 1.94% 5.09%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $20.76 $20.37 85,998 06/30/2013 1.89% 4.97%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.77 $8.62 1,354,296 03/31/2013 1.76% 13.40%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.00 446,522 02/18/2013 1.69% 88.38%
+ SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $11.52 $11.35 16,812 09/30/2013 1.49% 2.36%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.17 $1.15 13,610 03/31/2013 1.39% 10.61%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $15.83 $15.62 28,497 06/30/2013 1.38% 3.61%
+ ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $3.70 1,406,958 06/30/2013 1.35% 3.55%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.70 1,489,525 06/30/2013 1.35% 3.55%
+ RVR 11/15/2012 Parthenon Capital Partners (N/A) All Cash $79.5 million $21.93 $21.64 2,250 03/31/2013 1.34% 10.19%
+ BCDS 12/26/2012 Diodes Incorporated (DIOD) All Cash $151 million $8.00 $7.90 12,884 03/31/2013 1.27% 9.63%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.89 698,702 06/30/2013 1.11% 2.92%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $45.15 $44.66 6,003 06/30/2013 1.09% 2.87%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.18 375,472 06/30/2013 0.92% 2.41%
+ KSWS 01/17/2013 E. Land (N/A) All Cash $170 million $4.75 $4.71 178,470 06/30/2013 0.85% 2.23%
+ ORCC 01/31/2013 ACI Worldwide, Inc. (ACIW) All Cash $263 million $3.85 $3.82 381,229 03/31/2013 0.79% 5.97%
+ PVSW 01/28/2013 an affiliate of Actian Corporation (N/A) All Cash $161.9 million $9.20 $9.13 1,050,665 06/30/2013 0.77% 2.01%
+ ALTE 12/19/2012 Markel Corp. (MKL) Cash Plus Stock $3.13 billion $31.43 $31.23 435,728 06/30/2013 0.65% 1.70%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.13 52,090 01/25/2013 0.64% 0.00%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.35 65,573 09/30/2013 0.57% 0.90%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $10.05 $10.00 121,025 03/31/2013 0.46% 3.49%
+ MAPP 01/22/2013 Allergan Inc. (AGN) All Cash $958 million $25.00 $24.89 478,334 06/30/2013 0.44% 1.16%
+ EPOC 01/07/2013 athenahealth, Inc. (ATHN) All Cash $293 million $11.75 $11.70 67,565 04/30/2013 0.43% 2.00%
+ BIOC 01/30/2013 a holding company controlled by JLL Partners, Inc. (N/A) All Cash $123 million $7.25 $7.22 16,806 03/31/2013 0.42% 3.16%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $46.96 $46.77 608,808 06/30/2013 0.40% 1.06%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $64.75 67,804 02/28/2013 0.39% 8.29%
+ PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $48.28 $48.10 439,698 06/30/2013 0.37% 0.96%
+ YMI 12/12/2012 Gilead Sciences Inc. (GILD) All Cash $510 million $2.95 $2.94 232,050 03/31/2013 0.34% 2.59%
+ TNS 12/11/2012 an Affiliate of Siris Capital Group (N/A) All Cash $862 million $21.00 $20.95 74,500 03/31/2013 0.24% 1.81%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $47.68 $47.59 851,996 03/31/2013 0.19% 1.46%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.95 498,455 03/31/2013 0.17% 1.31%
+ ZIP 01/02/2013 Avis Budget Group, Inc. (CAR) All Cash $500 million $12.25 $12.23 246,913 04/30/2013 0.16% 0.77%
+ DELL 02/05/2013 Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A) All Cash $24.4 billion $13.65 $13.63 56,850,928 07/31/2013 0.15% 0.32%
+ WRC 10/31/2012 PVH Corp. (PVH) Cash Plus Stock $2.9 billion $74.06 $74.00 413,794 03/31/2013 0.09% 0.66%
+ EPHC 12/06/2012 TD Bank Group (N/A) All Cash $668 million $28.00 $27.98 21,513 06/30/2013 0.07% 0.19%
+ ELOQ 12/20/2012 Oracle Corporation (ORCL) All Cash $871 million $23.50 $23.50 186,984 06/30/2013 0.00% 0.00%
+ BOX 01/22/2013 Ontario Teachers’ Pension Plan (N/A) All Cash $467 million $23.00 $23.00 42,988 06/30/2013 0.00% 0.00%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.10 54,915 06/30/2013 -0.15% -0.40%
+ DUF 12/30/2012 a consortium comprising controlled affiliates of or funds managed by The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group (N/A) All Cash $665.5 million $15.55 $15.58 335,464 06/30/2013 -0.19% -0.51%
+ KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.11 51,413 03/31/2013 -0.27% -2.09%
+ MUSA 02/06/2013 Reliance Steel & Aluminum Co. (RS) All Cash $1.2 billion $20.65 $20.78 1,061,228 06/30/2013 -0.63% -1.64%
+ APKT 02/04/2013 Oracle Corporation (ORCL) All Cash $1.7 billion $29.25 $29.58 1,844,771 06/30/2013 -1.12% -2.93%
+ FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $8.10 26,930 03/31/2013 -1.23% -9.39%
+ CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.30 310,894 04/30/2013 -2.26% -10.56%
+ KBW 11/05/2012 Stifel Financial Corp. (SF) All Cash $575 million $15.50 $16.18 203,637 03/31/2013 -4.20% -31.96%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.20 2,361,427 03/31/2013 -7.19% -54.65%
+ MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.08 554,813 06/30/2013 -8.27% -21.72%
+ SOMX 12/11/2012 Pernix Therapeutics Holdings, Inc. (PTX) All Cash $25 million $2.78 $3.04 15,130 06/30/2013 -8.55% -22.46%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $51.96 102,935 03/31/2013 -23.98% -182.35%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% -232.35%