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Merger Arbitrage Mondays – February 25, 2013

  • February 24, 2013

Merger activity increased last week with six new deals announced and two 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 201323
Total Number of Pending Deals
Cash Deals45
Stock Deals19
Stock & Cash Deals5
Total Number of Pending Deals69
Total Deal Size$178.69 billion

New Deals:

  1. The acquisition of OfficeMax Incorporated (OMX) by Office Depot (ODP) for $1.17 billion in an all stock deal. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
  2. The acquisition of PVF Capital Corp (PVFC) by F.N.B. Corporation (FNB) for $106.4 million in an all stock deal. Under the terms of the agreement, PVF Capital Corp. will receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp.
  3. The acquisition of Netspend Holdings (NTSP) by Total System Services (TSS) for $1.4 billion or $16.00 per share in cash.
  4. The acquisition of First Financial Holdings (FFCH) by SCBT Financial Corporation (SCBT) for $302.4 million in an all stock deal. Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock.
  5. The acquisition of WSP Holdings (WH) by WSP OCTG Group Ltd. for $893.6 million or $3.20 per share in cash.
  6. The acquisition of Berry Petroleum (BRY) by Linn Energy (LINE) for $4.3 billion in an all stock deal. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry.

Closed Deals:

  1. The acquisition of Robbins & Myers (RBN) by National Oilwell Varco (NOV) on February 20, 2013
  2. The acquisition of Outdoor Channel Holdings (OUTD) by InterMedia Outdoors Holdings, LLC on February 22, 2013.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.9306/30/20139.22%26.91%
FMCN12/19/2012Giovanna Parent Limited (N/A)$27.50$25.1906/30/20139.17%26.78%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.72$6.2106/30/20138.28%24.17%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$40.26$37.4812/31/20137.41%8.76%
ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)$15.98$14.9503/31/20136.86%73.60%
PVFC02/19/2013F.N.B. Corporation (FNB)$3.98$3.7309/30/20136.62%11.14%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.8003/31/20135.47%58.71%
WCBO09/26/2012Columbia Banking System, Inc. (COLB)$24.94$23.7303/31/20135.10%54.78%
VCBI01/30/2013United Bankshares Inc. (UBSI)$14.23$13.5509/30/20135.02%8.45%
SSRX02/08/2013Decade Sunshine Limited (N/A)$15.40$14.6906/30/20134.83%14.11%

List of all pending deals:

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


SymbolAnnounced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

VolumeClosing

Date

ProfitAnnu.

Profit

+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.93370,20006/30/20139.22%26.91%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$25.19523,29406/30/20139.17%26.78%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.72$6.213,80006/30/20138.28%24.17%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$40.26$37.481,745,92812/31/20137.41%8.76%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$15.98$14.9540003/31/20136.86%73.60%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$3.98$3.731,277,49609/30/20136.62%11.14%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.80129,00303/31/20135.47%58.71%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$24.94$23.7333,47503/31/20135.10%54.78%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$14.23$13.55106,58409/30/20135.02%8.45%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$14.69267,88506/30/20134.83%14.11%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.04547,79612/31/20133.83%4.53%
+BXG11/14/2011BFC Financial Corporation (BFCF)All Cash$150 million$10.00$9.6927,40203/31/20133.20%34.34%
+CPNO01/29/2013Kinder Morgan Energy Partners, L.P. (KMP)All Stock$5 billion$39.49$38.28454,12709/30/20133.17%5.33%
+JEF11/12/2012Leucadia National Corp. (LUK)All Stock$3.59 billion$22.81$22.122,517,73703/31/20133.12%33.47%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$14.14$13.7253,65209/30/20133.02%5.09%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$102.41$99.42155,75606/30/20133.01%8.79%
+SHP12/21/2012ShangPharma Holdings Limited (N/A)All Cash$173 million$9.00$8.7810,06706/30/20132.51%7.32%
+BRY02/21/2013Linn Energy, LLC (LINE)All Stock$4.3 billion$48.11$46.953,531,73606/30/20132.48%7.23%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.321,35506/30/20132.46%7.18%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.41$11.1418,22809/30/20132.44%4.10%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.92597,97103/31/20132.30%24.71%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$19.99$19.60176,11709/30/20132.01%3.38%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$15.57$15.2846,48406/30/20131.88%5.48%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$20.69$20.36195,64406/30/20131.61%4.69%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$13.35$13.165,80004/30/20131.45%8.24%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.80$8.681,689,35403/31/20131.39%14.90%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.8717,06506/30/20131.32%3.85%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.11104,95701/25/20131.29%0.00%
+PRWT10/30/2012AmericanWest Bank (N/A)All Cash$16.6 million$1.65$1.6328,41606/30/20131.23%3.58%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.721,486,82008/15/20131.10%2.35%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.18734,18806/30/20130.92%2.68%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.91120,32306/30/20130.91%2.65%
+BCDS12/26/2012Diodes Incorporated (DIOD)All Cash$151 million$8.00$7.9360,89003/31/20130.88%9.48%
+ALTE12/19/2012Markel Corp. (MKL)Cash Plus Stock$3.13 billion$31.22$30.98188,35806/30/20130.78%2.27%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$64.5037,09402/28/20130.78%94.32%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.30391,04609/30/20130.76%1.28%
+KSWS01/17/2013E. Land (N/A)All Cash$170 million$4.75$4.7259,76106/30/20130.64%1.86%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$46.19$45.911,624,55106/30/20130.62%1.80%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.731,808,80106/30/20130.54%1.57%
+ORCC01/31/2013ACI Worldwide, Inc. (ACIW)All Cash$263 million$3.85$3.8375,90103/31/20130.52%5.61%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$45.78$45.561,289,86006/30/20130.49%1.44%
+PVSW01/28/2013an affiliate of Actian Corporation (N/A)All Cash$161.9 million$9.20$9.1613,53706/30/20130.44%1.28%
+SEH10/24/2012PolyOne Corporation (POL)Cash Plus Stock$393 million$9.80$9.7655,66603/31/20130.37%3.93%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$45.63$45.482,28506/30/20130.32%0.94%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.953,163,65706/30/20130.31%0.92%
+PSSI10/25/2012McKesson Corporation (MCK)All Cash$2.1 billion$29.00$28.921,80003/31/20130.28%2.97%
+NXY07/23/2012CNOOC Ltd. (CEO)All Cash$15.1 billion$27.50$27.436,286,25503/02/20130.26%18.63%
+MAPP01/22/2013Allergan Inc. (AGN)All Cash$958 million$25.00$24.94427,61606/30/20130.24%0.70%
+BOX01/22/2013Ontario Teachers’ Pension Plan (N/A)All Cash$467 million$23.00$22.95116,26706/30/20130.22%0.64%
+EPOC01/07/2013athenahealth, Inc. (ATHN)All Cash$293 million$11.75$11.7344,51104/30/20130.17%0.97%
+BIOC01/30/2013a holding company controlled by JLL Partners, Inc. (N/A)All Cash$123 million$7.25$7.245,43703/31/20130.14%1.48%
+APKT02/04/2013Oracle Corporation (ORCL)All Cash$1.7 billion$29.25$29.213,538,22406/30/20130.14%0.40%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$39.9625,45503/31/20130.10%1.07%
+ZIP01/02/2013Avis Budget Group, Inc. (CAR)All Cash$500 million$12.25$12.24118,34504/30/20130.08%0.47%
+EPHC12/06/2012TD Bank Group (N/A)All Cash$668 million$28.00$28.0035,49906/30/20130.00%0.00%
+DUF12/30/2012a 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$15.55346,37106/30/20130.00%0.00%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.669,234,40509/30/2013-0.22%-0.37%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.2228,61306/30/2013-0.34%-0.98%
+MUSA02/06/2013Reliance Steel & Aluminum Co. (RS)All Cash$1.2 billion$20.65$20.73125,74206/30/2013-0.39%-1.13%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$3.78741,56506/30/2013-0.79%-2.32%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.1130,68503/31/2013-1.36%-14.56%
+DELL02/05/2013Michael 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$13.9220,823,45607/31/2013-1.94%-4.54%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.33540,37504/30/2013-2.48%-14.12%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.05$1.1015,50003/31/2013-4.58%-49.19%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.131,851,47603/31/2013-5.11%-54.88%
+SOMX12/11/2012Pernix Therapeutics Holdings, Inc. (PTX)All Cash$25 million$2.78$2.9527,81206/30/2013-5.76%-16.83%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$11.32$12.278,282,34312/31/2013-7.70%-9.10%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.22691,92706/30/2013-9.06%-26.46%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%-328.02%