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Merger Arbitrage Mondays – March 18, 2013

  • March 18, 2013

Merger activity decreased last week with only one new deal announced and five closing. Based on feedback we received, we have now started including the number of days it took for a deal to close in the “Closed Deals” section. We appreciate all the emails and blog comments with suggestions or information about deals that we may have missed.

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 201333
Total Number of Pending Deals
Cash Deals48
Stock Deals18
Stock & Cash Deals4
Total Number of Pending Deals70
Total Deal Size$185.24 billion

New Deals:

  1. The acquisition of MakeMusic (MMUS) by LaunchEquity Acquisition Partners for $4.85 per share in cash.

Deal Updates:

  1. On March 13, 2013, Outdoor Channel Holdings (OUTD) terminated its previously announced agreement to be acquired by InterMedia and entered into a merger agreement with Kroenke Sports & Entertainment for $8.75 in an all cash transaction.

Closed Deals:

  1. The acquisition of Online Resources (ORCC) by ACI Worldwide (ACIW) on March  11, 2013. It took 39 days for this deal to close.
  2. The acquisition of BioClinica (BIOC) by a holding company controlled by JLL Partners, Inc. on March 12, 2013. It took 41 days for this deal to close.
  3. The acquisition of Epocrates (EPOC) by Athenahealth (ATHN) on March 13, 2013. It took 65 days for this deal to close.
  4. The acquisition of Spartech (SEH) by PolyOne Corporation (POL) on March 13, 2013. It took 140 days for this deal to close.
  5. The acquisition of Zipcar (ZIP) by Avis Budget Group (CAR) on March 14, 2013. It took 71 days for this deal to close.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

ACFC02/26/2013Bond Street Holdings (N/A)$5.00$4.3806/30/201314.16%49.68%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$41.55$38.0812/31/20139.11%11.55%
WCBO09/26/2012Columbia Banking System, Inc. (COLB)$25.98$24.2803/31/20137.01%196.84%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.85$6.4206/30/20136.66%23.36%
BRY02/21/2013LinnCo, LLC (LNCO)$50.20$47.3806/30/20135.95%20.89%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.7803/31/20135.63%158.18%
FMCN12/19/2012Giovanna Parent Limited (N/A)$27.50$26.1006/30/20135.36%18.83%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0606/30/20134.58%16.06%
NFSB03/05/2013SI Financial Group Inc. (SIFI)$18.15$17.3709/30/20134.52%8.41%
CPNO01/29/2013Kinder Morgan Energy Partners, L.P. (KMP)$39.50$37.9309/30/20134.13%7.70%

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

+ACFC02/26/2013Bond Street Holdings (N/A)All CashN/A$5.00$4.3818,67006/30/201314.16%49.68%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$41.55$38.081,792,09112/31/20139.11%11.55%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$25.98$24.28218,81003/31/20137.01%196.84%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.85$6.421,20706/30/20136.66%23.36%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$50.20$47.38914,02606/30/20135.95%20.89%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.78936,45603/31/20135.63%158.18%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$26.101,195,17906/30/20135.36%18.83%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.0619,57706/30/20134.58%16.06%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$18.15$17.379,60809/30/20134.52%8.41%
+CPNO01/29/2013Kinder Morgan Energy Partners, L.P. (KMP)All Stock$5 billion$39.50$37.931,209,12009/30/20134.13%7.70%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.07672,19412/31/20133.71%4.70%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.14123,96506/30/20133.64%12.78%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.04$3.90292,80809/30/20133.63%6.77%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$14.62$14.16245,82909/30/20133.23%6.01%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.40457,06412/31/20132.99%3.78%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.88$11.5598,10209/30/20132.84%5.29%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$15.00235,62706/30/20132.67%9.36%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$101.46$99.06453,94706/30/20132.42%8.49%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$15.23$14.8734,66903/31/20132.42%67.88%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$14.55$14.2161,10209/30/20132.37%4.41%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.98223,90403/31/20132.17%60.96%
+PRWT10/30/2012AmericanWest Bank (N/A)All Cash$16.6 million$1.65$1.622,83106/30/20131.85%6.50%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.8313,05306/30/20131.73%6.07%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$74.851,571,48309/30/20131.54%2.86%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$21.70$21.38118,67009/30/20131.51%2.80%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.88893,83706/30/20131.21%4.26%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$13.57$13.4189004/30/20131.17%9.96%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.21361,88209/30/20131.11%2.06%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.72681,58308/15/20131.10%2.68%
+HOTT03/07/2013Sycamore Partners (N/A)All Cash$600 million$14.00$13.852,392,03606/30/20131.08%3.80%
+BXG11/14/2011BFC Financial Corporation (BFCF)All Cash$150 million$10.00$9.9078,24203/31/20131.01%28.36%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.09$1.082,75303/31/20130.98%27.56%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.89217,02806/30/20130.93%3.25%
+SHP12/21/2012ShangPharma Holdings Limited (N/A)All Cash$173 million$9.00$8.9243706/30/20130.90%3.15%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$15.71$15.5766,93706/30/20130.87%3.05%
+PVSW01/28/2013an affiliate of Actian Corporation (N/A)All Cash$161.9 million$9.20$9.1333,20006/30/20130.77%2.69%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.89952,02506/30/20130.69%2.43%
+ALTE12/19/2012Markel Corp. (MKL)Cash Plus Stock$3.13 billion$31.95$31.741,100,69306/30/20130.68%2.37%
+KSWS01/17/2013E. Land (N/A)All Cash$170 million$4.75$4.72243,92406/30/20130.64%2.23%
+MMUS03/13/2013LaunchEquity Acquisition Partners (N/A)All CashN/A$4.85$4.824,45906/30/20130.62%2.18%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$64.64160,53902/28/20130.56%0.00%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.731,912,85606/30/20130.54%1.88%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.4616,64306/30/20130.54%1.88%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.191,493,15503/18/20130.46%0.00%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.77$8.7292,535,51303/31/20130.45%12.72%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$22.41$22.32966,18406/30/20130.42%1.47%
+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$15.49732,31706/30/20130.39%1.36%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$47.06$46.901,048,53106/30/20130.35%1.22%
+BOX01/22/2013Ontario Teachers’ Pension Plan (N/A)All Cash$467 million$23.00$22.9664,92106/30/20130.17%0.61%
+SHS03/01/2013Danfoss (N/A)All Cash$629 milion$58.50$58.41301,08906/30/20130.15%0.54%
+AACC03/06/2013Encore Capital Group, Inc. (ECPG)All Cash$200 million$6.50$6.49508,07906/30/20130.15%0.54%
+OUTD03/13/2013Kroenke Sports & Entertainment LLC (N/A)All Cash$227 million$8.75$8.7483,75706/30/20130.11%0.40%
+APKT02/04/2013Oracle Corporation (ORCL)All Cash$1.7 billion$29.25$29.221,506,87406/30/20130.10%0.36%
+MUSA02/06/2013Reliance Steel & Aluminum Co. (RS)All Cash$1.2 billion$20.65$20.64415,05906/30/20130.05%0.17%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.15479,62303/14/20130.00%0.00%
+EPHC12/06/2012TD Bank Group (N/A)All Cash$668 million$28.00$28.0052,21606/30/20130.00%0.00%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.503,549,58009/30/20130.00%0.00%
+IPT03/01/2013Party City (N/A)All Cash$35 million$0.45$0.45150,91606/30/20130.00%0.00%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$47.07$47.111,776,93106/30/2013-0.07%-0.26%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$3.77896,61006/30/2013-0.53%-1.86%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.5081,99906/30/2013-0.76%-2.68%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.3571,47503/31/2013-0.87%-24.35%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.281,767,69904/30/2013-2.11%-17.90%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.37111,46003/31/2013-4.42%-124.12%
+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$14.3139,139,24807/31/2013-4.61%-12.47%
+SOMX12/11/2012Pernix Therapeutics Holdings, Inc. (PTX)All Cash$25 million$2.78$3.00N/A06/30/2013-7.33%-25.74%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.212,074,57203/31/2013-7.48%-209.92%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$10.79$11.772,400,86412/31/2013-8.35%-10.59%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.211,383,43506/30/2013-9.01%-31.61%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%-857.91%