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Merger Arbitrage Mondays – March 4, 2013

  • March 3, 2013

Merger activity decreased last week with three 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 201325
Total Number of Pending Deals
Cash Deals47
Stock Deals18
Stock & Cash Deals5
Total Number of Pending Deals70
Total Deal Size$179.66 billion

New Deals:

  1. The acquisition of Assisted Living Concepts (ALC) by TPG for $278 million. Under the terms of the agreement, Assisted Living’s Class A shareholders will get $12 per share in cash while Class B shareholders will get $12.90 per share in cash.
  2. The acquisition of Atlantic Coast Financial Corporation (ACFC) by Bond Street Holdings for $5.00 per share in cash. Of the total transaction price of $5.00, $2.00 will be held in an escrow account and will be available to cover losses from stockholder claims for one year or until the final resolution of such claims, if later.
  3. The acquisition of 7 Days Group Holdings Limited (SVN) by Keystone Lodging Holdings Limited for $688 million or $13.80 per share in cash.

Closed Deals:

  1. The acquisition of Nexen (NXY) by CNOOC Ltd. (CEO) on February 25, 2013.
  2. The acquisition of Jefferies Group (JEF) by Leucadia National Corp. (LUK) on March 1, 2013.

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$4.1606/30/201320.19%62.46%
FMCN12/19/2012Giovanna Parent Limited (N/A)$27.50$25.0406/30/20139.82%30.39%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.9406/30/20138.84%27.36%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$39.75$37.1612/31/20136.96%8.42%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.76$6.3206/30/20136.92%21.42%
OUTD11/16/2012InterMedia Outdoors Holdings, LLC (N/A)$8.00$7.5503/31/20135.96%80.57%
BRY02/21/2013LinnCo, LLC (LNCO)$48.48$45.8006/30/20135.84%18.07%
PVFC02/19/2013F.N.B. Corporation (FNB)$3.91$3.7009/30/20135.74%9.98%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.7803/31/20135.63%76.16%
VCBI01/30/2013United Bankshares Inc. (UBSI)$14.26$13.6209/30/20134.68%8.14%

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$4.1633,86206/30/201320.19%62.46%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$25.041,595,46006/30/20139.82%30.39%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.9436,95906/30/20138.84%27.36%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$39.75$37.161,350,78012/31/20136.96%8.42%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.76$6.3213,50106/30/20136.92%21.42%
+OUTD11/16/2012InterMedia Outdoors Holdings, LLC (N/A)All CashN/A$8.00$7.5515,95603/31/20135.96%80.57%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$48.48$45.80864,91806/30/20135.84%18.07%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$3.91$3.70230,08809/30/20135.74%9.98%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.78142,95303/31/20135.63%76.16%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$14.26$13.62182,82009/30/20134.68%8.14%
+WCBO09/26/2012Columbia Banking System, Inc. (COLB)All Stock$506 million$24.45$23.4867,63003/31/20134.14%55.90%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$14.8580,98706/30/20133.70%11.46%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$14.19$13.7018,09009/30/20133.55%6.17%
+CPNO01/29/2013Kinder Morgan Energy Partners, L.P. (KMP)All Stock$5 billion$39.57$38.24381,52809/30/20133.48%6.05%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.15746,87412/31/20133.38%4.08%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.37352,00712/31/20133.22%3.89%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$102.37$99.43617,36406/30/20132.95%9.13%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.76432,26203/31/20132.65%35.85%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.331,17506/30/20132.32%7.17%
+BXG11/14/2011BFC Financial Corporation (BFCF)All Cash$150 million$10.00$9.8181,72603/31/20131.94%26.18%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.8344,08106/30/20131.73%5.35%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.53$11.3550009/30/20131.60%2.78%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$15.38$15.1723,92406/30/20131.36%4.21%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.85670,94906/30/20131.27%3.92%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$14.87$14.69N/A03/31/20131.26%16.98%
+PRWT10/30/2012AmericanWest Bank (N/A)All Cash$16.6 million$1.65$1.631,38906/30/20131.23%3.80%
+SHP12/21/2012ShangPharma Holdings Limited (N/A)All Cash$173 million$9.00$8.9021,78306/30/20131.12%3.48%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$20.23$20.0252,64709/30/20131.06%1.84%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$45.57$45.101,693,59106/30/20131.03%3.20%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.91172,42006/30/20130.91%2.81%
+ANNB10/23/2012F.N.B. Corporation (FNB)All Stock$51 million$13.13$13.022,85204/30/20130.87%5.56%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.72822,62706/30/20130.81%2.49%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.30454,28509/30/20130.76%1.32%
+CASC10/22/2012Toyota Industries Corporation (N/A)All Cash$759 million$65.00$64.5186,57602/28/20130.76%0.00%
+BCDS12/26/2012Diodes Incorporated (DIOD)All Cash$151 million$8.00$7.94133,32503/31/20130.76%10.22%
+ALTE12/19/2012Markel Corp. (MKL)Cash Plus Stock$3.13 billion$30.93$30.70475,72906/30/20130.74%2.30%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.731,091,26208/15/20130.73%1.63%
+GNOM09/17/2012BGI-Shenzhen (N/A)All Cash$117.6 million$3.15$3.1392,64301/25/20130.64%0.00%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$45.75$45.501,115,32206/30/20130.56%1.73%
+PVSW01/28/2013an affiliate of Actian Corporation (N/A)All Cash$161.9 million$9.20$9.1513,30106/30/20130.55%1.69%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.63$8.583,465,48703/31/20130.54%7.33%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.921,993,28806/30/20130.50%1.55%
+ZZ09/27/2012Tempur-Pedic International Inc. (TPX)All Cash$1.3 billion$2.20$2.191,103,30206/30/20130.46%1.41%
+KSWS01/17/2013E. Land (N/A)All Cash$170 million$4.75$4.73158,24406/30/20130.42%1.31%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$20.65$20.57327,27006/30/20130.37%1.14%
+SEH10/24/2012PolyOne Corporation (POL)Cash Plus Stock$393 million$9.81$9.7972,37803/31/20130.22%2.98%
+BIOC01/30/2013a holding company controlled by JLL Partners, Inc. (N/A)All Cash$123 million$7.25$7.2412,91103/31/20130.14%1.87%
+BOX01/22/2013Ontario Teachers’ Pension Plan (N/A)All Cash$467 million$23.00$22.9866,79106/30/20130.09%0.27%
+ZIP01/02/2013Avis Budget Group, Inc. (CAR)All Cash$500 million$12.25$12.24391,93404/30/20130.08%0.52%
+MAPP01/22/2013Allergan Inc. (AGN)All Cash$958 million$25.00$24.981,074,05106/30/20130.08%0.25%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.473,194,37609/30/20130.04%0.07%
+APKT02/04/2013Oracle Corporation (ORCL)All Cash$1.7 billion$29.25$29.245,182,68606/30/20130.03%0.11%
+EPHC12/06/2012TD Bank Group (N/A)All Cash$668 million$28.00$28.0074,91706/30/20130.00%0.00%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$3.75748,65406/30/20130.00%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$15.55893,57106/30/20130.00%0.00%
+EPOC01/07/2013athenahealth, Inc. (ATHN)All Cash$293 million$11.75$11.75124,15304/30/20130.00%0.00%
+ORCC01/31/2013ACI Worldwide, Inc. (ACIW)All Cash$263 million$3.85$3.85362,09903/31/20130.00%0.00%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.0824,22403/31/2013-0.20%-2.70%
+ALNC10/08/2012NBT Bancorp Inc. (NBTB)All Stock$233.4 million$44.52$44.644,60506/30/2013-0.28%-0.86%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.3230,62906/30/2013-0.49%-1.52%
+MUSA02/06/2013Reliance Steel & Aluminum Co. (RS)All Cash$1.2 billion$20.65$20.82195,55806/30/2013-0.82%-2.53%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.0789,09603/31/2013-0.87%-11.73%
+SOMX12/11/2012Pernix Therapeutics Holdings, Inc. (PTX)All Cash$25 million$2.78$2.8587,23306/30/2013-2.46%-7.60%
+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$14.0012,939,33307/31/2013-2.50%-6.12%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.34725,77404/30/2013-2.55%-16.32%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.183,559,68303/31/2013-6.60%-89.27%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.151,198,50706/30/2013-8.67%-26.81%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$0.91$1.001,66003/31/2013-8.98%-121.40%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$10.79$11.952,280,87912/31/2013-9.73%-11.76%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%-413.07%