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Merger Arbitrage Mondays – April 15, 2013

  • April 15, 2013

Merger activity increased last week with three new deals announced and three 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 201345
Total Number of Pending Deals
Cash Deals46
Stock Deals17
Stock & Cash Deals4
Total Number of Pending Deals67
Total Deal Size$190.89 billion

New Deals:

  1. The acquisition of Lufkin Industries (LUFK) by General Electric (GE) for $3.3 billion or $88.50 per share in cash.
  2. The acquisition of Fisher Communications (FSCI) by Sinclair Broadcast Group (SBGI) for $373.3 million or $41.00 per share in cash.
  3. The acquisition of MOD-PAC Corp. (MPAC) by Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company for $8.40 per share in cash.

Closed Deals:

  1. The acquisition of Annapolis Bancorp (ANNB) by F.N.B. Corporation (FNB) on April 9, 2013.
  2. The acquisition of PremierWest Bancorp (PRWT) by AmericanWest Bank on April 9, 2013.
  3. The acquisition of Pervasive Software (PVSW) by an affiliate of Actian Corporation on April 12, 2013.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

BRY02/21/2013LinnCo, LLC (LNCO)$51.79$47.6206/30/20138.75%42.03%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$7.12$6.5506/30/20138.74%41.95%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$40.83$38.0512/31/20137.31%10.26%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.9206/30/20134.49%21.56%
JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)$2.00$1.9212/31/20134.17%5.85%
ACFC02/26/2013Bond Street Holdings (N/A)$5.00$4.8106/30/20133.95%18.97%
NFSB03/05/2013SI Financial Group Inc. (SIFI)$18.03$17.4009/30/20133.64%7.91%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0906/30/20133.56%17.10%
PVFC02/19/2013F.N.B. Corporation (FNB)$3.96$3.8309/30/20133.31%7.18%
FMCN12/19/2012Giovanna Parent Limited (N/A)$27.50$26.7106/30/20132.96%14.20%

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

+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$51.79$47.62840,51606/30/20138.75%42.03%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$7.12$6.552,70606/30/20138.74%41.95%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$40.83$38.05776,45012/31/20137.31%10.26%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.9247,13306/30/20134.49%21.56%
+JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)All CashN/A$2.00$1.92102,90412/31/20134.17%5.85%
+ACFC02/26/2013Bond Street Holdings (N/A)All CashN/A$5.00$4.8147,68506/30/20133.95%18.97%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$18.03$17.405,17809/30/20133.64%7.91%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.093,21206/30/20133.56%17.10%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$3.96$3.8350,41209/30/20133.31%7.18%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$26.71714,37506/30/20132.96%14.20%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.72164,70903/31/20132.74%0.00%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.304,58106/30/20132.74%13.16%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.4666,24712/31/20132.53%3.55%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$13.96$13.6339,96009/30/20132.41%5.24%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.40810,78112/31/20132.36%3.32%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.82554,64706/30/20131.83%8.80%
+MPAC04/11/2013Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A)All CashN/A$8.40$8.2677,74506/30/20131.69%8.14%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.42$8.2915,660,35006/30/20131.61%7.71%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.2975,50606/30/20131.51%7.25%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$99.49$98.13320,88006/30/20131.39%6.66%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.8729,90006/30/20131.32%6.33%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$15.20259,79706/30/20131.32%6.32%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$75.061,031,70309/30/20131.25%2.72%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$16.67$16.477,04606/30/20131.24%5.96%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$21.06$20.8337,12109/30/20131.11%2.42%
+ECBE09/25/2012Crescent Financial Bancshares, Inc. (CRFN)All Stock$51.6 million$14.59$14.43N/A06/30/20131.11%5.34%
+PMTI03/18/2013Cynosure, Inc. (CYNO)All Cash$294 million$13.65$13.51272,52109/30/20131.04%2.25%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.91751,44706/30/20130.76%3.63%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.31117,14609/30/20130.72%1.57%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$11.50$11.42503,87512/31/20130.71%1.00%
+CRBC09/13/2012FirstMerit Corporation (FMER)All Stock$912 million$22.85$22.693,083,00006/30/20130.71%3.42%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$14.08$14.009,20109/30/20130.60%1.30%
+LUFK04/08/2013General Electric Company (GE)All Cash$3.3 billion$88.50$88.002,023,51212/31/20130.57%0.80%
+CPNO01/29/2013Kinder Morgan Energy Partners, L.P. (KMP)All Stock$5 billion$41.18$40.98365,39709/30/20130.49%1.07%
+KSWS01/17/2013E. Land (N/A)All Cash$170 million$4.75$4.7355,33206/30/20130.42%2.03%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.74486,70608/15/20130.36%1.09%
+HOTT03/07/2013Sycamore Partners (N/A)All Cash$600 million$14.00$13.95591,69006/30/20130.36%1.72%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.45$11.411,35109/30/20130.33%0.72%
+ALTE12/19/2012Markel Corp. (MKL)Cash Plus Stock$3.13 billion$32.76$32.66586,34506/30/20130.32%1.51%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.74599,18206/30/20130.27%1.28%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.323,271,31609/30/20130.25%0.54%
+IPT03/01/2013Party City (N/A)All Cash$35 million$0.45$0.449N/A06/30/20130.22%1.07%
+OMPI03/20/2013Valeant Pharmaceuticals International, Inc. (VRX)All Cash$360 million$24.00$23.95411,06006/30/20130.21%1.00%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$49.36$49.27462,37706/30/20130.18%0.87%
+EDAC03/18/2013GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC (N/A)All Cash$104.1 million$17.75$17.7213,92706/30/20130.17%0.81%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.98469,51606/30/20130.13%0.60%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.9618,69606/30/20130.06%0.30%
+MUSA02/06/2013Reliance Steel & Aluminum Co. (RS)All Cash$1.2 billion$20.65$20.64397,70906/30/20130.05%0.23%
+BOX01/22/2013Ontario Teachers’ Pension Plan (N/A)All Cash$467 million$23.00$22.9961,12506/30/20130.04%0.21%
+SHS03/01/2013Danfoss (N/A)All Cash$629 milion$58.50$58.49225,11206/30/20130.02%0.08%
+AACC03/06/2013Encore Capital Group, Inc. (ECPG)All Cash$200 million$6.50$6.50498,52006/30/20130.00%0.00%
+MMUS03/13/2013LaunchEquity Acquisition Partners (N/A)All CashN/A$4.85$4.862,20006/30/2013-0.21%-0.99%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.03382,26004/30/2013-0.23%-5.60%
+FSCI04/11/2013Sinclair Broadcast Group Inc. (SBGI)All Cash$373.3 milliom$41.00$41.12316,44509/30/2013-0.29%-0.63%
+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$15.601,070,96506/30/2013-0.32%-1.54%
+AM04/01/2013Weiss Family (N/A)All Cash$878 million$18.20$18.27249,54807/31/2013-0.38%-1.31%
+OUTD03/13/2013Kroenke Sports & Entertainment LLC (N/A)All Cash$227 million$8.75$8.8559,37206/30/2013-1.13%-5.43%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$45.85$47.072,553,53906/30/2013-2.60%-12.48%
+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$14.0917,608,12407/31/2013-3.12%-10.65%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.2763,10403/31/2013-3.26%79.44%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$41.5073,02606/30/2013-3.61%-17.36%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.03$1.08N/A03/31/2013-4.33%105.44%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$10.79$11.841,693,73612/31/2013-8.89%-12.49%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.265,738,38503/31/2013-8.90%216.46%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$4.12735,74906/30/2013-8.98%-43.13%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.50536,69306/30/2013-10.61%-50.94%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%743.52%