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Merger Arbitrage Mondays – April 29, 2013

  • April 28, 2013

Merger activity increased last week with six 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 2013 51
Total Number of Pending Deals
Cash Deals 48
Stock Deals 17
Stock & Cash Deals 4
Total Number of Pending Deals 69
Total Deal Size $211.2 billion

New Deals:

  1. The acquisition of Aerosonic (AIM) by TransDigm Group Incorporated (TDG) for $39 million or $7.75 per share in cash.
  2. The acquisition of Power-One (PWER) by ABB Ltd. (ABB) for $1 billion or $6.35 per share in cash.
  3. The acquisition of Met-Pro (MPR) by CECO Environmental (CECE) for $210 million or $13.75 per share in a cash or stock deal. Shareholders of Met-Pro can opt to receive $13.75/share in cash or an equivalent amount in stock subject to a collar. 53% of Met-Pro shareholders will receive cash and 47% will receive stock. We are treating this as an all-cash deal.
  4. The acquisition of MEMSIC (MEMS) by IDG-Accel China Capital II, L.P. for $4.225 per share in cash in a “going private” transaction.
  5. The acquisition of PROLOR Biotech (PBTH) by Opko Health (OPK) for $480 million in an all stock deal. Under the terms of the agreement, shareholders of PROLOR Biotech will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock.
  6. The acquisition of Buckeye Technologies (BKI) by Georgia-Pacific LLC for $1.5 billion or $37.50 per share in cash.

Closed Deals:

  1. The acquisition of Duff & Phelps Corporation (DUF) by the Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group on April 23, 2013. It took 114 days to complete this deal.
  2. The acquisition of SeaCube Container Leasing (BOX) by Ontario Teachers’ Pension Plan on April 24, 2013. It took 92 days to complete this deal.
  3. The acquisition of Obagi Medical Products (OMPI) by Valeant Pharmaceuticals International (VRX) on April 25, 2013. It took 36 days to complete this deal.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

BRY 02/21/2013 LinnCo, LLC (LNCO) $53.11 $47.69 06/30/2013 11.37% 66.94%
PBTH 04/24/2013 Opko Health, Inc. (OPK) $6.89 $6.30 12/31/2013 9.30% 13.80%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $41.17 $38.31 12/31/2013 7.46% 11.07%
KCG 12/19/2012 GETCO Holding Company (N/A) $3.75 $3.49 06/30/2013 7.45% 43.86%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.81 $6.35 06/30/2013 7.30% 42.99%
HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.89 06/30/2013 4.73% 27.86%
MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) $4.23 $4.06 09/30/2013 4.19% 9.92%
JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) $2.00 $1.92 12/31/2013 4.17% 6.18%
NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $7.24 06/30/2013 3.59% 21.14%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $3.09 06/30/2013 3.56% 20.96%

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

+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $53.11 $47.69 712,899 06/30/2013 11.37% 66.94%
+ PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $6.89 $6.30 538,487 12/31/2013 9.30% 13.80%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $41.17 $38.31 983,298 12/31/2013 7.46% 11.07%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.49 2,336,604 06/30/2013 7.45% 43.86%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.81 $6.35 N/A 06/30/2013 7.30% 42.99%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.89 155,130 06/30/2013 4.73% 27.86%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.06 359,163 09/30/2013 4.19% 9.92%
+ JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.92 55,436 12/31/2013 4.17% 6.18%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.24 3,713 06/30/2013 3.59% 21.14%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.09 15,274 06/30/2013 3.56% 20.96%
+ MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.30 156,271 09/30/2013 3.38% 8.02%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $14.87 $14.43 N/A 06/30/2013 3.08% 18.13%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $73.74 3,681,131 01/31/2014 3.06% 4.04%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.86 $3.75 2,200 09/30/2013 3.06% 7.25%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.62 161,802 09/30/2013 2.96% 7.02%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $13.57 $13.21 43,481 09/30/2013 2.74% 6.50%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.32 318,413 12/31/2013 2.69% 3.98%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.77 296,083 06/30/2013 2.35% 13.86%
+ 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 $13.35 14,557,530 07/31/2013 2.25% 8.82%
+ SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.50 47,791 12/31/2013 2.22% 3.30%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.39 $8.22 1,666,606 06/30/2013 2.04% 12.02%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $14.30 $14.03 4,560 09/30/2013 1.89% 4.49%
+ FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $20.24 $19.91 51,223 09/30/2013 1.66% 3.93%
+ GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $74.92 1,005,802 09/30/2013 1.44% 3.42%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.86 31,901 06/30/2013 1.42% 8.36%
+ ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.30 9,903 06/30/2013 1.37% 8.06%
+ MPAC 04/11/2013 Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A) All Cash N/A $8.40 $8.296 4,154 06/30/2013 1.25% 7.38%
+ FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $27.20 1,450,343 06/30/2013 1.10% 6.49%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $104.79 $103.73 321,198 06/30/2013 1.02% 6.03%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $16.70 $16.55 6,799 06/30/2013 0.91% 5.35%
+ NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $17.47 $17.32 1,232 09/30/2013 0.89% 2.11%
+ PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.55 69,058 09/30/2013 0.74% 1.75%
+ ART 02/14/2013 Aberdeen Asset Management PLC (N/A) All Cash N/A $2.75 $2.73 329,757 08/15/2013 0.73% 2.48%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.31 457,078 09/30/2013 0.72% 1.71%
+ ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.92 109,456 06/30/2013 0.67% 3.95%
+ IPT 03/01/2013 Party City (N/A) All Cash $35 million $0.45 $0.447 20,300 06/30/2013 0.67% 3.95%
+ PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.31 3,952,353 12/31/2013 0.63% 0.94%
+ FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $7.95 57,272 03/31/2013 0.63% 0.00%
+ MMUS 03/13/2013 LaunchEquity Acquisition Partners (N/A) All Cash N/A $4.85 $4.82 N/A 06/30/2013 0.62% 3.66%
+ ACFC 02/26/2013 Bond Street Holdings (N/A) All Cash N/A $5.00 $4.97 4,706 06/30/2013 0.60% 3.55%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.67 43,675 06/30/2013 0.51% 3.00%
+ HOTT 03/07/2013 Sycamore Partners (N/A) All Cash $600 million $14.00 $13.93 181,201 06/30/2013 0.50% 2.96%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $49.45 $49.23 676,546 06/30/2013 0.44% 2.61%
+ CPNO 01/29/2013 Kinder Morgan Energy Partners, L.P. (KMP) All Stock $5 billion $40.91 $40.77 358,349 09/30/2013 0.34% 0.80%
+ NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.95 241,120 06/30/2013 0.31% 1.85%
+ AIM 04/22/2013 TransDigm Group Incorporated (TDG) All Cash $39 million $7.75 $7.73 104,277 09/30/2013 0.26% 0.61%
+ NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.29 270,350 09/30/2013 0.24% 0.56%
+ OUTD 03/13/2013 Kroenke Sports & Entertainment LLC (N/A) All Cash $227 million $8.75 $8.73 79,443 06/30/2013 0.23% 1.35%
+ LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.30 1,069,311 12/31/2013 0.23% 0.34%
+ KSWS 01/17/2013 E. Land (N/A) All Cash $170 million $4.75 $4.74 70,582 06/30/2013 0.21% 1.24%
+ EDAC 03/18/2013 GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC (N/A) All Cash $104.1 million $17.75 $17.72 12,837 06/30/2013 0.17% 1.00%
+ AACC 03/06/2013 Encore Capital Group, Inc. (ECPG) All Cash $200 million $6.50 $6.49 56,800 06/30/2013 0.15% 0.91%
+ ALTE 12/19/2012 Markel Corp. (MKL) Cash Plus Stock $3.13 billion $32.20 $32.16 283,366 06/30/2013 0.11% 0.67%
+ HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.45 3,704,279 09/30/2013 0.07% 0.16%
+ CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.03 197,101 04/30/2013 -0.23% -84.04%
+ BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.60 1,083,411 09/30/2013 -0.27% -0.63%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.11 $11.14 168,389 12/31/2013 -0.27% -0.40%
+ KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.11 29,785 06/30/2013 -0.27% -1.61%
+ SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $11.14 $11.19 5,304 09/30/2013 -0.48% -1.13%
+ FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.22 21,105 09/30/2013 -0.53% -1.26%
+ PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $44.21 $44.49 4,488,629 06/30/2013 -0.62% -3.65%
+ AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.35 438,673 07/31/2013 -0.82% -3.21%
+ SSRX 02/08/2013 Decade Sunshine Limited (N/A) All Cash $340 million $15.40 $16.48 79,270 06/30/2013 -6.55% -38.58%
+ ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $4.12 774,311 06/30/2013 -8.98% -52.87%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $10.06 $11.14 543,784 12/31/2013 -9.69% -14.38%
+ MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.65 1,557,989 06/30/2013 -11.41% -67.18%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.44 32,736,636 03/31/2013 -13.66% 171.96%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $0.94 $1.12 N/A 03/31/2013 -15.80% 198.91%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 384.58%