×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – April 8, 2013

  • April 8, 2013

Merger activity decreased last week with two new deals announced and two 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 201341
Total Number of Pending Deals
Cash Deals45
Stock Deals18
Stock & Cash Deals4
Total Number of Pending Deals67
Total Deal Size$187.2 billion

New Deals:

  1. The acquisition of American Greetings (AM) by a newly organized entity owned by the Weiss Family for $878 million. Upon completion of the merger, shareholders of American Greetings will receive $18.20 per share in cash  and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company’s past practice.  If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.
  2. The acquisition of Sterling Bancorp (STL) by Provident New York Bancorp (PBNY) for $344 million in an all stock deal. Under the terms of agreement, shareholders of Sterling Bancorp will receive 1.2625 shares of Provident New York Bancorp common stock for each share of Sterling Bancorp common stock.

Updated Deals:

  1. On April 3, 2013, Valeant Pharmaceuticals (VRXincreased its offer to acquire Obagi (OMPI) from $19.75 to $24.00 per share in cash.

Closed Deals:

  1. The acquisition of West Coast Bancorp (WCBO) by Columbia Banking System (COLB) on April 2, 2013. It took 188 days to complete this deal.
  2. The acquisition of Bluegreen Corporation (BXG) by BFC Financial Corporation (BFCF) on April 2, 2013. It took 505 days to complete this deal.

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$4.5206/30/201310.62%46.70%
BRY02/21/2013LinnCo, LLC (LNCO)$49.69$46.1406/30/20137.69%33.81%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$7.09$6.6006/30/20137.49%32.92%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$40.02$37.3412/31/20137.18%9.82%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.8806/30/20134.81%21.17%
PVFC02/19/2013F.N.B. Corporation (FNB)$4.01$3.8609/30/20133.83%7.98%
NFSB03/05/2013SI Financial Group Inc. (SIFI)$18.03$17.4009/30/20133.64%7.60%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.1006/30/20133.23%14.19%
FMCN12/19/2012Giovanna Parent Limited (N/A)$27.50$26.6606/30/20133.15%13.86%
VCBI01/30/2013United Bankshares Inc. (UBSI)$14.06$13.6409/30/20133.05%6.37%

List of all pending deals:

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