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Merger Arbitrage Mondays – May 13, 2013

  • May 13, 2013

Merger activity decreased last week with three new deals announced and four 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 201360
Total Number of Pending Deals
Cash Deals49
Stock Deals15
Stock & Cash Deals3
Total Number of Pending Deals67
Total Deal Size$221.04 billion

New Deals:

  1. The merger of Crestwood Midstream Partners (CMLP)  into a subsidiary of Inergy Midstream (NRGM) in a cash plus stock deal. Under the terms of the agreement, shareholders of Crestwood Midstream Partners will receive 1.070 common units of Inergy Midstream for each unit Crestwood Midstream they own plus $1.03 per share in cash. In a separate transaction Crestwood Holdings will acquire the general partner and thus control of Inergy L.P.
  2. The acquisition of BMC Software (BMC) by Bain Capital and Golden Gate Capital for $6.9 billion or $46.25 per share in cash.
  3. The acquisition of Market Leader (LEDR) by Trulia (TRLA) for $355 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Market Leader will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader stock.

Closed Deals:

  1. The acquisition of Edac Technologies (EDAC) by GB Aero Engine LLC, an affiliate of  Greenbriar Equity Group LLC on May 7, 2013. It took 50 days to complete this deal.
  2. The acquisition of Coventry Health Care (CVH) by Aetna (AET) on May 7, 2013. It took 260 days to complete this deal.
  3. The acquisition of iParty Corp. (IPT) by Party City on May 9, 2013. It took 69 days to complete this deal.
  4. The acquisition of WSB Holdings (WSB) by Old Line Bancshares (OLBK) on May 10, 2013. It took 242 days to complete this deal.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$44.42$40.3912/31/20139.98%15.69%
PBTH04/24/2013Opko Health, Inc. (OPK)$6.89$6.2912/31/20139.48%14.91%
BRY02/21/2013LinnCo, LLC (LNCO)$47.24$44.7706/30/20135.51%41.91%
NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)$7.50$7.1706/30/20134.60%35.00%
KCG12/19/2012GETCO Holding Company (N/A)$3.75$3.5906/30/20134.46%33.89%
LEDR05/08/2013Trulia, Inc. (TRLA)$11.33$10.8609/30/20134.33%11.28%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.9406/30/20134.33%32.91%
MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)$4.23$4.0709/30/20133.93%10.25%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0806/30/20133.90%29.63%
CMLP05/06/2013Inergy Midstream (NRGM)$26.14$25.1809/30/20133.82%9.97%

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

+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$44.42$40.391,147,75312/31/20139.98%15.69%
+PBTH04/24/2013Opko Health, Inc. (OPK)All Stock$480 million$6.89$6.29561,54812/31/20139.48%14.91%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$47.24$44.77520,82106/30/20135.51%41.91%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.1750006/30/20134.60%35.00%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.592,084,24506/30/20134.46%33.89%
+LEDR05/08/2013Trulia, Inc. (TRLA)All Cash$355 million$11.33$10.86830,94909/30/20134.33%11.28%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.94333,90506/30/20134.33%32.91%
+MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)All CashN$4.23$4.07219,21109/30/20133.93%10.25%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.0814,80006/30/20133.90%29.63%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$26.14$25.18276,23209/30/20133.82%9.97%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$3.96$3.8236,96909/30/20133.75%9.79%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$73.532,669,26401/31/20143.36%4.66%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$14.10$13.7027,47009/30/20132.92%7.62%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$46.26$45.044,881,53406/30/20132.71%20.57%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.32280,28912/31/20132.69%4.23%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.8086,73809/30/20132.56%6.68%
+JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)All CashN/A$2.00$1.9563,27012/31/20132.56%4.03%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$15.02$14.715,96309/30/20132.12%5.52%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.80859,84606/30/20132.04%15.52%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.70$8.534,690,26606/30/20131.98%15.05%
+BMC05/06/2013Bain Capital and Golden Gate Capital (N/A)All Cash$6.9 billion$46.25$45.373,762,74012/31/20131.94%3.05%
+EBIX05/03/2013The Goldman Sachs Group, Inc. (GS)All Cash$820 milion$20.00$19.70550,80009/30/20131.52%3.97%
+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$13.4591,629,96807/31/20131.49%6.87%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.2329,32306/30/20131.20%9.12%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.86576,78806/30/20131.18%8.98%
+MPR04/22/2013CECO Environmental Corp. (CECE)All Cash$210 million$13.75$13.59128,08109/30/20131.18%3.07%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.64102,60112/31/20131.17%1.85%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.3213,71106/30/20131.09%8.31%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$75.18238,04309/30/20131.09%2.84%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$21.23$21.0314,84709/30/20130.96%2.50%
+PMTI03/18/2013Cynosure, Inc. (CYNO)All Cash$294 million$13.65$13.54146,41509/30/20130.81%2.12%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$27.29773,17606/30/20130.77%5.85%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.9311,23906/30/20130.70%5.36%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$3.16$3.14142,60909/30/20130.70%1.82%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$16.98$16.875,58906/30/20130.64%4.83%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$11.79$11.7234,02512/31/20130.61%0.96%
+NFP04/15/2013Madison Dearborn Partners, LLC (N/A)All Cash$1.3 billion$25.35$25.20341,32709/30/20130.60%1.55%
+HOTT03/07/2013Sycamore Partners (N/A)All Cash$600 million$14.00$13.92222,39206/30/20130.57%4.37%
+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$8.361,30906/30/20130.48%3.64%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.4056,37809/30/20130.38%0.99%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.7452,39408/15/20130.36%1.42%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$110.07$109.80211,41506/30/20130.25%1.88%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.97147,86106/30/20130.19%1.43%
+LUFK04/08/2013General Electric Company (GE)All Cash$3.3 billion$88.50$88.37664,27212/31/20130.15%0.23%
+AIM04/22/2013TransDigm Group Incorporated (TDG)All Cash$39 million$7.75$7.7421,07509/30/20130.13%0.34%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.451,685,63209/30/20130.07%0.18%
+PWER04/22/2013ABB Ltd. (ABB)All Cash$1 billion$6.35$6.35520,05012/31/20130.00%0.00%
+CPTS04/29/2013Bayer HealthCare LLC (N/A)All Cash$1.1 billion$31.00$31.00244,74206/30/20130.00%0.00%
+BKI04/24/2013Georgia-Pacific LLC (N/A)All Cash$1.5 billion$37.50$37.56326,00009/30/2013-0.16%-0.42%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.10333,01306/30/2013-0.25%-1.90%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.04185,92804/30/2013-0.31%8.61%
+FSCI04/11/2013Sinclair Broadcast Group Inc. (SBGI)All Cash$373.3 milliom$41.00$41.3817,38609/30/2013-0.92%-2.39%
+AM04/01/2013Weiss Family (N/A)All Cash$878 million$18.20$18.39170,37107/31/2013-1.03%-4.77%
+AACC03/06/2013Encore Capital Group, Inc. (ECPG)All Cash$200 million$6.50$6.57122,36206/30/2013-1.07%-8.10%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$16.34$16.5610009/30/2013-1.33%-3.47%
+WRLS04/29/2013Avista Capital Partners (N/A)All Cash$253 million$12.61$12.8196,57306/30/2013-1.56%-11.87%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.66$11.9098609/30/2013-1.99%-5.19%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.1715,75303/31/2013-2.08%17.66%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$16.5319,72106/30/2013-6.84%-51.98%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$10.63$11.62719,55112/31/2013-8.56%-13.46%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.2514,068,32803/31/2013-8.62%73.13%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$4.14793,89506/30/2013-9.42%-71.63%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.51577,71106/30/2013-10.66%-81.06%
+ACFC02/26/2013Bond Street Holdings (N/A)All CashN/A$5.00$5.801,10006/30/2013-13.79%-104.89%
+OUTD03/13/2013Kroenke Sports & Entertainment LLC (N/A)All Cash$227 million$8.75$10.3092,92206/30/2013-15.05%-114.43%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$0.93$1.17N/A03/31/2013-20.80%176.59%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%259.37%