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Merger Arbitrage Mondays – May 20, 2013

  • May 20, 2013

Merger activity increased last week with four new deals announced. None of the pending deals closed last week.

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 Deals52
Stock Deals17
Stock & Cash Deals3
Total Number of Pending Deals72
Total Deal Size$222.9 billion

New Deals:

  1. The acquisition of AsiaInfo-Linkage (ASIA) by CITIC Capital Partners in a “going private” transaction for $890 million or $12.00 per share in cash.
  2. The acquisition of CFS Bancorp (CITZ) by First Merchants Corporation (FRME) for $114.7 million in an all stock deal. Upon completion of the merger, shareholders of CFS Bancorp Inc. will receive 0.65 shares of First Merchants common stock for each share of CFS common stock owned.
  3. The acquisition of Mayflower Bancorp (MFLR) by Independent Bank Corp (INDB) for $37.2 million in an all stock deal. Upon completion of the merger, 70% of the shareholders of Mayflower Bancorp will receive .565 of an Independent share for each Mayflower share. Independent will purchase the remaining 30% of outstanding Mayflower shares for $17.50 per share in cash.
  4. The acquisition of Overhill Farms (OFI) by Bellisio  Foods for $80.9 million or $5.00 per share in cash.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$45.79$41.3412/31/201310.76%17.46%
PBTH04/24/2013Opko Health, Inc. (OPK)$7.12$6.4912/31/20139.78%15.87%
BRY02/21/2013LinnCo, LLC (LNCO)$47.20$44.5506/30/20135.95%52.96%
MFLR05/14/2013Independent Bank Corp. (INDB)$18.68$17.8212/31/20134.85%7.87%
LEDR05/08/2013Trulia, Inc. (TRLA)$11.33$10.8109/30/20134.81%13.20%
NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)$7.50$7.1706/30/20134.60%40.97%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.9206/30/20134.49%39.96%
PVFC02/19/2013F.N.B. Corporation (FNB)$4.04$3.8709/30/20134.35%11.94%
MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)$4.23$4.0709/30/20133.93%10.79%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0906/30/20133.56%31.69%

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$45.79$41.341,184,73412/31/201310.76%17.46%
+PBTH04/24/2013Opko Health, Inc. (OPK)All Stock$480 million$7.12$6.49358,68312/31/20139.78%15.87%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$47.20$44.55617,18106/30/20135.95%52.96%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$18.68$17.8211,55712/31/20134.85%7.87%
+LEDR05/08/2013Trulia, Inc. (TRLA)All Cash$355 million$11.33$10.81336,91909/30/20134.81%13.20%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.179,70006/30/20134.60%40.97%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.9267,24006/30/20134.49%39.96%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.04$3.8795,00009/30/20134.35%11.94%
+MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)All CashN$4.23$4.07396,79809/30/20133.93%10.79%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.0980006/30/20133.56%31.69%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$14.45$13.9672,26009/30/20133.50%9.60%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$73.542,660,23301/31/20143.35%4.77%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.62857,53109/30/20133.27%8.97%
+JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)All CashN/A$2.00$1.94128,98012/31/20133.09%5.02%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.90$8.651,340,48106/30/20132.91%25.95%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$26.07$25.37255,78109/30/20132.75%7.55%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$10.74$10.46N/A12/31/20132.66%4.31%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.36244,02312/31/20132.52%4.09%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.66950,81906/30/20132.46%21.89%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.91375,08909/30/20132.32%6.38%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.78697,21906/30/20132.25%20.03%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$15.62$15.314,33109/30/20132.02%5.54%
+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$13.4016,084,02007/31/20131.87%9.46%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$46.34$45.552,717,02206/30/20131.74%15.50%
+BMC05/06/2013Bain Capital and Golden Gate Capital (N/A)All Cash$6.9 billion$46.25$45.492,396,09612/31/20131.67%2.71%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$3.07$3.0392,98909/30/20131.45%3.99%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.61115,64512/31/20131.40%2.26%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.84731,02206/30/20131.35%12.03%
+MPR04/22/2013CECO Environmental Corp. (CECE)All Cash$210 million$13.75$13.5783,73109/30/20131.33%3.64%
+TRLG05/10/2013TowerBrook Capital Partners L.P. (N/A)All Cash$835 million$32.00$31.61736,90109/30/20131.23%3.39%
+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$8.30N/A06/30/20131.20%10.73%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$21.42$21.1775,14009/30/20131.17%3.22%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$12.13$12.0016,91709/30/20131.08%2.96%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$75.20302,83809/30/20131.06%2.92%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.3250,42506/30/20131.06%9.41%
+EBIX05/03/2013The Goldman Sachs Group, Inc. (GS)All Cash$820 milion$20.00$19.82344,14909/30/20130.91%2.49%
+OFI05/15/2013Bellisio Foods, Inc. (N/A)All Cash$80.9 million$5.00$4.96185,74012/31/20130.81%1.31%
+NFP04/15/2013Madison Dearborn Partners, LLC (N/A)All Cash$1.3 billion$25.35$25.18717,98309/30/20130.68%1.85%
+PMTI03/18/2013Cynosure, Inc. (CYNO)All Cash$294 million$13.65$13.56190,83109/30/20130.66%1.82%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$17.37$17.2818,11306/30/20130.50%4.46%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$11.80$11.7584,36412/31/20130.46%0.75%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$27.382,229,24706/30/20130.44%3.90%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.37206,06206/30/20130.41%3.62%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.74567,51208/15/20130.36%1.53%
+HOTT03/07/2013Sycamore Partners (N/A)All Cash$600 million$14.00$13.95472,26806/30/20130.36%3.19%
+PWER04/22/2013ABB Ltd. (ABB)All Cash$1 billion$6.35$6.33992,94512/31/20130.32%0.51%
+CPTS04/29/2013Bayer HealthCare LLC (N/A)All Cash$1.1 billion$31.00$30.921,966,89906/30/20130.26%2.30%
+AIM04/22/2013TransDigm Group Incorporated (TDG)All Cash$39 million$7.75$7.7381,30009/30/20130.26%0.71%
+LUFK04/08/2013General Electric Company (GE)All Cash$3.3 billion$88.50$88.28859,31712/31/20130.25%0.40%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.44160,95109/30/20130.23%0.62%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$110.83$110.59202,60806/30/20130.22%1.94%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.97168,03506/30/20130.19%1.67%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.422,976,66509/30/20130.11%0.30%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.9976,32106/30/20130.10%0.89%
+BKI04/24/2013Georgia-Pacific LLC (N/A)All Cash$1.5 billion$37.50$37.50807,30509/30/20130.00%0.00%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.1212,86806/30/2013-0.30%-2.66%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.0483,88004/30/2013-0.31%5.60%
+WRLS04/29/2013Avista Capital Partners (N/A)All Cash$253 million$12.61$12.65183,35106/30/2013-0.32%-2.82%
+FSCI04/11/2013Sinclair Broadcast Group Inc. (SBGI)All Cash$373.3 milliom$41.00$41.3665,26309/30/2013-0.87%-2.39%
+AM04/01/2013Weiss Family (N/A)All Cash$878 million$18.20$18.43940,38607/31/2013-1.25%-6.33%
+AACC03/06/2013Encore Capital Group, Inc. (ECPG)All Cash$200 million$6.50$6.66214,09806/30/2013-2.40%-21.39%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.2857,51903/31/2013-3.38%24.69%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$16.37$17.0312,00009/30/2013-3.88%-10.64%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$16.5985,49906/30/2013-7.17%-63.86%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.2015,440,71203/31/2013-7.19%52.47%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$11.03$12.001,248,94312/31/2013-8.09%-13.13%
+ACFC02/26/2013Bond Street Holdings (N/A)All CashN/A$5.00$5.4945006/30/2013-8.93%-79.46%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$4.14484,46106/30/2013-9.42%-83.86%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.751,383,95306/30/2013-11.94%-106.30%
+OUTD03/13/2013Kroenke Sports & Entertainment LLC (N/A)All Cash$227 million$8.75$10.30N/A06/30/2013-15.05%-133.97%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.09$1.49101,60303/31/2013-26.81%195.68%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%223.06%