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Merger Arbitrage Mondays – May 27, 2013

  • May 27, 2013

Merger activity increased last week with five 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 201365
Total Number of Pending Deals
Cash Deals53
Stock Deals18
Stock & Cash Deals3
Total Number of Pending Deals74
Total Deal Size$234.04 billion

New Deals:

  1. The acquisition of Warner Chilcott plc (WCRX) by Actavis (ACT) for $8.5 billion in a stock-for-stock transaction. Under the terms of the Transaction Agreement, at closing Warner Chilcott shareholders will receive 0.160 shares of New Actavis for each Warner Chilcott share they own.
  2. The acquisition of Websense (WBSN) by Vista Equity Partners for $907 million or $24.75 per share in cash.
  3. The acquisition of SoundBite Communications (SDBT) by Genesys for $100.4 million or $5.00 per share in cash.
  4. The acquisition of Multiband Corporation (MBND) by Goodman Networks for $116 million or $3.25 per share in cash.
  5. The acquisition of rue21 (RUE) by Apax Partners for $1.1 billion or $42.00 per share in cash.

Updated Deals:

  1. On May 22, 2013, Clearwire’s (CLWR) Board of Directors approved the revised offer from Sprint (S) to acquire shares of Clearwire at $3.40 per share in cash.

Closed Deals:

  1. The acquisition of Artio Global Investors (ART) by Aberdeen Asset Management PLC on May 21, 2013. It took 96 days for this deal to be completed.
  2. The acquisition of Kayak Software Corporation (KYAK) by priceline.com Incorporated (PCLN) on May 22, 2013. It took 195 days for this deal to be completed.
  3. The acquisition of Focus Media Holding Ltd. (FMCN) by Giovanna Parent Limited on May 23, 2013. It took 155 days for this deal to be completed.
  4. The acquisition of Crexus Investment (CXS) by Annaly Capital Management (NLY) on May 23, 2013. It took 112 days for this deal to be completed.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$43.27$39.6412/31/20139.17%15.35%
PBTH04/24/2013Opko Health, Inc. (OPK)$6.90$6.3312/31/20138.94%14.97%
LEDR05/08/2013Trulia, Inc. (TRLA)$11.33$10.5009/30/20137.90%22.90%
MFLR05/14/2013Independent Bank Corp. (INDB)$18.73$17.8512/31/20134.93%8.25%
BRY02/21/2013LinnCo, LLC (LNCO)$47.40$45.2306/30/20134.80%51.50%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0606/30/20134.58%49.12%
ASIA05/13/2013CITIC Capital Partners (N/A)$12.00$11.5009/30/20134.35%12.59%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.9406/30/20134.33%46.46%
MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)$4.23$4.0609/30/20134.19%12.13%
PVFC02/19/2013F.N.B. Corporation (FNB)$4.00$3.8509/30/20134.01%11.61%

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$43.27$39.64739,46212/31/20139.17%15.35%
+PBTH04/24/2013Opko Health, Inc. (OPK)All Stock$480 million$6.90$6.33137,70312/31/20138.94%14.97%
+LEDR05/08/2013Trulia, Inc. (TRLA)All Cash$355 million$11.33$10.50359,45809/30/20137.90%22.90%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$18.73$17.8515,65812/31/20134.93%8.25%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$47.40$45.23322,52206/30/20134.80%51.50%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.0624,97406/30/20134.58%49.12%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.501,393,91409/30/20134.35%12.59%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.94290,92306/30/20134.33%46.46%
+MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)All CashN$4.23$4.0691,39709/30/20134.19%12.13%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.00$3.857,50809/30/20134.01%11.61%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$14.09$13.5578,34109/30/20133.98%11.53%
+JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)All CashN/A$2.00$1.93156,17712/31/20133.63%6.07%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.80$8.524,704,64006/30/20133.27%35.13%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.301,97706/30/20132.74%29.41%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$74.043,156,29801/31/20142.65%3.88%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$10.73$10.458,40712/31/20132.63%4.41%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.79561,13109/30/20132.59%7.49%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.40334,37712/31/20132.36%3.96%
+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$13.3416,058,42207/31/20132.32%13.05%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.67253,83106/30/20132.18%23.40%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$20.36$19.9611,448,79912/31/20131.99%3.33%
+MPR04/22/2013CECO Environmental Corp. (CECE)All Cash$210 million$13.75$13.50168,24809/30/20131.85%5.36%
+MBND05/22/2013Goodman Networks (N/A)All Cash$116 million$3.25$3.20618,93109/30/20131.56%4.53%
+BMC05/06/2013Bain Capital and Golden Gate Capital (N/A)All Cash$6.9 billion$46.25$45.558,695,24812/31/20131.54%2.57%
+AQ05/17/2013Accenture plc (ACN)All Cash$316 million$13.00$12.8199,61209/30/20131.48%4.30%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$26.07$25.70222,25109/30/20131.43%4.15%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$15.70$15.5010,27709/30/20131.31%3.79%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.88362,18806/30/20131.21%13.04%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$21.29$21.0457,06709/30/20131.19%3.45%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.6628,86812/31/20131.02%1.72%
+OFI05/15/2013Bellisio Foods, Inc. (N/A)All Cash$80.9 million$5.00$4.9571,25212/31/20131.01%1.69%
+SDBT05/20/2013Genesys (N/A)All Cash$100.4 million$5.00$4.95411,29207/31/20131.01%5.67%
+EBIX05/03/2013The Goldman Sachs Group, Inc. (GS)All Cash$820 milion$20.00$19.81321,90509/30/20130.96%2.78%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.339,80906/30/20130.95%10.25%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$75.42983,85409/30/20130.77%2.23%
+TRLG05/10/2013TowerBrook Capital Partners L.P. (N/A)All Cash$835 million$32.00$31.76243,56609/30/20130.76%2.19%
+NFP04/15/2013Madison Dearborn Partners, LLC (N/A)All Cash$1.3 billion$25.35$25.17189,15309/30/20130.72%2.07%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.5719,54106/30/20130.67%7.15%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$2.92$2.90118,00209/30/20130.66%1.90%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.93100,70706/30/20130.59%6.30%
+MEAD05/17/2013Jinghua Optics & Electronics Co., Ltd. (N/A)All Cash$4.5 million$3.45$3.43089,59007/31/20130.56%3.14%
+PMTI03/18/2013Cynosure, Inc. (CYNO)All Cash$294 million$13.65$13.60225,47109/30/20130.37%1.07%
+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$8.3770006/30/20130.36%3.85%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.41114,54409/30/20130.34%0.99%
+HOTT03/07/2013Sycamore Partners (N/A)All Cash$600 million$14.00$13.96423,39606/30/20130.29%3.08%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.96219,62006/30/20130.25%2.69%
+LUFK04/08/2013General Electric Company (GE)All Cash$3.3 billion$88.50$88.30314,74312/31/20130.23%0.38%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$17.55$17.5111,84306/30/20130.22%2.35%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$113.51$113.31275,97106/30/20130.18%1.91%
+AIM04/22/2013TransDigm Group Incorporated (TDG)All Cash$39 million$7.75$7.745,94609/30/20130.13%0.37%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.99N/A06/30/20130.10%1.07%
+CPTS04/29/2013Bayer HealthCare LLC (N/A)All Cash$1.1 billion$31.00$30.97163,74906/30/20130.10%1.04%
+PWER04/22/2013ABB Ltd. (ABB)All Cash$1 billion$6.35$6.3451,409,09812/31/20130.08%0.13%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.465,814,93609/30/20130.06%0.16%
+BKI04/24/2013Georgia-Pacific LLC (N/A)All Cash$1.5 billion$37.50$37.48769,32909/30/20130.05%0.15%
+WRLS04/29/2013Avista Capital Partners (N/A)All Cash$253 million$12.61$12.61473,15906/30/20130.00%0.00%
+RUE05/23/2013Apax Partners (N/A)All Cash$1.1 billion$42.00$42.031,049,31512/31/2013-0.07%-0.12%
+WBSN05/20/2013Vista Equity Partners (N/A)All Cash$907 million$24.75$24.80516,62509/30/2013-0.20%-0.58%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$11.79$11.8425,40812/31/2013-0.41%-0.68%
+FSCI04/11/2013Sinclair Broadcast Group Inc. (SBGI)All Cash$373.3 milliom$41.00$41.1735,68109/30/2013-0.41%-1.20%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.97$12.03N/A09/30/2013-0.47%-1.35%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$3.40$3.4213,518,86603/31/2013-0.58%3.74%
+AM04/01/2013Weiss Family (N/A)All Cash$878 million$18.20$18.38239,79107/31/2013-0.98%-5.50%
+AACC03/06/2013Encore Capital Group, Inc. (ECPG)All Cash$200 million$6.50$6.70251,99006/30/2013-2.99%-32.05%
+ACFC02/26/2013Bond Street Holdings (N/A)All CashN/A$5.00$5.17N/A06/30/2013-3.29%-35.30%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$8.3637,07503/31/2013-4.31%27.57%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$16.11$16.88N/A09/30/2013-4.55%-13.17%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$16.59278,34506/30/2013-7.17%-77.00%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$44.85$48.972,349,06606/30/2013-8.40%-90.23%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$11.59$12.711,271,74912/31/2013-8.78%-14.70%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$4.141,942,84406/30/2013-9.42%-101.13%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.78355,83506/30/2013-12.10%-129.87%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.32$1.8342,52103/31/2013-27.86%178.39%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%195.66%