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Merger Arbitrage Mondays – May 6, 2013

  • May 5, 2013

Merger activity decreased last week with four 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 201356
Total Number of Pending Deals
Cash Deals49
Stock Deals16
Stock & Cash Deals3
Total Number of Pending Deals68
Total Deal Size$213.78 billion

New Deals:

  1. The acquisition of Conceptus (CPTS) by Bayer HealthCare for $1.1 billion or $31.00 per share in cash.
  2. The acquisition of Telular Corporation (WRLS) by Avista Capital Partners for $253 million or $12.61 per share in cash.
  3. The acquisition of Crimson Exploration (CXPO) by Contango Oil & Gas Company (MCF) in an all stock deal. Under the terms of the agreement, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.
  4. The acquisition of Ebix (EBIX) by Goldman Sachs (GS) for $820 million or $20.00 per share in cash.

Closed Deals:

  1. The acquisition of K-Swiss (KSWS) by E. Land on April 30, 2013. It took 103 days to complete this deal.
  2. The acquisition of Copano Energy (CPNO) by Kinder Morgan Energy Partners (KMP) on May 1, 2013. It took 92 days to complete this deal.
  3. The acquisition of Alterra Capital Holdings Limited (ALTE) by Markel (MKL) on May 1, 2013. It took 133 days to complete this deal.
  4. The acquisition of MakeMusic (MMUS) by LaunchEquity Acquisition Partners on May 1, 2013. It took 49 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)$44.40$40.3812/31/20139.95%15.20%
BRY02/21/2013LinnCo, LLC (LNCO)$53.20$48.5906/30/20139.49%62.96%
PBTH04/24/2013Opko Health, Inc. (OPK)$6.64$6.1312/31/20138.28%12.64%
WSB09/10/2012Old Line Bancshares, Inc. (OLBK)$6.87$6.4006/30/20137.34%48.72%
KCG12/19/2012GETCO Holding Company (N/A)$3.75$3.5506/30/20135.63%37.39%
NFSB03/05/2013SI Financial Group Inc. (SIFI)$17.70$16.9509/30/20134.43%11.00%
JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)$2.00$1.9212/31/20134.17%6.36%
HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)$13.50$12.9606/30/20134.17%27.65%
MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)$4.23$4.0709/30/20133.93%9.76%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0806/30/20133.90%25.86%

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$44.40$40.381,758,89112/31/20139.95%15.20%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$53.20$48.59436,81906/30/20139.49%62.96%
+PBTH04/24/2013Opko Health, Inc. (OPK)All Stock$480 million$6.64$6.13428,59512/31/20138.28%12.64%
+WSB09/10/2012Old Line Bancshares, Inc. (OLBK)All Stock$49 million$6.87$6.4010006/30/20137.34%48.72%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.551,885,18306/30/20135.63%37.39%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$17.70$16.9510409/30/20134.43%11.00%
+JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)All CashN/A$2.00$1.9251,85512/31/20134.17%6.36%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$12.96178,12306/30/20134.17%27.65%
+MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)All CashN$4.23$4.07269,41109/30/20133.93%9.76%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.0848,59306/30/20133.90%25.86%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$3.92$3.7785,21009/30/20133.87%9.60%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.251,66706/30/20133.45%22.88%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$73.653,566,42401/31/20143.19%4.31%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.30289,17312/31/20132.77%4.23%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$13.72$13.3627,36909/30/20132.69%6.68%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.75179,92209/30/20132.67%6.64%
+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$13.3115,243,50407/31/20132.55%10.84%
+EBIX05/03/2013The Goldman Sachs Group, Inc. (GS)All Cash$820 milion$20.00$19.521,802,14609/30/20132.46%6.11%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.77426,18706/30/20132.35%15.62%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.47$8.291,454,34706/30/20132.14%14.23%
+MPR04/22/2013CECO Environmental Corp. (CECE)All Cash$210 million$13.75$13.48208,86509/30/20132.00%4.97%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.5460,50712/31/20131.92%2.93%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$14.61$14.3625,85809/30/20131.74%4.33%
+FCAL11/06/2012PacWest Bancorp (PACW)All Cash$231 million$8.00$7.89142,74903/31/20131.39%0.00%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.3031,35706/30/20131.37%9.09%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.8815,20006/30/20131.21%8.06%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$75.131,082,42509/30/20131.16%2.88%
+FMCN12/19/2012Giovanna Parent Limited (N/A)All Cash$3.7 billion$27.50$27.24716,56106/30/20130.95%6.33%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$3.23$3.21565,89309/30/20130.72%1.79%
+IPT03/01/2013Party City (N/A)All Cash$35 million$0.45$0.44734,58806/30/20130.67%4.45%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$17.10$16.9915,93606/30/20130.64%4.23%
+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$8.351,40006/30/20130.60%3.97%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$20.49$20.3826,99409/30/20130.56%1.39%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.94106,50306/30/20130.50%3.33%
+HOTT03/07/2013Sycamore Partners (N/A)All Cash$600 million$14.00$13.93265,28206/30/20130.50%3.33%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.37118,93809/30/20130.49%1.22%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$11.35$11.30111,50312/31/20130.44%0.67%
+ART02/14/2013Aberdeen Asset Management PLC (N/A)All CashN/A$2.75$2.74220,86208/15/20130.36%1.32%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$64.8023,36206/30/20130.31%2.05%
+CYMI10/17/2012ASML Holding NV (ASML)Cash Plus Stock$2.5 billion$109.14$108.83364,88106/30/20130.29%1.89%
+AIM04/22/2013TransDigm Group Incorporated (TDG)All Cash$39 million$7.75$7.7388,64509/30/20130.26%0.64%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.97396,65206/30/20130.19%1.25%
+LUFK04/08/2013General Electric Company (GE)All Cash$3.3 billion$88.50$88.39611,98312/31/20130.12%0.19%
+EDAC03/18/2013GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC (N/A)All Cash$104.1 million$17.75$17.7312,58806/30/20130.11%0.75%
+HNZ02/14/2013Berkshire Hathaway and 3G Capital (N/A)All Cash$28 billion$72.50$72.442,223,45809/30/20130.08%0.21%
+CVH08/20/2012Aetna Inc. (AET)Cash Plus Stock$7.3 billion$50.22$50.221,013,33006/30/20130.00%0.02%
+PWER04/22/2013ABB Ltd. (ABB)All Cash$1 billion$6.35$6.352,158,98112/31/20130.00%0.00%
+AACC03/06/2013Encore Capital Group, Inc. (ECPG)All Cash$200 million$6.50$6.51204,34806/30/2013-0.15%-1.02%
+CPTS04/29/2013Bayer HealthCare LLC (N/A)All Cash$1.1 billion$31.00$31.05996,11406/30/2013-0.16%-1.07%
+NFP04/15/2013Madison Dearborn Partners, LLC (N/A)All Cash$1.3 billion$25.35$25.40472,85409/30/2013-0.20%-0.49%
+BKI04/24/2013Georgia-Pacific LLC (N/A)All Cash$1.5 billion$37.50$37.58956,52409/30/2013-0.21%-0.53%
+PXP12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)Cash Plus Stock$6.9 billion$45.33$45.532,387,31206/30/2013-0.44%-2.90%
+CXS01/31/2013Annaly Capital Management, Inc. (NLY)All Cash$1 billion$13.00$13.06260,70004/30/2013-0.46%27.95%
+AM04/01/2013Weiss Family (N/A)All Cash$878 million$18.20$18.33180,01807/31/2013-0.71%-3.01%
+SOMH01/29/2013Lakeland Bancorp Inc. (LBAI)All Stock$64.4 million$11.39$11.477,70009/30/2013-0.72%-1.78%
+WRLS07/12/2013Avista Capital Partners (N/A)All Cash$253 million$12.61$12.72164,62306/30/2013-0.86%-5.74%
+FSCI04/11/2013Sinclair Broadcast Group Inc. (SBGI)All Cash$373.3 milliom$41.00$41.3723,30409/30/2013-0.89%-2.22%
+PMTI03/18/2013Cynosure, Inc. (CYNO)All Cash$294 million$13.65$13.8181,69909/30/2013-1.16%-2.88%
+KYAK11/08/2012priceline.com Incorporated (PCLN)All Cash$1.65 billion$40.00$40.5355,34006/30/2013-1.31%-8.68%
+ACFC02/26/2013Bond Street Holdings (N/A)All CashN/A$5.00$5.1042,65606/30/2013-1.96%-13.01%
+SSRX02/08/2013Decade Sunshine Limited (N/A)All Cash$340 million$15.40$16.4923,41106/30/2013-6.61%-43.87%
+ES01/07/2013a subsidiary of Energy Capital Partners II, LLC (N/A)All Cash$1.1 billion$3.75$4.12567,16806/30/2013-8.98%-59.60%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$10.46$11.59971,80312/31/2013-9.71%-14.84%
+MMR12/05/2012Freeport-McMoRan Copper & Gold Inc. (FCX)All Cash3.4 billion$14.75$16.761,671,55206/30/2013-11.99%-79.59%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$2.97$3.3810,106,00303/31/2013-12.13%122.99%
+OUTD03/13/2013Kroenke Sports & Entertainment LLC (N/A)All Cash$227 million$8.75$10.00267,12706/30/2013-12.50%-82.95%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$0.94$1.17N/A03/31/2013-19.40%196.71%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%309.80%