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Merger Arbitrage Mondays – July 1, 2013

  • June 30, 2013

Merger activity decreased last week with three new deals announced and six 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 2013 83
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 52
Stock Deals 19
Stock & Cash Deals 1
Total Number of Pending Deals 72
Total Deal Size $278.78 billion

New Deals:

  1. The acquisition of Keynote Systems (KEYN) by Thoma Bravo for $369 million or $20 per share in cash.
  2. The acquisition of STEC Inc. (STEC) by Western Digital Corporation (WDC) for $340 million or $6.85 per share in cash.
  3. The acquisition of Vanguard Health Systems (VHS) by Tenet Healthcare (THC) for $4.3 billion or $21.00 per share in cash.

Closed Deals:

  1. The acquisition of Palomar Medical Technologies (PMTI) by Cynosure (CYNO) on June 24, 2013.
  2. The acquisition of Telular Corporation (WRLS) by Avista Capital Partners on June 24, 2013.
  3. The acquisition of Websense (WBSN) by Vista Equity Partners on June 25, 2013.
  4. The acquisition of CH Energy Group (CHG) by Fortis on June 27, 2013.
  5. The acquisition of Zhongpin (HOGS) by Chairman and CEO Xianfu Zhu on June 27, 2013.
  6. The acquisition of Feihe International (ADY) by Diamond Infant Formula Holding Limited on June 28, 2013.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

ISS 06/06/2013 Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A) $5.85 $5.16 09/30/2013 13.37% 53.64%
PBTH 04/24/2013 Opko Health, Inc. (OPK) $7.07 $6.29 12/31/2013 12.32% 24.58%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $45.88 $41.40 12/31/2013 10.82% 21.58%
BRY 02/21/2013 LinnCo, LLC (LNCO) $46.59 $42.32 09/30/2013 10.08% 40.45%
BCSB 06/14/2013 F.N.B. Corporation (FNB) $25.13 $23.41 12/31/2013 7.33% 14.62%
LEDR 05/08/2013 Trulia, Inc. (TRLA) $11.33 $10.70 09/30/2013 5.89% 23.62%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $33.17 12/31/2013 5.52% 11.00%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $19.49 $18.55 12/31/2013 5.08% 10.13%
NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $7.15 06/30/2013 4.90% -1786.71%
KCG 12/19/2012 GETCO Holding Company (N/A) $3.75 $3.59 07/01/2013 4.46% 0.00%

List of all pending deals:

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


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ ISS 06/06/2013 Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A) All Cash N/A $5.85 $5.16 272,596 09/30/2013 13.37% 53.64%
+ PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $7.07 $6.29 192,542 12/31/2013 12.32% 24.58%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $45.88 $41.40 1,948,325 12/31/2013 10.82% 21.58%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $46.59 $42.32 415,299 09/30/2013 10.08% 40.45%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.13 $23.41 65,096 12/31/2013 7.33% 14.62%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $10.70 1,101,588 09/30/2013 5.89% 23.62%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $33.17 999,805 12/31/2013 5.52% 11.00%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $19.49 $18.55 5,863 12/31/2013 5.08% 10.13%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.15 3,200 06/30/2013 4.90% 0.00%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.59 1,223,736 07/01/2013 4.46% 0.00%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.15 $10.72 62,076 12/31/2013 3.99% 7.95%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.54 250,329 09/30/2013 3.99% 15.99%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $32.75 5,031,001 12/31/2013 3.82% 7.61%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.09 9,361 06/30/2013 3.56% 0.00%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.45 272,748 09/30/2013 3.34% 13.38%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.10 61,076 09/30/2013 3.17% 12.72%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.39 $13.96 241,174 09/30/2013 3.11% 12.47%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.11 $4.00 56,866 09/30/2013 2.83% 11.36%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $32.35 1,111,154 12/31/2013 2.78% 5.55%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.00 1,982,806 01/31/2014 2.70% 4.61%
+ MBND 05/22/2013 Goodman Networks (N/A) All Cash $116 million $3.25 $3.17 90,807 09/30/2013 2.52% 10.12%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $45.13 1,987,244 12/31/2013 2.48% 4.95%
+ DELL 02/05/2013 Michael 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 $13.32 15,065,333 07/31/2013 2.48% 30.14%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.759 1,220 09/30/2013 2.47% 9.91%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.39 $9.175 2,183,487 01/31/2014 2.35% 4.00%
+ MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.44 166,628 09/30/2013 2.31% 9.25%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $20.05 $19.65 162,586 01/01/2014 2.05% 4.06%
+ STEC 06/24/2013 Western Digital Corporation (WDC) All Cash $340 million $6.85 $6.72 2,367,988 12/31/2013 1.93% 3.86%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.51 603,417 12/31/2013 1.92% 3.83%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $10.41 $10.23 2,128,672 12/31/2013 1.76% 3.52%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.83 874,468 06/30/2013 1.73% 0.00%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Cash $8.6 billion $24.50 $24.12 1,287,635 09/30/2013 1.58% 6.32%
+ JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.97 125,668 12/31/2013 1.52% 3.04%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.79 $11.62 193,427 12/31/2013 1.48% 2.95%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $20.20 $19.91 10,667,181 12/31/2013 1.43% 2.86%
+ VHS 06/24/2013 Tenet Healthcare Corp. (THC) All Cash $4.3 billion $21.00 $20.74 1,306,084 12/31/2013 1.25% 2.50%
+ BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.04 621,236 09/30/2013 1.24% 4.98%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.46 4,962,492 03/31/2014 1.24% 1.65%
+ KEYN 06/24/2013 Thoma Bravo (N/A) All Cash $369 million $20.00 $19.76 311,707 09/30/2013 1.21% 4.87%
+ MPAC 04/11/2013 Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A) All Cash N/A $8.40 $8.30 1,600 06/30/2013 1.20% 0.00%
+ GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.18 338,839 09/30/2013 1.09% 4.37%
+ TRLG 05/10/2013 TowerBrook Capital Partners L.P. (N/A) All Cash $835 million $32.00 $31.66 448,331 09/30/2013 1.07% 4.31%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $28.95 147,959 12/31/2013 1.04% 2.07%
+ OFI 05/15/2013 Bellisio Foods, Inc. (N/A) All Cash $80.9 million $5.00 $4.95 34,517 12/31/2013 1.01% 2.01%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.12 1,292,058 09/30/2013 0.99% 3.97%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $41.61 344,549 12/31/2013 0.94% 1.87%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.29 692,616 09/30/2013 0.80% 3.20%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.44 1,205,419 09/30/2013 0.71% 2.85%
+ FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $21.35 $21.21 128,334 09/30/2013 0.66% 2.65%
+ AQ 05/17/2013 Accenture plc (ACN) All Cash $316 million $13.00 $12.93 71,067 09/30/2013 0.54% 2.17%
+ PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.32 911,166 12/31/2013 0.47% 0.95%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $18.24 $18.16 50,280 06/30/2013 0.44% 0.00%
+ ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.96 231,668 06/30/2013 0.33% 0.00%
+ SDBT 05/20/2013 Genesys (N/A) All Cash $100.4 million $5.00 $4.99 34,922 07/31/2013 0.20% 2.44%
+ NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.31 610,758 09/30/2013 0.16% 0.63%
+ NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.98 599,243 06/30/2013 0.13% 0.00%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $5.00 $4.995 18,309,854 07/31/2013 0.10% 1.22%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.99 N/A 06/30/2013 0.10% 0.00%
+ ET 06/04/2013 salesforce.com, inc (CRM) All Cash $2.5 billion $33.75 $33.72 3,207,413 07/31/2013 0.09% 1.08%
+ SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.79 724,445 12/31/2013 0.07% 0.14%
+ LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.47 584,082 12/31/2013 0.03% 0.07%
+ AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.22 244,269 07/31/2013 -0.11% -1.34%
+ FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.08 72,730 09/30/2013 -0.19% -0.78%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $24.83 $24.95 93,106 09/30/2013 -0.49% -1.98%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $2.80 $2.82 145,865 09/30/2013 -0.81% -3.24%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $15.64 $15.81 446,526 09/30/2013 -1.09% -4.35%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.95 1,249,343 12/31/2013 -1.43% -2.86%
+ NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.72 $17.04 300 09/30/2013 -1.89% -7.59%
+ OMTH 05/28/2013 AstraZeneca PLC (AZN) All Cash $323 million $12.70 $13.30 353,711 09/30/2013 -4.51% -18.09%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $3.74 2,800 07/31/2013 -7.75% -94.34%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.35 $1.71 9,840 03/31/2013 -20.88% 82.83%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 121.23%