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Merger Arbitrage Mondays – June 10, 2013

  • June 10, 2013

Merger activity increased last week with five new deals announced and two 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 73
Total Number of Pending Deals
Cash Deals 59
Stock Deals 17
Stock & Cash Deals 1
Total Number of Pending Deals 77
Total Deal Size $269.37 billion

New Deals:

  1. The acquisition of Colonial Properties Trust (CLP) by Mid-America Apartment Communities (MAA) for $8.6 billion in an all stock deal. Under the terms of the agreement, each Colonial Properties Trust common share will be converted into 0.36 newly issued MAA common share.
  2. The acquisition of ExactTarget (ET) by salesforce.com (CRM) for $2.5 billion or $33.75 per share in cash.
  3. The acquisition of American Safety Insurance Holdings (ASI) by Fairfax Financial Holdings Limited for $306 million or $29.25 per share in cash.
  4. The acquisition of iSoftStone Holdings Limited (ISS) by Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited for $5.85 per ADS in cash.
  5. The acquisition of The Hallwood Group Incorporated (HWG) in a “going private” transaction for $10.00 per share in cash.

Closed Deals:

  1. The acquisition of McMoRan Exploration (MMR) by Freeport-McMoRan Copper & Gold (FCX) on June 4, 2013. It took 181 days for this deal to be completed.
  2. The acquisition of Conceptus (CPTS) by Bayer HealthCare LLC on June 5, 2013. It took 37 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $45.09 $40.97 12/31/2013 10.06% 17.99%
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 $5.40 09/30/2013 8.33% 27.16%
PBTH 04/24/2013 Opko Health, Inc. (OPK) $6.47 $6.02 12/31/2013 7.44% 13.32%
BRY 02/21/2013 LinnCo, LLC (LNCO) $48.04 $45.11 06/30/2013 6.49% 118.44%
LEDR 05/08/2013 Trulia, Inc. (TRLA) $11.33 $10.69 09/30/2013 5.99% 19.51%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.50 09/30/2013 5.26% 17.15%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $3.05 06/30/2013 4.92% 89.75%
CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) $24.50 $23.43 09/30/2013 4.57% 14.88%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $18.68 $17.88 12/31/2013 4.47% 7.99%
CMLP 05/06/2013 Inergy Midstream (NRGM) $25.18 $24.20 09/30/2013 4.05% 13.20%

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

+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $45.09 $40.97 807,493 12/31/2013 10.06% 17.99%
+ 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 $5.40 1,158,559 09/30/2013 8.33% 27.16%
+ PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $6.47 $6.02 142,342 12/31/2013 7.44% 13.32%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $48.04 $45.11 289,691 06/30/2013 6.49% 118.44%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $10.69 317,869 09/30/2013 5.99% 19.51%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.50 6,500 09/30/2013 5.26% 17.15%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.05 25,340 06/30/2013 4.92% 89.75%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Cash $8.6 billion $24.50 $23.43 1,976,217 09/30/2013 4.57% 14.88%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $18.68 $17.88 2,460 12/31/2013 4.47% 7.99%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $25.18 $24.20 76,929 09/30/2013 4.05% 13.20%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.09 $13.56 38,742 09/30/2013 3.90% 12.72%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.61 655,623 06/30/2013 3.88% 70.78%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.22 2,708 06/30/2013 3.88% 70.78%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.72 $8.41 4,113,141 01/31/2014 3.65% 5.67%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $32.82 6,939,120 12/31/2013 3.60% 6.43%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.27 $10.92 48,520 12/31/2013 3.21% 5.75%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.88 $3.77 4,410 09/30/2013 2.96% 9.66%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.11 163,337 09/30/2013 2.92% 9.52%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.67 84,384 09/30/2013 2.83% 9.22%
+ MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.40 107,406 09/30/2013 2.61% 8.51%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.10 1,313,273 01/31/2014 2.56% 3.98%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.36 368,204 12/31/2013 2.52% 4.52%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.99 195,925 09/30/2013 2.15% 7.00%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.79 393,640 06/30/2013 2.15% 39.15%
+ JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.96 31,054 12/31/2013 2.04% 3.65%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $45.35 3,025,939 12/31/2013 1.98% 3.55%
+ PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.40 151,254 09/30/2013 1.87% 6.08%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $19.86 $19.52 4,498,830 12/31/2013 1.74% 3.11%
+ NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.73 $16.48 1,625 09/30/2013 1.53% 5.00%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.05 1,036,147 09/30/2013 1.53% 4.99%
+ EBIX 05/03/2013 The Goldman Sachs Group, Inc. (GS) All Cash $820 milion $20.00 $19.74 444,485 09/30/2013 1.32% 4.29%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $13.34 285,242 06/30/2013 1.20% 21.89%
+ 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 $13.49 11,388,048 07/31/2013 1.19% 8.49%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.21 206,843 09/30/2013 1.11% 3.61%
+ 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 $8.31 2,206 06/30/2013 1.08% 19.77%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $28.94 116,191 12/31/2013 1.07% 1.92%
+ TRLG 05/10/2013 TowerBrook Capital Partners L.P. (N/A) All Cash $835 million $32.00 $31.69 139,086 09/30/2013 0.98% 3.19%
+ MBND 05/22/2013 Goodman Networks (N/A) All Cash $116 million $3.25 $3.22 96,531 09/30/2013 0.93% 3.04%
+ GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.35 280,944 09/30/2013 0.86% 2.81%
+ AQ 05/17/2013 Accenture plc (ACN) All Cash $316 million $13.00 $12.89 102,354 09/30/2013 0.85% 2.78%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $15.63 $15.50 15,890 09/30/2013 0.85% 2.78%
+ OFI 05/15/2013 Bellisio Foods, Inc. (N/A) All Cash $80.9 million $5.00 $4.96 34,491 12/31/2013 0.81% 1.44%
+ ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.35 69,461 06/30/2013 0.68% 12.41%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.60 4,841,432 03/31/2013 0.64% 0.00%
+ SDBT 05/20/2013 Genesys (N/A) All Cash $100.4 million $5.00 $4.97 45,126 07/31/2013 0.60% 4.32%
+ ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.93 45,425 06/30/2013 0.59% 10.71%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $3.43 16,921 07/31/2013 0.58% 4.17%
+ BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.29 350,595 09/30/2013 0.56% 1.84%
+ PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.32 802,851 12/31/2013 0.47% 0.85%
+ SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.74 18,014 12/31/2013 0.44% 0.78%
+ NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.25 267,181 09/30/2013 0.40% 1.29%
+ ET 06/04/2013 salesforce.com, inc (CRM) All Cash $2.5 billion $33.75 $33.62 2,387,313 07/31/2013 0.39% 2.77%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $2.94 $2.93 48,242 09/30/2013 0.33% 1.08%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.79 25,044 06/30/2013 0.32% 5.92%
+ WRLS 04/29/2013 Avista Capital Partners (N/A) All Cash $253 million $12.61 $12.57 110,974 06/30/2013 0.32% 5.81%
+ LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.32 492,939 12/31/2013 0.20% 0.36%
+ WBSN 05/20/2013 Vista Equity Partners (N/A) All Cash $907 million $24.75 $24.70 586,814 09/30/2013 0.20% 0.66%
+ FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $21.09 $21.06 45,285 09/30/2013 0.15% 0.49%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $41.94 174,999 12/31/2013 0.14% 0.26%
+ NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.98 137,735 06/30/2013 0.13% 2.28%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.99 N/A 06/30/2013 0.10% 1.83%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $17.25 $17.24 16,380 06/30/2013 0.08% 1.49%
+ HOTT 03/07/2013 Sycamore Partners (N/A) All Cash $600 million $14.00 $13.99 94,085 06/30/2013 0.07% 1.30%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $33.24 1,252,949 12/31/2013 0.03% 0.05%
+ HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.49 2,448,292 09/30/2013 0.01% 0.04%
+ AIM 04/22/2013 TransDigm Group Incorporated (TDG) All Cash $39 million $7.75 $7.75 5,743 09/30/2013 0.00% 0.00%
+ FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.16 9,413 09/30/2013 -0.39% -1.27%
+ ACFC 02/26/2013 Bond Street Holdings (N/A) All Cash N/A $5.00 $5.05 2,848 06/30/2013 -0.99% -18.07%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.59 1,527,781 09/30/2013 -1.05% -3.41%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.89 $12.02 72,502 12/31/2013 -1.06% -1.89%
+ AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.45 123,629 07/31/2013 -1.36% -9.70%
+ OMTH 05/28/2013 AstraZeneca PLC (AZN) All Cash $323 million $12.70 $13.24 35,329 09/30/2013 -4.08% -13.29%
+ AACC 03/06/2013 Encore Capital Group, Inc. (ECPG) All Cash $200 million $6.50 $7.09 274,947 06/30/2013 -8.32% -151.87%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.70 $12.82 1,950,371 12/31/2013 -8.72% -15.61%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.39 $1.74 682 03/31/2013 -19.89% 102.23%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $3.40 $4.40 4,621,081 03/31/2013 -22.73% 116.84%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 157.08%