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Merger Arbitrage Mondays – June 17, 2013

  • June 16, 2013

Merger activity decreased last week with three 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 201377
Total Number of Deals Not Completed in 20131
Total Number of Pending Deals
Cash Deals56
Stock Deals18
Stock & Cash Deals1
Total Number of Pending Deals75
Total Deal Size$274.5 billion

New Deals:

  1. The acquisition of StellarOne Corporation (STEL) by Union First Market Bankshares Corporation (UBSH) for $445.1 million in an all stock deal. Upon completion of the merger, shareholders of StellarOne Corporation will receive 0.9739 shares of Union common stock for each share of StellarOne.
  2. The acquisition of Cooper Tire & Rubber (CTB) by Apollo Tyres for $2.5 billion or $35.00 per share in cash.
  3. The acquisition of Belo Corp (BLC) by Gannett (GCI) for $2.2 billion or $13.75 per share in cash.

Updated Deals:

  1. On June 11, 2013, Atlantic Coast Financial Corporation (ACFC) announced that the proposed merger with Bond Street Holdings failed to receive stockholder approval.

Closed Deals:

  1. The acquisition of Hot Topic (HOTT) by Sycamore Partners on June 12, 2013. It took 97 days for this deal to be completed.
  2. The acquisition of Asset Acceptance Capital (AACC) by Encore Capital Group (ECPG) on June 13, 2013. It took 99 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

ISS06/06/2013Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A)$5.85$5.2809/30/201310.80%37.53%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$44.69$40.4812/31/201310.40%19.27%
LEDR05/08/2013Trulia, Inc. (TRLA)$11.33$10.4809/30/20138.11%28.19%
PBTH04/24/2013Opko Health, Inc. (OPK)$6.80$6.3012/31/20137.88%14.60%
BRY02/21/2013LinnCo, LLC (LNCO)$46.08$43.0806/30/20136.95%195.20%
CLP06/03/2013Mid-America Apartment Communities Inc. (MAA)$24.50$23.0209/30/20136.43%22.35%
HWG06/05/2013Hallwood Financial Limited (N/A)$10.00$9.5309/30/20134.93%17.14%
CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$33.4012/31/20134.79%8.88%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$3.0606/30/20134.58%128.46%
HCBK08/27/2012M&T Bank Corporation (MTB)$8.61$8.2901/31/20143.91%6.26%

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

+ISS06/06/2013Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A)All CashN/A$5.85$5.28248,60109/30/201310.80%37.53%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$44.69$40.48834,77712/31/201310.40%19.27%
+LEDR05/08/2013Trulia, Inc. (TRLA)All Cash$355 million$11.33$10.48161,96209/30/20138.11%28.19%
+PBTH04/24/2013Opko Health, Inc. (OPK)All Stock$480 million$6.80$6.30293,88812/31/20137.88%14.60%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$46.08$43.08589,27206/30/20136.95%195.20%
+CLP06/03/2013Mid-America Apartment Communities Inc. (MAA)All Cash$8.6 billion$24.50$23.023,286,12409/30/20136.43%22.35%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.5320009/30/20134.93%17.14%
+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$33.404,194,84512/31/20134.79%8.88%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$3.0653,09206/30/20134.58%128.46%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$8.61$8.293,205,45301/31/20143.91%6.26%
+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$7.234,75206/30/20133.73%104.85%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$32.07984,55912/31/20133.68%6.82%
+SFD05/29/2013Shuanghui International (N/A)All Cash$7.1 billion$34.00$32.805,521,79112/31/20133.66%6.78%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$25.27$24.3865,94309/30/20133.63%12.63%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.6187,10209/30/20133.36%11.68%
+MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)All CashN$4.23$4.1059,55609/30/20133.17%11.02%
+MPR04/22/2013CECO Environmental Corp. (CECE)All Cash$210 million$13.75$13.35123,33309/30/20133.00%10.42%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$11.43$11.111,096,27512/31/20132.90%5.38%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$13.64$13.2630,60509/30/20132.85%9.90%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$18.20$17.7030012/31/20132.82%5.22%
+BMC05/06/2013Bain Capital and Golden Gate Capital (N/A)All Cash$6.9 billion$46.25$45.111,364,75712/31/20132.53%4.68%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$46.82160,90309/30/20132.52%8.76%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$74.161,172,83101/31/20142.48%3.97%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$19.72$19.31125,07401/01/20142.13%3.93%
+PMTI03/18/2013Cynosure, Inc. (CYNO)All Cash$294 million$13.65$13.3763,80609/30/20132.09%7.28%
+EBIX05/03/2013The Goldman Sachs Group, Inc. (GS)All Cash$820 milion$20.00$19.60577,02009/30/20132.04%7.09%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.49645,12812/31/20132.00%3.71%
+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$13.3911,540,62607/31/20131.94%16.11%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$20.23$19.902,135,41112/31/20131.67%3.09%
+KCG12/19/2012GETCO Holding Company (N/A)All Cash$1.4 billion$3.75$3.69704,72006/30/20131.63%45.65%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.042,126,83609/30/20131.61%5.60%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$3.78$3.726,96909/30/20131.51%5.25%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$10.92$10.7811,20412/31/20131.30%2.41%
+ASCA12/21/2012Pinnacle Entertainment Inc. (PNK)All Cash$2.8 billion$26.50$26.20180,62709/30/20131.15%3.98%
+ASI06/03/2013Fairfax Financial Holdings Limited (N/A)All Cash$306 million$29.25$28.9348,81212/31/20131.11%2.05%
+SVN02/28/2013Keystone Lodging Holdings Limited (N/A)All Cash$688 million$13.80$13.65119,08312/31/20131.10%2.04%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$15.05$14.898,07209/30/20131.06%3.67%
+JADE03/22/2013Flora Bloom Holdings & Flora Fragrance Holdings (N/A)All CashN/A$2.00$1.9826,78212/31/20131.01%1.87%
+HOGS11/26/2012Chairman and CEO Xianfu Zhu (N/A)All Cash$418 million$13.50$13.37306,72106/30/20130.97%27.30%
+TRLG05/10/2013TowerBrook Capital Partners L.P. (N/A)All Cash$835 million$32.00$31.7180,23909/30/20130.91%3.18%
+BKI04/24/2013Georgia-Pacific LLC (N/A)All Cash$1.5 billion$37.50$37.19168,80809/30/20130.83%2.90%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.922,456,13406/30/20130.81%22.64%
+OFI05/15/2013Bellisio Foods, Inc. (N/A)All Cash$80.9 million$5.00$4.9627,47612/31/20130.81%1.49%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.576,042,80703/31/20130.76%0.00%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$2.82$2.8033,51009/30/20130.70%2.43%
+GDI03/08/2013Kohlberg Kravis Roberts & Co. L.P. (N/A)All Cash$3.9 billion$76.00$75.48247,28609/30/20130.69%2.39%
+PWER04/22/2013ABB Ltd. (ABB)All Cash$1 billion$6.35$6.31591,94512/31/20130.63%1.17%
+MBND05/22/2013Goodman Networks (N/A)All Cash$116 million$3.25$3.2394,34709/30/20130.62%2.15%
+ALC02/26/2013TPG (N/A)All Cash$278 million$12.00$11.93122,80006/30/20130.59%16.47%
+FFCH02/20/2013SCBT Financial Corporation (SCBT)All Stock$302.4 million$20.13$20.0135,78709/30/20130.58%2.01%
+RUE05/23/2013Apax Partners (N/A)All Cash$1.1 billion$42.00$41.76314,72112/31/20130.57%1.06%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$11.32$11.2649,49412/31/20130.57%1.06%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$17.11$17.043,95506/30/20130.39%11.04%
+AQ05/17/2013Accenture plc (ACN)All Cash$316 million$13.00$12.95255,89209/30/20130.39%1.34%
+ET06/04/2013salesforce.com, inc (CRM)All Cash$2.5 billion$33.75$33.64987,20207/31/20130.33%2.71%
+NFP04/15/2013Madison Dearborn Partners, LLC (N/A)All Cash$1.3 billion$25.35$25.28169,77909/30/20130.28%0.96%
+SDBT05/20/2013Genesys (N/A)All Cash$100.4 million$5.00$4.9935,35107/31/20130.20%1.66%
+WRLS04/29/2013Avista Capital Partners (N/A)All Cash$253 million$12.61$12.59259,37306/30/20130.16%4.46%
+ADY03/04/2013Diamond Infant Formula Holding Limited (N/A)All Cash$147 million$7.40$7.3918,05806/30/20130.14%3.80%
+WBSN05/20/2013Vista Equity Partners (N/A)All Cash$907 million$24.75$24.72171,53409/30/20130.12%0.42%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.99N/A06/30/20130.10%2.81%
+FSCI04/11/2013Sinclair Broadcast Group Inc. (SBGI)All Cash$373.3 milliom$41.00$40.9611,89009/30/20130.10%0.34%
+NTSP02/19/2013Total System Services, Inc. (TSS)All Cash$1.4 billion$16.00$15.9977,76406/30/20130.06%1.76%
+LUFK04/08/2013General Electric Company (GE)All Cash$3.3 billion$88.50$88.47540,84212/31/20130.03%0.06%
+CHG02/21/2012Fortis Inc. (N/A)All Cash$1.5 billion$65.00$65.0185,92206/30/2013-0.02%-0.43%
+LSE05/28/2013American Realty Capital Properties, Inc. (ARCP)All Cash$2.2 billion$8.50$8.521,263,84709/30/2013-0.23%-0.82%
+MEAD05/17/2013Jinghua Optics & Electronics Co., Ltd. (N/A)All Cash$4.5 million$3.45$3.466811,83107/31/2013-0.48%-4.02%
+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$8.4610006/30/2013-0.71%-19.91%
+AM04/01/2013Weiss Family (N/A)All Cash$878 million$18.20$18.3960,00007/31/2013-1.03%-8.57%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$14.0112,116,86712/31/2013-1.86%-3.44%
+NFSB03/05/2013SI Financial Group Inc. (SIFI)All Stock$61.3 million$16.73$17.061,00009/30/2013-1.92%-6.67%
+OMTH05/28/2013AstraZeneca PLC (AZN)All Cash$323 million$12.70$13.201,451,20909/30/2013-3.79%-13.17%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.25$1.667,90003/31/2013-24.42%114.28%
+CLWR12/17/2012Sprint Nextel Corp. (S)All Cash$2.2 billion$3.40$4.6313,134,95703/31/2013-26.57%124.31%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%142.98%