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Merger Arbitrage Mondays – June 24, 2013

  • June 24, 2013

It is rare for us to encounter a week where no new deals were announced and no deals closed but such was the case last week.

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 77
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 55
Stock Deals 19
Stock & Cash Deals 1
Total Number of Pending Deals 75
Total Deal Size $273.77billion

Deal Updates:

  1. On June 19, 2013, Dish (DISH) withdrew its offer for Sprint (S).
  2. On June 20, 2013, Clearwire (CLWR) agreed to Sprint’s (S) increased acquisition offer from $3.40 to $5.00 per share in cash.
  3. On June 20, 2013, Ebix (EBIX) and Goldman Sachs & Co. (GS) terminated their previously announced merger agreement.
  4. On June 21, 2013, Carl Icahn increased his stake in Dell (DELL) by acquiring half of Southeastern Asset Management’s stake and lined up $5.2 billion in loans from Jefferies.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

MBND 05/22/2013 Goodman Networks (N/A) $3.25 $2.81 09/30/2013 15.66% 58.32%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $31.32 12/31/2013 11.75% 22.57%
PBTH 04/24/2013 Opko Health, Inc. (OPK) $6.99 $6.26 12/31/2013 11.59% 22.27%
CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) $24.50 $22.01 09/30/2013 11.31% 42.14%
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 $5.27 09/30/2013 11.01% 40.99%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $44.54 $40.43 12/31/2013 10.16% 19.52%
BRY 02/21/2013 LinnCo, LLC (LNCO) $46.23 $42.94 06/30/2013 7.65% 465.39%
LEDR 05/08/2013 Trulia, Inc. (TRLA) $11.33 $10.55 09/30/2013 7.39% 27.54%
BCSB 06/14/2013 F.N.B. Corporation (FNB) $23.77 $22.19 12/31/2013 7.14% 13.72%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $18.95 $18.05 12/31/2013 4.99% 9.58%

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

+ MBND 05/22/2013 Goodman Networks (N/A) All Cash $116 million $3.25 $2.81 605,702 09/30/2013 15.66% 58.32%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $31.32 2,750,630 12/31/2013 11.75% 22.57%
+ PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $6.99 $6.26 110,357 12/31/2013 11.59% 22.27%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Cash $8.6 billion $24.50 $22.01 2,768,976 09/30/2013 11.31% 42.14%
+ 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 $5.27 150,048 09/30/2013 11.01% 40.99%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $44.54 $40.43 1,866,567 12/31/2013 10.16% 19.52%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $46.23 $42.94 641,416 06/30/2013 7.65% 465.39%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $10.55 670,455 09/30/2013 7.39% 27.54%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $23.77 $22.19 44,810 12/31/2013 7.14% 13.72%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $18.95 $18.05 71,464 12/31/2013 4.99% 9.58%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.44 590,817 09/30/2013 4.90% 18.23%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $31.72 1,959,882 12/31/2013 4.82% 9.27%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.04 45,859 09/30/2013 4.70% 17.52%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.31 $13.69 112,722 09/30/2013 4.55% 16.93%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.589 N/A 09/30/2013 4.29% 15.96%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.07 5,982 06/30/2013 4.23% 257.60%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.20 5,622 06/30/2013 4.17% 253.47%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.93 $8.64 5,988,323 01/31/2014 3.34% 5.51%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $32.94 6,609,068 12/31/2013 3.22% 6.18%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $44.84 5,457,241 12/31/2013 3.14% 6.04%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.06 $10.73 11,878 12/31/2013 3.10% 5.96%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $10.71 $10.40 2,873,022 12/31/2013 2.94% 5.66%
+ MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.40 114,540 09/30/2013 2.61% 9.73%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.13 4,776,541 01/31/2014 2.52% 4.17%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.89 $3.80 36,532 09/30/2013 2.42% 9.01%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.89 286,468 09/30/2013 2.37% 8.82%
+ 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 $13.35 22,230,724 07/31/2013 2.25% 22.17%
+ JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.96 106,361 12/31/2013 2.04% 3.92%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.49 611,219 12/31/2013 2.00% 3.84%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $13.31 1,110,037 06/30/2013 1.43% 86.84%
+ PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.46 92,773 09/30/2013 1.41% 5.26%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.79 $11.63 156,078 12/31/2013 1.39% 2.67%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.07 1,294,068 09/30/2013 1.38% 5.13%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.70 6,277,981 06/30/2013 1.35% 82.21%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $19.45 $19.19 105,400 01/01/2014 1.35% 2.58%
+ GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.06 797,726 09/30/2013 1.25% 4.66%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.46 8,852,289 03/31/2014 1.24% 1.61%
+ 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 $8.30 386 06/30/2013 1.20% 73.29%
+ TRLG 05/10/2013 TowerBrook Capital Partners L.P. (N/A) All Cash $835 million $32.00 $31.62 426,126 09/30/2013 1.20% 4.48%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $28.93 83,179 12/31/2013 1.11% 2.12%
+ SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.65 243,661 12/31/2013 1.10% 2.11%
+ OFI 05/15/2013 Bellisio Foods, Inc. (N/A) All Cash $80.9 million $5.00 $4.95 54,787 12/31/2013 1.01% 1.94%
+ PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.29 3,883,519 12/31/2013 0.95% 1.83%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $41.61 903,002 12/31/2013 0.94% 1.80%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $19.44 $19.28 5,905,657 12/31/2013 0.85% 1.63%
+ BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.19 579,087 09/30/2013 0.83% 3.10%
+ FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $20.48 $20.31 65,227 09/30/2013 0.82% 3.07%
+ ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.92 204,311 06/30/2013 0.67% 40.83%
+ AQ 05/17/2013 Accenture plc (ACN) All Cash $316 million $13.00 $12.92 55,103 09/30/2013 0.62% 2.31%
+ ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.36 69,514 06/30/2013 0.54% 33.06%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.95 1,514,444 06/30/2013 0.50% 30.57%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.37 378,215 09/30/2013 0.49% 1.84%
+ ET 06/04/2013 salesforce.com, inc (CRM) All Cash $2.5 billion $33.75 $33.59 1,509,423 07/31/2013 0.48% 4.70%
+ NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.28 902,919 09/30/2013 0.28% 1.03%
+ WBSN 05/20/2013 Vista Equity Partners (N/A) All Cash $907 million $24.75 $24.70 1,212,669 09/30/2013 0.20% 0.75%
+ SDBT 05/20/2013 Genesys (N/A) All Cash $100.4 million $5.00 $4.99 16,075 07/31/2013 0.20% 1.98%
+ NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.98 968,647 06/30/2013 0.13% 7.61%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $17.72 $17.70 35,713 06/30/2013 0.12% 7.34%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.99 N/A 06/30/2013 0.10% 6.09%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $14.82 $14.81 19,139 09/30/2013 0.08% 0.31%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.96 148,530 06/30/2013 0.06% 3.75%
+ LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.48 832,350 12/31/2013 0.02% 0.04%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $2.90 $2.90 87,440 09/30/2013 -0.00% -0.00%
+ FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.08 55,059 09/30/2013 -0.19% -0.73%
+ WRLS 04/29/2013 Avista Capital Partners (N/A) All Cash $253 million $12.61 $12.64 466,681 06/30/2013 -0.24% -14.44%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.56 2,218,814 09/30/2013 -0.70% -2.61%
+ AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.38 591,541 07/31/2013 -0.98% -9.66%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $5.00 $5.08 57,073,348 06/30/2013 -1.57% -95.80%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $24.57 $24.99 549,663 09/30/2013 -1.68% -6.26%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $14.02 1,936,852 12/31/2013 -1.93% -3.70%
+ OMTH 05/28/2013 AstraZeneca PLC (AZN) All Cash $323 million $12.70 $13.20 234,433 09/30/2013 -3.79% -14.11%
+ NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.07 $16.86 548 09/30/2013 -4.70% -17.52%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $3.66 3,658 07/31/2013 -5.74% -56.60%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.31 $1.57 9,855 03/31/2013 -16.43% 70.57%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 131.21%