Merger Arbitrage Mondays – September 2, 2013

Merger activity increased last week with five new deals announced and one 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 107
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 54
Stock Deals 20
Stock & Cash Deals 5
Total Number of Pending Deals 79
Total Deal Size $325.09 billion

New Deals:

  1. The acquisition of Globecomm Systems (GCOM) by an affiliate of Wasserstein & Co. for $340 million or $14.15 per share in cash.
  2. The acquisition of TMS International (TMS) by The Pritzger Organization for $1 billion or $17.50 per share in cash.
  3. The acquisition of Hi-Tech Pharmacal (HITK) by Akorn (AKRX) for $640 million or $43.50 per share in cash.
  4. The acquisition of Analysts International (ANLY) by ACS Motion Control for $35 million or $6.45 per share in cash.
  5. The acquisition of Simcere Pharmaceutical Group (SCR) by Simcere Holding Limited for $495 million or $9.66 per share in cash.

Closed Deals:

  1. The acquisition of Met-Pro (MPR) by CECO Environmental (CECE) on August 28, 2013. It took 128 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

WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.74 12/31/2013 16.79% 51.06%
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 $5.06 09/30/2013 15.61% 203.52%
PBTH 04/24/2013 Opko Health, Inc. (OPK) $9.19 $8.23 12/31/2013 11.72% 35.65%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $46.39 $41.80 12/31/2013 10.99% 33.43%
CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) $24.50 $22.09 09/30/2013 10.91% 142.22%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $31.93 12/31/2013 9.61% 29.24%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $9.79 03/31/2014 7.25% 12.61%
ASIA 05/13/2013 CITIC Capital Partners (N/A) $12.00 $11.35 09/30/2013 5.73% 74.65%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.51 09/30/2013 5.15% 67.17%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.06 $19.15 12/31/2013 4.77% 14.50%

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

+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.74 17,902 12/31/2013 16.79% 51.06%
+ 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 $5.06 160,640 09/30/2013 15.61% 203.52%
+ PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $9.19 $8.23 N/A 12/31/2013 11.72% 35.65%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $46.39 $41.80 1,044,665 12/31/2013 10.99% 33.43%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Cash $8.6 billion $24.50 $22.09 510,240 09/30/2013 10.91% 142.22%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $31.93 1,844,886 12/31/2013 9.61% 29.24%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $9.79 469,897 03/31/2014 7.25% 12.61%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.35 242,206 09/30/2013 5.73% 74.65%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.51 1,776 09/30/2013 5.15% 67.17%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.06 $19.15 1,800 12/31/2013 4.77% 14.50%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.17 3,000 06/30/2013 4.60% 0.00%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.11 $24.06 2,399 12/31/2013 4.35% 13.22%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $31.90 668,203 12/31/2013 4.23% 12.87%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.27 $10.87 1,296,415 12/31/2013 3.69% 11.22%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.52 $9.19 3,587,398 01/31/2014 3.63% 8.78%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $11.90 $11.55 1,258,064 03/31/2014 3.06% 5.31%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $40.85 424,928 12/31/2013 2.82% 8.56%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.11 $14.73 65,220 09/30/2013 2.60% 33.84%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.26 259,404 09/30/2013 2.45% 31.88%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.41 1,534,083 01/31/2014 2.14% 5.17%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $22.77 746,191 06/15/2014 2.11% 2.69%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $47.06 384,461 09/30/2013 2.00% 26.04%
+ 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 $8.24 1,375 06/30/2013 1.94% 0.00%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $15.53 $15.24 4,066,089 12/31/2013 1.91% 5.82%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $13.90 395,072 12/31/2013 1.80% 5.47%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.49 72,426 12/31/2013 1.79% 5.45%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $20.83 $20.48 77,969 01/01/2014 1.72% 5.18%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $33.53 1,073,763 12/31/2013 1.40% 4.26%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.87 2,078,280 06/30/2013 1.32% 0.00%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.08 292,276 09/30/2013 1.30% 16.94%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.10 $10.96 8,509 12/31/2013 1.30% 3.94%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.11 235,251 09/30/2013 1.29% 16.77%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.45 1,532,517 03/31/2014 1.28% 2.22%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $12.85 $12.69 139,470 12/31/2013 1.28% 3.89%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.70 292,539 12/31/2013 1.17% 3.55%
+ ONXX 08/25/2013 Amgen Inc. (AMGN) All Cash $10.4 billion $125.00 $123.58 1,804,953 10/31/2013 1.15% 7.11%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $24.67 $24.43 24,178 12/31/2013 0.99% 3.01%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.11 $4.07 1,530 09/30/2013 0.98% 12.76%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $21.36 $21.16 44,388 06/30/2014 0.94% 1.14%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.39 102,347 12/31/2013 0.94% 2.86%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.18 43,958 12/31/2013 0.92% 2.79%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.11 344,770 03/31/2014 0.90% 1.57%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $21.63 $21.45 1,324,028 12/31/2013 0.83% 2.54%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $2.97 $2.95 56,415 09/30/2013 0.75% 9.76%
+ FIRE 07/23/2013 Cisco Systems, Inc. (CSCO) All Cash $2.7 billion $76.00 $75.46 608,130 12/31/2013 0.72% 2.18%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.20 53,372 09/30/2013 0.71% 9.31%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.84 105,465 12/31/2013 0.70% 2.13%
+ STEC 06/24/2013 Western Digital Corporation (WDC) All Cash $340 million $6.85 $6.81 511,726 12/31/2013 0.59% 1.79%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $46.00 1,114,438 12/31/2013 0.54% 1.65%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.41 580,467 12/31/2013 0.52% 1.57%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.15 824,906 12/31/2013 0.47% 1.42%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $15.93 2,672,173 12/31/2013 0.44% 1.34%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.92 1,074,184 10/31/2013 0.35% 2.16%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $18.02 $17.96 25,937 06/30/2013 0.31% 0.00%
+ MFB 07/24/2013 Hanesbrands Inc. (HBI) All Cash $575 million $23.50 $23.44 144,032 12/31/2013 0.26% 0.78%
+ VHS 06/24/2013 Tenet Healthcare Corp. (THC) All Cash $4.3 billion $21.00 $20.95 343,886 12/31/2013 0.24% 0.73%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.44 111,031 10/31/2013 0.15% 0.92%
+ 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%
+ MBND 05/22/2013 Goodman Networks (N/A) All Cash $116 million $3.25 $3.25 455,464 09/30/2013 0.00% 0.00%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $16.17 $16.19 16,827 09/30/2013 -0.11% -1.47%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.51 306,824 09/30/2013 -0.12% -1.53%
+ 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 $13.75 $13.77 6,182,278 09/15/2013 -0.15% -4.08%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $25.90 $25.94 30,777 09/30/2013 -0.17% -2.17%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $40.68 $40.90 238,659 12/31/2013 -0.54% -1.63%
+ NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.90 $17.10 N/A 09/30/2013 -1.17% -15.32%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.67 803,163 12/31/2013 -1.24% -3.78%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.20 1,530,805 03/31/2014 -1.32% -2.29%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.72 748,968 12/31/2013 -1.60% -4.88%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $14.14 713,029 12/31/2013 -2.76% -8.39%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $30.13 83,562 12/31/2013 -2.92% -8.88%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $14.60 3,700 12/31/2013 -4.11% -12.50%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.00 $18.82 5,614 03/31/2014 -4.36% -7.57%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $12.66 N/A 09/30/2013 -10.51% -136.95%
+ LVB 07/01/2013 Kohlberg & Company (N/A) All Cash $438 million $35.00 $40.26 32,731 09/30/2013 -13.07% -170.31%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.51 250,173 12/31/2013 -14.07% -42.79%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $34.59 $41.15 211,627 09/30/2013 -15.95% -207.89%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.38 $1.78 N/A 03/31/2013 -22.61% 53.24%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $4.50 1,098 09/30/2013 -23.33% -304.17%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 71.95%

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