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Merger Arbitrage Mondays – September 30, 2013

  • September 30, 2013

Merger activity heated up last week with nine new deals announced.

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 2013117
Total Number of Deals Not Completed in 20132
Total Number of Pending Deals
Cash Deals62
Stock Deals19
Stock & Cash Deals8
Total Number of Pending Deals89
Total Deal Size$348.62 billion

New Deals:

  1. The acquisition of Official Payments Holdings (OPAY) by ACI Worldwide (ACIW) for $109 million or $8.35 per share in cash.
  2. The acquisition of Blackberry Limited (BBRY) by a consortium led by Fairfax Financial Holdings Limited for $4.7 billion or $9.00 per share in cash. A letter of intent has been signed by Blackberry and Fairfax and a definitive merger agreement is expected to be signed around November 4, 2013 after the consortium completes its due diligence.
  3. The acquisition of Greenway Medical Technologies (GWAY) by Vitera Healthcare Solutions for $644 million or $20.35 per share in cash.
  4. The acquisition of Yongye International (YONG) by Full Alliance International Limited for $339 million or $6.69 per share in cash.
  5. The acquisition of Zoltek Companies (ZOLT) by Toray Industries for $584 million or $16.75 per share in cash.
  6. The acquisition of Home Federal Bancorp (HOME) by Banner Corporation (BANR) for $197 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Home Federal Bancorp will receive $6.04 in cash and 0.20 shares of Banner common stock per share held, subject to a collar.
  7. The acquisition of Eastern Insurance Holdings (EIHI) by ProAssurance Corporation (PRA) for $205 million or $24.50 per share in cash.
  8. The acquisition of MAKO Surgical (MAKO) by Stryker Corporation (SYK) for $1.65 billion or $30.00 per share in cash.
  9. The acquisition of Flow International Corporation (FLOW) by American Industrial Partners for $200 million or $4.05 per share in cash.

Top 10 deals with the largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)$7.50$4.8009/30/201356.25%0.00%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.1112/31/201351.66%204.95%
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$4.8909/30/201319.63%0.00%
CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$30.6712/31/201314.12%56.01%
BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)$9.00$8.0312/31/201312.08%47.92%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$46.79$41.9512/31/201311.53%45.76%
CIS09/18/2013Camelot Employee Scheme Inc. (N/A)$2.05$1.9001/15/20147.89%26.93%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.2403/31/20147.21%14.46%
HOME09/24/2013Banner Corporation (BANR)$13.56$12.6603/31/20147.14%14.32%
RUE05/23/2013Apax Partners (N/A)$42.00$39.3212/31/20136.82%27.04%

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

+NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)All CashN/A$7.50$4.8017,40009/30/201356.25%0.00%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.1185,93212/31/201351.66%204.95%
+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$4.89279,45609/30/201319.63%0.00%
+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$30.671,360,58912/31/201314.12%56.01%
+BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)All Cash$4.7 billion$9.00$8.0324,421,44412/31/201312.08%47.92%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$46.79$41.951,026,30112/31/201311.53%45.76%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.9054,49001/15/20147.89%26.93%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.24523,54503/31/20147.21%14.46%
+HOME09/24/2013Banner Corporation (BANR)Cash Plus Stock$197 million$13.56$12.66319,56403/31/20147.14%14.32%
+RUE05/23/2013Apax Partners (N/A)All Cash$1.1 billion$42.00$39.321,018,40012/31/20136.82%27.04%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$9.8513,16103/31/20146.60%13.23%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.18$19.191,30012/31/20135.14%20.39%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$25.13$24.2712,61212/31/20133.53%14.00%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.42$9.124,189,24801/31/20143.27%9.70%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.64304,08609/30/20133.09%0.00%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$19.50$18.982,37003/31/20142.74%5.49%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$12.25$11.95857,76303/31/20142.53%5.07%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$23.71$23.138,62603/31/20142.49%4.99%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$29.20$28.58145,69206/30/20142.17%2.90%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.462,60012/31/20132.11%8.39%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.42300,31909/30/20131.91%0.00%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.486,504,22712/31/20131.76%7.00%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$3.984,140,28601/31/20141.76%5.22%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$74.91805,54401/31/20141.46%4.32%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$12.72$12.55837,24512/31/20131.38%5.49%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.73$6.6450,92612/31/20131.31%5.18%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$22.97825,25206/15/20141.22%1.72%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$15.61$15.4216,67909/30/20131.22%0.00%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.39117,96303/31/20141.17%2.35%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$22.71$22.4624,41401/01/20141.12%4.39%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.0560,50403/31/20141.05%2.10%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$19.03$18.8524,13606/30/20130.94%0.00%
+TGX08/05/2013Juniper Investment Company, LLC (N/A)All CashN/A$2.20$2.1838,41812/31/20130.92%3.64%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.14279,27509/30/20130.84%0.00%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.571,595,59303/31/20140.76%1.53%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$11.17$11.094,65812/31/20130.75%2.99%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$3.04$3.0242,47809/30/20130.72%0.00%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$15.70$15.5925,125,30812/31/20130.68%2.69%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$14.0695,60512/31/20130.64%2.54%
+MPG04/25/2013Affiliate of Brookfield Office Properties Inc. (N/A)All CashN/A$3.15$3.1359,42809/30/20130.64%0.00%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.8828,77312/31/20130.52%2.08%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.9510009/30/20130.50%0.00%
+VRNM09/20/2013BASF Corporation (N/A)All CashN/A$4.00$3.9858,35712/31/20130.50%1.99%
+OPAY09/23/2013ACI Worldwide, Inc. (ACIW)All Cash$109 million$8.35$8.3121,97312/31/20130.48%1.91%
+ROCM09/04/2013C. R. Bard (N/A)All Cash$262 million$20.00$19.9184,57512/31/20130.45%1.79%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.16430,82712/31/20130.45%1.78%
+SKS07/29/2013Hudson’s Bay Company (N/A)All Cash$2.9 billion$16.00$15.941,382,40712/31/20130.38%1.49%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.4119,41401/01/20140.37%1.45%
+ASTX09/05/2013Otsuka Pharmaceutical Co., Ltd. (N/A)All Cash$886 million$8.50$8.475,345,46911/15/20130.35%2.81%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.91128,43812/31/20130.35%1.38%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.709,388,09001/31/20140.30%0.89%
+ONXX08/25/2013Amgen Inc. (AMGN)All Cash$10.4 billion$125.00$124.70923,67010/31/20130.24%2.83%
+LSE05/28/2013American Realty Capital Properties, Inc. (ARCP)All Cash$2.2 billion$8.50$8.48184,47309/30/20130.24%0.00%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.723,645,63412/31/20130.22%0.87%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$33.181,283,77712/31/20130.21%0.84%
+CLP06/03/2013Mid-America Apartment Communities Inc. (MAA)All Stock$8.6 billion$22.74$22.69929,07509/30/20130.21%0.00%
+TMS08/26/2013The Pritzger Organization (N/A)All Cash$1 billion$17.50$17.4778,31312/31/20130.17%0.68%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.4415,15612/31/20130.16%0.62%
+VLTR08/15/2013Maxim Integrated Products, Inc. (MXIM)All Cash$605 million$23.00$22.97150,31910/31/20130.13%1.54%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$26.65$26.624,47112/31/20130.12%0.48%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.46554,86912/31/20130.10%0.41%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.99N/A06/30/20130.10%0.00%
+VHS06/24/2013Tenet Healthcare Corp. (THC)All Cash$4.3 billion$21.00$20.98414,61712/31/20130.10%0.38%
+MFB07/24/2013Hanesbrands Inc. (HBI)All Cash$575 million$23.50$23.4840,61712/31/20130.09%0.34%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.11$4.112,14809/30/20130.08%0.00%
+BKR07/29/2013Integrated Mission Solutions LLC (N/A)All Cash$391.6 million$40.50$40.4711,43310/31/20130.07%0.87%
+FIRE07/23/2013Cisco Systems, Inc. (CSCO)All Cash$2.7 billion$76.00$75.96232,28112/31/20130.05%0.21%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$21.90$21.8918,79606/30/20140.04%0.06%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$13.64$13.6345,47512/31/20130.04%0.15%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$48.001,301,03309/30/20130.00%0.00%
+ALCS07/25/2013Argonne Capital Group LLC (N/A)All Cash$47 million$14.00$14.003,02412/31/20130.00%0.00%
+KDN09/05/2013AB SKF (N/A)All Cash$1.25 billion$35.50$35.51552,35912/31/2013-0.03%-0.11%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$23.09$23.115,905,05212/31/2013-0.10%-0.38%
+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$13.75$13.7815,788,14609/15/2013-0.22%5.30%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$24.67$24.7543,00409/30/2013-0.34%0.00%
+BZ09/16/2013Packaging Corporation of America (PKG)All Cash$1.995 billion$12.55$12.603,397,04812/31/2013-0.40%-1.57%
+GWAY09/23/2013Vitera Healthcare Solutions (N/A)All Cash$644 million$20.35$20.44499,97612/31/2013-0.44%-1.75%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$43.89$44.2021,30812/31/2013-0.70%-2.77%
+DOLE08/12/2013David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A)All Cash$1.6 billion$13.50$13.62731,55312/31/2013-0.88%-3.50%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-3.78%
+ASI06/03/2013Fairfax Financial Holdings Limited (N/A)All Cash$306 million$29.25$30.2125,34912/31/2013-3.18%-12.61%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$15.82719,14203/31/2014-5.18%-10.40%
+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$9.16N/A06/30/2013-8.30%32.92%
+LEDR05/08/2013Trulia, Inc. (TRLA)All Cash$355 million$11.33$12.66N/A09/30/2013-10.51%0.00%
+OPTR07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$535 million$10.75$12.635,803,52612/31/2013-14.89%-59.06%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$36.38$43.14626,60909/30/2013-15.68%0.00%
+MEAD05/17/2013Jinghua Optics & Electronics Co., Ltd. (N/A)All Cash$4.5 million$3.45$4.52N/A09/30/2013-23.67%0.00%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.39$1.891,13003/31/2013-26.24%52.34%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%60.94%