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Merger Arbitrage Mondays – September 9, 2013

  • September 8, 2013

Merger activity decreased last week with four 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 2013110
Total Number of Deals Not Completed in 20132
Total Number of Pending Deals
Cash Deals56
Stock Deals19
Stock & Cash Deals5
Total Number of Pending Deals80
Total Deal Size$328.69 billion

New Deals:

  1. The acquisition of Rochester Medical Corporation (ROCM) by C. R. Bard for $262 million or $20.00 per share in cash.
  2. The acquisition of Thomas Properties Group (TPGI) by Parkway Properties (PKY) for $1.2 billion in an all stock deal. Under the terms of the agreement, shareholders of Thomas Properties Group will receive 0.3822 shares of newly issued Parkway common stock in exchange for each share of Thomas Properties common stock.
  3. The acquisition of Kaydon Corporation (KDN) by AB SKF for $1.25 billion or $35.50 per share in cash.
  4. The acquisition of Astex Pharmaceuticals (ASTX) by Otsuka Pharmaceutical for $886 million or $8.50 per share in cash.

Closed Deals:

  1. The acquisition of Newport Bancorp (NFSB) by SI Financial Group (SIFI) on September 6, 2013. It took 185 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

NLP12/27/2012J.D. Nichols & Brian F. Lavin (N/A)$7.50$6.3006/30/201319.05%-97.92%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.7112/31/201318.08%58.40%
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$5.1809/30/201312.93%224.81%
CLP06/03/2013Mid-America Apartment Communities Inc. (MAA)$24.50$22.0109/30/201311.31%196.63%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$46.30$41.8712/31/201310.58%34.18%
CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$32.3612/31/20138.16%26.35%
EVAC08/19/2013Atlas Copco Group (N/A)$10.50$9.7103/31/20148.14%14.63%
MFLR05/14/2013Independent Bank Corp. (INDB)$20.20$19.1912/31/20135.26%16.98%
HWG06/05/2013Hallwood Financial Limited (N/A)$10.00$9.5109/30/20135.15%89.55%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.66$9.2501/31/20144.45%11.28%

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$6.3054,33306/30/201319.05%0.00%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.7152,62912/31/201318.08%58.40%
+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$5.1822,83709/30/201312.93%224.81%
+CLP06/03/2013Mid-America Apartment Communities Inc. (MAA)All Cash$8.6 billion$24.50$22.011,171,30009/30/201311.31%196.63%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$46.30$41.871,139,77612/31/201310.58%34.18%
+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$32.36820,74712/31/20138.16%26.35%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$9.71958,53903/31/20148.14%14.63%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.20$19.193,44012/31/20135.26%16.98%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.5120009/30/20135.15%89.55%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.66$9.254,140,76601/31/20144.45%11.28%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$11.94$11.481,365,56103/31/20144.01%7.20%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.5471,52609/30/20133.99%69.28%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$24.94$24.083,37612/31/20133.57%11.53%
+FMFC02/07/2013Renasant Corp. (RNST)All Stock$118.8 million$16.72$16.19N/A09/30/20133.30%57.36%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$11.32$10.98726,84912/31/20133.14%10.15%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$32.271,380,03412/31/20133.04%9.81%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.26$6.09646,45612/31/20132.86%9.24%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$15.34$14.9928,18709/30/20132.34%40.70%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.31692,02209/30/20132.28%39.57%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$22.79274,66606/15/20142.02%2.64%
+RUE05/23/2013Apax Partners (N/A)All Cash$1.1 billion$42.00$41.25610,56312/31/20131.82%5.87%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$74.671,150,92201/31/20141.78%4.51%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$15.71$15.455,928,60212/31/20131.71%5.52%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.501,40012/31/20131.68%5.44%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$21.69$21.3389,72501/01/20141.68%5.39%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$13.9479,77612/31/20131.51%4.87%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.451,682,76103/31/20141.28%2.30%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$12.92$12.76160,38412/31/20131.22%3.93%
+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$8.3030806/30/20131.20%0.00%
+MEMS04/23/2013IDG-Accel China Capital II, L.P. (N/A)All CashN$4.23$4.184,94209/30/20131.20%20.79%
+ARB12/18/2012Nielsen Holdings N.V. (NLSN)All CashN/A$48.00$47.45488,27409/30/20131.16%20.15%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.10254,44309/30/20131.15%19.90%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$11.16$11.041,90712/31/20131.09%3.53%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.05175,22003/31/20141.05%1.88%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$21.61$21.4129,64306/30/20140.94%1.16%
+TGX08/05/2013Juniper Investment Company, LLC (N/A)All CashN/A$2.20$2.188,91412/31/20130.92%2.96%
+IN12/10/2012Honeywell International Inc. (HON)All Cash$600 million$10.00$9.91223,58006/30/20130.91%0.00%
+ONXX08/25/2013Amgen Inc. (AMGN)All Cash$10.4 billion$125.00$123.932,277,33710/31/20130.86%6.06%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.78336,32712/31/20130.85%2.76%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.08$4.0513,33509/30/20130.80%13.99%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.4034,93012/31/20130.78%2.52%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$24.74$24.5619,33212/31/20130.75%2.42%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.8485,22812/31/20130.70%2.26%
+ROCM09/04/2013C. R. Bard (N/A)All Cash$262 million$20.00$19.87785,87112/31/20130.65%2.11%
+MPG04/25/2013Affiliate of Brookfield Office Properties Inc. (N/A)All CashN/A$3.15$3.13352,24909/30/20130.64%11.11%
+SKS07/29/2013Hudson’s Bay Company (N/A)All Cash$2.9 billion$16.00$15.901,556,40812/31/20130.63%2.03%
+TMS08/26/2013The Pritzger Organization (N/A)All Cash$1 billion$17.50$17.4083,30212/31/20130.57%1.86%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$25.98$25.8466,54009/30/20130.55%9.58%
+CXPO04/30/2013Contango Oil & Gas Company (MCF)All Stock$390 million$3.02$3.0024,80809/30/20130.53%9.27%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.13587,15812/31/20130.51%1.64%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$21.98$21.893,207,31812/31/20130.42%1.36%
+VLTR08/15/2013Maxim Integrated Products, Inc. (MXIM)All Cash$605 million$23.00$22.91342,34510/31/20130.39%2.76%
+VHS06/24/2013Tenet Healthcare Corp. (THC)All Cash$4.3 billion$21.00$20.92342,97412/31/20130.38%1.24%
+FIRE07/23/2013Cisco Systems, Inc. (CSCO)All Cash$2.7 billion$76.00$75.76262,19812/31/20130.32%1.02%
+STEC06/24/2013Western Digital Corporation (WDC)All Cash$340 million$6.85$6.83165,14612/31/20130.29%0.95%
+MFB07/24/2013Hanesbrands Inc. (HBI)All Cash$575 million$23.50$23.44119,35512/31/20130.26%0.83%
+LSE05/28/2013American Realty Capital Properties, Inc. (ARCP)All Cash$2.2 billion$8.50$8.48278,65009/30/20130.24%4.10%
+SFD05/29/2013Shuanghui International (N/A)All Cash$7.1 billion$34.00$33.922,094,05812/31/20130.24%0.76%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$18.39$18.358,75806/30/20130.21%0.00%
+FCFC12/21/2012Varde Partners Inc. (N/A)All Cash$225 million$10.00$9.99N/A06/30/20130.10%0.00%
+KDN09/05/2013AB SKF (N/A)All Cash$1.25 billion$35.50$35.502,096,93312/31/20130.00%0.00%
+BKR07/29/2013Integrated Mission Solutions LLC (N/A)All Cash$391.6 million$40.50$40.5159,70210/31/2013-0.02%-0.17%
+BMC05/06/2013Bain Capital and Golden Gate Capital (N/A)All Cash$6.9 billion$46.25$46.2810,818,98512/31/2013-0.06%-0.21%
+DOLE08/12/2013David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A)All Cash$1.6 billion$13.50$13.55713,07712/31/2013-0.37%-1.19%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$42.05$42.3020,51612/31/2013-0.59%-1.91%
+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$13.848,924,96109/15/2013-0.65%-39.56%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$17.97$18.139,20103/31/2014-0.88%-1.59%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.816,516,26912/31/2013-2.24%-7.25%
+ASTX09/05/2013Otsuka Pharmaceutical Co., Ltd. (N/A)All Cash$886 million$8.50$8.739,474,27911/15/2013-2.63%-14.35%
+ASI06/03/2013Fairfax Financial Holdings Limited (N/A)All Cash$306 million$29.25$30.1431,01712/31/2013-2.95%-9.54%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$15.53987,74603/31/2014-3.41%-6.14%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$14.241,362,62612/31/2013-3.44%-11.11%
+ALCS07/25/2013Argonne Capital Group LLC (N/A)All Cash$47 million$14.00$14.5413,78012/31/2013-3.71%-12.00%
+LEDR05/08/2013Trulia, Inc. (TRLA)All Cash$355 million$11.33$12.66N/A09/30/2013-10.51%-182.60%
+LVB07/01/2013Kohlberg & Company (N/A)All Cash$438 million$35.00$40.1627,01909/30/2013-12.85%-223.32%
+OPTR07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$535 million$10.75$12.61244,03812/31/2013-14.75%-47.64%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$34.53$41.92387,86109/30/2013-17.64%-306.61%
+MEAD05/17/2013Jinghua Optics & Electronics Co., Ltd. (N/A)All Cash$4.5 million$3.45$4.46937,23409/30/2013-22.80%-396.31%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.37$1.94N/A03/31/2013-29.41%66.27%
+WAVE08/02/2012AT&T, Inc. (T)All Cash$600 million$1.00$1.44N/A03/31/2013-30.56%68.84%