Merger Arbitrage Mondays – September 9, 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 2013 110
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 56
Stock Deals 19
Stock & Cash Deals 5
Total Number of Pending Deals 80
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:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $6.30 06/30/2013 19.05% -97.92%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.71 12/31/2013 18.08% 58.40%
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 $5.18 09/30/2013 12.93% 224.81%
CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) $24.50 $22.01 09/30/2013 11.31% 196.63%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $46.30 $41.87 12/31/2013 10.58% 34.18%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $32.36 12/31/2013 8.16% 26.35%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $9.71 03/31/2014 8.14% 14.63%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.20 $19.19 12/31/2013 5.26% 16.98%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.51 09/30/2013 5.15% 89.55%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.66 $9.25 01/31/2014 4.45% 11.28%

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

+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $6.30 54,333 06/30/2013 19.05% 0.00%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.71 52,629 12/31/2013 18.08% 58.40%
+ 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 $5.18 22,837 09/30/2013 12.93% 224.81%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Cash $8.6 billion $24.50 $22.01 1,171,300 09/30/2013 11.31% 196.63%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $46.30 $41.87 1,139,776 12/31/2013 10.58% 34.18%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $32.36 820,747 12/31/2013 8.16% 26.35%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $9.71 958,539 03/31/2014 8.14% 14.63%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.20 $19.19 3,440 12/31/2013 5.26% 16.98%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.51 200 09/30/2013 5.15% 89.55%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.66 $9.25 4,140,766 01/31/2014 4.45% 11.28%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $11.94 $11.48 1,365,561 03/31/2014 4.01% 7.20%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.54 71,526 09/30/2013 3.99% 69.28%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $24.94 $24.08 3,376 12/31/2013 3.57% 11.53%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $16.72 $16.19 N/A 09/30/2013 3.30% 57.36%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.32 $10.98 726,849 12/31/2013 3.14% 10.15%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $32.27 1,380,034 12/31/2013 3.04% 9.81%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.26 $6.09 646,456 12/31/2013 2.86% 9.24%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.34 $14.99 28,187 09/30/2013 2.34% 40.70%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.31 692,022 09/30/2013 2.28% 39.57%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $22.79 274,666 06/15/2014 2.02% 2.64%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $41.25 610,563 12/31/2013 1.82% 5.87%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.67 1,150,922 01/31/2014 1.78% 4.51%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $15.71 $15.45 5,928,602 12/31/2013 1.71% 5.52%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.50 1,400 12/31/2013 1.68% 5.44%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $21.69 $21.33 89,725 01/01/2014 1.68% 5.39%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $13.94 79,776 12/31/2013 1.51% 4.87%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.45 1,682,761 03/31/2014 1.28% 2.30%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $12.92 $12.76 160,384 12/31/2013 1.22% 3.93%
+ 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 $8.30 308 06/30/2013 1.20% 0.00%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.18 4,942 09/30/2013 1.20% 20.79%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $47.45 488,274 09/30/2013 1.16% 20.15%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.10 254,443 09/30/2013 1.15% 19.90%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.16 $11.04 1,907 12/31/2013 1.09% 3.53%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.05 175,220 03/31/2014 1.05% 1.88%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $21.61 $21.41 29,643 06/30/2014 0.94% 1.16%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.18 8,914 12/31/2013 0.92% 2.96%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.91 223,580 06/30/2013 0.91% 0.00%
+ ONXX 08/25/2013 Amgen Inc. (AMGN) All Cash $10.4 billion $125.00 $123.93 2,277,337 10/31/2013 0.86% 6.06%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.78 336,327 12/31/2013 0.85% 2.76%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.08 $4.05 13,335 09/30/2013 0.80% 13.99%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.40 34,930 12/31/2013 0.78% 2.52%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $24.74 $24.56 19,332 12/31/2013 0.75% 2.42%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.84 85,228 12/31/2013 0.70% 2.26%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.87 785,871 12/31/2013 0.65% 2.11%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.13 352,249 09/30/2013 0.64% 11.11%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $15.90 1,556,408 12/31/2013 0.63% 2.03%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.40 83,302 12/31/2013 0.57% 1.86%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $25.98 $25.84 66,540 09/30/2013 0.55% 9.58%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.02 $3.00 24,808 09/30/2013 0.53% 9.27%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.13 587,158 12/31/2013 0.51% 1.64%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $21.98 $21.89 3,207,318 12/31/2013 0.42% 1.36%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.91 342,345 10/31/2013 0.39% 2.76%
+ VHS 06/24/2013 Tenet Healthcare Corp. (THC) All Cash $4.3 billion $21.00 $20.92 342,974 12/31/2013 0.38% 1.24%
+ FIRE 07/23/2013 Cisco Systems, Inc. (CSCO) All Cash $2.7 billion $76.00 $75.76 262,198 12/31/2013 0.32% 1.02%
+ STEC 06/24/2013 Western Digital Corporation (WDC) All Cash $340 million $6.85 $6.83 165,146 12/31/2013 0.29% 0.95%
+ MFB 07/24/2013 Hanesbrands Inc. (HBI) All Cash $575 million $23.50 $23.44 119,355 12/31/2013 0.26% 0.83%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.48 278,650 09/30/2013 0.24% 4.10%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $33.92 2,094,058 12/31/2013 0.24% 0.76%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $18.39 $18.35 8,758 06/30/2013 0.21% 0.00%
+ 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%
+ KDN 09/05/2013 AB SKF (N/A) All Cash $1.25 billion $35.50 $35.50 2,096,933 12/31/2013 0.00% 0.00%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.51 59,702 10/31/2013 -0.02% -0.17%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $46.28 10,818,985 12/31/2013 -0.06% -0.21%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.55 713,077 12/31/2013 -0.37% -1.19%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $42.05 $42.30 20,516 12/31/2013 -0.59% -1.91%
+ 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 $13.84 8,924,961 09/15/2013 -0.65% -39.56%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $17.97 $18.13 9,201 03/31/2014 -0.88% -1.59%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.81 6,516,269 12/31/2013 -2.24% -7.25%
+ ASTX 09/05/2013 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $886 million $8.50 $8.73 9,474,279 11/15/2013 -2.63% -14.35%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $30.14 31,017 12/31/2013 -2.95% -9.54%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.53 987,746 03/31/2014 -3.41% -6.14%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $14.24 1,362,626 12/31/2013 -3.44% -11.11%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $14.54 13,780 12/31/2013 -3.71% -12.00%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $12.66 N/A 09/30/2013 -10.51% -182.60%
+ LVB 07/01/2013 Kohlberg & Company (N/A) All Cash $438 million $35.00 $40.16 27,019 09/30/2013 -12.85% -223.32%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.61 244,038 12/31/2013 -14.75% -47.64%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $34.53 $41.92 387,861 09/30/2013 -17.64% -306.61%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $4.469 37,234 09/30/2013 -22.80% -396.31%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.37 $1.94 N/A 03/31/2013 -29.41% 66.27%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 68.84%

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