Merger Arbitrage Mondays – October 14, 2013

  • October 13, 2013

Merger activity increased last week with two new deals announced and four deals 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 2013132
Total Number of Deals Not Completed in 20132
Total Number of Pending Deals
Cash Deals51
Stock Deals18
Stock & Cash Deals8
Total Number of Pending Deals77
Total Deal Size$355.36 billion

New Deals:

  1. The acquisition of Camco Financial (CAFI) by Huntington Bancshares (HBAN) for $97 million in a stock or cash deal. Under the terms of the agreement, shareholders of Camco Financial will receive 0.7264 shares of Huntngton bancshares, or $6.00 in cash, for each share of Camco Financial common stock, subject to proration provisions specified in the merger agreement. Since the targeted aggregate split of total consideration is 80% common stock and 20% cash, we are treating this as an all stock deal.
  2. The acquisition of PVR Partners (PVR) by Regency Energy Partners (RGP) for $5.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of PVR Partners will receive 1.02 shares of Regency Energy Partners common stock and approximately $0.31 per share in cash per share held.

Deal Updates:

  1. On October 10, 2013, Intercontinental Exchange (ICE) and NYSE Euronext (NYX) established a closing date of November 4, 2013 for their previously announced transaction. The November 4, 2013 closing date is predicated upon the receipt by IntercontinentalExchange and NYSE Euronext of remaining European regulatory approvals prior to such date, and may be extended to a later date by further public announcement should any necessary approvals remain outstanding at such date.

Closed Deals:

  1. The acquisition of Maidenform Brands (MFB) by Hanesbrands (HBI) on October 7, 2013. It took 75 days for this deal to be completed.
  2. The acquisition of Crestwood Midstream Partners (CMLP) by Inergy Midstream on October 7, 2013. It took 154 days for this deal to be completed.
  3. The acquisition of Sourcefire (FIRE) by Cisco Systems (CSCO) on October 7, 2013. It took 76 days for this deal to be completed.
  4. The acquisition of rue2 (RUE) by Apax Partners on October 10, 2013. It took 140 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

WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.1112/31/201351.66%241.74%
CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$25.8112/31/201335.61%166.62%
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$5.0009/30/201317.00%-443.21%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$50.25$44.3811/04/201313.22%229.77%
BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)$9.00$8.0712/31/201311.52%53.93%
CIS09/18/2013Camelot Employee Scheme Inc. (N/A)$2.05$1.9001/15/20147.89%30.98%
HOME09/24/2013Banner Corporation (BANR)$13.69$12.7903/31/20147.07%15.36%
MFLR05/14/2013Independent Bank Corp. (INDB)$20.74$19.5612/31/20136.01%28.12%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.3603/31/20145.19%11.27%
EVAC08/19/2013Atlas Copco Group (N/A)$10.50$10.0703/31/20144.27%9.28%

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

+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.116,40412/31/201351.66%241.74%
+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$25.812,316,06212/31/201335.61%166.62%
+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$5.0099,61109/30/201317.00%0.00%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$50.25$44.38851,04511/04/201313.22%229.77%
+BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)All Cash$4.7 billion$9.00$8.0713,305,27712/31/201311.52%53.93%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.9050,27601/15/20147.89%30.98%
+HOME09/24/2013Banner Corporation (BANR)Cash Plus Stock$197 million$13.69$12.7937,99303/31/20147.07%15.36%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.74$19.5620,82412/31/20136.01%28.12%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.36275,67803/31/20145.19%11.27%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.07117,65303/31/20144.27%9.28%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.6065,29509/30/20133.45%0.00%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.16$5.96206,88906/30/20143.29%4.64%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.62$9.345,874,57901/31/20142.97%9.94%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$25.79$25.059,40012/31/20132.96%13.86%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$26.99$26.301,801,52103/31/20142.64%5.73%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$30.02$29.28736,81206/30/20142.52%3.56%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$13.50$13.241,708,17412/31/20131.99%9.32%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.51$18.168,12803/31/20141.93%4.19%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.4810012/31/20131.90%8.89%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.47458,58409/30/20131.74%0.00%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$19.24$18.9114,58511/30/20131.72%13.37%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$12.98$12.763,334,52803/31/20141.69%3.67%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$3.985597,44101/31/20141.63%5.46%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$74.961,115,11301/31/20141.39%4.65%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.09$23.8110,67103/31/20141.18%2.55%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.74$6.6675,52312/31/20131.17%5.49%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$12.39$12.25129,54312/31/20131.13%5.31%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$24.35$24.0952,00401/01/20141.07%4.94%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.22$4.1830,07610/12/20131.01%0.00%
+TGX08/05/2013Juniper Investment Company, LLC (N/A)All CashN/A$2.20$2.1883,12012/31/20130.92%4.29%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.1187,41903/31/20140.90%1.97%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$16.15$16.0113,652,52412/31/20130.85%3.96%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$14.04223,65012/31/20130.78%3.67%
+ACTV09/30/2013Vista Equity Partners (N/A)All Cash$1.05 billion$14.50$14.401,636,88212/31/20130.69%3.25%
+ALCS07/25/2013Argonne Capital Group LLC (N/A)All Cash$47 million$14.00$13.91N/A12/31/20130.65%3.03%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.8714,38412/31/20130.57%2.66%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$13.99$13.9198,31712/31/20130.56%2.64%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.4538,75203/31/20140.53%1.15%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.21$16.1345,36109/30/20130.51%0.00%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.95N/A09/30/20130.50%0.00%
+VRNM09/20/2013BASF Corporation (N/A)All CashN/A$4.00$3.98172,26812/31/20130.50%2.35%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.85987,58712/31/20130.50%2.35%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.20957,92510/16/20130.38%69.13%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$33.131,041,17512/31/20130.36%1.69%
+LSE05/28/2013American Realty Capital Properties, Inc. (ARCP)All Cash$2.2 billion$8.50$8.47870,73712/02/20130.35%2.64%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$27.20$27.1120,99712/31/20130.35%1.62%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$23.17767,73306/15/20140.35%0.52%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.71841,60212/31/20130.29%1.37%
+OPAY09/23/2013ACI Worldwide, Inc. (ACIW)All Cash$109 million$8.35$8.3378,98612/31/20130.24%1.12%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.72781,11701/31/20140.18%0.60%
+EDG10/01/2013Sumitomo Corporation of America, Inc. (N/A)All CashN/A$12.00$11.98123,76712/31/20130.17%0.78%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.301,398,82112/31/20130.16%0.76%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.443,90012/31/20130.16%0.73%
+VLTR08/15/2013Maxim Integrated Products, Inc. (MXIM)All Cash$605 million$23.00$22.97N/A10/31/20130.13%2.80%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.722,989,90203/31/20140.13%0.27%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.01$22.9939,69006/30/20140.10%0.14%
+BKR07/29/2013Integrated Mission Solutions LLC (N/A)All Cash$391.6 million$40.50$40.4735,05710/31/20130.07%1.59%
+ASTX09/05/2013Otsuka Pharmaceutical Co., Ltd. (N/A)All Cash$886 million$8.50$8.495N/A11/15/20130.06%0.67%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$26.00603,94412/31/20130.00%0.00%
+TMS08/26/2013The Pritzger Organization (N/A)All Cash$1 billion$17.50$17.5083,78612/31/20130.00%0.00%
+MPG04/25/2013Affiliate of Brookfield Office Properties Inc. (N/A)All CashN/A$3.15$3.15237,37510/15/20130.00%0.00%
+ROCM09/04/2013C. R. Bard (N/A)All Cash$262 million$20.00$20.0090,92612/31/20130.00%0.00%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.50209,70301/01/20140.00%0.00%
+KDN09/05/2013AB SKF (N/A)All Cash$1.25 billion$35.50$35.52426,61012/31/2013-0.06%-0.26%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.621,158,58812/31/2013-0.31%-1.45%
+SKS07/29/2013Hudson’s Bay Company (N/A)All Cash$2.9 billion$16.00$16.062,590,32112/31/2013-0.37%-1.75%
+GWAY09/23/2013Vitera Healthcare Solutions (N/A)All Cash$644 million$20.35$20.4763,56712/31/2013-0.59%-2.74%
+BZ09/16/2013Packaging Corporation of America (PKG)All Cash$1.995 billion$12.55$12.63905,14412/31/2013-0.63%-2.96%
+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$13.856,497,21311/01/2013-0.72%-14.64%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$45.34$45.6892,19912/31/2013-0.75%-3.51%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-4.46%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$22.67$22.93N/A12/31/2013-1.12%-5.23%
+DOLE08/12/2013David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A)All Cash$1.6 billion$13.50$13.662,153,01412/31/2013-1.17%-5.48%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$15.91569,96103/31/2014-5.72%-12.43%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.35$1.553,93103/31/2013-12.71%23.55%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$37.66$43.77242,68509/30/2013-13.95%363.79%
+OPTR07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$535 million$10.75$12.742,527,95612/31/2013-15.62%-73.09%