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Merger Arbitrage Mondays – October 28, 2013

  • October 28, 2013

Merger activity increased last week with eight new deals announced and one deal 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 2013141
Total Number of Deals Not Completed in 20132
Total Number of Pending Deals
Cash Deals48
Stock Deals19
Stock & Cash Deals11
Total Number of Pending Deals78
Total Deal Size$372.07 billion

New Deals:

  1. The acquisition of Symmetricom (SYMM) by Microsemi Corporation (MSCC) for $230 million or $7.18 per share in cash.
  2. The acquisition of Tellabs (TLAB) by Marlin Equity Partners for $891 million or $2.45 per share in cash.
  3. The acquisition of NTS (NTS) by Tower Three Partners for $83 million or $2.00 per share in cash.
  4. The acquisition of PAA Natural Gas Storage (PNG) by Plains All American Pipeline (PAA) for $2 billion in an all stock deal. Under the terms of the agreement, shareholders of PAA Natural Gas Storage will receive 0.445 common units of PAA per PNG common unit.
  5. The acquisition of Cole Real Estate Investments (COLE) by American Realty Capital Properties (ARCP) for $11.2 billion. Under the terms of the agreement, shareholders of Cole may elect to receive 1.0929 shares of ARCP common stock (reflecting a fixed exchange ratio) or $13.82 cash for each share of Cole common stock.  In the event elections for payment in cash exceed 20% of Cole’s outstanding shares, such elections would be prorated.
  6. The acquisition of Washington Banking (WBCO) by Heritage Financial (HFWA) for $265.1 million in a cash plus stock deal. Under the terms of the merger agreement, Washington Banking shareholders will receive 0.89000 shares of Heritage common stock and $2.75 in cash for each share of Washington Banking common stock.
  7. The acquisition of Home Federal Bancorp (HOME) by Cascade Bancorp (CACB) for $265.7 million. Under the terms of the agreement, Home Federal Bancorp shareholders will receive approximately $8.3368 in cash and 1.6776 shares of Cascade Bancorp common stock per share held.
  8. The acquisition of Consolidated Graphics (CGX) by R.R. Donnelley & Sons Company (RRD) for $620 million in a cash plus stock deal. Under the terms of the transaction, Consolidated Graphics shareholders will receive a combination of $34.44 in cash and a fixed exchange ratio of 1.651 RR Donnelley shares for each outstanding share of Consolidated Graphics they own.

Closed Deals:

  1. The acquisition of Optimer Pharmaceuticals (OPTR) by Cubist Pharmaceuticals (CBST) on October 24, 2013. It took 86 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$2.1712/31/201347.47%270.70%
CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$25.6612/31/201336.40%207.59%
HOME10/23/2013Cascade Bancorp (CACB)$17.85$15.5503/31/201414.78%35.04%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$50.59$44.5911/04/201313.45%701.35%
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$5.2009/30/201312.50%-162.95%
BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)$9.00$8.2312/31/20139.36%53.36%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.2503/31/20147.04%16.69%
MFLR05/14/2013Independent Bank Corp. (INDB)$20.88$19.7712/31/20135.60%31.93%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.46$8.9901/31/20145.20%19.98%
EVAC08/19/2013Atlas Copco Group (N/A)$10.50$10.0403/31/20144.58%10.86%

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$2.1749,74212/31/201347.47%270.70%
+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$25.662,206,46312/31/201336.40%207.59%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$17.85$15.5589,02303/31/201414.78%35.04%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$50.59$44.591,294,36611/04/201313.45%701.35%
+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$5.20448,05409/30/201312.50%0.00%
+BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)All Cash$4.7 billion$9.00$8.234,362,15012/31/20139.36%53.36%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.25251,66003/31/20147.04%16.69%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.88$19.771,85912/31/20135.60%31.93%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.46$8.997,795,90601/31/20145.20%19.98%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.0420,60003/31/20144.58%10.86%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.49$6.21165,57306/30/20144.46%6.64%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$21.04$20.2059,18711/30/20134.18%46.22%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.9879,51401/15/20143.54%16.33%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$23.70$22.93N/A12/31/20133.38%19.25%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.63123,13409/30/20133.18%0.00%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$27.08$26.252,93112/31/20133.17%18.07%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.0791,628,35003/31/20143.12%7.40%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.95848,80803/31/20142.56%6.08%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$14.91$14.5420,111,70406/30/20142.53%3.76%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$30.17$29.45822,40906/30/20142.44%3.64%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$26.76$26.15531,17303/31/20142.33%5.52%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$20.07$19.6611,08303/31/20142.09%4.94%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$13.14$12.891,005,64803/31/20141.94%4.60%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.481,80012/31/20131.90%10.83%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.44779,94609/30/20131.84%0.00%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$3.99511,98201/31/20141.50%5.78%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.63$24.272,68503/31/20141.48%3.52%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.25$17.00266,00606/30/20141.46%2.17%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.23781,90601/31/20141.02%3.93%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.9020009/30/20131.01%0.00%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$23.89$23.6753,16601/01/20140.93%5.21%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$7.12$7.0677,03312/31/20130.91%5.19%
+TLAB10/21/2013Marlin Equity Partners (N/A)All Cash$891 million$2.45$2.435,665,26312/31/20130.82%4.69%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.1527,82303/31/20140.81%1.92%
+TUC10/15/2013CSC ServiceWorks, Inc. (N/A)All Cash$524 million$21.25$21.10143,24806/30/20140.71%1.06%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.43$16.3217,99809/30/20130.70%0.00%
+ACTV09/30/2013Vista Equity Partners (N/A)All Cash$1.05 billion$14.50$14.401,297,73112/31/20130.69%3.96%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$16.22$16.125,306,77612/31/20130.64%3.66%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$64.08$63.7062,64103/31/20140.59%1.40%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.8725,19412/31/20130.57%3.24%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.84429,09612/31/20130.54%3.06%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.68990,75912/31/20130.51%2.92%
+TGX08/05/2013Juniper Investment Company, LLC (N/A)All CashN/A$2.20$2.194,57312/31/20130.46%2.60%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$14.54$14.48282,25912/31/20130.44%2.52%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$12.58$12.5336,14212/31/20130.43%2.46%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$14.0948,23912/31/20130.43%2.43%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.4640,85503/31/20140.42%1.00%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$23.16795,16906/15/20140.39%0.62%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$15.20$15.14914,81212/31/20130.39%2.20%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$28.43$28.3257,28612/31/20130.38%2.17%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.05$22.9828,66506/30/20140.31%0.46%
+ALCS07/25/2013Argonne Capital Group LLC (N/A)All Cash$47 million$14.00$13.9660012/31/20130.29%1.63%
+VRNM09/20/2013BASF Corporation (N/A)All CashN/A$4.00$3.9941,67312/31/20130.25%1.43%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.22311,82610/16/20130.23%0.00%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.30278,41112/31/20130.16%0.93%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.89%
+OPAY09/23/2013ACI Worldwide, Inc. (ACIW)All Cash$109 million$8.35$8.3436,40412/31/20130.12%0.68%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.73632,17801/31/20140.12%0.46%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.4810,20401/01/20140.08%0.46%
+BZ09/16/2013Packaging Corporation of America (PKG)All Cash$1.995 billion$12.55$12.544,873,99812/31/20130.08%0.45%
+ROCM09/04/2013C. R. Bard (N/A)All Cash$262 million$20.00$20.0028,88412/31/20130.00%0.00%
+PNG10/22/2013Plains All American Pipeline, L.P. (PAA)All Stock$2 billion$23.80$23.82208,47812/31/2013-0.07%-0.41%
+EDG10/01/2013Sumitomo Corporation of America, Inc. (N/A)All CashN/A$12.00$12.01104,16512/31/2013-0.08%-0.47%
+SKS07/29/2013Hudson’s Bay Company (N/A)All Cash$2.9 billion$16.00$16.021,561,63612/31/2013-0.12%-0.71%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.782,063,51703/31/2014-0.13%-0.30%
+LSE05/28/2013American Realty Capital Properties, Inc. (ARCP)All Cash$2.2 billion$8.50$8.52589,45412/02/2013-0.23%-2.45%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.60439,89112/31/2013-0.26%-1.48%
+GWAY09/23/2013Vitera Healthcare Solutions (N/A)All Cash$644 million$20.35$20.4268,82512/31/2013-0.34%-1.96%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$49.00$49.2377,11712/31/2013-0.46%-2.62%
+SYMM10/21/2013Microsemi Corporation (MSCC)All Cash$230 million$7.18$7.22339,86212/29/2013-0.55%-3.26%
+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$13.8410,206,22111/01/2013-0.65%-59.34%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-5.44%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$34.062,852,16412/31/2013-2.38%-13.56%
+DOLE08/12/2013David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A)All Cash$1.6 billion$13.50$13.962,486,89012/31/2013-3.30%-18.79%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$16.00836,99703/31/2014-6.25%-14.81%
+HOME09/24/2013Banner Corporation (BANR)Cash Plus Stock$197 million$13.81$15.5589,02303/31/2014-11.20%-26.55%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.39$1.6510003/31/2013-15.52%26.84%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$37.15$48.06669,79409/30/2013-22.70%295.92%