Merger Arbitrage Mondays – October 7, 2013

  • October 6, 2013

Merger activity dropped last week with one new deal announced and six 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 2013127
Total Number of Deals Not Completed in 20132
Total Number of Pending Deals
Cash Deals54
Stock Deals17
Stock & Cash Deals8
Total Number of Pending Deals79
Total Deal Size$349.67 billion

New Deals:

  1. The acquisition of The Active Network (ACTV) by Vista Equity Partners for $1.05 billion or $14.50 per share in cash.

Deal Updates:

  1. On September 30, 2013, NTS Realty Holdings Limited Partnership (NLP) announced that the special committee of the board of directors of NTS Realty Capital, Inc., received a letter from NTS Merger Parent, LLC and NTS Merger Sub that it will terminate the deal if the facility contemplated by the Commitment Letter does not for any reason close by September 30, 2013. Since the CEO has not raised the necessary capital to complete this deal and the termination date was September 30, 2013, we are updating this deal as not completed.
  2. In an unusual turn of events Cooper Tire & Rubber (CTB) has filed a lawsuit against Apollo Tyres in an attempt to expedite the consummation of the merger.

Closed Deals:

  1. The acquisition of Arbitron (ARB) by Nielsen Holdings N.V. (NLSN) on September 30, 2013. It took 286 days for this deal to be completed.
  2. The acquisition of MOD-PAC Corp. (MPAC) by Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company on September 30, 2013. It took 172 days for this deal to be completed.
  3. The acquisition of Vanguard Health Systems (VHS) by Tenet Healthcare (THC) on October 1, 2013. It took 99 days for this deal to be completed.
  4. The acquisition of Colonial Properties Trust (CLP) by Mid-America Apartment Communities (MAA) on October 1, 2013. It took 120 days for this deal to be completed.
  5. The acquisition of Onyx Pharmaceuticals (ONXX) by Amgen (AMGN) on October 1, 2013. It took 37 days for this deal to be completed.
  6. The acquisition of Crimson Exploration (CXPO) by Contango Oil & Gas Company (MCF) on October 2, 2013. It took 155 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$2.0412/31/201356.86%244.18%
CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$29.5112/31/201318.60%79.89%
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$4.9909/30/201317.23%-898.65%
BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)$9.00$7.6912/31/201317.04%73.15%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$49.98$44.1612/31/201313.18%56.60%
HOME09/24/2013Banner Corporation (BANR)$13.48$12.2503/31/201410.01%20.87%
CIS09/18/2013Camelot Employee Scheme Inc. (N/A)$2.05$1.9001/15/20147.89%28.82%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.2403/31/20147.21%15.04%
EVAC08/19/2013Atlas Copco Group (N/A)$10.50$10.0103/31/20144.90%10.21%
MFLR05/14/2013Independent Bank Corp. (INDB)$20.22$19.3012/31/20134.77%20.50%

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$2.0414,06312/31/201356.86%244.18%
+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$29.514,024,24712/31/201318.60%79.89%
+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$4.9963,42109/30/201317.23%0.00%
+BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)All Cash$4.7 billion$9.00$7.6915,373,79412/31/201317.04%73.15%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$49.98$44.162,627,79812/31/201313.18%56.60%
+HOME09/24/2013Banner Corporation (BANR)Cash Plus Stock$197 million$13.48$12.25289,92703/31/201410.01%20.87%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.90100,37101/15/20147.89%28.82%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.24326,10703/31/20147.21%15.04%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.01160,19403/31/20144.90%10.21%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.22$19.3010012/31/20134.77%20.50%
+RUE05/23/2013Apax Partners (N/A)All Cash$1.1 billion$42.00$40.221,544,03812/31/20134.43%19.00%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.51191,75209/30/20134.26%0.00%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$24.90$24.061,80012/31/20133.48%14.95%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$12.51$12.202,241,09803/31/20142.52%5.25%
+WCRX05/20/2013Actavis, Inc. (ACT)All Stock$8.5 billion$23.50$22.93N/A12/31/20132.50%10.75%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.48$9.253,004,47901/31/20142.50%7.86%
+OMX02/20/2013Office Depot, Inc. (ODP)All Stock$1.17 billion$12.89$12.60912,25412/31/20132.26%9.72%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$23.55$23.051,66303/31/20142.17%4.52%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$19.15$18.757,69111/30/20132.13%14.39%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$29.65$29.04608,73606/30/20142.10%2.89%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$3.97586,59001/31/20142.02%6.34%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.41413,77109/30/20131.94%0.00%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.501,55012/31/20131.68%7.23%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.56$6.4625,05012/31/20131.58%6.81%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.561,527,83912/31/20131.49%6.39%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.37131,53003/31/20141.39%2.89%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.49$18.2415,03803/31/20141.37%2.86%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.081,665,48601/31/20141.23%3.86%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$13.98300,34612/31/20131.22%5.22%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$22.77$22.50243,30301/01/20141.20%5.09%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$15.65$15.5040,23109/30/20130.98%0.00%
+ACTV09/30/2013Vista Equity Partners (N/A)All Cash$1.05 billion$14.50$14.361,572,52212/31/20130.97%4.19%
+TGX08/05/2013Juniper Investment Company, LLC (N/A)All CashN/A$2.20$2.1819,27012/31/20130.92%3.94%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.1165,56503/31/20140.90%1.89%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.8020,28012/31/20130.88%3.77%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$11.63$11.5414,21212/31/20130.77%3.29%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$23.08376,00406/15/20140.74%1.07%
+MPG04/25/2013Affiliate of Brookfield Office Properties Inc. (N/A)All CashN/A$3.15$3.13258,95710/15/20130.64%29.15%
+PVFC02/19/2013F.N.B. Corporation (FNB)All Stock$106.4 million$4.08$4.0564210/12/20130.64%46.48%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.601,984,10103/31/20140.64%1.33%
+STL04/04/2013Provident New York Bancorp (PBNY)All Stock$344 million$13.82$13.7555,30412/31/20130.54%2.32%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.9515,06909/30/20130.50%0.00%
+VRNM09/20/2013BASF Corporation (N/A)All CashN/A$4.00$3.9843,97612/31/20130.50%2.16%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.4224,18812/31/20130.47%2.01%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.16636,83912/31/20130.45%1.92%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$16.10$16.048,939,50112/31/20130.40%1.72%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.20453,01910/16/20130.38%15.36%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.711,140,03912/31/20130.29%1.25%
+ROCM09/04/2013C. R. Bard (N/A)All Cash$262 million$20.00$19.9572,61212/31/20130.25%1.08%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.4437,02901/01/20140.25%1.04%
+OPAY09/23/2013ACI Worldwide, Inc. (ACIW)All Cash$109 million$8.35$8.33313,89412/31/20130.24%1.03%
+WMS01/31/2013Scientific Games Corporation (SGMS)All Cash1.5 billion$26.00$25.94102,81112/31/20130.23%0.99%
+TMS08/26/2013The Pritzger Organization (N/A)All Cash$1 billion$17.50$17.4754,78212/31/20130.17%0.74%
+ALCS07/25/2013Argonne Capital Group LLC (N/A)All Cash$47 million$14.00$13.982,93212/31/20130.14%0.61%
+VLTR08/15/2013Maxim Integrated Products, Inc. (MXIM)All Cash$605 million$23.00$22.97N/A10/31/20130.13%1.99%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$33.21436,69412/31/20130.12%0.52%
+LSE05/28/2013American Realty Capital Properties, Inc. (ARCP)All Cash$2.2 billion$8.50$8.49378,75412/02/20130.12%0.77%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$22.42$22.4028,04906/30/20140.09%0.13%
+BKR07/29/2013Integrated Mission Solutions LLC (N/A)All Cash$391.6 million$40.50$40.4724,57310/31/20130.07%1.13%
+FIRE07/23/2013Cisco Systems, Inc. (CSCO)All Cash$2.7 billion$76.00$75.96522,09812/31/20130.05%0.23%
+MFB07/24/2013Hanesbrands Inc. (HBI)All Cash$575 million$23.50$23.50818,84612/31/20130.00%0.00%
+KDN09/05/2013AB SKF (N/A)All Cash$1.25 billion$35.50$35.50301,18312/31/20130.00%0.00%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.75676,95201/31/20140.00%0.00%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.53657,50312/31/2013-0.08%-0.33%
+SKS07/29/2013Hudson’s Bay Company (N/A)All Cash$2.9 billion$16.00$16.0220,352,30412/31/2013-0.12%-0.54%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$26.45$26.4924,22712/31/2013-0.16%-0.68%
+CMLP05/06/2013Inergy Midstream (NRGM)Cash Plus StockN/A$25.88$26.00135,87910/07/2013-0.48%0.00%
+ASTX09/05/2013Otsuka Pharmaceutical Co., Ltd. (N/A)All Cash$886 million$8.50$8.553,077,64611/15/2013-0.58%-5.47%
+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$13.849,116,68311/01/2013-0.65%-9.49%
+DOLE08/12/2013David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A)All Cash$1.6 billion$13.50$13.59545,51612/31/2013-0.66%-2.84%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-4.10%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$46.81$47.33230,92712/31/2013-1.09%-4.68%
+BZ09/16/2013Packaging Corporation of America (PKG)All Cash$1.995 billion$12.55$12.691,734,86512/31/2013-1.10%-4.74%
+GWAY09/23/2013Vitera Healthcare Solutions (N/A)All Cash$644 million$20.35$20.59155,46812/31/2013-1.17%-5.01%
+ASI06/03/2013Fairfax Financial Holdings Limited (N/A)All Cash$306 million$29.25$30.25N/A12/31/2013-3.31%-14.20%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$15.82952,48303/31/2014-5.18%-10.81%
+OPTR07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$535 million$10.75$12.594,203,37112/31/2013-14.61%-62.76%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.3 billion$37.31$43.89409,21109/30/2013-14.99%781.43%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.30$1.8715603/31/2013-30.28%58.17%